Sichuan Shudao Equipment Technology Co., Ltd. 2025 Annual Report Summary

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Stock code: 300540 Stock abbreviation: SHUDAO Equipment Announcement No.: 2026-008

I. Important Notice

The summary of this annual report is drawn from the full text. To fully understand the Company’s operating results, financial condition, and future development plans, investors should carefully read the full text of the annual report in the media designated by the CSRC.

All directors have attended the board meeting that deliberated and approved this report.

The auditing opinion of the accounting firm TONG-AN Certified Public Accountants LLP (special general partnership) on the Company’s financial statements for this fiscal year is: a standard unqualified (no reservation) opinion.

Notice of Non-Standard Auditing Opinion

□ Applicable √ Not applicable

The Company was not profitable upon listing and has not yet achieved profitability at present

□ Applicable √ Not applicable

Profit distribution proposal for the reporting period deliberated by the Board of Directors, or proposal for capitalization of capital reserve into share capital

√ Applicable □ Not applicable

The profit distribution proposal approved by the Company’s Board of Directors is: based on 229,559,110 shares, distribute cash dividends of RMB 0.5 per 10 shares to all shareholders (including tax), issue bonus shares of 0 shares per 10 shares to all shareholders (including tax), and increase share capital to all shareholders by 0 shares per 10 shares from capital reserve.

Preferred stock profit distribution proposal for the reporting period approved by the Board of Directors

□ Applicable √ Not applicable

II. Company Basic Information

1. Company Profile

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2. Summary of Principal Businesses or Products During the Reporting Period

During the reporting period, the Company, with deep-cold technology equipment manufacturing as its core, actively expanded businesses such as gas investment and operation, clean energy investment and operation, and the hydrogen energy business.

Deep-cold technology equipment manufacturing: The Company has long been committed to research on gas cryogenic liquefaction and separation technology processes, focusing on deep-cold separation in natural gas liquefaction, air separation, electronic special gases, and rare gases. The Company’s主要 products include: natural gas liquefaction units, coke oven gas liquefaction units, coalbed methane liquefaction units, air separation units, chemical tail gas and light hydrocarbon recovery units, oxygen-nitrogen liquefaction units, helium extraction units, HYCO separation units, electronic special gas units, LNG/L-CNG fueling stations, space-grade high-purity methane units, hydrogen fueling stations, large-scale cryogenic liquid storage tanks, booster turboexpander sets, and more. The Company has the design and manufacturing capability for LNG liquefaction units with a daily processing capacity of 10 million cubic meters, the design and manufacturing capability for liquid air separation units achieving a daily output of 1,000 tons, and the design and manufacturing capability for gas air separation units achieving oxygen production at the level of 100,000 Nm3/h. While deepening its equipment manufacturing main business, the Company simultaneously expanded its capability in end-to-end engineering management services, covering key areas such as project consultation, design optimization, equipment integration, construction management, commissioning and operation, and after-sales operation and maintenance, to provide customers with an integrated solution of “technology + equipment + services,” comprehensively improving project delivery efficiency and operational stability. During the reporting period, relying on its deep-cold technology strengths and industry-leading energy-consumption levels, the Company entered the field of equipment supporting commercial space, securing orders for rocket-grade gas equipment from two related domestic aerospace bases. Among them, the liquid methane production unit at the rocket propellant grade has been delivered for use and commenced production in February 2026, and the liquid air equipment supporting the Jiuquan space industrial park is under production and construction according to the customer’s plan.

Gas investment and operation, clean energy investment and operation: Relying on the Company’s deep-cold technology advantages in natural gas and liquid air separation, it actively expands gas investment and operation and clean energy operation businesses. The main products for production and sales include industrial gases, special gases, rare gases, and natural gas. Products are widely used in sectors such as metals smelting, chemical industry, machinery, semiconductors, medical care, food, vehicle (ship) fuel, and urban peak-shaving stations. Based on existing equipment capabilities and performance, the Company actively plans to become an integrated commercial space fuel service provider and to deeply integrate into the national commercial space ecosystem.

Hydrogen energy: The Company, building on its more than 20 years of accumulated deep-cold and low-temperature technology, accelerates the layout of core links in the hydrogen energy industrial chain. The main products include industrial byproduct hydrogen purification units (coke oven gas, synthetic ammonia tail gas), complete sets of hydrogen refueling station equipment, liquid hydrogen storage tanks and tank containers. Together with Shudao Group and Toyota Motor, it established “Shudao Toyota Hydrogen Energy Technology (Sichuan) Co., Ltd.” Initial capacity planning is 1,500 sets per year, and it has production capability for fuel cell systems of 150 kW and above. At present, the products have been applied in 49-ton heavy-duty trucks, and the Company has completed the overall solution design for liquid hydrogen locomotives and related technical reserves, including technical argumentation and R&D for hydrogen storage and supply system modes such as “on-board liquid hydrogen tank swapping.”

3. Major Accounting Data and Financial Indicators

(1) Major Accounting Data and Financial Indicators for the Past Three Years

Does the Company need to make retrospective adjustments or restate prior-year accounting data?

□ Yes √ No

Yuan

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(2) Major Accounting Data by Quarter

Unit: Yuan

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Whether the above financial indicators or their totals have any material differences from the financial indicators related to the Company’s quarterly reports and semi-annual reports already disclosed

□ Yes √ No

4. Share Capital and Shareholder Information

(1) Number of ordinary shareholders and number of preferred shareholders with voting rights restored, and the table of shareholding of the top 10 shareholders

Unit: shares

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Shareholding of shareholders holding more than 5%, and shareholding situations of the top 10 shareholders and the top 10 non-restricted tradable shareholders participating in the securities lending and refinancing (transfer-to-borrow) business

□ Applicable √ Not applicable

Changes in the top 10 shareholders and the top 10 non-restricted tradable shareholders due to lending/return of shares through securities lending and refinancing for reasons other than the previous period

□ Applicable √ Not applicable

Whether the Company has arrangements for differences in voting rights

□ Applicable √ Not applicable

(2) Total number of preferred shareholders and shareholding situations of the top 10 preferred shareholders

There are no preferred shareholders in the Company’s reporting period.

(3) Disclose the Company’s and actual controller’s ownership and control relationship in the form of a block diagram

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5. Bonds outstanding as of the date of approval and issuance of the annual report

□ Applicable √ Not applicable

III. Matters of Importance

1. Matters concerning the re-election of directors and senior management personnel

On May 7, 2025, the Company held the 2024 annual general meeting of shareholders and the Company’s 2025 first meeting of employee representatives and workers’ union member representatives, and considered and approved matters related to the re-election of the board of directors. A total of 9 directors were elected for the fifth session of the board, of whom Hu Shengxia, Xie Lemin, Chen Yi, Chen Xinggen, Tu Bing, and Guo Hai were elected as non-independent directors; Hou Shui ping, Fang Ping, and Chen Minghong were elected as independent directors. On the same day, the Company convened the first meeting of the fifth session of the board of directors, and considered and approved matters such as the election of the chairman of the board and the appointment of senior management personnel. Hu Shengxia was elected as the Chairman of the Board for the fifth session, and members of the special committees of the board were also elected; Xie Lemin was appointed as the Company’s general manager, Ma Jigang as the Company’s vice general manager and secretary to the board of directors, Tu Bing as the finance director, and Zhou Rong, Cui Zhixiang, Zhang Jianhua, and Li Enze as the Company’s vice general managers.

2. Matters concerning the Company’s joint investment with Shudao Group and Toyota Motor to establish a joint venture company

To accelerate the development