Fengbi Biotechnology 2025 Annual Report

Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report Company Code: 603334 Company Abbreviation: Fengbei BioSuzhou Fengbei Biotechnology Co., Ltd. Annual Report

2025

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Important tips

1. The company’s board of directors, directors and senior managers guarantee the authenticity, accuracy and completeness of the contents of the annual report and that there are no false records, misleading statements or major omissions, and bear individual and joint legal liability.

2. All directors of the company shall attend the board meeting.

3. Zhongxinghua Accounting Firm (Special General Partnership) issued a standard unqualified audit report for the company.

4. The person in charge of the company, Ping Pingyuan, the person in charge of accounting work, Gu Yazhou, and the person in charge of the accounting department (accounting officer) Shen Minjuan declare that they guarantee the authenticity, accuracy and completeness of the financial report in the annual report.

5. The profit distribution plan for the reporting period or the plan for converting public reserve funds into share capital passed by the board of directors

As audited by Zhongxinghua Accounting Firm (Special General Partnership), as of December 31, 2025, the net profit attributable to shareholders of the listed company in 2025 was RMB 140,554,623.92, and the undistributed profit of the company's parent company at the end of the reporting period was RMB 268,184,890.91. According to the resolution of the eighth meeting of the second board of directors, the company plans to distribute profits in 2025 based on the total share capital registered on the equity registration date for the implementation of equity distribution. The profit distribution plan is as follows:

The company plans to distribute a cash dividend of RMB 3.50 (tax included) to all shareholders for every 10 shares, without giving away shares or converting capital reserve funds into share capital. As of December 31, 2025, the company's total share capital is 143,500,000 shares. Based on this calculation, a total cash dividend of 50,225,000.00 yuan (tax included) is planned, accounting for 35.73% of the net profit attributable to shareholders of the listed company in 2025.

This profit distribution plan still needs to be submitted to the company's 2025 annual shareholders' meeting for review.

As of the end of the reporting period, the parent company had unrecovered losses and its impact on the company’s dividends and other matters

□Applicable √Not applicable

6. Risk Statement for Forward-Looking Statements

√Applicable □Not applicable

The forward-looking descriptions of future plans and development strategies involved in this report do not constitute the company's substantive commitment to investors. Investors are advised to pay attention to investment risks.

7. Whether there is any non-operating use of funds by controlling shareholders and other related parties

No

8. Whether there is any violation of the prescribed decision-making procedures in providing external guarantees

No

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9. Whether more than half of the directors cannot guarantee the authenticity, accuracy and completeness of the annual report disclosed by the company

10. Major Risk Warning

During the reporting period, there were no particularly significant risks that had a substantial impact on the company's production and operations. The company has elaborated on the existing risks in this report. Please refer to the content of "(4) Possible risks" in "VI. The company's discussion and analysis of the company's future development" in "Section 3 Management Discussion and Analysis" of this report.

11. Others

□Applicable √Not applicable

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Directory

Section 1 Interpretation......................................................................................................................................5

Section 2 Company Profile and Main Financial Indicators......................................................................................7

Section 3 Management Discussion and Analysis................................................................................................11

Section 4 Corporate Governance, Environment and Society......................................................................................43

Section 5 Important Matters................................................................................................................................59

Section 6 Changes in Shares and Status of Shareholders................................................................................................84

Section 7 Bond-related situations......................................................................................................................93

Section 8 Financial Report......................................................................................................................93

Financial statements signed and stamped by the person in charge of the company, the person in charge of accounting work, and the person in charge of the accounting department

Catalog of documents available for inspection Original audit report containing the seal of the accounting firm and the signature and seal of the certified public accountant

The original copies of all company documents and announcements publicly disclosed in newspapers designated by the China Securities Regulatory Commission during the reporting period

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Section 1 Interpretation

1. Definition

In this report, unless the context otherwise requires, the following words have the following meanings:

Commonly used word definitions

Shanghai Stock Exchange refers to Shanghai Stock Exchange

China Securities Regulatory Commission refers to China Securities Regulatory Commission

"Company Law" means "Company Law of the People's Republic of China"

“Securities Law” refers to the “Securities Law of the People’s Republic of China”

The Company, the Company, and Fengbei Biotechnology refer to Suzhou Fengbei Biotechnology Co., Ltd.

Fengbei Co., Ltd. refers to Suzhou Fengbei Biotechnology Co., Ltd., the company’s predecessor

Reporting period and reporting period refer to January 1, 2025 - December 31, 2025

Zhangjiagang Free Trade Zone Zhonghe Business Consulting Partnership (Limited Partnership), Zhonghe Business refers to

The company’s employee stock ownership platform

Zhangjiagang Free Trade Zone Fubai Huiying Enterprise Management Partnership (Limited Fubai Huiying) refers to

(Partner), the company’s employee stock ownership platform

Zhangjiagang Free Trade Zone Fubai Huiying No. 2 Enterprise Management Partnership (Limited Fubai Huiying No. 2) refers to

Partnership), the company’s employee stock ownership platform

Shanghai Zhishi Enterprise Management Consulting Partnership (Limited Partnership) is a public company Shanghai Zhishi refers to

shareholders of the company

Jiangsu Binquan Yida Zhanxin Venture Capital Partnership (Limited Partnership), Binquan Yida refers to

Shareholder of the company

Yangzhong Hi-tech Investment Yida Venture Capital Fund Partnership (Limited Partnership), Yangzhong Yida refers to

Shareholder of the company

Changzhou Jintan District Weige Biotechnology Co., Ltd., the company’s wholly-owned subsidiary Weige Biotechnology refers to

Division

Liangyou Oil and Fat refers to Changzhou Jintan District Liangyou Oil and Fat Co., Ltd., the company’s wholly-owned subsidiary Changzhou Jintan District Liangnong Biotechnology Co., Ltd., and the company’s wholly-owned subsidiary Liangnong Biotechnology refers to

Company, formerly known as Changzhou Ruijia Metal Products Co., Ltd.

Fubang Biotechnology refers to Jiangsu Fubang Biotechnology Co., Ltd., a wholly-owned subsidiary of the company

Juyoubao Ecological Environment Technology (Jiangsu) Co., Ltd., the company’s wholly-owned subsidiary Juyoubao refers to

The company, formerly known as Fengbei Ecological Agriculture Technology (Jiangsu) Co., Ltd. Dongchi Bio refers to Dongchi Biotechnology (Jiangsu) Co., Ltd., the company's wholly-owned subsidiary Gangde New Energy refers to Gangde New Energy Technology (Luzhou) Co., Ltd., the company's holding subsidiary Gangde Environmental Protection refers to Luzhou Gangde Environmental Protection Technology Co., Ltd., the company's holding subsidiary Fengle Seed Industry refers to SDIC Fengle Seed Industry Co., Ltd.

Jiuyi Shares refers to Anhui Jiuyi Agriculture Co., Ltd.

Sichuan Meifeng refers to Sichuan Meifeng Chemical Co., Ltd.

Batian Shares refers to Shenzhen Batian Ecological Engineering Co., Ltd.

Haixin Energy Technology refers to Beijing Haixin Energy Technology Co., Ltd.

Jia'ao Environmental Protection refers to Zhejiang Jia'ao Environmental Protection Technology Co., Ltd.

"Articles of Association" refers to "Articles of Association of Suzhou Fengbei Biotechnology Co., Ltd."

Accounting firm refers to Zhongxinghua Accounting Firm (Special General Partnership)

Generally refers to solid, liquid or gaseous fuels composed or extracted from biomass. Biofuels refer to

Mainly including biodiesel, bioethanol

Bio-based materials refer to materials that use biomass as raw materials or/and are produced through biological production. Biomass refers to various organisms formed through photosynthesis.

Biomass energy refers to the energy form of solar energy stored in biomass in the form of chemical energy, that is,

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Energy using biomass as a carrier is a renewable energy source

Fatty acid biodiesel refers to fatty acid biodiesel made from animal and vegetable oils or waste oils as raw materials, and made from methanol (or ethanol) through transesterification or esterification reaction under the action of a catalyst.

Methyl ester (or fatty acid ethyl ester) is biodiesel, a renewable fuel that can replace fossil diesel and is a type of biomass energy.

It is the product of transesterification or esterification of animal and vegetable oils or waste oils with methanol under the action of a catalyst. It is currently the most common biodiesel fatty acid methyl ester in the international market.

The chemical name of the product is also the product composition definition of my country’s national biodiesel standards.

Methyl oleate refers to a type of C18 fatty acid methyl ester, colorless to light yellow oily liquid

It is the crude product of further processing of waste oil. That is, the waste oil undergoes physical reaction (three-phase separation to remove impurities) and chemical reaction (chemical reaction to remove industrial grade mixed oil).

Impurities) processed products are mainly used to produce renewable fuels such as biodiesel and biojet fuel.

Sustainable aviation fuel (SAF), aviation kerosene produced from renewable resources such as waste oils and animal and vegetable oils as raw materials, is a biodegradable aviation fuel.

Sustained aviation fuel. Compared with traditional petroleum-based aviation kerosene, bio-jet fuel can reduce carbon emissions in the entire life cycle by more than 50%.

Vegetable oil deodorized distillate refers to the vacuum deodorization of DD oil in the vegetable oil refining process.

Residues from the deodorization step

Oleochemicals refer to a class of chemicals obtained after chemical reactions of natural oils and fats

Waste oils and fats produced in the catering service industry, food processing industry, oil refining, and oil storage processes refer to animal and vegetable oils and various oil by-products and scraps produced in the process that do not meet edible standards.

Water impurities refer to the water and impurities mixed free in waste grease

A type of organic chemical reaction, which is the esterification of alcohol with carboxylic acid or oxygen-containing inorganic acid.

reaction with water

A type of organic chemical reaction in which esters and alcohols/acids/esters (different esters) undergo acid transesterification.

Reactive distillation that generates a new ester and a new alcohol/acid/ester under the catalysis of alkali or alkali refers to a distillation method that uses reflux to achieve high-purity separation of a liquid mixture. In economic development, waste reduction, resource utilization and harmlessness are achieved. Circular economy refers to the harmonious circulation of materials in the economic system and natural ecosystem to maintain the natural ecological balance.

Comprehensive development and rational utilization of symbiotic and associated minerals during the mining of mineral resources; comprehensive utilization of waste residue, waste water (liquid), and resources generated during the production process, including waste gas, waste heat, residual pressure, etc.; recovery and rational utilization of various wastes generated during social production and consumption.

Customize formula products (Product) based on customer needs and goals, develop overall technical solutions (Solution) based on the production process and variety structure of chemical fertilizer companies based on PSC, and price based on contract agreement (Contractor) Incoterms, the abbreviation of free on board, FOB refers to Chinese also known as "free on board price". The seller completes delivery when the goods cross the ship's rail at the shipping port within the specified contract transaction period and the buyer is notified immediately.

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Section 2 Company Profile and Main Financial Indicators

1. Company information

The Chinese name of the company: Suzhou Fengbei Biotechnology Co., Ltd.

The company’s Chinese abbreviation: Fengbi Biotechnology

The company's foreign name SUZHOUFENGBEIBIOTECHSTOCKCO.,LTD. The company's foreign name abbreviation FENGBEIBIOTECH

Legal representative of the company Pingyuan

2. Contact person and contact information

Secretary of the Board of Directors

Name Huangjiang

Contact address: No. 1, Donghai Road, Yangzijiang International Chemical Industrial Park, Jiangsu Tel: 0512-58329931

Fax 0512-58329939

Email [email protected]

3. Basic situation introduction

Company's registered address: No. 1, Donghai Road, Yangzijiang International Chemical Industrial Park, Jiangsu Historical changes of company's registered address Not applicable

Company office address No. 1, Donghai Road, Yangtzejiang International Chemical Industrial Park, Jiangsu Postal code of the company office address 215600

Company website http://www.sz-fb.cn/

Email [email protected]

4. Information disclosure and preparation location

Shanghai Securities News (www.cnstock.com), China Securities News (www.cs.c The media name and website where the company discloses its annual report is om.cn), Securities Times (www.stcn.com), Securities Daily (www.zqrb

.cn), Economic Information Daily (www.jjckb.cn) The stock exchange website where the company discloses its annual report is www.sse.com.cn

The company's annual report is prepared at the company's securities department

5. Brief introduction of company stocks

Company Stock Profile

Stock type Stock listing exchange Stock abbreviation Stock code Stock abbreviation before change

A shares Shanghai Stock Exchange Fengbei Biotechnology 603334 None

6. Other relevant information

Name: Accounting firm hired by Zhongxinghua Certified Public Accountants (Special General Partnership) (location 20, South Building, Building 1, No. 20 Lize Road, Fengtai District, Beijing

Office address

inner) layer

Names of the signing accountants: Shao Shuai, Lu Xiaojun, Wang Saisai

Name of the person who performed the continuous supervision responsibilities during the reporting period Cathay Haitong Securities Co., Ltd. Sponsor Office address No. 618, Shangcheng Road, China (Shanghai) Pilot Free Trade Zone

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Signed sponsor representative

Hu Bo, Jin Xiang

person name

Period of continuous supervision: November 5, 2025 to December 31, 2027

7. Main accounting data and financial indicators in the past three years

(1) Main accounting data

Unit: Yuan Currency: RMB Current period compared with the same period last year

Main accounting data 2025 2024 2023

Increase or decrease(%)

Operating income 3,170,795,556.18 1,948,016,326.78 62.77 1,727,783,239.8 Total profit 153,495,480.32 134,420,369.65 14.19 144,407,260.25 attributable to shareholders of listed companies

140,554,623.92 123,819,879.98 13.52 129,711,810.81Net profit

Attributable to shareholders of listed companies

Net profit after deducting non-recurring gains and losses 136,677,787.16 115,319,089.85 18.52 123,040,516.57

cash flow from operating activities

-26,438,389.98 22,430,327.49 -217.87 162,495,207.86 Net amount

The end of this period was the same as that of the previous year

End of 2025 End of 2024 End of 2023

Increase or decrease at the end of the period (%)

Attributable to shareholders of listed companies

1,697,778,510.26 755,791,483.33 124.64 629,501,553.79Net assets

Total assets 2,225,344,331.56 1,236,755,503.79 79.93 1,051,447,485.58

(2) Main financial indicators

This period is the same as last year

Main financial indicators 2025 2024 Increase or decrease in 2023 (%)

Basic earnings per share (yuan/share) 1.24 1.15 7.83 1.21 Diluted earnings per share (yuan/share) 1.24 1.15 7.83 1.21 Basic earnings per share after deducting non-recurring gains and losses

1.20 1.07 12.15 1.14 Income (yuan/share)

Reduced by 3.25 hundred

Weighted average return on equity (%) 14.66 17.91 22.43 points

The weighted average after deducting non-recurring gains and losses decreased by 2.42 percentage points.

14.26 16.68 21.28 Return on Net Assets (%) Points

Explanation of the company's main accounting data and financial indicators for the previous three years at the end of the reporting period

√Applicable □Not applicable

Operating income increased by 62.77% compared with the same period last year, mainly due to the increase in market demand and sales growth.

Net cash flow generated from operating activities decreased by 217.87% compared with the same period last year, mainly due to the increase in inventory preparation.

Net assets attributable to shareholders of listed companies increased by 124.64% compared with the same period last year, mainly due to business growth and listing.

Total assets increased by 79.93% compared with the same period last year, mainly due to the company's operating growth and the proceeds received from the initial listing.

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

(1) Net profits in financial reports disclosed in accordance with both international accounting standards and Chinese accounting standards are attributable to shareholders of listed companies.

Differences in net assets

□Applicable √Not applicable

(2) The net profits in financial reports disclosed in accordance with both overseas accounting standards and Chinese accounting standards are attributable to shareholders of the listed company.

Differences in net assets

□Applicable √Not applicable

(3) Explanation of differences between domestic and foreign accounting standards:

□Applicable √Not applicable

9. Main financial data by quarter in 2025

Unit: Yuan Currency: RMB First quarter Second quarter Third quarter Fourth quarter

(January to March) (April to June) (July to September) (October to December) Operating income 665,694,662.72 812,434,532.18 773,275,963.24 919,390,398.04 Attributable to shareholders of listed companies

36,673,255.11 48,390,053.47 32,235,517.90 23,255,797.44Net profit

Attributable to shareholders of listed companies

Net profit after deducting non-recurring gains and losses 36,531,308.18 48,171,364.33 31,975,785.38 19,999,329.27

cash flow from operating activities

-59,725,139.04 52,246,077.00 -125,273,776.62 106,314,448.68 Net amount

Explanation of differences between quarterly data and disclosed periodic report data

□Applicable √Not applicable

10. Non-recurring profit and loss items and amounts

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Non-recurring profit and loss items 2025 Amount Note (if applicable) 2024 Amount 2023 Amount Non-current asset disposal gains and losses, including accrued

32,843.57 48,776.73 20,544.87 Offset portion of asset impairment provisions

Government subsidies included in the current profit and loss, but with the company

Closely related to normal business operations and in compliance with national policies

4,371,191.73 6,906,889.62 10,384,649.72 Policy provisions, enjoyment according to determined standards, and public benefit

Except for government subsidies that have a lasting impact on the company's profits and losses

Except for effective transactions related to the company’s normal business operations,

In addition to futures hedging business, non-financial enterprises hold financial

Changes in fair value of assets and financial liabilities 548,268.50 -50,485.91 -4,024,459.08 Profit and loss and disposal of financial assets and financial liabilities

profit and loss

Charges levied on non-financial enterprises included in current profits and losses

Fund occupation fee

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Gains and losses from entrusting others to invest or manage assets

Profit and loss from external entrusted loans

Due to force majeure factors, such as natural disasters

Various asset losses incurred

Impairment standards for accounts receivable that are individually tested for impairment

334,635.00 379,342.02 To be transferred back

Enterprises acquire subsidiaries, associates and joint ventures

The investment cost of the business is less than what should be enjoyed when the investment is obtained

The fair value of the investee’s identifiable net assets

income from living

Subsidiary period resulting from business combination under common control

Net profit and loss for the current period from the beginning to the date of merger

Gains and losses on non-monetary asset exchanges

Debt restructuring gains and losses

The enterprise occurs because the relevant business activities are no longer sustainable.

one-time expenses, such as expenses for employee placement, etc.

Due to adjustments in taxation, accounting and other laws and regulations,

One-time impact on current profit and loss

Due to the cancellation and modification of the equity incentive plan, the one-time confirmation

share-based payment fees

For cash-settled share-based payments, the

After that date, the fair value of employee compensation payable will change

Profit and loss arising from activities

Investments that adopt the fair value model for subsequent measurement

Profit and loss arising from changes in fair value of capital real estate

Gains from transactions where the transaction price appears to be unfair

Contingencies unrelated to the company's normal business operations

Profit and loss incurred

Custody fee income from entrusted operations

Other non-operating income other than the above items and

-457,916.24 3,093,269.82 1,249,556.88 Expenses

Other profit and loss items that meet the definition of non-recurring profits and losses

77,114.41 26,898.2 59,849.64 items

Less: Impact on income tax 694,689.09 1,859,193.33 1,398,189.81 Impact on minority shareholders’ equity (after tax) -23.88

Total 3,876,836.76 8,500,790.13 6,671,294.24

Identification of items not listed in the company's "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public: Non-Recurring Gains and Losses"

——

It is a non-recurring profit and loss item with a significant amount, and the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public"

The non-recurring profit and loss items listed in "Non-recurring Profit and Loss" are defined as recurring profit and loss items, and the reasons should be explained. □Applicable √Not applicable

11. Companies with equity incentives and employee stock ownership plans may choose to disclose net profits after deducting the impact of share-based payments.

√Applicable □Not applicable

Unit: Yuan Currency: RMB Main accounting data for this period are the same as those for the previous year 2025 2024 2023

Period increase or decrease (%) excluding the impact of share-based payment

Net profit after 138,810,145.41 117,418,631.98 18.22 125,176,527.94

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12. Items measured by fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB Impact on Current Profit Project Name Beginning Balance Closing Balance Changes in the Current Period

Amount

Forward foreign exchange contract -363,959.57 -116,777.60 247,181.97 423,386.97Financial management products - 300,000,000.00 300,000,000.00 -Receivables financing 43,283,726.14 12,862,336.23 -30,421,389.91 -

Total 42,919,766.57 312,745,558.63 269,825,792.06 423,386.97 Note: The above data is the consolidated presentation of trading financial assets and trading financial liabilities at the end of the year. The items measured at fair value include trading financial assets and trading financial liabilities.

13. Others

□Applicable √Not applicable

Section 3 Management Discussion and Analysis

1. Business status of the company during the reporting period

(1) The company’s main business situation

The company is a high-tech enterprise in the first echelon in the field of comprehensive utilization of waste resources in China. The company's main business is the comprehensive utilization of waste oil resources, supplemented by the oleochemical business. Its main products are biofuels, bio-based materials and oleochemicals. Bio-based materials are mainly pesticide auxiliaries, fertilizer auxiliaries and other biodiesel formula products and industrial-grade mixed oils; biofuels are mainly biodiesel; the main products of the oleochemical business are DD oil, fatty acids, etc.

During the reporting period, the company's main business did not undergo major changes.

1. Biofuel business

The main product of the company's biofuel business is biodiesel, which is produced from waste grease as raw material through pretreatment, esterification, and transesterification technical routes. It has the characteristics of high cetane number, low sulfur, and no aromatic hydrocarbons. The company realizes the separation of biodiesel with different cold filtering points through its unique cutting and separation technology of different carbon chain components, and obtains biodiesel that can be used at low temperatures. The cold filtering point can be as low as -10°C, which has strong market competitiveness in cold areas such as high latitudes. During the reporting period, biofuel products were sold to markets such as Europe and Southeast Asia.

2. Bio-based materials business

The company's bio-based materials business mainly includes industrial-grade mixed oils, pesticide additives, fertilizer additives, etc. Relying on years of practical experience and R&D technology in the oil industry, the company continues to expand the depth of downstream applications of biodiesel, compounding biodiesel as an intermediate into auxiliary products, which are applied to auxiliary products such as pesticides, fertilizers, coal slime flotation, asphalt, ink, and drilling.

(1) Industrial grade mixed oil

The company's industrial-grade mixed oil business uses waste grease as raw material and processes it to obtain industrial-grade products that can be used to produce renewable fuels such as biodiesel and biojet fuel. In order to meet the index requirements of industrial-grade blended oil by downstream SAF manufacturers, the company based

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With its own production technology advantages, in terms of production technology, through the integrated process of colloid pretreatment and deep chelation purification of metal ions, the quality of industrial-grade mixed oil is improved, and the content of non-metal ions and metal ions is controlled to the ppm level. The company is one of the large-scale industrial-grade mixed oil production enterprises that can produce and directly apply to core processes such as hydrodeoxygenation.

(2) Pesticide auxiliaries

The company's pesticide auxiliaries are mainly methyl oleate pesticide auxiliaries prepared from non-edible oils and fats. In the field of pesticides, they can replace traditional fossil-based pesticide auxiliaries and play the role of dissolution, synergy and dispersion. Compared with traditional aromatic hydrocarbon solvents, the pesticide auxiliaries produced by the company are non-toxic, easy to biodegrade, have higher affinity with crops, stronger permeability and adhesion, and meet the requirements of harmless and high-quality development of my country's pesticide industry. In addition, the company has been deeply involved in the field of pesticide auxiliaries for many years and has accumulated a good reputation. The brand effect has been increasing year by year, which has also led to steady growth in pesticide auxiliary revenue year by year.

(3) Fertilizer additives

The company's fertilizer additives mainly play the roles of preventing caking, reducing viscosity, and promoting solubility. The company adopts a "product + service" sales model for different fertilizer additive customers, which can provide differentiated additive products for fertilizer companies, as well as technical services and personnel training, which has better adapted to the development needs of fertilizer companies. Under this model, the company provides higher-quality comprehensive services, thereby forming a win-win community with fertilizer companies. Customer stickiness and brand effect gradually increase, resulting in stable growth in fertilizer additive revenue year by year.

(4) Other bio-based material products

As a pioneer in the field of comprehensive utilization of waste oil resources, the company has now achieved large-scale sales in biofuels, bio-based materials and other fields. At the same time, with the excellent characteristics and R&D strength of biodiesel, it continues to expand its applications in slime flotation (collector, foaming agent), asphalt (extension agent), ink (connecting material), drilling (lubricant) and other subdivisions. In the future, the company will further expand its sales and R&D teams, improve team quality and technical support, and gradually increase the sales volume and product competitiveness of bio-based materials in subdivided fields.

3. Oleochemical business

The company provides customers with a series of oleochemicals such as DD oil and fatty acids based on its long-term accumulation of supply channels, testing application data, mechanism research and formulation technology. Relying on the database formed by years of industry experience and its own accumulated testing application data, the company classifies, processes and sells co-products or by-products from existing supplier channels such as grain, oil, food processing companies, and oleochemical companies according to their added value and degree of standardization.

(2) The company’s main business model

1. Profit model

In terms of biofuels, the company mainly sells biodiesel to internationally renowned energy terminal customers. It can customize and produce biodiesel with different cold filtering points according to the different climate conditions and needs of the customer's region and export it to overseas markets.

In terms of bio-based materials, the company's biodiesel formula products are auxiliaries used in pesticides, fertilizers, mineral processing, inks and other fields. After considering the needs and effects of downstream applications of customers, we provide them with high value-added auxiliary products through high customization and reach in-depth cooperative relationships with enterprises. Based on the company's scale and process advantages, the industrial-grade blended oil is processed into industrial-grade blended oil products that meet customer index requirements and sold to domestic and foreign downstream biodiesel and SAF manufacturers.

2. Procurement model

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The main raw materials purchased by the company are waste oil, biodiesel, fatty acids, etc. The company's main procurement targets are grain, oil and food processing companies, oleochemical companies, kitchen processing companies, waste oil disposal companies, regional individual suppliers, etc. It also actively expands other supply channels to ensure the supply of raw materials. The company formulates a procurement plan every month based on the warehouse inventory and production plan, selects specific suppliers in accordance with the company's procurement management regulations, determines the price, purchase quantity, delivery date, etc., and issues purchase orders; the quality control department inspects the purchased raw materials, and approves them for storage after passing the inspection. The procurement model is mature and stable.

3. Production mode

The company's core production links include the raw material pretreatment and refining process, esterification transesterification process, distillation process, modification, compounding process, etc. Among them, the raw material pretreatment and refining process processes waste oils of different quality into unified standard industrial-grade mixed oil through a series of technological processes; The esterification and transesterification process produces biodiesel and glycerol from waste oil through esterification and transesterification reactions; the distillation process refines and separates different components of biodiesel; and the compounding process prepares different components of biodiesel into bio-based materials based on customer needs and the company's mastery of formula technology. Since the company's bio-based material customers are involved in multiple sub-sectors such as pesticides, chemical fertilizers, mineral processing, and printing inks, the downstream needs are relatively diversified. They are processed according to customer needs and compounded to produce the final products required by customers.

For biodiesel, the company's production department formulates a unified production plan and produces it in batches based on factors such as the supply cycle of waste oil, the comprehensive situation of production equipment, and market prices. The company has established strict "Production Management System" and other quality control documents to ensure that the products produced and delivered by the company meet quality control requirements.

4. Sales model

The company mainly adopts the direct sales sales model. According to customer classification, the company's downstream customers are mainly end customers, supplemented by trader customers. End customers are customers who purchase the company's products for production or consumption. According to the classification of sales areas, the company's product sales are divided into domestic sales and export sales. Among them, the company's export products are mainly biofuels and industrial-grade mixed oils; the company's domestic products are mainly bio-based materials and oleochemicals. For domestic sales, the company mainly delivers goods to the customer's designated delivery location according to customer requirements or picks them up by the customer themselves, and the customer carries out corresponding inspection and signature. For overseas sales, the company mainly adopts FOB and CIF methods.

The company's bio-based materials used in the field of chemical fertilizers have a PSC sales model, that is, the company customizes formula products based on customer needs and goals and develops overall technical solutions based on the production process and variety structure of fertilizer companies. At the end of the month, the sales amount is settled based on the amount of finished fertilizer processed by the customer, that is, "sales amount = customer's qualified fertilizer output × unit price".

5. R&D model

In terms of research and development, the company has always focused on the core idea of "basic research, material development, and application development" to continue to expand the utilization boundaries of waste oils, continuously improve raw material utilization efficiency and product yields, and accelerate the application layout of resource-based products in diverse downstream fields. While adhering to independent innovation, the company deeply integrates industry-university-research resources, steadily promotes the substitution process of bio-based materials for traditional fossil-based materials, and continues to expand in-depth applications in chemical industry and other fields. At present, the company has built a complete waste resource recycling industry chain of "waste grease - biofuel (biodiesel) - bio-based materials", and has successfully realized the large-scale application of bio-based materials in multiple subdivisions such as agrochemicals, forming a differentiated competitive advantage. The R&D system is mature and the model is stable, providing solid support for sustainable development.

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Description of the company’s new important non-main business during the reporting period

□Applicable √Not applicable

2. Industry conditions of the company during the reporting period

According to the "National Economic Industry Classification (GB/T4754-2017)" promulgated by the National Bureau of Statistics, the company's industry belongs to the "Non-metallic scrap and chip processing industry (C4220)" subcategory under the "Waste Resources Comprehensive Utilization Industry (C42)" category. The company belongs to the comprehensive utilization industry of waste oil resources and is located between the upstream waste oil production and collection industry and the downstream fuel, agrochemical and other industries.

(1) Overview and development trends of the comprehensive utilization of waste resources industry

1. Waste oil resources are abundant and the recycling system tends to be improved.

my country is rich in waste oil resources, has a large space for development of waste oil collection and utilization, and has a waste oil supply potential of over 12 million tons per year. It is the most important country with waste oil resources. my country's waste oils and fats mainly come from waste generated by edible oil consumption, so the resource amount of waste oils and fats is linked to edible oil consumption and eating habits. The generation and distribution of waste oil also have obvious regional characteristics. Due to factors such as eating habits, Sichuan and Chongqing regions have produced abundant waste oil resources, and the recycling potential of kitchen waste oil is huge. Waste grease also has the characteristics of wide sources, various types, and difficulty in collection. Waste grease in my country is mainly recycled through individual traders and kitchen processing companies, and the industry concentration is low. After obtaining government franchise rights, kitchen processing companies operate kitchen processing projects through BOT, PPP and other models, conduct unified collection and transportation of urban kitchen waste, and process waste grease in kitchen factories.

The state has issued relevant policies to continuously regulate the collection and disposal of waste oils and fats. In 2024, the General Office of the State Council issued the "Opinions on Accelerating the Construction of a Waste Recycling System", which requires accelerating the construction of urban domestic waste treatment facilities and improving the energy and resource utilization level of waste oils and other kitchen waste. Local policies, represented by cities with rich waste oil resources such as Shanghai, Guangzhou, and Chongqing, continue to improve the food waste recycling system. In 2025, Shanghai revised the "Shanghai Waste Cooking Oils and Grease Treatment Management Measures" and issued the "Shanghai City Fund Management Measures to Support the Promotion and Application of Biodiesel from Waste Kitchen Waste Oils"; in 2025, Guangzhou City revised the "Guangzhou City Food Waste Management Measures" to clarify that kitchen waste and oils must be resourcefully utilized or harmlessly disposed; in 2024, Chongqing City issued the "Chongqing Wasted Edible Oils and Fats Management Regulations (Trial)" to standardize the collection, transportation and disposal system of waste oils and fats. With the continuous improvement of the collection and transportation system and regulatory regulations, the collection rate and resource utilization of waste oil in my country will continue to improve.

2. Driven by environmental protection policies, the value of waste grease continues to highlight

As international carbon emission reduction targets and policies continue to become more stringent, the use of green fuels has become a key path to carbon reduction. Biofuels and bio-based materials are currently the best ways to utilize waste oil resources. On the one hand, they can effectively reduce carbon emission intensity and are in line with the national "double carbon" policy background. On the other hand, they can reduce environmental pollution, food safety and other issues, and enable efficient and economical treatment of waste oil resources. Under the wave of global energy green transformation, biofuels are one of the most direct and effective means to replace fossil energy with the advantages of important strategic values ​​such as carbon emission reduction, waste recycling, and energy security. Compared with fossil fuels, biofuel combustion can effectively reduce carbon emissions and reduce dependence on petrochemical energy, which is in line with the trend of green and circular economic development.

(2) Overview and development trends of the biofuel industry

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Due to factors such as population, eating habits, and food strategies, the biodiesel produced in my country mainly uses waste kitchen grease as raw material, while the European Union and the United States mainly use vegetable oil as raw material. According to the EU's Renewable Energy Directive III (RED III), waste grease ester-based biodiesel can reduce typical greenhouse gas emissions by up to 84% compared with fossil fuels. Therefore, proportional blending of biodiesel is an important measure to achieve the goal of carbon neutrality.

1. International blending policies continue to improve, and biodiesel demand is supported

At present, more than 150 countries and regions around the world have pledged to achieve carbon neutrality. China also announced in 2020 that it will strive to achieve carbon peak before 2030 and achieve carbon neutrality before 2060. In order to achieve the "double carbon" goal, various countries have successively launched corresponding policies to promote the development of green energy. As an environmentally friendly renewable energy source, biodiesel has significant carbon emission reduction effects in the transportation field and is one of the important carbon reduction solutions for road transportation and shipping. Driven by the policies of many countries, global biodiesel consumption is growing year by year. Currently, the EU is the main consumer of biodiesel. According to the EU's Renewable Energy Directive III (REDIII), renewable energy in the transportation sector is required to account for 29% in 2030, of which advanced biofuels must account for 5.5%. Member states are required to convert the REDIII directive into their national laws. In addition, Indonesia, the United Kingdom, Switzerland and other countries have also stipulated requirements for the blending of biofuels in the transportation field.

2. Guided by domestic carbon reduction policies, the domestic demand market welcomes opportunities

Biodiesel is not only a substitute for petrochemical diesel, but also has important strategic significance in energy security, waste recycling, and carbon reduction. Therefore, domestic policies are also constantly encouraging the development of the biofuel industry. Due to the country’s long-term policy of “not competing with people for food and not competing with food for land”, domestic biodiesel raw materials are mainly waste oils and fats, and a value chain has gradually formed from the front-end collection and processing of waste oils and fats to the production of high value-added resource-based products. In the context of my country's "carbon peak" and "carbon neutrality", there is a clear green and low-carbon transformation policy orientation. In November 2025, the State Council Information Office released the "China Action to Peak Carbon Neutral" white paper, orderly promoting the application of clean liquid fuels such as biofuel ethanol and biodiesel; the National Development and Reform Commission promulgated the "About Vigorously Implementing Renewable Energy Substitution" Guiding Opinions on Action" (Fagai Energy [2024] No. 1537), develop bio-natural gas, biodiesel, bio-jet fuel and other green fuels according to local conditions; the National Energy Administration issued the "National Energy Administration's Notice on Organizing and Carrying out Pilot Demonstrations for the Promotion and Application of Biodiesel" (Guoneng Fa Science and Technology [2023] No. 80) and other policies to encourage the development of the biodiesel industry.

3. The shipping industry is moving towards net-zero emissions, and biofuels have become a key carbon reduction path.

The shipping emission reduction plan promotes the development of biofuels, and adding non-fossil fuels is an important measure for carbon reduction in the shipping industry. According to the EU's Renewable Energy Directive III (REDIII), biodiesel certified under this directive is one of the important shipping carbon reduction fuels recognized by the EU and can effectively reduce the full-cycle carbon emissions of shipping. With the introduction of policies and the increasingly stringent requirements for carbon emission reduction, global consumption demand for biofuels has been promoted.

The domestic biofuel oil market is also actively advancing. In March 2026, the first domestic biofuel oil blending pilot business under processing trade was successfully launched in the Zhejiang Free Trade Pilot Zone. 2,000 tons of biodiesel and 6,300 tons of high-sulfur fuel oil began to be mixed in the storage tanks of Sinochem Xingzhong Petroleum Transshipment (Zhoushan) Co., Ltd., marking a "zero breakthrough" in my country's independent production of green ship fuel.

(3) Overview and development trends of the bio-based materials industry

1. Industrial grade mixed oil

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Industrial-grade mixed oil refers to products that have standardized treatment of waste grease and reached industrial-grade usage standards. It can be used to produce renewable fuels such as biodiesel and biojet fuel or directly used in the downstream chemical industry. Global industrial-grade blended oil is mainly used in the production of renewable fuels such as biodiesel and biojet fuel, while the rest is used in chemical industry, agriculture and other fields.

(1) The rise of global SAF drives growth in demand for raw materials

As the demand for downstream products of waste oil increases, the value of industrial-grade mixed oil as its raw material continues to be valued. Sustainable aviation fuel (SAF) refers to aviation fuel that is made from renewable resources or waste and has passed airworthiness certification and sustainability certification. Its energy density and volume density are basically the same as traditional aviation kerosene. It can be directly blended with traditional aviation fuel without changing aviation equipment. The SAF emission reduction under different preparation routes can reach more than 50%, and the emission reduction of some routes can be as high as 85%. Currently, the carbon emissions of the aviation industry account for about 3% of human carbon emissions, and the aviation industry has the characteristics of long research and development cycles and strict safety standards. Therefore, relying on SAF's advantages in carbon emission reduction and the convenience of adding, without changing aviation equipment, SAF has become a key path for decarbonization of the global aviation industry. The HEFA process is the current mainstream SAF production path that can be commercialized. Waste kitchen oil and grease as its raw material have been commercialized on a large scale. The strategic importance of industrial-grade mixed oil as a key raw material has become increasingly prominent.

(2) Domestic policies gradually guide the application of SAF

China has announced a series of encouraging policies for the SAF industry and has conducted a number of pilot projects. SAF may become an important part of the decarbonization strategy of the domestic aviation industry. The State Council's "Carbon Peak Action Plan before 2030" proposes to "vigorously promote advanced bio-liquid fuels, SAF and other alternatives to traditional fuels"; in September 2024, the National Development and Reform Commission and the Civil Aviation Administration launched a pilot launch ceremony for sustainable aviation fuel applications; in May 2025, the domestic bio-jet fuel "white list" export policy was implemented, opening up key links for product exports and providing a clear basis for implementation. In November 2025, the State Council Information Office released the white paper "China's Action to Peak Carbon Neutrality", which clearly mentioned increasing the efforts to replace traditional fuels with advanced bio-liquid fuels, sustainable aviation fuels, etc.

2. Pesticide auxiliaries

(1) Pesticides turn to green environmental protection and move towards sustainable development

In agricultural production, pesticides have the functions of preventing and controlling crop diseases, insect pests and weeds, regulating crop growth, and improving the quality and yield of agricultural products. Pesticide adjuvants, as important ingredients added during the processing or application of pesticide preparations, undertake different functions such as diluting the original drug, promoting dispersion and penetration, and enhancing adhesion. Their potential market size is related to the high-quality development of the pesticide market. As an important part of pesticide processing, pesticide adjuvants can improve pesticide efficacy and enhance leaf adsorption. Therefore, pesticide auxiliaries are positively related to pesticide development. As the world's awareness of environmental protection and policy requirements increase, the pesticide industry is developing in a green, low-toxic, and environmentally friendly direction. Biopesticides are replacing chemical pesticides, and green pesticide auxiliaries are gradually replacing highly toxic auxiliaries. This marks the transition of pesticides to a stage of sustainable development.

(2) Domestic policies guide green transformation and promote sustainable development of the industry

Due to factors such as population and cultivated land area, my country has become the world's largest producer and exporter of pesticides. The domestic pesticide industry shows large output and a complete industrial chain. In recent years, my country's environmental protection policies have continued to become stricter, and the pesticide industry has been continuously required to develop towards green and high-quality development.

In terms of policy, our country has issued the "14th Five-Year Plan for National Pesticide Industry Development Plan" to develop and promote efficient and low-toxic pesticides to replace high-toxic and high-risk pesticides, promote green, intelligent, and continuous production, and integrate the concept of green development throughout all aspects of the development of the pesticide industry.

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Festival. In the "Guidance Catalog for Industrial Structural Adjustment (2024 Edition)", the development and production of new varieties, new dosage forms, special intermediates and auxiliaries of efficient, safe and environmentally friendly pesticides, the production of chiral and stereostructured pesticides by directional synthesis, and the development and production of new biopesticides products and new technologies are encouraged. With the guidance of national policies and the improvement of social environmental awareness, the domestic pesticide industry is following the world trend and developing towards technological innovation and green environmental protection. At the same time, industry concentration and standardization are expected to increase.

3. Fertilizer additives

Chemical fertilizers are one of the cornerstones of modern agricultural production. my country is a major producer and consumer of chemical fertilizers. Driven by environmental protection, the rational use and efficiency improvement of chemical fertilizers has become an industry consensus. Driven by the tightening of environmental protection policies and the improvement of product standards, chemical fertilizer additives are accelerating towards green and efficient iteration. As the country attaches great importance to the control of agricultural non-point source pollution, biodegradable and environmentally friendly anti-caking agents are gradually replacing traditional petrochemical-based products. Green products using natural degradable vegetable oils and bio-based surfactants as raw materials are becoming the focus of industry research and development.

From the perspective of product functions, the development of chemical fertilizer additives is moving from simplicity to diversification and multi-functionality. Modern fertilizer products are developing towards diversified, water-soluble, high-concentration, slow-controlled release, long-lasting, insecticidal and weeding and other multi-functional directions. This requires chemical fertilizer additives not only to solve the caking problem, but also to coordinate with the functional properties of fertilizers. For example, for water-soluble fertilizers, fertilizer additives need to have good dispersion and wettability, which can prevent particle adhesion without affecting the dissolution rate of fertilizers in water; for slow- and controlled-release fertilizers, fertilizer additives need to be compatible with coating materials to jointly control nutrient release.

3. Discussion and analysis of operating conditions

(1) Main operating data during the reporting period

In 2025, the company achieved operating income of 3.171 billion yuan, an increase of 62.77% over the same period last year; total profit was 153 million yuan, an increase of 14.19% over the same period last year; net profit attributable to shareholders of the parent company was 141 million yuan, an increase of 13.52% over the same period last year. At the end of the reporting period, the company's total assets were 2.225 billion yuan, an increase of 79.93% from the end of the previous year; the total equity attributable to shareholders of the parent company was 1.698 billion yuan, an increase of 124.64% from the end of the previous year.

During the reporting period, the company was awarded the key "Little Giant" enterprise, the first prize of the Jiangsu Province Science and Technology Progress Award in 2024, the Provincial Carbon Peak Carbon Neutral Science and Technology Innovation Special Fund Project in 2025, and the oil auxiliary (flotation agent) was recognized as a new technology and new product that will be promoted and applied in Jiangsu Province in 2025. It also successfully passed the national specialization and special new "Little Giant" re-evaluation.

(2) Completion of key tasks during the reporting period

1. Actively respond to the EU’s anti-dumping investigation on Chinese biodiesel, with remarkable results

(1) Accelerate the layout of upstream raw materials and realize the step-by-step utilization of waste grease

2025 is the first year of sustainable aviation fuel (SAF). Industrial-grade blended oil is its core raw material, and market demand is growing rapidly. While maintaining stable cooperation with large grain and oil companies, kitchen processing companies, oil processing companies and other channels, the company has increased cooperation with regional individual suppliers and focused on developing suppliers in areas rich in waste oils such as Sichuan and Chongqing. The company relies on a mature recycling network

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Work with long-term suppliers to ensure the continuity and stability of raw materials. During the reporting period, the production volume of industrial-grade blended oil was 235,708.64 tons, a year-on-year increase of 37.75%; the sales volume was 190,764.21 tons, a year-on-year increase of 163.39%.

(2) Actively expand the application scenarios of bio-based materials and increase the proportion of high value-added bio-based materials

In terms of pesticide auxiliaries and fertilizer auxiliaries, business growth comes from the continuous cooperation with existing customers on the one hand, and the development of customized formula products based on the target products and usage scenarios of different customers. The product's strong competitiveness and customer stickiness have enabled the product's sales to maintain steady growth; on the other hand, it comes from the development of new domestic customers, providing them with green and environmentally friendly and efficient additives. The company continues to strengthen the development of new products in other subdivided fields of bio-based materials. The company and China University of Mining and Technology jointly researched the "Key Technology for Precise Control and Enhanced Separation of Strategic Mineral Flotation Interfaces" and won the first prize of Jiangsu Province Science and Technology Progress Award. The company reached a framework agreement on secondary flotation reagents with the Oil Products Branch of Shanxi Coking Coal Group Co., Ltd., marking an important breakthrough for the company in collectors and frothers used in the flotation of bio-based coal slime. At the same time, the company is also actively developing new products such as non-fluorescent, low (no) chlorine environmentally friendly lubricants, asphalt extenders, anti-floating and anti-caking agents, etc.

During the reporting period, revenue from bio-based materials (including industrial-grade mixed oil) was 2,436.0441 million yuan, an increase of 99.80% over the same period last year.

(3) Strengthen the sales of overseas marine biofuels and biodiesel products in non-EU regions, increase biodiesel sales in non-EU regions, and reduce the impact of EU anti-dumping on the company's biofuel business. During the reporting period, biofuel revenue was 391.9825 million yuan, an increase of 6.03% over the same period last year.

2. Adhere to R&D innovation and diversified product development

Based on the research and development characteristics of biofuels, bio-based materials and other products, the company achieves efficient purification of different quality oil raw materials through multi-step collaboration such as impurity removal, degumming, and chelation, and further prepares green biofuels. In terms of research and development of bio-based materials, the company identifies industry needs and carries out empowerment modifications to improve efficiency and meet application scenarios, thereby forming core technologies and process routes with independent intellectual property rights.

The company always attaches great importance to R&D capability building and regards R&D innovation as an important driving factor for the company's growth. The company focuses on "basic research, material development, and application development" and relies on technological processes with independent intellectual property rights to maintain the company's competitiveness in the industry. In the process of developing new products, the R&D team maintains in-depth collaboration with end customers, accelerates the transformation of R&D results into mass production and sales, continuously expands the alternative application of bio-based materials to traditional fossil-based materials, and actively integrates into the national green, low-carbon, and circular economy development strategy. The company attaches great importance to the protection and layout of core technologies, laying a solid foundation for the company's continuous innovation and high-quality development. As of December 31, 2025, the company has cumulatively authorized 145 patents, including 34 domestic invention patents and 3 international invention patents. During the reporting period, the company obtained 19 new authorized patents, including 4 invention patents.

3. Strengthen the construction of talent echelon and enhance the company’s comprehensive competitiveness

As the company's business scale continues to expand, higher requirements are placed on technology and talent. During the reporting period, the company strengthened its talent introduction and internal training mechanism. It introduced "management trainees" from universities such as Jiangnan University, Hefei University of Technology, and Suzhou University, and arranged their rotational studies according to the training plan of each position, providing strong talent support for the subsequent business development of the company. At the same time, the company continued to improve performance and incentive mechanisms to stimulate employees' work enthusiasm, accelerate the construction of various talent teams, and meet management requirements. The company has built a talent echelon that is consistent with the company's development strategy, and has improved the overall quality of the company's employees through continuous education and training, laying a solid foundation for the company's research and development and product upgrades.

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4. Actively deploy strategic cooperation to lay a solid foundation for the company's new business growth points

The company has successively signed strategic cooperation framework agreements with leading enterprises in the industry such as China Marine Fuel Co., Ltd. and PetroChina Fuel Oil Co., Ltd. The parties agreed to cooperate in business, technology, and promotion of industrial development. Through strategic cooperation, the two parties complement each other's advantages and achieve win-win cooperation, laying the foundation for the company's subsequent business expansion in the domestic market such as biodiesel pilot promotion and bio-fuel application.

5. Improve the level of corporate governance and ensure the company’s stable operation

The company strictly abides by laws and regulations, builds a scientific and efficient corporate governance system, and ensures standardized, healthy and sustainable operations of the company. The company continues to improve various management systems, sort out and optimize operating processes, ensure that the company's work is rules-based and evidence-based, and improve management efficiency and operational quality; at the same time, it builds an "all-round, multi-level" supervision system, integrates internal supervision and external supervision resources, strengthens supervision and restraint on the company's operation and management, decision-making execution, financial operations and other aspects to prevent various risks.

4. Analysis of core competitiveness during the reporting period

√Applicable □Not applicable

(1) Advantages of technology research and development

As a pioneer in the field of comprehensive utilization of waste oil resources, the company integrates the concept of "basic research, material development, and application development" into daily operations, forming differentiated competitive advantages in downstream bio-based materials and other subdivisions. Based on long-term industry understanding and technical experience in the application of waste grease, the R&D team has formed a series of core application technologies for comprehensive utilization of grease, and the number of patents is in a leading position in the same industry.

Due to the wide range of downstream application fields of bio-based materials and the diverse types of customer products and processes, the products are highly customized. Taking the field of pesticide auxiliaries as an example, the R&D team relies on long-term technical experience and matches the appropriate products according to the properties of different original drugs, the proportion of solid content, and the characteristics of the target crops, ensuring that the preparations have a stable shelf life and promoting the adhesion and penetration of the medicinal solution on the target crops. The company provides customers with full-process services from formula research and development, product registration certificate application to industrial production, and maintains in-depth technical exchanges and cooperation with pesticide manufacturers, forming a high user stickiness.

While relying on its own R&D capabilities, the company attaches great importance to industry-university-research cooperation and has established long-term cooperative relationships with scientific research institutions such as China University of Mining and Technology and Jiangnan University. It leverages the advantages of higher education institutions in theoretical and basic research and its accumulation of related technologies to provide theoretical guidance and experimental verification for technology development and application expansion, and accelerate the process of technology research and development and product application promotion.

(2) Advantages of production technology

In terms of raw material pretreatment, due to the wide range of sources of waste grease and the large differences in indicators such as water impurities, sulfur, chlorine, nitrogen, phosphorus, acid value and metal ion content, how to handle raw materials with complex compositions is one of the industry's thresholds. Relying on the long-term technology and application experience accumulated in the comprehensive utilization of waste oil resources and oleochemicals business, the company continuously summarizes and improves production equipment, production processes, process methods and technical parameters, and applies patented results to actual production. The company's raw material testing and pretreatment technology uses big data comparison and rapid analysis methods to quickly and efficiently test multiple batches of raw materials, and uses automated hydration purification technology to continuously process raw materials. Through advanced production technology, the company can produce and process raw materials of different qualities into standardized industrial-grade mixed oil, and efficiently separate and remove impurities such as sulfur, chlorine, phosphorus, and metal ions. Industrial

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The quality of grade mixed oil products meets the different production technology requirements of various SAF manufacturers, providing downstream SAF customers with high-quality and reliable raw material products.

In terms of producing biodiesel, the company uses biodiesel modification synthesis technology and refining and purification technology, and switches to new alkaline catalysts and acidic catalysts to achieve full utilization of waste oils into bio-based materials and biofuels, further improving the yield of end products; through unique cutting and separation technology of different carbon chain components, the company realizes the separation of biodiesel with different cold filtering points, and obtains biodiesel that can be used at low temperatures. Low pouring point biodiesel can adapt to high altitude and high latitude areas and is highly competitive in regions such as Northern Europe.

(3) Advantages of procurement channels

Waste grease is the main raw material for the production of biodiesel in my country at this stage, and the procurement of waste grease is crucial to the development of enterprises. Since the overall industry pattern of waste grease is "multiple and scattered", the company has established a nationwide supply management system and worked closely with regional strategic partners. The company dispatches technical teams to continuously train regional suppliers, sign long-term contracts, lock in supply, reduce supplier risks, and enhance competitiveness. While the company is actively developing regional individual suppliers, it has also deployed multiple locations in grain, oil and food processing companies, oleochemical companies, and kitchen processing companies to ensure the adequacy, timeliness and selectivity of the company's raw material supply. With the location advantage of being adjacent to the Yangtze River, the company's raw material procurement range can radiate to most of the Yangtze River Basin, and water transportation has obvious cost advantages compared to land transportation.

(4) Customer channel advantages

In the early days, the company accumulated customers in multiple industries through its oleochemical business, especially those in the agrochemical field. In the process, it accumulated a large amount of experience in the application of oleochemicals in different industries. As the company's bio-based materials are gradually applied in downstream applications and achieve better product sales, the company has established differentiated competitive advantages in segmented fields, and has established high industry visibility and strong brand influence in the industry. The company has reached long-term cooperation with many leading companies in the agrochemical field, such as Fengle Seed Industry, Jiuyi Stock, Lutianhua, Sichuan Meifeng, Batian Stock, etc. The company relies on its high-quality industrial-grade blended oil products to cooperate with domestic and foreign SAF manufacturers such as Haixi Nengke, Jia'ao Environmental Protection, and Shandong Haike Chemical Co., Ltd. In the field of biofuels, the company has passed inspections and cooperated with qualified suppliers of many large biofuel customers.

5. Main operating conditions during the reporting period

In 2025, the company achieved operating income of 3.171 billion yuan, an increase of 62.77% over the same period last year; a total profit of 153 million yuan, an increase of 14.19% over the same period last year; net profit attributable to shareholders of the parent company was 141 million yuan, an increase of 13.52% over the same period last year.

(1) Main business analysis

1. Analysis table of changes in relevant items of the income statement and cash flow statement

Unit: Yuan Currency: RMB

Item Number for the current period Number for the same period last year Change ratio (%) Operating income 3,170,795,556.18 1,948,016,326.78 62.77 Operating costs 2,911,878,853.16 1,720,659,550.01 69.23 Sales expenses 20,780,735.85 21,810,250.8 -4.72Administrative expenses 37,464,546.36 29,065,633.53 28.90Financial expenses 7,931,404.54 1,208,954.66 556.05

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Research and development expenses 68,180,579.01 53,566,132.33 27.28 Net cash flow from operating activities -26,438,389.98 22,430,327.49 -217.87 Net cash flow from investing activities -323,267,701.61 -78,919,253.23 Not applicable Net cash flow generated from financing activities 746,209,490 64,907,227.88 1,049.66 Reasons for changes in operating income: During the reporting period, the growth in operating income was mainly due to the increase in market demand and sales.

Explanation of reasons for changes in operating costs: During the reporting period, the increase in operating costs was mainly due to the increase in costs corresponding to the sales of industrial-grade blended oil. Explanation of reasons for changes in sales expenses: During the reporting period, the decrease in sales expenses was mainly due to the decrease in warehousing expenses.

Explanation of reasons for changes in administrative expenses: During the reporting period, the increase in administrative expenses was mainly due to the increase in listing-related expenses and employee salaries.

Explanation of reasons for changes in financial expenses: During the reporting period, the increase in financial expenses was mainly due to the increase in financing scale and the impact of exchange gains and losses. Explanation of reasons for changes in R&D expenses: During the reporting period, the increase in R&D expenses was mainly due to the increase in investment in R&D projects.

Explanation of reasons for changes in net cash flow from operating activities: During the reporting period, the decrease in net cash flow from operating activities was mainly due to the increase in inventory preparation.

Explanation of reasons for changes in net cash flows from investing activities: During the reporting period, the decrease in net cash flows from investing activities was mainly due to the purchase of investment and financial management.

Explanation on reasons for changes in net cash flow generated from financing activities: During the reporting period, the increase in net cash flow generated from financing activities was mainly due to listing financing.

Detailed description of major changes in the company's business type, profit composition or profit sources during the current period

□Applicable √Not applicable

2. Revenue and cost analysis

√Applicable □Not applicable

The company's operating income in 2025 was 3,170,795,600 yuan, a year-on-year increase of 62.77%, of which main business income was 3,164,224,600 yuan, a year-on-year increase of 62.67%, mainly due to the growth of bio-based materials. Operating costs were 2,911,878,900 yuan, a year-on-year increase of 69.23%, of which main business costs were 2,906,601,200 yuan, a year-on-year increase of 69.12%, mainly due to the increase in the cost of bio-based materials.

(1). Main business breakdown by industry, product, region, and sales model

Unit: Yuan Currency: RMB Main business by industry

Operating income ratio Operating cost ratio

Branch Gross profit margin Gross profit margin compared to operating income Increase or decrease in operating costs over the previous year Increase or decrease over the previous year

Industry (%) Annual increase or decrease (%)

(%) (%)

abandoned

Grease

Resources reduced by 4.17

2,828,026,650.86 2,593,716,749.04 8.29 77.98 86.47

Comprehensive percentage utilization

business

Grease

Reduction of 1.08 chemicals 336,197,987.03 312,884,401.49 6.93 -5.63 -4.53

Percent product

Main business breakdown by product

Operating income ratio Operating cost ratio

Distribution Gross profit margin Gross profit margin compared to operating income Increase or decrease in operating costs in the previous year Increase or decrease in the previous year

Product (%) Yearly increase or decrease (%)

(%) (%)

biology

Reduce 5.57 base materials 2,436,044,110.80 2,238,800,919.97 8.10 99.80 112.69

percentage point material

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Creatures increased by 0.98

391,982,540.06 354,915,829.07 9.46 6.03 4.89

Fuel percent grease

Reduction of 1.08 chemicals 336,197,987.03 312,884,401.49 6.93 -5.63 -4.53

Percent product

Main business by region

Operating income ratio Operating cost ratio

Gross profit margin by location Gross profit margin compared to operating income Increase or decrease in operating costs in the previous year Increase or decrease in the previous year

District (%) Annual increase or decrease (%) (%) (%)

Reduced by 5.53 domestic 2,198,413,421.83 2,021,657,325.24 8.04 74.93 86.12

percentage points

Increased by 0.24 foreign countries 965,811,216.06 884,943,825.29 8.37 40.29 39.92

Percent main business breakdown by sales model

Operating income ratio Operating cost ratio

Sales Gross Profit Margin Gross Profit Ratio

Operating income Operating costs Increase or decrease in the previous year Increase or decrease in the previous year

Mode (%) Yearly increase or decrease (%) (%) (%)

Direct sales reduced by 3.50 3,164,224,637.89 2,906,601,150.53 8.14 62.67 69.12

Explanation of the main business of Baidu by industry, product, region and sales model

The comprehensive utilization business of waste oil resources accounts for 89.38% of the main business income. The increase in operating income is mainly due to the increase in sales of bio-based materials, and the increase in operating costs is mainly due to the increase in the cost of bio-based materials.

Domestic operating income increased by 74.93% compared with the previous year, mainly due to the increase in sales of bio-based materials.

(2). Production and sales analysis table

√Applicable □Not applicable

Production volume ratio Sales volume ratio Inventory volume ratio

Main products Production volume Sales volume Inventory volume Increase/decrease in the previous year Increase/decrease in the previous year Increase/decrease in the previous year

(%) (%) (%) Industrial grade blended oil tons 235,708.64 190,764.21 14,771.65 37.75 163.39 644.12 Biodiesel tons 76,566.78 84,922.98 5,858.75 -4.44 -1.64 112.53 Note: Biodiesel sales volume refers to the biodiesel content and biofuel quantity in the bio-based materials sold.

Description of production and sales

The growth in industrial-grade blended oil production is mainly due to the growth in market demand.

(3). Performance of major purchase contracts and major sales contracts

□Applicable √Not applicable

(4). Cost analysis table

Unit: Yuan Currency: RMB Industry Situation

Amount of current period

Cost for the current period as a percentage of the total for the same period last year

Branch Same situation as last year Amount for the current period Cost ratio Amount for the same period last year Percentage of total costs

Industry Period Change Ratio Explanatory Items (%) Proportion (%)

Example(%)

abandoned abandoned abandoned

2,593,716,749.04 89.24 1,390,969,950.42 80.93 86.47

oil grease

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resources resources

Comprehensive Comprehensive

take advantage of

business business

cost

Grease

Grease

Chemistry

Chemistry 312,884,401.49 10.76 327,729,766.42 19.07 -4.53

Finished

product

Ben

Situation by product

Amount of current period

Cost for the current period as a percentage of the total for the same period last year

Distribution Compared with the previous year, the composition is the same. Amount for the current period. Cost ratio. Amount for the same period last year as a share of the total cost.

Product period change ratio Description item (%) Proportion (%)

Example (%) direct

2,140,131,876.35 95.59 996,531,488.34 94.67 114.76Materials

directly

Biology 9,583,688.75 0.43 6,727,975.04 0.64 42.45

Artificial

base material

manufacturing

Materials 39,740,029.86 1.78 17,885,974.59 1.70 122.19 Expenses

Miscellaneous luck

49,345,325.01 2.20 31,462,678.39 2.99 56.84 fee

directly

319,219,377.40 89.94 294,219,005.30 86.95 8.50Material

directly

2,152,679.34 0.61 2,243,145.04 0.66 -4.03 Biological artificial

fuel manufacturing

23,484,454.56 6.62 26,516,045.20 7.84 -11.43Expenses

Miscellaneous luck

10,059,317.77 2.83 15,383,638.52 4.55 -34.61 fee

directly

303,924,528.94 97.14 320,127,529.09 97.68 -5.06Material

directly

Grease 199,365.28 0.06 254,628.79 0.08 -21.70

Artificial

Chemistry

manufacturing

Products 163,050.64 0.05 125,650.94 0.04 29.76Expenses

Miscellaneous luck

8,597,456.63 2.75 7,221,957.60 2.20 19.05

fee

Cost analysis and other explanations

The company's product costs are mainly affected by direct materials, with less impact from direct labor, manufacturing expenses, and transportation and miscellaneous expenses.

The increase in direct materials, direct labor, manufacturing expenses, and transportation expenses of bio-based materials is mainly due to the growth of the bio-based materials business and the corresponding increase in the cost of bio-based materials.

The decrease in biofuel transportation and miscellaneous expenses was mainly due to adjustments in packaging and customer delivery needs.

The increase in operating costs of the comprehensive utilization of waste resources business was mainly due to the increase in sales of bio-based materials, resulting in simultaneous growth in operating income and operating costs.

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(5). Changes in the scope of consolidation caused by changes in the equity of major subsidiaries during the reporting period

√Applicable □Not applicable

During the reporting period, the company added 2 new consolidated units, namely: Gangde New Energy Technology (Luzhou) Co., Ltd. and Luzhou Gangde Environmental Protection Technology Co., Ltd. For details, please refer to "9. Changes in the scope of consolidation" in "Section 8 Financial Report" of this report.

(6). Significant changes or adjustments to the company’s business, products or services during the reporting period

□Applicable √Not applicable

(7). Major sales customers and major suppliers

Customers or suppliers controlled by the same controller are deemed to be the same customer or supplier for consolidated presentation, except those under the actual control of the same state-owned asset management institution.

Description of the following customer and supplier information consolidated and presented according to the same control standards

The Company treats customers or suppliers controlled by the same controller (except those only under the actual control of the same state-owned asset management institution) as the same customer or supplier for consolidated presentation.

A. The company’s main sales customers and main suppliers

√Applicable □Not applicable

The sales volume of the top five customers was RMB 1,116.125 million, accounting for 35.21% of the total annual sales; among the sales volume of the top five customers, the sales volume of related parties was RMB 00,000, accounting for 0% of the total annual sales.

The purchase amount of the top five suppliers was 498.2082 million yuan, accounting for 17.11% of the total annual purchase; among the purchases by the top five suppliers, the purchase amount from related parties was 00,000 yuan, accounting for 0% of the total annual purchase.

B. During the reporting period, the sales ratio to a single customer exceeds 50% of the total, and there are new customers among the top 5 customers or they are heavily dependent on a few customers.

√Applicable □Not applicable

Unit: Yuan Currency: RMB serial number Customer name Sales Proportion of total annual sales (%) 1 Customer two 266,970,604.02 8.42 2 Customer three 190,792,947.84 6.02 3 Customer four 168,858,817.55 5.33

4 Customer 5 168,248,447.47 5.31 Description: New customers are added among the top 5 customers in customers 2, 3, 4 and 5.

During the reporting period, the proportion of purchases from a single supplier exceeds 50% of the total amount, there are new suppliers among the top 5 suppliers, or the situation is heavily dependent on a few suppliers.

□Applicable √Not applicable

C. The company’s stocks were subject to delisting risk warnings or other risk warnings during the reporting period

Top five sales customers

□Applicable √Not applicable

Top five suppliers

□Applicable √Not applicable

D. The company had trading business income during the reporting period

□Applicable √Not applicable

The top five sales customers whose trading business accounts for more than 10% of operating income

□Applicable √Not applicable

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The top five suppliers whose trading business revenue accounts for more than 10% of operating revenue

□Applicable √Not applicable

Other notes:

None

3. Cost

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Account Number of this period Number of previous period Change ratio

Selling expenses 20,780,735.85 21,810,250.80 -4.72% Administrative expenses 37,464,546.36 29,065,633.53 28.90% Research and development expenses 68,180,579.01 53,566,132.33 27.28% Financial expenses 7,931,404.54 1,208,954.66 556.05%

4. R&D investment

(1). R&D investment status table

√Applicable □Not applicable

Unit: Yuan Currency: RMB Expensed R&D investment in this period 68,180,579.01 Capitalized R&D investment in this period / Total R&D investment 68,180,579.01 Total R&D investment as a proportion of operating income (%) 2.15 Proportion of capitalized R&D investment (%) /

(2). R&D personnel status table

√Applicable □Not applicable

The number of R&D personnel in the company 87 The number of R&D personnel as a proportion of the total number of people in the company (%) 22.03

Educational structure of R&D personnel

Academic qualification structure category Academic qualification structure Number of people

Master's degree 13 Bachelor's degree 35 Junior college 27 High school and below 12

Age structure of R&D personnel

Age structure category Age structure number of people

Under 30 years old (excluding 30 years old) 30 30-40 years old (including 30 years old, excluding 40 years old) 35 40-50 years old (including 40 years old, excluding 50 years old) 16 50-60 years old (including 50 years old, excluding 60 years old) 5 60 years old and above 1

(3).Situation description

□Applicable √Not applicable

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(4). Reasons for major changes in the composition of R&D personnel and their impact on the company’s future development

□Applicable √Not applicable

5. Cash flow

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Number for the current period Number for the previous period Change ratio Net cash flow generated from operating activities -26,438,389.98 22,430,327.49 -217.87% Net cash flow generated from investing activities -323,267,701.61 -78,919,253.23 Not applicable Net cash flow generated from financing activities 746,209,490.00 64,907,227.88 1,049.66%

(2) Explanation of significant changes in profits caused by non-main business

□Applicable √Not applicable

(3) Analysis of assets and liabilities

√Applicable □Not applicable

1. Assets and liabilities status

Unit: Yuan Currency: RMB Current period Last period End of current period

The last share The last share The amount is higher

Project name Closing amount of the current period Total assets Closing amount of the previous period Total assets Change ratio at the end of the period Change ratio

(%) (%) (%)

Monetary funds 567,157,391.04 25.49 166,784,851.31 13.49 240.05 Note 1 Accounts receivable financing 12,862,336.23 0.58 43,283,726.14 3.50 -70.28 Note 2 Inventory 522,601,983.74 23.48 242,006,506.14 19.57 115.95 Note 3 Fixed assets 389,868,420.82 17.52 134,247,696.92 10.85 190.41 Note 4 Construction in progress 25,201,303.41 1.13 291,805,362.60 23.59 -91.36 Note 5 Right-of-use assets 1,811,863.71 0.08 6,971,038.52 0.56 -74.01 Note 6 Long-term deferred expenses 1,622,014.62 0.07 2,607,089.13 0.21 -37.78 Note 7 Deferred income tax assets 11,655,955.77 0.52 8,858,497.68 0.72 31.58 Note 8 Other non-current assets 4,818,356.73 0.22 2,326,655.97 0.19 107.09 Note 9 Notes payable 55,314,977.51 2.49 37,812,830.60 3.06 46.29 Note 10 Accounts payable 112,977,617.18 5.08 75,298,421.85 6.09 50.04 Note 11 Contract liabilities 51,076,712.73 2.30 27,438,888.17 2.22 86.15 Note 12 Employee benefits payable 14,760,653.11 0.66 11,174,750.52 0.90 32.09 Note 13 Taxes payable 19,080,417.25 0.86 8,937,576.00 0.72 113.49 Note 14 Non-payments due within one year

6,141,964.32 0.28 10,374,187.62 0.84 -40.80 Note 15 Current liabilities

Other current liabilities 7,550,145.16 0.34 11,882,713.22 0.96 -36.46 Note 16 Long-term borrowings 22,440,000.00 1.01 106,370,000.00 8.60 -78.90 Note 17 Lease liabilities 486,059.00 0.02 3,481,960.65 0.28 -86.04 Note 18 Deferred income tax liabilities 372,843.26 0.02 1,221,866.77 0.10 -69.49 Note 19

Other notes:

Note 1. Monetary funds: The main reason is due to the receipt of raised funds.

Note 2. Receivables financing: Mainly due to the decrease in 6+9 notes receivable.

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Note 3. Inventory: The main reason is due to the increase in business scale and increase in raw material stocking. Note 4. Fixed assets: Mainly due to the increase in the transfer of projects under construction to fixed assets.

Note 5. Construction in progress: The main reason is due to the increase in the transfer of construction projects in progress.

Note 6. Right-of-use assets: The main reason is due to the expiration of the lease of the external leased warehouse.

Note 7. Long-term deferred expenses: Mainly due to the decrease in the amortization balance of the project.

Note 8. Deferred income tax assets: Mainly due to the recognition of increase in share-based payment. Note 9. Other non-current assets: Mainly due to the increase in prepaid equipment payments. Note 10. Notes payable: Mainly due to the increase in the issuance of bank acceptance notes.

Note 11. Accounts payable: The main reason is due to the increase in purchases and the increase in the amount payable for raw materials. Note 12. Contract liabilities: Mainly due to the increase in advance payments.

Note 13. Employee benefits payable: Mainly due to the increase in the number of employees and the increase in wages and bonuses payable. Note 14. Taxes payable: Mainly due to the increase in value-added tax payable.

Note 15. Non-current liabilities due within one year: mainly due to the expiration of long-term borrowings and the expiration of external leased warehouse contracts. Note 16. Other current liabilities: Mainly due to the decrease in endorsement of undue bills. Note 17. Long-term borrowings: The main reason is due to the return of project loans.

Note 18. Lease liabilities: The main reason is due to the expiration of the external lease warehouse contract.

Note 19. Deferred income tax liabilities: mainly due to the expiration of the external leased warehouse contract.

2. Overseas assets

√Applicable □Not applicable

(1). Asset scale

Among them: overseas assets 237,253,743.34 (unit: yuan, currency: RMB), accounting for 10.66% of total assets.

(2). Relevant explanations on the high proportion of overseas assets

□Applicable √Not applicable

3. Restrictions on major assets as of the end of the reporting period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Book value at the end of the period Monetary funds due to restrictions 19,966,051.79 Bank acceptance bill deposit, forward foreign exchange settlement and sales deposit, letter of guarantee deposit, import

L/C margin

Notes receivable 4,340,570.62 Asset pool pledge

Accounts receivable financing 1,259,548.00 Asset pool pledge

Intangible assets 31,935,259.94 Syndicated loan mortgage

Total 57,501,430.35

4. Other instructions

□Applicable √Not applicable

(4) Industry operating information analysis

√Applicable □Not applicable

According to the "National Economic Industry Classification (GB/T4754-2017)" promulgated by the National Bureau of Statistics, the company's industry belongs to the "Non-metallic scrap and chip processing industry (C4220)" subcategory under the "Waste Resources Comprehensive Utilization Industry (C42)" category. The company belongs to the comprehensive utilization industry of waste oil resources and is located between the upstream waste oil production and collection industry and the downstream fuel, agrochemical and other industries.

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Chemical industry operating information analysis

1. Basic situation of the industry

(1).Industry policies and changes

√Applicable □Not applicable

publish

Policy issuing unit related content

time

Promote biomass energy for clean heating according to local conditions, and promote the White Paper "China Action to Extensive Application of Biofuels Ethanol, Biodiesel and Other Clean Liquids in 2025 to Peak Carbon Neutrality" in an orderly manner; increase efforts to replace traditional fuels with advanced bioliquid fuels, sustainable aviation fuels, etc.

"Energy Industry in 2025" Carry out green liquid fuel technology research and industrialization trials in 2025 National Energy Administration

"Guiding Opinions" in February to strengthen the supply of standards in biodiesel and other fields

"About promoting the research and development of refined oil products, biodiesel and other countries encourage the application and have already implemented it by 2025

The General Office of the State Council issued national mandatory standards for green and clean fuels in February.

Opinions on Quantitative Development” Circulation Management Policy

Emphasizing the importance of developing the biodiesel industry in improving air quality, "Biodiesel Industry Development 2024"

National Energy Administration’s Development Policies for Exploring Alternative Pathways to Petroleum and Promoting the Development of Circular Economy” November

of great significance

"On vigorously implementing the

In 2024, national development and reform will develop bio-natural gas, bio-diesel, and renewable energy alternatives according to local conditions.

In October, six departments including the Committee on Materials, Jet Fuel and Other Green Fuels

Guidance of

Gradually expand large-scale transportation projects such as green electricity, LNG, biodiesel, and green alcohol.

In 2024, the Ministry of Transport and other departments will implement the application of energy in the field of ships and support LNG and biomass equipment renewal actions.

May 13th Department: Fueling and charging (replacing) electricity supply service case for biodiesel, green alcohol, etc.》

Building service assurance capabilities

"2024-2025

In 2024, rationally regulate oil consumption and promote advanced bio-liquid fuel energy conservation and carbon reduction actions State Council

May materials, sustainable aviation fuel.

case"

"Promote large-scale equipment

In 2024, actively and orderly develop waste oils and fats, non-food biomass as renewal and old consumer goods State Council

March Biomass liquid fuel is the main raw material.

Replacement action plan》

"Green and Low-Carbon Transformation Products National Development and Reform National Development and Reform National Development and Reform National Development and Reform National Development and Reform National Development and Reform National Development and Reform National Biotechnology 2024

Industry Guidance Catalog (2024 Committee, National Energy Diesel, bio-jet kerosene, bio-fuel ethanol, biofuel

(Annual Edition)" Bureau and ten other departments have identified the "biomass liquid fuels such as methanol" industry as an encouraged industry for my country's economic development.

Encourage the development and application of non-food biomass fuel production technologies such as biomass cellulose ethanol and biofuels (diesel, gasoline, aviation kerosene).

"The development and production of new pesticide varieties, new dosage forms, special intermediates and auxiliaries that are efficient, safe and environmentally friendly," "Industrial Structure Adjustment Guidelines"

2023 National Development and Reform Directed Synthesis Chiral and Three-Dimensional Structure Pesticide Production, Production Guide Catalog (2024

In December, the Development and Production of New Pesticide Products and New Technologies was commissioned.

"Specialty chemicals: low VOCs content adhesives, environmentally friendly water treatment agents, new high-efficiency, environmentally friendly catalysts and additives, functional membrane materials, ultra-clean and high-purity reagents, photoresists, electronic gases, new displays and advanced packaging materials and other electronic chemicals and key raw materials development and production

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publish

Policy issuing unit related content

time

"produce"

By organizing and carrying out pilot demonstrations for the promotion and application of biodiesel, the National Energy Administration will expand the application scenarios of domestic biodiesel, and explore and organize the development of biodiesel in 2023 to establish a policy system and development path that can be replicated and promoted by the National Energy Administration.

Promote and apply pilot demonstrations in November, gradually forming demonstration effects and scale effects, and continue to expand the promotion and application of green liquid fuels such as biodiesel to accumulate experience.

"On Promoting the Refining Industry"

National Development and Reform

In 2023, we will actively and orderly develop the Venezuelan and national energy industry using waste oil and grease as the main raw material.

New high-quality development refers to biomass liquid fuels such as biodiesel and biojet fuel in October. Bureau and other four departments

Guidance Opinions

By 2025, the non-grain bio-based materials industry will basically have strong independent innovation capabilities, continuously enriched product systems, and industrial and informatization capabilities.

"Accelerating the innovative development ecology of non-food bio-based green recycling and low carbon, non-food bio-based 2023 Ministry of National Development"

Three years of material innovation and development, high-quality raw material utilization and application technology are basically mature, and some non-January Reform Commission and other six ministries

Action Plan》The competitiveness of grain bio-based products is equivalent to that of fossil-based products.

A high-quality, sustainable supply and consumption system has been initially established.

"By 2025, chemistry will promote the application of biopesticides with high activity and per unit area by 2022."

Action Party for Pesticide Reduction Ministry of Agriculture and Rural Affairs Small quantities of high-efficiency and low-risk pesticides and their water-based and nano-November

Case" chemical and other preparations, eliminate low-efficiency, high-risk pesticide varieties, strengthen the integration of new fertilizer products, new technologies, and new equipment to create new fertilizers by 2025 and promote their application by 2022 to promote precision and intelligent fertilization. The Ministry of Agriculture

Action Plan for Reduction" November: Greening and specialization to achieve reduction in fertilizer volume and efficiency and high-quality development of the fertilizer industry

Bioenergy has developed steadily, and bio-based materials have made significant progress in replacing traditional chemical raw materials, and bio-processes have replaced traditional chemical processes. Focusing on biological breeding, bio-fertilizers, bio-feeds, bio-pesticides, etc., a number of new "14th Five-Year Plan" biological 2022 National Development and Reform

A new generation of agricultural biological products; economic development plan focusing on biological substrates" May Committee

materials, new fermentation products, biomass energy, etc., build a biomass recycling technology system, promote strict protection, efficient development, and sustainable utilization of biological resources, and accelerate large-scale production and application.

In accordance with the principle of not competing with grain for land and not competing with others for grain, we will promote national development and reform.

"The 14th Five-Year Plan" Modern 2022 will increase the comprehensive benefits of fuel ethanol, vigorously develop cellulosic combustion committees, national energy

Energy System Planning》March Non-grain materials such as ethanol, biodiesel, biojet kerosene, etc.

Biofuels.

Support the development of new chemical pesticides with high efficiency and low risk, vigorously develop biological pesticides, and gradually phase out old pesticides.

2022 regulations on species and dosage forms, strict control of highly toxic and high-risk pesticides and pesticide industry development regulations Ministry of Agriculture and Rural Affairs

1 month dose. Encourage enterprises to strengthen technological innovation and process transformation, plan"

Eliminate backward production technologies and process equipment, and promote the clean, low-carbon, and circular development of pesticide production.

"The 14th Five-Year Plan" Energy R&D and Demonstration of Efficient Conversion of Various Types of Biomass Raw Materials in 2021

Regulations on S&T Innovation in Fields National Energy Administration Ethanol, directional thermal conversion to prepare fuel oil, and grease continuous thermal treatment in December

Plan" A series of technologies such as chemical conversion to prepare biodiesel.

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publish

Policy issuing unit related content

time

Continue to promote the national development and reform of clean liquids such as fuel ethanol and biodiesel

"The 14th Five-Year Plan" can see the commercial application of fuels in 2021, according to the Scientific Research Power and Safety Commission, the National Energy

"Renewable Energy Development Plan" in October. Based on the performance, the company will expand its coverage in nine departments including heavy road transportation and aviation bureaus.

Large-scale replacement of gasoline and diesel in aviation and shipping. Keep oil consumption within a reasonable range, gradually adjust the scale of gasoline consumption, and vigorously promote advanced bio-liquid fuels and sustainable aviation fuels to replace traditional fuels; the State Council

Peak Action Plan" October to greatly expand the use of new and clean energy sources such as electricity, hydrogen energy, natural gas, and advanced bioliquid fuels in the field of transportation

domain application.

(2).Basic situation of the main sub-industries and the company’s industry status

√Applicable □Not applicable

The bio-based material subdivision industry belongs to bio-based material manufacturing. The company's bio-based material products occupy a leading position in the agrochemical subdivision application field.

Outstanding, we have reached long-term cooperation with many leading companies in the agrochemical field, such as Fengle Seed Industry, Jiuyi Shares, Lutianhua, Sichuan Meifeng, and Ba

Tian shares, etc. After long-term business accumulation, the company has accumulated a large number of high-quality customer resources in the above fields.

It has formed a significant advantageous position in application, quality control and other aspects.

The biofuels segment belongs to the production of biomass liquid fuels. The company has passed the qualification supply of many large biofuel customers

business investigation and cooperation.

2. Products and production

(1).Main business model

√Applicable □Not applicable

Please refer to “I. Business Situation of the Company During the Reporting Period” in “Section 3 Management Discussion and Analysis” of this report.

Main adjustments to the business model during the reporting period

□Applicable √Not applicable

(2).Main product information

√Applicable □Not applicable

Product Segmented Industry Main Upstream Raw Materials Main Downstream Application Fields Main Factors Affecting Price

Biodiesel, bioaviation Raw material prices, market bio-based materials Bio-based material manufacturing Waste grease

Coal or agrochemical fields Supply and demand levels Biomass liquid fuel Ships, road transportation, etc. Raw material prices, market biofuels Waste grease

Production areas supply and demand levels

(3). Research and innovation

√Applicable □Not applicable

In terms of research and development, the company always focuses on the core idea of "basic research, material development, application development" and continues to expand waste

The utilization boundary of oils and fats, continuously improve the utilization efficiency of raw materials and product yields, and accelerate the application and distribution of resource-based products in multiple downstream fields.

bureau. While adhering to independent innovation, the company deeply integrates industry-university-research resources and steadily promotes the transformation of bio-based materials into traditional fossil-based materials.

The replacement process continues to expand in-depth applications in chemical industry and other fields. At present, the company has built a "waste grease-biofuel (biofuel)

Bio-diesel) - bio-based materials" a complete waste resource recycling industry chain, successfully realizing the application of bio-based materials in multiple subdivisions such as agrochemicals

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The large-scale application in the field has formed a differentiated competitive advantage. The R&D system is mature and the model is stable, providing solid support for sustainable development.

(4).Production technology and process

√Applicable □Not applicable

① Bio-based materials and biofuel process flow

The resource products of the company's comprehensive utilization of waste oil resources are bio-based materials (biodiesel formula products and industrial-grade mixed oil) and biofuels. The specific process flow is as follows:

The raw material detection and pretreatment technology independently developed by the company is applied to the pretreatment stage, realizing the full utilization of a wider range of waste oils, and realizing the extraction and purification of esterifiable substances through dehydration, acid reduction, etc.; the two-step synthesis technology of fatty acid methyl esters and the refining and purification technology of fatty acid methyl esters are comprehensively applied to esterification, transesterification, distillation and other processes. Through the improvement of process technology and equipment, the full reaction of waste grease, effective recovery of methanol and multi-stage separation of biodiesel have been achieved; the formulation technology and performance evaluation and verification technology of fatty acid methyl esters are comprehensively applied to the final preparation and effect evaluation of bio-based materials and biofuels to ensure stable product quality and meet customer needs.

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②Oleochemical process flow

The company selects different properties of oleochemicals according to customer needs to adjust the physical and chemical properties, properties and indicators of oleochemicals.

After testing and evaluation, it will be sold externally. The specific process flow is as follows:

Based on rich detection application data, mechanism research integrated formulation technology and performance evaluation and verification technology, the company comprehensively applies

From the ingredients, compounding and testing and evaluation stages, good results have been achieved in adjusting and adapting product performance, properties and physical and chemical properties.

(5). Production capacity and start-up status

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB Main factory area or capacity utilization rate Production capacity under construction has been invested Estimated production capacity under construction

Design capacity Capacity under construction

Project (%) Capital Amount Completion Time Biodiesel Project

450,000 tons 59.28% 175,000 tons 0 December 2027

Industrial Grade Mix

330,000 tons 84.18% 50,000 tons 478.63 May 2027 oil project

Increase or decrease in production capacity

√Applicable □Not applicable

The first production line in the investment project will be completed at the end of October 2025, and the production capacity utilization rate is calculated based on the actual production capacity put into use.

Adjustments to product line and production capacity structure optimization

√Applicable □Not applicable

Through technical transformation, the production line added a receiving and processing device for barreled oil, expanded the source of raw material procurement, and improved the pretreatment of waste oil.

It can effectively handle indicators such as chlorine, acid value and metal ion content. The production line can produce both biodiesel products and

High quality industrial grade blended oil products.

Abnormal production suspension

□Applicable √Not applicable

3. Raw material procurement

(1).Basic information on main raw materials

√Applicable □Not applicable

Price changes year-on-year

Main raw materials Procurement model Settlement method Purchase volume (tons) Consumption volume (tons) Dynamic ratio (%)

abandoned by company

Waste animal and vegetable oils Animal and vegetable oils department

Bank wire transfer 19.33 324,605.90 308,728.46L Enterprise or individual

or traders purchase

Biodiesel From the company to production Bank wire transfer plus 11.25 56,877.37 64,478.92

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Manufacturer Procurement Acceptance Bill

From company to production

Bank wire transfer plus

Fatty acids Manufacturers and traders 2.13 28,718.82 9,548.38 Acceptance bill

Procurement

The impact of price changes of main raw materials on the company's operating costs. Raw materials account for more than 90% of operating costs, and operating costs are mainly affected by changes in raw material prices.

(2).Basic situation of main energy sources

√Applicable □Not applicable

Year-on-year price changes

Main energy Procurement mode Settlement method Procurement amount Consumption amount

Ratio (%)

Electricity (kWh) Direct purchase Bank wire transfer -17.36 13,971,405.90 13,971,405.90 Steam (tons) Direct purchase Bank wire transfer -2.06 54,478.28 54,478.28 Natural gas (cubic volume) Direct purchase Bank wire transfer -2.13 2,387,946.00 2,387,946.00 Water (tons) Direct purchase Bank wire transfer 0.25 106,150.00 106,150.00

Changes in major energy prices have less impact on the company's operating costs.

(3). Measures to deal with the risk of raw material price fluctuations

Main circumstances of holding derivatives and other financial products

□Applicable √Not applicable

(4). Basic situation of using other methods such as staged reserves

□Applicable √Not applicable

4. Product sales

(1).Basic situation of the company’s main business divided by industry segments

√Applicable □Not applicable

Unit: Yuan Currency: RMB Operating income Operating income Same industry gross profit Gross profit margin ratio

Revenue ratio is up. Cost ratio is up. Field, product, sub-sector, operating income, operating cost, rate, increase or decrease in the previous year.

Annual increase or decrease Annual increase or decrease Gross profit margin (%) (%)

(%) (%) Waste grease

Reduction of 4.17 Excellent New Energy Resources Comprehensive 2,828,026,650.86 2,593,716,749.04 8.29 77.98 86.47

percentage points (6.76%) utilization of business

Oleochemistry decreased by 1.08

336,197,987.03 312,884,401.49 6.93 -5.63 -4.53

percent points

(2).Basic situation of the company’s main business divided by sales channels

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Sales channels Operating income Increase or decrease in operating income over the previous year (%) Domestic 2,198,413,421.83 74.93 Foreign 965,811,216.06 40.29

Accounting Policy Statement

√Applicable □Not applicable

For details, please refer to the "V. Important Accounting Policies and Accounting Estimates" section of "Section 8 Financial Report" of this report.

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5. Environmental protection and safety conditions

(1).Basic situation of the company’s major production safety accidents during the reporting period □Applicable √Not applicable

(2).Major environmental violations

□Applicable √Not applicable

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(5) Investment status analysis

Overall analysis of external equity investment

√Applicable □Not applicable

During the reporting period, the company had no significant equity investment. For details of the holding companies acquired and disposed of during the year, please refer to "9. Changes in the scope of consolidation" and "10. Equity in other entities" of "Section 8 Financial Report" of this report

1. Significant equity investment

□Applicable √Not applicable

2. Significant non-equity investments

□Applicable √Not applicable

3. Financial assets measured at fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB Accumulation included in equity

Fair value for the current period Less provision for the current period Asset category sold/redempted for the current period Opening amount Fair value change Purchase amount for the current period Other changes Gains and losses from changes in the ending amount Value Amount

move

Financial products - - - - 300,000,000.00 - - 300,000,000.00 Forward foreign exchange contract - 141.723.04 - - - - - 141.723.04 Receivables financing 43,283,726.14 - - 226,293,750.52 256,715,140.43 - 12,862,336.23

Total 43,283,726.14 141.723.04 - - 526,293,750.52 256,715,140.43 - 313.004.059.27 Securities investment

□Applicable √Not applicable

Explanation of securities investment situation

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□Applicable √Not applicable

Private equity fund investment situation

□Applicable √Not applicable

Derivatives investment situation

√Applicable □Not applicable

(1). Derivative investments for the purpose of hedging during the reporting period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Included in equity Closing book price reporting period

Book price at the beginning of the period. Fair price for the period. Accumulated public announcements. Book value at the end of the period during the reporting period. The company reported derivatives investment type. Initial investment amount. Sold during the period.

Profit and loss from change in value Change in fair value Purchase amount Value Net capital at the end of the reporting period

Movable assets ratio (%)

Forward foreign exchange settlement and sales -363,959.57 423,386.97 -116,777.60 -0.01Total -363,959.57 423,386.97 -116,777.60 -0.01 Accounting policies for hedging business during the reporting period According to relevant regulations such as "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments", "Accounting Standards for Business Enterprises No. 24 - Specific Principles of Hedging Strategies and Accounting" issued by the Ministry of Finance, "Accounting Standards for Business Enterprises No. 37 - Presentation of Financial Instruments" and "Accounting Standards for Business Enterprises No. 39 - Fair Value Measurement" and other relevant regulations, whether there have been any significant changes compared to the reporting period Perform corresponding accounting processing on forward foreign exchange settlement and sales and other foreign exchange derivatives transactions, reflecting relevant items on the balance sheet and income statement.

Note: During the reporting period, there were no major changes in the accounting policies and specific accounting principles of the company's hedging business compared with the previous reporting period. In order to effectively avoid and prevent exchange rate risks and reduce the impact of exchange rate fluctuations on the company's operations, the company carries out forward foreign exchange settlement and sales business. During the reporting period, an explanation of the company’s actual profits and losses during the reporting period

Gains and losses from forward foreign exchange contracts amounted to RMB 1,297,678.94, including gains and losses from changes in fair value of RMB 423,386.97 and investment income of RMB 874,291.97. The company signs a forward foreign exchange contract to agree on the foreign exchange currency, amount, exchange rate and term for the company and its subsidiaries to handle foreign exchange settlement or sales, thereby locking in the hedging effect.

The cost of foreign exchange settlement and sales reduces the operating risks caused by foreign exchange exchange rate fluctuations, hedging the risk exposure of expected management, and ensuring the company's stable operations.

Sources of funds for derivatives investment The sources of funds are the company's own funds and do not involve raised funds.

(1) Transaction risk analysis

Risk analysis and control of derivatives positions during the reporting period

The forward foreign exchange settlement and sales and other foreign exchange derivatives trading businesses carried out by the company and its subsidiaries follow the instructions for locking exchange rates, interest rate risk control measures (including but not limited to market risk) that are legal, prudent, safe and effective.

In accordance with the principle of risk, we do not engage in speculative or arbitrage trading operations, but there are still certain risks in conducting foreign exchange derivatives trading operations:

risk, liquidity risk, credit risk, operations

1. Market risk: Due to large changes in the foreign exchange market, there may be price changes in foreign exchange derivatives due to fluctuations in market prices such as underlying interest rates and exchange rates, risks, legal risks, etc.)

Market risk resulting in losses.

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2. Performance risk: The counterparty defaults on the contract and is unable to pay the company's hedging profits as agreed, thereby being unable to hedge the company's actual exchange losses.

3. Liquidity risk: Due to various reasons such as company business changes, market changes, customer defaults, repayment budget deviations, etc., foreign exchange derivatives transactions that need to be closed in advance or extended, there is a risk that the difference will be paid to the bank or the company will suffer losses due to delayed delivery.

4. Legal risks: Changes in relevant laws or violations of relevant laws and regulations by counterparties may cause the contract to be unable to be executed normally and cause losses to the company.

5. Operational risk: Operational risk caused by human errors by trading or management personnel or system failures or control failures.

(2) Risk control measures

1. In order to avoid exchange losses caused by large fluctuations in exchange rates to the company, the company will continue to pay attention to changes in the international market environment, strengthen research and analysis on exchange rates, and adjust operating strategies and scale of operations in a timely manner to avoid exchange losses to the greatest extent. Choose foreign exchange derivatives with a relatively simple and transparent product structure, strong liquidity, identifiable risks, public reference prices in the market, and a term of no more than 12 months, and do not engage in foreign exchange derivatives transactions that are complex, nested, or linked to uncontrollable factors.

2. The company has formulated strict decision-making procedures, reporting mechanisms and monitoring measures, and clarified specific requirements such as job responsibilities, approval authority, operating points and information disclosure. When the company conducts foreign exchange derivatives trading business, it will strictly follow the company's relevant internal control systems.

3. The company will reasonably arrange foreign exchange assets and liabilities to ensure that the implementation of foreign exchange derivatives trading business matches the company's actual foreign exchange receipts and expenditures, so that it will have sufficient funds for settlement at the time of delivery to reduce liquidity risks.

4. The company's finance department uniformly manages forward foreign exchange settlement and sales and other foreign exchange derivatives trading businesses, continuously tracks changes in open market prices and fair values, timely assesses changes in risk exposures in this business, and reports regularly to the company's management. If abnormal situations are found, report them promptly, alert risks and implement emergency measures.

5. The company will select domestic and international financial institutions that are qualified to operate foreign exchange derivatives trading business, have stable operations and good credit standing as counterparties to carry out forward foreign exchange settlement and sales and other foreign exchange derivatives trading business, and will prudently review the relevant contract terms signed with financial institutions and strictly implement relevant regulations to prevent legal risks.

The market price of invested derivatives during the reporting period or

Changes in the fair value of products, for derivatives

Not applicable

The analysis of the fair value of the product should disclose the specific use

methods and related assumptions and parameter settings

Litigation involvement (if applicable) Not applicable

Derivatives Investment Approval Board Announcement Disclosure Date

December 10, 2025

period (if any)

Derivatives Investment Approval Shareholders Meeting Announcement Disclosure Date

Not applicable

period (if any)

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(2). Derivative investments for speculative purposes during the reporting period

□Applicable √Not applicable

Other notes:

During the reporting period, the company held the seventh meeting of the second board of directors on December 9, 2025, and reviewed and approved the "Proposal on Carrying out Forward Foreign Exchange Settlement and Sales and Other Foreign Exchange Derivatives Trading Business". This matter does not involve related transactions and is within the scope of the board of directors' deliberation authority and does not need to be submitted to the company's shareholders' meeting for review. For details, please refer to the "Announcement of Fengbei Biotech on Carrying out Forward Foreign Exchange Settlement and Sales and Other Foreign Exchange Derivatives Trading Business" disclosed by the company on December 10, 2025.

4. The specific progress of major asset restructuring and integration during the reporting period

□Applicable √Not applicable

(6) Major asset and equity sales

□Applicable √Not applicable

(7) 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%

√Applicable □Not applicable

Unit: Yuan Currency: RMB Company name Company type Main business Registered capital Total assets Net assets Operating income Operating profit Net profit Suzhou Fuzhiyuan Biotechnology

Subsidiary oleochemical business 10,000,000.00 102,315,419.03 49,767,908.89 582,755,099.80 13,524,791.66 10,119,464.86 Co., Ltd.

Weigesheng, Jintan District, Changzhou City Waste Oil Resource Comprehensive

Subsidiaries 50,000,000.00 236,744,061.58 181,029,990.62 808,566,693.88 56,240,625.82 55,650,967.94 Biotechnology Co., Ltd. Joint utilization business

Liangyou Oil, Jintan District, Changzhou City Waste Oil Resource Comprehensive

Subsidiaries 10,000,000.00 88,543,365.48 75,818,773.58 407,965,082.01 21,856,071.72 21,927,930.17 Grease Co., Ltd. Joint utilization business

Juyoubao Ecological Environment Technology Waste Oil Resources Comprehensive

Subsidiaries 10,000,000.00 155,317,827.98 16,834,235.69 785,439,537.90 11,193,387.32 11,177,343.16 (Jiangsu) Co., Ltd. Joint utilization business

Adwang Bioenergy (Hong Kong Subsidiary Waste Oil Resources Comprehensive HKD 10,000 237,253,743.34 33,244,924.13 941,555,521.80 25,414,948.21 21,342,432.35

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Hong Kong Co., Ltd. Joint Utilization Business

Acquisition and disposal of subsidiaries during the reporting period

√Applicable □Not applicable

Company name Method of acquiring and disposing of subsidiaries during the reporting period Impact on overall production operations and performance Gangde New Energy Technology (Luzhou) Co., Ltd. Merger of enterprises not under common control No significant impact.

Luzhou Gangde Environmental Protection Technology Co., Ltd. Merger of enterprises not under common control No significant impact.

Other instructions

√Applicable □Not applicable

During the reporting period, the company added two new consolidated units, namely: Gangde New Energy Technology (Luzhou) Co., Ltd. and Luzhou Gangde Environmental Protection Technology Co., Ltd. On December 15, 2025, the subsidiary Juyoubao Ecological Environment Technology (Jiangsu) Co., Ltd. signed a "Capital Increase and Share Expansion Agreement" with Huang Delu, the original shareholder of Gangde New Energy Technology (Luzhou) Co., Ltd., and planned to invest 8 million yuan to subscribe for the company's new registered capital of 8 million yuan and obtain 80% of the equity after the capital increase is completed. On December 17, 2025, Gangde New Energy Technology (Luzhou) Co., Ltd. has completed the industrial and commercial change registration procedures for this capital increase. Therefore, the company has determined the purchase date of Gangde New Energy Technology (Luzhou) Co., Ltd. as December 17, 2025. On December 19, 2025, the company has paid the entire capital increase of 8 million yuan in accordance with the "Capital Increase and Share Expansion Agreement". Among them, Luzhou Gangde Environmental Protection Technology Co., Ltd. is a wholly-owned subsidiary invested and established by Gangde New Energy Technology (Luzhou) Co., Ltd. on October 9, 2025.

(8) Structural entities controlled by the company

□Applicable √Not applicable

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6. The company’s discussion and analysis on the company’s future development

(1) Industry structure and trends

√Applicable □Not applicable

Please refer to “II. Industry Situation of the Company During the Reporting Period” in “Section 3 Management Discussion and Analysis” of this report.

(2) Company development strategy

√Applicable □Not applicable

Relying on many years of research and industry experience on waste oils and fats, the company adheres to the vision of building a "global leader in the utilization of oil and fat resources". In the future, it will persist in the field of comprehensive utilization of waste resources and continue to make progress in product application directions and research and development technology. In the context of global carbon neutrality, the company will keep up with industry development trends, comply with national policies, and contribute twice as much to the country's "double carbon" goal.

The company is exploring opportunities in upstream and downstream industries while building on its existing business. The scarcity of waste oil resources in the upstream continues to be highlighted, and the company will continue to pay attention to the supply of raw materials. Relying on the geographical and logistics advantages of connecting rivers and seas, the company has strengthened the layout of raw material procurement channels in areas along rivers and coastal areas, and consolidated raw material supply capabilities while maintaining low transportation costs.

The company will continue to strengthen technology and R&D investment, continue to expand the breadth and depth of bio-based material products, explore downstream application directions, expand product categories, and gradually open up the market; in terms of biofuels, the company will strengthen business expansion in non-EU regional markets, keep up with the dynamics of carbon reduction in the shipping industry and road transportation, and gradually tap the potential of domestic and foreign ship fuel and road transportation markets.

(3) Business plan

√Applicable □Not applicable

1. Continue to increase efforts in laying out the raw material market, actively explore product markets, and enhance the company's core competitiveness.

(1) Highlight the strategic position of comprehensive utilization of waste oil and grease, and actively deploy upstream raw materials

In the field of biodiesel, the cost of raw materials accounts for a relatively high proportion in the industry, and prices fluctuate to a certain extent depending on factors such as supply and demand. At present, the amount of domestic waste oil recycling is limited, so controlling the supply of raw materials is one of the core competitiveness. Stable raw material procurement and supply is conducive to building a company's "moat."

The company continues to strengthen its raw material procurement business and improve its supply management system. Relying on its location advantages, the company has gradually strengthened the procurement of raw materials in areas along rivers and coastal areas, established raw material collection points in areas rich in waste oil resources, and grasped the ability to control raw materials.

The Sichuan and Chongqing regions are densely populated, and due to factors such as eating habits, there is huge potential for recycling waste oil resources. Therefore, the Sichuan and Chongqing regions are one of the strategic focuses of the company's raw material procurement. In the future, the company will continue to improve the raw material collection and transportation network and strengthen supplier cooperation; the company plans to set up subsidiaries in Sichuan and Chongqing and other regions, strengthen cooperation with local suppliers, and increase the scale of raw material procurement by dispatching professional technical teams to assist in optimizing oil collection efficiency. The company will choose the opportunity to lay out the raw material procurement system in coastal areas to further ensure the stability of the company's raw material supply.

(2) Accelerate the layout of biofuels and continue to explore domestic and foreign markets

In terms of biofuels, in the context of my country's "double carbon" goal, the release of environmental protection policies has boosted carbon reduction efforts. In March 2026, the first domestic biofuel oil blending pilot business under processing trade was successfully launched in the Zhejiang Free Trade Pilot Zone. 2,000 tons of biodiesel and 6,300 tons of high-sulfur fuel oil began to be blended in the storage tanks of Sinochem Xingzhong Petroleum Transshipment (Zhoushan) Co., Ltd., marking my country's green development.

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Achieve "zero breakthrough" in independent production of colored ship fuel. The company will continue to pay attention to industry development trends and actively explore domestic and foreign green ship fuel development opportunities.

Driven by domestic and foreign carbon emission reduction policies, the demand for biofuels continues to increase. The company advocates a differentiated competition route and continues to explore non-EU regional markets by relying on the advantages of biodiesel products with low pouring points and excellent indicators.

(3) Respond to national pilot policies and expand domestic biodiesel application scenarios

In November 2023, the National Energy Administration issued the "Notice on Organizing and Carrying out Pilot Demonstrations for the Promotion and Application of Biodiesel" to expand the application scenarios of domestic biodiesel by organizing and carrying out pilot demonstrations for the promotion and application of biodiesel. In March 2026, Dezhou City, Shandong Province, was the first to open the implementation of the entire chain system from "raw material collection - production and processing - intelligent deployment - promotion and application" among the 22 pilot units for the promotion and application of biodiesel across the country. The company actively learns from the valuable experience of the pilot program in Dezhou City and explores the establishment of a development path that can be replicated and promoted.

(4) Promote the multi-dimensional development of bio-based materials and deepen their application in subdivided fields

Industrial-grade blended oil: Due to the rise of green fuels such as SAF, the demand for upstream raw materials has increased. The company plans to further expand the production and sales of industrial-grade mixed oil according to the order situation. At the same time, the company continues to improve its own process technology and applies for patents related to the industrial-grade mixed oil production process. It will continue to improve its processing capabilities for trace impurities in waste oil, and continue to optimize core process parameters such as deacidification, degumming, and demetallization. It will achieve deep removal of trace impurities in waste oil while ensuring economic benefits as much as possible, thereby improving the product quality of industrial-grade mixed oil and enhancing customer stickiness.

Pesticide additives: On the one hand, the company continues to deepen cooperation with existing customers. On the basis of discovering industry needs, it develops customized formula products based on the target products and usage scenarios of different customers. While maintaining strong customer stickiness, the company continues to enhance product competitiveness. On the other hand, the company continues to expand the market and provide customers with green and environmentally friendly efficient additives to promote the sustainable development of the industry.

Fertilizer anti-caking agents: While maintaining stable cooperation with domestic fertilizer manufacturers, the company plans to gradually expand overseas markets, extend fertilizer auxiliary products to overseas markets, increase the proportion of fertilizer auxiliary business, and thereby enhance the company's competitiveness.

Coal slime flotation auxiliaries: In the future, the company will continue to conduct in-depth technical research in the direction of coal slime flotation. Through its technological and patent advantages, it will develop different mining flotation reagents, continue to develop well-known domestic coal enterprises, and provide green and efficient flotation auxiliaries for large coal mining enterprises, forming a new business growth point.

2. Strengthen R&D and innovation capabilities and build differentiated competitive advantages

Based on its long-term industry understanding and technical experience in the application of waste grease, the company will continue to explore the application of bio-based materials in subdivided fields. While conducting independent research and development, it will deepen industry-university-research cooperation and accelerate the process of technology research and development and product application promotion.

In terms of new product development, the company will focus on expanding the application of bio-based materials in subdivided fields, develop marine biofuel adapted products, and actively explore market opportunities for green marine fuels; develop corresponding series of high-efficiency slime flotation aids (collectors, foaming agents) for different types of coal; and develop customized anti-caking agents and other sub-categories based on differences in fertilizer processes and formulas to create differentiated competitive advantages.

In terms of innovative technology development, the "Technological Development of Low-Cost Preparation of Sustainable Aviation Fuel (SAF) from Waste Grease Based on Plasma Enhancement Process" project, for which the company is the project undertaking unit, won the 2025 Provincial Carbon Peak Carbon Neutral Science and Technology Innovation Special Fund Project. The participating units of this project include China University of Petroleum (Beijing), Jiangsu University, Zhejiang University, etc.

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3. Focus on talent introduction and quality improvement to help high-quality business development

In order to match the company's multi-business collaborative development model, the company will continue to optimize its talent introduction, incentive and training systems to provide solid support for the company's business development. The company continues to strengthen cooperation with universities, and plans to combine campus recruitment with social recruitment to actively introduce talents with excellent abilities and rich experience, expand the scale of each business team, and coordinate the diversified development of the business; adopt a variety of incentive methods, improve the performance appraisal system, highlight the pertinence and effectiveness of incentives, so that employees can be rewarded, develop, and have a sense of belonging; targeted For talent cultivation, we adopt a one-to-one mentoring system in key positions and create a "successor" plan for core positions, improve the company's internal promotion mechanism, and clarify employee development paths; we closely link employees' personal development with the company's development to form a corporate atmosphere of common development, integrating individuals, companies, and customers to realize value in both directions, and ultimately contribute value to society.

4. Improve the level of lean production operations and build a solid line of defense for safety and compliance

The company will continue to optimize its production capacity and continuously summarize and improve production equipment, production processes, process methods and technical parameters. According to the production tasks of each position and employee skill levels, it will rationally allocate manpower, strengthen employee skills training, improve employee operational proficiency and professional skills, and deepen the construction of the quality system. At the same time, we strictly abide by safety operating procedures, regularly investigate potential safety hazards, and conduct production safety training and emergency fire drills.

5. Improve the modern corporate governance system and strengthen value-oriented market value management

In the future, the company will continue to strictly abide by the standardized operation requirements of listed companies, so that the level of corporate governance will be compatible with the company's future development. In terms of internal governance, the company will continue to improve the internal management system with clear rights and responsibilities, efficient operation and strict control, optimize the organizational structure, improve management systems, strengthen risk prevention and control, improve operational efficiency and management level, prevent various operation and management risks, and make the company more efficient and sustainable. In terms of market value management, the company plans to enhance investors' awareness and understanding of the company and enhance the company's market competitiveness and industry influence by doing a good job in the company's fundamentals, clearly and accurately conveying the company's value, compliance governance, and reasonable capital operations.

(4) Possible risks

√Applicable □Not applicable

1. Exchange rate fluctuation risk

The company's export business uses U.S. dollars as the main settlement currency. As the company's export business continues to expand, if the exchange rate of RMB against the U.S. dollar increases in the future, it may have a certain impact on the company's operating results.

2. Risks from changes in international trade policies

During the reporting period, the company's export business was mainly distributed in the European and Singapore markets. International trade is affected by many factors, such as major changes in the politics, economy, and trade policies of overseas markets in the future, which will have a certain impact on the company's export business.

3. Raw material supply and price fluctuation risks

During the reporting period, the raw materials purchased by the company were mainly waste grease, and their purchase price was the main factor affecting the cost of the company's main business. The price of waste oil is affected by downstream product prices, collection costs, transportation costs and other factors. If the price of waste oil fluctuates greatly, it will have an impact on the company's main business costs. At the same time, a large amount of waste oil and grease in the country are still recycled by individuals. If restaurants and kitchens in the future

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If processing companies obtain major waste oil resources and the company fails to establish cooperation with such companies in a timely manner, the limited supply scale of waste oil will have an adverse impact on the company's operating performance.

4. Personal supplier management risks

As the company's demand for waste oils and fats further expands, if corporate suppliers such as grain, oil and food processing companies, oleochemical companies, and kitchen processing companies are unable to meet the company's demand for waste oils and fats in the future, the company will increase the scale of purchasing waste oils and fats from individual suppliers. If the company's existing waste oil supplier management system cannot be upgraded to match the flexible operating characteristics of individual suppliers, the stability of the company's waste oil sources will decrease, and the supply cannot meet production and operating needs, which will have an adverse impact on the company's operating performance.

5. Risk of product price fluctuations

The company produces biodiesel from waste oils and fats, which can be used as biofuel or further prepared into bio-based materials. Biodiesel can replace some fossil-based materials, and the biodiesel produced by the company from waste oil competes with SME (biodiesel made from soybean oil), PME (biodiesel made from palm oil), and RME (biodiesel made from rapeseed oil). Therefore, the price of biodiesel is affected by price fluctuations of crude oil and oils such as soybean oil, palm oil, and rapeseed oil.

If the prices of bulk commodities such as crude oil, soybean oil, and palm oil drop significantly in the future, the company's product prices will face downward pressure, which will adversely affect the company's operating performance.

(5) Others

□Applicable √Not applicable

7. Explanation of the circumstances and reasons for the company’s failure to disclose in accordance with the Code due to non-applicability to the Code or special reasons such as state secrets and commercial secrets □ Applicable √ Not applicable

Section 4 Corporate Governance, Environment and Society

1. Description of corporate governance related situations

√Applicable □Not applicable

During the reporting period, the company continuously improved the company's corporate governance structure, strengthened institutional requirements, standardized company operations, and established a relatively complete corporate governance structure and internal control system in accordance with the requirements of the Company Law, Securities Law, relevant laws and regulations of the China Securities Regulatory Commission, and the Articles of Association and other internal rules and regulations. The company and its directors and senior managers actively safeguard the interests of all shareholders and improve the company's efficiency, and have not abused their power to harm the company's interests and shareholders' rights and interests.

During the reporting period, the company held a total of 3 shareholders' meetings, 8 board of directors meetings, 11 special committee meetings of the board of directors, and 2 special meetings of independent directors. The company strictly complies with the "Articles of Association" and relevant laws and regulations to standardize meeting convening, convening and voting procedures. All directors and senior managers perform their duties seriously and diligently, and resolution matters can safeguard the interests of the company and all shareholders. The board of directors has four special committees: the audit committee, the nomination committee, the remuneration and assessment committee, and the strategy committee. It has formulated working rules for each special committee, focusing on the professional review and assisting decision-making role of each special committee, and actively promoting the daily work of the special committees; the company actively plays the supervisory role of independent directors and the audit committee of the board of directors, and standardizes operations through standardized operations.

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cooperation and compliance performance to improve the scientificity and standardization of decision-making; when reviewing relevant related-party transactions, related parties can avoid voting, and the company's related-party transactions do not harm the interests of small and medium-sized shareholders.

According to the requirements of relevant laws and regulations such as the new "Company Law" and "Guidelines on the Articles of Association of Listed Companies", companies should set up a shareholders' meeting and a board of directors, and in accordance with regulations, set up an audit committee composed of directors in the board of directors to exercise the powers of the board of supervisors. In accordance with the aforementioned relevant regulations, the company held the 2025 second extraordinary general meeting of shareholders on October 9, 2025, and reviewed and approved the "Proposal on Cancellation of the Board of Supervisors and Amendment of the Articles of Association". The company will no longer have a board of supervisors or supervisors, and will make corresponding modifications to the "Articles of Association" and related systems. The powers of the board of supervisors stipulated in the "Company Law" will be exercised by the Audit Committee of the Board of Directors, and the company's "Rules of Procedure for the Board of Supervisors" will be abolished accordingly.

Whether there are any major differences between corporate governance and laws, administrative regulations and the China Securities Regulatory Commission’s provisions on the governance of listed companies; if there are major differences, the reasons should be explained

□Applicable √Not applicable

2. Specific measures taken by the company’s controlling shareholders and actual controllers to ensure the independence of the company’s assets, personnel, finance, institutions, businesses, etc., as well as solutions, work progress and follow-up work plans adopted to affect the company’s independence

√Applicable □Not applicable

The company has independent business and operational capabilities, operates strictly in accordance with the requirements of the Company Law, Securities Law and other relevant laws, regulations and the Articles of Association, and is independent from the controlling shareholders and actual controllers in terms of assets, personnel, finance, institutions, business and other aspects. During the reporting period, the company's major decisions were made and implemented independently by the company, and there was no situation where the controlling shareholder or actual controller interfered with the company's decision-making and production and operation activities beyond the shareholders' meeting.

Controlling shareholders, actual controllers and other units controlled by them are engaged in the same or similar business as the company, as well as horizontal competition or the impact of major changes in horizontal competition on the company, the resolution measures taken, resolution progress and follow-up resolution plans □ Applicable √ Not applicable

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3. Situation of directors and senior managers

(1) Changes in shareholdings and remuneration of current and outgoing directors and senior managers during the reporting period

√Applicable □Not applicable

Unit: Shares obtained from the company during the reporting period. Whether the official term begins and ends. Shareholdings at the beginning of the year. Shareholdings at the end of the year. Increase or decrease in shares during the year.

Name Position Gender Age Income before tax Related party date Date Number Number Increase or decrease Reason for change

Total Compensation Get Compensation

(Ten thousand yuan) Pingyuan Chairman Male 50 2022-3-5 2028-3-20 64,321,607 64,321,607 0 / 61.75 Fu Li Yin Director, General Manager Male 40 2022-3-5 2028-3-20 0 0 0 / 61.75 Fu Li Yongxing Director Male 45 2022-3-5 2028-3-20 0 0 0 / 0.00 No Wei Guoqing Director Male 64 2022-3-5 2028-3-20 0 0 0 / 35.10 No

Director, Chief Production Officer

Wang Yiyong Male 49 2022-3-5 2028-3-20 0 0 0 / 81.95 No

supervise

Huang Lingling Director Female 40 2022-3-5 2028-3-20 0 0 0 / 103.86 No Pan Hong Independent Director Female 60 2023-5-25 2028-3-20 0 0 0 / 7.20 No Jiang Qixing Independent Director Male 49 2022-3-5 2028-3-20 0 0 0 / 7.20 No Peng Zhengan Independent Director Male 54 2022-3-5 2028-3-20 0 0 0 / 7.20 No

Secretary of the Board of Directors,

Huang Jiang Male 47 2022-11-21 2028-3-20 0 0 0 / 81.32 No

deputy general manager

Gu Yazhou Financial Director Male 41 2022-3-5 2028-3-20 0 0 0 / 64.26 Fu Wu Guolin Marketing Director Female 45 2022-3-5 2028-3-20 0 0 0 / 114.26 Fu Mamin Technical Director Female 43 2022-3-5 2028-3-20 0 0 0 / 53.34 No Total / / / / / 64,321,607 64,321,607 0 / 679.19 /

Name Main work experience

Pingyuan Chinese nationality, no permanent residence abroad, born in 1976, master's degree, engineer. From July 1999 to March 2004, he served as COFCO Donghai Cereals and Oils Industry (Zhangjiagang)

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Co., Ltd. business director; from April 2004 to February 2008, started his own business; from March 2008 to August 2010, he served as the business director of Zhangjiagang Free Trade Zone Fubang International Trade Co., Ltd.; in 2010 From September to December 2011, he served as the business director of Zhangjiagang Free Trade Zone Jiabang International Trade Co., Ltd.; from January 2012 to October 2013, he served as the business director of Zhangjiagang Free Trade Zone Fuzhiyuan International Trade Co., Ltd.; From November 2013 to July 2014, he served as the general manager of Zhangjiagang Free Trade Zone Jiubang International Trade Co., Ltd.; from December 2013 to the present, he served as supervisor, general manager, and executive director of Suzhou Fuzhiyuan Biotechnology Co., Ltd., and is currently the general manager and executive director; from July 2014 to March 2022, he served as the executive director, general manager, and chairman of Fengbei Co., Ltd.; from March 2022 to the present, he serves as the chairman of Fengbei Biotechnology.

Chinese nationality, no permanent residence abroad, born in 1986, bachelor's degree, assistant engineer. From November 2009 to August 2010, he served as the business manager of Zhangjiagang Free Trade Zone Fubang International Trade Co., Ltd.; from September 2010 to October 2013, he served as the business manager of Zhangjiagang Free Trade Zone Jiabang International Trade Co., Ltd.; from November 2013 to June 2014, he served as Zhangjiagang Li Yin

Business manager of Jiubang International Trade Co., Ltd. in the Free Trade Zone; from July 2014 to March 2022, he served as deputy general manager and general manager of Fengbei Co., Ltd.; from March 2022 to present, he served as director and general manager of Fengbei Biotechnology.

Chinese nationality, no permanent residence abroad, born in 1981, master's degree. From July 2004 to September 2011, he served as assistant to the general manager and deputy general manager of Nanjing Dongda Energy Environmental Protection Technology Co., Ltd.; from September 2011 to February 2014, he served as the chief industry researcher of the clean technology department of Jiangsu Gaotou Venture Capital Management Co., Ltd.; from February 2014 to Li Yongxing

Today, he serves as a senior partner of Jiangsu Yida Equity Investment Fund Management Co., Ltd.; from May 2020 to March 2022, he served as a director of Fengbei Co., Ltd.; from March 2022 to present, he served as a director of Fengbei Biotechnology.

Chinese nationality, no permanent residence abroad, born in 1962, junior high school education. From May 2001 to August 2022, he operated the Hetou Guoqing waste industrial oil processing plant; from August 2009 to the present, Wei Guoqing

Ren Liangyou Oil Manager and Supervisor; from March 2022 to present, Ren Fengbei Biotech Director.

Chinese nationality, no permanent residence abroad, born in 1977, master's degree, senior engineer. From August 2000 to August 2016, he worked at Zhejiang Pharmaceutical Co., Ltd. Wang Yiyong Chang Pharmaceutical Factory has served as technician, deputy workshop director, workshop director, and production manager; from August 2016 to March 2017, he served as production manager of Changhai Biological Branch of Zhejiang Pharmaceutical Co., Ltd.; from March 2017 to March 2022, he served as production director of Fengbei Co., Ltd.; from March 2022 to present, he served as director and production director of Fengbei Biology.

Chinese nationality, no permanent residence abroad, born in 1986, bachelor's degree. From August 2007 to June 2010, he served as R&D engineer of Hubei Fubon Technology Co., Ltd.; in 2010, Huang Lingling From August 2013 to June 2013, he served as the chief engineer of Shaanxi Oulaide Agricultural Auxiliary Technology Co., Ltd.; from January 2014 to May 2015, he served as the chief engineer of Hubei Guangda Chemical Technology Co., Ltd.; from August 2017 to March 2022, he served as the general manager of the Fertilizer Additives Division of Fengbei Limited; from March 2022 to the present, he served as the director and general manager of the Fertilizer Additives Division of Fengbei Biotech. Chinese nationality, no permanent residence abroad, born in 1966, bachelor's degree, lawyer. From August 1985 to July 1995, he served as clerk, assistant judge, and judge in the Dongcheng District People's Court of Beijing; from July 1995 to December 2000, he served as a full-time lawyer at the Beijing Law Firm; from January 2001 to July 2007, he served as Beijing Guantao lawyer Pan Hong

A full-time lawyer of the firm; from July 2007 to the present, he has been a full-time lawyer of Beijing Kunlun Law Firm; from May 2023 to the present, he has been an independent director of Fengbei Biotech; from June 2023 to the present, he has been an independent director of Gaowida Software Co., Ltd.; from September 2023 to the present, he has been an independent director of Shenzhen Asia Pacific Aviation Technology Co., Ltd.

Chinese nationality, no permanent residence abroad, born in 1977, doctoral degree, professor. From July 1999 to August 2001, he served as assistant engineer of Jiang Qixing Company of Yantai Shancun Orchard Green Food Group Co., Ltd.; from September 2001 to April 2004, he was a master's student at Jiangnan University; from June 2004 to present, he served as a teacher at Jiangnan University; from October 2019 to present, he served as executive director of Jiangsu Liwu Food Technology Co., Ltd.; from March 2022 to present, he served as independent director of Fengbei Biotechnology.

Chinese nationality, no permanent residence abroad, born in 1972, doctoral degree, certified public accountant, senior accountant. From July 1994 to January 1998, he served as Peng Zheng'an of Baosteel Group General ledger accountant of the Finance Department of Nanjing Steel Rolling Plant; from February 1998 to February 2002, he served as the project manager of the audit department of Jiangsu Suya Accounting Firm; from March 2002 to present (including the planning and establishment period), he served as the executive partner of Nanjing Pengyu United Accounting Firm; from December 2019 to April 2026, he served as the independent director of Anhui Chaoyue Environmental Protection Technology Co., Ltd.; 2021

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From October 2020 to present, he has served as an independent director of Nanjing Wanders Environmental Protection Technology Co., Ltd.; from March 2022 to present, he has served as an independent director of Fengbei Biotechnology.

Chinese nationality, no permanent residence abroad, born in 1979, master's degree. From July 2002 to August 2010, he served as the securities affairs representative and director of the listing office of Jiangsu Shagang Co., Ltd.; from September 2010 to May 2012, he served as secretary of the board of directors and deputy general manager of Zhejiang Juli Cultural Development Co., Ltd.; from June 2012 to June 2019, he served as Jiang Huangjiang

Secretary of the Board of Directors and Deputy General Manager of Suhuada Centrifuge Manufacturing Co., Ltd. From February 2016 to January 2019, he served as Deputy General Manager of China Construction Environmental Energy Technology Co., Ltd.; from July 2019 to August 2022, he served as Secretary of the Board of Directors and Deputy General Manager of Jiangsu Huasheng Lithium Battery Materials Co., Ltd.; from November 2022 to present, he served as Secretary of the Board of Directors and Deputy General Manager of Fengbei Biotech. Chinese nationality, no permanent residence abroad, born in 1985, bachelor's degree, senior accountant. From June 2008 to March 2021, he served as the finance minister and deputy financial director of Jiangsu Qizhou Green Chemical Co., Ltd.; from May 2012 to June 2020, he served as the general manager of Honghu Yitai Technology Co., Ltd. (a subsidiary of Jiangsu Qizhou Green Chemical Co., Ltd.)

Financial Director; from March 2021 to March 2022, he served as the Financial Director of Fengbei Co., Ltd.; from March 2022 to November 2022, he served as the Financial Director and Secretary of the Board of Directors of Fengbei Biotechnology; from November 2022 to the present, he served as the Financial Director of Fengbei Biotechnology.

Chinese nationality, no permanent residence abroad, born in 1981, bachelor's degree. From June 2003 to February 2008, he served as an employee, supervisor, and head of the investment department of Jiangsu Yongheng Steel Industrial Co., Ltd.; from March 2008 to August 2011, he served as the director of the oil and fats department of Zhonggu Group Shanghai Cereals and Oils Co., Ltd.; from September 2011 to June 2014, he served as Wu Guolin

Foreign trade manager of Suzhou Fubang Biotechnology Co., Ltd.; from July 2014 to March 2022, Yu Fengbei Co., Ltd. served as foreign trade manager and marketing director; from March 2022 to present, he served as marketing director of Fengbei Biotechnology.

Chinese nationality, no permanent residence abroad, born in 1983, bachelor's degree, engineer. From July 2006 to March 2011, he served as R&D engineer Ma Min of Jiangsu Aijin Crop Technology Group Co., Ltd.; from April 2011 to February 2015, he served as R&D director of Suzhou Jiahui Chemical Co., Ltd.; from February 2015 to March 2022, he served as technical director of Fengbei Co., Ltd.; from March 2022 to present, he served as director of Fengbei Biotechnology.

Other situation description

□Applicable √Not applicable

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(2) Employment status of current and resigned directors and senior managers during the reporting period

1. Employment status in shareholder units

√Applicable □Not applicable

Serve in shareholder unit

Name of the employee Name of the shareholder unit Start date of the term Position of the employee on the end date of the term

Zhangjiagang Free Trade Zone Zhonghe Business

August 20, 2018

Pingyuan Consulting Partnership (Limited Partnership) Executive Partner to this day

Guy)

Zhangjiagang Free Trade Zone Fubai Huiying

September 4, 2018

Pingyuan Corporate Management Partnership (with executive partner to date)

limited partnership)

Zhangjiagang Free Trade Zone Fubai Huiying

November 2022

Li Yin, Executive Partner of No. 2 Enterprise Management Partnership, 18 days to date

(limited partnership)

Yangzhong Hi-tech Investment Yida Venture Capital

Managing Partner December 2018

Li Yongxing Fund Partnership (Limited Partnership) Appointed representative so far 11th

Guy)

Working in a shareholder unit

None

Description of the situation

2. Employment status in other units

√Applicable □Not applicable

Serve in other units

Name of the person holding the position Name of other unit Start date of the term Position of the employee on the end date of the term

Suzhou Fuzhiyuan Biotechnology Co., Ltd.

Pingyuan General Manager, Executive Director December 2013 to present Co., Ltd.

Dongchi Biotechnology (Jiangsu)

Li Yin Executive Director June 2020 to present Co., Ltd.

Jiangsu Yida Equity Investment Fund

Li Yongxing Senior Partner February 2014 to present Management Co., Ltd.

Jiangsu Suiyi Information Technology Co., Ltd.

Li Yongxing Director March 2016 Company December 2025

Kesheng Environmental Protection Technology Co., Ltd.

Li Yongxing Director July 2015 to present Company

Shanghai Xiaoyu Information Technology Co., Ltd.

Li Yongxing Director May 2016 to present Company

Guangdong Xinjinshan Environmental Protection Materials Stock

Li Yongxing Director May 2018 to this company

Jiangsu Limin Paper Packaging Co., Ltd.

Li Yongxing Director March 2019 to present Co., Ltd.

Jiangsu Chezhibao Information Technology Stock

Li Yongxing Director June 2020 to this company

Zhizhan Technology (Shanghai) Co., Ltd.

Li Yongxing Director November 2020 Present Company

Dongke Semiconductor (Anhui) Stock

Li Yongxing Director December 2020 to present

Co., Ltd.

Li Yongxing Dayun Automobile Co., Ltd. Director December 2021 to present Li Yongxing Nanjing Tianchuang Intelligent Technology Co., Ltd. Director February 2022 to present

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Ltd.

Liangyou Oil and Fats, Jintan District, Changzhou City

Wei Guoqing Supervisor August 2009 to present Co., Ltd.

Jiangsu Fubang Biotechnology Co., Ltd.

Wei Guoqing Supervisor October 2015 to present

company

Pan Hong, Beijing Kunlun Law Firm, full-time lawyer July 2007 to present

Govida Software Co., Ltd.

Pan Hong Independent Director June 2023 to present

Shenzhen Asia Pacific Aviation Technology Co., Ltd.

Pan Hong Independent Director September 2023 to present

Ltd.

Jiang Qixing Jiangnan University Teacher June 2004 to present

Jiangsu Liwu Food Technology Co., Ltd.

Jiang Qixing Executive Director October 2019 to present Company

Nanjing Pengyu United Accountants

Peng Zheng'an Executive Partner March 2002 Present

Nanjing Pengzhi Investment Management Co., Ltd.

Peng Zhengan Executive Director December 2016 to present

company

Peng Zhengan Jiangsu Yushang Trading Co., Ltd. Supervisor October 2018 to present

Anhui Chaoyue Environmental Protection Technology Co., Ltd.

Peng Zhengan Independent Director December 2019 April 2026 Co., Ltd.

Nanjing Wanders Environmental Protection Technology Stock

Peng Zheng'an Independent Director October 2021 to this company

Nanjing Pengrui E-Commerce Co., Ltd.

Peng Zhengan Director December 2024 to present Company

Dongchi Biotechnology (Jiangsu)

Wu Guolin Supervisor June 2020 to present Co., Ltd.

Advant Bioenergy (Hong Kong)

Wu Guolin Director November 2020 to present Co., Ltd.

Oumeng Chemicals (Jiangsu) has

Wu Guolin Executive Director October 2021 to present

Ltd.

Working in other units

None

Description of the situation

(3) Remuneration of directors and senior managers

√Applicable □Not applicable

The remuneration of the company's directors has been reviewed by the remuneration and assessment committee of the board of directors and the company's board of directors has reviewed the remuneration of directors and senior managers.

After the discussion, it will be implemented after deliberation and approval by the company’s shareholders’ meeting; the remuneration of the company’s senior managers will go through the decision-making process.

After review by the Remuneration and Appraisal Committee of the Board of Directors, it will be implemented after consideration and approval by the Company's Board of Directors. Directors discuss their remuneration at the board meeting

Yes

Whether to avoid matters

On April 18, 2025, the company held the first meeting of the Remuneration and Appraisal Committee of the Second Board of Directors or the Independent Directors

meeting to review the "Annual Remuneration and Bonus for the Company's Directors in 2024 and the Special Meeting on Remuneration for Directors and Senior Officers in 2025"

"Proposal on the Plan", all members abstained from deliberation and submitted to the shareholders' meeting for deliberation; the "Recommendations on Management Remuneration Matters" were reviewed and

Details of the negotiations on the 2024 annual salary bonus and 2025 salary plan for the company’s senior management personnel

The bill was unanimously approved by all members.

The remuneration of non-independent directors and senior managers who serve within the company is determined based on the company's overall directors and senior managers' remuneration policies, salary standards, specific positions held by individuals in the company, work performance and the actual completion of the company's annual business plan. The company's external directors do not receive any remuneration or director allowances, and independent directors implement a fixed allowance system.

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The specific payment amount of the remuneration of directors and senior management personnel can be found in "(1) Actual payment situation of current and outgoing directors and senior management personnel during the reporting period, changes in shareholdings and remuneration status of personnel" in this section.

At the end of the reporting period, all directors and senior management

6.7919 million yuan

The total actual salary received by managers

At the end of the reporting period, the independent director allowances received by independent directors are not applicable to the assessment; non-independent directors and senior managers receive corresponding remuneration in accordance with the company's performance appraisal regulations. The performance appraisal work is effectively executed and completed in accordance with the company's performance appraisal regulations.

At the end of the reporting period, all directors and senior management

deferral of actual remuneration received by management personnel Not applicable

payment arrangements

At the end of the reporting period, all directors and senior management

Stop payment of actual remuneration received by management personnel Not applicable

Recovery situation

(4) Changes in directors and senior managers of the company

□Applicable √Not applicable

(5) Description of punishments received by securities regulatory authorities in the past three years

□Applicable √Not applicable

(6) Others

√Applicable □Not applicable

On March 21, 2025, the company held the first extraordinary shareholders' meeting in 2025, which reviewed and approved the resolutions related to the election of the company's second board of directors, completing the re-election of the company's board of directors.

On the same day, the company held the first meeting of the second board of directors and reviewed and approved relevant proposals for the election of the chairman of the second board of directors, the appointment of senior managers of the company, and the election of members of the special committee of the second board of directors. Compared with the first board of directors, there were no changes in the directors and senior management of the second board of directors.

4. Directors’ performance of duties

(1) Directors’ participation in board of directors and shareholders’ meetings

Participating shareholders’ participation in the board of directors

Will the director

Independent. This year, you should participate in the communication. Is it two consecutive years?

Name In person Presented by proxy Absent Attend shareholder director Join the board of directors Participate in the form of participation Not in person

Number of seats Number of seats Number of meetings

Times Add times Add meetings

Pingyuan No 8 8 2 0 0 No 3 Li Yin No 8 8 2 0 0 No 3 Li Yongxing No 8 8 8 0 0 No 3 Wei Guoqing No 8 8 7 0 0 No 3 Wang Yiyong No 8 8 1 0 0 No 3 Huang Lingling No 8 8 4 0 0 No 3 Pan Hong Yes 8 8 7 0 0 No 3Jiang Qixing Yes 8 8 8 0 0 No 3Peng Zhengan Yes 8 8 8 0 0 No 3Explanation for not attending the board of directors meetings in person for two consecutive times

□Applicable √Not applicable

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Number of board meetings held during the year 8

Among them: Number of on-site meetings 0

Number of meetings held by communication method 1

Number of meetings held on site combined with communication methods 7

(2) Directors raise objections to company-related matters

□Applicable √Not applicable

(3) Others

□Applicable √Not applicable

5. Special committees under the board of directors

√Applicable □Not applicable

(1) Members of the special committees under the board of directors

Special Committee Category Member Names

Audit Committee Peng Zhengan (Chairman), Jiang Qixing, Pingyuan

Nomination Committee Pan Hong (Chairman), Jiang Qixing, Pingyuan

Remuneration and Appraisal Committee Jiang Qixing (Chairman), Peng Zhengan, Pingyuan

Strategy Committee Pingyuan (Chairman), Li Yin, Pan Hong

(2) The Audit Committee held 6 meetings during the reporting period

Important Opinions Other Implementation Dates Meeting Contents

and suggestions for responsibilities

The following motions were considered and approved:

January 2025 No objections,

1. Regarding the company’s internal audit report for the fourth quarter of 2024 and 2025, it was unanimously approved on the 22nd.

Proposal for internal audit work plan

In March 2025, the following proposals were reviewed and approved: There was no objection,

No. 21st 1. The proposal on the appointment of the company’s financial director was unanimously passed. The following motions were considered and approved:

1. Proposal on the "Company's 2024 Financial Final Accounts Report"

2. Proposal on the "Company's 2025 Financial Budget Report"

No objections,

3. Proposal on hiring the company’s audit agency for 2025

Passed unanimously,

4. Proposal on the company’s financial statements from 2022 to 2024

April 2025 Proposal 8

5. Proposal on the company's "Self-evaluation Report on Internal Control" No 18th Related Committee Member

6. Regarding the confirmation of the company’s external guarantee in 2024 and the company’s guarantee for 2025

Pingyuan’s proposal to avoid the estimated amount of external guarantees

vote.

7. Proposal on the company’s internal audit report for the first quarter of 2025

8. Regarding the confirmation of the company’s related transactions in 2024 and the prediction of the company’s 2025

Proposals on daily related transactions

In July 2025, the following proposals were reviewed and approved: There was no objection,

No 14th 1. The proposal on the company’s internal audit report for the second quarter of 2025 was unanimously passed. The following motions were considered and approved: No objections were raised,

1. Regarding the company’s 2022, 2023, 2024 and 2025 unanimously passed, August 2025

Proposals for the financial report from January to June 2018, including Proposal 3 No 28

2. Proposal regarding the company’s “Self-evaluation Report on Internal Control” Related Committee Members

3. Proposal on confirming the company’s related-party transactions from January to June 2025. Pingyuan avoids

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vote.

On October 2025, the following proposals were considered and approved: No objections were raised.

February 28th 1. The proposal on the company’s internal audit report for the third quarter of 2025 was unanimously passed.

(3) The Nomination Committee held 2 meetings during the reporting period

Important Opinions Other Implementation Dates Meeting Contents

and suggestions. The following proposals were reviewed and approved on the responsibilities:

1. Regarding the reelection of the company’s board of directors and the nomination of non-independent directors for the second board of directors

motion

1-1 Proposal on Nominating Ping Ping as a Non-Independent Director of the Company’s Second Board of Directors

1-2 Proposal on Nominating Li Yin as a Non-Independent Director of the Company’s Second Board of Directors

1-3 Proposal on Nominating Li Yongxing as Non-Independent Director of the Company’s Second Board of Directors

There was no objection to the proposal on March 1-4, 2025, regarding the nomination of Wei Guoqing as a non-independent director of the company’s second board of directors.

On May 6, 1-5, the motion to nominate Wang Yiyong as a non-independent director of the company's second board of directors was unanimously passed. 1-6 Proposal on Nominating Huang Lingling as a Non-Independent Director of the Company’s Second Board of Directors

2. Discussion on the re-election of the company’s board of directors and nomination of independent directors for the second board of directors

case

2-1 Proposal on Nominating Pan Hong as Independent Director of the Company’s Second Board of Directors

2-2 Proposal on Nominating Jiang Qixing as an Independent Director of the Company’s Second Board of Directors

2-3 Proposal on Nominating Peng Zheng’an as an Independent Director of the Company’s Second Board of Directors

2025 3 The following proposals were reviewed and approved: No objections were raised,

February 21st 1. The proposal on the appointment of senior managers of the company was unanimously passed.

(4) The Remuneration and Appraisal Committee held 1 meeting during the reporting period

Other meeting date, meeting content, important opinions and suggestions, review and approval of the following proposals: Proposal 1 All members

1. Regarding the avoidance of voting on the company's directors' annual salary bonus in 2024 and salary in 2025, submit a report in April 2025

The proposal of the plan will be reviewed by the board of directors; the meeting will be held on May 18th

2. Regarding the 2024 annual salary bonus and 2025 annual salary and bonus of the company’s senior management personnel, there is no objection to case 2, 1

The resolution on the annual remuneration package was approved.

(5) The Strategy Committee held 2 meetings during the reporting period

Other shoes

Date of important opinions Meeting content Responsibilities and suggestions

The following motions were considered and approved:

2025 3 No objections,

1. Regarding the extension of the company’s application for the initial public offering of RMB ordinary shares (A shares), it was unanimously approved on May 6th. Proposal for stock listing

The following motions were considered and approved:

2025 7 No objections,

1. The resolution on adjusting the investment projects of funds raised from the company’s initial public offering of stocks was unanimously adopted on May 20.

case

(6) Specific circumstances of objectionable matters

□Applicable √Not applicable

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6. Explanation of the risks found by the audit committee in the company

□Applicable √Not applicable

The Audit Committee has no objection to the supervision matters during the reporting period.

7. Employees of the parent company and major subsidiaries at the end of the reporting period

(1) Employee situation

Number of active employees of the parent company 157 Number of active employees of major subsidiaries 238 Total number of active employees 395 Retired employees of the parent company and major subsidiaries who need to bear expenses

Number of people

Professional composition

Major composition category Major composition number

Production staff 167 sales staff 22 technical staff 87 financial staff 23 administrative staff 96 total 395 education level

Education level category Number (person)

Master's degree and above 23 Bachelor's degree 121 College degree and below 251

Total 395

(2) Remuneration policy

√Applicable □Not applicable

The company's current salary management system mainly conducts different salary calculations based on the responsibilities of each department. The sales and purchasing departments are based on

Salary is calculated according to the method of "basic salary + commission", in which commission is calculated based on the completion of performance appraisal of each position. give birth to

The production and quality control departments conduct salary calculations according to the salary method of "fixed salary + overtime pay", and the financial, personnel administration and other functional departments follow the salary calculation method.

Salaries are calculated according to the remuneration method of "fixed salary + performance bonus". The company based on market salary research, company performance combined with individual

Salary arrangements will be made based on performance.

The company will further improve the company's salary system, optimize the company's salary system, and make the company's salary system unique in the same industry.

Attractive and competitive, it provides guarantee for the company's subsequent talent introduction and retention, and is conducive to the long-term and stable development of employees and enterprises.

(3) Training plan

√Applicable □Not applicable

In order to comprehensively improve employees' job skills and comprehensive professional qualities and meet the needs of the company and employees for joint development, the company and various departments

Training will be organized. The Ministry of Personnel and Administration issues the "Annual Training Plan" to each department in December every year to determine the training needs for the next year.

Investigate. The company's training is divided into internal training and external training. Internal training includes induction training, on-the-job training and job transfer training. The training content involves the company's

Industrial culture training, company introduction, rules and regulations training, safety training, work processes, etc.; external training is provided by each department in conjunction with the talents of the department

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The training plan puts forward the requirements. For skills-related training, the demand department and the personnel administration department jointly obtain training channels and arrange the training. For management training, the personnel administration department finds a third-party training institution according to the requirements of the demand department, and dispatches training after a comprehensive evaluation. The company organizes multi-dimensional training every year covering business etiquette, sales skills, product knowledge and workplace etiquette. Through these systematic learning, employees can not only quickly integrate into the company and master the core skills required for their positions, but also lay a solid foundation for their own stable development. In the future, the company will keep up with the pace of development, encourage employees to continuously improve their personal skills and professional knowledge, achieve an effective link between personal abilities and salary levels, and ultimately achieve the common growth of employees and the company.

(4) Labor outsourcing situation

√Applicable □Not applicable

Total working hours of labor outsourcing (hours) 24,142.50 Total remuneration paid for labor outsourcing (10,000 yuan) 55.99

8. Profit distribution or capital reserve conversion plan

(1) Formulation, implementation or adjustment of cash dividend policy

√Applicable □Not applicable

Formulation and adjustment of profit distribution policies:

The company held the first extraordinary shareholders' meeting of 2023 on March 30, 2023, and reviewed and approved the "Proposal on Formulating the Shareholder Dividend Return Plan for Three Years after the Company's Listing"; the company held the second extraordinary shareholders' meeting of 2025 on October 9, 2025, and reviewed and approved the "Proposal on Cancellation of the Board of Supervisors and Amending the Articles of Association". Specific policies for profit distribution were clarified:

1. Form of profit distribution: The company may distribute dividends in cash, stocks, a combination of cash and stocks, or other legal methods; profit distribution shall not exceed the scope of cumulative distributable profits, and shall not damage the company's ability to continue operating.

2. Time interval of profit distribution: The company implements a continuous and stable profit distribution policy, and in principle, profits are distributed once a year. If conditions permit, the company may make mid-term profit distributions.

3. Specific conditions and proportions of the company's cash dividends: When the company's distributable profits for the year or half-year (i.e., the net profit remaining after the company makes up for losses and withdraws the provident fund) is a positive number, provided that the company's capital needs for normal production and operation are met and the statutory reserve fund is fully reserved, if there is no major investment In the event of special circumstances such as planning or major cash expenditures, the company shall distribute dividends in cash. The profits distributed in cash shall not be less than 10% of the distributable profits realized in the current year, or the profits distributed cumulatively in cash for three consecutive years shall not be less than 30% of the average annual distributable profits realized in three consecutive years. The company's board of directors should comprehensively consider factors such as the characteristics of the industry, development stage, own business model, profitability level, and whether there are major capital expenditure arrangements, distinguish the following situations, and formulate differentiated cash dividend policies:

(1) If the company is in a mature stage of development and has no major capital expenditure arrangements, when distributing profits, the proportion of cash dividends in this profit distribution should be at least 80%;

(2) If the company is in a mature stage of development and has major capital expenditure arrangements, when distributing profits, the proportion of cash dividends in this profit distribution should be at least 40%;

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(3) If the company is in the growth stage and has major capital expenditure arrangements, when distributing profits, the proportion of cash dividends in the profit distribution should be at least 20%.

If the company's development stage is difficult to distinguish but there are major capital expenditure arrangements, it can be handled in accordance with the provisions of the preceding paragraph.

The proportion of cash dividends in this profit distribution is cash dividends divided by the sum of cash dividends and stock dividends.

4. Specific conditions for the company to issue stock dividends: When the company's operating conditions are good, and the board of directors believes that the company has real and reasonable factors such as growth potential, dilution of net assets per share, and the mismatch between the stock price and the company's share capital, and that issuing stock dividends is conducive to the overall interests of all shareholders of the company, it can propose a stock dividend distribution plan provided that the above conditions for cash dividends are met.

During the reporting period, there was no adjustment to the company's profit distribution policy.

Implementation of profit distribution policy:

On April 18, 2025, the second meeting of the company's second board of directors reviewed and approved the "Proposal on the Company's 2024 Profit Distribution Plan" and submitted it to the shareholders' meeting for review. The proposal was reviewed and approved by the company's 2024 annual shareholders' meeting on May 8, 2025. The company will not distribute profits in 2024, nor will it convert capital reserve funds into share capital, and undistributed profits will be carried forward to the next year.

On April 8, 2026, the eighth meeting of the company's second board of directors reviewed the profit distribution plan for the reporting period as follows: the company plans to distribute a cash dividend of RMB 3.50 (tax included) to all shareholders for every 10 shares, without bonus shares, and without converting capital reserve funds into share capital. As of December 31, 2025, the company's total share capital is 143,500,000 shares. Based on this calculation, a total cash dividend of 50,225,000.00 yuan (tax included) is planned, accounting for 35.73% of the net profit attributable to shareholders of the listed company in 2025. This profit distribution plan still needs to be submitted to the company's 2025 annual shareholders' meeting for review.

(2) Special explanation of cash dividend policy

√Applicable □Not applicable

Whether it complies with the provisions of the company's articles of association or the requirements of the shareholders' meeting resolution √Yes □No Whether the dividend standards and proportions are clear and clear √Yes □No Whether the relevant decision-making procedures and mechanisms are complete √Yes □No Whether the independent directors have performed their duties and played their due role √Yes □No Whether small and medium-sized shareholders have the opportunity to fully express their opinions and demands, and whether their legitimate rights and interests are fully protected

√Yes □No protection

(3) If the company is profitable during the reporting period and the parent company has positive profits available for distribution to shareholders, but has not proposed a cash profit distribution plan, the company shall disclose in detail the reasons as well as the purpose and use plan of the undistributed profits.

□Applicable √Not applicable

(4) Profit distribution and capital reserve conversion plan for the reporting period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Number of bonus shares for every 10 shares (shares) 0 Number of dividends for every 10 shares (yuan) (tax included) 3.50 Number of bonus shares for every 10 shares (shares) 0

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Amount of cash dividends (tax included) 50,225,000.00 Net profit attributable to ordinary shareholders of listed companies in the consolidated statements

140,554,623.92 profit

The amount of cash dividends accounts for 10% of the total attributable to the general public of listed companies in the consolidated statements.

35.73 Ratio of net profit to common shareholders (%)

The amount of shares repurchased in cash is included in cash dividends 0.00 Total dividend amount (tax included) 50,225,000.00 The total dividend amount accounts for 10% of the shares attributable to the general public of listed companies in the consolidated statements

35.73 Ratio of net profit to common shareholders (%)

(5) Cash dividend distribution in the last three fiscal years

√Applicable □Not applicable

Unit: Yuan Currency: RMB The cumulative amount of cash dividends in the last three fiscal years (tax included) (1) 50,225,000.00 The cumulative amount of repurchases and cancellations in the last three fiscal years (2) 0.00 The cumulative amount of cash dividends and repurchases and cancellations in the last three fiscal years

50,225,000.00 (3)=(1)+(2)

Average annual net profit amount for the most recent three fiscal years (4) 140,554,623.92 Cash dividend ratio for the most recent three fiscal years (%) (5) = (3)/(4) 35.73 Ordinary shares attributable to listed companies in the consolidated statements for the most recent fiscal year

140,554,623.92 shareholders’ net profit

Undistributed profit at the end of the parent company's statement for the most recent fiscal year 268,184,890.91 Note: The company was listed on the main board of the Shanghai Stock Exchange in November 2025. The listing period was less than three full fiscal years. The first full fiscal year after the company's listing was used as the first starting year for the last three fiscal years.

9. The situation and impact of the company’s equity incentive plan, employee stock ownership plan or other employee incentive measures

(1) Relevant incentive matters have been disclosed in temporary announcements and there is no progress or change in subsequent implementation

□Applicable √Not applicable

(2) Incentives not disclosed in temporary announcements or with subsequent progress

Equity incentives

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Employee stock ownership plan status

□Applicable √Not applicable

Other incentives

□Applicable √Not applicable

(3) Equity incentives granted to directors and senior managers during the reporting period

□Applicable √Not applicable

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(4) The evaluation mechanism for senior managers during the reporting period, as well as the establishment and implementation of the incentive mechanism

□Applicable √Not applicable

10. Construction and implementation of internal control system during the reporting period

√Applicable □Not applicable

In accordance with the provisions of the "Basic Standards for Enterprise Internal Control" and its supporting guidelines and other internal control regulatory requirements, combined with the company's internal control system and evaluation methods, and on the basis of daily supervision and special supervision of internal control, the company's internal control effectiveness was evaluated on December 31, 2025 (the base date of the internal control evaluation report). During the reporting period, the company has established internal controls for the businesses and matters included in the evaluation scope and implemented them effectively to achieve the company's internal control objectives. No major or important flaws in internal control were found during the reporting period. The company has prepared and disclosed the "2025 Internal Control Evaluation Report", which can be found on the website of the Shanghai Stock Exchange at www.sse.com.cn.

Explanation of major deficiencies in internal control during the reporting period

□Applicable √Not applicable

11. Management and control of subsidiaries during the reporting period

√Applicable □Not applicable

The company has formulated the "Subsidiary Management System", which clearly stipulates that the company supervises and manages the corporate governance, human resources management, financial management, business operation management, audit supervision and management, assessment, rewards and punishments of subsidiaries. During the reporting period, in accordance with the provisions of the Company Law, Articles of Association and relevant management systems, the company guided, managed and supervised subsidiaries at all levels from the dimensions of corporate governance, financial reporting, internal audit, information disclosure, operating decision-making, major event reporting, etc., and further strengthened the management and control of subsidiaries by continuously improving the business approval process and the responsible person reporting and assessment mechanism. During the reporting period, the company's subsidiaries operated steadily and there were no major risks.

Risk reminder of abnormal management control of subsidiaries

□Applicable √Not applicable

12. Relevant description of internal control audit report

□Applicable √Not applicable

Whether to disclose the internal control audit report: Yes

Type of opinion on internal control audit report: standard unqualified opinion

Whether a non-standard audit opinion on internal control was issued during the reporting period or the previous year

□Yes √No

13. Rectification of self-examination issues in the special action on governance of listed companies

Not applicable

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14. Environmental information of listed companies and their major subsidiaries included in the list of companies that disclose environmental information in accordance with the law √Applicable □Not applicable

Included in companies that disclose environmental information according to law

Number of companies in the industry list (number)

Preface

Company name Query index number of environmental information disclosure report according to law

1 Weigesheng, Jintan District, Changzhou City http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunn

er.html?viewId=./sps/views/yfpl/views/yfplHomeNew/index.js 2 Liangyouyou, Jintan District, Changzhou City http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunn

Fat Co., Ltd. er.html?viewId=./sps/views/yfpl/views/yfplHomeNew/index.jsOther instructions

□Applicable √Not applicable

15. Social Responsibility Work

(1) Whether to separately disclose social responsibility report, sustainable development report or ESG report

□Applicable √Not applicable

(2) Specific situation of social responsibility work

√Applicable □Not applicable

External donations and public welfare projects Quantity/Content Description Total investment (10,000 yuan) 1 Charitable donations from Amangang City include: funds (10,000 yuan) 1

Material discount (10,000 yuan)

Number of people benefited (person)

Specific instructions

□Applicable √Not applicable

16. Consolidate and expand the results of poverty alleviation, rural revitalization and other work specific situations

□Applicable √Not applicable

Specific instructions

□Applicable √Not applicable

17. Others

□Applicable √Not applicable

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Section 5 Important Matters

1. Fulfillment of commitments

(1) Commitments made by the company’s actual controller, shareholders, related parties, acquirers and the company and other relevant parties during the reporting period or continuing into the reporting period

√Applicable □Not applicable

If not in time, if not in time, whether in time

Commitment Commitment Whether performance has been performed or not Performance should be explained When performance should be performed Commitment background Commitment party Commitment time Commitment period Time strict type Contents Performance deadline Uncompleted performance Explain the specific reasons for the next performance Step plan

The company's holding shares have been listed since the stock market

with initial public offering

Restricted sale of shares East, actual control Note 1 June 1, 2023 Yes 36 months from the date Yes Not applicable Not applicable Bank-related commitments

People in Pingyuan within the month

Company actual control

Since stock listing

and companies controlled by the initial public issuer

Restricted sale of shares Note 2 June 1, 2023 Yes 36 months from the date Yes Not applicable Not applicable Bank-related commitments Fubai Huiying, Zhong

within the month

and business

Other holdings of the company

Since stock listing

With an initial public offering of more than 5% of the shares

Restricted sale of shares Note 3 June 1, 2023 Yes 12 days from the date Yes Not applicable Not applicable Relevant commitments Dongbianquan Yida,

within the month

Yangzhong Yida

Since stock listing

and other shareholders of the IPO company

Restricted sale of shares Note 4 June 1, 2023 Yes 12 days from the date Yes Not applicable Not applicable Relevant commitments Shanghai Zhizhi

within the month

Since stock listing

12 days from the date of company declaration

12-month capital increase with IPO within this month or 2025

Restriction on sale of shares Note 5 June 1, 2023 Yes Yes Not applicable Not applicable Bank-related commitments Shareholders who have invested in shares December 8, 2023

Bei Hui Ying No. 2 (whichever is later)

accurate)

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company, company control

Shareholders and directors About stable shares Since stock listing and initial public offering

Others (excluding independent directors’ price commitments, details June 1, 2023 Yes 3 years from the date Yes Not applicable Not applicable Bank-related commitments

(General Manager), Senior Management See Note 6 Internal Management Personnel

Regarding the commitments related to share buybacks and initial public offerings and share purchases of other companies June 1, 2023 No Long-term Yes Not applicable Not applicable, please see Note 7 for details.

Regarding the commitments related to the share buyback and initial public offering of the company's controlling shareholder and share buyback June 1, 2023 No Long-term Yes Not applicable Not applicable Pingyuan Pingyuan, please see Note 8 for details.

Concerning the fraudulent listing of stocks and initial public offerings of issuing companies and company holding companies

Other shareholders, actual share repurchase and share June 1, 2023 No Long-term Yes Not applicable Not applicable Bank-related commitments

The controller’s commitment to repurchase Ping Ping shares, please see Note 9 for details regarding the dilution of immediate returns in relation to the initial public offering.

Other companies Filling measures June 1, 2023 No Long-term Yes Not applicable Not applicable Line-related commitments

Commitment, see note for details

Regarding dilution, that is, the period return of the company’s controlling shares is based on the initial public offering.

Others East, actual control Filling measures June 1, 2023 No Long-term Yes Not applicable Not applicable Bank-related commitments

Ren Pingyuan Commitment, see note for details

Regarding dilution and initial public offering, company directors and senior executives

Other period returns are taken as of June 1, 2023 No Long-term Yes Not applicable Not applicable Bank-related commitments Level management personnel

supplementary measures

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Commitment, see note for details

Commitment on profit sharing and initial public offering policy

Dividend company June 1, 2023 No Long-term Yes Not applicable Not applicable Bank-related commitments, see notes for details

company, company control

Regarding shareholders holding shares according to law and actual

Guarantee compensation or compensation in connection with the initial public offering Controllers, directors,

Other commitments for reimbursement June 1, 2023 No Long-term Yes Not applicable Not applicable Bank-related commitments Before canceling the Supervisory Board

No. For details, please refer to the notes on current supervisors and senior executives.

senior managers

company, company control

shareholders, actual

Regarding non-fulfillment

controller, director,

Commitment measures related to initial public offerings

Others Before the cancellation of the Board of Supervisors June 1, 2023 No Long-term Yes Not applicable Not applicable Implementation-related commitments, details of current supervisors, senior executives

See note 15

level managers,

other shareholders

About avoiding the same

Company holding shares

Commitment to compete with IPOs

Solve horizontal competition East, actual control June 1, 2023 No Long-term Yes Not applicable Not applicable Bank-related commitments, please see Zhuren Pingyuan for details

Company holding shares

East, actual control on regulations and reducing interactions with initial public issuers, directors, supervisors

Resolve related transactions June 1, 2023 No Long-term Yes Not applicable Not applicable Commitments related to the transaction, details of personnel, and 5% shareholding of senior management See Note 17

The above shareholders

Regarding the performance of the controlling shares of the initial public offering company, the year of listing and

Others June 12, 2024 Yes Yes Not applicable Not applicable Bank-related commitments East, actual control and extension of shares in the second year thereafter

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People in Pingyuan and its control. The commitment of the lock-in period. The third year.

Other entities controlled by Nuo, please see the note for details

About the period under review

No time to show

from initial public offering to stock listing

Other companies Commitment to pay dividends June 12, 2024 Yes Yes Not applicable Not applicable The date of the relevant commitments

No, see note for details

About shareholder letters

Special project on disclosure of initial public interest payment

Other Company June 1, 2023 No Long-term Yes Not applicable Not applicable Bank-related commitments Commitments, please see Notes for details

About social security

Company holding shares

and initial public offerings of insurance and housing

Others East, actual control June 1, 2023 No Long-term Yes Not applicable Not applicable Bank-related commitments Provident fund commitments,

people

See Note 21 for details

About not taking responsibility

chattel defects

Resolve land and other property rights with initial public offering and actual control of the company

Commitment of related responsibilities June 1, 2023 No Long-term Yes Not applicable Not applicable Bank-related commitments Defects Ren Pingyuan

No, see note for details

Note 1: The company’s controlling shareholder and actual controller Pingyuan’s commitment on share sales restrictions:

“1. Within 36 months from the date of listing of the issuer’s shares, the issuer shall not transfer or entrust others to manage the shares issued before the issuer’s initial public offering and listing directly or indirectly held by the promisee, nor shall the issuer propose to repurchase the shares.

2. If the issuer’s shares held by the pledger are reduced within two years after the expiration of the above-mentioned share lock-up period, the number of shares reduced shall not exceed 50% of the total number of shares of the company held by the pledger, and the reduction price shall not be lower than the issue price (if the issuer distributes dividends, sends bonus shares, converts shares into capital and other ex-dividend and ex-rights behaviors between the initial public offering and the reduction of the shareholding by the pledger, the issue price will be adjusted accordingly).

3. If the closing price of the issuer’s stock price for 20 consecutive trading days within 6 months after the issuer’s initial public offering is lower than the issue price, or the closing price at the end of 6 months after the issuer’s initial public offering (if that day is not a trading day, then the first trading day after that day) is lower than the issue price (if the issuer’s initial public offering is If ex-dividend and ex-rights activities such as the distribution of dividends, bonus shares, and capitalization occur within 6 months after the initial public offering, the closing price will be adjusted accordingly), and the lock-up period of the issuer's shares issued before the initial public offering held by the promisee will be automatically extended for 6 months on the basis of the original lock-in period.

4. The above-mentioned share locking commitments (2) and (3) will not be invalidated or abandoned due to the change of position or resignation of the promisee in the issuer.

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5. During the term of the promisee as a director, supervisor or senior manager of the issuer and within 6 months after the expiration of the term, the shares transferred each year shall not exceed 25% of the total number of shares of the issuer held by the promisee. The shares of the issuer held by the promisee shall not be transferred within 6 months after resignation.

6. If the pledger reduces its holdings of the issuer's shares held before the issuance and listing after the expiration of the lock-up period, the pledger will consider the needs of stabilizing the company's stock price and long-term development and prudently reduce the company's shares held by the pledger according to its own needs. The reduction methods include centralized bidding transactions in the secondary market, block transactions, agreement transfers and other methods recognized by the China Securities Regulatory Commission and the Shanghai Stock Exchange. On the premise that the pledger holds more than 5% of the company's shares, an announcement will be made three trading days in advance before the pledger reduces its holdings of the company's shares; if the shareholding is reduced for the first time through centralized bidding on the stock exchange, an announcement will be made 15 trading days before the shareholding is reduced, and it will be handled in strict accordance with the relevant regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange that are applicable at that time, such as the Company Law, the Securities Law, and the Certain Provisions on the Reduction of Shareholdings by Shareholders, Directors, Supervisors and Senior Management of Listed Companies.

7. If the issuer suffers losses due to the breach of the above commitments by the promisee, the promisee is willing to bear the corresponding liability for compensation in accordance with the law. "

Note 2: The commitments of companies controlled by the actual controller of the company, Fubai Huiying and Zhonghe Business, regarding share sales restrictions:

“1. Within 36 months from the date of listing of the issuer’s stocks, the shares issued before the issuer’s initial public offering and listing held by the promisee will not be transferred.

2. If the issuer's shares held by the pledger are reduced within two years after the expiration of the above-mentioned share lock-up period, the number of shares reduced shall not exceed 100% of the total number of shares held by the pledger in the company, and the reduction price shall not be lower than the pledger's initial shareholding price before the issuer's listing (if the issuer distributes dividends, sends bonus shares, converts shares to capital and other ex-dividend and ex-rights behaviors between the initial public offering and the listing of the pledger, the issue price will be adjusted accordingly).

3. If the pledger reduces the shares of the issuer held before the issuance and listing after the lock-up period expires, the pledger will consider the needs of stabilizing the company's stock price and long-term development and prudently reduce the shares of the company held by the pledger according to its own needs. The reduction methods include centralized bidding transactions in the secondary market, block transactions, agreement transfers and other methods recognized by the China Securities Regulatory Commission and the Shanghai Stock Exchange. On the premise that the pledger holds more than 5% of the company's shares, an announcement will be made three trading days in advance before the pledger reduces the company's shares; if the shareholding is reduced for the first time through the centralized bidding transaction of the Shanghai Stock Exchange, an announcement will be made 15 trading days before the shareholding reduction, and it will be handled in strict accordance with the "Company Law", "Securities Law", "Several Provisions on the Reduction of Shareholdings by Shareholders, Directors, Supervisors and Senior Management of Listed Companies" and other applicable regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange at that time.

4. If the issuer suffers losses due to the promisee's violation of the above commitments, the promisee is willing to bear the corresponding liability for compensation in accordance with the law. "

Note 3: The company’s other shareholders holding more than 5% of the shares, Banquan Yida and Yangzhong Yida, have made commitments regarding share sales restrictions:

“1. Within 12 months from the date of listing of the issuer’s stocks, the shares issued before the issuer’s initial public offering and listing held by the promisee will not be transferred.

2. If the issuer's shares held by the pledger are reduced within two years after the expiration of the above-mentioned share lock-up period, the number of shares reduced shall not exceed 100% of the total number of shares held by the pledger in the company, and the reduction price shall not be lower than the pledger's initial shareholding price before the issuer's listing (if the issuer distributes dividends, sends bonus shares, converts shares to capital and other ex-dividend and ex-rights behaviors between the initial public offering and the listing of the pledger, the issue price will be adjusted accordingly).

3. If the pledger reduces the shares of the issuer held before the issuance and listing after the lock-up period expires, the pledger will consider the needs of stabilizing the company's stock price and long-term development and prudently reduce the shares of the company held by the pledger according to its own needs. The reduction methods include centralized bidding transactions in the secondary market, block transactions, agreement transfers and other methods recognized by the China Securities Regulatory Commission and the Shanghai Stock Exchange. On the premise that the pledger holds more than 5% of the company's shares, an announcement will be made three trading days in advance before the pledger reduces the company's shares; if the shareholding is reduced for the first time through the centralized bidding transaction of the Shanghai Stock Exchange, an announcement will be made 15 trading days before the shareholding reduction, and it will be handled in strict accordance with the "Company Law", "Securities Law", "Several Provisions on the Reduction of Shareholdings by Shareholders, Directors, Supervisors and Senior Management of Listed Companies" and other applicable regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange at that time.

4. If the issuer suffers losses due to the promisee's violation of the above commitments, the promisee is willing to bear the corresponding liability for compensation in accordance with the law. "

Note 4: The company’s other shareholder Shanghai Zhishi’s commitments regarding share sales restrictions:

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“1. Within 12 months from the date of listing of the issuer’s stocks, the shares issued before the issuer’s initial public offering and listing held by the promisee will not be transferred.

2. If the issuer suffers losses due to the promisee's violation of the above commitments, the promisee is willing to bear the corresponding liability for compensation in accordance with the law. "

Note 5: The commitment of Fubai Huiying No. 2, a shareholder who increased capital and purchased shares in the 12 months before the company’s declaration, regarding share sales restrictions:

“1. Within 12 months from the date of listing of the issuer’s stocks or before December 8, 2025 (whichever is later), the shares issued before the issuer’s initial public offering and listing held by the promisee will not be transferred.

2. If the issuer suffers losses due to the promisee's violation of the above commitments, the promisee is willing to bear the corresponding liability for compensation in accordance with the law. "

Note 6: Commitments made by the company, its controlling shareholders, directors (excluding independent directors) and senior managers on stabilizing the stock price:

“1. Conditions for starting measures to stabilize stock prices

Within 3 years from the date of listing of the company's stock, when the closing price of the company's stock for 20 consecutive trading days is lower than the company's most recent audited net assets per share, and the company and relevant entities simultaneously meet the laws, administrative regulations, departmental rules, normative documents and securities regulatory agencies' regulations on share capital changes such as repurchases and shareholding increases, relevant measures to stabilize the stock price should be implemented.

2. Specific measures to stabilize stock prices:

The company and relevant entities will initiate plans to stabilize the stock price in the following order:

(1) Company buyback

1. When a company repurchases shares for the purpose of stabilizing stock prices, it should comply with the provisions of relevant laws and regulations such as the "Share Repurchase Rules of Listed Companies" (China Securities Regulatory Commission Announcement [2022] No. 4), the "Shanghai Stock Exchange Self-Regulatory Supervision Guidelines for Listed Companies No. 7 - Repurchase of Shares" (Shanghai Stock Exchange [2022] No. 8), and at the same time ensure that the repurchase results will not cause the company's equity distribution to fail to meet listing conditions.

2. The company’s procedures for repurchasing shares

When the conditions for triggering stock price stabilization measures are met, the company will convene a board of directors within 10 days. The board of directors' resolution on implementing share repurchases must be approved by a majority of all directors. After the resolution of the board of directors is passed, it shall be submitted to the shareholders' meeting for approval and the corresponding announcement procedures shall be followed.

The company will convene a general meeting of shareholders within 30 days from the date of the resolution of the board of directors to review the proposal to implement the share repurchase. The resolution of the company's general meeting of shareholders to implement the repurchase of shares must be approved by more than 2/3 of the voting rights held by shareholders attending the meeting.

After the company's general meeting of shareholders approves the proposal to repurchase shares, the company will perform corresponding obligations such as announcements, filings and notifications to creditors in accordance with the law. When legal conditions are met, the repurchase will be carried out in accordance with the price range and period specified in the resolution to implement the repurchase of shares.

3. Unless the following circumstances occur, the company will repurchase shares within 6 months from the date of the resolution of the general meeting of shareholders, and the number of shares repurchased will not exceed 2% of the total number of shares of the company before repurchase: (1) Through the repurchase of shares, the closing price of the company's shares for three consecutive trading days has been higher than the company's most recent audited net assets per share; (2) Continuing to repurchase shares will cause the company to fail to meet statutory listing conditions.

4. After a single stock repurchase is completed or terminated, the company's stocks repurchased should be canceled within 10 days from the date of completion or termination, and the company's capital reduction procedures should be completed in a timely manner.

(2) Controlling shareholders increase their holdings

1. The company's controlling shareholders should increase their holdings of the company's shares on the premise of complying with the conditions stipulated in the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Measures for the Administration of Acquisitions of Listed Companies and other laws and regulations as well as departmental regulations and normative documents related to the increase of shareholders' holdings of listed companies.

Under the premise that the controlling shareholder's increase in the company's stock holdings will not cause the company to fail to meet the statutory listing conditions or trigger the controlling shareholder's tender offer obligations, if (1) the company is unable to implement the stock repurchase or the stock repurchase proposal is not approved by the company's shareholders' meeting; (2) although the company implements the stock If the repurchase plan does not meet the condition that "the closing price of the company's shares for three consecutive trading days has been higher than the latest audited net assets per share", the controlling shareholder will increase its holdings of the company's shares in compliance with the "Measures for the Administration of Acquisitions of Listed Companies" and relevant regulations of the China Securities Regulatory Commission.

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2. If the company fails to implement the stock repurchase plan due to the above situation (1), the controlling shareholder will submit a plan to increase the company's stock holdings to the company within 30 days from the date when the conditions for triggering stock price stabilization measures are met or the company's shareholders' meeting makes a resolution not to implement the stock repurchase plan and the company will announce it.

If the company has implemented a stock repurchase plan but still fails to meet the above conditions (2), the controlling shareholder will submit a plan to increase its shareholding of the company's shares to the company within 30 days from the date of completion or termination of the company's stock repurchase plan and the company will announce it.

3. After fulfilling corresponding announcements and other obligations, the controlling shareholder will increase its holdings in accordance with the price range and period specified in the holdings increase plan and subject to meeting legal conditions. Unless the following circumstances occur, the controlling shareholder will implement a plan to increase the company's stock holdings within 6 months from the date of the announcement of the shareholding increase plan, and the number of increased shares will not exceed 2% of the company's total shares: (1) By increasing the company's stock holdings, the company's stock holdings will increase over the past three consecutive trading days. The stock prices are already higher than the company's latest audited net assets per share; (2) Continuing to increase stock holdings will cause the company to fail to meet statutory listing conditions; (3) Continuing to increase stock holdings will result in the controlling shareholder needing to fulfill its tender offer obligations and the controlling shareholder has no plans to implement a tender offer.

(3) Increase in shareholdings by directors (excluding independent directors, the same below) and senior managers

1. Directors and senior managers of a company shall increase their holdings of the company's stocks on the premise of complying with the conditions stipulated in the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China and other laws and regulations, as well as departmental regulations and normative documents related to the increase in shareholdings of directors and senior managers of listed companies.

After the company's controlling shareholder's plan to increase the company's stock holdings is completed, if the company's stock still does not meet the condition that "the closing price of the company's stock for three consecutive trading days has been higher than the company's most recent audited net assets per share", and the increase in the company's stock holdings by directors and senior managers will not cause the company to fail to meet the statutory listing conditions or prompt the controlling shareholder to fulfill its tender offer obligations, the directors or senior managers who receive remuneration from the company will increase their holdings of the company's shares within 90 days after the completion of the company's controlling shareholder's plan to increase the company's stock holdings.

2. For directors or senior managers who receive remuneration from the company, when implementing the aforementioned plan to stabilize the company’s stock price, the funds used to increase their stock holdings shall not be less than 10% of their total after-tax remuneration from the company in the previous year, and the funds used to increase their shareholdings in the year shall not exceed their total stock holdings in the previous year. It is determined by the total remuneration received by the company; after the shareholding increase is completed, the company's equity distribution should meet the listing conditions, and the shareholding increase behavior and information disclosure should comply with the provisions of the "Company Law of the People's Republic of China", the Securities Law of the People's Republic of China and other relevant laws and administrative regulations.

3. The increase in the company's stock holdings by directors or senior managers who receive remuneration from the company will be terminated when one of the following conditions is met: (1) By increasing the company's stock holdings, the closing price of the company's stocks for three consecutive trading days has been higher than the company's most recent audited net assets per share; (2) Continuing to increase the stock holdings will cause the company to fail to meet the statutory listing conditions; (3) Continuing to increase the stock holdings will result in the need to fulfill tender offer obligations and it has no plans to implement a tender offer.

4. For the company's newly appointed directors and senior managers in the future, the company will only appoint them after they have made a commitment to fulfill the corresponding commitment requirements made by the directors and senior managers when the company was issued and listed and signed a corresponding written commitment letter.

(4) Measures to stabilize stock prices are triggered again

After the company's stock price stabilization measures are implemented, if the company's stock price triggers the conditions for initiating stock price stabilization measures again, the company, controlling shareholders, directors, senior managers and other relevant responsible entities will continue to perform relevant obligations in accordance with the above measures. A company is only obliged to initiate stock price stabilization measures once per calendar year.

(5) Restrictive measures

The company will remind and urge the company's controlling shareholders, directors, and senior managers (including the company's current directors and senior managers, as well as directors and senior managers who have not yet taken office when the commitment of this plan is signed or will be newly elected or appointed in the future) to strictly implement the corresponding commitments on stock price stabilization measures made by the company, controlling shareholders, directors, and senior managers when the company's stocks are initially issued and listed.

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The company voluntarily accepts the supervision of the securities regulatory authorities, stock exchanges and other relevant authorities on the formulation and implementation of the stock price stabilization plan, and assumes legal responsibility. When the prerequisites for initiating stock price stabilization measures are met, if the company, controlling shareholders, directors, and senior managers fail to take the above-mentioned specific measures to stabilize stock prices, the company, controlling shareholders, directors, and senior managers promise to accept the following restrictive measures:

1. If the company violates its commitment in the stock price stabilization plan within three years after listing, the company should: (1) publicly explain the specific reasons for not fulfilling the commitment at the company's general meeting of shareholders and the media designated by the China Securities Regulatory Commission and apologize to shareholders and public investors, and propose supplementary commitments or alternative commitments to protect the rights and interests of investors as much as possible; (2) If the failure to fulfill this commitment causes investor losses, the company will compensate investors in accordance with the law.

2. If the controlling shareholder violates the commitment in the stock price stabilization plan within three years after listing, the controlling shareholder should: (1) publicly explain the specific reasons for not fulfilling the commitment at the company’s general meeting of shareholders and the media designated by the China Securities Regulatory Commission, apologize to other shareholders and public investors, and propose supplementary or alternative commitments to protect the rights and interests of investors as much as possible; (2) extend the lock-up period of the restricted shares held by the controlling shareholder for six months after the expiration, and return to the company the after-tax cash dividends it received from the company in the most recent fiscal year. If it is not returned on time, the company can withhold it from the cash dividends distributed later until the cumulative amount of deduction reaches the total amount of after-tax cash dividends distributed from the company in the most recent fiscal year in which it is required to fulfill its obligation to stabilize the stock price.

3. If the directors and senior managers of the company who have the obligation to increase their holdings of the company's shares violate their commitments in the stock price stabilization plan within three years after listing, these directors and senior managers should: (1) publicly explain the specific reasons for not fulfilling their commitments at the company's shareholders' meeting and the media designated by the China Securities Regulatory Commission and apologize to shareholders and public investors, and Propose supplementary commitments or alternative commitments to protect the rights and interests of investors as much as possible; (2) The company shall deduct 20% of the monthly after-tax salary of the relevant party starting from the month when the relevant party fails to fulfill the commitment to stabilize the stock price, until the cumulative deduction amount reaches 20% of the after-tax salary received from the company in the most recent fiscal year in which the obligation to stabilize the stock price is fulfilled. "

Note 7: The company’s commitments on share repurchase and share repurchase:

"1. If there are false records, misleading statements or major omissions in the issuer's prospectus, which have a significant and substantial impact on whether the issuer meets the issuance conditions stipulated by law, the issuer will repurchase all new shares in the initial public offering in accordance with the law (if an ex-rights event occurs after the issuer is listed, the above-mentioned repurchase amount will be adjusted accordingly). The issuer will make a timely announcement after the competent department issues the determination of the relevant illegal facts, and will promptly convene the board of directors to review the specific share repurchase plan in accordance with relevant laws, regulations and the Articles of Association, and submit it to the general meeting of shareholders. The issuer will initiate share repurchase measures based on the resolution of the general meeting of shareholders and the approval of the competent departments. The issuer promises that the repurchase price will be based on the issuance price plus bank deposit interest for the same period from the listing date of the stock to the announcement date of the repurchase stock, or other prices recognized by the China Securities Regulatory Commission. If the issuer's stock has ex-rights and ex-dividend events such as dividend distribution, bonus shares, capital reserve transfer to share capital, etc., the repurchase price will be adjusted accordingly.

2. If the issuer violates the above commitment, the issuer will publicly explain the specific reasons for not taking the above share repurchase measures at the shareholders' meeting and the designated media for information disclosure, apologize to shareholders and public investors, and compensate investors according to the actual losses determined by the competent authorities. "

Note 8: The company’s controlling shareholder Pingyuan’s commitments on share repurchase and share repurchase:

"1. If there are false records, misleading statements or major omissions in the issuer's prospectus, which have a significant and substantial impact on whether the issuer meets the issuance conditions stipulated by law, the promiser will urge the issuer to repurchase all new shares in the initial public offering in accordance with the law. At the same time, the promiser will also repurchase the original restricted shares that have been transferred after the issuer's listing. The repurchase price will be based on the issuance price plus bank deposit interest for the same period from the listing date of the stock to the announcement date of the repurchase stock, or other prices approved by the China Securities Regulatory Commission. If the issuer's stock has ex-rights and ex-dividend events such as dividend distribution, bonus shares, capital reserve transfer to share capital, etc., the repurchase price will be adjusted accordingly.

2. If the promisee violates the above commitment, it will publicly explain the specific reasons for not taking the above-mentioned share repurchase or repurchase measures at the issuer's shareholders' meeting and the media designated for information disclosure, and apologize to shareholders and public investors. The issuer will stop distributing dividends (if any) from the date of violation of the above commitment. At the same time, the issuer's shares held by the promisee will not be transferred until the promisee takes corresponding compensation measures in accordance with the above commitment and has implemented them. "

Note 9: The company and its controlling shareholder and actual controller Pingyuan’s commitments regarding share repurchases and share repurchases for fraudulent issuance and listing:

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“1. Guarantee that the issuer’s public offering and listing will not involve any fraudulent issuance.

2. If the issuer does not meet the issuance and listing conditions and uses deceptive means to obtain issuance registration and has already issued and listed, the promisee will initiate the share repurchase procedure within 5 working days after confirmation by the China Securities Regulatory Commission and other competent authorities to repurchase all the new shares of the issuer's public offering. "

Note 10: The company’s commitment to make up for the dilution of immediate returns:

“1. Rapidly improve the company’s overall strength and enhance its core competitiveness.

2. Strengthen internal control, improve operating efficiency, and reduce operating costs, thereby further improving the company's profitability.

3. Strengthen the management of raised funds to ensure that after the raised funds are in place, the company will use and manage the raised funds in strict accordance with the company's raised fund use and management system, and at the same time reasonably arrange the time schedule during the investment process of raised funds, use short-term idle funds as supplementary working capital, improve the use efficiency of this part of the funds, save financial costs, and further improve the company's profitability.

4. Accelerate the progress of fundraising projects and try to shorten the time for realizing the benefits of raised capital investment projects, so as to increase the dividend returns to shareholders after reaching production in the future.

5. Pay attention to returns to shareholders and protect the legitimate rights and interests of shareholders. The company has stipulated in detail the profit distribution policy in the articles of association applicable after this issuance. The company will strictly follow the provisions of the articles of association applicable after this issuance for profit distribution, and will give priority to cash dividends for profit distribution. "

Note 11: The company’s controlling shareholder and actual controller Pingyuan’s commitment to take filling measures to dilute immediate returns:

“1. The pledger promises to strictly implement all laws, regulations and rules on the governance of listed companies, protect the interests of the issuer and public shareholders, and not to intervene in the issuer’s business and management activities beyond its authority.

2. The promisee promises not to infringe upon the issuer’s interests in any way. "

Note 12: The company’s directors and senior managers’ commitment to take filling measures to dilute current returns:

“1. The promisee promises not to transfer benefits to other units or individuals for free or on unfair terms, nor to harm the interests of the issuer in other ways.

2. The promisee promises to restrict the promisee’s consumption behavior for his/her job.

3. The promisee promises not to use the issuer’s assets to engage in investment or consumption activities that are not related to the performance of the promisee’s duties.

4. The promisee promises that the remuneration system formulated by the board of directors or the remuneration committee will be linked to the implementation of the issuer's replenishment return measures.

5. If the issuer launches an equity incentive plan after this issuance and listing, the pledger promises that the exercise conditions of the issuer's equity incentives to be announced will be linked to the implementation of the issuer's top-up return measures. "Note 13: The company's commitment to profit distribution policy:

"In order to further standardize dividend distribution behavior, promote the company to establish a scientific, sustainable and stable dividend distribution mechanism, ensure reasonable investment returns for shareholders, and increase the transparency and operability of dividend distribution decisions, the company has formulated the "Articles of Association of Suzhou Fengbei Biotechnology Co., Ltd. (Draft)". The company promises to abide by and implement the "Articles of Association of Suzhou Fengbei Biotechnology Co., Ltd. (Draft)" and the profit distribution policy determined by the shareholder dividend return plan within three years after the company's listing, perform the profit distribution decision-making process, and implement profit distribution. "

Note 14: Commitments made by the company, its controlling shareholders, actual controllers, directors, supervisors and senior managers who were serving before the cancellation of the board of supervisors to bear compensation or liability in accordance with the law:

"If the China Securities Regulatory Commission, Shanghai Stock Exchange or other competent authorities determine that the issuer's prospectus and other information disclosure materials contain false records, misleading statements or major omissions, causing investors to suffer losses in the issuance and trading of securities, the promisee will compensate investors for their losses in accordance with the law. "

Note 15: Commitments made by the company, the company’s controlling shareholders, actual controllers, directors, serving supervisors before the cancellation of the supervisory board, senior managers, and other shareholders regarding failure to fulfill commitments and binding measures: “If during the actual implementation process, the promisee violates the public commitments made by the issuer during its initial public offering and listing, the following restrictive measures will be taken or accepted:

1. The promisee will publicly explain the specific reasons for failure to fulfill relevant commitments at the general meeting of shareholders and in newspapers designated by the China Securities Regulatory Commission, and apologize to the issuer's shareholders and public investors.

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2. If the promiser fails to fulfill relevant commitments and causes losses to the issuer or other investors, the promiser will bear corresponding legal liability, compensation liability or take relevant alternative measures in accordance with relevant laws and regulations and the requirements of regulatory authorities.

3. If the breached commitment can continue to be performed, the promisee will continue to perform the commitment. "

Note 16: The company’s controlling shareholder and actual controller Pingyuan’s commitment to avoid horizontal competition:

“1. As of the date of signing of this commitment letter, the promisee and other companies controlled by the promisee (‘control’ refers to the act of controlling the invested enterprise determined in accordance with the "Company Law", "Administrative Measures for the Acquisition of Listed Companies" and other relevant laws and regulations) do not engage in business activities that compete with the issuer and its holding subsidiaries and have a significant adverse impact on the issuer and its holding subsidiaries. The promisee will also not engage in business activities that compete with the business of the issuer and its holding subsidiaries through other companies it controls and that have a significant adverse impact on the issuer and its holding subsidiaries.

2. If in the future the businesses engaged in by the Commitor and other enterprises controlled by the Commitor compete with the main business of the Issuer and its controlled subsidiaries and cause significant adverse effects on the Issuer and its controlled subsidiaries, the Commitor promises that the Issuer has the right to take necessary measures to resolve the horizontal competition that has caused significant adverse effects in accordance with its own circumstances and wishes.

3. The promisee hereby guarantees that he will not use the shares of the issuer he holds to engage in behavior that is detrimental to the legitimate rights and interests of the issuer or other shareholders of the issuer.

4. If the rights and interests of the issuer and its controlling subsidiaries are damaged due to the violation of the above commitment by the promisee and other enterprises controlled by the promisee, the above-mentioned relevant entities will bear the corresponding liability for compensation in accordance with the law.

5. The above commitment will take effect from the date of the issuer's initial public offering of stocks and listing, and will continue to be valid while the promisee serves as the issuer's controlling shareholder or actual controller. "

Note 17: The company’s controlling shareholders, actual controllers, directors, supervisors, senior managers, and shareholders holding more than 5% of the shares have made commitments on regulating and reducing related-party transactions:

"1. The promisee will standardize and reduce as much as possible the related transactions between the company and other companies that the promisee controls ('control' refers to the control of the invested company determined in accordance with the "Company Law", "Administrative Measures for the Acquisition of Listed Companies" and other relevant laws and regulations), other companies serving as directors and senior managers (if applicable), and the issuer.

2. For related party transactions that are unavoidable or occur for reasonable reasons, the promisee and other companies controlled by the promisee will sign a related party transaction agreement with the issuer in accordance with the relevant laws, regulations, normative documents and the company's articles of association, and follow the general business principles of equality, voluntariness, equal value and compensation, and ensure that the price of the related transaction is fair and will not deviate from the price or charging standards of independent third parties in the market in principle to safeguard the interests of the issuer and other shareholders.

3. The promisee hereby guarantees not to use its position and influence in the issuer to damage the legitimate rights and interests of the issuer and other shareholders through related transactions. The Commitor guarantees not to take advantage of the Commitor's position and influence on the issuer to occupy or transfer the issuer's funds, assets and other resources in violation of regulations, or to require the issuer to provide guarantees in violation of regulations.

4. This commitment will take effect from the date of signing of this commitment letter and will continue to be valid while the committer holds more than 5% of the issuer's shares or serves as a director, supervisor or senior manager of the issuer. "Note 18: The company's controlling shareholder and actual controller Pingyuan and other entities controlled by it have made commitments regarding the extension of the share lock-up period due to performance decline:

“1. If the issuer’s net profit in the year of listing falls by more than 50% compared to the year before listing, the lock-in period of the shares held by the promisee will be extended by 6 months;

2. If the issuer’s net profit falls by more than 50% in the second year of listing compared with the year before listing, the lock-up period of the shares held by the promisee at that time will be extended by 6 months on the basis of the previous paragraph;

3. If the issuer's net profit falls by more than 50% in the third year after listing compared with the year before listing, the lock-in period of the shares held by the promisee at that time will be extended by 6 months on the basis of the first two items.

4. The above commitment is the true intention of the promisee. The promisee voluntarily accepts the supervision of regulatory agencies, self-regulatory organizations and the public. If the above commitment is violated, the promisee will bear corresponding responsibilities according to law. In the above commitment, the 'net profit' shall be the net profit attributable to the parent company after deducting non-recurring gains and losses, and the 'shares held at that time' refer to the shares obtained by the promisee before the listing and still held in the year of listing and when the annual report of the second and third years thereafter is disclosed. "

Note 19: The company’s commitment not to distribute cash dividends during the review period:

“1. The accumulated undistributed profits before the initial public offering of A shares will be shared by new and old shareholders after the completion of this issuance and listing in accordance with the proportion of shares held by them;

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2. From the time the company applies for the initial public offering of shares and is listed on the main board to the time of the initial public offering of shares and is listed on the main board of the Shanghai Stock Exchange, the company will no longer propose a new cash dividend plan;

3. The above commitments are the true expression of the company's intentions. The company voluntarily accepts the supervision of regulatory agencies, self-regulatory organizations and the public. If it violates the above commitments, the company will bear corresponding responsibilities according to law. "Note 20: The company's special commitment on shareholder information disclosure:

“The promisee does not have the following circumstances:

1. The laws and regulations of the People's Republic of China prohibit shareholding entities from directly or indirectly holding the issuer's shares.

2. The intermediaries for this issuance (Cathay Haitong Securities Co., Ltd., Shanghai Fangda Law Firm, Zhongxinghua Accounting Firm (Special General Partnership)) or their responsible persons, senior managers, and handling personnel directly or indirectly hold the company's shares.

3. Use the issuer’s equity to transfer improper benefits.

4. If the promisee violates the above commitment, he will bear all the legal consequences arising therefrom. "

Note 21: The company’s controlling shareholder and actual controller’s commitments regarding social insurance and housing provident fund:

"If the relevant social security authorities and housing provident fund authorities where the issuer and its holding company are located require the issuer and its holding company to pay employee social insurance fees (basic pension insurance, basic medical insurance, unemployment insurance, work-related injury insurance, maternity insurance, etc.) for any period before the initial public offering of stocks, Five basic insurances) or housing provident fund, or the issuer and its holding company are required to pay late fees or are punished for it, I will pay the issuer free of charge according to the amount approved by the competent department, and bear the relevant fines, late fees and other expenses to ensure that there will be no significant impact on the company's production and operations. "

Note 22: The company’s actual controller Pingyuan’s commitment to assume liability for real estate defects:

"If the issuer is punished by any administrative department for violating national and local laws, regulations, rules and normative documents on land use, housing management and construction planning management, it will bear responsibility for it and unconditionally fully bear the amount that should be paid or recovered, late fees and fines and other related economic responsibilities and related expenses incurred thereby, ensuring that the issuer will not suffer any losses as a result. "

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(2) There is a profit forecast for the company's assets or projects, and the reporting period is still in the profit forecast period. The company will explain whether the assets or projects have reached the original profit forecast and the reasons □ Achieved □ Not reached √ Not applicable

(3) Performance commitments

□Applicable √Not applicable

Changes in performance commitments

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

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2. Non-operating capital occupation by controlling shareholders and other related parties during the reporting period □ Applicable √ Not applicable

3. Illegal guarantee situation

□Applicable √Not applicable

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4. Explanation of the company’s board of directors on the “non-standard opinion audit report” of the accounting firm

□Applicable √Not applicable

5. The company’s analysis and explanation of the causes and effects of changes in accounting policies, accounting estimates, or corrections of major accounting errors

(1) The company’s analysis and explanation of the reasons and impacts of changes in accounting policies and accounting estimates

□Applicable √Not applicable

(2) The company’s analysis and explanation of the causes and effects of correction of major accounting errors

□Applicable √Not applicable

(3) Communication status with the previous accounting firm

□Applicable √Not applicable

(4) Approval procedures and other instructions

□Applicable √Not applicable

6. Appointment and dismissal of accounting firms

Unit: Yuan Currency: RMB

Currently employed

Name of domestic accounting firm Zhongxinghua Accounting Firm (Special General Partnership) Domestic accounting firm remuneration 650,000 Auditing years of domestic accounting firm 5 years

Names of certified public accountants of domestic accounting firms: Shao Shuai, Lu Xiaojun, Wang Saisai

Domestic accounting firm CPA audit services

Shao Shuai (1 year), Lu Xiaojun (5 years), Wang Saisai (1 year) cumulative years

Name Compensation Internal Control Audit Accounting Firm Zhongxinghua Accounting Firm (Special General Partnership) 150,000 Sponsor Cathay Haitong Securities Co., Ltd. Explanation on the appointment and dismissal of accounting firms that does not apply

√Applicable □Not applicable

The second meeting of the Audit Committee of the second board of directors, the second meeting of the second board of directors and the 2024 Annual General Meeting of Shareholders reviewed and approved the "Proposal on Engaging the Company's Audit Institution for 2025" and hired Zhongxinghua Accounting Firm (Special General Partnership) as the company's 2025 financial report audit institution and internal control audit institution.

Explanation on the change of accounting firm during the audit period

□Applicable √Not applicable

Explanation of audit fees falling by more than 20% (inclusive) compared with the previous year

□Applicable √Not applicable

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7. Facing the risk of delisting

(1) Reasons for delisting risk warning

□Applicable √Not applicable

(2) The company’s planned response measures

□Applicable √Not applicable

(3) Situations and reasons for facing termination of listing

□Applicable √Not applicable

8. Matters related to bankruptcy and reorganization

□Applicable √Not applicable

9. Major litigation and arbitration matters

□The company has major litigation and arbitration matters this year √The company has no major litigation and arbitration matters this year

10. Listed companies and their directors, senior managers, controlling shareholders, and actual controllers suspected of violating laws and regulations, receiving penalties and rectifications

□Applicable √Not applicable

11. Explanation of the integrity status of the company, its controlling shareholders and actual controllers during the reporting period √ Applicable □ Not applicable

During the reporting period, the company and its controlling shareholders and actual controllers did not fail to perform their obligations as determined by the court's effective legal documents, nor did they have any large debts that were due and unpaid.

12. Major related transactions

(1) Related transactions related to daily operations

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation □Applicable √Not applicable

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

(2) Related transactions arising from asset or equity acquisition and sale

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation □Applicable √Not applicable

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2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

4. If a performance agreement is involved, the performance achievement during the reporting period should be disclosed □Applicable √Not applicable

(3) Major related transactions of joint external investment

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation □Applicable √Not applicable

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

(4) Related credit and debt transactions

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation □Applicable √Not applicable

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

(5) Financial business between the company and related financial companies, company-controlled financial companies and related parties □ Applicable √ Not applicable

(6) Others

□Applicable √Not applicable

13. Major contracts and their performance

(1) Custody, contracting and leasing matters

1. Custody status

□Applicable √Not applicable

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2. Contracting situation

□Applicable √Not applicable

3. Leasing situation

□Applicable √Not applicable

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(2) Guarantee situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Company’s external guarantees (excluding guarantees to subsidiaries)

Guarantee occurs

The guarantor and whether the guarantee

Date (Association Guarantee Guarantee Collateral Is the guarantee overdue? Counter-guarantee situation Is it relevant? Related guarantor Listed company Guaranteed party Guarantee amount Guarantee type Has been performed

Agreement signing starting date expiry date (if any) overdue amount condition joint guarantee relationship completed

day)

Total guarantee amount during the reporting period (excluding guarantees for subsidiaries) 0.00 Total guarantee balance at the end of the reporting period (A) (excluding guarantees for subsidiaries) 0.00

Guarantees provided by the company and its subsidiaries to subsidiaries

Total amount of guarantees provided to subsidiaries during the reporting period 140,000,000.00 Total balance of guarantees provided to subsidiaries at the end of the reporting period (B) 140,000,000.00

Total amount of company guarantees (including guarantees to subsidiaries)

Total guarantee (A+B) 140,000,000.00

The ratio of total guarantees to the company’s net assets (%) 8.25, of which:

Amount of guarantee provided to shareholders, actual controllers and their related parties (C) 0.00 Debt guarantee provided directly or indirectly to guaranteed objects whose asset-liability ratio exceeds 70%

Amount 46,000,000.00 (D)

The amount of the total guarantee exceeding 50% of the net assets (E) 0.00 The total amount of the above three guarantees (C+D+E) 46,000,000.00 Explanation of possible joint and several liability for unexpired guarantees None

Warranty Description None

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(3) Entrusting others to manage cash assets

1. Entrusted financial management situation

(1). Overall situation of entrusted financial management

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Type Risk characteristics Undue balance Overdue uncollected amount Bank financial products Low risk 300,000,000.00 0.00 Other situations

√Applicable □Not applicable

The "bank wealth management products" in the above table refer to cash management products in which companies use idle raised funds to purchase structured deposits.

(2). Individual entrusted financial management situation

□Applicable √Not applicable

Other situations

□Applicable √Not applicable

(3). Impairment provisions for entrusted financial management

□Applicable √Not applicable

2. Entrusted loans

(1). Overall situation of entrusted loans

□Applicable √Not applicable

Other situations

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□Applicable √Not applicable

(2). Individual entrusted loans

□Applicable √Not applicable

Other situations

□Applicable √Not applicable

(3). Impairment provisions for entrusted loans

□Applicable √Not applicable

3. Other situations

□Applicable √Not applicable

(4) Other major contracts

□Applicable √Not applicable

14. Instructions on the use of raised funds

√Applicable □Not applicable

(1) Overall use of raised funds

√Applicable □Not applicable

Unit: Yuan Including: As of the reporting period As of the reporting period Changes during the year

Prospectus or solicitation

Raising Raising As of the end of the reporting period To the reporting period Raising at the end of the reporting period Over-raising as at the end of the reporting period Purpose of investment

The total amount of excess funds raised in the prospectus. The total amount of funds invested in the current year. The net amount of funds raised. The cumulative amount of funds raised. The cumulative amount of excess funds raised at the end of the period. The proportion of the total amount of funds raised.

Total funds raised Funds committed to investment (3) = (1) - Amount of funds in place (1) Total funds raised Funds raised Investment progress Investment progress (%) Fund raising

Total amount (2) (8) gold time (4) cumulative investment (%) (%) (9) total gold

(2)

Total incoming income (6)＝ (7)＝ =(8)/(1) amount

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Source (5) (4)/(1) (5)/(3)

first

times

2025

Public

Year 10

Open 879,191,000.00 794,437,746.56 750,000,000.00 44,437,746.56 321,577,600.10 0.00 40.48 0.00 321,577,600.10 40.48 0.00

Month 31

send

day

OK

shares

ticket

combine

/ 879,191,000.00 794,437,746.56 750,000,000.00 44,437,746.56 321,577,600.10 0.00 / / 321,577,600.10 / 0.00

Other instructions

□Applicable √Not applicable

(2) Details of fundraising projects

√Applicable □Not applicable

1. Detailed use of raised funds

√Applicable □Not applicable

Unit: Yuan

Is it as of the project investment? This project can be raised. Prospectus Yes Report has reached the progress of the investment. The project has been implemented Yes

As of the end of the reporting period Yes

Collection items or fundraising No Raised funds plan End of period Scheduled Whether the degree has not been achieved Realized Whether it has occurred

Cumulative investment raised No. Savings realized this year. Project name. Project description. Total investment involved. Cumulative investment amount this year. Major changes that can make the effect in line with the plan.

Total funds, benefits, amount, financial nature, and (1) investment status, plan, specific benefits or changes, such as

(2) Knot

In the future, the quality, commitment, investment, change progress, and attitude will continue to improve. Therefore, if the researcher is interested, please

item

Resource Item Update (%) Issue Period Explanation Tool

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Throw (3) = If the physical condition is (2)/(1)

New annual output

300,000 tons of oil

Acid methyl ester, 1

10,000 tons industry

first

grade mixed oil,

times

50,000 tons for agricultural use

Public microbial life 2027

Not suitable for prescribing, 10,000 tons output Yes 750,000,000.00 321,577,600.10 321,577,600.10 42.88 Year 12 Yes Not applicable 10,005,107.03 No

No No Use Use compound microbial plant fertilizers and equipment

by-products

shares

50,000 diesel fuel

ticket

tons, glycerol

08,200 tons

Project

first

times

Public

Unfit Unfit Not suitable for opening Excessive raised funds Other No 44,437,746.56 - - - - - Not applicable Not applicable -

No Use Use Use to send him

OK

shares

ticket

Suitable for discomfort

/ / / / 794,437,746.56 321,577,600.10 321,577,600.10 / / / / / / /Total Note: The first production line of the raised investment project will be completed and put into operation at the end of October 2025. As of December 2025, it will only produce industrial grade mixed oil, and has not yet produced products such as methyl oleate. The benefits achieved this year based on the above statistics are the gross profit of industrial grade mixed oil from November to December 2025.

2. Detailed usage of excess raised funds

□Applicable √Not applicable

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(3) Changes or termination of fundraising during the reporting period

□Applicable √Not applicable

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(4) Other uses of raised funds during the reporting period

1. Advance investment and replacement of raised funds in investment projects

√Applicable □Not applicable

The company held the seventh meeting of the second board of directors on December 9, 2025, and reviewed and approved the "Proposal on Using Raised Funds to Replace Pre-Investment in Raised Investment Projects and Self-raised Funds that Have Paid Issuance Fees", and agreed to use the raised funds of RMB 319,496,043.10 to replace pre-investment projects. For the self-raised funds invested in the project, the raised funds of RMB 4,614,791.15 (excluding value-added tax) were used to replace the self-raised funds that had been paid in advance for the issuance fees. A total of RMB 324,110,834.25 of the raised funds were used to replace the above-mentioned pre-invested and paid self-raised funds. The replacement amount has been reviewed and issued by Zhongxinghua Accounting Firm (Special General Partnership) and the "Assurance Report on Suzhou Fengbei Biotechnology Co., Ltd.'s Substitution of Raised Funds for Pre-invested Project Funds and Payment of Issuance Expenses" (Zhongxinghua Hezi (2025) No. 020131), and the sponsor Cathay Haitong Securities Co., Ltd. issued an unobjectionable verification opinion. As of December 18, 2025, the above-mentioned fund-raising replacement plan has been fully implemented.

2. Use idle raised funds to temporarily supplement working capital

□Applicable √Not applicable

3. Cash management of idle raised funds and investment in related products

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB Raised funds are used for the period. The highest value is at the end of the reporting period.

In Cash Management Whether the balance is reviewed by the Board of Directors Date Start Date End Date Cash Management

Valid review of exceeds authorized balance

Quota Quota December 9, 2025 30,000.00 December 9, 2025 December 8, 2026 47,223.58 Yes

Other instructions

Since agreement deposits are similar in nature to demand deposits, relevant financial personnel have misunderstandings about whether agreement deposits fall within the scope of cash management. During the storage and use of raised funds, in order to improve the efficiency of the use of raised funds, the company signed an "Agreement Deposit Contract" with the bank and handled agreement deposits under the special account for raised funds. Therefore, the company carried out cash management of idle raised funds without deliberation. For specific details, please refer to the relevant content of "III. (4) Cash management of idle raised funds and investment in related products" in the "Special Report on the Storage, Management and Actual Use of Raised Funds in 2025" published by the company on the website of the Shanghai Stock Exchange (www.sse.com.cn) and the company's designated disclosure media on April 10, 2026.

Others

□Applicable √Not applicable

(5) The concluding opinions of the intermediary agency on the special verification and verification of the storage and use of raised funds

√Applicable □Not applicable

Zhongxinghua Accounting Firm (Special General Partnership) believes that the company's "Special Report on the Deposit, Management and Actual Use of Raised Funds" as of December 31, 2025 was prepared in all major aspects in accordance with the "Supervisory Rules for Raised Funds by Listed Companies" and the "Shanghai Stock Exchange Self-Discipline Supervision Guidelines for Listed Companies No. 1 - Standardized Operations" and other relevant regulations.

After verification, the sponsor believes that the deposit and use of funds raised by the company in 2025 is in compliance with the "Measures for the Administration of the Sponsorship Business of Securities Issuance and Listing", "Supervisory Rules for Funds Raised by Listed Companies", "Shanghai Stock Exchange Stock Listing Rules", "Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 1 - Standardized Operations" and "Suzhou Fengbei Biotech" In accordance with the provisions of laws, regulations and institutional documents such as the "Measures for the Management of Raised Funds of Science and Technology Co., Ltd.", the raised funds were stored and used specifically in a special account, and relevant information disclosure obligations were fulfilled in a timely manner, which truthfully reflected the storage and use of the company's raised funds in 2025. There was no disguised change in the use of raised funds or damage to the interests of shareholders. The company's use of raised funds does not violate national anti-money laundering laws and regulations.

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In summary, the sponsor has no objection to the deposit and use of funds raised by the company in 2025. Check the relevant description of the abnormality

□Applicable √Not applicable

(6) Subsequent rectification of unauthorized changes in the use of raised funds and illegal occupation of raised funds

□Applicable √Not applicable

15. Description of other major matters that have a significant impact on investors’ value judgments and investment decisions □Applicable √Not applicable

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Section 6 Changes in Shares and Shareholders

1. Changes in share capital

(1) Statement of changes in shares

1. Statement of changes in shares

Unit: before the change in share capital Increase or decrease in this change (+, -) Reserve after this change

Proportion Proportional quantity Issuance of new shares Free cash transfer Its subtotal Quantity (%) (%)

share him

1. Limited sales

107,600,000 100.00 4,846,372 4,846,372 112,446,372 78.36 conditional shares

1. The state holds

shares

2. State-owned laws

410,429 410,429 410,429 0.29 people hold shares

3. Others

107,600,000 100.00 4,435,516 4,435,516 112,035,516 78.07 capital holdings

Among them: domestic

Non-state-owned law 43,278,393 40.22 4,416,612 4,416,612 47,695,005 33.24 people hold shares

environment

Natural persons within 64,321,607 59.78 18,904 18,904 64,340,511 44.84 shares held

4. Foreign capital holdings

427 427 427 0.00 shares

Among them: overseas

427 427 427 0.00 Legal person shareholding

environment

foreign natural person

shareholding

2. Unlimited sales

Conditions Circulation 31,053,628 31,053,628 31,053,628 21.64 shares

1. RMB

31,053,628 31,053,628 31,053,628 21.64 Ordinary shares

2. Domestic

city’s foreign investment

shares

3. Overseas

city’s foreign investment

shares

4. Others

3. Total shares

107,600,000 100.00 35,900,000 35,900,000 143,500,000 100.00

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Note: The discrepancy between the total of the above relevant data and the sum of each detailed value is caused by rounding.

2. Description of changes in shares

√Applicable □Not applicable

Approved by the China Securities Regulatory Commission's "Reply on Approving the Registration of the Initial Public Offering of Suzhou Fengbei Biotechnology Co., Ltd." (CSRC Permit [2025] No. 1958), and with the consent of the Shanghai Stock Exchange, the company issued an initial public offering of 35.90 million RMB ordinary shares (A shares) to the public and was listed on the main board of the Shanghai Stock Exchange on November 5, 2025. Zhongxinghua Accounting Firm (Special General Partnership) verified the availability of the raised funds and issued a "Capital Verification Report" (Zhongxinghua Yanzi (2025) No. 020024). The company's total share capital increased from 107.60 million shares before issuance to 143.50 million shares.

3. The impact of share changes on financial indicators such as earnings per share and net assets per share in the most recent year and period (if any)

√Applicable □Not applicable

During the reporting period, the company issued new shares for the first time, and the total share capital increased from 107.6 million shares to 143.5 million shares. The capital reserve fund and net assets increased significantly. Therefore, the company's basic earnings per share and diluted earnings per share during the reporting period were 1.24 yuan per share, a year-on-year increase of 7.83%; the net assets per share attributable to shareholders of the listed company at the end of the reporting period were 11.83 yuan, a year-on-year increase of 68.44%.

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

□Applicable √Not applicable

(2) Changes in restricted shares

√Applicable □Not applicable

Unit: Restricted shares at the beginning of the year Released during the year Increased during the year Restricted shares at the end of the year Name of shareholder who was released from restrictions Reasons for restrictions

Number Number of restricted shares Number of restricted shares Number Date before IPO Original 2028 Plain 64,321,607 0 0 64,321,607

Share sales restricted on November 6, Zhangjiagang Free Trade Zone Zhonghe

Pre-IPO Original 2028 Business Consulting Partnership 18,222,393 0 0 18,222,393

Share sale restriction November 6 (limited partnership)

Fubai, Zhangjiagang Free Trade Zone

Pre-IPO Original 2028 Huiying Enterprise Management Partnership 9,344,011 0 0 9,344,011

Share sale restriction November 6 Enterprise (limited partnership)

Jiangsu Binquan Yida Zhanxin

Pre-IPO Original 2026 Venture Capital Partnership 5,743,001 0 0 5,743,001

Share sale restriction November 6 (limited partnership)

Shanghai Zhizhi Enterprise Management

Pre-IPO Original 2026 Consulting Partnerships (with 5,289,606 0 0 5,289,606

Restricted sale of shares (limited partnership on November 6)

Yangzhong Hi-tech Investment Yida Entrepreneurship

Pre-IPO Original 2026 Investment Fund Partnership 2,871,501 0 0 2,871,501

Share sale restriction November 6 (limited partnership)

Haifutong Fund-CITIC

Bank - Otis Fengbei IPO 2026 0 0 2,041,649 2,041,649

Biological employees participated in the strategic placement of the main board strategic placement of collective assets on November 6

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management plan

Fubai, Zhangjiagang Free Trade Zone

Huiying No. 2 Enterprise Management Original before IPO 2026

1,807,881 0 0 1,807,881

Partnership (Limited partnership, limited sale of shares, November 6th)

China Insurance Investment Co., Ltd.

Initial public offering in 2026 Company - China Insurance Investment 0 0 1,633,319 1,633,319

Strategic placement of November 6 Japanese capital fund (limited partnership)

Zhangjiagang Industrial Capital Investment’s first public offering in 2026

0 0 408,329 408,329

Capital Co., Ltd. strategic placement November 6

first public network

Offline issuance of limited sales notes May 2026

0 0 763,075 763,075 issuance and adoption

Shares are subject to proportional sales restrictions on the 6th of the month

Total 107,600,000 0 4,846,372 112,446,372 / /

2. Securities issuance and listing

(1) Securities issuance as of the reporting period

√Applicable □Not applicable

Unit: 10,000 shares Currency: RMB stocks and their derivatives Issuance price Approved for listing Transaction termination issuance date Issuance quantity Listing date

Type of security (or interest rate) Number of transactions Date Common stock Stock class

RMB ordinary shares (A 2025-10 2025-11

24.49 yuan/share 3,590 3,590 (not applicable to shares) Month 27th Month 5th

Description of securities issuance as of the reporting period (for bonds with different interest rates during the duration, please explain separately):

√Applicable □Not applicable

Approved by the China Securities Regulatory Commission's "Reply on Approving the Registration of the Initial Public Offering of Suzhou Fengbei Biotechnology Co., Ltd." (CSRC Permit [2025] No. 1958), and with the consent of the Shanghai Stock Exchange, the company issued an initial public offering of 35.90 million RMB ordinary shares (A shares) to the public, and listed it on Shanghai Securities on November 5, 2025. Listed on the main board of the exchange, the issuance price per share is RMB 24.49, and the total raised funds are RMB 879.191 million. After deducting the issuance-related expenses (excluding tax) of RMB 84,753,253, the company's net raised funds this time is RMB 794,437,747, of which excess funds are RMB 44,437,747. All the raised funds have been received. Zhongxinghua Accounting Firm (Special General Partnership) has verified the arrival of the above-mentioned raised funds and issued a "Capital Verification Report" (Zhongxinghua Yanzi (2025) No. 020024). After this issuance, the company's registered capital increased from RMB 107.6 million to RMB 143.5 million. The total share capital after this public offering is 143.50 million shares, of which 31.053628 shares are unrestricted shares.

(2) Changes in the company’s total number of shares and shareholder structure, as well as changes in the company’s asset and liability structure

√Applicable □Not applicable

During the reporting period, the company's shares were issued and listed.

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For details on changes in the company’s total number of shares and shareholder structure, please refer to “I. Changes in Share Capital” in this section of this report. company assets and

For details on changes in liability structure, please refer to "V. Main operating conditions during the reporting period" in "Section 3 Management Discussion and Analysis" of this report.

"(3) Analysis of Assets and Liabilities".

(3) Existing internal employee shares

□Applicable √Not applicable

3. Shareholders and actual controllers

(1) Total number of shareholders

Total number of common shareholders as of the end of the reporting period (households) 25,511 Total number of common shareholders as of the end of the previous month before the date of disclosure of the annual report

17,894 (household)

Total number of preference shareholders whose voting rights were restored as of the end of the reporting period

(household)

Priority will be given to restoration of voting rights at the end of the previous month before the annual report disclosure date

Total number of shareholders (households)

(2) Shareholding status of the top ten shareholders and top ten tradable shareholders (or shareholders without selling restrictions) as of the end of the reporting period

Unit: Shareholding status of the top ten shareholders (excluding shares lent through refinancing)

Report Limited Holding Pledge, Mark or Freeze Status

Name of shareholder Shareholding ratio at the end of the period Status of shareholders’ conditions for sale during the period

(Full name) Quantity (%) Quality increase or decrease Number of shares Share status Quantity

64,321,60 64,321,60 Within the plains 0 44.82 None 0

7 7 Ranren Zhangjiagang Free Trade Zone Zhonghe Shang

18,222,39 18,222,39

Financial consulting partnership (yes 0 12.70 no 0 other

3 3

limited partnership)

Fubaihui, Zhangjiagang Free Trade Zone

Ying Enterprise Management Partnership 0 9,344,011 6.51 9,344,011 None 0 Others (limited partnership)

Jiangsu Binquan Yida battles new innovation

Industrial investment partnership (with 0 5,743,001 4.00 5,743,001 without 0 other limited partnerships)

Shanghai Zhizhi Enterprise Management Consulting

Consulting partnership (limited partnership 0 5,289,606 3.69 5,289,606 None 0 other partners)

Yangzhong Hi-tech Investment Yida Venture Capital

capital partnership (with 0 2,871,501 2.00 2,871,501 None 0 other limited partnerships)

Haifutong Fund-CITIC Bank

OK - Haifutong Fengbei Biotechnology 2,041

2,041,649 1.42 2,041,649 None 0 Other employees participate in the strategic allocation of the main board, 649

Sale of collective asset management plan

Fubaihui, Zhangjiagang Free Trade Zone

0 1,807,881 1.26 1,807,881 None 0 Other Ying Erhao Enterprise Management Partnership

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Enterprise (Limited Partnership)

China Insurance Investment Co., Ltd.

1,633

Company - China Insurance Investment Fund 1,633,319 1.14 1,633,319 None 0 Others

,319

Gold (Limited Partnership)

Shanghai Ruiyi Investment is developing

Heart (Limited Partnership) - Rui 876,0

876,048 0.61 0 None 0 Selected Ten Issues of Other 100 Million Investment Fixed Increase 48

Private Securities Investment Fund

Shareholding status of the top ten shareholders without selling restrictions (excluding shares lent through refinancing)

Type and quantity of shares

Name of shareholder Number of shares held without selling restrictions

Category Quantity Shanghai Ruiyi Investment Development Center (Limited

Partnership) - Ruiyi Investment Fixed Placement Selection Ten 876,048 RMB ordinary shares 876,048 private securities investment funds

Shanghai Ruiyi Investment Development Center (Limited

Partnership) - Ruiyi Investment Panshan Second Securities 627,343 RMB ordinary shares 627,343 private equity investment funds

Zhang Ying 210,000 RMB ordinary shares 210,000 Bai Hua 208,000 RMB ordinary shares 208,000 Zeng Zhimin 200,000 RMB ordinary shares 200,000 Xu Youxing 167,000 RMB ordinary shares 167,000 Luo Wenjuan 166,384 RMB ordinary shares 166,384 Zhongxuan Asset Management (Shanghai) Co., Ltd.

Company - Zhongxuan Jiaye High-quality Asset Allocation 138,000 RMB ordinary shares 138,000 Private securities investment funds

Zhai Xuling 130,000 RMB ordinary shares 130,000 Zhu Chunming 128,600 RMB ordinary shares 128,600 Special repurchase accounts among the top ten shareholders

Not applicable

Description

The voting rights and trusteeship forms of the above-mentioned shareholders

Not applicable

Explanation of voting rights and waiver of voting rights

Pingyuan, the controlling shareholder and actual controller of the company, serves as the partner of Zhonghe Commercial and Fubai Huiying in the execution of the above-mentioned shareholder-related relationships or unanimous bank affairs; the managers of Binquan Yida and Yangzhong Yida private equity funds are both Nanjing Dongyida Equity Investment Management Enterprise (Limited Partnership). Apart from this, the company is unknown

Describe whether there is an associated relationship or concerted action relationship between other shareholders.

Preference shareholders whose voting rights have been restored and

Not applicable

Description of shareholding amount

Situation of shareholders holding more than 5% of the shares, the top ten shareholders and the top ten shareholders of unrestricted tradable shares participating in the refinancing business and lending shares □Applicable √Not applicable

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

□Applicable √Not applicable

Number of shares held by the top ten shareholders subject to selling restrictions and conditions for selling restrictions

√Applicable □Not applicable

Unit: Share

The limited and restricted shares held can be traded on the market

Serial number Name of shareholder subject to selling restrictions Transaction status of shares subject to selling restrictions Quantity subject to selling restrictions Can be listed and traded Newly added can be listed

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Time Number of shares traded

quantity

Company stock since November 2028

1 Plain 64,321,607 0 36 months and 6 days from the date of city

The company's stocks may not be transferred within the month to Zhangjiagang Free Trade Zone Zhonghe Business Consulting 2028 11

2 18,222,393 0 36 partnerships (limited partnerships) from the date of 0 June 6

The company's stocks are not allowed to be transferred from Zhangjiagang Free Trade Zone Fubei Huiying Enterprise within the month 2028 11

3 9,344,011 0 36 management partnerships (limited partnerships) from the date of 0 June 6

The company's stocks shall not be transferred within the month to Jiangsu Binquan Yida Zhanxin Venture Capital 2026 November

4 5,743,001 0 12 partnerships (limited partnerships) from the 6th day of the month

The company's stock may not be transferred within the month Shanghai Zhizhi Enterprise Management Consulting Partnership November 2026

5 5,289,606 0 12 enterprises (limited partnership) from the date of 0 June 6

It is not allowed to be transferred within the month from the company's stock rising Zhonggao Yida Venture Capital Fund 2026 11

6 2,871,501 0 12 partnerships (limited partnerships) from the date of 0 June 6

Haifutong Fund-CITIC Bank-Haifutong Fund cannot be transferred within this month. The company’s stocks will be released on November 2026.

7 Futong Fengbei Biotechnology employees participate in the main board 2,041,649 0 12 months from the date of listing on the 6th

Strategic placement collective asset management plan. Zhangjiagang Free Trade Zone Fubai Huiying No. 2 shall not be transferred within the month. The company's stock will be listed on November 2026.

8 Corporate Management Partnership (Limited Company) 1,807,881 0 6th day of the 12th month from the date of registration

(Partners) shall not be transferred from the company's stocks to China Insurance Investment Co., Ltd.-China within 11 months of 2026

9 1,633,319 0 12 National Insurance Investment Funds (Limited Partnership) 6

The company's stocks may not be transferred from Zhangjiagang Industrial Capital Investment Co., Ltd. within this month. November 2026

10 408,329 0 12 months from the city date 6th of the month

The company's controlling shareholder and actual controller Pingyuan Renzhonghe Business and Fubei Huiying's above-mentioned shareholders' related relationships or concerted actions shall not be transferred within this month.

Executive Partner; Description of Binquan Yida and Yangzhong Yida Private Equity Fund Managers

Both are Nanjing Yida Equity Investment Management Enterprises (Limited Partnership).

(3) Strategic investors or general legal persons become the top 10 shareholders due to the placement of new shares

√Applicable □Not applicable

Name of strategic investor or general legal person Agreed start date of shareholding Agreed end date of shareholding

Haifutong Fund - China CITIC Bank - Haifu

Tongfengbei Biotech employees participate in the main board strategy November 5, 2025 November 6, 2026

Placing collective asset management plan

China Insurance Investment Co., Ltd. – China

November 5, 2025 November 6, 2026

Insurance Investment Fund (Limited Partnership)

Investors who participate in the strategic placement are subject to a sales restriction period of 12 months from the date when the company's first strategic investors or general legal persons participate in the public issuance and listing of the shares.

Explanation on the agreed holding period for new shares sold After the expiration of the restricted sales period, investors participating in the strategic placement shall apply the relevant regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange on share reductions to the reduction of the allocated shares.

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4. Controlling shareholders and actual controllers

(1) Controlling shareholders

1. Legal person

□Applicable √Not applicable

2. Natural person

√Applicable □Not applicable

Name Pingyuan Nationality Whether China has obtained the right of residence in other countries or regions? No Main occupation and position Chairman of the company

3. Special instructions for the company not having a controlling shareholder □Applicable √Not applicable

4. Explanation of changes in controlling shareholders during the reporting period □Applicable √Not applicable

5. Block diagram of the property rights and control relationship between the company and its controlling shareholder √ Applicable □ Not applicable

(2) Actual controller situation

1. Legal person

□Applicable √Not applicable

2. Natural person

√Applicable □Not applicable

Name Pingyuan nationality Whether China has obtained the right of residence in other countries or regions? No main occupation and position Domestic and overseas listed companies that the chairman of the company has controlled in the past 10 years

Not applicable to company situations

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3. Special explanation of the situation where the company does not have an actual controller

□Applicable √Not applicable

4. Description of changes in the company’s control during the reporting period

□Applicable √Not applicable

5. Block diagram of the property rights and control relationship between the company and the actual controller

√Applicable □Not applicable

6. The actual controller controls the company through trust or other asset management methods

□Applicable √Not applicable

(3) Other information about the controlling shareholder and actual controller

□Applicable √Not applicable

5. The cumulative number of pledged shares by the company’s controlling shareholder or largest shareholder and persons acting in concert accounts for more than 80% of the number of company shares held by them.

□Applicable √Not applicable

6. Other legal person shareholders holding more than 10% of the shares

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Unit leader or organizational structure Main business or name of legal person shareholder Date of establishment Registered capital

Legal representative code Management activities and other information Zhangjiagang Free Trade Zone

Zhonghe Business Consulting 2018 8 91320592MA Business Information Consulting,

Pingyuan 39,939,620.00 Partnership (Limited January 20th 1X2NQM8B Enterprise Management Consulting. Partnership)

Description of the situation None

7. Explanation of shareholding restrictions and reductions

√Applicable □Not applicable

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For details, please refer to "I. Fulfillment of Commitments" in "Section 5 Important Matters" of this report, "(1) Commitments made by the company's actual controller, shareholders, related parties, acquirers and the company's other commitment-related parties during the reporting period or continuing into the reporting period."

8. Specific implementation of share repurchases during the reporting period

□Applicable √Not applicable

9. Information related to preference shares

□Applicable √Not applicable

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Section 7 Bond-Related Information

1. Corporate bonds (including corporate bonds) and non-financial corporate debt financing instruments

□Applicable √Not applicable

2. Convertible corporate bonds

□Applicable √Not applicable

Section 8 Financial Report

1. Audit report

√Applicable □Not applicable

Audit report

Zhongxing Huashenzi (2026) No. 00004041 All shareholders of Suzhou Fengbei Biotechnology Co., Ltd.:

1. Audit opinions

We have audited the financial statements of Suzhou Fengbei Biotechnology Co., Ltd. (hereinafter referred to as "Fengbei Biotechnology Company"), including the consolidated and parent company balance sheets on December 31, 2025, the consolidated and parent company income statements, consolidated and parent company cash flow statements, consolidated and parent company statements of changes in shareholders' equity, and relevant financial statement notes for 2025.

We believe that the attached financial statements are prepared in accordance with the provisions of the Accounting Standards for Business Enterprises in all material respects and fairly reflect the financial status of Fengbei Biotechnology Company and the parent company as of December 31, 2025, as well as the operating results and cash flows of the merger and the parent company in 2025.

2. The basis for forming audit opinions

We performed the audit work in accordance with the Chinese Certified Public Accountants Auditing Standards. Our responsibilities under these standards are further described in the "CPA's Responsibilities for the Audit of Financial Statements" section of the auditor's report. In accordance with the Chinese Code of Independence for Certified Public Accountants and the Chinese Code of Professional Ethics for Certified Public Accountants, we are independent from Fengbei Biotech and have fulfilled other responsibilities in terms of professional ethics. We believe that the audit evidence we obtained is sufficient and appropriate and provides a basis for issuing an audit opinion.

3. Key audit matters

Key audit matters are matters that, based on our professional judgment, are considered to be most important in the audit of the current period's financial statements. The response to these matters is based on the audit of the financial statements as a whole and the formation of audit opinions. We do not express opinions on these matters individually. We determined that the following matters in 2025 are key audit matters that need to be communicated in the audit report.

(1) Revenue recognition

1. Description of the matter

For relevant information, please refer to 34. Revenue and 61. Operating income and operating costs.

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Fengbei Biotech's operating income in 2025 is 3,170.7956 million yuan. The amount of operating income is significant and rising year by year. It is one of the company's key performance indicators and the main source of profits. There is an inherent risk that management will manipulate income to achieve specific goals or expectations, so we regard revenue recognition as a key audit matter.

2. Audit response

The main audit procedures we performed are as follows:

(1) Understand the key internal controls related to revenue recognition, evaluate the design of these controls, determine whether they are implemented, and test the operating effectiveness of relevant internal controls;

(2) Examine the sales contracts signed between the company and its customers, identify the main risks and rewards of commodity ownership and related services, and terms related to the transfer of control rights, evaluate whether revenue recognition complies with the provisions of the Accounting Standards for Business Enterprises, and determine whether it is consistently implemented; (3) Conduct background checks on the company's major customers, evaluate whether the transactions have reasonable commercial substance, and check whether there are related transactions;

(4) Implement substantive analysis procedures on the changes in operating income during the reporting period, including comparative analysis with listed companies in the same industry, analysis of operating income changes during the reporting period, analysis of gross profit margin and accounts receivable turnover rate, etc., to evaluate the overall rationality of operating income growth; (5) Perform detailed tests on income, select samples of domestic sales income to check supporting documents related to income recognition, including sales contracts, orders, sales invoices, Sales warehouse receipts, customer receipt documents, settlement documents, etc.; for foreign sales revenue, obtain export data from the foreign exchange management platform and check it with accounting records, select samples to check supporting documents such as sales orders, export customs declarations, shipping bills of lading; (6) Check the operating income confirmed before and after the balance sheet date to customer sign-in documents, export customs declarations, shipping bills of lading and other supporting documents, and evaluate whether the operating revenue is recognized in the appropriate period;

(7) Check customer payment records, and confirm the current income and accounts receivable balance of major customers to confirm the authenticity of operating income;

(8) Conduct on-site visits or video interviews with the company’s important customers to further confirm the authenticity of the transaction;

(9) Check whether information related to operating income has been appropriately presented in the financial statements.

4. Other information

The management of Fengbei Biotechnology Co., Ltd. (hereinafter referred to as the management) is responsible for other information. Other information includes information covered in Fengbi Biotech's 2025 annual report, but does not include the financial statements and our auditor's report.

Our audit opinion on the financial statements does not cover other information, nor do we express any form of assurance conclusion on other information.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the audit or otherwise appears to be materially misstated.

If we determine, based on the work we have performed, that other information is materially misstated, we should report that fact. We have nothing to report in this regard.

5. Responsibility of management and those charged with governance for financial statements

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The management of Fengbei Biotechnology Company (hereinafter referred to as the management) is responsible for preparing financial statements in accordance with the provisions of the Accounting Standards for Business Enterprises to achieve fair reflection, and to design, implement and maintain necessary internal controls so that the financial statements do not contain material misstatements due to fraud or errors.

When preparing financial statements, management is responsible for assessing Fengbei Biotech's ability to continue as a going concern, disclosing matters related to continuing operations (if applicable), and applying the going concern assumption, unless management plans to liquidate Fengbei Biotech, cease operations or has no other realistic choice.

Those charged with governance are responsible for overseeing Fengbi Biotech’s financial reporting process.

6. Responsibilities of certified public accountants for auditing financial statements

Our objective is to obtain reasonable assurance as to whether the financial statements as a whole are free of material misstatements due to fraud or error, and to issue an audit report containing an audit opinion. Reasonable assurance is a high level of assurance, but it does not guarantee that an audit performed in accordance with auditing standards will always detect a material misstatement when it exists. Misstatements may be caused by fraud or error and are generally considered material if they are reasonably expected individually or in aggregate to affect the economic decisions made by users of financial statements based on the financial statements.

In performing our audits in accordance with the Auditing Standards, we exercised professional judgment and maintained professional skepticism. At the same time, we also perform the following tasks:

(1) Identify and assess the risks of material misstatement of financial statements due to fraud or errors, design and implement audit procedures to respond to these risks, and obtain sufficient and appropriate audit evidence as the basis for issuing audit opinions. Because fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls, the risk of failing to detect a material misstatement resulting from fraud is higher than the risk of failing to detect a material misstatement resulting from error.

(2) Understand the internal controls related to auditing to design appropriate audit procedures.

(3) Evaluate the appropriateness of the accounting policies adopted by the management and the reasonableness of the accounting estimates and related disclosures made.

(4) Draw conclusions on the appropriateness of management’s use of the going concern assumption. At the same time, based on the audit evidence obtained, a conclusion is drawn as to whether there are significant uncertainties about events or conditions that may cause significant doubts about Fengbei Biotech's ability to continue as a going concern. If we conclude that significant uncertainty exists, auditing standards require us to draw the attention of users to the relevant disclosures in the financial statements in our audit report; if the disclosures are insufficient, we should issue a qualified opinion. Our conclusions are based on information available as of the date of the auditor's report. However, future events or conditions may cause Fengbei Biotech to cease to continue as a going concern.

(5) Evaluate the overall presentation, structure and content of the financial statements, and evaluate whether the financial statements fairly reflect relevant transactions and events.

(6) Obtain sufficient and appropriate audit evidence regarding the financial information of entities or business activities in Fengbei Biotech to express an opinion on the financial statements. We are responsible for directing, supervising and performing group audits. We bear full responsibility for our audit opinions.

We communicate with those charged with governance regarding, among other matters, the planned audit scope, timing and significant audit findings, including communication of significant internal control deficiencies identified during our audit.

We also provide statements to those charged with governance that we have complied with ethical requirements related to independence and communicate with those charged with governance all relationships and other matters that may reasonably be considered to affect our independence, and related safeguards, if applicable.

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From the matters communicated with those charged with governance, we determine which matters are most significant to the audit of the current period's financial statements and therefore constitute key audit matters. We describe these matters in our auditor's report unless laws or regulations prohibit public disclosure of the matter or, in rare circumstances, we determine that the matter should not be communicated in our auditor's report if the adverse consequences of communicating the matter in the auditor's report are reasonably expected to outweigh the benefits in the public interest.

(No text below)

(This page has no text, but is the signature and seal page of the Audit Report (Zhongxing Huashenzi (2026) No. 00004041)).

Zhongxinghua Certified Public Accountants (Special General Partnership) Chinese Certified Public Accountant:

(Project Partner)

Chinese Certified Public Accountant:

China·Beijing

Chinese Certified Public Accountant:

April 08, 2026

2. Financial statements

Consolidated Balance Sheet

December 31, 2025

Prepared by: Suzhou Fengbei Biotechnology Co., Ltd.

Unit: Yuan Currency: RMB

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Item Notes December 31, 2025 Current assets as of December 31, 2024:

Monetary funds 567,157,391.04 166,784,851.31 Settlement reserves

Loan funds

Trading financial assets 300,141,723.04

Derivative financial assets

Notes receivable 59,241,556.25 62,908,474.57 Accounts receivable 172,585,957.63 133,159,745.81 Receivables financing 12,862,336.23 43,283,726.14 Prepayments 43,911,971.98 34,488,568.71 Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables 12,366,438.25 14,657,028.35 Including: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory 522,601,983.74 242,006,506.14 Including: data resources

Contract assets 4,505,898.61 5,472,745.60 Assets held for sale

Non-current assets due within one year

Other current assets 31,907,618.43 27,414,557.86

Total current assets 1,727,282,875.20 730,176,204.49 Non-current assets:

Grant loans and advances

debt investment

Other debt investments

long-term receivables

long term equity investment

Other equity instrument investments

Other non-current financial assets

investment real estate

Fixed assets 389,868,420.82 134,247,696.92 Construction in progress 25,201,303.41 291,805,362.60 Productive biological assets

oil and gas assets

Right-of-use assets 1,811,863.71 6,971,038.52 Intangible assets 63,066,364.50 59,762,958.48 Including: data resources

development expenditure

Among them: data resources

Goodwill 17,176.80

Long-term deferred expenses 1,622,014.62 2,607,089.13 Deferred income tax assets 11,655,955.77 8,858,497.68 Other non-current assets 4,818,356.73 2,326,655.97 Total non-current assets 498,061,456.36 506,579,299.30

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Total assets 2,225,344,331.56 1,236,755,503.79 Current liabilities:

Short-term borrowings 222,713,829.84 173,391,290.74 Borrowings from the central bank

borrowing funds

Trading financial liabilities 258,500.64 363,959.57 Derivative financial liabilities

Notes payable 55,314,977.51 37,812,830.60 Accounts payable 112,977,617.18 75,298,421.85 Advance receipts

Contract liabilities 51,076,712.73 27,438,888.17 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 14,760,653.11 11,174,750.52 Taxes payable 19,080,417.25 8,937,576.00 Other payables 1,941,071.68 1,860,202.24 Including: interest payable

Dividends payable

Handling fees and commissions payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one year 6,141,964.32 10,374,187.62 Other current liabilities 7,550,145.16 11,882,713.22

Total current liabilities 491,815,889.42 358,534,820.53 Non-current liabilities:

insurance contract reserves

Long-term borrowings 22,440,000.00 106,370,000.00 Bonds payable

Among them: preferred shares

perpetual bond

Lease liabilities 486,059.00 3,481,960.65 Long-term payables

Long-term employee benefits payable

Estimated liabilities

Deferred income 10,484,706.38 11,355,372.51 Deferred income tax liabilities 372,843.26 1,221,866.77 Other non-current liabilities

Total non-current liabilities 33,783,608.64 122,429,199.93

Total liabilities 525,599,498.06 480,964,020.46 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 143,500,000.00 107,600,000.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 955,240,999.94 189,708,596.93 Less: treasury shares

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other comprehensive income

special reserve

Surplus reserve 37,647,819.58 26,948,993.72 General risk reserve

Undistributed profits 561,389,690.74 431,533,892.68 Attributable to the owners’ equity of the parent company

1,697,778,510.26 755,791,483.33 (or shareholders’ equity) total

Minority shareholders’ equity 1,966,323.24

Owner's equity (or stockholder's rights

1,699,744,833.50 755,791,483.33 profit) total

Liabilities and Owner's Equity

2,225,344,331.56 1,236,755,503.79 (or shareholders’ equity) total

Person in charge of the company: Pingyuan Person in charge of accounting work: Gu Yazhou Accounting department person in charge: Shen Minjuan

Parent company balance sheet

December 31, 2025

Prepared by: Suzhou Fengbei Biotechnology Co., Ltd.

Unit: Yuan Currency: RMB

Item Notes December 31, 2025 Current assets as of December 31, 2024:

Monetary funds 491,845,570.52 133,054,021.78 Trading financial assets 300,072,177.65

Derivative financial assets

Notes receivable 18,753,795.84 23,202,678.58 Accounts receivable 108,997,485.29 86,424,923.75 Accounts receivable financing 8,573,881.56 33,545,021.25 Prepayments 10,657,297.96 5,127,206.65 Other receivables 161,833,292.15 18,890,164.69 Including: interest receivable

Dividends receivable

Inventory 145,033,345.69 80,612,765.52 Including: data resources

Contract assets 4,505,898.61 5,472,745.60 Assets held for sale

Non-current assets due within one year

Other current assets 19,706,426.10 3,519,297.67

Total current assets 1,269,979,171.37 389,848,825.49 Non-current assets:

debt investment

Other debt investments

long-term receivables

Long-term equity investment 92,879,085.23 84,979,085.23 Other equity instrument investments

Other non-current financial assets

investment real estate

Fixed assets 318,879,936.84 53,543,939.12 Construction in progress 24,499,770.26 291,547,274.94

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productive biological assets

oil and gas assets

right-of-use assets

Intangible assets 42,788,620.24 43,718,681.44 Including: data resources

development expenditure

Among them: data resources

goodwill

Long-term deferred expenses 541,532.41 635,278.33 Deferred income tax assets 9,822,919.20 3,494,165.75 Other non-current assets 4,138,456.69 2,214,445.93 Total non-current assets 493,550,320.87 480,132,870.74

Total assets 1,763,529,492.24 869,981,696.23 Current liabilities:

Short-term borrowings 160,589,783.02 119,855,828.13 Trading financial liabilities 75,800.00

Derivative financial liabilities

Notes payable 55,018,248.17 38,434,349.73 Accounts payable 40,674,224.75 48,424,237.78 Advance receipts

Contract liabilities 47,192,983.95 22,930,392.42 Employee benefits payable 10,484,307.69 8,190,975.41 Taxes payable 443,412.67 1,797,648.12 Other payables 1,430,289.99 1,377,088.09 of which: interest payable

Dividends payable

Liabilities held for sale

Non-current liabilities due within one year 5,193,900.16 7,291,297.57 Other current liabilities 6,952,260.40 10,271,371.04

Total current liabilities 328,055,210.80 258,573,188.29 Non-current liabilities:

Long-term borrowings 22,440,000.00 106,370,000.00 Bonds payable

Among them: preferred shares

perpetual bond

Lease liability

long-term payables

Long-term employee benefits payable

Estimated liabilities

Deferred income 9,884,867.75 10,320,582.48 Deferred income tax liabilities 10,826.65

Other non-current liabilities

Total non-current liabilities 32,335,694.40 116,690,582.48

Total liabilities 360,390,905.20 375,263,770.77 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 143,500,000.00 107,600,000.00 Other equity instruments

Among them: preferred shares

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perpetual bond

Capital reserve 953,805,876.55 188,273,473.54 Less: treasury shares

other comprehensive income

special reserve

Surplus reserve 37,647,819.58 26,948,993.72 Undistributed profits 268,184,890.91 171,895,458.20 Owners’ equity (or shareholders’ rights

1,403,138,587.04 494,717,925.46 profit) total

Liabilities and Owner's Equity

1,763,529,492.24 869,981,696.23 (or shareholders’ equity) total

Person in charge of the company: Pingyuan Person in charge of accounting work: Gu Yazhou Accounting department person in charge: Shen Minjuan

consolidated income statement

January-December 2025

Unit: Yuan Currency: RMB

Item Notes 2025 2024

1. Total operating income 3,170,795,556.18 1,948,016,326.78 Including: operating income 3,170,795,556.18 1,948,016,326.78 Interest income

Premiums earned

Fee and commission income

2. Total operating costs 3,057,754,762.06 1,831,430,204.20 Including: operating costs 2,911,878,853.16 1,720,659,550.01 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 11,518,643.14 5,119,682.87 Sales expenses 20,780,735.85 21,810,250.80 Management expenses 37,464,546.36 29,065,633.53 Research and development expenses 68,180,579.01 53,566,132.33Financial expenses 7,931,404.54 1,208,954.66 Including: interest expenses 7,694,244.89 5,998,351.10

Interest income 1,072,643.18 720,116.22 plus: other income 46,372,650.16 20,290,679.43 Investment income (losses are marked with "-"

124,881.53 290,222.44 fill in the column)

Of which: for associates and joint ventures

investment income

Finance measured at amortized cost

-749,410.44 -409,542.73 Income from derecognition of assets

Exchange gains (losses are marked with “-”

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Fill in the column)

Net exposure hedging income (losses are listed with a “-” sign)

Gains from changes in fair value (losses calculated as

423,386.97 -340,708.35 (Fill in “-”)

Credit impairment losses (losses are marked with “-”

-3,482,791.88 -4,813,425.23 (fill in the numbers)

Asset impairment losses (losses are marked with “-”

-2,558,367.91 -734,567.77 (Fill in the numbers)

Asset disposal income (losses are represented by “-”

32,843.57 48,776.73 (please fill in the list)

3. Operating profit (losses are listed with "-") 153,953,396.56 131,327,099.83 plus: non-operating income 35,993.42 3,221,152.66 minus: non-operating expenses 493,909.66 127,882.84

4. Total profits (total losses are marked with “-”

153,495,480.32 134,420,369.65 fill in the column)

Less: Income tax expense 12,970,238.96 10,600,489.67

5. Net profit (net loss is listed with "-") 140,525,241.36 123,819,879.98

(1) Classification by business continuity

1. Net profit from continuing operations (net loss divided by

140,525,241.36 123,819,879.98 (Fill in “-”)

2. Net profit from discontinued operations (net loss is listed with "-")

(2) Classification according to ownership ownership

1. Net profit attributable to shareholders of the parent company

140,554,623.92 123,819,879.98 (Net loss is listed with "-")

2. Profit and loss of minority shareholders (net loss is represented by “-”

-No. 29,382.56 (fill in the column)

6. Net amount of other comprehensive income after tax

(1) Net after-tax amount of other comprehensive income attributable to owners of the parent company

1. Other comprehensive income that cannot be reclassified into profit or loss

(1) Remeasurement of changes in defined benefit plan

(2) Other comprehensive income that cannot be transferred to profit or loss under the equity method

(3) Changes in fair value of other equity instrument investments

(4) Changes in the fair value of the company’s own credit risk

2. Other comprehensive income to be reclassified into profit or loss

(1) Other comprehensive income that can be converted to profit or loss under the equity method

(2) Changes in fair value of other debt investments (3) Amount of financial assets reclassified and included in other comprehensive income

(4) Credit impairment provisions for other debt investments

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(5) Cash flow hedging reserve

(6) Translation differences of foreign currency financial statements

(7) Others

(2) Other comprehensive assets attributable to minority shareholders

net of tax on joint income

7. Total comprehensive income 140,525,241.36 123,819,879.98

(1) Comprehensive assets attributable to the owners of the parent company

140,554,623.92 123,819,879.98 Total income

(2) Comprehensive income attributable to minority shareholders

-29,382.56

total profit

8. Earnings per share:

(1) Basic earnings per share (yuan/share) 1.24 1.15

(2) Diluted earnings per share (yuan/share) 1.24 1.15 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.

Person in charge of the company: Pingyuan Person in charge of accounting work: Gu Yazhou Accounting department person in charge: Shen Minjuan

Parent company income statement

January-December 2025

Unit: Yuan Currency: RMB

Item Notes 2025 2024

1. Operating income 1,267,164,030.76 937,115,159.57 Less: Operating costs 1,138,928,521.43 814,283,256.90 Taxes and surcharges 4,006,441.08 1,541,575.77 Sales expenses 12,057,797.27 10,080,303.56 Administrative expenses 25,054,958.19 18,423,542.92 Research and development expenses 40,788,319.08 29,083,999.11 Financial expenses 4,309,996.71 3,334,235.09 Including: interest expense 5,569,393.54 5,108,607.81

Interest income 1,882,694.72 1,866,018.75 plus: other income 15,589,857.00 10,598,995.88 Investment income (losses are marked with "-"

61,599,123.66 65,832,487.68 fill in the column)

Of which: for associates and joint ventures

investment income

Finance measured at amortized cost

-555,474.24 -284,738.77 Income from derecognition of assets

Net exposure hedging gains (losses marked with "-"

(Fill in the number)

Gains from changes in fair value (losses calculated as

72,177.65

Fill in the column with "-" sign)

Credit impairment losses (losses are marked with “-”

-9,504,066.38 -3,068,579.73 (fill in the numbers)

Asset impairment losses (losses are marked with “-”

-1,070,482.06 -448,267.82 (Fill in the numbers)

Asset disposal income (losses are represented by “-”

1,159.64 46,203.00 (please fill in the list)

2. Operating profit (losses are listed with "-") 108,705,766.51 133,329,085.23 Add: non-operating income 19,617.02 7,552.37

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Less: Non-operating expenses 102,906.80 54,270.42

3. Total profit (total loss is marked with "-"

108,622,476.73 133,282,367.18 fill in the column)

Less: Income tax expense 1,634,218.16 5,240,043.39

4. Net profit (net loss is listed with "-") 106,988,258.57 128,042,323.79

(1) Net profit from continuing operations (net loss

106,988,258.57 128,042,323.79 (please fill in with "-")

(2) Net profit from discontinued operations (net loss

Fill in the column with "-" sign)

5. Net amount of other comprehensive income after tax

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

Comprehensive income

1. Remeasure changes in defined benefit plans

Um

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

Comprehensive income

3. Fair value of other equity instrument investments

change

4. Fair value of the company’s own credit risk

change

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

combined income

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

combined income

2. Changes in fair value of other debt investments

3. Financial assets are reclassified into other comprehensive

Amount of combined income

4. Credit impairment provisions for other debt investments

5. Cash flow hedging reserve

6. Translation differences of foreign currency financial statements

7.Others

6. Total comprehensive income 106,988,258.57 128,042,323.79

7. Earnings per share:

(1) Basic earnings per share (yuan/share)

(2) Diluted earnings per share (yuan/share)

Person in charge of the company: Pingyuan Person in charge of accounting work: Gu Yazhou Accounting department person in charge: Shen Minjuan

Consolidated cash flow statement from January to December 2025 Unit: Yuan Currency: RMB

Item Notes 2025 2024

1. Cash flow generated from operating activities:

Received from selling goods and providing services

3,601,284,107.09 2,018,702,887.39 cash

Net deposits from customers and deposits from banks and other banks

increase

Net increase in borrowing from the central bank

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Net borrowings from other financial institutions

increase

Obtained by receiving premiums from the original insurance contract

Cash

Net cash received from reinsurance business

Net increase in policyholders’ savings and investment funds

Collecting interest, handling fees and commissions

Cash

Net increase in borrowing funds

Net increase in repurchase business funds

Net cash received from securities trading as an agent

Um

Tax refunds received 49,608,588.37 48,299,157.20 Other tax refunds related to business activities received

6,244,313.79 13,922,176.73 cash

Subtotal of cash inflows from operating activities 3,657,137,009.25 2,080,924,221.32 Purchase of goods and acceptance of payment for services

3,477,884,652.97 1,936,006,070.63 cash

Net increase in loans and advances to customers

Net deposits with the central bank and inter-bank

increase

Payment of compensation from the original insurance contract

Cash

Net increase in lending funds

Payment of interest, fees and commissions

Cash

Cash payment for policy dividends

Payments made to and for employees

55,811,870.62 54,759,715.14 cash

Various taxes and fees paid 117,111,158.57 37,942,793.15 Paid other taxes related to business activities

32,767,717.07 29,785,314.91 cash

Subtotal of cash outflows from operating activities 3,683,575,399.23 2,058,493,893.83 Cash flows from operating activities

-26,438,389.98 22,430,327.49 Net amount

2. Cash flow generated from investing activities:

Cash received from recovery of investment 5,666,160.00 Cash received from investment income

Disposal of fixed assets, intangible assets and

189,248.85 169,202.43 Net cash received from other long-term assets

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

5,741,279.52 1,869,698.24 cash

Subtotal of cash inflows from investing activities 5,930,528.37 7,705,060.67 Purchase and construction of fixed assets, intangible assets and

24,357,710.81 79,533,183.58 Cash paid for other long-term assets

Cash paid for investment 300,000,000.00 5,666,160.00 Net increase in pledged loans

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Acquire subsidiaries and other business units

Net cash paid

Payments related to other investment activities

4,840,519.17 1,424,970.32 cash

Subtotal of cash outflows from investing activities 329,198,229.98 86,624,313.90 Cash flow generated from investing activities

-323,267,701.61 -78,919,253.23 Net amount

3. Cash flow generated from financing activities:

Cash received from investment 795,437,746.56

Among them: subsidiaries absorb minority shareholders

Cash received from investments

Cash received from borrowings 371,500,000.00 315,200,000.00 Other cash received related to financing activities

28,609,172.04 7,342,890.87 cash

Subtotal of cash inflows from financing activities 1,195,546,918.60 322,542,890.87 Cash paid to repay debts 436,150,000.00 242,856,891.00 Distribution of dividends, profits or interest payments

10,345,428.60 10,632,771.99 Cash paid

Of which: Subsidiaries pay minority shares

Dividends and profits of shareholders

Make other payments related to financing activities

2,842,000.00 4,146,000.00 cash

Subtotal of cash outflows from financing activities 449,337,428.60 257,635,662.99 Cash flow generated from financing activities

746,209,490.00 64,907,227.88 Net amount

4. Exchange rate changes on cash and cash equivalents

-103,225.25 4,651,292.15 Influence of things

5. Net increase in cash and cash equivalents 396,400,173.16 13,069,594.29 plus: balance of cash and cash equivalents at the beginning of the period

150,791,166.09 137,721,571.80 amount

6. Balance of cash and cash equivalents at the end of the period 547,191,339.25 150,791,166.09

Person in charge of the company: Pingyuan Person in charge of accounting work: Gu Yazhou Accounting department person in charge: Shen Minjuan

Parent company cash flow statement

January-December 2025

Unit: Yuan Currency: RMB

Item Notes 2025 2024

1. Cash flow generated from operating activities:

Received from selling goods and providing services

1,440,370,131.61 1,001,122,562.50 cash

Tax refunds received 3,039,413.00 4,954,115.21 Other tax returns related to business activities received

21,514,863.89 7,592,712.38 cash

Subtotal of cash inflows from operating activities 1,464,924,408.50 1,013,669,390.09 Purchasing goods and accepting payment for services

1,310,519,200.85 905,656,296.77 cash

Payments made to and for employees

31,870,261.37 32,970,376.70 cash

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Various taxes and fees paid 29,541,119.50 14,988,622.32 Paid other taxes related to business activities

18,811,825.58 23,404,759.48 cash

Subtotal of cash outflows from operating activities 1,390,742,407.30 977,020,055.27 Net cash flow from operating activities

74,182,001.20 36,649,334.82 amount

2. Cash flow generated from investing activities:

Cash received from recovery of investment 1,000,000.00 Cash received from investment income 62,000,000.00 66,117,226.45 Disposal of fixed assets, intangible assets and

1,666,673.63 1,902,492.86 Net cash received from other long-term assets

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

1,432,794.07

Cash

Subtotal of cash inflows from investing activities 65,099,467.70 69,019,719.31 Purchase and construction of fixed assets, intangible assets and

23,521,867.90 75,993,713.00 Cash paid for other long-term assets

Cash paid for investment 307,900,000.00 7,000,000.00 Acquisition of subsidiaries and other business units

Net cash paid

Payments related to other investment activities

143,895,000.00

Cash

Subtotal of cash outflows from investing activities 475,316,867.90 82,993,713.00 Cash flow generated from investing activities

-410,217,400.20 -13,973,993.69 Net amount

3. Cash flow generated from financing activities:

Cash received from investment 794,437,746.56

Cash received from borrowings 241,000,000.00 248,700,000.00 Other cash received related to financing activities

8,515,533.02 1,336,807.05 cash

Subtotal of cash inflows from financing activities 1,043,953,279.58 250,036,807.05 Cash paid to repay debts 344,150,000.00 191,856,891.00 Distribution of dividends, profits or interest payments

8,231,336.45 9,793,091.65 Cash paid

Make other payments related to financing activities

Cash

Subtotal of cash outflows from financing activities 352,381,336.45 201,649,982.65 Cash flow generated from financing activities

691,571,943.13 48,386,824.40 Net amount

4. Exchange rate changes on cash and cash equivalents

-410,164.92 -502.46The influence of things

5. Net increase in cash and cash equivalents 355,126,379.21 71,061,663.07 plus: opening cash and cash equivalents

121,173,716.86 50,112,053.79 Balance

6. Balance of cash and cash equivalents at the end of the period 476,300,096.07 121,173,716.86

Person in charge of the company: Pingyuan Person in charge of accounting work: Gu Yazhou Accounting department person in charge: Shen Minjuan

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Consolidated Statement of Changes in Owner's Equity

January-December 2025

Unit: Yuan Currency: RMB 2025

Owner's equity attributable to parent company

Other equity instruments 1

Item General Minority shareholders’ rights less: Others Total owners’ equity paid-in capital (or shares

Youyong Capital Reserve Inventory Comprehensive

Special

Surplus reserve

wind

Undistributed profits and their sub-accounts)

Continue first

its

share income

Reserve insurance, he, he, he is accurate

stocks bonds

Prepare

1. Ending balance of the previous year 107,600,000.00 189,708,596.93 26,948,993.72 431,533,892.68 755,791,483.33 755,791,483.33 Add: changes in accounting policies

Early error correction

Others

2. Opening balance of the year 107,600,000.00 189,708,596.93 26,948,993.72 431,533,892.68 755,791,483.33 755,791,483.33

3. Increase or decrease of change funds in this period

Amount (decrease filled in with "-" sign 35,900,000.00 765,532,403.01 10,698,825.86 129,855,798.06 941,987,026.93 1,966,323.24 943,953,350.17 columns)

(1) Total comprehensive income 140,554,623.92 -29,382.56 140,525,241.36

140,554,623.92

(2) Owner’s investment and

35,900,000.00 765,532,403.01 801,432,403.01 1,995,705.80 803,428,108.81 Capital reduction

1. Owner's investment

35,900,000.00 758,537,746.56 794,437,746.56 2,000,000.00 796,437,746.56 Common shares

2. Other equity instruments held

Someone invests capital

3. Share-based payments are included in the

6,994,656.45 6,994,656.45 6,994,656.45Amount of owners’ equity

4. Others -4,294.20 -4,294.20

(3) Profit distribution 10,698,825.86 -10,698,825.86

1. Withdrawal from surplus reserve

10,698,825.86 -10,698,825.86 2. Extract general risk allowance

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Prepare

3. to the owner (or stock

East) distribution

4. Others

(4) Within owner’s equity

carried forward

1. Conversion of capital reserve to capital increase

Capital (or share capital)

2. Conversion of surplus reserves to capital increase

Capital (or share capital)

3. Surplus reserve to cover losses

loss

4. Defined benefit plan changes

Moving amount carried forward to retained earnings

5. Other comprehensive income

Transfer to retained earnings

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

4. Ending balance of the current period 143,500,000.00 955,240,999.94 37,647,819.58 561,389,690.74 1,697,778,510.26 1,966,323.24 1,699,744,833.50

2024

Owner's equity attributable to parent company Less

Several other rights

Items less: Special shares Owner's equity and interest instruments Other general paid-in capital (or treasury items Other owners' permanent capital reserves Comprehensive surplus reserves Risks Undistributed profits Subtotal equity) Other storage rights Continued income reserves

Other stocks, reserves, bonds

1. Ending balance of the previous year 107,600,000.00 187,238,547.37 14,144,761.34 320,518,245.08 629,501,553.79 629,501,553.79 Add: changes in accounting policies

Early error correction

Others

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2. Balance at the beginning of the year 107,600,000.00 187,238,547.37 14,144,761.34 320,518,245.08 629,501,553.79 629,501,553.79

3. Amount of increase or decrease in the current period (decreases are filled in with "-" in columns 2,470,049.56 12,804,232.38 111,015,647.60 126,289,929.54 126,289,929.54)

(1) Total comprehensive income 123,819,879.98 123,819,879.98 123,819,879.98

(2) Owner’s investment and

2,470,049.56 2,470,049.56 2,470,049.56 Capital reduction

1. Common stock invested by owners

2. Capital invested by other equity instrument holders

3. Share-based payments are included in all

2,470,049.56 2,470,049.56 2,470,049.56 Amount of shareholders’ equity

4. Others

(3) Profit distribution 12,804,232.38 -12,804,232.38 1. Withdrawal from surplus reserve 12,804,232.38 -12,804,232.38 2. Extract general risk reserves 3. Distributions to owners (or shareholders)

4. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves to capital (or share capital)

2. Conversion of surplus reserves into capital (or share capital)

3. Surplus reserve to make up for losses 4. Changes in defined benefit plans are carried forward to retained earnings

4. Other comprehensive income carried forward to retained earnings

5. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

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4. Ending balance of the current period 107,600,000.00 189,708,596.93 26,948,993.72 431,533,892.68 755,791,483.33 755,791,483.33 Person in charge of the company: Pingyuan Person in charge of accounting work: Gu Yazhou Person in charge of the accounting department: Shen Minjuan

Statement of changes in owner's equity of the parent company

January-December 2025

Unit: Yuan Currency: RMB 2025

Other equity workers

Tools other

Item paid-in capital (or less: treasury special reserve

Youyong Capital Reserves Comprehensive Surplus Reserves Undistributed Profits Owners’ Equity Total Share Capital) Other Stock Reserves

First continued income

him

stocks bonds

1. Ending balance of the previous year 107,600,000.00 188,273,473.54 26,948,993.72 171,895,458.20 494,717,925.46 Add: changes in accounting policies

Early error correction

Others

2. Balance at the beginning of the year 107,600,000.00 188,273,473.54 26,948,993.72 171,895,458.20 494,717,925.46

3. Amount of increase or decrease in the current period (minus

35,900,000.00 765,532,403.01 10,698,825.86 96,289,432.71 908,420,661.58 (please use "-" at least)

(1) Total comprehensive income 106,988,258.57 106,988,258.57

(2) Owner’s investment and capital reduction

35,900,000.00 765,532,403.01 801,432,403.01

1. Ordinary shares invested by owners 35,900,000.00 758,537,746.56 794,437,746.56 2. Investments from other equity instrument holders

capital

3. Share-based payments are included in owners’ equity

6,994,656.45 Amount of 6,994,656.45

4. Others

(3) Profit distribution 10,698,825.86 -10,698,825.86 1. Withdrawal from surplus reserve 10,698,825.86 -10,698,825.86 2. Distribution to owners (or shareholders)

Match

3. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves into capital (or shares)

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this)

2. Conversion of surplus reserves into capital (or shares)

this)

3. Surplus reserve to cover losses

4. Carrying forward changes in defined benefit plans

retained earnings

5. Other comprehensive income carried forward and retained

benefit

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

4. Ending balance of the current period 143,500,000.00 953,805,876.55 37,647,819.58 268,184,890.91 1,403,138,587.04

Other equity instruments in 2024

Others

Item Paid-in capital (or stock premium and permanent reduction: treasury, special capital reserve, comprehensive surplus reserve, undistributed profits, total owner’s equity), initial continuation of stock deposits, reserve of other income

stocks bonds

1. Ending balance of the previous year 107,600,000.00 185,803,423.98 14,144,761.34 56,657,366.79 364,205,552.11 Add: changes in accounting policies

Early error correction

Others

2. Balance at the beginning of the year 107,600,000.00 185,803,423.98 14,144,761.34 56,657,366.79 364,205,552.11

3. Amount of increase or decrease in the current period (minus

2,470,049.56 12,804,232.38 115,238,091.41 130,512,373.35 (please use "-" for less)

(1) Total comprehensive income 128,042,323.79 128,042,323.79

(2) Owner’s investment and capital reduction

2,470,049.56 2,470,049.56 copies

1. Common stock invested by owners

2. Investments from other equity instrument holders

capital

3. Share-based payment is included in owners’ equity 2,470,049.56 2,470,049.56

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amount of

4. Others

(3) Profit distribution 12,804,232.38 -12,804,232.38 1. Withdrawal from surplus reserve 12,804,232.38 -12,804,232.38 2. Distributions to owners (or shareholders)

3. Others

(4) Internal carryover of owners’ equity 1. Conversion of capital reserves to capital (or share capital)

2. Conversion of surplus reserves into capital (or share capital)

3. Surplus reserve to cover losses

4. Changes in defined benefit plans are carried forward to retained earnings

5. Other comprehensive income carried forward to retained earnings

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

4. Ending balance of the current period 107,600,000.00 188,273,473.54 26,948,993.72 171,895,458.20 494,717,925.46 Person in charge of the company: Pingyuan Person in charge of accounting work: Gu Yazhou Accounting department person in charge: Shen Minjuan

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3. Basic situation of the company

1. Company profile

√Applicable □Not applicable

1. Basic situation

Suzhou Fengbei Biotechnology Co., Ltd. (hereinafter referred to as the "Company" or the "Company") was changed as a whole from Suzhou Fengbei Biotechnology Co., Ltd. (hereinafter referred to as "Fengbei Co., Ltd."). Suzhou Fengbei Biotechnology Co., Ltd. is a limited liability company established by the natural person shareholder Pingyuan. It went through industrial and commercial registration at the Industrial and Commercial Administration Bureau of Zhangjiagang Free Trade Zone, Jiangsu Province on July 25, 2014. The registered capital at the time of establishment was RMB 5 million. On March 22, 2022, Suzhou Fengbei Biotechnology Co., Ltd. was changed as a whole to Suzhou Fengbei Biotechnology Co., Ltd. The company's unified social credit code is: 91320592398355222E. It was approved by the China Securities Regulatory Commission to be listed on the Shanghai Stock Exchange on November 5, 2025. The industry it belongs to is the comprehensive utilization of waste resources industry.

As of December 31, 2025, the company has issued a total of 143.50 million shares, with a registered capital of 143.50 million yuan. The registered address: No. 1 Donghai Road, Yangzijiang International Chemical Industrial Park, Jiangsu, and the legal representative and actual controller: Pingyuan.

2. The main business activities actually engaged in by the company

The company is a high-tech enterprise in the field of comprehensive utilization of waste resources. It mainly produces resource-based products from waste oils and fats. The company's main business is the comprehensive utilization of waste oil resources, supplemented by the oleochemicals business. The main products of the comprehensive utilization of waste oil resources are bio-based materials and bio-fuels. Bio-based materials are mainly auxiliaries used in pesticides, fertilizers, mineral processing, ink resins, textiles, biomedicine and other fields, and can play a role in dissolution, synergy, dispersion, lubrication, etc.; bio-fuels are mainly biodiesel; the main products of the oleochemical business are DD oil, fatty acids, etc.

3. Approval and issuance of financial reports

This financial statement has been approved for issuance by the company's board of directors on April 8, 2026.

4. Consolidated report scope

The Company has a total of 11 subsidiaries included in the scope of consolidation in 2025. Please see Note 10 "Equity in Other Entities" for details. The company's consolidation scope for this period increased by 2 compared with the previous period. For details of the changes, please refer to Note 9 "Changes in the Consolidation Scope".

4. Basis for preparation of financial statements

1. Basics of preparation

The Company's financial statements are based on the going concern assumption, based on actual transactions and events, and are prepared in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" and various specific accounting standards, application guidelines for Business Enterprise Accounting Standards, Interpretations of Accounting Standards for Business Enterprises and other relevant regulations issued by the Ministry of Finance (hereinafter collectively referred to as "Accounting Standards for Business Enterprises"), as well as the China Securities Regulatory Commission's "Information Disclosure Preparation Rules No. 15 for Companies that Offer Securities to the Public - General Provisions for Financial Reports" (revised in 2023).

In accordance with the relevant provisions of the Accounting Standards for Business Enterprises, the Company's accounting is based on the accrual basis. Except for certain financial instruments, these financial statements are measured on the basis of historical cost. If an asset is impaired, corresponding impairment provisions will be made in accordance with relevant regulations.

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2. Continuous operation

√Applicable □Not applicable

The company's financial statements are presented on a going concern basis, and the company has the ability to continue operating for at least 12 months from the end of the reporting period.

5. Important accounting policies and accounting estimates

Specific accounting policies and accounting estimation tips:

√Applicable □Not applicable

In the process of applying accounting policies, due to the inherent uncertainty in operating activities, the Company needs to make judgments, estimates and assumptions on the book values of statement items that cannot be accurately measured. These judgments, estimates and assumptions are based on the past historical experience of the company's management and taking into account other relevant factors. These judgments, estimates and assumptions affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the balance sheet date. However, the actual results resulting from the uncertainty of these estimates may differ from the current estimates of the Company's management, resulting in significant adjustments to the carrying amounts of the assets or liabilities affected in the future.

The Company conducts regular reviews of the aforementioned judgments, estimates and assumptions on a going concern basis. If a change in accounting estimates only affects the current period of the change, the impact will be recognized in the current period of the change; if it affects both the current period of the change and future periods, the impact will be recognized in the current period of the change and future periods.

On the balance sheet date, the important areas where the company needs to make judgments, estimates and assumptions on the amounts of financial statement items are as follows: (1) Impairment of financial assets

The Company uses the expected credit loss model to assess the impairment of financial instruments. Applying the expected credit loss model requires significant judgments and estimates, and all reasonable and evidence-based information, including forward-looking information, must be considered. When making such judgments and estimates, the Company infers the expected changes in the debtor's credit risk based on historical data combined with changes in economic policies, macroeconomic indicators, industry risks, external market environment, technical environment, customer conditions and other factors.

(2) Provision for inventory decline

According to the inventory accounting policy, the company measures the inventory at the lower of cost and net realizable value, and makes provision for inventory depreciation for inventory that has a cost higher than net realizable value and is obsolete and slow-moving. The impairment of inventories to net realizable value is based on an assessment of the inventory's salability and its net realizable value. Identification of inventory impairment requires management to make judgments and estimates based on obtaining conclusive evidence and considering factors such as the purpose of holding inventory and the impact of events after the balance sheet date. The difference between the actual results and the original estimate will affect the book value of inventories and the provision or reversal of inventory depreciation provisions in the period when the estimate is changed.

(3) Depreciation and amortization

The Company depreciates and amortizes fixed assets and intangible assets using the straight-line method over their useful lives after taking into account their residual values. The Company regularly reviews useful lives to determine the amount of depreciation and amortization expenses to be included in each reporting period. The useful life is determined by the Company based on past experience with similar assets and combined with expected technological updates. If there are material changes to previous estimates, depreciation and amortization expenses will be adjusted in future periods.

(4) Leasing

①Identification of lease

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When the company identifies whether a contract is a lease or contains a lease, it needs to evaluate whether there is an identified asset and the customer controls the right to use the asset within a certain period. When evaluating, consideration needs to be given to the nature of the asset, substantial substitution rights, and whether the customer has the right to receive substantially all of the economic benefits arising from the use of the asset during the period and to be able to direct the use of the asset. ②Classification of leasing

When the Company acts as a lessor, it classifies leases into operating leases and finance leases. When classifying, management needs to make analysis and judgment on whether all risks and rewards related to the ownership of the leased assets have been substantially transferred to the lessee.

③Lease liabilities

When the Company acts as a lessee, lease liabilities are initially measured based on the present value of the unpaid lease payments at the beginning of the lease term. When measuring the present value of lease payments, the Company estimates the discount rate used and the lease term of the lease contract with renewal options or termination options. When evaluating the lease term, the Company comprehensively considers all relevant facts and circumstances related to the economic benefits brought by the Company's exercise of the option, including expected changes in facts and circumstances from the start of the lease term to the date of exercise of the option. Different judgments and estimates may affect the recognition of lease liabilities and right-of-use assets, and will affect profits and losses in subsequent periods.

(5) Deferred income tax assets

The Company recognizes deferred income tax assets for all unused tax losses to the extent that it is probable that there will be sufficient taxable profits to offset the losses. This requires the company's management to use a lot of judgment to estimate the time and amount of future taxable profits, combined with tax planning strategies, to determine the amount of deferred income tax assets that should be recognized.

(6) Income tax

In the company's normal operating activities, there are certain uncertainties in the final tax treatment and calculation of some transactions. Whether some items can be deducted before tax requires the approval of the tax authorities. If the final determination of these tax matters is different from the initially estimated amount, the difference will have an impact on current income tax and deferred income tax during the period of final determination.

1. 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 merger and the financial status of the parent company on December 31, 2025, as well as the merger in 2025 and the parent company's operating results and cash flow and other relevant information.

2. Accounting period

The company's accounting period is divided into annual and interim periods. Accounting interim period refers to the reporting period shorter than a complete accounting year. The company's fiscal year adopts the Gregorian calendar year, that is, from January 1 to December 31 each year.

3. Business cycle

√Applicable □Not applicable

The normal operating cycle refers to the period from the purchase of assets for processing to the realization of cash or cash equivalents. The company uses 12 months as an operating cycle and uses it as the liquidity classification standard for assets and liabilities.

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4. Accounting standard currency

RMB is the currency of the main economic environment in which the Company and its domestic subsidiaries operate. The Company and its domestic subsidiaries use RMB as the functional currency for accounting. The currency used by the Company in preparing these financial statements is RMB.

5. Determination method and selection basis of materiality criteria

√Applicable □Not applicable

Project Materiality Criteria

Important individual accounts receivable with provision for bad debts with an amount ≥ RMB 1 million

Important projects under construction with an amount ≥ RMB 1 million

The company identifies important cash flows from investing activities that exceed 5% of total assets as important cash flows from investing activities.

cash flow

6. Accounting treatment methods for business combinations under the same control and those not under the same control

√Applicable □Not applicable

Business merger refers to a transaction or event that combines two or more separate enterprises to form a reporting entity. Business mergers are divided into business combinations under the same control and business combinations not under the same control.

(1) Business merger under common control

The enterprises participating in the merger are ultimately controlled by the same party or the same parties before and after the merger, and the control is not temporary. It is a business merger under the same control. In the case of a business merger under the same control, the party that obtains control over other companies participating in the merger on the merger date is the merging party, and the other companies participating in the merger are the merged parties. The merger date refers to the date when the merging party actually obtains control over the merged party.

The assets and liabilities acquired by the merging party are measured according to their book value on the date of merger. The difference between the book value of the net assets obtained by the merging party and the book value of the merger consideration paid (or the total face value of the shares issued) is adjusted to the capital reserve (share premium); if the capital reserve (share premium) is insufficient to offset it, the retained earnings are adjusted.

All direct expenses incurred by the merging party for the business combination shall be included in the current profits and losses when incurred.

(2) Business merger not under common control

If the enterprises participating in the merger are not ultimately controlled by the same party or the same parties before and after the merger, it is a business merger not under the same control. For a business combination not under common control, the party that obtains control over other companies participating in the merger on the acquisition date is the purchaser, and the other companies participating in the merger are the purchased parties. The purchase date refers to the date when the purchaser actually obtains control over the purchased party.

For business combinations not under common control, the cost of the combination includes the assets paid by the purchaser on the acquisition date to obtain control of the purchased party, liabilities incurred or assumed, and the fair value of equity securities issued. Intermediary fees such as auditing, legal services, evaluation consulting, and other management fees incurred for the business combination are included in the current profits and losses when incurred. The transaction costs of equity securities or debt securities issued by the purchaser as consideration for the merger are included in the initial recognition amount of the equity securities or debt securities. The contingent consideration involved is included in the merger cost based on its fair value on the purchase date. If new or further evidence of the existing conditions on the purchase date arises within 12 months after the purchase date and the contingent consideration needs to be adjusted, the consolidated goodwill will be adjusted accordingly. The merger costs incurred by the purchaser and the identifiable net assets obtained in the merger are measured at the fair value on the acquisition date. The cost of the merger is greater than the value of the acquired party acquired in the merger.

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The difference between the fair value of identifiable net assets on that day is recognized as goodwill. If the merger cost is less than the fair value share of the acquiree's identifiable net assets obtained in the merger, first the fair value of the acquiree's identifiable assets, liabilities and contingent liabilities acquired and the measurement of the merger cost are reviewed. After the 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 shall be included in the current profit and loss.

If the deductible temporary difference obtained by the purchaser from the purchased party is not recognized on the purchase date because it does not meet the recognition conditions of deferred income tax assets, within 12 months after the purchase date, if new or further information is obtained indicating that the relevant conditions on the purchase date have already existed, it is expected that the purchased party will be able to If the economic benefits brought by offsetting the temporary differences can be realized, the relevant deferred income tax assets will be recognized, and the goodwill will be reduced at the same time. If the goodwill is insufficient to be offset, the difference will be recognized as profit and loss for the current period; except for the above circumstances, if the deferred income tax assets related to the business combination are recognized, they will be included in the profit and loss for the current period.

For business mergers not under the same control that are realized in stages through multiple transactions, it is judged whether the multiple transactions belong to a "package transaction" based on the "Notice of the Ministry of Finance on Issuing the Interpretation No. 5 of Accounting Standards for Business Enterprises" (Financial Accounting [2012] No. 19) and the "Package Transaction" judgment standard in Article 51 of "Accounting Standards for Business Enterprises No. 33 - Consolidated Financial Statements" (see 7. Judgment Standards of Control and Preparation Method of Consolidated Financial Statements (2)). If it is a "package deal", refer to the descriptions in the previous paragraphs of this part and 19. Long-term equity investment for accounting treatment; if it is not a "package deal", separate individual financial statements and consolidated financial statements for relevant accounting treatment:

In individual financial statements, the sum of the book value of the equity investment in the purchased party held before the purchase date and the new investment cost on the purchase date is the initial investment cost of the investment; if the equity investment in the purchased party held before the purchase date involves other comprehensive income, when the investment is disposed of, the other comprehensive income related to it will be accounted for on the same basis as the direct disposal of relevant assets or liabilities by the purchased party.

In the consolidated financial statements, the equity of the purchased party held before the purchase date is remeasured according to the fair value of the equity on the purchase date, and the difference between the fair value and its book value is 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, the other comprehensive income related to it shall be accounted for on the same basis as the direct disposal of relevant assets or liabilities by the purchased party.

7. Judgment standards for control and preparation methods of consolidated financial statements

√Applicable □Not applicable

(1) Judgment criteria for control

The scope of consolidation in consolidated financial statements is determined based on control. Control means that the company has power over the investee, enjoys variable returns by participating in the investee's relevant activities, and has the ability to use its power over the investee to affect the amount of returns. It usually includes investees in which the parent company owns more than half of the voting rights and companies that hold less than half of the voting rights but have more than half of the voting rights in the invested unit through agreements with other investors of the invested unit; have the right to decide the financial and operating decisions of the invested unit according to the company's articles of association or agreements; have the right to appoint and remove a majority of the members of the board of directors of the invested unit; and hold the majority of voting rights in the board of directors of the invested unit.

(2) Method of preparing consolidated financial statements

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From the date when it obtains actual control over the net assets and production and operation decisions of a subsidiary, the Company begins to include them in the scope of consolidation; from the date when it loses actual control, it ceases to be included in the scope of consolidation. For subsidiaries disposed of, the operating results and cash flows before the date of disposal have been appropriately included in the consolidated income statement and consolidated cash flow statement; for subsidiaries disposed of in the current period, the opening balance of the consolidated balance sheet will not be adjusted. For subsidiaries added through business combinations not under common control, their operating results and cash flows after the acquisition date have been appropriately included in the consolidated income statement and consolidated cash flow statement, and the opening numbers and comparative numbers of the consolidated financial statements will not be adjusted. For subsidiaries added through a business combination under common control, their operating results and cash flows from the beginning of the current period to the date of merger have been appropriately included in the consolidated income statement and consolidated cash flow statement, and the comparative figures of the consolidated financial statements have been adjusted at the same time.

When preparing consolidated financial statements, if the accounting policies or accounting periods adopted by a subsidiary and the Company are inconsistent, necessary adjustments will be made to the financial statements of the subsidiary in accordance with the Company's accounting policies and accounting periods. For subsidiaries acquired through business combinations not under common control, their financial statements will be adjusted based on the fair value of the identifiable net assets on the date of acquisition.

All significant intra-company balances, transactions and unrealized profits are eliminated when preparing consolidated financial statements.

The portion of the subsidiary's shareholders' equity and net profit and loss for the current period that is not owned by the company is separately presented as minority shareholders' equity and minority shareholders' profit and loss in the consolidated financial statements under shareholders' equity and net profit. The share of minority shareholders' equity in the current period's net profit and loss of a subsidiary is listed as the "minority shareholders' profit and loss" item under the net profit item in the consolidated income statement. If the losses of a subsidiary shared by minority shareholders exceed the minority shareholders' share of the subsidiary's opening shareholders' equity, the minority shareholders' equity will still be offset.

When control over an original subsidiary is lost due to the disposal of part of the equity investment or other reasons, the remaining equity is 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 based on the original shareholding ratio, shall be included in the investment income in the period when control is lost. Other comprehensive income related to the equity investment in the original subsidiary will be accounted for on the same basis as the subsidiary's direct disposal of relevant assets or liabilities when control is lost. Thereafter, the remaining equity will be subsequently measured in accordance with relevant provisions such as "Accounting Standards for Business Enterprises No. 2 - Long-term Equity Investment" or "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments". For details, see 19. Long-term Equity Investment or 11. Financial Instruments.

If the company disposes of its equity investment in a subsidiary step by step through multiple transactions until it loses control, it needs to distinguish whether each transaction in which it disposes its equity investment in its subsidiary until it loses control is a package deal. The terms, conditions and economic impact of various transactions for the disposal of equity investments in subsidiaries meet one or more of the following circumstances, which usually indicate that multiple transactions should be accounted for as a package deal: ① These transactions are entered into at the same time or with consideration of each other's influence; ② Only these transactions as a whole can achieve a complete business result; ③ The occurrence of a transaction depends on the occurrence of at least one other transaction; ④ A transaction is uneconomical when viewed alone, but it is economical when considered together with other transactions. If it does not belong to a package deal, each transaction will be accounted for in accordance with the applicable principles of "partial disposal of long-term equity investment in a subsidiary without losing control" (see 19. Long-term equity investment (2) ④ for details) and "loss of control over the original subsidiary due to disposal of part of the equity investment or other reasons" (see the previous paragraph for details). If the various transactions involving the disposal of equity investments in a subsidiary until the loss of control belong to a package transaction, each transaction will be accounted for as a transaction in which the subsidiary is disposed of and control is lost; however, the difference between the price of each disposal and the share of the net assets of the subsidiary corresponding to the disposal investment before the loss of control is recognized as other comprehensive income in the consolidated financial statements, and is transferred to the profit and loss of the current period when control is lost.

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8. Classification of joint arrangements and accounting treatment of joint operations

□Applicable √Not applicable

9. Determination standards for cash and cash equivalents

The company's cash and cash equivalents include cash on hand, deposits that can be used for payment at any time, and investments held by the company that are short-term (generally due within three months from the date of purchase), highly liquid, easily convertible into known amounts of cash, and have little risk of value changes.

10. Foreign currency business and foreign currency statement conversion

√Applicable □Not applicable

(1) Conversion method for foreign currency transactions

When the Company's foreign currency transactions are initially recognized, they are converted into the amount in the recording currency based on the spot exchange rate on the transaction date. However, the foreign currency exchange business or transactions involving foreign currency exchange are converted into the amount in the recording currency based on the actual exchange rate. (2) Conversion method for foreign currency monetary items and foreign currency non-monetary items

On the balance sheet date, foreign currency monetary items are translated at the spot exchange rate on the balance sheet date. The resulting exchange differences, except for: ① The exchange differences arising from special foreign currency borrowings related to the acquisition and construction of assets that meet capitalization conditions are treated in accordance with the principle of capitalization of borrowing costs; ② The exchange differences arising from changes in the book balances of foreign currency monetary items available for sale other than amortized costs are included in other comprehensive income, and are included in the current profit and loss.

Foreign currency non-monetary items measured at historical cost are still measured using the amount in the recording currency converted at the spot exchange rate on the date of the transaction. Foreign currency non-monetary items measured at fair value are converted using the spot exchange rate on the date when the fair value is determined. The difference between the converted accounting functional currency amount and the original accounting functional currency amount is treated as a change in fair value (including exchange rate changes), and is included in the current profit and loss or recognized as other comprehensive income.

(3) Conversion method of foreign currency financial statements

Foreign currency financial statements for overseas operations are converted into RMB statements according to the following method: assets and liability items in the balance sheet are converted using the spot exchange rate on the balance sheet date; shareholders' equity items, except for "undistributed profits" items, are converted using the spot exchange rate at the time of occurrence. Income and expense items in the income statement are translated using the average exchange rate of the current period on the date of transaction. The undistributed profit at the beginning of the year is the undistributed profit at the end of the year after conversion of the previous year; the undistributed profit at the end of the period is calculated and presented according to the converted profit distribution items; the difference between the converted asset items and the total number of liability items and shareholders' equity items is regarded as the conversion difference of the foreign currency statement and is recognized as other comprehensive income. When an overseas operation is disposed of and control is lost, the translation differences of foreign currency statements listed under the shareholders' equity items in the balance sheet and related to the overseas operation shall be transferred to the current profit and loss of the disposal in full or in proportion to the disposal of the overseas operation.

Foreign currency cash flows are translated using the average exchange rate of the current period on the date when the cash flows occur. The impact of exchange rate changes on cash is presented separately in the cash flow statement as an adjustment item.

The opening figures and actual figures for the previous year are presented based on the amounts after conversion from the previous year's financial statements.

When the company disposes of all the owners' equity of the company's overseas operations or loses control of the overseas operations due to the disposal of part of the equity investment or other reasons, the assets listed under the shareholders' equity items in the balance sheet and related to the overseas operations shall be owned by the parent company.

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The difference in the foreign currency statement translation of the owner's equity shall be transferred to the profit and loss of the current period.

When the proportion of overseas operating equity held is reduced due to the disposal of part of the equity investment or other reasons but the control of the overseas operation is not lost, the foreign currency statement translation difference related to the disposal of the overseas operation will be attributed to the minority shareholders' equity and will not be transferred to the current profit and loss. When disposing of part of the equity of an overseas operation that is an associate or joint venture, the translation difference of foreign currency statements related to the overseas operation shall be transferred to the current profit and loss of the disposal in proportion to the disposal of the overseas operation.

If there are foreign currency monetary items that essentially constitute a net investment in overseas operations, in the consolidated financial statements, the exchange differences arising from exchange rate changes are recognized as other comprehensive income as "foreign currency statement translation differences"; when disposing of overseas operations, they are included in the current profit and loss of disposal.

11. Financial instruments

√Applicable □Not applicable

A financial asset or financial liability is recognized when the Company becomes a party to a financial instrument contract.

(1) Classification, recognition and measurement of financial assets

Based on the business model of managing financial assets and the contractual cash flow characteristics of financial assets, the company divides financial assets into: financial assets measured at amortized cost; financial assets measured at fair value with changes included in other comprehensive income; financial assets measured at fair value with changes included in current profits and losses.

Financial assets are measured at fair value upon initial recognition. For financial assets measured at fair value and whose changes are included in the current profit and loss, the relevant transaction costs are directly included in the current profit and loss; for other types of financial assets, the relevant transaction costs are included in the initial recognition amount. For accounts receivable or notes receivable arising from the sale of products or provision of services that do not include or take into account significant financing components, the amount of consideration that the company is expected to be entitled to receive shall be regarded as the initial recognition amount.

①Financial assets measured at amortized cost

The Company's business model for managing financial assets measured at amortized cost is to collect contractual cash flows as the goal, and the contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements, that is, the cash flows generated on a specific date are only payments of principal and interest based on the outstanding principal amount. For such financial assets, the Company adopts the actual interest rate method and conducts subsequent measurement at amortized cost. Gains or losses arising from amortization or impairment are included in the current profits and losses.

②Financial assets measured at fair value and changes included in other comprehensive income

The Company's business model for managing such financial assets aims at both collecting contractual cash flows and selling them, and the contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements. The Company measures such financial assets at fair value and changes in them are included in other comprehensive income, but impairment losses or gains, exchange gains and losses and interest income calculated according to the effective interest method are included in the current profit and loss.

In addition, the Company designates certain investments in non-trading equity instruments as financial assets measured at fair value through other comprehensive income. The company includes the relevant dividend income of this type of financial assets in the current profit and loss, and the changes in fair value are included in other comprehensive income. When the financial asset is derecognised, the accumulated gains or losses previously included in other comprehensive income will be transferred from other comprehensive income to retained earnings and will not be included in the current profit or loss.

③Financial assets measured at fair value and changes included in current profits and losses

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The Company classifies financial assets other than the above-mentioned financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income as financial assets measured at fair value through profit or loss for the current period. In addition, at the time of initial recognition, in order to eliminate or significantly reduce accounting mismatches, the Company designated some financial assets as financial assets measured at fair value and whose changes are included in current profits and losses. For such financial assets, the company uses fair value for subsequent measurement, and changes in fair value are included in the current profit and loss.

(2) Classification, recognition and measurement of financial liabilities

Financial liabilities are classified upon initial recognition into financial liabilities measured at fair value through profit or loss and other financial liabilities. For financial liabilities measured at fair value and whose changes are included in the current profit and loss, the relevant transaction costs are directly included in the current profit and loss, and the relevant transaction costs of other financial liabilities are included in their initial recognition amount.

①Financial liabilities measured at fair value and changes included in current profits and losses

Financial liabilities at fair value through profit or loss include trading financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated at fair value through profit or loss upon initial recognition.

Trading financial liabilities (including derivatives belonging to financial liabilities) are subsequently measured at fair value. Except for those related to hedging accounting, changes in fair value are included in current profits and losses.

For a financial liability designated as a financial liability measured at fair value through profit or loss for the current period, changes in the fair value of this liability caused by changes in the company's own credit risk are included in other comprehensive income. When the liability is derecognised, the accumulated changes in its fair value caused by changes in its own credit risk included in other comprehensive income are transferred to retained earnings. The remaining changes in fair value are included in the current profit and loss. If handling the impact of changes in the credit risk of such financial liabilities in the above manner will cause or expand accounting mismatches in profits and losses, the company will include all gains or losses from the financial liabilities (including the amount affected by changes in the company's own credit risk) into the profits and losses of the current period. ②Other financial liabilities

Except for financial liabilities and financial guarantee contracts formed by the transfer of financial assets that do not meet the conditions for termination of recognition or continued involvement in the transferred financial assets, other financial liabilities are classified as financial liabilities measured at amortized cost, and are subsequently measured at amortized cost. Gains or losses arising from termination of recognition or amortization are included in the current profit and loss.

(3) Recognition basis and measurement method of financial asset transfer

Financial assets that meet one of the following conditions shall be derecognized: ① The contractual right to collect cash flows from the financial asset terminates; ② The financial asset has been transferred, and almost all the risks and rewards of the ownership of the financial asset are transferred to the transferee; ③ The financial asset has been transferred, and although the enterprise neither transfers nor retains almost all the risks and rewards of the ownership of the financial asset, it has given up control of the financial asset.

If an enterprise neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, and does not give up control of the financial asset, the relevant financial assets will be recognized to the extent of its continued involvement in the transferred financial assets, and the relevant liabilities will be recognized accordingly. The degree of continued involvement in the transferred financial assets refers to the level of risk faced by the enterprise due to changes in the value of the financial assets.

If the overall transfer of financial assets meets the conditions for derecognition, the difference between the book value of the transferred financial assets and the sum of the consideration received for the transfer and the cumulative amount of changes in fair value originally included in other comprehensive income will be included in the current profit and loss.

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If the partial transfer of financial assets meets the conditions for derecognition, the book value of the transferred financial assets will be apportioned between the derecognized and non-derecognized parts according to their relative fair values, and the difference between the sum of the consideration received for the transfer and the cumulative amount of changes in fair value originally included in other comprehensive income that should be apportioned to the derecognized part and the apportioned aforementioned book amount shall be included in the current profit and loss.

When the company sells financial assets with recourse, or endorses and transfers financial assets it holds, it needs to determine whether substantially all the risks and rewards of ownership of the financial assets have been transferred. If almost all the risks and rewards of the ownership of the financial asset have been transferred to the transferee, the financial asset will be derecognised; if almost all the risks and rewards of the ownership of the financial asset have been retained, the recognition of the financial asset will not be deactivated; if almost all the risks and rewards of the ownership of the financial asset have neither been transferred nor retained, the company will continue to judge whether the enterprise retains control over the asset, and perform accounting treatment according to the principles described in the previous paragraphs.

(4) Derecognition of financial liabilities

If the current obligation of a financial liability (or part thereof) has been discharged, the Company shall terminate the recognition of the financial liability (or part thereof). The company (borrower) signs an agreement with the lender to replace the original financial liability by assuming a new financial liability, and if the contract terms of the new financial liability are substantially different from the original financial liability, the original financial liability will be terminated and a new financial liability will be recognized at the same time. If the company makes substantial modifications to the contract terms of the original financial liability (or part thereof), it will terminate the recognition of the original financial liability and recognize a new financial liability in accordance with the modified terms.

If a financial liability (or part thereof) is derecognised, the company will include the difference between its book value and the consideration paid (including non-cash assets transferred out or liabilities assumed) into the current profit and loss.

(5) Offset of financial assets and financial liabilities

When the company has the legal right to offset the recognized amount of financial assets and financial liabilities, and the legal right is currently enforceable, and the company plans to settle on a net basis or realize the financial assets and pay off the financial liabilities at the same time, the financial assets and financial liabilities will be listed in the balance sheet as the net amount after offsetting each other. Otherwise, financial assets and financial liabilities are presented separately in the balance sheet and are not offset against each other.

(6) Determination method of fair value of financial assets and financial liabilities

Fair value refers to the price that can be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. If there is an active market for a financial instrument, the company uses the quoted price in the active market to determine its fair value. Quotes in active markets refer to prices that are easily obtained from exchanges, brokers, industry associations, pricing service agencies, etc. on a regular basis, and represent the prices of market transactions that actually occur in fair transactions. If there is no active market for a financial instrument, the Company uses valuation techniques to determine its fair value. Valuation techniques include reference to prices used in recent market transactions between parties who are familiar with the situation and voluntary transactions, reference to the current fair value of other financial instruments that are substantially the same, discounted cash flow methods and option pricing models, etc. When valuing, the Company adopts valuation techniques that are applicable under the current circumstances and supported by sufficient available data and other information, selects input values ​​that are consistent with the characteristics of the assets or liabilities considered by market participants in transactions of related assets or liabilities, and gives priority to the use of relevant observable input values ​​whenever possible. Non-inputable values ​​are used when the relevant observable input values ​​cannot be obtained or are impracticable to obtain.

(7) Equity instruments

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Equity instruments are contracts that evidence ownership of a residual interest in the company's assets after deducting all liabilities. The company's issuance (including refinancing), repurchase, sale or cancellation of equity instruments is treated as a change in equity, and transaction costs related to equity transactions are deducted from equity. The Company does not recognize changes in the fair value of equity instruments.

If the company's equity instruments distribute dividends (including "interest" generated by instruments classified as equity instruments) during their existence, they will be treated as profit distribution.

The financial assets that the company needs to confirm impairment losses are financial assets measured at amortized cost, debt instruments measured at fair value with changes included in other comprehensive income, and lease receivables, which mainly include notes receivable, accounts receivable, receivable financing, other receivables, etc. In addition, for contract assets and some financial guarantee contracts, impairment provisions are made and credit impairment losses are recognized in accordance with the accounting policies described in this section.

(8) Impairment of financial assets

1. Recognition method of impairment provision

Based on expected credit losses, the Company makes impairment provisions and recognizes credit impairment losses for each of the above items in accordance with its applicable expected credit loss measurement method (general method or simplified method).

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 actual interest rate, that is, the present value of all cash shortfalls. Among them, for purchased or originated financial assets that have suffered credit impairment, the company discounts them according to the credit-adjusted actual interest rate of the financial assets.

The general method of measuring expected credit losses means that the company evaluates on each balance sheet date whether the credit risk of financial assets (including contract assets and other applicable items, the same below) has increased significantly since initial recognition. If the credit risk has increased significantly since initial recognition, the company measures loss provisions at an amount equivalent to the expected credit losses during the entire duration; if the credit risk has not increased significantly since initial recognition, the company measures loss provisions at an amount equivalent to the expected credit losses within the next 12 months. The Company considers all reasonable and evidence-based information, including forward-looking information, when assessing expected credit losses.

For financial instruments with low credit risk on the balance sheet date, the Company assumes that its credit risk has not increased significantly since initial recognition and chooses to measure loss provisions based on expected credit losses within the next 12 months.

2. Criteria for judging whether credit risk has increased significantly since initial recognition

If the default probability of a financial asset within the expected duration determined on the balance sheet date is significantly higher than the default probability within the expected duration determined at initial recognition, it indicates that the credit risk of the financial asset has increased significantly. Except for special circumstances, the Company uses the change in default risk within the next 12 months as a reasonable estimate of the change in default risk throughout the entire duration to determine whether credit risk has increased significantly since initial recognition.

3. Portfolio method to assess expected credit risk on a portfolio basis

The Company evaluates the credit risk of financial assets with significantly different credit risks individually, such as: receivables that are in dispute with the other party or involved in litigation or arbitration; receivables that have obvious signs that the debtor is likely to be unable to fulfill its repayment obligations, etc.

In addition to financial assets that assess credit risk individually, the Company divides financial assets into different groups based on common risk characteristics and assesses credit risk on a combined basis.

4. Accounting treatment method for impairment of financial assets

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At the end of the period, the Company calculates the estimated credit losses of various financial assets. If the estimated credit losses are greater than the carrying amount of the current impairment provisions, the difference will be recognized as impairment losses; if it is less than the current carrying amount of the impairment provisions, the difference will be recognized as impairment gains.

5. Methods for determining credit losses of various financial assets

①Notes receivable

The Company measures loss provisions for notes receivable based on an amount equivalent to the expected credit losses during the entire duration. Based on the credit risk characteristics of notes receivable, they are divided into different combinations:

Item Basis for determining portfolio Method for measuring expected credit losses

Bank acceptance bill The acceptor is a bank with low credit risk. No provision for bad debts is made with reference to historical loss experience. Reference to historical credit loss experience is combined with the current situation.

According to the credit risk classification of the acceptor, the

Commercial Acceptance Bills and forecasts of future economic conditions are divided equally between receivables and "accounts receivable"

Bill aging and expected credit loss rate throughout the duration ② Accounts receivable and contract assets

For receivables and contract assets that do not contain significant financing components, the Company measures loss provisions based on an amount equivalent to the expected credit losses during the entire duration.

For receivables and contract assets that contain significant financing components, the Company chooses to always measure loss provisions at an amount equivalent to the expected credit losses during the duration.

In addition to accounts receivable for individual assessment of credit risk, they are divided into different combinations based on their credit risk characteristics:

Item Basis for determining portfolio Method for measuring expected credit losses

Referring to historical credit loss experience, combined with the current situation and the prediction of future economic conditions, prepare a comparison table between the aging of accounts receivable and the expected credit loss rate throughout the duration, and calculate the expected credit losses.

a. The aging of the company's receivables is calculated from the date of occurrence.

In the portfolio, the comparison table between the aging of the aging portfolio and the expected credit loss rate for the entire duration

Aging Provision for notes receivable (%) Proportion for accounts receivable (%) Proportion for contract assets (%) Within 1 year 5.00 5.00 5.00 1 to 2 years 10.00 10.00 10.00 2 to 3 years 30.00 30.00 30.00 3 to 4 years 50.00 50.00 50.00 4 to 5 years 80.00 80.00 80.00 More than 5 years 100.00 100.00 100.00 b. Judgment criteria for bad debt provisions made individually based on individual determination:

When one or more events occur that have an adverse impact on the expected future cash flows of a financial asset, the financial asset becomes a credit-impaired financial asset. Evidence that a financial asset has been credit-impaired includes the following observable information:

1. The issuer or debtor encounters major financial difficulties;

2. The debtor violates the contract, such as default or overdue payment of interest or principal;

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3. The creditor grants concessions to the debtor that the debtor would not make under any other circumstances due to economic or contractual considerations related to the debtor's financial difficulties;

4. The debtor is likely to go bankrupt or undergo other financial reorganization;

5. Financial difficulties of the issuer or debtor cause the active market for the financial asset to disappear;

6. Purchase or originate a financial asset at a substantial discount that reflects the fact that a credit loss has occurred.

Credit impairment of financial assets may be caused by the combined effect of multiple events and may not be caused by an individually identifiable event. ③Other receivables

The company measures impairment losses based on whether the credit risk of other receivables has increased significantly since initial recognition, and uses an amount equivalent to the expected credit losses in the next 12 months or the entire duration. In addition to other receivables whose credit risk is assessed individually, they are divided into different combinations based on their credit risk characteristics:

Item Basis for determining portfolio Method for measuring expected credit losses

Referring to historical credit loss experience, combined with the current situation and the forecast of future economic conditions, through default risk exposure and the next 12 months

Or the expected credit loss rate throughout the duration, calculate the expected credit loss ④ receivables financing

The company measures impairment losses based on whether the credit risk of receivables financing has increased significantly since initial recognition, and uses an amount equivalent to the expected credit losses in the next 12 months or the entire duration. In addition to receivables financing that individually assesses credit risk, they are divided into different combinations based on their credit risk characteristics:

Item Basis for determining portfolio Method for measuring expected credit losses

Portfolio 1 Bank Acceptance Bill No provision for bad debts is made based on historical loss experience

With reference to historical credit loss experience, combined with current conditions and predictions of future economic portfolio 2 commercial acceptance bills, based on the aging of notes receivable and expected credit throughout the duration

loss rate

⑤Contract assets

The company measures impairment losses based on whether the credit risk of contract asset financing has increased significantly since initial recognition, and uses an amount equivalent to the expected credit losses in the next 12 months or the entire duration. In addition to contract assets for individual credit risk assessment, they are divided into different portfolios based on their credit risk characteristics:

Item Basis for determining portfolio Method for measuring expected credit losses

With reference to historical credit loss experience, combined with current conditions and predictions of future economic conditions, prepare the aging of accounts receivable and expected credit losses throughout the duration.

Rate comparison table to calculate expected credit losses

12. Notes receivable

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

The Company measures loss provisions for notes receivable based on an amount equivalent to the expected credit losses during the entire duration. Based on the credit risk characteristics of notes receivable, they are divided into different combinations:

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Item Basis for determining portfolio Method for measuring expected credit losses

Bank acceptance bill The acceptor is a bank with low credit risk. No provision for bad debts is made with reference to historical loss experience. Reference to historical credit loss experience is combined with the current situation.

According to the credit risk classification of the acceptor, the

Commercial Acceptance Bills and forecasts of future economic conditions are divided equally between receivables and "accounts receivable"

Bill aging and lifetime expected credit loss rate

Account aging calculation method based on aging confirmation credit risk characteristic combination

√Applicable □Not applicable

Comparison table between the aging of the aging portfolio and the expected credit loss rate for the entire duration

Aging Provision ratio of notes receivable (%)

Within 1 year 5.00 1 to 2 years 10.00 2 to 3 years 30.00 3 to 4 years 50.00 4 to 5 years 80.00 More than 5 years 100.00

Judgment criteria for individual provision of bad debt provisions based on individual provision

□Applicable √Not applicable

13. Accounts receivable

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

For receivables that do not contain significant financing components, the Company measures loss provisions based on an amount equivalent to the expected credit losses during the entire duration.

For receivables that contain significant financing components, the Company chooses to always measure loss provisions at an amount equivalent to the expected credit losses during the duration.

In addition to accounts receivable for individual assessment of credit risk, they are divided into different combinations based on their credit risk characteristics:

Item Basis for determining portfolio Method for measuring expected credit losses

With reference to historical credit loss experience, combined with current conditions and forecasts of future economic conditions, prepare the aging of accounts receivable and expectations for the entire duration.

Credit loss rate comparison table to calculate expected credit losses

Account aging calculation method based on aging confirmation credit risk characteristic combination

√Applicable □Not applicable

Comparison table between the aging of the aging portfolio and the expected credit loss rate for the entire duration

Aging Provision ratio of accounts receivable (%)

Within 1 year 5.00 1 to 2 years 10.00 2 to 3 years 30.00

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Aging Provision ratio of accounts receivable (%)

3 to 4 years 50.00 4 to 5 years 80.00 More than 5 years 100.00

Judgment criteria for single provision based on the determination of individual provision for bad debts

√Applicable □Not applicable

When one or more events occur that have an adverse impact on the expected future cash flows of a financial asset, the financial asset becomes a credit-impaired financial asset. Evidence that a financial asset has been credit-impaired includes the following observable information:

1. The issuer or debtor encounters major financial difficulties;

2. The debtor violates the contract, such as default or overdue payment of interest or principal;

3. The creditor grants concessions to the debtor that the debtor would not make under any other circumstances due to economic or contractual considerations related to the debtor's financial difficulties;

4. The debtor is likely to go bankrupt or undergo other financial reorganization;

5. Financial difficulties of the issuer or debtor cause the active market for the financial asset to disappear;

6. Purchase or originate a financial asset at a substantial discount that reflects the fact that a credit loss has occurred.

Credit impairment of financial assets may be caused by the combined effect of multiple events and may not be caused by an individually identifiable event.

14. Receivables Financing

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

The company measures impairment losses based on whether the credit risk of receivables financing has increased significantly since initial recognition, and uses an amount equivalent to the expected credit losses in the next 12 months or the entire duration. In addition to receivables financing that individually assesses credit risk, they are divided into different combinations based on their credit risk characteristics:

Item Basis for determining portfolio Method for measuring expected credit losses

Portfolio 1 Bank Acceptance Bill No provision for bad debts is made based on historical loss experience

With reference to historical credit loss experience, combined with current conditions and predictions of future economic portfolio 2 commercial acceptance bills, based on the aging of notes receivable and expected credit throughout the duration

loss rate

Account aging calculation method based on aging confirmation credit risk characteristic combination

□Applicable √Not applicable

Judgment criteria for individual provision of bad debt provisions based on individual provision

□Applicable √Not applicable

15. Other receivables

√Applicable □Not applicable

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Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

The company measures impairment losses based on whether the credit risk of other receivables has increased significantly since initial recognition, and uses an amount equivalent to the expected credit losses in the next 12 months or the entire duration. In addition to other receivables whose credit risk is assessed individually, they are divided into different combinations based on their credit risk characteristics:

Item Basis for determining portfolio Method for measuring expected credit losses

Referring to historical credit loss experience, combined with the current situation and the forecast of future economic conditions, through default risk exposure and the next 12 months

Or the expected credit loss rate for the entire duration, calculate the expected credit loss

Account aging calculation method based on aging confirmation credit risk characteristic combination

□Applicable √Not applicable

Judgment criteria for individual provision of bad debt provisions based on individual provision

□Applicable √Not applicable

16. Inventory

√Applicable □Not applicable

Inventory categories, issue valuation methods, inventory systems, and amortization methods for low-value consumables and packaging materials

√Applicable □Not applicable

(1) Classification of inventory

Inventories mainly include goods in stock, raw materials, work in progress, goods shipped, turnover materials, etc.

(2) Valuation method for inventory acquisition and issue

Inventories are valued at actual cost when acquired, and inventory costs include purchase costs, processing costs and other costs. Prices are calculated using the weighted average method upon receipt and delivery.

(3) The inventory inventory system is a perpetual inventory system.

(4) Amortization method for low-value consumables and packaging materials

Low-value consumables are amortized according to the one-time amortization method when they are used; packaging materials are amortized according to the one-time amortization method when they are used.

Recognition standards and accrual methods for inventory depreciation provisions

√Applicable □Not applicable

(5) Recognition standards and accrual methods for inventory depreciation provisions

The net realizable value of inventories refers to the estimated selling price of inventories in daily activities minus the estimated costs to be incurred upon completion, estimated sales expenses and related taxes. When determining the net realizable value of inventories, it is based on the conclusive evidence obtained and the purpose of holding the inventories and the impact of events after the balance sheet date are also considered.

① For inventories that are directly for sale, such as finished products, commodities and materials for sale, during the normal production and operation process, the net realizable value is determined by the estimated selling price of the inventory minus the estimated sales expenses and related taxes. For inventories held for the execution of a sales contract or a labor service contract, the contract price shall be used as the basis for measurement of its net realizable value; if the quantity of inventory held is greater than the sales

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The net realizable value of the excess inventory is based on the general sales price. For materials used for sale, the market price is used as the measurement basis of their net realizable value.

② For materials inventories that need to be processed, in the normal production and operation process, the net realizable value is determined by the estimated selling price of the finished products minus the estimated costs to be incurred upon completion, estimated sales expenses and related taxes. If the net realizable value of the finished product produced by it is higher than the cost, the material is measured at cost; if the drop in material price indicates that the net realizable value of the finished product is lower than the cost, the material is measured at net realizable value, and inventory depreciation provisions are made based on the difference.

③ After accruing inventory depreciation provisions, if the factors that previously caused the inventory value to be written down have disappeared, causing the net realizable value of the inventory to be higher than its book value, the amount of the inventory depreciation provision that has been originally accrued will be reversed, and the reversed amount will be included in the current profit and loss.

The combination categories and basis for determining inventory depreciation provisions according to the combination, and the basis for determining the net realizable value of different types of inventories.

□Applicable √Not applicable

The calculation method and basis for determining the net realizable value of each warehouse age combination based on the inventory age confirmation

□Applicable √Not applicable

17. Contract assets

√Applicable □Not applicable

Recognition methods and standards for contract assets

√Applicable □Not applicable

The Company lists the rights of the customer that have not paid the contract consideration but that have fulfilled the performance obligations under the contract and are not unconditional (that is, only dependent on the passage of time) to receive payment from the customer as contract assets in the balance sheet. Contract assets and contract liabilities under the same contract are presented on a net basis, and contract assets and contract liabilities under different contracts are not offset.

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

The company measures impairment losses based on whether the credit risk of contract asset financing has increased significantly since initial recognition, and uses an amount equivalent to the expected credit losses in the next 12 months or the entire duration. In addition to contract assets for individual credit risk assessment, they are divided into different portfolios based on their credit risk characteristics:

Item Basis for determining portfolio Method for measuring expected credit losses

With reference to historical credit loss experience, combined with current conditions and predictions of future economic conditions, prepare the aging of accounts receivable and expected credit losses throughout the duration.

Rate comparison table to calculate expected credit losses

Account aging calculation method based on aging confirmation credit risk characteristic combination

√Applicable □Not applicable

Comparison table between the aging of the aging portfolio and the expected credit loss rate for the entire duration

Aging Contract asset accrual ratio (%)

Within 1 year 5.00 1 to 2 years 10.00 2 to 3 years 30.00

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Aging Contract asset accrual ratio (%)

3 to 4 years 50.00 4 to 5 years 80.00 More than 5 years 100.00

Judgment criteria for single provision based on the determination of individual provision for bad debts

□Applicable √Not applicable

18. Non-current assets or disposal groups held for sale

□Applicable √Not applicable

Recognition standards and accounting treatment methods for non-current assets or disposal groups classified as held for sale

□Applicable √Not applicable

Determination standards and presentation methods for discontinued operations

□Applicable √Not applicable

19. Long-term equity investment

√Applicable □Not applicable

The long-term equity investment referred to in this section refers to the long-term equity investment in which the company has control, joint control or significant influence on the invested unit.

Joint control refers to the company's shared control over an arrangement in accordance with relevant agreements, and the relevant activities of the arrangement must be decided with the unanimous consent of the participants sharing control rights. Significant influence means that the company has the power to participate in decision-making on the financial and operating policies of the investee, but it is not able to control or jointly control the formulation of these policies with other parties.

(1) Determination of investment cost

For long-term equity investments obtained through a business combination under common control, the initial investment cost of the long-term equity investment shall be the share of the book value of the shareholders' equity of the merged party in the consolidated financial statements of the ultimate controlling party on the date of merger. The difference between the initial investment cost of long-term equity investment and the cash paid, non-cash assets transferred and the book value of debts assumed shall be adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings shall be adjusted. If equity securities are issued as the merger consideration, on the merger date, the share of the book value of the shareholders' equity of the merged party in the consolidated financial statements of the ultimate controlling party will be used as the initial investment cost of the long-term equity investment, and the total face value of the shares issued will be used as equity capital. The difference between the initial investment cost of the long-term equity investment and the total face value of the shares issued will be adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings will be adjusted. If the equity of the merged party under the same control is acquired step by step through multiple transactions, and the merger of enterprises under the same control is finally formed, it should be dealt with whether it belongs to a "package transaction": if it belongs to a "package transaction", each transaction will be accounted for as a transaction to obtain control. If it is not a "package transaction", the share of the book value of the merged party's shareholders' equity in the final controlling party's consolidated financial statements on the merger date will be used as the initial investment cost of the long-term equity investment. The difference between the initial investment cost of the long-term equity investment and the book value of the long-term equity investment before the merger plus the book value of the new consideration for further acquisition of shares on the merger date will be adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings will be adjusted.

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For long-term equity investments obtained through a business combination not under common control, the initial investment cost of the long-term equity investment shall be the merger cost on the acquisition date. The merger cost includes the sum of the assets paid by the purchaser, liabilities incurred or assumed, and the fair value of the equity securities issued. If the equity of the purchased party is acquired step by step through multiple transactions, eventually forming a business combination not under the same control, it should be treated separately whether it belongs to a "package transaction": if it belongs to a "package transaction", each transaction will be accounted for as a transaction that obtains control. If it does not belong to a "package transaction", the initial investment cost of the long-term equity investment that is accounted for using the cost method shall be the sum of the original book value of the equity investment in the purchased party plus the new investment cost. If the originally held equity is accounted for using the equity method, the related other comprehensive income will not be subject to accounting treatment for the time being.

Intermediary fees such as auditing, legal services, evaluation and consulting, and other related administrative expenses incurred by the merging party or purchaser during a business merger shall be included in the current profit and loss when incurred.

Equity investments other than long-term equity investments formed through business combinations are initially measured at cost. Depending on the way in which the long-term equity investment is acquired, the cost is determined based on the actual cash purchase price paid by the company, the fair value of the equity securities issued by the company, the value stipulated in the investment contract or agreement, the fair value or original book value of the assets exchanged in non-monetary asset exchange transactions, the fair value of the long-term equity investment itself, etc. Fees, taxes and other necessary expenses directly related to obtaining long-term equity investment are also included in the investment cost. For additional investments that can exert significant influence on the investee or implement joint control but do not constitute control, the cost of long-term equity investment is the sum of the fair value of the original equity investment determined in accordance with the "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments" plus the cost of the new investment.

(2) Subsequent measurement and profit and loss recognition methods

Long-term equity investments that have joint control (except for joint operators) or significant influence on the investee unit are accounted for using the equity method. In addition, the company's financial statements adopt the cost method to account for long-term equity investments that can control the invested unit. ① Long-term equity investment calculated using the cost method

When accounting using the cost method, long-term equity investment is valued at the initial investment cost, and the cost of long-term equity investment is adjusted when additional investment or withdrawal of investment is made. Except for the actual price paid when acquiring the investment or the cash dividends or profits that have been declared but not yet distributed included in the consideration, the current investment income is recognized according to the cash dividends or profits declared and distributed by the investee.

② Long-term equity investment accounted for by equity method

When accounting using the equity method, if the initial investment cost of a long-term equity investment is greater than the fair value share of the investee's identifiable net assets at the time of investment, the initial investment cost of the long-term equity investment will not be adjusted; if the initial investment cost is less than the fair value share of the investee's identifiable net assets at the time of investment, the difference will be included in the current profit and loss, and the cost of the long-term equity investment will be adjusted at the same time.

When accounting using the equity method, investment income and other comprehensive income are recognized respectively according to the share of the net profit or loss and other comprehensive income realized by the invested unit, and the book value of the long-term equity investment is adjusted at the same time. The book value of the long-term equity investment is calculated based on the profit or cash dividend declared by the investee to be distributed, and the book value of the long-term equity investment is reduced accordingly. For other changes in the owner's equity of the investee other than net profit or loss, other comprehensive income and profit distribution, the book value of the long-term equity investment is adjusted and included in the capital reserve. When confirming the share of the investee's net profits and losses, the net profit of the investee is adjusted and recognized based on the fair value of the investee's identifiable assets when the investment is obtained. If the accounting policies and accounting periods adopted by the invested unit are inconsistent with the Company's accounting policies and accounting periods, the financial statements of the invested unit shall be processed in accordance with the Company's accounting policies and accounting periods.

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Adjustments are made and investment income and other comprehensive income are recognized accordingly. For transactions between the company and associates and joint ventures, if the assets invested or sold do not constitute business, the unrealized internal transaction profits and losses shall be offset according to the proportion attributable to the company, and investment profits and losses shall be recognized on this basis. However, if the unrealized internal transaction losses between the company and the investee are impairment losses on the transferred assets, they will not be offset. If the assets invested by the company into a joint venture or associated enterprise constitute a business, and the investor obtains a long-term equity investment but does not obtain control, the fair value of the invested business shall be used as the initial investment cost of the new long-term equity investment. The difference between the initial investment cost and the book value of the invested business shall be fully included in the current profit and loss. If the assets sold by the company to a joint venture or associated enterprise constitute a business, the difference between the consideration obtained and the book value of the business shall be fully included in the current profit and loss. If the assets purchased by the company from associates and joint ventures constitute a business, accounting treatment shall be carried out in accordance with the provisions of "Accounting Standards for Business Enterprises No. 20 - Business Merger", and the gains or losses related to the transaction shall be recognized in full.

When confirming the share of the net losses incurred by the investee, the book value of the long-term equity investment and other long-term interests that essentially constitute the net investment in the investee are reduced to zero. In addition, if the company has an obligation to bear additional losses to the investee, it will recognize estimated liabilities based on the estimated obligations and include them in the current investment losses. If the invested unit realizes net profit in the subsequent period, the company will resume recognition of the income sharing amount after the income sharing amount makes up for the unrecognized loss sharing amount.

③ Acquisition of minority shares

When preparing consolidated financial statements, the difference between the new long-term equity investment due to the purchase of minority shares and the share of the subsidiary's net assets calculated continuously from the purchase date (or merger date) based on the new shareholding ratio will be adjusted to the capital reserve. If the capital reserve is insufficient for offset, the retained earnings will be adjusted.

④ Disposal of long-term equity investments

In the consolidated financial statements, if the parent company partially disposes of the long-term equity investment in the subsidiary without losing control, the difference between the disposal price and the net assets of the subsidiary corresponding to the disposal of the long-term equity investment shall be included in shareholders' equity; if the parent company partially disposes of the long-term equity investment in the subsidiary, resulting in the loss of control over the subsidiary, it shall be treated according to the relevant accounting policies described in 7. (2) Method for preparing consolidated financial statements.

For the disposal of long-term equity investments under other circumstances, the difference between the book value of the disposed equity and the actual price obtained shall be included in the current profit and loss.

For long-term equity investments accounted for using the equity method, if the remaining equity after disposal is still accounted for using the equity method, the portion of other comprehensive income originally included in shareholders' equity at the time of disposal will be accounted for in proportion and on the same basis as if the investee directly disposed of relevant assets or liabilities. Owner's equity recognized due to changes in other owners' equity of the investee other than net profit and loss, other comprehensive income and profit distribution shall be carried forward to the current profit and loss on a proportional basis.

For long-term equity investments accounted for using the cost method, if the remaining equity after disposal is still accounted for using the cost method, other comprehensive income recognized by using the equity method or financial instrument recognition and measurement standards before obtaining control over the investee shall be calculated using the method directly related to the investee. Accounting treatment is carried out on the same basis as the disposal of relevant assets or liabilities, and the profits and losses of the current period are carried forward in proportion; changes in other owners' equity other than net profits and losses, other comprehensive income and profit distribution in the net assets of the investee recognized due to the use of equity method accounting are carried forward to the profits and losses of the current period in proportion.

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If the company loses control over the invested unit due to the disposal of part of its equity investment, when preparing individual financial statements, if the remaining equity after disposal can jointly control or exert significant influence on the invested unit, it shall be accounted for according to the equity method instead, and the remaining equity shall be deemed to have adopted equity since the time of acquisition. If the remaining equity after disposal cannot jointly control or exert significant influence on the invested unit, the accounting treatment shall be carried out in accordance with the relevant provisions of the financial instrument recognition and measurement standards, and the difference between its fair value and book value on the date of loss of control shall be included in the current profit and loss. For other comprehensive income recognized due to the use of equity method accounting or financial instrument recognition and measurement standards before the company obtains control of the invested unit, when it loses control of the invested unit, it will be accounted on the same basis as the invested unit's direct disposal of relevant assets or liabilities. Other changes in owner's equity in the net assets of the invested unit recognized due to the use of equity method accounting, except for net profit and loss, other comprehensive income and profit distribution, will be carried forward to the current profit and loss when it loses control of the invested unit. Among them, if the remaining equity after disposal is accounted for using the equity method, other comprehensive income and other owners' equity will be carried forward in proportion; if the remaining equity after disposal is accounted for in accordance with the financial instrument recognition and measurement standards, all other comprehensive income and other owners' equity will be carried forward.

If the company loses joint control or significant influence on the investee due to the disposal of part of its equity investment, the remaining equity after disposal will be accounted for in accordance with the financial instrument recognition and measurement standards, and the difference between its fair value and book value on the date of loss of joint control or significant influence will be included in the current profit and loss. Other comprehensive income recognized due to the use of the equity method for accounting in the original equity investment will be accounted for on the same basis as the investee's direct disposal of relevant assets or liabilities when the use of the equity method is terminated. Owner's equity recognized due to changes in the investee's other owner's equity other than net profit and loss, other comprehensive income and profit distribution will all be transferred to the investment income of the current period when the use of the equity method is discontinued.

The company disposes the subsidiary's equity investment step by step through multiple transactions until it loses control. If the above-mentioned transactions are a package deal, each transaction will be accounted for as a transaction that disposes of the subsidiary's equity investment and loses control. Before the loss of control, the difference between the price of each disposal and the book value of the long-term equity investment corresponding to the equity disposed is first recognized as other comprehensive income, and then transferred to the current profit and loss for the loss of control when control is lost.

20. Investment real estate

(1). If the cost measurement model is adopted:

Depreciation or amortization method

None

21. Fixed assets

(1). Confirm conditions

√Applicable □Not applicable

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 only when the economic benefits related to them are likely to flow to the company and their costs can be measured reliably. Fixed assets are initially measured at cost and taking into account the impact of expected disposal costs.

Depreciation is calculated using the straight-line method over the useful life of a fixed asset starting from the month after it reaches its intended usable condition.

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Subsequent expenditures related to a fixed asset, if the economic benefits related to the fixed asset are likely to flow in and its cost can be measured reliably, will be included in the cost of the fixed asset, and the book value of the replaced part will be derecognized. Other subsequent expenditures other than these shall be included in the current profits and losses when incurred.

When a fixed asset is in a state of disposal or no economic benefits are expected to be generated through use or disposal, the fixed asset is derecognised. The difference between the disposal income from the sale, transfer, scrapping or damage of fixed assets after deducting their book value and relevant taxes is included in the current profit and loss.

The company will review the service life, estimated net residual value and depreciation method of fixed assets at least at the end of the year. If any changes occur, they will be treated as changes in accounting estimates.

(2). Depreciation method

√Applicable □Not applicable

Category Depreciation method Depreciation life (years) Residual value rate (%) Annual depreciation rate (%) Houses and buildings Average life method 10-20 5.00 9.50-4.75 Machinery and equipment Average life method 10 5.00 9.50

Means of transportation Average age method 4-5 5.00 23.75-19.00 Electronic equipment and others Average age method 3-5 5.00 31.67-19.00

22. Projects under construction

√Applicable □Not applicable

The company's projects under construction are divided into two types: self-operated construction and outsourcing construction. Construction in progress will be transferred to fixed assets when the project is completed and reaches the intended usable state. The criteria for judging the intended usable state should meet one of the following conditions: the physical construction (including installation) of the fixed assets has been completed or substantially completed; trial production or trial operation has been carried out, and the results show that the assets can operate normally or can stably produce qualified products, or the trial operation results show that they can operate normally or do business; the amount of expenditures on the fixed assets constructed is very small or almost no longer occurs; the fixed assets purchased and constructed have met the design or contract requirements, or are basically consistent with the design or contract requirements.

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 the 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 is completed, the original temporary estimated value will be adjusted according to the actual cost, but the originally accrued depreciation will not be adjusted.

23. Borrowing costs

√Applicable □Not applicable

Borrowing costs include borrowing interest, amortization of discounts or premiums, auxiliary expenses, and exchange differences arising from foreign currency borrowings. Borrowing costs directly attributable to the acquisition, construction or production of assets that meet the capitalization conditions shall be capitalized when asset expenditures have been incurred, borrowing costs have been incurred, and the acquisition, construction or production activities necessary to bring the assets to the intended usable or salable state have begun; capitalization shall cease when the assets constructed or produced that meet the capitalization conditions have reached the intended usable or salable state. The remaining borrowing costs are recognized as expenses in the current period.

The interest expenses actually incurred on special borrowings in the current period, minus the interest income from unused borrowing funds deposited in banks or investment income from temporary investments, are capitalized; general borrowings are capitalized based on the accumulated asset expenditures exceeding the special borrowing department.

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The weighted average of asset expenditures is multiplied by the capitalization rate of the general borrowings occupied to determine the capitalization amount. The capitalization rate is calculated and determined based on the weighted average interest rate of general borrowings.

During the capitalization period, all exchange differences on special foreign currency borrowings are capitalized; exchange differences on general foreign currency borrowings are included in the current profits and losses.

Assets that qualify for capitalization refer to fixed assets, investment real estate, inventories and other assets that require a considerable period of acquisition, construction or production activities to reach the intended usable or salable state.

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 will be suspended until the acquisition, construction or production activities of the asset are restarted.

24. Biological assets

□Applicable √Not applicable

25. Oil and gas assets

□Applicable √Not applicable

26. Intangible assets

(1). Useful life and its determination basis, estimation, amortization method or review procedure

√Applicable □Not applicable

Intangible assets refer to identifiable non-monetary assets without physical form owned or controlled by the company.

Intangible assets are initially measured at cost. Expenditures related to intangible assets are included in the cost of intangible assets if the relevant economic benefits are likely to flow into the company and their costs can be measured reliably. Expenditures on other items other than these are included in the current profits and losses when incurred.

Acquired land use rights are usually accounted for as intangible assets. For self-developed and constructed factories and other buildings, the related land use right expenditures and building construction costs are accounted for as intangible assets and fixed assets respectively. In the case of outsourced houses and buildings, the relevant price will be allocated between the land use rights and the buildings. If it is difficult to reasonably distribute them, all of them will be treated as fixed assets.

From the time when an intangible asset with a limited service life becomes available for use, its original value minus the estimated net residual value and the cumulative amount of impairment reserves that have been provided are amortized evenly in installments using the straight-line method over its estimated service life. Intangible assets with indefinite useful lives are not amortized. The estimated useful life of intangible assets with limited useful life is as follows:

Category Estimated useful life Amortization method Basis

Land use rights 50 years Straight-line method Land use period

Software 3 years Straight-line method Estimated useful life of software

At the end of the period, the service life and amortization method of intangible assets with limited service life are reviewed, and any changes are treated as changes in accounting estimates. In addition, the service life of intangible assets with indefinite service life is also reviewed. If there is evidence that the intangible asset will bring economic benefits to the enterprise for a foreseeable period, its service life is estimated and amortized in accordance with the amortization policy for intangible assets with limited service life.

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(2). Scope of aggregation of R&D expenditures and related accounting treatment methods

√Applicable □Not applicable

The Company's internal research and development project expenditures are divided into research stage expenditures and development stage expenditures.

Expenditures in the research stage are included in the current profits and losses when incurred.

The scope of the company's R&D expenditures includes materials, labor and labor costs used for R&D, amortization of R&D equipment, amortization of other intangible assets and fixed assets used in the development process, water and electricity expenses and other expenses.

The Company’s specific standards for dividing expenditures in the research phase and development phase of internal research and development projects:

The research stage is the stage of original planned investigation and research activities to obtain and understand new scientific or technical knowledge; the development stage is the stage of applying research results or other knowledge to a plan or design to produce new or substantially improved materials, devices, products and other activities before commercial production or use.

Expenditures in the development stage that meet the following conditions at the same time are recognized as intangible assets. Expenditures in the development stage that do not meet the following conditions are included in the current profit and loss:

① It is technically feasible to complete the intangible asset so that it can be used or sold;

② Have the intention to complete the intangible asset and use or sell it;

③ The way in which intangible assets generate economic benefits includes being able to prove that there is a market for the products produced using the intangible assets or that the intangible assets themselves have a market. If the intangible assets will be used internally, their usefulness can be proven;

④ Have sufficient technical, financial and other resource support to complete the development of the intangible assets, and have the ability to use or sell the intangible assets;

⑤ The expenditures attributable to the development stage of the intangible asset can be measured reliably.

If it is impossible to distinguish between expenditures in the research stage and expenditures in the development stage, all R&D expenditures incurred will be included in the current profit and loss.

27. Impairment of long-term assets

√Applicable □Not applicable

For non-current non-financial assets such as fixed assets, construction in progress, right-of-use assets (applicable to the year in which the new lease standard is implemented), intangible assets with limited useful lives, investment real estate measured using the cost model, and long-term equity investments in subsidiaries, joint ventures, and associates, the company determines whether there are signs of impairment on the balance sheet date. If there is any indication of impairment, the recoverable amount is estimated and an impairment test is performed. Goodwill, intangible assets with indefinite useful lives and intangible assets that have not yet reached a usable state are subject to impairment testing every year regardless of whether there are signs of impairment.

If the impairment test results show that the recoverable amount of the asset is lower than its book value, impairment provisions will be made based on the difference and included in the impairment loss. The recoverable amount is the higher of the asset's fair value less disposal costs and the present value of the asset's expected future cash flows. The fair value of an asset is determined based on the sales agreement price in a fair transaction; if there is no sales agreement but there is an active market for the asset, the fair value is determined based on the buyer's bid for the asset; if there is no sales agreement and there is an active market for the asset, the fair value of the asset is estimated based on the best information available. Disposal costs include legal fees, related taxes, transportation fees and direct costs incurred in bringing the assets to a salable condition. The present value of the estimated future cash flows of an asset is determined by selecting an appropriate discount rate based on the estimated future cash flows generated by the asset during its continued use and final disposal.

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The discounted amount is determined. Asset impairment provisions are calculated and recognized on the basis of individual assets. If it is difficult to estimate the recoverable amount of an individual asset, the recoverable amount of the asset group to which the asset belongs is determined. An asset group is the smallest combination of assets that can independently generate cash inflows.

For goodwill that is presented separately in the financial statements, when performing impairment testing, the book value of the goodwill is allocated to the asset group or combination of asset groups that are expected to benefit from the synergy effects of the business combination. If the test results show that the recoverable amount of an asset group or combination of asset groups containing amortized goodwill is lower than its book value, the corresponding impairment loss will be recognized. The amount of impairment loss first deducts the book value of the goodwill allocated to the asset group or asset group combination, and then deducts the book value of other assets in proportion to the proportion of the book value of other assets in the asset group or asset group combination except goodwill.

Once the above-mentioned asset impairment losses are recognized, the portion whose value has been restored will not be reversed in subsequent periods.

28. Long-term deferred expenses

√Applicable □Not applicable

Long-term deferred expenses are expenses that have been incurred but should be borne by the reporting period and subsequent periods with an amortization period of more than one year. The company's long-term deferred expenses mainly include decoration fees, service fees, etc. Long-term deferred expenses are amortized on a straight-line basis over the expected benefit period.

29. Contract liabilities

√Applicable □Not applicable

Contract liabilities refer to the company's obligation to transfer goods to customers for consideration it has received or receivable from customers. If the customer has paid the contract consideration or the company has obtained the unconditional right to receive payment before the company transfers the goods to the customer, the company will list the amount received or receivable as a contract liability at the earlier of the actual payment by the customer and the amount due. Contract assets and contract liabilities under the same contract are presented on a net basis, and contract assets and contract liabilities under different contracts are not offset.

30. Employee compensation

(1).Accounting treatment method of short-term compensation

√Applicable □Not applicable

Short-term compensation mainly includes wages, bonuses, allowances and subsidies, employee welfare fees, medical insurance premiums, maternity insurance premiums, work-related injury insurance premiums, housing provident funds, labor union funds and employee education funds, non-monetary benefits, etc. The company recognizes actual short-term employee benefits as liabilities during the accounting period when employees provide services to the company, and includes them in current profits and losses or related asset costs. Among them, non-monetary benefits are measured at fair value.

(2).Accounting treatment of post-employment benefits

√Applicable □Not applicable

Post-employment benefits mainly include basic pension insurance, unemployment insurance, etc. Post-employment benefit plans include defined contribution plans. If a defined contribution plan is adopted, the corresponding deposit amount payable shall be included in the relevant asset cost or current profit and loss when incurred.

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(3).Accounting treatment of dismissal benefits

√Applicable □Not applicable

When the company terminates the labor relationship with employees before the expiration of the employee's labor contract, or makes a proposal to provide compensation to encourage employees to voluntarily accept layoffs, when the company cannot unilaterally withdraw the dismissal benefits provided by the termination of labor relationship plan or layoff proposal, and the company confirms the costs related to the restructuring involving the payment of dismissal benefits, whichever is earlier, the employee compensation liabilities arising from the dismissal benefits are recognized and included in the current profit and loss. However, if dismissal benefits are not expected to be fully paid twelve months after the end of the annual reporting period, they will be treated as other long-term employee benefits.

(4). Accounting treatment methods for other long-term employee benefits

√Applicable □Not applicable

Other long-term employee benefits provided by the company to employees that comply with the defined contribution plan shall be accounted for in accordance with the defined contribution plan; otherwise, they shall be accounted for in accordance with the defined benefit plan.

31. Estimated liabilities

√Applicable □Not applicable

When obligations related to contingencies meet the following conditions at the same time, they are recognized as estimated liabilities: (1) The obligation is a current obligation assumed by the company; (2) Fulfillment of the obligation is likely to result in an outflow of economic benefits; (3) The amount of the obligation can be measured reliably. On the balance sheet date, estimated liabilities are measured based on the best estimate of the expenditure required to fulfill the relevant current obligations, taking into account factors such as risks, uncertainties and the time value of money related to contingencies.

If all or part of the expenses required to settle estimated liabilities are expected to be compensated by a third party, the compensation amount will be recognized separately as an asset when it is basically certain that it will be received, and the recognized compensation amount will not exceed the book value of the estimated liabilities.

(1) Loss-making contract

Onerous contracts are contracts in which the unavoidable costs of fulfilling contractual obligations exceed the expected economic benefits. If a contract to be executed becomes a loss-making contract, and the obligations arising from the loss-making contract meet the above recognition conditions for estimated liabilities, the excess of the expected losses from the contract over the recognized impairment losses (if any) of the underlying assets of the contract shall be recognized as estimated liabilities.

(2) Reorganization obligations

For a reorganization plan that is detailed, formal and has been announced to the outside world, if the aforementioned recognition conditions for estimated liabilities are met, the amount of estimated liabilities will be determined based on the direct expenditures related to the restructuring.

32. Share-based payment

√Applicable □Not applicable

(1) Accounting treatment method for share-based payment

Share-based payment is a transaction in which equity instruments are granted or liabilities determined based on equity instruments are granted in order to obtain services from employees or other parties. Share-based payment is divided into equity-settled share-based payment and cash-settled share-based payment.

① Equity-settled share-based payment

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Equity-settled share-based payments in exchange for services provided by employees are measured at the fair value of the equity instruments granted to employees on the date of grant. If the amount of the fair value becomes exercisable after completing the services during the waiting period or meeting the specified performance conditions, it will be calculated on a straight-line basis and included in the relevant costs or expenses during the waiting period based on the best estimate of the number of exercisable equity instruments. If the amount becomes exercisable immediately after the grant, the amount will be included in the relevant costs or expenses on the date of grant, and the capital reserve will be increased accordingly.

On each balance sheet date during the waiting period, the Company makes its best estimate based on the latest changes in the number of vested employees and other subsequent information, and corrects the number of equity instruments expected to be vested. The impact of the above estimates is included in the relevant costs or expenses of the current period, and the capital reserve is adjusted accordingly.

For equity-settled share-based payments in exchange for services from other parties, if the fair value of the other party's services can be reliably measured, it will be measured based on the fair value of the other party's services on the date of acquisition. If the fair value of the other party's services cannot be reliably measured, but the fair value of the equity instrument can be reliably measured, it will be measured based on the fair value of the equity instrument on the date of service acquisition, and will be included in relevant costs or expenses, and shareholders' equity will be increased accordingly.

② Cash-settled share-based payment

Cash-settled share-based payments are measured based on the fair value of the company's liabilities determined based on shares or other equity instruments. If the rights are exercisable immediately after grant, the relevant costs or expenses will be included on the date of grant, and the liabilities will be increased accordingly; if the rights must be completed after the services during the waiting period or the specified performance conditions are met before the rights can be exercised, on each balance sheet date of the waiting period, based on the best estimate of the vesting situation and the fair value of the liabilities borne by the company, the services obtained in the current period will be included in the costs or expenses, and the liabilities will be increased accordingly.

On each balance sheet date and settlement date before the settlement of relevant liabilities, the fair value of the liability is remeasured, and its changes are included in the current profit and loss.

(2) Relevant accounting treatment for modifying and terminating share-based payment plans

When the company modifies the share-based payment plan, if the modification increases the fair value of the equity instruments granted, the increase in services obtained shall be recognized accordingly based on the increase in the fair value of the equity instruments. The increase in the fair value of equity instruments refers to the difference between the fair values ​​of the equity instruments before and after the modification on the modification date. If the modification reduces the total fair value of share-based payment or adopts other methods that are unfavorable to employees, the accounting treatment for the services obtained will continue, and it will be deemed that the change has never occurred, unless the company cancels some or all of the equity instruments that have been granted.

During the waiting period, if the granted equity instruments are canceled, the company will treat the cancellation of the granted equity instruments as accelerated exercise, and the amount that should be recognized during the remaining waiting period will be immediately included in the current profit and loss, and the capital reserve will be recognized at the same time. If employees or other parties can choose to meet the non-vesting conditions but fail to do so within the waiting period, the company will treat it as the cancellation of the equity instruments granted. (3) Accounting treatment involving share-based payment transactions between the company and its shareholders or actual controllers

For share-based payment transactions involving the company and its shareholders or actual controllers, if one of the settlement enterprise and the service-receiving enterprise is within the company and the other is outside the company, accounting treatment will be carried out in the company's consolidated financial statements in accordance with the following provisions:

① If the settlement enterprise settles the transaction with its own equity instruments, the share-based payment transaction will be treated as equity-settled share-based payment; otherwise, the share-based payment transaction will be treated as cash-settled share-based payment.

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If the settlement enterprise is an investor in the enterprise that receives services, it shall be recognized as a long-term equity investment in the enterprise that receives services based on the fair value of the equity instruments or the fair value of the liabilities on the date of grant, and the capital reserve (other capital reserve) or liabilities shall be recognized at the same time.

② If the service-receiving enterprise has no settlement obligation or the enterprise’s employees are granted equity instruments of its own, the share-based payment transaction shall be treated as equity-settled share-based payment; if the service-receiving enterprise has settlement obligations and the enterprise’s employees are granted equity instruments other than its own equity instruments, the share-based payment transaction shall be treated as cash-settled share-based payment.

For share-based payment transactions that occur between enterprises within the company, if the service-receiving enterprise and the settlement enterprise are not the same enterprise, the recognition and measurement of the share-based payment transaction in the respective financial statements of the service-receiving enterprise and the settlement enterprise shall be handled in accordance with the above principles.

33. Preferred shares, perpetual bonds and other financial instruments

□Applicable √Not applicable

34. Income

(1). Disclose the accounting policies adopted for revenue recognition and measurement according to business type

√Applicable □Not applicable

When the contract between the company and the customer meets the following conditions at the same time, revenue is recognized when the customer obtains control of the relevant goods: the parties to the contract have approved the contract and promised to perform their respective obligations; the contract clarifies the rights and obligations of the parties to the contract related to the transferred goods or the provision of labor services; the contract has clear payment terms related to the transferred goods; the contract has commercial substance, that is, the performance of the contract will change the risk, time distribution or amount of the company's future cash flows; the consideration that the company is entitled to receive for transferring goods to the customer is likely to be recovered.

On the contract inception date, the Company identifies each individual performance obligation that exists in the contract, and allocates the transaction price to each individual performance obligation in accordance with the relative proportion of the standalone selling price of the goods promised by each individual performance obligation. When determining the transaction price, the impact of variable consideration, significant financing components in the contract, non-cash consideration, consideration payable to customers and other factors was considered.

For each individual performance obligation in the contract, if one of the following conditions is met, the company will recognize the transaction price allocated to the individual performance obligation as revenue according to the performance progress during the relevant performance period: the customer obtains and consumes the company at the same time that the company performs the contract. The economic benefits brought by the performance of the contract; the customer can control the goods under construction during the company's performance of the contract; the goods produced by the company during the performance of the contract 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. The progress of contract performance is determined using the input method or the output method according to the nature of the transferred goods. When the progress of contract performance cannot be reasonably determined and the costs incurred by the company are expected to be compensated, revenue will be recognized based on the amount of costs incurred until the progress of contract performance can be reasonably determined.

If one of the above conditions is not met, the company will recognize revenue at the transaction price allocated to the individual performance obligation at the point when the customer obtains control of the relevant goods. When judging whether the customer has obtained control of the goods, the company considers the following signs: the company has the current right to receive payment for the goods, that is, the customer has current payment obligations for the goods; the company has transferred the legal ownership of the goods to the customer, that is, the customer already has the legal ownership of the goods; the company has physically transferred the goods to the customer, that is, the customer has physically transferred the goods.

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Possession of the commodity; the enterprise 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; the customer has accepted the commodity; other signs indicate that the customer has obtained control of the commodity.

The company's sales contract only contains the performance obligation to transfer the goods, which is a performance obligation to be performed at a certain point in time. Revenue is recognized after the product is shipped to the agreed delivery location in accordance with the contract and the customer confirms acceptance. The details are as follows:

Domestic sales revenue: ① Non-PSC model, this type of sales model is a buyout sale, and revenue is recognized when control of the product is transferred to the customer. In accordance with the contract, the company delivers the goods to the customer's designated location or the customer picks up the goods themselves, and obtains the delivery note or pound order signed by the customer to confirm the revenue; ② PSC sales model, PSC model, that is, the company develops an overall technical solution based on the production process and variety structure of the fertilizer enterprise, and at the end of the month the sales amount is settled based on the processed fertilizer finished product volume, that is, "sales amount = customer's qualified fertilizer output * unit price". There is no sales return condition, the goods are delivered to the buyer, and the sales revenue is confirmed during reconciliation and settlement between the two parties. The company obtains confirmation of the quantity of qualified processed finished products confirmed by both parties every month, and recognizes revenue based on the product settlement unit price stipulated in the contract signed with the customer.

Export sales revenue: If the sales contract or order stipulates that the product delivery location is the shipping port, the date of the bill of lading is the time point for the transfer of control. The company declares and leaves the port as agreed, and recognizes sales revenue when the customs declaration and bill of lading are obtained. If the sales contract or order stipulates that the product delivery location is the destination designated by the customer, sales revenue is recognized when the product is delivered to the customer's designated receiving location.

(2). Similar businesses using different business models involve different revenue recognition methods and measurement methods.

□Applicable √Not applicable

35. Contract costs

√Applicable □Not applicable

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. However, if the amortization period of the asset does not exceed one year, it will be included in the current profit and loss when incurred. If the cost incurred to perform the contract does not fall within the scope of other accounting standards other than "Accounting Standards for Business Enterprises No. 14 - Revenue (2017 Revision)" and meets the following conditions at the same time, it is recognized as an asset as the cost of contract performance: ① The cost is consistent with a current or expected withdrawal. are directly related to the contract obtained, 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 This cost is expected to be recovered. Assets related to contract costs are amortized on the same basis as the commodity revenue recognition related to the asset and included in the current profit and loss.

36. Government subsidies

√Applicable □Not applicable

Government subsidies refer to the monetary assets and non-monetary assets that the company obtains free of charge from the government, excluding capital invested by the government as an investor and enjoying corresponding owner's rights. Government subsidies are divided into asset-related government subsidies and income-related government subsidies. The company defines the government subsidies obtained for the purchase, construction or other formation of long-term assets as asset-related government subsidies; the remaining government subsidies are defined as income-related government subsidies. If the government documents do not clearly stipulate the subsidy objects, the following methods will be used to divide the subsidies into income-related government subsidies and asset-related government subsidies: (1) The government documents clearly specify

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If the subsidy is targeted at a specific project, it will be divided based on the relative proportion of the amount of expenditures that form assets and the amount of expenditures that are included in expenses in the budget of the specific project. This division ratio needs to be reviewed on each balance sheet date and changed if necessary; (2) Government documents only make general statements about the purpose, and do not specify specific projects, as government subsidies related to income. 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. Government subsidies measured according to the nominal amount are directly included in the current profit and loss.

The Company usually recognizes and measures government subsidies based on the actual amount received when they are actually received. However, if there is conclusive evidence at the end of the period that it can meet the relevant conditions stipulated in the financial support policy and is expected to receive financial support funds, it will be measured according to the amount receivable. Government subsidies measured based on the amount receivable shall meet the following conditions: (1) The amount of the subsidy receivable has been confirmed by a document issued by the competent government department, or can be reasonably calculated by oneself in accordance with the relevant provisions of the officially released fiscal fund management measures, and the amount is not expected to have significant uncertainty; (2) It is based on the fiscal support projects and fiscal fund management officially announced by the local financial department and proactively disclosed in accordance with the "Government Information Disclosure Regulations" The management method should be universal (any enterprise that meets the specified conditions can apply), rather than formulated specifically for specific enterprises; (3) The relevant subsidy approval documents have clearly promised the disbursement period, and the disbursement of the funds is guaranteed by the corresponding financial budget, so it can be reasonably guaranteed to be received within the specified period; (4) Other relevant conditions (if any) that should be met according to the specific circumstances of the company and the subsidy matter.

Government subsidies related to assets are recognized as deferred income and included in current profits and losses in installments in a reasonable and systematic manner within the useful life of the relevant assets. 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 and included in the current profit and loss during the period when the relevant costs, expenses or losses are recognized; if they are used to compensate for relevant costs, expenses or losses that have already occurred, they are directly included in the current profits and losses.

Government subsidies that include both asset-related parts and income-related parts are distinguished and accounted for separately. If it is difficult to distinguish, the whole is classified as income-related government subsidies.

Government subsidies related to the company's daily activities shall be included in other income or offset related costs and expenses according to the nature of the economic business; government subsidies unrelated to daily activities shall be included in non-operating income and expenses.

When a confirmed government subsidy needs to be returned, if there is a relevant deferred income balance, the book balance of the relevant deferred income will be offset, and the excess will be included in the current profit and loss; in other cases, it will be directly included in the current profit and loss.

37. Deferred income tax assets/deferred income tax liabilities

√Applicable □Not applicable

(1) Current income tax

On the balance sheet date, current income tax liabilities (or assets) formed in the current and previous periods are measured based on the amount of income tax expected to be paid (or refunded) calculated in accordance with the provisions of tax laws. The taxable income based on which the income tax expense for the current period is calculated is calculated based on the relevant tax laws and regulations by making corresponding adjustments to the pre-tax accounting profit for the reporting period.

(2) Deferred income tax assets and deferred income tax liabilities

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The difference between the book value of certain assets and liability items and their tax basis, as well as the temporary differences arising from the difference between the book value and tax basis of items that have not been recognized as assets and liabilities but whose tax basis can be determined in accordance with tax laws, are determined using the balance sheet liability method to recognize deferred income tax assets and deferred income tax liabilities.

Deferred income tax liabilities will not be recognized for taxable temporary differences related to the initial recognition of goodwill and the initial recognition of assets or liabilities arising from transactions that are neither business combinations nor affect accounting profits and taxable income (or deductible losses) at the time of occurrence. In addition, for taxable temporary differences related to investments in subsidiaries, associates and joint ventures, if the company can control the timing of the reversal of the temporary differences, and the temporary differences are likely not to be reversed in the foreseeable future, the relevant deferred income tax liabilities will not be recognized. Except for the above exceptions, the Company recognizes deferred income tax liabilities arising from all other taxable temporary differences.

Deductible temporary differences related to the initial recognition of assets or liabilities arising from transactions that are neither business combinations nor affect accounting profits and taxable income (or deductible losses) at the time of occurrence shall not be recognized as deferred income tax assets. In addition, for deductible temporary differences related to investments in subsidiaries, associates and joint ventures, if the temporary differences are not likely to be reversed in the foreseeable future, or it is not likely to be taxable income that can be used to offset the deductible temporary differences in the future, the relevant deferred income tax assets will not be recognized. Except for the above exceptions, the Company recognizes deferred income tax assets arising from other deductible temporary differences to the extent that it is likely to obtain taxable income that can be used to offset the deductible temporary differences.

For deductible losses and tax credits that can be carried forward to future years, the corresponding deferred income tax assets are recognized to the extent that it is probable that the future taxable income will be used to offset the deductible losses and tax credits.

On the balance sheet date, deferred income tax assets and deferred income tax liabilities are measured at the applicable tax rate during the period when the relevant assets are expected to be recovered or the relevant liabilities are settled in accordance with the provisions of tax laws.

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 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.

(3) Income tax expenses

Income tax expense includes current income tax and deferred income tax.

Except for the current income tax and deferred income tax related to transactions and events recognized as other comprehensive income or directly included in shareholders' equity, which are included in other comprehensive income or shareholders' equity, and the deferred income tax arising from business combinations adjusts the book value of goodwill, the remaining current income tax and deferred income tax expenses or income are included in the current profit and loss.

(4) Offset of income tax

When it has the legal right to settle on a net basis and intends to settle on a net basis or acquire assets and pay off liabilities at the same time, the company's current income tax assets and current income tax liabilities are presented at the net amount after offsetting.

When there is a legal right to settle current income tax assets and current income tax liabilities on a net basis, and the deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the same tax collection and administration department on the same taxable entity or to different taxable entities, but in each future period when important deferred income tax assets and liabilities are reversed, the taxpaying entity involved intends to use the net amount.

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When settling current income tax assets and liabilities or acquiring assets and settling liabilities at the same time, the company's deferred income tax assets and deferred income tax liabilities are presented as the net amount after offsetting.

38. Leasing

√Applicable □Not applicable

As a lessee, the judgment basis and accounting treatment method for simplified treatment of short-term leases and low-value asset leases

√Applicable □Not applicable

(1) The company serves as the lessee

The company's leased assets mainly include houses and buildings.

①Initial measurement

On the start date of the lease period, the Company recognizes the right to use the leased asset during the lease term as a right-of-use asset, and recognizes the present value of the unpaid lease payments as a lease liability, except for short-term leases and low-value asset leases. When calculating the present value of lease payments, the company uses the interest rate implicit in the lease as the discount rate; if the interest rate implicit in the lease cannot be determined, the lessee's incremental borrowing rate is used as the discount rate.

②Subsequent measurement

The Company accrues depreciation on the right-of-use assets from the month when the lease term begins. If it is reasonably certain to obtain ownership of the leased asset at the expiration of the lease term, the Company accrues depreciation over the remaining useful life of the leased asset. If it is not reasonably certain that the ownership of the leased asset will be obtained 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.

For lease liabilities, the company calculates the interest expense for each period during the lease term based on a fixed periodic interest rate, and includes it in the current profit and loss or in the cost of related assets. Variable lease payments that are not included in the measurement of lease liabilities are included in the current profit and loss or related asset costs when actually incurred.

After the start date of the lease period, when the actual fixed payment amount changes, the expected 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, the company remeasures the lease liability based on the present value of the changed lease payment amount, 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 company will include the remaining amount in the current profit and loss.

③Short-term leasing and low-value asset leasing

For short-term leases (leases with a lease period of no more than 12 months on the lease commencement date) and low-value asset leases, the company adopts a simplified treatment method and does not recognize right-of-use assets and lease liabilities. Instead, the lease payments are included in the relevant asset costs or current profits and losses according to the straight-line method or other systematic and reasonable methods during each period of the lease term.

④ Change of lease

If a lease changes and the following conditions are met at the same time, the company will account for the lease change as a separate lease:

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• The lease modification expands the scope of the lease by adding the right to use one or more leased assets;

• The increased consideration is equivalent to the stand-alone price of the expanded portion of the lease, adjusted for the circumstances of the contract.

If the lease change is not accounted for as a separate lease, on the effective date of the lease change, the company re-allocates the consideration of the contract after the change, re-determines the lease term, and re-measures the lease liability based on the present value of the lease payment after the change and the revised discount rate.

If a change in the lease results in a reduction in the scope of the lease or a shortening of the lease period, the company will reduce the book value of the right-of-use assets accordingly, and include the related gains or losses from the partial or complete termination of the lease into the current profits and losses. If other lease changes result in the remeasurement of lease liabilities, the company will adjust the book value of the right-of-use assets accordingly.

Lease classification standards and accounting treatment methods as a lessor

√Applicable □Not applicable

(2) The company serves as the lessor

On the lease commencement date, the Company divides leases into finance leases and operating leases based on the nature of the transaction. A finance lease is a lease that transfers substantially all the risks and rewards associated with ownership of the leased asset. Operating leases refer to leases other than finance leases.

①Operating lease

The Company uses the straight-line method to recognize lease receipts from operating leases as rental income for each period during the lease term. Variable lease payments related to operating leases that are not included in lease receipts are included in the current profit and loss when they actually occur.

②Financial lease

On the commencement date of the lease period, the Company recognizes the finance lease receivable and derecognizes the finance lease assets. Financing lease receivables are initially measured based on the net lease investment (the sum of the unguaranteed residual value and the present value of the lease payments not yet received at the start of the lease period discounted at the interest rate implicit in the lease), and interest income during the lease period is calculated and recognized based on a fixed periodic interest rate. Variable lease payments obtained by the Company that are not included in the measurement of net lease investment are included in the current profit and loss when actually incurred.

③Lease changes

If an operating lease changes, the Company will account for it as a new lease from the effective date of the change, and the amount of lease receipts received in advance or receivable related to the lease before the change is regarded as the amount of receipts from the new lease.

If a financial lease changes and the following conditions are met at the same time, the company will account for the change as a separate lease:

• The change expands the scope of the lease by adding the right to use one or more leased assets;

• The increased consideration is equivalent to the stand-alone price of the expanded portion of the lease, adjusted for the circumstances of the contract.

If the change in the financial lease is not accounted for as a separate lease, the company will handle the changed lease under the following circumstances:

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• If the change takes effect on the lease commencement date, the lease will be classified as an operating lease, and the company will start from the effective date of the lease change.

It will be accounted for as a new lease, and the net investment in the lease before the effective date of the lease change will be accounted for as the leased asset.

face value;

• If the change takes effect on the lease commencement date, the lease will be classified as a finance lease. The company shall

No. 22 - Recognition and Measurement of Financial Instruments" provides accounting treatment for modification or renegotiation of contracts.

39. Other important accounting policies and accounting estimates

□Applicable √Not applicable

40. Changes in important accounting policies and accounting estimates

None

41. The first implementation of new accounting standards or standard interpretations starting in 2025 will involve adjustments to the financial statements at the beginning of the year of first implementation.

□Applicable √Not applicable

42. Others

□Applicable √Not applicable

6. Taxes

1. Main tax types and tax rates

Main tax types and tax rates

√Applicable □Not applicable

Type of tax Tax calculation basis Tax rate

Corporate income tax Taxable income See notes for details

Sales of goods calculated in accordance with tax laws

and taxable service income as the basis for calculating sales

Value-added tax, after deducting 0%, 3%, 5%, 9% and 13% of the input tax allowed to be deducted in the current period, the difference is the value-added payable

tax

Urban maintenance and construction tax The amount of turnover tax payable is 7%, 5%

Education fee surcharge, turnover tax payable 3%

Local education surcharge, turnover tax payable 2%

If there are taxpayers with different corporate income tax rates, a description of the disclosure

√Applicable □Not applicable

Name of tax payer Income tax rate (%)

Suzhou Fengbei Biotechnology Co., Ltd. 15 Suzhou Fuzhiyuan Biotechnology Co., Ltd. 25 Dongchi Biotechnology (Jiangsu) Co., Ltd. Small and micro enterprise corporate income tax rate Changzhou Jintan District Weige Biotechnology Co., Ltd. 15 Changzhou Jintan District Liangyou Oil Co., Ltd. 25 Jiangsu Fubang Biotechnology Co., Ltd. Small and micro enterprise corporate income tax rate Changzhou Jintan District Liangnong Biotechnology Co., Ltd. Small and micro enterprise corporate income tax rate

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Juyoubao Ecological Environment Technology (Jiangsu) Co., Ltd. 25 Aidwang Bioenergy (Hong Kong) Co., Ltd. 8.25, 16.5 Oumeng Chemicals (Jiangsu) Co., Ltd. 25 Gangde New Energy Technology (Luzhou) Co., Ltd. Small and micro enterprise corporate income tax rate Luzhou Gangde Environmental Protection Technology Co., Ltd. Small and micro enterprise corporate income tax rate

2. Tax incentives

√Applicable □Not applicable

(1) Value-added tax

① VAT preferential treatment for comprehensive utilization of resources

According to the "Announcement on Improving the Value-Added Tax Policy for Comprehensive Utilization of Resources" (Announcement No. 40 of the Ministry of Finance and the State Administration of Taxation in 2021) and the "Notice on Issuing the Value-Added Tax Preferential Catalog for Comprehensive Utilization of Resources Products and Labor Services" issued by the Ministry of Finance and the State Administration of Taxation in a timely and effective manner during the reporting period (Caishui [2015] No. 78), it is stipulated that taxpayers selling self-produced comprehensive utilization of resources products and providing comprehensive utilization of resources services can enjoy the VAT refund policy upon collection. The company and its subsidiaries Changzhou Jintan District Liangyou Oils and Fats Co., Ltd. (hereinafter referred to as "Liangyou Oils and Greases") and its subsidiaries Juyoubao Ecological Environment Technology (Jiangsu) Co., Ltd. (hereinafter referred to as "Juyoubao") use waste animal and vegetable oils and fats to produce and sell industrial-grade mixed oils and enjoy the VAT refund policy upon collection, with a tax refund rate of 70%. ② VAT preferential treatment for organic fertilizer products

According to the "Notice on the Exemption of Value-Added Tax on Organic Fertilizer Products" (Caishui [2008] No. 56) of the Ministry of Finance and the State Administration of Taxation, starting from June 1, 2008, taxpayers' production, sales, wholesale and retail of organic fertilizer products are exempt from value-added tax. Accordingly, the sales of organic fertilizer products by subsidiary Juyoubao are exempt from value-added tax.

③Additional value-added tax deduction

According to the Ministry of Finance and the State Administration of Taxation's "Announcement on the Additional Deduction Policy for Value-Added Tax for Advanced Manufacturing Enterprises" (Announcement No. 43 of the Ministry of Finance and the State Administration of Taxation in 2023), from January 1, 2023 to December 31, 2027, advanced manufacturing enterprises are allowed to offset the value-added tax payable by an additional 5% of the deductible input tax for the current period.

(2) Corporate income tax

①Tax incentives for high-tech enterprises

According to the "Notice of the Ministry of Science and Technology, the Ministry of Finance, and the State Administration of Taxation on the Issuance of the "Administrative Measures for the Recognition of High-tech Enterprises" (Guokefahuo [2016] No. 32) and 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 No. 24, 2017), after an enterprise obtains the qualification of a high-tech enterprise, it can declare to enjoy the preferential corporate income tax rate of 15% starting from the year of the issuance date indicated on the high-tech enterprise certificate.

According to the "Announcement on the Registration of the First Batch of High-tech Enterprises Recognized and Registered by the Jiangsu Provincial Certification Agency in 2023", Suzhou Fengbei Biotechnology Co., Ltd. was recognized as a high-tech enterprise. The "High-tech Enterprise Certificate" was jointly issued by the Jiangsu Provincial Department of Science and Technology, the Jiangsu Provincial Department of Finance, and the Jiangsu Provincial State Taxation Bureau. The date of issuance is November 6, 2023, and the certificate number is

GR202332005843, valid for three years, will enjoy preferential policies such as national high-tech enterprise income tax from January 1, 2023. According to the preferential income tax policy for high-tech enterprises, the company will pay a reduced corporate income tax of 15% from 2023 to 2025.

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On November 19, 2024, Weige Biotechnology obtained the "High-tech Enterprise Certificate" jointly issued by the Jiangsu Provincial Department of Science and Technology, the Jiangsu Provincial Department of Finance, and the Jiangsu Provincial State Taxation Bureau. The certificate number is GR202432005731. It is valid for three years. From 2024 to 2026, Weige Biotechnology will pay a reduced corporate income tax rate of 15%.

②Tax incentives for small and low-profit enterprises

According to the "Announcement of the Ministry of Finance and the State Administration of Taxation on Further Implementing Relevant Tax Policies for 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 of 2023), from January 1, 2023 to December 31, 2027, small and low-profit enterprises will calculate taxable income at a reduced rate of 25% and pay corporate income tax at a rate of 20%. Subsidiaries Fubang Bio, Liangnong Bio, Dongchi Bio, Gangde New Energy, and Gangde Environmental Protection meet the conditions of the inclusive tax reduction and exemption policy for small and micro enterprises.

③Pre-tax super deduction policy for research and development expenses

According to the "Announcement of the Ministry of Finance and the State Administration of Taxation on Further Improving the Pre-tax Super Deduction Policy for R&D Expenses" (Finance and Taxation [2023] No. 7), 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 profit and loss 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.

During the reporting period, the Company and its subsidiaries Weige Biotechnology and Liangyou Oils and Grease enjoyed the pre-tax super deduction policy for research and development expenses.

④Enterprise income tax benefits for comprehensive utilization of resources

According to Article 33 of the Enterprise Income Tax Law of the People's Republic of China, Article 99 of the Implementation Regulations of the Enterprise Income Tax Law of the People's Republic of China, the Notice of the Ministry of Finance and the State Administration of Taxation on Issues Concerning the Implementation of the Catalog of Enterprise Income Tax Preferences for Comprehensive Utilization of Resources (Caishui [2008] No. 47), the Announcement of the State Administration of Taxation on the Issuance of the Revised (Measures for Handling Enterprise Income Tax Preferential Policy Matters) (State Administration of Taxation Announcement 2018 No. 23 No.), "Announcement of the Ministry of Finance and other four departments on the release of (Catalogue of Enterprise Income Tax Preferences for Environmental Protection, Energy and Water Saving Projects (2021 Edition)) and (Catalogue of Enterprise Income Tax Preferences for Comprehensive Utilization of Resources (2021 Edition))" (Announcement of the Ministry of Finance, State Administration of Taxation, Development and Reform Commission, and Ministry of Ecology and Environment No. 36 of 2021), the income earned by an enterprise using the resources specified in the "Comprehensive Utilization of Resources Enterprise Income Tax Preferential Catalog" as the main raw materials and producing products that are not restricted or prohibited by the state and comply with relevant national and industry standards shall be included in the enterprise's total income for the year at a reduced rate of 90%. The industrial-grade mixed oil produced by the company and its subsidiaries Liangyou Oil and Juyoubao from waste animal oil and vegetable oil complies with the provisions of the above-mentioned document catalog and enjoys corresponding tax benefits.

(3) “Six taxes and two fees” exemption

According to the "Announcement of the Ministry of Finance and the State Administration of Taxation on Further Implementing the "Six Taxes and Two Fees" Reduction and Reduction Policy for Small and Micro Enterprises" (Ministry of Finance State Administration of Taxation Announcement No. 10, 2022), small-scale value-added tax taxpayers, small low-profit enterprises and individual industrial and commercial households can reduce resource tax, urban maintenance and construction tax, real estate tax, urban land use tax, stamp tax (excluding securities transaction stamp tax), cultivated land occupation tax and education surcharge, and local education surcharge within 50% of the tax range. The implementation period is from January 1, 2022 to December 31, 2024. (4) Environmental protection tax

According to Article 13 of the "Environmental Protection Tax Law of the People's Republic of China", if the concentration of taxable air pollutants or water pollutants discharged by a taxpayer is lower than 30% of the national and local pollutant discharge standards, the environmental protection tax rate shall be reduced by 75%.

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Environmental protection tax; the concentration of taxable air pollutants or water pollutants discharged by taxpayers is lower than the pollutant discharge regulations stipulated by the state and local governments.

If the standard rate is 50%, the environmental protection tax will be levied at a reduced rate of 50%. Subsidiary Veige Biotechnology is subject to a 50% reduction in environmental protection tax.

3. Others

□Applicable √Not applicable

7. Notes on Consolidated Financial Statement Items

1. Monetary funds

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending Balance Previous Year Ending Balance

Cash on hand - 10,000.00 Bank deposits 547,124,775.91 150,781,166.09 Other monetary funds 20,032,615.13 15,993,685.22 Amounts deposited with finance companies - -

Total 567,157,391.04 166,784,851.31 including: funds deposited abroad

22,944,347.77 17,045,878.41 total items

Other notes:

Note: The details of funds that have restrictions on use due to mortgage, pledge or freezing, and are stored overseas and have restrictions on repatriation of funds are as follows: Unit: Yuan Currency: RMB

Item Ending Balance Previous Year Ending Balance

Bank acceptance bill deposit 18,705,507.70 13,596,000.57 Guarantee deposit - 1,534,037.18 Forward foreign exchange settlement and sales deposit 1,260,544.09 863,647.47

Total 19,966,051.79 15,993,685.22

2. Trading financial assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Reason and basis for designation Measured at fair value and its changes

300,141,723.04 -/Financial assets included in current profits and losses

Among them:

Derivative financial assets 141,723.04 -/Financial management products 300,000,000.00 -

Total 300,141,723.04 - /

Other notes:

□Applicable √Not applicable

3. Derivative financial assets

□Applicable √Not applicable

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4. Notes receivable

(1). Classified presentation of notes receivable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending Balance Previous Year Ending Balance

Bank acceptance bill 58,389,350.61 62,908,474.57 Commercial acceptance bill 897,058.57 -

Subtotal 59,286,409.18 62,908,474.57 Less: provision for bad debts 44,852.93 -

Total 59,241,556.25 62,908,474.57

(2). The company’s pledged notes receivable at the end of the period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing Balance

Bank acceptance bill 4,340,570.62 Commercial acceptance bill -

Total 4,340,570.62

(3). 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

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount derecognized at the end of the period Amount not derecognized at the end of the period Bank acceptance bill - 29,519,344.54 Commercial acceptance bill - -

Total - 29,519,344.54

(4). Classified disclosure according to bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Bad debts accurate

Book balance Bad debt provision Book balance

Prepare

plan

Category Book Book Provision Provision

Ratio Value Ratio Value Amount Amount Ratio Amount Gold Ratio

(%) (%)

(%) Amount Example

(%)

Order

item plan

• • • • • • • • • • Accurate accounting

Prepare

by group

59,286,40 62,908,4Total 100.00 44,852.93 0.08 59,241,556.25 62,908,474.57 100.00 - -

9.18 74.57 bad

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Account accuracy

Prepare

Among them:

its

Medium:

58,389,35 62,908,4 Bank 98.49 - - 58,389,350.61 62,908,474.57 100.00 - -

0.61 74.57 Acceptance

money order

Business

897,058.5

Acceptance 1.51 44,852.93 5.00 852,205.64 - - - - -Bill of exchange

59,286,40 62,908,4Total 100.00 44,852.93 0.08 59,241,556.25 62,908,474.57 100.00 - -

9.18 74.57

Provision for bad debts is made individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Combined accrual items: bill type

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Bank acceptance bill 58,389,350.61 - - Commercial acceptance bill 897,058.57 44,852.93 5.00

Total 59,286,409.18 44,852.93 0.08

Explanation on collective provision for bad debts

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of notes receivable that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

(5). Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Beginning Balance Ending Balance

Provision Recovery or reversal Write-off or write-off Other changes

Provision based on combination

• 44,852.93 - - - 44,852.93 Bad debt provision

Total - 44,852.93 - - - 44,852.93

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

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Other notes:

None

(6). Notes receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of bills receivable:

□Applicable √Not applicable

Instructions for writing off notes receivable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

5. Accounts receivable

(1). Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year 176,483,842.37 138,317,179.78 1 to 2 years 4,727,086.01 840,676.11 2 to 3 years 302,425.04 696,982.42 3 to 4 years 622,068.00 745,992.19 4 to 5 years 745,992.19 704,663.71 More than 5 years 1,106,267.91 401,604.20

Total 183,987,681.52 141,707,098.41

(2). Classified disclosure according to bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Provision Book Book Proportion Proportion Provision Ratio Amount Amount Proportion Value Amount Amount Value (%) (%) Example (%)

(%)

By item

194,034.2 194,034. 194,034

Bad provision 0.11 100.00 - 194,034.20 0.14 100.00 -

0 20 .20

Account preparation

by combination

183,793,6 11,207,6 172,585,95 141,513,06 8,353,3 133,159, bad provision 99.89 6.10 99.86 5.90

47.32 89.69 7.63 4.21 18.40 745.81Account preparation

Among them:

Aging group

183,793,6 11,207,6 172,585,95 141,513,06 8,353,3 133,159,

99.89 6.10 99.86 5.90 combined 47.32 89.69 7.63 4.21 18.40 745.81 total 183,987,6 100.00 11,401,7 6.20 172,585,95 141,707,09 100.00 8,547,3 6.03 133,159, 81.52 23.89 7.63 8.41 52.60 745.81

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Provision for bad debts is made individually:

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Reason for provision Bad debt provision for individual items

194,034.20 194,034.20 100 Accounts receivable that are not expected to be collected

Total 194,034.20 194,034.20 100 /

Explanation of individual provision for bad debts:

√Applicable □Not applicable

Accounts receivable are not expected to be collected

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: aging portfolio

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Within 1 year 176,483,842.37 8,824,192.11 5.00 1 to 2 years 4,727,086.01 472,708.61 10.00 2 to 3 years 302,425.04 90,727.51 30.00 3 to 4 years 622,068.00 311,034.00 50.00 4 to 5 years 745,992.19 596,793.75 80.00 More than 5 years 912,233.71 912,233.71 100.00

Total 183,793,647.32 11,207,689.69 6.10

Instructions on collective provision for bad debts:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

(3). Bad debt provision situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Other changes Closing balance Provision Recovery or reversal Write-off or write-off

move

Bad individual provision

194,034.20 - - - - 194,034.20 Account preparation

Provision based on combination

8,353,318.4 2,854,371.79 - 0.50 - 11,207,689.69 Bad debt provision

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Total 8,547,352.60 2,854,371.79 - 0.50 - 11,401,723.89

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other notes:

None

(4). Accounts receivable actually written off in the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Write-off Amount

Accounts receivable actually written off 0.50

Among them, the important write-off of accounts receivable

□Applicable √Not applicable

Instructions for writing off accounts receivable:

□Applicable √Not applicable

(5). Accounts receivable and contract assets of the top five closing balances collected by debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB accounts receivable and

Accounts Receivable and Hehe

Accounts receivable period End of contract asset period End of contract asset period Bad debt provision end unit name Ending balance of the same asset

Closing Balance Balance Balance amount of total balances

Proportion (%)

Customer One 17,844,155.14 - 17,844,155.14 9.45 892,207.76 Customer Two 16,211,648.00 - 16,211,648.00 8.59 810,582.40 Customer Three 16,110,532.30 - 16,110,532.30 8.54 805,526.62Customer four 15,208,019.12 - 15,208,019.12 8.06 760,400.96Customer five 11,026,421.00 - 11,026,421.00 5.84 551,321.05

Total 76,400,775.56 - 76,400,775.56 40.48 3,820,038.79

Other notes:

None

Other notes:

□Applicable √Not applicable

6. Contract assets

(1).Contract assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project

Book balance Bad debt provision Book value Book balance Bad debt provision Book value Contract warranty deposit receivable 4,743,051.17 237,152.56 4,505,898.61 5,766,048.00 293,302.40 5,472,745.60Total 4,743,051.17 237,152.56 4,505,898.61 5,766,048.00 293,302.40 5,472,745.60

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(2). The amount and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

(3). Classified disclosure according to bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Provision Book Ratio Provision Book Ratio

Amount Amount Proportion Value Amount Example Amount Proportion Value (%)

(%) (%) (%)According to individual items

Provision for bad accounts - - - - - - - - - - Account provision

by combination

4,743,0 100.0 237,15 4,505,898 100 5,472,7 Bad provision 5.00 5,766,048.00 293,302.40 5.09

51.17 0 2.56 .61 .00 45.60Account preparation

Among them:

Not expired

4,743,0 100.0 237,15 4,505,898 100 5,472,7 Warranty deposit 5.00 5,766,048.00 293,302.40 5.09

51.17 0 2.56 .61 .00 45.60 combination

4,743,0 100.0 237,15 4,505,898 100 5,472,7Total 5.00 5,766,048.00 293,302.40 5.09 51.17 0 2.56 .61 .00 45.60

Provision for bad debts is made individually:

□Applicable √Not applicable

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: Unexpired warranty deposit portfolio

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Unexpired quality guarantee fund portfolio 4,743,051.17 237,152.56 5.00 Total 4,743,051.17 237,152.56 5.00

Explanation on collective provision for bad debts

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of contract assets that have experienced changes in loss provisions during the current period:

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□Applicable √Not applicable

(4). Bad debt provisions for contract assets in the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Item Beginning balance Recovery in the current period Transfer in the current period Closing balance Reason for provision in the current period Other changes

or transfer/write-off

Provision based on combination

293,302.40 -56,149.84 - - - 237,152.56

Provision for bad debts

Total 293,302.40 -56,149.84 - - - 237,152.56 /

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other notes:

None

(5).Contract assets actually written off in this period

□Applicable √Not applicable

Among them, the important write-off of contract assets

□Applicable √Not applicable

Instructions for write-off of contract assets:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

7. Accounts receivable financing

(1). Classified presentation of financing receivables

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Notes receivable 12,862,336.23 43,283,726.14 Accounts receivable //

Total 12,862,336.23 43,283,726.14

(2). Financing of receivables pledged by the company at the end of the period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Project Amount pledged at the end of the period

Bank acceptance bill 1,259,548.00 Commercial acceptance bill -Total 1,259,548.00

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(3). 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

√Applicable □Not applicable

Unit: Yuan Currency: RMB items Amount derecognized at the end of the period Amount not derecognized at the end of the period Bank acceptance bill 64,918,356.98 - Commercial acceptance bill - - Total 64,918,356.98 -

(4). Classified disclosure according to bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book Balance Bad Debt Provision Book Balance Bad Debt Provision Category Ratio Provision Book Ratio Provision Book Fund

Amount Example Gold Ratio Value Amount Example Ratio Value Amount

(%) Amount (%) (%) (%)According to individual items

bad provision

Account preparation

by combination

100 100 43,283, bad provision 12,862,336.23 12,862,336.23 43,283,726.14

.00 .00 726.14Account preparation

Among them:

Bills receivable

According to - Bank 100 100 43,283,

12,862,336.23 12,862,336.23 43,283,726.14

Acceptance .00 .00 726.14 votes

100 100 43,283, total 12,862,336.23 12,862,336.23 43,283,726.14

.00 .00 726.14

Provision for bad debts is made individually:

□Applicable √Not applicable

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Combined accrual items: Notes receivable - bank acceptance bills

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Notes receivable - bank acceptance

12,862,336.23 - / money order

Total 12,862,336.23 - /Explanation of provision for bad debts by group

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

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□Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of accounts receivable financing that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(5). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other notes:

None

(6). Financing of receivables actually written off in the current period

□Applicable √Not applicable

Important financing write-offs of receivables

□Applicable √Not applicable

Write-off instructions:

□Applicable √Not applicable

(7). Increases and decreases in receivables financing and changes in fair value during the current period:

□Applicable √Not applicable

(8).Other instructions

□Applicable √Not applicable

8. Advance payments

(1). Prepayments are listed based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance Aging

Amount Proportion (%) Amount Proportion (%) Within 1 year (inclusive) 43,083,801.39 98.11 34,238,020.97 99.28 1 to 2 years (inclusive) 761,907.16 1.74 242,670.59 0.70 2 to 3 years (inclusive) 58,386.28 0.13 7,877.15 0.02 More than 3 years 7,877.15 0.02 - -

Total 43,911,971.98 100.00 34,488,568.71 100.00 Explanation of the reasons why prepayments with an aging of more than 1 year and important amounts were not settled in time:

None

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(2). Prepayments of the top five closing balances by prepayment objects

√Applicable □Not applicable

Unit: Yuan Currency: RMB accounts for the total closing balance of prepayments Name of the unit Closing balance

Proportion (%) of the top five prepayments at the end of the period

14,607,282.53 33.26Total amount

Total 14,607,282.53 33.26Other instructions:

None

Other notes:

□Applicable √Not applicable

9. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Interest receivable // Dividend receivable // Other receivables 12,366,438.25 14,657,028.35

Total 12,366,438.25 14,657,028.35Other instructions:

□Applicable √Not applicable

interest receivable

(1).Classification of interest receivable

□Applicable √Not applicable

(2).Important overdue interest

□Applicable √Not applicable

(3). Classified disclosure according to bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

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(4). Provision for bad debts based on the general expected credit loss model □Applicable √Not applicable

The basis for dividing each stage and the proportion of provision for bad debts are not available

Explanation of significant changes in the book balance of interest receivable due to changes in loss provisions in the current period: □ Applicable √ Not applicable

(5). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

(6). Interest receivable actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of interest receivable □ Applicable √ Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Dividends receivable

(1). Dividends receivable

□Applicable √Not applicable

(2). Important dividends receivable aged more than 1 year □ Applicable √ Not applicable

(3). Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

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Provision for bad debts by group:

□Applicable √Not applicable

(4). Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

The basis for dividing each stage and the proportion of bad debt provisions:

None

Explanation of significant changes in the book balance of dividends receivable due to changes in loss provisions in the current period: □ Applicable √ Not applicable

(5). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other notes:

None

(6). Dividends receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of dividends receivable

□Applicable √Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Other receivables

(1). Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period Within 1 year 8,460,362.54 11,689,716.72 1 to 2 years 2,851,642.21 5,842,116.60 2 to 3 years 4,837,566.35 1,790,909.98 3 to 4 years 1,469,159.08 217,767.76 4 to 5 years 215,282.03 126,473.11 More than 5 years 479,644.38 353,695.36 Total 18,313,656.59 20,020,679.53

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(2). Classification by nature of payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Nature of payment Book balance at the end of the period Book balance at the beginning of the period

Deposit and security deposit 12,200,962.28 9,283,910.50 Tax refund receivable 83,786.72 5,792,980.69 Others 6,028,907.59 4,943,788.34

Total 18,313,656.59 20,020,679.53

(3). Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3

Lifetime expectations letter Lifetime forecast letter

Provision for bad debts Estimated total for the next 12 months

loss of use (no credit loss occurred (credit loss occurred)

period credit loss

Use impairment) Use impairment)

The balance at the end of the previous year 1,778,682.75 - 3,584,968.43 5,363,651.18 The balance at the end of the previous year was

This issue:

——Transfer to the second level

• • • -Duan

——Transfer to the third level

• • • -Duan

——Return to the second level

• • • -Duan

——Return to the first level

• • • -Duan

Provision in the current period 583,832.90 - -265.74 583,567.16 Transfer in the current period - - - - Write-off in the current period - - - - Write-off in the current period - - - - Other changes - - - - Closing balance 2,362,515.65 - 3,584,702.69 5,947,218.34

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of other receivables that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

The amount of bad debt provision for the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly:

□Applicable √Not applicable

(4). Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Ending balance Provision Recovery or transfer Write-off or approval Other changes

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Return sales

Provision for bad debts 5,363,651.18 583,567.16 - - - 5,947,218.34

Total 5,363,651.18 583,567.16 - - - 5,947,218.34

Among them, the amount of bad debt provision reversed or recovered in the current period is important:

□Applicable √Not applicable

Other notes:

None

(5). Other receivables actually written off in the current period

□Applicable √Not applicable

Important write-offs of other receivables:

□Applicable √Not applicable

Instructions for writing off other receivables:

□Applicable √Not applicable

(6). Other receivables with top five closing balances based on debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB in other receivables

Closing balance of the payment Bad debt provision unit name Closing balance Aging of the payment

Ratio of totals Nature Ending balance

Example(%)

Unit 1 3,285,999.74 17.94 Others 2-3 years 3,285,999.74 Unit 2 800,000.00 4.37 Security deposit Within 1 year 40,000.00 Unit 3 700,000.00 3.82 Security deposit Within 1 year, 1-2 years 60,000.00 Unit 4 610,000.00 3.33 Security deposit 1-2 years, 2-3 years 63,000.00 Unit 5 584,715.00 3.19 Others 1-2 years 58,471.50

Total 5,980,714.74 32.65 / / 3,507,471.24

(7). Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

10. Inventory

(1).Inventory classification

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Inventories are accurate for price decreases Inventories are accurate for decreases in price

Project preparation/contract performance preparation/contract performance

Book balance Book value Book balance Book value Cost impairment allowance Cost impairment allowance

Be prepared

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Inventory

248,297,440.51 2,313,593.01 245,983,847.50 102,475,338.27 303,888.73 102,171,449.54 Goods

Raw materials

211,340,303.35 240,395.49 211,099,907.86 98,785,161.08 327,340.50 98,457,820.58 material

On the way

45,136,392.85 - 45,136,392.85 19,535,090.84 - 19,535,090.84 Materials

in production

9,233,529.51 39,296.76 9,194,232.75 8,260,518.62 - 8,260,518.62 products

issue

10,005,094.04 21,648.43 9,983,445.61 12,238,441.80 17,536.14 12,220,905.66 Goods

turnover

1,204,157.17 - 1,204,157.17 1,360,720.90 - 1,360,720.90Materials

Total 525,216,917.43 2,614,933.69 522,601,983.74 242,655,271.51 648,765.37 242,006,506.14

(2). Data resources confirmed as inventory

□Applicable √Not applicable

(3). Provision for inventory depreciation and provision for impairment of contract performance costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase amount in this period Decrease amount in this period

Item Opening balance Reversal or transfer Ending balance accrual Others Others

pin

Inventory goods 303,888.73 2,313,177.07 - 303,472.79 - 2,313,593.01Raw materials 327,340.50 240,395.49 - 327,340.50 - 240,395.49Work in progress - 39,296.76 39,296.76 Goods shipped 17,536.14 21,648.43 - 17,536.14 - 21,648.43

Total 648,765.37 2,614,517.75 - 648,349.43 - 2,614,933.69

Reasons for the reversal or write-off of inventory depreciation provisions in the current period

□Applicable √Not applicable

Provision for inventory decline in value on a group basis

□Applicable √Not applicable

Standards for accruing inventory depreciation provisions on a group basis

□Applicable √Not applicable

(4). The capitalized amount of borrowing costs included in the closing balance of inventory and its calculation standards and basis

□Applicable √Not applicable

(5).Explanation of the amortization amount of contract performance costs for the current period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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11. Assets held for sale

□Applicable √Not applicable

12. Non-current assets due within one year

□Applicable √Not applicable

Debt investments due within one year

□Applicable √Not applicable

Other debt investments due within one year

□Applicable √Not applicable

Other instructions for non-current assets due within one year:

None

13. Other current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Value-added tax credit 21,610,018.86 2,806,521.33 Value-added tax input tax to be certified 6,907,449.66 20,920,718.34 Prepaid corporate income tax 3,122,531.34 824,225.68 Prepaid expenses 267,618.57 582,622.69 IPO expenses - 2,280,469.82

Total 31,907,618.43 27,414,557.86Other instructions:

None

14. Debt investment

(1).Debt investment situation

□Applicable √Not applicable

Changes in provision for impairment of debt investments during the current period

□Applicable √Not applicable

(2). Important debt investments at the end of the period

□Applicable √Not applicable

(3).Provision of impairment provisions

□Applicable √Not applicable

Basis for dividing each stage and proportion of impairment provision:

None

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The 2025 annual report of Suzhou Fengbei Biotechnology Co., Ltd. explains the significant changes in the book balance of debt investments that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

The amount of impairment provision for the current period and the basis for assessing whether the credit risk of financial instruments has significantly increased □Applicable √Not applicable

(4). Actual write-off debt investments in the current period □ Applicable √ Not applicable

Among them, the write-off of important debt investments □Applicable √Not applicable

Instructions for writing off debt investments:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

15. Other debt investments

(1). Other debt investments

□Applicable √Not applicable

Changes in impairment provisions for other debt investments during the period □ Applicable √ Not applicable

(2). Other important debt investments at the end of the period

□Applicable √Not applicable

(3).Provision of impairment provisions

□Applicable √Not applicable

Basis for division of each stage and proportion of impairment provision: None

Explanation of significant changes in the book balance of other debt investments that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

The amount of impairment provision for the current period and the basis for assessing whether the credit risk of financial instruments has significantly increased □Applicable √Not applicable

(4). Other debt investments actually written off in the current period □Applicable √Not applicable

Among them, the write-off of other important debt investments □Applicable √Not applicable

Instructions for writing off other debt investments:

□Applicable √Not applicable

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Other notes:

□Applicable √Not applicable

16. Long-term receivables

(1). Long-term receivables

□Applicable √Not applicable

(2). Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

(3). Provision for bad debts based on the general expected credit loss model □Applicable √Not applicable

The basis for dividing each stage and the proportion of provision for bad debts are not available

Explanation of significant changes in the book balance of long-term receivables that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

The amount of bad debt provision for the current period and the basis for assessing whether the credit risk of financial instruments has significantly increased □Applicable √Not applicable

(4). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

(5). Long-term receivables actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of long-term receivables □ Applicable √ Not applicable

Instructions for writing off long-term receivables:

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report □Applicable √Not applicable

Other notes:

□Applicable √Not applicable

17. Long-term equity investment

(1). Long-term equity investment □Applicable √Not applicable

(2). Impairment testing of long-term equity investments □ Applicable √ Not applicable

Other notes:

None

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18. Investment in other equity instruments

(1). Investment in other equity instruments

□Applicable √Not applicable

(2). Explanation of termination of recognition in this period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

19. Other non-current financial assets

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

20. Investment real estate

Investment real estate measurement model

Not applicable

21. Fixed assets

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB items Closing balance Opening balance Fixed assets 389,868,420.82 134,247,696.92 Fixed assets liquidation - - Total 389,868,420.82 134,247,696.92 Other notes:

□Applicable √Not applicable

fixed assets

(1). Fixed assets situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Electronic equipment and

Items Houses and buildings Machinery and equipment Transportation Total

Others

1. Original book value:

1. Ending balance of the previous year 72,028,089.31 119,342,311.70 2,611,998.60 7,001,183.84 200,983,583.45

2. Increase in the current period 92,718,262.25 185,784,352.67 437,061.95 3,969,014.33 282,908,691.20 (1) Purchase - 1,010,140.23 437,061.95 1,122,434.72 2,569,636.90 (2) Transfer of construction in progress 92,718,262.25 184,774,212.44 - 2,836,019.61 280,328,494.30

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(3) Increase in business combination - - - 10,560.00 10,560.00

3. Reduction amount in the current period - 1,351,388.24 63,525.00 59,095.12 1,474,008.36 (1) Disposal or scrapping - 1,351,388.24 63,525.00 59,095.12 1,474,008.36 (2) Transfer to construction in progress - - - - -

4. Closing balance 164,746,351.56 303,775,276.13 2,985,535.55 10,911,103.05 482,418,266.29

2. Accumulated depreciation

1. Ending balance of the previous year 11,809,855.68 48,748,666.95 2,210,618.43 3,966,745.47 66,735,886.53

2. Increased amount in this period 6,462,399.78 18,675,764.56 165,453.78 1,409,659.36 26,713,277.48 (1) Provision 6,462,399.78 18,675,764.56 165,453.78 1,409,659.36 26,713,277.48

3. Reduction amount in this period - 782,829.43 60,348.75 56,140.36 899,318.54 (1) Disposal or scrapping - 782,829.43 60,348.75 56,140.36 899,318.54 (2) Transfer to construction in progress - - - - -

4. Ending balance 18,272,255.46 66,641,602.08 2,315,723.46 5,320,264.47 92,549,845.47

3. Impairment provision

1. Ending balance of the previous year - - - - -

2. Increased amount in the current period - - - - - (1) Provision - - - - -

3. Reduction amount in this period - - - - - (1) Disposal or scrapping - - - - -

4. Ending balance - - - - -

4. Book value

1. Book value at the end of the period 146,474,096.10 237,133,674.05 669,812.09 5,590,838.58 389,868,420.82

2. Book value at the beginning of the period 60,218,233.63 70,593,644.75 401,380.17 3,034,438.37 134,247,696.92

(2). Temporarily idle fixed assets

□Applicable √Not applicable

(3). Fixed assets leased through operating leases

□Applicable √Not applicable

(4). Fixed assets whose property rights certificates have not been obtained

□Applicable √Not applicable

(5). Impairment testing of fixed assets

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Fixed asset liquidation

□Applicable √Not applicable

22. Projects under construction

Item list

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Projects under construction 24,723,746.27 291,100,636.49 Project materials 477,557.14 704,726.11

Total 25,201,303.41 291,805,362.60

Other notes:

□Applicable √Not applicable

Construction in progress

(1).Construction in progress situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Impairment Impairment

Book balance Book value Book balance Book value

prepare prepare

Newly built annual output of 300,000 tons

Methyl oleate, 10,000 tons

Industrial grade mixed oil, 5

Thousands of tons of agricultural microorganisms

Bacteria, 10,000 tons of compound 24,173,771.24 - 24,173,771.24 291,100,636.49 - 291,100,636.49 Microbial fertilizers and by-products

Product biodiesel 50,000

tons, glycerol 8,200 tons

Project

Technical transformation project 549,975.03 - 549,975.03 - - -

Total 24,723,746.27 - 24,723,746.27 291,100,636.49 - 291,100,636.49

(2). Changes in important projects under construction during the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Budget Accumulated projects for this period Including: Capital

The number of profit items transferred into interest capital during the period (including the increase in the period at the beginning of the period, others, the investment in the period at the end of the period, and the progress of the project).

Fixed assets capitalization Accumulated interest capital is called tax, 10,000. Balance plus amount Decrease balance Calculation ratio Rate of interest capital Add amount Calculation rate (%)

Yuan) Amount (%) Amount Source New Year

Produced 300,000

Tonoleic acid

Methyl ester, 1

10,000 tons of work

Professional level mix

Combined oil, 5

Since 10,000 tons of agriculture

Useful microorganisms

83,497 291,100, 13,207, 280,134,0 24,173, 11,042,9 3,020,4 Material inoculants, - 45.74 Under construction 22.87

.03 636.49 203.26 68.51 771.24 89.11 89.94 gold, 10,000 tons of complex

Borrowing Weisheng

money fertilizer

and by-products

product biology

Diesel 50,000

tons, glycerol

08,200

tons of projects

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291,100, 13,207, 280,134,0 24,173, 11,042,9 3,020,4Total — - — — - /

636.49 203.26 68.51 771.24 89.11 89.94 (3). Provision for impairment of projects under construction in the current period

□Applicable √Not applicable

(4) Impairment testing of projects under construction

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Engineering supplies

(1). Project material situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Beginning balance items

Book balance Impairment provision Book value Book balance Impairment provision Book value Engineering materials 477,557.14 - 477,557.14 704,726.11 - 704,726.11

Total 477,557.14 - 477,557.14 704,726.11 - 704,726.11Other instructions:

None

23. Productive biological assets

(1).Producing biological assets using cost measurement model

□Applicable √Not applicable

(2). Impairment testing of productive biological assets using the cost measurement model □ Applicable √ Not applicable

(3).Producing biological assets using fair value measurement model

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

24. Oil and gas assets

(1). Oil and gas assets situation

□Applicable √Not applicable

(2). Impairment testing of oil and gas assets

□Applicable √Not applicable

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Other notes:

None

25. Right-of-use assets

(1). Right-of-use assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Project Rented structures Total

1. Original book value

1. Ending balance of the previous year 7,049,815.20 7,049,815.20

2. Amount increased this year - -

3. Decrease amount this year 4,213,854.65 4,213,854.65

4. Ending balance 2,835,960.55 2,835,960.55

2. Accumulated depreciation

1. Ending balance of the previous year 78,776.68 78,776.68

2. Increased amount this year 2,594,219.79 2,594,219.79 (1) Provision 2,594,219.79 2,594,219.79

3. Decrease amount this year 1,648,899.63 1,648,899.63

4. Ending balance 1,024,096.84 1,024,096.84

3. Impairment provision

1. Ending balance of the previous year - -

2. Amount increased this year - -

3. Reduction amount this year - -

4. Ending balance - -

4. Book value

1. Book value at the end of the period 1,811,863.71 1,811,863.71

2. Book value at the end of the previous year 6,971,038.52 6,971,038.52

(2). Impairment testing of right-of-use assets

□Applicable √Not applicable

Other notes:

None

26. Intangible assets

(1).Intangible assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Project Land Use Rights Software // Total

1. Original book value

1. Ending balance of the previous year 65,002,611.29 356,151.57 - - 65,358,762.86

2. Increased amount in this period

(1) Purchase - -

(2) Increase in business combination 4,706,571.56 - - - 4,706,571.56

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3. Reduction amount in this period - - - - - (1) Disposal - - - - -

4. Closing balance 69,709,182.85 356,151.57 - - 70,065,334.42

2. Accumulated amortization

1. Ending balance of the previous year 5,383,992.51 211,811.87 - - 5,595,804.38

2. Increase in the current period 1,386,184.46 16,981.08 - - 1,403,165.54 (1) Provision 1,386,184.46 16,981.08 - - 1,403,165.54

3. Reduction amount in this period - - - - - (1) Disposal - - - - -

4. Closing balance 6,770,176.97 228,792.95 - - 6,998,969.92

3. Impairment provision - -

1. Ending balance of the previous year - - - - -

2. Increased amount in the current period - - - - - (1) Provision - - - - -

3. Reduction amount in this period - - - - - (1) Disposal - - - - -

4. Ending balance - - - - -

4. Book value - -

1. Book value at the end of the period 62,939,005.88 127,358.62 - - 63,066,364.50

2. Book price at the end of the previous year

59,618,618.78 144,339.70 - - 59,762,958.48 value

The proportion of intangible assets formed through the company's internal research and development to the balance of intangible assets at the end of the period is 0

(2). Data resources recognized as intangible assets

□Applicable √Not applicable

(3). Land use rights for which property rights certificates have not been obtained.

□Applicable √Not applicable

(4). Impairment testing of intangible assets

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

27. Goodwill

(1).Original book value of goodwill

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Increase in this period Decrease in this period

The name of the invested unit or

Opening balance Business combination Events forming goodwill in closing balance Others Disposal Others

formed

Hongde New Energy Technology

• 17,176.80 - - - 17,176.80 (Luzhou) Co., Ltd.

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Total - 17,176.80 - - - 17,176.80

(2).Provision for impairment of goodwill

□Applicable √Not applicable

(3). Relevant information on the asset group or asset group combination where the goodwill is located

□Applicable √Not applicable

Changes in asset group or asset group combination

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(4). Specific method for determining 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 above information and the information used in impairment testing in previous years or external information □ Applicable √ Not applicable

Reasons for the significant inconsistency between the information used in the company's impairment testing in previous years and the actual situation of the year □ Applicable √ Not applicable

(5) Performance commitments and corresponding goodwill impairment

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 notes:

□Applicable √Not applicable

28. Long-term deferred expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Amortization in the current period Other decreases Ending balance Heating pipe network services

361,722.20 - 36,476.30 - 325,245.90 service fee

Decoration and oddities

1,610,088.60 309,748.81 1,164,601.10 - 755,236.31 Project

Others 635,278.33 - 93,745.92 - 541,532.41

Total 2,607,089.13 309,748.81 1,294,823.32 - 1,622,014.62Other instructions:

None

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29. Deferred income tax assets/deferred income tax liabilities

(1). Deferred income tax assets without offset

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Items Deductible temporary deferred income tax Deductible temporary deferred income tax

Difference Asset Difference Asset Asset impairment provision, credit impairment

13,471,851.18 2,216,366.63 11,370,115.38 1,900,956.57Preparation

Measured at fair value and its change

Financial assets automatically included in current profits and losses 52,021.40 7,803.21 363,959.57 78,464.35 Changes in fair value of assets

Share-based payment 37,607,738.30 5,641,160.75 5,192,417.00 778,862.55 Deferred income 10,001,372.69 1,500,205.90 10,472,038.86 1,570,805.83 Lease liability tax difference 1,434,123.16 358,530.79 6,564,850.70 1,219,827.21 Available for future pre-tax profits

10,316,514.68 1,185,515.74 11,092,339.90 2,477,761.96 Losses made up

Temporary losses arising from elimination of internal transactions

4,689,556.54 746,372.75 6,058,395.79 831,819.21 Temporal differences

Total 77,573,177.95 11,655,955.77 51,114,117.20 8,858,497.68

(2). Deferred income tax liabilities without offset

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Taxable temporary deferred income tax Taxable temporary deferred income tax

Difference Liability Difference Liability is measured at fair value and its change

Finance that is automatically included in the current profit and loss 93,423.04 14,013.46 - - Changes in the fair value of assets

Difference in tax on right-of-use assets 1,434,123.16 358,530.79 6,564,850.70 1,219,827.21 Temporary accelerated depreciation of fixed assets

1,993.37 299.01 13,597.04 2,039.56 Sexual differences

Total 1,529,539.57 372,843.26 6,578,447.74 1,221,866.77

(3). Deferred income tax assets or liabilities presented on a net basis after offsetting

□Applicable √Not applicable

(4).Details of deferred income tax assets not recognized

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Deductible temporary differences 6,774,030.23 3,482,956.17 Deductible losses 47,928,076.24 843,961.35 Total 54,702,106.47 4,326,917.52

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(5). Deductible losses that have not been recognized as deferred income tax assets will expire in the following years

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Year Ending amount Beginning amount Remarks

2030 47,260,092.03 -

2029 432,460.82 608,437.96

2028 - -

2027 235,523.39 235,523.39

2026 - -

2025 - -

Total 47,928,076.24 843,961.35 /

Other notes:

□Applicable √Not applicable

30. Other non-current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value Prepaid engineering equipment 4,818,356.73 - 4,818,356.73 2,326,655.97 - 2,326,655.97 Total 4,818,356.73 - 4,818,356.73 2,326,655.97 - 2,326,655.97

Other notes:

None

31. Assets with restricted ownership or use rights

√Applicable □Not applicable

Unit: Yuan Currency: RMB End of Period Beginning of Period

receive

Item Restricted Restricted Situation Restricted Situation Book Balance Book Value Book Balance Book Value Restricted

type condition condition type

type

Bank acceptance Bank acceptance bill Exchange bill guarantee Margin, forward money, forward settlement and sale Monetary assets guarantee for forward settlement and sale Exchange guarantee 19,966,051.79 19,966,051.79 Others 15,993,685.22 15,993,685.22 Others

gold gold, security gold, security

him

Letter of guarantee, letter of guarantee, deposit, import credit, export letter of credit guarantee, certificate of deposit, deposit

Notes receivable Asset pool Asset pool 4,340,570.62 4,340,570.62 Pledge 6,280,929.14 6,280,929.14

According to pledge pledge pledge

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charge

Intangible assets Syndicated loan Syndicated loan

31,935,259.94 31,935,259.94 Mortgage 32,638,421.66 32,638,421.66 Property mortgage Mortgage

charge

Accounts Receivable Asset Pool Asset Pool

1,259,548.00 1,259,548.00 Pledge 9,361,603.04 9,361,603.04 Pledge financing Pledge Total pledge 57,501,430.35 57,501,430.35 / / 64,274,639.06 64,274,639.06 //

Other notes:

None

32. Short-term borrowings

(1).Classification of short-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance

Credit loan 194,000,000.00 172,500,000.00 Interest payable 104,657.80 140,018.17 Bank acceptance bill 28,609,172.04 751,272.57 Total 222,713,829.84 173,391,290.74 Description of short-term loan classification:

None

(2). Overdue short-term borrowings that have not been repaid

□Applicable √Not applicable

Among them, the important overdue short-term borrowings that have not been repaid are as follows:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

33. Trading financial liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB items Closing balance Opening balance Reasons and basis for designation Trading financial liabilities 258,500.64 363,959.57 /

Among them:

Derivative financial liabilities 258,500.64 363,959.57

Total 258,500.64 363,959.57 /

Other notes:

□Applicable √Not applicable

34. Derivative financial liabilities

□Applicable √Not applicable

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35. Notes payable

(1). List of bills payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Category Closing balance Opening balance Commercial acceptance bill - - Bank acceptance bill 55,314,977.51 37,812,830.60

Total 55,314,977.51 37,812,830.60 The total amount of notes payable that was due and unpaid at the end of this period was 0 yuan. The reason for not paying when due is none

36. Accounts payable

(1). Presentation of accounts payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Materials payable 57,838,091.85 22,045,888.01 Engineering and equipment payables 21,798,872.37 27,218,036.78 Expenses payable 33,340,652.96 26,034,497.06

Total 112,977,617.18 75,298,421.85

(2). Important accounts payable that are aged more than 1 year or are overdue

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

37. Advance payments

(1). Presentation of advance receipts

□Applicable √Not applicable

(2). Important advances from customers aged more than 1 year

□Applicable √Not applicable

(3). The amount and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

38. Contract liabilities

(1).Contract liabilities

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Advance payments 57,716,685.39 30,999,308.42 Less: Included in other current liabilities (to be transferred

6,639,972.66 3,560,420.25 output tax)

Total 51,076,712.73 27,438,888.17

(2).Important contract liabilities with an aging of more than 1 year

□Applicable √Not applicable

(3). The amount and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

39. Payable to employees

(1). Presentation of employee benefits payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Short-term salary 11,174,750.52 55,521,133.33 51,935,230.74 14,760,653.11

2. Post-employment benefits-set withdrawals

• 3,879,849.70 3,879,849.70 -Plan

Total 11,174,750.52 59,400,983.03 55,815,080.44 14,760,653.11

(2). Presentation of short-term remuneration

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Salaries, bonuses, allowances and compensation

11,142,737.62 49,144,494.55 45,585,402.37 14,701,829.80 stickers

2. Employee welfare fees - 2,024,220.37 2,024,220.37 -

3. Social insurance premiums - 2,056,122.36 2,056,122.36 - Of which: medical insurance premiums - 1,719,546.30 1,719,546.30 - work injury insurance premiums - 148,691.28 148,691.28 -

Maternity insurance premium - 187,884.78 187,884.78 -

4. Housing provident fund - 1,776,157.00 1,776,157.00 -

5. Trade union funds and employee education

32,012.90 520,139.05 493,328.64 58,823.31 fee

6. Other short-term remuneration - -

Total 11,174,750.52 55,521,133.33 51,935,230.74 14,760,653.11

(3). Display of defined contribution plan

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Basic pension insurance - 3,762,352.66 3,762,352.66 -

2. Unemployment insurance premium - 117,497.04 117,497.04 -

Total - 3,879,849.70 3,879,849.70 -

Other notes:

□Applicable √Not applicable

40. Taxes payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Value-added tax 12,673,139.85 4,556,013.16 Corporate income tax 4,505,973.03 3,088,334.07 Land use tax 85,402.20 81,991.20 Property tax 276,537.28 129,744.41 Urban construction and maintenance tax 534,971.29 306,663.11 Education surcharge 382,122.35 218,987.92 Stamp tax 594,658.91 528,033.04 Personal income tax 21,144.49 17,934.67 Environmental protection tax 6,467.85 9,874.42

Total 19,080,417.25 8,937,576.00Other instructions:

None

41. Other payables

(1).Project list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Interest payable / / Dividends payable / / Other payables 1,941,071.68 1,860,202.24 Total 1,941,071.68 1,860,202.24

Other notes:

□Applicable √Not applicable

(2).Interest payable

Classification list

□Applicable √Not applicable

Important overdue interest payable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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(3). Dividends payable

Classification list

□Applicable √Not applicable

(4).Other payables

Present other payables according to nature of payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Deposit and security deposit 925,000.00 901,000.00 Others 1,016,071.68 959,202.24

Total 1,941,071.68 1,860,202.24

Important other payables aged more than 1 year or overdue

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

42. Liabilities held for sale

□Applicable √Not applicable

43. Non-current liabilities due within 1 year

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Long-term borrowings due within one year 5,193,900.16 7,291,297.57 Lease liabilities due within one year 948,064.16 3,082,890.05

Total 6,141,964.32 10,374,187.62Other instructions:

None

44. Other current liabilities

Other current liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Endorsed undue notes receivable 910,172.50 8,322,292.97 Output tax to be transferred 6,639,972.66 3,560,420.25

Total 7,550,145.16 11,882,713.22

Changes in short-term bonds payable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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45. Long-term loans

(1). Classification of long-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Mortgage and guaranteed borrowings 26,400,000.00 113,350,000.00 Credit borrowings 800,000.00 - Interest payable 433,900.16 311,297.57 Less: Long-term borrowings due within one year 5,193,900.16 7,291,297.57

Total 22,440,000.00 106,370,000.00 Description of long-term loan classification:

None

Other notes:

□Applicable √Not applicable

46. Bonds payable

(1).Bonds payable

□Applicable √Not applicable

(2). Details of bonds payable: (excluding preference shares, perpetual bonds and other financial instruments classified as financial liabilities) □ Applicable √ Not applicable

(3).Description of convertible corporate bonds

□Applicable √Not applicable

Accounting treatment and judgment basis for equity transfer

□Applicable √Not applicable

(4). Description of other financial instruments classified as financial liabilities

Basic information on preferred shares, perpetual bonds and other financial instruments outstanding at the end of the period □ Applicable √ Not applicable

Table of changes in outstanding preferred stocks, perpetual bonds and other financial instruments at the end of the period □ Applicable √ Not applicable

Explanation of the basis for classifying other financial instruments as financial liabilities

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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47. Lease liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Lease payments 1,434,123.16 6,564,850.70 Less: Lease liabilities due within one year 948,064.16 3,082,890.05

Total 486,059.00 3,481,960.65Other instructions:

None

48. Long-term accounts payable

Item list

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

long-term payables

(1). Present long-term payables according to the nature of the payment

□Applicable √Not applicable

Special payables

(1). List special payables according to the nature of the payment

□Applicable √Not applicable

49. Long-term employee benefits payable

□Applicable √Not applicable

50. Estimated liabilities

□Applicable √Not applicable

51. Deferred income

Deferred income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Beginning balance Increase in the current period Decrease in the current period Ending balance Reason for formation Government subsidies 11,355,372.51 - 870,666.13 10,484,706.38 Related to assets

Total 11,355,372.51 - 870,666.13 10,484,706.38 /

Other notes:

□Applicable √Not applicable

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52. Other non-current liabilities

□Applicable √Not applicable

53. Share capital

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in this change (+, -)

The opening balance of the issuance of provident fund and the subtotal of the ending balance

new shares, share conversion, he

Total number of shares 107,600,000.00 35,900,000.00 - - - 35,900,000.00 143,500,000.00Other instructions:

None

54. Other equity instruments

(1).Basic information on preferred shares, perpetual bonds and other financial instruments outstanding at the end of the period

□Applicable √Not applicable

(2). Statement of changes in outstanding preferred stocks, perpetual bonds and other financial instruments at the end of the period

□Applicable √Not applicable

Changes in other equity instruments during the current period, explanations of the reasons for the changes, and the basis for relevant accounting treatments:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

55. Capital reserve

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance equity (capital) surplus

184,516,179.93 758,537,746.56 - 943,053,926.49 price

Other capital reserves 5,192,417.00 6,994,656.45 - 12,187,073.45

Total 189,708,596.93 765,532,403.01 - 955,240,999.94 Other explanations, including changes in increases and decreases in the current period and explanations of reasons for changes:

The company's initial public offering of 35.90 million RMB ordinary shares in 2025, with an issuance price of RMB 24.49 per share, raised total funds of RMB 879,191,000.00, after deducting various issuance expenses of RMB 84,7 53,253.44 yuan (excluding value-added tax), the net amount of funds raised was RMB 794,437,746.56 yuan, the share capital increased by 35,900,000.00 yuan, and the capital reserve-share capital premium increased by 758,537,746.56 yuan.

Changes in other capital reserves during the current period: the employee service costs recognized during the waiting period for equity incentives increased other capital reserves by RMB 2,508,656.76, see Note 15 "Share-based Payment" for details; the deferred income tax assets formed by the share-based payment tax difference exceeding the costs and expenses recognized during the waiting period were included in other capital reserves of RMB 4,485,999.69.

56. Treasury stocks

□Applicable √Not applicable

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57. Other comprehensive income

□Applicable √Not applicable

58. Special reserves

□Applicable √Not applicable

59. Surplus reserve

√Applicable □Not applicable

Unit: Yuan Currency: RMB items Beginning balance Increase in the current period Decrease in the current period Ending balance Statutory surplus reserve 26,948,993.72 10,698,825.86 - 37,647,819.58 Total 26,948,993.72 10,698,825.86 - 37,647,819.58 Description of surplus reserve, including changes in increases and decreases in the current period and explanation of reasons for changes:

According to the provisions of the Company Law and the Company's Articles of Association, the Company shall appropriate 10% of its net profit to the statutory surplus reserve. If the accumulated statutory surplus reserve reaches more than 50% of the company's registered capital, no further withdrawals will be made.

60. Undistributed profits

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Projects in this issue Previous issue

Undistributed profit at the end of the previous year before adjustment 431,533,892.68 320,518,245.08 Total undistributed profit at the beginning of the year before adjustment

• • (increase +, decrease -)

Adjusted undistributed profit at the beginning of the year 431,533,892.68 320,518,245.08 plus: Net profit attributable to shareholders of the parent company for the current period

140,554,623.92 123,819,879.98 profit

Less: Withdrawal from statutory surplus reserve 10,698,825.86 12,804,232.38 Withdrawal from discretionary surplus reserve - - Withdrawal from general risk reserve - - Dividends payable on common shares - - Transferred to capital reserve - - Undistributed profits at the end of the period 561,389,690.74 431,533,892.68 Details of adjustments to undistributed profits at the beginning of the period:

1. 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.

2. Due to changes in accounting policies, the undistributed profit at the beginning of the period was affected by RMB 0.

3. Due to the correction of major accounting errors, the undistributed profit at the beginning of the period was affected by RMB 0.

4. The change in the scope of consolidation due to the same control affects the undistributed profit at the beginning of the period of 0 yuan.

5. The total impact of other adjustments on the undistributed profit at the beginning of the period is 0 yuan.

6. Operating income and operating costs

(1). Operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Amount for the current period Amount for the previous period

Project

revenue cost revenue cost

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Main business 3,164,224,637.89 2,906,601,150.53 1,945,196,221.04 1,718,699,716.84 Other businesses 6,570,918.29 5,277,702.63 2,820,105.74 1,959,833.17

Total 3,170,795,556.18 2,911,878,853.16 1,948,016,326.78 1,720,659,550.01

(2). Decomposition information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB 2025 2024

Contract classification

Operating Income Operating Cost Operating Income Operating Cost Wasted Grease Resources Comprehensive

2,828,026,650.86 2,593,716,749.04 1,588,927,440.37 1,390,969,950.42 Utilization business

Including: bio-based materials 2,436,044,110.80 2,238,800,919.97 1,219,223,223.09 1,052,608,116.36

Biofuels 391,982,540.06 354,915,829.07 369,704,217.28 338,361,834.06 Oleochemicals 336,197,987.03 312,884,401.49 356,268,780.67 327,729,766.42

Total 3,164,224,637.89 2,906,601,150.53 1,945,196,221.04 1,718,699,716.84

Other notes:

□Applicable √Not applicable

(3).Description of performance obligations

□Applicable √Not applicable

(4). Description of apportionment to remaining performance obligations

□Applicable √Not applicable

(5).Major contract changes or major transaction price adjustments

□Applicable √Not applicable

Other notes:

None

62. Taxes and surcharges

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Stamp tax 2,166,456.28 1,731,176.30 Urban construction tax 4,661,640.65 1,464,621.04 Education surcharge 1,997,820.36 629,570.27 Local education surcharge 1,331,880.27 419,619.46 Property tax 994,481.59 518,510.08Land use tax 338,197.80 323,673.51Vehicle and vessel tax 3,960.00 5,880.00Environmental protection tax 24,206.19 26,632.21

Total 11,518,643.14 5,119,682.87Other instructions:

None

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63. Sales expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 8,233,160.38 6,908,312.55 Entertainment expenses 2,639,929.12 2,347,211.12 Warehousing rental fees and depreciation of right-of-use assets 5,147,320.39 8,155,721.89 Commission fees 1,562,300.30 1,099,318.48 Travel expenses 1,391,585.55 1,508,181.44 Office expenses 664,256.21 621,505.27 Publicity and promotion expenses 304,901.40 432,022.17 Accumulated depreciation 306,101.52 195,019.74 Certification fees 475,516.27 414,462.40 Insurance premium - 54,872.81 Low-value consumables 1,681.41 17,612.84 Vehicle expenses 2,991.02 7,162.83 Others 50,992.28 48,847.26

Total 20,780,735.85 21,810,250.80

Other notes:

None

64. Management expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 18,833,785.12 16,393,808.09 Share-based payment 2,262,110.98 2,201,459.37 Business entertainment expenses 4,587,782.17 2,541,720.54 Consulting service fees 3,916,041.66 1,704,226.70 Office expenses 1,714,293.35 1,506,076.16 Vehicle expenses 501,587.18 421,843.34 Accumulated depreciation 2,222,829.44 2,094,433.32 Amortization of intangible assets 903,854.86 726,430.34 Travel expenses 945,423.71 725,012.72 Amortization of low-value consumables 96,374.41 126,322.54 Depreciation of right-of-use assets - - Lease fees 360,844.36 262,021.88 Labor protection fees 4,745.81 2,311.77 Others 1,114,873.31 359,966.76

Total 37,464,546.36 29,065,633.53Other instructions:

None

65. Research and development expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Item Amount for the current period Amount for the previous period

Receipt of materials 47,765,005.89 35,509,054.35 Employee compensation 14,557,989.11 13,425,855.60 Share-based payment 246,545.78 299,584.34 Depreciation and amortization 2,143,236.55 1,814,293.36 Others 3,467,801.68 2,517,344.68

Total 68,180,579.01 53,566,132.33Other instructions:

None

66. Financial expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Interest expense 7,694,244.89 5,998,351.10 Less: Interest income 1,072,643.18 720,116.22 Exchange gains and losses 103,225.25 -4,651,292.15 Others 1,206,577.58 582,011.93

Total 7,931,404.54 1,208,954.66Other instructions:

None

67. Other income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Classification by nature Amount incurred in the current period Amount incurred in the previous period

Government subsidies related to daily activities of enterprises

34,330,937.04 13,817,898.85 aid

Other activities related to and included in daily activities

12,041,713.12 6,472,780.58 Items of his income:

Including: personal income tax withholding fees

77,114.41 26,898.20 return

Additional input tax deduction 11,964,598.71 6,445,882.38

Total 46,372,650.16 20,290,679.43Other instructions:

None

68. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Investment income from trading financial assets during the holding period

874,291.97 699,765.17 profit

Derecognition of financial assets measured at amortized cost

-749,410.44 -409,542.73Income

Total 124,881.53 290,222.44

Other notes:

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None

69. Net exposure hedging income

□Applicable √Not applicable

70. Income from changes in fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Sources of income from changes in fair value Amount incurred in the current period Amount incurred in the previous period

Trading financial assets 141,723.04 -Including: fair price of derivative financial instruments

141,723.04 - Income from changes in value

Trading financial liabilities 281,663.93 -340,708.35 Including: fair price of derivative financial instruments

281,663.93 -340,708.35 Income from changes in value

Total 423,386.97 -340,708.35Other instructions:

None

71. Credit impairment losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Bad debt losses on accounts receivable -2,854,371.79 -4,472,187.96 Bad debt losses on other receivables -583,567.16 -341,237.27 Bad debt losses on notes receivable -44,852.93 -

Total -3,482,791.88 -4,813,425.23Other instructions:

None

72. Asset impairment losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

1. Impairment losses on contract assets 56,149.84 -85,802.40

2. Inventory depreciation losses and contract performance costs

-2,614,517.75 -648,765.37 Impairment loss

Total -2,558,367.91 -734,567.77Other instructions:

None

73. Income from asset disposal

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Total income from disposal of non-current assets 32,843.57 48,776.73

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Including: income from fixed asset disposal 32,843.57 48,776.73

Total 32,843.57 48,776.73Other instructions:

None

74. Non-operating income

Non-operating income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring profit and loss items for the current period Amount incurred in the current period Amount incurred in the previous period

amount of

Gains on disposal of non-current assets

• • -Total

Including: fixed asset disposal

• • -Profit

Disposal of intangible assets

• • -Profit

Amounts not required to be paid - 1,845.00 - Compensation 26,588.91 3,214,270.02 26,588.91 Others 9,404.51 5,037.64 9,404.51

Total 35,993.42 3,221,152.66 35,993.42

Other notes:

□Applicable √Not applicable

75. Non-operating expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring profit and loss items for the current period Amount incurred in the current period Amount incurred in the previous period

amount of

Loss on disposal of non-current assets

408,248.96 60,184.56 408,248.96 Total loss

Including: fixed asset disposal

408,248.96 60,184.56 408,248.96 losses

Intangible Assets Division

• • • Loss of placement

Non-monetary asset exchange

• • -Loss

External donation expenses 10,000.00 20,000.00 10,000.00 Late payment fees and fines 75,421.00 34,499.58 75,421.00 Others 239.70 13,198.70 239.70

Total 493,909.66 127,882.84 493,909.66Other instructions:

None

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76. Income tax expenses

(1). Income tax expense schedule

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Current income tax expense 12,130,720.87 14,022,417.64 Deferred income tax expense 839,518.09 -3,421,927.97

Total 12,970,238.96 10,600,489.67

(2).Accounting profit and income tax expense adjustment process

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in this period

Total profit 153,495,480.32 Income tax expense calculated according to statutory/applicable tax rates 23,024,322.05 Impact of different tax rates applicable to subsidiaries 4,367,289.37 Impact of adjusting income tax in previous periods 432,682.69 Impact of non-taxable income - Impact of non-deductible costs, expenses and losses 583,100.59 Use the deductible losses of deferred income tax assets not recognized in the previous period

793.56 Impact of loss

The deductible deferred income tax assets not recognized during the year (period)

12,030,958.56 minus the impact of temporary differences or deductible losses

Tax rate adjustments result in deferred income tax asset/liability balances at the beginning of the year

Change of 1,606,559.34

Super deduction -29,075,467.20 Income tax expense 12,970,238.96

Other notes:

□Applicable √Not applicable

77. Other comprehensive income

□Applicable √Not applicable

78. Cash flow statement items

(1). Cash related to operating activities

Other cash received related to operating activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Non-operating income 35,993.42 3,193,215.67 Financial expenses - interest income 1,072,643.18 720,116.22 Government subsidies received 3,500,525.60 6,356,806.52 Refund of withholding personal income tax fees 77,114.41 26,898.20 Other transactions (deposit, margin, reserve fund 24,000.00 220,180.00

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etc.)

Recovery of letter of credit deposit 1,534,037.18 3,404,960.12

Total 6,244,313.79 13,922,176.73 Description of other cash received related to operating activities:

None

Other cash paid related to operating activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Non-operating expenses 85,660.70 67,698.28 Operating expenses 25,764,242.03 22,944,030.97 Payment of letter of credit deposit, performance bond, etc. 3,953,997.60 Other transactions (deposit, security deposit, reserve fund

6,917,814.34 2,819,588.06, etc.)

Total 32,767,717.07 29,785,314.91 Description of other cash paid related to operating activities:

None

(2).Cash related to investing activities

Cash received in connection with significant investing activities

□Applicable √Not applicable

Cash payments related to significant investment activities

□Applicable √Not applicable

Other cash received related to investing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Recovery of deposits from forward foreign exchange settlement and sales business 4,443,622.55 1,169,933.07 Income from forward foreign exchange settlement and sales 1,050,496.97 699,765.17 Cash received from subsidiaries 247,160.00

Total 5,741,279.52 1,869,698.24 Description of other cash received related to investing activities:

None

Other cash paid related to investing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Payment of deposit for forward foreign exchange settlement and sales business 4,840,519.17 1,424,970.32

Total 4,840,519.17 1,424,970.32 Description of other cash paid related to investment activities:

None

(3).Cash related to financing activities

Other cash received related to financing activities

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√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Amount for the current period Amount for the previous period

Bill discount 28,609,172.04 7,342,890.87 Total 28,609,172.04 7,342,890.87 Description of other cash received related to financing activities:

None

Other cash payments related to financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Amount for the current period Amount for the previous period

Cash paid for lease 2,842,000.00 4,146,000.00Total 2,842,000.00 4,146,000.00Explanation of other cash paid related to financing activities:

None

Changes in various liabilities arising from financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase in this period Decrease in this period

Item Opening balance Closing balance Cash change Non-cash change Cash change Non-cash change

173,391,2 400,109,17

Short-term borrowings 7,412,180.88 357,447,541.25 751,272.57 222,713,829.84

90.74 2.04

Arrive within a year

10,374,18

Non-current period - 5,508,669.70 7,291,297.57 2,449,595.43 6,141,964.32

7.62

Liquid liabilities

106,370,0

Long-term borrowings - 3,020,489.94 81,756,589.78 5,193,900.16 22,440,000.00 00.00

3,481,960.

Lease liabilities - - 2,681,132.11 314,769.54 486,059.00 293,617,4 400,109,17

Total 15,941,340.52 449,176,560.71 8,709,537.70 251,781,853.16 39.01 2.04

(4).Explanation on presenting cash flow in net amount

□Applicable √Not applicable

(5). Major activities and financial activities that do not involve current cash receipts and expenditures but affect the company's financial status or may affect the company's cash flow in the future.

business impact

□Applicable √Not applicable

79. Supplementary information for cash flow statement

(1). Supplementary information for cash flow statement

√Applicable □Not applicable

Unit: Yuan Currency: RMB Supplementary information Amount of the current period Amount of the previous period

1. Reconcile net profit to cash flow from operating activities:

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Net profit 140,525,241.36 123,819,879.98 plus: credit impairment loss 3,482,791.88 4,813,425.23 Asset impairment provision 2,558,367.91 734,567.77 Fixed asset depreciation, oil and gas asset depreciation,

26,713,277.48 15,413,227.93 Depreciation of productive biological assets

Depreciation of right-of-use assets 2,594,219.79 3,376,958.77 Amortization of intangible assets 1,298,769.43 815,641.82 Amortization of long-term prepaid expenses 1,294,823.32 2,245,630.86

Disposal of fixed assets, intangible assets and other

Loss of long-term assets (income is filled in with "-" -32,843.57 -48,776.73)

Loss on scrapping of fixed assets (income is represented by “-”

408,248.96 60,184.56 (please fill in the list)

Loss from changes in fair value (income is represented by “-”

-423,386.97 340,708.35 (please fill in the list)

Financial expenses (income is listed with "-") 7,797,470.14 1,347,058.95 Investment losses (income is listed with "-") -874,291.97 -699,765.17 Decrease in deferred income tax assets (increase is marked with

-2,797,458.09 -4,145,134.12 Fill in the column with “-” sign)

Deferred tax liabilities increased (decreased by

-849,023.51 723,206.15 (Fill in “-”)

Decrease in inventory (increase filled in with "-"

-283,209,995.35 -44,272,141.10 columns)

Decrease in operating receivables (increase by

-24,855,420.69 -118,187,584.41 Fill in the column with "-")

Increase in operating payables (decrease by

103,506,289.85 32,808,603.16 (Fill in “-”)

Others [Note] -3,575,469.95 3,284,635.49 Net cash flow from operating activities -26,438,389.98 22,430,327.49

2. Major investments and financings that do not involve cash receipts and payments

Funding activities:

debt to capital

Convertible corporate bonds due within one year

Financing leased fixed assets

3. Net changes in cash and cash equivalents:

Closing balance of cash 547,191,339.25 150,791,166.09 Less: Opening balance of cash 150,791,166.09 137,721,571.80 Add: Closing balance of cash equivalents

Less: Beginning balance of cash equivalents

Net increase in cash and cash equivalents 396,400,173.16 13,069,594.29 Note: Other items are increases in restricted monetary funds related to operating activities.

(2). Net cash paid in the current period to acquire subsidiaries

□Applicable √Not applicable

(3). Net cash received from disposal of subsidiaries in the current period

□Applicable √Not applicable

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(4). Composition of cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

1. Cash 547,191,339.25 150,791,166.09 Including: Cash on hand - 10,000.00 Bank deposits that can be used for payment at any time 547,124,775.91 150,781,166.09 Other monetary resources that can be used for payment at any time

66,563.34 - gold

2. Cash equivalents - -Including: bond investments due within three months - -

3. Balance of cash and cash equivalents at the end of the period 547,191,339.25 150,791,166.09 Including: used by the parent company or subsidiaries within the group

• • Restricted cash and cash equivalents

(5). Situations where the scope of use is limited but still presented as cash and cash equivalents

□Applicable √Not applicable

(6). Monetary funds that are not cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Ending balance Beginning balance Reason

Bank acceptance bill deposit, forward settlement currency funds 19,966,051.79 15,993,685.22 Foreign exchange sales deposit, letter of guarantee deposit, import letter of credit deposit

Total 19,966,051.79 15,993,685.22 /

Other notes:

□Applicable √Not applicable

80. Notes on items in the statement of changes in owners’ equity

Explain the names of "other" items that were adjusted to the closing balance of the previous year and the amount of adjustment, etc.:

□Applicable √Not applicable

81. Foreign currency monetary items

(1). Foreign currency monetary items

√Applicable □Not applicable

Unit: yuan Conversion into RMB items at the end of the period Foreign currency balance at the end of the period Conversion exchange rate

balance

Monetary funds - -

Including: US dollars 2,504,261.27 7.0288 17,601,951.61 euros

Hong Kong dollar

Accounts receivable - -

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Including: USD 3,424,337.38 7.0288 24,068,982.57 Euros

Hong Kong dollar

Accounts payable - - Of which: USD 601,940.77 7.0288 4,230,922.15 EUR 24,218.00 8.2355 199,447.34

Hong Kong dollar

Other notes:

None

(2). Description of overseas operating entities, including for important overseas operating entities, their main overseas operating place, accounting standard currency and selection basis should be disclosed. If the accounting standard currency changes, the reasons should also be disclosed □ Applicable √ Not applicable

82. Leasing

(1). As a 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

Sale and leaseback transactions and basis for judgment

□Applicable √Not applicable

The total cash outflow related to the lease was 2,842,000.00. (Unit: Yuan Currency: RMB)

Item Amount of current period Interest expense on lease liabilities 146,314.01 Total cash outflow related to lease 2,842,000.00

(2). As a lessor

Operating lease as lessor

□Applicable √Not applicable

Finance lease as lessor

□Applicable √Not applicable

Reconciliation of undiscounted lease receipts and net lease investment

□Applicable √Not applicable

Undiscounted lease receipts over the next five years

□Applicable √Not applicable

(3). As a manufacturer or distributor, recognize financial lease sales profits and losses □Applicable √Not applicable

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Other notes:

None

83. Data resources

□Applicable √Not applicable

84. Others

□Applicable √Not applicable

8. R&D expenditures

1. List according to nature of expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period Receipt of materials 47,765,005.89 35,509,054.35 Employee compensation 14,557,989.11 13,425,855.60 Share-based payment 246,545.78 299,584.34 Depreciation and amortization 2,143,236.55 1,814,293.36 Others 3,467,801.68 2,517,344.68

Total 68,180,579.01 53,566,132.33 Including: expensed R&D expenditures 68,180,579.01 53,566,132.33

Capitalized R&D Expenditures - -Other Notes:

None

2. Development expenditures on R&D projects that meet capitalization conditions

□Applicable √Not applicable

Significant Capitalized R&D Projects

□Applicable √Not applicable

Impairment provision for development expenditures

□Applicable √Not applicable

Other notes:

None

3. Important outsourced research projects

□Applicable √Not applicable

9. Changes in consolidation scope

1. Merger of enterprises not under common control

√Applicable □Not applicable

(1).Business merger transactions not under common control that occurred during the current period

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Equity Purchase Date to Purchase Date to Purchase Date Equity Equity Equity Purchase Date

Acquire Purchase Purchased at the end of the period Acquired at the end of the period Purchased party at the end of the period Acquire Acquire Acquisition Determination of acquisition

Proportion Day Buyer’s receipt Buyer’s net Buyer’s current name Time point Cost Method Basis

(%) Income Profit Cash Flow Hong Kong Germany

New energy

Yuanke

2025/1 800.0 Cash 2025/ Others 1,434,029. -146,912. 1,851,659. Technology (游 80.00

2/17 00000 yuan acquisition 12/17 Ming 13 80 16 states) Yes

Limited public service

Division

Other notes:

On December 15, 2025, the subsidiary Juyoubao Ecological Environment Technology (Jiangsu) Co., Ltd. and Gangde New Energy Technology (Luzhou)

Co., Ltd. (hereinafter referred to as "Gangde New Energy") original shareholder Huang Delu signed the "Capital Increase and Share Expansion Agreement" and plans to invest 8 million yuan.

Subscribed the company's new registered capital of 8 million yuan and obtained 80% of the equity after the capital increase was completed.

On December 17, 2025, Gangde New Energy has completed the industrial and commercial change registration procedures for this capital increase. Therefore, the company will

The purchase date of De New Energy is determined to be December 17, 2025. On December 19, 2025, the company has signed the "Capital Increase and Share Expansion Agreement"

It was agreed to pay the entire capital increase of RMB 8 million. Among them, Luzhou Gangde Environmental Protection Technology Co., Ltd. is Gangde New Energy Technology (Luzhou)

Co., Ltd. invested and established a wholly-owned subsidiary on October 9, 2025.

(2).Merger costs and goodwill

√Applicable □Not applicable

Unit: Yuan Currency: RMB Merger cost Gangde New Energy Technology (Luzhou) Co., Ltd.

--Cash 8,000,000.00 --Fair value of non-cash assets --Fair value of debt issued or assumed --Fair value of equity securities issued --Fair value of contingent consideration --Fair value of equity held before the purchase date on the purchase date --Others -Total merger costs 8,000,000.00 Less: Fair value share of identifiable net assets acquired

7,982,823.20 Goodwill/merger cost is less than the fair price of identifiable net assets acquired

Amount of value share 17,176.80

Method for determining the fair value of merger costs:

□Applicable √Not applicable

Completion status of performance commitments:

□Applicable √Not applicable

The main reasons for the formation of large amounts of goodwill:

□Applicable √Not applicable

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Other notes:

None

(3). The identifiable assets and liabilities of the purchased party on the purchase date

√Applicable □Not applicable

Unit: Yuan Currency: RMB Gangde New Energy Technology (Luzhou) Co., Ltd.

Fair value on the date of purchase Book value on the date of purchase Assets 5,460,492.00 5,460,492.00 Liabilities 4,481,963.00 4,481,963.00 Net assets 978,529.00 978,529.00

Methods for determining the fair value of assets and liabilities:

None

Contingent liabilities of the purchased party assumed in a business combination:

None

Other notes:

None

(4). Is there any gain or loss arising from the re-measurement of the equity held before the acquisition date at fair value? There is a transaction that realizes the business combination step by step through multiple transactions and obtains control during the reporting period □ Applicable √ Not applicable

(5). The merger consideration or the fair value of the acquiree’s identifiable assets and liabilities cannot be reasonably determined on the acquisition date or at the end of the current period of merger.

Description

□Applicable √Not applicable

(6).Other instructions

□Applicable √Not applicable

2. Merger of enterprises under common control

□Applicable √Not applicable

3. Reverse purchase

□Applicable √Not applicable

4. Disposal of subsidiaries

Are there any transactions or events that result in the loss of control of subsidiaries during this period?

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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? Applicable √ Not applicable

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Other notes:

□Applicable √Not applicable

5. Changes in the scope of consolidation due to other reasons

Explain the changes in the scope of consolidation caused by other reasons (such as the establishment of new subsidiaries, liquidation of subsidiaries, etc.) and their related situations: □ Applicable √ Not applicable

6. Others

□Applicable √Not applicable

10. Interests in other entities

1. Interests in subsidiaries

(1).Construction of enterprise groups

√Applicable □Not applicable

Unit: Yuan Currency: RMB Subsidiary Main business Shareholding ratio (%) Obtained registered capital Place of registration Nature of business

Name Place Direct Indirect Way Suzhou Fu

The origin of the same control

10 million people

Biotechnology Suzhou City Suzhou City Trading Industry 100.00 Under enterprise cooperation

RMB

Limited company

Dong Chisheng

Biotechnology

10 million people

(Jiangsu) Suzhou City Suzhou City Trading Industry 100.00 Establishment

RMB

limited company

Division

Changzhou City

Jintan District

50 million people under the same control

Changzhou City Changzhou City Processing Industry 100.00 Lower Enterprise Hewu Technology RMB

and limited public

Division

Changzhou City

Jintan District under the same control

10 million people

Liangyou Oil Changzhou City Changzhou City Processing Industry 100.00 Under enterprise cooperation

RMB

Fat Co., Ltd.

Jiangsu Fu

15 million people living in the same controlled state

Changzhou City Changzhou City Processing Industry 100.00 Enterprise Hehe Technology Co., Ltd. RMB

limited company

Changzhou City

Jintan District

2 million people

Liangnongsheng Changzhou City Changzhou City Processing Industry 100.00 Acquisition

RMB

Biotechnology

limited company

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Division

Juyoubao

ecological environment

Environment Technology 10 million people

Suzhou City Suzhou City Processing Industry 100.00 Establishment (Jiangsu) RMB Co., Ltd.

Division

Edwan

Bioenergy

Source (Hong Kong Hong Kong HKD 10,000 Hong Kong Trading Industry 100.00 Hong Kong Establishment) Co., Ltd.

company

Euromonization

Academic products (Jiang 10 million people

Suzhou City Suzhou City Trading Industry 100.00 Establishment of Su) Co., Ltd. RMB Company

Hong Kong Dexin

Energy Section

10 million people technology (Luzhou City Luzhou City Processing Industry 80.00 Acquisition

RMB State) Co., Ltd.

company

Luzhou City

Hong Kong Dehuan

100,000 People's Insurance Technology Luzhou City Luzhou City Processing Industry 80.00 Acquisition

Coin Co., Ltd.

Division

Explanation on the difference between the proportion of shareholding in subsidiaries and 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 an agent or a principal: None

Other notes:

None

(2).Important non-wholly owned subsidiaries

□Applicable √Not applicable

(3).Main financial information of important non-wholly owned subsidiaries

□Applicable √Not applicable

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(4).Significant restrictions on the use of enterprise group assets and settlement of enterprise group debts

□Applicable √Not applicable

(5). Financial support or other support provided to structured entities included in the scope of consolidated financial statements □Applicable √Not applicable

Other notes:

□Applicable √Not applicable

2. Transactions in which the ownership share of the subsidiary changes and the subsidiary is still controlled □Applicable √Not applicable

3. Interests in joint ventures or associated enterprises

□Applicable √Not applicable

4. Important joint operations

□Applicable √Not applicable

5. Interests in structured entities not included in the scope of consolidated financial statements

Relevant instructions for structured entities not included in the scope of consolidated financial statements:

□Applicable √Not applicable

6. Others

□Applicable √Not applicable

11. Government subsidies

1. 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

2. Liability items involving government subsidies

√Applicable □Not applicable

Unit: Yuan Currency: RMB for the current period

Financial statements of the current period New additions to operations Transferred in the current period Changes related to assets/receipts Beginning balance Others Closing balance items Subsidies Other income Other income

Amount Amount

Deferred income 11,355,372.51 - - 870,666.13 - 10,484,706.38 Asset related

Total 11,355,372.51 - - 870,666.13 - 10,484,706.38 /

3. Government subsidies included in current profits and losses

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Type Amount for the current period Amount for the previous period

Related to income 33,460,270.91 13,267,815.75

Total 33,460,270.91 13,267,815.75Other instructions:

None

12. Risks related to financial instruments

1. Risks of financial instruments

√Applicable □Not applicable

The company's main financial instruments include loans, accounts receivable, accounts payable, etc. For detailed descriptions of each financial instrument, please see the relevant items in Note 5. The risks associated with these financial instruments, and the risk management policies adopted by the Company to mitigate these risks, are described below. The company's management manages and monitors these risk exposures to ensure that the above risks are controlled within limited limits.

The company uses sensitivity analysis techniques to analyze the possible impact of reasonable and possible changes in risk variables on current profits and losses or shareholders' equity. Since any risk variable rarely changes in isolation, and the correlation between variables will have a significant impact on the final impact of a change in a certain risk variable, the following content is based on the assumption that changes in each variable are independent.

(1) Risk management objectives and policies

The company's goal in risk management is to achieve an appropriate balance between risks and returns, reduce the negative impact of risks on the company's operating performance to a minimum, 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 determine 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.

1. Market risk

(1) Foreign exchange risk

Foreign exchange risk refers to the risk of losses due to changes in exchange rates. The company's foreign exchange risk exposure is mainly related to the US dollar. Except for several of the company's subsidiaries that purchase and sell in US dollars, the company's other main business activities are denominated and settled in RMB. Except for the assets or liabilities described in the table below whose balances are in US dollars, the Company's assets and liabilities are all in RMB balances. The foreign exchange risk arising from the assets and liabilities with such foreign currency balances may have an impact on the Company's operating results.

Unit: Yuan

Item Ending balance Last year’s end balance

Monetary funds 17,601,951.61 18,297,269.69 Accounts receivable 24,068,982.57 29,746,402.28 Accounts payable 4,430,369.49 10,056,021.47 Foreign exchange risk sensitivity analysis:

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Foreign exchange risk sensitivity analysis assumes: All overseas operating net investment hedging and cash flow hedging meet the effectiveness requirements. Based on the above assumptions, and with other variables unchanged, the pre-tax impact of possible reasonable changes in the exchange rate on current profits and losses and shareholders’ equity is as follows:

Unit: Yuan Impact on net profit

Exchange rate changes

Amount of current period Amount of previous period

5% appreciation against RMB 1,915,514.92 2,417,766.57 5% depreciation against RMB -1,915,514.92 -2,417,766.57 (2) Other price risks

Price risk refers to the risk of fluctuations caused by market price changes other than exchange rate risk and interest rate risk. The company mainly stems from changes in commodity prices.

2. Credit risk

Credit risk refers to the risk that the counterparty fails to perform its contractual obligations, resulting in financial losses to the Company. The company's credit risk mainly comes from monetary funds, trading financial assets, accounts receivable, other receivables, etc. Management has established appropriate credit policies and monitors these credit risk exposures on an ongoing basis.

The monetary funds and trading financial assets held by the Company are mainly deposited in financial institutions such as state-controlled banks and other large and medium-sized commercial banks. The management believes that these commercial banks have high reputation and asset status, do not have major credit risks, and will not incur any major losses due to default by counterparties.

For accounts receivable and other receivables, the Company sets relevant policies to control credit risk exposure. The company evaluates the customer's credit qualifications and sets corresponding credit periods based on the customer's financial status, the possibility of obtaining guarantees from third parties, credit records and other factors such as current market conditions. The company will regularly monitor customer credit records. For customers with poor credit records, the company will use methods such as telephone and email reminders, shortening the credit period or canceling the credit period to ensure that the company's overall credit risk is within a controllable range.

The Company's maximum exposure to credit risk is the carrying amount of each financial asset on the balance sheet.

3. Liquidity risk

Liquidity risk refers to the risk that the company is unable to obtain sufficient funds in a timely manner to meet business development needs or repay mature debts and other payment obligations.

When managing liquidity risk, the Company maintains and monitors cash and cash equivalents that management considers sufficient to meet the Company's operating needs and reduce the impact of cash flow fluctuations. The Company's management monitors the use of bank borrowings and ensures compliance with borrowing agreements.

The analysis of the financial liabilities held by the Company based on the maturity period of the undiscounted remaining contractual obligations is as follows:

Unit: Yuan ending balance

Project

Book value Undiscounted contract amount Within 1 year 1-5 years Short-term borrowings over 5 years 222,713,829.84 222,713,829.84 222,713,829.84 - -

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Ending balance

Project

Book value Undiscounted contract amount Within 1 year 1-5 years Notes payable over 5 years 55,314,977.51 55,314,977.51 55,314,977.51 - - Accounts payable 112,977,617.18 112,977,617.18 112,977,617.18 - - Other payables 1,941,071.68 1,941,071.68 1,941,071.68 - - Due within one year

6,141,964.32 6,141,964.32 6,141,964.32 - -Non-current liabilities

Long-term borrowings 22,440,000.00 22,440,000.00 - 22,440,000.00 - Lease liabilities 486,059.00 486,059.00 - 486,059.00 -

Subtotal 422,015,519.53 422,015,519.53 399,089,460.53 22,926,059.00 -

2. Hedging

(1). The company carries out hedging business for risk management

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(2). The company carries out qualified hedging business and applies hedging accounting

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(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

Other notes:

□Applicable √Not applicable

3. Transfer of financial assets

(1). Classification of transfer methods

□Applicable √Not applicable

(2). Financial assets derecognized due to transfer

□Applicable √Not applicable

(3). Transferred financial assets with continued involvement

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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13. Disclosure of fair value

1. Closing fair value of assets and liabilities measured at fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing fair value items First level fair price Second level fair Total third level fair price

value measurement value measurement value measurement

1. Continuous fair value measurement

quantity

(1) Trading financial assets

1. Measured at fair value and changed

Financial assets that are automatically included in current profits and losses

assets

(1) Debt instrument investment

(2) Equity instrument investment

(3) Derivative financial assets 141,723.04 141,723.04 (4) Financial management products 300,000,000.00 300,000,000.00

2. Designated to be measured at fair value

And its changes are included in the current profit and loss

financial assets

(1) Debt instrument investment

(2) Equity instrument investment

(3) Accounts receivable financing 12,862,336.23 12,862,336.23

(2) Other debt investments

(3) Investment in other equity instruments

(4) Investment real estate

1. Land use rights for lease

2. Buildings for rent

3. Hold and prepare to transfer after appreciation

land use rights

(5) Biological assets

1. Consumable biological assets

2. Productive biological assets

Measured at fair value on an ongoing basis

141,723.04 312,862,336.23 313,004,059.27

Total assets

(6) Trading financial liabilities

1. Measured at fair value and changed

Financial assets that are automatically included in current profits and losses

Liabilities

Including: trading bonds issued

Derivative financial liabilities 258,500.64 258,500.64

Others

2. Designated as fair value

The amount and changes are included in the current profit and loss

financial liabilities

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Measured at fair value on an ongoing basis

258,500.64 258,500.64

total liabilities

2. Non-sustaining fair value

Measurement

(1) Assets held for sale

Measured at fair value on a non-continuous basis

of total assets

Measured at fair value on a non-continuous basis

of total liabilities

2. Basis for determining the market price of continuous and non-continuous first-level fair value measurement items

□Applicable √Not applicable

3. Continuous and non-continuous second-level fair value measurement items, valuation techniques used and qualitative and quantitative information on important parameters √ Applicable □ Not applicable

Derivative financial assets (liabilities) are forward foreign exchange contracts signed between the company and banks. The company uses the valuation notice provided by the bank to calculate the fair value at the end of the period.

4. Continuous and non-continuous third-level fair value measurement items, valuation techniques used and qualitative and quantitative information on important parameters √ Applicable □ Not applicable

Bank wealth management products do not have public quotations in active markets, and there is insufficient recent information to determine their fair value. The cost represents the best estimate of fair value. Therefore, RMB wealth management products use the purchase cost as the fair value at the end of the period, and U.S. dollar wealth management products use the functional currency amount converted at the exchange rate on the statement date as the fair value.

There is no public quotation for receivable financing in the active market, its remaining term is short, and its book value is close to the fair value, so the face value is used as the fair value.

5. Continuous third-level fair value measurement items, reconciliation information between the opening and closing book values and sensitivity analysis of unobservable parameters

□Applicable √Not applicable

6. 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

□Applicable √Not applicable

7. Valuation technology changes that occurred during the period and reasons for the changes

□Applicable √Not applicable

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8. Fair value of financial assets and financial liabilities not measured at fair value

□Applicable √Not applicable

9. Others

□Applicable √Not applicable

14. Related parties and related transactions

1. Information about the parent company of this enterprise

□Applicable √Not applicable

2. Information about the company’s subsidiaries

Please refer to the notes for details of the company’s subsidiaries.

√Applicable □Not applicable

For details of the Company’s subsidiaries, please refer to Note 10 “Equity in Other Entities”

3. Information about the company’s joint ventures and associated enterprises

Please refer to the notes for details of important joint ventures or associates of this company.

□Applicable √Not applicable

The information of other joint ventures or associates that have related party transactions with the company in the current period, or have balances from related party transactions with the company in previous periods, is as follows:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

4. Other related parties

√Applicable □Not applicable

Names of other related parties Relationship between other related parties and the company Han Linlin Controlling shareholder and spouse of the actual controller Li Yin Director and general manager Li Yongxing Director

Wang Yiyong Director, Production Director Huang Lingling Director

Wei Guoqing Director

Pan Hong Independent Director

Jiang Qixing Independent Director

Peng Zhengan Independent Director

Huang Jiang, Secretary of the Board of Directors, Deputy General Manager Gu Yazhou, Chief Financial Officer

Wu Guolin Marketing Director

Ma Min Technical Director

Wei Liang, son of Wei Guoqing, director of Telaidian New Energy Co., Ltd. Huang Wei, the brother-in-law of the actual controller Pingyuan, serves as the deputy general manager of the company. Qiandongnan Kaisheng Telaidian Charging Network Operation Co., Ltd. Huang Wei, the brother-in-law of the actual controller Pingyuan, serves as a director of the company. Taiyuan Longtou Telaidian New Energy Co., Ltd. Huang Wei, the brother-in-law of the issuer's actual controller Pingyuan, serves as a director of the company.

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Other notes:

None

5. Related transactions

(1). Related transactions related to purchase and sale of goods, provision and receipt of services. Purchase of goods/receipt of services status table

√Applicable □Not applicable

Unit: Yuan Currency: RMB Approved transaction amount Whether it exceeds the related parties of the transaction Contents of related transactions Amount of the current period Amount of the previous period

Degree (if applicable) Quota (if applicable) Te Laidian New Energy

Charging fee 4,452.29 70,000.00 No 3,633.60 Co., Ltd.

Total 4,452.29 70,000.00 No 3,633.60 Sales of goods/provision of services statement

□Applicable √Not applicable

Description of related-party transactions for purchasing and selling goods, providing and receiving services □Applicable √Not applicable

(2). Related entrusted management/contracting and entrusted management/contracting status. The company’s entrusted management/contracting status table:

□Applicable √Not applicable

Description of associated hosting/contracting situations

□Applicable √Not applicable

The company's entrusted management/outsourcing status table

□Applicable √Not applicable

Description of association management/outsourcing situation

□Applicable √Not applicable

(3). Related leasing situation

As a lessor, our company:

□Applicable √Not applicable

As a lessee, our company:

□Applicable √Not applicable

Description of related leasing situation

□Applicable √Not applicable

(4) Related guarantees

The company acts as a guarantor

□Applicable √Not applicable

The company as the guaranteed party

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB Guarantor Guarantee amount Guarantee starting date Guarantee expiration date Whether the guarantee has been fulfilled

Pingyuan 54,000 2022-4-27 2030-4-26 No Explanation on related guarantees

□Applicable √Not applicable

(5). Related party fund lending

□Applicable √Not applicable

(6) Related party asset transfer and debt restructuring □Applicable √Not applicable

(7).Remuneration of key management personnel

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period Remuneration of key management personnel 6,791,879.88 6,929,267.28

(8).Other related transactions

□Applicable √Not applicable

6. Unsettled items receivable and payable to related parties (1). Receivable items

□Applicable √Not applicable

(2). Payable items

□Applicable √Not applicable

(3).Other items

□Applicable √Not applicable

7. Related party commitments

□Applicable √Not applicable

8. Others

□Applicable √Not applicable

15. Share-based payment

1. Various equity instruments

(1).Details

□Applicable √Not applicable

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

(2). Stock options or other equity instruments outstanding at the end of the period

□Applicable √Not applicable

2. Equity-settled share-based payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Equity-settled share-based payment objects Incentive objects

Method for determining the fair value of equity instruments on the grant date Black-Scholes model Important parameters of the fair value of equity instruments on the grant date Market price on the grant date, grant price

The basis for determining the number of subsequent vested equity instruments based on the latest change in the number of vested employees and other

Information is used to estimate the reasons for significant differences between the current period’s estimates and the previous period’s estimates None

The cumulative amount of equity-settled share-based payments included in capital reserves 7,701,073.76 Other notes:

None

3. Share-based payment settled in cash

□Applicable √Not applicable

4. Share-based payment expenses for this period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Category of grant objects Equity-settled share-based payment expenses Cash-settled share-based payment expenses Various equity instruments granted during the reporting period

2,508,656.76 -Total amount

Total 2,508,656.76 -Other instructions

None

5. Modification and termination of share-based payment

□Applicable √Not applicable

6. Others

□Applicable √Not applicable

16. Commitments and contingencies

1. Important commitments

□Applicable √Not applicable

2. Contingencies

(1). Important contingencies existing on the balance sheet date

□Applicable √Not applicable

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(2). The company has no important contingencies that need to be disclosed, and it should also be explained: □ Applicable √ Not applicable

3. Others

□Applicable √Not applicable

17. Events after the balance sheet date

18. Important non-adjustment matters □Applicable √Not applicable

19. Profit distribution

□Applicable √Not applicable

3. Sales returns

□Applicable √Not applicable

4. Description of other post-balance sheet events □Applicable √Not applicable

5. Other important matters

6. No correction of accounting errors in the previous period

7. Important debt restructuring

□Applicable √Not applicable

3. Asset replacement

(1).Non-monetary asset exchange□Applicable √Not applicable

(2).Other asset replacement

□Applicable √Not applicable

4. Annuity plan

□Applicable √Not applicable

5. Termination of operations

□Applicable √Not applicable

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6. Branch information

(1). Basis for determination of reporting segments and accounting policies

□Applicable √Not applicable

(2). Financial information of reporting segments

□Applicable √Not applicable

(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 stated □Applicable √Not applicable

(4).Other instructions

□Applicable √Not applicable

7. Other important transactions and matters that have an impact on investors’ decision-making

□Applicable √Not applicable

8. Others

□Applicable √Not applicable

19. Notes on main items of the parent company’s financial statements

1. Accounts receivable

(1). Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year 110,082,488.18 89,379,459.67 1 to 2 years 4,282,338.95 680,171.11 2 to 3 years 212,120.04 584,782.42 3 to 4 years 534,668.00 745,992.19 4 to 5 years 745,992.19 599,696.39 More than 5 years 966,149.59 366,453.20

Total 116,823,756.95 92,356,554.98

(2). Classified disclosure according to bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Provision Book Provision Book ratio Proportion

Amount Amount Proportion Value Amount Amount Proportion Value (%) (%)

(%) (%)

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

Order

item plan

194,034. 194,03 194,034. 194,03 100.0

0.17 100.00 - 0.21 -

20 4.20 20 4.20 0

Account accuracy

Prepare

by group

total

116,629, 7,632,2 108,997,4 92,162,5 5,737, 86,424,9 99.83 6.54 99.79 6.23

722.75 37.46 85.29 20.78 597.03 23.75Account accurate

Prepare

Among them:

Aging 116,629, 7,632,2 108,997,4 92,162,5 5,737, 86,424,9

99.83 6.54 99.79 6.23

Combination 722.75 37.46 85.29 20.78 597.03 23.75

116,823, 100.0 7,826,2 108,997,485 92,356,5 100.0 5,931, 86,424,9Total 6.70 6.42

756.95 0 71.66 .29 54.98 0 631.23 23.75

Provision for bad debts is made individually:

√Applicable □Not applicable

Digit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Reason for provision Individual bad debt provision 194,034.20 194,034.20 100 Receivables are not expected to be recovered

Total 194,034.20 194,034.20 100 /

Explanation of individual provision for bad debts:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: aging portfolio

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Within 1 year 110,082,488.18 5,504,124.41 5.00 1 to 2 years 4,282,338.95 428,233.90 10.00 2 to 3 years 212,120.04 63,636.01 30.00 3 to 4 years 534,668.00 267,334.00 50.00 4 to 5 years 745,992.19 596,793.75 80.00 More than 5 years 772,115.39 772,115.39 100.00

Total 116,629,722.75 7,632,237.46 6.54

Instructions on collective provision for bad debts:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

□Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

(3). Bad debt provision situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Recovery or transfer Write-off or verification Ending balance accrual Other changes

Return sales

Provision for bad debts 5,931,631.23 1,894,640.43 - - - 7,826,271.66

Total 5,931,631.23 1,894,640.43 - - - 7,826,271.66

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other notes:

None

(4). Accounts receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of accounts receivable

□Applicable √Not applicable

Instructions for writing off accounts receivable:

□Applicable √Not applicable

(5). Accounts receivable and contract assets of the top five closing balances collected by debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB accounts receivable and

Accounts Receivable and Hehe

Accounts receivable period End of contract asset period End of contract asset period Bad debt provision end unit name Ending balance of the same asset

Closing Balance Balance Balance amount of total balances

Proportion (%)

Customer One 31,518,692.28 31,518,692.28 25.93 1,575,934.61 Customer Two 8,203,312.40 8,203,312.40 6.75 410,165.62 Customer Three 7,012,003.56 10,000.00 7,022,003.56 5.78 531,629.00Customer Four 3,149,717.69 500,000.00 3,649,717.69 3.00 182,485.88Customer Five 2,881,411.69 650,000.00 3,531,411.69 2.90 176,570.58

Total 52,765,137.62 1,160,000.00 53,925,137.62 44.36 2,876,785.69Other instructions:

None

Other notes:

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

□Applicable √Not applicable

2. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Interest receivable - - Dividends receivable - - Other receivables 161,833,292.15 18,890,164.69 Total 161,833,292.15 18,890,164.69 Other notes:

□Applicable √Not applicable

interest receivable

(1).Classification of interest receivable

□Applicable √Not applicable

(2).Important overdue interest

□Applicable √Not applicable

(3). Classified disclosure according to bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

(4). Provision for bad debts based on the general expected credit loss model □Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of interest receivable due to changes in loss provisions in the current period: □ Applicable √ Not applicable

(5). Bad debt provisions

□Applicable √Not applicable

219/227

In the 2025 annual report of Suzhou Fengbei Biotechnology Co., Ltd., the amount of recovery or transfer of bad debt provisions for the current period is important: □ Applicable √ Not applicable

Other notes:

None

(6). Interest receivable actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of interest receivable □ Applicable √ Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Dividends receivable

(1). Dividends receivable

□Applicable √Not applicable

(2). Important dividends receivable aged more than 1 year □ Applicable √ Not applicable

(3). Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

(4). Provision for bad debts based on the general expected credit loss model □Applicable √Not applicable

The basis for dividing each stage and the proportion of provision for bad debts are not available

Explanation of significant changes in the book balance of dividends receivable due to changes in loss provisions in the current period: □ Applicable √ Not applicable

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

(5). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other notes:

None

(6). Dividends receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of dividends receivable

□Applicable √Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Other receivables

(1). Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year 169,641,485.00 19,447,556.52 1 to 2 years 579,342.00 339,000.00 2 to 3 years 204,000.00 147,810.00 3 to 4 years 18,860.00 2,838.00 4 to 5 years 1,218.00 - more than 5 years 147,000.00 147,000.00

Total 170,591,905.00 20,084,204.52

(2). Classification by nature of payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Nature of payment Book balance at the end of the period Book balance at the beginning of the period

Deposits and security deposits 2,859,417.50 2,622,605.00 Current accounts 167,485,966.78 17,216,661.53 Others 246,520.72 244,937.99

Total 170,591,905.00 20,084,204.52

(3). Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Bad Debt Provision First Stage Second Stage Third Stage Total

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

Expectation for the entire duration. Expectation for the entire duration for the next 12 months.

Credit loss (has not occurred Credit loss (credit loss has occurred)

Credit impairment) Credit impairment) Balance on January 1, 2025 1,107,039.83 - 87,000.00 1,194,039.83 Balance on January 1, 2025

This issue

--Transfer to the second stage

--Transfer to the third stage

--Return to the second stage

--Return to the first stage

Provision in this period 7,564,573.02 - - 7,564,573.02 Transferred in this period

Sales in this period

Write-off in this period

Other changes

Balance on December 31, 2025 8,671,612.85 - 87,000.00 8,758,612.85

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of other receivables where loss provisions have changed in the current period: □ Applicable √ Not applicable

The amount of bad debt provision for the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly: □ Applicable √ Not applicable

(4). Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Beginning Balance Ending Balance

Provision Recovery or reversal Write-off or write-off Other changes in bad debt provisions 1,194,039.83 7,564,573.02 - - - 8,758,612.85

Total 1,194,039.83 7,564,573.02 - - - 8,758,612.85

Among them, the amount of bad debt provision reversed or recovered in the current period is important:

□Applicable √Not applicable

Other notes:

None

(5). Other receivables actually written off in the current period

□Applicable √Not applicable

Important write-offs of other receivables:

□Applicable √Not applicable

Instructions for writing off other receivables:

□Applicable √Not applicable

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

(6). Other receivables with top five closing balances based on debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB as a share of other receivables

Name of bad debt provision unit Closing balance Total closing balance Nature of payment Aging

Ending balance

Proportion of number (%)

Unit 1 90,695,966.78 53.17 Current accounts Within 1 year 4,534,798.34 Unit 2 76,790,000.00 45.01 Current accounts Within 1 year 3,839,500.00 Unit 3 400,000.00 0.23 Security deposit Within 1 year 20,000.00 Unit Four 209,670.00 0.12 Deposit Within 1 year 10,483.50 Unit Five 200,000.00 0.12 Deposit 1-2 years 20,000.00 Total 168,295,636.78 98.65 / / 8,424,781.84

(7). Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

3. Long-term equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value Investment in subsidiaries 92,879,085.23 - 92,879,085.23 84,979,085.23 - 84,979,085.23 Investment in associates and joint ventures

• • • • • -Enterprise Investment

Total 92,879,085.23 - 92,879,085.23 84,979,085.23 - 84,979,085.23

(1). Investment in subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Opening balance Impairment allowance Increase or decrease in the current period Impairment allowance investee Ending balance (account

(The book value at the beginning of the provision period is reduced, and the provision is reduced by its face value at the end of the provision period for additional investment)

Value) Balance Investment Value Reserve Other Balance Suzhou Fuzhi

Source Biology

11,428,519.83 - - - - - 11,428,519.83 - Technology Co., Ltd.

Division

dongchi biology

Technology (Jiang

10,000,000.00 - - - - - 10,000,000.00 - Su) Limited

company

Changzhou City Gold

Weige

48,254,075.40 - - - - - 48,254,075.40 -Biotechnology

Ltd.

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

Juyoubaosheng

Department of Ecology and Environment

9,050,000.00 - 950,000.00 - - - 10,000,000.00 - Technology (Jiangsu)

Ltd.

Ed Wangsheng

Materials and energy

3,196,490.00 - - - - - 3,196,490.00 - (Hong Kong)

Ltd.

Omen Chemical

Products (Jiangsu) 3,050,000.00 - 6,950,000.00 - - - 10,000,000.00 -Co., Ltd.

Total 84,979,085.23 - 7,900,000.00 - - - 92,879,085.23 -

(2). Investment in associates and joint ventures

□Applicable √Not applicable

(3). Impairment testing of long-term equity investments

□Applicable √Not applicable

Other notes:

None

4. Operating income and operating costs

(1). Operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Amount for the current period Amount items for the previous period

Revenue Cost Revenue Cost Main business 1,251,919,307.60 1,125,047,483.54 932,583,119.09 810,631,511.34 Other business 15,244,723.16 13,881,037.89 4,532,040.48 3,651,745.56

Total 1,267,164,030.76 1,138,928,521.43 937,115,159.57 814,283,256.90

(2). Decomposition information of operating income and operating costs

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(3). Description of performance obligations

□Applicable √Not applicable

(4). Description of allocation to remaining performance obligations

□Applicable √Not applicable

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

(5). Major contract changes or major transaction price adjustments

□Applicable √Not applicable

Other notes:

None

5. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Long-term equity investment income calculated by the cost method 62,000,000.00 66,117,226.45 Long-term equity investment income calculated by the equity method - -Investment income generated from the disposal of long-term equity investment - -Investment income from trading financial assets during the holding period

• -Benefit

Other equity instrument investments acquired during the holding period

• -Dividend income

Interest income earned from debt investments during the holding period - Interest earned from other debt investments during the holding period

• -Income

Investment income from the disposal of trading financial assets 154,597.90 - Investment income from the disposal of other equity instrument investments

• -Benefit

Investment income from the disposal of debt investments - Investment income from the disposal of other debt investments - Income from debt restructuring - Derecognition of financial assets measured at amortized cost

-555,474.24 -284,738.77 income

Total 61,599,123.66 65,832,487.68Other instructions:

None

6. Others

□Applicable √Not applicable

20. Supplementary information

1. Detailed statement of non-recurring profits and losses for the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount Description

Gains and losses on disposal of non-current assets, including asset impairment provisions

32,843.57

prepared write-off portion

Government subsidies included in the current profit and loss, but related to the company's normal operations

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

4,371,191.73

A government that enjoys standards and has a lasting impact on the company's profits and losses

Except for subsidies

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Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

In addition to effective hedging business related to the company's normal business operations, non-financial enterprises hold financial assets and financial liabilities.

548,268.50 gains and losses from changes in fair value and gains and losses from the disposal of financial assets and financial liabilities.

Fund occupation fees charged to non-financial enterprises included in current profits and losses

Gains and losses from entrusting others to invest or manage assets

Profit and loss from external entrusted loans

Loss of various assets due to force majeure factors, such as natural disasters

The impairment provision for receivables that is separately tested for impairment is reversed if the investment cost of the enterprise in acquiring subsidiaries, associates and joint ventures is less than the income generated from the fair value of the investee's identifiable net assets when the investment is obtained.

Net profit and loss for the current period from the beginning of the period to the date of merger of subsidiaries resulting from business mergers under common control

Gains and losses on non-monetary asset exchanges

Debt restructuring gains and losses

One-time expenses incurred by the enterprise due to the cessation of relevant business activities, such as expenses for relocating employees, etc.

One-time impact on current profits and losses due to adjustments to tax, accounting and other laws and regulations

One-time confirmation of share-based payment expenses due to cancellation or modification of equity incentive plan

For cash-settled share-based payments, gains and losses arising from changes in the fair value of employee compensation payable after the vesting date

Gains and losses arising from changes in the fair value of investment properties that are subsequently measured using the fair value model

Gains from transactions where the transaction price appears to be unfair

Profit and loss arising from contingencies unrelated to the company's normal business operations

Custody fee income from entrusted operations

Other non-operating income and expenses other than the above items -457,916.24 Other profit and loss items that meet the definition of non-recurring gains and losses 77,114.41 Less: Amount of income tax impact 694,689.09 Amount of impact on minority shareholders' equity (after tax) -23.88

Total 3,876,836.76

If the company determines items not listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Gains and Losses" as non-recurring gains and losses and is significant in amount, and if it defines the non-recurring gain or loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure by Companies that Offer Securities to the Public - Non-recurring Gains and Losses" as recurring gains and losses, the reasons should be explained. □Applicable √Not applicable

Other notes:

□Applicable √Not applicable

2. Return on net assets and earnings per share

√Applicable □Not applicable

Profit for the reporting period Weighted average net assets Earnings per share

226/227Suzhou Fengbei Biotechnology Co., Ltd. 2025 Annual Report

Yield (%) Basic earnings per share Diluted earnings per share Net attributable to the company’s ordinary shareholders

14.66 1.24 1.24Profit

After deducting non-recurring gains and losses, attributable to

14.26 1.20 1.20 Net profit of the company’s ordinary shareholders

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

□Applicable √Not applicable

4. Others

□Applicable √Not applicable

Chairman: Pingyuan

Board approval submission date: April 8, 2026 revised information

□Applicable √Not applicable

227/227