Ningbo Energy Group Co., Ltd.

Security Code: 600982 Security Name: Ningbo Energy Announcement No.: 2026-018

Bond Code: 242520.SH Bond Name: GC Yongneng Y1

Bond Code: 243774.SH Bond Name: 25 Yongneng Y2

Ningbo Energy Group Co., Ltd.

Progress Announcement on External Provision of Guarantees in March 2026

The board of directors of the Company and all of its directors warrant that this announcement contains no false records, misleading statements, or material omissions, and assume legal responsibility for the truthfulness, accuracy, and completeness of the contents herein.

Key Matters for Attention:

● Guarantee Parties and Basic Information

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● Cumulative Guarantee Situation

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I. Overview of the Guarantee

(1) Basic Information of the Guarantee

Recently, Ningbo Energy Group Co., Ltd. (hereinafter referred to as “Ningbo Energy” or the “Company”) entered into guarantee agreements to provide a total of RMB 232.00 million in joint and several liability guarantees for Ningbo Jintong Financial Leasing Co., Ltd. (hereinafter referred to as “Jintong Leasing”) and Ningbo Heating Co., Ltd. (hereinafter referred to as “Ningbo Heating”). The specific details of the above guarantee matters are as follows:

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Note: The original guarantee contracts between China Minsheng Bank Co., Ltd., Ningbo Branch and Jintong Leasing, and between Ningbo Bank Co., Ltd., Jiangbei Sub-branch and Jintong Leasing, as well as between Industrial and Commercial Bank of China Co., Ltd., Ningbo Branch and Ningbo Heating, have all expired. This time is for the renewal of the contracts.

As of the date of disclosure of this announcement, the guarantee balance of the Company for Jintong Leasing is RMB 1B, representing 23.07% of the Company’s net assets attributable to shareholders in its most recent audited consolidated financial statements; the guarantee balance of the Company for Ningbo Heating is RMB 5.00 million, representing 0.12% of the Company’s net assets attributable to shareholders in its most recent audited consolidated financial statements. The above guarantee amounts and guarantee balances are all within the authorization scope approved at the 2024 annual general meeting of shareholders.

(2) Internal Decision-Making Procedures

Both the 27th meeting of the eighth session of the board of directors and the 2024 annual general meeting of shareholders of the Company reviewed and approved the “Proposal for Annual Guarantee Provisions of the Company.” For details, please refer to the interim announcements published by the Company on April 22, 2025 and May 14, 2025 on the Shanghai Stock Exchange website (www.sse.com.cn): “Ningbo Energy’s Announcement on Annual Guarantee Provisions” (Lin 2025-014) and “Ningbo Energy’s Announcement of Resolutions of the 2024 Annual General Meeting of Shareholders” (2025-027).

II. Basic Information of the Guaranteed Parties

(1) Guaranteed Party One

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(2) Guaranteed Party Two

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III. Main Contents of the Guarantee Agreement

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IV. Necessity and Reasonableness of the Guarantee

Ningbo Heating is the Company’s wholly owned subsidiary, and Jintong Leasing is a subsidiary held by the Company. Both are included within the scope of the Company’s consolidated financial statements. The Company provides guarantees for the above-mentioned companies in order to meet their needs for production and operations and to ensure the continuous, stable, and sound development of their business. The guarantee is consistent with the Company’s overall interests and development strategy. The guaranteed parties have the ability to repay their debts and will not have a material impact on the Company’s daily operations; nor will it prejudice the interests of the Company and all its shareholders, particularly the interests of minority shareholders.

V. Board’s Opinions

This guarantee has been reviewed and approved at the 27th meeting of the eighth session of the board of directors. The board of directors believes that the Company’s provision of guarantees to its subsidiaries is a necessary guarantee provided to meet the subsidiaries’ day-to-day operating needs, meets the Company’s funding requirements for its development, and is consistent with the Company’s overall interests. Independent directors are of the view that the Company’s provision of guarantees to its subsidiaries complies with the actual operating needs and overall development requirements. The guarantee is provided in proportion to equity holdings. The credit standing of the guaranteed subsidiaries is good, and they have strong performance capability. There is no circumstance in which the Company and other non-related shareholders’ interests are harmed.

VI. Cumulative Amount of External Guarantees and Number of Overdue Guarantees

As of the date of disclosure of this announcement, the total amount of external guarantees provided by the Company and its controlling subsidiaries is RMB 7.02B; the total amount of guarantees provided by the Company to its controlling subsidiaries is RMB 5.59B; the total amount of guarantees provided by the listed company to its controlling shareholders, actual controller(s), and their related parties is RMB 1.09B (all with counter-guarantees). The above figures account for 161.76%, 128.85%, and 25.08% respectively of the listed company’s net assets attributable to shareholders in its most recent audited consolidated financial statements. As of the date of disclosure of this announcement, the Company has no overdue guarantees.

Announcement is hereby made.

Board of Directors of Ningbo Energy Group Co., Ltd.

April 3, 2026

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