CHINA POWER (02380) Subsidiary Signs Four New Battery Cell Purchase Contracts with Guoning Technology

CHINA POWER (02380) announced that on August 14, 2026, New Source Intelligent Storage (a non-wholly-owned subsidiary of the company) entered into four new battery cell procurement contracts with Guoning Technology. According to these contracts, New Source Intelligent Storage agrees to purchase, and Guoning Technology agrees to sell, energy storage cells for BESS projects. These procurement contracts enable New Source Intelligent Storage to obtain a stable and reliable supply of high-quality battery cells from Guoning Technology, a manufacturer with strong technical capabilities, supported by Contemporary Amperex Technology, a leading battery manufacturer in China that holds a 40% stake in Guoning Technology. As battery cells are a core component of BESS, maintaining a stable and secure source of supply is crucial to ensuring the quality, timely delivery, and overall performance of the BESS products and related services provided by New Source Intelligent Storage. As the final purchase prices of these procurement contracts depend on the current market prices of battery cell raw materials, this ensures that the cells can be procured on competitive and market-appropriate terms. The Board believes that the costs and related terms of these procurement contracts are no less favorable than those offered by independent third parties to the Group.