XINYI SOLAR Holding Co., Ltd. and its non-wholly-owned subsidiary XINYI ENERGY Holding Co., Ltd. signed a second renewal memorandum on December 31, 2024, to extend the solar power plant operation and management agreement for three years until December 31, 2027. According to the agreement, XINYI ENERGY will continue to provide operation, management, and maintenance services for XINYI SOLAR's solar power plant projects.The annual limit of the agreement remains at RMB 15 million, with service fees settled quarterly, amounting to 1.5% to 2% of project revenues or actual costs plus 10% (whichever is higher). The Board of Directors of XINYI ENERGY and the Board of Directors of XINYI SOLAR (excluding interested directors) both believe that the renewal is in the overall interest of their respective...Show More

XINYI SOLAR Holding Co., Ltd. and its non-wholly-owned subsidiary XINYI ENERGY Holding Co., Ltd. signed a second renewal memorandum on December 31, 2024, to extend the solar power plant operation and management agreement for three years until December 31, 2027. According to the agreement, XINYI ENERGY will continue to provide operation, management, and maintenance services for XINYI SOLAR's solar power plant projects.The annual limit of the agreement remains at RMB 15 million, with service fees settled quarterly, amounting to 1.5% to 2% of project revenues or actual costs plus 10% (whichever is higher). The Board of Directors of XINYI ENERGY and the Board of Directors of XINYI SOLAR (excluding interested directors) both believe that the renewal is in the overall interest of their respective companies and shareholders, and the terms of the trade are fair and reasonable.According to the listing rules, this continuous related party transaction must comply with the reporting and announcement requirements for XINYI ENERGY, but is exempt from compliance with the circular and shareholder approval requirements. For XINYI SOLAR, the transaction meets the minimum exemption level. Both parties will take several internal control measures to oversee the execution of the transaction, including regular reviews of the terms, monitoring transaction amounts, and conducting annual audits.