SUNSHINE OIL (2012): Subsidiary Shenzhen Zhongwang Energy and Shanghai Yinsheng jointly establish Shanghai Yinsheng Energy Co., Ltd.

SUNSHINE OIL (02012) announced on June 11, 2026 (in Hong Kong and Calgary, Alberta) that the company's board of directors is pleased to announce that its subsidiary, Shenzhen Zhongwang Energy Technology Co., Ltd. (referred to as Shenzhen Zhongwang Energy), and Shanghai Yinsen Business Consulting Co., Ltd. (referred to as Shanghai Yinsen) have jointly established Shanghai Yinsen Energy Co., Ltd. (referred to as Yinsen Energy), with Shenzhen Zhongwang Energy holding 51% of the shares and Shanghai Yinsen holding 49% of the shares. Therefore, the joint venture company will become a subsidiary of the company, and its financial performance will be consolidated into the company's financial statements. The business scope of the joint venture company includes decentralized geothermal energy projects and energy efficiency project transformation, investment, and operation in the Yangtze River Delta and Pearl River Delta regions of mainland China, as well as sales of smart heat pumps. The main purpose of establishing the joint venture company is to accelerate the diversification of the company's business, especially when the company's Canadian projects are under maintenance, the new business is expected to increase the company's operating income and cash flow. Chen Jie, the controlling shareholder of Shanghai Yinsen, has been focusing on the equity investment market for more than 10 years and has rich experience in industrial capital operation.