Abbreviation Table

CONTENTS

Contents
01 / Core Progress in 2023

03/ About CECEP (Hubei) Fund

07/ Contribution to SDG7 (Affordable andClean Energy)

11/

Contribution to SDG6 (Clean Water andSanitation)

14/ Contribution to SDG9 (Industry, Innovation
and Infrastructure)

17/ Contribution to other SDGs

19/ Introductions to Investment Projects

CECEP (Hubei) SDG Industry Equity Investment
Fund Limited Partnership

for
short

CECEP (Hubei) Fund

CECEP Yihe (Hubei) Private Equity FundManagement Co., Ltd.

for
short

CECEP Yihe

CECEP Capital Holding Co., Ltd

for
short

CECEP Capital

China Energy Conservation and Environmental
Protection Group Co., Ltd.

for
short

CECEP

Daiwa Corporate Investment Co., Ltd

for
short

Daiwa Investment

Changjiang Industry Investment Group Co., Ltd.

for
short

Changjiang Industry Investment

Hubei High-tech Industry Investment Group Co., Ltd.

for
short

Hubei High-tech Investment

National Green Development Fund Co., Ltd.

for
short

NGDF

Hubei Wings Investment Management Co., Ltd.

for
short

Wings Investment

Chongqing Polycomp International Corporation

for
short

Polycomp International

Yueyang Xingchang Petro-Chemical Co., Ltd.

for
short

Yueyang Xingchang

Wuhan Easy-Sight Technology Co., Ltd.

for
short

Easy-Sight

3R Environmental Technology Co., Ltd.

for
short

3R

Anhui Yingfa Ruineng Technology Co., Ltd.

for
short

Yingfa Ruineng

Hunan Yacheng New Energy Co., Ltd.

for
short

Yacheng New Energy

23/ Introduction to Partners

24/ Disclaimer (About the Report)

CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Polycomp International: independently designed and built
all of wastewater treatment facilities. Through continuous
innovations and optimization, it has long been at an advanced
level in the industry and the locality.
Yueyang Xingchang: absorbing materials have been widely
applied in tail gas treatment equipment in the wastewater
purification tank to reduce wastewater discharge, contributing
to the protection of water resources.
Easy-Sight: created an output value of ¥146.00 million
in pipeline repair materials and services, and equipment
maintenance, making 5 million people accessible to healthyand safely managed water, and reducing the number ofdeaths and illnesses caused by water pollution.
3R: reduced industrial wastewater discharge by means ofcomprehensive resource utilization of waste acid, and applied
flocculants in wastewater treatment to strengthen recycling.
Yacheng New Energy: applied zero discharge technology
in wastewater treatment, achieving zero discharge of
wastewater. It sold by-product ammonium sulfate as fertilizer
to strengthen recycling.

Polycomp International: the glass fiber reinforced composite material produced caneffectively reduce the weight of the entire vehicle, significantly reduce fuel consumptionof fuel vehicles, and improve the range of new energy vehicles. Meanwhile, it canalso manufacture longer and finer wind turbine blades, increase the capture of windenergy, improve power generation efficiency, and effectively promote the developmentof the clean energy industry, helping to achieve the dual carbon goals.
Yueyang Xingchang: developed new energy-efficient and carbon reduction
technologies to meet the development demands of “reducing fuel oil and increasingchemicals”. It shifted from the conventional refining and chemical process route to
the development and promotion of advanced technologies and efficient equipment,
achieving energy efficiency and carbon reduction effectively, and occupying acommanding height in this technology.
3R: produced new energy product iron phosphate, with a total planned production
capacity of nearly 60,000.00 tons per year, boosting the development of the newenergy industry.

Sustainability Report 2023

The six projects provided at least 13,515 jobs in 2023. Where
Polycomp International: provided 6,238 jobs.
Yueyang Xingchang: provided 696 jobs.
Easy-Sight: provided 348 jobs, of which 1 is for a disabled person, and24.00% are for females.
3R: provided 773 jobs (18.00% for females).
Yingfa Ruineng: provided 4,546 jobs, of which 30.00% for females.

Core Progressin 2023

Yacheng New Energy: created 914 jobs (22.00% for females).
(Note: The data for jobs of Polycomp International and Yueyang Xingchang
is for 2022.)

Yingfa Ruineng: produced 16,730.00 MW of solar cells, generated 32.479 billion kW·hof clean electricity, providing reliable modern energy services to the society, advancing
the development of clean energy, and reducing carbon dioxide emissions.

The six projects spent ¥652.43 million
on R&D in 2023. Where

Yacheng New Energy: produced 8,000.00 tons of cobalt tetroxide, 1,800.00 tons ofcobaltous hydroxide, and 210,000.00 tons of iron phosphate, which can be used togenerate 1.19 million kW·h of clean electricity, effectively promoting the developmentof the new energy industry chain and contributing to carbon peaking and neutrality.

Polycomp International: ¥229.40 millionof R&D expenditure.
Yueyang Xingchang：¥36.13 million of
R&D expenditure
Easy-Sight: ¥13.46million of R&D
expenditure, percentage of R&D
personnel at 20.00%, obtained 228
patents in total, including 31 inventions
granted, 122 utility models granted, 50
appearance patents granted and 25
software copyrights granted.
3R: ¥43.75 million of R&D expenditure,obtained 43 patents in total, including
24 inventions and 19 utility models, 13
software copyrights, led or participatedin the formulation of 11 national
standards and 23 industry standards

SUSTAINABLE
DEVELOPMENT

The six projects reduced by at least 26.76 million tons 1 of CO2
emissions in 2023, Where
Polycomp International: used the “tip-burn + pure oxygen-supporting
combustion + electric boosting” technology to make glass melting
much more efficient, reduce energy consumption significantly,
and improve the quality and operational stability of glass liquid
effectively, lower production costs, and reduce emissions andenvironmental pollution.

Polycomp International: the refractory material processing and recycling device
independently designed and built recycled platinum and rhodium metals,
providing an economical and eco-friendly beneficial way that promotes resource
recycling.

Easy-Sight: produced 689 sets of inspection equipment,
and 21 sets of repair equipment, 180,600.00 metersof repair materials, and assisted in repairing about
180,600.00 meters of wastewater pipelines.

Yueyang Xingchang: treated exhaust gas by electric defogging + alkaline
washing and treated oil and gas by condensation + adsorption + water washing,
reducing pollutants and providing an eco-friendly beneficial way that promotes
green economy.

3R: produced 202,000.00 tons of ferric chloride andits polymers, and ferrous chloride using Fe2+ and Fe3+
recycled from waste acids.

3R: reduce 607.20 tons of CO2 emissions, contributing to carbon
peaking and neutrality.

3R: recycled hazardous wastes, including 184,000.00 tons of waste acids,
providing an eco-friendly beneficial way that promotes green economy.

Yingfa Ruineng: saved 9,766,435.30 tons of standard coal, andreduced 26,762,696.00 tons of CO 2 emissions, 2,695.76 tonsof sulfur dioxide emissions, 4,319.71 tons of nitrogen dioxide
emissions, and 552.14 tons of carbon dust emissions, contributing
to carbon peaking and neutrality.

Yingfa Ruineng: the Fishpond Solar Farm system generated clean energy,
providing an economical, eco-friendly, and social beneficial way that promotes
green economy.

Yacheng New Energy: reduced 357.83 tons of coal consumption
and 980.56 tons of CO2 emissions, contributing to carbon peaking
and neutrality.
Note: Calculate based on data from 3R, Yingfa Ruineng, Yacheng
New Energy.

01

Yingfa Ruineng: ¥285.10 million of
R&D expenditure, percentage of R&D
personnel at 11.00%, obtained 111
patents in total, including 25 inventions
granted, 86 utility models granted, and
18 inventions are under application.

Yacheng New Energy: adopted a two-step process to expand sources of raw
materials and reduced the quality requirements for raw materials, and applied the
new energy-efficient process to reduce natural gas and electricity consumptionsof products, providing an economical and eco-friendly beneficial way that
promotes green economy.

Yacheng New Energy: ¥44.59 millionof R&D expenditure, percentage of
R&D personnel at 14.00%, obtained 60
patents in total, including 44 inventions
and 16 utility models.
(Note: The R&D data of Polycomp
International and Yueyang Xingchangis as of September 2023.)

Note : According to the Annual Report on Development of China’s Power Industry 2023 issued by the China Electricity Council, in 2022, thestandard coal consumption of thermal power plants with a capacity of 6,000 kW and above was 300.70 g/kWh, the CO2 emissions per unitof thermal power generation was about 824 g/kWh, and the emissions of soot, sulfur dioxide, and nitrogen oxides per unit of thermal power
generation were 17mg/kWh, 83mg/kWh, and 133 mg/kWh, respectively. In this case, the generation of every 1 kWh of solar electricity may save
300.70 g of standard coal per year, and reduce CO2, sulfur dioxide, nitrogen dioxide, and carbon dust emissions by 824 g, 0.08 g, 0.13 g, and 0.02
g respectively.

02

CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Sustainability Report 2023

Investment Philosophy

About CECEP (Hubei) Fund
CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership was established in Wuhan, Hubei on October 26,
2020, and registered with the Asset Management Association of China on June 11, 2021. It was co-founded by CECEP Yihe,
CECEP Capital, Daiwa Investment, Changjiang Industry Investment and NGDF jointly invested and established.

By the end of 2023, CECEP (Hubei)
Fund totally invested ¥227.35 million,a year-on-year increase of 36.09%. All
investment projects belong to green
industries, as well as energy efficiency
and environmental protection industries(including clean energy industries).

Sustainable investment is one of increasingly influential investment strategies in the field of investments today. With theincreasing global attention to environmental, social and corporate governance issues, more and more investors have turned
their eyes to sustainable development and incorporated it into their investment decisions. CECEP Yihe, as the fund manager, iscommitted making contributions to SDGs and making investment in combination with the great protection of the Yangtze River
strategy.

Investment Standards

CECEP (Hubei) Fund totally invested

a year-on-year increase of¥227.35 million

36.09%

CECEP (Hubei) Fund invests in line with the SDGs, and gives priority to SDG-compliant projects. Its fund managers evaluate thecontribution to the SDGs according to project operation materials provided by invested enterprises on a regular basis, including
qualitative and quantitative indicators of project operation.

Key SDGs Goals

Investment scale in green industries(RMB 10,000)

Investment scale in environmental protection industries(RMB 10,000)

22,735.00

22,735.00

16,705.63

16,705.63

7,705.63

7,705.63

Other SDGs Goals

2021

03

2022

2023

2021

2022

2023

Percentage of investment in green industries
in 2023

Percentage of investment in energy efficiency
and environmental protection in 2023

100%

100%

04

Sustainability Report 2023

CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Investment Fields

Chronicles of Events

CECEP (Hubei) Fund focused on investment in the Yangtze River Economic Belt, with the largest city in the Yangtze River Basinas its base, investing at least 60% of its paid-in capital in energy efficiency and environmental protection. Its investment priorities
include companies using cutting-edge environmental protection technologies and materials, and those providing products
and services that promote environmental protection. This is beneficial for medium and large mature enterprises to make moreinvestments in photovoltaic, wind power and green chemical industries, ultimately boosting the great protection of the Yangtze
River.

It won the honor of the bestindustry-finance integration
innovation in Hubei at the 7th Hubei
Venture Capital Industry Appraisal.

The fund invested in
Polycomp International.

The fund invested in
Yueyang Xingchang.

In
December
2023

In
December
2023

In
October
2023

In
April
2023
New energy
battery materials

Wastewater
treatment
equipment

Smartequipment

Biodegradable
materials

In
March
2023
The fundinvested in
Yacheng New
Energy.

Hazardous
waste recycling

In
December
2022
In
November
2022

Other green
industries

CECEP Yihe won the prize of ESG
investment demonstration institutionin Hubei at the 2022 Compliance
Risk Control, Social Responsibility
and Enterprise Cultivation Appraisal
for Private Fund industry in Hubei.

It won the prize of the bestindustry-finance integration
innovation in Hubei at the
6th Hubei Venture CapitalIndustry Appraisal.

The fund introduced NGDF
and Changjiang Industry
Investment.

The fund invested
in Yingfa Ruineng.

In
August2022
In
November
2021

The fundinvested in 3R.

In
September
2021

In
August2021

05

The fund introduced
Hubei High-tech
Investment Group.

In
November
2020

Daiwa Investment and CECEP Yihe
completed investments.

CECEP (Hubei) Fund wasestablishedThe fund invested
in Easy-Sight.

In
January
2020

06

CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Sustainability Report 2023

Contribution to SDG7 (Affordable and Clean Energy)

Outcomes in 2023

Polycomp International:

According to the Sustainable Development Goals Report 2023: Special Edition, the world has kept moving towards sustainableenergy goals, but at a lower speed rate. At the current rate, about 660.00 million people will remain unable to access electricity,and nearly 2.00 billion people will still rely on polluting fuels by 2030. To ensure that everyone has access to energy by 2030, it
is necessary to accelerate electrification, make more investments in renewable energy, increase energy efficiency, and formulate
supportive policies and regulatory frameworks.
CECEP (Hubei) Fund will focus on investing in clean energy enterprises, mainly companies using cutting-edge environmental
protection technologies and materials, and those providing products and services that promote environmental protection.
Furthermore, it will strengthen post-investment empowerment to boost the development of the clean energy industry andcontribute to SDG7 Affordable and Clean Energy.

Its glass fiber reinforced plastics
effectively reduced the total weightof vehicle, significantly decreased
fuel consumption of fuel vehicles
and increased the driving mileage of
new energy vehicles, boosting thedevelopment of the clean energy
industry effectively and contributing
to carbon peaking and neutrality.

3R:

Iron phosphate, a new energy product,rolled off the production line successfully,
with a total planned production capacityof nearly

60,000.00 tons per year

Yingfa Ruineng:

UN 2030
SDGs

China’scountermeasures

7.1 By 2030, ensure universal access to affordable, reliable and modern energy services.

China will achieve comprehensive coverage of affordable, reliable and sustainable modern
energy services by 2030. It will implement energy projects to benefit the people, and accelerate
photovoltaic poverty alleviation projects and energy development projects in poor areas.

The production of solar cells was

The annual power generation was

16.73 GW

32.48 billion kW·h of clean electricity

A year-on-year increase of

A year-on-year increase of

198.00%198.00%

Yacheng New Energy:

Polycomp International’s high-performance special-purpose glass fiber products, and Elium,
a kind of liquid thermoplastic resin of Arkema Group, provided excellent solutions for efficient
recycling and resource reuse.

Investment
projects
andcountermeasuresof CECEP(Hubei)Fund

3R launched new energy product iron phosphate in the field of new energy battery materials,
and deployed new energy material production lines in all of its six subsidiaries, with a totalplanned production capacity of nearly 60,000.00 tons/year.
Yingfa Ruineng adopted advanced and efficient production equipment and test lines tocontinuously improve the production efficiency and quality of solar cells and expand the
production of solar cells, boosting the development of the photovoltaic industry effectively.
Yacheng New Energy adopted the advanced ammonia process to improve the production
capacity and reduce energy consumption and costs, promoting the development of the newenergy industry chain effectively.

07

Cobalt tetroxide predicted

Cobaltous hydroxide

8,000.00 tons

1,800.00 tons

Iron phosphate

Which can be used to generate

210,000.00 tons

1.19 million kW·h of clean electricity
08

CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Polycomp International boosts innovative development of recycled wind turbine blades

The testing efficiency of Yingfa Ruineng’s N-type Topcon solar cell achieves 26.21%

In 2023, high-performance special-purpose glass fiber products developed by Polycomp International were applied intrial production of nearly 100 meters of recyclable thermoplastic blades and rolled off the production line successfully,
driving wind turbine blade materials towards the recyclable thermoplastic material system and making a newtechnological breakthrough.

In November 2023, Yingfa Ruineng received a test report on its TOPCon bifacial solar cell from China National
Accreditation Service for Conformity Assessment. The results showed that the testing efficiency of N-type TOPCon
bifacial solar cell independently developed by Yingfa Ruineng reached 26.21%, which not only set a new historicalhigh in Yingfa Ruineng, but also led the new energy sector.

Polycomp International gave full play to its experience in developing
glass fibers for engineering plastics. In the face of problems inmatching ordinary fibers with the thermoplastic resin system for wind
power, it applied new ideas and innovative methods to tackle suchtechnical difficulties as interface bonding, wettability and mechanicalproperties. After rounds of scientific experimental design and repeatedverifications, it successfully mastered the development and production
process of high-performance fiber glass based on thermoplastic blades.

As early as January 2023, the efficiency of Yingfa Ruineng’s N-type solar cell attained 25.20%, with a yield rate ofover 90.00%. Subsequently, the mass production efficiency of new product DeCon that was released at 2023 WorldPower Battery Conference and Power Battery Green and Low-Carbon Travel Exhibition in Shanghai reached 25.50%.
In November, after continuous optimizing its various technological processes and materials, Yingfa Ruineng further
improved the cell conversion efficiency to 26.21%, which was the advanced level in the industry.

3R’s new energy product iron phosphate rolls off the production line officially
In November 2023, 3R officially produced ferric phosphate dihydrate,
indicating that the company got iron phosphate production and sales
on track and took a big step forward in the field of new energy battery
materials. Iron phosphate is mainly used to manufacture the positiveelectrode of lithium iron phosphate batteries. Due to its thermal stability,
iron phosphate is an ideal electrode material for electric vehicles.
Besides, it is also one of the few approved molluscicides used inorganic agriculture, and can also be used as a catalyst and in the fieldof ceramic manufacturing.
Since its establishment in 2003, 3R has continuously strengthened
research on ferric salt products both in breadth and depth, expanding
their types and added value. By relying on advanced impurity removaland oxidation processes and equipment, it produced new energy
products with low heavy metals, including iron phosphate, ferrichydroxide oxide and iron-chromium electrolyte. In order to better meetmarket demands, 3R deployed new energy material production lines
in all of its six subsidiaries, with a total planned production capacity ofnearly 60,000.00 tons/year.

The first cell of Yingfa Ruineng’s high-efficiency crystalline silicon solar cell project phase II rolls off
the production line, indicating successful launch of the project phase III and IV
On July 31, the first 12GW N-type TOPCon high-efficiency solar cellof Yibin Yingfa Deyao project phase II rolled off the production line
successfully. On the same day, the project phase III of 16.00GW highefficiency crystalline silicon solar cells and the project phase IV of
20.00GW Czochralski monocrystalline silicon rods started smoothly
to further expand the company’s high-efficiency battery production
capacity. After all of the projects are completed and put into operation
by 2024, Yingfa’s battery production capacity is expected to increase to
50.00GW, making the company among the first echelon of professional
battery producers.
Yingfa Ruineng signed contracts of the four phases of the project with Yibin High-Tech Zone, with a total investmentof ¥21.50 billion. After comprehensive completion and full production of the project, it will achieve an annual output ofover ¥50 billion, which will further enhance the competitiveness and influence of Yingfa’s brand, and inject vitality into
the development of Yibin’s photovoltaic industry and the construction of a national-level photovoltaic industry cluster.

09

Sustainability Report 2023

This project adopted the N-type silicon wafers with a high technical accessibility and leading indicators as well as thetunnel oxide passivated contact technology, which could introduce the advantageous large-sized technology into the
manufacturing process of N-type TOPCon solar cells, and give full play to upstream and downstream linkage to digest
oversized silicon wafers. While reducing production costs, it ensures a high energy conversion efficiency of batteries.

Yacheng New Energy conducts refined management over the 300,000.00 tons/year iron
phosphate integration project
The 100,000.00 ton/year iron phosphate project phase I of tons/year, in which Yacheng New Energy invested ¥1.20
billion, was completed and put into operation by the end of 2022, and achieved a total output of ¥280.00 million in
the first three quarters of 2023. With a planned investment of ¥4.60 billion, the project phase II covers an area of
1,300.00 mu, and is planned to build a 200,000.00 ton/year iron phosphate production line and put it into operationin the second half of 2025. In the future, the production capacity of Guizhou Yayou will be three times that of theheadquarters base.
The project designed a modular
intelligent plant equipped with a leadingiron phosphate production process
in China. During the construction,in addition to pipelines for space,water, electricity, gas, network andcommunication, it is also designedwith the intelligent video monitoring
system, the intelligent lighting system,
the ventilation and air conditioning
system, the intelligent security andalarm system, the intelligent access
control card system and the intelligent
fire alarm systems. In particular, theintelligent video monitoring system canidentify abnormalities from monitoring
screens, and give the alarm in thefastest and best way.
Interconnection and comprehensive network-based communication of equipment are achieved to improve production
coordination and process control and build intelligent plants under refined management. Intelligent production lines
are the core link of the intelligent plant planning scheme. The intelligent production line planning will help save plant
space, reduce personnel movement, and improve production efficiency and quality through automatic detection.

10

CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Sustainability Report 2023

Contribution to SDG6 (Clean Water and Sanitation)

Outcomes in 2023

Easy-Sight:

According to the Sustainable Development Goals Report 2023: Special Edition, more than a billion people around the world
did not have access to safely managed water, sanitation and hygiene services despite great progress. Achieving universal
coverage by 2030 will require a six-fold, five-fold and three-fold increase over current rates of progress in terms of drinking
water, sanitation and hygiene services. But we are still not on track to reach SDG6 by 2030. To get back on track, key strategies
include increasing sector-wide investment and capacity-building, promoting innovation and evidence-based action, enhancing
cross-sectoral coordination and cooperation among all stakeholders, and adopting a more integrated and holistic approach towater management.
CECEP (Hubei) Fund, based in Wuhan, the largest city in the Yangtze River Basin, focuses on investment in the Yangtze River
Economic Belt, with a focus on wastewater treatment equipment enterprises. Using innovative products and technologies, it
protects water ecosystems, avoids wastewater from polluting soil and groundwater quality, and reduces the number of deaths
and illnesses caused by water pollution, contributing to SDG6 clean water and sanitation.

Easy-Sight created an output value of

Making¥146.00 million

5.00 million

in pipeline repair materials and services

people accessible to healthy and safely
managed water.

3R:
3R recycled iron materials from spent pickling acid from steel rolling, and uses such materials to produce
pollution treatment agents such as wastewater treatment agents. In this way, wastewater is used to treat
itself. This process is of great strategic importance in promoting sustainable economic development,
reducing environmental pressure, and managing urban pollution. It also contributes to the Great
protection of the Yangtze River strategy.

Yacheng New Energy:
6.1 By 2030, achieve universal and equitable access to safe and affordable drinking water for all.

UN 2030SDGs

6.5 By 2030, implement integrated water resources management at all levels, including throughtransboundary cooperation as appropriate.
Yacheng New Energy applied

China’scountermeasures

By 2030, ensure universal and equitable access to safely managed and affordable drinking water
for all.

zero discharge technology in wastewater treatment, achieving zero discharge of wastewater.
It sold by-product ammonium sulfate as fertilizer to strengthen recycling.

Improve the water resource management system that combines river basin management andadministrative area management, and enhance the role of comprehensive river management inwater governance.

Easy-Sight implements a water environment system treatment project in the central area of Jiujiang

Investment
projects
andcountermeasuresof CECEP(Hubei)Fund

11

Easy-Sight provided comprehensive intelligent drainage network operation & maintenancesolutions and diversified tests and repair equipment and materials, improving water quality inthe area and reducing the number of deaths and illnesses caused by water pollution.
3R adopted innovative continuous oxidation process to enable the disposal and comprehensive
utilization of hazardous industrial wastes such as acids and surface treatment wastes, reducing
the impact on water resources.
Yacheng New Energy applied zero discharge technology in wastewater treatment.

The project phase I has a total investment of ¥7.70 billion, with a construction period of 2~3 years and an operation
period of 17~18 years. It includes six subprojects, namely the comprehensive wastewater treatment in Fanglan (phaseI), the comprehensive wastewater treatment in Baishui Lake (phase I), the comprehensive wastewater treatment
at the Yangtze River outfall in the central area of Jiujiang, the comprehensive treatment in basins of Shili River andLianxi River, the control hub of Bali Lake and Saicheng Lake, and the pollution control and ecological transformation
around Saicheng Lake.
The project phase II is a supplement and expansion based on the project phase I. It has a total investment of ¥6.70
billion, with a cooperation period of 30 years and a construction period of 2~3 years for newly built subprojects. It
includes six subprojects, namely the wastewater system quality and efficiency improvement in Laoguantang, thewastewater system quality and efficiency improvement in Hewen Lake, the wastewater system quality and efficiency
improvement in dispersed areas of the central area, the urban sludge and kitchen waste treatment and disposal
project, the urban emergency water source construction project, and the smart water system project.

12

CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Easy-Sight conducts survey of municipal drainage pipelines, investigation of mixed connection
rainwater and wastewater pipelines, and detection of drainage pipelines in Nanchang Xiaolan
Economic and Technological Development Zone

Sustainability Report 2023

Contribution to SDG9 (Industry, Innovation andInfrastructure)

In order to improve the regional water environment soon, Nanchang Xiaolan Economic and Technological
Development Zone carried out the open channel water treatment and drainage pipeline dredging, detection, repair
and renovation project. This is also an emphasis of the central environmental inspection team in reviewing rectification
results. In the project checked and repaired defects in 300.00 kilometers of drainage pipelines along municipal trunk
roads, and established the drainage pipeline information management system for the development zone with thetechnological support of Easy-Sight.
The project mainly involved the area where Nanchang Xiaolan
Economic and Technological Development Zone is located, with
Yingbin Avenue on the east, Ganjiang Embankment on the west,
Donglian Road on the north and Yingfu Avenue on the south.
The drainage pipeline along the municipal trunk road is about
310.00km long. The development zone has a planned area of
40.00 square kilometers, with a built-up area of 22.00 square
kilometers. The project investigated part of mixed pipelines
involving the branch of the Ganjiang River, the branch of the Fuhe
River, the open channel of the Lianhe River, the Xianghu Lakeand the Qingshan Lake, renovated severe mixed nodes, andfixed part of detective pipelines without causing road excavation.
Before the implementation of the project, the influent COD, ammonia nitrogen, and total nitrogen concentration of
Xiaolan WWTP were 172.86mg/L, 7.23mg/L, and 12.14mg/L, respectively. After the implementation of the project,
the figures were 224.00mg/L, 13.50mg/L, and 18.30mg/L at local WWTPs, respectively. The declined influent
concentration indicated an evident effect of the project.

According to the Sustainable Development Goals Report 2023: Special Edition, with the increase in global R&D expenditure,
the proportion of global GDP invested in R&D has increased from 1.69% in 2015 to 1.93% in 2020. This was mainly driven by
the increase in R&D investment and the decline in GDP, but still with significant regional differences. R&D expenditure in least
developed countries was still too low.
CECEP (Hubei) Fund focused on R&D and innovation capabilities of enterprises, and made investments as required by thegreat protection of the Yangtze River strategy, contributing to SDG9 Industry, Innovation and Infrastructure.

UN 2030SDGs

9.4 Upgrade infrastructure, with increased resource-use efficiency and greater adoption of clean
and environmentally sound technologies.

China’scountermeasures

China will accelerate upgrading and transforming conventional industries, and promote low-carbon
energy use of industries to promote new energy sources actively. Besides, constraint mechanisms
will be established based on specific indicators for process technology and energy consumption toeliminate backward production capacity.

A main drainage pipeline damage repair project is implemented in the central area of Huizhou

The project was carried out in the central area of Huicheng District (excluding Jinshan New Town), involving 1,192.00
kilometers of built-up main drainage pipelines within an area of about 226.00 square kilometers. The project
implementation content included pipeline survey, QV detection, CCTV detection, pipeline dredging and pipeline
repair. The project involved a total population of 4.42 million, and the main polluted water bodies were the DongjiangRiver and its branch the Xizhi River. Related WWTPs were Huizhou Jiangbei WWTP, Tangquan WWTP and Shuikou
WWTP.
This project solved waterlogging on ninemunicipal roads in Qiaodong, Jiangbei
and Xiajiao, and renovated drainage
systems along multiple roads with severe
waterlogging in Shuikou to reduce thewaterlogging risk. The existing municipal
drainage pipelines in the central area of
Huicheng District were dredged, detected
and repaired to remove hidden dangers
in urban drainage and flood control.
Meanwhile, pipelines in the central areaof Huicheng District were inspected toenhance urban drainage and flood control
capabilities.

13

Investment
projects
andcountermeasuresof CECEP(Hubei)Fund

3R adopted the innovative continuous oxidation process to enable the disposal andcomprehensive utilization of hazardous industrial wastes such as acids and surface treatment
wastes.
Yingfa Ruineng adopted the advanced and efficient production equipment and test line, andpurchased sufficient wafer raw materials.
Yacheng New Energy adopted the advanced ammonia process and purchased the costeffective raw materials such as cobalt, phosphate ore, ferrous sulfate, etc.

UN 2030SDGs

9.5 Enhance scientific research, upgrade the technological capabilities of industrial sectors,
encouraging innovation and substantially increasing the number of R&D workers per 1 million
people.

China’scountermeasures

China will accelerate the implementation of the Outline of the National Strategy for InnovationDriven Development, clarifying the direction and priorities of innovation-driven development, andcreating a systematic capacity for sustainable innovation.

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Sustainability Report 2023

Polycomp International boasts many platforms of innovation and introduction of foreign
intelligence, including the “national enterprise technology center”, the “post-doctoral
research station”, the “joint training base for graduates in the major of material and chemicalengineering”, the engineering technology research center for glass fiber and composite
materials in Chongqing, laboratories certified by China National Accreditation Service forConformity Assessment (CNAS) and DNV, Chongqing’s key laboratory of industry andinformation technology for glass fiber R&D, and Haizhi workstation.

Investment
projects
andcountermeasuresof CECEP(Hubei)Fund

Yueyang Xingchang set up four basic material R&D teams, focusing on the basic research of
special phenols, modified polypropylene, energy-efficient and environmental business, andspecial polypropylene. It established partnerships with many universities and research institutes,
and leveraged excellent professional technology and R&D resources to improve its capability totackle problems in development and innovation capabilities for key technologies, consolidate its
leading position in the industry, and industrializing its scientific research achievements step by
step.
Easy-Sight closely worked with many universities both at home and abroad to build a first-classresearch and development system integrating “enterprises, universities and research institutes”“Method For Purifying Ferric Chloride” is a patent for invention that 3R developed independently
and owns the complete intellectual property right granted by the US Patent and Trademark
Office (patent No. US 11,685,667 B2), demonstrating 3R’s technological innovation capability
and international competitiveness.
Yingfa Ruineng focused on the R&D of high-efficiency crystalline solar cells and built a highstandard laboratory to realize PERC and TOPCon technology innovation.
Yacheng New Energy independently researched and developed the production technology
of precursors for the cathodes of lithium batteries, and optimized the impurity separation
technology, so as to maintain a stable design standard.

Outcomes in 2023

Yueyang Xingchang R&D Center
Yueyang Xingchang R&D Center is an institution affiliated to thecompany’s new materials research institute, covering an area of
10,582.00 square meters. Currently, it has laboratories for energy
efficiency and environmental protection, organic synthesis, polyolefin,
modification experiment and special phenols, with more than 100 sets ofvarious instruments and equipment. In 2022, it was certified as an “expert
work station in Hunan Province” and served as the platform in support ofthe company’s three industrial directions. Persist in building a platformbased center, Yueyang Xingchang R&D Center adheres to the open
and innovative work philosophy, and actively promotes cooperation with
scientific research institutes, well-known universities and industry experts
and technological transformation, building a well-established businesschain integrating “enterprise, universities and research institutes”.

Easy-Sight builds green collaborative innovation and achievement transformation platforms
integrating “enterprise, universities and research institutes” based on policies
At the beginning of its established, Easy-Sight found a dedicated R&D center. In 2015, the company’s R&D center
participated in the co-construction of Shanghai Urban Drainage System Engineering Technology Research Center, andestablished the R&D and promotion base for precise detection equipment of drainage pipes and channels. In 2020,
the company established the drainage environment governance equipment industry technology innovation center
jointly with China University of Geosciences, Wuhan. In 2021 to 2023, it invested ¥3 million of technological innovation
construction fund to promote relevant technological cooperation and R&D. In 2023, both parties jointly established
Hubei Province Aquatic Ecological Institute of Yangtze River Co., Ltd. The major shareholder of the institute is
Hubei Ecological and Environmental Protection Co., Ltd., who is a second level subsidiary of Changjiang Industry
Investment, a contributor of CECEP (Hubei) Fund. By leveraging the intellectual property, professional, scientificresearch and alumni resources of China University of Geosciences, Wuhan, the investment and market resources ofenterprise investors in the environmental protection industry, as well as the demands of the environmental protectionindustry and innovation policy resources in Hubei Province, the company created green collaborative innovation andachievement transformation platforms integrating “enterprise, universities and research institutes” based on policies.
In November 2023, Hubei Province Aquatic Ecological Institute of Yangtze River Co., Ltd. signed a cooperationagreement with Wuhan Jiangxia Economic Development Zone on the project of “key technology and application
demonstration for in-situ detection of municipal wastewater pipeline leakage and water environment pollution”, so
as to form a mature and efficient wastewater pipeline leakage detection technology, develop pipeline leakage andwater environment pollution detection-related equipment, and then apply for relevant the national patent for invention.
Meanwhile, it cultivated outstanding engineers in cooperation with China University of Geosciences, Wuhan.

R&D expenditure of Polycomp
International

R&D expenditure of
Yueyang Xingchang

R&D expenditure of
Easy-Sight

229.40 million

36.13 million

13.46 million

R&D expenditure of 3R

R&D expenditure of Yingfa
Ruineng

R&D expenditure of Yacheng
New Energy285.10 million

44.59 million

43.75 million(Note: The R&D data of Polycomp International and Yueyang Xingchang is as of September 2023.)

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3R assists in China’s first megawatt iron-chromium flow battery electrolyte demonstration projectWith first-class process technology, production equipment and transportation services, 3R produced first-class ironchromium flow battery electrolyte, which is China’s first megawatt iron-chromium flow battery electrolyte demonstration
project. The project broke the global record for the maximum iron-chromium flow battery electrolyte storage, andstored electricity using chemical properties of iron and chromium ions in electrolyte.
3R assists in advanced impurity removal technology, high-efficiency
and low-cost oxidation equipment, a complete preparation process
route and cost control scheme. In particular, it has inherent
advantages in preparing iron and chromium sources, with stableproduction bases and R&D teams. The successful trial operation of
the iron-chromium flow battery electrolyte storage demonstration
project indicated 3R’s presence in the field of new energy andcontribution to the new energy battery industry.

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CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Sustainability Report 2023

Contribution to other SDGs
Goals

Action Measures

Polycomp International introduced advanced waste gas treatment technology from Japan and China,
and independently developed and designed the SNCR exhaust treatment and denitrification processwith the patented technology in the industry.
3R adopted the innovative continuous oxidation process to enable the disposal and comprehensive
utilization of hazardous industrial wastes such as acids and surface treatment wastes, improved theefficiency and quality of waste acid treatment and strengthened the waste disposal capacity. In 2023,
3R treated 184,000.00 tons of acid wastes, and produced 202,000.00 tons of ferric chloride and its
polymers, and ferrous chloride using Fe2+ and Fe3+ recycled from waste acids.
Yacheng New Energy adopted the two-step process to broaden the source of raw materials and reduce
the quality requirements for raw materials. It used the new energy-efficient technology to reduce natural
gas and electricity consumption of products.

Easy-Sight provided urban drainage network with innovative IT-based turnkey solutions and diversified
tests and repair equipments and materials, strengthened the weaknesses in urban drainage system,
improved the water quality in the city, solved poor detection effect, high costs, insecurity and otherproblems in previous water pipe inspection, ensuring drinking water safety for 5 million people, andreduced the number of deaths and illnesses caused by water pollution in 2023.

Yueyang Xingchang developed the near zero emission technology of inert gas in storage tanks andthe process development of vehicle loading oil and gas pretreatment +CO on the industrial isooctane
equipment.
Easy-Sight provided urban drainage network with innovative IT-based turnkey solutions and diversified
test and repair equipment and materials, strengthened the weaknesses in urban drainage system, andreduced the number of deaths and illnesses caused by water pollution.
3R reduced the adverse per capita environmental impact of cities by improving waste disposal capacity

Easy-Sight provided urban drainage network with innovative IT-based turnkey solutions and diversified
test and repair equipment and materials, strengthened the weaknesses in urban drainage system,
improved the water quality in the city, prevented wastewater from polluting soil and groundwater, andprotected water ecosystems, creating a good living space for underwater creatures.
Yingfa Ruineng launched the fishpond solar farm project, which combined fish farming with photovoltaic
power generation, creating a new resource utilization model that generates clean energy, and supports
the development of local fishery and aquaculture industries.

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Goals

Action Measures

Since its establishment in 2003, 3R has always paid attention to the cause of national education. Overthe years, it has donated a total of more than 2.00 million to the society. In particular, it provided financial
support for Yonghu Town’s scholarship and student grant activities for more than 10 consecutive years;
it donated tens of thousands of yuan to Yishi Primary School in Yonghu Town for purchasing teachingequipment and maintaining the campus.

3R recycled etching solution online in the etching process, with the aim to provide supporting services
for PCB enterprises, create a good production and operation environment, and dispose waste liquid
generated during the etching process.

3R built a production system to recycle the ferric ions from waste acid resources and produce
flocculants and other resource products, avoiding 607.20 tons of CO2 emissions.
Yingfa Ruineng developed solar power generation units and participated in LSPV power station
projects, saving about 9.77 million tons of standard coal every year, and reducing 26.76 million tons of
CO2 emissions every year.
Yacheng New Energy replaced old process with ammonia process to produce precursors for thecathodes of lithium batteries, reducing 357.83 tons of coal combustion and carbon dioxide emissions
and 980.56 tons of CO2 emissions every year. It signed contracts with electricity sales companies toapply green electricity in production and reduce carbon emissions. Besides, it laid solar panels on
workshop buildings in the plant area, and supplemented electricity by solar power generation.

Since its establishment in 2003, 3R has taken an active part in rural revitalization activities and devoted
itself to public welfare and charity. In July 2023, 3R won the positive contribution award for rural
revitalization in Huizhou in 2021-2022.
Yacheng New Energy provided targeted poverty alleviation to Xiangzikou Town of Ningxiang, a rural
revitalization demonstration town Hunan Province, which was recognized by the local government andcooperatives.

The environmental impact assessment was conducted for all projects, focusing on varying degrees ofimpacts on surrounding environmental factors, such as atmosphere, sound, surface water, groundwaterand soil during the project construction and operation, ensuring compliance with the requirements ofenvironmental quality objectives.

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CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Introduction to Investment Projects
Project 1

Chongqing Polycomp International Corporation

Polycomp International was established in 1991 as an important pillar enterprise of new fiber glass materials under YuntianhuaGroup in the industry. The company is a high-tech enterprise with R&D, production, and sales of glass fiber and composite
materials as its core business. It is committed in developing high-performance new materials with a stable quality and continuous
innovation, and providing customers with valuable services and application solutions.
Polycomp International has three sales subsidiaries in North America, Europe and Hong Kong. It has production bases inChongqing, Zhuhai, Changzhou, as well as Brazil, Bahrain, the US, and Morocco, with the annual production capacity of morethan 1.00 million tons of fiber glass yarn and 200.00 million meters of fiber glass cloth. The company’s glass fiber productvarieties mainly include alkali-free glass fiber untwisted roving, fine yarn, chopped fibers, woven roving, fabrics. The productquality has been widely recognized by its partners.
The company has multiple invention and utility patents, including ECT, TM,
TM+. Its main products were certified by Germanischer Lloyd (GL), Lloyd’s
Register of Shipping (LR) and FDA, and sold in many countries and regions,such as Asia, Europe, the Americas and the Middle East. The Company
established stable partnerships with internationally renowned enterprises such
as GE, DuPont, and LM. The company’s products have been widely usedin wind turbine blades, vehicles and rail transit, building materials, industrial
pipes and tanks, power insulators, electronic appliances, aerospace and otherfields. Since its establishment, the company has won many honors, including
the recognition award of the China Grand Awards for Industry, the National
Intellectual Property Advantage Enterprise, the China Patent Excellence Award,a Chinese famous brand, a national key new product, an excellent innovative
enterprise in Chongqing, and the first prize for science and technology progressin Chongqing.

Project 2

Yueyang Xingchang Petro-Chemical Co., Ltd.

Yueyang Xingchang was established in 1990 and listed on the Shenzhen Stock
Exchange in 1997. As an innovation-driven petrochemical enterprise, it has
been engaged in the fields of new chemical materials, clean energy, and energy
efficiency and environmental protection and committed to becoming a productand service provider in the upgrading process of the petrochemical industry. It
has formed the industrial pattern of coordinated development of two production
bases, three business sectors and eight subsidiaries. CECEP (Hubei) Fundsigned a cooperation agreement with Yueyang Xingchang in December 2023.
Yueyang Xingchang is a comprehensive petrochemical enterprise that
integrates R&D, production and sales. Its main business sectors are energy andchemical engineering, new chemical materials, and retail of finished oil. Its main
products include propylene, liquefied petroleum gas, MTBE, industrial isooctane,
conventional polypropylene, special polypropylene, and ortho cresol. Its products
are applied in medical, food, textile, industrial material manufacturing, modified
materials, civilian fuel and other fields. In the field of energy and chemicalengineering, the company is a leading producer of oil blending components incentral and southern China. In the field of new chemical materials, the company
masters core technologies of special polypropylene and special phenols, which
is a key development direction for the future.

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Sustainability Report 2023

Project 3

Wuhan Easy-Sight Technology Co., Ltd.

Easy-Sight which is headquartered in Wuhan, Hubei Province, wasfounded in 2010. The company has focused on providing comprehensive
drainage network detection, operation & maintenance solutions for cities,
and developed into a high-tech enterprise with R&D and manufacturingof drainage network detection, evaluation, maintenance, rehabilitationrelated technologies, equipment and materials as core businesses.
CECEP (Hubei) Fund signed a cooperation agreement with Easy-Sight inAugust 2021.
Easy-Sight developed a series of drainage network detection,
maintenance and repair products and information platforms, which were
widely used in various infrastructure fields such as physical exploration,
urban construction, municipal administration, national defense andwater conservancy and hydropower. In the era of 5G data, EasySight independently completed research of the network information
technology and made continuous breakthroughs, which is anothercore competitiveness. With the help of GIS, it integrated basic spatial
information of drainage network effectively by cloud computing, Internet ofThings and other technologies, which formed a set of characteristic andreplicable geographic information system of the urban drainage network,
make drainage network services more innovative, and upgraded thedrainage network operation and maintenance industry.

Project 4

3R Environmental Technology Co., Ltd.

3R was established in Huiyang District, Huizhou, Guangdong Province, in April 2003. 3R is a high-tech company that recycles
hazardous industrial wastes to produce specialty chemicals, such as water treatment agents, etching agents, pharmaceuticalraw materials, new energy materials, energy storage flow battery materials, and integrates R&D, production and sales.
By leveraging its technological advantages in production and application of iron salt products, it has actively transformed
towards green and energy-efficient industries. As of the end of 2023, 3R established four major production bases in Huizhou,
Jieyang, Tangshan and Jingmen, and more than 10 subsidiaries in Guangdong, Hebei, Liaoning and Hubei, with more than
600 employees. The company ranked among the best in terms of total waste acid disposal and sales of ferric chloride. It soldits products to various provinces and cities across the country, and exported to Hong Kong, Southeast Asia, the Middle East,
Europe, the Americas, Australia. CECEP (Hubei) Fund signed a cooperation agreement with 3R in October 2021.
3R mainly disposed and utilized industrial
hazardous waste, such as waste acid (HW34)
and surface treatment waste (HW17) bymeans of chemical conversion and physicalseparation. It recycled hazardous industrial
wastes to extract useful substances and turnthem into specialty chemicals, such as ferrictrichloride and its polymer, ferrous chloride,and ferric sulfate and its polymer. Its products
were widely used in wastewater treatment,
sludge dewatering, metal and PCB etching,pharmaceutical and other fields. Its new energy
material products include ferric hydroxide oxide,iron phosphate and iron-chromium electrolyte.

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CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Project 5

Sustainability Report 2023

Anhui Yingfa Ruineng Technology Co., Ltd.

Founded in June 2016, Yingfa Ruineng focuses on the design, R&D, manufacturing, sales, installation and service of solar cells,with the ambition of becoming an industry leader. CECEP (Hubei) Fund signed a cooperation agreement with Yingfa Ruineng inAugust 2022.
Yingfa Ruineng mainly produces monocrystalline cells based on PERC and TOPCon technology. Yingfa Ruineng mainly
produces monocrystalline cells based on PERC technology. The manufacturing of solar cells, known as “photovoltaic chips”,
adopts a semiconductor-like process. Through diffusion, coating and metallization, silicon wafers are processed into solar cells
that directly convert light energy into electricity. Solar cell manufacturing constitutes a key part of the photovoltaic industry.
Annual Influential PV Cell Technology Innovation Award for
Outstanding Employers in PV Intelligent Manufacturing 2023

Project 6

PV Cell Technology Innovation Award

Yacheng New Energy Co., Ltd.

Founded in 2007, Yacheng New Energy is a subsidiary of Beijing Hezong Science & Technology Co., Ltd. The company focuseson the R&D, production and sales of precursors — mainly tricobalt tetroxide, cobalt hydroxide, and iron phosphate — for thecathodes of lithium batteries. It is a national high-tech enterprise integrating “enterprise, universities and research institutes”.
CECEP (Hubei) Fund signed a cooperation agreement with Yacheng New Energy in December 2022.

PVBL Fastest Growing PV Brand Award 2023

PVBL Top 100 Solar PV Brands in the World

Annual Influential PV Cell Brands 2023

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No.12 of Global Top 20 PV Cell
Corporations 2023

Yacheng New Energy mainly focuses on the production and R&D of battery materials. It has developed a technological system
for the production of several types of precursors, including a full range of precursors for lithium cobalt oxide batteries, a fullrange of precursors for lithium iron phosphate batteries, a full range of ternary precursors, and precursors for lithium manganeseiron phosphate batteries. Internally, relying on its own R&D center, it has developed a product R&D system and a range of coretechnologies with independent intellectual property rights. Externally, it cooperates with Central South University and Changsha
Research Institute of Mining and Metallurgy in personnel training and incorporates their technical consulting and guidance
into independent R&D, which lays a solid foundation for the R&D of new technologies and products. In 2023, the company’siron phosphate roduction workshop was awarded the intelligent manufacturing benchmark workshop in Hunan Province; thecompany’s iron phosphate product was rated as the single champion product in Hunan Province; the company was awarded thewater efficiency demonstration enterprise in Changsha and rated as the disabled employment support base in Ningxiang.

Annual Influential Excellent PV Innovative Enterprises 2023

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Sustainability Report 2023

CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

Introduction to Partners

CECEP Capital is a wholly-owned subsidiary of China Energy
Conservation and Environmental Protection Group Co., Ltd.. With strong
support from the leading group office for promoting the developmentof the Yangtze River Economic Belt, CECEP was defined as the main
platform enterprise for pollution control of the Yangtze River Economic
Belt. CECEP (Hubei) Fund is an important path and entity for CECEP
Capital to implement the responsibility of a main platform for pollution
control in the Yangtze River Economic Belt and solve the financing
difficulties of environmental governance projects.

Daiwa Corporate Investment and Hubei High-tech Investment (nowChangjiang Industry Investment) jointly established the first Sino foreign
joint venture private equity investment fund in central and western China
in Wuhan, with over 13 years of investment experience.CECEP (Hubei)
Fund is the first green environmental protection industry fund invested
by Daiwa Corporate Investment to implement its SDG-based investment
concept in China.

Disclaimer (About the Report)
Wings Investment is a market-oriented professional equity investment
management platform company jointly established by Hubei High-tech
Investment and SDIC Gaoxin. Its parent company, Changjiang River
Industrial Investment Group Co., Ltd., is the largest industrial investmentgroup in Hubei Province and the main investment and financing
platform for promoting technological innovation and developing strategic
emerging industries.

NGDF is a national level green environmental protection fund of funds
jointly sponsored and established by the Ministry of Finance of thePeople’s Republic of China, the Ministry of Ecology and Environmentof the People’s Republic of China, and Shanghai Municipal People’s
Government, with an initial scale of ¥88.50 billion. The fund focuses oninvesting in fields of pollution control, ecological restoration and land
space greening, energy and resource efficiency and utilization, green
transportation, and clean energy.

23

The information contained in this report is meant for the purposes of information only and does notconstitute any offer, invitation to offer or commitment of any kind.
CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership ("CECEP (Hubei) Fund") does
not guarantee the accuracy, completeness or reliability of such information, and neither CECEP (Hubei)
Fund nor any of its director or employee shall assume liability (including any third-party liability) for any
errors or omissions in such information. Unless otherwise stated, the personal opinions, analyses andrecommendations contained in this report only reflect the opinions and views expressed on the date of thisreport and do not represent the position of CECEP (Hubei) Fund.
CECEP (Hubei) Fund, CECEP Yihe (Hubei) Private Equity Fund Management Co., Ltd., and the members,
shareholders, directors, senior managers, partners, responsible persons or employees of the foregoing,
shall not be liable for any loss (including but not limited to any direct, indirect or consequential loss) arisingout of the use of or reliance on this report by any reader of this report.

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CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership

CECEP (Hubei) SDG Industry Equity
Investment Fund Limited Partnership25