2024 First Quarterly Results Announcement

Ming Yang Smart Energy Group Ltd

11 April 2024

 

MING YANG SMART ENERGY GROUP LIMITED

(GDR under the symbol: "MYSE")

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

2024 First Quarterly Results Announcement

I. ESTIMATED RESULTS FOR THE CURRENT PERIOD

(1) Period to which the estimated results apply

1 January 2024 to 31 March 2024.

(2) Estimated Results

1. The Company expects to achieve a net profit attributable to the shareholders of the Listed Company of RMB250 million to RMB350 million from January to March 2024, representing an increase of RMB476.2647 million to RMB576.2647 million as compared with the corresponding period of the previous year, turning losses into profits.

2. The Company expects to achieve a net profit attributable to the shareholders of the Listed Company after deducting extraordinary profit or loss of RMB220 million to RMB320 million from January to March 2024, representing an increase of RMB509.5613 million to RMB609.5613 million as compared with the corresponding period of the previous year, turning losses into profits.

3. The estimated results have not been audited by the certified accountants.

II. OPERATING RESULTS AND FINANCIAL POSITION FOR THE CORRESPONDING PERIOD LAST YEAR

 (1) The net profit attributable to the shareholders of the Listed Company: -RMB 226.2647 million. The net profit attributable to the shareholders of the Listed Company after deducting extraordinary profit or loss was -RMB289.5613 million.

(2) Earning per share: -RMB0.10.

III. MAIN REASONS FOR THE ESTIMATED INCREASE IN RESULTS FOR THE CURRENT PERIOD

The increase in the net profit attributable to the shareholders of the Listed Company for the reporting period as compared with the corresponding period of the previous year was mainly due to the combined effect of the following factors:

 (1) Impact of the principal operations

1. The increase in the scale of wind turbines delivered by the Company in the first quarter of 2024 resulted in an increase in the Company's revenue from wind turbine sales as compared with the first quarter of last year.

2. The increase in the scale of power plants operated by the Company resulted in an increase in the Company's revenue from power generation as compared to the first quarter of last year.

3. An YoY increase in sales of power station products: The Company realized a certain scale of sales of power station products in the first quarter of 2024, resulting in an increase in the Company's revenue from sales of power station products as compared to the first quarter of last year.

(2) Impact of extraordinary profit or loss

None.

(3) Effect of accounting treatment

None.

(4) Others

None.

IV. RISK WARNING

The estimated results are preliminary financial information based on the professional judgment of the finance department and have not been audited by the certified accountants. There are no significant uncertainties of the Company which may affect the accuracy of this results forecast.

V. OTHER INFORMATION

The above estimated figures are preliminary accounting data only. Investors should refer to the 2024 First Quarterly Report to be formally announced by the Company for specific and accurate financial data of the Company. Investors are advised to exercise caution when dealing in the shares of the Company.

Ming Yang Smart Energy Group Limited

11 April, 2024

 

END