China Electric Power (02380) subsidiary signs four new cell procurement contracts with Guoning Technology

According to Zhitong Finance App, China Electric Power (02380) announced that on August 14, 2026, Xinyuan Smart Storage (a subsidiary of the company not wholly owned) signed four new cell procurement contracts with Guoning Technology. Based on this, Xinyuan Smart Storage agreed to buy, while Guoning Technology agreed to sell energy storage batteries for the BESS project.

These procurement contracts enabled Xinyuan Smart Storage to obtain a stable and reliable supply of high-quality batteries from Guoning Technology. Guoning Technology is a battery manufacturer with mature technical strength, and has received support from China's leading battery manufacturer Ningde Era (which holds 40% of Guoning Technology's shares). Since batteries are the core components of BESS, maintaining a stable and safe source of supply is essential to ensure the quality, on-time delivery, and overall performance of BESS products and related services provided by Xinyuan Smart Storage.

Since the final purchase price of each of these procurement contracts depends on the current market price of cell raw materials to ensure that cells can be purchased on terms that are competitive and in line with market principles, the Board of Directors believes that the costs and related terms of such procurement contracts are not inferior to the costs and terms given to the Group by an independent third party.