Cesun Power distributed rooftop solar project

INVESTOR MONTHLY

Vol.04 · September 2026 · Coverage: August 2026

U.S. PRESENCE — NEW YORK IR OFFICE · DELAWARE & TEXAS SUBSIDIARIES

Capital Raised,

portfolio expanding

Four Strategic Moves in One Month.

On August 6, PN advanced its U.S. localization strategy, incorporating new Delaware and Texas subsidiaries and opening a New York investor relations office for North American shareholders. On August 10, PN closed a $5.2 million registered direct offering under its effective F-3 shelf registration — its first shelf takedown. Two days later, on August 12, subsidiary Nanjing Cesun Power — now a wholly owned subsidiary — signed a framework agreement to acquire a further 9.9 MW distributed solar portfolio from Zhejiang Yuntan Technology, expanding its pipeline beyond its existing ~15 MW of operating capacity. On August 19, subsidiary Nanjing Cesun Power also entered into a sourcing framework agreement with Nanjing Chenxi Construction Technology Co., Ltd. — a company in which PN holds a 40% stake — to identify and screen approximately 200 MW of distributed solar acquisition targets, with PN retaining sole investment decision authority. Earlier in the month, on August 4, the Company furnished its first semiannual report for the six months ended March 31, 2026.

Registered Direct Offering

$5.2M

Closed Aug 10, 2026 · first F-3 shelf takedown

Yuntan Solar Portfolio

9.9MW

Framework agreement signed Aug 12, 2026

Total Assets (H1 FY2026)

$58.92M

+29.5% since Sept 30, 2025

Overseas Revenue (H1 FY2026)

+44.6%

$10.81M, six months ended Mar 31, 2026

NASDAQ: PN | PN Smart Energy Limited | Vol.04 · September 2026 | ir.pnsmartenergy.com

Cover photo: Cesun Power distributed rooftop project (Company disclosure). Cover sources: press release, August 6, 2026 (U.S. subsidiaries and New York IR office); Form 6-K (August 10, 2026, registered direct offering); press release, August 12, 2026 (Yuntan framework agreement; corresponding Form 6-K furnished); press release, August 19, 2026 (Nanjing Chenxi 200 MW sourcing framework agreement; corresponding Form 6-K furnished); Form 6-K (August 4, 2026, H1 FY2026 semiannual report).

Chairman & CEO · September 2026

A Letter to Our Shareholders

August in one line: capital, acquisition pipeline, and North American footprint all advanced together this month — alongside our first semiannual results as a newly public company — on the same path toward an independent power producer.

On August 6, we advanced our U.S. localization strategy: PN incorporated two wholly owned subsidiaries — PN Skycorp Solar Limited in Delaware and PN Solar Solutions Limited in Texas — and established an investor relations presence in New York to give North American shareholders more direct access to the Company. We see North America as a key market for our long-term growth and will keep shareholders updated as our regional plans progress.

Days later, on August 10, we closed a $5.2 million registered direct offering of Class A ordinary shares and pre-funded warrants at $3.00 per share, under our F-3 shelf registration declared effective in April — the first time we have drawn on that shelf. On August 12, our subsidiary Nanjing Cesun Power — which became our wholly owned subsidiary on May 8, 2026 — signed a framework agreement to acquire a further 9.9 megawatt distributed rooftop solar portfolio — six project companies in Ningbo — from Zhejiang Yuntan Technology Co., Ltd., for a proposed valuation of approximately $4.45 million. Together with our U.S. expansion, these steps add corporate reach in North America, financing capacity, and acquisition pipeline, all in the same month.

The Yuntan transaction remains a framework agreement, not a completed acquisition: closing is subject to financial and technical due diligence, on-site capacity verification, and execution of a definitive equity transfer agreement. We intend to update shareholders as it progresses, through the same disclosure channels as everything else in this letter.

On August 19, we also entered into a sourcing framework agreement, through Nanjing Cesun, with Nanjing Chenxi Construction Technology Co., Ltd. — in which we hold a 40% stake — to build a pipeline of approximately 200 megawatts of distributed solar acquisition targets over time. Nanjing Chenxi will source, screen, and help negotiate and diligence individual projects; we retain sole and independent authority over every investment decision, and owe no fee on any project we decline. This is a sourcing arrangement, not a commitment to acquire any specific asset or capacity — we will disclose individual transactions as, and if, they are agreed.

Earlier in the month, on August 4, we furnished our first semiannual report, for the six months ended March 31, 2026. Revenue grew 5.47% year-over-year to $25.5 million despite industry-wide headwinds, with overseas sales up 44.6%. We also recorded a GAAP net loss of $7.1 million for the period. We want to be direct about why: $5.6 million of that loss was a non-cash share-based compensation charge tied to equity incentive awards that vested immediately upon grant, with no cash impact and no effect on working capital. Excluding that charge, adjusted net loss was $1.5 million. Total assets grew 29.5% to $58.9 million and shareholders’ equity grew 47.7% to $33.2 million over the same six months. The full detail, including how we account for that charge, is on P5.

In management’s view, this month’s moves point the same direction: a broader shareholder-facing footprint in North America, a systematic sourcing engine for our distributed solar pipeline, and a balance sheet built for our transition toward an independent power producer, all financed and disclosed on the same public-company schedule we described last month. We do not forecast the outcome of the Yuntan due diligence, the pace of the Nanjing Chenxi sourcing pipeline, nor our future share price. What we can commit to is this: every material step in corporate structure, capital structure, and asset base will reach shareholders through a periodic report or a Form 6-K, in the order the rules require, before it reaches anywhere else.

— Weiqi Huang, Chairman & Chief Executive Officer

August 2026 · Six Facts, One Direction

Capital Drawn, Pipeline Extended, Balance Sheet Ahead of Revenue

Read together, six disclosures move in one direction: capital, acquisition pipeline, and North American presence all advanced in the same period, alongside first semiannual results as a newly public company.

01

Shelf Registration, First Drawn.

PN closed a $5.2 million registered direct offering on August 10 — the first draw on the F-3 shelf declared effective in April.

Under an amended and restated securities purchase agreement dated August 10, 2026, PN sold up to 1,735,000 Class A ordinary shares and pre-funded warrants at $3.00 per share ($2.998 per pre-funded warrant), for gross proceeds of $5.205 million before offering expenses. FT Global Capital, Inc. acted as exclusive placement agent. The securities were offered under the Company’s F-3 shelf registration (File No. 333-295378), declared effective April 30, 2026. Net proceeds are intended for working capital and general corporate purposes.

Sources: Form 6-K (August 10, 2026), Exhibits 99.1 and 99.2; Form 424B5 prospectus supplement (August 10, 2026).

02

U.S. Presence Established.

PN incorporated two new U.S. subsidiaries and opened a New York investor relations office to deepen engagement with North American shareholders.

On August 6, 2026, PN incorporated two wholly owned U.S. subsidiaries — PN Skycorp Solar Limited in Delaware and PN Solar Solutions Limited in Texas — establishing the corporate and legal foundation for its planned U.S. business development, and established an investor relations presence in New York to give North American investors more direct access to the Company during U.S. business hours. Management identifies North America as a target market for the Company’s IPP strategy and will provide updates as regional plans progress.

Source: Press release, August 6, 2026 (“PN Smart Energy Advances U.S. Localization Strategy with New Subsidiaries and New York Investor Relations Office”).

PN's New York investor relations office

03

A Framework to Add 9.9 MW.

Nanjing Cesun signed a framework agreement to acquire a 9.9 MW distributed rooftop solar portfolio from a third-party developer.

On August 12, 2026, Nanjing Cesun Power Development Co., Ltd., PN’s wholly-owned subsidiary, signed a framework agreement to acquire 100% equity in six target companies operating a 9.9 MW distributed rooftop solar portfolio in Ningbo, Zhejiang, from Zhejiang Yuntan Technology Co., Ltd., at a proposed valuation of approximately RMB 30 million ($4.45 million). Completion remains subject to due diligence, capacity verification, and a definitive equity transfer agreement — a framework agreement, not a completed acquisition.

Source: Press release, August 12, 2026 (“PN Smart Energy Signs Framework Agreement to Acquire 9.9 MW Solar Portfolio”). A corresponding Form 6-K has since been furnished to the SEC.

Cesun Power distributed rooftop project, roof-mounted panel array

Cesun Power distributed rooftop project — representative of the roof-mounted asset class the Yuntan portfolio would add

04

A 200 MW Sourcing Engine.

Nanjing Cesun entered into a framework agreement with 40%-owned Nanjing Chenxi to source and screen roughly 200 MW of distributed solar acquisition targets.

On August 19, 2026, PN’s operating subsidiary Nanjing Cesun Power Co., Ltd. entered into a Framework Agreement for Distributed Photovoltaic Power Plant Investment Sourcing with Nanjing Chenxi Construction Technology Co., Ltd., in which PN holds a 40% stake. The agreement targets approximately 200 MW of industrial, commercial, and residential distributed solar assets; Nanjing Chenxi will source, screen, and support due diligence and negotiation, with fees determined case by case per project and payable only on projects the Company proceeds with. PN retains sole and independent decision-making authority over every investment; Nanjing Chenxi cannot bind the Company to any transaction. Management describes the agreement as a step in the Company’s five-year strategy to become a leading distributed clean-energy operator.

Source: Press release, August 19, 2026 (“PN Smart Energy Announces Strategic Partnership to Target 200MW Distributed Solar Portfolio, Accelerating Five-Year Growth Strategy”). A corresponding Form 6-K has since been furnished to the SEC.

05

Balance Sheet Strengthens Alongside Growth.

PN’s first semiannual report shows a balance sheet that grew faster than revenue.

For the six months ended March 31, 2026, total assets grew 29.5% to $58.92 million from $45.49 million at fiscal year-end, and total shareholders’ equity grew 47.7% to $33.19 million from $22.48 million, driven substantially by additional paid-in capital tied to option exercises and shares issued in the Nanjing Cesun transaction. The Company held $4.88 million of cash and $11.65 million of positive working capital as of March 31, 2026, with total borrowings of $2.04 million, all onshore in the PRC.

Sources: Form 6-K (August 4, 2026), Exhibit 99.1 (MD&A) and Exhibit 99.2 (unaudited consolidated financial statements).

06

Overseas Sales Keep Outpacing the Core.

Overseas revenue outpaced total revenue growth roughly 8-to-1 in the first half of fiscal 2026.

Overseas sales rose 44.6% to $10.81 million for the six months ended March 31, 2026, against 5.47% total revenue growth — attributed to global sales-network expansion and added manufacturing capacity from a facility relocation. Two newly launched business lines (international freight/logistics; PV power-station operations) contributed ~$1.4 million of incremental revenue in their first months. R&D expense rose 199.8% to $1.13 million; the Company holds 58 patents (43 utility model, 7 invention, 8 design).

Source: Form 6-K (August 4, 2026), Exhibit 99.1 (MD&A).

Environmental, Social, and Governance Metrics

Environment · Social · Governance

The data below covers ESG metrics tracked under the governance framework the Board adopted by Resolution No. 17 (July 7, 2026).

1.57GWh

Clean Energy Generated
August 2026 (forecast)*

494t

CO₂ Avoided
August 2026 (forecast)*

596

Tradable Green Certificates
August 2026 (forecast)*

~15MW

Operating Capacity
10 projects, as of Aug 26, 2026

Monthly Generation, July (Actual) → August 2026 (Forecast)*

1.87GWh

July 2026
(actual)

1.57GWh

August 2026
(forecast)*

*July reflects actual settled generation per the Company’s dedicated July station-data file (Cesun Power station-data summary, July, actual). August reflects the Company’s dedicated August station-data file (Cesun Power station-data summary, August, forecast), which remains a forecast/estimate pending final grid settlement. Not SEC-mandated disclosure. See Forward-Looking Statements, P8.

E — Environment

~15 MW of operating distributed solar capacity across 10 projects (6-K, May 1, 2026)
August 2026 generation forecast: 1.57 GWh (1,570,700 kWh), per the dedicated August station-data file; July 2026 actual: 1.87 GWh (1,870,791 kWh), per the dedicated July settlement file
August 2026 CO₂ avoided (forecast): 494 metric tons; July 2026 CO₂ avoided (actual): 582 metric tons. Five-year target: 1 GW under the Pegasus Strategy — a target, not current capacity

S — Social

PNTECH products serve customers across 140+ countries and regions (FY2025 20-F)
47 international certifications (TÜV, UL, EN, IEC) across 9.3 GW of annual supply capacity (FY2025 20-F)
58 patents as of August 2026 — 43 utility model, 7 invention, 8 design; R&D expense grew 199.8% year-over-year to $1.13 million in H1 FY2026 (6-K, August 4, 2026)

G — Governance

ESG framework in place since Board Resolution No. 17 (Jul 7, 2026): Nominating and Corporate Governance Committee holds ESG oversight; CEO-chaired ESG Working Group reports semiannually
Three independent directors (Kwok Hung Bell Wong, Mengying Wang, Zhen Meng); Enrome LLP (Singapore, PCAOB-registered) serves as auditor
Reporting frameworks: GRI, SASB/ISSB, TCFD; no quantitative targets or net-zero pledges without prior Board approval. See P6 for this month’s capital-markets detail

Conversion factors reference the national grid average emission factor and GHG Protocol Scope 2 methodology. July figures are actual settled generation; August figures are a forecast/estimate pending final grid settlement. Operating data is presented for informational purposes and does not constitute SEC-mandated disclosure. Sources: Board Resolution No. 17 (July 7, 2026); FY2025 20-F; Form 6-K (August 4, 2026); Cesun Power station-data summary, July (actual) and August (forecast).

Furnished via Form 6-K, August 4, 2026

First Semiannual Report: Six Months Ended March 31, 2026

PN generated revenue of $25.50 million for the six months ended March 31, 2026, up 5.47% from $24.18 million a year earlier, despite industry-wide headwinds. The period’s GAAP net loss of $7.14 million (versus net income of $0.39 million a year earlier) was driven principally by a $5.59 million non-cash share-based compensation charge on awards that vested immediately upon grant — no cash outflow, no effect on working capital. Excluding it, adjusted net loss (non-GAAP) was $1.54 million. Cost of revenue rose to 88.40% of revenue from 84.68%, narrowing gross margin to ~11.6% from 15.3%.

Revenue — Six Months Ended March 31 (Year-over-Year)

Total Revenue

$24.18M

H1 FY2025

$25.50M

H1 FY2026

Overseas Revenue

$7.48M

H1 FY2025

$10.81M

H1 FY2026

$(7.14)M

GAAP Net Loss — H1 FY2026
vs. $0.39M net income, H1 FY2025

$(1.54)M

Adjusted Net Loss (Non-GAAP)
Excludes $5.59M non-cash SBC charge

Adjusted net loss is a non-GAAP measure; the only reconciling item versus GAAP net loss is the $5.59 million non-cash share-based compensation expense described above, which the Company recognized in connection with equity incentive awards granted to, and immediately vested by, employees and key personnel. Adjusted net loss should not be considered in isolation or as a substitute for net loss determined under U.S. GAAP.

Balance Sheet — March 31, 2026 vs. September 30, 2025 (Fiscal Year-End)

Total Assets

$45.49M

Sep 30, 2025

$58.92M

Mar 31, 2026

Total Shareholders’ Equity

$22.48M

Sep 30, 2025

$33.19M

Mar 31, 2026

$4.88M

Cash & Equivalents
as of Mar 31, 2026

$11.65M

Positive Working Capital
as of Mar 31, 2026

$2.04M

Total Borrowings
All onshore, PRC

Balance-sheet growth was driven substantially by additional paid-in capital, up to $26.07 million from $8.46 million on option exercises and shares issued in the Nanjing Cesun transaction, and by long-term equity investments, up to $17.67 million from $6.89 million. During the period, PN progressively increased its stake in Nanjing Cesun Power Co., Ltd.; as a subsequent event disclosed in the same filing, the Company then closed the acquisition of its remaining equity on May 8, 2026 — for $20.19 million settled in Class A and Class B shares — making Nanjing Cesun a wholly owned subsidiary, ahead of this issue. The Cesun seller has separately guaranteed cumulative audited after-tax net profit of at least $10.0 million for Cesun over a five-year measurement period, shortfall settled in cash within 30 days of the final-year audit, subject to a five-year lock-up on the Class B consideration shares. Per ASC 450-20, this gain contingency is unrecognized until realized. Management believes existing resources are adequate for the next twelve months. Sources: Form 6-K (August 4, 2026), Exhibits 99.1 and 99.2.

August 2026 Timeline

Capital Markets & Corporate Events

Aug 4

H1 FY2026 semiannual report (MD&A + unaudited financial statements) furnished via Form 6-K — see P5

Form 6-K (August 4, 2026)

Aug 6

New Delaware & Texas U.S. subsidiaries incorporated; New York investor relations office established — see P3

Press release, August 6, 2026

Aug 7

Pricing of registered direct offering announced (original terms)

Form 6-K (August 7, 2026)

Aug 10

Pricing amended and restated; offering closed for $5.205M gross proceeds; 424B5 prospectus supplement filed — see P3

Form 6-K and Form 424B5 (August 10, 2026)

Aug 12

Nanjing Cesun signs framework agreement for 9.9 MW Yuntan solar portfolio — see P3

Press release, August 12, 2026; Form 6-K furnished

Aug 19

Nanjing Cesun signs 200 MW distributed-solar sourcing framework agreement with 40%-owned Nanjing Chenxi — see P3

Press release, August 19, 2026; Form 6-K furnished

Share Structure (as of Fiscal Year-End, Before the August Offering)

Class A — 445,000,000 authorized (89.0%) · 7,744,775 issued, 1 vote/share

Class B — 48,000,000 authorized (9.6%) · 6,155,250 issued, 35 votes/share

Preferred — 7,000,000 authorized (1.4%) · none issued

Class	Authorized	Issued & Outstanding (FYE Sep 30, 2025)	Votes per share
Class A	445,000,000	7,744,775	1
Class B	48,000,000	6,155,250	35
Preferred	7,000,000	—	—
Total	500,000,000	13,900,025	—

Subsequent to fiscal year-end, on August 10, 2026, the Company closed a registered direct offering of up to 1,735,000 additional Class A ordinary shares (including shares issuable upon exercise of pre-funded warrants) — see P3. The Company’s next periodic filing will reflect post-offering shares issued and outstanding.

Capital Instruments in Place

Instrument	Status
F-3 Shelf Registration	$300M capacity, effective April 30, 2026 · first takedown Aug 10, 2026 ($5.205M gross)
PIPE Round 1	$3.0M · 1,694,000 Class A shares · $1.77/share · lock-up ~Nov. 1, 2026
PIPE Round 2	$3.6M · 1,685,000 Class A shares · $2.14/share · lock-up ~Nov. 6, 2026

Board composition, ESG oversight, and the auditor relationship are covered under Governance in P4 · ESG Highlights.

Sector Context

Four Markets, One Consolidation Wave

United States — 7.8 GW added, Q1 2026 (−27% YoY)

Europe — ~85 GW added, 2025 (+10% YoY)

China — 72.07 GW H1 2026 (−66% YoY); +14.08 GW July rebound

Southeast Asia — coal 48% of generation, 2025

United States — The U.S. added 7.8 GW of solar capacity in the first quarter of 2026, down 27% year-over-year — SEIA and Wood Mackenzie’s slowest first quarter in several years — even as cumulative U.S. solar installations surpassed 6 million and solar and storage continued to make up the large majority of new grid capacity additions (SEIA / Wood Mackenzie, U.S. Solar Market Insight, Q2 2026, published June 10, 2026).

China — China’s new solar installations fell sharply in the first half of 2026: 72.07 GW added in January–June, down 66% from 212.21 GW in the same period of 2025, as a rush to install ahead of a June 2025 shift from fixed feed-in tariffs to competitive auctions had pulled a large volume of 2025 installations forward (Reuters, July 22, 2026). Monthly additions rebounded in July, up 28% year-over-year to 14.08 GW, bringing cumulative Jan–Jul 2026 installations to 86.15 GW and total installed solar capacity to roughly 1.27 terawatts by mid-2026 (National Energy Administration data, via PV Tech, August 2026). The adjustment has accelerated industry consolidation: trade press reported more than 40 smaller Chinese solar developers filed for bankruptcy, were acquired, or exited the market in 2026 to date (now.solar, August 15, 2026) — the backdrop against which Nanjing Cesun’s framework agreement to acquire the Yuntan portfolio (see P3) is one of many such transactions industry-wide.

Europe — The European Union added a record ~85 GW of renewable capacity in 2025 (+10% year-over-year), with solar PV contributing roughly 70 GW. Germany added 17 GW (a quarter of the EU total); Spain set a record with 14 GW (+50% year-over-year). Solar and wind together reached 30% of EU electricity generation in 2025, surpassing fossil fuels in the generation mix for the first time (IEA, Global Energy Review 2026, April 2026).

Southeast Asia — Southeast Asia’s transition remains earlier-stage than China’s or Europe’s: coal held at 48% of regional generation in 2025, essentially flat versus 2024. The region’s electricity demand is projected to double by 2050, and the IEA assesses Southeast Asian power systems as entering more advanced phases of variable renewable energy integration as solar and wind shares rise (IEA, Integrating Solar and Wind in Southeast Asia, September 2025). PN Sunshine Pte. Ltd., the Company’s Singapore-registered subsidiary, was established in October 2025 ahead of this regional buildout. Individual markets show the pipeline building through the summer: in the Philippines, Vena Energy reached financial close on a 500 MW solar project in Pangasinan (July 28, 2026), and Malaysia’s government opened a tender for 2.5 GW of solar paired with 1.25 GW of battery storage (July 20, 2026) (PV Tech, July 2026).

China Monthly Solar Additions, 2026 (GW)

H1 2026 (avg./mo.)

~12.0

July 2026

14.08

H1 2026 vs. H1 2025 Additions (GW)

H1 2025

212.2

H1 2026

72.1

China capacity-addition figures as cited in the paragraph above. Sources: Reuters (July 22, 2026); National Energy Administration data via PV Tech (August 2026). The four-market summary graphic above is an illustrative mini-map, not to scale.

Two Valuation Languages

NextEra Energy (NEE)

16.8×

Brookfield Renewable (BEP)

9.2×

Clearway Energy (CWEN)

13.9×

Atlantica Sustainable (AY)

8.5×

IPP Peer Median

12.3×

JinkoSolar

4–6×

LONGi Green Energy

6–10×

EV/EBITDA, dark blue = pure-play / IPP+utility peers, light blue = PV manufacturers. Multiples carried forward from the most recently available public data (unchanged since Vol.03); shown as an industry reference only and do not constitute a valuation forecast for PN. Source: Bloomberg / S&P Capital IQ / Yahoo Finance.

Investor Relations

IR Contact	T.T. Cai, Investor Relations
IR Email	ir@pnsmartenergy.com
IR Phone	+1 574 575 7170
External IR	WFS Investor Relations Inc. (Connie Kang, Partner) — ckang@wfsir.com
IR Website	ir.pnsmartenergy.com

SEC & Regulatory

Ticker	NASDAQ: PN
SEC File No.	001-42544
Auditor	Enrome LLP (Singapore, PCAOB-registered)
Listing Date	March 4, 2025
Legal Entity	PN Smart Energy Limited (formerly Skycorp Solar Group Limited)
Rename Effective Date	June 12, 2026 (Cayman Islands Registrar of Companies)
All Filings	SEC EDGAR · File No. 001-42544

Company Websites

www.pntech.com.cn (manufacturing)
ir.pnsmartenergy.com (investor relations)
www.skycorp.com · www.etronpower.com (legacy brands)

Forward-Looking Statements — Safe Harbor

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. The Company undertakes no obligation to update or revise any forward-looking statements after the date of this document.

Statements in this issue regarding the proposed Yuntan portfolio acquisition, the use of offering proceeds, the 1 GW five-year clean-energy target, and the ESG reporting framework are statements of current strategic direction as authorized by the Board and do not constitute a commitment to complete execution by any specific date or on any specific terms. The Yuntan transaction is a framework agreement only; completion is subject to due diligence, capacity verification, and a definitive equity transfer agreement, and may not occur on the terms described or at all. August generation figures are model-based forecasts; actual results are subject to grid settlement data. Factors that could cause actual results to differ are discussed in the Company’s SEC filings, including its annual report on Form 20-F.

Not Investment Advice. This document is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities. All information in this document is based on publicly available SEC filings, third-party industry data, and company-authorized materials identified in the Data Sources section below. Past performance is not indicative of future results.

Data Sources. FY2025 20-F (Feb 12, 2026); 6-K filings (Apr 28/30, May 1/6, Jun 30, Jul 30, Aug 4/7/10, 2026); Form 424B5 (Aug 10, 2026); F-3 (filed Apr 28, effective Apr 30, 2026); Board Resolution No. 17 (Jul 7, 2026); press release, Aug 6, 2026 (U.S. subsidiaries and New York IR office); press release, Aug 12, 2026 (Yuntan framework agreement; Form 6-K furnished); press release, Aug 19, 2026 (Nanjing Chenxi 200MW sourcing framework agreement; Form 6-K furnished); Cesun Power station-data summary, July (actual) and August (forecast). Industry data: IEA, Global Energy Review 2026 (Apr 2026); IEA, Integrating Solar and Wind in Southeast Asia (Sep 2025); SEIA/Wood Mackenzie, U.S. Solar Market Insight, Q2 2026 (Jun 10, 2026); Reuters (Jul 22, 2026); NEA data via PV Tech (Aug 2026); now.solar (Aug 15, 2026); PV Tech, Southeast Asia project financings (Jul 2026); Bloomberg/S&P Capital IQ/Yahoo Finance. Compliant with SEC Reg FD. Photography: Cesun Power rooftop projects (Company disclosure). P7 regional map is an illustrative graphic, not to scale.

Next Issue

Vol.05 · October 2026 · Coverage: September 2026