Progress of Asset Acquisition

MING YANG SMART ENERGY GROUP LIMITED

(GDR under the symbol: "MYSE")

(a joint stock company established under the laws of the People's Republic of China with limited liability)

Announcement on Progress of Matter in Respect of the Issuance of Shares and Cash Payment for Asset Acquisition, Raising of Supporting Funds and Related-Party Transactions

I. Basic Information of the Transaction

Ming Yang Smart Energy Group Limited (hereinafter referred to as the "Company") is planning to acquire 100% equity of Uniwatt Technology Co., Ltd. through the issuance of shares and cash payment and to raise supporting funds, which constitutes a related-party transaction (hereinafter referred to as "the Transaction"). According to the Administrative Measures for the Major Asset Restructuring of Listed Companies and other relevant regulations, the Transaction constitutes a related-party transaction but is not expected to constitute a major asset restructuring.

II. Progress of the Transaction

In accordance with the relevant regulations of the Shanghai Stock Exchange, the trading of the Company's A share stock (stock abbreviation: MYSE, stock code: 601615) has been suspended from the opening of the market on January 13, 2026 (Tuesday, Beijing Time). The suspension lasts for no more than 10 trading days. For details, please refer to the Announcement on Trading Suspension in Respect of the Proposed Issuance of Shares and Cash Payment for Asset Acquisition, Raising of Supporting Funds and Related-Party Transactions disclosed by the Company on January 13, 2026.

On January 22, 2026, the Company held the 30th meeting of the third Board, at which the Proposal on the Proposal of Ming Yang Smart Energy Group Limited on Issuance of Shares and Cash Payment for Asset Acquisition, Raising of Supporting Funds and Related-Party Transactions and other proposals related to the Transaction were reviewed and approved. For details, please refer to the Proposal of Ming Yang Smart Energy Group Limited on Issuance of Shares and Cash Payment for Asset Acquisition, Raising of Supporting Funds and Related-Party Transactions and other relevant announcements disclosed by the Company on January 22, 2026.

Upon application to the Shanghai Stock Exchange, the trading of the Company's A share stock (stock abbreviation: MYSE, stock code: 601615) was resumed from the market opening on Friday, January 23, 2026. For details, please refer to the Announcement on General Risk Warning Regarding the Disclosure of the Restructuring Proposal and the Resumption of Trading of the Company's Stock disclosed by the Company on January 22, 2026.

On January 23, 2026, the Company received the Inquiry Letter on the Information Disclosure of the Proposal of Ming Yang Smart Energy Group Limited on Issuance of Shares and Cash Payment for Asset Acquisition (SZGH [2026] No. 0129) (hereinafter referred to as the "Inquiry Letter") from the Listed Company Management Department I of the Shanghai Stock Exchange. In accordance with the Inquiry Letter, the Company has organized relevant parties to conduct careful verification, analysis, and research on the related matters, and has implemented and responded to them item by item. Meanwhile, the Company has revised, supplemented, and disclosed the Proposal on Issuance of Shares and Cash Payment for Asset Acquisition, Raising of Supporting Funds and Related-Party Transactions of Ming Yang Smart Energy Group Limited in accordance with the requirements of the Inquiry Letter and the relevant replies, which are marked in bold italic. For details, please refer to the Announcement on the Reply to the Inquiry Letter from the Shanghai Stock Exchange Regarding the Information Disclosure of the Proposal on Issuance of Shares and Cash Payment for Asset Acquisition and the Proposal of Ming Yang Smart Energy Group Limited on Issuance of Shares and Cash Payment for Asset Acquisition, Raising of Supporting Funds and Related-Party Transactions (Revised Version) disclosed by the Company on February 5, 2026.

Since the disclosure of the proposal for the Transaction, the Company and all relevant parties have been actively advancing the work related to the Transaction. On February 23, March 23, April 22, May 22 and June 22, 2026, the Company disclosed the Announcement on Progress of Matter in Respect of the Issuance of Shares and Cash Payment for Asset Acquisition, Raising of Supporting Funds and Related-Party Transaction.

Since it was anticipated that the notice for convening the Shareholders' Meeting could not be issued within six months after the announcement date of the Board's resolution for the initial review of the Transaction, the Company disclosed the Special Explanation on the Progress of the Issuance of Shares and Cash Payment for Asset Acquisition, Raising of Supporting Funds and Related-Party Transactions and the Failure to Issue a Notice Convening a Shareholders' Meeting Within the Prescribed Time Limit on July 22, 2026.

On August 21 and September 22, 2026, the Company disclosed the Announcement of Ming Yang Smart Energy Group Limited on Progress of Matter in Respect of the Issuance of Shares and Cash Payment for Asset Acquisition, Raising of Supporting Funds and Related-Party Transactions.

As of the disclosure date of this announcement, the relevant due diligence, audit, evaluation and other work have not yet been completed, and the Company and relevant parties are still communicating and negotiating on core terms such as valuation and pricing, and have not yet reached an agreement. All parties to the Transaction are re-demonstrating and negotiating the transaction scheme based on the latest due diligence. The Company will perform the relevant decision-making and approval procedures and information disclosure obligations in strict accordance with the provisions of relevant laws and regulations based on the progress of the Transaction.

III. Risk Warning

1. The Transaction is still in the planning stage, and the relevant due diligence, audit, evaluation and other work have not yet been completed. The parties to the Transaction have not yet signed a formal transaction agreement. The transaction scheme still needs further demonstration, communication, and negotiation. All parties still need to perform the necessary internal and external decision-making and approval procedures respectively, so there is a risk of failing to pass the relevant decision-making and approval procedures.

2. Matters related to the Transaction are still subject to uncertainty, and there is a risk that the transaction scheme may be adjusted or even that the Transaction cannot continue to be pushed forward due to various reasons such as market changes, operating conditions of the target company falling short of expectations, regulatory reviews, and failure of the parties to the Transaction to reach a consensus.

3. There is still uncertainty as to whether the Transaction can be finally implemented. All relevant information shall be subject to the announcements published by the Company on the designated information disclosure media. Investors are kindly reminded to make rational investments and be aware of investment risks.

Ming Yang Smart Energy Group Limited

October 22, 2026