Shang Neng Electric: Use the raised funds to increase capital for subsidiaries and implement projects through borrowing.

UPE Electric announced that it will issue shares to specific parties in 2025 to raise a total of 1.649 billion yuan, with a net amount of 1.638 billion yuan. The funds raised will be used for projects such as the industrialization construction of 25GW string inverter for photovoltaic. To advance the project, the board of directors has approved the capital increase and no-interest loan to its wholly-owned subsidiary Wuxi Guangyao Energy Technology Co., Ltd. The legal representative of the subsidiary is Wu Qiang, with the company holding 100% of the shares. The subsidiary had a revenue of 748 million yuan and a net profit of 9.4499 million yuan from January to September 2025. The matter has been approved by multiple meetings and the sponsor has agreed to the fundraising arrangements.