Company Announcements

MING YANG SMART ENERGY GROUP LIMITED

(GDR under the symbol: "MYSE")

(a joint stock company established under the laws of the People's Republic of China with limited liability)

Announcement on Preliminary Results for 2023

IMPORTANT NOTICE:

1. Ming Yang Smart Energy Group Limited (hereinafter referred to as the "Company") expects its net profit attributable to shareholders of the listed company to range from RMB354,000,000 to RMB530,000,000 from January to December 2023, representing a decrease of RMB2,924,607,500 to RMB3,100,607,500 compared to the same period of the previous year, and a year-on-year decrease of 84.66% to 89.75%.

2. The Company expects to realize net profit attributable to shareholders of listed company after deducting extraordinary profit and losses from January to December 2023 to be RMB154,000,000 to RMB230,000,000, representing a decrease of RMB2,880,356,700 to RMB2,956,356,700 compared to the same period of the previous year, and a year-on-year decrease of 92.61% to 95.05%.

3. This results forecast has not been audited by a certified public accountant.

I. RESULTS FORECAST FOR THE CURRENT PERIOD

(I) Period for the Results Forecast

1 January 2023 to 31 December 2023.

(II) The Results Forecast

1. The Company expects its net profit attributable to shareholders of the listed company to range from RMB354,000,000 to RMB530,000,000 from January to December 2023, representing a decrease of RMB2,924,607,500 to RMB3,100,607,500 compared to the same period of the previous year, and a year-on-year decrease of 84.66% to 89.75%.

2. The Company expects to realize net profit attributable to shareholders of listed company after deducting extraordinary profit and losses from January to December 2023 to be RMB154,000,000 to RMB230,000,000, representing a decrease of RMB2,880,356,700 to RMB2,956,356,700 compared to the same period of the previous year, and a year-on-year decrease of 92.61% to 95.05%.

3. This results forecast data has not been audited by a certified public accountant.

II. OPERATING RESULTS AND FINANCIAL POSITION FOR THE SAME PERIOD OF THE PREVIOUS YEAR

(I) Net profit attributable to shareholders of the listed company: RMB3,454,607,500, net profit attributable to shareholders of the listed company after deducting extraordinary profit and loss: RMB3,110,356,700.

(II) Earnings per share: RMB1.59.

III. MAIN REASONS FOR THE DECREASE IN THE FORECAST RESULTS FOR THE CURRENT PERIOD

The decrease in net profit attributable to shareholders of the listed company for the reporting period compared to the corresponding period of the previous year was mainly due to the combined effect of the following factors:

(I) The Impact of the Principal Business

1. Influenced by the industry cycle, the wind power industry has entered into a stage of fierce price competition, and the bidding price of wind turbines has decreased as a whole, especially the bidding price of onshore wind power has decreased greatly. The overall price of the wind turbine delivered by the Company for the current period was also affected by the price fluctuations in the industry, which led to a year-on-year decline in the gross profit margin of the Company's wind turbine sales.

2. The Company won the bid to be delivered offshore wind power order by force majeure factors on the specific project implementation progress and the impact of delayed delivery, resulting in a certain decrease in the offshore wind turbine sales for the current period compared to the same period last year.

3. The Company originally planned to complete in the fourth quarter of the power station products transactions, the main transaction subject was postponed due to objective reasons, resulting in the Company's power station products sold less profitable than expected.

(II) Impact of Extraordinary Profit and Loss

None.

(III) Impact of Accounting

None.

(IV) Others

None.

IV. RISK WARNING

This results forecast data is the financial data of the financial department based on its own professional judgment for preliminary accounting, which has not yet been audited by a certified public accountant, and the Company does not have any significant uncertainties affecting the accuracy of the content of this results forecast.

V. OTHER EXPLANATORY NOTES

The above forecast data is only the preliminary accounting data, and the specific and accurate financial data shall be subject to the 2023 annual report formally disclosed by the Company, so investors are advised to pay attention to investment risks.

Ming Yang Smart Energy Group Limited

30 January, 2024