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 the Progress of External Investment

Ming Yang Smart Energy Group Limited (hereinafter referred to as "the Company") announced its plan to build the UK's first full industry chain integrated wind turbine manufacturing base in Scotland with the total investment of GBP 1.5 billion, equivalent to approximately RMB 14.21 billion (based on the RMB central parity rate on October 10, 2025) which will be used to construct manufacturing facilities for offshore and floating wind turbines. The plan is expected to be carried out in three phases. For more details, please refer to the Announcement on Planning External Investment released on October 13, 2025.

Recently, the Company has noted media reports stating that the UK government has rejected the company's investment to build a factory in Scotland. To protect the rights and interests of investors, the Company hereby provides the following clarification:

I. Verification of Media Reports

Relevant media reports claim that the UK government has rejected the Company's plan to build the UK's first full-industry-chain integrated wind turbine manufacturing base in Scotland on grounds of national security. Having noticed the relevant media reports, the Company has actively verified the relevant situation. As of the disclosure date of this Announcement, the Company has not yet received a formal response from the UK government regarding its investment plan for the construction of a factory. The Company will maintain continuous communication with the UK government on relevant matters and will disclose relevant progress in a timely manner.

II. Relevant Risk Warnings

1. This plan is subject to final approval from the UK government, the National Development and Reform Commission of the People's Republic of China, and the Ministry of Commerce of the People's Republic of China, among others. There is uncertainty regarding this external investment, and it cannot be ruled out that the project may be terminated due to the inability to obtain approval.

2. As of the disclosure date of this Announcement, the Company has not yet invested any funds in the aforementioned project. This plan involves complex international circumstances, a long construction period, and a large investment amount, making it difficult to accurately estimate its impact on the Company's profits. During construction, there may be risks such as increased construction costs and delays in construction progress.

3. This investment plan involves a complex international environment and is subject to multiple factors such as geopolitics, macroeconomic fluctuations, and policy changes. As a result, the project may face delays in progress or fail to achieve expected results, and the investment plan may be subject to the risk of adjustment or change.

4. There are certain differences between China and overseas in terms of legal systems, geopolitical factors, policy frameworks, business environments, and cultural characteristics. The project may face numerous challenges in overseas market competition, talent team building, and internal operational management during its future operations, posing certain risks in overseas operations and management.

5. This plan involves overseas investment, and project investment construction as well as future project revenues may need to be settled in foreign currencies. Due to exchange rate fluctuations in international financial markets, there is a risk of exchange rate fluctuations affecting the actual investment costs and future returns.

6. Given that the development and potential impact of the relevant events remain uncertain, the Company will closely monitor the situation, conduct dynamic assessments, and strictly fulfill its information disclosure obligations in accordance with laws and regulations. Investors are kindly reminded to be aware of investment risks.

Going forward, the Company will remain committed to expanding its overseas markets, advancing its global footprint and the construction of localized factories, and enhancing its global business coverage and operational efficiency.

Ming Yang Smart Energy Group Limited

March 27, 2026