Shanghai Aoxu New Energy Co., Ltd. Announcement on Progress Regarding Provision of Guarantee for Subsidiary

Securities Code: 600732 Securities Abbreviation: Aishu Co., Ltd. Announcement No.: Lin 2026-008

Shanghai Aishu New Energy Co., Ltd.

Progress Announcement on Providing Guarantees for Subsidiaries

The company’s board of directors and all directors guarantee that this announcement contains no false records, misleading statements, or major omissions, and assume legal responsibility for its authenticity, accuracy, and completeness.

Key Highlights:

● Guarantee Object and Basic Information

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● Total Guarantee Amount

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1. Overview of Guarantee Situation

(1) Basic Guarantee Information

Recently, Shanghai Aishu New Energy Co., Ltd. (hereinafter referred to as “the Company”) has the following guarantee arrangements:

1. The Company signed the “Maximum Guarantee Guarantee Contract” with the Hengqin Guangdong-Macao Deep Cooperation Zone Branch of Guangdong Shunde Rural Commercial Bank Co., Ltd., providing a joint liability guarantee of 500 million yuan for Zhuhai Aishu’s comprehensive credit line with the bank.

2. The Company signed the “Guarantee Contract” with Hengqin Huatong Financial Leasing Co., Ltd., providing a joint liability guarantee of 100 million yuan for Zhuhai Aishu’s financial leasing business with the company.

3. The Company signed the “Maximum Guarantee Guarantee Contract” with Ping An Bank Yiwu Branch, providing a joint liability guarantee of 100 million yuan for Zhejiang Aishu’s comprehensive credit line with the bank.

(2) Internal Decision-Making Procedures

On April 28, 2025, the Company’s 9th Board of Directors’ 34th Meeting, the 27th Supervisory Committee Meeting, and the 2025 Annual Shareholders’ Meeting held on May 20, 2025, reviewed and approved the “Proposal on the Estimated External Guarantee Limit for 2025,” setting the maximum external guarantee limit for 2025 at 36.2 billion yuan. The guarantee limit is valid until the date of the 2025 Annual Shareholders’ Meeting.

As of the date of this announcement, including the current 700 million yuan guarantee, the total guarantees provided by the Company to subsidiaries and among subsidiaries amount to 24.826 billion yuan (guarantee amounts are not double-counted when different guarantors provide guarantees for the same financing). This is within the authorized total limit of 36.2 billion yuan approved by the 2024 Annual Shareholders’ Meeting, and no further approval from the Board or shareholders is required.

2. Basic Information of the Guarantor

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3. Main Contents of Guarantee Agreements

(1) Guarantee with Guangdong Shunde Rural Commercial Bank Co., Ltd. Hengqin Guangdong-Macao Deep Cooperation Zone Branch

Main contents:

1. Parties

Guarantor: Shanghai Aishu New Energy Co., Ltd.

Creditor: Hengqin Guangdong-Macao Deep Cooperation Zone Branch of Guangdong Shunde Rural Commercial Bank Co., Ltd.

Debtor: Zhuhai Fushan Aishu Solar Technology Co., Ltd.

2. Guarantee Limit: 500 million yuan

3. Guarantee Type: Joint liability guarantee

4. Scope of Guarantee: All debts owed by the debtor under the main contract, including but not limited to principal, interest (including normal interest, overdue penalty interest, misappropriation penalty interest, compound interest, etc.), security deposit, double interest during legal document delay, penalty, damages, and all costs incurred by the creditor to realize the debt and guarantee rights (including but not limited to litigation fees, lawyer fees, property preservation costs, travel expenses, enforcement fees, appraisal fees, auction fees, digital signature verification report costs, etc.).

5. Guarantee Period: From the date of signing this contract until three years after the expiration of the last debt under the main contract.

(2) Guarantee with Hengqin Huatong Financial Leasing Co., Ltd.

Main contents:

1. Parties

Guarantor: Shanghai Aishu New Energy Co., Ltd.

Creditor/Lessor: Hengqin Huatong Financial Leasing Co., Ltd.

Lessee/Contracting Party: Zhuhai Fushan Aishu Solar Technology Co., Ltd.

2. Guarantee Limit: 100 million yuan

3. Guarantee Type: Full amount joint liability guarantee

4. Scope of Guarantee: All payments the lessee owes to the creditor under the main contract, including but not limited to pre-rent interest, rent (including pre-paid rent), capital occupation fee, overdue interest, early payment compensation, penalty, damages, agreed loss compensation, purchase option price, usage fee, other payable amounts, and all costs paid by the creditor to realize the debt and guarantee rights (including but not limited to litigation fees, arbitration fees, property preservation costs, enforcement fees, security deposit fees, insurance fees, notarization fees, announcement fees, lawyer fees, travel expenses, and costs related to lease asset valuation, auction, sale, appraisal, transportation, storage, maintenance, etc.), as well as other obligations of the lessee beyond the above payments or compensations. If interest rates change, adjustments are also included.

5. Guarantee Period: The guarantee period under this contract is three years from the expiration of the main debt performance period as stipulated in the main contract. If multiple leases are included under the main contract, the guarantee period extends until three years after all lease debts under the main contract are fulfilled. If extensions or early terminations occur, the guarantee period is three years from the last installment of debt performance after the extension or early termination.

(3) Guarantee with Ping An Bank Yiwu Branch

Main contents:

1. Parties

Guarantor: Shanghai Aishu New Energy Co., Ltd.

Creditor: Ping An Bank Co., Ltd. Yiwu Branch

Debtor: Zhejiang Aishu Solar Technology Co., Ltd.

2. Guarantee Limit: 100 million yuan

3. Guarantee Type: Joint liability guarantee

4. Scope of Guarantee: All debts (including contingent debts) owed by the debtor under the main contract, including principal, interest, penalty interest, compound interest, penalty, damages, and costs to realize the debt.

5. Guarantee Period: From the effective date of this contract until three years after the debt performance period under the specific credit line in the main contract. If the credit line is extended, the guarantee period extends accordingly to three years after the extended period. If multiple types of credit are involved under the main contract, each guarantee period is calculated separately.

6. Necessity and Rationality of the Guarantee

The guarantees provided by the Company for subsidiaries’ comprehensive credit lines and financial leasing are conducted within the scope of authorized decisions by the Board and shareholders, representing reasonable business operations. The guarantors are wholly owned or controlled subsidiaries within the Company’s consolidated financial statements, with full control over their operations and finances. The guarantee risks are within the Company’s controllable range. Minority shareholders of subsidiaries not involved in daily management have not provided guarantees or counter-guarantees proportionally. This guarantee will support the sustainable development of subsidiaries’ operations without affecting the Company’s ongoing operations or harming shareholders’ interests.

5. Board Opinions

This guarantee is to meet the daily operational needs of the Company and its subsidiaries, within the scope authorized by the 2024 Annual Shareholders’ Meeting, and does not require further approval from the Board or shareholders.

6. Total External Guarantees and Overdue Guarantees

As of the date of this announcement, the Company and its controlling subsidiaries have not provided guarantees to entities outside the scope of the consolidated financial statements.

Including this guarantee of 700 million yuan, the total guarantees provided by the Company to subsidiaries and among subsidiaries amount to 24.826 billion yuan, accounting for 698.48% of the latest audited net assets. The actual debt balance under these guarantees is 14.04 billion yuan.

As of the announcement date, there are no overdue guarantees.

This announcement is hereby made.

Shanghai Aishu New Energy Co., Ltd. Board of Directors

March 12, 2026