/Yipuli: 2026 Semi-annual Report

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Yipuli: 2026 Semi-annual Report

Shenzhen Stock Exchange

2026/08/29

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Section 1 Important Tips, Table of Contents and Definitions

The company's board of directors, directors and senior managers guarantee that the contents of the semi-annual report are true, accurate and complete, and that there are no false records, misleading statements or major omissions, and bear individual and joint legal liability.

Fu Jun, the person in charge of the company, Deng Xiaoying, the person in charge of accounting work, and Song Longmei, the person in charge of the accounting department (accounting supervisor), declare that they guarantee the authenticity, accuracy and completeness of the financial report in this semi-annual report.

All directors have attended the board meeting to review this semi-annual report.

If this report contains forward-looking statements such as future plans, it does not constitute the company's substantive commitment to investors. Investors and related parties should maintain adequate risk awareness and understand the differences between plans, forecasts and commitments.

The company has detailed the risk factors that the company may face in the "Risks and Countermeasures Faced by the Company" section of "Section 3 Management Discussion and Analysis" of this report. Investors are advised to pay attention to investment risks.

The company plans not to distribute cash dividends, give away bonus shares, or convert public reserve funds into share capital.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

3. The place where the above documents for reference are to be prepared: the office of the company’s board of directors.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Definition

Interpretation item refers to the interpretation content

Yipuli/listed company/company/the company refers to Yipuli Co., Ltd.

Nanling Chemical Group refers to Hunan Nanling Chemical Group Co., Ltd. Shen Ax Investment refers to Hunan Shen Ax Investment Management Co., Ltd.

Xiangke Assets refers to Hunan Xiangke Asset Management Co., Ltd.

Xiangke Group refers to Hunan Xiangke Holding Group Co., Ltd.

Gezhouba Yipuli refers to China Gezhouba Group Yipuli Co., Ltd. Gezhouba refers to China Gezhouba Group Co., Ltd.

Gezhouba Group refers to China Gezhouba Group Co., Ltd.

China Energy Construction refers to China Energy Construction Co., Ltd.

China Energy Construction Group refers to China Energy Construction Group Co., Ltd.

Song Xiaolu, Yu Tongguo, Chen Wenjie, Song Xiaoli, Liu Qiurong, Zhu Jin, Jiang Mao, Zhao Yucheng, Lu Aiping, Wen Wei, Xu Wenyin and Wu Chun refer to 23 natural persons.

Hua, Chen Jiahua, Sheng Hongwei, Jiang Jinlan, Li Ling, Liao Jinping, Tan Shiping, Zeng Geng, Zhu Lijun, Liu Peng, Ji Hao, Zhang Shunshuangfujun, Deng Xiaoying, Zhang Jianhui, Liu Xiaojun, Cai Feng, Wang Zhi Some directors, all senior managers and other management personnel refer to Qiang, Liu Gang, Zou Qiping, Hu Liangwei, Song Longmei, Leng Zhendong, Zhang Zhenyu

China Securities Regulatory Commission refers to China Securities Regulatory Commission

State-owned Assets Supervision and Administration Commission of the State Council refers to the State-owned Assets Supervision and Administration Commission of the State Council

Reporting period refers to the period from January 1, 2026 to June 30, 2026. The Articles of Association refers to the Articles of Association of Yipuli Co., Ltd.

Company Law refers to the Company Law of the People's Republic of China

Yuan refers to RMB

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Section 2 Company Profile and Main Financial Indicators

1. Company Profile

Stock abbreviation Yipuli Stock code 002096 Stock abbreviation before change (if any) Nanling Civil Explosion

Stock exchange where stocks are listed Shenzhen Stock Exchange

The Chinese name of the company: Yipuli Co., Ltd.

The company’s Chinese abbreviation (if any) Yipuli

Company’s foreign name (if any) Explosives Co.,Ltd

The abbreviation of the company’s foreign name (such as

EXPL

Yes)

The legal representative of the company Fu Jun

2. Contact person and contact information

Secretary of the Board of Directors Name of Securities Affairs Representative Zou Qiping Luo Qian

Department No. 389, Guyuan Road, Yuelu District, Changsha City, Hunan Province Department No. 389, Guyuan Road, Yuelu District, Changsha City, Hunan Province Contact address

Room 506, Yan Building Room 512, Yan Building Tel: 0731-85812096 0731-82010801 Fax 0731-82010804 0731-82010804 Email [email protected] [email protected]

3. Other situations

Company contact information

Whether the company's registered address, company office address and its postal code, company website, e-mail address, etc. have changed during the reporting period?

□Applicable Not applicable

The company's registered address, company office address and its postal code, company website, e-mail address, etc. did not change during the reporting period. For details, please refer to the 2025 annual report.

Information disclosure and preparation location

Whether the location of information disclosure and preparation changes during the reporting period

□Applicable Not applicable

The name and URL of the stock exchange website and media where the company discloses its semi-annual report. The location where the company's semi-annual report is prepared has not changed during the reporting period. For details, please refer to the 2025 annual report.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Other relevant information

Whether other relevant information has changed during the reporting period

□Applicable Not applicable

4. Main accounting data and financial indicators

Whether the company needs to retroactively adjust or restate previous years’ accounting data

□Yes No

This reporting period The same period last year This reporting period increased or decreased operating income compared with the same period last year (yuan) 3,967,423,568.48 4,712,638,586.17 -15.81% Net profit attributable to shareholders of listed companies

327,464,843.92 408,657,176.70 -19.87% profit (yuan)

Deductions attributable to shareholders of listed companies

Net profit from non-recurring gains and losses 315,859,227.70 399,652,266.16 -20.97% (yuan)

Net cash flow from operating activities

185,996,302.10 530,606,611.05 -64.95% (yuan)

Basic earnings per share (yuan/share) 0.26 0.33 -21.21% Diluted earnings per share (yuan/share) 0.26 0.33 -21.21% Weighted average return on equity 3.99% 5.33% -1.34%

End of the reporting period End of the previous year Increase or decrease in total assets at the end of the reporting period compared with the end of the previous year (yuan) 12,809,712,891.56 12,208,525,439.54 4.92% Net assets attributable to shareholders of listed companies

8,102,351,697.15 7,984,504,286.61 1.48% output (yuan)

5. Differences in accounting data under domestic and foreign accounting standards

Differences in net profit and net assets in financial reports disclosed in accordance with both international accounting standards and Chinese accounting standards

□Applicable Not applicable

During the reporting period, there was no difference between the net profit and net assets in the financial reports disclosed in accordance with international accounting standards and Chinese accounting standards.

Differences in net profit and net assets in financial reports disclosed in accordance with both foreign accounting standards and Chinese accounting standards

□Applicable Not applicable

During the reporting period, there was no difference between the net profit and net assets in the financial reports disclosed in accordance with foreign accounting standards and Chinese accounting standards.

6. Non-recurring profit and loss items and amounts

Applicable □Not applicable

Unit: Yuan

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Item Amount Description of gains and losses from disposal of non-current assets (including accrued asset deductions

1,735,837.10 (offset portion of the value reserve)

Government subsidies included in current profits and losses (related to the company’s normal operations)

Closely related to the business, in compliance with national policies and regulations, and in accordance with the correct

14,351,631.41 enjoys certain standards and has a lasting impact on the company’s profits and losses

(Except government subsidies)

Reversal of impairment provision for accounts receivable that has been separately tested for impairment 340,042.42 Other non-operating income and expenses other than the above items 772,840.89 Other profit and loss items that meet the definition of non-recurring gains and losses 0.00 Less: Income tax impact 4,893,946.16

Amount of impact on minority shareholders’ equity (after tax) 700,789.44 Total 11,605,616.22

Details of other profit and loss items that meet the definition of non-recurring profits and losses:

□Applicable Not applicable

The company has no other specific circumstances of profit and loss items that meet the definition of non-recurring profits and losses.

Explanation on defining the non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies Publicly Offering Securities - Non-recurring Profit and Loss" as recurring profit and loss items

□Applicable Not applicable

The company does not define the non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Profit and Loss" as recurring profit and loss items.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Section 3 Management Discussion and Analysis

1. The main business of the company during the reporting period

(1) The company’s main business

As a central enterprise in the civil explosives industry, the company fully implements the national strategic deployment and relies on the core advantages of "commercial blasting operation unit" and "double first-level" qualifications of "mining engineering construction general contracting" to systematically build a complete industrial chain system integrating civil explosives scientific research, production, sales, blasting services, mine construction and operation comprehensive solution provision, and green and smart mine construction. Its business layout covers more than 20 domestic provinces (autonomous regions, municipalities) and many countries such as Namibia, Liberia, and Malaysia. The company adheres to the integrated civil blasting business as its core, deeply explores the blasting engineering service market, and provides professional and integrated civil blasting services and green, digital and intelligent mining construction general contracting services for large-scale mining projects, important energy projects, infrastructure construction, etc. at home and abroad. At the same time, the company focuses on strengthening and replenishing the civil explosion industry chain and extending the chain, expanding with civil explosion-related industries, deploying military and security, civil explosive equipment, core raw materials and other businesses, building a new industrial pattern with multiple supports and coordinated development, demonstrating the responsibility of central enterprises and contributing to the strength of central enterprises in serving the national strategy.

(2) Main products and uses

Engineering services

The company fulfills its mission as a central enterprise, focuses on serving the country's major infrastructure construction and energy resource security strategies, and provides full-chain professional services for civil explosives such as blasting design and construction, mining infrastructure stripping, blasting mining, mineral packaging and transportation for mining, infrastructure and other engineering projects. In the field of mining engineering, the company innovatively builds an integrated industrial ecology of "green civil explosive services + mining infrastructure construction + smart mining mining + ecological environment restoration", and delivers intelligent overall mining solutions covering the entire process, link, and life cycle of mining. It realizes intelligent and refined management, and requires less and unmanned mining and stripping operations. It significantly improves the intrinsic safety level of mines and the efficiency of intensive utilization of resources, and ensures the security of national energy resource supply with the strength of the "Mining Legion". In the field of infrastructure engineering, the company provides high-quality, high-precision, and differentiated blasting service solutions for energy projects such as hydropower, nuclear power, and thermal power, as well as infrastructure construction such as ports, terminals, airports, and railway tunnel construction. It has successfully overcome problems in blasting operations such as fire areas, goaf areas, high temperatures, and high altitudes. It demonstrates the technical strength of central enterprises and serves as a "blasting iron army" to serve the country's major infrastructure construction and the "One Belt, One Road" initiative. In addition, the company also provides blasting design and construction, safety assessment, safety supervision and other services for various blasting engineering projects, and continues to strengthen engineering safety assurance and technical support capabilities.

Civil explosive products

The civil explosive products operated by the company include industrial explosives, industrial electronic detonators, industrial detonating tubes (cords), carbon dioxide excitation tubes, etc. Related products are widely used in various types of mining, water conservancy and hydropower project construction and other engineering blasting construction fields, and strongly support the construction of national energy resource security and modern infrastructure systems.

3.Other products

The company operates fine chemical products, military products, fire-fighting products and other products. Fine chemical products mainly include raw and auxiliary materials such as oil phases and emulsifiers required for the production of industrial explosives; military products mainly include military airbags, military pyrotechnics, etc.; fire-fighting products mainly include fire extinguishing devices and security products used in urban comprehensive facilities, energy storage power stations and other places.

(3) Business model

Main business model: Civil explosion integration and mine construction and operation comprehensive solution provision model

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

The company resolutely implements the requirements for high-quality development, based on the "backbone" positioning of central enterprises, and comprehensively builds a full life cycle management chain for engineering projects. Give full play to the leading role of the market, proactively serve the national major strategies and the coordinated regional development layout of the civil explosives industry, and accurately analyze and judge the deep-seated and diversified needs of customers; coordinate and promote the deep integration of civil explosives product research and development and production with mine construction and operations, build "product + service" integrated solutions from the source, achieve efficient collaboration and complementary advantages between the upstream and downstream of the industrial chain, and form a benign interactive industrial ecology; guided by the innovative practice of the integrated model, effectively open up the dual chain of "research, production and marketing" of civil explosives and "construction and operation management" of mining projects, promote efficient allocation of resource elements, and smooth circulation , effectively improve the overall operation quality and efficiency; while strengthening the main channel position in the civil explosive product market, continue to extend the service value chain, improve the total factor productivity and comprehensive service added value of mine construction and operation, and realize the transition from "supplying products" to "providing services" and from "engineering construction contractors" "The transformation and upgrading to a "comprehensive solution provider" activates a strong engine of high-quality development with a new paradigm of integrated development, injecting strong momentum into building a national energy resource security barrier, consolidating the foundation for energy infrastructure and mine construction and operation, and writing a chapter of Chinese-style modern state-owned enterprises.

(4) Market position

The company resolutely implements the country's strategic deployment of promoting high-quality development of the civil explosives industry, and has always deeply integrated its own development into the overall national strategy. Based on its positioning as a "national team" and "vanguard" in the civil explosives industry, the company has built a comprehensive solution provider integrating the research and development, production, sales, blasting services, mine construction and operation of civil explosives. It has a complete industrial chain system that integrates supply and green intelligent mine construction, and has "double first-class" qualifications for commercial blasting operations units and general contracting of mining engineering construction. It is a large-scale civil explosion integrated enterprise with strong industry driving force and international competitiveness that is cultivated by the Ministry of Industry and Information Technology. Its comprehensive strength is firmly at the forefront of the industry. Relying on the advantages of the state-owned civil explosives enterprise with the widest coverage in the domestic market, the company plays a key supporting role in ensuring the security of national energy resources and serving the construction of major infrastructure. Its business network covers more than 20 provinces (autonomous regions and municipalities) across the country, and is deeply integrated into the joint construction of the "Belt and Road" initiative. It has achieved high-quality implementation in key countries such as Namibia, Liberia, Pakistan, and Malaysia. It continues to export Chinese standards and Chinese technology, and its development potential is firmly at the forefront of the industry.

(5) Main performance drivers

In the first half of 2026, in the face of the overall downward trend in industry demand, the company anchored its annual operating goals, actively changed methods and adjusted structures, focused on high-quality development of its main civil explosives business, and adhered to market leadership, innovation-driven, digital empowerment, and management improvement to coordinate efforts, and its core operating indicators were overall better than the industry average.

First, the two-wheel drive of market development is to continuously consolidate the foundation for development. Adhere to high-quality development as the guide, focus on the main responsibilities and main businesses, comprehensively build and strengthen the special attack mechanism for key projects, and achieve both improvement in the quality of winning bids and the level of contract performance. The domestic market has been advanced in depth, accurately serving the national major strategies, and successfully won national benchmark projects such as the Three Gorges Water Transport New Channel, giving full play to the backbone role of the "national team" of central enterprises; continuing to deepen strategic mutual trust with core customers, successfully renewing long-term cooperation agreements such as Xinjiang Yihua Mine, Tianlong Hope Zhundong Mine, Tianchi Jiangyi Mine, etc., significantly enhancing the stickiness of strategic customers and the control of the industrial chain. The international market has been deeply integrated into the high-quality construction of the "Belt and Road Initiative", and it has continued to develop in the core areas of Eastern and Southern Africa and Northwest Africa. It has successfully won the bid for the general contracting project of the Etango uranium mine in Namibia, and signed a contract for drilling and blasting services at the Liberian mine. The overseas business territory has continued to expand, and its international operating capabilities and brand influence have steadily increased.

The second is to advance the reform in depth and effectively stimulate endogenous power. Focusing on the company's headquarters' positioning of "setting strategies, allocating resources, and strengthening management and control," we completed a new round of adaptive organizational structure adjustments for the headquarters, and simultaneously implemented competency evaluation of all employees and competitive recruitment of cadres to achieve precise matching of personnel and positions, and the overall planning and dispatching capabilities of the headquarters were significantly enhanced. We continued to promote the closure and deregistration of inefficient and idle branches, deployed 303 core backbones across regions for project performance, and significantly optimized the efficiency of capital resources and human resources allocation. Iteratively upgrade the operation assessment system, incorporate value indicators such as profit per ton of explosives and market share into core weights, break the traditional scale-oriented logic, establish a positive incentive mechanism that prioritizes benefits, and fully stimulate the enthusiasm of all employees to create benefits.

The third is to gather momentum in technological innovation and accelerate the cultivation of new productive forces. Adhere to self-reliance and self-reliance in science and technology, and achieve breakthrough progress in innovation-driven and new-quality productivity cultivation. In the first half of the year, "Key Technologies for Precision Blasting and Major Engineering Applications" won the second prize of the National Science and Technology Progress Award, and the "national team" in the civil explosives industry continued to consolidate its technical voice and rule-making rights. The digital on-site mixed-loading ammonium fuel oil truck officially rolled off the production line, successfully opening up the high-end civil explosive equipment industry chain blockages and breakpoints. The two intelligent achievements have been recognized by authoritative appraisals as internationally advanced and domestically leading. Key core technology research and independent controllability of equipment have been significantly enhanced. The effect of digital intelligence empowerment is accelerating. Diagnosis of six core business processes has been fully completed. Nine categories of master data standards have been released. Four categories of core application scenarios have been implemented. Multiple AI intelligent tools have been put into operation. Data management

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

The platform (Phase I) has been completed and put into operation, and the integrated sales system has been promoted and implemented throughout the group. Substantial steps have been taken in "industrial digitization and digital industrialization", and a pattern of using digital transformation to generate new development momentum is taking shape.

Fourth, management improvement will consolidate the foundation and continuously improve the quality and efficiency of operations. Adhering to "strengthening management, controlling risks, and improving quality and efficiency", the project's full life cycle governance system has been accelerated. We carried out two rounds of company-wide lean management benchmarking and improvement actions, completed full-coverage inspections in Hunan and Guangxi, resolutely cleared out non-compliant and low-efficiency projects, and continued to consolidate the lean management foundation and penetrating supervision capabilities. Comprehensively completed the strategic switch of the supply and marketing model of ammonium nitrate, effectively reducing the risk of raw material price fluctuations. An additional 221 million yuan was invested in self-owned equipment, significantly improving independent construction capabilities and industrial chain safety assurance levels. We deepened comprehensive budget management and established a cost-benefit linkage mechanism. Three expenses fell by 5.79% year-on-year. The concept of "accounting management" was deeply rooted in the hearts of the people, and a value-creating financial control pattern was initially formed. Rigidly implement the iron law of "no construction without video", promote the traceability of the entire process of the work site and the supervision of the entire chain, build a secure barrier for high-quality development with the dual defense lines of "civil defense + technical defense", and achieve a new leap in the intrinsic safety level.

(1) Macroeconomic situation, overall supply and demand trends in the civil explosives industry, and the company’s sales market situation

From the perspective of the macroeconomic situation, according to public information, in the first half of 2026, the international environment will be complex and volatile, the world economic growth momentum will be insufficient, and geopolitical conflicts will spill over. The contradiction between strong supply and weak demand in my country's economic operation still exists, the problem of differentiation between old and new driving forces is also more prominent, there are many external factors of instability and uncertainty, and the foundation for economic recovery needs to be solid. In the face of a chaotic international situation and various risks and challenges, China's economy has withstood the pressure and continued its overall stable, new and excellent development trend, demonstrating strong resilience and vitality. During the reporting period, domestic GDP achieved a steady growth of 4.7%, and the growth rate was in line with the expected economic growth target for the whole year. China's economic foundation is stable, with many advantages, strong resilience and great potential. The supporting conditions and basic trends for long-term improvement have not changed. The advantages of the socialist system with Chinese characteristics, the advantages of ultra-large-scale markets, the advantages of a complete industrial system, and the advantages of abundant human resources have been continuously released, and the foundation for high-quality development has become more solid.

Judging from the overall supply and demand trend of the civil explosives industry, in the first half of 2026, affected by the cyclical adjustment of the macroeconomic, domestic raw coal, iron ore, and cement production have all declined to varying degrees; before the official introduction of the "15th Five-Year Plan" for downstream civil explosives-related industries, policy guidance is still unclear, such as investment decisions and construction pace in mining projects, infrastructure projects, etc. tend to be cautious, which has affected the start-up progress of downstream civil explosives-related industries to a certain extent, and the terminal demand of the civil explosives industry is under periodic pressure. However, with the in-depth implementation of a new round of prospecting breakthrough strategic actions, investment in the mining industry increased by 5.9% year-on-year in the first half of the year. Among them, fixed asset investment in the mining and washing business of coal, ferrous metals, and non-ferrous metals increased by 5.7%, 6.8%, and 21% year-on-year respectively. .2%, and investment in water conservancy and hydropower related to civil explosions remains at a high level. Major water conservancy and hydropower projects represented by the Three Gorges Water Transport Channel have begun construction one after another. Domestic demand for civil explosives products and services will receive stable support, and the fundamentals of long-term development of the industry have not changed. At the same time, in the context of the in-depth implementation of the joint construction of the "Belt and Road" initiative and the rise of key mineral supply guarantees as a national strategy, Chinese mining companies are accelerating the deployment of overseas mineral rights resources to ensure the safety and stability of the industrial chain and supply chain. This will create historic opportunities for domestic civil explosive companies to expand overseas markets and open up greater incremental space during the "15th Five-Year Plan" period.

During the reporting period, affected by the economic environment and fluctuations in raw material prices, the production and sales of civil explosives narrowed slightly, and the profit side of civil explosives companies was under significant pressure. According to statistics from the "Operation Situation of the Civil Explosives Industry in the First Half of 2026" compiled by the China Explosive Equipment Industry Association, from January to June 2026, civil explosives production enterprises achieved a total profit and tax of 4.88 billion yuan, a year-on-year decrease of 15.61%; a cumulative total profit of 3.360 billion yuan, a year-on-year decrease of 24.65%; and a cumulative blasting service revenue of 15.648 billion yuan, a year-on-year decrease of 9.56%. Industry operation data shows that the civil explosives industry is currently in a stage of overlapping structural adjustment pains and transformation and upgrading. The industry generally shows a "double decline" trend in revenue and profits, and the profit decline is significantly faster than the revenue decline, and profit margins continue to be under pressure.

As a professional listed state-owned enterprise with the largest production capacity in China's civil explosive industry, the company always adheres to the political position of "the most powerful of the country" and takes leading the high-quality development of the industry as its mission. The company's civil explosive business layout covers more than 20 provinces (autonomous regions and municipalities) in China, and it leads the industry in indicators such as the amount of on-site mixed explosives, the number of mixed trucks in stock, and the scale of blasting services. During the reporting period, the company adhered to quality first and efficiency first, focused on value creation, deepened its development in core areas, optimized market layout and business structure, innovated business cooperation models, accelerated intelligent and green transformation, and achieved both improvement in quality and efficiency in the development of key areas and key projects. The company deeply promotes civil explosions

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

The sales of items have been transformed into digital intelligence, and the integrated information management system for the sales of civil explosive items has been independently developed and launched to achieve data connectivity throughout the entire product sales chain. It has proactively adapted to market changes, implemented precise policies to improve the price control mechanism, and carried out sales price adjustments in a steady and orderly manner. At the same time, the company optimizes its customer service system in different layers. Tailor-made maintenance systems and exclusive service plans around large customer groups, deepening full-cycle pre-sales and after-sales services, and firmly guarding the market position and price system basics in core regions. The sales market share in Hunan, Hubei, Guangxi, Chongqing and other regions has remained stable; the domestic metal mine general contracting business has achieved new breakthroughs, and the international penetration of the "One Belt and One Road" national market has made new progress, demonstrating strong market resilience and the responsibility of central enterprises, and effectively playing the role of "ballast stone" and "main force" in the high-quality development of the industry.

(2) Industrial policies and industry supervision

In April 2024, seven departments including the National Mine Safety Supervision Bureau jointly issued the "Guiding Opinions on Further Promoting the Construction of Intelligent Mines to Promote the Development of Mine Safety", which quantified and clarified the goals of smart mine construction: "By 2026, the proportion of intelligent production capacity in coal mines nationwide will not be less than 60%, the number of intelligent working faces will account for not less than 30%, the normal operation rate of intelligent working faces will not be less than 80%, and the intelligent operation of dangerous and heavy positions in coal mines and non-coal mines will be The replacement rate of intelligent equipment or robots shall not be less than 30% and 20% respectively, and the number of underground mine personnel nationwide will be reduced by more than 10%, and a number of intelligent mines with no more than 50 workers in a single shift will be established. By 2030, a complete intelligent mining technology, equipment, and management system will be established to achieve deep integration and sharing of mine data, promote less-manned and unmanned mining operations, effectively prevent and control major safety risks, and significantly improve the intrinsic safety level of mines."

In February 2025, the Ministry of Industry and Information Technology issued the "Implementation Opinions on Accelerating the Transformation and Upgrading of the Civil Explosives Industry", requiring that "by the end of 2027, unmanned production lines for civil explosive products will be widely promoted and applied, and high-risk production workshops and process sites will have no fixed position operators." "Industrial concentration will further increase, forming 3 to 5 large-scale civil explosives enterprises (groups) with strong international competitiveness; product structure and production capacity layout will be further optimized; product quality assurance capabilities and effective supply capabilities will be significantly enhanced; digital transformation will be further promoted; and intelligent transformation will be accelerated."

In April 2025, the Ministry of Public Security updated three standards including "GA990-2025 Explosive Operation Units and Qualification Management Requirements", "GA991-2025 Explosive Operation Project Management Requirements" and "GA53-2025 Explosive Operation Personnel Qualifications and Management Requirements", further improving the requirements for safety management of blasting operations and adjusting some blasting qualification application and maintenance conditions.

In October 2025, the Ministry of Industry and Information Technology revised the "Implementation Measures for Civilian Explosives Sales Licensing" to solve new problems caused by changes in the civilian explosives management system, industry development and enterprise business models. Decentralize some supervisory and management rights and responsibilities to the provincial level, requiring enterprises to keep copies of the purchasing unit's license and other documents for at least 2 years.

In December 2025, the National Mine Safety Supervision Bureau issued the "Guidelines for the Intelligent Construction of Metal and Non-Metal Mines (2025 Edition)", which closely adheres to the core goals of "reducing personnel, increasing safety, and improving efficiency", and clarifies construction standards based on "functionality and effectiveness" around the two major scenarios of "open-pit mines" and "underground mines" around the ten major business system architectures to provide support for the construction and acceptance of intelligent metal and non-metal mines.

In June 2026, the State Administration of Mine Safety Supervision issued the "Opinions on Regulating the Extraction (Stripping) Construction Team of Metal and Non-Metal Production Mines" (Kang'an [2026] No. 78), which clearly requires that "non-coal underground production mines should be completed before May 1, 2027, and non-coal open-pit production mines should be completed by self-built teams before May 1, 2028 or the overall management of enterprises with corresponding conditions should be entrusted."

Impact on the company

Currently, the civil explosives industry is in a critical period of transformation and upgrading. The competent authorities have introduced a series of new policies focusing on intrinsic safety, intelligent construction and green development, which have profoundly reshaped the industry's competition landscape and development logic. Relevant policies not only test the transformation and upgrading of the company's existing business, but also bring strategic opportunities for the company to leverage its advantages as a central enterprise and achieve high-quality development.

(1) The increased entry threshold will accelerate the survival of the fittest, which will help leading central enterprises consolidate their competitive advantages.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Industry authorities are pushing for the application of unmanned (less) humanized equipment and technologies, raising safety entry thresholds, and effectively promoting the supply-side structural reform of the industry. On the one hand, the new blasting operation qualification management regulations strictly limit the performance and personnel safety records of "approved by the public security and completed safely", which greatly increases the rigid constraints on compliance operations and safety management, and accelerates the market clearing of non-standard small and medium-sized production capacity; on the other hand, the strengthening of the requirements for intelligent transformation demonstration leadership will further eliminate small and medium-sized enterprises that do not have the ability to digitally transform. The above-mentioned policy guidance promotes the concentration of market share towards leading companies with solid security foundation and leading intelligence level. As a central enterprise that has maintained stable production safety for a long time and is at the forefront of the industry in intelligent transformation, the company's high-quality contract performance and safety technology reserves accumulated over the years will be effectively transformed into market competitive advantages. In the process of increasing industry concentration, the company will significantly benefit from the agglomeration effect of the stronger getting stronger.

(2) Refinement of construction standards guides development direction and empowers main business to expand growth space

The industry authorities have clarified the "functional and effective" specifications for the intelligent construction of metal and non-metal mines, coupled with the national strategic deployment of intelligent transformation of coal mines and "open-pit first and then underground" development, which has clarified a clear path for the development of the industry and also put forward higher requirements for resource integration and design capabilities. Relevant policies are highly consistent with the company's main responsibilities and main business, injecting strong momentum into the mining engineering general contracting and integrated investment, construction and operation businesses; the detailed implementation of intelligent construction standards has provided solid policy support for building a smart mine demonstration model and consolidating its leading position in the general contracting field. High-standard construction not only brings pressure for technological upgrading, but also opens up broad space for high-quality development. The company will seize the policy window period, promote the improvement of production and operation quality and efficiency, and effectively transform policy dividends into development results.

(3) The reconstruction of service models forces industrial upgrading and opens up opportunities for the development of services across the entire industry chain.

In the context of the "countdown" for mine owners to "build their own teams" or "overall trusteeship", the mining services industry is facing profound changes in the business model. In the short term, the existing general contracting cooperation model for mine construction will be adjusted within a time limit, which will bring certain uncertainties to the traditional single professional subcontracting business such as blasting and stripping. In the long term, policy guidance will push mine owners to pay more attention to the comprehensive service capabilities and intrinsic safety management levels of the entire industry chain of mining services companies. The transformation from "single link" to "overall trusteeship" is essentially a systematic screening of the qualifications, technology, management, capital and resource integration capabilities of mining services companies. Relying on the comprehensive strength of central enterprises and the endowment of the "national team", the company has ushered in a period of strategic opportunities for upgrading from "professional subcontractor and mining general contractor" to "overall managed service provider".

The new policy for the civil explosives industry is building a market environment that is more conducive to the development of standardized, large-scale and intelligent central enterprises by raising thresholds, clarifying standards and shaping models. The company's existing safety foundation, technical reserves, and comprehensive capabilities are highly in line with national policy guidance, and the overall benefits of policy adjustments outweigh the disadvantages.

The response measures the company has taken or plans to take

The company focuses on its main responsibilities and businesses, takes technological innovation as the guide, safety development as the bottom line, and serving the national strategy as its own responsibility, and comprehensively promotes the transformation and upgrading of the civil explosive and mining services business, and improves quality and efficiency.

(1) Strengthen top-level design and forge core capabilities in mining general contracting. The company adheres to the system concept and has established a special leadership group for mining construction general contracting business and a special equipment work class to coordinate resource allocation and strengthen organizational guarantees. The company debuted the white paper "Zero Carbon" Global Paradigm for Open-pit Coal Mines in the Carbon Neutral Era - Zhundong Yihua's "New Energy + Unmanned" Full-stack Solution" in the industry, leading the new direction of green and intelligent development of open-pit mines; comprehensively promoted the application of standardization results, formulated and implemented the "Special Action Plan to Strengthen Engineering Project Penetration Management", continued to increase investment in core construction equipment, optimized resource allocation, promoted a qualitative leap in the full-chain integration capabilities and refined management levels of mining construction general contracting, and played a demonstration and leading role of central enterprises in industry transformation and upgrading.

(2) Focus on key areas and activate the engine for the transformation of scientific and technological achievements. The company has solidly promoted the pilot reform of empowering scientific and technological achievements, and a series of key scientific and technological achievements play an important supporting role in forging "important weapons of the country". "The achievements of green, efficient and intelligent on-site mixed ammonium fuel oil explosive trucks" were selected as the pilot project of the State-owned Assets Supervision and Administration Commission of the State Council's scientific and technological achievements empowerment reform, accelerating the promotion of innovative achievements from "laboratories" to "production lines"; the "Research and Application of New Raw Materials for Industrial Explosives Based on Coal-based Fischer-Tropsch Products" project was recognized as the original Innovate technology and reach the international leading level; the "EDF-2 Coal Mine Permissible Electronic Detonator and Intelligent Production Line Comprehensive Technology" project has overall reached the international advanced level; the "Smart Civil Explosion Key Equipment and Digital Platform Development" project successfully passed acceptance; independently developed the "Emulsified Matrix Remote Distribution Vehicle"

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Scientific research achievements such as the "EMG-1 Plateau Tunnel Mixed Emulsion Explosives Complete Equipment" and "Multiple Variety of Field Mixed Explosives Charging Robots" have effectively promoted the upgrading, iteration and industrial application of the company's core technologies, demonstrating the main role of central enterprises in the national strategic scientific and technological strength.

(3) Optimize product structure and set a benchmark for green and low-carbon transformation. The company responds to the industry's high-quality development orientation and unswervingly follows the path of green and intelligent transformation. Promote the upgrading and transformation of the industrial digital electronic detonator production line with few (no) people, and develop the comprehensive technology of electronic detonators and production lines for coal mines, which have generally reached the international advanced level; deeply implement the "dual carbon" strategy, pioneer the green substitution of industrial explosive raw materials and realize the transformation of results, the product quality and performance are stable and reliable, and provide a replicable and promoteable "state-owned enterprise model" for the industry's green and low-carbon transformation.

(4) Deepen digital intelligence empowerment and establish a model for smart mine construction. The company accelerates the implementation of digital factories (construction sites) and builds a model factory for smart factories in the industry; it sets up a special team for the intelligent construction of open-pit mines and underground mine business, vigorously implements the "four major transformations", and prepares and releases an overall plan for intelligent mine construction and an intelligent construction solution for open-pit mines. An intelligent mine demonstration project was built in Xinjiang, and an intelligent comprehensive management and control platform was built to realize data interconnection, centralized display and in-depth analysis of all aspects of the mine, significantly improve the "digital intelligence" level of mine operations, and contribute "central enterprise solutions" to the intelligent construction of the industry.

(5) Coordinate the development of security and firmly shoulder the political responsibility of central enterprises to maintain stability. The company insists on taking safety as the prerequisite and foundation for development, and earnestly fulfills its political responsibility to maintain industry safety and stability. Consolidate the "first line of defense" for risk prevention and control, establish a "daily, weekly and monthly" closed-loop management and control mechanism, focus on supervising larger risks, and ensure that existing risks are under control; organize the "second line of defense" to investigate hidden dangers, use the "five questions" method to trace the source of accountability, and promote the fundamental transformation of safety management from "treating existing diseases" to "preventing diseases before they occur"; forge the "third line of defense" for emergency response, undertake emergency drills for multiple provinces and regions, and comprehensively improve the level of emergency response and handling. The three lines of defense are fortified layer by layer and interlocked, leading the standardized development of the industry with high-standard safety management, and resolutely guarding the bottom line of preventing systemic risks.

(6) Comply with the general policy trend and build a full-chain service pattern for mining services. The company accurately grasps the policy window of "self-built team" and "overall trusteeship", adheres to the two-wheel drive of "overall trusteeship to improve capabilities, and owner-operated strong empowerment", and empowers the high-quality development of the industry with high-level services. Focusing on "improving capabilities", we will give full play to the leading role of the "double first-level" qualification platform, systematically build the service capabilities of the mining service industry chain, adhere to demonstration leadership, create an overall custody benchmark model project with high standards, and comprehensively output safe, efficient, digitally intelligent, and green modern mine management services. Focusing on "strong empowerment", we pay close attention to the pain points and difficulties faced by customers in the process of building their own teams, provide precise service support, and promote the transformation of customer relationships into "long-term strategic professional services".

2. Analysis of core competitiveness

As a state-owned civil explosives company with the largest scale and leading level of professionalism in integrating on-site mixed explosives production and blasting in China, the company has always kept in mind the "greatest of the country", adhered to the political essence of "a state-owned enterprise surnamed the party", firmly grasped the primary task of high-quality development, and systematically built a modern full-industry chain system integrating civil explosives research and development, production, sales, blasting services, mining engineering construction general contracting and green and smart mine construction. We insist on coordinating both the domestic and international situations, promote the optimal allocation of resources in depth, continue to strengthen value creation capabilities, and focus on building core competitive advantages in seven dimensions, including industry position, market layout, chain integration, technological innovation empowerment, intrinsic safety, talent development and digital intelligence transformation, and effectively play the strategic support and demonstration leading role of central enterprises in the field of civil explosives.

(1) Steady industry leadership and setting a benchmark for the civil explosives industry

The company is a pilot enterprise for the "Science and Technology Reform Action" of the State-owned Assets Supervision and Administration Commission of the State Council, one of the first national pilot enterprises for the implementation of the integrated management system of industrialization and industrialization, a national safety culture construction demonstration enterprise, a vice-president unit of the China Explosives Industry Association, and a vice-chairman unit of the China Explosives Equipment Industry Association. It plays an important leading role in the reform and development of the civil explosives industry and has a strong voice in the industry. The company anchors the strategic positioning of "China's civil explosive industry leader, China Energy Engineering Special Forces, and the main force in smart mine construction". After the completion of major asset restructuring in 2023, its comprehensive strength will rise to the top of the industry. At present, the company's industrial explosives and industrial electronic detonator management production capacities are 629,500 tons/year and 75.5 million rounds/year respectively. The on-site mixed explosives production capacity ranks among the top in the industry. The mixed explosives integrated service model has been widely recognized and vigorously promoted by the industry. Based on serving the national strategy, we are deeply involved in major national energy and infrastructure projects, in the fields of large-scale water conservancy and hydropower, nuclear power, ports, airports, and mining.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

It has accumulated rich experience and overcomes the problems of blasting operations in complex environments such as fire areas, goaf areas, high temperatures, and high altitudes. With its all-round and multi-field business strength, it continues to lead the industry's technological progress and model innovation, and provides a solid guarantee for national energy security and infrastructure construction.

(2) Promote market layout in depth and expand global development space

In the domestic market, the company always adheres to serving the national strategy, focusing on the construction of major national projects and the development of strategic mineral resources, and continues to optimize the reorganization, integration and forward-looking layout of market resources. The company's business covers more than 20 provinces (autonomous regions and municipalities) across the country, and has connected core markets such as Hunan, Hubei, Chongqing, Sichuan, and Guangxi into a network. It has established a solid foundation in resource-rich areas such as Xinjiang, Inner Mongolia, and Tibet, and has built a market layout advantage of "provincial leadership and regional control", and its business scale and competitiveness have continued to improve. In the international market, the company adheres to the development strategy of "trade exploration, project implementation, and investment deepening". Since "going global" in 2012, it has accumulated rich experience in the international operation of blasting integrated services and mining general contracting services, and has established the overseas image of China's civil explosives with high-standard contract performance and high-quality services. The company actively responds to the joint construction of the “Belt and Road” initiative, closely follows the pace of Chinese-funded enterprises going overseas, and has business presence in Namibia, Liberia, Malaysia and other countries along the “Belt and Road”. As a pioneer and leading enterprise in the internationalization of China's civil explosive industry, the company has given full play to its brand advantages, high-end resource operations and market development capabilities as a central enterprise in Southeast Asia, Africa and South America, and has steadily improved its international operation level and international competitiveness.

(3) In-depth integration of resources across the entire chain to build a collaborative ecosystem

The company has built a full industry chain service system based on integrated civil explosive services as the core, and continues to optimize the coordinated development pattern of the production and sales of civil explosive items and the integrated business of engineering blasting services. Driven by engineering blasting services, it connects the entire chain of technology research and development, equipment development, product production, warehousing and logistics, blasting construction, and general engineering contracting, promotes efficient collaboration and deep integration of upstream and downstream, and forms an industrial ecosystem that operates smoothly and responds quickly, and effectively improves the resilience and safety level of the industrial chain and supply chain. Adhering to the optimization of product structure and accurate docking of market demand, with complete varieties and flexible supply, it effectively meets the diversified needs of the upstream and downstream of the industrial chain. It has formed long-term and stable strategic cooperative relationships with a number of large mining companies and successfully built a national-level green mine demonstration project. The company actively promotes healthy competition and resource collaboration among peers, and joins leading enterprises in the fields of intelligent driving and construction machinery in the main battlefield of mining to build an open, shared, mutually beneficial and win-win collaborative development ecosystem. The resilience of the industrial chain and overall operational quality and efficiency have been significantly improved.

(4) Innovation platform high-energy clusters to shape core competitive advantages

The company has built and continuously improved an innovation system with enterprises as the main body, professional scientific research institutions as the leading, and deep integration of industry, academia, and research. It has established national-level postdoctoral scientific research workstations, provincial-level engineering research centers, provincial-level postdoctoral innovation and entrepreneurship practice bases, enterprise technology centers, engineering technology research centers and other scientific and technological innovation platforms. The "Safe, Green and Intelligent Industrial Detonator Pilot Platform" led by the company was selected into the list of key pilot platforms to be cultivated by the Ministry of Industry and Information Technology. Deepen the industry-university-research collaboration between Central South University and the State Key Laboratory of Precision Explosion, and undertake the National Natural Science Foundation, provincial and ministerial key projects, and the Open Fund Project of the State Key Laboratory of Precision Explosion. Establish a cross-field scientific and technological innovation team, and specially appoint academicians and experts to play a leading role in technology. Focusing on the key aspects of civil explosives manufacturing and blasting services, we have made breakthroughs in a number of key core technologies and developed a number of competitive technologies and products, which are widely used in national key energy projects, national key infrastructure projects and large-scale mining projects. Our independent innovation capabilities and market competitive advantages continue to be consolidated. "Key technologies for precision blasting and major engineering applications" won the second prize of the National Science and Technology Progress Award, demonstrating the effectiveness of the construction of a source of original technology for central enterprises. Giving full play to the leading role of the "national team" in the civil explosives industry, we have led and participated in the formulation of 18 national standards and 10 industry standards, promoting the transformation of technological advantages into standard advantages and rule advantages. The industry's technical voice and rule-making power have continued to be consolidated and improved, and have effectively supported the safe, controllable and high-quality development of the industrial chain and supply chain. As of the end of this reporting period, the company had a total of 814 valid intellectual property rights, including 203 invention patents (including international PCT patents), 525 utility model patents, 3 design patents, and 83 software copyrights.

(5) The safety concept should be incorporated into the brain and heart, and the foundation of intrinsic safety should be consolidated.

The company deeply implements the concept of "people first, life first", resolutely holds political responsibility for production safety, coordinates development and safety, and builds a "four-in-one" safety governance model. Comprehensively build a grid-based safety management system from horizontal to edge and vertical to bottom, implement a "responsibility + task" dual list mechanism for all positions, implement rigid linkage between performance appraisal and safety results, seamlessly connect and compact the safety responsibility chain, ensure high-quality development with high-level safety, and fully demonstrate the advantages of central enterprises in corporate governance.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Establish and improve the "daily, weekly and monthly" normalized risk prevention and control mechanism, take the lead in promoting the construction of the "Industrial Internet + Safety Production" intelligent supervision platform, intelligent monitoring of the entire process of high-risk operations, precise risk warning and closed-loop disposal, promote the orderly clearing of existing risks, effective containment of incremental risks, and significantly improve the ability to prevent major safety risks. Safety culture is deeply integrated into the system process and behavioral norms. The company and its affiliated units have been awarded 7 "National Safety Culture Construction Demonstration Enterprises" and 16 "Provincial Demonstration Enterprises". Many safety culture achievements have won national, industry and provincial awards. It has successfully created a number of "state-owned enterprise models" of safety management that can be replicated and promoted, and the industry demonstration effect continues to amplify.

(6) Implementing the strategy of strengthening the enterprise with talents and forging an excellent development echelon

The company has always practiced the development concept of "talent is the first resource", adhered to the key measures of "investing in people", and built an all-round platform for attracting, cultivating, employing and retaining talents. The supporting role of human resources strategy continues to be highlighted. The first is to accurately focus on attracting talents. Relying on the brand, business platform and location advantages of central enterprises, focusing on key areas such as mining general contracting, green civil explosives, and digital and intelligent transformation, we innovate multiple channels such as flexible talent recruitment, directional talent recruitment, and school-enterprise joint talent recruitment to accurately attract urgently needed mature talents and reserve talents, accelerate the construction of a well-structured and well-structured talent echelon, and consolidate the talent base for strategic development. The second is systematic and hierarchical talent cultivation. Continue front-line training and practical education, improve the full-cycle training mechanism, and promote the accelerated transformation of new employees from "new force" to "main force". By deepening horizontal and vertical exchanges and multi-post experience, the full-chain training mechanism of regular training and merit-based selection has been increasingly improved, and the reserve team of young people with complete levels and full potential has continued to grow. The third is to deepen the mechanism to encourage talents. Comprehensively implement performance appraisal for all employees, expand the coverage of tenure system and contractual management, optimize the salary distribution mechanism, and tilt resource allocation towards "high-precision and in-demand" talents, key technical skills, and front-line positions at the grassroots level. The construction of a talent development pattern that emphasizes hard work, performance, and contribution has been accelerated, and the entrepreneurial enthusiasm of talent officers has been fully mobilized.

(7) Digital and intelligent transformation is accelerating in an all-round way, leading the innovation and development of the industry

The company is firmly committed to the path of intelligent, safe and green transformation and development. Empower industrial upgrading with new-quality productivity, work simultaneously on the dual tracks of mining construction and civil explosives production, and reshape the new paradigm of industry development. First, the mine construction takes the lead in intelligentization, and the advantages of demonstration and leadership are highlighted. Relying on cutting-edge technologies such as the Internet of Things, big data, artificial intelligence and digital twins, we innovatively build a "1+6+N" overall intelligent mine architecture. Based on the Xinjiang Yihua project, we successfully created a model project for the intelligent transformation of open-pit coal mines. The industry's first "Zero Carbon" Global Open-pit Coal Mine in the Carbon Neutral Era Paradigm - Zhundong Yihua's "New Energy + Unmanned" Full-Stack Solution" white paper, the large-scale application of intelligent and unmanned equipment such as intelligent drilling, hole inspection robots, and unmanned mining trucks, promotes mining construction to leapfrog to "less manpower, unmanned", and continues to build benchmarking and market competition core advantages. Second, the civil explosive production technology is leading, and self-reliance and self-reliance have achieved remarkable results. Adhering to self-reliance in science and technology, we independently developed "on-site mixed water-gel explosive technology". The high-power on-site mixed water-gel explosive technology has filled the gaps in related domestic products and reached the international advanced level. The original ordinary on-site mixed water-gel explosive technology and equipment have reached the international leading level. Accelerate intelligent transformation, deepen the application of intelligent scenarios such as loading robots, intelligent warehousing and "digital twin+" and "artificial intelligence+", build high-standard unmanned demonstration lines, and accelerate the establishment of new benchmarks for intrinsically safe and efficient intelligent civil explosive manufacturing.

3. Main business analysis

Overview

In the first half of 2026, the company closely adhered to the primary task of high-quality development, deeply implemented the "eight-character policy" of keeping integrity, innovation and hard work, focusing on the main line of work of "market leadership, innovation-driven, digital intelligence empowerment, management quality improvement", actively responded to the complex and ever-changing external situation, and achieved remarkable results in key areas such as strategic guidance, market attack, deepening reform, technological innovation, lean management and party building empowerment. The company's mission and vision have become more focused and clear, its core functions and core competitiveness have continued to improve, and its corporate governance efficiency and development vitality have been fully released, laying a good foundation for the start of the "15th Five-Year Plan".

(1) Systematically draw up a development blueprint and guide strategic guidance to build new consensus

We always adhere to the party's leadership and strengthening party building as the "root" and "soul" of the enterprise, accurately grasp the functional positioning of central enterprises in the new era, and hold the first party congress after reorganization and listing with high standards and high quality to further unify our thinking, build consensus, and gather strength. Based on the new development stage, we clearly put forward the strategic goal of "building a world-class civil explosives and mining services enterprise worthy of respect", established the mission of "serving national strategies, creating customer value, and leading industry progress" in the new era, and systematically planned

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

The "Five-type Yipuli" construction layout is to tackle the key tasks of "six major changes". Anchoring the new vision and new mission, the company's development positioning continues to be optimized, the development potential energy is accelerated and the positive trend is further consolidated, the brand image accelerates and the foundation for high-quality development continues to be consolidated, and the supporting role of serving the national strategy becomes more powerful.

(2) The market layout forges ahead under pressure and shows new responsibilities in serving the overall situation

In the face of the severe and complex market competition situation, we must firmly establish the orientation of "guaranteed victory" and coordinate the stabilization, expansion and strong momentum of resources across the region. Anchoring the goal of "four striving for first place", breakthrough progress has been made in major project contracting: successfully winning the bid for the iconic section of the Three Gorges Water Transport Channel, adding another important tool to serve the construction of the national water network; concentrating on overcoming high-end docking barriers, successfully undertaking the Tibet Jinlong Mining Project, and continuously improving the border resource support capabilities; Zhundong Yihua, Zhundong Tianlong, Jiangyi Mine and other ballast stone projects have been renewed one after another, and the basic market is stable and consolidated. A series of landmark achievements have strongly confirmed the company's excellent professional contract performance capabilities and market competitiveness, and have effectively played the "backbone" role of central enterprises in serving the country's major strategies.

(3) Deepen the reform system and promote new vitality in the system and mechanism

We will persist in activating power through reform, improve efficiency through optimization, and deeply promote the strategy of organizational change and talent-strengthening the enterprise. At the headquarters level, we have deepened the large-departmental and flat reform, reduced the number of functional departments by four, optimized the overall staffing, and made the management center more capable and efficient; affiliated units have solidly carried out special governance of "small, scattered and weak" institutions, promoted the orderly exit and optimization and reorganization of redundant institutions, and continued to slim down and strengthen the grassroots organizational structure. We will implement the three system reforms in depth, improve the competition mechanism for managers, open up cross-level and cross-field communication channels for cadres and talents, and coordinate and revitalize existing human resources. A series of reform measures have been implemented and achieved results, the organizational structure has been systematically reshaped, the efficiency of resource allocation has been significantly improved, and the endogenous motivation for high-quality development of the enterprise has become more abundant.

(4) The level of scientific and technological innovation has been steadily improved, and digital intelligence empowerment has created new advantages.

We have thoroughly implemented the innovation-driven development strategy, promoted the coordinated progress of technological innovation and digital and intelligent transformation, and achieved landmark results in key core technology research. "Key technologies for precision blasting and major engineering applications" won the second prize of the National Science and Technology Progress Award; the safe, green and intelligent industrial detonator pilot platform was selected into the Ministry of Industry and Information Technology's key cultivation list, occupying the only seat in the national civil explosives industry; new breakthroughs were achieved in the development of independent innovative equipment, and the digital and intelligent on-site mixed ammonium oil explosive truck was successfully rolled off the production line. The two intelligent mine construction achievements were identified as internationally advanced and domestically leading. Digital technology has deeply empowered production and operations. A number of AI intelligent agents such as document identification, governance and operation supervision, and contract risk identification have been put online. The sales integrated management platform has been piloted. The quality and efficiency of the civil explosives industry's transformation and upgrading towards intelligence, digitalization, and greening have been steadily improved.

(5) Lean management continues to be strengthened and risk prevention and control achieves new results

We must insist on coordinating development and security, regard lean management as an important support for promoting high-quality development, promote quality and efficiency improvement and risk prevention to be deployed, promoted, and implemented at the same time, and effectively build a solid security barrier for state-owned assets. The construction of project lean management has achieved phased results, established a unified and standardized institutional system, and promoted management standardization and standardized operation. We carried out in-depth special projects in key areas, focused on the revitalization of key assets and debt compliance management, and integrated the "1+5 special projects" and five major special actions to achieve substantial breakthroughs in resolving existing risks. We will solidly promote the special governance of loss-making enterprises and insolvent enterprises, effectively implement annual management and control targets, continue to improve asset quality, comprehensively improve corporate development resilience and anti-risk capabilities, and have a more solid foundation for high-quality development.

(6) Party building empowerment is deepened and solid, and ideological guidance creates a new atmosphere

Adhere to the correct outlook on political performance and promote the normalization and long-term effectiveness of theoretical arming. In the first half of the year, a total of 112 party committee theoretical study center group studies and special reading classes, 452 special seminars of various types, 7 issues of work briefings were compiled, and 4 practical experiences of party building were promoted by the group. The atmosphere of learning, thinking and practicing, and promoting learning and doing continues to be consolidated. We deeply cultivated the unique advantages of party building in mixed-ownership reform enterprises, held high-standard party building value creation forums, solidly promoted the "Six Ones" special party building actions, and cultivated a number of advanced grassroots party organizations at the provincial and ministerial levels, and their demonstration effects continued to amplify. Research and innovation in party building theory have been simultaneously developed. The "First Issue" work method and the "One Chain and Four Domains" party building research topics have been commended by the group. The role of party building as a "red engine" in leading and ensuring development has become increasingly powerful.

Overall business situation

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

During the reporting period, the company achieved operating income of 3.9674236 million yuan, a year-on-year decrease of 15.81%, and achieved total profit 413.4228 million yuan, a year-on-year decrease of 19.66%. The net profit was 357.5481 million yuan, a year-on-year decrease of 18.81%. The net profit attributable to the parent company was 327.4648 million yuan, a year-on-year decrease of 19.87%. The earnings per share was 0.26 yuan/share, a year-on-year decrease of 21.21%.

Main data analysis
In the first half of 2026, the company's operating income decreased by 15.81% year-on-year, and its total profit decreased by 19.66% year-on-year. The company proactively adapted to the structural adjustment of market demand and actively responded to the intensified industry competition and rising prices of raw materials such as ammonium nitrate. Faced with multiple challenges such as the industry, the company focused on its main responsibilities and main business, optimized business structure, strengthened cost control, and promoted transformation and upgrading. It demonstrated the company's responsibility to adhere to its strategic determination, consolidate its development foundation, and plan for long-term development in a complex environment.
In the first half of 2026, the company's administrative expenses and sales expenses dropped by 6.03% year-on-year. The company adhered to systematic planning and all employees worked hard to promote the implementation of cost reduction and efficiency improvement measures. We have improved the normalized supervision mechanism, strengthened precise management and control of the entire process, promoted the orderly reduction of various expenses, optimized resource allocation, and continued to consolidate and expand the quality and efficiency improvement results, which strongly proves the company's overall improvement in lean management efficiency and value creation capabilities.
In the first half of 2026, the company's gross profit margin was 22.44%, basically the same year-on-year. The company adheres to systematic policy implementation and targeted efforts, scientifically formulates implementation plans for cost reduction and efficiency improvement, accurately anchors target paths, and strengthens cost constraints throughout the chain. Effectively hedge against the impact of large fluctuations in raw material prices, promote the steady improvement of cost control results, and effectively play the company's strategic supporting role in stabilizing operations and improving quality and efficiency in a complex market environment.
In the first half of 2026, the company's operating revenue rate was 81.83%, a year-on-year increase of 10.31 percentage points. The company adheres to assessment traction and responsibility integration, optimizes the incentive and restraint mechanism, accurately breaks down collection targets, and promotes pressure to be transmitted to the front-end of business and execution lines. Improve the closed loop of process supervision, comprehensively use methods such as letter collection and on-site supervision to improve the quality of payment and capital turnover efficiency. The foundation of operational quality and efficiency will be continuously consolidated and deepened, and the company will effectively play its leading role in preventing and resolving operational risks.

Year-on-year changes in major financial data

Unit: Yuan

This reporting period Same period last year Year-on-year increase or decrease Reason for change Operating income 3,967,423,568.48 4,712,638,586.17 -15.81%

Operating costs 3,077,309,943.43 3,655,586,312.97 -15.82%

Selling expenses 45,030,709.35 50,108,042.08 -10.13%

Management expenses 305,150,307.57 322,562,386.85 -5.40%

Financial expenses 3,469,347.65 2,695,152.58 28.73%

Income tax expense 55,874,697.76 74,229,385.60 -24.73%

R&D investment 122,278,805.84 160,602,795.68 -23.86%

The company implements decisions and arrangements to support the development of small and medium-sized enterprises and actively implements

The cash generated from the socially responsible operating activities of central enterprises and their mission responsibilities are carried out. continuous reinforcement

185,996,302.10 530,606,611.05 -64.95%

Net flow payment management of small and medium-sized enterprises, timely payment of arrears of small and medium-sized enterprises through cash, this

Purchase goods and receive services on a regular basis

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Cash paid increased by 223 million yuan compared with the same period last year. Although this measure will have a certain impact on the net cash flow from operating activities in the current period, it effectively guarantees the capital turnover and operating vitality of small and medium-sized enterprises in the upstream and downstream of the supply chain, and helps to build a long-term and stable industry.

industry ecology.

Cash generated from investing activities was mainly due to payments made during the same period last year.

-100,609,262.45 -298,624,883.60 66.31%

Net flow Purchase amount has not occurred in this period.

It is the cash generated by the financing activities introduced by the controlled subsidiaries in this period.

209,501,910.54 -69,532,944.48 401.30% Net fund flow received by strategic investors

256 million yuan.

Mainly operating, investing and raising cash and cash equivalents, net

294,029,331.71 159,909,856.64 83.87% Comprehensive change in cash flow from financing activities

dynamic impact.

It is the cash received from the investment in the controlled subsidiaries in the current period 256,237,800.00 0.00 -

Strategic investors receive funds. There are major changes in the company's profit composition or profit sources during the reporting period

□Applicable Not applicable

There were no major changes in the company's profit composition or profit sources during the reporting period.

Operating income composition

Unit: Yuan This reporting period Same period last year

Year-on-year increase or decrease

Amount % of operating income Amount % of operating income

Total operating income 3,967,423,568.48 100% 4,712,638,586.17 100% -15.81%

By industry

Blasting service business 3,083,282,501.50 77.71% 3,551,300,830.00 75.36% -13.18%

Civil explosive equipment products 669,094,044.44 16.86% 859,710,241.48 18.24% -22.17%

Others 215,047,022.54 5.43% 301,627,514.69 6.40% -28.70%

By product

Blasting service business 3,083,282,501.50 77.71% 3,551,300,830.00 75.36% -13.18%

Industrial explosives 523,397,888.67 13.19% 637,566,572.16 13.53% -17.91%

Industrial detonators 145,696,155.77 3.67% 222,143,669.32 4.71% -34.41%

Others 215,047,022.54 5.43% 301,627,514.69 6.40% -28.70%

By region

Northwest Region 1,844,113,244.27 46.48% 2,352,848,554.46 49.93% -21.62%

Central China 633,495,917.14 15.97% 751,139,617.35 15.94% -15.66%

Southwest region 566,364,459.96 14.28% 739,482,110.83 15.69% -23.41%

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

South China 376,731,487.31 9.50% 420,673,976.39 8.93% -10.45% North China 106,290,181.39 2.68% 112,615,349.21 2.39% -5.62% East China 87,308,861.11 2.20% 94,516,875.02 2.01% -7.63%Northeast China 75,347,140.84 1.90% 40,431,566.48 0.86% 86.36%Overseas 277,772,276.46 6.99% 200,930,536.43 4.26% 38.24% Industries, products or regions accounting for more than 10% of the company’s operating revenue or operating profit

Applicable □Not applicable

Unit: Yuan Operating income is higher than operating cost is higher Gross profit margin is higher than operating income Operating cost Gross profit margin

Increase/decrease in the same period of the year Increase/decrease in the same period of the year Increase/decrease in the same period of the year By industry

Explosive service business 3,083,282,501.50 2,435,646,781.31 21.00% -13.18% -13.02% -0.15% Civil explosive equipment products 669,094,044.44 457,762,066.73 31.58% -22.17% -20.39% -1.53% by product

Explosive service business 3,083,282,501.50 2,435,646,781.31 21.00% -13.18% -13.02% -0.15%Industrial explosives 523,397,888.67 349,606,799.82 33.20% -17.91% -16.31% -1.28% by region

Northwest region 1,844,113,244.27 1,439,099,922.66 21.96% -21.62% -22.21% 0.59% Central China 633,495,917.14 398,774,320.92 37.05% -15.66% -15.50% -0.12%Southwestern Region 566,364,459.96 443,817,250.42 21.64% -23.41% -24.92% 1.57%Southern China 376,731,487.31 328,777,291.78 12.73% -10.45% -9.92% -0.51% When the statistical caliber of the company’s main business data is adjusted during the reporting period, the company’s main business data for the most recent period will be adjusted based on the caliber at the end of the reporting period.

□Applicable Not applicable

The company needs to comply with the disclosure requirements for "civilian blasting-related business" in the "Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 3 - Industry Information Disclosure" Unit: Yuan Operating income is higher Operating cost is higher Gross profit margin is higher than operating income Operating cost Gross profit margin

Increase/decrease in the same period of the year Increase/decrease in the same period of the year Increase/decrease in the same period of the year by product

Industrial explosives 523,397,888.67 349,606,799.82 33.20% -17.91% -16.31% -1.28%Industrial detonators 145,696,155.77 108,155,266.91 25.77% -34.41% -31.24% -3.42% points service

Blasting service business 3,083,282,501.50 2,435,646,781.31 21.00% -13.18% -13.02% -0.15% by region

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Applicable □Not applicable

Product Category Licensed Production Capacity Capacity Utilization Capacity Under Construction Investment and Construction Status Industrial Explosives 585,500 tons 32.02% None None

Electronic detonators 64.5 million rounds 16.65% None None

Detonating tube detonator 20 million rounds 0 None None

Industrial electric detonators 10 million rounds 0 None None

Industrial detonating cord 20 million meters 18.60% None None

Plastic detonating tube 380 million meters 0 None None

Notes: 1. The company's industrial explosives production capacity increased by 4,000 tons, mainly due to the production capacity bonus obtained by Pengzhou Branch through point reduction.

The company’s industrial explosives and industrial electronic detonator management production capacities are 629,500 tons/year and 75.5 million rounds/year respectively.

Types, applicable areas and validity periods of relevant qualifications and licenses obtained during the reporting period

Applicable Not applicable

Qualification and licensing categories

Qualification name Qualification number Applicable area Validity scope Business scope Issuing unit type

Tibet Autonomous Region Housing and Construction Enterprise Assets Mining Engineering Construction General

D254625191 National 2031-4-6 Mining Engineering Construction General Contracting and Urban and Rural Development Committee Contracting Level 2

Will

Blasting operation unit Xu

42000013003 Design and construction, safety assessment, installation

Blasting operation qualification certified (commercial) nationwide 2031-7-15 Hubei Provincial Public Security Department 34 Full supervision

Level 1

Construction and operation of safety management-related internal control systems during the reporting period

During the reporting period, the company thoroughly implemented the decisions and arrangements of the Party Central Committee and the State Council on production safety, strictly benchmarked the "Ten Hard Measures" for production safety by the State-owned Assets Supervision and Administration Commission of the State Council, deeply promoted the special action of "Enhancement and Empowerment Year" to tackle the root cause and the comprehensive rectification and improvement of production safety, and promoted the modernization of the production safety governance system and governance capabilities. The company's production safety situation remains generally stable, and the effectiveness of comprehensive management of production safety continues to improve and upgrade, providing a solid guarantee for high-quality development.

1. Improve the responsibility system and promote the transformation of safety performance from "tangible coverage" to "effective implementation"

We should insist on taking the compaction of safety production responsibilities as the primary task of tackling the root cause, and build a vertically connected and horizontally coordinated responsibility implementation mechanism. The first is to seize the "key few" and strengthen rigid constraints. Strictly implement the "three onces" guarantee responsibilities of leading cadres for safe production, establish a regular on-site supervision and performance "report card" mechanism, and promote the "key minority" to effectively assume the responsibility of the first responsible person. The second is to grasp the "majority" and improve the ability to perform duties. The leadership team of the organization's affiliated units is formed

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

508 internal entry-level personnel, including officers and safety directors, carried out special trainings such as "Ten Hard Measures" and "Eight Uniforms", with a passing rate of 100%, consolidating the company's safety confidence with professional capabilities. The third is to pay close attention to the "responsibility boundary" and open up the coordination blockages. The "Guidelines for Safe Performance of Duties by Functional Departments of the Headquarters" were issued, and three management lists of "Responsibilities + Tasks + Standards" were constructed to achieve a map of the boundaries of rights and responsibilities and a game of coordination, effectively breaking through the management bottlenecks of cross-responsibilities. The fourth is to grasp the "grassroots ends" and build a solid frontline of defense. We have compiled the "Team Leaders' Safety Duty Performance Manual" and optimized the four-level cycle management system of "daily control, weekly inspection, monthly review, and quarterly evaluation" to promote safety requirements to the end of the team. More than 6,000 employees participated in the safety network knowledge quiz, and their points ranked among the top of the group. The endogenous transformation of the safety responsibility awareness of all employees from "I want safety" to "I want safety" has become more firm.

2. Deepen dual prevention and promote the transformation of risk prevention and control from "passive response" to "active attack"

Adhere to moving the gateway forward and treating the source, and accelerate the establishment of a dual prevention mechanism for risk-level management and control and hidden danger investigation and management. The first is to improve the system of institutional standards. Revised the company's "Implementation Rules for Rewarding Reports of Production Safety Accident Hazards" and "Details for the Implementation of Handling Safety Production Violations", compiled and released the "Standards for Determination of Major Accident Hazards Within the Company (Version 2.0)", established a weekly airing mechanism for reward handling of violations and hazard reports, and relied on channels such as "CEEC Hidden Hazard Shooting" to promote the participation of all employees in "detecting hidden dangers and correcting violations". The second is to strengthen the investigation and rectification of hidden dangers. Coordinate and promote the resumption of work and production and the spring safety production inspection, comprehensively use unit self-inspection, cross-inspection, supervision and inspection, etc., to implement shutdown rectification and interview warnings for units with outstanding problems, so as to discover, rectify, and cancel each unit. The third is to accelerate digital intelligence empowerment. Strictly implement the rigid requirement of "no video, no construction", achieve full video surveillance coverage of production workplaces and connect to intelligent supervision platforms, equip safety supervisors with inspection recorders, promote drone inspections at blasting operation sites, and promote the leap from "human defense" to "technical defense" in safety supervision, from traditional management and control to digital empowerment, and from post-tracing to intelligent early warning.

3. Forge a professional team and promote the transformation of safety supervision from "experience management" to "professional governance"

Focus on the professional construction of the safety management team, take the improvement of professional capabilities and the deepening of warning education as the two-wheel drive, and strive to forge an iron army of safety supervision with excellent quality and the courage to show the sword. The first is to accurately make up for the shortcomings in capabilities. Centrally carry out three types of special training for internal safety trainers, safety directors, and internal auditors, and provide precise training around key capabilities such as internal training, supervision, and auditing, so as to promote safety supervision personnel to understand standards and regulations, identify risks, and be better able to guide rectification, so that they have professional confidence and dare to confront tough situations in supervision. The second is to deepen the effectiveness of warning education. Optimize the normalization and long-term mechanism of warning education, organize all employees to carry out comparative reflection and in-depth analysis of typical internal and external accidents (incidents), use cases as lessons, use cases to promote changes, and use cases to clarify responsibilities, promote safety awareness and risk prevention capabilities to be deeply rooted in the mind, and take action to achieve results, and effectively build a solid foundation for the safety literacy of all employees.

4. Strengthen emergency response and promote the transformation of security assurance from "internal prevention" to "global protection"

Always place emergency response and overseas safety management in a prominent position to demonstrate the responsibility of central enterprises, insist on practical guidance and move the defense line forward. The first is to hone practical emergency response skills. Adhering to the synchronous advancement of normalized emergency drills and practical capacity building, the two affiliated units actively participated in Liuzhou earthquake rescue and Shimen County flood control and rescue, giving full play to their professional advantages in urgent, difficult and dangerous tasks, and fully ensuring the safety of people's lives and property; they completed with high quality the emergency drill for production safety accidents in the civil explosive industry of Hunan Province, jointly organized with the Hunan Provincial Department of Industry and Information Technology, demonstrating excellent practical capabilities and social responsibility. The second is to build a strong overseas security barrier. Focusing on key overseas areas such as Namibia, Liberia, and Malaysia, we have accurately assessed the risks of superimposed transmission of cholera, monkeypox, malaria, and dengue fever. We have established a special overseas public health prevention and control network from four dimensions: emergency plans, epidemic prevention materials, cross-border education, and information reporting. We have comprehensively ensured the personal safety of personnel stationed abroad, maintained the bottom line of safety in overseas project operations, and fulfilled our mission of safety escort for overseas project construction with practical actions.

Whether the company carries out overseas projects

Yes □No

The company actively implements the "Belt and Road" initiative, deeply integrates into the global mining and energy infrastructure industry chain, and continues to develop in key countries and regions such as Namibia, Liberia, Malaysia, and Hong Kong, China. It provides integrated civil blasting services and mining construction general contracting services to customers in the mining and energy infrastructure fields.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

solutions, while steadily expanding the global trade and supply chain network for civil explosives. During the reporting period, the operating environment in the countries and regions where the company's overseas business is located was generally stable, and industry policies had good continuity and no major changes occurred, which provided a strong guarantee for the sustained and steady development of overseas business.

4. Analysis of non-main business

Applicable □Not applicable

Unit: Yuan Amount Proportion to total profit Explanation of reasons Whether it is sustainable

Mainly investment in joint stock companies

Investment income 13,527,999.48 3.27% No

earnings.

Gains and losses from changes in fair value 0.00 0.00% / No

Mainly due to other impairment losses

Asset impairment 525,686.62 0.13% No reversal.

Mainly government subsidies, no

Non-operating income 10,381,651.15 2.51% The payment will be transferred to non-operating income after the completion of the legal procedures.

Mainly reports on non-current assets

Non-operating expenses 4,743,081.22 1.15% No

Waste losses, late payment fees, etc.

5. Analysis of assets and liabilities

Major changes in asset composition

Unit: Yuan End of the reporting period End of the previous year

Major changes indicate an increase or decrease in the proportion

Amount Proportion of total assets Amount Proportion of total assets

Monetary funds 3,376,062,353.75 26.36% 3,081,547,210.84 25.24% 1.12% Accounts receivable 2,683,328,117.23 20.95% 1,837,900,476.93 15.05% 5.90% Contract assets 46,816,094.39 0.37% 81,617,702.32 0.67% -0.30% Inventory 559,986,070.00 4.37% 455,879,086.14 3.73% 0.64% Investment real estate 167,649,534.32 1.31% 170,190,155.48 1.39% -0.08% Long-term equity investment 158,987,374.20 1.24% 152,260,072.78 1.25% -0.01% Fixed assets 2,154,906,639.89 16.82% 2,245,514,404.56 18.39% -1.57%Construction in progress 113,583,261.71 0.89% 26,592,850.17 0.22% 0.67%Right-of-use assets 157,331,149.58 1.23% 159,080,309.99 1.30% -0.07% Short-term borrowings 20,000,000.00 0.16% 235,556,140.84 1.93% -1.77% Contract liabilities 26,967,078.73 0.21% 49,721,652.00 0.41% -0.20% Long-term borrowings 226,538,250.00 1.77% 222,977,750.00 1.83% -0.06%

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Lease liabilities 121,025,021.96 0.94% 123,266,493.89 1.01% -0.07%

Notes receivable 520,739,725.24 4.07% 972,305,981.22 7.96% -3.89%

The proportion of accounts receivable in total assets increased by 5.90 percentage points from the end of the previous year, mainly due to the centralized collection of large amounts of receivables at the end of the previous period, with a low base; the revenue scale of some projects in this period has declined year-on-year, but the payment cycle has lengthened and the progress of payment collection has slowed down, resulting in an increase in the balance of accounts receivable.
The proportion of contract assets in total assets decreased by 0.30 percentage points compared with the end of the previous year, mainly due to the expiration of the warranty deposit in this period, and the newly added warranty deposits receivable in this period were less than the amount recovered.
The proportion of notes receivable in total assets decreased by 3.89 percentage points compared with the end of the previous year, mainly because the existing notes continued to be redeemed and endorsed upon maturity. During the reporting period, the amount of bill collection was less than the amount redeemed and endorsed.

Major overseas assets

□Applicable Not applicable

Assets and liabilities measured at fair value

Applicable □Not applicable

Unit: Yuan included in equity

Fair in this period

Accumulated public accrual for the current period Purchases for the current period Sales for the current period

Item Opening amount Change in value Other changes Closing amount Impairment amount Amount due to change in fair value

Profit and loss

move

financial assets

Other rights

192,718,0 84,186,12 169,557,1 Yi Tool Investment

00.00 2.91 22.91 capital

Other non-

62,151,40 62,151,40Mobile Finance

0.00 0.00Asset

Financial assets 254,869,4 84,186,12 231,708,5Subtotal 00.00 2.91 22.91Accounts receivable 211,864,8 56,549,16Financing 07.71 5.12

466,734,2 84,186,12 288,257,6 Total of the above

07.71 2.91 88.03 Financial liabilities 0.00 0.00 Other changes: None.

Whether there are any significant changes in the measurement attributes of the company's main assets during the reporting period

□Yes No

Restrictions on asset rights as of the end of the reporting period

Item Book balance at the end of the period (yuan) Book value at the end of the period (yuan) Restriction type Reason for restriction

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Monetary funds 6,466,746.88 6,466,746.88 Restricted use Notes receivable such as bill margin, frozen funds, etc. 175,925,836.46 175,925,836.46 Restricted use Endorsed undue bills of exchange

Total 182,392,583.34 182,392,583.34

6. Investment status analysis

Overall situation

Applicable □Not applicable

Investment amount during the reporting period (yuan) Investment amount during the same period last year (yuan) Change range

42,587,600.00 297,368,821.20 -85.68%

Major equity investments obtained during the reporting period

□Applicable Not applicable

Major non-equity investments ongoing during the reporting period

Applicable □Not applicable

Unit: Yuan Weida

as of as of

Arrive at the plan

Whether to report report

Investment This newspaper transfers disclosure

Weigu end of period end of period

Project Name Investment Project Reporting Period Funding Project Estimated Degree and Date Disclosure Index Fixed Capital Cumulative Cumulative

Said method involves input source progress income expected (if any) production investment actual realization

Industry Amount Revenue Yes)

income from investment

of original

amount profit

Because

Yipuli Juchao Information Company Investment Network: "About Capital Construction to Build China's Energy

2025

China Energy 41,77 186,5 Building Green Civil Explosives

50.00 Year 09

Green construction Self-built Yes Civilian explosion 1,400 45,92 Self-raised 0.00 0.00 None Innovative and developing

% month 11

Min Bang Chuang .00 5.99 Heart Project and Related

day

Public Center Project Report of New Development Joint Transaction (2025-Item 040)

41,77 186,5

Total -- -- -- 1,400 45,92 -- -- 0.00 0.00 -- -- --

.00 5.99

Financial asset investment

(1) Securities investment situation

Applicable □Not applicable

Unit: Yuan

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Right to be included in this period

Initial Accounting Beginning of the period Accumulation of fair gains This period This period Report End of the period Accounting Securities Securities Securities Capital Investment Measurement Book Value Accounting Fair Purchase Sales Period Loss Book Accounting Type Code Abbreviation Source Cost Model Value Change Value Change Amount Amount Loss Value Account Profit and Loss

Other domestic 65,00 Fair 166,4 3,000 140,4

60322 Xuefeng 75,400, Equity foreign shares 0,000 Value 00,00 0.00 0.00 0.00 ,000. 00,00 Self-raised 7 Technology 000.00 Instrument ticket .00 Measurement 0.00 00 0.00

Other securities held at the end of the investment period

0.00 -- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -- -- capital

65,00 166,4 3,000 140,4

75,400,

Total 0,000 -- 00,00 0.00 0.00 0.00 ,000. 00,00 -- -- 000.00

.00 0.00 00 0.00

Securities Investment Approval Board of Directors

March 29, 2012

Report disclosure date

(2) Derivatives investment situation

□Applicable Not applicable

The company had no derivative investments during the reporting period.

Usage of raised funds

□Applicable Not applicable

The company has no use of raised funds during the reporting period.

7. Sale of major assets and equity

Sale of major assets

□Applicable Not applicable

The company did not sell any major assets during the reporting period.

Sale of major equity interests

□Applicable Not applicable

8. Analysis of major holding and participating companies

Applicable □Not applicable

Information about major subsidiaries and joint-stock companies that affect the company's net profit by more than 10%

Unit: Yuan Company

Company name Main business Registered capital Total assets Net assets Operating income Operating profit Type of net profit

Yipuli blasting operations; mining workers

(Xinjiang) Subsidiary construction general contracting; current 500,000, 2,990,868 1,433,006 1,807,390 317,266,0 287,015,7 Mining Engineering Division Production of mixed explosives on site 000.00,683.30,479.09,914.93 58.80 21.88 Co., Ltd. Production and sales.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Yipu Lixiang military detonator series products

Hong(Lake) R&D, production and sales - -

Zi Gong 200,000, 591,577,9 282,359,0 107,318,0

South) machinery sales; civilian explosives 21,151,02 22,144,73

Division 000.00 74.16 77.49 37.72

Chemical Co., Ltd. R&D, production, sales 7.40 8.86 Responsible company sales; blasting operations, etc.

blasting work; mining work

Gezhouba Yi

general contracting of project construction; machine

Puli Sichuan Zi Gong 150,000, 410,014,9 269,707,2 177,412,4 27,837,76 22,792,24

Machinery equipment rental; sand and gravel

Blasting Engineering Department 000.00 92.73 21.92 13.84 2.63 0.09

Aggregate mining, processing,

Ltd.

sales business.

Gezhouba Yi

Puli Guangxi Civilian Explosives Production

Zi Gong 20,000,0 588,638,2 334,797,6 179,738,4 10,635,69 4,301,592 Weiqi Chemical; Civilian explosives

Division 00.00 61.30 60.59 11.63 4.44 .39 Limited Liability Sales.

company

black powder, ignition tools,

detonator detonator, electronics

Yi Pulixiang

Detonators, plastic detonators

South (Lake

Zi Gong pipe, industrial detonating cord, 100,000, 355,321,6 240,051,8 111,638,7 3,519,994 3,162,167 South) blasting

Division Production of fire extinguishing equipment products 000.00 32.41 46.92 02.56 .18 .21 Equipment Co., Ltd.

Production and sales, road goods

Responsible company

transportation, dangerous goods

transportation.

Acquisition and disposal of subsidiaries during the reporting period: None.

Description of major controlling and joint-stock companies: None.

9. Structured entities controlled by the company

□Applicable Not applicable

10. Risks faced by the company and countermeasures

(1) Macroeconomic risks

Risk description: Affected by cyclical macroeconomic adjustments, domestic raw coal, iron ore, and cement production have declined to varying degrees, and the terminal demand of the civil explosive industry has been under periodic pressure. As the joint construction of the "Belt and Road" becomes more and more solid and ensuring the supply of key minerals becomes a national strategy, Chinese mining companies are focusing on ensuring the safety and stability of the industrial chain and supply chain and accelerating the layout of overseas mineral rights resources. Overseas markets have gradually become a new fulcrum for the growth of the scale of civil explosive companies, putting forward higher requirements for the company's transformation and development.

Response measures: First, focus on the main responsibilities and main businesses, and determine the correct development direction while serving the national strategy. With the "biggest country" in mind, we will strengthen strategic goal orientation, accelerate business structure optimization and business model innovation, and strive to improve professional contract performance capabilities. Focus on the key links of empowering market development and building core competitiveness and make precise efforts, deepen reforms around the pain points, difficulties, and key points of value creation, and effectively transform the mission and responsibilities of central enterprises into high-quality development results. The second is to optimize the management and control system and improve governance efficiency while stimulating endogenous motivation. Improve the operating mechanism of "headquarters management, regional main operations, and professional collaboration", consolidate the main responsibilities at all levels, and form a joint market development force that integrates points and areas and connects all levels. Accelerate digital transformation, establish competitive intelligence and industry dynamics database, and promote the transformation of market decision-making from experience-driven to "data analysis + model support". Improve the business situation monitoring and early warning mechanism and prepare high-quality special reports for decision-making reference to provide solid support for the company's scientific decision-making and precise policy implementation. The third is to coordinate the two markets and expand development space while deepening open cooperation. Build a strong "1+4+N" international market development system, coordinate the allocation of domestic and foreign resource factors, strengthen strategic coordination among leading overseas civil explosives enterprises, deepen technological complementarity and resource sharing, drive the output of technical standards and enhance brand value through high-level international cooperation, continuously enhance competitiveness and voice in the global industrial chain supply chain, and strive to create a new benchmark for the international development of the civil explosives industry.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

(2) Market competition risks

Risk description: Relevant national policies have been implemented one after another, reshaping the existing business models of the civil explosives and mining industries. Based on the industry's "national team" positioning, the company proactively recognizes and responds to changes, iterates market competition strategies, forges differentiated product and service advantages, and adapts to market upgrade needs. If the pace of transformation lags behind and the supply of core capabilities is insufficient, it may face the risk of shrinking market share.

Countermeasures: First, adhere to both stability and expansion, and strive to build a solid foundation for market development. We will resolutely hold on to the basics of the existing market and pay close attention to the renewal and implementation of key existing projects. Actively expand new space in the incremental market, seize opportunities in resource-rich regions such as Xinjiang and Tibet, proactively connect with national key projects, and achieve contract signing volume targets. The second is to strengthen strategic leadership and empowerment and comprehensively improve the level of market competition. Strengthen strategic thinking, improve the normalized market intelligence research and judgment mechanism, focus on core key areas such as coal, metal mining, building materials and aggregates, accurately grasp industry development trends, market structure changes and customer demand orientation, and continue to improve market competitiveness and market share. Deepen high-end docking, build a high-level public relations network, improve the full life cycle customer service system, innovate business models, implement classified and hierarchical management of end customers, and enhance the depth of market development and core customer stickiness. Improve the bidding review mechanism, optimize cost calculation and quotation strategies, maintain service quality and reasonable profit bottom lines, and enhance quotation competitiveness. The third is to deepen lean management, improve quality, and consolidate the foundation for value creation and operation. We will thoroughly implement the thinking of "price, cost and profit", improve the management and control efficiency of "five unifications and five points", and continue to promote cost reduction and efficiency improvement. Implement zero-based budget management, use profit targets to reverse cost control targets, unify full cost accounting standards, formulate product sales pricing strategies based on complete costs, build a solid sales foundation with refined cost control and scientific pricing, and effectively transform management advantages into efficiency advantages. The fourth is to build a strong professional talent team and stimulate endogenous motivation for market development. Consolidate the market entity responsibilities of affiliated units, select and equip strong market development personnel, and build a strong and high-quality professional talent team. Optimize the market talent selection and retention mechanism, strengthen the improvement of comprehensive quality system, and promote the upgrade of market development from "project-driven" to "capability-driven".

(3) Safety production risks

Risk description: The civil explosion industry is a high-risk industry and faces certain production safety risks in business links such as production, storage, sales, transportation, and engineering construction. If control measures are not implemented in place and potential risks are not thoroughly investigated and rectified, production safety accidents can easily occur, seriously threatening the safety of people's lives and property and the overall stable development of enterprises.

Countermeasures: First, adhere to strategic guidance and build an intrinsically safe enterprise. Strictly implement the company's safety development strategy, focus on promoting the "mechanized replacement, automatic reduction of personnel, and intelligent unmanned" projects, make good use of the risk perception and early warning platform, improve the level of digital and intelligent supervision, and comprehensively build an intrinsically safe enterprise. Focus on the general tone of "strictness" and "practicality", rigidly implement the "eight unities" hard measures, promote the implementation of the "two standards" and "two musts", resolutely prevent the occurrence of subversive risks and hidden dangers, and firmly guard the bottom line of safe development. The second is to consolidate the main responsibilities and weave a tight safety net. Strictly implement the requirements of "three managements and three musts" and tighten the responsibilities of safety management entities. Strengthen the access management and point-based dynamic assessment of the heads of each unit and the safety director, consolidate the safety foundation of the team, and strengthen the assessment of "what you should know and what you should know" abilities. Deepen the grid-based management of production safety and promote the implementation of the "two modernizations and three specialities" requirements and the "two standards" at the grassroots level. Focusing on high-risk links such as underground mining, fire blasting, JP production, and digital detonator production, we will accurately formulate risk management and control measures, carry out regular inspections and management of hidden dangers, and solidly promote the "five questions" traceability and "one thing" full-chain rectification to ensure that safety requirements reach the project (factory) and the work surface (team). The third is to improve the prevention and control mechanism and enhance risk warning and handling capabilities. Establish a "daily, weekly, monthly" risk classification prevention and control mechanism, push risk warning and accident warning information every day, dynamically update the safety risk TOP3 project (factory) control list every week, hold safety risk analysis meetings every month to report on hidden danger management, risk control and anti-violation, etc., summarize and analyze the effectiveness of QHSE risk classification control measures every quarter, promote multi-department collaboration and supervision, supervise the implementation of rectification measures in a closed loop, and effectively improve the ability of early detection, early warning and early disposal of risks. The fourth is to focus on key areas and build a solid defense line for the safety of hazardous chemicals. Formulate a "one thing" full-chain rectification plan for hazardous chemicals, improve the long-term mechanism, strengthen the ability assessment of practitioners, conduct in-depth investigation and rectification of hidden safety risks, comprehensively improve emergency response capabilities, and improve the pertinence and penetration of work measures in a strict and pragmatic manner.

(4) Accounts receivable risk

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Risk description: Affected by the combined effects of macroeconomic pressure, some downstream customers' own operating turnover difficulties, tight cash flow and other factors, some customers are overdue payment for goods and projects. If customer management and accounts receivable are not properly controlled, it may lead to the risk of lagging in the recovery of some of the company's accounts receivable, affecting the company's cash flow security and operational quality and efficiency.

Countermeasures: First, strengthen source governance and strictly control access risks. Adhere to the principle of "calculating wins in advance and giving priority to benefits", strengthen risk control at the source, focus on engineering contracting projects, strictly check key factors such as owner credit, financial guarantee, and profit expectations, conduct penetrating verification, resolutely not bid at a loss, and lock in collection guarantees from the source. Strengthen the supervision of the contract performance process, handle the confirmation of accounts receivable in a timely manner, and ensure that claims are clear and well-founded. Focusing on the sales of civil explosives, we will refine customer screening and credit review. For customers who are included in the credit risk warning list or whose credit is obviously poor, we will set up accounts receivable risk firewalls, focus on key terms such as payment cycle and payment method, and strictly review the contract to effectively prevent front-end credit risks. The second is to harden management and control measures and optimize the aging structure. Strictly implement the aging management and control requirements for accounts receivable, and improve the normalized early warning and up-down linkage mechanisms. For payments that exceed the payment collection period agreed in the contract, we conduct traceability analysis one by one and implement precise policies. We adhere to the equal emphasis on "controlling inventory, controlling increment, and optimizing structure" to dynamically optimize the aging distribution, effectively reduce overdue risks and potential bad debts, and ensure that the scale of accounts receivable matches the quality of operations. The third is to highlight the assessment orientation and improve the quality of payment collection. Strengthen collection quality management, incorporate cash collection rate and operating cash flow related indicators into the performance appraisal system, and play the role of "baton" in appraisal. For projects with low collection quality and failure to perform according to the contract, corrective measures will be taken in a timely manner, efforts will be made to improve operating cash flow indicators, and the bottom line of capital chain safety will be maintained. The fourth is to deepen special collection and compaction reduction responsibilities. We will deepen the special work of resolving the risks of accounts receivable, summarize the solid experience, optimize the management mechanism, and strengthen the collection of legal means and the management of dispute cases. Tighten and consolidate the main responsibilities of special collections, optimize the special collection assessment plan, improve the "strong incentives, hard constraints" assessment plan, assign responsibilities to people, implement measures in place, and clearly reward and punish, and strive to achieve a major breakthrough in reducing the amount of special collections.

11. Formulation and implementation of market value management system and valuation improvement plan

Whether the company has formulated a market value management system.

Yes □No

Whether the company has disclosed plans to increase its valuation.

□Yes No

In order to thoroughly implement the spirit of the "Several Opinions of the State Council on Further Promoting the Healthy Development of Capital Markets" and actively respond to the state's call to encourage listed companies to establish a market value management system, in accordance with the "Company Law", "Securities Law", "Listed Company Supervision Guidelines No. 10 - Market Value Management" and "Shenzhen Stock Exchange Stock Listing City Rules and other laws, regulations and the provisions of the Articles of Association, based on the actual corporate governance, and after review and approval at the 17th meeting of the seventh board of directors, the company researched and formulated the "Market Value Management Measures" and disclosed them on the Juchao Information Network (www.cninfo.com.cn) on March 29, 2025.

During the reporting period, the company formulated and issued the "2026 Market Value Management Work Plan", anchoring high-quality development goals, guided by the "15th Five-Year Plan", and focusing on "strengthening quality internally and shaping image externally" to promote the upgrade of market value management from "passive response" to "active planning". Focus on value creation and value realization, weave a dense organizational network with clear rights and responsibilities, deeply embed market value management into the core links of strategic planning, business decision-making and risk prevention and control, and create a benign closed loop of "value creation-value growth-value transfer-value maintenance". The company adheres to the integration of the entire chain and strives to promote the resonance of the company's intrinsic value and market performance at the same frequency. On the one hand, we will deepen our main business and develop high-end civil explosives service market, focus on national key projects and strategic mineral resource development areas, and lay a solid foundation for value creation; on the other hand, we will deepen capital communication, improve investor relations management and value dissemination mechanisms, improve the quality and efficiency of information disclosure, improve the long-term shareholder return mechanism, and transform core advantages such as strong industrial foundation and leading technological innovation into widespread recognition and long-term confidence in the capital market, and continue to shape the high-quality benchmark of China's civil explosives industry.

12. Implementation of the “Double Improvement of Quality and Return” action plan

Has the company disclosed an announcement on the action plan of “double improvement of quality and return”?

Yes □No

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

In order to thoroughly implement the decision-making and deployment of the Political Bureau of the Central Committee on "activating the capital market and boosting investor confidence", and conscientiously implement the work requirements of the State Council Executive Meeting on "vigorously improving the quality and investment value of listed companies, and taking more effective and effective measures to stabilize the market and stabilize confidence", closely focusing on the China Securities Regulatory Commission In accordance with the meeting’s guidance on market value management and based on the company’s development strategy and operating reality, the company disclosed the “Announcement on the “Double Improvement of Quality and Return” Action Plan” (2025-003) on January 15, 2025 on the cninfo website (www.cninfo.com.cn). The plan focuses on the "seven dimensions" of main business development, innovation drive, corporate governance, information disclosure, investor relations, shareholder returns and market value management, and builds an all-round, multi-level high-quality development action system to effectively safeguard the legitimate rights and interests of all shareholders and continue to strengthen the company's sustainable development advantages.

During the reporting period, the company further promoted the special action of "Double Improvement of Quality and Return" and solidly promoted the implementation of various measures. By focusing on the main business to strengthen the foundation, strengthening innovation and nurturing momentum, improving governance to improve efficiency, transparent disclosure to increase mutual trust, strengthening communication to promote consensus, focusing on returns to benefit shareholders, optimizing management and stabilizing market value, etc., a series of pragmatic measures have effectively promoted the coordinated improvement of the company's intrinsic value and market value, effectively enhanced the sense of gain and satisfaction of shareholders, and fully reflected the strategic determination, responsibility and market leadership of central enterprises. Relevant phased results have been announced to the public through the Juchao Information Network. For specific content, please refer to the progress announcement issued by the company.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Section 4 Corporate Governance, Environment and Society

1. Changes in directors and senior managers of the company

Applicable □Not applicable

Name Position held Type Date Reason Deng Anjian Deputy General Manager Resignation March 26, 2026 Work transfer Song Longmei Chief Economist Appointment April 28, 2026 Work transfer Leng Zhendong Chief Engineer Appointment April 28, 2026 Work transfer Fu Jun Chairman of the Board Elected June 25, 2026 Reelection Deng Xiaoying Non-independent Director Elected on June 25, 2026. Re-election of Chen Hongyi, non-independent director. Elected on June 25, 2026. Re-election of Xiao Tongjun, non-independent director. Elected on June 25, 2026. Re-election of Meng Jianxin, non-independent director. Elected on June 25, 2026. Re-election of Zhang Jilong, independent director. Elected on June 25, 2026. Reelection of Zheng Jianming, independent director, was elected June 25, 2026 Reelection of Tang Qisong, independent director, was elected June 25, 2026 Reelection of Zhang Jianhui, employee director, was elected June 15, 2026 Reelection of Deng Xiaoying, general manager, appointment June 25, 2026 Reelection of Zhang Jianhui, executive deputy general manager, appointment June 25, 2026 Re-election of Cai Feng, Deputy General Manager Appointment June 25, 2026 Re-election of Wang Zhiqiang, Deputy General Manager Appointment June 25, 2026 Re-election

Deputy General Manager, General Counsel

Liu Gang Appointed June 25, 2026 Reelection

Q. Chief Compliance Officer

Zou Qiping Secretary of the Board of Directors Appointment June 25, 2026 Re-election Hu Liangwei Safety Director Appointment June 25, 2026 Re-election Song Longmei Chief Economist Appointment June 25, 2026 Re-election Leng Zhendong Chief Engineer Appointment June 25, 2026 Re-election

2. Profit distribution and conversion of capital reserve funds into share capital during the reporting period

□Applicable Not applicable

The company plans not to distribute cash dividends, give away bonus shares, or convert public reserve funds into share capital in the first half of the year.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

3. Implementation of the company’s equity incentive plan, employee stock ownership plan or other employee incentive measures

□Applicable Not applicable

The company has no equity incentive plan, employee stock ownership plan or other employee incentive measures and their implementation during the reporting period.

4. Environmental information disclosure

Whether listed companies and their major subsidiaries are included in the list of companies that disclose environmental information in accordance with the law

Yes □No

Number of companies included in the list of companies that disclose environmental information according to law 3 Serial number Company name Query index for environmental information disclosure reports according to law https://yfpl.sthjt.hunan.gov.cn:8 181/hnyfpl/frontal/index.html#/ho me/enterpriseInfo?XTXH=06c7b72e-0 1 Gezhouba Yipuli Hunan Erhua Civil Explosives Co., Ltd.

a66-43e6-ba63-e807130516b8&XH=171 4303285189083439616&year=2025&rep ortType=1

https://yfpl.sthjt.hunan.gov.cn:8 181/hnyfpl/frontal/index.html#/ho me/enterpriseInfo?XTXH=7d28929d-0 2 Hunan Nanling Civil Explosive Fine Chemicals Co., Ltd.

ea4-49d4-a2a8-a7c67082dc4d&XH=168 2410751394025440256&year=2025&rep ortType=1

http://219.152.238.198:20041/eps/ index/enterprise-more?code=915001 3 Yipuli Jintai (Chongqing) Chemical Co., Ltd. 14552007366F&uniqueCode=b7fdc2b7d 68aa71b&date=2025&type=true&isSea rch=true

5. Social Responsibility

The company always has the "biggest country" in mind, based on the development endowment deeply embedded in the territory and radiating widely, and coordinates the coordinated development of economic, social and environmental benefits. During the reporting period, the company laid a solid foundation for organizational security, played the song of joint construction between the enterprise and the local area, activated the engine of industrial revitalization, and weaved a tight network of people's livelihood and well-being. It wrote social responsibilities where the motherland needed it most and landed it where the people most expected. It shouldered the responsibility of the times as a central enterprise and warmed the lights of thousands of homes with its practical actions.

(1) Mechanism empowers a strong foundation and builds a solid “ballast stone” for organizational security

We insist on deeply embedding social responsibility into the blood of the enterprise and building a complete and efficient guarantee system. The first is the top-level design of “one picture”. Closely following the local government's counterpart assistance deployment, we tailor-made annual "construction drawings", implement classified policies for consumption assistance, village assistance, and donation assistance, and establish a dynamic management mechanism of "assessing needs at the end of the year, scheduling plans at the beginning of the year, and tracking results throughout the year" so that every resource and material can be accurately drip-fed to the places where it is most needed. The second is the four-level linkage "one rope". We will build a closed-loop system in which "the party committee secretary takes the lead, team members work according to the division of labor, all party organizations work closely, and functional departments coordinate with each other". We will review and take stock every six months, check for leaks and fill vacancies, so as to achieve full-chain control and full-cycle responsibility. The third is resource allocation “a game of chess”. Establish a special assistance fund, implement full-process sunshine management and control, and adhere to the principle of "emergency first, then slow down" to formulate delivery plans in batches to ensure that we can pull out, rush through, and withstand sudden disasters. Select elite party members and cadres to take root in the countryside and form a village-based party member commando team to let the party flag fly high at the grassroots level and transform organizational advantages into actual effectiveness in serving the people. The affiliated Xiangqi Company was awarded the title of "Yongzhou City's Outstanding Village-based Assistance Unit", and the village-based work team was rated as "Good", and the people gave their vote of confidence through word-of-mouth.

(2) Intellectual empowerment builds consensus and sings the "concerto" of enterprise-local co-construction

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Adhere to the leadership of party building and intelligence first, make multi-dimensional efforts to consolidate the foundation of local development of enterprises, and respond to the expectations of local governments to the extent that central enterprises can. The first is to promote joint governance through joint learning and joint construction, and build a "bridge between hearts and minds" between the party and the masses. Adhering to the joint construction of organizations to leverage the integration of governance, affiliated party organizations and local grassroots party branches carry out joint learning and joint construction from time to time, using red ties to deepen enterprise-local exchanges and strengthen demonstration drive. Erhua Company and Ertianmen Community of Shimen County co-organized a party day event with the theme of "Enterprises and societies work together safely". Chongqing Jintai Company and the Party branch of Pengdong Township government jointly carried out joint construction of disaster prevention and reduction. Guangxi Jinxiu Branch joined hands with Tongmu Town Health Center to promote joint construction of first aid escorts. The red line of party building linked up the joint efforts in governance, and the breadth and depth of joint construction between enterprises and localities continued to expand. The second is to broaden horizons through cross-domain exchanges and serve as a "escort" in aiding Tibet. We must resolutely shoulder the political responsibility of supporting Tibet and select outstanding cadres and talents to cross mountains and seas and take root on plateaus to tackle difficult problems pragmatically. Simultaneously provide rear support, empower cadres to take root with peace of mind through a closed-loop mechanism of "contributions from the front + escort from the rear", and use sincere services to interpret the political responsibility of central enterprises to serve the party and the people. The third is to empower missionaries to establish new trends and sow "civilized seeds" of the rule of law. Adhere to the combination of supporting aspirations and supporting intelligence, relying on the propaganda of village cadres, the joint construction of enterprises, localities and students, strengthening the promotion of policies, regulations and wealth-making skills, and guiding the masses to change their ideas and establish new trends. Chongqing Jintai Company cooperated with the Pengdong Township Government to carry out "dual integration action" and voluntary services for disaster prevention and reduction. They distributed "legal security packages" to the masses on market days, delivering legal services and safety knowledge to the grassroots, allowing the new wind of civilization to blow through the countryside and nourish the hearts. The fourth is to provide employment assistance to strengthen skills and expand “good ways” to increase income. Adhere to employment as the greatest livelihood for the people, implement vocational skills improvement projects, and organize surplus labor in various towns to participate in practical training on electricians, construction machinery operations, excavators, etc., turning "blood transfusion" into "blood production", allowing villagers to learn skills at home and explore new paths to wealth, and support common prosperity with stable employment.

(3) Industrial empowerment promotes development and activates the “strong engine” of joint construction and win-win results

Based on the local resource endowment, we insist on "blood transfusion" and "blood production" simultaneously, accurately connect the company's strengths with the local needs, drive regional development through industrial revitalization, and demonstrate the value of central enterprises in joint construction and win-win results. First, consumption assistance helps farmers increase their income and opens up the "fast lane" for production and sales. We insist on taking consumption assistance as a "through-train" to help farmers increase their income, and purchase agricultural and sideline products from Tibet, Zhenba, Shaanxi, Xilin, Guangxi and other places, with an average annual consumption assistance of nearly 600,000 yuan; we use nearby materials and make good use of local resources to continue to feed back the local economy, and implement fixed-point assistance such as "spring fertilizers and financial subsidies" for rural revitalization contact points. The affiliated Yuzhou branch accurately connects with Henan's unsalable melon farmers and purchases unsalable watermelons in batches, allowing the "unsaleable melons" to bear "win-win results" and writing the warmth of central enterprises into the fields. The second is to serve local economic development and serve as the "vanguard" of infrastructure construction. Keeping in mind "the great one of the country", we deeply participate in the construction of national key projects, provide blasting services and material support for various infrastructure projects, and demonstrate our professional capabilities and dedication. Affiliated units actively participate in the construction of local infrastructure and participate in road repairs, farmland water conservancy renovation and upgrading. Weiqi Chemical Company rushed to assist in the construction of the Xintang Reservoir protective embankment in Laishan Village, timely eliminating the risk of overflowing embankments and landslides during the flood season, and safeguarding the peace of thousands of households downstream; Erhua Chemical Company undertook projects such as road widening and chimney removal, using professional technology to help rejuvenate the countryside, using the power of central enterprises to protect the safety of one side and benefit the people there. The third is to expand cooperation, build image, and jointly build "new ties" along the Silk Road. Actively integrate into the “Belt and Road” construction, undertake major mining projects in Namibia, bring Chinese technology and Chinese standards, and help local resource development and industrial upgrading. Systematically promote localized ESG practices, attract local employment, cultivate local talents, participate in community welfare, win wide recognition for the effectiveness of central enterprises in fulfilling their responsibilities, use practical results to tell Chinese stories, spread Chinese voices, and let the flowers of friendship bloom in foreign countries. The fourth is the coordinated revitalization of green governance to draw a “new picture” of ecology. Deeply implement the concept of "lucid waters and lush mountains are valuable assets", deeply integrate green mine construction with territorial revitalization, build a full life cycle technology system of "planning and design-intelligent mining-ecological restoration", invest in new energy mining trucks and intelligent equipment on a large scale, strictly control waste emissions, promote the transformation of mining areas into scenic spots and ecological benefits, achieve synergistic improvement of ecological benefits and enrichment effects, and continuously transform lucid waters and lush mountains into valuable assets.

(4) Serve to empower and increase welfare, and be a good “caring person” for the people

We always keep the welfare of the people at heart, practice the concept of "people first, life first", and weave a multi-dimensional and dense people's livelihood service guarantee network to make the warmth of central enterprises feel and accessible. The first is to cultivate caring and promote growth and build a "warm home" for employees. We insist on relying on employees for development and benefiting employees with results, improve the salary and welfare system, build an empowerment platform that covers the entire career cycle, and invest more than 3.75 million yuan in training in the first half of the year; we deeply promote the "Healthy Yipuli" series of actions, conduct walking, ball games, and youth gatherings on a regular basis to protect the physical and mental health of employees in an all-round way. The second is to train elite troops through emergency drills and build a secure "firewall". Adhere to the combination of peacetime and wartime operations, prevent emergencies before they occur, and hone emergency response skills through practical drills. Uzbekistan Civil Explosives Company hosted an emergency drill for traffic accidents in the road transport of civil explosives; Songguang Civil Explosives Company hosted a special emergency drill for flood control and rescue in Zhengzhou. Seven emergency teams worked together and linked government and enterprises to test plans and running-in mechanisms in simulated actual combat, building a "copper wall" to protect the safety of people's lives and property. The third is to show responsibility for emergency rescue and disaster relief and open up the "rescue road" for life. Improve the emergency response mechanism, form party member commandos, youth commandos and other elite forces, and improve the work chain of hierarchical response, coordinated linkage, and rapid assembly

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Articles are required to ensure that we can pull out, rush forward, and win at critical moments, and build the first line of defense for emergency response with the responsibility of central enterprises. During the reporting period, we successively provided assistance to disasters such as floods in Shimen, Hunan, road hazard relief in Hupingshan Town, and earthquakes in Liuzhou, Guangxi. During the X077 County Road collapse rescue in Hupingshan Town, 11 team members from the Changde Project Department of the Erhua Chemical Corporation worked hard for more than 30 hours, clearing more than 200 cubic meters of earth and stone, and clearing 100 meters of road. They used professional technology to open up the "life channel" in the mountainous area, which was highly recognized by the local government. They used their flesh and blood to build a safety barrier. The fourth is to volunteer to protect the ecology and create a "new landscape" for our homeland. Adhere to the principle of ecologically benefiting the people and ecologically benefiting the people, and carry out voluntary tree planting, public welfare and environmental protection and other voluntary actions on a regular basis. In the first half of the year, various units carried out volunteer services more than 50 times, and more than 780 employees took part in relays to protect green waters and green mountains with every effort. Fifth, loving assistance conveys warmth and gathers the "heart-warming river" of great love. Accurately connect the "micro-wishes" of people in need, and regularly carry out public welfare activities such as donating to support education, respecting the elderly and caring for the young. Songguang Civil Explosion and Xingyang Municipal Civil Affairs Bureau care for children in need, Chizhou branch sends love materials and safety knowledge to needy children, Xiangqi Company has opened summer care classes for five consecutive years, and Hunan Technology Company visits nursing homes to provide warm companionship. Small acts of kindness gather together into a warm current of love from central enterprises, flowing to the grassroots, and effectively conveying the warmth of central enterprises to the hearts of the people.

In the second half of 2026, the company will continue to maintain strategic focus, keep the "biggest player in the country" in mind, anchor high-quality development and ESG governance goals, and continue to deepen the long-term mechanism of social responsibility. We must bravely shoulder heavy responsibilities in emergency rescue and disaster relief, work intensively in community co-construction, take the lead in green and low-carbon demonstrations, and devote ourselves to rural revitalization, so that development results can benefit the people more and more equitably, serve the national strategic overall situation with practical results, and contribute more to the harmonious development of the economy and society.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Section 5 Important Matters

Commitments made by the company’s actual controller, shareholders, related parties, acquirers, the company and other relevant parties that have been fulfilled during the reporting period and have been overdue as of the end of the reporting period.

Applicable □Not applicable

Commitment Commitment Commitment Reason for fulfilling commitment Commitment party Content of commitment

Type Time Duration Circumstances

Commitment to shareholding reform None

Acquisition Report

book or interest

Change Report None

Made in the book

Commitment

Before this transaction, the company and Yipuli maintained independence in assets, personnel, finance, organization and business. In order to ensure that after the completion of this transaction,

The Company has made the following commitments regarding the independence of Gezhouba and Nanling Civil Explosives: 1. The Company will maintain

Gezhouba Group protects the independence of Nanling Civil Explosives and maintains asset independence and personnel independence from Nanling Civil Explosives. Strict listing in 2023

League, China Independent, financially independent, institutionally independent, and business independent. 2. The company strictly abides by the mid-year 02 long-term fulfillment company

The provisions of China Energy Construction and the China Securities Regulatory Commission on the independence of listed companies shall not be used to ensure independence.

The holding position of National Energy Construction Group violated the standardized operating procedures of Nanling Civil Explosives and interfered in the operation of Nanling Civil Explosives. sexual

group policy and harm the legitimate rights and interests of Nanling Civil Explosives and other shareholders. If the company violates the above commitments

It promises that the company will bear corresponding legal liability if it causes losses to Nanling Civil Explosives and other shareholders.

The Company and its subsidiaries China Gezhouba Group First Engineering Co., Ltd., China Gezhouba Group Second Engineering Co., Ltd., China Gezhouba Group Road and Bridge Engineering Co., Ltd., China Gezhouba Group Three Gorges Construction Engineering Co., Ltd., China Gezhouba Group Municipal Engineering Co., Ltd., China Gezhouba Group Electric Power Co., Ltd., Gezhouba Wuhan Road Materials Co., Ltd. and other enterprises (hereinafter referred to as "relevant enterprises") currently undertake general contracting business of mining engineering construction or blasting operation-related business and Nanling Civil Explosion's main business (mine blasting integrated services, blasting service asset restructuring There is a certain overlap in the business, civil blasting equipment production and sales), and the company promises that in the future, Nanling Civil Explosives will be the only platform for the company to implement mining engineering construction general contracting and blasting related businesses. (1) Regarding the general contracting or blasting operations of existing mining projects currently being carried out by the company and its affiliated companies,

Within five years from the effective date of this commitment, the company will coordinate relevant enterprises to negotiate with the owner on the condition that they comply with the requirements of laws and regulations, the business contracts signed by relevant enterprises and the owner, etc. 2023 Long-term implementation of Gezhouba, and hand over the relevant business to Nanling Civil Explosion and/or competition subsidiaries under its actual control, or comprehensively use entrusted management, asset reorganization, and other commitments. Through various methods such as business adjustment, we will steadily promote the integration of relevant businesses to resolve horizontal competition.

question. (2) In addition to the existing existing business, unless Nanling Civil Explosives and the companies it controls give up relevant business opportunities, the company and its related companies will no longer undertake any new mining engineering construction general contracting or blasting operation-related business.

For the equity held by the Company in Ningxia Tianchang Civil Explosive Equipment Co., Ltd. and Liaoyuan Zhuoli Chemical Co., Ltd., the Company will entrust Nanling Civil Explosives and/or its actually controlled subsidiaries to manage the daily production and operation of these companies, and in the Nanling Civil Explosives acquired by the Company through this transaction. Within five years from the date of issuance and listing of the shares, horizontal competition will be completely eliminated by deregistering and shutting down or transferring the equity of Ningxia Tianchang Civil Explosive Equipment Co., Ltd. and Liaoyuan Zhuoli Chemical Co., Ltd. to Nanling Civil Explosives and/or its actually controlled subsidiaries, or third parties not related to the company. 3. Except for the above circumstances, as of the effective date of this commitment letter

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

As of 2020, the Company and the enterprises controlled by the Company have not engaged in any form of business or activities within or outside China that constitute or may constitute horizontal competition with the main business currently engaged in by Yipuli, Nanling Civil Explosives and the enterprises controlled by it. 4. After the completion of this transaction, if the company or the companies controlled by the company further expand the business scope or Nanling Civil Explosives further expands the business scope, the company or the companies controlled by the company compete with the main business of Nanling Civil Explosives, then the company will actively negotiate with Nanling Civil Explosives Adopt solutions including but not limited to stopping the production or operation of competing businesses by the company or other companies controlled by the company; or incorporating competing businesses into Nanling Civil Explosives; or transferring competing businesses to unrelated third parties, etc., to avoid horizontal competition with Nanling Civil Explosives. 5. If the company or the companies controlled by the company discover any new business opportunities that constitute or may constitute a direct or indirect competitive relationship with the main business of Nanling Civil Explosion and the enterprises it controls, Nanling Civil Explosion shall be notified in writing to the extent reasonably feasible and the business opportunity shall be provided to Nanling Civil Explosion and the enterprises controlled by it on reasonable and fair terms and conditions. (1) If Nanling Civil Explosives and the companies controlled by it explicitly give up the above-mentioned new business opportunities, or fail to notify the Company in writing whether to accept the above-mentioned new business opportunities within 15 days after receiving the above-mentioned written notice from the Company, the Company or the companies controlled by the Company may engage in the new business. When Nanling Civil Explosion and the companies controlled by it believe that the time is ripe for injecting the new business, Nanling Civil Explosion and the companies it controls have the right to acquire any equity, assets and other rights and interests in the new business from the company or the companies controlled by the company at one time or in installments, or Nanling Civil Explosion may choose to entrust, lease or contract to operate the assets or business of the company or the companies controlled by the company in the new business in accordance with national laws and regulations. (2) If the company or the companies controlled by the company intend to transfer, sell, lease, license or otherwise transfer or allow the use of assets and businesses that constitute or may constitute a direct or indirect competitive relationship with the main business of Nanling Civil Explosives and the companies it controls, the company and the companies controlled by the company will provide Nanling Civil Explosives and the companies it controls with priority in acquiring such assets and businesses. 6. The company will compensate Nanling Civil Explosives and the companies it controls for all actual losses, damages and expenses suffered/incurred due to the violation of any terms of this commitment letter by the company or the companies controlled by the company. 7. This letter of commitment will be effective from the date this transaction is approved by the China Securities Regulatory Commission and will terminate when the following circumstances occur (whichever is earlier): (1) The company is no longer regarded as the controlling shareholder of Nanling Civil Explosion according to the rules of the relevant stock exchanges or relevant regulations; or (2) Nanling Civil Explosion's stocks are terminated from listing (except for the temporary suspension of trading of Nanling Civil Explosion's stocks for any reason).

The company's subsidiaries include Gezhouba, China Gezhouba Group First Engineering Co., Ltd., China Gezhouba Group Second Engineering Co., Ltd., China Gezhouba Group Road and Bridge Engineering Co., Ltd., China Gezhouba Group Three Gorges Construction Engineering Co., Ltd., China Gezhouba Group Municipal Engineering Co., Ltd., China Gezhouba Group Electric Power Co., Ltd., and Gezhouba Wuhan Road Materials Co., Ltd. The company and other enterprises (hereinafter referred to as "relevant enterprises") currently undertake mining engineering construction general contracting business or blasting operation-related business. There is a certain overlap with Nanling Civil Explosion's main business (mine blasting integrated services, blasting services, civilian blasting equipment production and sales). The company promises that in the future, Nanling Civil Explosion will be used as the company's implementation of mining engineering construction general contracting and blasting operations. The only platform for business related matters. (1) For existing mining engineering construction general contracting or blasting operation-related businesses that are currently being avoided by relevant subsidiaries of the Company, the Company will coordinate the relevant enterprises within five years from the effective date of this commitment to effectively undertake the undertakings with the owners on the premise of complying with laws and regulations, and the business contracts signed between the relevant enterprises and the owners within five years from the date of this commitment. The unit negotiated and handed over the relevant business to Nanling Civil Explosives and/or its actual control of Japan. Nuo subsidiaries implement, or comprehensively use various methods such as entrusted management, asset restructuring, business adjustment, etc., to steadily promote the integration of relevant businesses to solve the problem of horizontal competition. (2) In addition to the existing existing business, unless Nanling Civil Explosives and the companies it controls give up relevant business opportunities, the company's related companies will no longer undertake any new mining engineering construction general contracting or blasting operation-related business. 2. For the equity interests of Ningxia Changchang Civil Explosive Equipment Co., Ltd. and Liaoyuan Zhuoli Chemical Co., Ltd. held by the company's subsidiaries, the company will coordinate the relevant enterprises to entrust Nanling Civil Explosives and/or its actually controlled subsidiaries to manage the daily production and operation of these companies, and within five years from the date of the issuance and listing of the Nanling Civil Explosives shares obtained by Gezhouba through this transaction, cancel or close Ningxia Changchang Civil Explosive Equipment Co., Ltd. and Liaoyuan

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

The equity of Zhuoli Chemical Co., Ltd. will be transferred to Nanling Civil Explosives and/or its actually controlled subsidiaries, or third parties not related to the company, in order to completely eliminate horizontal competition. 3. Except for the above circumstances, as of the effective date of this commitment letter, the company and the companies controlled by the company have not engaged in any form of business or activities within or outside China that constitute or may constitute horizontal competition with the main business currently engaged in by Yipuli, Nanling Civil Explosives and the companies they control. 4. After the completion of this transaction, if the company or the companies controlled by the company further expand the business scope or Nanling Civil Explosives further expands the business scope, the company or the companies controlled by the company compete with the main business of Nanling Civil Explosives, then the company will actively negotiate with Nanling Civil Explosives Adopt solutions including but not limited to stopping the production or operation of competing businesses by the company or other companies controlled by the company; or incorporating competing businesses into Nanling Civil Explosives; or transferring competing businesses to unrelated third parties, etc., to avoid horizontal competition with Nanling Civil Explosives. 5. If the company or the companies controlled by the company discover any new business opportunities that constitute or may constitute a direct or indirect competitive relationship with the main business of Nanling Civil Explosion and the enterprises it controls, Nanling Civil Explosion shall be notified in writing to the extent reasonably feasible and the business opportunity shall be provided to Nanling Civil Explosion and the enterprises controlled by it on reasonable and fair terms and conditions. (1) If Nanling Civil Explosives and the companies controlled by it explicitly give up the above-mentioned new business opportunities, or fail to notify the Company in writing whether to accept the above-mentioned new business opportunities within 15 days after receiving the above-mentioned written notice from the Company, the Company or the companies controlled by the Company may engage in the new business. When Nanling Civil Explosion and the companies controlled by it believe that the time is ripe for injecting the new business, Nanling Civil Explosion and the companies it controls have the right to acquire any equity, assets and other rights and interests in the new business from the company or the companies controlled by the company at one time or in installments, or Nanling Civil Explosion may choose to entrust, lease or contract to operate the assets or business of the company or the companies controlled by the company in the new business in accordance with national laws and regulations. (2) If the company or the companies controlled by the company intend to transfer, sell, lease, license or otherwise transfer or allow the use of assets and businesses that constitute or may constitute a direct or indirect competitive relationship with the main business of Nanling Civil Explosives and the companies it controls, the company and the companies controlled by the company will provide Nanling Civil Explosives and the companies it controls with priority in acquiring such assets and businesses. 6. The company will compensate Nanling Civil Explosives and the companies it controls for all actual losses, damages and expenses suffered/incurred due to the violation of any terms of this commitment letter by the company or the companies controlled by the company. 7. This letter of commitment will be effective from the date this transaction is approved by the China Securities Regulatory Commission and will terminate when the following circumstances occur (whichever is earlier): (1) The company is no longer regarded as the controlling shareholder of Nanling Civil Explosion according to the rules of the relevant stock exchanges or relevant regulations; or (2) Nanling Civil Explosion's stocks are terminated from listing (except for the temporary suspension of trading of Nanling Civil Explosion's stocks for any reason).

The company’s subsidiaries include Gezhouba, China Gezhouba Group First Engineering Co., Ltd., China Gezhouba Group Second Engineering Co., Ltd., China Gezhouba Group Third Engineering Co., Ltd., China Gezhouba Group Road and Bridge Engineering Co., Ltd., China Mining projects currently undertaken by enterprises such as China Gezhouba Group Three Gorges Construction Engineering Co., Ltd., China Gezhouba Group Municipal Engineering Co., Ltd., China Gezhouba Group Electric Power Co., Ltd., Gezhouba Wuhan Road Materials Co., Ltd., Gezhouba Xinjiang Engineering Bureau (Co., Ltd.), China Energy Construction Group Guangxi Hydropower Engineering Bureau Co., Ltd., China Energy Construction East China Runye Engineering Construction Co., Ltd. (hereinafter referred to as "relevant enterprises")

The company promises that in the future, Nanling Civil Explosion will be the only platform for the company to compete in the general contracting of mining engineering construction and blasting operations related businesses in the future. promise. (1) Regarding the existing mining projects currently being carried out by the relevant subsidiaries of the company,

For business related to construction general contracting or blasting operations, the Company will coordinate relevant enterprises within five years from the date of the effective date of this commitment to negotiate with the owner on the premise of complying with laws and regulations, business contracts signed by relevant enterprises and the owner, and hand over the relevant business to Nanling Civil Explosives and/or its actually controlled subsidiaries, or comprehensively use entrusted management, asset restructuring, business adjustment and other methods to steadily promote the integration of relevant businesses to solve the problem of horizontal competition. (2) In addition to the existing existing business, unless Nanling Civil Explosives and the companies controlled by it give up relevant business opportunities, the company's related companies will no longer undertake any new mining engineering construction general contracts.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Packaging and blasting operations related businesses. 2. For our company For the equity interests of Ningxia Tianchang Civil Explosive Equipment Co., Ltd. and Liaoyuan Zhuoli Chemical Co., Ltd. held by its affiliated enterprises, the company will coordinate with the relevant enterprises to entrust Nanling Civil Explosives and/or its actually controlled subsidiaries to manage the daily production and operation of these companies, and in Nanling acquired through this transaction from Gezhouba Within five years from the date of issuance and listing of civil explosive shares, horizontal competition will be completely eliminated by deregistering and shutting down or by transferring the equity of Ningxia Tianchang Civil Explosive Equipment Co., Ltd. and Liaoyuan Zhuoli Chemical Co., Ltd. to Nanling Civil Explosives and/or its actually controlled subsidiaries, or third parties not related to the company. 3. Except for the above circumstances, as of the effective date of this commitment letter, the company and the companies controlled by the company have not engaged in any form of business or activities within or outside China that constitute or may constitute horizontal competition with the main business currently engaged in by Yipuli, Nanling Civil Explosives and the companies they control. 4. After the completion of this transaction, if the company or the companies controlled by the company further expand the business scope or Nanling Civil Explosives further expands the business scope, the company or the companies controlled by the company compete with the main business of Nanling Civil Explosives, then the company will actively negotiate with Nanling Civil Explosives Adopt solutions including but not limited to stopping the production or operation of competing businesses by the company or other companies controlled by the company; or incorporating competing businesses into Nanling Civil Explosives; or transferring competing businesses to unrelated third parties, etc., to avoid horizontal competition with Nanling Civil Explosives. 5. If the company or the companies controlled by the company discover any new business opportunities that constitute or may constitute a direct or indirect competitive relationship with the main business of Nanling Civil Explosion and the enterprises it controls, Nanling Civil Explosion shall be notified in writing to the extent reasonably feasible and the business opportunity shall be provided to Nanling Civil Explosion and the enterprises controlled by it on reasonable and fair terms and conditions. (1) If Nanling Civil Explosives and the companies controlled by it explicitly give up the above-mentioned new business opportunities, or fail to notify the Company in writing whether to accept the above-mentioned new business opportunities within 15 days after receiving the above-mentioned written notice from the Company, the Company or the companies controlled by the Company may engage in the new business. When Nanling Civil Explosion and the companies controlled by it believe that the time is ripe for injecting the new business, Nanling Civil Explosion and the companies it controls have the right to acquire any equity, assets and other rights and interests in the new business from the company or the companies controlled by the company at one time or in installments, or Nanling Civil Explosion may choose to entrust, lease or contract to operate the assets or business of the company or the companies controlled by the company in the new business in accordance with national laws and regulations. (2) If the company or the companies controlled by the company intend to transfer, sell, lease, license or otherwise transfer or allow the use of assets and businesses that constitute or may constitute a direct or indirect competitive relationship with the main business of Nanling Civil Explosives and the companies it controls, the company and the companies controlled by the company will provide Nanling Civil Explosives and the companies it controls with priority in acquiring such assets and businesses. 6. The company will compensate Nanling Civil Explosives and the companies it controls for all actual losses, damages and expenses suffered/incurred due to the violation of any terms of this commitment letter by the company or the companies controlled by the company. 7. This letter of commitment will be effective from the date this transaction is approved by the China Securities Regulatory Commission and will terminate when the following circumstances occur (whichever is earlier): (1) The company is no longer regarded as the controlling shareholder of Nanling Civil Explosion according to the rules of the relevant stock exchanges or relevant regulations; or (2) Nanling Civil Explosion's stocks are terminated from listing (except for the temporary suspension of trading of Nanling Civil Explosion's stocks for any reason).

About the company's subsidiaries Gezhouba, China Gezhouba Group First Engineering Co., Ltd., China Gezhouba Group Second Engineering Co., Ltd., China Gezhouba Group Third Engineering Co., Ltd., China Gezhouba Group Road and Bridge Engineering Co., Ltd., China Gezhouba Group Three Gorges Construction Engineering Co., Ltd., China Gezhouba Group Municipal Engineering Co., Ltd., China Gezhouba Group Electric Power Co., Ltd., and Gezhouba Wuhan Road Materials

Materials Co., Ltd., Gezhouba Xinjiang Engineering Bureau (Co., Ltd.), and China Energy Construction to avoid 2023 Strict Group Guangxi Hydropower Engineering Bureau Co., Ltd., China Energy Construction East China Runye Engineering Construction Co., Ltd. China Energy Construction peers Year 02 Long-term Fulfillment companies and other enterprises (hereinafter referred to as "relevant enterprises") are currently undertaking mining engineering construction group competition Month 03 Valid General contracting business or blasting operation-related business is related to Nanling Civil Explosion's main business (the contracting of mines) No. Integrated blasting services, blasting services, civilian blasting equipment production and sales) exist in No.

There must be overlap, and the company promises that in the future, Nanling Civil Explosives will be the company's only platform to implement mining engineering construction general contracting and blasting operations related businesses. (1) For existing mining engineering construction general contracting or blasting operations related businesses that are currently being carried out by relevant subsidiaries of the company, the company will coordinate the business between the relevant enterprises within five years from the effective date of this commitment in compliance with laws and regulations and signed between the relevant enterprises and the owner units.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Under the premise of contract and other requirements, negotiate with the owner to hand over the relevant business to Nanling Civil Explosives and/or its actually controlled subsidiaries, or comprehensively use various methods such as entrusted management, asset restructuring, business adjustment, etc. to steadily promote the integration of relevant businesses to solve the problem of horizontal competition. (2) In addition to the existing existing business, unless Nanling Civil Explosives and the companies it controls give up relevant business opportunities, the company's related companies will no longer undertake any new mining engineering construction general contracting or blasting operation-related business. 2. For the equity interests of Ningxia Tianchang Civil Explosive Equipment Co., Ltd. and Liaoyuan Zhuoli Chemical Co., Ltd. held by the company's subsidiaries, the company will coordinate with the relevant companies to entrust Nanling Civil Explosives and/or its actually controlled subsidiaries to manage the daily production and operation of these companies, and obtain the shares from Gezhouba through this transaction. Within five years from the date of issuance and listing of Nanling Civil Explosives shares, horizontal competition will be completely eliminated by canceling and shutting down or transferring the equity of Ningxia Tianchang Civil Explosives Equipment Co., Ltd. and Liaoyuan Zhuoli Chemical Co., Ltd. to Nanling Civil Explosives and/or its actually controlled subsidiaries, or third parties not related to the company. 3. Except for the above circumstances, as of the effective date of this commitment letter, the company and the companies controlled by the company have not engaged in any form of business or activities within or outside China that constitute or may constitute horizontal competition with the main business currently engaged in by Yipuli, Nanling Civil Explosives and the companies they control. 4. After the completion of this transaction, if the company or the companies controlled by the company further expand the business scope or Nanling Civil Explosives further expands the business scope, the company or the companies controlled by the company compete with the main business of Nanling Civil Explosives, then the company will actively negotiate with Nanling Civil Explosives Adopt solutions including but not limited to stopping the production or operation of competing businesses by the company or other companies controlled by the company; or incorporating competing businesses into Nanling Civil Explosives; or transferring competing businesses to unrelated third parties, etc., to avoid horizontal competition with Nanling Civil Explosives. 5. If the company or the companies controlled by the company discover any new business opportunities that constitute or may constitute a direct or indirect competitive relationship with the main business of Nanling Civil Explosion and the enterprises it controls, Nanling Civil Explosion shall be notified in writing to the extent reasonably feasible and the business opportunity shall be provided to Nanling Civil Explosion and the enterprises controlled by it on reasonable and fair terms and conditions. (1) If Nanling Civil Explosives and the companies controlled by it explicitly give up the above-mentioned new business opportunities, or fail to notify the Company in writing whether to accept the above-mentioned new business opportunities within 15 days after receiving the above-mentioned written notice from the Company, the Company or the companies controlled by the Company may engage in the new business. When Nanling Civil Explosion and the companies controlled by it believe that the time is ripe for injecting the new business, Nanling Civil Explosion and the companies it controls have the right to acquire any equity, assets and other rights and interests in the new business from the company or the companies controlled by the company at one time or in installments, or Nanling Civil Explosion may choose to entrust, lease or contract to operate the assets or business of the company or the companies controlled by the company in the new business in accordance with national laws and regulations. (2) If the company or the companies controlled by the company intend to transfer, sell, lease, license or otherwise transfer or allow the use of assets and businesses that constitute or may constitute a direct or indirect competitive relationship with the main business of Nanling Civil Explosives and the companies it controls, the company and the companies controlled by the company will provide Nanling Civil Explosives and the companies it controls with priority in acquiring such assets and businesses. 6. The company will compensate Nanling Civil Explosives and the companies it controls for all actual losses, damages and expenses suffered/incurred due to the violation of any terms of this commitment letter by the company or the companies controlled by the company. 7. This letter of commitment will be effective from the date this transaction is approved by the China Securities Regulatory Commission and will terminate when the following circumstances occur (whichever is earlier): (1) The company is no longer regarded as the controlling shareholder of Nanling Civil Explosion according to the rules of the relevant stock exchanges or relevant regulations; or (2) Nanling Civil Explosion's stocks are terminated from listing (except for the temporary suspension of trading of Nanling Civil Explosion's stocks for any reason).

Before this transaction, the related transactions between the company and Yipuli were legal, necessary, reasonable and fair, and the review procedures were compliant and the information disclosure was standardized. This Gezhouba, About

The company now regulates and reduces related-party transactions after the completion of this transaction, and hereby Gezhouba Group Standards 2023 strictly makes the following commitments: 1. After the completion of this transaction, the company, the company's control group, and other companies in China will try their best to reduce related transactions with Nanling Civil Explosives and the companies it controls. After the completion of this transaction, if it is unavoidable or there are reasonable reasons to maintain the commitment of the National Energy Administration. In the related transaction, the company and other companies controlled by the company will cooperate with Nanling Civil Explosive Group No.

and the enterprises it controls shall proceed in accordance with the principles of fairness, equity and equal compensation, and shall sign an agreement with Nanling Civil Explosives and the enterprises it controls in accordance with the law, and the transaction price shall be based on the market recognized

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Determine reasonable prices and perform transaction approval procedures and information disclosure obligations in accordance with relevant laws, regulations and normative documents. 2. The company will comply with relevant laws, regulations and other normative documents as well as the Articles of Association of Nanling Civil Explosives and the related transaction decision-making system, perform related transaction decision-making procedures, disclose information in a timely manner, and will not damage the legitimate rights and interests of Nanling Civil Explosives and other shareholders of Nanling Civil Explosives through related transactions.

The company will exercise corresponding rights and assume corresponding obligations in accordance with the Articles of Association of Nanling Civil Explosives Company, and will not use its status as a related party to seek improper benefits. 4. The company will not use related transactions to illegally transfer the funds and profits of Nanling Civil Explosion, nor will it illegally occupy the funds of Nanling Civil Explosion through borrowings, debt repayments, advances or any other means. It will not require Nanling Civil Explosion and the companies it controls to provide illegal guarantees for the company and other companies controlled by the company, and will not damage the legitimate rights and interests of Nanling Civil Explosion and other shareholders of Nanling Civil Explosion.

As the controlling shareholder/concert party of the controlling shareholder of the listed company before the completion of this transaction, and the listed company's shareholders holding more than 5% of the shares after the completion of this transaction, the company now regulates and reduces related transactions and hereby makes the following commitments: 1. The company and other companies controlled by the company will try to reduce related transactions with the listed company and the companies it controls. For related transactions that are unavoidable or have reasonable reasons, the company and other companies controlled by the company will conduct transactions with the listed company and the companies it controls in accordance with the principles of fairness, equity and equal compensation.

The companies it controls sign agreements in accordance with the law and perform transaction approval procedures and information disclosure obligations in accordance with relevant laws, regulations and normative documents. 2. The company will comply with the relevant laws, regulations and other normative documents of the group and Shenzhen, the articles of association of listed companies, and the related transaction decision-making system, perform the related transaction decision-making procedures, and implement the commitments in a timely manner as required. conduct information disclosure, and do not damage the listed company and other shares of the listed company through related transactions.

Dong’s legitimate rights and interests. 3. The company will exercise corresponding rights and assume corresponding obligations in accordance with the articles of association of the listed company, and will not use its status as a related party to seek improper benefits. 4. The company will not use related transactions to illegally transfer the funds and profits of the listed company, nor will it illegally occupy the funds of the listed company by borrowing, repaying debts, advancing funds, or any other means. It will not require the listed company and the companies it controls to provide illegal guarantees for the company and other companies controlled by the company, and will not harm the legitimate rights and interests of the listed company and other shareholders of the listed company.

The shares of the listed company obtained by the company through this transaction will not be transferred within 36 months from the date of listing of the shares (transfers between different entities controlled by the same actual controller will not be restricted by the lock-in period of the shares). At the expiration of the aforementioned lock-up period, if the company must perform share compensation obligations to the listed company and such share compensation obligations have not yet been completed, the lock-in period for the shares of the listed company obtained by the company through this transaction will be extended to the date when the aforementioned compensation obligations are completed.
Within 6 months after the completion of this transaction, if the closing price of the listed company's stock for 20 consecutive trading days is lower than the issuance price, or the closing price at the end of 6 months after the completion of this transaction is lower than the issuance price, the lock-in period of the consideration shares held by the company will be automatically extended for 6 months (if the listed company during the above period occurs ex-rights and ex-dividend events such as the distribution of cash dividends, stock dividends, conversion of capital reserves into share capital, allotment of shares, etc.) If the above-mentioned issuance price has been adjusted ex-dividend and ex-rights, the price will be calculated as follows:

2023 2026 committed shares (calculated). 3. After the completion of this transaction, the consideration shares held by the company will be

Year 02 Year 02 Implementation of Gezhouba Lock-in Increase due to the company's distribution of stock dividends, conversion of capital reserve funds into share capital, allotment of shares, etc.

The shares pledged on March 3 shall also comply with the aforementioned lock-up period agreement. 4. If the above lock-up period is different from the securities

Day after day. If the company does not comply with the latest regulatory opinions of the relevant securities regulatory agencies, the company will make corresponding adjustments based on the latest regulatory opinions of the relevant securities regulatory agencies; after the expiration of the above-mentioned share lock-up period, it will be implemented in accordance with the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange.

If this transaction is investigated by the judicial authorities or the China Securities Regulatory Commission because the information provided or disclosed is suspected of false records, misleading statements or major omissions, the company will not transfer the shares it has interests in in the listed company until the conclusion of the case investigation is clear, and will suspend the written application and stock transfer within two trading days of receiving the notice of investigation. The voting account is submitted to the board of directors of the listed company, and the board of directors of the listed company will apply to the stock exchange and the registration and clearing company for locking on its behalf; if the locking application is not submitted within two trading days, the board of directors of the listed company is authorized to directly submit the company's identity information and account information to the stock exchange and the registration and clearing company after verification and apply for locking; the board of directors of the listed company does not submit the lock application to the stock exchange and the registration and clearing company.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

If the registration and clearing company submits the company's identity information and account information, the stock exchange and the registration and clearing company are authorized to directly lock the relevant shares. If the investigation concludes that there are violations of laws and regulations, the company promises to lock up the shares and voluntarily use them for relevant investor compensation arrangements. 6. If the company cancels before the completion of this transaction or within the promised lock-up period of the above-mentioned shares, China Gezhouba Group Co., Ltd. will continue to fulfill its commitment during the above-mentioned lock-up period.

As of the date of issuance of this commitment letter, China Energy Construction Co., Ltd. has completed the above

City, China Gezhouba Group Co., Ltd. has terminated its listing, but has not yet canceled its 2023 2026 committed shares.

Gezhouba collector qualification. If China Gezhouba Group Co., Ltd. implements the lock-in before the completion of this transaction or in 2020

If the group is canceled within the committed share lock-up period, the company will continue to fulfill the commitment of China Gezhou on March 03.

The share lock-up made by Ba Group Co., Ltd. on the shares acquired in this transaction will be completed on . promise

Regular commitment.

As of the date of this letter, I hold a total of 2,600,526 shares of Yipuli. Among them, 1,300,263 shares were transferred by me from Tan Shiyun in July 2022. 2. If I have continued to own the 1,300,263 shares of Yipuli transferred from Tan Shiyun for less than 12 months when I obtained the shares in this issuance, I promise that 50% of all the shares acquired through this transaction will not be transferred within 24 months from the date of listing of the shares in this issuance, and the remaining shares will be 36 from the date of listing of the shares in this issuance. If I have continued to own the 1,300,263 shares of Yipu Li transferred from Tan Shiyun for more than 12 months (inclusive) when I obtained the shares issued this time, I promise not to transfer all the shares acquired through this transaction within 24 months from the date of listing of the shares issued this time (but if the transfer is between different entities controlled by the same actual controller, it will not be restricted by the lock-in period of the shares). At the expiration of the aforementioned lock-up period, if I have to perform share compensation obligations to the listed company and the share compensation obligations have not yet been completed, the lock-in period for the shares of the listed company acquired by me through this transaction will be extended to the date when the aforementioned compensation obligations are completed. 3. Within 6 months after the completion of this transaction, if the closing price of the listed company's stock for 20 consecutive trading days is lower than the issuance price, or the closing price at the end of 6 months after the completion of this transaction is lower than the issuance price, the lock-up period of the consideration shares held by me will be automatically extended for 6 months (if the closing price is lower than the issuance price for 20 consecutive trading days)

Listed companies distributed cash dividends, stock dividends, and capital reserves during the above period 2023 2026 Commitment of shares

If there are any ex-rights or ex-dividend events such as capital increase, allotment of shares, etc., then the above issuance price has been locked in 2002 by Chen Jiahua.

Price calculation after adjustments for ex-dividends and ex-rights). 4. After the completion of this transaction, my commitment will be completed on March 3

The consideration shares held are due to the distribution of stock dividends by the listed company and the transfer of capital reserve funds to the end of the day. promise

Shares increased due to reasons such as equity capital, allotment of shares, etc. shall also comply with the aforementioned lock-up period agreement.

If the above lock-up period is inconsistent with the latest regulatory opinions of the securities regulatory agencies, I will make corresponding adjustments based on the latest regulatory opinions of the relevant securities regulatory agencies; after the expiration of the above-mentioned share lock-up period, it will be implemented in accordance with the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange. 6. If this transaction is investigated by the judicial authorities or the China Securities Regulatory Commission because the information provided or disclosed is suspected of false records, misleading statements or major omissions, I will not transfer the shares I own in the listed company until the conclusion of the case investigation is clear, and I will submit a written application and stock account for suspension of transfer to the board of directors of the listed company within two trading days of receiving the notice of investigation. I apply for locking to the stock exchange and the registration and clearing company; if the lock application is not submitted within two trading days, the board of directors of the listed company is authorized to directly submit my identity information and account information to the stock exchange and the registration and clearing company after verification and apply for locking; if the board of directors of the listed company fails to submit my identity information and account information to the stock exchange and the registration and clearing company, the board of directors of the listed company is authorized to directly lock the relevant shares. If the investigation concludes that there are violations of laws and regulations, I promise to lock up the shares and voluntarily use them for relevant investor compensation arrangements. 7. If there is any inconsistency between the commitment letter regarding share lock-up issued by me previously and this commitment, this commitment shall prevail.
The shares of the listed company that the company already held before this transaction have been

Yifa shares shall not be transferred within 36 months from the date of listing. If this transaction ends 2023 2026 Commitment Nanling Chemical shares

has been terminated or failed to be implemented. From the date this transaction is terminated or determined not to be implemented, the aforementioned 02 Year 02 Fulfillment Group, Shen Lock

The share lock commitment will be lifted. 2. During the above-mentioned lock-up period, due to the completion of the investment commitment of the listed company on March 3,

The increase in shares due to distribution of stock dividends, transfer of capital reserves to share capital, allotment of shares and other reasons is completed on the day. promise

shares shall also comply with the aforementioned lock-up period agreement. 3. If the above lock-up period is inconsistent with securities supervision

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

If the latest regulatory opinions of the institutions are inconsistent with the latest regulatory opinions of the relevant securities regulatory agencies, the company will make corresponding adjustments according to the latest regulatory opinions of the relevant securities regulatory agencies; after the expiration of the above-mentioned share lock-up period, it will be implemented in accordance with the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange.

Yipuli and its subsidiaries used leased land to build civil explosive warehouses and ancillary facilities, and did not obtain ownership certificates for part of the land or buildings used.

The company/I will provide all necessary assistance to Yipuli and its subsidiaries to resolve issues such as the use period of some land has expired (including but not limited to finding Gezhouba,

Yip replaces production buildings with complete certificates and complies with the plan, and completes the transfer review of defective land 2023 Strict Panzhihua Iron and Steel Mine

Ability to approve and allocate land use right holder changes and leasing approval procedures, and handle land use Year 02 Long-term implementation business, 23 people

Relevant renewal procedures and related housing re-submission and construction application procedures, etc.) to avoid the impact on Yipuli Month 03 Effective natural person shares

This has caused significant adverse effects on the production and operations of Xiang and its subsidiaries. 2. Ruoyi Puli is a good person. East

Commitment: If Yipli and its subsidiaries are punished by the competent authorities due to the above-mentioned problems, or are required to relocate or pay land rent, land transfer fees (including late fees and other related fees), causing losses to Yipuli and its subsidiaries, the company/I will act in accordance with the company/

I will be compensated for the proportion of Ipli shares I held before this reorganization.

about

Gezhouba, For the anti-monopoly investigation of Gezhouba Yipuli Guangxi Weiqi Chemical Co., Ltd. Yipu 2023 Strict Pangang Mining Project, Yipuli and its holding subsidiaries have unfinished litigation and arbitration matters as of the date of issuance of this letter. Year 02 Long-term performance, 23 people. If it results in losses to Yipuli or its holding subsidiaries, this matter will be natural person shares in effect. The company/I will make a promise based on the date of the Yipli shares held by the company/I before this transaction. Compensation will be made at Eastern proportion.

Commitment

About

inherit

China

Gezhou The company recognizes and accepts this transaction plan. If China Gezhouba Group Co., Ltd. is canceled before the completion of this transaction, the company will inherit China Gezhouba Group Co., Ltd.’s position as the counterparty in this transaction, the Yipuli shares held by China Gezhouba Group Co., Ltd. and all rights and obligations of this transaction.

The 2023 strictly limited company will be inherited by the company; if China Gezhouba Group Co., Ltd. cancels the long-term performance company after the completion of this transaction in 2023, China Gezhouba Group Co., Ltd. will acquire the effective shares of the listed company in 2023 through this transaction and all rights and obligations under this transaction will be transferred to the company.

Japanese promise. The trading company is inherited. The company promises that it will effectively perform all its rights and obligations under this transaction after inheriting the aforementioned shares of Yipuli or the shares of the listed company. If the company fails to perform or fails to fully perform any of the agreed rights and obligations, causing losses to the listed company or the investors, it will be compensated in accordance with the law.

obligation

say

Ming

first public

issue or reissue

None

Financing time

make a promise

Equity incentives

None

Commitment

Other business partners

Small and medium-sized companies

None

Inherited by the East

promise

Some directors

2026 Strict Shareholding Strictly abide by relevant laws and regulations, do not engage in insider trading, sensitive period trading, senior management, fulfill other commitments, increase holdings and short-term trading, and do not reduce the holdings of personnel and their company shares during the implementation period of the holdings increase plan and within the legal period, and will complete the holdings increase plan within the above implementation period.

He manages the people of Japan and Nuo. member

Is the commitment

Yes

Fulfill on time

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Exceed as promised

Not fulfilled within the period

finished,

should be detailed

The explanation is not finished

None

fulfilled

specific reasons

and next step

work plan

row

Non-operating capital occupation of listed companies by controlling shareholders and other related parties □Applicable Not applicable

During the company's reporting period, there was no non-operational occupation of funds by the controlling shareholder or other related parties of the listed company.

3. Illegal external guarantees

□Applicable Not applicable

The company had no illegal external guarantees during the reporting period.

Appointment and dismissal of accounting firms. Whether the semi-annual financial report has been audited

□Yes No

The company's semi-annual report has not been audited.

The board of directors’ explanation of the accounting firm’s “non-standard audit report” for this reporting period □ Applicable  Not applicable
Explanation of the Board of Directors on the “Non-standard Audit Report” of the previous year □ Applicable  Not applicable

7. Matters related to bankruptcy and reorganization

□Applicable Not applicable

The company had no bankruptcy or reorganization related matters during the reporting period.

8. Litigation matters

Major litigation and arbitration matters

Applicable □Not applicable

Whether litigation (arbitration) litigation (arbitration)

Amount involved Formation Litigation (arbitration) trial Litigation (arbitration) Judgment enforcement (arbitration) Basic information Disclosure date Disclosure index (10,000 yuan) Estimated arbitration) progress Results and impact

debt impact

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Terminate this execution. One is being executed

Pedestrian Concep Company was charged with being an outsider

Application for bankruptcy liquidation has been accepted by the court

Manager and is currently recruiting bankruptcy administrators

people; secondly, because Concep Company was

Apply for bankruptcy liquidation and pursue legal action

shareholders with defective capital and failure to exercise due diligence

Application for liability of voluntary directors, supervisors and senior executives

Withdraw the lawsuit and continue to follow up on the person subject to execution

Candidates for bankruptcy administration of Concep Company

Wholly owned subsidiary

Employment situation, timely declaration of bankruptcy debts

Nanling Economic and Trade Corporation "About wholly-owned rights" in December 2020; Third, it will be accepted in March 2026

Company and Concep On March 25, the subsidiary Nanling won the lawsuit and was resisted by the party subject to execution, Concep.

Company contract dispute Hunan Province Gao Economic and Trade Company sued in February 2021 4,799.03 No Termination of enforcement Mortgage of real estate to pay debts 865.66

There are disputes as well as the aforementioned court proceeding with the litigation of the case on September 9. million and obtained a debt repayment document from the court

The matters involved in the contract were finalized in the "Announcement"; fourth, the person subject to execution, Hunan Zhong

Commercial paper rectification judgment. 2021-006. Former shareholder of An Resources Group Co., Ltd.

Disputed case

Regarding investment defects, we are communicating with the court.

The application to add the shareholder is executed

person, it is required to be within the scope of investment defects

take responsibility; fifthly, continue to cooperate

Transferred to the person subject to execution, Yueyang Yikai Feng Gong

Company bankruptcy administrator and procedures

Official, requesting the issuance of debt-forfeited assets law

Legal documents, while seeking debt-free housing

Monetize production and minimize losses

lost.

Executing. First, Kang, the person subject to execution

Saipu Company was filed for bankruptcy by a person outside the case

Property liquidation, the court has accepted and formalized

When selecting a bankruptcy administrator; secondly,

Due to the application for bankruptcy of Concep Company 1. "Regarding the full liquidation, the investigation of the high liability case of Nandong, its capital-contributing subsidiary, Nandong, and directors and supervisors who failed to perform their due diligence obligations" applied for withdrawal of the lawsuit, and the progress of the litigation matters will be followed up by Concep Company, the person subject to execution. Progress announcement of the company's bankruptcy administrator, 1. 2019 2019-027; 2022 November

Declaring bankruptcy claims in a timely manner; third, on July 31 2. "About wholly-owned subsidiaries" On July 3,

The person subject to execution will be accepted in March 2026; the subsidiary Nannanling Economic and Trade Co., Ltd. Changsha City

Won the lawsuit, Concep Company mortgaged real estate to pay debts 2. In 2019, Ling Economic and Trade Company and Concep 4,200 No Level People’s Law

Executing. The company paid off RMB 8.6566 million and obtained the company’s contract settlement decision on December 26 litigation matters.

The court's debt repayment document; the fourth is the date of execution; the progress announcement of the case and the outcome of the judgment

Pedestrian Hunan Zhongan Resources Group Co., Ltd. 3.2019-046; effective in 2022.

The former shareholders of the company had capital contribution defects. On April 2, 3. "About Quanzheng Communication Court's application to add the capital subsidiary Nandong as the person to be executed, requiring the company to bear responsibility within the scope of capital defects of Chuling Economic and Trade Company; The fifth step in the litigation is to continue to coordinate the progress of the person subject to execution, Yue" Yangyi Kaifeng Company Bankruptcy Administrator 2022-009. and the handling judge, requesting a certificate of

Debt and asset legal documents, while looking for

Seek to liquidate debt-retired properties, maximum limit

Reduce losses.

The wholly-owned subsidiary will terminate this implementation in May 2020. The first is to continue the "About the Wholly-owned Nanling Economic and Trade Company". On March 20, the lawsuit was won and the court was contacted to handle the case of Nanling, the subsidiary of the person subject to execution.

2020 06

The company and Hunan Zhong 2,220.46 No Changsha Municipal Zhong terminated the enforcement Yang Bin mortgaged real estate to repay the debt; economic and trade company sued

March 13

The Anhui Resources and Minerals Research Institute prosecuted the case. The second is to continue to promote the progress of the litigation matters of the person subject to execution in Europe. Energy Co., Ltd. has made a public announcement on the occupied properties in the mortgaged property in Yangbin.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Judgment of judicial contract disputes. The work of vacating the property. 2020-028. and the above combined

Businesses involved

business bill disputes

One case

Executing. 169 Company and Hundred

Hong Company bankruptcy offset case, one

The court ruled in favor of 169 Company’s compensation

Sales of 7.86 million yuan, in order to strive for the largest

12, 2020

Equity of wholly-owned subsidiaries, 169 Company has filed "About Wholly-owned Subsidiaries"

On the 24th of the month,

169 Company appeals. Hunan Provincial High Court in 2026 Subsidiary 16

Lou, Hunan Province

The verdict has been reached with Hunan Baihong, and the first court session will be held in March 2020. For the nine major companies in 2021 02

5,605.59 No Bottom City Intermediate Court

Real estate development in progress. Issues of concern to the court, 169-05 Progress of litigation

for the case

Co., Ltd. The company will supplement evidence after the court and go to the announcement.

make final judgment

A case involving the same dispute was issued by Beijing Consulting Legal Experts 2021-005. judgment.

"Expert Opinion" provides theoretical support

Support, relevant materials have been submitted to the law

The court is currently urging the court to

Organize a second court session quickly.

Note: For Hunan Xintiandi Nanling Economic and Trade Co., Ltd., a wholly-owned subsidiary, Hengdong Yuanxiang Nonferrous Metals Purchase and Sales Co., Ltd., Dong Mingguang, Dong Zhentao, etc.

The accounts receivable were confirmed by Hunan Xintiandi Nanling Economic and Trade Co., Ltd., a wholly-owned subsidiary, in accordance with the "Notarial Certificate" of [(2019) Xiang Changlu Zhengmin Zi No. 4824]

The content has been applied for compulsory execution, and the Hengdong County People's Court ended this execution procedure in December 2020. In order to resolutely safeguard the safety of state-owned assets and maximize economic recovery,

Hunan Xintiandi Nanling Economic and Trade Co., Ltd. sued the former legal representative and general manager Peng Cheng and his spouse on the grounds that senior managers harmed the company's interests.

Go to Yuelu District Court for compensation [Case No.: (2023) Xiang 0104 Minchu No. 24176]. The court ruled that Peng Cheng should bear the corresponding liability for compensation, and the case has entered compulsory execution.

program. During the execution, his spouse and relatives raised objections to the execution of some of the properties subject to execution, but all were rejected by the court. After the execution objection was rejected, some of Peng Cheng’s relatives were

The executing property owner has filed a separate lawsuit to object to the execution, which is pending before the court. At present, the first is that the enforcement court has successfully disposed of 2 properties under Peng Cheng's name, and it is expected that the money will be recovered

1.5722 million yuan; secondly, at the request of the enforcement court, a separate lawsuit for subrogation and settlement of property in the name of his spouse was filed, and the court is reviewing the filing materials.

Other litigation matters

Applicable □Not applicable

Litigation (Zhong Litigation (Zhong Litigation (Zhong)

The amount involved in the case is a pre-litigation (arbitration)

(Judgment) Basic circumstances (Judgment) Trial conclusion (Judgment) Judgment enforcement Disclosure date Disclosure index (10,000 yuan) Liability calculation (Judgment) Progress

Situation Consequences and Impact Operational Situation

The aforementioned litigation

Until 2026 (Arbitration) Matters

On June 30, 2019, the main items were public

A referee has been issued

Date (including previous years) The company and its subsidiaries

Documents and correct judgments have been issued

carried forward), the company’s business sales

At the execution stage, the document is

Company and Subsidiaries Contracts and Blasting

7,395 No. Case 54 is in the execution stage - Wholly-owned subsidiary involved in the contract

54 cases to be issued

Sue other units for overdue debt receivables

Documents of judgment documents.

and individual cases, right collection lawsuits

8 cases.

A total of 62 lawsuits, collection workers

pieces. Proclamation procedure

Advance in sequence.

As of 2026, referees have been issued

A referee has been issued

Documents issued on June 30, 2018, and the aforementioned litigation

Documents, correct

days (including previous years) during the performance stage (arbitration)

1,191 No in the performance stage - - carried forward), its Case 8 Company has no significant

case 8

The impact of other units and individuals is yet to be issued.

pieces.

People sue our company and the judgment documents

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

and wholly owned by its subordinates Case 11

Subsidiary cases.

Total 19

pieces.

Note: Among the cases brought against the company and its subsidiaries by other units and individuals, Zeng Yongxing/Hunan Xingcheng Construction Group Co., Ltd. and others sued the wholly-owned subsidiary 169 Company for 13 construction contract dispute cases. The court ruled that 169 Company should pay 24.43 million yuan in project fees and interest. It has reached enforcement settlements with creditors in 12 cases and has actively promoted settlement negotiations for the remaining 1 case. The project payments involved in the 13 cases were debts from the shantytown renovation projects, and the assets of the shantytown renovation projects were all divested to Hunan 169 Shantytown Renovation Investment Co., Ltd. before the company was reorganized and integrated. However, as the defendant in the case, it is uncertain whether 169 Company will assume responsibility. At present, 169 Company is actively coordinating with Hunan 169 Shantytown Renovation Investment Co., Ltd. to negotiate and resolve project payment issues. Among the 13 cases, 9 have been completed through cash and debt-in-kind methods, and the remaining 3 cases have reached a settlement and are still being performed, and the remaining 1 case is still promoting reconciliation. At the same time, 169 Company filed a separate lawsuit for rights relief in the aforementioned 13 construction project construction contract dispute cases and the above major litigation case with Hunan Baihong Real Estate Development Co., Ltd. regarding the double payment amount. The court of first instance in the separate lawsuit confirmed that 169 Company had It enjoys bankruptcy claims of 7.86 million yuan and can be directly offset. In order to fight for its legitimate rights and interests, 169 Company filed an appeal against the first-instance judgment of another lawsuit. The second-instance court has completed the first trial in March 2026. After the trial, 169 Company provided additional evidence and expert opinions on issues of concern to the court.

9. Punishment and Rectification

□Applicable Not applicable

There were no penalties or rectifications during the company's reporting period.

10. Integrity status of the company, its controlling shareholders and actual controllers

Applicable □Not applicable

During the reporting period, the company had no records of dishonesty such as "untrustworthy persons subject to enforcement" and "consumption restrictions".

During the reporting period, the company’s controlling shareholder China Gezhouba Group Co., Ltd. was involved in 2 enforcement cases. These cases are being communicated and implemented, and there is no record of "dishonest person subject to enforcement" or "restricted consumption".

11. Major related transactions

Related transactions related to daily operations

Applicable □Not applicable

(1) Purchasing goods/receiving services

approved

Related sharing can be obtained

Is the related intersection related?

related related related transaction quasi transaction obtained

Related party transactions Related party transaction transaction amount exceeds transaction disclosure

Transaction Transaction Transaction Amount Yijin Similar Disclosure Index Party Relationship Pricing Approval Settlement Date

Type Content Price (10,000-amount transaction

Principle (10,000 amount method

Yuan) Ratio Market Price

Yuan)

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

"About the expected Gezhouba trade in 2026"

Others 2026 Riyi (overseas procurement equipment market 998.2 Bank Year 03

Related - 0.34% 4,900 No - Frequently Related Transactions (Nan) Limited Goods Accessories Price 1 Transfer Month 28

Party Announcement》2026-Company Day

Ningxia Chang 2026 "About the Expectation 2"

Others

Procurement of civil explosive equipment Civil explosive market 1,680 Bank Year 03 Daily routine in 2026

Related - 0.58% 2,500 No -

Limited Liability Commodity Item Price .95 Transfer Month 28 Company for Related Transactions

Square

Company Daily Report 2026-010 China Energy 2026 "About Estimation 2

Others

Construction Group Procurement Equipment Market 7,600 50,00 Bank Year 03 Daily routine in 2026

Related - 2.63% No -

E-commerce product accessories price .84 0 transfer month 28 company related transaction

Square

Co., Ltd. Daily Report》2026-010

2026 "About the Project 2 Gezhouba Collection Others"

Accept the logistics market bank Year 03 026 daily group logistics is related - 0 0.00% 200 No -

Service Service Price Transfer Month 28 Public Company Party for Related Transactions

Daily Report》2026-010

2026 "About Project 2 Zhong Neng Jiansheng Others"

Accept the property market bank Year 03 026 daily life services are related - 32.76 0.18% 100 No -

Service Service Price Transfer Month 28 Public Company Party for Related Transactions

Daily Report》2026-010 Gezhouba Transaction

2026 "About the expected 2 Puli (heavy others)

Accept the leasing market 629.7 Bank Year 03 2026 Daily celebration) Enterprise related - 3.42% 1,150 No -

Service Service Price 6 Transfer Month 28 Public management consulting party for related party transactions

Daily Report 2026-010 Co., Ltd.

2026 "About the expected 2 Hunan Huaxiang Others

Accept property market 101.1 Bank Year 03 026 Daily property management related - 0.55% 400 No -

Service Service Price 7 Transfer Month 28 Company Limited Company Party for Related Transactions

Daily Report》2026-010

2026 "About the Expected 2 Hunan Divine Ax Others"

Accept leasing market bank year 03 026 daily investment management related - 1.31 0.01% 850 no -

Service Service Price Transfer Month 28 Company Limited Company Party for Related Transactions

Daily Report》2026-010

2026 "About the expected 2 Hunan Xiangke Others

Accept leasing market bank year 03 026 daily holding group related - 0.64 0.00% 10 no -

Service Service Price Transfer Month 28 Company Limited Company Party for Related Transactions

Daily Report 2026-010 Gezhou, China 2026 "About the Expectation 2

Others

Ba Group Text Acceptance Logistics Market 994.7 Bank Year 03 026 Annual Daily

Related - 5.41% 6,300 No -

Tourism development has service service price 3 transfer month 28 company related transactions

Square

Co., Ltd. Daily Report 2026-010 China Energy 2026 "About the Forecast 2

Others

Construction Group Accepts Logistics Market 235.6 Bank Year 03 026 Annual Daily

Related - 1.28% 450 No -

E-commerce service service price 4 transfer month 28 company related transaction

Square

Co., Ltd. Daily Report》2026-010

2026 "About Expectation 2 Hunan Hongxin Others

Accept logistics market 4,043 21.99 11,20 Bank Year 03 026 Changda Logistics is related - No -

Service Service Price .68 % 0 Transfer Month 28 Public Company Party for Related Transactions

Daily Report》2026-010

Hunan Province South 2026 "About Estimation 2"

Others

Ling Chemical Group accepts leasing market 164.4 bank year 03 026 daily routine

Related - 0.89% 500 No -

Group Limited Liability Services Service Price 4 Transfers Month 28 Public Company for Related Transactions

Square

Ren Company Daily Report》2026-010

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

China Electric Power

Engineering Consultants 2026 "About Projection 2

Others

Group North China Accepts Design Market Bank Year 03 026 Annual Daily

Related - 0 0.00% 50 No -

Electric power design service service price transfer month 28 public announcement of related transactions

Square

Hospital Co., Ltd. Daily Report 2026-010 Division

2026 "About Estimation 2"

Others

Three Gorges Electric Power received training from the market bank, year 03, 026 daily routine

Related - 54.53 0.30% 200 No -

Vocational College Service Service Price Transfer Month 28 Public party for related transactions

Daily Report" 2026-010 Beijing Loews 2026 "About Estimation 2

Other information

Da Technology Development Accepts Market Bank Year 03 026 Annual Daily

Related to Chemical Services - 0 0.00% 50 No -

Exhibition Co., Ltd. Service Price Transfer Month 28 Company related transactions

Party affairs

Division Daily Report 2026-010 China Energy Construction Data 2026 "About the Estimation 2

Other information

Word Technology Collection Accept Market Bank Year 03 026 Annual Daily

Related to Chemical Services - 0 0.00% 50 No -

Tuan Co., Ltd. Service Price Transfer Month 28 Company for Related Transactions

Party affairs

Secretary Daily Report》2026-010

2026 "About Estimated 2 Power Planning Others"

Accept consultation Market Bank Year 03 026 Routine General Hospital Co., Ltd. Related - 76.42 0.42% 270 No -

Service Service Price Transfer Month 28 Company Party for Related Transactions

Daily Report" 2026-010 2026 "About the expected 2 others

Accepted Market 23,41 Bank Year 03 026 Daily Others Related Others - 0 0.00% No -

Service Price 0 Transfer Month 28 Public Party of Related Transactions

Daily Report》2026-010

16,61 102,5

Total -- -- -- -- -- -- -- --

5.08 90

Details of large sales returns None.

The company's 24th meeting of the seventh board of directors held on March 26, 2026 reviewed and approved the "Proposal on the company's confirmation of daily related transactions that will occur in the current period in 2025 and the prediction of daily related transactions in 2026", agreeing that the total amount of the company's purchases of goods and services from related parties is expected to be no more than 1,025.9 million yuan during the reporting period. The proposal was reviewed and approved by the company's actual performance in 2025 (if any) shareholders' meeting on June 25, 2026. During the reporting period, the company purchased goods and received services from the above-mentioned related parties for a total amount of 16,615.08

million, which did not exceed the total estimated amount at the beginning of the year.

The transaction price is significantly different from the market reference price

None.

reason (if applicable)

(2) Sales of goods/leasing situation

Associated shareholding is approved and available

Related Whether related

related related related transaction similar transaction transaction obtained

Related Party Transactions Related Party Transactions Exceeding Transaction Disclosure

Transaction Transaction Transaction Amount Yijin Quota Similar Disclosure Index Party Relationship Pricing Approval Settlement Date

Type Content Price (10,000 Amount (10,000 Transaction

Principle Amount Method

Yuan) Ratio Yuan) Market price

2026 "About the expected 2020 Gezhouba date" Others

Providing blasting market 1,167 banks Year 03 26 Daily Guanyang Cement related - 0.38% 5,500 No -

Service Service Price .65 Transfer Month 28 Co., Ltd. side of transaction

Daily Report》2026-010

2026 "About the expected 20 Gezhouba Old Others"

Providing blasting market 688.9 Bank Year 03 26 Daily Guanhekou Cement Related - 0.22% 2,300 No -

Services Services Price 5 Transfers Month 28 Joint Trading Co., Ltd. Party

Daily Report 2026-010 Gezhouba Stone 2026 "About the Estimated 20

Others

Door special water provides blasting market 548.8 bank year 03 26 year daily customs

Related - 0.18% 2,200 No -

Mud Co., Ltd. Service Price 4 Transfer Month 28 Co., Ltd. for transactions

Square

Secretary Daily Report》2026-010

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

2026 "About the expected 20 Gezhouba pine trees and others"

Providing blasting market 1,636 Bank Year 03 26 Daily Guanzi Cement is related - 0.53% 4,500 No -

Service Service Price .53 Transfer Month 28 Co., Ltd. side of transaction

Daily Report" 2026-010 Gezhou, China 2026 "About the expected 20

Others

The dam group provided the blasting market 204.5 Bank year 03 26 daily customs

Related - 0.07% 3,000 No -

One project has a service service price of 8 transfers and a public transaction of 28 months.

Square

Co., Ltd. Daily Report 2026-010 China Gezhou 2026 "About the expected 20 dam group holdings to provide blasting market 1,105 banks in 03 2026 daily relations

0.36% 4,500 No -

Co., Ltd. Shareholder Service Service Price .57 Transfer Company Daily Report 2026-010 China Energy Trading Co., Ltd.

Construction Group 2026 "About the expected 20

Others

Guangdong Electric Power provides blasting market 975.5 bank year 03 26 daily customs

Related - 0.32% 8,000 No -

Powerful Design and Research Service Service Price 1 Transfer Month 28 Public Transaction

Square

Research Institute Co., Ltd. Daily Report 2026-010 Company

Gezhou, China

2026 "About the expected 20 dam group three others

Providing blasting market banks Year 03 26 Daily Guanxia construction related - 0 0.00% 1,500 No -

Service Service Price Transfer Month 28 Transactions by Gongcheng Co., Ltd.

Daily Report》2026-010 Division

Gezhouba Mine 2026 "About the expected 20

Others

Shanjian Construction provides blasting market 123.6 Bank year 03 26 daily customs

Related - 0.04% 350 No -

Cheng Co., Ltd. Services Service Price 4 Transfer Month 28 Co., Ltd. Transactions

Square

Secretary's Daily Report" 2026-010 Gezhou, China 2026 "About the expected 20

Others

The dam group provides the blasting market bank year 03 26 daily customs

Related - 0.00% 3,300 No -

The second project has services. The service price is 12.02, and the transfer is 28 months.

Square

Co., Ltd. Daily Report 2026-010 China Gezhou 2026 "About the expected 20

Others

Ba Group Road provides blasting market 696.4 bank year 03 26 daily customs

Related - 0.23% 8,800 No -

The bridge project has a service price of 3 transfers and 28 transactions per month.

Square

Co., Ltd. Daily Report》2026-010

2026 "About the expected 20 Hunan Hongxin Others

Provide leasing market bank Year 03 26 Daily Guanda Logistics related - 5.20 0.42% 10 No -

Service Service Price Transfer Month 28 Co., Ltd. Party of Transactions

Daily Report" 2026-010 Gezhou, China 2026 "About the expected 20

Others

Ba Group City provides blasting market 20,00 bank year 03 26 daily customs

Related - 0 0.00% No -

Government projects have service service price 0 transfer month 28 public transaction

Square

Co., Ltd. Daily Report 2026-010 Hunan Weapons 2026 "About the expected 20

Others

Jianhua Precision Sales Civil Explosives Market 534.8 Bank Year 03 Daily Relations in 26

Related - 0.80% 2,500 No -

Instruments Limited Commodity Item Price 6 Transfer Month 28 Public Transaction

Square

Company Daily Report》2026-010

2026 "About the expected 20 Hunan weapons others"

Sales Civil Explosives Market Bank Year 03 26 Routine Great Wall Machinery Related - 0.14% 400 No -

Commodity Item Price 93.83 Transfer Month 28 Lian Trading Co., Ltd. Party

Daily Report》2026-010

2026 "About the expected flood source in Hunan in 2020" Others

Sales Civil Explosion Market Bank Year 03 26 Daily Guan Yuanda Technology Related - 0.07% 300 No -

Commodity Item Price 47.38 Transfer Month 28 Co., Ltd. Party of Co., Ltd.

Daily Report》2026-010

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Hunan Weapons 2026 "About the Estimated 20

Others

Dongsheng Machinery Sales Civil Explosion Market Bank Year 03 26 Daily Relations

Related - 0 0.00% 50 No -

Manufacturing limited goods item price transfer monthly 28 joint transaction company

Square

Company Daily Report 2026-010 Ningxia Chang 2026 "About the expected 20

Others

Civil Explosive Equipment Sales Civil Explosives Market 103.7 Bank Year 03 26 Daily Relations

Related - 0.16% 3,500 No -

Limited Liability Commodity Item Price 3 Transfer Month 28 Public Transaction

Square

Company Daily Report 2026-010 China Gezhou 2026 "About the expected 20

Others

Dam Group Country Sales Civil Explosives Market Bank Year 03 26 Daily Customs

Related - 0 0.00% 2,500 No -

The international project has goods, items, price transfers, monthly 28 joint transactions.

Square

Co., Ltd. Daily Report 2026-010 2026 "About the estimated 20 other

Providing Market 23,41 Bank Year 03 Year 26 Daily Relations Others Related Others - 0 0.00% No -

Service Price 0 Transfer Month 28 Official Transaction

Daily Report》2026-010

7,944 96,62

Total -- -- -- -- -- -- -- --

.72 0

Details of large sales returns None.

The company's 24th meeting of the seventh board of directors held on March 26, 2026 reviewed and approved the "Proposal on the company's confirmation of daily related transactions that will occur in the current period in 2025 and the prediction of daily related transactions in 2026", and agreed that the total amount of the company's sales of products and services to related parties is expected to not exceed 966.2 million yuan during the reporting period. The proposal was reviewed and approved by the company's actual performance in 2025 (if any) shareholders' meeting on June 25, 2026. During the reporting period, the company sold goods and provided services to the above-mentioned related parties for a total amount of 7,944.72

million, which did not exceed the total estimated amount at the beginning of the year.

The transaction price is significantly different from the market reference price

None.

reason (if applicable)

Related transactions arising from asset or equity acquisition and sale

□Applicable Not applicable

The company had no related transactions related to asset or equity acquisition or sale during the reporting period.

Related transactions related to joint external investment

□Applicable Not applicable

The company had no related transactions related to joint external investments during the reporting period.

Related credit and debt transactions

Applicable □Not applicable

Whether there are non-operating related creditor's rights and debt transactions

□Yes No

The company had no non-operating related creditor's rights or debts during the reporting period.

Dealings with related financial companies

Applicable □Not applicable

Deposit business

Maximum daily deposit Deposit interest rate range Beginning balance Amount incurred during the period Ending balance Related parties Related relationships

Loan limit (10,000 yuan) Total deposits in this period Total withdrawals in this period (10,000 yuan)

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Amount of deposit (RMB 10,000) Amount of deposit (RMB 10,000) RMB

stipulated by the bank

deposit interest rate market

field promotion related

China Energy Construction is subject to the same final

rules and references

Set up group financial holding company control 50,000 48,673.97 11,156.71 11,889.27 47,941.41

China's main borders

Limited company

domestic commercial bank

of the same kind and kind

time deposit interest rate

make a determination

Loan business

Loan amount for the current period Loan interest rate range Beginning balance Total loans for the current period Total repayments for the current period Ending balance Related parties Related relationships

(Ten thousand yuan) Wai (Ten thousand yuan) Amount of payment (Ten thousand yuan) Amount of payment (Ten thousand (Ten thousand yuan)

Yuan) Yuan) China Energy Construction is subject to the same final

Set up a group financial holding company controlled 8,000 2.34% 8,000 0.00 0.00 8,000 limited liability company

Credit or other financial services

Related party Related relationship Business type Total amount (10,000 yuan) Actual amount incurred (10,000 yuan) China Energy Construction Group is under the same ultimate holding company

Credit 300,000 13,558.6 Ltd. Control

The transactions between the financial company controlled by the company and related parties

□Applicable Not applicable

There are no deposits, loans, credit or other financial business between the financial companies controlled by the company and related parties.

Other major related transactions

□Applicable Not applicable

The company had no other major related transactions during the reporting period.

12. Major contracts and their performance

Custody, contracting and leasing matters

(1) Custody situation

Applicable □Not applicable

Description of hosting situation

Before the company's major asset reorganization, Gezhouba Yipuli Company divested its equity stake in Ningxia Tianchang Civil Explosive Equipment Co., Ltd. to China Gezhouba Group Co., Ltd. In order to avoid problems of horizontal competition, China Gezhouba Group Co., Ltd. entrusted the management of Tianchang Civil Explosive Equipment Co., Ltd., which it controlled, to the company. The licensed production capacity of Ningxia Changchang Civil Explosive Equipment Co., Ltd. is limited to Ningxia and does not cause any geographical conflict with the company's licensed production capacity.

Full text of Yipuli Co., Ltd.'s 2026 semi-annual report Projects that bring profits and losses to the company exceeding 10% of the company's total profit during the reporting period

□Applicable Not applicable

During the company's reporting period, there were no custody projects that brought profits or losses to the company that accounted for more than 10% of the company's total profits during the reporting period.

(2) Contracting situation

□Applicable Not applicable

There was no contracting situation during the reporting period of the company.

(3) Leasing situation

Applicable □Not applicable

Rental situation description

(1) The company as lessee

The amount of short-term lease expenses and low-value asset lease expenses included in the current profit and loss is as follows:

Item Amount for the current period (yuan) Amount for the same period last year (yuan) Short-term lease expenses 812,849.88 2,641,762.52 Low-value asset lease expenses (except short-term lease) 363,216.53 595,689.39 Total 1,371,352.36 3,237,451.91 Current profits and losses and cash flow related to leasing

Item Amount for the current period (yuan) Amount for the same period last year (yuan) Interest expense on lease liabilities 3,170,152.78 3,451,189.58 Total cash outflow related to leasing 15,815,457.85 27,961,651.26 (2) The company serves as the lessor

rental income

Item Amount for this period (yuan) Amount for the same period last year (yuan) Lease income 9,544,332.87 9,238,081.68 Operating lease assets

Item Ending amount (yuan) Ending amount of the previous year (yuan) Fixed assets 1,866,761.63 2,111,453.38 Investment real estate 167,649,534.32 170,190,155.48

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Subtotal 169,516,295.95 172,301,608.86 Projects that bring profits and losses to the company exceeding 10% of the company’s total profit during the reporting period

□Applicable Not applicable

During the company's reporting period, there were no leasing projects that brought profits or losses to the company that accounted for more than 10% of the company's total profits during the reporting period.

Major guarantee

□Applicable Not applicable

The company had no major guarantees during the reporting period.

Entrusted financial management

□Applicable Not applicable

The company did not have entrusted financial management during the reporting period.

Other major contracts

□Applicable Not applicable

The company had no other major contracts during the reporting period.

13. Registration form for reception of research, communication, interviews and other activities during the reporting period

Applicable □Not applicable

Reception objects Main content of discussion and provision Basic reception time for research Reception place Reception method Reception objects

Type of information Situation index CITIC Securities, Tianfeng Securities,

GF Securities, Zhongtai Securities,

CICC, Guosen Securities,

Nanjing Securities, China International Finance Securities,

The main content of the exchange was Guohai Securities, West China Securities, and Juchao Information Network:

Industry development trend, upstream costs Huachuang Securities, SDIC Securities, "Yipuli Shares"

China Post Securities, Dongxing Securities, Co., Ltd. Investment April 2, 2026 2 Company 105 Meeting Network Platform Online and Merger and Acquisition Integration Opportunities, Innovation Institutions Shenyin & Wanguo Securities, Cathay Pacific Investor Relations Activity Diary Room Communication Drive and Industrialization Implementation, Xingtong Securities, Bank of China International Certificate List (edited by Shenyin & Wanguo Securities, Cathay Pacific Securities)

Measures and measures to consolidate the leading position in the industry and securities, Pacific Securities, Oriental No.: 2026-

International business development, etc. Weiwealth Securities, Liuhe Zhiqianji 001)

Provide information.

Gold, Global Fusheng Financial Management, Oak

Fruit Assets, Fuzeyuan Fund,

Gengji Investment, Situation Investment,

Jinglin Assets

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

The main content of the exchange is 2025

Performance Review and the “15th Five-Year Plan”

Performance Outlook, Financial Soundness

With dividend returns and orders on hand

Juchao Information Network: Improvement in structure and capacity utilization

"Yipuli Share Path, Market Value Management and Shareholders

Online participation in the company in 2025 Co., Ltd. investment in April 2026 "Value Online" network platform online interest protection measures, national importance

Organization Annual performance briefing meeting 10 days of investor relations activities Network interactive platform communication progress and safety of major project participation

Investor Registration Form" (Compilation of Production and ESG and Digital Transformation

No.: 2026-type implementation, international business deployment

002)

bureau, extended mergers and acquisitions and asset consolidation

opportunities, as well as the geopolitical situation

Impact on the company's operations, etc.

No information provided.

The main content of the exchange was civil explosive activities

Juchao Information Network: Industry’s “anti-involution” competition situation

"Yipuli Share Trends, Newly Signed Contracts and Orders"

Co., Ltd. Investment in May 2026 Company 506 Meeting Status, Xinjiang and Tibet Regional Municipalities

Field research institutions Changjiang Securities, Dacheng Fund 15 days of investor relations activities Room market supply and demand pattern and long-term development

Record Table" (editing trends, and overseas business expansion

No.: 2026-Exhibition progress and overseas strategic planning

003)

Wait. No information provided.

GF Securities, Bank of China International Asset Management The main content of the exchange is domestic major Juchao Information Network: management, Huatai Insurance Asset Management, medium and large project winning bids and Tibet region "Yipuli Shares June 2026 Shanghai Fund, Cathay Fund, Exchange strategic layout, Xinjiang market growth Co., Ltd. investment from 16th to June 18th Shanghai Lujiazui Other institutions Shanghai Bank Fund, Caitong Fund, Ningxia development prospects, international investor relations activity diary Quan Asset, Industrial Bank Fund, overseas market business expansion, production record table" (Compiled by Fortis, Wells Fargo Fund, Allianz Energy Integrated Planning and Market Value Management No.: 2026-Fund Initiatives, etc. No information provided. 004)

14. Description of other major matters

Applicable □Not applicable

Based on the firm confidence in the company's strategic goal of accelerating the construction of a world-class civil explosive and mining services enterprise worthy of respect, and the deep recognition of the company's long-term intrinsic value, send positive signals, boost confidence in the capital market, and effectively safeguard the legitimate rights and interests of investors. Some of the company's directors, all senior managers and other managers will increase their holdings of the company's shares through centralized bidding transactions within 6 months from June 15, 2026, with the total increase in holdings being no less than RMB 13 million (including the amount already increased by the above-mentioned personnel). For details, please refer to the company’s “Announcement on the Increase in Shareholdings and Subsequent Plans to Increase Shares by Some Directors, All Senior Managers and Other Managers of the Company” (2026-022) published by the company on June 16, 2026 in the Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and the company’s designated information disclosure website cninfo.com (www.cninfo.com.cn).
The company held the 2025 annual shareholders' meeting on June 25, 2026, and elected the non-independent directors and independent directors of the eighth board of directors. Together with the employee representative directors elected at the fourth meeting of the company's first employee representative conference, they formed the new board of directors. For details, please refer to the company’s “Announcement on the Completion of the General Election of the Board of Directors” (2026-035) published on June 26, 2026 in the Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily and the company’s designated information disclosure website cninfo.com (www.cninfo.com.cn).
As of the disclosure date of this report, the total value of daily operating contracts for blasting service projects newly signed by the company's subsidiaries in 2026 is RMB 10.256 billion, of which the total value of daily operating contracts for blasting service projects newly signed from April to August is RMB 10.256 billion. A total of RMB 7.331 billion; the total value of newly signed daily operating contracts for product sales in 2026 is RMB 3.693 billion, of which the total value of newly signed daily operating contracts for product sales from April to August is RMB 721 million.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

15. Major events of the company’s subsidiaries

Applicable Not applicable

In June 2026, the company's wholly-owned subsidiary Gezhouba Yipuli Hubei Changtai Civil Explosives Co., Ltd. (hereinafter referred to as "Changtai Company") successfully introduced strategic investors Yichang Yiling Science and Technology Investment Co., Ltd. (hereinafter referred to as "Yiling Science and Technology Investment Company") and Yichang Chang Phosphorus Asset Management Co., Ltd. (hereinafter referred to as "Chang Phosphorus Asset Company") by increasing capital and shares. This capital increase and share expansion brought in a total of 256 million yuan, and the actual controllers of the two strategic investors are Yichang State-owned Assets Supervision and Administration Commission. After the completion of this capital increase and share expansion, the company holds 60% of the equity of Changtai Company, while Yiling Science and Technology Investment Company and Chang Phosphorus Asset Company each hold 20% of the equity. The company's absolute controlling position in Changtai Company remains stable.

The introduction of strategic investors this time is a pragmatic measure for the company to implement the reform plan of state-owned enterprises and deepen strategic cooperation between the central and local governments. On the premise of ensuring the absolute control of state-owned capital, local state-owned strategic investors will be introduced to achieve resource complementation and superposition of advantages. Rely on local resources to smoothen participation channels for national key projects and demonstrate the role of the "national team" of central enterprises. We will increase development efforts based on strategic mineral endowments such as regional phosphates and salts to help transform local resource advantages into development advantages. Promote the overall layout and intensive management of the civil explosives and mining service markets in the region, comprehensively improve the efficiency of state-owned capital allocation and the quality and effectiveness of enterprise development, and create a model for the coordinated development of central enterprises and local governments.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Section 6 Share changes and shareholder status

1. Changes in shares

Changes in shares

Unit: Before the change in share capital Increase or decrease in this change (+, -) After this change, transfer of reserve fund

Quantity Proportion Issuance of new shares Bonus shares Others Subtotal Quantity Proportion

1. Limited - -

539,497, 820,909.

Conditional shares 43.49% 538,676, 538,676, 0.07%

007 00

portion 098 098

Country

0 0.00% 0 0 0 0.00% family holdings

Country - -

538,032,

Legal persons hold 43.37% 538,032, 538,032, 0 0.00% shares 152 152

1,464,85 820,909.

Other domestic investors hold 0.12% -643,946 -643,946 0.07%

5 00

its

Medium: Domestic 0 0.00% 0 0 0 0.00% legal person shareholding

within the territory

1,464,85 820,909.

Natural persons hold 0.12% -643,946 -643,946 0.07%

5 00

Outside

0 0.00% 0 0 0 0.00% capital holding

its

Medium: Overseas 0 0.00% 0 0 0 0.00% legal person shareholding

overseas

Natural persons hold 0 0.00% 0 0 0 0.00% shares

2. Unlimited

700,943, 538,676, 538,676, 1,239,61

Conditional shares 56.51% 99.93%

763 098 098 9,861.00

portion

People

700,943, 538,676, 538,676, 1,239,61

RMB ordinary 56.51% 99.93%

763 098 098 9,861.00

Environment

0 0.00% 0 0 0 0.00% foreign-invested shares listed in China

Environment

Externally listed 0 0.00% 0 0 0 0.00% foreign-invested shares

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

0 0.00% 0 0 0 0.00%him

3. Shares 1,240,44 1,240,44

100.00% 0 0 100.00%Total 0,770 0,770.00

Reasons for share changes

Applicable □Not applicable

On February 3, 2026, the restricted shares issued to specific objects during the company's major asset reorganization in 2022 were released and listed for circulation. The shares that have been lifted from selling restrictions are held by China Gezhouba Group Co., Ltd. and natural person shareholder Chen Jiahua, totaling 539,494,195 shares.
According to the Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 18 - Reduction of Shareholdings by Shareholders, Directors and Senior Management, directors and senior executives of listed companies shall not transfer shares annually through centralized bidding, block transactions, agreement transfers, etc., during the term determined when they take office and within six months after the expiration of the term, exceeding 25% of the total number of shares they hold in the company; they shall not reduce their holdings in the company within six months after leaving office. The company's eighth board of directors will be elected on June 25, 2026. Before December 25, 2026, the company's original directors and senior executives will reduce their shareholdings to comply with the above regulations. During the reporting period, Mr. Zong Xiaolei, the company’s former director, lifted 25% of the total 2,812 shares he held in the company (703 shares in total), and the remaining 2,109 shares continued to be locked. Mr. Deng Anjian, the company’s former vice president, bought 1,000 shares of the company that were locked within six months after his resignation.
The company’s directors and senior executives plan to increase their holdings of the company’s shares through centralized bidding transactions within 6 months from June 15, 2026, with the total increase in holdings amounting to no less than RMB 13 million. During the reporting period, some directors and senior executives of the company increased their holdings of a total of 1,090,400 shares of the company. According to 75% of the total shares held by directors and senior executives, the sales were restricted, which is 817,800 shares.

Approval status of share changes

□Applicable Not applicable

Transfer status of changes in shares

□Applicable Not applicable

Implementation progress of share buybacks

□Applicable Not applicable

Implementation progress of using centralized bidding method to reduce and repurchase shares

□Applicable Not applicable

The impact of changes in shares on financial indicators such as basic earnings per share and diluted earnings per share in the most recent year and period, net assets per share attributable to the company's common shareholders □Applicable Not applicable

Other content that the company deems necessary or required to be disclosed by securities regulatory authorities

□Applicable Not applicable

Changes in restricted shares

Applicable □Not applicable

Unit: shares with selling restrictions lifted during the current period. Sales restrictions added during the current period. Restricted shares at the end of the period.

Name of shareholder Number of restricted shares at the beginning of the period Reason for restriction Number of shares on release date Number of shares Number of shares

Non-public offering of shares February 3, 2026 Gezhouba 538,032,152 538,032,152 0 0

Limited sale for 36 months

Non-public issuance of shares February 3, 2026 Chen Jiahua 1,462,043 1,462,043 0 0

Limited sale for 36 months

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Locked after director's resignation Locked after director's resignation

Zong Xiaolei 2,812 703 0 2,109 Share management related stocks

regulations.

Locked by Executive Resignation After Executive Resignation

Deng Anjian 0 0 1,000 1,000 Share management related stocks

regulations.

Annual payment during the term of office Jun 0 0 242,700 242,700 Directors’ locked shares 25% of the total number of shares held except for sale restrictions. Deng Xiaoying will be released every year during the term of office 0 0 226,200 226,200 Directors’ locked shares 25% of the total number of shares held except restricted shares. Zhang Jianhui will be released every year during his term of office 0 0 88,500 88,500 Directors’ locked shares 25% of the total number of restricted shares. Cai Feng will be released every year during his term of office 0 0 85,350 85,350 Executive locked shares 25% of the total number of shares subject to sales restrictions. Wang Zhiqiang will be released every year during his term of office 0 0 32,250 32,250 Executive locked shares 25% of the total number of restricted shares. Liu Gang will be released every year during his term of office 0 0 81,750 81,750 25% of the total number of executive locked shares except restricted shares. Hu Liangwei will be released every year during his term of office 0 0 19,950 19,950 Executive locked shares 25% of the total number of shares held except restricted sales. Song Longmei will be released every year during his term of office 0 0 41,100 41,100 Executive locked shares 25% of the total number of shares held except restricted sales.

Total 539,497,007 539,494,898 818,800 820,909 -- --

2. Securities issuance and listing

□Applicable Not applicable

3. Number of shareholders and shareholding status of the company

Unit: Share

Total number of common shareholders at the end of the reporting period Total number of preferred shareholders with restored voting rights at the end of the reporting period

29,530 0 Number Number (if any) (see Note 8)

Shareholding status of shareholders holding more than 5% of the shares or the top 10 shareholders (excluding shares lent through refinancing)

During the reporting period, limited holdings, unlimited holdings, pledged, marked or frozen shareholding ratio at the end of the reporting period

Name of shareholder Nature of shareholder Increase or decrease Changes Conditions for sale Share certificate

Example Number of shares Quantity

Situation Number of Shares Quantity Status

Gezhou, China

dam group shares

State-owned legal person 43.37% 538,032,152 - 0 538,032,152 Not applicable 0 limited companies

Division

South Hunan Province

Ling Chemical Industry Group

State-owned legal person 12.46% 154,545,912 - 0 154,545,912 Not applicable 0 Group Limited Liability

Ren company

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Hunan Divine Ax

Investment management State-owned legal person 6.97% 86,492,900 - 0 86,492,900 Not applicable 0 Co., Ltd.

Panzhihua Iron and Steel Group

Mining Co., Ltd. State-owned legal person 4.71% 58,481,747 - 0 58,481,747 Not applicable 0 company

Nature within the territory

Song Xiaolu 2.36% 29,240,872 - 0 29,240,872 Not applicable 0 people

Nature within the territory

Yu Tongguo 2.03% 25,122,190 - 0 25,122,190 Not applicable 0

people

National social security

Fund 41 Others 1.41% 17,490,000 - 0 17,490,000 Not applicable 0 Three combinations

Nature within the territory

Song Xiaoli 1.31% 16,283,522 - 0 16,283,522 Not applicable 0 people

Nature within the territory

Chen Wenjie 1.21% 15,032,024 - 0 15,032,024 Not applicable 0 people

Nature within the territory

Liu Qiurong 0.85% 10,526,713 - 0 10,526,713 Not applicable 0 people

According to the China Securities Regulatory Commission's "About the Approval of Hunan Nanling Civil Explosive Equipment Co., Ltd.'s Transfer to China Gezhouba Group Co., Ltd.

"Approval for Companies, etc. to Issue Shares to Purchase Assets and Raise Supporting Funds" (CSRC Permit [2023] No. 32), the company issued a total of 752,005,914 shares to Chinese strategic investors or general legal persons Gezhouba Group Co., Ltd., Panzhihua Iron and Steel Group Mining Co., Ltd. and 23 natural persons. Due to the placement of new shares, it became the top 10 new share purchase assets. Information about the transaction counterparties, China Gezhouba Group Co., Ltd., Pangang Group Mining Co., Ltd., and natural person shareholders (if any) Dong Song Xiaolu, Yu Tongguo, Song Xiaoli, Chen Wenjie, and Liu Qiurong subscribed for the company's non-publicly issued shares and became the company's top ten shareholders (see Note 3). The start and end date of the shareholding lock-up period of China Gezhouba Group Co., Ltd. is from February 3, 2023 to February 3, 2026; Pangang Group Mining Co., Ltd. and natural person shareholders Song Xiaolu, Yu Tongguo, Song Xiaoli, Chen Wenjie, Liu Qiu

The start and end dates of Rong’s shareholding lock-up period are from February 3, 2023 to February 3, 2025.

The above-mentioned shareholder related relationship or a Hunan Nanling Chemical Group Co., Ltd. and Hunan Shenfu Investment Management Co., Ltd. are both wholly-owned subsidiaries of Hunan Xiangke Asset Management Co., Ltd., and they constitute persons acting in concert; the natural person shareholders Song Xiaolu and Song Xiaoli are brother and sister.

The above shareholders are involved in entrustment/trusteeship

Voting rights and abstention from voting None.

explanation of the situation

Buybacks exist among the top 10 shareholders

Special instructions for special accounts (if none.

Yes) (see note 11)

Shareholdings of the top 10 shareholders without sales restrictions (excluding shares lent through refinancing and shares locked by executives)

Type of shares Name of shareholder Number of shares without selling restrictions held at the end of the reporting period Type of shares

Quantity

class

China Gezhouba Group Co., Ltd. has RMB

538,032,152 538,032,152 Co., Ltd. Ordinary shares

Hunan Nanling Chemical Group has RMB

154,545,912 154,545,912 Limited liability company Ordinary shares

Hunan Shenax Investment Management Co., Ltd. RMB

86,492,900 86,492,900 Company common stock

RMB

Panzhihua Iron and Steel Group Mining Co., Ltd. 58,481,747 58,481,747 ordinary shares

RMB

Song Xiaolu 29,240,872 29,240,872 ordinary shares

RMB

Yu Tongguo 25,122,190 25,122,190

common stock

National Social Security Fund Group 413 RMB

17,490,000 17,490,000 common shares

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

RMB

Song Xiaoli 16,283,522 16,283,522 ordinary shares

RMB

Chen Wenjie 15,032,024 15,032,024 ordinary shares

RMB

Liu Qiurong 10,526,713 10,526,713

common stock

Top 10 shareholders with no sales limit

Hunan Nanling Chemical Group Co., Ltd. and Hunan Shenaxe Investment Management Co., Ltd. are both Hunan Xiangke Asset Management Co., Ltd., and the top 10 unlimited

A wholly-owned subsidiary of the company, the two constitute persons acting in concert; the natural person shareholders Song Xiaolu and Song Xiaoli are brother and sister. In addition to the conditions for sale, shareholders and the top 10 shares

In addition, the Company does not know whether there is any related relationship among the other above-mentioned shareholders, nor does it know whether the other shareholders are related to each other or are consistent with each other.

Persons acting in concert as stipulated in the "Company Acquisition Management Measures".

description of action

Song Xiaolu, a natural person shareholder, holds 14,240,000 company shares through the Huatai Securities Co., Ltd.'s customer credit transaction guaranteed securities account and 15,000,872 company shares through ordinary securities accounts, for a total of 29,240,872 company shares.

shares.

The top 10 ordinary shareholders participated. Natural person shareholder Yu Tongguo holds 10,000 shares of the company's stock through the customer credit transaction guarantee securities account of Huatai Securities Co., Ltd., and 15,122,190 shares of the company's stock through ordinary securities accounts, holding a total of 25,122,190 (if any) shares of the company's stock (see Note 4).

Song Xiaoli, a natural person shareholder, holds 4,00,000 shares of the company's stock through the customer credit transaction guaranteed securities account of Huatai Securities Co., Ltd. and 12,283,522 shares of the company's stock through an ordinary securities account, for a total of 16,283,522 shares of the company's stock.

shares.

The situation of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participating in the refinancing business and lending shares

□Applicable Not applicable

The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed from the previous period due to refinancing lending/returning.

□Applicable Not applicable

Whether the company's top 10 ordinary shareholders and the top 10 unrestricted ordinary shareholders conducted agreed repurchase transactions during the reporting period

□Yes No

The company's top 10 common shareholders and the top 10 common shareholders without selling restrictions did not conduct agreed repurchase transactions during the reporting period.

4. Changes in shareholdings of directors and senior managers

Applicable □Not applicable

Granted at the beginning of the period Granted in the current period Granted at the end of the period Holding at the beginning of the period Increase in holdings in this period Decrease in holdings in this period

Tenure Shareholding at the end of the period Restrictions on you Restrictions on you Restrictions on you Name Position Number of shares Number of shares Number of shares

Status Number (shares) Number of shares Number of shares Number of shares (shares) (shares) (shares)

Volume (shares) Volume (shares) Volume (shares)

Party Secretary, Director

Fu Jun Current 0 323,600 0 323,600 0 0 0 Chairman

General Manager, Party Committee

Deng Xiaoying Current 0 301,600 0 301,600 0 0 0Deputy Secretary, Director

Party Committee Member, Standing Committee

Deputy General Manager,

Zhang Jianhui Incumbent 0 118,000 0 118,000 0 0 0Trade union chairman, employee

working director

Party committee member, deputy

Cai Feng Current 0 113,800 0 113,800 0 0 0General Manager

Party committee member, deputy

Wang Zhiqiang Current 0 43,000 0 43,000 0 0 0General Manager

Party committee member, deputy

General Manager, Chief Legal Officer

Liu Gang Current 0 109,000 0 109,000 0 0 0Legal Counsel, Chief

Compliance officer

Hu Liangwei Safety Director Current 0 26,600 0 26,600 0 0 0

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Song Longmei Chief Economist Current 0 54,800 0 54,800 0 0 0

Party committee member, deputy

Deng Anjian Resigned 0 1,000 0 1,000 0 0 0General Manager

1,091,40 1,091,40Total -- -- 0 0 0 0 0

0 0

5. Changes in controlling shareholders or actual controllers

If the company has previously disclosed that the actual controller is planning a change of control but has not yet completed it, please explain the progress of the change of control. □Applicable Not applicable

Changes in controlling shareholders during the reporting period

□Applicable Not applicable

The company's controlling shareholder did not change during the reporting period.

Changes in actual controller during the reporting period

□Applicable Not applicable

The actual controller of the company did not change during the reporting period.

6. Relevant information on preference shares

□Applicable Not applicable

There were no preferred shares in the company during the reporting period.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Section 7 Bond-related situations □Applicable Not applicable

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Section 8 Financial Report

1. Audit report

Has the semi-annual report been audited?

□Yes No

The company's semi-annual financial report has not been audited.

2. Financial statements

The unit of statements in the financial notes is: Yuan

Consolidated balance sheet

Prepared by: Yipuli Co., Ltd.

June 30, 2026

Unit: Yuan

Item Closing balance Opening balance Current assets:

Monetary funds 3,376,062,353.75 3,081,547,210.84 Settlement reserves

Loan funds

trading financial assets

Derivative financial assets

Notes receivable 520,739,725.24 972,305,981.22 Accounts receivable 2,683,328,117.23 1,837,900,476.93 Accounts receivable financing 56,549,165.12 211,864,807.71 Advance payments 70,786,921.51 102,583,466.16 Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables 90,513,102.79 78,682,781.04 Including: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Inventory 559,986,070.00 455,879,086.14

Among them: data resources

Contract assets 46,816,094.39 81,617,702.32 Assets held for sale 0.00 0.00 Non-current assets due within one year 0.00 0.00 Other current assets 151,983,035.62 104,805,694.20 Total current assets 7,556,764,585.65 6,927,187,206.56 non-current assets:

Grant loans and advances

debt investment

Other debt investments

long-term receivables

Long-term equity investment 158,987,374.20 152,260,072.78 Other equity instrument investment 169,557,122.91 192,718,000.00 Other non-current financial assets 62,151,400.00 62,151,400.00 Investment real estate 167,649,534.32 170,190,155.48 Fixed assets 2,154,906,639.89 2,245,514,404.56 Construction in progress 113,583,261.71 26,592,850.17 Productive biological assets

oil and gas assets

Right-of-use assets 157,331,149.58 159,080,309.99 Intangible assets 1,135,330,417.03 1,152,547,290.38

Among them: data resources

development expenditure

Among them: data resources

Goodwill 1,022,375,560.21 1,022,375,560.21 Long-term deferred expenses 21,255,327.58 11,617,150.41 Deferred income tax assets 36,514,371.59 35,182,749.94 Other non-current assets 53,306,146.89 51,108,289.06 Total non-current assets 5,252,948,305.91 5,281,338,232.98

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total assets 12,809,712,891.56 12,208,525,439.54 Current liabilities:

Short-term borrowings 20,000,000.00 235,556,140.84 Borrowings from the central bank

borrowing funds

Trading financial liabilities

Derivative financial liabilities

Notes payable 75,898,564.86 319,297,123.36 Accounts payable 1,826,596,592.17 1,196,610,371.46 Advance payments

Contract liabilities 26,967,078.73 49,721,652.00 Financial assets sold and repurchased

Taking deposits and placing deposits with other banks

Agent for buying and selling securities

Agent underwriting securities funds

Employee benefits payable 174,540,735.45 113,094,859.58 Taxes payable 124,451,077.95 157,169,668.34 Other payables 620,213,206.17 330,888,428.44 Including: interest payable

Dividends payable 327,089,223.67 3,836,386.55 Handling fees and commissions payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one year 164,175,056.11 154,983,066.69 Other current liabilities 272,038,800.00 383,176,554.87 Total current liabilities 3,304,881,111.44 2,940,497,865.58 Non-current liabilities:

insurance contract reserves

Long-term borrowings 226,538,250.00 222,977,750.00 Bonds payable

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Among them: preferred shares

perpetual bond

Lease liabilities 121,025,021.96 123,266,493.89 Long-term payables

Long-term employee benefits payable 88,480,000.00 94,720,000.00 Estimated liabilities 17,991,455.93 17,991,455.93 Deferred income 103,867,696.27 109,356,953.01 Deferred income tax liabilities 175,702,584.74 184,276,887.13 Other non-current liabilities 2,143,295.57 2,143,295.57 Total non-current liabilities 735,748,304.47 754,732,835.53 Total liabilities 4,040,629,415.91 3,695,230,701.11 Owners’ equity:

Share capital 1,240,440,770.00 1,240,440,770.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 3,736,095,192.79 3,631,103,925.86 Less: treasury shares

Other comprehensive income -34,791,783.83 -13,420,646.08Special reserve 67,263,869.95 42,948,595.39 Surplus reserve 334,390,000.00 334,390,000.00General risk reserve

Undistributed profits 2,758,953,648.24 2,749,041,641.44 Total owners’ equity attributable to the parent company 8,102,351,697.15 7,984,504,286.61 Minority shareholders’ equity 666,731,778.50 528,790,451.82 Total owners’ equity 8,769,083,475.65 8,513,294,738.43 Total liabilities and owners’ equity 12,809,712,891.56 12,208,525,439.54 Legal representative: Fu Jun Person in charge of accounting work: Deng Xiaoying Person in charge of accounting department: Song Longmei

Balance sheet of the parent company

Unit: Yuan

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Item Ending balance Beginning balance

Current assets:

Monetary funds 2,262,318,795.48 2,003,125,339.71 Trading financial assets

Derivative financial assets

Notes receivable 54,923,473.97 46,097,567.91 Accounts receivable 219,393,405.39 200,486,347.52 Accounts receivable financing 10,458,720.76 16,371,949.57 Prepayments 5,219,299.89 9,058,975.42 Other receivables 430,014,550.49 413,126,787.55 Including: interest receivable

Dividends receivable 44,000,000.00 36,000,000.00 Inventory 75,346,929.45 929,161.72

Among them: data resources

Contract assets 128,125.00 Assets held for sale

Non-current assets due within one year

Other current assets 27,975,154.34 13,752,317.75 Total current assets 3,085,650,329.77 2,703,076,572.15 Non-current assets:

debt investment

Other debt investments

long-term receivables

Long-term equity investment 7,164,076,096.77 7,158,883,775.24 Other equity instrument investment 162,203,422.91 185,364,300.00 Other non-current financial assets

Investment real estate 33,707,371.57 34,367,040.13 Fixed assets 11,148,451.99 11,989,253.51 Construction in progress 72,655,956.05 20,796,516.60 Productive biological assets

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

oil and gas assets

right-of-use assets

Intangible assets 98,190,678.51 98,690,817.55

Among them: data resources

development expenditure

Among them: data resources

goodwill

Long-term deferred expenses

Deferred income tax assets 2,467,528.33 2,244,521.33 Other non-current assets 16,674,353.70 22,113,850.70 Total non-current assets 7,561,123,859.83 7,534,450,075.06 Total assets 10,646,774,189.60 10,237,526,647.21 Current liabilities:

Short-term borrowings 3,813,830.47 Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 188,566,896.30 184,911,460.65 Advance payments

Contract liabilities 2,763,856.65 3,072,051.84 Employee benefits payable 6,365,745.73 5,506,956.18 Taxes payable 622,179.80 1,815,047.70 Other payables 807,659,082.27 740,706,495.96 including: interest payable

Dividends payable 317,552,837.12

Liabilities held for sale

Non-current liabilities due within one year 2,510,000.00 2,510,000.00 Other current liabilities 24,226,611.72 10,606,010.22 Total current liabilities 1,032,714,372.47 952,941,853.02 Non-current liabilities:

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

long term borrowing

bonds payable

Among them: preferred shares

perpetual bond

Lease liability

long-term payables

Long-term employee benefits payable 1,040,000.00 2,040,000.00 Estimated liabilities

Deferred income 2,379,062.11 2,441,124.61 Deferred income tax liabilities 8,001,875.38 13,679,981.69 Other non-current liabilities

Total non-current liabilities 11,420,937.49 18,161,106.30 Total liabilities 1,044,135,309.96 971,102,959.32 Owners’ equity:

Share capital 1,240,440,770.00 1,240,440,770.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 6,438,878,902.32 6,438,878,902.32 less: treasury shares

Other comprehensive income 58,125,210.70 75,495,868.52 Special reserves 1,655,435.22 2,260,041.24 Surplus reserves 265,738,793.36 265,738,793.36 Undistributed profits 1,597,799,768.04 1,243,609,312.45 Total owners’ equity 9,602,638,879.64 9,266,423,687.89 Total liabilities and owners’ equity 10,646,774,189.60 10,237,526,647.21

Consolidated income statement

Unit: Yuan

Project Half-year 2026 Half-year 2025

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total operating income 3,967,423,568.48 4,712,638,586.17 Including: operating income 3,967,423,568.48 4,712,638,586.17 Interest income

Premiums earned

Fee and commission income

Total operating costs 3,580,312,567.05 4,217,769,892.20 Including: operating costs 3,077,309,943.43 3,655,586,312.97 Interest expenses

Handling fees and commission expenses

surrender deposit

Net compensation expenses

Net withdrawal of insurance liability reserves

policy dividend payout

Reinsurance cost

Taxes and surcharges 27,073,453.21 26,215,202.04 Sales expenses 45,030,709.35 50,108,042.08 Management expenses 305,150,307.57 322,562,386.85 Research and development expenses 122,278,805.84 160,602,795.68Financial expenses 3,469,347.65 2,695,152.58Including: Interest expenses 7,687,173.87 7,542,053.49

Interest income 5,756,228.91 8,972,466.93 Add: other income 11,187,389.10 8,743,751.82 Investment income (losses are filled in with "-"

13,527,999.48 16,564,738.59 columns)

Of which: for associates and joint ventures

9,032,225.60 10,988,853.38 Enterprise’s investment income

Measured at amortized cost

Income from derecognition of financial assets

Exchange gains (losses are filled in with "-"

column)

Net exposure hedging gains (losses expressed as “—

"Fill in the column)

Gains from changes in fair value (losses calculated as

Fill in the column with "—" sign)

Credit impairment losses (losses are represented by “—” -6,945,876.66 -10,283,693.68

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

(Fill in the number)

Asset impairment losses (losses are represented by “—”

No. 525,686.62 -156,305.70 (please fill in the list)

Gains from asset disposals (losses are marked with “—”

No. 2,378,013.30 -1,643,164.60 (please fill in the list)

3. Operating profit (loss should be filled in with “—”

407,784,213.27 508,094,020.40 columns)

Add: Non-operating income 10,381,651.15 11,074,918.39 Less: Non-operating expenses 4,743,081.22 4,548,052.62

4. Total profit (total loss is marked with “—”

413,422,783.20 514,620,886.17 fill in the column)

Less: Income tax expense 55,874,697.76 74,229,385.60

5. Net profit (net loss is filled in with "-"

357,548,085.44 440,391,500.57 columns)

(1) Classification by business continuity

Net profit from continuing operations (net loss divided by

357,548,085.44 440,391,500.57 (Fill in “—”)

Net profit from discontinued operations (net loss equal to

Fill in the column with "—" sign)

(2) Classification according to ownership ownership

Net profit attributable to shareholders of the parent company

327,464,843.92 408,657,176.70 (Net loss is listed with "—")

Profit and loss of minority shareholders (net loss is represented by “—

30,083,241.52 31,734,323.87 "Fill in the numbers)

Net after-tax amount of other comprehensive income -21,410,354.17 -3,976,567.34 Other comprehensive income attributable to the owners of the parent company

-21,371,137.75 -3,940,933.86 net amount after tax

(1) Others that cannot be reclassified into profit or loss

-17,330,657.82 -3,160,346.30 Comprehensive income

Remeasure changes in defined benefit plans

40,000.00 60,446.00 amount

Others that cannot be transferred to profit or loss under the equity method

-67,390.00 comprehensive income

Fair value of other equity instrument investments

-17,370,657.82 -3,153,402.30 change

Fair value of the company’s own credit risk

change

5.Others

(2) Other comprehensive items that will be reclassified into profit or loss

-4,040,479.93 -780,587.56 combined income

Other comprehensive items that can be transferred to profits and losses under the equity method

combined income

Changes in fair value of other debt investments
Financial assets are reclassified into other comprehensive

Amount of combined income

Credit impairment provisions for other debt investments

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Cash flow hedging reserve
Translation difference of foreign currency financial statements -4,040,479.93 -780,587.56 7. Others

Other comprehensive income attributable to minority shareholders

-39,216.42 -35,633.48 Net after tax

Total comprehensive income 336,137,731.27 436,414,933.23 Total comprehensive income attributable to owners of the parent company

306,093,706.17 404,716,242.84 amount

Total comprehensive income attributable to minority shareholders 30,044,025.10 31,698,690.39

8. Earnings per share:

(1) Basic earnings per share 0.26 0.33

(2) Diluted earnings per share 0.26 0.33 If a business merger under the same control occurs in this period, the net profit realized by the merged party before the merger is: 0 yuan, and the net profit realized by the merged party in the previous period is: 0 yuan. Legal representative: Fu Jun Person in charge of accounting work: Deng Xiaoying Person in charge of accounting department: Song Longmei

Income statement of the parent company

Unit: Yuan

Project Half-year 2026 Half-year 2025

Operating income 385,530,086.58 524,343,929.26 Less: Operating costs 375,332,769.67 507,806,946.81 Taxes and surcharges 919,406.65 979,864.63 Sales expenses 815,412.56 423,906.82Administrative expenses 23,255,791.08 28,496,513.59R&D expenses 7,047,725.47 4,082,949.43Financial expenses -4,172,975.95 -5,396,564.48Including: interest expenses 117,783.66 738,765.34

Interest income 4,273,489.88 6,422,357.29 Plus: other income 319,448.88 334,091.33 Investment income (losses are filled in with "—"

687,922,294.76 530,682,574.23 columns)

Of which: for associates and joint ventures

6,128,568.76 4,588,808.24 Investment income from the industry

Money measured at amortized cost

Gains from derecognition of financial assets (losses are represented by “—”

(Fill in the number)

Net exposure hedging gains (losses expressed as “—

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

"Fill in the column)

Gains from changes in fair value (losses are listed with “—”)

Credit impairment losses (losses are preceded by “—”

No. 391,332.71 -1,406,111.03 (please fill in the list)

Asset impairment losses (losses are listed with "—")

Income from asset disposal (losses are listed with “—”)

Operating profit (loss should be filled in with “—”

670,965,033.45 517,560,866.99 columns)

Add: non-operating income 667,472.02 184,042.83

Less: Non-operating expenses 106.80 295.41

Total profits (total losses are marked with “—”

671,632,398.67 517,744,614.41 fill in the column)

Less: Income tax expense -110,894.04 -351,527.75

Net profit (net loss is filled in with “—”

671,743,292.71 518,096,142.16 columns)

(1) Net profit from continuing operations (net loss divided by

671,743,292.71 518,096,142.16 (Fill in “—”)

(2) Net profit from discontinued operations (net loss is listed with “—”)

Net after-tax amount of other comprehensive income -17,370,657.82 -3,230,792.30

(1) Others that cannot be reclassified into profit or loss

-17,370,657.82 -3,230,792.30 Comprehensive income

Remeasure changes in defined benefit plans

-10,000.00 amount

Others that cannot be transferred to profit or loss under the equity method

-67,390.00 comprehensive income

Fair value of other equity instrument investments

-17,370,657.82 -3,153,402.30 change

Changes in the fair value of the company’s own credit risk

5.Others

(2) Other comprehensive income that will be reclassified into profit and loss

Other comprehensive income that can be converted to profit or loss under the equity method
Changes in fair value of other debt investments 3. Amount of financial assets reclassified and included in other comprehensive income
Credit impairment provisions for other debt investments
Cash flow hedging reserve
Translation differences of foreign currency financial statements

7.Others

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total comprehensive income 654,372,634.89 514,865,349.86

7. Earnings per share:

(1) Basic earnings per share

(2) Diluted earnings per share

Consolidated cash flow statement

Unit: Yuan

Project Half-year 2026 Half-year 2025

1. Cash flow generated from operating activities:

Cash received from selling goods and providing services 3,103,521,537.23 3,213,591,576.81 Net increase in customer deposits and deposits from banks

Net increase in borrowing from the central bank

Net increase in borrowing funds from other financial institutions

Cash received from premiums from the original insurance contract

Net cash received from reinsurance business

Net increase in policyholders’ savings and investment funds

Cash collected from interest, fees and commissions

Net increase in borrowing funds

Net increase in repurchase business funds

Net cash received from buying and selling securities on behalf of agents

Tax returns received 2,013,415.46 593,990.78 Other cash received related to operating activities 140,914,976.76 156,246,702.08 Subtotal of cash inflows from operating activities 3,246,449,929.45 3,370,432,269.67 Cash paid for purchasing goods and receiving services 1,989,500,801.88 1,766,977,198.56 Net increase in customer loans and advances

Net increase in deposits with central banks and inter-banks

Cash used to pay compensation from the original insurance contract

Net increase in lending funds

Cash payments for interest, fees and commissions

Cash payment for policy dividends

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Cash paid to and for employees 613,644,793.96 622,218,452.30 Various taxes and fees paid 247,403,054.61 272,318,488.67 Cash paid for other operating activities 209,904,976.90 178,311,519.09 Subtotal cash outflow from operating activities 3,060,453,627.35 2,839,825,658.62 Net cash flow generated from operating activities 185,996,302.10 530,606,611.05

2. Cash flow generated from investing activities:

Cash received from recovery of investment 1,111,683.75 66,000.00 Cash received from investment income 5,689,014.31 16,845,197.38 Disposal of fixed assets, intangible assets and other long-term assets

8,463,138.46 346,239.60 Net cash amount from asset recovery

Received from disposal of subsidiaries and other business units

net cash

Other cash received related to investing activities

Subtotal of cash inflows from investing activities 15,263,836.52 17,257,436.98 Purchase and construction of fixed assets, intangible assets and other long-term assets

115,873,098.97 71,263,152.24 Cash paid for assets

Cash paid for investments

Net increase in mortgage loans

Obtain payment from subsidiaries and other business units

244,619,168.34 Net cash

Other cash payments related to investing activities

Subtotal of cash outflows from investing activities 115,873,098.97 315,882,320.58 Net cash flow generated from investing activities -100,609,262.45 -298,624,883.60

3. Cash flow generated from financing activities:

Cash received from investment 256,237,800.00

Among them: subsidiaries absorb investment income from minority shareholders

256,237,800.00

Cash arrived

Cash received from borrowings 40,000,000.00 6,562,500.00 Cash received from other financing activities

Subtotal of cash inflows from financing activities 296,237,800.00 6,562,500.00 Cash paid to repay debts 34,159,875.00 29,000,000.00 Paid to distribute dividends, profits or pay interest

43,169,348.43 29,547,800.78 cash

Including: shares paid by subsidiaries to minority shareholders

38,652,327.34 22,613,735.55 Profit and profit

Cash payments related to other financing activities 9,406,666.03 17,547,643.70

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Subtotal of cash outflows from financing activities 86,735,889.46 76,095,444.48 Net cash flow generated from financing activities 209,501,910.54 -69,532,944.48

4. The impact of exchange rate changes on cash and cash equivalents

-859,618.48 -2,538,926.33 impact

Net increase in cash and cash equivalents 294,029,331.71 159,909,856.64 Plus: opening balance of cash and cash equivalents 3,075,566,275.16 2,745,614,302.21
Balance of cash and cash equivalents at the end of the period 3,369,595,606.87 2,905,524,158.85
Cash flow statement of the parent company

Unit: Yuan

Project Half-year 2026 Half-year 2025

1. Cash flow generated from operating activities:

Cash received from selling goods and providing services 343,131,989.10 424,323,759.04 Tax refunds received 155,136.33 72,179.51 Cash received from other operating activities 1,425,711,855.16 2,844,637,119.08 Subtotal of cash inflows from operating activities 1,768,998,980.59 3,269,033,057.63 Cash paid for purchasing goods and receiving services 417,370,299.16 462,974,153.14 Cash paid to and for employees 27,261,657.98 21,171,709.69 Various taxes and fees paid 1,932,335.32 3,142,107.91 Other cash payments related to operating activities 1,675,422,999.80 3,171,187,393.06 Subtotal of cash outflows from operating activities 2,121,987,292.26 3,658,475,363.80 Net cash flow generated from operating activities -352,988,311.67 -389,442,306.17

2. Cash flow generated from investing activities:

Recover cash received on investment

Cash received from investment income 674,729,973.23 516,560,070.51 Disposal of fixed assets, intangible assets and other long-term assets

Net cash received from period assets

Received from disposal of subsidiaries and other business units

net cash

Other cash received related to investing activities

Subtotal of cash inflows from investing activities 674,729,973.23 516,560,070.51 Purchase and construction of fixed assets, intangible assets and other long-term assets

42,391,577.24 16,673,483.66 Cash paid for assets

Cash paid for investment 284,514,271.20

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Obtain payment from subsidiaries and other business units

net cash

Payment of other cash related to investing activities 20,000,000.00 0.00 Subtotal cash outflow from investing activities 62,391,577.24 301,187,754.86 Net cash flow generated from investing activities 612,338,395.99 215,372,315.65

3. Cash flow generated from financing activities:

Absorbing cash received from investments

Obtain cash received from borrowing money

Other cash received related to financing activities

Subtotal of cash inflows from financing activities

Cash paid to repay debt

Distribution of dividends, profits or repayment of interest payments

112,931.76

Cash

Other cash payments related to financing activities 43,696.79

Subtotal of cash outflows from financing activities 156,628.55

Net cash flow generated from financing activities -156,628.55

4. The impact of exchange rate changes on cash and cash equivalents

influence

Net increase in cash and cash equivalents 259,193,455.77 -174,069,990.52

Add: Balance of cash and cash equivalents at the beginning of the period 2,003,125,339.71 2,177,112,947.24

Balance of cash and cash equivalents at the end of the period 2,262,318,795.48 2,003,042,956.72
Consolidated statement of changes in owners’ equity

Amount of current period

Unit: yuan for the first half of 2026

Less equity attributable to owners of the parent company

There are items Other equity instruments Less One Unnumbered Persons’ capital Other Special profit General shares

： Fractionated equity comprehensive item Yu Feng Qi Xiaodong

Youyongtreasure allocates profit capital to its public joint reserves, public insurance and other planning rights

The first continued deposit interest is combined with other accumulated reserves and accumulated reserve profits.

Stock Debt Stock Profit Profit Provision

1,2 3,6 - 2,7 7,9 8,5 42, 334 528 40, 31, 13, 49, 84, 13,

948,39,79

Previous year period 440 103 420 041 504 294

,59 0,0 0,4 end balance ,77 ,92 ,64 ,64 ,28 ,73 5.3 00. 51. 0.0 5.8 6.0 1.4 6.6 8.4 9 00 82

0 6 8 4 1 3

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Add: yes

Changes in accounting policies

before

period error correction

its

him

1,2 3,6 - 2,7 7,9 8,5 42, 334 528 40, 31, 13, 49, 84, 13,

948,39,79

Current year 440 103 420 041 504 294

,59 0,0 0,4 Beginning balance ,77 ,92 ,64 ,64 ,28 ,73 5.3 00. 51. 0.0 5.8 6.0 1.4 6.6 8.4 9 00 82 0 6 8 4 1 3

Increase in this period: 104 24, 117 137 255

21, 9,9

Less changes ,99 315 ,84 ,94 ,78

371 12,

(Reduce to 1,2 ,27 7,4 1,3 8,7

,13 006

Fill in the “—” sign 66. 4.5 10. 26. 37.

7.7 .80

column) 93 6 54 68 22

327 306 30, 336 21,

,46 ,09 044 ,13

(1) Comprehensive 371

4,8 3,7 ,02 7,7Total income ,13

1. 5.1 31. 7.7

92 17 0 27

104 104 151 256

(2) All ,99,99,24,23 investment and less capital 1,2 1,2 6,5 7,8 66. 66. 33. 00. 93 93 07 00

104 104 151 256 1. Ordinary 1,2 1,2 6,5 7,8 shares invested by the owner ,99 ,99 ,24 ,23 66. 66. 33. 00.

93 93 07 00 2. Other rights

beneficial instruments held

investors invest capital

Share branch

Payment is included in all

owner's equity

Others

317 317 44, 362

(3) Profit ,55 ,55 878 ,43 Distribution 2,8 2,8 ,67 1,5

1. 2.0 09.

12 12 3 15 1. Withdraw profit

surplus public space

Extract one

General risk preparation

To all - - - - (or shares 317 317 44, 362

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

East) distribution ,55 ,55 878 ,43 2,8 2,8 ,67 1,5

1. 2.0 09.

12 12 3 15

Others

(4) All

Inside the investor’s rights

carry forward

1． capital company

Convert accumulated assets to capital

(or equity)

surplus public

Convert accumulated assets to capital

(or equity)

surplus public

Accumulate to make up for losses

Settings subject to

Changes in benefit plan

Amount carried forward and retained

income

Other comprehensive

Consolidated income carried forward

retained earnings

Others

24, 24, 25,

1,5

315 315 844

(5) Special projects 29,

,27 ,27 ,71 Reserve 440

4.5 4.5 5.1 .54

6 6 0 127 127 136

9,4

,07 ,07 ,47 1. This issue mentions 02,

3,6 3,6 6,1 takes 528

.06

46 46 52 - - -

102 102 110

7,8

This issue uses ,75,75,63

73,

Use 8,3 8,3 1,4

.52

90 90 42

(6) Others

1,2 3,7 - 2,7 8,1 8,7 67, 334 666

40, 36, 34, 58, 02, 69, 263,39,73

This period 440 095 791 953 351 083 ,86 0,0 1,7

Closing balance ,77 ,19 ,78 ,64 ,69 ,47 9.9 00. 78.

0.0 2.7 3.8 8.2 7.1 5.6

5 00 50

0 9 3 4 5 5

Amount of previous year

Unit: Yuan

Project Half Year 2025

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Less equity attributable to owners of the parent company

There are other equity instruments less one unnumbered shares of other investors.

： Fractionated equity comprehensive item Yu Feng Qi Xiaodong

Youyongtreasure allocates profit capital to its public joint reserves, public insurance and other planning rights

The first continued deposit interest is combined with other accumulated reserves and accumulated reserve profits.

Stock Debt Stock Profit Profit Provision

1,2 3,6 - 2,2 7,4 7,7 42, 334 327 40, 12, 14, 41, 57, 84,

912,39,21

Previous year period 440 596 411 718 647 863

,47 0,0 6,0 end balance ,77 ,79 ,20 ,46 ,29 ,32 2.2 00. 33. 0.0 4.8 8.8 3.8 2.1 5.9 6 00 82 0 5 5 8 4 6

Add: yes

Changes in accounting policies

before

period error correction

its

him

1,2 3,6 - 2,2 7,4 7,7 42, 334 327 40, 12, 14, 41, 57, 84,

912,39,21

Current year 440 596 411 718 647 863

,47 0,0 6,Obeginning balance ,77 ,79 ,20 ,46 ,29 ,32 2.2 00. 33. 0.0 4.8 8.8 3.8 2.1 5.9 6 00 82

0 5 5 8 4 6

Increase in the current period - 13, 123 132 181 314 minus change amount 3,9 046 35 97 82 79

,96

(reduced to 40, ,93 5,7 0,7 4,1 4,8

4.9

Fill in "—" 933 6.5 99. 67. 28. 95. (column) .86 6 60 22 50 72 - 408 404 31, 436

3,9,65,71 698,41

(1) Comprehensive

40, 7,1 6,2,69 4,9Total income

933 76. 42. 0.3 33. .86 70 84 9 23 184 185

508 508

(2) All ,96 ,47

,96 ,96

investor input and minus 5,6 4,6

4.9 4.9

Less capital 87. 52. 2 2

41 33 1． owner

ordinary investment

Other rights

beneficial instruments held

investors invest capital

Share branch

Payment is included in all

owner's equity

508 508 184 -

,96 ,96 ,96 14, 4． Others

4.9 4.9 5,6 113

2 2 87. ,07

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

41 5.9

285 285 36, 321

(3) Profit ,30 ,30 413 ,71 Distribution 1,3 1,3 ,01 4,3

1. 3.3 90.

10 10 6 46 1. Withdraw profit

surplus public space

Extract one

General risk preparation

285 285 36, 321 3. to all

,30 ,30 413 ,71 (or shares

1,3 1,3 ,01 4,3 east) distribution

1. 3.3 90.

10 10 6 46

Others

(4) All

Inside the investor’s rights

carry forward

1． capital company

Convert accumulated assets to capital

(or equity)

surplus public

Convert accumulated assets to capital

(or equity)

surplus public

Accumulate to make up for losses

Settings subject to

Changes in benefit plan

Amount carried forward and retained

income

Other comprehensive

Consolidated income carried forward

retained earnings

Others

13, 13, 14,

1,5

046 046 619

(5) Special projects 72,

,93 ,93 ,70 Reserve 764

6.5 6.5 0.6 .06

6 6 2 147 147 156

9,2

,44 ,44 ,69 1． This issue raised 51,

3,0 3,0 4,5 takes 512

.30

16 16 46

- - - 134 134 7,6 142 2. This issue makes

,39 ,39 78, ,07 is used

6,1 6,1 748 4,8

1. .24 78.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

60 60 84

(6) Others

1,2 3,6 - 2,3 7,5 8,0 55, 334 509 40, 13, 18, 65, 90, 99,

959,39,04

This period 440 105 352 074 618 658

,40 0,0 0,1 end balance ,77 ,75 ,14 ,26 ,05 ,22 8.8 00. 62. 0.0 9.7 2.7 3.4 9.3 1.6 2 00 32

0 7 1 8 6 8

Statement of changes in owner’s equity of the parent company

Amount of current period

Unit: Yuan

2026 half year

All items Other equity instruments Less: Others Undivided

Capital Special Surplus Owner's Equity Inventory Comprehensive Distribution Others

Priority Perpetual Reserves Reserves Yihe Other Shares Income Profit

Stocks and bonds Total 1,240 6,438 1,243 9,266

75,49 2,260 265,7

Previous year period ,440, ,878, ,609, ,423,

5,868,041. 38,79

Closing balance 770.0 902.3 312.4 687.8 .52 24 3.36

0 2 5 9

Add: yes

Changes in accounting policies

before

period error correction

its

him

1,240 6,438 1,243 9,266

75,49 2,260 265,7

This year ,440, ,878, ,609, ,423,

5,868,041. 38,79

Initial balance 770.0 902.3 312.4 687.8 .52 24 3.36

0 2 5 9

3. Added in this issue

Less changes - 354,1 336,2

17,37

(Reduced to 604,6 90,45 15,19

0,657

Fill in "—" 06.02 5.59 1.75

.82

column)

671,7 654,3

(1) Comprehensive 17,37

43,29 72,63Total income 0,657

2.71 4.89

.82

(2) All

investor input and reduction

less capital

1． owner

ordinary investment

Other rights

beneficial instruments held

investors invest capital

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Share branch

Payment is included in all

owner's equity

Others

(3) Profit 317,5 317,5 Distribution 52,83 52,83

7.12 7.12 1. Withdraw profit

surplus public space

to all

person (or share

East) distribution

317,5 317,5 3． Others

52,83 52,83

7.12 7.12

(4) All

Inside the investor’s rights

carry forward

1． capital company

Convert accumulated assets to capital

(or equity)

surplus public

Convert accumulated assets to capital

(or equity)

surplus public

Accumulate to make up for losses

Settings subject to

Changes in benefit plan

Amount carried forward and retained

income

Other comprehensive

Consolidated income carried forward

retained earnings

Others

(5) Special projects

604,6 604,6 Reserve

06.02 06.02 1. Withdrawal in this period 83,14 83,14 Withdrawal 9.98 9.98

- 2． This issue makes

687,7 687,7 is used

56.00 56.00

(6) Others

1,240 6,438 1,597 9,602

58,12 1,655 265,7

This period ,440, ,878, ,799, ,638,

5,210,435. 38,79

Closing balance 770.0 902.3 768.0 879.6 .70 22 3.36

0 2 4 4

Amount of previous year

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Unit: Yuan

2025 half year

Other equity instruments All less: Others Undivided

Project Capital Special Surplus Owner's Equity Priority Perpetual Inventory Comprehensive Distribution Others

Other public reserves, reserves, equity joint ventures, bonds, shares, profits

Total 1,240 6,438 8,930

80,03 2,893 203,0 964,8

Previous year period ,440, ,878, ,179,

2,683,892. 67,18 66,22

Closing balance 770.0 902.3 662.6 .51 01 6.54 8.22

0 2 0

Add: yes

Changes in accounting policies

before

period error correction

its

him

1,240 6,438 8,930

80,03 2,893 203,0 964,8

This year ,440, ,878, ,179,

2,683,892. 67,18 66,22

Initial balance 770.0 902.3 662.6 .51 01 6.54 8.22

0 2 0

3. Added in this issue

Less changes - 232,7 229,5

3,230

(Reduced to 49,45 94,76 14,51

,792.

Fill in the "—" number in columns 3.29 5.06 9.47)

518,0 514,8

(1) Comprehensive 3,230

96,14 65,34Total income ,792.

2.16 9.86

(2) All

investor input and reduction

less capital

1． owner

ordinary investment

Other rights

beneficial instruments held

investors invest capital

Share branch

Payment is included in all

owner's equity

Others

(3) Profit 285,3 285,3 Distribution 01,37 01,37

7.10 7.10 1. Withdraw profit

surplus public space

- 2． to all

285,3 285,3 (or shares

01,37 01,37 East) allocation

7.10 7.10

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Others

(4) All

Inside the investor’s rights

carry forward

1． capital company

Convert accumulated assets to capital

(or equity)

surplus public

Convert accumulated assets to capital

(or equity)

surplus public

Accumulate to make up for losses

Settings subject to

Changes in benefit plan

Amount carried forward and retained

income

Other comprehensive

Consolidated income carried forward

retained earnings

Others

(5) Special projects

49,45 49,45 Reserve

3.29 3.29 1. Withdrawal in this period 165.6 165.6 Withdrawal 01.15 01.15

- 2． This issue makes

215,0 215,0 is used

54.44 54.44

(6) Others 0.00 1,240 6,438 1,197 9,159

76,80 2,844 203,0

This period ,440, ,878, ,660, ,694,

1,891,438. 67,18

Closing balance 770.0 902.3 993.2 182.0 .21 72 6.54

0 2 8 7

3. Basic situation of the company

Yipuli Co., Ltd. (hereinafter referred to as the company or the company) was formerly known as Hunan Nanling Civilian Explosive Equipment Co., Ltd., approved by the Hunan Provincial People's Government (Xiang Zhenghan [2001] No. 129), and was sponsored by Hunan Nanling Chemical Plant (restructured into Hunan Nanling Chemical Group Co., Ltd., hereinafter referred to as Nanling Chemical), in conjunction with China New Era Holdings (Group) Company (January 2017) In January, it was renamed China New Era Holding Group Co., Ltd.), Shenzhen Jinaobo Technology Co., Ltd. (restructured into Shenzhen Jinaobo Technology Co., Ltd. in March 2016), Hunan Zhongren Explosive Engineering Co., Ltd. and Mr. Lu Chunxu, a natural person, and other joint-stock companies established by sponsorship. They were registered with the Hunan Provincial Administration for Industry and Commerce on August 10, 2001, and are headquartered in Changsha City, Hunan Province. The company currently holds a business license with a unified social credit code of 9143000073051349XL, a registered capital of 1,240,440,770.00 yuan, and a total of 1,240,440,770 shares (face value 1 yuan per share). Among them, there are 820,909 A shares with trading restrictions and 1,239,619,861 A shares without selling conditions.

According to the resolutions of the company's previous board of directors in 2022, the resolutions of the extraordinary shareholders' meeting, and the China Securities Regulatory Commission's "Approval of Hunan Nanling Civilian Explosive Equipment Co., Ltd.'s Issuance of Shares to China Gezhouba Group Co., Ltd. and Others to Purchase Assets and Raise Supporting Funds" (CSRC Permit [2023] No. 32) approved by the China Securities Regulatory Commission on January 9, 2023, the company purchased China Gezhouba Group Co., Ltd. (hereinafter referred to as Gezhouba) and Panzhihua Iron and Steel Group Mining Co., Ltd. through the issuance of shares.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. The shares of China Gezhouba Group Yipuli Co., Ltd. jointly held by the company and natural persons; at the same time, the company raised supporting funds from a non-public issuance of shares to no more than 35 specific investors. At this point, the company's controlling shareholder changed from Nanling Chemical to Gezhouba, and the actual controller is the State-owned Assets Supervision and Administration Commission of the State Council. The relevant industrial and commercial change registration procedures were completed on May 22, 2023. The company's full name was changed from "Hunan Nanling Civil Explosive Equipment Co., Ltd." to "Yipuli Co., Ltd.". On July 6, 2023, the company's securities abbreviation was changed from Nanling Civil Explosives to Yipuli.

The company belongs to the manufacturing industry of special chemical products. Its main business activities include integrated mining blasting services and the research and development, production and sales of civilian blasting equipment. This financial statement has been approved for external reporting by the company at the second meeting of the eighth board of directors on August 27, 2026.

4. Basis for preparation of financial statements

Basics of preparation

The company's financial statements are prepared on a going concern basis.

Continued operations

The Company has no events or circumstances that would cause significant doubts about its ability to continue operating within 12 months from the end of the reporting period.

5. Important accounting policies and accounting estimates

Specific accounting policies and accounting estimation tips:

The Company has formulated specific accounting policies and accounting estimates based on the actual production and operation characteristics for transactions or matters such as impairment of financial instruments, inventories, depreciation of fixed assets, construction in progress, intangible assets, and revenue recognition.

Statement on compliance with corporate accounting standards

The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises and truly and completely reflect the company's financial status, operating results, cash flow and other relevant information.

Accounting period

The fiscal year begins on January 1 and ends on December 31 of the Gregorian calendar.

Business cycle

The company's operating business has a short operating cycle, and 12 months is used as the liquidity classification standard for assets and liabilities.

Accounting standard currency

The Company and its domestic subsidiaries use RMB as their accounting standard currency. Other units engaged in overseas operations choose the currency in the main economic environment in which they operate as their accounting standard currency.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Determination method and selection basis of importance standards

Applicable □Not applicable

Project Materiality Criteria

The company will make bad debt provision for any single item of accounts receivable whose amount exceeds 0.5% of total assets or whose amount exceeds RMB 500.

Accounts receivable exceeding RMB 10,000 are recognized as important accounts receivable.

The company will recover or transfer back bad debt provisions for accounts receivable whose individual account receivable amount exceeds 0.5% of total assets or whose amount is more than 500.

Accounts receivable exceeding RMB 10,000 are recognized as important accounts receivable.

The company will write off important accounts receivable if the amount of a single account receivable exceeds 0.5% of total assets or if the amount exceeds RMB 500.

Accounts receivable exceeding RMB 10,000 are recognized as important accounts receivable.

The company considers single prepayments whose amount exceeds 0.5% of total assets or whose amount is more than 500 yuan and whose aging exceeds 1 year.

Prepayments exceeding RMB 10,000 are considered important prepayments.

The company will make other receivables for which the amount of a single item exceeds 0.5% of the total assets or the amount is an important single item and a provision for bad debts is made.

Other receivables exceeding RMB 3 million are identified as important other receivables.

The company will write off other receivables if the amount of a single other receivable exceeds 0.5% of the total assets or if the amount is important

Other receivables exceeding RMB 3 million are identified as important other receivables.

The company will include projects under construction with a total budgeted project investment of more than 2 million yuan that are indeed important projects under construction.

Designated as an important project under construction.

The company will use the original book value of a single item of goodwill to exceed 0.5% of the total assets or the amount is less than the original book value of important goodwill.

The original book value of goodwill above 5 million yuan is recognized as the original book value of important goodwill. The company will set the amount of a single goodwill impairment provision to exceed 0.5% of the total assets or the amount will be less than 0.5% of the important goodwill impairment provision.

Goodwill impairment provisions exceeding RMB 5 million are identified as important goodwill impairment provisions. The company considers accounts payable with a single account payable amount exceeding 0.5% of total assets or an account payable with an age of more than 1 year in the amount of 500.

Accounts payable exceeding RMB 10,000 are recognized as important accounts payable.

The company considers contract liabilities with a single contract liability amount exceeding 0.5% of total assets or an amount of 500 yuan or more with an aging of more than 1 year.

Contract liabilities exceeding RMB 10,000 are recognized as important contract liabilities.

The company will pay dividends if the amount of a single dividend payable exceeds 0.5% of the total assets or the amount is 500 yuan or more and the account age exceeds 1 year.

Dividends payable exceeding RMB 10,000 are considered important dividends payable.

The company considers other payables whose individual amount exceeds 0.5% of total assets or whose amount is important and whose aging exceeds 1 year.

Other payables exceeding RMB 5 million are identified as important other payables.

The company will estimate the amount of individual estimated liabilities exceeding 0.5% of total assets or the amount of estimated liabilities in 2000.

Estimated liabilities exceeding RMB 10,000 are recognized as important estimated liabilities.

The company identifies cash flows from investment activities in which the cash flow amount of a single investment activity exceeds 0.5% of total assets or the cash flow amount from investment activities exceeds 20 million yuan as important investment activity cash flows.

The company identifies overseas operating entities whose total assets/total income/total profits exceed 15% of the company's consolidated total assets/total income/total profits of important overseas operating entities as important overseas operating entities.

The company determines important subsidiaries or non-wholly-owned subsidiaries whose total revenue or total assets exceed 15% of the company's total revenue or total assets, or subsidiaries whose total revenue or total assets exceed 300 million yuan as important subsidiaries or important non-wholly-owned subsidiaries.

The company identifies important associates whose book value of a single long-term equity investment exceeds 3% of the company's consolidated net assets or associates whose investment income calculated using the equity method exceeds 3% of the company's total consolidated profits as important associates.

The company will restructure a single debt if the amount exceeds 0.5% of total assets or if the amount is within 2000, it will restructure important debts.

Debt restructurings exceeding RMB 10,000 are considered important debt restructurings.

Accounting treatment methods for business combinations under the same control and those not under the same control
Accounting treatment methods for business combinations under common control

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

The assets and liabilities acquired by the company in a business merger are measured according to the book value of the merged party in the consolidated financial statements of the ultimate controlling party on the merger date. The company adjusts the capital reserve based on the difference between the book value share of the owner's equity of the merged party in the final controlling party's consolidated financial statements and the book value of the merger consideration paid or the total face value of the shares issued; if the capital reserve is insufficient for offset, the company adjusts the retained earnings.

Accounting treatment methods for business combinations not under common control

On the acquisition date, the company recognizes the difference between the merger cost and the fair value share of the acquiree's identifiable net assets acquired in the merger as goodwill; if the merger cost is less than the fair value share of the acquiree's identifiable net assets acquired in the merger, the difference is first recognized as goodwill. The fair value of the acquiree's identifiable assets, liabilities and contingent liabilities and the measurement of merger costs are reviewed. After review, if the merger cost is still less than the fair value share of the acquiree's identifiable net assets obtained in the merger, the difference is included in the current profit and loss.

Judgment standards for control and preparation methods of consolidated financial statements
Judgment of control

If it has power over the investee, enjoys variable returns by participating in the relevant activities of the investee, and has the ability to use its power over the investee to affect the amount of its variable returns, it is deemed to be control.

Preparation method of consolidated financial statements

The parent company includes all subsidiaries it controls in the consolidated financial statements. The consolidated financial statements are based on the financial statements of the parent company and its subsidiaries, and based on other relevant information, are prepared by the parent company in accordance with the "Accounting Standards for Business Enterprises No. 33 - Consolidated Financial Statements".

Classification of joint arrangements and accounting treatment methods for joint operations

None.

Determination standards for cash and cash equivalents

The cash shown in the cash flow statement refers to cash on hand and deposits that can be used for payment at any time. Cash equivalents refer to investments held by an enterprise that are short-term, highly liquid, easily convertible into known amounts of cash, and have little risk of value changes.

Foreign currency business and foreign currency statement conversion
Foreign currency business conversion

When foreign currency transactions are initially recognized, they are converted into RMB amounts using the spot exchange rate on the date of the transaction. On the balance sheet date, foreign currency monetary items are translated using the spot exchange rate on the balance sheet date. The exchange differences arising from different exchange rates, except for the exchange differences on the principal and interest of special foreign currency borrowings related to the acquisition and construction of assets that qualify for capitalization, are included in the current profits and losses; historical costs are used. Foreign currency non-monetary items measured at this time are still translated using the spot exchange rate on the date of the transaction, and their RMB amounts do not change; foreign currency non-monetary items measured at fair value are translated using the spot exchange rate on the date the fair value is determined, and the difference is included in the current profit and loss or other comprehensive income.

Translation of foreign currency financial statements

The asset and liability items in the balance sheet of the full text of the 2026 Semi-annual Report of Yipuli Co., Ltd. are translated using the spot exchange rate on the balance sheet date; except for the "undistributed profits" item, other owner's equity items are translated using the spot exchange rate on the date of the transaction; the income and expense items in the income statement are translated using the spot exchange rate on the date of the transaction. The translation difference of foreign currency financial statements arising from the above translation shall be included in other comprehensive income.

Financial instruments
Classification of financial assets and financial liabilities

Financial assets are divided into the following three categories upon initial recognition: (1) Financial assets measured at amortized cost; (2) Financial assets measured at fair value with changes included in other comprehensive income; (3) Financial assets measured at fair value with changes included in current profits and losses.

Financial liabilities are divided into the following four categories upon initial recognition: (1) Financial liabilities measured at fair value and whose changes are included in current profits and losses; (2) Financial liabilities formed by the transfer of financial assets that do not meet the conditions for derecognition or continued involvement in the transferred financial assets; (3) Financial guarantee contracts that do not belong to the above (1) or (2), and loan commitments that do not belong to the above (1) and loan at a lower than market interest rate; (4) Financial liabilities measured at amortized cost.

Recognition basis, measurement method and derecognition conditions of financial assets and financial liabilities

(1) Recognition basis and initial measurement method of financial assets and financial liabilities

When a company becomes a party to a financial instrument contract, it recognizes a financial asset or financial liability. When initially recognizing financial assets or financial liabilities, they are measured at fair value; for financial assets and financial liabilities measured at fair value and whose changes are included in current profits and losses, relevant transaction costs are directly included in current profits and losses; for other types of financial assets or financial liabilities, relevant transaction costs are included in the initial recognition amount. However, if the company's initial recognition of accounts receivable does not contain a significant financing component or the company does not consider the financing component in a contract that does not exceed one year, the initial measurement will be based on the transaction price defined in "Accounting Standards for Business Enterprises No. 14 - Revenue". (2) Subsequent measurement method of financial assets

Financial assets measured at amortized cost

The actual interest rate method is adopted and subsequent measurement is carried out based on amortized cost. Gains or losses arising from financial assets that are measured at amortized cost and are not part of any hedging relationship are included in the current profit and loss when derecognized, reclassified, amortized according to the effective interest method, or impairment is recognized.

Debt instrument investments measured at fair value and changes included in other comprehensive income

Fair value is used for subsequent measurement. Interest, impairment losses or gains and exchange gains and losses calculated using the effective interest rate method are included in the current profit and loss, and other gains or losses are included in other comprehensive income. When derecognition is terminated, the accumulated gains or losses previously included in other comprehensive income will be transferred out of other comprehensive income and included in the current profit and loss.

Equity instrument investments measured at fair value and changes included in other comprehensive income

Fair value is used for subsequent measurement. Dividends received (except for the recovery part of investment costs) are included in the current profits and losses, and other gains or losses are included in other comprehensive income. Upon derecognition, the accumulated gains or losses previously included in other comprehensive income will be transferred out of other comprehensive income and included in retained earnings.

Financial assets measured at fair value and changes included in current profits and losses

Subsequent measurement is carried out at fair value, and the resulting gains or losses (including interest and dividend income) are included in the current profits and losses, unless the financial asset is part of a hedging relationship.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. (3) Subsequent measurement method of financial liabilities

Financial liabilities measured at fair value and changes included in current profits and losses

Such financial liabilities include trading financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated as measured at fair value with changes included in current profits and losses. Such financial liabilities are subsequently measured at fair value. The amount of changes in the fair value of financial liabilities designated as at fair value through profit or loss due to changes in the company's own credit risk is included in other comprehensive income, unless such treatment would cause or expand accounting mismatches in profit or loss. Other gains or losses arising from such financial liabilities (including interest expenses, excluding changes in fair value caused by changes in the company's own credit risk) are included in the current profits and losses, unless the financial liabilities are part of a hedging relationship. Upon derecognition, the accumulated gains or losses previously included in other comprehensive income will be transferred out of other comprehensive income and included in retained earnings.

Financial liabilities arising from the transfer of financial assets that do not meet the conditions for derecognition or continued involvement in the transferred financial assets

Measurement shall be carried out in accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 23 - Transfer of Financial Assets".

Financial guarantee contracts that do not fall under 1) or 2) above, and loan commitments that do not fall under 1) above and provide loans at lower than market interest rates

After initial recognition, subsequent measurement shall be carried out according to the higher of the following two amounts: ① The amount of loss provision determined in accordance with the impairment regulations of financial instruments; ② The balance after the initial recognition amount deducts the accumulated amortization amount determined in accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 14 - Revenue".

Financial liabilities measured at amortized cost

Measured at amortized cost using the effective interest method. Gains or losses arising from financial liabilities that are measured at amortized cost and are not part of any hedging relationship are included in the current profits and losses when they are derecognized and amortized according to the effective interest method.

(4) Derecognition of financial assets and financial liabilities

Financial assets will be derecognised when one of the following conditions is met:

①The contractual right to receive cash flows from financial assets has terminated;

② The financial assets have been transferred, and the transfer meets the provisions of "Accounting Standards for Business Enterprises No. 23 - Transfer of Financial Assets" regarding the derecognition of financial assets. 2) When the current obligation of a financial liability (or part thereof) has been discharged, the financial liability (or part thereof) shall be derecognised accordingly.

Recognition basis and measurement method of financial asset transfer

If the company transfers almost all the risks and rewards of ownership of a financial asset, it shall terminate the recognition of the financial asset, and separately recognize the rights and obligations arising or retained in the transfer as assets or liabilities; if it retains almost all the risks and rewards of ownership of the financial asset, it shall continue to recognize the transferred financial assets. If the company neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, the following situations will apply: (1) If it does not retain control over the financial asset, the financial asset will be derecognized, and the rights and obligations arising or retained in the transfer will be separately recognized as assets or liabilities; (2) If it retains control over the financial asset, the relevant financial assets will be recognized according to the degree of continued involvement in the transferred financial assets, and the relevant liabilities will be recognized accordingly.

If the overall transfer of a financial asset meets the conditions for derecognition, the difference between the following two amounts will be included in the current profit and loss: (1) The book value of the transferred financial asset on the date of derecognition; (2) The sum of the consideration received for the transfer of the financial asset and the amount corresponding to the derecognition part of the cumulative amount of changes in fair value that was originally directly included in other comprehensive income (the financial assets involved are debt instrument investments that are measured at fair value and their changes are included in other comprehensive income). If a part of a financial asset is transferred, and the transferred part as a whole meets the conditions for derecognition, the book value of the entire financial asset before transfer will be included in the derecognition part and the continued recognition.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Among the recognized parts, they are apportioned according to their respective relative fair values on the transfer date, and the difference between the following two amounts is included in the current profit and loss: (1) The book value of the derecognized part; (2) The sum of the consideration of the derecognized part and the amount of the corresponding derecognized part in the cumulative amount of changes in fair value originally directly included in other comprehensive income (the financial assets involved in the transfer are debt instrument investments measured at fair value and their changes are included in other comprehensive income).

Determination method of fair value of financial assets and financial liabilities

The company determines the fair value of relevant financial assets and financial liabilities using valuation techniques that are applicable under the current circumstances and supported by sufficient available data and other information. The company divides the input values used in valuation techniques into the following levels and uses them in sequence:

(1) The first level input value is the unadjusted quoted price in an active market for the same asset or liability that can be obtained on the measurement date;

(2) The second level input value is the directly or indirectly observable input value of the relevant assets or liabilities in addition to the first level input value, including: quotations of similar assets or liabilities in active markets; quotations of the same or similar assets or liabilities in inactive markets; other observable input values other than quotations, such as interest rates and yield curves that are observable during normal quotation intervals; market verification input values, etc.;

(3) The third level input value is the unobservable input value of the relevant assets or liabilities, including interest rates, stock volatility, future cash flows of abandonment obligations assumed in business mergers, financial forecasts made using its own data, etc. that cannot be directly observed or verified by observable market data.

Impairment of financial instruments

Based on expected credit losses, the company calculates financial assets measured at amortized cost, debt instrument investments measured at fair value with changes included in other comprehensive income, contract assets, lease receivables, and financial liabilities classified as measured at fair value with changes included in current profits and losses. Other than loan commitments, financial liabilities that are not measured at fair value through profit or loss for the current period, or financial guarantee contracts that are not financial liabilities arising from the transfer of financial assets that do not meet the conditions for derecognition or continue to be involved in the transferred financial assets, they are subject to impairment treatment and loss provisions are recognized.

Expected credit losses refer to the weighted average of the credit losses of financial instruments with the risk of default as the weight. Credit loss refers to the difference between all contractual cash flows receivable under the contract and all cash flows expected to be received by the company, discounted at the original effective interest rate, that is, the present value of all cash shortfalls. Among them, credit-impaired financial assets purchased or originated by the company are discounted according to the credit-adjusted actual interest rate of the financial assets.

For purchased or originated financial assets that have suffered credit impairment, the company will only recognize the cumulative change in expected credit losses during the entire duration since initial recognition as loss provisions on the balance sheet date.

For lease receivables, receivables and contract assets formed by transactions regulated by "Accounting Standards for Business Enterprises No. 14 - Revenue", the company uses simplified measurement methods to measure loss provisions based on an amount equivalent to the expected credit losses during the entire duration.

For financial assets other than the above measurement methods, the company evaluates at each balance sheet date whether its credit risk has increased significantly since initial recognition. If the credit risk has increased significantly since the initial recognition, the company will measure the loss provision based on the amount of expected credit losses during the entire duration; if the credit risk has not increased significantly since the initial recognition, the company will measure the loss provisions based on the amount of expected credit losses of the financial instrument in the next 12 months.

The Company uses reasonable and evidence-based information available, including forward-looking information, to determine whether the credit risk of a financial instrument has increased significantly since initial recognition by comparing the risk of default on the financial instrument on the balance sheet date with the risk of default on the initial recognition date.

On the balance sheet date, if the company determines that a financial instrument has only low credit risk, it is assumed that the credit risk of the financial instrument has not increased significantly since initial recognition.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

The company assesses expected credit risk and measures expected credit losses on the basis of a single financial instrument or a combination of financial instruments. When based on a portfolio of financial instruments, the company divides financial instruments into different portfolios based on common risk characteristics.

The company remeasures expected credit losses on each balance sheet date, and the resulting increase or reversal of loss provisions is included in the current profit and loss as impairment losses or gains. For financial assets measured at amortized cost, the loss provision is deducted from the book value of the financial asset listed in the balance sheet; for debt investments measured at fair value with changes included in other comprehensive income, the company recognizes its loss provision in other comprehensive income and does not deduct the book value of the financial asset.

Offset of financial assets and financial liabilities

Financial assets and financial liabilities are presented separately in the balance sheet and do not offset each other. However, if the following conditions are met at the same time, the company will present the net amount after offsetting each other in the balance sheet: (1) The company has the legal right to offset the recognized amount, and the legal right is currently enforceable; (2) The company plans to settle on a net basis, or realize the financial assets and pay off the financial liabilities at the same time.

For transfers of financial assets that do not meet the conditions for derecognition, the company will not offset the transferred financial assets and related liabilities.

Recognition standards and accrual methods for expected credit losses on accounts receivable and contract assets

(1) Accounts receivable and contract assets for which expected credit losses are accrued based on combinations of credit risk characteristics

Portfolio category Basis for determining portfolio Method for measuring expected credit losses

Bank acceptance bills receivable refer to historical credit loss experience, combined with current conditions and expectations for the future

Note type Forecast of economic conditions, calculate expected credit losses through default risk exposure and expected credit loss rate of commercial acceptance bills receivable throughout the duration

With reference to historical credit loss experience, combined with the current situation and the prediction of future accounts receivable - aging combination, aging, and economic conditions, prepare a comparison table between the aging of accounts receivable and expected credit loss rate to calculate expected credit losses.

Calculate expected credit losses by referring to historical credit loss experience, combined with current conditions and forecasts of future accounts receivable - the nature and economic conditions of the combination within the consolidation scope, through default risk exposure and the expected credit loss rate throughout the duration.

With reference to historical credit loss experience, combined with the current situation and the prediction of future other receivables - aging combination, aging, and economic conditions, prepare a comparison table between the aging of other receivables and expected credit loss rates to calculate expected credit losses.

Refer to historical credit loss experience, combined with current conditions and expectations for the future

Forecast of economic conditions, through default exposure and 12 future other receivables - consolidated scope portfolio Nature

Expected credit loss rate within the month or the entire duration, calculate expected credit losses

Calculate expected credit losses by referring to historical credit loss experience, combined with current conditions and forecasts of the nature and economic conditions of future contract assets - low-risk portfolios, through default risk exposure and the expected credit loss rate throughout the duration.

(2) Comparison table of aging portfolio and expected credit loss rate

Accounts receivable Other receivables

Aging

Expected credit loss rate (%) Expected credit loss rate (%) Within 1 year (inclusive, the same below) 0.72 5.50 1-2 years 8.76 20.30 2-3 years 30.10 36.22

Full text of the 2026 Semi-annual Report of Yipuli Co., Ltd. 3-4 years 50.59 61.14 4-5 years 84.93 85.03 More than 5 years 100.00 100.00 The aging of accounts receivable, other receivables, and contract assets is calculated from the month when the payment is actually incurred.

(3) Recognition standards for accounts receivable and contract assets for which expected credit losses are to be provided individually

For receivables and contract assets whose credit risk is significantly different from the combined credit risk, the company accrues expected credit losses on an individual basis.

Notes receivable

For details, please refer to Section 8, V. 11. Financial Instruments of this report.

Accounts receivable

For details, please refer to Section 8, V. 11. Financial Instruments of this report.

Accounts receivable financing

For details, please refer to Section 8, V. 11. Financial Instruments of this report.

Other receivables

Determination method and accounting treatment method of expected credit losses of other receivables

For details, please refer to Section 8, V. 11. Financial Instruments of this report.

Contract assets

Companies present contract assets or contract liabilities on their balance sheets based on the relationship between the fulfillment of performance obligations and payments from customers. The company will present the net amount after offsetting contract assets and contract liabilities under the same contract.

The company presents the right to receive consideration from customers that is unconditional (i.e., dependent only on the passage of time) as receivables and the right to receive consideration for goods transferred to the customer that is subject to factors other than the passage of time as a contract asset.

The Company presents obligations to transfer goods to customers for consideration received or receivable from customers as contract liabilities.

For details, please refer to Section 8, V. 11. Financial Instruments of this report.

Inventory
Classification of inventory

Inventories include finished products or commodities held for sale in daily activities, work-in-progress in the production process, materials and supplies consumed in the production process or in the process of providing services, etc.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. 2. Valuation method of shipped inventory

Inventories are issued using the weighted average method at the end of the month. 3. Inventory inventory system

The inventory system of inventories is the perpetual inventory system.

Amortization method for low-value consumables and packaging (1) Low-value consumables

Amortization is carried out according to the one-time write-off method.

(2) Packaging

Amortization is carried out according to the one-time write-off method.

Preparation for inventory decline

Recognition standards and accrual methods for inventory depreciation provisions

On the balance sheet date, inventories are measured at the lower of cost and net realizable value, and inventory depreciation provisions are made based on the difference between cost and net realizable value. For inventories that are directly used for sale, the net realizable value is determined by the estimated selling price of the inventory minus the estimated sales expenses and related taxes in the normal production and operation process; for inventories that need to be processed, the estimated selling price of the finished products produced during the normal production and operation process is deducted by the estimated costs to be incurred upon completion. The amount after the estimated sales expenses and related taxes is determined to determine its net realizable value; on the balance sheet date, if part of the same inventory has a contract price and other parts do not have a contract price, its net realizable value is determined separately and compared with its corresponding cost to determine the amount of provision or reversal of inventory depreciation provisions.

Assets held for sale

None.

Debt investment

For details, please refer to Section 8, V. 11. Financial Instruments of this report.

Other debt investments

For details, please refer to Section 8, V. 11. Financial Instruments of this report.

Long-term receivables

None.

Long-term equity investment
Judgment of joint control and significant influence

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

If there is shared control over an arrangement in accordance with the relevant agreement, and the relevant activities of the arrangement must be decided with the unanimous consent of the parties sharing control rights, it is deemed to be joint control. Having the power to participate in decision-making on the financial and operating policies of the investee, but not being able to control or jointly control the formulation of these policies with other parties, is deemed to have significant influence.

Determination of investment costs

(1) Formed through a merger of enterprises under common control, if the merging party pays cash, transfers non-cash assets, assumes debts or issues equity securities as the merger consideration, the initial investment cost shall be the share of the book value of the owner's equity of the merged party in the consolidated financial statements of the ultimate controlling party on the merger date. The difference between the initial investment cost of the long-term equity investment and the book value of the merger consideration paid or the total face value of the shares issued is adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings are adjusted.

The company realizes the long-term equity investment formed by the merger of enterprises under the same control step by step through multiple transactions to determine whether it is a "package transaction". If it belongs to a "package transaction", each transaction shall be accounted for as a transaction that obtains control. If it does not belong to a "package deal", on the merger date, the initial investment cost will be determined based on the share of the book value of the combined party's net assets in the ultimate controlling party's consolidated financial statements that should be enjoyed after the merger. The difference between the initial investment cost of the long-term equity investment on the merger date and the book value of the long-term equity investment before the merger plus the book value of the new payment for further shares acquired on the merger date is adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings are adjusted.

(2) If it is formed by a business combination not under the same control, the fair value of the merger consideration paid on the purchase date shall be used as its initial investment cost.

The company realizes the long-term equity investment formed by the merger of enterprises not under common control step by step through multiple transactions, and distinguishes individual financial statements and consolidated financial statements for relevant accounting treatment:

In individual financial statements, the sum of the book value of the original equity investment plus the new investment cost is used as the initial investment cost calculated according to the cost method.
In the consolidated financial statements, determine whether it is a "package deal". If it belongs to a "package transaction", each transaction shall be accounted for as a transaction that obtains control. If it does not belong to a "package transaction", the equity of the purchased party held before the purchase date will be remeasured according to the fair value of the equity on the purchase date, and the difference between the fair value and its book value will be included in the investment income of the current period; if the equity of the purchased party held before the purchase date involves other comprehensive income under equity method accounting, the other comprehensive income related to it will be converted into the current period income on the purchase date. However, other comprehensive income arising from changes in the net liabilities or net assets of the defined benefit plan due to the remeasurement of the investee is excluded.

(3) Except for the formation of a business merger: if it is obtained by paying cash, the actual purchase price paid will be used as its initial investment cost; if it is obtained by issuing equity securities, its initial investment cost will be based on the fair value of the equity securities issued; if it is obtained by debt restructuring, its initial investment cost will be determined according to "Accounting Standards for Business Enterprises No. 12 - Debt Restructuring"; if it is obtained by exchanging non-monetary assets, its initial investment cost will be determined according to "Accounting Standards for Business Enterprises No. 7 - Exchange of Non-monetary Assets".

Subsequent measurement and profit and loss recognition methods

Long-term equity investments that control the invested unit are accounted for using the cost method; long-term equity investments in associates and joint ventures are accounted for using the equity method.

Methods of handling investments in subsidiaries through multiple transactions and step-by-step disposal until the loss of control

(1) Principles for judging whether it belongs to a “package deal”

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

If the equity investment in a subsidiary is disposed of in stages through multiple transactions until it loses control, the company shall determine whether the step-by-step transaction is a "package transaction" based on the transaction agreement terms of each step of the step-by-step transaction, the disposal consideration obtained respectively, the object of the equity sale, the disposal method, the time of disposal, and other information. If the terms, conditions and economic impact of each transaction meet one or more of the following conditions, it usually indicates that multiple transactions are a "package deal":

These transactions were entered into at the same time or with consideration of mutual effects;
These transactions as a whole can achieve a complete business result;
The occurrence of a transaction depends on the occurrence of at least one other transaction;
A transaction is uneconomical on its own but is economical when considered together with other transactions.

(2) Accounting treatment that does not belong to “package transaction”

Individual financial statements

For the equity disposed of, the difference between its book value and the actual price obtained shall be included in the current profit and loss. For the remaining equity, if it still has a significant influence on the invested unit or exercises joint control with other parties, it will be converted to equity method accounting; if it can no longer exercise control, joint control or significant influence on the invested unit, it will be accounted for in accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments".

Consolidated financial statements

Before the loss of control, the difference between the disposal price and the share of the subsidiary's net assets corresponding to the disposal of the long-term equity investment continuously calculated from the date of purchase or merger will be adjusted to the capital reserve (capital premium). If the capital premium is insufficient to offset, the retained earnings will be offset.

When control over the atomic company is lost, the remaining equity will be remeasured according to its fair value on the date of loss of control. The difference between the sum of the consideration obtained for disposing of the equity and the fair value of the remaining equity, minus the share of the original subsidiary's net assets calculated continuously from the date of purchase or merger based on the original shareholding ratio, shall be included in the investment income for the period when control is lost, and goodwill shall be offset at the same time. Other comprehensive income related to the equity investment in the original subsidiary shall be converted into investment income for the current period when control is lost.

(3) Accounting treatment for “package transactions”

Individual financial statements

Each transaction is accounted for as a transaction in which a subsidiary is disposed of and control is lost. However, the difference between the price of each disposal before the loss of control and the book value of the long-term equity investment corresponding to the disposal investment is recognized as other comprehensive income in individual financial statements, and is transferred to the profit and loss of the current period when control is lost.

Consolidated financial statements

Each transaction is accounted for as a transaction in which a subsidiary is disposed of and control is lost. However, before the loss of control, the difference between the price of each disposal and the share of the subsidiary's net assets corresponding to the disposal investment is recognized as other comprehensive income in the consolidated financial statements, and is transferred to the profits and losses of the current period when the control is lost.

Investment real estate

Investment real estate measurement model

Cost method measurement

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. Depreciation or amortization method

Investment real estate includes leased land use rights, land use rights held and prepared to be transferred after appreciation, and leased buildings.
Investment real estate is initially measured according to cost, and subsequently measured using the cost model, and depreciation or amortization is calculated using the same methods as fixed assets and intangible assets.
Fixed assets

(1) Confirmation conditions

Fixed assets refer to tangible assets held for the production of goods, provision of labor services, leasing or operation and management, and with a useful life of more than one accounting year. Fixed assets are recognized when it is likely that economic benefits will flow in and the cost can be measured reliably.

(2) Depreciation method

Category Depreciation method Depreciation life Residual value rate Annual depreciation rate Houses and buildings Straight-line method 8-40 3-5 2.38-12.13 Machinery and equipment Straight-line method 4-22 3-5 4.32-24.25 Transportation means Straight-line method 4-14 3-5 6.79-24.25 Office and electronic equipment Straight-line method 3-10 3-5 9.50-32.33

Projects under construction
Construction in progress is recognized when it is likely that economic benefits will flow in and the cost can be measured reliably. Construction in progress is measured based on the actual costs incurred before the asset reaches its intended usable condition.
When the project under construction reaches the intended usable state, it will be transferred to fixed assets according to the actual cost of the project. If the asset has reached its intended usable state but has not yet completed the final settlement, the estimated value will be transferred to fixed assets first. After the final settlement has been processed, the original estimated value will be adjusted based on the actual cost, but the originally accrued depreciation will not be adjusted. Category Standards and timing for transferring construction in progress to fixed assets

Houses and buildings are ready for intended use

After installation and commissioning, the machinery and equipment meet the design requirements or standards stipulated in the contract.

Borrowing costs
Recognition principles for capitalization of borrowing costs

Full text of the 2026 Semi-annual Report of Yipuli Co., Ltd. If the borrowing costs incurred by the company can be directly attributed to the acquisition, construction or production of assets that meet the capitalization conditions, they shall be capitalized and included in the cost of the relevant assets; other borrowing costs shall be recognized as expenses when incurred and included in the current profits and losses.

Capitalization period of borrowing costs

(1) Capitalization begins when borrowing costs meet the following conditions at the same time: 1) Asset expenditures have occurred; 2) Borrowing costs have been incurred; 3) The purchase, construction or production activities necessary to bring the asset to its intended usable or salable state have begun.

(2) If an asset that meets the capitalization conditions is abnormally interrupted during the acquisition, construction or production process, and the interruption lasts for more than 3 months, the capitalization of borrowing costs is suspended; the borrowing costs incurred during the interruption are recognized as current expenses until the acquisition, construction or production activities of the asset are restarted.

(3) When the assets purchased, constructed or produced that meet the capitalization conditions reach the intended usable or salable state, the capitalization of borrowing costs will cease.

Capitalization rate and capitalization amount of borrowing costs

If a special loan is borrowed for the purpose of purchasing, constructing or producing assets that meet the capitalization conditions, the interest expense actually incurred on the special loan in the current period (including the amortization of the discount or premium determined according to the actual interest rate method) shall be deducted from the interest income obtained from depositing the unused borrowed funds in the bank or the investment income obtained from temporary investment. The amount of interest that should be capitalized is determined based on the amount after profit; if general borrowings are occupied for the purchase, construction or production of assets that meet the capitalization conditions, the amount of interest that should be capitalized on the general borrowings is calculated and determined based on the weighted average of the cumulative asset expenditures exceeding the special borrowings multiplied by the capitalization rate of the general borrowings occupied.

Biological assets

None.

Oil and gas assets

None.

Intangible assets

(1) Useful life and its determination basis, estimation, amortization method or review procedure

Intangible assets include land use rights, patent rights, non-patented technology, software and others, and are initially measured at cost.
Intangible assets with limited service life shall be amortized systematically and reasonably within the service life according to the expected realization method of the economic benefits related to the intangible asset. If the expected realization method cannot be reliably determined, the straight-line method shall be used for amortization. The details are as follows:

Items Useful life and basis for determination Amortization method Land use rights Registered useful life of land use certificate Straight-line method

Patent rights Patent rights useful life Straight-line method

Non-patented technology 5 years, 10 years, 15 years Straight-line method

Software and others 5 years, 10 years Straight line method

Full text of Yipuli Co., Ltd.'s 2026 semi-annual report (2) Scope of collection of R&D expenditures and related accounting treatment methods

Personnel labor costs

Personnel labor expenses include the wages and salaries of the company's R&D personnel, basic pension insurance premiums, basic medical insurance premiums, unemployment insurance premiums, work-related injury insurance premiums, maternity insurance premiums and housing provident funds, as well as labor costs for external R&D personnel.

If R&D personnel serve multiple R&D projects at the same time, labor costs will be recognized based on the working hours records of R&D personnel for each R&D project provided by the company's management department, and will be allocated proportionally among different R&D projects.

If those who are directly engaged in R&D activities or external R&D personnel are also engaged in non-R&D activities, the company will allocate the actual labor costs incurred by the R&D personnel between R&D expenses and production and operating expenses based on reasonable methods such as the proportion of actual working hours based on the R&D personnel’s working time records in different positions.

Direct investment costs

Direct investment expenses refer to the actual expenditures incurred by the company to implement research and development activities. Including: 1) Direct consumption of materials, fuel and power costs; 2) Development and manufacturing costs of molds and process equipment used for intermediate testing and product trial production, purchase costs for samples, prototypes and general testing means that do not constitute fixed assets, and inspection fees for trial products; 3) Operation and maintenance, adjustment, inspection, detection, repair and other costs of instruments and equipment used for research and development activities.

Depreciation expenses and long-term deferred expenses

Depreciation expenses refer to the depreciation expenses of instruments, equipment and buildings in use used for research and development activities.

If instruments, equipment, and buildings in use are used for R&D activities and are also used for non-R&D activities, necessary records shall be made of the use of such instruments, equipment, and buildings in use, and the actual depreciation expenses incurred shall be allocated between R&D expenses and production and operating expenses in a reasonable manner based on factors such as actual working hours and usage area. Long-term deferred expenses refer to the long-term deferred expenses incurred during the reconstruction, modification, decoration and repair of R&D facilities. They are collected based on actual expenditures and amortized evenly in installments within the specified period.

Amortization expenses of intangible assets

Amortization expenses of intangible assets refer to the amortization expenses of software, intellectual property, non-patented technology (proprietary technology, licenses, design and calculation methods, etc.) used in research and development activities.

5.Design fee

Design expenses refer to the expenses incurred in conceiving, developing and manufacturing new products and new processes, and designing processes, technical specifications, procedures, operating characteristics, etc., including expenses related to creative design activities to obtain innovative, creative, and breakthrough products.

Equipment debugging costs and testing costs

Equipment debugging costs refer to the costs incurred in research and development activities during tooling preparation, including costs incurred in developing special and dedicated production machines, changing production and quality control procedures, or formulating new methods and standards.

Expenses incurred for routine tooling preparation and industrial engineering for large-scale batch and commercial production are not included in the scope of the collection.

Test costs include clinical trial fees for new drug development, field test fees for exploration and development technology, field test fees, etc.

Commissioning external research and development expenses

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Entrusted external research and development expenses refer to the expenses incurred by the company entrusting other institutions or individuals at home and abroad to conduct research and development activities (the results of research and development activities are owned by the company and are closely related to the company's main business).

Other expenses

Other expenses refer to other expenses directly related to research and development activities in addition to the above expenses, including technical book materials fees, data translation fees, expert consultation fees, high-tech R&D insurance fees, retrieval, demonstration, review, identification, and acceptance fees for R&D results, application fees, registration fees, agency fees for intellectual property rights, conference fees, travel expenses, communication fees, etc.

Expenditures in the research phase of internal research and development projects are included in the current profits and losses when incurred. Expenditures in the development phase of internal research and development projects are recognized as intangible assets if they meet the following conditions: (1) It is technically feasible to complete the intangible asset so that it can be used or sold; (2) There is the intention to complete the intangible asset and use or sell it; (3) The way in which the intangible asset generates economic benefits includes being able to prove the use of the intangible asset There is a market for the products produced or the intangible asset itself has a market. If the intangible asset will be used internally, its usefulness can be proven; (4) It has sufficient technical, financial and other resource support to complete the development of the intangible asset, and has the ability to use or sell the intangible asset; (5) Expenditures attributable to the development stage of the intangible asset can be measured reliably.

Impairment of long-term assets

For long-term assets such as long-term equity investments, investment properties measured using the cost model, fixed assets, projects under construction, right-of-use assets, intangible assets with limited useful lives, etc., if there are signs of impairment on the balance sheet date, the recoverable amount is estimated. Goodwill and intangible assets with indefinite useful lives formed due to business combinations are subject to impairment testing every year regardless of whether there are signs of impairment. Goodwill is tested for impairment in combination with its related asset groups or combinations of asset groups.

If the recoverable amount of the above-mentioned long-term assets is lower than its book value, the asset impairment provision shall be recognized based on the difference and included in the current profit and loss.

Long-term deferred expenses

Long-term deferred expenses are calculated as expenses that have been spent and have an amortization period of more than 1 year (excluding 1 year). Long-term deferred expenses are recorded based on the actual amount incurred, and are amortized evenly over the benefit period or a specified period. If a long-term deferred expense item cannot benefit future accounting periods, all the amortized value of the item that has not yet been amortized will be transferred to the current profit and loss.

Contract liabilities

The Company presents obligations to transfer goods to customers for consideration received or receivable from customers as contract liabilities.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Employee compensation

(1) Accounting treatment method for short-term compensation

During the accounting period when employees provide services to the company, the actual short-term compensation is recognized as a liability and included in the current profit and loss or related asset costs.

(2) Accounting treatment of post-employment benefits

Post-employment benefits are divided into defined contribution plans and defined benefit plans.

During the accounting period when employees provide services to the company, the deposit amount payable calculated according to the defined contribution plan is recognized as a liability and included in the current profit and loss or related asset costs.
The accounting treatment of defined benefit plans usually includes the following steps:

① Based on the expected cumulative benefit unit method, use unbiased and mutually consistent actuarial assumptions to estimate relevant demographic variables and financial variables, measure the obligations arising from the defined benefit plan, and determine the period to which the relevant obligations belong. At the same time, the obligations arising from the defined benefit plan are discounted to determine the present value of the defined benefit plan obligations and the current service cost;

② If there are assets in the defined benefit plan, the deficit or surplus formed by deducting the present value of the defined benefit plan obligations from the fair value of the defined benefit plan assets is recognized as a net liability or net asset of the defined benefit plan. If a defined benefit plan has a surplus, the net assets of the defined benefit plan shall be measured at the lower of the surplus of the defined benefit plan and the asset upper limit;

③At the end of the period, the employee compensation costs generated by the defined benefit plan are recognized as service costs, net interest on the net liabilities or net assets of the defined benefit plan, and changes caused by remeasurement of the net liabilities or net assets of the defined benefit plan. Among them, service costs and net liabilities or net assets of the defined benefit plan are The net interest on assets is included in the current profit and loss or related asset costs, and the changes resulting from the remeasurement of the net liabilities or net assets of the defined benefit plan are included in other comprehensive income, and are not allowed to be transferred back to profit or loss in subsequent accounting periods, but these amounts recognized in other comprehensive income can be transferred within the scope of equity.

(3) Accounting treatment method for dismissal benefits

For dismissal benefits provided to employees, the employee compensation liabilities arising from the dismissal benefits are recognized and included in the current profit and loss at the earliest of the following two situations: (1) when the company cannot unilaterally withdraw the dismissal benefits provided due to the termination of labor relations plan or layoff proposal; (2) when the company recognizes the costs or expenses related to the restructuring involving the payment of dismissal benefits.

(4) Accounting treatment methods for other long-term employee benefits

Other long-term benefits provided to employees that meet the conditions of the defined contribution plan shall be accounted for in accordance with the relevant provisions of the defined contribution plan; other long-term benefits shall be accounted for in accordance with the relevant provisions of the defined benefit plan. In order to simplify the relevant accounting treatment, the employee compensation costs incurred are recognized as service costs, net interest on other long-term employee benefit net liabilities or net assets, and the total net amount of the changes resulting from the remeasurement of other long-term employee benefit net liabilities or net assets shall be included in the current profit and loss or related asset costs.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Estimated liabilities
Obligations arising from contingencies such as external guarantees, litigation matters, product quality guarantees, loss-making contracts, etc. become current obligations borne by the company. When the performance of this obligation is likely to cause the outflow of economic benefits from the company, and the amount of the obligation can be measured reliably, the company will recognize the obligation as an estimated liability.
The company initially measures estimated liabilities based on the best estimate of the expenditure required to fulfill relevant current obligations, and reviews the book value of estimated liabilities on the balance sheet date.
Share-based payment

None.

Preferred shares, perpetual bonds and other financial instruments

None.

Income

Disclose accounting policies adopted for revenue recognition and measurement by business type

Principles of revenue recognition

On the contract commencement date, the company evaluates the contract, identifies each individual performance obligation contained in the contract, and determines whether each individual performance obligation is to be performed within a certain period of time or at a certain point in time.

When one of the following conditions is met, the performance obligation is fulfilled within a certain period of time; otherwise, the performance obligation is fulfilled at a certain point in time: (1) The customer obtains and consumes the economic benefits brought by the company's performance while the company performs the contract; (2) The customer can control the goods under construction during the company's performance; (3) The goods produced during the company's performance have irreplaceable uses, and the company has the right to collect payment for the cumulative performance part that has been completed so far during the entire contract period.

For performance obligations performed within a certain period of time, the company recognizes revenue based on the performance progress within that period of time. When the progress of contract performance cannot be reasonably determined, if the costs incurred are expected to be compensated, revenue shall be recognized based on the amount of costs incurred until the progress of contract performance can be reasonably determined. For performance obligations fulfilled at a certain point in time, revenue is recognized at the point when the customer obtains control of the relevant goods or services. When judging whether the customer has obtained control of the goods, the company considers the following signs: (1) The company has a current right to receive payment for the goods, that is, the customer has a current payment obligation for the goods; (2) The company has transferred the legal ownership of the goods to the customer, that is, the customer already has legal ownership of the goods; (3) The company has The commodity is physically transferred to the customer, which means that the customer has physical possession of the commodity; (4) the company has transferred the main risks and rewards of ownership of the commodity to the customer, that is, the customer has obtained the main risks and rewards of ownership of the commodity; (5) the customer has accepted the commodity; (6) other indications that the customer has obtained control of the commodity.

Income measurement principles

(1) The company measures revenue based on the transaction price allocated to each individual performance obligation. The transaction price is the amount of consideration that the company expects to be entitled to receive for the transfer of goods or services to the customer, excluding amounts collected on behalf of third parties and amounts expected to be returned to the customer.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

(2) If there is variable consideration in the contract, the company shall determine the best estimate of the variable consideration based on the expected value or the most likely amount, but the transaction price including the variable consideration shall not exceed the amount at which a significant reversal of the cumulative recognized revenue is unlikely to occur when the relevant uncertainty is eliminated.

(3) If there is a significant financing component in the contract, the company determines the transaction price based on the amount payable in cash when the customer obtains control of the goods or services. The difference between the transaction price and the contract consideration is amortized using the effective interest method during the contract period.

(4) If the contract contains two or more performance obligations, the company will allocate the transaction price to each individual performance obligation based on the relative proportion of the standalone selling price of the goods promised by each individual performance obligation on the contract commencement date.

Specific methods of revenue recognition

(1) Selling goods

The sales of the company's civil explosive equipment are performance obligations that are fulfilled at a certain point in time. Revenue is recognized when the goods arrive at the customer and the customer's delivery receipt is obtained, the price has been collected or the right to receive payment has been obtained, and the relevant economic benefits are likely to flow in.

(2) Provide services

The company provides blasting services and transportation services to customers based on the blasting engineering service agreement and transportation service agreement signed with the customer. The company handles project quantity settlement with the customer on a regular or irregular basis based on the actual blasting volume, and recognizes revenue based on the project settlement volume confirmed by both parties; it handles freight settlement with the customer based on the actual transportation services provided, and recognizes revenue based on the transportation settlement volume confirmed by both parties.

Similar business adopts different business models and involves different revenue recognition methods and measurement methods.

None.

Contract costs

The incremental costs incurred by the company to obtain the contract are expected to be recovered and are recognized as an asset as the contract acquisition cost. If the amortization period of the contract acquisition cost does not exceed one year, it will be directly included in the current profit and loss when incurred.

If the costs incurred by the company to fulfill the contract do not apply to the scope of relevant standards such as inventories, fixed assets or intangible assets and meet the following conditions at the same time, they will be recognized as an asset as contract performance costs:

(1) The cost is directly related to a current or expected contract, including direct labor, direct materials, manufacturing overhead (or similar expenses), costs clearly borne by the customer, and other costs incurred solely because of the contract;

(2) This cost increases the company’s future resources for fulfilling performance obligations;

(3) The cost is expected to be recovered.

The company amortizes assets related to contract costs on the same basis as the revenue recognition of goods or services related to the assets, and includes them in the current profits and losses. If the book value of an asset related to the contract cost is higher than the remaining consideration expected to be obtained from the transfer of the goods or services related to the asset minus the estimated costs to be incurred, the company will make an impairment provision for the excess and recognize it as an asset impairment loss. The factors that caused impairment in previous periods subsequently changed, making the transfer

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

If the remaining consideration expected to be obtained for the goods or services related to the asset minus the estimated costs to be incurred is higher than the book value of the asset, the asset impairment provision that has been previously accrued will be reversed and included in the current profit and loss, but the book value of the asset after the reversal shall not exceed the book value of the asset on the date of reversal if no impairment provision is made.

Government subsidies
Government subsidies are recognized when the following conditions are met at the same time: (1) the company can meet the conditions attached to the government subsidy; (2) the company can receive government subsidies. If government subsidies are monetary assets, they shall be measured based on the amount received or receivable. If the government subsidy is a non-monetary asset, it shall be measured at fair value; if the fair value cannot be obtained reliably, it shall be measured at the nominal amount.
Judgment basis and accounting treatment method for government subsidies related to assets

Government documents stipulate that government subsidies used to purchase, construct or otherwise form long-term assets are classified as asset-related government subsidies. If the government documents are unclear, the judgment will be based on the basic conditions that must be met to obtain the subsidy. If the basic condition is the acquisition, construction or other means of forming long-term assets, it will be regarded as an asset-related government subsidy. Government subsidies related to assets are offset against the book value of the relevant assets or recognized as deferred income. If government subsidies related to assets are recognized as deferred income, they shall be included in profits and losses in installments in a reasonable and systematic manner within the useful life of the relevant assets. Government subsidies measured according to the nominal amount are directly included in the current profit and loss. If the relevant assets are sold, transferred, scrapped or damaged before the end of their useful life, the undistributed balance of relevant deferred income will be transferred to the profit and loss of the current period of asset disposal.

Judgment basis and accounting treatment method for government subsidies related to income

Government subsidies other than asset-related government subsidies are classified as income-related government subsidies. For government subsidies that contain both asset-related parts and income-related parts, it is difficult to distinguish whether they are asset-related or income-related, and are generally classified as income-related government subsidies. If government subsidies related to income are used to compensate for relevant costs, expenses or losses in the future period, they are recognized as deferred income. During the period when the relevant costs, expenses or losses are recognized, they are included in the current profits and losses or offset the relevant costs; if they are used to compensate for the relevant costs, expenses or losses that have already occurred, they are directly included in the current profits and losses or offset the relevant costs.

Government subsidies related to the company's daily operating activities shall be included in other income or offset related costs and expenses according to the economic business essence. Government subsidies that are not related to the company's daily activities are included in non-operating income and expenses.
Accounting treatment method for policy preferential loan interest discounts

(1) The finance department allocates interest discount funds to the lending bank, and the lending bank provides loans to the company at policy-based preferential interest rates. The actual loan amount received shall be used as the entry value of the loan, and the relevant borrowing costs shall be calculated based on the loan principal and the policy-based preferential interest rate.

(2) If the finance department directly allocates interest discount funds to the company, the corresponding interest discount will be used to offset related borrowing costs.

Deferred income tax assets/deferred income tax liabilities
Based on the difference between the book value of assets and liabilities and their tax basis (if the tax basis of items not recognized as assets and liabilities can be determined in accordance with tax laws, the difference between the tax basis and their book amount), deferred income tax assets or deferred income tax liabilities are calculated and recognized according to the applicable tax rate during the period when the asset is expected to be recovered or the liability is settled.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Recognition of deferred income tax assets is limited to the amount of taxable income that is likely to be used to offset the deductible temporary differences. On the balance sheet date, if there is conclusive evidence that sufficient taxable income is likely to be obtained in the future period to offset the deductible temporary differences, deferred income tax assets that have not been recognized in previous accounting periods will be recognized.
On the balance sheet date, the book value of the deferred tax assets is reviewed. If it is likely that sufficient taxable income will not be available in the future period to offset the benefits of the deferred tax assets, the book value of the deferred tax assets will be written down. The amount of the write-down is reversed when it is probable that sufficient taxable income will be obtained.
The company's current income tax and deferred income tax are included in the current profit and loss as income tax expenses or income, but do not include income tax arising from the following situations: (1) business merger; (2) transactions or events directly recognized in owner's equity.
When the following conditions are met at the same time, the company will present the deferred income tax assets and deferred income tax liabilities as the net amount after offsetting: (1) It has the legal right to settle the current income tax assets and current income tax liabilities on a net basis; (2) The deferred income tax assets and deferred income tax liabilities are the same with the same tax collection and administration department. The income taxes levied by the tax payers are related or related to different tax payers, but in each future period when important deferred tax assets and deferred tax liabilities are reversed, the tax payers involved intend to settle the current income tax assets and current income tax liabilities with a net amount or to obtain assets and pay off debts at the same time.
Leasing

(1) Accounting treatment method for leasing as lessee

On the start date of the lease period, the company identifies leases with a lease period of no more than 12 months and that do not include a purchase option as short-term leases; leases with a low value when a single leased asset is a new asset are identified as low-value asset leases. If a company subleases or anticipates subletting a leased asset, the original lease will not be deemed a low-value asset lease. For all short-term leases and low-value asset leases, the company includes the lease payments into the relevant asset cost or current profit and loss on a straight-line basis throughout the lease term.

In addition to the above-mentioned short-term leases and low-value asset leases that adopt simplified treatment, the company recognizes right-of-use assets and lease liabilities for leases on the start date of the lease period. ①Right-of-use assets

Right-of-use assets are initially measured at cost, which includes: 1) the initial measurement amount of the lease liability; 2) the lease payment amount paid on or before the start date of the lease term, and if there is a lease incentive, the amount related to the lease incentive that has been enjoyed is deducted; 3) the initial direct costs incurred by the lessee; 4) the costs that the lessee expects to incur to dismantle and remove the leased asset, restore the site where the leased asset is located, or restore the leased asset to the state agreed upon in the lease terms.

The company depreciates right-of-use assets on a straight-line basis. If it is reasonably certain that the ownership of the leased asset will be obtained at the expiration of the lease term, the company will accrue depreciation over the remaining useful life of the leased asset. If it is not reasonably certain that the company will be able to obtain ownership of the leased asset at the expiration of the lease term, the company will accrue depreciation during the shorter of the lease term and the remaining useful life of the leased asset.

②Lease liabilities

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

At the beginning of the lease period, the company recognizes the present value of the unpaid lease payments as lease liabilities. When calculating the present value of lease payments, the interest rate implicit in the lease is used as the discount rate. If the interest rate implicit in the lease cannot be determined, the company's incremental borrowing rate is used as the discount rate. The difference between the lease payment and its present value is regarded as an unrecognized financing expense, and the interest expense is recognized at the discount rate used to confirm the present value of the lease payment during each period of the lease term, and is included in the current profit and loss. Variable lease payments that are not included in the measurement of lease liabilities are included in the current profit and loss when they actually occur.

After the start date of the lease period, when the actual fixed payment amount changes, the estimated amount payable of the guaranteed residual value changes, the index or ratio used to determine the lease payment amount changes, the evaluation results or actual exercise of the purchase option, lease renewal option or termination option change, When a change occurs, the company remeasures the lease liability based on the present value of the changed lease payment, and adjusts the book value of the right-of-use asset accordingly. If the book value of the right-of-use asset has been reduced to zero, but the lease liability still needs to be further reduced, the remaining amount will be included in the current profit and loss.

③Sale and leaseback

The company evaluates and determines whether the asset transfer in the sale and leaseback transaction is a sale in accordance with the provisions of "Accounting Standards for Business Enterprises No. 14 - Revenue".

If the asset transfer in a sale and leaseback transaction is a sale, the company measures the right-of-use assets formed by the sale and leaseback based on the portion of the original asset's book value related to the right of use obtained through the leaseback, and only recognizes relevant gains or losses for the rights transferred to the lessor.

If the asset transfer in a sale and leaseback transaction does not constitute a sale, the company will continue to recognize the transferred assets, and at the same time recognize a financial liability equal to the transfer income, and perform accounting treatment on the financial liability in accordance with the "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments".

(2) Accounting treatment method for leasing as lessor

On the lease commencement date, the Company classifies leases that substantially transfer almost all risks and rewards related to the ownership of the leased assets as finance leases, and other leases as operating leases.

①Operating lease

The company recognizes the lease receipts as rental income according to the straight-line method in each period during the lease period. The initial direct expenses incurred are capitalized and apportioned on the same basis as the rental income recognition, and included in the current profit and loss in installments. Variable lease payments obtained by the company related to operating leases that are not included in the lease receipts are included in the current profit and loss when they actually occur.

②Financial lease

On the start date of the lease period, the company recognizes financial lease receivables based on the net lease investment (the sum of the unguaranteed residual value and the present value of the lease payments not yet received on the start date of the lease discounted at the interest rate implicit in the lease), and terminates the recognition of financial lease assets. During each period of the lease term, the company calculates and recognizes interest income based on the interest rate implicit in the lease.

Variable lease payments obtained by the company that are not included in the measurement of the net lease investment are included in the current profit and loss when they actually occur.

③Sale and leaseback

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

If the asset transfer in a sale and leaseback transaction is a sale, the company will account for the asset purchase in accordance with other applicable accounting standards for enterprises, and account for the asset leasing in accordance with "Accounting Standards for Business Enterprises No. 21 - Lease".

If the asset transfer in a sale and leaseback transaction does not constitute a sale, the company does not recognize the transferred asset, but recognizes a financial asset equal to the transfer income, and performs accounting treatment on the financial asset in accordance with the "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments".

Other important accounting policies and accounting estimates

The production safety fees withdrawn by the company in accordance with the "Administrative Measures for the Withdrawal and Use of Enterprise Safety Production Expenses" (Caizi [2022] No. 136) issued by the Ministry of Finance and the Ministry of Emergency Response shall be included in the cost of related products or current profits and losses, and shall also be recorded in the "Special Reserve" account. If the use of extracted safety production costs time and is an expense, it will be directly offset against the special reserve. If a fixed asset is formed, the expenditure incurred is collected through the "construction in progress" account and is recognized as a fixed asset when the safety project is completed and reaches the intended usable state; at the same time, the special reserve is offset according to the cost of forming the fixed asset, and the accumulated depreciation of the same amount is recognized. The fixed asset will no longer be depreciated in subsequent periods.

Changes in important accounting policies and accounting estimates

(1) Changes in important accounting policies

☑Applicable Not applicable

The company has implemented the "Interpretation No. 19 of Accounting Standards for Business Enterprises" promulgated by the Ministry of Finance since January 1, 2026. This change in accounting policy will have no significant impact on the company's financial statements.

The company has implemented the "Interpretation No. 20 of Accounting Standards for Business Enterprises" promulgated by the Ministry of Finance since June 1, 2026. This change in accounting policy will have no significant impact on the company's financial statements.

(2) Changes in important accounting estimates

□Applicable Not applicable

(3) Adjustments to relevant items in the financial statements at the beginning of the year when the new accounting standards are implemented for the first time in 2026.

□Applicable Not applicable

Others

None.

6. Taxes

Main tax types and tax rates

Type of tax Tax calculation basis Tax rate

The full text of the 2026 semi-annual report of Yipuli Co., Ltd. is based on the sales of goods and tax payable calculated in accordance with tax laws.

Calculate output tax based on labor service income and deduct

Value-added tax 13%, 9%, 6%, 5%, 3% After the input tax allowed to be deducted in the current period, the difference shall be

VAT payable

Consumption tax // Urban maintenance and construction tax Actual turnover tax paid 1%, 5%, 7% Corporate income tax Taxable income 15%, 16.5%, 20%, 24%, 25%, 37.5% Education surcharge Actual turnover tax paid 3% Local education surcharge Actual turnover tax paid 2%

Compensated transfer of state-owned land use rights and above-ground buildings

Land value-added tax 30% of the value-added amount generated by the property rights of properties and other attachments

If the tax is assessed on an ad valorem basis, it will be deducted once from the original value of the property.

Property tax is 1.2% of the residual value after 30%; 1.2% and 12% are levied on rent.

, calculated at 12% of rental income

If there are taxpayers with different corporate income tax rates, a description of the disclosure

Name of taxpayer Income tax rate Lianyuan Civilian Explosive Equipment Transportation Co., Ltd. 20%

Loudi 169 Blasting Co., Ltd. 20%

Chenzhou Fa'an Civil Explosive Equipment Co., Ltd. 20%

Chenzhou Fa'an Explosive Engineering Co., Ltd. 20%

Anren County Civilian Explosive Equipment Co., Ltd. 20%

Shaoyang Sanhua Nanling Civil Explosive Engineering Co., Ltd. 20%

Xinning County Sanxin Civil Explosive Equipment Co., Ltd. 20%

Yuanling County Shenli Civil Explosive Equipment Sales Co., Ltd. 20%

Xinjiang Nanling Civil Explosives Mixed Explosives Co., Ltd. 20%

Hengyang County Zhengyang Blasting Co., Ltd. 20%

Yueyang Hongxin Civil Explosive Equipment Co., Ltd. 20%

Yipuli Xianghong (Hunan) Civil Explosives Service Co., Ltd. 20%

Xiangxiang Tongli Civil Explosive Equipment Co., Ltd. 20%

Zixing Civil Explosive Equipment Co., Ltd. 20%

Hunan Province Huaihua Civil Explosive Equipment Co., Ltd. 20%

Liling Civilian Explosives Specialty Co., Ltd. 20%

Hengyang Hongtai Civil Explosive Equipment Co., Ltd. 20%

Chongqing Qianjiang District Lanxihe Civil Explosive Equipment Co., Ltd. 20%

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Taojiang County Erhua Civil Explosive Equipment Co., Ltd. 20% Urumqi Civil Explosive Equipment Co., Ltd. 20% Lianyuan Civil Explosive Equipment Co., Ltd. 20% Cili County Erhua Civil Explosive Equipment Co., Ltd. 20% Changde Changtai Civil Explosive Equipment Co., Ltd. 20% Xintiandi (Hong Kong) International Development Co., Ltd. 16.50% Shenghe Tongda International (Hong Kong) Co., Ltd. 16.50% Gezhouba Yipuli Namibia Mining Services Co., Ltd. 37.50% Chenzhou 7320 Chemical Co., Ltd. 15% Shaoyang Sanhua Co., Ltd. 15% Yipuli Xianghong (Hunan) Mechanical and Chemical Co., Ltd. 15% Yipuli Xiangnan (Hunan) Explosive Equipment Co., Ltd. 15% Yipuli 169 (Hunan) Chemical Co., Ltd. 15% Hunan Nanling Civil Explosives Fine Chemical Co., Ltd. 15% Gezhouba Yipuli Hunan Erhua Civil Explosives Co., Ltd. 15% Gezhouba Yipuli Hubei Changtai Civil Explosives Co., Ltd. 15% China Gezhouba Group Yipuli Co., Ltd. 15% Yipuli (Xinjiang) Mining Engineering Co., Ltd. 15% Gezhouba Yipuli Sichuan Blasting Engineering Co., Ltd. 15% Gezhouba Yipuli Chongqing Lineng Civil Explosives Co., Ltd. 15% Gezhouba Yipuli Guangxi Weiqi Chemical Co., Ltd. 15% Yipuli Jintai (Chongqing) Chemical Co., Ltd. 15% Hunan Nanling Civil Explosive Engineering Co., Ltd. 15% Hunan Yueyang Nanling Civil Blasting Service Co., Ltd. 15% Hunan Nanling Hengyang Civil Blasting Service Co., Ltd. 15% Huaihua Nanling Civil Blasting Service Co., Ltd. 15% Gezhouba Yipuli (Hunan) Technology Co., Ltd. 15% Gezhouba Yipuli Emeishan Civil Explosives Co., Ltd. 15% Yipuli (Tibet) Engineering Co., Ltd. 15% Yipuli Malaysia Mining Services Co., Ltd. 24%

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Other tax entities other than the above 25%

Tax incentives

(1) Tax incentives for high-tech enterprises

According to the "Announcement of the State Administration of Taxation on Issues Concerning the Implementation of Preferential Income Tax Policies for High-tech Enterprises" (State Administration of Taxation Announcement [2017] No. 24), qualified high-tech enterprises will be levied corporate income tax at a reduced rate of 15% starting from the year of validity of the approval.

The main reasons why our company was recognized as a high-tech enterprise are as follows:

Company name Certificate number Actual tax rate Chenzhou 7320 Chemical Co., Ltd. GR202443002950 15% Shaoyang Sanhua Co., Ltd. GR202543001364 15% Yipuli Xianghong (Hunan) Mechanical and Chemical Co., Ltd. GR202543002380 15% Yipuli Xiangnan (Hunan) Explosive Equipment Co., Ltd. GR202543002847 15% Hunan Nanling Fire Protection Technology Co., Ltd. GR202543005158 15% Hunan Nanling Civil Explosives Fine Chemicals Co., Ltd. GR202443002503 15% Gezhouba Yipuli Hunan Erhua Civil Explosives Co., Ltd. GR202543000531 15% Gezhouba Yipuli Hubei Changtai Civil Explosives Co., Ltd. GR202442002572 15% China Gezhouba Group Yipuli Co., Ltd. GR202551102588 15% Yipuli (Xinjiang) Mining Engineering Co., Ltd. GR202365000580 15% Gezhouba Yipuli Sichuan Blasting Engineering Co., Ltd. GR202551003389 15% Gezhouba Yipuli Chongqing Lineng Civil Explosives Co., Ltd. GR202451100346 15% Gezhouba Yipuli Guangxi Weiqi Chemical Co., Ltd. GR202345000393 15% Yipuli Jintai (Chongqing) Chemical Co., Ltd. GR202451100064 15% Hunan Nanling Civil Explosive Engineering Co., Ltd. GR202343005182 15% Hunan Yueyang Nanling Civil Explosive Service Co., Ltd. GR202343002104 15% Hunan Nanling Hengyang Civil Explosive Service Co., Ltd. GR202343000066 15% Huaihua Nanling Civil Explosive Service Co., Ltd. GR202343000155 15% Gezhouba Yipuli (Hunan) Technology Co., Ltd. GR202443000916 15% Yipuli 169 (Hunan) Chemical Co., Ltd. GR202543002674 15% (2) Tax incentives for the western development

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

According to the "Announcement of the Ministry of Finance, State Administration of Taxation, and National Development and Reform Commission on the continuation of the corporate income tax policy for the Western Development" (Announcement No. 23, 2020), the preferential tax policies for the Western Development can continue to be used until 2030. The document stipulates: “From January 1, 2021 to December 31, 2030, enterprises in encouraged industries located in the western region will be levied a corporate income tax at a reduced rate of 15%.”

The company’s main enterprises that enjoy tax incentives for the development of the western region are as follows:

Company name Effective tax rate

Yipuli (Xinjiang) Mining Engineering Co., Ltd. 15%

Gezhouba Yipuli Sichuan Blasting Engineering Co., Ltd. 15%

Gezhouba Yipuli Chongqing Lineng Civil Explosives Co., Ltd. 15%

Gezhouba Yipuli Guangxi Weiqi Chemical Co., Ltd. 15%

Yipuli Jintai (Chongqing) Chemical Co., Ltd. 15%

Gezhouba Yipuli Emeishan Civil Explosives Co., Ltd. 15%

Yipuli (Tibet) Engineering Co., Ltd. 15%

(3) Tax incentives for small and low-profit enterprises

According to the "Announcement on Relevant Tax Policies to Further Support the Development of Small and Micro Enterprises and Individual Industrial and Commercial Households" (Announcement No. 12 of the Ministry of Finance and the State Administration of Taxation in 2023), those who engage in national non-restricted and prohibited industries and whose annual taxable income does not exceed 30 For enterprises with three conditions: 00,000 yuan, no more than 300 employees, and no more than 50 million yuan in total assets, the taxable income will be calculated at a reduced rate of 25%, and the corporate income tax will be paid at a rate of 20%. The implementation period will be extended to December 31, 2027.

(4) Land use tax reduction and exemption

According to the Hunan Provincial Taxation Bureau's supplementary regulations on several specific issues regarding land use tax (Xiang Shui Di Zi [1990] No. 104), land use tax is temporarily exempted from land use tax for various types of dangerous goods warehouses and factories that are required for fire prevention, explosion protection, poison prevention and other safety precautions as stipulated by the public security fire department; land use tax for warehouse areas and factories themselves should be levied according to regulations.

(5) Notice of the Ministry of Finance on the levy and exemption of property tax on military properties

According to the Notice of the Ministry of Finance on the Exemption of Real Estate Tax on Military Properties (Caishuizi [1987] No. 32), in order to take into account the actual situation, the properties of military factories that produce military products are exempt from real estate tax; those that produce and operate civilian products are levied property tax in accordance with regulations; those that produce both military products and civilian products can be exempted from real estate tax according to their respective proportions.

(6) Tax incentives for super deduction of R&D expenses

According to the "Announcement on Further Improving the Pre-tax Super Deduction Policy for R&D Expenses" (Announcement No. 7 of the Ministry of Finance and the State Administration of Taxation of 2023), the R&D expenses actually incurred by the enterprise in carrying out R&D activities and which have not formed intangible assets and are included in the current profits and losses shall be included in the profit and loss of the current period. On the basis of actual deductions in accordance with regulations, starting from January 1, 2023, 100% of the actual amount will be deducted before tax; if intangible assets are formed, starting from January 1, 2023, 200% of the cost of the intangible assets will be amortized before tax.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Others

None.

7. Notes on Consolidated Financial Statement Items

Monetary funds

Unit: Yuan

Item Ending balance Beginning balance

Cash on hand 281,345.26 455,011.81 Bank deposits 2,886,900,192.26 2,588,371,602.65 Other monetary funds 9,466,746.88 5,980,935.68 Amounts deposited with finance companies 479,414,069.35 486,739,660.70 Total 3,376,062,353.75 3,081,547,210.84

Including: Total amount deposited abroad 45,411,867.05 74,069,451.98 Other instructions

The company lists the funds deposited in the financial company as "monetary funds", and there are no restrictions on the withdrawal of funds.

Item Ending amount Remarks

Funds listed as "monetary funds" and deposited in financial companies 479,414,069.35

Trading financial assets

None.

Derivative financial assets

None.

Notes receivable

(1) Classified presentation of notes receivable

Unit: Yuan

Item Ending balance Beginning balance

Bank acceptance notes 483,535,677.46 911,696,430.20 Commercial acceptance notes 37,204,047.78 60,609,551.02 Total 520,739,725.24 972,305,981.22

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

(2) Classified disclosure according to bad debt accrual method

Unit: Yuan Ending balance Beginning balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Book price Book price provision ratio Provision ratio

Amount Ratio Amount Value Amount Ratio Amount Value Example

its

Medium:

by combination

bad provision

520,998 258,491 520,739 972,776 470,314 972,305Account preparation 100.00% 0.05% 100.00% 0.05%

,216.76.52,725.24,296.19.97,981.22 receivables

bill

its

Medium:

Bank commitments 483,535 483,535 911,696 911,696

92.81% 0.00 0.00% 93.72% 0.00 0.00%

Exchange bills, 677.46, 677.46, 430.20, 430.20 Commercial acceptance 37,462, 258,491 37,204, 61,079, 470,314 60,609,

7.19% 0.69% 6.28% 0.77%

Exchange of money orders 539.30 .52 047.78 865.99 .97 551.02

520,998 258,491 520,739 972,776 470,314 972,305Total 100.00% 0.05% 100.00% 0.05%

,216.76 .52 ,725.24 ,296.19 .97 ,981.22 Provision for bad debts by combination Category name: Provision by combination

Unit: Yuan

Ending balance

Name

Book balance Bad debt provision Provision ratio

Bank acceptance bill portfolio 483,535,677.46 0.00 0.00%

Commercial acceptance bill portfolio 37,204,047.78 258,491.52 0.69%

Total 520,998,216.76 258,491.52

Description of what this combination is based on:

None.

If bad debt provisions for notes receivable are made according to the general expected credit loss model:

□Applicable Not applicable

(3) Bad debt provisions accrued, recovered or reversed in the current period

Bad debt provisions for the current period:

Unit: Yuan

Amount of changes in the current period

Category Beginning Balance Ending Balance

Provision Recovery or transfer Write-off Others

Bad provision based on combination

470,314.97 -211,823.45 0.00 0.00 0.00 258,491.52Account preparation

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total 470,314.97 -211,823.45 0.00 0.00 0.00 258,491.52Among them, the amount of bad debt provision recovery or reversal in the current period is important:

□Applicable Not applicable

(4) The company’s pledged notes receivable at the end of the period

None.

(5) Notes receivable that have been endorsed or discounted by the company at the end of the period and have not yet matured on the balance sheet date

Unit: Yuan

Item Amount derecognized at the end of the period Amount not derecognized at the end of the period

Bank acceptance notes 0.00 175,788,471.42 Commercial acceptance notes 0.00 137,365.04 Total 0.00 175,925,836.46

(6) Notes receivable actually written off in the current period

None.

Accounts receivable

(1) Disclosure based on aging

Unit: Yuan

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year (including 1 year) 2,572,098,679.31 1,702,777,584.51 1 to 2 years 68,852,208.22 81,815,433.29 2 to 3 years 43,054,472.12 44,449,743.56 More than 3 years 214,439,883.12 216,154,870.57 3 to 4 years 18,922,076.47 11,922,713.78 4 to 5 years 16,325,983.84 16,780,392.59

More than 5 years 179,191,822.81 187,451,764.20 Total 2,898,445,242.77 2,045,197,631.93

(2) Classified disclosure according to bad debt accrual method

Unit: Full text of 2026 semi-annual report of Yuanyipuli Co., Ltd.

Ending balance Beginning balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Book price Book price provision ratio Provision ratio

Amount Ratio Amount Value Amount Ratio Amount Value Example

By item

bad provision

152,274 126,067 26,206, 161,271 126,407 34,863, Account provision 5.25% 82.79% 7.89% 78.38%

,472.76 ,762.53 710.23 ,138.26 ,804.95 333.31 receivables

Accounts

its

Medium:

by combination

Bad provision 2,746,1 2,657,1 1,883,9 1,803,0 89,049, 80,889,

Account provision 70,770. 94.75% 3.24% 21,407. 26,493. 92.11% 4.29% 37,143. 363.01 350.05

Accounts receivable 01 00 67 62

its

Medium:

2,898,4 2,683,3 2,045,1 1,837,9 215,117 207,297

Total 45,242. 100.00% 7.42% 28,117. 97,631. 100.00% 10.14% 00,476. ,125.54 ,155.00

77 23 93 93

Category name of bad debt provision for individual items:

Unit: Yuan

Beginning balance Closing balance

Name

Book balance Bad debt provision Book balance Bad debt provision Provision ratio Provision reason All cash flows receivable from sales contracts 70,543,058.9 44,146,620.9 61,886,435.8 44,146,620.9

First place 71.00% volume and expected collection 6 5 8 5

The difference between all cash flows 24,621,297.0 24,621,297.0 24,621,297.0 24,621,297.0

Second place 100.00% is not expected to be recovered 0 0 0 0

22,104,647.3 22,104,647.3 22,104,647.3 22,104,647.3

Third place 100.00% is not expected to be recovered 8 8 8 8

16,924,188.0 16,924,188.0 16,924,188.0 16,924,188.0

Fourth place 100.00% is not expected to be recovered 5 5 5 5

Fifth place 6,197,976.95 6,197,976.95 6,197,976.95 6,197,976.95 100.00% It is expected that the sixth place cannot be recovered 5,416,012.00 5,416,012.00 5,416,012.00 5,416,012.00 100.00% It is expected that all cash flows receivable from the sales contract cannot be recovered 15,463,957.9 15,123,915.5

Others 6,997,062.62 6,657,020.20 44.00% Volume and expected charges 2 0

The difference between all cash flows is 161,271,138. 126,407,804. 152,274,472. 126,067,762.

total

26 95 76 53

Category names of bad debt provisions accrued by portfolio:

Unit: Yuan

Ending balance

Name

Book balance Bad debt provision Provision ratio

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Within 1 year 2,572,098,679.31 18,390,505.56 0.72% 1-2 years 68,852,208.22 6,028,699.35 8.76% 2-3 years 41,274,351.69 12,425,303.70 30.10% 3-4 years 18,821,528.47 9,522,588.37 50.59% 4-5 years 16,205,204.53 13,763,468.24 84.93% More than 5 years 28,918,797.79 28,918,797.79 100.00% Total 2,746,170,770.01 89,049,363.01

Description of what this combination is based on: None.

If bad debt provisions for accounts receivable are made according to the general expected credit loss model:

□Applicable Not applicable

(3) Bad debt provisions accrued, recovered or reversed in the current period

Bad debt provisions for the current period:

Unit: Yuan Amount of changes in the current period

Category Beginning Balance Ending Balance

Provision Recovery or transfer Write-off Others

Individual provision for bad debts 126,407,804. 126,067,762.

340,042.42 0.00

Preparation 95 53 Bad provision based on combination 80,889,350.0 89,049,363.0

7,275,436.15 0.00 884,576.81

Account preparation 5 1

207,297,155. 215,117,125. Total 7,275,436.15 340,042.42 0.00 884,576.81

00 54 Among them, the amount of bad debt provision recovery or reversal in the current period is important: None.

(4) Accounts receivable actually written off in the current period

None.

(5) Accounts receivable and contract assets of the top five closing balances collected by debtors

Unit: Yuan accounts receivable and combined accounts receivable, bad debts, quasi-accounts receivable, ending balance, contract assets, ending balance, accounts receivable and contracts

Unit name Closing balance of same assets Provision and contract asset reduction amount Closing balance of assets

Proportion of the total value of the top five accounts receivable at the end of the period 1,335,420,967.6 1,353,770,370.8

18,349,403.19 45.49% 62,972,162.35Total 2 1

1,335,420,967.6 1,353,770,370.8

Total 18,349,403.19 45.49% 62,972,162.35

2 1

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Contract assets

(1) Contract assets

Unit: Yuan Ending balance Beginning balance

Project

Book balance Bad debt provision Book value Book balance Bad debt provision Book value 46,816,094.3 46,816,094.3 81,617,702.3 81,617,702.3 Quality deposit receivable 0.00 0.00

9 9 2 2 46,816,094.3 46,816,094.3 81,617,702.3 81,617,702.3Total 0.00 0.00

9 9 2 2

(2) Amount and reasons of major changes in book value during the reporting period

None.

(3) Classified disclosure according to bad debt accrual method

Unit: Yuan Ending balance Beginning balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Book price Book price provision ratio Provision ratio

Amount Ratio Amount Value Amount Ratio Amount Value Example

Among them:

by combination

46,816, 46,816, 81,617, 81,617, bad provision 100.00% 0.00 100.00%

094.39 094.39 702.32 702.32Account preparation

Among them:

46,816, 46,816, 81,617, 81,617, total 100.00% 0.00 100.00%

094.39 094.39 702.32 702.32 Category name of bad debt provisions accrued by combination:

Unit: Yuan ending balance

Name

Book balance Bad debt provision Provision ratio

Low-risk portfolio 46,816,094.39 0.00 0.00% Total 46,816,094.39 0.00

Description of what this combination is based on: None.

Provision for bad debts based on the general expected credit loss model

□Applicable Not applicable

(4) Bad debt provisions accrued, recovered or reversed in the current period

None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. (5) Contract assets actually written off in this period

None.

Accounts receivable financing

(1) Classified presentation of financing receivables

Unit: Yuan

Item Closing balance Opening balance Bank acceptance bill 56,549,165.12 211,864,807.71 Total 56,549,165.12 211,864,807.71 (2) Classified disclosure based on bad debt accrual method

None.

(3) Bad debt provisions accrued, recovered or reversed in the current period

None.

(4) Financing of the company’s pledged receivables at the end of the period

None.

(5) Financing of receivables that have been endorsed or discounted by the company at the end of the period and have not yet matured on the balance sheet date

Unit: Yuan

Item Amount derecognized at the end of the period Amount not derecognized at the end of the period The company has endorsed or discounted the amount and is in assets and liabilities at the end of the period

Detailed financing status of receivables not yet due on the balance sheet date

See the notes in Section 8, 7, 4 (5) Financial Statements of this report. At the end of the period, the company has endorsed or discounted the

Notes receivable that have not yet matured on the balance sheet date.

Total 188,026,262.25 (6) Financing of receivables actually written off in this period

None.

(7) Increases and decreases in receivables financing during the current period and changes in fair value

None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. (8) Other notes

None.

Other receivables

Unit: Yuan

Item Closing balance Opening balance Interest receivable 0.00 0.00 Dividends receivable 0.00 0.00 Other receivables 90,513,102.79 78,682,781.04

Total 90,513,102.79 78,682,781.04 (1) Interest receivable

Classification of interest receivable

None.

Important overdue interest

None.

Classified disclosure according to bad debt accrual method

□Applicable Not applicable

There are no bad debt provisions accrued, recovered or reversed in the current period.
Interest receivable actually written off in the current period

None.

(2) Dividends receivable

Classification of dividends receivable

None.

Important dividends receivable aged more than 1 year

None.

Full text of Yipuli Co., Ltd.'s 2026 semi-annual report 3) Disclosure by classification according to bad debt accrual method

□Applicable Not applicable

Bad debt provisions accrued, recovered or reversed in the current period

None.

Dividends receivable actually written off in the current period

None.

(3) Other receivables

Classification of other receivables according to nature of payment

Unit: Yuan

Nature of payment Book balance at the end of the period Book balance at the beginning of the period

Security deposit 77,055,669.18 73,546,326.30 Other advances receivable 37,115,291.88 27,571,189.12 Reserve fund 3,399,158.13 494,937.79 Deposit 3,518,483.78 3,514,675.31 Others 20,021,109.32 23,929,955.64 Total 141,109,712.29 129,057,084.16

Disclosure based on aging

Unit: Yuan

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year (including 1 year) 61,831,754.52 49,910,208.44 1 to 2 years 5,139,487.46 7,602,352.69 2 to 3 years 34,979,752.76 32,063,321.48 More than 3 years 39,158,717.55 39,481,201.55 3 to 4 years 14,469,541.52 14,756,025.52 4 to 5 years 360,694.00 396,694.00

More than 5 years 24,328,482.03 24,328,482.03 Total 141,109,712.29 129,057,084.16

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Classified disclosure according to bad debt accrual method

Applicable □Not applicable

Unit: Yuan Ending balance Beginning balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Book price Book price provision ratio Provision ratio

Amount Ratio Amount Value Amount Ratio Amount Value

Example Example

By item

11,235, 11,235, 11,235, 11,235,

Bad provision 7.96% 100.00% 0.00 8.71% 100.00% 0.00

651.81 651.81 651.81 651.81

Account preparation

Among them:

by combination

129,874 39,360, 90,513, 117,821 39,138, 78,682, bad provision 92.04% 30.31% 91.29% 33.22%

,060.48 957.69 102.79 ,432.35 651.31 781.04Account preparation

Among them:

141,109 50,596, 90,513, 129,057 50,374, 78,682, total 100.00% 35.86% 100.00% 39.03%

,712.29 609.50 102.79 ,084.16 303.12 781.04

Category name of bad debt provision based on individual provision: Individual provision

Unit: Yuan

Beginning balance Closing balance

Name

Book balance Bad debt provision Book balance Bad debt provision Provision ratio Reason for provision No. 1 4,179,111.64 4,179,111.64 4,179,111.64 4,179,111.64 100.00% Expected to be unrecoverable No. 2 2,571,126.96 2,571,126.96 2,571,126.96 2,571,126.96 100.00% It is expected that the third place cannot be recovered 2,485,413.21 2,485,413.21 2,485,413.21 2,485,413.21 100.00% The fourth place is not expected to be recovered 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 100.00% The fifth place is not expected to be recovered 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 100.00% Expected to be unrecoverable

11,235,651.8 11,235,651.8 11,235,651.8 11,235,651.8

total

1 1 1 1

Category names of bad debt provisions accrued by portfolio:

Unit: Yuan ending balance

Name

Book balance Bad debt provision Provision ratio

Within 1 year 61,831,754.52 3,400,514.51 5.50%

1-2 years 5,139,487.46 1,043,535.96 20.30%

2-3 years 34,979,752.76 12,671,107.73 36.22%

3-4 years 14,469,541.52 8,846,271.16 61.14%

4-5 years 360,694.00 306,698.11 85.03%

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

More than 5 years 13,092,830.22 13,092,830.22 100.00%

Total 129,874,060.48 39,360,957.69

Description of what this combination is based on: None.

Provision for bad debts is made based on the general expected credit loss model:

Unit: Yuan Phase 1 Phase 2 Phase 3

Expected credit throughout the lifetime Credit expected throughout the lifetime

Provision for bad debts Expected credit in the next 12 months Total

Loss (no credit deduction has occurred Loss (credit deduction has occurred)

loss

value) value)

Balance on January 1, 2026 39,138,651.31 11,235,651.81 50,374,303.12 Balance on January 1, 2026

In this issue

Provision for the current period 222,306.38 222,306.38 Remainder as of June 30, 2026

39,360,957.69 11,235,651.81 50,596,609.50

Basis for dividing each stage and provision ratio for bad debt provisions: None.

Changes in book balances with significant changes in loss provision during the period

□Applicable Not applicable

Bad debt provisions accrued, recovered or reversed in the current period

Bad debt provisions for the current period:

Unit: Yuan Amount of changes in the current period

Category Beginning Balance Ending Balance

Provision Recovery or transfer Write-off or write-off Others

Provision for bad debts on an individual basis 11,235,651.8 11,235,651.8 Account provision 1 1 Provision for bad debts on a combined basis 39,138,651.3 39,360,957.6

222,306.38

Account preparation 1 9

50,374,303.1 50,596,609.5 Total 222,306.38

2 0Among them, the amount of bad debt provision reversed or recovered in the current period is important: None.

Other receivables actually written off in the current period

None.

Other receivables with top five closing balances collected by debtors

Unit: Yuan accounted for other receivable period

Name of the unit with the ending balance of bad debt provision Nature of the payment Ending balance Aging Total ending balance

Proportion

Xinjiang Yankuang Qineng Coal

Performance bond 20,000,000.00 2-3 years 14.17% 7,244,000.00 Industry Co., Ltd.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. Jiangxi Jinggang Road and Bridge Collection

Other advances receivable 8,351,623.25 3-4 years 5.92% 5,106,182.46 Tuan Co., Ltd.

Fuling District, Chongqing City

Performance bond 6,000,000.00 2-3 years 4.25% 2,173,200.00ye Building Materials Co., Ltd.

Zoomlion Runshi Xinjiang Coal

Performance bond 5,425,000.00 Within 1 year 3.84% 298,375.00 Industrial Co., Ltd.

Xinjiang Dicheng Shangying Mine

Performance bond 4,179,111.64 More than 5 years 2.96% 4,179,111.64 Industrial Investment Co., Ltd.

Total 43,955,734.89 31.14% 19,000,869.10

Presented in other receivables due to centralized management of funds

None.

Advance payment

(1) Prepayments are listed based on aging

Unit: Yuan Ending balance Beginning balance

Aging

Amount Ratio Amount Ratio

Within 1 year 80,929,030.89 95.99% 99,156,612.72 96.66% 1 to 2 years 2,324,556.70 2.76% 2,205,868.82 2.15% 2 to 3 years 1,040,710.33 1.23% 1,139,405.02 1.11% More than 3 years 14,977.29 0.02% 81,579.60 0.08% Total 84,309,275.21 102,583,466.16

Explanation on the reasons why prepayments with an aging of more than 1 year and significant amounts were not settled in a timely manner: None.

(2) Prepayments of the top five ending balances by prepayment objects

The total of the top five prepayments at the end of the period is 39,306,377.15 yuan, accounting for 46.62% of the total end of prepayments balance.

Inventory

Is the company required to comply with real estate industry disclosure requirements: No.

(1) Inventory classification

Unit: Yuan Ending balance Beginning balance

Provision for inventory decline Provision for inventory decline

Project

Book balance or contract performance costs Book value Book balance or contract performance costs Book value

This impairment provision This impairment provision

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. 257,726,109. 256,423,503. 235,968,085. 234,665,479. Raw materials 1,302,606.32 1,302,606.32

76 44 33 01 66,355,872.8 66,355,872.8 62,139,883.7 62,139,883.7Product in progress

1 1 5 5 236,418,502. 236,418,502. 158,243,502. 158,243,502. Inventory products

24 24 18 18 Turnover materials 788,191.51 788,191.51 830,221.20 830,221.20 561,288,676. 559,986,070. 457,181,692. 455,879,086. Total 1,302,606.32 1,302,606.32

32 00 46 14 (2) Data resources confirmed as inventory

None.

(3) Provision for inventory depreciation and provision for impairment of contract performance costs

Unit: Yuan

Increase amount in this period Decrease amount in this period

Item Beginning balance Closing balance

Provision Others Reversal or write-off Others

Raw materials 1,302,606.32 1,302,606.32 Total 1,302,606.32 1,302,606.32 Provision for inventory depreciation based on combination: None.

The standard for accruing inventory depreciation provisions on a group basis: None.

(4) Explanation that the closing balance of inventory includes the capitalized amount of borrowing costs

None.

(5) Explanation of the amortization amount of contract performance costs for the current period

None.

Assets held for sale

None.

Non-current assets due within one year

None.

(1) Debt investments due within one year

□Applicable Not applicable

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. (2) Other debt investments due within one year □Applicable Not applicable

Other current assets

Unit: Yuan

Item Closing balance Opening balance to be deducted for input tax 149,503,230.65 101,776,758.36 Prepaid income tax 1,592,482.69 2,409,690.36 Others 887,322.28 619,245.48 Total 151,983,035.62 104,805,694.20 Information related to compensatory assets

Other instructions: None.

Debt investment

(1) Situation of debt investment

None.

(2) Important debt investments at the end of the period

None.

(3) Provision for impairment losses

None.

(4) There is no debt investment actually written off in this period.

Other debt investments

(1) Situation of other debt investments

None.

(2) Other important debt investments at the end of the period

None.

Full text of Yipuli Co., Ltd.'s 2026 semi-annual report (3) Impairment provision status

None.

(4) Other debt investments actually written off in the current period

None.

Investment in other equity instruments

Unit: Yuan is designated as included in the current period. Accumulated at the end of this period. Accumulated at the end of this period.

Fair value measurement recognized in the current period

Other comprehensive Other comprehensive Included in it Included in it

Item name Dividend income at the beginning of the period Dividend income at the end of the period and its changes included in the income Loss of other comprehensive income Other comprehensive income

Income Other comprehensive gains and losses Gains and losses

Reasons for earnings Xinjiang Xuefeng

Technology (set 166,400,0 26,000,00 75,400,00 3,000,000 140,400,0

Strategic Investment Group) Shares 00.00 0.00 0.00 .00 00.00 Co., Ltd.

Hunan Jinju

14,842,50 2,921,830 8,996,588 17,764,33 Neng Technology has strategic investment

0.00 .15 .19 0.15 Co., Ltd.

Hunan Jinneng

4,121,800 6,684,165 4,039,092 Technology shares 82,707.24 Strategic investment

.00 .28 .76 Ltd.

Henan Province Yong

Allied civilian explosives 7,353,700 6,473,700 7,353,700

Strategic Investment Materials Co., Ltd. .00 .00 .00

192,718,0 2,921,830 26,082,70 90,870,28 6,684,165 3,000,000 169,557,1Total

00.00 .15 7.24 8.19 .28 .00 22.91 Termination confirmation in this period: None. Itemized disclosure of non-trading equity instrument investments in the current period: None.

Long-term receivables

(1) Long-term receivables

None.

(2) Classified disclosure according to bad debt accrual method

None.

(3) Bad debt provisions accrued, recovered or reversed in the current period

None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

(4) Long-term receivables actually written off in the current period

None.

Long-term equity investment

Unit: Yuan

Increases and decreases in the current period

Beginning of the period Impairment at the end of the period Equity Declaration Impairment

Balance Balance is invested under the reserve method Other issuance Provision (account Other accrual (Account position Beginning of the period Additional Decrease Confirmation Comprehensive Cash Ending face value Equity Impairment Other Face price balance Investment Investment income Dividend balance value) Change provision value) Capital loss adjustment or profit

profit

1. Joint ventures

2. Joint ventures

Hami Xuefeng

Sanling Civil 83,64 6,177 89,82 Explosive equipment 2,471 ,661. 0.00 0,132 Limited liability .03 51 .54 Company

Gezhouba Yi

40,55 3,594 44,14Puli Hulun

2,257 ,547. 0.00 6,805 Bell Civil Explosion

.48 83 .31 Co., Ltd.

Hunan Hongxin 5,412 - 4,427

936,2

Da Logistics has ,816. 49,09 ,476.

47.23

Co., Ltd. 79 2.75 81 Hunan Fuxin 4,101 - 3,768 Technology Co., Ltd. ,746. 333,7 0.00 ,032. Responsible company 58 14.37 21 Hunan Quanhong 4,831 - 4,633 Xiangxin Technology ,038. 197,6 0.00 ,388. Co., Ltd. 80 49.92 88 Loudi City Lou

2,738 2,772 Union civilian explosives 33,90

,318. 0.00 ,222. Material Co., Ltd. 3.80

80 60 Division

Hunan Hongke

2,391 2,439Da equipment manufacturing 48,32

,157. 0.00 ,484. Manufacturing Co., Ltd. 6.67

40 07 Division

Huaihua city objects

1,594 1,594 Allied civilian explosives

,479. 0.00 0.00 ,479. Material Co., Ltd.

21 21 Division

Hunan Baian 933,

933,1

Fire technology 179. 0.00 0.00 0.00

79.15

Ltd. 15

Xinshao County 3

1,457 1,462 Yang civilian explosives 4,915

,413. 0.00 ,328. Material franchise has .28

03 31 Co., Ltd.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Zhuzhou Zhenchun

1,230 1,230 Civilian demolition

,110. 0.00 0.00 ,110. Equipment is limited

02 02Company

Shaoyang City Treasure

1,276 - 1,206 Union civilian explosives

,590. 70,10 0.00 ,487. Materials Co., Ltd.

00 2.02 98 Ren Company

Yiyang Yilian

225,

Civilian demolition 924,3 29,90 209,6 518,7

827.0.00

Equipment Limited 79.16 3.62 70.72 84.98 Company

Zhangjiajie Yong

Limin explosion has 727,5 704,2

23,36 0.00

Limited liability company 83.75 14.98

8.77

Division

Shaodong City 3

Kaimin Explosive 446,5 263,4

183,1

Material Co., Ltd. 31.58 26.30

05.28

Division

Hezhou, Guangxi

He Weimin

use explosives

Product sales include

limited liability company

Division

Guangxi Bagui

Civilian demolition

Limited equipment

Responsible company

152,2 1,15 9,032 1,145 158,9 Subtotal 60,07 0.00 9,00 ,225. 0.00 0.00 ,917. 0.00 0.00 87,37 0.00 2.78 6.23 60 95 4.20

152,2 1,15 9,032 1,145 158,9Total 60,07 0.00 0.00 9,00 ,225. 0.00 0.00 ,917. 0.00 0.00 87,37 0.00

2.78 6.23 60 95 4.20

The recoverable amount is determined as the net amount after fair value minus disposal costs.

□Applicable Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable Not applicable

Reasons for the obvious inconsistency between the aforementioned information and the information used in impairment testing in previous years or external information: None.

Reasons for the significant inconsistency between the company's information used for impairment testing in previous years and the actual situation of that year: None.

Other notes: The company’s long-term equity investment in Guangxi Bagui Civilian Explosive Equipment Co., Ltd. and Guangxi Hezhou Hewei Civilian Explosives Sales Co., Ltd.

The book value of the assets has been written down to 0 in accordance with standards.

Other non-current financial assets

Unit: Yuan

Item Ending balance Beginning balance

Classified as measured at fair value with changes included

62,151,400.00 62,151,400.00 Financial assets of current profit and loss

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total 62,151,400.00 62,151,400.00Other instructions: None.

Investment real estate

(1) Investment real estate using cost measurement model

Applicable □Not applicable

Unit: Yuan

Projects Houses and buildings Land use rights Construction in progress Total

1. Original book value

Balance at the beginning of the period 259,424,342.93 259,424,342.93 2. Increase in the current period 1,492,675.09 1,492,675.09 (1) Outsourcing 0.00

(2) Inventory\

Transfer of fixed assets\projects under construction 1,492,675.09 1,492,675.09

(3) Enterprise cooperation

0.00 and increasing

Reduction amount in the current period 571,536.93 571,536.93 (1) Disposal 0.00 (2) Other transfers

0.00 out

Transferred to fixed assets 571,536.93 571,536.93 4. Closing balance 260,345,481.09 260,345,481.09

2. Accumulated depreciation and accumulation

Amortization

Balance at the beginning of the period 89,234,187.45 89,234,187.45 2. Increased amount in the current period 3,836,275.70 3,836,275.70 (1) Provision or

3,463,664.74 3,463,664.74 Amortization

Transfer of fixed assets 372,610.96 372,610.96 3. Reduction amount in the current period 374,516.38 374,516.38 (1) Disposal

(2) Other transfers

out

Transfer to fixed assets 374,516.38 374,516.38

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Closing balance 92,695,946.77 92,695,946.77

3. Impairment provision

Opening balance
Increase amount in this period

(1) Provision

Reduction amount in this period

(1) Disposal

(2) Other transfers

out

Ending balance

4. Book value

Book value at the end of the period 167,649,534.32 167,649,534.32 2. Book value at the beginning of the period 170,190,155.48 170,190,155.48 The recoverable amount is determined based on the net amount of fair value minus disposal costs.

□Applicable Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable Not applicable

Reasons for the obvious inconsistency between the aforementioned information and the information used in impairment testing in previous years or external information: None. Reasons for the significant inconsistency between the company's information used for impairment testing in previous years and the actual situation of that year: None. Other instructions: None.

(2) Investment real estate using fair value measurement model

□Applicable Not applicable

(3) Converted to investment real estate and measured at fair value

None.

(4) Investment real estate for which title certificates have not been obtained

None.

Fixed assets

Unit: Yuan

Item Closing balance Opening balance Fixed assets 2,154,876,865.34 2,245,505,831.37

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Liquidation of fixed assets 29,774.55 8,573.19 Total 2,154,906,639.89 2,245,514,404.56

(1) Fixed assets

Unit: Yuan

Items Houses and buildings Machinery and equipment Transportation Office and electronic equipment Total

1. Original book value:

2,195,486,859.9 1,286,399,690.8 4,245,148,863.5 1. Opening balance 521,646,672.60 241,615,640.22

2 3 7 2. Increase in this period

17,583,220.14 26,147,020.23 20,584,296.38 3,451,670.79 67,766,207.54Amount

(1) Purchase

3,932,867.17 23,689,424.62 20,248,671.37 3,279,567.91 51,150,531.07

(2) in

4,422,192.96 2,457,595.61 335,625.01 172,102.88 7,387,516.46 Construction project transferred in

(3) Enterprise

Increase in business mergers

(4) Investment real estate

571,536.93 571,536.93 Property transfer

(5) Others 8,656,623.08 8,656,623.08 3. Decrease in the current period

5,042,960.94 37,244,506.49 16,087,993.18 1,643,612.92 60,019,073.53Amount

(1) place

3,547,054.76 33,037,336.00 2,889,540.89 1,587,781.45 41,061,713.10 Disposal or scrapping

(2) Transfer to investment property

1,492,675.09 1,492,675.09Real estate

(3) Others 3,231.09 4,207,170.49 13,198,452.29 55,831.47 17,464,685.34 2,208,027,119.1 1,275,302,204.5 4,252,895,997.5 4. Closing balance 526,142,975.80 243,423,698.09

2 7 8

2. Accumulated depreciation

1,994,576,583.3 1. Opening balance 869,741,639.91 688,238,128.85 267,449,531.29 169,147,283.28

2.Increase in this issue

39,210,648.31 52,732,337.91 33,755,142.06 10,060,292.06 135,758,420.34Amount

(1) Count

38,836,131.93 52,732,337.91 33,755,142.06 10,060,292.06 135,383,903.96

(2) Investment real estate

374,516.38 374,516.38 property transfer

Reduction in this period

963,771.38 25,920,018.73 8,974,062.39 1,524,467.80 37,382,320.30 Amount

(1) place

591,160.42 23,167,165.81 2,454,002.79 1,522,109.26 27,734,438.28 Disposal or scrapping

(2) Transfer to investment property

372,610.96 372,610.96Real estate

(3) Others 0.00 2,752,852.92 6,520,059.60 2,358.54 9,275,271.06

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. 2,092,952,683.3

Closing balance 907,988,516.84 715,050,448.03 292,230,610.96 177,683,107.54

3. Impairment provision

Opening balance 2,177,676.78 2,881,840.39 6,931.70 5,066,448.87

2.Increase in this issue

Amount

(1) Count

mention

Reduction in this period

Amount

(1) place

dispose or scrap

Closing balance 2,177,676.78 2,881,840.39 6,931.70 5,066,448.87

4. Book value

Closing balance sheet 1,297,860,925.5 2,154,876,865.3

557,369,916.15 233,912,364.84 65,733,658.85

Value 0 4 2. Opening book 1,323,567,543.2 2,245,505,831.3

595,279,721.59 254,197,141.31 72,461,425.24

Value 3 7 (2) Temporarily idle fixed assets

Unit: Yuan

Item Original book value Accumulated depreciation Impairment provision Book value Remarks Houses and buildings 22,565,604.67 4,168,577.65 0.00 18,397,027.02

Machinery and equipment 6,205,718.84 3,089,712.33 0.00 3,116,006.51

Subtotal 28,771,323.51 7,258,289.98 0.00 21,513,033.53

(3) Fixed assets leased through operating leases

Unit: Yuan

Item Closing book value

Machinery and equipment 1,374,083.74 Transportation tools 492,677.88 Subtotal 1,866,761.62

(4) Fixed assets for which property rights certificates have not been obtained

Unit: Yuan

Item Book value Reasons for not completing the property rights certificate

Houses and buildings 15,805,574.57 The process is complicated and is being processed

Full text of Yipuli Co., Ltd.'s 2026 semi-annual report Other notes: None.

(5) Impairment testing of fixed assets

□Applicable Not applicable

(6) Fixed assets liquidation

Unit: Yuan Item Ending balance Beginning balance

Office equipment 29,774.55 8,573.19Total 29,774.55 8,573.19Other notes: None.

Projects under construction

Unit: Yuan

Item Ending balance Beginning balance

Construction in progress 113,583,261.71 26,592,850.17 Total 113,583,261.71 26,592,850.17

(1) Projects under construction

Unit: Yuan Ending balance Beginning balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value

113,583,261. 113,583,261. 26,592,850.1 26,592,850.1 Construction in progress 0.00 0.00

71 71 7 7

113,583,261. 113,583,261. 26,592,850.1 26,592,850.1Total 0.00 0.00

71 71 7 7 (2) Changes in important construction projects during the current period

Unit: Yuanqi

Engineering

Interest in this period:

Current period Cumulative Current period

Capital transferred in this period This period

Project Budget Beginning of Period Others End of Period Investment Project Interest Funds

Increase fixed accumulated interest

Name Number Balance Decrease Balance Accounting for Advance Progress Capital Source Amount Asset Accounting Capital

Amount calculation ratio

Amount Amount Funding

Example

innovation

363.8 20.79 51.85 72.65

Development 47.31

24,80 6,516 9,439 5,956 50% Other centers %

0.00 .60 .45 .05

office

Full text building of Yipuli Co., Ltd.'s 2026 semi-annual report

Project

panzhi

Flowers appear

Mixing in the field

to hold milk

5,000 2,576 2,698 122,5 53.98 53.98

,000. ,273. ,803. Other drug students 30.09 % %

00 69 78 production line

Technical skills

Technological changes

make

Mine

Equipment 40,00 11,28 10,95

335,6 27.38 27.38Renovation 0,000 0.00 6,581 0,956 Others

25.01% %updated .00 .03 .02 items

408,8 23,37 63,26 86,30

335,6

Total 24,80 2,790 8,550 5,715 25.01

0.00 .29 .57 .85 (3) Provision for impairment of projects under construction in the current period

None.

(4) Impairment testing of projects under construction

□Applicable Not applicable

(5) Engineering materials

None.

Productive biological assets

None.

Oil and gas assets

□Applicable Not applicable

Right-of-use assets

(1) Right-of-use assets

Unit: Yuan

Items Houses and buildings Machinery and equipment Transportation Land use rights Total

1. Original book value

Opening balance 139,034,487.00 16,315,212.97 6,760,761.24 62,090,517.13 224,200,978.34

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

2.Increase in this issue

10,682,098.69 0.00 147,681.93 157,823.69 10,987,604.31Amount

Rental 10,682,098.69 0.00 147,681.93 157,823.69 10,987,604.31 3. Decrease in the current period

9,835,306.66 9,835,306.66 Amount

Disposal 9,835,306.66 9,835,306.66

Closing balance 139,881,279.03 16,315,212.97 6,908,443.17 62,248,340.82 225,353,275.99

2. Accumulated depreciation

Opening balance 39,568,404.38 8,172,593.17 4,920,506.02 12,459,164.78 65,120,668.35

2.Increase in this issue

Amount

(1) Provision 6,930,355.99 1,312,625.91 197,245.72 1,913,497.02 10,353,724.64

Reduction in this period

Amount

(1) Disposal 7,452,266.58 7,452,266.58

Closing balance 39,046,493.79 9,485,219.08 5,117,751.74 14,372,661.80 68,022,126.41

3. Impairment provision

Opening balance

2.Increase in this issue

Amount

(1) Provision

Reduction in this period

Amount

(1) Disposal

Ending balance

4. Book value

Closing accounts

100,834,785.24 6,829,993.89 1,790,691.43 47,875,679.02 157,331,149.58 Value

Opening accounts

99,466,082.62 8,142,619.80 1,840,255.22 49,631,352.35 159,080,309.99 Value

(2) Impairment testing of right-of-use assets

□Applicable Not applicable

Other instructions: None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Intangible assets

(1) Intangible assets

Unit: Yuan

Item Land use rights Patent rights Non-patented technology Software and others Total

1. Original book value

1,382,333,359.9 1,423,208,669.0 1. Opening balance 11,418,637.20 5,420,626.07 24,036,045.78

9 4 2. Increase in this period

693,954.46 0.00 0.00 1,448,524.63 2,142,479.09Amount

(1) Purchase 693,954.46 0.00 0.00 1,448,524.63 2,142,479.09 (2) Internal research and development

(3) Business merger increases

add

Reduction in this period

359,719.40 0.00 0.00 0.00 359,719.40Amount

(1) Disposal 359,719.40 0.00 0.00 0.00 359,719.40 1,382,667,595.0 1,424,991,428.7 4. Ending balance 11,418,637.20 5,420,626.07 25,484,570.41

5 3

2. Accumulated amortization

Opening balance 246,989,934.31 4,363,180.10 4,468,053.87 14,840,210.38 270,661,378.66 2. Increase in this period

17,334,294.83 730,622.02 54,000.04 1,028,789.19 19,147,706.08 Amount

(1) Provision 17,334,294.83 730,622.02 54,000.04 1,028,789.19 19,147,706.08 3. Decrease in the current period

148,073.04 0.00 0.00 0.00 148,073.04Amount

(1) Disposal 148,073.04 0.00 0.00 0.00 148,073.04

Closing balance 264,176,156.10 5,093,802.12 4,522,053.91 15,868,999.57 289,661,011.70

3. Impairment provision

Opening balance

2.Increase in this issue

Amount

(1) Provision

Reduction in this period

Amount

(1) Disposal

Ending balance

4. Book value

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Closing balance sheet 1,118,491,438.9 1,135,330,417.0

6,324,835.08 898,572.16 9,615,570.84

Value 5 3 2. Opening book 1,135,343,425.6 1,152,547,290.3

7,055,457.10 952,572.20 9,195,835.40

Value 8 8 The proportion of intangible assets formed through the company’s internal research and development at the end of the period to the balance of intangible assets is 0.00%

(2) Data resources recognized as intangible assets

None.

(3) Land use rights for which property rights certificates have not been obtained

None.

(4) Impairment testing of intangible assets

□Applicable Not applicable

Goodwill

(1) Original book value of goodwill

Unit: yuan Name of invested unit Increase in this period Decrease in this period

Goodwill is called or formed. Balance at the beginning of the period. Balance at the end of the period formed by business combination.

matters other disposal other

Yipuli Co., Ltd. 386,115,916. 386,115,916. Co., Ltd. 43 43Gezhouba Yipuli

356,235,267. 356,235,267. Guangxi Weiqi Chemical Industry

72 72 LLC

Songguangmin, Henan Province

162,229,651. 162,229,651. Explosive Equipment Co., Ltd.

61 61 Co., Ltd.

Pengzhou production point pair 97,988,616.2 97,988,616.2Ying production line 3 3Gezhouba Yipuli

Hunan Erhua Civil Explosives 6,398,960.31 6,398,960.31 Co., Ltd.

15,977,920.5 15,977,920.5 Others

6 6

1,024,946,33 1,024,946,33 total

2.86 2.86

(2) Goodwill impairment provision

Unit: yuan Name of invested unit Increase in this period Decrease in this period

Goodwill is called or formed. Balance at the beginning of the period. Balance at the end of the period.

Matters Provision Others Disposal Others

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Chongqing Kaiyi Blasting

1,050,959.10 1,050,959.10 Engineering Co., Ltd.

Chenzhou City Fa An Yun

Transmission Co., Ltd. 557,162.98 557,162.98 Company

Gezhouba Yipuli

Chongqing Lineng Civil Explosives 329,986.22 329,986.22 Co., Ltd.

Zhijiang County residents speak out

183,241.99 183,241.99 Operating company

Hongtaimin, Hengyang City

Used blasting equipment 171,638.43 171,638.43 Limited liability company

Suining County Civil Explosives

Materials Specialty Co., Ltd. 158,601.40 158,601.40 Company

Li County Erhua Civil Explosion

Equipment Co., Ltd. 101,855.03 101,855.03 Company

Xiangtan County safety explosion

Broken Engineering Co., Ltd. 11,087.50 11,087.50 Company

Anren County Civilian Explosives

Breaking equipment franchise has 4,048.36 4,048.36 limited liability company

Huaihua City, Hunan Province

Civil explosive equipment franchise 2,191.64 2,191.64 Limited liability company

Total 2,570,772.65 2,570,772.65

(3) Relevant information about the asset group or asset group combination where the goodwill is located

The composition of the asset group or portfolio to which it belongs and

Name, operating segment and basis. Is it consistent with previous years?

Basis

Yipli Co., Ltd.’s long-term capital and independent operation can bring independent cash

Yipuli Co., Ltd. is a cash flow company

Gezhouba Yipuli Guangxi Weiqi Chemical Industry Independent operation can bring independent cash Gezhouba Yipuli Guangxi Weiqi Chemical Industry

Is a long-term asset of a limited liability company? Cashflow Co., Ltd.

Henan Songguang Civil Explosive Equipment Co., Ltd. Independent operation can bring independent cash Henan Songguang Civil Explosive Equipment Co., Ltd.

Is a long-term asset of the company Cash Flow Co., Ltd.

The Pengzhou production point corresponds to the production line. Long-term independent operation can bring independent cash flow. Yipuli (Tibet) Engineering Co., Ltd.

Is the asset cash flow Simo Zhu Gongka Branch

Gezhouba Yipuli Hunan Erhua Civil Explosion Co., Ltd. Independent operation can bring independent cash Gezhouba Yipuli Hunan Erhua Civil Explosion Co., Ltd.

Is a long-term asset of a limited company, Cash Flow Co., Ltd.

Independent business can bring independent cash

Other Other Yes

gold flow

Changes in asset group or combination of asset groups: None.

(4) Specific determination method of recoverable amount

The recoverable amount is determined as the net amount after fair value minus disposal costs.

□Applicable Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable Not applicable

Reasons for the obvious inconsistency between the aforementioned information in the full text of the 2026 semi-annual report of Yipuli Co., Ltd. and the information used in impairment testing in previous years or external information

Reasons for the discrepancy between the information used in the company's impairment testing in previous years and the actual situation of that year.

(5) Completion of performance commitments and corresponding impairment of goodwill

There is a performance commitment when goodwill is formed and the reporting period or the previous period of the reporting period is within the performance commitment period

□Applicable Not applicable

Other instructions: None.

Long-term deferred expenses

Unit: Yuan

Item Beginning balance Increase in the current period Amortization amount in the current period Other decreases Ending balance Temporary facilities 10,549,813.92 1,734,090.69 1,057,523.83 11,226,380.78 Decoration expenses 1,011,135.18 232,630.62 778,504.56 Road maintenance fees 56,201.31 3,625.92 52,575.39 Suspension of work and amortization 0.00 10,110,519.77 912,652.92 9,197,866.85 Total 11,617,150.41 11,844,610.46 2,206,433.29 21,255,327.58Other instructions

Deferred income tax assets/deferred income tax liabilities

(1) Deferred income tax assets without offset

Unit: Yuan Ending balance Beginning balance

Project

Deductible temporary differences Deferred income tax assets Deductible temporary differences Deferred income tax assets Asset impairment provision 276,043,757.55 49,779,700.77 268,738,990.70 48,770,748.45 Lease liabilities 140,930,578.07 28,398,085.21 141,409,685.58 25,770,466.19 Other equity instrument investment companies

6,684,165.28 1,671,041.32 6,601,458.04 1,650,364.51 Changes in fair value

Total 423,658,500.90 79,848,827.30 416,750,134.32 76,191,579.15

(2) Deferred income tax liabilities without offset

Unit: Yuan Ending balance Beginning balance

Project

Taxable temporary differences Deferred income tax liabilities Taxable temporary differences Deferred income tax liabilities Other equity instruments investment companies

90,870,288.19 22,717,572.05 113,948,458.04 28,487,114.51 Changes in fair value

Full text of Yipuli Co., Ltd.'s 2026 semi-annual report Other non-current financial assets

49,460,228.29 9,006,707.57 49,460,228.29 9,006,707.57 Changes in fair value

Increase in business combination 815,003,651.23 162,105,800.60 832,865,071.01 159,314,921.86 Right-of-use assets 157,331,149.58 25,206,960.23 159,080,309.99 28,476,972.40 Total 1,112,665,317.29 219,037,040.45 1,155,354,067.33 225,285,716.34

(3) Deferred income tax assets or liabilities presented on a net basis after offsetting

Unit: Yuan Deferred income tax assets and liabilities Deferred income tax assets after offset Deferred income tax assets and liabilities Deferred income tax items after offset

Offset amount at the end of the debt period Ending balance of assets or liabilities Offset amount at the beginning of the debt period Deferred income tax assets 43,334,455.71 36,514,371.59 41,008,829.21 35,182,749.94 Deferred income tax liabilities 43,334,455.71 175,702,584.74 41,008,829.21 184,276,887.13

(4) Details of deferred income tax assets not recognized

Unit: Yuan

Item Ending balance Beginning balance

Deductible temporary differences 103,867,696.27 109,356,953.01 Deductible losses 176,380,264.26 196,374,175.47 Total 280,247,960.53 305,731,128.48

(5) Deductible losses that have not been recognized as deferred income tax assets will expire in the following years

Unit: Yuan

Year Ending amount Beginning amount Remarks

2026 38,337,864.45

2027 37,430,725.55 37,430,725.55

2028 56,481,183.43 56,481,183.43

2029 30,974,193.50 30,974,193.50

2030 33,150,208.54 33,150,208.54

2031 18,343,953.24

Total 176,380,264.26 196,374,175.47

Other instructions: None.

Other non-current assets

Unit: Yuan

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Ending balance Beginning balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value

30,732,632.9 27,030,157.1 29,980,199.3 25,752,036.9Contract assets 3,702,475.80 4,228,162.42

1 1 7 5

12,753,636.0 12,753,636.0

Prepaid equipment payment 3,242,401.41 3,242,401.41 8 8

13,522,353.7 13,522,353.7 22,113,850.7 22,113,850.7 Advance payment for projects

0 0 0 0

57,008,622.6 53,306,146.8 55,336,451.4 51,108,289.0 Total 3,702,475.80 4,228,162.42

9 9 8 6 Information related to compensating assets: None.

Other instructions: None.

Assets whose ownership or use rights are restricted

Unit: End of Yuan period Beginning of period

Project

Book balance Book value Restriction type Restriction situation Book balance Book value Restriction type Restriction situation Note guarantee Note guarantee

6,466,746 6,466,746 5,980,935 5,980,935

Monetary funds Use restricted funds, frozen Use restricted funds, frozen.88 .88 .68 .68

Funds, etc. Funds, etc. have been endorsed or have been endorsed or

175,925,8 175,925,8 550,977,6 550,977,6

Notes receivable are restricted in use and have not yet been discounted. Restricted in use and have not been discounted yet 36.46 36.46 61.93 61.93

Maturity Bills Maturity Bills

182,392,5 182,392,5 556,958,5 556,958,5

total

83.34 83.34 97.61 97.61

Other explanations: The payment ratio of bills of exchange in this period is reduced, and the amount of bills of exchange that have been endorsed or discounted and yet to be expired is reduced.

Short-term borrowing

(1) Classification of short-term loans

Unit: Yuan

Item Ending balance Beginning balance

Pledged loans 0.00 209,556,140.84 Credit loans 20,000,000.00 26,000,000.00 Total 20,000,000.00 235,556,140.84 Description of short-term loan classification: None.

(2) Overdue short-term borrowings that have not been repaid

None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Trading financial liabilities

None.

Derivative financial liabilities

None.

Notes payable

Unit: Yuan

Category Ending balance Beginning balance

Bank acceptance bill 75,898,564.86 319,297,123.36 Total 75,898,564.86 319,297,123.36 The total amount of bills payable that has expired and not been paid at the end of this period is RMB 0.00.

Accounts payable

(1) Presentation of accounts payable

Unit: Yuan

Item Ending balance Beginning balance

Material purchase payment payable 517,002,350.39 409,033,959.99 Project progress payment payable 1,111,791,595.61 620,958,493.99 Labor fee payable 52,506,040.51 44,190,432.92 Equipment payment payable 81,192,258.95 48,707,739.93 Warranty deposit payable 11,022,900.77 13,493,901.75 Others 53,081,445.94 60,225,842.88 Total 1,826,596,592.17 1,196,610,371.46

(2) Important accounts payable that are aged more than 1 year or are overdue

Unit: Yuan Item Closing balance Reason for outstanding or carry-forward

First place 19,456,207.24 Payment terms have not been met yet

Second place 10,367,338.00 has not yet met the payment conditions

Third place 7,464,362.79 has not yet met the payment conditions

Fourth place 5,940,000.00 Payment terms have not been met yet

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total 43,227,908.03

Other instructions: None.

Other payables

Unit: Yuan

Item Ending balance Beginning balance

Interest payable 0.00 0.00 Dividends payable 327,089,223.67 3,836,386.55 Other payables 293,123,982.50 327,052,041.89 Total 620,213,206.17 330,888,428.44

(1) Interest payable

None.

(2) Dividends payable

Unit: Yuan

Item Ending balance Beginning balance

Common stock dividends 327,089,223.67 3,836,386.55Total 327,089,223.67 3,836,386.55Other explanations, including important dividends payable that have not been paid for more than 1 year, the reason for non-payment should be disclosed: None.

(3) Other payables

List other payables according to the nature of the payment

Unit: Yuan

Item Ending balance Beginning balance

Deposit guarantee 187,211,797.77 219,587,526.07 Personal social insurance withheld 18,267,059.31 19,864,846.14 Collection and payment payable 15,627,124.65 15,828,054.33 Related party transactions 7,681,493.69 7,441,534.41 Advances made by employees 1,442,728.17 1,417,293.14 Payment for equity acquisition 9,363,600.00 9,363,600.00 Others 53,530,178.91 53,549,187.80

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total 293,123,982.50 327,052,041.89

Important other payables aged more than 1 year or overdue

Unit: Yuan Item Closing balance Reason for outstanding or carry-forward

First place 13,010,000.00 has not yet reached the settlement time

Second place 9,180,000.00 has not yet reached the settlement time

Third place 6,000,000.00 has not yet reached the settlement time

Total 28,190,000.00

Other instructions: None.

Advance payments

(1) Presentation of advance receipts

Unit: Yuan

Item Ending balance Beginning balance

Total 0.00 0.00

(2) Important advances from customers aged more than 1 year or overdue

None.

Contract liabilities

Unit: Yuan

Item Ending balance Beginning balance

Project payments received in advance 12,223,012.51 14,102,958.15 Product sales payments received in advance 9,958,788.15 27,868,174.11 Others 4,785,278.07 7,750,519.74 Total 26,967,078.73 49,721,652.00 Important contract liabilities aged more than 1 year: None.

Amount and reasons for significant changes in book value during the reporting period: None.

Employee compensation payable

(1) Presentation of employee benefits payable

Unit: Yuan

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Item Opening balance Increase in the current period Decrease in the current period Ending balance

Short-term salary 110,569,445.95 568,057,862.15 506,648,980.48 171,978,327.62

2. Post-employment benefits-settings

2,525,413.63 82,611,125.54 82,574,131.34 2,562,407.83 Withdrawal plan

Dismissal benefits 0.00 4,699,975.92 4,699,975.92 0.00 Total 113,094,859.58 655,368,963.61 593,923,087.74 174,540,735.45

(2) Presentation of short-term remuneration

Unit: Yuan

Item Opening balance Increase in the current period Decrease in the current period Ending balance

Salary, bonus, allowance

37,895,511.81 412,254,863.62 349,351,793.96 100,798,581.47 and subsidies

Employee welfare fees 0.00 44,573,218.64 44,573,218.64 0.00
Social insurance premiums 614,028.68 49,045,888.37 49,018,940.72 640,976.33 Including: medical insurance premiums 463,172.95 42,609,256.93 42,597,119.41 475,310.47 work-related injury insurance premiums 59,719.22 6,265,078.01 6,250,267.88 74,529.35Maternity insurance premium 91,136.51 86,181.49 86,181.49 91,136.51Others 0.00 85,371.94 85,371.94 0.00
Housing provident fund 292,691.20 48,071,322.50 47,976,791.70 387,222.00
Trade union funds and employee education

71,767,214.26 13,796,189.87 15,411,856.31 70,151,547.82 Education funds

Commercial insurance premium 0.00 316,379.15 316,379.15 0.00Total 110,569,445.95 568,057,862.15 506,648,980.48 171,978,327.62

(3) Display of defined contribution plan

Unit: Yuan

Item Opening balance Increase in the current period Decrease in the current period Ending balance

Basic pension insurance 2,255,958.93 65,197,921.16 65,172,298.63 2,281,581.46
Unemployment insurance premium 254,510.10 2,470,384.83 2,469,090.76 255,804.17
Enterprise annuity payment 14,944.60 14,942,819.55 14,932,741.95 25,022.20 Total 2,525,413.63 82,611,125.54 82,574,131.34 2,562,407.83 Other notes: None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Taxes payable

Unit: Yuan

Item Ending balance Beginning balance

Value-added tax 24,118,817.25 28,705,952.16 Corporate income tax 93,637,253.27 104,138,664.58 Personal income tax 2,840,778.19 19,441,462.92 Urban maintenance and construction tax 806,683.86 1,106,859.41 Education fee surcharge 751,260.21 1,027,452.33 Others 2,296,285.17 2,749,276.94 Total 124,451,077.95 157,169,668.34 Other notes: None.

Liabilities held for sale

None.

Non-current liabilities due within one year

Unit: Yuan

Item Ending balance Beginning balance

Long-term borrowings due within one year 127,889,500.00 119,609,875.00 Lease liabilities due within one year 19,905,556.11 18,143,191.69 Long-term employee benefits payable due within one year 16,380,000.00 17,230,000.00 Total 164,175,056.11 154,983,066.69Other description: None.

Other current liabilities

Unit: Yuan

Item Ending balance Beginning balance

Endorsed undue bills 175,925,836.46 341,421,521.09 Output tax to be transferred 96,112,963.54 41,755,033.78 Total 272,038,800.00 383,176,554.87 Increase or decrease in short-term bonds payable: None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Long-term borrowing

(1) Classification of long-term loans

Unit: Yuan

Item Ending balance Beginning balance

Credit borrowings 354,427,750.00 342,587,625.00 Reclassified to long-term borrowings due within one year -127,889,500.00 -119,609,875.00 Total 226,538,250.00 222,977,750.00 Description of long-term borrowing classification: None.

Other instructions, including interest rate range: None.

Bonds payable

(1) Bonds payable

None.

(2) Increases and decreases in bonds payable (excluding preference shares, perpetual bonds and other financial instruments classified as financial liabilities)

None.

(3) Description of convertible corporate bonds

None.

(4) Description of other financial instruments classified as financial liabilities

None.

Lease liabilities

Unit: Yuan

Item Ending balance Beginning balance

Lease payments 182,153,120.34 185,919,157.36 Unrecognized financing costs -41,222,542.27 -44,509,471.78 Reclassified to non-current liabilities due within one year -19,905,556.11 -18,143,191.69 Total 121,025,021.96 123,266,493.89Other instructions: None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Long-term payables

None.

(1) List long-term payables according to the nature of the payment

None.

(2) Special accounts payable

None.

Long-term employee benefits payable

(1) Long-term employee salary payable table

Unit: Yuan

Item Ending balance Beginning balance

Post-employment benefits-net liabilities of defined benefit plan 83,690,000.00 85,370,000.00
Dismissal benefits 21,170,000.00 26,580,000.00 Less: reclassified to non-current liabilities due within one year

-16,380,000.00 -17,230,000.00 debt

Total 88,480,000.00 94,720,000.00

(2) Changes in defined benefit plans

Present value of defined benefit plan obligations:

Unit: Yuan

Item Amount for the current period Amount for the previous period

Opening balance 85,370,000.00 96,760,000.00
Set benefit costs included in current profits and losses 930,000.00 950,000.00 1. Current service costs 80,000.00 100,000.00 4. Net interest 850,000.00 850,000.00

3. Set income costs included in other comprehensive income

-40,000.00 -60,000.00

Actuarial gains (losses are represented by “-”) -40,000.00 -60,000.00
Other changes -2,570,000.00 -4,850,000.00 2. Benefits paid -2,570,000.00 -4,850,000.00
Closing balance 83,690,000.00 92,800,000.00

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Plan assets: None.

Net liabilities (net assets) of defined benefit plans

Unit: Yuan

Item Amount for the current period Amount for the previous period

Opening balance 85,370,000.00 96,760,000.00
Set benefit cost included in current profit and loss 930,000.00 950,000.00

3. Set income costs included in other comprehensive income

-40,000.00 -60,000.00

Other changes -2,570,000.00 -4,850,000.00
Closing balance 83,690,000.00 92,800,000.00 Description of the contents of the defined benefit plan and related risks, and the impact on the company's future cash flow, time and uncertainty: None.

Explanation of significant actuarial assumptions and sensitivity analysis results of defined benefit plans: None.

Other instructions: None.

Estimated liabilities

Unit: Yuan Item Ending balance Beginning balance Reason for formation

Weiqi Chemical Company's contingent expenses for using industrial land 17,991,455.93 17,991,455.93 are calculated based on the rental price of industrial land

estimated liabilities

Total 17,991,455.93 17,991,455.93

Other explanations, including important assumptions and estimates related to important estimated liabilities: None.

Deferred income

Unit: Yuan Item Beginning balance Increase in the current period Decrease in the current period Closing balance Reason for formation: the company’s industrial structure

Government subsidies for upgrading, production line technology transformation and other projects 109,356,953.01 5,489,256.74 103,867,696.27 Special funds issued by the government

gold.

Total 109,356,953.01 5,489,256.74 103,867,696.27

Other instructions: None.

Other non-current liabilities

Unit: Yuan

Item Ending balance Beginning balance

Production safety fund 2,143,295.57 2,143,295.57

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total 2,143,295.57 2,143,295.57Other instructions: None.

Share capital

Unit: Yuan Increase or decrease in this change (+, -)

Balance at the beginning of the period Balance at the end of the period Issuance of new shares Bonus shares Conversion of public reserve funds Others Subtotal

1,240,440, 1,240,440, total number of shares

770.00 770.00Other instructions: None.

Other equity instruments

(1) Basic information on preferred shares, perpetual bonds and other financial instruments outstanding at the end of the period

None.

(2) Statement of changes in outstanding preferred stocks, perpetual bonds and other financial instruments at the end of the period

None.

Capital reserve

Unit: Yuan

Item Opening balance Increase in the current period Decrease in the current period Ending balance Capital premium (equity premium) 3,601,065,143.99 3,601,065,143.99 Other capital reserves 30,038,781.87 104,991,266.93 135,030,048.80Total 3,631,103,925.86 104,991,266.93 3,736,095,192.79 Other explanations, including changes in increases and decreases in the current period and reasons for changes: The increase in capital reserve is due to the introduction of strategic investors by the holding subsidiary.

Treasury stocks

None.

Other comprehensive income

Unit: Yuan Amount incurred in the current period

Less: previous period Less: previous period

Item Opening balance Income for the period Included in other Included in other Attribution after tax Ending balance less: Income Attribution after tax

Comprehensive income before tax Comprehensive income on minority shares

Tax expenses at the parent company

Amount transferred in the current period Transferred in in the current period

Profit and loss Retained earnings

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

1. Can’t

Other comprehensive income reclassified into - - - - - profit and loss 14,549,72 23,120,87 5,790,219 17,330,65 31,880,38 3.60 7.09 .27 7.82 1.42

Among them: heavy

- New measurement equipment

16,762,88 40,000.00 40,000.00 16,722,88 Defined benefit plan

2.63 2.63 Transfer change

Equity method

-cannot be transferred to loss

117,300.0 117,300.0 Other benefits

0 0 Comprehensive income

Other rights and interests

- - -Tool investment 2,330,459

23,160,87 5,790,219 17,370,65 15,040,19Fair value .03

7.09 .27 7.82 8.79Change

2. Will be heavy

- -Classification loss 1,129,077 -

4,079,696 4,040,479 2,911,402 Other benefits .52 39,216.42

.35 .93 .41Comprehensive income

Among them: right

Can be transferred to profit and loss under the income method 780,701.8 780,701.8 Other comprehensive 4 4 income

Foreign Currency Finance - - -

1,909,779 -

Statement conversion 4,079,696 4,040,479 2,130,700

.36 39,216.42

Difference .35 .93 .57

- - - -Other comprehensive -

13,420,64 27,200,57 5,790,219 21,371,13 34,791,78Total income 39,216.42

6.08 3.44 .27 7.75 3.83 Other explanations, including adjustments to the initial recognition amount of the effective portion of cash flow hedging gains and losses converted into hedged items: None.

Special reserves

Unit: Yuan

Item Opening balance Increase in the current period Decrease in the current period Ending balance

Safety production expenses 42,948,595.39 127,073,652.46 102,758,377.90 67,263,869.95

Total 42,948,595.39 127,073,652.46 102,758,377.90 67,263,869.95

Other explanations, including changes in increases and decreases in the current period and reasons for changes: None.

Surplus reserve

Unit: Yuan

Item Opening balance Increase in the current period Decrease in the current period Ending balance

Statutory surplus reserve 334,390,000.00 334,390,000.00

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total 334,390,000.00 334,390,000.00 Description of surplus reserve, including changes in increases and decreases in the current period and explanation of reasons for changes: None.

Undistributed profits

Unit: Yuan

Projects in this issue Previous issue

Undistributed profit at the end of the previous period before adjustment 2,749,041,641.44 2,241,718,463.88 Undistributed profit at the beginning of the period after adjustment 2,749,041,641.44 2,241,718,463.88 Add: Net profit attributable to owners of the parent company for the current period

327,464,843.92 408,657,176.70 profit

Dividends payable on ordinary shares 317,552,837.12 285,301,377.10 Undistributed profits at the end of the period 2,758,953,648.24 2,365,074,263.48 Details of adjustments to undistributed profits at the beginning of the period:

Due to the retrospective adjustment of the "Accounting Standards for Business Enterprises" and its related new regulations, the undistributed profit at the beginning of the period was affected by RMB 0.00.
Due to changes in accounting policies, the undistributed profit at the beginning of the period was affected by RMB 0.00.
Due to the correction of major accounting errors, the undistributed profit at the beginning of the period was affected by RMB 0.00.
Changes in the scope of consolidation due to the same control affect the undistributed profit at the beginning of the period by RMB 0.00.
The total impact of other adjustments on the undistributed profit at the beginning of the period is RMB 0.00.

Detailed information on using capital reserves to make up for losses: None.

Operating income and operating costs

Unit: Yuan Amount of current period Amount of previous period

Project

revenue cost revenue cost

Main business 3,937,309,950.37 3,050,093,592.73 4,680,243,967.72 3,630,563,180.55 Other businesses 30,113,618.11 27,216,350.70 32,394,618.45 25,023,132.42 Total 3,967,423,568.48 3,077,309,943.43 4,712,638,586.17 3,655,586,312.97 Decomposition information of operating income and operating costs:

Unit: Yuan

Division 1 Division 2 Total

Contract classification

Operating income Operating costs Operating income Operating costs Operating income Operating costs Operating income Operating costs

3,967,423 3,077,309 3,967,423 3,077,309Business type

,568.48 ,943.43 ,568.48 ,943.43 among which:

Blasting services 3,083,282 2,435,646 3,083,282 2,435,646 business ,501.50 ,781.31 ,501.50 ,781.31

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

523,397,8 349,606,7 523,397,8 349,606,7Industrial explosives

88.67 99.82 88.67 99.82 145,696,1 108,155,2 145,696,1 108,155,2Industrial detonators

55.77 66.91 55.77 66.91 215,047,0 183,901,0 215,047,0 183,901,0Others

22.54 95.39 22.54 95.39According to business area 3,967,423 3,077,309 3,967,423 3,077,309District classification,568.48,943.43,568.48,943.43Among them:

1,844,113 1,439,099 1,844,113 1,439,099Northwestern Region

,244.27 ,922.66 ,244.27 ,922.66 633,495,9 398,774,3 633,495,9 398,774,3 Central China

17.14 20.92 17.14 20.92 566,364,4 443,817,2 566,364,4 443,817,2 Southwest Region

59.96 50.42 59.96 50.42 376,731,4 328,777,2 376,731,4 328,777,2Southern China

87.31 91.78 87.31 91.78 106,290,1 78,777,89 106,290,1 78,777,89North China

81.39 8.16 81.39 8.16 87,308,86 69,711,74 87,308,86 69,711,74East China

1.11 0.80 1.11 0.80 75,347,14 69,587,30 75,347,14 69,587,30Northeast Region

0.84 0.76 0.84 0.76 277,772,2 248,764,2 277,772,2 248,764,2 Overseas

76.46 17.93 76.46 17.93 Information related to performance obligations: None.

Other instructions

The company's main business income from selling goods and providing services generally includes performance obligations for transferring goods. Among them:

For the sale of civil explosive equipment, when the customer passes the acceptance inspection and obtains the handover acceptance form, the control rights of the goods are transferred as stipulated in the contract, and the revenue is recognized when the company completes the contract performance obligations. There are no other individual performance obligations that need to be allocated.

Income from blasting projects is recognized when the project is completed in its entirety or in phases and is accepted by the customer; for construction that is started in the current period and is not completed in the current period, sales revenue is recognized when the blasting settlement form confirmed by the customer is obtained.

Information related to the transaction price allocated to the remaining performance obligations:

At the end of the reporting period, the amount of revenue corresponding to the performance obligations that have been signed but have not been performed or have not been completed is 26,967,078.73 yuan, of which 26,967,078.73 yuan is expected to be recognized in 2026.

Information related to variable consideration in the contract: None.

Major contract changes or major transaction price adjustments: None.

Taxes and surcharges

Unit: Yuan

Item Amount for the current period Amount for the previous period

Urban maintenance and construction tax 6,782,937.63 6,763,085.01 Education surcharge 6,307,431.34 5,996,372.75

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Resource tax 26,050.56 22,582.30 Property tax 4,684,419.42 4,646,010.42 Land use tax 3,765,389.90 2,378,475.93 Vehicle and vessel use tax 167,805.09 137,931.19 Stamp tax 3,837,479.20 3,915,264.82 Others 1,501,940.07 2,355,479.62 Total 27,073,453.21 26,215,202.04 Other notes: None.

Management expenses

Unit: Yuan

Item Amount for the current period Amount for the previous period

Employee compensation 219,175,333.36 228,916,899.80 Depreciation 19,036,824.20 20,040,332.95 Amortization of intangible assets 14,320,149.27 13,604,043.75 Office expenses 1,301,596.17 1,920,363.81 Travel expenses 7,045,347.43 8,808,905.09 Intermediary agency fees 4,296,974.21 5,567,311.95 Leasing fees 1,067,691.16 2,915,410.90 Business entertainment expenses 4,373,705.93 4,534,180.51 Others 34,532,685.84 36,254,938.09 Total 305,150,307.57 322,562,386.85 Other notes: None.

Sales expenses

Unit: Yuan

Item Amount for the current period Amount for the previous period

Employee compensation 29,340,372.75 27,482,386.51 Sales and service expenses 2,429,372.26 5,417,372.04 Business entertainment expenses 3,982,365.59 3,967,172.05 Travel expenses 2,484,747.90 3,403,706.58

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Office expenses 313,490.09 396,309.11 Depreciation and amortization expenses 1,125,268.26 630,156.68 Other expenses 5,355,092.50 8,810,939.11 Total 45,030,709.35 50,108,042.08Other instructions: None.

Research and development expenses

Unit: Yuan

Item Amount for the current period Amount for the previous period

Materials and outsourcing costs 76,134,830.91 104,539,914.71 Labor costs 33,749,759.06 35,690,146.21 Depreciation and amortization 4,923,081.92 4,377,029.04 Others 7,471,133.95 15,995,705.72 Total 122,278,805.84 160,602,795.68 Other instructions: None.

Financial expenses

Unit: Yuan

Item Amount for the current period Amount for the previous period

Interest expenses 7,687,173.87 7,542,053.49 Less: Interest income 5,756,228.91 8,972,466.93 Exchange gains and losses -1,916,199.86 1,146,290.68 Others 3,454,602.55 2,979,275.34 Total 3,469,347.65 2,695,152.58 Other notes: None.

Other income

Unit: Yuan

Sources of other income Amount incurred in the current period Amount incurred in the previous period

Government subsidies related to assets 4,991,915.06 3,527,963.50 Government subsidies related to income 3,899,133.59 2,621,441.02 Refund of personal income tax withholding fees 780,660.74 542,828.25

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Additional value-added tax deduction 1,413,679.45 2,022,372.20 Others 102,000.26 29,146.85 Total 11,187,389.10 8,743,751.82

Net exposure hedging income

None.

Gains from changes in fair value

None.

Investment income

Unit: Yuan

Item Amount for the current period Amount for the previous period

Income from long-term equity investments accounted for by the equity method 9,032,225.60 10,988,853.38 Investment income from disposal of long-term equity investments -47,322.48 -59,504.28 Investment income from trading financial assets during the holding period

1,543,096.36 1,495,389.49 profit

Investment income obtained from disposal of trading financial assets 0.00 66,000.00 Investment income obtained from other equity instrument investments during the holding period

3,000,000.00 4,074,000.00 Dividend income

Total 13,527,999.48 16,564,738.59Other instructions: None.

Credit impairment losses

Unit: Yuan

Item Amount for the current period Amount for the previous period

Bad debt losses on notes receivable 211,823.45 -6,739.59 Bad debt losses on accounts receivable -6,935,393.73 -10,011,925.54 Bad debt losses on other receivables -222,306.38 -265,028.55 Total -6,945,876.66 -10,283,693.68Other instructions: None.

Asset impairment losses

Unit: Yuan

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Item Amount for the current period Amount for the previous period

Impairment loss of contract assets 0.00 0.00
Others 525,686.62 -156,305.70 Total 525,686.62 -156,305.70 Other notes: None.
Income from asset disposal

Unit: Yuan

Source of asset disposal income Amount incurred in the current period Amount incurred in the previous period

Income from fixed asset disposal 2,378,013.30 -1,643,164.60

Non-operating income

Unit: Yuan Financial items included in non-recurring gains and losses for the current period Amount incurred in the current period Amount incurred in the previous period

Government subsidies 5,460,582.76 8,216,285.24 5,460,582.76 Gains from damage and scrapping of non-current assets 210,095.14 454,878.00 210,095.14 Liquidated damages income 190,402.35 393,987.29 190,402.35 Unable to pay 522,327.99 187,229.53 522,327.99 Others 3,998,242.91 1,822,538.33 3,998,242.91Total 10,381,651.15 11,074,918.39 10,381,651.15Other instructions: None.

Non-operating expenses

Unit: Yuan Financial items included in non-recurring gains and losses for the current period Amount incurred in the current period Amount incurred in the previous period

External donations 90,000.00 112,932.64 90,000.00Loss from damage and scrapping of non-current assets 858,535.71 1,210,693.36 858,535.71Fine expenses 0.00 0.00 0.00Compensation, liquidated damages 596,823.44 517,535.69 596,823.44 Late payment fee 2,735,074.67 2,233,403.30 2,735,074.67 Others 462,647.40 473,487.63 462,647.40

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total 4,743,081.22 4,548,052.62 4,743,081.22Other notes: None.

Income tax expenses

(1) Income tax expense schedule

Unit: Yuan

Item Amount for the current period Amount for the previous period

Current income tax expense 59,990,402.53 79,754,217.37 Deferred income tax expense -4,115,704.77 -5,524,831.77Total 55,874,697.76 74,229,385.60

(2) Adjustment process of accounting profits and income tax expenses

Unit: Yuan

Item Amount incurred in this period

Total profit 413,422,783.20 Income tax expense calculated according to statutory/applicable tax rates 103,355,695.80 Impact of different tax rates applicable to subsidiaries -46,113,509.94 Impact of adjusting income tax in previous periods 2,573,717.33 Impact of non-taxable income -1,892,642.62 Impact of non-deductible costs, expenses and losses 1,588,511.27 The impact of using deductible losses that have not been recognized as deferred income tax assets in the previous period 948,914.23 Deductible temporary differences or deductible losses that have not been recognized as deferred income tax assets in this period

-The impact of loss of 4,585,988.31

Income tax expenses 55,874,697.76 Other notes: None.

Other comprehensive income

For details, please refer to Notes Section 8, VII, 57, Other Comprehensive Income.

Cash flow statement items

(1) Cash related to operating activities

Other cash received related to operating activities

Unit: Yuan

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Item Amount for the current period Amount for the previous period

Current accounts and others 95,745,707.44 96,192,196.66 Security deposit received 21,813,879.13 32,001,913.98 Government subsidies 8,916,111.92 10,870,346.09 Rental income 8,683,049.36 8,120,668.57 Interest income 5,756,228.91 9,061,576.78 Total 140,914,976.76 156,246,702.08 Description of other cash received related to operating activities: None.

Other cash paid related to operating activities

Unit: Yuan

Item Amount for the current period Amount for the previous period

Correspondence and others 130,912,965.96 99,759,577.81 Travel expenses 19,075,740.27 19,115,403.36 Water, electricity and office expenses paid 22,456,001.10 22,168,593.36 Repair expenses 17,935,597.03 16,255,033.58 Consulting and auditing fees 4,296,974.21 7,889,777.09 Business entertainment fees 8,356,071.52 8,501,352.56 Insurance premiums 6,871,626.81 4,621,781.33 Total 209,904,976.90 178,311,519.09 Description of other cash paid related to operating activities: None.

(2) Cash related to investing activities

Other cash received related to investing activities: None.

Significant cash received related to investing activities: None.

Description of other cash received related to investing activities: None.

Other cash paid related to investing activities: None.

Significant cash payments related to investing activities

Unit: Yuan

Item Amount for the current period Amount for the previous period

Purchase and construction of fixed assets, intangible assets and other long-term

115,873,098.97 71,263,152.24 Cash paid for assets

Total 115,873,098.97 71,263,152.24 Description of other cash paid related to investment activities: None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

(3) Cash related to financing activities

Other cash received related to financing activities: None.

Description of other cash received related to financing activities: None.

Other cash payments related to financing activities

Unit: Yuan Item Amount incurred in the current period Amount incurred in the previous period

Lease payment 9,406,666.03 3,143,017.78 Return of capital contributions from other shareholders by the controlling subsidiary 0.00 14,404,625.92 Total 9,406,666.03 17,547,643.70 Description of other cash paid related to financing activities: None.

Changes in various liabilities arising from financing activities

Applicable □Not applicable

Unit: Yuan

Increase in this period Decrease in this period

Item Beginning balance Closing balance

Cash changes Non-cash changes Cash changes Non-cash changes

235,556,140. 209,556,140. 20,000,000.0 Short-term borrowings 306,155.55 6,306,155.55

84 84 0 Long-term borrowings (including

342,587,625. 40,000,000.0 31,437,023.5 354,427,750. Due within one year 3,277,148.50

00 0 0 00 long-term borrowing)

Lease liabilities (including

141,409,685. 10,678,068.4 140,930,578. Due within one year 9,406,666.03 1,750,509.95

58 7 07 lease liabilities)

719,553,451. 40,000,000.0 14,261,372.5 47,149,845.0 211,306,650. 515,358,328.Total

42 0 2 8 79 07

(4) Explanation on presenting cash flow in net amount

None.

(5) Major activities and financial impacts that do not involve current cash receipts and payments but affect the company's financial status or may affect the company's cash flow in the future

None.

Supplementary information for cash flow statement

(1) Supplementary information for cash flow statement

Unit: Yuan Supplementary information Amount of the current period Amount of the previous period

1． Adjust net profit to cash flow from operating activities

Quantity:

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Net profit 357,548,085.44 440,391,500.57 plus: asset impairment provision -525,686.62 156,305.70 Depreciation of fixed assets, depreciation of oil and gas assets

134,743,087.93 124,932,407.39 Depreciation of consumption and productive biological assets

Depreciation of right-of-use assets 10,353,724.64 11,209,144.10 Amortization of intangible assets 17,319,030.82 17,742,624.16 Amortization of long-term prepaid expenses 2,206,433.29 1,027,616.78 Disposal of fixed assets, intangible assets and other

Loss of other long-term assets (income is listed with "-" sign -2,378,013.30 1,643,164.60)

Loss on scrapping of fixed assets (income based on

594,853.72 690,534.40 (Fill in “-”)

Loss from change in fair value (gain based on

0.00 0.00 “-” (please fill in the column)

Financial expenses (revenues are filled in with "-"

5,770,974.01 8,688,344.17 columns)

Investment losses (income is filled in with "-"

-13,527,999.48 -16,564,738.59 columns)

Deferred tax assets decreased (increased by

-280,237.62 -258,344.88 (Fill in “-”)

Deferred tax liabilities increased (decreased by

-3,835,467.15 -5,266,486.89 Fill in the column with “-” sign)

Decrease in inventory (increase marked with "-"

-104,106,983.86 -77,062,583.54 fill in the column)

Decrease in operating receivables (increase in

-461,675,297.56 -1,089,792,459.75 (please fill in the list with "-")

Increase (decrease) in operating payables

98,339,740.42 1,099,272,972.51 (please fill in with "-")

Others 145,450,057.42 13,796,610.32 Net cash flow generated from operating activities 185,996,302.10 530,606,611.05 2. Major investments and financing that do not involve cash receipts or payments

Activities:

debt to capital

Convertible corporate bonds due within one year

Financing leased fixed assets

Net changes in cash and cash equivalents:

Closing balance of cash 3,369,595,606.87 2,905,524,158.85 Less: Opening balance of cash 3,075,566,275.16 2,745,614,302.21 Add: Closing balance of cash equivalents

Less: Opening balance of cash equivalents

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Net increase in cash and cash equivalents 294,029,331.71 159,909,856.64 (2) Net cash paid to acquire subsidiaries in the current period

None.

(3) Net cash received from disposal of subsidiaries in the current period

None.

(4) Composition of cash and cash equivalents

Unit: Yuan

Item Ending balance Beginning balance

Cash 3,369,595,606.87 3,075,566,275.16 Including: Cash on hand 281,345.26 455,011.81 Bank deposits that can be used for payment at any time 3,366,314,261.61 3,075,111,263.35 Other monetary resources that can be used for payment at any time

3,000,000.00 0.00 gold

Balance of cash and cash equivalents at the end of the period 3,369,595,606.87 3,075,566,275.16 (5) Situations where the scope of use is restricted but still classified as cash and cash equivalents

None.

(6) Monetary funds that are not cash and cash equivalents

Unit: Yuan Items that are not cash and cash equivalents Amount for the current period Amount for the previous period

Reason

Security deposit 5,904,901.16 5,901,940.69 Restricted use

Frozen 561,845.72 1,674,720.75 Restricted use

Total 6,466,746.88 7,576,661.44

Other instructions: None.

(7) Description of other major activities

None.

Notes on items in the statement of changes in owners’ equity

Describe the names of "other" items and the amount of adjustments that were made to the year-end balance of the previous year: None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Foreign currency monetary items

(1) Foreign currency monetary items

Unit: Yuan

Item Foreign currency balance at the end of the period Conversion exchange rate Monetary funds converted into RMB at the end of the period 76,547,295.34 Including: US dollars 7,235,911.59 6.8109 49,283,068.26 Euros

Hong Kong dollar 648,151.37 0.8686 562,984.28 Namibian dollar 42,561,601.02 0.4144 17,637,527.47 Malaysian ringgit 5,416,347.07 1.6734 9,063,715.19 Others 0.20 0.14 Accounts receivable 247,165,309.83 Including: US dollars 32,519,012.42 6.8109 221,483,732.77 Euros

Hong Kong dollars 1,878,264.06 0.8686 1,631,460.16 Namibian dollars 29,873,880.41 0.4144 12,379,736.04 Malaysian ringgit 6,974,053.34 1.6734 11,670,380.86 Long-term borrowings 0.00 Of which: USD 0.00 0.00EUR 0.00 0.00

Hong Kong dollars 0.00 0.00 Other receivables 2,358,361.24 Of which: US dollars 334,628.07 6.8109 2,279,118.22 Namibian dollars 78,761.66 0.4144 32,638.83 Malaysian ringgit 27,850.00 1.6734 46,604.19 Accounts payable 229,102,743.21 Including: US dollars 29,331,336.78 6.8109 199,772,793.61 Namibian dollars 64,147,441.04 0.4144 26,582,699.55 Malaysian ringgit 1,641,717.49 1.6734 2,747,250.05 Other payables 37,926,584.02

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Among them: US dollars 4,915,644.84 6.8109 33,479,964.06 Namibian dollars 10,709,987.84 0.4144 4,438,162.98 Malaysian ringgit 5,053.77 1.6734 8,456.98 Other notes: None.

(2) The nature of the lack of currency convertibility and its financial impact, the spot exchange rate used and its estimation process, and the risks faced by the enterprise due to the lack of currency convertibility

Applicable ☑Not applicable

(3) Description of overseas operating entities, including for important overseas operating entities, their main overseas operating place, accounting standard currency and basis for selection should be disclosed. If the accounting standard currency changes, the reasons should also be disclosed.

☑Applicable Not applicable

Unit name Business location Accounting standard currency Accounting standard currency selection basis Gezhouba Yipuli Liberia Mining Services Company Liberia RMB

Gezhouba Yipuli Namibia Mining Services Co., Ltd. Namibia RMB

Yipuli Malaysia Mining Services Co., Ltd. Malaysia Ringgit Main economic environment Gezhouba Yipuli Xinjiang Blasting Engineering Co., Ltd. Ecuador Branch Ecuador USD Main economic environment

(4) Lack of convertibility between the accounting standard currency of overseas operations and the company’s reporting currency

□Applicable Not applicable

Leasing

(1) The company serves as the lessee

Applicable □Not applicable

Variable lease payments not included in the measurement of lease liabilities

□Applicable Not applicable

Simplified treatment of short-term leases or lease payments for low-value assets

Applicable □Not applicable

The amount of short-term lease expenses and low-value asset lease expenses included in the current profit and loss is as follows:

Item Amount for the current period Amount for the same period last year

Short-term lease expenses 812,849.88 2,641,762.52 Low-value asset lease expenses (except short-term lease) 363,216.53 595,689.39

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total 1,371,352.36 3,237,451.91 Current profits and losses and cash flow related to leasing

Item Amount for the current period Amount for the same period last year

Interest expense on lease liabilities 3,170,152.78 3,451,189.58 Total cash outflows related to leases 15,815,457.85 27,961,651.26 Situations involving sale and leaseback transactions: None.

(2) The company as the lessor

Operating lease as lessor

Applicable □Not applicable

Unit: Yuan Including: Variable lease items not included in lease receipts Lease income

Payment related revenue

Lease income 9,544,332.87 0.00Total 9,544,332.87 0.00 Finance lease as lessor

□Applicable Not applicable

Undiscounted lease payments for each of the next five years

□Applicable Not applicable

Reconciliation of undiscounted lease receipts to net lease investment: None.

(3) Recognizing profit and loss from financial lease sales as a manufacturer or distributor

□Applicable Not applicable

Data resources

None.

Others

None.

8. R&D expenditures

Unit: Yuan

Item Amount for the current period Amount for the previous period

Materials and outsourcing fees 76,134,830.91 104,539,914.71

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. Labor costs 33,749,759.06 35,690,146.21 Depreciation and amortization 4,923,081.92 4,377,029.04 Others 7,471,133.95 15,995,705.72 Total 122,278,805.84 160,602,795.68 Including: expensed R&D expenditures 122,278,805.84 160,602,795.68

R&D projects that meet capitalization conditions

None.

Important outsourced research projects

None.

9. Changes in consolidation scope

Business merger not under common control

(1) Business mergers not under common control that occurred during the current period

None.

(2) Merger costs and goodwill

None.

(3) The identifiable assets and liabilities of the purchased party on the purchase date

None.

(4) Gains or losses arising from remeasurement of equity held before the purchase date based on fair value

Is there any transaction that realizes the business combination step by step through multiple transactions and obtains control during the reporting period?

□Yes No

(5) There is no relevant explanation on the inability to reasonably determine the merger consideration or the fair value of the acquiree’s identifiable assets and liabilities on the date of acquisition or at the end of the current period of merger.

(7) Other instructions

None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Merger of enterprises under common control

(1) Business mergers under the same control that occurred in the current period

None.

(2) Merger cost

None.

(3) Book value of the assets and liabilities of the merged party on the merger date

None.

Reverse purchase

None.

Disposal of subsidiaries

Are there any transactions or events that result in the loss of control of subsidiaries during this period?

□Yes No

Is there any situation where investments in subsidiaries are disposed of step by step through multiple transactions and control is lost in the current period?

□Yes No

Changes in the scope of consolidation due to other reasons

Describe changes in the scope of consolidation caused by other reasons (such as the establishment of new subsidiaries, liquidation of subsidiaries, etc.) and their related circumstances: None.

Others

None.

10. Interests in other entities

Interests in subsidiaries

(1) Composition of enterprise groups

Unit: Yuan

Shareholding ratio Subsidiary name Registered capital Main place of business Registration place Nature of business How to obtain

Direct Indirect China Gezhouba

Group Yipuli 700,000,00 Manufacturing, explosion Not under common control

Chongqing City Chongqing City 95.54% Co., Ltd. 0.00 Broken Service Business Merger Department

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Yipuli Xianghong

(Hunan) Machine 200,000,00 Yueyang, Hunan Province Not under common control

Hunan Province Manufacturing 100.00%

Mechanical and Chemical Co., Ltd. 0.00 Municipal enterprise merger liability company

Yipuli Shonan

(Hunan) Explosion 100,000,00 Yongzhou, Hunan Province Not under common control

Hunan Province Manufacturing 100.00%

Breaking Equipment Co., Ltd. 0.00 Municipal enterprise merger liability company

Shaoyang Sanhua has 22,000,000 Shaoyang, Hunan Province Not under common control

Hunan Province Manufacturing 100.00%

Limited liability company .00 City under the enterprise merger Yipli Jintai

70,000,000

(Chongqing) Chemical Chongqing City Chongqing City Manufacturing Industry 100.00% Established and obtained

.00

Engineering Co., Ltd.

Liling civil use

1,111,000. Zhuzhou, Hunan Province

Explosives Specialist Hunan Province Wholesale Industry 100.00% Established and Obtained

00 city

operating co., ltd.

Chenzhou 732

46,000,000 Chenzhou, Hunan Province Non-Common Control Zero Chemical Co., Ltd. Hunan Province Manufacturing 100.00%

.00 Municipal Corporation

Yipuli 16

Nine (Hunan) 66,000,000 Loudi, Hunan Province Not under common control

Hunan Province Manufacturing 100.00%

Chemical Co., Ltd. .00 Municipal company merger company

Hunan Yueyang South

Ling Civil Explosion 100,000,00 Yueyang, Hunan Province

Hunan Province Manufacturing 100.00% Establishment and Acquisition of Services Co., Ltd. 0.00 City

Division

Huaihua Nanling people

50,000,000 Huaihua, Hunan Province

Explosive services Hunan Province Manufacturing 100.00% Established and acquired

.00 city

Ltd.

People from Nanling, Hunan

150,000,00 Changsha, Hunan Province

Explosive Engineering Co., Ltd. Hunan Province Explosive Services 100.00% Established and Obtained

0.00 City

company

Gezhouba Yip

Li Chongqing Li Neng 15,000,000 Not under common control

Chongqing City Chongqing City Manufacturing Industry 66.88%

Civil Explosives Shares has .00 under Business Merger Co., Ltd.

Xinjiang Changji Hui

Yipuli (new

500,000,00 Xinjiang Uygur Autonomous Prefecture

Xinjiang) Mining and Blasting Services 95.54% Established and Obtained

0.00 Autonomous Region East Economy and Technology

Cheng Co., Ltd.

development zone

Gezhouba Yip

Li Guangxi Weiqi 20,000,000 Guangxi Zhuang Self Guangxi Zhuang Self Not under common control

Manufacturing 75.48%

Chemical Industry Co., Ltd. .00 Administrative area Administrative area Liuzhou City is a company under the merger of enterprises

Gezhouba Yip

Force Sichuan Explosion 150,000,00

Sichuan Province Chengdu Blasting Services 95.54% Established Engineering Co., Ltd. 0.00

Division

Gezhouba Yip

Li Hubei Changtai 115,000,00 Not under common control

Hubei Province Yichang City Manufacturing 57.33%

Civil Explosives Co., Ltd. 0.00 Business Mergers Division

Songguang, Henan Province

33,300,000 Civil explosive equipment stocks not under common control Henan Province Zhengzhou City Manufacturing 51.00%

.00 Under Business Incorporated Co., Ltd.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Hunan Yicaihua 100,000,00 chemical products batch

Changsha City, Hunan Province 100.00% Establishment of Engineering Co., Ltd. 0.00

Explanation of the proportion of shareholding in subsidiaries that is different from the proportion of voting rights: None.

Basis for holding half or less of the voting rights but still controlling the invested unit, and holding more than half of the voting rights but not controlling the invested unit: None.

For important structured entities included in the scope of consolidation, the basis for control: None.

Basis for determining whether a company is agent or principal: None.

Other instructions: None.

(2) Important non-wholly owned subsidiaries

Unit: Yuan

Attributable to minority shareholders in this period. Announcement to minority shareholders in this period. Name of remaining company with minority shareholders’ equity at the end of the period. Shareholding ratio of minority shareholders.

Profit and loss Amount of dividends distributed

China Gezhouba Group Yipu

4.46% 16,334,677.03 31,206,274.00 133,415,249.46 Li Co., Ltd.

Gezhouba Yipuli Guangxi Wei

21.00% 770,733.36 6,300,000.00 79,001,849.94 Qi Chemical Co., Ltd.

Gezhouba Yipuli Chongqingli

30.00% 1,651,173.86 2,618,741.10 32,800,949.16 Neng Civil Explosives Co., Ltd.

Henan Songguang Civil Explosive Equipment

49.00% 7,949,142.65 0.00 165,752,093.69 Co., Ltd.

Explanation on whether the shareholding ratio of minority shareholders of a subsidiary is different from the voting rights ratio: None.

Other instructions: None.

(3) Main financial information of important non-wholly owned subsidiaries

Unit: Yuan

Ending balance Beginning balance

Zigong

Company name Fei Liu Fei Liu Fei Liu Fei Liu

Current assets Current liabilities Current assets Current liabilities are called Liquid assets Liquid liabilities Liquid assets Liquid liabilities

Total assets Total liabilities Total assets Total liabilities

property debt property debt

China

Gezhou

Baji 4,115 1,921 6,037 2,623 3,013 4,029 1,933 5,962 2,487 2,875

390,7 387,2

Tuanyi ,959, ,169, ,129, ,041, ,746, ,312, ,285, ,598, ,998, ,242,

05,31 44,29

Puli 379.9 985.4 365.4 567.7 879.6 278.3 748.6 026.9 381.8 680.8

1.91 8.97

Shares 8 5 3 6 7 2 2 4 5 2 Limited

company

Gezhou

Ba Yi

Puli

Guangxi 456,6 132,0 588,6 198,0 55,82 253,8 417,0 137,4 554,5 136,8 56,57 193,4Weiqi 06,25 32,00 38,26 19,71 0,888 40,60 95,36 41,62 36,99 33,42 7,462 10,88Chemical 4.78 6.52 1.30 2.20 .51 0.71 5.82 5.36 1.18 4.08 .01 6.09Limited

responsibility

company

Gezhou 107,0 72,11 179,1 46,80 17,76 64,56 106,2 72,98 179,2 43,22 17,98 61,20Bayi 65,81 4,004 79,81 1,293 1,535 2,829 72,36 2,559 54,92 5,367 1,318 6,686Puli 4.54 .67 9.21 .54 .87 .41 0.93 .77 0.70 .84 .70 .54

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Chongqing

Power

civilian explosion

limited

company

Henan

Provincial pine

Guangmin

176,4 167,6 344,0 53,15 53,43 155,1 169,6 324,7 49,69 1,187 50,88Exploder 286,5

19,99 03,34 23,34 0,025 6,534 36,78 28,46 65,25 5,547 ,132. 2,679 Material stocks 08.84

9.87 6.98 6.85 .88 .72 8.09 9.31 7.40 .28 09 .37 copies are available

Limited public service

Division

Unit: Yuan

Amount for the current period Amount for the previous period

Subsidiary name

Comprehensive income Operating activities Comprehensive income Operating income Operating income Net profit Operating income Net profit

Total Cash Flow Total Cash Flow China Gezhou

Ba Group Yi 3,359,924 371,766,6 370,877,3 199,795,1 3,938,368 435,648,1 434,849,1 501,628,2 Puli Shares,728.94 65.85 73.84 43.18 ,225.22 36.47 79.55 40.46 Co., Ltd.

Gezhouba Yi

Puli Guangxi -

179,738,4 4,301,592 4,301,592 236,440,1 24,492,34 24,492,34 5,562,401Weiqi Chemical 119,271,2

11.63 .39 .39 47.94 7.78 7.78 .88Limited liability 21.77

company

Gezhouba Yi

Puli Chongqing -

86,598,19 5,179,155 5,179,155 90,470,47 11,320,91 11,320,91 7,951,719 Powerful civil explosives 3,012,927

4.03 .30 .30 3.82 6.23 6.23 .06 Co., Ltd. .54

company

Henan Province Pine

Optical civilian explosives 89,356,07 16,236,60 16,236,60 14,309,09 23,393,76 6,036,663 6,036,663 2,279,319 Materials Co., Ltd. 0.10 8.06 8.06 4.07 4.52 .48 .48 .45 Co., Ltd.

Other instructions: None.

(4) Significant restrictions on the use of enterprise group assets and repayment of enterprise group debts

None.

(5) Financial support or other support provided to structured entities included in the scope of consolidated financial statements

None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Transactions in which the owner’s equity share in the subsidiary changes and the subsidiary still controls the subsidiary

(1) Description of changes in owner’s equity shares of subsidiaries

During the reporting period, in order to meet the needs of business development, subsidiary Gezhouba Yipuli Hubei Changtai Civil Explosives Co., Ltd. increased capital and shares and introduced strategic investors. In this capital increase, the strategic investors subscribed for additional registered capital, and the excess of the subscribed registered capital was included in the capital reserve of Gezhouba Yipuli Hubei Changtai Civil Explosives Co., Ltd. After the capital increase is completed, the Company's shareholding ratio in Gezhouba Yipuli Hubei Changtai Civil Explosives Co., Ltd. is changed from 100% to 60%. The Company still retains control over Gezhouba Yipuli Hubei Changtai Civil Explosives Co., Ltd., and the subsidiary continues to be included in the scope of the consolidated financial statements.

This is an equity transaction involving a change in the equity share of a subsidiary without losing control. According to the relevant provisions of the Accounting Standards for Business Enterprises, the capital reserve (capital premium) will be adjusted in the consolidated statement by the difference between the share of the subsidiary's net assets before and after the capital increase, and the minority shareholders' equity will be increased accordingly.

(2) The impact of the transaction on minority shareholders’ equity and owner’s equity attributable to the parent company

Unit: Yuan

Gezhouba Yipuli Hubei Changtai Civil Explosives Co., Ltd.

Purchase cost/disposal consideration

--cash

--Fair value of non-cash assets

Total purchase cost/disposal consideration

Less: Share of net assets of subsidiaries calculated based on the proportion of equity acquired/disposed of

difference

Including: Adjusted capital reserve 104,991,266.93 Adjusted surplus reserve

Adjust undistributed profits

Other instructions: None.

Interests in joint ventures or associated enterprises

(1) Important joint ventures or associates

to joint ventures or

Shareholding ratio

Joint venture or associate The main business place where the associate invests, the place of registration, the nature of the business

The accounting treatment party of the operating enterprise name is directly indirect.

Fahami Snow Peak Three Ridges

Xinjiang Uyghurs

Civilian explosive equipment Hami region Production 23.00% Equity method accounting

Administrative area

limited liability company

Gezhouba Yipuli

Hulunbuir Civil Explosion Inner Mongolia Autonomous Region Hulunbuir City Production and Sales 40.00% Equity Method Accounting Co., Ltd.

Explanation on the proportion of shareholdings in joint ventures or associates that is different from the proportion of voting rights: None.

Full text of Yipuli Co., Ltd.'s 2026 semi-annual report. Basis for holding less than 20% of the voting rights but having significant influence, or holding 20% or more of the voting rights but not having significant influence: None.

(2) Main financial information of important joint ventures

None.

(3) Main financial information of important associates

Unit: Yuan Closing balance/amount of the current period Opening balance/amount of the previous period

Hami Xuefeng Sanling Civilian Explosives Gezhouba Yipuli Hulunbei Hami Xuefeng Sanling Civilian Explosives Gezhouba Yipuli Hulunbei

Demolition Equipment Co., Ltd. Er Civil Explosive Co., Ltd. Demolition Equipment Co., Ltd. Er Civil Explosive Co., Ltd. Current assets 326,218,356.90 102,510,233.14 298,261,645.41 88,126,761.32 Non-current assets 78,326,106.69 14,907,842.40 81,153,875.83 15,555,963.90Total assets 404,544,463.59 117,418,075.54 379,415,521.24 103,682,725.22Current liabilities 27,171,491.18 7,302,548.94 28,876,946.71 3,206,579.42Non-current liabilities 5,630,156.67 0.00 5,655,156.67 0.00Total liabilities 32,801,647.85 7,302,548.94 34,532,103.38 3,206,579.42 Minority shareholders’ equity

Shareholders' rights vested in the parent company

371,742,815.74 110,115,526.60 344,883,417.86 100,476,145.80 profit

Net calculated based on shareholding ratio

85,500,847.62 44,046,210.64 79,323,186.11 40,190,458.32 Asset share

Adjustments

--Goodwill

--Unrealized profits from internal transactions

Run

--Others

Investment in equity interests in associated enterprises

Book value of 89,820,132.54 44,146,805.31 83,642,471.03 40,552,257.48

There is a publicly quoted pool

Fairness of corporate equity investment

value

Operating income 93,228,622.37 43,068,483.18 74,935,834.98 57,537,143.36 Net profit 26,859,397.87 8,986,369.58 21,488,471.78 16,103,151.50 Net profit from discontinued operations

other comprehensive income

Total comprehensive income 26,859,397.87 8,986,369.58 21,488,471.78 16,103,151.50 Tax receipts received during the year 0.00 0.00 10,466,296.79 0.00

Full text of Yipuli Co., Ltd.'s 2026 semi-annual report Dividends of operating companies

Other instructions: None.

(4) Summary financial information of unimportant joint ventures and associates

Unit: Yuan

Ending balance/Amount incurred in the current period Opening balance/Amount incurred in the previous period Joint ventures:

The total of the following items calculated based on shareholding ratio

Associates:

Total investment book value 25,020,436.35 28,065,344.27 Total of the following items calculated based on shareholding ratio

--Net profit -739,983.74 -716,058.37 --Total comprehensive income -739,983.74 -716,058.37 Other notes: None.

(5) Explanation of significant restrictions on the ability of joint ventures or associates to transfer funds to the company

None.

(6) Excess losses incurred by joint ventures or associates

Unit: Yuan

Unrecognized losses in the current period (or

Name of joint venture or associated enterprise Accumulated unrecognized losses in previous periods Accumulated unrecognized losses at the end of the period

shared net profit)

Hewei Civil Explosives, Hezhou City, Guangxi

420,364.86 39,911.95 460,276.81 Product Sales Co., Ltd.

Other instructions: None.

(7) Unconfirmed commitments related to investment in joint ventures

None.

(8) Contingent liabilities related to investments in joint ventures or associates

None.

Important joint operations

None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Equity in structured entities not included in the scope of consolidated financial statements

None.

Others

None.

11. Government subsidies

Government subsidies recognized according to the amount receivable at the end of the reporting period

□Applicable Not applicable

Reasons for failure to receive the estimated amount of government subsidy at the estimated time

□Applicable Not applicable

Liability items involving government subsidies

Applicable □Not applicable

Unit: Yuan

Included in the current period

New supplements added in the current period are transferred to other changes and assets/receipts in the current period. Opening balance of the current period. Non-professional income. Ending balance of subsidy amount. Amount of other income. Movement and interest related amount.

109,356,95 5,489,256. 103,867,69Deferred income

3.01 74 6.27 Clean energy heat

Can be comprehensively utilized 1,168,234. 1,113,238.

54,996.00 Technical renovation of heating system related to revenue 42 42

920 awaiting rest

989,611.04 0.00 989,611.04 Personnel funds related to income

Chongqing Talent Program

draw(Youth draw

Top talent specialist

Item) Clean high

317,893.41 36,707.80 281,185.61 Income-related blasting rock breaking

theory and precision

Control technology research

study

Related to income 1,133,500. 1,028,633.

104,866.72 Other income-related projects 44 72 Infrastructure construction 53,433,205 1,276,159. 52,157,045

Asset-related provision .20 62 .58 Land rebate allocated 4,990,994. 4,940,273.

50,721.50 Asset-related repayment 89 39

Mechanical stirring station 1,785,714. 1,757,142.

28,571.42 Asset-related emulsion explosive 31 89 production line

Heavy metal pollution 1,353,571. 1,332,142.

21,428.58 Asset-related prevention and control funds 38 80

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

public passenger car

Vehicle fire safety 1,057,142.

66,071.43 991,071.41 Asset-related protection projects province 84

appropriation

Electronic detonator research

Development and industrialization 714,285.74 35,714.29 678,571.45 Asset-related funds

Production line technology

707,142.90 707,142.90 0.00 Asset-related upgrades

strategic emerging

Industry and new

650,000.02 46,428.60 603,571.42 Asset-related industrialization projects

funds

Plastic detonating tube

Production line technology 616,071.45 53,571.43 562,500.02 Asset-related transformation

Related to assets 40,439,584 3,006,876. 37,432,708

Other items related to assets .97 45 .52

Government subsidies included in current profits and losses

Applicable □Not applicable

Unit: Yuan

Accounting accounts Amount for the current period Amount for the previous period

Amount of government subsidies included in other income 8,891,048.65 6,193,913.04 Amount of government subsidies included in non-operating income 5,460,582.76 8,216,285.24 Total 14,351,631.41 14,410,198.28 Other notes: None.

12. Risks related to financial instruments

Various risks arising from financial instruments

The company's goal in risk management is to strike a balance between risks and returns, minimize the negative impact of risks on the company's operating performance, and maximize the interests of shareholders and other equity investors. Based on this risk management objective, the company's basic risk management strategy is to confirm and analyze the various risks faced by the company, establish an appropriate risk tolerance bottom line and conduct risk management, and supervise various risks in a timely and reliable manner to control risks within a limited range.

The Company faces various risks related to financial instruments in its daily activities, mainly including credit risk, liquidity risk and market risk. Management has reviewed and approved policies for managing these risks, which are summarized below.

(1) Credit risk

Credit risk refers to the risk that one party to a financial instrument cannot fulfill its obligations, causing financial losses to the other party.

1.Credit risk management practices

(1) Credit risk evaluation method

Full text of Yipuli Co., Ltd.'s 2026 Semi-annual Report The company evaluates at each balance sheet date whether the credit risk of relevant financial instruments has increased significantly since initial recognition. When determining whether credit risk has increased significantly since initial recognition, the Company considers reasonable and evidence-based information that is available without unnecessary additional cost or effort, including qualitative and quantitative analysis based on historical data, external credit risk ratings, and forward-looking information. Based on a single financial instrument or a combination of financial instruments with similar credit risk characteristics, the company determines the changes in default risk during the expected duration of the financial instrument by comparing the risk of default of the financial instrument on the balance sheet date with the risk of default on the initial recognition date.

When one or more of the following quantitative and qualitative criteria are triggered, the company believes that the credit risk of financial instruments has increased significantly:

The quantitative standard is mainly that the default probability of the remaining duration on the balance sheet date has increased by more than a certain percentage compared with the initial recognition;
Qualitative standards mainly include major adverse changes in the debtor's operating or financial conditions, existing or expected changes in technology, market, economic or legal environment that will have a major adverse impact on the debtor's ability to repay the company, etc.

(2) Definition of default and credit-impaired assets

When a financial instrument meets one or more of the following conditions, the company defines the financial asset as having defaulted, and its standards are consistent with the definition of credit impairment:

The debtor encounters major financial difficulties;
The debtor violates the binding clauses on the debtor in the contract;
The debtor is likely to go bankrupt or undergo other financial reorganization;
The creditor grants the debtor concessions that the debtor would not have made under any other circumstances due to economic or contractual considerations related to the debtor's financial difficulties. 2. Measurement of expected credit losses

Key parameters for measuring expected credit losses include probability of default, loss given default rate and exposure to default risk. The company considers quantitative analysis and forward-looking information of historical statistical data (such as counterparty ratings, guarantee methods and collateral types, repayment methods, etc.) to establish default probability, default loss rate and default risk exposure models.

For the reconciliation statement between the opening balance and the closing balance of financial instrument loss provisions, please refer to Notes 4, 5, 6 and 30 of the consolidated financial statement items in Section 8 Financial Report of this report.
Credit risk exposure and credit risk concentration

The company's credit risk mainly comes from monetary funds and accounts receivable. In order to control the above-mentioned related risks, the Company has taken the following measures.

(1) Monetary funds

The Company places bank deposits and other monetary funds in financial institutions with higher credit ratings, so its credit risk is lower.

(2) Accounts receivable and contract assets

The company regularly conducts credit assessments on customers who trade on credit. Based on the credit assessment results, the Company chooses to conduct transactions with approved customers with good credit and monitors their receivable balances to ensure that the Company does not face significant bad debt risks.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

As the Company only trades with accredited and creditworthy third parties, no collateral is required. Credit risk is managed centrally by customer. As of June 30, 2026, the company has certain credit concentration risks, and 45.49% of the company's accounts receivable and contract assets originate from the top five customers with balances. The Company does not hold any collateral or other credit enhancements for its accounts receivable and contract asset balances.

The Company's maximum exposure to credit risk is the carrying value of each financial asset on the balance sheet.

(2) Liquidity risk

Liquidity risk refers to the risk of a shortage of funds when the company fulfills its obligations to settle by delivering cash or other financial assets. Liquidity risk may arise from the inability to sell financial assets at fair value as quickly as possible; or from the counterparty's inability to repay its contractual debts; or from debts that mature prematurely; or from the inability to generate expected cash flows.

In order to control this risk, the Company comprehensively uses various financing methods such as bill settlement and bank borrowing, and adopts an appropriate combination of long-term and short-term financing methods to optimize the financing structure and maintain a balance between financing continuity and flexibility. The Company has obtained bank credit lines from a number of commercial banks to meet its working capital requirements and capital expenditures.

Financial liabilities are classified according to the remaining maturity. Unit: Yuan Ending amount

Project

Book value Undiscounted contract amount Within 1 year 1-3 years Bank borrowings over 3 years 246,538,250.00 256,662,550.44 20,460,000.00 235,483,913.00 718,637.44 Notes payable 75,898,564.86 75,898,564.86 75,898,564.86

Accounts payable 1,826,596,592.17 1,826,596,592.17 1,826,596,592.17

Other payables 620,213,206.17 620,213,206.17 620,213,206.17

Other current liabilities 175,925,836.46 175,925,836.46 175,925,836.46

Due within one year

164,175,056.11 167,432,584.36 167,432,584.36

non-current liabilities

Lease liabilities 121,025,021.96 161,635,714.85 38,688,571.42 122,947,143.43 Subtotal 3,230,372,527.73 3,284,365,049.31 2,886,526,784.02 274,172,484.42 123,665,780.87 (continued from the above table)

End of last year

Project

Book value Undiscounted contract amount Within 1 year 1-3 years More than 3 years Bank borrowings 458,533,890.84 469,092,683.65 236,160,140.84 199,532,542.81 33,400,000.00 Notes payable 319,297,123.36 319,297,123.36 319,297,123.36

Accounts payable 1,196,610,371.46 1,196,610,371.46 1,196,610,371.46

Other payables 330,888,428.44 330,888,428.44 330,888,428.44

Other current liabilities 341,421,521.09 341,421,521.09 341,421,521.09

The full text of Yipuli Co., Ltd.'s 2026 semi-annual report is due within one year

154,983,066.69 157,790,048.75 157,790,048.75

non-current liabilities

Lease liabilities 123,266,493.89 162,782,560.82 38,455,288.69 124,327,272.13 Subtotal 2,925,000,895.77 2,977,882,737.57 2,582,167,633.94 237,987,831.50 157,727,272.13

(3) Market risk

Market risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market prices. Market risks mainly include interest rate risk and foreign exchange risk.

Interest rate risk

Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market interest rates. Fixed-rate interest-bearing financial instruments expose the Company to fair value interest rate risk, while floating-rate interest-bearing financial instruments expose the Company to cash flow interest rate risk. The Company determines the proportion of fixed-rate and floating-rate financial instruments based on market conditions, and maintains an appropriate portfolio of financial instruments through regular review and monitoring. The cash flow interest rate risk faced by the Company is mainly related to the Company's bank borrowings with floating interest rates.

As of June 30, 2026, the company's bank borrowings with floating interest rates were RMB 354,427,750.00 (December 31, 2025: RMB 342,587,625.00). Under the assumption that other variables remain unchanged, assuming that the interest rate changes by 50 basis points, it will not have a significant impact on the company's total profit and shareholders' equity.

Foreign exchange risk

Foreign exchange risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in foreign exchange rates. The risk of exchange rate changes faced by the Company is mainly related to the Company's foreign currency monetary assets and liabilities. For foreign currency assets and liabilities, if short-term imbalances occur, the Company will buy and sell foreign currencies at market exchange rates when necessary to ensure that the net risk exposure is maintained at an acceptable level.

For details of the Company’s foreign currency monetary assets and liabilities at the end of the period, please refer to Note 81 of the Consolidated Financial Statement Items in Section 8 Financial Report of this report.

Hedging

(1) The company carries out hedging business for risk management

□Applicable Not applicable

(2) The company carries out qualified hedging business and applies hedging accounting

None.

(3) The company carries out hedging business for risk management and expects to achieve risk management objectives but does not apply hedging accounting

□Applicable Not applicable

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Financial assets

(1) Classification of transfer methods

Applicable □Not applicable

Unit: Yuan Judgment of transfer method for termination of recognition Nature of financial assets transferred Amount of financial assets transferred Termination of recognition

Basis

Has transferred almost all of its bill discount receivables financing 180,852,168.07 Derecognized

There are risks and rewards

Has transferred almost all of its note endorsements. Receivables financing 188,026,262.25 Derecognized

There are risks and rewards

Retained almost all of its note endorsements Notes receivable 175,925,836.46 Not derecognized

Risks and Rewards

Total 544,804,266.78

(2) Financial assets derecognized due to transfer

Applicable □Not applicable

Unit: yuan Gain or loss items related to derecognition Method of transferring financial assets Amount of financial assets derecognized

lost

Accounts receivable financing discount 180,852,168.07

Receivables financing endorsement 188,026,262.25

Total 368,878,430.32

(3) Continued involvement in asset transfer financial assets

Applicable □Not applicable

Unit: Yuan Item Asset transfer method Amount of assets formed by continued involvement Amount of liabilities formed by continued involvement Notes receivable Endorsement 175,925,836.46 175,925,836.46 Total 175,925,836.46 175,925,836.46 Other notes: None.

13. Disclosure of fair value

Closing fair value of assets and liabilities measured at fair value

Unit: Yuan Ending Fair Value

Project

Level 1 fair value measurement Second level fair value measurement Third level fair value measurement Total

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

quantity quantity quantity

1. Sustained fair value

Measurement

Measured at fair value and

The changes are included in the current profit and loss 62,151,400.00 62,151,400.00 financial assets

(2) Investment in equity instruments 62,151,400.00 62,151,400.00

(2) Accounts receivable financing 56,549,165.12 56,549,165.12

(3) Other equity instruments

140,400,000.00 29,157,122.91 169,557,122.91 Investment

2. Non-sustainable fair price

value measurement

Basis for determining the market price of continuous and non-continuous first-level fair value measurement items

Other equity instrument investments held by the Company that are measured at the first level of fair value are stocks traded in active markets, and the Company determines their fair value based on their active market quotations.

Continuous and non-continuous second-level fair value measurement items, valuation techniques used and qualitative and quantitative information on important parameters

Not applicable.

Continuous and non-continuous third-level fair value measurement projects, valuation techniques used and qualitative and quantitative information on important parameters

The third-level fair value measurement receivable financing held by the Company is bank acceptance bill receivable, which has low credit risk and short remaining period. The Company determines its fair value based on its face balance.

Other equity instrument investments and other non-current financial assets measured at level 3 fair value held by the Company are all equity interests in unlisted companies. For investments in unlisted equity instruments, the Company comprehensively considers the market approach and future cash flow discounting methods to estimate fair value. If the operating environment, operating conditions and financial status of the invested enterprise have not changed significantly, the company will measure the investment cost as a reasonable estimate of the fair value.

Continuous third-level fair value measurement items, reconciliation information between the opening and closing book values and sensitivity analysis of unobservable parameters

The Company does not maintain reconciliation information between the opening and closing balances of Level 3 fair value measurement.

For ongoing fair value measurement items, if there is a conversion between various levels during the current period, the reasons for the conversion and the policy for determining the time of conversion

The Company has no conversion between levels of fair value measurement.

Valuation technology changes that occurred during the current period and reasons for the changes

The Company has no changes in valuation technology.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Fair value of financial assets and financial liabilities not measured at fair value

The Company has no financial assets and financial liabilities that are not measured at fair value but disclosed at fair value.

Others

None.

14. Related parties and related transactions

Information about the parent company of this enterprise

Parent company to this enterprise Parent company to this enterprise Parent company name Place of registration Nature of business Registered capital

shareholding ratio voting rights ratio

Surveying, Design and Consulting

China Gezhouba Group Consulting, Engineering Construction,

Wuhan City, Hubei Province 4,604,777,400 yuan 43.37% 43.37% Co., Ltd. Cement sales and real estate

Product development, etc.

Description of the parent company of this enterprise

None.

The ultimate controller of this enterprise is China Energy Construction Group Co., Ltd., and the actual controller is the State-owned Assets Supervision and Administration Commission of the State Council. Other notes:

None.

Information about the company’s subsidiaries

For details of the company's subsidiaries, please refer to Section 8, 10.1 of this report. Equity in subsidiaries.

Information on joint ventures and associated enterprises of the enterprise

For details of the Company’s important joint ventures or associates, please refer to Notes Section 8.10.3 Equity in Joint Arrangements or Associates. The situation of other joint ventures or associates that have related party transactions with the company in the current period, or related party transactions with the company in previous periods that resulted in balances is as follows:

Name of joint venture or associated enterprise Relationship with this enterprise Guangxi Bagui Civil Explosive Equipment Co., Ltd. Associated enterprise

Guangxi Hezhou Hewei Civilian Explosives Sales Co., Ltd. Associate Enterprise

Hunan Hongkeda Equipment Manufacturing Co., Ltd. Associated Enterprise

Hunan Hongxinda Logistics Co., Ltd. Associates

Hunan Quanhong Xiangxin Technology Co., Ltd. Associate Company

Huaihua Wulian Civil Explosive Equipment Co., Ltd. Associate Enterprise

Loudi Loulian Civil Explosive Equipment Co., Ltd. Associate Enterprise

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Shaodong Sankai Civil Explosive Equipment Co., Ltd. Associate Enterprise

Shaoyang Baolian Civil Explosive Equipment Co., Ltd. Associate Enterprise

Xinshao County Sanyang Civil Explosive Equipment Co., Ltd. Associate Enterprise

Yiyang Yilian Civil Explosive Equipment Co., Ltd. Associate Enterprise

Zhangjiajie Yongli Civil Explosives Co., Ltd. Associate Enterprise

Hunan Baian Fire Technology Co., Ltd. Associate Enterprise

Zhuzhou Zhenchun Civil Explosive Equipment Co., Ltd. Associate Enterprise

Hunan Fuxin Technology Co., Ltd. Associate Company

Other instructions: None.

Other related parties

Names of other related parties Relationship between other related parties and the enterprise China Gezhouba Group Co., Ltd. Controlled by the same ultimate holding company China Energy Construction Group E-Commerce Co., Ltd. Controlled by the same ultimate holding company China Energy Construction Group Finance Co., Ltd. Controlled by the same ultimate holding company China Gezhouba Group Third Engineering Co., Ltd. Controlled by the same ultimate holding company China Electric Power Engineering Consulting Group North China Electric Power Design Institute Co., Ltd. Controlled by the same ultimate holding company China Energy Construction Group Guangdong Electric Power Design and Research Institute Co., Ltd. Controlled by the same ultimate holding company China Energy Construction (Deqing) Green Building Materials Technology Co., Ltd. Controlled by the same ultimate holding company Gezhouba Yipuli (Chongqing) Enterprise Management Consulting Co., Ltd. Controlled by the same ultimate holding company Ningxia Changchang Civil Explosive Equipment Co., Ltd. Controlled by the same ultimate holding company Panzhihua Iron and Steel Group Mining Co., Ltd. Others

Hunan Xintiandi Supply Chain E-Commerce Co., Ltd. Others

Hunan Nanling Chemical Group Co., Ltd. Others

Hunan Xiangke Holding Group Co., Ltd. Others

Hunan Shenax Investment Management Co., Ltd. Others

Hunan Huaxiang Property Management Co., Ltd. Others

Hunan Hongyuan Yuanda Technology Co., Ltd. Others

Hunan Ordnance Great Wall Machinery Co., Ltd. Others

Hunan Ordnance and Light Weapons Research Institute Co., Ltd. Others

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Hunan Ordnance Jianhua Precision Instrument Co., Ltd. Others

Other instructions: None.

Related transactions

(1) Related transactions related to the purchase and sale of goods, provision and receipt of services

Procurement of goods/service acceptance form

Unit: Yuan

Whether the transaction amount is exceeded

Related parties Related party transaction content Amount incurred in the current period Approved transaction quota Amount incurred in the previous period

degree

China Energy Construction Group

Material procurement, logistics

Tuan E-Commerce Co., Ltd. 78,364,791.90 504,500,000.00 No 73,696,756.25 Service

company

Hunan Hongxinda Logistics

Logistics services 40,436,814.35 112,000,000.00 No 69,276,557.71 Co., Ltd.

China Gezhouba Group Commodity procurement and leasing

95,407,817.29 151,500,000.00 No 32,212,857.85 Co., Ltd. leasing, logistics services, etc.

Hunan Quanhong Xiangxinke

Material procurement 30,076,552.59 26,719,863.41 Technology Co., Ltd.

Gezhouba Yipulihu

Lumber Civil Explosives Co., Ltd. Civil explosive equipment 52,908,010.11 18,644,430.01 Company

Hunan Hongkeda Equipment

Material procurement 5,308,240.27 6,264,476.02 Manufacturing Co., Ltd.

Shaodong City Sankai Civil Explosion

Civil explosive equipment 818,505.47 3,850,456.64 Equipment Co., Ltd.

Hunan Xinxin Technology Co., Ltd.

Material procurement 261,295.77 6,843,163.20 Limited liability company

Xinshao County Sanyang Civil Explosion

Equipment Specialty Co., Ltd. Civil Explosive Equipment 1,525,805.31 786,777.88 Company

Hunan Nanling Chemical Industry

Group Co., Ltd. Comprehensive services 1,644,353.75 5,000,000.00 No 3,412,335.58 Company

Hewei, Hezhou City, Guangxi

Civilian explosives sales material procurement 605,698.28 0.00 Sales Co., Ltd.

Hunan Shenax Investment Management

Leasing services 13,142.86 8,500,000.00 No 1,234,285.71 Management Co., Ltd.

Hunan Huaxiang Property Management

Property services 1,011,694.98 4,000,000.00 No 870,215.53 Management Co., Ltd.

Hunan Baian Fire Department

Civil explosive equipment 0.00 364,026.55 Technology Co., Ltd.

Hunan Xiangke Holdings Group

Leasing services 6,375.96 100,000.00 No 38,678.12 Tuan Co., Ltd.

China Energy Construction Group

Interest expense 925,600.00 0.00 Tuan Finance Co., Ltd.

Shaoyang City Baolian Civil Explosion

Equipment Co., Ltd. Civil explosive equipment 0.00 9,472,052.90 Division

Huaihua City Internet of Things Civil Explosion

Civil explosive equipment 0.00 5,647,702.92 Equipment Co., Ltd.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Yiyang Yilian civilian explosives

Civil explosive equipment 0.00 8,081,319.50 Explosive Equipment Co., Ltd.

Zhangjiajie Wynn private explosion

Civil explosive equipment 0.00 1,442,995.58 Co., Ltd.

Three Gorges Electric Power Vocational School

Training services 545,318.96 2,000,000.00 No 95,217.92 Institute

The Electric Power Planning Institute has

Consulting services 764,150.94 2,700,000.00 No 0.00 Co., Ltd.

Hunan weapons and light weapons

Research Institute Limited R&D expenditure 75,471.70 0.00Company

Loudi City Loulian civilian explosion

Product purchase 0.00 6,965,565.53 Equipment Co., Ltd.

Zhuzhou Zhenchun Civil Explosion

Product purchase 75,221.24 80,188.68 Broken Equipment Co., Ltd.

List of goods sold/services provided

Unit: Yuan

Related parties Related party transactions Amount for the current period Amount for the previous period China Gezhouba Group Co., Ltd. Blasting services, sales of goods, leasing services 62,879,375.02 88,948,153.41 Loudi Loulian Civil Explosive Equipment Co., Ltd. Civil explosive equipment 14,709,607.65 24,536,055.63 China Energy Construction Group Guangdong Electric Power Equipment

Blasting services 9,755,119.71 28,168,889.14 Design Research Institute Co., Ltd.

Guangxi Bagui Civil Explosive Equipment Co., Ltd.

Civil explosive equipment 19,294,170.49 21,555,726.30 Company

Shaoyang Baolian Civil Explosive Equipment Co., Ltd.

Civil explosive equipment 13,715,272.06 25,377,980.99 Division

Gezhouba Yipuli Hulunbuir Civil Explosives Co., Ltd.

Technical services, leasing services 9,567,314.38 7,928,483.32 Company

Huaihua Wulian Civil Explosive Equipment Co., Ltd. Civil explosive equipment 5,615,759.58 10,059,787.42 Yiyang Yilian Civil Explosive Equipment Co., Ltd. Civil explosive equipment 2,664,952.38 11,203,334.44 Hunan Ordnance Jianhua Precision Instrument Co., Ltd. Civil explosive equipment, leasing 5,348,604.42 362,793.27 Zhangjiajie Yongli Civil Explosives Co., Ltd. Civil explosive equipment 2,170,415.91 2,290,831.86 Hunan Ordnance Great Wall Machinery Co., Ltd. Civil explosive equipment 938,318.59 68,460.18 China Energy Construction Group Finance Co., Ltd. Interest income 1,904,577.49 308,913.22 Hunan Hongyuan Yuanda Technology Co., Ltd. Civil explosive equipment 473,761.06 13,579.65 Hunan Hongkeda Equipment Manufacturing Co., Ltd. Leasing and material sales 172,579.37 266,106.85 Hewei Civil Explosives Sales in Hezhou City, Guangxi

Civil explosive equipment 678,328.14 990,750.09 Sales Co., Ltd.

Hunan Hongxinda Logistics Co., Ltd. Lease 52,044.28

Zhuzhou Zhenchun Civil Explosive Equipment Co., Ltd. Civil Explosive Equipment 0.00 3,696,296.93 Zhongnengjian (Deqing) Green Building Materials Technology Co., Ltd.

Blasting services 7,857,798.19

Ltd.

Description of related-party transactions for purchasing and selling goods, providing and receiving services: None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

(2) Related entrusted management/contracting and entrusted management/outsourcing situation

None.

(3) Related leasing situation

As a lessor, our company:

Unit: Yuan

Name of lessee Type of leased assets Lease income recognized in the current period Lease income recognized in the previous period

Gezhouba Yipuli Hulunbuir Civil Explosion

Equipment 481,310.84 593,400.00 Co., Ltd.

Hunan Hongkeda Equipment Manufacturing Co., Ltd.

Houses and buildings 160,583.76 160,583.76 Division

Hunan Hongxinda Logistics Co., Ltd. Houses and buildings 52,044.28 0.00

Ningxia Changchang Civil Explosive Equipment Co., Ltd.

Equipment 0.00 282,842.40Company

Hunan Baian Fire Technology Co., Ltd. Equipment 0.00 66,439.80

As a lessee, our company:

Unit: Yuan

Simplified short-term treatment not included in lease liabilities

Variable leases measured by leases and low-value assets Lease liabilities assumed Increased right-of-use assets

rent paid

Lessor Rental payment for the lease of the leased asset (if applicable) Interest expense Name of the asset Type of the asset (if applicable)

Posted in this issue Posted in the previous issue Posted in this issue Posted in the previous issue Posted in this issue Posted in the previous issue Posted in this issue Posted in the previous issue Posted in this issue Posted in the previous issue

Student quota Student quota Student quota Student quota Student quota Student quota Student quota Student quota Hunan Province

Nanlinghua

House construction 852,00 1,464, 116,22 172,26

industrial group

Building 0.00 000.00 5.74 3.92

limited liability

Ren company

Hunan God

Ax Investment 1,296, 205,67 308,29

land

Management has 000.00 7.50 0.83

Ltd.

Gezhouba

Yipuli

(Heavy house construction -

4,720, 2,546, 2,629,

Celebration) enterprise buildings, 1,564,

740.01 344.07 903.20

Business Management Equipment 659.86 Consulting Available

Ltd.

Guangxi He

State City Congratulations

Weiminyong 229,35

House construction 250,00 140,60

Explosives 8.42

Building 0.66 4.00

product sales

limited liability

Ren company

Hunan Xiang House construction 6,375. 42,159

Science Holdings Building 96.15

The full text of the 2026 semi-annual report of Yipuli Co., Ltd. The group has

Ltd.

Description of related leasing situation: None.

(4) Related guarantees

None.

(5) Fund lending by related parties

Unit: Yuan Related Party Lending Amount Start Date Maturity Date Description of Lending

China Energy Construction Group Co., Ltd.

80,000,000.00 December 25, 2025 December 25, 2028 The borrowing interest rate is 2.34% Limited Company

take out

(6) Asset transfer and debt restructuring of related parties

None.

(7) Remuneration of key management personnel

Unit: Yuan Item Amount for the current period Amount for the previous period Remuneration of key management personnel 7,733,239.35 5,736,686.45 (8) Other related transactions

None.

Accounts receivable and payable from related parties

(1) Items receivable

Unit: Yuan Closing balance Opening balance Item name Related parties

Book balance Bad debt provision Book balance Bad debt provision Monetary funds

China Energy Construction Group

479,414,069.35 486,739,660.70

Tuan Finance Co., Ltd.

Subtotal 479,414,069.35 486,739,660.70

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Notes receivable

Guangxi Bagui civilian explosive

Broken Equipment Co., Ltd. 396,016.00 4,653,443.08 Company

Yiyang Yilian civilian explosives

785,800.00

Broken Equipment Co., Ltd.

Shaoyang City Baolian Civil Explosion

Equipment Co., Ltd. 50,000.00

Division

Subtotal 1,231,816.00 4,653,443.08

Accounts receivable

China Gezhouba Group

92,752,324.45 96,599,465.82 Co., Ltd.

Guangxi Bagui civilian explosive

Broken Equipment Co., Ltd. 34,069,096.69 6,465,217.27 33,713,314.52 6,384,774.78 Company

Panzhihua Iron and Steel Group Co., Ltd.

New Baima Mining Co., Ltd. 9,149,476.50 Liability company

Huaihua City Internet of Things Civil Explosion

9,203,889.33 113,524.20 5,694,870.08 22,741.65 Equipment Co., Ltd.

Loudi City Loulian civilian explosion

5,463,008.15 3,163,136.57 Equipment Co., Ltd.

Zhangjiajie Wynn private explosion

3,974,661.59 107,062.23 3,119,436.34 95,325.72 Limited liability company

Shaoyang City Baolian Civil Explosion

Equipment Co., Ltd. 5,821,590.83 2,951,638.26

Zhuzhou Zhenchun Civil Explosion

1,406,527.79 140,652.78 1,906,527.79 161,004.95 Breaking Equipment Co., Ltd.

Hewei, Hezhou City, Guangxi

Civilian explosives sales 1,085,966.55 1,085,966.55 128,193.31 Sales Co., Ltd.

Yiyang Yilian civilian explosives

341,760.00 914,422.60 Broken Equipment Co., Ltd.

Panzhihua Iron and Steel Group Mining Co., Ltd.

894,778.50 Co., Ltd.

Hunan Ordnance Jianhua Essence

658,362.21 2,852.80 714,439.21 2,852.80 Mi Instrument Co., Ltd.

China Gezhouba Group

Third Engineering Co., Ltd. 1,774,854.86 160,239.57 Company

Hunan Baian Fire Department

2,500.00 125.00 2,500.00 Technology Co., Ltd.

Gezhouba Yipulihu

Lumbell Civil Explosives Limited 543,881.25

company

Hunan Hongkeda Equipment

1,916.99

Manufacturing Co., Ltd.

China Energy Construction (Deqing)

Green building materials technology has 2,960,710.50

Ltd.

Subtotal 160,061,051.19 6,829,434.28 160,070,212.31 6,794,893.21

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

advance payment

China Energy Construction Group

Tuan E-Commerce Co., Ltd. 4,408,876.56 4,493,208.38 Company

China Gezhouba Group

4,036,776.43 4,445,107.00 Co., Ltd.

Shaodong City Sankai Civil Explosion

199,637.60 216,997.39 Equipment Co., Ltd.

Hunan weapons and light weapons

Research Institute LLC 80,000.00 Company

Three Gorges Electric Power Vocational School

22,800.00

hospital

Subtotal 8,668,090.59 9,235,312.77

Other receivables

China Gezhouba Group

1,236,904.05 2,947,732.25 Co., Ltd.

Zhuzhou Zhenchun Civil Explosion

182,867.26 18,286.73 262,867.26 18,286.73 Breaking Equipment Co., Ltd.

Panzhihua Iron and Steel Group Mining Co., Ltd.

56,000.00 600.00 56,000.00 600.00 Co., Ltd.

Shaodong City Sankai Civil Explosion

17,359.79 17,359.79 17,359.79 17,359.79 Equipment Co., Ltd.

Guangxi Bagui civilian explosive

Broken Equipment Co., Ltd. 2,890.72 289.07 2,890.72 289.07 Company

Subtotal 1,496,021.82 36,535.59 3,286,850.02 36,535.59

contract assets

China Gezhouba Group

Third Engineering Co., Ltd. 3,862,182.51 4,783,937.23 Company

China Gezhouba Group

129,832.37 91,205.16 Co., Ltd.

Subtotal 3,992,014.88 4,875,142.39

(2) Payable items

Unit: Yuan

Project name Related party Book balance at the end of the period Book balance at the beginning of the period

Accounts payable

China Energy Construction Group e-commerce

31,493,068.21 19,799,729.78 Co., Ltd.

Gezhouba Yipuli Hulunbuir Civil Explosion

50,187,294.00 10,526,685.06 Co., Ltd.

China Gezhouba Group Co., Ltd. 34,354,815.77 10,043,191.22

Hunan Hongxinda Logistics Co., Ltd. 7,651,132.96 10,096,898.21

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Hunan Quanhong Xiangxin Technology Co., Ltd. 17,645,550.09 8,274,045.66 Hunan Nanling Chemical Group Co., Ltd.

3,722,886.14 2,848,314.70 Ren Company

Huaihua Wulian Civil Explosive Equipment Co., Ltd.

3,494,003.88 2,186,725.25 Division

Shaoyang Baolian Civil Explosive Equipment Co., Ltd.

2,289,367.72 2,062,893.33 Ren Company

Shaodong Sankai Civil Explosive Equipment Co., Ltd.

1,047,470.77 1,496,489.59 Division

Xinshao County Sanyang Civil Explosive Equipment Franchise Company

597,560.00 1,298,300.00 Co., Ltd.

Hunan Shenaxe Investment Management Co., Ltd. 1,296,000.00 1,296,000.00 Hunan Hongkeda Equipment Manufacturing Co., Ltd.

314,140.20 936,651.00 Division

Hunan Huaxiang Property Management Co., Ltd. 193,333.33 643,333.33 Hewei Civil Explosives, Hezhou City, Guangxi

87,964.80 149,001.60 Product Sales Co., Ltd.

Yiyang Yilian Civil Explosive Equipment Co., Ltd.

61,243.20 253,611.28 Company

Zhangjiajie Wynn Civil Explosives Co., Ltd.

693,000.11 65,280.00 Division

China Energy Construction Group Co., Ltd. 184,588.38 31,080.00 Pangang Group Mining Co., Ltd. 25,163.53 25,163.53 Loudi Loulian Civil Explosive Equipment Co., Ltd.

630,298.04 11,843.19 Division

Hunan Axin Technology Co., Ltd. 221,548.22

Hunan Xintiandi supply chain e-commerce

202,160.00

Ltd.

Subtotal 156,392,589.35 72,045,236.73 Notes payable

China Energy Construction Group e-commerce

820,000.00 5,325,000.00 Co., Ltd.

China Gezhouba Group Co., Ltd. 47,280.00

Hunan Hongxinda Logistics Co., Ltd. 5,000,000.00 Subtotal 867,280.00 10,325,000.00 Contract liabilities

Gezhouba Yipuli Hulunbuir Civil Explosion

17,231.86 2,908,545.13 Co., Ltd.

Huaihua Wulian Civil Explosive Equipment Co., Ltd.

10,799.19 62,458.48 Division

Hewei Civil Explosives, Hezhou City, Guangxi

8,849.56 8,849.56 Product Sales Co., Ltd.

Shaoyang Baolian Civil Explosive Equipment Co., Ltd.

3,044.04 3,044.04 Ren Company

Subtotal 39,924.65 2,982,897.21

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Other payables

China Gezhouba Group Co., Ltd. 3,570,575.76 3,057,077.32 Hunan Hongxinda Logistics Co., Ltd. 2,143,300.05 2,417,300.00 Hunan Quanhong Xiangxin Technology Co., Ltd. 214,772.48 1,750,000.00 Shaoyang Baolian Civil Explosive Equipment Co., Ltd.

214,772.48 214,772.48 Ren Company

Hunan Fuxin Technology Co., Ltd. 20,000.00 China Energy Construction Group E-commerce

1,284.45 1,284.45Co., Ltd.

Hunan Nanling Chemical Group Co., Ltd.

1,561.00 1,100.16 Ren Company

Subtotal 6,146,266.22 7,461,534.41 Lease liabilities

Gezhouba Yipuli (Chongqing) Enterprise

104,792,150.53 109,381,876.01 Management Consulting Co., Ltd.

Hunan Shenaxe Investment Management Co., Ltd. 12,049,563.23 11,843,885.73 Hunan Nanling Chemical Group Co., Ltd.

4,494,743.65 6,045,756.03 Ren Company

Subtotal 121,336,457.41 127,271,517.77 Long-term borrowings

China Energy Construction Group Finance Co., Ltd.

80,000,000.00 80,000,000.00Company

Subtotal 80,000,000.00 80,000,000.00

Related party commitments

None.

Others

None.

15. Share-based payment

Overall situation of share-based payment

□Applicable Not applicable

Equity-settled share-based payment

□Applicable Not applicable

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Cash-settled share-based payment □Applicable Not applicable
Share-based payment expenses for this period

□Applicable Not applicable

No modification or termination of share-based payment.
Others

None.

Commitments and contingencies
Important commitments

There are no significant commitments existing at the balance sheet date.

Contingent matters

(1) There are no important contingencies existing on the balance sheet date.

(2) The company has no important contingencies that need to be disclosed, and it should also be stated that the company has no important contingencies that need to be disclosed.

Others
Events after the balance sheet date
Important non-adjustment matters

None.

Profit distribution

None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Sales return

None.

No description of other post-balance sheet events.
Other important matters
Correction of accounting errors in the previous period (1) There is no retrospective restatement method.

(2) There is no future applicable law.

Debt restructuring

None.

Asset replacement

(1) Non-monetary asset exchange None.

(2) No other asset replacement.

Annuity plan

None.

Termination of operations

None.

Branch information

(1) The basis for determining the reporting segment does not correspond to the accounting policy.

Full text of Yipuli Co., Ltd.’s 2026 semi-annual report (2) Financial information of reporting segments

None.

(3) If the company has no reportable segments, or cannot disclose the total assets and total liabilities of each reportable segment, the reasons should be explained.

The company's main businesses are blasting service business, production and sales of civil explosive equipment products. The company's board of directors believes that these businesses have a very close relationship in terms of operations and have common risks and returns. Therefore, the company's blasting service business, production and sales activities of civil explosive equipment products are regarded as a single segment.

(4) Other instructions

None.

Other important transactions and matters that have an impact on investors’ decision-making

None.

Others

None.

19. Notes on main items of the parent company’s financial statements

Accounts receivable

(1) Disclosure based on aging

Unit: Yuan

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year (including 1 year) 200,083,813.49 178,488,528.98 1 to 2 years 17,163,403.37 17,910,273.69 2 to 3 years 7,942,747.29 7,143,637.17 More than 3 years 32,152,457.86 34,423,393.15 3 to 4 years 5,203,160.05 6,711,582.75 4 to 5 years 9,704,451.25 12,724,443.56

More than 5 years 17,244,846.56 14,987,366.84 Total 257,342,422.01 237,965,832.99 (2) Classified disclosure based on bad debt accrual method

Unit: Yuan

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Ending balance Beginning balance

Category Book balance Bad debt provision Book balance Bad debt provision

Book price Book price provision ratio Provision ratio Amount Ratio Amount Amount Ratio Amount

Example Example

By item

bad provision

5,409,8 5,409,8 5,409,8 5,409,8

Account provision 2.10% 100.00% 0.00 2.27% 100.00%

61.57 61.57 61.57 61.57

receivables

Accounts

its

Medium:

by combination

bad provision

251,932 32,539, 219,393 232,555 32,069, 200,486 Account provisions 97.90% 12.92% 97.73% 13.79%

,560.44 155.05 ,405.39 ,971.42 623.90 ,347.52 receivables

Accounts

its

Medium:

257,342 37,949, 219,393 237,965 37,479, 200,486Total 100.00% 14.75% 100.00% 15.75%

,422.01 016.62 ,405.39 ,832.99 485.47 ,347.52 Category name of bad debt provision for individual items:

Unit: Yuan

Beginning balance Closing balance

Name

Book balance Bad debt provision Book balance Bad debt provision Provision ratio Reason for provision Guiyang Dalei Explosion It is expected that the disaster has occurred

100,548.00 100,548.00 100,548.00 100,548.00 100.00%

Engineering Co., Ltd. Guizhou Yanhetian'an impairment loss is expected to have occurred

722,671.90 722,671.90 722,671.90 722,671.90 100.00%

Explosives Co., Ltd. used impairment of Qiandongnan Changsheng Explosives

It is expected that Xinpo Engineering Co., Ltd. 4,586,641.67 4,586,641.67 4,586,641.67 4,586,641.67 100.00%

Impairment Division

Total 5,409,861.57 5,409,861.57 5,409,861.57 5,409,861.57

Category names of bad debt provisions accrued by portfolio:

Unit: Yuan

Ending balance

Name

Book balance Bad debt provision Provision ratio

Aging combination 178,513,184.41 32,539,155.05 18.23%

Portfolio within the consolidation scope 73,419,376.03 0.00 0.00%

Total 251,932,560.44 32,539,155.05

Description of what this combination is based on: None.

If bad debt provisions for accounts receivable are made according to the general expected credit loss model:

□Applicable Not applicable

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. (3) Bad debt provisions accrued, recovered or reversed in the current period

Bad debt provisions for the current period:

Unit: Yuan Amount of changes in the current period

Category Beginning Balance Ending Balance

Provision Recovery or transfer Write-off Others

Single provision for bad debts

5,409,861.57 5,409,861.57Preparation

Provision for bad assets by combination 32,069,623.9 32,539,155.0

469,531.15

Account preparation 0 5

37,479,485.4 37,949,016.6Total 469,531.15 0.00 0.00 0.00

7 2Among them, the amount of bad debt provision recovery or reversal in the current period is important: None.

(4) Accounts receivable actually written off in the current period

None.

(5) Accounts receivable and contract assets of the top five closing balances collected by debtors

Unit: Yuan accounts receivable and combined accounts receivable, bad debts, quasi-accounts receivable, ending balance, contract assets, ending balance, accounts receivable and contracts

Unit name Closing balance of same assets Provision and contract asset reduction amount Closing balance of assets

Proportion of Total Value Provision Closing Balance Accounts Receivable and Contracts

Top 5 in terms of assets 63,764,656.70 0.00 63,764,656.70 24.78% 113,524.20 Total

Total 63,764,656.70 0.00 63,764,656.70 24.78% 113,524.20

Other receivables

Unit: Yuan

Item Ending balance Beginning balance

Interest receivable 0.00 0.00Dividends receivable 44,000,000.00 36,000,000.00Other receivables 386,014,550.49 377,126,787.55Total 430,014,550.49 413,126,787.55

(1) Interest receivable

Classification of interest receivable

None.

Full text of Yipuli Co., Ltd.'s 2026 semi-annual report 2) Important overdue interest

None.

Classified disclosure according to bad debt accrual method

□Applicable Not applicable

There are no bad debt provisions accrued, recovered or reversed in the current period.
Interest receivable actually written off in the current period

None.

(2) Dividends receivable

Classification of dividends receivable

Unit: Yuan

Project (or invested unit) Closing balance Opening balance Yipuli 169 (Hunan) Chemical Co., Ltd. 36,000,000.00 36,000,000.00 Yipuli Xianghong (Hunan) Mechanical and Chemical Co., Ltd. 8,000,000.00 0.00 Total 44,000,000.00 36,000,000.00 2) Important dividends receivable aged more than 1 year

None.

Classified disclosure according to bad debt accrual method

□Applicable Not applicable

There are no bad debt provisions accrued, recovered or reversed in the current period.
Dividends receivable actually written off in the current period

None.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd. (3) Other receivables

Classification of other receivables according to nature of payment

Unit: Yuan

Nature of payment Book balance at the end of the period Book balance at the beginning of the period

Deposit and security deposit 1,150,925.00 820,925.00 Current account 383,168,527.93 376,428,100.34 Others 10,844,001.84 9,050,732.06 Total 395,163,454.77 386,299,757.40

Disclosure based on aging

Unit: Yuan

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year (including 1 year) 23,765,639.59 2,800,890.32 1 to 2 years 7,176,390.20 7,173,890.20 2 to 3 years 355,048,455.13 367,152,007.03 More than 3 years 9,172,969.85 9,172,969.85 3 to 4 years 0.00 0.00

More than 5 years 9,172,969.85 9,172,969.85 Total 395,163,454.77 386,299,757.40

Classified disclosure according to bad debt accrual method

Unit: Yuan Ending balance Beginning balance

Category Book balance Bad debt provision Book balance Bad debt provision

Book price Book price provision ratio Provision ratio Amount Ratio Amount Amount Ratio Amount

Example Example

By item

5,056,5 5,056,5 5,056,5 5,056,5

Bad provision 1.28% 100.00% 0.00 1.31% 100.00% 0.00

40.17 40.17 40.17 40.17

Account preparation

its

Medium:

by combination

390,106 4,092,3 386,014 381,243 4,116,4 377,126 Bad provision 98.72% 1.05% 98.69% 1.08%

,914.60 64.11 ,550.49 ,217.23 29.68 ,787.55 Account preparation

its

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Medium:

395,163 9,148,9 386,014 386,299 9,172,9 377,126Total 100.00% 2.32% 100.00% 2.37%

,454.77 04.28 ,550.49 ,757.40 69.85 ,787.55 Category name of bad debt provision for individual items:

Unit: Yuan Beginning balance Ending balance

Name

Book balance Bad debt provision Book balance Bad debt provision Provision ratio Reason for provision Hunan Nanling Aorui

Kai civilian blaster

2,571,126.96 2,571,126.96 2,571,126.96 2,571,126.96 100.00% Materials Co., Ltd. is not expected to be recovered

Division

Wannianchang in Fengcheng City

2,485,413.21 2,485,413.21 2,485,413.21 2,485,413.21 100.00% It is expected that Wax Industry Co., Ltd. cannot be recovered

Total 5,056,540.17 5,056,540.17 5,056,540.17 5,056,540.17

Category names of bad debt provisions accrued by portfolio:

Unit: Yuan ending balance

Name

Book balance Bad debt provision Provision ratio

Portfolio within the scope of consolidation 383,318,527.93 0.00 0.00% Aging portfolio 6,788,386.67 4,092,364.11 60.28% Of which: within 1 year 2,696,022.56 0.00 0.00% 1-2 years

2-3 years

3-4 years

4-5 years

More than 5 years 4,092,364.11 4,092,364.11 100.00% Total 390,106,914.60 4,092,364.11

Description of what this combination is based on:

None.

Provision for bad debts is made based on the general expected credit loss model:

Unit: Yuan Phase 1 Phase 2 Phase 3

Bad debt provision Expected credit throughout the entire duration Expected credit throughout the duration Total

Expected credit over the next 12 months

Loss (no credit deduction has occurred Loss (credit deduction has occurred)

loss

value) value)

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Balance on January 1, 2026 4,116,429.68 5,056,540.17 9,172,969.85 Balance on January 1, 2026

In this issue

Provision for the current period -24,065.57 -24,065.57 Other changes 0.00 0.00 Remaining as of June 30, 2026

4,092,364.11 5,056,540.17 9,148,904.28

Basis for dividing each stage and provision ratio for bad debt provisions: None.

Changes in book balances with significant changes in loss provision during the period

□Applicable Not applicable

Bad debt provisions accrued, recovered or reversed in the current period

Bad debt provisions for the current period:

Unit: Yuan

Amount of changes in the current period

Category Beginning Balance Ending Balance

Provision Recovery or transfer Write-off or write-off Others

Single provision for bad debts

5,056,540.17 0.00 0.00 0.00 0.00 5,056,540.17Preparation

Bad provision based on combination

4,116,429.68 -24,065.57 0.00 0.00 0.00 4,092,364.11 Account preparation

Total 9,172,969.85 -24,065.57 0.00 0.00 0.00 9,148,904.28 Among them, the amount of bad debt provision reversed or recovered in the current period is important: None.

Other receivables actually written off in the current period

None.

Other receivables with top five closing balances collected by debtors

Unit: Yuan accounted for other receivable period

Name of the unit with the ending balance of bad debt provision Nature of the payment Ending balance Aging Total ending balance

Proportion

Yi Puli Xianghong (Lake

South) Mechanical and Chemical Industry Current accounts 138,141,262.42 2-3 years 34.96% 0.00 Limited liability company

Hunan Xintiandi Nanling

Economic and Trade Co., Ltd. Current accounts 79,701,950.64 2-3 years 20.17% 0.00 Company

Hengyang people in Nanling, Hunan

Explosive Services Co., Ltd. Current account 65,949,700.00 2-3 years 16.69% 0.00 Company

Hunan Nanling Civilian Explosive Works

Current accounts 30,392,982.11 2-3 years 7.69% 0.00 Cheng Co., Ltd.

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Yipuli Jintai (heavy

Qing) Chemical Co., Ltd. Current accounts 24,766,205.53 2-3 years 6.27% 0.00 Company

Total 338,952,100.70 85.78% 0.00

Presented in other receivables due to centralized management of funds

None.

Long-term equity investment

Unit: Yuan

Ending balance Beginning balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value

7,063,792,63 7,063,792,63 7,063,792,63 7,063,792,63 Investment in subsidiaries

9.58 9.58 9.58 9.58 Associates and joint ventures 100,283,457. 100,283,457. 95,091,135.6 95,091,135.6 Enterprise investment 19 19 6 6

7,164,076,09 7,164,076,09 7,158,883,77 7,158,883,77Total

6.77 6.77 5.24 5.24

(1) Investment in subsidiaries

Unit: Yuan

Balance at the beginning of the period Increase or decrease in the current period Ending balance of the invested order Impairment provision Impairment provision (book price (book price at the beginning of the period balance provision for impairment closing balance value) Additional investment Decrease in investment Other values)

Prepare

Huaihua Nanling

Civilian blasting 50,000,00 50,000,00Service Limited 0.00 0.00Company

Xintiandi

(Hong Kong) 102,016,5 102,016,5 International Development 32.27 32.27 Co., Ltd.

Yi Pulixiang

South (Lake

92,763,61 92,763,61 South) blasting

6.52 6.52 Equipment limited

Responsible company

Hunan Nanling

Civil Explosives Fine 30,782,69 30,782,69 Chemical Co., Ltd. 7.40 7.40 Company

Chenzhou Qisan

53,940,68 53,940,6820 Chemical Industry

7.76 7.76 Ltd.

Yueyang, Hunan

100,000,0 100,000,0Nanling Civil

00.00 00.00 Blasting Service

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Ltd.

Hunan Nanling

Hengyang Civil 88,774,91 88,774,91 Blasting Services 8.19 8.19 Co., Ltd.

Yipulijin

Tai (Chong 166,106,6 166,106,6 Qing) Chemical 00.00 00.00 Co., Ltd.

Yipu Lixiang

Red(Lake

156,948,5 156,948,5 South) Machinery

66.31 66.31 Chemical Co., Ltd.

Responsible company

Hunan Nanling

145,639,8 145,639,8 Civil Explosive Engineering

39.00 39.00 Ltd.

Liling citizens

Explosives 5,930,000 5,930,000 Explosives Specialty Co., Ltd. .00 .00

Hunan Xintian

Dinanling Economic 48,000,00 48,000,00 Trading Co., Ltd. 0.00 0.00 Ren Company

Hunan Nanling

4,000,000 4,000,000Fire protection technology

.00 .00 LIMITED.

Shaoyang Sanhua

45,000,00 45,000,00Limited liability

0.00 0.00Company

Gezhou, China

Ba Group Yi 5,376,842 5,376,842 Puli Shares, 285.10, 285.10 Co., Ltd.

Yipuliyi

Sixty-Nine (Lake

80,919,92 80,919,92 South) Chemical Industry

9.03 9.03Limited liability

company

Hunan Nanling

100,000,0 100,000,0 Civil Explosives Limited

00.00 00.00 Responsible Company

Henan Province Pine

Guang Civil Explosive 316,126,9 316,126,9 Material Co., Ltd. 68.00 68.00 Co., Ltd.

Hunan Yicai

100,000,0 100,000,0 Chemical Co., Ltd.

00.00 00.00Company

7,063,792 7,063,792 total

,639.58 ,639.58

(2) Investment in associates and joint ventures

Unit: Yuan

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Increases and decreases in the current period

Beginning of period End of period

Impairment Equity Declaration Impairment Balance Balance Investment Provision Under the Act Others Disbursement Provision (Account Other Provision (Billing Unit Beginning Addition Decrease Confirmation Comprehensive Cash Ending Face Price Equity Impairment Others Face Price

Balance Investment Investment income Dividends Balance value) Changes Provision value) Capital losses Adjustments or profits

profit

1. Joint ventures

2. Joint ventures

Hami

Xuefeng

Sanling

Civilian 86,88 6,177 93,06Explosion 6,329,661. 3,990 Equipment .46 51 .97Limited

responsibility

company

Hunan

Hongxin

8,204 - 7,219Dawu 936,2

,806. 49,09 ,466.Stream has 47.23

20 2.75 22 public only

Division

95,09 6,128 100,2

936,2

Subtotal 1,135 ,568. 83,45 47.23

.66 76 7.19 95,09 6,128 100,2

936,2

Total 1,135,568. 83,45 47.23

.66 76 7.19 The recoverable amount is determined based on the net amount of fair value minus disposal costs.

□Applicable Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable Not applicable

Reasons for the obvious inconsistency between the aforementioned information and the information used in impairment testing in previous years or external information: None.

Reasons for the significant inconsistency between the company's information used for impairment testing in previous years and the actual situation of that year: None.

(3) Other instructions

None.

Operating income and operating costs

Unit: Yuan

Amount for the current period Amount for the previous period

Project

revenue cost revenue cost

Main business 385,530,086.58 375,332,769.67 524,343,929.26 507,806,946.81

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Total 385,530,086.58 375,332,769.67 524,343,929.26 507,806,946.81 Decomposition information of operating income and operating costs:

Unit: Yuan

Division 1 Division 2 Total

Contract classification

Operating income Operating cost Operating income Operating cost Operating income Operating cost Operating income Operating cost 385,530,0 375,332,7 385,530,0 375,332,7Business type

86.58 69.67 86.58 69.67Among them:

243,663,4 238,178,3 243,663,4 238,178,3Industrial explosives

34.73 81.02 34.73 81.02 125,681,5 121,572,5 125,681,5 121,572,5Industrial detonators

54.92 32.81 54.92 32.81 16,185,09 15,581,85 16,185,09 15,581,85 Others

6.93 5.84 6.93 5.84According to business location 385,530,0 375,332,7 385,530,0 375,332,7 area classification 86.58 69.67 86.58 69.67Among them:

3,977,467 3,880,573 3,977,467 3,880,573Northwestern Region

.53 .16 .53 .16 243,218,8 236,573,4 243,218,8 236,573,4 Central China

05.26 66.01 05.26 66.01 48,783,07 47,575,61 48,783,07 47,575,61 Southwest Region

6.57 4.25 6.57 4.25 68,334,86 66,567,39 68,334,86 66,567,39Southern China

5.39 8.32 5.39 8.32 21,215,87 20,735,71 21,215,87 20,735,71East China

1.83 7.93 1.83 7.93 Information related to performance obligations: None.

Information related to the transaction price allocated to the remaining performance obligations:

At the end of the reporting period, the amount of revenue corresponding to the performance obligations that have been signed but have not been performed or have not been completed is 2,763,856.65 yuan, of which 2,763,856.65 yuan is expected to be recognized in 2026.

Major contract changes or major transaction price adjustments: None.

Investment income

Unit: Yuan

Item Amount for the current period Amount for the previous period

Long-term equity investment income calculated by the cost method 678,793,726.00 522,093,765.99 Long-term equity investment income calculated by the equity method 6,128,568.76 4,588,808.24 Other equity instrument investments obtained during the holding period

3,000,000.00 4,000,000.00 Dividend income

Total 687,922,294.76 530,682,574.23

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Others

None.

20. Supplementary information

Detailed statement of non-recurring profits and losses for the current period

Applicable □Not applicable

Unit: Yuan

Item Amount Explanation of gains and losses from disposal of non-current assets 1,735,837.10 Government subsidies included in current profits and losses (related to the company’s regular

Closely related to regular business operations and in compliance with national policies

14,351,631.41 stipulates that the company shall enjoy the rights according to the determined standards.

Except for government subsidies that have a lasting impact on profits and losses)

Impairment standards for accounts receivable that are individually tested for impairment

340,042.42 to be transferred back

Other non-operating income other than the above items and

772,840.89 expenses

Other profit and loss items that meet the definition of non-recurring profits and losses

0.00 mesh

Less: Income tax impact 4,893,946.16

Amount of impact on minority shareholders' equity (after tax) 700,789.44 Total 11,605,616.22 --Details of other profit and loss items that meet the definition of non-recurring gains and losses:

□Applicable Not applicable

The company has no other specific circumstances of profit and loss items that meet the definition of non-recurring profits and losses.

□Applicable Not applicable

Return on net assets and earnings per share

Earnings per share Profit for the reporting period Weighted average return on equity

Basic earnings per share (yuan/share) Diluted earnings per share (yuan/share) Net income attributable to the company’s ordinary shareholders

3.99% 0.26 0.26Profit

After deducting non-recurring gains and losses, attributable to

3.85% 0.25 0.25 Net profit of the company’s ordinary shareholders

Full text of the 2026 semi-annual report of Yipuli Co., Ltd.

Differences in accounting data under domestic and foreign accounting standards

(1) Differences in net profit and net assets in financial reports disclosed in accordance with both international accounting standards and Chinese accounting standards

□Applicable Not applicable

(2) Differences in net profit and net assets in financial reports disclosed in accordance with both foreign accounting standards and Chinese accounting standards

□Applicable Not applicable

(3) Explanation of reasons for differences in accounting data under domestic and foreign accounting standards. If differences are adjusted for data that have been audited by an overseas audit institution, the name of the overseas institution should be indicated.

□Applicable Not applicable

Others

None.

Chairman of Yipuli Co., Ltd.: Fu Jun August 29, 2026