17 October 2022                                                                                      

MING YANG SMART ENERGY GROUP LIMITED

(a joint stock company established under the laws of the People’s Republic of China with limited liability)

ANNOUNCEMENT ON PRELIMINARY RESULTS FOR Q1-Q3 OF 2022

Important Notice:

1. It is estimated that Ming Yang Smart Energy Group Limited (hereinafter referred to the “Company”) will realise net profit attributable to shareholders of the listed company from January 2022 to September 2022 of RMB3,300 million to RMB3,650 million, representing a year-on-year increase of RMB1,138.6401 million to RMB1,488.6401 million, or 52.68% to 68.88%.

2. It is estimated that the Company will realise net profit attributable to shareholders of the listed company after deducting extraordinary profit and loss from January 2022 to September 2022 of RMB3,200 million to RMB3,550 million, representing a year-on-year increase of RMB1,075.3209 million to RMB1,425.3209 million, or 50.61% to 67.08%.

I. ESTIMATED RESULTS FOR THIS REPORTING PERIOD

(1) Reporting Period of the Estimated Results

1 January 2022 to 30 September 2022.

(2) Estimated Results

1. Based on the preliminary estimation by the financial department, it is estimated that the Company will realise net profit attributable to shareholders of the listed company from January 2022 to September 2022 of RMB3,300 million to RMB3,650 million, representing a year-on-year increase of RMB1,138.6401 million to RMB1,488.6401 million, or 52.68% to 68.88%.

2. It is estimated that the Company will realise net profit attributable to shareholders of the listed company after deducting extraordinary profit and loss from January 2022 to September 2022 of RMB3,200 million to RMB 3,550 million, representing a year-on-year increase of RMB1,075.3209 million to RMB1,425.3209 million, or 50.61% to 67.08%.

3. The estimated results for this reporting period have not been audited by certified public accountants.

   

II. RESULTS FOR THE CORRESPONDING PERIOD OF THE PREVIOUS YEAR

(I) Net profit attributable to shareholders of the listed company was RMB2,161.3599 million and net profit attributable to shareholders of the listed company after deducting extraordinary profit and loss was RMB2,124.6791 million.

(II) Earnings per share:RMB1.13.

III. MAIN REASONS FOR THE INCREASE OF ESTIMATED PROFIT FOR THIS REPORTING PERIOD

During this reporting period, net profit attributable to shareholders of the listed company increased as compared to that of previous year, which was due to the effect of principal business:

1. From January to September 2022, the wind power industry maintained a steady growth trend as a whole and the number of new tenders in the industry has exceeded the full-year number of previous year. The increase in the Company's orders in hand and the rising deliveries of its wind turbine led to an increase in revenue.

2. From January to September 2022, the Company’s new energy power stations business developed steadily with the number of power stations under construction increasing and the scale and revenue of power stations transferred increasing compared to that of previous year.

IV RISK WARNINGS

There are no material uncertain factors in the Company that may affect the accuracy of this results estimation.

V. OTHER MATTERS

The estimated results above are only preliminary estimated figures. Please refer to the 2022 third quarterly report to be officially disclosed by the Company for specific and accurate financial information. Investors are reminded to exercise caution when making investment decisions.

The Board of Directors of

Ming Yang Smart Energy Group Limited

17 October 2022