Three Gorges Water Conservancy updates on 2025 guarantee plan progress

As of October 31, 2025, Chongqing Three Gorges Water Conservancy & Electric Power (Group) Co., Ltd. (the "Company") and its subsidiaries' total outstanding guarantees amounted to 117,665.13 million yuan. This figure includes the unused portion of the 2025 guarantee plan, 195,000 million yuan, and the unused portion of the guarantee provided by the Company's wholly-owned subsidiary, Julong Electric Power, for its 31.5%-owned associate, KTK Materials, totaling 5,544 million yuan. These guarantees represent 28.85% of the Company's net assets attributable to shareholders as audited for 2024.

In October 2025, the Company's wholly-owned subsidiary, Chongqing Changdian United Energy Co., Ltd., through its wholly-owned subsidiary Changdian Energy (Shanghai) Co., Ltd., deposited a letter of guarantee margin with China CITIC Bank Shanghai Branch, releasing 5,000 million yuan in guarantee liability. The Company's guarantee plan for 2025, approved by the 2024 Annual General Meeting, allows for new guarantees totaling up to 19.50 billion yuan.

As of October 2025, the Company provided a guarantee for KTK Materials, an associate with a debt-to-asset ratio exceeding 70%, amounting to 1,134 million yuan based on its 31.5% equity stake. All current guarantees are for wholly-owned, controlling, or joint-venture subsidiaries, with no guarantees for controlling shareholders, actual controllers, or external parties. The Company has no overdue external guarantees.