Shimao Energy: Announcement on the Resignation and Departure of Directors and the Change of Directors

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Stock Code: 605028 Stock Abbreviation: Shimao Energy Announcement No.: 2026-009

Ningbo Shimao Energy Co., Ltd. Announcement on the Resignation and Change of Directors

The company’s board of directors and all directors guarantee that this announcement contains no false records, misleading statements, or major omissions, and assume legal responsibility for its authenticity, accuracy, and completeness. Important notices:

?Basic information about early resignation: Ms. Li Chunhua has applied to resign from her position as a non-independent director and member of the Audit Committee of the board due to work reasons.

?Impact of resignation on the company: Since the resignation of Ms. Li Chunhua as a non-independent director will result in the number of directors falling below the requirements of the “Company Law,” “Articles of Association,” and other relevant regulations, her resignation will take effect only after the company’s shareholders’ meeting elects a new non-independent director. During this period, Ms. Li Chunhua will continue to perform her duties as a director and member of the Audit Committee in accordance with laws, regulations, and other relevant provisions.

Ningbo Shimao Energy Co., Ltd. (hereinafter referred to as “the Company”) recently received a written resignation letter from Ms. Li Chunhua, a non-independent director. Ms. Li has applied to resign from her position as a non-independent director and member of the Audit Committee due to work reasons. After her resignation takes effect, she will no longer hold any position in the company. Details are as follows:

1. Resignation of Directors

(1) Basic information about early resignation

Name Position Resignation Date Original Term End Reason for Resignation Whether Continuing to Serve in the Company and Its Subsidiaries Specific Positions (if applicable) Unfulfilled Public Commitments Li Chunhua Non-independent Director / Audit Committee Member April 7, 2026 January 6, 2028 Work reasons No Not applicable

(2) Impact of resignation on the company

Given that Ms. Li Chunhua’s resignation as a non-independent director will cause the number of directors to fall below the statutory and regulatory requirements, her resignation will only become effective after a new non-independent director is elected by the shareholders’ meeting. During this period, she will continue to fulfill her duties as a director and member of the Audit Committee in accordance with laws and regulations.

As of the date of this announcement, Ms. Li Chunhua directly owns 6,000,000 shares of the company, accounting for 3.75% of the total share capital, and holds 10.00% of shares in Shimao Investment and 8.93% in Shimao Copper. She indirectly holds 6.75% of the company’s shares, totaling 10.50% of the company’s equity, making her one of the actual controllers of the company. Her director term was scheduled to end on January 6, 2028. After her resignation, she will continue to strictly abide by the relevant laws, regulations, and rules such as the “Guidelines for Self-Regulation of Listed Companies on the Shanghai Stock Exchange No. 15—Shareholders, Directors, and Senior Management’s Reduction of Shares,” “Interim Measures for the Management of Shareholders’ Reduction of Shares in Listed Companies,” and other relevant legal and regulatory requirements. She has no unfulfilled commitments.

Ms. Li Chunhua will continue to fulfill all commitments related to the company’s initial public offering, including those concerning competition restrictions, related-party transactions, share lock-up, share reduction, measures for unfulfilled commitments, absence of debt default, and the accuracy and completeness of the prospectus. For details, see the “Fifth Section: Important Matters” of the 2025 Annual Report, specifically “1. Performance of Commitments” and “(1) Commitments Made by the Actual Controller, Shareholders, Related Parties, Acquirers, and Other Relevant Parties During or Until the Reporting Period.”

During her tenure as a non-independent director, Ms. Li Chunhua has been diligent and responsible. The company and the board of directors sincerely thank her for her contributions to the company’s development!

2. Explanation of Candidate for Non-Independent Director

To ensure the standardized operation of the board of directors, according to the “Company Law,” “Articles of Association,” and other relevant regulations, the company held the sixth meeting of the third board of directors on March 17, 2026, to review and approve the “Proposal on Changing Non-Independent Directors.” Nominated by the controlling shareholder Ningbo Shimao Investment Holding Co., Ltd., the company’s Nomination Committee conducted a qualification review, and the board agreed to nominate Ms. Li Siming as a candidate for non-independent director of the third board. After being elected by the company’s 2025 shareholders’ meeting, she will succeed Ms. Li Chunhua as a member of the Audit Committee. Her term will last until the expiration of the third board of directors. (See attached resume for details.) This announcement is hereby made.

Ningbo Shimao Energy Co., Ltd. Board of Directors

March 18, 2026

Attachment: Resume of Ms. Li Siming

Ms. Li Siming, female, born January 1998, Chinese nationality, no permanent residence abroad, master’s degree. From December 2022 to January 2025, she served as Senior Researcher at Ipsos (China) Consulting Co., Ltd. Since January 2025, she has been Deputy General Manager of Ningbo Shimao Investment Holding Co., Ltd.

Ms. Li Siming directly owns 6,000,000 shares of the company, representing 3.75% of the total share capital, and is the daughter of Chairman Li Lifeng, making her one of the company’s actual controllers. She does not have any circumstances that prohibit her from serving as a director or senior management under the “Company Law” or “Articles of Association,” nor has she been identified by the China Securities Regulatory Commission as a market ban or is currently under ban, nor has she been publicly deemed unsuitable to serve as a director by the stock exchange. She has not been penalized or disciplined by the CSRC, stock exchange, or other authorities, is not listed as a dishonest person subject to enforcement by the Supreme People’s Court, and meets the employment conditions stipulated by relevant laws, regulations, and rules.

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