A Letter to Our Shareholders

We completed our acquisition of the remaining 56% of Nanjing Cesun Power for approximately $20.2 million on June 30, and on July 30 furnished its first audited financial statements to the SEC. Nanjing Cesun is now a wholly-owned subsidiary. Those statements show a small, still loss-making business — revenue grew 24% in fiscal year 2025, but so did the net loss, to $616,595. We are disclosing that plainly, on the same terms we apply to every other number in this letter, together with an illustrative pro forma view of the combined balance sheet: total assets of $82.25 million and shareholders’ equity attributable to PN of $50.26 million. See P5 for the full detail.

Earlier in the month, on July 7, five directors signed one document by unanimous written consent — Resolution No. 17, the Board’s first action since we changed our name in June. It gives our ESG commitments an institutional home: an ESG Policy Statement; a board committee — renamed the Nominating and Corporate Governance Committee — with explicit ESG oversight; and a management-level ESG Working Group I chair personally, drawing from finance, legal, compliance, operations, supply chain, and investor relations, reporting to that committee twice a year. Reporting frameworks — GRI, SASB/ISSB, TCFD — ask a company to disclose what it did and how it measured it, not what it promises to do.

In management’s view, both steps point the same direction: toward a company with real assets, real numbers, and the governance to be judged on both. PNTECH’s overseas revenue grew 140.8% in fiscal year 2025, now 38% of total product revenue, and our ten distributed solar projects tracked a full month of actual generation in June, with July shown as an internal forecast. Resolution No. 17 gives that growth — and now a meaningfully larger balance sheet — an ESG framework built to match it.

Our semiannual report for the six months ended March 31, 2026 has not yet been filed as of this writing; we will announce it by Form 6-K when submitted. We do not forecast our share price or the multiple the market assigns to our shares. What we can commit to is this: every material step in capacity, capital structure, and governance will reach shareholders through a periodic report or a 6-K, in the order the rules require, before it reaches anywhere else.

Full Ownership, New Governance, and Continued Growth

03

Ten Projects, Every Month, On the Record.

PN’s distributed solar portfolio tracked a full month of actual output in June, with July shown as an internal forecast.

The 10 distributed projects (~15 MW aggregate) generated 1,391,769 kWh in June (RMB 566,935 in electricity revenue, 383 metric tons of CO₂ avoided) against a July forecast of 1,892,989 kWh (RMB 773,663, 518 metric tons of CO₂ avoided). Full-year 2026 generation is forecast at 15.34 GWh. The five-year target for this segment — 1 GW under the Pegasus Strategy — remains a target, not current capacity; the two figures should not be read as the same thing.

Sources: Cesun Power station data summaries, June actual and July forecast; 6-K (May 1, 2026, Pegasus Strategy target).

Cesun Power distributed rooftop project — installed panel array, one of the 10 operating sites

Environment · Social · Governance

Board Resolution No. 17, adopted July 7, 2026, gave PN’s ESG program its first formal governance structure. The data below covers environmental, social, and governance metrics tracked under that framework.

Cesun Power distributed rooftop solar — one of the 10 operating projects behind the Environmental figures on this page.

Nanjing Cesun Power: Acquisition Completed, First Audited Financials

Under a share acquisition agreement signed April 30, 2026, PN agreed to acquire the remaining 56.0% equity interest in Nanjing Cesun Power for approximately $20.2 million. Combined with the 44.0% interest PN already held, Nanjing Cesun became a wholly-owned subsidiary upon closing on June 30, 2026 — superseding the ownership status described in prior issues. Nanjing Cesun’s audited consolidated financial statements (Enrome LLP, fiscal years ended September 30, 2025 and 2024) and unaudited pro forma condensed combined financial information were furnished to the SEC on Form 6-K on July 30, 2026, together with a same-day press release announcing completion.

Financial Snapshot

These are PN’s most recently filed annual results — already public since February and included here as standing context alongside the fresh Cesun acquisition data on the preceding page.

Operating Asset Base (as of July 31, 2026)