Stock Code: 200771         Stock ID: Hangqilun B         Announcement No.: 2023-55


                          Hangzhou Steam Turbine Power Group Co., Ltd.
          Announcement on the progress of receiving compensation for relocation


       The members of the Board and the Company acknowledge being responsible for the truthfulness,
accuracy, and completeness of the announcement. Not any false record, misleading statement or significant
omission carried in this announcement.



     The Company signed the “Compensation Agreement for the Relocation of Non-residential Houses on

State-owned Land” with Hangzhou Gongshu District Urban Construction Investment Development Group

Co., Ltd. The Company received a total of RMB 1,299,324,850 for the compensation for relocation. For

details, please refer to the Announcement of the progress of the relocation project on August 7, 2018

（Announcement No.: 2018-57).

     The Company recently received a compensation of RMB 181,591,890.60 for the relocation, and as of

the announcement date, it has received all relocation compensation,totaling RMB 1,299,324,850.

     The Company shall handle the compensation for land requisition and relocation as a special payable

in accordance with the provisions of the “No. 3 Accounting Standards for Business Enterprises

Interpretation” and the “No. 16 Accounting Standards for Business Enterprises—Government Subsidies”

by the Ministry of Finance. And the final accounting treatment shall be subject to the annual audit opinion

of the accounting firm.

     This announcement is hereby made.




The Board of Directors of Hangzhou Steam Turbine Power Group Co., Ltd.
June 16, 2023