On August 31, 2026, CHENGDU EXPWAY (01785) announced that its subsidiary, Energy Development Company, has entered into a partnership agreement with Chengdu Jiaotou Zhuoyue Fund Company (as fund manager and general partner), Chengdu Jiaotou Capital Company (as subordinated limited partner), and other general, priority, and subordinated limited partners. Under this agreement, Energy Development Company will act as a new subordinated limited partner and contribute RMB 150 million to the fund, representing a 15% subscription ratio.

In the same transaction, Xiamen International Trust, Jiaotou Kechang M&A Fund, and Chengdu Mengjiang will join as new priority limited partners, subscribing RMB 200 million, RMB 200 million, and RMB 100 million respectively, accounting for 20%, 20%, and 10% of the fund. Following the completion of this deal, the company's investment in the fund will be recorded as a long-term equity investment. The fund's annual profits will be recognized as investment income for the company based on its ownership percentage. The fund will not become a subsidiary of the company, nor will it be consolidated into the company's financial statements.

Energy Development Company is actively expanding into the new energy sector, rapidly developing its "charging + microgrid," "hub microgrid," and "park microgrid" business lines. This subscription to the fund's limited partner interests will help Energy Development Company establish a specialized fund cluster in the new energy field, continuously promote the growth of its new energy business, and further strengthen its industrial footprint in power supply and charging solutions.

The fund aligns with Chengdu's green, low-carbon, and carbon peak policy direction, and is consistent with the medium- and long-term strategic plans of higher-level supervisory authorities. This will assist the group in capturing new energy industry opportunities and advancing its industrial transformation and upgrading. The fund will focus on investments in high-quality assets such as photovoltaic power stations and energy storage. By leveraging the fund's financial leverage and market-based resource integration advantages, it aims to build a "microgrid energy" industrial ecosystem, drive the deployment of microgrid applications for Energy Development Company, and perfect the group's new energy industry chain.

Both Sichuan Province and Chengdu City have introduced systematic support policies for the photovoltaic and energy storage industries. This fund can serve as a financial instrument for policy implementation, leveraging the synergy of "capital plus industry" to accelerate and strengthen key links in the industry chain, thereby enhancing the long-term competitiveness of state-owned capital in the new power system and the green, low-carbon transition. Through this initiative, Energy Development Company can further amplify its capital leverage, adopting a light-asset operating model of "leveraging small capital to drive large projects" to efficiently pursue large-scale expansion. This approach allows the company to secure scarce grid connection points and high-quality industrial customers within a limited market window, at a significantly lower capital cost than fully self-built projects, rapidly scaling its business to the forefront of the industry.