According to the announcement from Zhonghuan New Energy (01735), on May 19, 2026, Suzhou Heimiang Optoelectronics Technology Co., Ltd. (Suzhou Heimiang) and Zhonghuan Low Carbon New Energy (Anhui) Group Co., Ltd. (Zhonghuan Low Carbon), an indirect wholly-owned subsidiary of the company, signed a cooperation agreement. Under this agreement, the parties (each referred to as a party and collectively referred to as the parties) intend to collaborate with Nanjing University of Aeronautics and Astronautics (Nanjing Hangda) to jointly develop perovskite/silicon tandem photovoltaic cell technology suitable for space applications (such as satellites, space stations, and other spacecraft). To this end, the parties intend to establish a joint venture company (the joint venture) based on the principles of equality, mutual benefit, and good faith to serve as the vehicle for this project, promoting the technological research and development, pilot verification, and subsequent industrialization of space photovoltaic products.

Cooperation content: 1. Collaborate with Nanjing Hangda to jointly develop core technologies for perovskite/silicon tandem cells; 2. Establish a pilot production line for pilot verification of large-size cells; 3. Establish a testing and evaluation system for space environment adaptability; 4. Establish a joint venture company to promote technological industrialization and commercial operations.

The board believes that the cooperation framework outlined in the agreement will enable the group to leverage its experience and capabilities in the development and operation of new energy projects. The board also believes that the cooperation can expand the group's business opportunities, broaden its revenue sources, and enhance its financial performance. Therefore, the board considers that the cooperation with Suzhou Heimiang will be beneficial for the group's future growth and in the overall interests of the company and its shareholders