Focus on photovoltaics! After one year, the reorganization plan of state-owned enterprises in Sichuan was approved.

After nearly a year of preparation and two adjustments, the major asset reorganization of Xinzhu shares ushered in key progress. On the evening of

June 3, Xinzhu announced that the reorganization plan had been approved by Sichuan SASAC in principle.

It is understood that the company intends to sell 100% equity of Sichuan Development Maglev Technology Co., Ltd. and Chengdu Xinzhu Transportation Technology Co., Ltd., related creditor's rights and assets related to rail transit and bridge functional components; At the same time, it intends to acquire Sichuan Shudao the scope of clean energy assets.

Specifically, the first adjustment was in November 2025, which excluded 100% equity of Heishui Tianyuan, 78% equity of Xinbahe, 100% equity of Hanyuan Tieneng, 100% equity of Danba Funeng, 80% equity of Pengzhou Tieneng and 40% equity of Huanjiao Stock Exchange. Half a year

later, Xinzhu shares carried out the second plan adjustment in May 2026, and on the basis of the original exclusion of the target, 100% equity of Hengsheng Electric Power was included in the scope of asset trading. Affected by this, the price of the assets placed in Xinzhu shares was reduced from 5.814 billion yuan to 5.603 billion yuan , a decrease of about 2.

After acquiring 60% equity of Shudao Clean Energy, it will focus on clean energy power generation business in the future, forming "water, wind, solar and storage" It is a state-owned enterprise under the SASAC of Sichuan Province. The company was originally mainly engaged in rail transit and bridge functional components business. In 2022, through the acquisition of Shengtian New Energy 51.

According to the financial data of 2022, Shengtian New Energy lost 565.9 million yuan as a whole . However, the company's photovoltaic business has not created a profit of about 112.3 million yuan , which is the company's first profit source;

Since then, from 2023 to 2025, the photovoltaic business has always been the company's first profit pillar, accounting for 70% of the main profit of Chaoxinzhu by the end of 2025. However, due to the continuous large losses in rail transit business, the overall performance of Xinzhu shares has always been difficult to recover .

there is still a long way to go to turn around losses and extricate oneself from difficulties.

In this context, Xinzhu shares decided to divest the loss-making rail transit and bridge functional components business, focusing on the main clean energy industry. This may be the key to turning the performance of Xinzhu shares into profits.

It is worth noting that although the reorganization has been approved by Sichuan SASAC in principle, it still needs to be considered by the shareholders'meeting and approved by the regulatory authorities, and whether it can be implemented smoothly is still uncertain.