Yinhua Shaoxing Raw Water Hydraulic REIT: Level Ⅰ Emergency Response for Raw Water Emergency Protection Not Yet Lifted

People’s Financial News, March 17 — On March 17, Yinhua Fund announced that due to the continued low water levels in Tangpu Reservoir, as of the announcement date, the Level I emergency response for raw water supply of Yinhua Shaoxing Raw Water Water Rights REIT has not been lifted. Water supply from Tangpu Reservoir continues to be restricted within the previously set proportional limits. The announcement states that from January 1 to March 15, 2026, the project company’s water supply was 15.7604 million cubic meters, a 71.6% decrease compared to the same period last year. This is expected to impact the project company’s raw water revenue, profit margin, and cash flow in the first quarter, thereby affecting the current fund income distribution to fund unit holders. According to the announcement, since the fourth quarter of 2025, the flow in the Shaoxing Tangpu Reservoir basin has been significantly reduced. On January 7, 2026, Yinhua Fund issued a notice regarding the Level I emergency response for raw water of Yinhua Shaoxing Raw Water Water Rights REIT, revealing that Shaoxing City activated the Level I emergency response for raw water starting January 5. During this response, water supply from Tangpu Reservoir is limited to 40% of the average daily raw water supply of the most recent normal water year, with the minimum supply ratio potentially dropping below 10%. The fund manager and operational management agency have taken or plan to take relevant measures based on Shaoxing City’s emergency response regulations, including strengthening coordination with meteorological departments and conducting artificial rainfall enhancement operations when appropriate.