The Company is currently focused on the following areas:

• Distributed intelligent computing infrastructure and computing services;
• Large language models, including “Lingyan Miaoyu,” and enterprise AI solutions;
• AI model APIs, platform services and industry-specific AI agents;
• Intelligent mobile charging, energy storage and intelligent battery management;
• AI applications across industrial, energy, enterprise-service and other use cases; and
• Replication of domestic projects and international AI infrastructure cooperation.

MAAS differentiates itself by integrating computing infrastructure, large language models, intelligent hardware and industry applications within a single business system.

Rather than providing only standalone products or algorithms, the Company seeks to deliver integrated solutions covering infrastructure, model deployment and data governance, as well as system integration, operations and maintenance, and application deployment.

In addition, the Company is continuing to build its capabilities in modular distributed computing architecture, enterprise large-model applications, intelligent energy products and industry ecosystem integration.

MAAS primarily serves enterprise customers, government and public-sector institutions, industrial and energy companies, data centers and computing partners, intelligent charging and energy storage operators, and industry customers seeking AI-enabled digital transformation.

In certain business lines, the Company also serves consumers through large-model access platforms and intelligent hardware products.

China is currently the Company’s principal market, while MAAS is also exploring opportunities to work with partners on computing infrastructure and AI solution projects in overseas markets, including Central Asia.

Key risks include:

• Commercialization of new businesses and project execution falling short of expectations;
• Rapid technological change may reduce the competitiveness of Company’s products or platforms;
• Changes in customer demand, contract delivery or acceptance schedules;
• Capital requirements and cash-flow pressures associated with large-scale projects;
• Supply risks related to suppliers, equipment, semiconductors and computing resources;
• Data security, cybersecurity and intellectual property risks;
• Changes in regulatory requirements in China or overseas; and
• International trade restrictions, geopolitical conflicts and macroeconomic volatility.

This summary addresses certain business-related risks only and is not a complete summary of the risks affecting the Company. Investors should also review the risk factors and related disclosures in the Company’s latest annual report on Form 20-F and other public filings. These materials are available under “SEC Filings” on the Company’s investor relations website at https://ir.maaseai.com/ and through the EDGAR database maintained by the U.S. Securities and Exchange Commission (the “SEC”).

MAAS seeks to mitigate the impact of supply-chain disruptions and macroeconomic volatility through supplier and partner diversification, modular technology architecture, phased project implementation, contractual risk controls and ongoing cash-flow management.

For international projects, the Company evaluates local regulations, data compliance requirements, energy availability, trade policies and project financing conditions, and conducts necessary commercial, technical and legal reviews before entering into definitive agreements.

The Company will continue to monitor geopolitical developments, trade policies, foreign exchange rates, financing conditions and the availability of critical equipment, and may adjust project timelines and capital deployment accordingly.

MAAS operates a business model combining technology platforms, product and project delivery, and ongoing services.

The Company integrates computing infrastructure, large language models, intelligent hardware and industry applications, and commercializes these capabilities through equipment sales, system construction, platform services, software development, technical services, and ongoing operations and maintenance.

MAAS also uses strategic acquisitions and ecosystem partnerships to gain access to technologies, markets and industry resources, while continuously optimizing its business portfolio.

Key growth drivers include:

• Enterprises moving from AI experimentation to real-world deployment;
• Growing demand for training and inference computing power;
• Increasing enterprise demand for private deployment, data governance and system integration;
• The evolution of intelligent computing centers toward modular, distributed and green-energy architectures;
• Demand for electric-vehicle charging and distributed energy storage;
• Replication of the Company’s existing technologies across additional industries and geographies; and
• New customers and use cases generated through strategic partnerships and industry integration.

The Company currently conducts most of its business in China, across AI computing infrastructure, enterprise AI solutions, intelligent energy, mobile charging, energy storage and digital services.

The Company is also exploring opportunities overseas, including potential cooperation with partners in Kazakhstan on computing infrastructure and AI data center development projects in Central Asia.

The Company’s core differentiation lies in its integrated capabilities across “computing power — models — hardware — applications.”

MAAS can combine computing resources, model capabilities, enterprise data, software platforms and real-world business scenarios according to customer needs, rather than providing only standalone equipment or general-purpose models.

The Company also emphasizes modular deployment, enterprise customization, private deployment and ongoing operational services. This approach is intended to facilitate project implementation and support longer-term customer relationships.

The Company currently generates revenue primarily from its computing power and algorithm solutions business and its smart technology and new energy solutions business, with additional revenue from health and wellness products.

Revenue from computing power and algorithm solutions is generated primarily from computing resource services, hardware trading, AI vertical industry large model training and AI industry application solutions, while revenue from smart technology and new energy solutions is generated primarily from mobile energy storage charging solutions, fixed energy infrastructure solutions and other products and emerging technologies.

For information about the revenue and financial performance of the Company’s businesses, investors should refer to the financial information included in the Company’s latest annual report on Form 20-F and its other public filings. These materials are available under “Financial Information” on the Company’s investor relations website at https://ir.maaseai.com/ and through the SEC’s EDGAR database.

Investors can review annual reports, interim financial information and SEC filings under the “Financial Information” section of MAAS’s investor relations website at https://ir.maaseai.com/ and through the SEC’s EDGAR database.

The Company’s long-term growth strategy is to build a full-stack business system covering AI computing infrastructure, large language models, intelligent hardware and industry applications, while expanding its customer base and geographic reach through replicable products, technology platforms and service models.

The Company will also continue to optimize its business portfolio and prioritize management attention and capital resources toward AI infrastructure, distributed intelligent computing, large language models, algorithms, intelligent hardware and industrial AI applications.

Technology is central to MAAS’s business model.

The Company’s computing architectures, large language models, algorithms, intelligent battery management, Internet of Things connectivity and intelligent scheduling technologies are incorporated into its products, platforms and industry solutions.

Technology supports product development while also helping reduce deployment costs, improve resource utilization, enhance service stability and support the transition from one-time project revenue toward ongoing platform services and operating revenue.

When evaluating new opportunities, management considers customer demand, market size, technical feasibility, expected project returns, capital requirements, regulatory compliance, supply-chain conditions, partner capabilities and the replicability of the proposed solution.

The Company prioritizes opportunities that can create synergies with its existing computing, model, intelligent hardware and industry-service capabilities and that may generate recurring revenue and scalable growth. 

The Company currently intends to retain most of its available funds and future earnings to support business development and growth and therefore does not expect to pay cash dividends in the foreseeable future.

Any future dividend payments will be determined by the Board of Directors based on operating performance, cash requirements, capital allocation considerations and applicable laws.

The Company’s stock ticker is MAAS.

MAAS’s Class A ordinary shares are traded on the Nasdaq Global Market.

The Company listed American Depositary Shares on the Nasdaq Global Market in 2019. Effective June 23, 2025, the Company’s Class A ordinary shares began trading in place of its American Depositary Shares and continued to trade on the Nasdaq Global Market under the ticker symbol “MAAS.” 

The Company’s corporate governance documents are available under “Governance Documents” on its investor relations website at https://ir.maaseai.com/ and through the SEC’s EDGAR database.

These documents include the charters of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, as well as the Company’s Code of Business Conduct and Ethics, Foreign Corrupt Practices Act Compliance Policy and Whistleblower Policy.

The members of MAAS Board of Directors include:

• Jingkai Li — Chairman of the Board;
• Min Zhou — Chief Executive Officer and Vice Chairwoman of the Board;
• Junpei Cui — Independent Director;
• Yingying Li — Independent Director; and
• Pei Yu — Independent Director.

The Company implements its governance responsibilities through oversight by the Board of Directors, the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee. Each of the three committees consist of independent directors.

MAAS has also adopted a Code of Business Conduct and Ethics, anti-corruption policies, a Whistleblower Policy, an Insider Trading Policy and a Clawback Policy. It addresses its governance obligations as a public company through SEC reporting, internal controls and external audits.

The Company’s sustainability priorities include:

• Energy-efficient and lower-carbon computing;
• Mobile charging and distributed energy storage;
• Renewable energy utilization and peak-load management;
• Battery lifecycle management and recycling;
• Safety, privacy and cybersecurity;
• Employee training and career development; and
• Supply chain responsibility and business ethics.

Yes. MAAS published the MAAS 2026 Environmental, Social and Governance Report on its website on June 2, 2026. The report is available at https://maaseai.com/en/news/maas-2026-environmental-social-and-governance-report.

The report addresses mobile charging, distributed energy storage, environmental and social responsibility, and corporate governance practices.

The Company has disclosed initiatives including the development of mobile energy storage and intelligent charging, improving renewable energy utilization, reducing resource consumption associated with constructing fixed charging facilities, exploring second-life battery applications and materials recycling, and advancing energy-efficient intelligent computing infrastructure.

Huazhi Future has also established a green energy infrastructure research team and identified 800V DC technology as a key research area, exploring potential applications in intelligent computing centers, industrial parks and distributed renewable-energy environments.

According to the Company’s ESG report, MAAS focuses on access to energy services, emergency energy support, equipment and data security, employee skills training and career development.

The Company has disclosed plans to develop talent in mobile energy operations, intelligent scheduling and related technical fields through technical training, job certification and cooperation with vocational institutions, while maintaining a safe, healthy and compliant working environment. 

MAAS reports its financial results in accordance with the SEC disclosure requirements applicable to foreign private issuers.

The Company generally publishes its annual financial results through its annual report on Form 20-F, press releases and its investor relations website. The timing of these disclosures may vary depending on the audit process, regulatory filing requirements and the Company’s reporting schedule.

Investors can review the latest information under “Annual Reports,” “Interim Reports,” “SEC Filings” and “Press Releases” on the Company’s investor relations website at https://ir.maaseai.com/.

The Company’s annual reports on Form 20-F, current reports on Form 6-K and other public filings are available under “SEC Filings” on the MAAS investor relations website at https://ir.maaseai.com/ and through the SEC’s EDGAR database.

Investors can visit the “E-mail Alerts” section of the MAAS investor relations website at https://ir.maaseai.com/, submit their email address and select the categories of information they wish to receive.

Institutional investors, analysts and other stakeholders may contact the MAAS financial reporting and investor relations team at:

• Telephone: +86-532-6603-0885
• Email: ir@maaseai.com