China Smarter Energy Group Holdings (C Smarter Energy) reported audited results for the year ended 31 December 2025:

Revenue and Earnings • Revenue rose 4.30% year on year to HK$77.45 million, driven by higher photovoltaic electricity sales of 74.83 million KWh (2024: 71.68 million KWh). • Gross profit increased 13.10% to HK$38.27 million, lifting the gross margin to 49.4% (2024: 45.6%). • A HK$28.21 million reversal of trade-receivable impairment and a swing to net other gains of HK$0.19 million (2024: HK$317.96 million loss) turned operating profit positive at HK$43.82 million (2024: HK$317.03 million operating loss). • Finance costs remained heavy at HK$209.69 million, leaving the Group with a net loss of HK$170.90 million, a 68.14% improvement versus the HK$536.13 million loss in 2024. Basic and diluted loss per share narrowed to 1.82 HK cents (2024: 5.72 HK cents).

Balance-Sheet Pressures • Current liabilities exceeded current assets by HK$1.56 billion (2024: HK$1.38 billion), and total net liabilities widened to HK$1.25 billion (2024: HK$1.06 billion). • Cash and bank balances stood at HK$48.10 million against total borrowings of HK$676.75 million, all due within one year. • The Group entered bilateral loan restructuring agreements on 31 July 2025 covering HK$1.62 billion of debt. Key terms include: – Waiver of all contractual, overdue and penalty interest from 1 August 2025. – Semi-annual repayment of 70% of “Surplus Operating Cash Flow” over five years. – Potential debt-to-equity conversion if balances remain after the five-year term.

Cash Flow and Liquidity • Net cash provided by operations is critical to debt servicing under the new restructuring terms; however, the audit report highlights material uncertainty over the timely collection of tariff subsidies, creditor forbearance and litigation outcomes. • The Group continues to operate under a going-concern assumption based on management’s cash-flow forecast, which is contingent on the success of the above measures.

Operational Snapshot • Installed photovoltaic capacity increased to 74.8 MW (2024: 72 MW) across Anhui, Jiangxi and Shandong. • Average plant utilisation reached approximately 1,330 hours. • Revenue contributions by project were led by the 20 MW Hongyang plant (HK$24.84 million) and 20 MW Jinjian plant (HK$24.95 million).

Auditor’s Disclaimer ZHONGHUI ANDA CPA Limited issued a disclaimer of opinion, citing insufficient evidence to validate the going-concern basis due to uncertainties surrounding receivable recoveries, creditor forbearance and litigation settlements.

Dividends and Outlook No dividend was declared. Management plans to focus on debt restructuring, refinancing, and expansion into energy storage and integrated energy services while maintaining photovoltaic operations as the core revenue driver.