Shanghai Aerospace Automobile Electromechanical (600151.SH) plans to transfer 81.7552% of the equity of Jiangsu Lianyungang Port Shenzhou New Energy Co., Ltd.

Shanghai Aerospace Automobile Electromechanical (600151.SH) announced that since the second half of 2023, the industry has been under pressure due to overcapacity in the photovoltaic industry and "zero-sum" price competition, resulting in continuously squeezed profit margins for industry enterprises. In light of this background, the company plans to sell 81.7552% of its equity in Jiangsu Lianyungang Port Aerospace New Energy Co., Ltd. (referred to as "Jiangsu Lianyungang Port New Energy"), which is in line with the company's established direction of industrial restructuring. The sale of equity this time will benefit the company in optimizing its asset structure, improving asset quality, and supporting the company's industrial restructuring. There is no situation that would harm the interests of the company and all shareholders. The net assets and operating income of the target company in this proposed transfer account for 5.37% and 13.47% of the company's overall proportion, respectively. This transfer will not have a significant impact on the company's asset size, financial status, or operating income, and will not have a significant adverse impact on the company's continued operation. After the transaction is completed, the company will no longer have ownership of Jiangsu Lianyungang Port New Energy, and Jiangsu Lianyungang Port New Energy will no longer be included in the company's consolidated financial statements.