INVESTOR MONTHLY

Vol.02 · July 2026 · Coverage: June 2026

From Manufacturer

to

Independent Power Producer.

On June 10, 2026, shareholders of Skycorp Solar Group Limited approved a corporate rename to PN Smart Energy Limited and a strategic mandate placing the independent power producer (IPP) business model at the center of the Company’s identity. PNTECH—the 15-year global PV cable platform—now operates as the core manufacturing segment within a clean-power-led group.

EGM

June 10, 2026

3/3 resolutions passed

Rename Effective

June 12, 2026

Cayman Registrar

Authorized Shares

500M

10× expansion

Five-Year Target

1 GW

Clean-power IPP program

NASDAQ: PN | PN Smart Energy Limited | Vol.02 · July 2026 | ir.pnsmartenergy.com

Cover KPI sources: EGM Notice and Resolutions (June 10, 2026); Certificate of Incorporation on Change of Name (June 12, 2026); 6-K (June 15, 2026); Pegasus Strategy as disclosed in 6-K (May 1, 2026).

Chairman & CEO · July 2026

A Letter to Our Shareholders

The corporate rename of Skycorp Solar Group Limited to PN Smart Energy Limited, approved by shareholders on June 10, 2026 and made legally effective on June 12, 2026 upon issuance of the Certificate of Incorporation on Change of Name by the Cayman Registrar, marks the formal repositioning of this company as a global independent power producer. This letter sets out, beyond the press release of June 15, the operating identity that follows from that decision — and the standard against which we ask shareholders to measure us.

We are an independent power producer. Through our PNTECH brand, we continue to manufacture photovoltaic cables and connectors for customers across 140 countries and regions — but the order of priority has changed. Previously, the public identity of this company was that of a Chinese photovoltaic cable manufacturer whose growth depended on customer orders. Today, the public identity is that of a clean-power IPP whose growth will depend on contracted generation assets owned on the balance sheet, with PNTECH as the manufacturing operation that supports that platform.

The repositioning has been timed against the demand environment. The International Energy Agency projects global data-center electricity consumption to roughly double by 2030, and US hyperscale operators have signed power purchase agreements totaling multiple gigawatts over the past 24 months. The completion of our 100% acquisition of Nanjing Cesun Power on May 1 brought approximately 15 MW of operating distributed solar capacity under Company ownership — the operating starting point against which our publicly disclosed five-year 1 GW Pegasus Strategy target will be measured.

We do not undertake to forecast share price, valuation multiple, or other market outcomes. Progress on operating capacity, capital deployment, and governance build-out will be disclosed through periodic reports and 6-K filings.

A corporate name is conferred once. The standing that such a name represents must be earned in the periods that follow.

— Weiqi Huang, Chairman & Chief Executive Officer

June 2026 · Five Arguments · Part 1 of 3

What Changes for an Investor When the Name Changes

01

A GLOBAL INDEPENDENT POWER PRODUCER, WITH PNTECH AS ITS MANUFACTURING BRAND.

PN Smart Energy has become a genuine global independent power producer. PNTECH remains its manufacturing brand.

The June 10 EGM approved the corporate rename, an expansion of authorized share capital, and a strategic mandate to the Board. The Certificate of Incorporation on Change of Name was issued by the Cayman Registrar on June 12. The June 15 press release describes the Company, in the SEC filing record, as a global independent power producer focused on clean power stations and intelligent energy infrastructure, with PNTECH cited as the manufacturing brand within that platform. The May 1 completion of the 100% acquisition of Nanjing Cesun Power brought approximately 15 MW of operating distributed solar capacity — across 10 projects — under Company ownership, with related financial treatment reflected per applicable accounting standards and reporting schedules, and a publicly disclosed five-year target of 1 GW under the Pegasus Strategy. IPP is PN’s priority core business going forward, while the manufacturing platform advances steadily — the two together form the Company’s new strategic structure.

IPPs and manufacturers are valued in different languages. Global IPP peers — NextEra Energy, Brookfield Renewable, Clearway Energy — trade at a sector median of approximately 12× EV/EBITDA on contracted cash flows extending decades. Chinese solar manufacturers sit at 4–8× on quarterly order flow. Following June 2026, a US institutional investor evaluating PN can place the Company against the IPP comparable universe as its primary frame, with manufacturing as a contributing line.

Sources: 6-K (June 15, 2026); Certificate of Incorporation on Change of Name (June 12, 2026); EGM Notice and Resolutions (June 10, 2026); 6-K (May 1, 2026); Bloomberg / S&P Capital IQ peer multiples. Peer comps for industry reference only; not a valuation forecast.

02

THREE RESOLUTIONS PASSED — EXECUTION AUTHORITY IN PLACE.

Three resolutions, all passed. The Board now holds full execution authority covering the corporate rename, authorized share expansion, and the strategic mandate through the next AGM.

Three resolutions cleared in one meeting. Resolution 1 (ordinary, simple majority) approved the corporate rename. Resolution 2 (special, two-thirds supermajority) expanded authorized share capital from 50 million to 500 million shares — 445 million Class A, 48 million Class B, 7 million preferred. Resolution 3 (special) granted the Board a seven-point strategic mandate covering the rename, the 1 GW clean-power program, the new Singapore operating headquarters, all capital-markets activity under the $300M F-3 shelf and related instruments, the cable-business custodianship plan, critical-materials evaluation, and the full SEC and Nasdaq filing obligations attaching to the above. The mandate runs to the next annual general meeting.

The 10× expansion of authorized shares provides the regulatory capacity to use the $300M F-3 shelf, to fund 1 GW of project equity, and to support institutional-scale capital instruments such as milestone-linked convertibles or warrants. The Board can act on the public record. Shareholders retain the supervision rights embedded in the Cayman Companies Act and Nasdaq listing rules.

Sources: EGM Notice and Explanatory Memorandum (June 10, 2026); F-3 Registration Statement (April 28, 2026); Cayman Islands Companies Act; Nasdaq Listing Rule 5635.

June 2026 · Five Arguments · Part 2 of 3

What Changes for an Investor When the Name Changes

03

THE IPP MODEL IS THE SUPPLY-SIDE ANSWER TO THE LARGEST POWER-DEMAND BUILD-OUT OF THE DECADE.

The companies driving the global economy — from hyperscale data centers to manufacturing — need clean, contracted power. PN’s business model is built to supply it.

The International Energy Agency projects global data-center electricity demand to roughly double by 2030, driven primarily by AI workloads. Hyperscale and colocation operators have committed publicly to matching electricity consumption with renewable supply on a 24/7 basis where feasible, and have signed multi-gigawatt power purchase agreements over the past 24 months. Global solar additions reached 620–650 GW in 2025 — the third consecutive year solar led all new power capacity additions (BloombergNEF) — and solar LCOE has fallen to $30–60/MWh, below new-build fossil-fuel economics in most major markets (Lazard 2025). The IPP business model — building or acquiring clean generation assets, contracting their output under long-duration PPAs — is the supply-side counterpart to this demand structure. PN’s 1 GW five-year clean-power program, spanning China, Southeast Asia, and the United States, is positioned against this demand structure.

The investor case is no longer “Chinese solar manufacturer with growth headwinds.” It is a clean-power IPP whose target markets, target counterparties, and target asset class sit at the intersection of the strongest secular electricity-demand drivers identified by the IEA and BloombergNEF. The PV-cable manufacturing platform contributes both cash flow and a credibility footprint in the same value chain — a configuration uncommon for a Nasdaq-listed company of comparable size.

Sources: IEA World Energy Outlook 2025; BloombergNEF 2025; Lazard 2025 LCOE Analysis; 6-K (June 15, 2026); 6-K (May 1, 2026).

04

MANUFACTURING REMAINS THE FOUNDATION — OF THE COMPANY AND OF THE ENERGY VALUE CHAIN IT SERVES.

Fifteen years of certified product delivery across 140-plus countries is where PN’s credibility comes from. The Company has evolved from manufacturer to IPP. That foundation has not shifted.

PNTECH’s solar cables and connectors are present in PV installations across more than 140 countries and regions, supported by 47 international certifications including TÜV, UL, EN, and IEC frameworks (FY2025 20-F). FY2025 solar product revenue was $61.65M, up 32.6%, with overseas revenue of $23.95M, up 140.8% year-over-year. Manufacturing growth and the IPP transition advanced in parallel during FY2025. They will continue to do so under the new corporate name. Stewardship of the manufacturing platform — including its long-term ownership structure — is one of the seven authorities granted to the Board on June 10, to be exercised in the interest of the entire group on the public record.

The cable business is a cash-flow-positive operating contributor. It funds the clean-power build-out, supports the brand legacy that distinguishes PN from generic IPP competitors, and remains directly relevant to AI-infrastructure power distribution. The new corporate identity reflects a shift in business focus — PNTECH remains an essential part of PN, with IPP as the priority core business going forward and the manufacturing platform advancing steadily. Together they form the foundation of PN’s growth.

Sources: FY2025 20-F (Feb 12, 2026); 6-K (June 15, 2026); EGM Notice (June 10, 2026).

June 2026 · Five Arguments · Part 3 of 3

What Changes for an Investor When the Name Changes

05

RENAME, CAPITAL EXPANSION, GOVERNANCE, INTERNATIONAL OPERATIONS — FOUR WORKSTREAMS, ONE MONTH.

PN completed four core workstreams in a single month — the corporate rename, authorized share expansion, governance build-out, and international operations deployment. Together, they form the complete execution foundation for the strategic repositioning.

The Board indicated, in the EGM Explanatory Memorandum, an intent to establish a Singapore operating headquarters, recruit an internationally credentialed CFO, and expand investor-relations capacity beyond the existing IR function. The 10× authorized share capacity is the financial-market counterpart of those changes. The Board’s three independent directors provide audit, capital-markets, and risk-governance coverage — the dimensions US institutional investors evaluate when assessing US-listed Chinese issuers.

Each governance step carries an independent verification channel: the EGM resolutions are filed; the Cayman Certificate is on record; subsequent operational milestones (Singapore registration, CFO appointment, additional director appointments) will appear in 6-K filings as they occur. A US fund manager can track the build-out without relying on management narrative.

Sources: EGM Notice (June 10, 2026); FY2025 20-F (Feb 12, 2026); 6-K filings as cited.

The Five Arguments at a Glance

#	Argument
01	A global independent power producer, with PNTECH as its manufacturing brand.
02	Three resolutions passed — execution authority in place.
03	The IPP model is the supply-side answer to the largest power-demand build-out of the decade.
04	Manufacturing remains the foundation — of the Company and of the energy value chain it serves.
05	Rename, capital expansion, governance, international operations — four workstreams, one month.

A Clean-Power IPP Is, by Construction, an ESG Asset Class

Environment · Social · Governance

US institutional allocators increasingly screen power-generation issuers on ESG criteria, and the Company’s transition from cable manufacturer to clean-power IPP moves ESG considerations closer to the center of the investment case than they sat under the prior corporate identity. Each data point below traces to a specific source.

E — Environment

~15 MW of operating distributed solar capacity across 10 PRC projects (6-K, May 1, 2026)
May 2026 grid-connected generation: 1.79 GWh (1,791,610 kWh) — internal operations tracking
CO₂ emissions avoided (May 2026): 3,681 tonnes; coal equivalent saved: 610 tonnes — internal tracking

S — Social

PNTECH products serve customers across 140+ countries and regions (FY2025 20-F)
IEA estimates approximately 700 million people globally still lack reliable electricity access (World Energy Outlook 2025)
Company mission statement: “Benefiting Humanity Through Solar Energy”

G — Governance

Three independent directors covering audit, capital-markets, and risk-governance functions; director profiles available at ir.pnsmartenergy.com
Auditor: Enrome LLP (Singapore, PCAOB-registered)
EGM-authorized Singapore operating headquarters and CFO appointment process now underway, intended to strengthen the Company’s international governance infrastructure

ESG operating data (project count, monthly generation, emissions reductions, etc.) is derived from internal company tracking, presented for informational purposes, and does not constitute SEC-mandated disclosure.

Feature · The Execution Framework

Four Tracks an Investor Can Watch

The June 10 EGM granted the Board a strategic mandate to execute the IPP transition through the next annual general meeting, organized into four execution tracks.

Track	What the Board is authorized to do
1 · Clean-Power Build-Out	Negotiate, finance, and execute clean-power asset acquisitions and development toward the publicly disclosed five-year 1 GW target — including partnerships, JV structures, PPAs, and project financing
2 · Capital Markets & Financing	All capital-markets activity under the $300M F-3 shelf and related instruments — including takedowns, Reg S placements, and structured financing where appropriate
3 · International Operating Infrastructure	Establishment of the Singapore operating headquarters, including subsidiary registration and the appointment of an internationally credentialed CFO; expansion of investor relations capacity
4 · Corporate Identity & Disclosure	Completion of all work related to the corporate rename and the full SEC, Nasdaq, and Cayman filing obligations attaching to the strategic mandate

Authorization period: Through the next annual general meeting.

FY2025 · Audited · 20-F February 12, 2026

Financial Snapshot

Metric	FY2025	FY2024	Change
Total Revenue	$63.31M	$49.86M	↑ +27.0%
Solar Product Revenue	$61.65M	$46.49M	↑ +32.6%
Overseas Revenue	$23.95M	$9.95M	↑ +140.8%
Overseas Share of Revenue	38%	20%	↑ +18pp
Gross Profit	$6.30M	$6.53M	↓ −3.6%
Gross Margin	9.95%	13.1%	↓ −3.1pp
Total Assets	$45.49M	$31.95M	↑ +42.4%
Cash & Equivalents	$9.34M	$5.17M	↑ +80.7%

Source: FY2025 20-F (filed February 12, 2026; fiscal year ended September 30, 2025). Gross margin (9.95%) reflects raw-material cost increases and product-mix shift during FY2025 — see MD&A, FY2025 20-F. Capital transactions (Cesun acquisition, PIPE rounds) and corporate transactions (EGM, rename) occurred post-FY2025 and are summarized on P9.

Operating-Asset Base (as of June 30, 2026)

Metric	Value	Source
Operating distributed solar capacity	~15 MW across 10 projects (Zhejiang, Anhui and other PRC provinces)	6-K (May 1, 2026)
May 2026 grid-connected generation	1.79 GWh (1,791,610 kWh)	Internal operations tracking
CO₂ emissions avoided (May 2026)	3,681 tonnes	Internal tracking; PRC grid average emission factor
Coal equivalent saved (May 2026)	610 tonnes	Internal tracking
Five-year clean-power target	1 GW (Pegasus Strategy)	6-K (May 1, 2026)
PNTECH annual PV cable supply capacity	9.3 GW	FY2025 20-F
Product certifications	TÜV · UL · EN · IP68	FY2025 20-F

June 2026 Timeline

Capital & Corporate Events

Jun 10

Extraordinary General Meeting. Three resolutions adopted: (1) corporate rename to PN Smart Energy Limited; (2) authorized share capital increase from 50,000,000 to 500,000,000 shares (445M Class A · 48M Class B · 7M Preferred); (3) seven-point strategic mandate to the Board through the next annual general meeting

EGM Notice & Resolutions (June 10, 2026)

Jun 12

Certificate of Incorporation on Change of Name issued by the Registrar of Companies of the Cayman Islands; rename legally effective

Certificate of Incorporation on Change of Name (June 12, 2026)

Jun 15

Public announcement of name change and refreshed corporate positioning via GLOBE NEWSWIRE

6-K (June 15, 2026)

Share Structure (as of June 30, 2026)

Class	Authorized (post-EGM)	Issued & Outstanding	Votes per share
Class A	445,000,000	7,744,775 (incl. 3,379,000 PIPE)	1
Class B	48,000,000	6,155,250	35
Preferred	7,000,000	—	—
Total	500,000,000	13,900,025	—

Sources: Authorized share capital — EGM Resolution 2 (June 10, 2026). Issued and outstanding shares — FY2025 20-F (Feb 12, 2026); 6-K (May 1, 2026); 6-K (May 6, 2026) for PIPE issuances. Authorized share capital expanded from 50 million to 500 million shares by EGM Resolution 2 (special resolution, two-thirds supermajority). Authorization is regulatory capacity. Issuance requires Board action consistent with applicable Nasdaq listing rules (including foreign private issuer home-country practice accommodations where applicable) and independent committee oversight. Issued share count is unchanged by the EGM.

Capital Instruments In Place

Instrument	Status	Source
F-3 Shelf Registration	$300M, filed April 28, 2026	F-3 (April 28, 2026)
PIPE Round 1	$3.0M · 1,694,000 Class A at $1.77/share · 6-month lock-up expires approx. November 1, 2026	6-K (May 1, 2026)
PIPE Round 2	$3.6M · 1,685,000 Class A at $2.14/share (+20.9% vs R1) · 6-month lock-up expires approx. November 6, 2026	6-K (May 6, 2026)

EGM Resolution 3 authorizes the Board to establish a Singapore operating headquarters, including subsidiary registration and CFO appointment. Material developments will be disclosed via 6-K as they occur.

Sector Context

The Demand Side of the Electricity Curve Has Changed

Global electricity demand is being reshaped by three concurrent forces: data-center build-out for artificial intelligence, transport electrification, and the displacement of fossil generation by renewables. The International Energy Agency projects global data-center electricity consumption will roughly double from 2024 levels by 2030, with AI-specific workloads the primary driver (IEA World Energy Outlook 2025). BloombergNEF estimates global solar additions of 620–650 GW in 2025, the third consecutive year solar led all new power capacity. Solar LCOE has fallen to $30–60/MWh in most major markets (Lazard 2025), below new fossil-fuel plant economics.

The market building the AI economy is also the market with the largest unmet clean-power requirement. Hyperscale and colocation data-center operators have publicly committed to matching electricity consumption with renewable supply on a 24/7 basis where feasible, and signed multi-gigawatt power purchase agreements (PPAs) over the past 24 months (BloombergNEF; S&P Global Commodity Insights). The IPP business model — building and owning clean generation assets, contracting their output under long-duration PPAs — is the supply-side counterpart to this demand structure.

IPP vs. Manufacturer: Two Valuation Languages

Company	Type	EV/EBITDA (2026)
NextEra Energy (NEE)	IPP + Utility	~16.8×
Brookfield Renewable (BEP)	Pure IPP	~9.2×
Clearway Energy (CWEN)	Pure IPP	~13.9×
Atlantica Sustainable (AY)	Pure IPP	~8.5×
IPP Peer Median		~12.3×
JinkoSolar	Solar Manufacturer	4–6×
LONGi Green Energy	Solar Manufacturer	6–10×

Source: Bloomberg / S&P Capital IQ / Yahoo Finance. Data as of June 19, 2026 market close. Peer comparables are industry reference frameworks only — not a valuation forecast for PN. Compliant with SEC Regulation FD.

Geographic Demand Centers (PN’s Three Focus Markets)

United States — 49–52 GW solar added in 2025 (SEIA/Wood Mackenzie). The IRA has catalyzed $500B+ in private clean-energy investment (DOE). The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, substantially accelerated the phase-out of federal solar tax credits relative to the original IRA schedule: the Residential Clean Energy Credit (25D) terminates entirely after December 31, 2025 (versus a phase-down through 2035 under IRA); the Clean Electricity Investment and Production Tax Credits (48E ITC / 45Y PTC) for non-residential projects now require either construction to begin within 12 months of enactment or the project to be placed in service by December 31, 2027 — meeting either condition secures the full 30% credit with no further phase-down, which in practice ends eligibility for new projects from 2028 onward; the Advanced Manufacturing Production Credit (45X) is unchanged. OBBBA also introduced new foreign-entity restrictions: issuers determined to be controlled by, or under the material influence of, specified foreign entities — based on tests including foreign ownership and supply-chain sourcing thresholds — are barred from claiming 48E, 45Y, or 45X credits. This is a compliance variable relevant to any China-linked issuer developing US clean-power assets. Hyperscaler PPA demand remains the largest and most durable corporate procurement category in the US market.

Southeast Asia — Vietnam cumulative solar capacity exceeded 22 GW (IRENA); regional demand growth 4–6% annually. ASEAN grid build-out provides structural tailwinds. PN Sunshine Pte. Ltd. was established in Singapore in October 2025 (UEN: 202547410E) as the regional vehicle.

China — World’s largest solar market by cumulative installed capacity (IRENA Renewable Capacity Statistics 2025; BloombergNEF). Nanjing Cesun Power (100% owned by PN as of May 1, 2026) provides the operating foundation.

Investor Relations

IR Contact	Cathy Li
IR Email	IR@pnsmartenergy.com
IR Phone	+86 185 0252 9641
External IR	WFS Investor Relations (Connie Kang) — ckang@wfsir.com
IR Website	ir.pnsmartenergy.com

SEC & Regulatory

Ticker	NASDAQ: PN
SEC File No.	001-42544
Auditor	Enrome LLP (Singapore, PCAOB)
Listing Date	March 5, 2025
Legal Entity	PN Smart Energy Limited (formerly Skycorp Solar Group Limited)
Effective Date of Rename	June 12, 2026 (Cayman Registrar)
All Filings	SEC EDGAR · File No. 001-42544

Corporate Websites

pnsmartenergy.com (corporate headquarters site)
www.pntech.com.cn (manufacturing brand)
ir.pnsmartenergy.com (investor relations)
www.skycorp.com · www.etronpower.com (legacy, discontinued)

Forward-Looking Statements — Safe Harbor Notice

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve known and unknown risks, uncertainties, and other factors which may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. References to the 1 GW five-year clean-power target, the establishment of a Singapore operating headquarters, and other Board-authorized strategic mandates reflect strategic directions and are not commitments of execution at any specified date. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company’s filings with the SEC, including the Annual Report on Form 20-F. The Company undertakes no obligation to update or revise any forward-looking statements after the date of this document.

No Investment Advice. This document is for informational purposes only and does not constitute investment advice, a solicitation, or an offer to buy or sell any securities. All information is based on publicly available SEC filings and third-party industry data. Past performance is not indicative of future results.

Data Sources. Financial data: FY2025 20-F (Feb 12, 2026); 6-K filings as cited (Apr 13, Apr 28, May 1, May 6, June 15, 2026); Certificate of Incorporation on Change of Name (June 12, 2026); EGM Notice and Resolutions (June 10, 2026); F-3 (Apr 28, 2026). Industry data: IEA World Energy Outlook 2025; BloombergNEF; Lazard 2025 LCOE; SEIA / Wood Mackenzie; IRENA; S&P Global Commodity Insights; S&P Capital IQ; Yahoo Finance; One Big Beautiful Bill Act (signed into law July 4, 2025) and InfoLink Consulting analysis of its solar tax-credit provisions. Compliant with SEC Regulation FD.

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Vol.03 · August 2026 · Coverage: July 2026