Jianyou Shares 2025 Annual Report

Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report Company Code: 603707 Company Abbreviation: Jianyou Co., Ltd. Nanjing Jianyou Biochemical Pharmaceutical 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. Gongzheng Tianye Accounting Firm (Special General Partnership) issued a standard unqualified audit report for the company.

4. Tang Yongqun, the person in charge of the company, Qian Xiaojie, the person in charge of accounting work, and Gu Xiaomei, the person in charge of the accounting department (accounting supervisor), declare that they guarantee the authenticity, accuracy and completeness of the financial report in the annual report.

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

Based on the total share capital on the equity registration date for equity distribution, a cash dividend of RMB 1.00 (tax included) will be distributed to all shareholders for every 10 shares. This plan still needs to be submitted to the 2025 annual shareholders' meeting for review and approval.

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 statements such as 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

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

The company has described in detail the possible related risks in this report. Please refer to the discussion and analysis on the company's future development in Section 3 Management Discussion and Analysis.

11. Others

□Applicable √Not applicable

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Directory

Section 1 Interpretation......................................................................................................................................4

Section 2 Company Profile and Main Financial Indicators................................................................................................5

Section 3 Management Discussion and Analysis................................................................................................9

Section 4 Corporate Governance, Environment and Society......................................................................................51

Section 5 Important Matters................................................................................................................................65

Section 6 Changes in Shares and Shareholders...................................................................................85

Section 7 Bond-related situations......................................................................................................................92

Section 8 Financial Report......................................................................................................................95

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 (accounting supervisor)

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 on the website 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

Reporting period refers to January 1, 2025 - December 31, 2025

The Company, the Company, and Jianyou Co., Ltd. refer to Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd.

Jianyou Pharmaceutical refers to Nanjing Jianyou Pharmaceutical Co., Ltd.

Jianyou Hotel refers to Nanjing Jianyou Hotel Co., Ltd.

Hong Kong King-Friend Industrial Co., Ltd. (HongKongKing-FriendIndustrial Hong Kong King-Friend refers to

CompanyLimited)

CONLON LIMITED refers to CONLON LIMITED

Jianjin Pharmaceutical refers to Jianjin Pharmaceutical Co., Ltd.

Jianzhi Ziming refers to Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd.

Jianzhihe refers to Nanjing Jianzhihe Information Technology Co., Ltd.

PeKo Limited refers to Coastal Group, a joint venture established by its wholly-owned subsidiary Hong Kong Jianyou and VanHessen B.V. Refers to Jiangsu Coastal Development Group Co., Ltd.

Meitheal Pharmaceuticals, Inc. sells its products in the United States under the brand Meitheal.

System

EMERGEBIOSCIENCEPTE.LTD. (Singapore) Sales and Service EM refers to

Center, Registration and Development Center

FDA refers to FoodandDrugAdministration United States Food and Drug Administration

CurrentGoodManufacturePractices, namely: dynamic pharmaceutical production quality CGMP refers to

Management Practices, also translated as Current Good Manufacturing Practices for Pharmaceuticals

European Directorate for Quality Medicined European Directorate for Quality Medicined EDQM

Authority

MHRA stands for the Medicines and Healthcare products Regulatory Agency

State Food and Drug Administration China Food and Drug State Food and Drug Administration, CFDA refers

Administration

PfizerInc., Pfizer Pharmaceuticals, multinational pharmaceutical company, the world's major heparin preparation Pfizer refers to

Manufacturing company

SanofiGroup, Sanofi Group, a multinational pharmaceutical company, the world's major low Sanofi index

Molecular heparin preparation manufacturer

SandozGmbH, Sandoz Company, a subsidiary of Novartis Group, the world's leading Sandoz index

Heparin preparation manufacturer

Gland refers to Gland Pharma Limited, one of the largest heparin drug manufacturers in India. Sagent Pharmaceuticals, Inc., a pharmaceutical R&D and manufacturing company in the United States, formerly a Nasdaq listed company, stock code SGNT; was acquired by Nippon Medical Industry Co., Ltd. in September 2016.

American Pharmaceutical Parters, Inc. American Standard Heparin Preparation APP refers to

manufacturing enterprises

Amharstar refers to Amphastar Pharmaceutical Inc., a professional pharmaceutical sales company

Gencor refers to GencorPacific Limited, a Hong Kong pharmaceutical distributor

PDB refers to China Pharmaceutical Industry Information Center Drug Comprehensive Database

Contract Development and Manufacturing Organization, CDMO refers to the same R&D and production business, that is, on the basis of CMO, customized R&D business of related products is added.

CRDMO stands for Contract Research, Development and Manufacturing

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Contract Manufacture Organization, contract manufacturing business organization,

It mainly accepts the entrustment of pharmaceutical companies to provide the process development, formula development, clinical trial drugs, chemical or biological synthesis of API production, intermediate manufacturing, preparation production (such as powders, injections) and packaging services required for product production.

Contract Research Organization, contract research and development services, is an academic or commercial scientific organization that provides professional services to pharmaceutical companies and research and development institutions in the drug research and development process through contract CRO.

Section 2 Company Profile and Main Financial Indicators

1. Company information

The Chinese name of the company: Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd.

The company’s Chinese abbreviation: Jianyou Shares

The company's foreign name is NanjingKing-friendBiochemicalPharmaceutical.Co., Ltd. The company's foreign name abbreviation is NKF

The legal representative of the company Tang Yongqun

2. Contact person and contact information

Secretary of the Board of Directors Securities Affairs Representative

Name Huang Xiwei Qian Xiaojie

Contact address: No. 16, Xuefu Road, High-tech Industrial Development Zone, Nanjing No. 16, Xuefu Road, High-tech Industrial Development Zone, Nanjing Tel: 025-86990789 025-86990789

Fax 025-86990710 025-86990710

Email [email protected] [email protected]

3. Basic situation introduction

Company registered address: No. MA010-1, Nanjing High-tech Development Zone, Jiangsu Province

Historical changes of the company’s registered address None

Company office address: No. 16, Xuefu Road, High-tech Industrial Development Zone, Nanjing

Postal code of company office address 210032

Company website http://www.nkf-pharma.com

Email [email protected]

4. Information disclosure and preparation location

The name and website of the media where the company discloses its annual report: China Securities Journal, Shanghai Securities News

The website of the stock exchange where the company discloses its annual report is http://www.sse.com.cn

The company's annual report is prepared at the company's Securities Affairs 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 Jianyou Shares 603707 None

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6. Other relevant information

Name Accounting firm hired by Gongzheng Tianye Accounting Firm (Special General Partnership)

Office address: Room 5-1001, Jiaye Fortune Center, Taihu New Town, Wuxi City (domestic)

Name of the signing accountant: Lou Xinjie, Zhang Chi

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 previous year

Main accounting data 2025 2024 Increase or decrease in the same period 2023

(%)

Operating income 3,990,678,037.30 3,923,585,843.53 1.71 3,931,387,279.72 Total profit 699,416,366.86 992,033,745.06 -29.50 -294,758,508.96 attributable to shareholders of listed companies

581,536,153.84 826,144,870.17 -29.61 -189,445,790.76Net profit

Attributable to shareholders of listed companies

Net profit after deducting non-recurring gains and losses 502,720,059.96 782,148,636.54 -35.73 -167,843,390.34

cash flow from operating activities

1,182,791,067.72 1,501,228,217.52 -21.21 1,619,167,843.71 Net amount

Compared with the end of this period

End of 2025 End of 2024 Increase at the end of the same period End of 2023

minus (%)

Attributable to shareholders of listed companies

6,902,863,165.53 6,491,670,118.25 6.33 5,801,966,942.85Net assets

Total assets 10,342,534,723.50 9,509,950,363.94 8.75 9,524,263,988.46

(2) Main financial indicators

Increase or decrease in this period compared with the same period last year

Main financial indicators 2025 2024 2023

(%)

Basic earnings per share (yuan/share) 0.36 0.51 -29.41 -0.12 Diluted earnings per share (yuan/share) 0.37 0.50 -26.00 -0.12 Basic earnings per share after deducting non-recurring gains and losses

0.31 0.48 -35.42 -0.1 Income (yuan/share)

Weighted average return on equity (%) 8.68 13.47 Decreased by 4.79 percentage points -3.17 Weighted average after deducting non-recurring gains and losses

7.51 12.75 decreased by 5.24 percentage points -2.81 return on equity (%)

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

During this reporting period, the company’s net profit attributable to shareholders of listed companies, excluding non-recurring gains and losses, decreased by 35.73% year-on-year.

Basic earnings per share after recurring gains and losses decreased by 35.42%, mainly due to: During the reporting period, although the company's preparation business revenue achieved scale growth,

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However, with the increase in sales, operating costs such as raw materials and manufacturing have increased simultaneously. At the same time, the company has increased its market layout for new products, and sales expenses such as new product promotion and marketing have increased, which has led to a year-on-year decline in the profit level of the current period.

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

(1) Differences in net profits and net assets attributable to shareholders of listed companies in financial reports disclosed in accordance with both international accounting standards and Chinese accounting standards

□Applicable √Not applicable

(2) Differences in net profits and net assets attributable to shareholders of listed companies in financial reports disclosed in accordance with both foreign accounting standards and Chinese accounting standards

□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 885,219,018.08 1,094,626,449.40 945,898,414.00 1,064,934,155.82Net profit attributable to shareholders of listed companies 84,713,913.06 201,553,639.24 143,199,605.86 152,068,995.68 Deductions attributable to shareholders of listed companies other than

75,321,188.86 184,736,975.50 123,973,705.84 118,688,189.76Net profit after recurring gains and losses

Net cash flow generated from operating activities 164,221,944.29 246,191,467.18 489,911,243.58 282,466,412.67 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 gains and losses Items Amount in 2025 Notes (if applicable) Amount in 2024 Amount in 2023 Gains and losses from disposal of non-current assets, including accrued gains and losses from disposal of fixed assets,

-3,268,405.52 -99,984.27 -67,602.86 Offset portion of asset impairment provision Intangible assets

See Section 8 Finance

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

Report 7. Merger

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

36,117,966.16 Financial statement items 59,992,627.09 54,909,397.90 Policy provisions, enjoyment in accordance with determined standards, and public

Note 69. Others

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

income

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

Mainly delivered

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

Profit and loss from forward exchange settlement

Changes in fair value of assets and financial liabilities 66,850,462.65 -11,065,182.60 -91,741,525.04

and foreign exchange option losses

Profit and loss and disposal of financial assets and financial liabilities

benefit

profit and loss

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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

Reversal of impairment provision for accounts receivable that has been individually tested for impairment

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 acquiring the investment.

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 operating activities, such as expenses for employee resettlement and other one-time impacts on current profits and losses due to adjustments in taxes, 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 and losses arising from transactions where the transaction price is obviously unfair. Gains and losses arising from contingencies that are not related to the company's normal business operations.

Custody fee income from entrusted operations

Other non-operating income other than the above items and

-1,448,871.72 -2,234,824.22 -23,209.50Expenses

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

Less: Income tax impact 19,435,057.70 2,596,402.37 -15,320,539.09 Total impact on minority shareholders’ equity (after tax) 78,816,093.87 43,996,233.63 -21,602,400.41

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

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

12. Items measured at fair value

√Applicable □Not applicable

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Unit: 10,000 yuan Currency: RMB Impact on Current Profit Project Name Beginning Balance Closing Balance Changes in the Current Period

Amount

measured at fair value and

The changes are included in the current profit and loss of financial assets 105,544.23 131,656.59 26,112.36 6,053.61

Receivables financing 1,074.35 1,309.84 235.49

Trading financial liabilities 631.44 -631.44 631.44

Total 107,250.02 132,966.43 25,716.41 6,685.05

13. Others

□Applicable √Not applicable

Section 3 Management Discussion and Analysis

1. Business status of the company during the reporting period

The company is a pharmaceutical company integrating drug R&D, production and sales. It actively deploys in the fields of chemical drugs and biological drugs and has established a rich product pipeline covering cardiovascular, neurological, anesthetics, anti-tumor preparations, surgical auxiliary products and other high value-added sterile injections. It is a supplier of many types of injections in the global market.

The company has a complete industry chain capability from drug research and development, large-scale production to commercialization, and can provide partners with multi-business CDMO including preparation research, production, marketing and other business types, helping more companies to enter the international standardized market and contribute to the structured upgrading of China's pharmaceutical capabilities.

(1) The main business engaged in by the company during the reporting period

1. Sterile injection business

The company adheres to the vision of "building a world-class biopharmaceutical company" and continues to promote business development with injections as its core dosage forms under the strategic framework of "based on China and the United States, looking at the world." Through continuous exploration of the global preparation business, the company has made extensive arrangements in the direction of injections and accumulated a rich product pipeline, which mainly includes low molecular weight heparin preparations, anti-tumor preparations and other high value-added sterile injections. As of the end of the reporting period, the company and its subsidiaries had more than 100 overseas drug registration approvals and more than 30 Chinese drug registration approvals. During the reporting period, the company’s injectable products that have been put on the market and have approved ownership rights are as shown in the table below: Preface

Drug name Indications Approved country number

1 Heparin Sodium Injection Anticoagulant, Antithrombotic United States

United States, United Kingdom, Germany,

Sweden, Brazil, Spain 2 Enoxaparin sodium injection for prevention of venous thromboembolic disease, Canada, Ecuador, New Zealand, Malaysia

Treatment of acute deep vein thrombosis. Prevent acute renal failure

Or patients with chronic renal insufficiency undergo hemodialysis and blood

Coagulation in the extracorporeal circulation system during filtration. Treatment is unstable

3 Dalteparin Sodium Injection China

Types of coronary artery disease, such as unstable angina and non-

Q wave myocardial infarction. Prevention of surgery-related thrombosis

into

Prevent thrombosis, prevent and treat deep vein thromboembolism, prevent

4 Nadroparin Calcium Injection China

Treat intravascular hemolysis, reduce platelet aggregation, prevent and treat myocardium

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Infarction and cerebral thrombosis, etc.

Indications: Suitable for general anesthesia during various surgical operations

5 Atracurium Besylate Injection is used to relax skeletal muscles between patients and is also suitable for tracheal intubation. United States

of muscle relaxation.

6 Cisatracurium besylate injection muscle relaxant United States, China

Combination chemotherapy with fluorouracil for advanced metastatic tuberculosis

7 Calcium leucovorin injection for palliative treatment of colorectal cancer in the United States and China

Treating secondary parathyroid disease in dialysis patients with chronic kidney disease

8 Degree Calciferol Injection American Hyperfunction

Short-term intravenous use in patients with acute decompensated heart failure

9 Milrinone Injection United States, China

treatment

10 Bleomycin injection is used for skin cancer, head and neck tumors. US 11 Carboplatin injection is suitable for the treatment of advanced ovarian cancer of epithelial origin. US 12 Cytarabine injection is used to treat leukemia and lymphoma. US 13 Topotecan hydrochloride injection is used for small cell lung cancer. US

Phenylephrine hydrochloride injection is used to prevent and treat spinal anesthesia and general anesthesia or application

14 United States

Hypotension caused by chlorpromazine

15 Bortezomib for injection Multiple myeloma, mantle cell lymphoma United States, China

For chronic lymphocytic leukemia and non-Hodgkin lymphoma

16 Bendamustine Hydrochloride for Injection Treatment in the United States and China

In combination with cyclosporine and corticosteroids, used to prevent exposure

17 Mycophenolate mofetil for injection. Acute organ rejection in patients with allogeneic kidney or liver transplantation in the United States and China.

Suitable for methicillin-resistant Staphylococcus aureus and other bacteria

18 Serious infections with vancomycin hydrochloride for injection: sepsis, endocarditis, bone infection, United States

Lower respiratory tract infections, skin and skin structure infections

19 Ganirelix acetate injection prevents premature luteinizing hormone (LH) peak United States

Edema disorders, including congestive heart failure, cirrhosis,

20 Furosemide Injection American Kidney Disease

Prevent peripheral toxins from anticholinesterase drugs such as neostigmine

21 Glycopyrrolate Injection US Effects (such as bradycardia)

For postoperative reversal of the effects of non-depolarizing neuromuscular blocking agents

22 Neostigmine methyl sulfate injection from the United States

Maintaining muscles during tracheal intubation and surgery during general anesthesia

23 Succinylcholine Chloride Injection American Relaxation

used in radionuclide myocardial perfusion imaging (MPI)

24 Reganosyn Injection United States, China

a loading drug

25 Isosulfan blue injection is used for lymphatic imaging at the injection site. United States

for percutaneous transluminal coronary angioplasty (PTCA)

26 Bivalirudin for Injection United States

acute ischemic complications

27 Daptomycin for injection Anti-infection United States 28 Decitabine for injection An anti-tumor chemotherapy drug United States 29 Voriconazole for injection Antifungal drug United States, China

For brain tumors glioblastoma, brainstem glioma,

30 Carmustine for injection Medulloblastoma, astrocytoma, ependymoma and metastasis, American brain tumors, etc.

For complex intra-abdominal infections, complex skin and soft tissue

31 Tigecycline for injection United States, China

Infections, community-acquired pneumonia

32 Melphalan Hydrochloride for Injection is used for multiple myeloma patients who are not suitable for oral administration. United States

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palliative care

It is used to treat testicular cancer and can also effectively control neuroblastoma

33 Actinomycin for injection Fever symptoms caused by American cell tumors

For the treatment of children 1 year old to 21 years old after at least

34 Clofarabine injection, relapsed and refractory lymphocytes in American leukemia after treatment with two regimens

For the treatment of patients requiring long-term use of extracorporeal antipsychotics

35 Haloperidol Decanoate Injection is used to treat schizophrenia patients in the United States.

Candidemia, acute disseminated candidiasis, Candida

36 Micafungin for Injection Treatment of peritonitis and abscess, esophageal candidiasis, etc. in the United States

For use in combination with cyclophosphamide as a treatment for chronic myelogenous leukemia

37 Busulfan Injection Pretreatment program before allogeneic hematopoietic progenitor cell transplantation in the United States and China

Mainly used for adults with higher risk bone marrow hyperplasia, abnormal syndromes

38 Azacitidine for injection syndrome. Also used to treat chronic myelomonocytic leukemia, the United States, China, and acute myeloid leukemia.

In combination with carboplatin for the treatment of ovarian cancer; in combination with paclitaxel

39 Gemcitabine Hydrochloride Injection Breast cancer; combined with cisplatin to treat non-small cell lung cancer; alone American and Chinese medicine to treat pancreatic cancer

Gastroesophageal reflux disease, including Zollinger-Ellison (ZE)

40 Pantoprazole Sodium for Injection Pathological hypersecretion disorders including American syndrome

Used for stomach cancer, lung cancer, breast cancer, liver cancer, pancreatic cancer,

41 Mitomycin for injection Colorectal cancer, esophageal cancer, ovarian cancer, cancerous intraluminal fluid, and bladder tumors

Tracheal intubation and machinery for surgical patients undergoing general anesthesia

42 Dexmedetomidine Hydrochloride Injection. Sedation during ventilation. Used for sedation of patients with American tubes and ventilators during intensive care treatment.

For the treatment of patients who have failed to respond to at least two treatment options or who have relapsed after treatment.

43 Nelarabine Injection T-cell acute lymphoblastic leukemia (T-ALL) United States

and T-cell lymphoblastic lymphoma (T-LBL)

44 Rocuronium bromide injection is used as an auxiliary to general anesthesia in the United States and China 45 Zoledronic acid injection is suitable for the treatment of Paget's disease of bone in men and women. The United States 46 Bupivacaine hydrochloride injection is used for local infiltration anesthesia and peripheral nerve block.

rescue; used to reduce patients’ overdose of folic acid antagonists or

Toxicity due to impaired excretion of acetaminophen; also used in folate deficiency

47 Calcium leucovorin for injection. Treatment of megaloblastic anemia caused by the United States; and 5-fluoride

Uracil combination for extended palliative care in late stages

Survival of patients with colon and rectal cancer.

For patients with non-Hodgkin lymphoma or multiple myeloma

48 Plerixafor Injection mobilizes hematopoietic stem cells (HSC) into peripheral blood to facilitate HSC collection and autologous transplantation in the United States.

For the treatment of acute coronary syndrome (unstable heart disease)

49 Eptifibatide Injection China, United States

Colic/non-ST-segment elevation myocardial infarction) patients

50 Fondaparinux sodium injection for the prevention of venous thromboembolic disease, etc. China 51 Docetaxel injection for breast cancer, non-small cell lung cancer, prostate cancer and gastric cancer United States

Treat breast cancer, ovarian cancer, lung cancer, cervical cancer, bladder cancer

52 Fluorouracil Injection Chinese cancer and skin cancer, etc.

For non-squamous non-small cell lung cancer and malignant pleural mesothelioma

53 Pemetrexed Disodium Injection Treatment in the United States.

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Suitable for the prevention of acute malignancies caused by moderate to severe emetogenic chemotherapy

54 Palonosetron Hydrochloride Injection United States, China Heart, Vomiting.

For patients with stage III colon cancer who have had complete resection of the primary tumor

55 Oxaliplatin Injection Adjuvant therapy and treatment of advanced colorectal cancer in the United States

Used to treat breast or ovarian adenocarcinoma and control malignant pleural cysts

56 Thiotepa for injection United States

Treatment of Superficial Papillary Carcinoma of the Bladder

57 Dacarbazine for injection is used for the treatment of metastatic malignant melanoma and Hodgkin's disease. In the United States, it is used for relapse after or during adjuvant anti-estrogen therapy.

or postmenopausal women who have progressed on antiestrogen therapy

58 Fulvestrant Injection China (including natural menopause and artificial menopause) estrogen receptor positive

locally advanced or metastatic breast cancer

Plaque psoriasis, psoriatic arthritis, rheumatoid arthritis

59 Adamu Injection Arthritis, juvenile idiopathic arthritis, ankylosing spondylitis, American Crohn's disease, ulcerative colitis.

Suitable for a variety of microorganisms, a variety of Gram-negative or positive

60 Doxycycline Hydrochloride for Injection United States

infections caused by bacteria

61 Ropivacaine Hydrochloride Injection for surgical anesthesia and acute pain control United States

Indicated for the treatment of children with acquired methemoglobinemia

62 Methylene Blue Injection United States

and adult patients

63 Vitamin B12 Injection is suitable for vitamin B12 deficiency caused by malabsorption. It is used as an auxiliary means of diet and exercise in the United States to improve the health of adults and children aged 10 and 10 years.

Glycemic control in children aged 2 years and older with type 2 diabetes

64 Liraglutide Injection Made in the United States; reduces the risk of type 2 diabetes in adults with cardiovascular disease

Patient risk of major adverse cardiovascular events

Norepinephrine bitartrate

65 For the treatment of severe acute hypotension in adults American Injection

For patients who cannot exercise fully, adenosine injection can be used

66 Adenosine injection is an auxiliary method for thallium-201 myocardial perfusion imaging in the United States.

Is a gonadotropin-releasing hormone (GnRH)-like

substance, mainly used to regulate sex hormone levels and treat prostate

67 Leuprorelin Acetate Injection Cancer, endometriosis, central precocious puberty and other diseases. The United States reduces estrogen by inhibiting the secretion of gonadotropins by the pituitary gland

or testosterone levels for therapeutic purposes.

It is a prostaglandin drug mainly used to improve microcirculation

68 Alprostadil Injection American ring, dilation of blood vessels and anti-platelet aggregation

It is a synthetic somatostatin analogue, mainly used

In the treatment of acromegaly, gastroenteropancreatic endocrine tumors (such as

69 Octreotide acetate injection (American carcinoid tumor, vasoactive intestinal peptide tumor, etc.), acute pancreatitis

and adjuvant treatment of esophageal-gastric variceal bleeding.

Acute bacterial skin and skin nodules in adult and pediatric patients

70 Dalbavancin for injection US institutional infection

This product needs to be used in combination with other approved chemotherapy drugs and is suitable for

After standard treatment (including surgery, chemotherapy or radiotherapy)

71 Etoposide Injection Refractory testicular tumors in the United States; first-line for patients with small cell lung cancer

treatment

For multiple sclerosis, advanced hormone-refractory prostate

72 Mitoxantrone Injection Treatment of Cancer and Acute Non-Lymphocytic Leukemia in the United States

Used in combination with other anti-leukemia drugs, suitable for adults

73 Idarubicin Hydrochloride Injection Treatment of Acute Myeloid Leukemia (AML) in the United States

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Used in combination with other anticancer drugs, suitable for adults with acute

Non-lymphocytic leukemia (including granulocytic leukemia,

74 Daunorubicin Hydrochloride Injection United States

treatment of monocytic leukemia and erythroleukemia), and

Treatment of acute lymphoblastic leukemia in children and adults

75 Nicardipine Hydrochloride Injection for the short-term treatment of hypertension when oral therapy is not feasible United States

In addition to the Chinese and American markets, the company continues to expand its business in the European market and other markets around the world, making full use of the company's production and quality advantages to establish scale effects and expand market scope. Especially as enoxaparin sodium preparation products are registered in more and more countries, the company continues to enhance its understanding of global injection market regulations and expand the company's influence in the global heparin preparation market. 2. Heparin API business

As a bio-extracted macromolecule mixture, heparin API has always been the focus of the regulatory market in terms of quality standards and processes. As a product API for standard heparin and low-molecular-weight heparin preparations that are widely used in clinical applications, heparin plays an extremely important role in the industrial chain. As an important member of the global heparin industry chain, it has always been our corporate vision to work with downstream customers to ensure the stable and high-quality supply of global heparin preparations.

As an influential supplier of heparin raw materials in the world, the company has established long-term and stable supply relationships with major heparin preparation manufacturers in the world by virtue of its excellent product quality. As a business that provides cash flow, the heparin API business is the basis for promoting the domestic and internationalization of the company's sterile injections.

3.CDMO business

China's pharmaceutical industry has developed rapidly in the past 10 years. Especially in biological macromolecules, genetic products, etc., more manufacturers have invested in research and development and approval work, showing a fierce competition. Chinese manufacturers have also gradually discovered that moving towards a broader global market is the only way to optimize and upgrade China's industrial structure.

As a leading company in the research, development, production and marketing of sterile injectables in China, while accelerating the pace of launching its own products, the company also has a mission to make overall breakthroughs for Chinese enterprises. With current abundant production capacity and research resources, the company provides customers with professional services in global application, production, research and other aspects.

As more sterile injections are recognized in regulated markets, the company's reputation in global markets including China and the United States has been greatly improved. The company is expected to rely on its experience in operating global regulations to provide differentiated CDMO services for the entire industry chain of biopharmaceuticals in the regulated market and obtain higher value service income. CDMO is the best model for us to develop collaboratively with our friends in the industry. We have always regarded "helping more friends to achieve breakthroughs in the global market and form a brand in the Chinese pharmaceutical industry" as our corporate mission.

4. Biopharmaceutical innovation business

In order to adapt to the transformation of the domestic pharmaceutical industry from imitation to innovation and improve the company's independent innovation capabilities, based on the existing APIs and sterile preparations, the company established a biopharmaceutical division, which consists of a protein design platform, a drug delivery system platform, a molecular biology platform, and a cell biology platform, and is committed to becoming an innovative, international, and world-class biopharmaceutical company.

Through in-depth cooperation with the world's leading R&D teams in clinical research, the company has successfully built a recombinant protein drug quality research and clinical evaluation platform, improved product approval and industrialization transformation efficiency, improved bioquality research and process development and transformation capabilities, and further expanded macromolecular biopharmaceutical innovation and industrialization capabilities.

(2) Introduction to the company’s business model

1. Procurement model

The company determines procurement plans based on comprehensive factors such as actual production needs and raw material market supply conditions, and has formulated a strict supplier management system with strict regulations on staffing, quality management levels, raw material management, and production processes. In the process of purchasing main raw materials, the company took the lead in applying the centralized elution model in China. It is increasing turnover and making full use of the company's centralized elution.

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While leveraging the advantages of high-quality and high-efficiency production, we have also established commercial partnerships with upstream companies, and actively managed and promoted the quality maintenance and improvement of the entire industry chain to form healthy and stable business cooperation and better cope with market competition. We have adopted the global API Sourcing procurement model abroad and established a diversified supplier system. Currently, we have established stable cooperative relationships with many suppliers around the world. The process flow of centralized elution is shown in Figure 1:

Figure 1 Centralized elution process flow chart

2. Production mode

The company adopts a production model that focuses on sales and determines production based on inventory and overall market conditions. The company's sales department formulates a sales plan based on analyzing customer orders. The company's production department prepares a production plan based on the above sales plan, makes preparations for personnel, equipment, raw and auxiliary materials, etc., and makes timely adjustments according to market changes.

The company's sterile injection production line was established based on the concept of "having first-class production equipment and internationally standardized production workshops". Currently, all of the company's production lines have passed the US FDA certification, and the company's product production workshops have passed the national GMP certification. During the production process, the company strictly abides by the requirements of GMP and CGMP standards to ensure drug quality, safety and effectiveness. At the same time, the company can effectively control production costs by controlling the reasonable use of raw and auxiliary materials. By optimizing the ratio of products and production lines, we can improve production efficiency and expand production capacity.

3. Sales model

(1) Heparin API business

In terms of the sales model of heparin raw materials, the company has always adopted the model of "direct sales as the mainstay and distribution as the supplement". By continuously improving product quality and tracking the quality standards of international mainstream preparation manufacturers, the company has established long-term and stable cooperative relationships with international mainstream heparin preparation companies, forming effective customer stickiness. The company selects powerful international distributors to maximize its coverage of other customers besides mainstream heparin preparation companies.

(2) Domestic preparation sales business

As China's centralized pharmaceutical procurement becomes normalized, the company's domestic preparations are sold through centralized pharmaceutical bidding and procurement organizations. The "China-U.S. dual reporting" channel can continuously enrich the company's injection product pipeline. Currently, the new products developed by the company have been approved according to the four new registration categories of chemical drugs, and are deemed to have passed the consistency evaluation. Therefore, they have priority channels for market access at the provincial level. Winning the centralized procurement will further expand the sales of related products, accelerate the company's new product introduction to the market, and will help the company's brand influence and domestic market share continue to increase.

(3) North American preparation sales business

The North American pharmaceutical market is one of the markets with the highest quality access standards in the world, and it is also a competitive market with relatively well-maintained global profit levels. Customers in the North American pharmaceutical sales market mainly include large pharmaceutical circulation entities such as centralized pharmaceutical purchasing organizations, chain pharmacies, and pharmaceutical distribution companies.

By establishing a local and capable sales team, the company keeps close contact with end customers, enters and develops the North American preparation market with a North American pharmaceutical sales mindset, and establishes its own brand in North America. Over the years, it has established a product pipeline with nearly a hundred products through independent research and development, acquisition approval, foreign cooperation and other models, fully covering the mainstream varieties of small molecule injections in North America. Among them, cardiovascular, anti-infection, assisted reproduction, anti-tumor and other directions have become important suppliers in the North American market. Through years of cooperation with pharmaceutical centralized purchasing organizations and branches

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Through cooperation with distributors and pharmacy systems, the company has won widespread recognition from all parties with its excellent product quality and stable supply guarantee. As the company's business continues to expand in the North American market and its market share continues to expand, the company's brand has formed a certain market position and influence in North America, and has become one of the suppliers that cannot be ignored in the North American injection generic drug market.

(4) Preparation sales business in other regions around the world

In addition to the Chinese and American markets, including Europe, South America and other markets, the company currently mainly enters the market and participates in competition by cooperating with local agents or pharmaceutical companies. When selecting partners, the company will conduct local screening and select local influential pharmaceutical agents to quickly enter the market and provide long-term service.

(5) Global CDMO sales business

The company's CDMO business is positioned in the research and development and production of sterile injections, providing customers with one-stop industrial services on the preparation side. The company's CDMO customers mainly come from the industrialization needs of world-renowned pharmaceutical companies, the globalization needs of domestic leading pharmaceutical companies, and the research and development needs of domestic innovative companies to meet the global market. The company cooperates with some pharmaceutical sales and manufacturing companies to enrich the company's product structure, rapidly increase market demand, expand production capacity utilization, effectively reduce product costs, and better participate in market competition.

(3) Drivers of company performance during the reporting period

In 2025, the company will adhere to the vision of "building a world-class biopharmaceutical company" and under the strategic framework of "based on China and the United States, looking at the world", with injections as the core dosage form, and continue to promote business development. During the reporting period, the company's operating income increased slightly by 1.71% compared with the same period last year, and the net profit attributable to shareholders of listed companies decreased by 29.61% compared with the same period last year, of which preparation business income accounted for 88.10% of total revenue, API business income accounted for 10.04% of total revenue, and other business income accounted for 1.86% of total revenue. The sales volume of the company's preparation business continues to show an upward trend, and its proportion in operating income further increases.

1. The company has made steady progress in transformation, and its pharmaceutical products have been approved in China and the United States. As the company firmly transforms towards high-end preparations, the company's heparin API business accounts for 10% of total revenue from more than 60% in 2019, reflecting the company's successful transformation from a traditional API supplier to an international sterile injection company. During the reporting period, the company obtained registration approval documents for several drugs, including Liraglutide Injection, Etoposide Injection, Propofol Emulsion Injection, and Octreotide Acetate Injection. With the enrichment of the company's R&D pipeline, the company's commercialized varieties continue to increase, and the number of ANDA approvals it holds ranks first among similar domestic companies. Injection products are mainly concentrated in the fields of anticoagulation, anti-tumor, cardiovascular disease, etc., and also involve surgical anesthesia, anti-bacterial infection, imaging and other fields. As the company's marketing promotion of various drugs continues to advance, the international preparation market has been further expanded, and the preparation field has shown a vigorous trend of rapid development of multiple varieties.

2. During the reporting period, the company continued to actively expand overseas markets, combined with Meitheal's advantages in GPO and channel, continued to strengthen customer stickiness and break through the competitive landscape. With its clear market position, product quality and marketing capabilities in the field of sterile injections, the company continued to consolidate competition barriers and ensure stable growth in overseas sales revenue of preparations.

In addition, the company's basic heparin preparation products are also continuing to penetrate into the domestic market. The company's domestic preparations are all approved according to the four new registration categories of chemical drugs and are deemed to have passed the consistency evaluation. Therefore, they have priority channels for market access at the provincial level. As China's centralized pharmaceutical procurement becomes normalized, preferential access will help the company sell through centralized pharmaceutical bidding and procurement organizations; in addition to centralized procurement, the company will continue to improve domestic sales channels and operating channels, expand the market, and drive the rapid growth of domestic preparation sales.

The steady growth of the company's preparation business once again proves that the company has made important breakthroughs in preparation research and development, quality, sales and brand influence. In the future, the company will continue to promote the strategic adjustment of its business focus, further strengthen its market advantages, promote the global layout of sterile injections, accelerate the strategic layout of innovative drugs, and actively build diversified commercialization capabilities.

3. Relying on advanced process R&D capabilities and compliance production capabilities, the company's CDMO business continues to make breakthroughs. The company has leading R&D and production capabilities that comply with regulations and market compliance requirements, and helps global customers accelerate the pipeline R&D process through CDMO services. report

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During the period, the company's CDMO carried out all-round strategic cooperation with customers, and the company's global R&D, declaration and high-quality production and manufacturing systems were further improved.

CDMO has always been the best model for us to develop collaboratively with our friends in the industry. We have always regarded "helping more friends to achieve breakthroughs in the global market and form a brand in the Chinese pharmaceutical industry" as our corporate mission. In the future, the company will continue to seek the establishment and cooperation of clinical management and distribution channels in North America, and establish complete commercial competitiveness while continuously improving the product pipeline. This will lay the foundation for the company to become a pharmaceutical company with both chemical small molecules and biological macromolecules in the North American market in the future, and establish all-round commercial competitiveness.

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) issued by the National Bureau of Statistics and the "Guidelines for the Industry Classification of Listed Companies" issued by the China Securities Regulatory Commission, the company's industry is pharmaceutical manufacturing (C27).

1.Basic situation of the industry during the reporting period

As an important strategic industry related to the national economy and people's livelihood, the pharmaceutical manufacturing industry has outstanding characteristics such as strong leadership in scientific and technological innovation, significant social benefits, and strong industrial driving force. Currently, my country's pharmaceutical industry is in a critical stage of transformation and upgrading: with the acceleration of population aging and the in-depth implementation of the Healthy China strategy, pharmaceutical market demand continues to be released. Under the guidance of the national innovation-driven development strategy, through a combination of policies such as the reform of the drug review and approval system and the innovation of medical insurance payment methods, the level of industrial innovation has been significantly improved.

But at the same time, China's pharmaceutical manufacturing industry is facing escalating multi-dimensional competitive pressure. At the policy level, the normalization of volume-based procurement and medical insurance negotiation and payment reforms continue to compress industry profit margins. At the market level, the market share of leading companies has accelerated, and the homogenization competition of innovative drugs has intensified. At the cost level, fluctuations in API prices, rising environmental standards and fierce competition for talent have pushed up operating costs. At the technical level, new technology iterations are accelerating, and the threshold for R&D investment continues to rise. Against this background, the industry is showing a polarized pattern: companies with continuous innovation capabilities, cost control advantages and international layout have gained development opportunities, while traditional generic drug companies are facing the pain of transformation. On the one hand, it is expected that the industry will accelerate integration in the future and market concentration will further increase; on the other hand, seeking overseas cooperation opportunities has become a strategic choice for Chinese pharmaceutical companies to break through development bottlenecks.

China's pharmaceutical manufacturing industry has become the world's second largest market in terms of scale, but there is still a certain gap between it and the international advanced level in terms of innovation capabilities and industrial competitiveness. my country still relies on imports for core links such as high-end pharmaceutical equipment, key raw materials and excipients, and bioreactors. At the same time, in terms of quality standard system, although domestic GMP standards have been aligned with international standards, there is still room for improvement in the depth of practice and process control accuracy of the Quality by Design (QbD) concept. In recent years, Chinese companies have continued to break through themselves and shown a good trend of catching up. More and more companies have joined the ranks of internationalization through cooperation. Chinese pharmaceutical companies have formed an overseas matrix with complementary advantages, occupying a more important position in the global pharmaceutical value chain, and promoting the overall upgrading of the Chinese pharmaceutical industry.

For export-oriented pharmaceutical companies, changes in U.S. policies also bring risks. The differentiated high tariff barriers and non-tariff restrictions imposed by the United States on China’s pharmaceutical trade policy will have a multi-dimensional impact on the industry. In the short term, low value-added medical consumables and finished product preparation companies for direct export will be the first to bear the brunt, with profit margins significantly compressed. Although bulk pharmaceutical companies are temporarily exempted from tariffs, they face long-term supply chain de-risking pressure. This situation will accelerate the restructuring of the industry structure, forcing companies to shift from "cost-driven" to "innovation-driven" and accelerate their transformation into high value-added fields such as innovative drugs and biopharmaceuticals. It will also prompt companies to increase investment in R&D and deepen diversified international cooperation models such as license-out (external licensing) to avoid trade barriers and achieve global development.

2. Basic situation of global pharmaceutical industry

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The global pharmaceutical industry will continue to grow steadily in 2025, with the market size exceeding US$1.7 trillion. Driven by the accelerated aging of the population, the increasing burden of chronic diseases, and the emergence of innovative therapies, the industry will maintain an annual growth rate of 6%-7%. According to the latest data from IQVIA, the compound growth rate of global pharmaceutical expenditures will remain at 5%-8% from 2025 to 2029, and is expected to reach US$2.4 trillion by 2029. The core driving force is the emergence of innovative therapies and the expansion of drug accessibility, but the growth model has changed. Different from relying on the launch of new drugs in the past, current and future market growth will be driven more by "old products" that have been on the market for some time, which reflects the increasing availability of drugs with high clinical value. At the same time, regional growth is divided, with stronger growth in emerging pharmaceutical markets and slower growth in developed markets due to patent expirations and cost savings from generics and biosimilars.

3. Market overview of the segments covered by the company’s products

(1) Heparin preparations

The company's main products include standard heparin preparations and low molecular weight heparin preparations. The low molecular weight heparin preparations include enoxaparin sodium injection, dalteparin sodium injection and nadroparin calcium injection.

As the incidence of chronic diseases such as cardiovascular disease increases, the application scope of heparin preparations has gradually expanded. According to statistics from Frost & Sullivan, the global heparin market size (including heparin preparations and low-molecular-weight heparin preparations) will be approximately US$6.97 billion in 2025, of which low-molecular-weight heparin preparations account for more than 90% of the market share. Compared with standard heparin preparations, the clinical application of low molecular weight heparin preparations usually has higher safety and wider application. Clinical studies have confirmed that low molecular weight heparin products are not easily neutralized by factor IV due to their smaller molecular weight, have stronger anticoagulant and fibrinolytic effects, and have wider medical uses. They have become the drug of choice for the treatment of acute venous thrombosis and acute coronary syndrome (angina pectoris, myocardial infarction, etc.).

The application of low molecular weight heparin preparations in developed countries in the United States and Europe has been very mature and widespread. In addition to being used for traditional anticoagulation and antithrombosis, it can also be used for the prevention and treatment of deep vein thrombosis, prevention of postoperative venous thrombosis, hemodialysis and anti-tumor auxiliary treatment. As the medical community continues to deepen its research on low-molecular-weight heparin preparations, its application fields have also been continuously expanding. From the perspective of regional distribution, Europe and the United States still maintain the largest regional market position, with a high degree of penetration of biosimilar drugs. The growth rate of the Chinese market leads the world. However, there is still a gap with mature markets in Europe and the United States in terms of clinical applications such as postoperative prevention.

As global aging deepens, the proportion of the population over 65 years old continues to increase, the incidence of cardiovascular disease increases by about 3-5% annually, and the penetration rate in emerging markets continues to increase. The heparin preparation industry continues to develop, but it also faces the dual pressures of new oral anticoagulant substitution and API price fluctuations. According to industry forecasts, in the next five years, driven by the expansion of tumor and kidney disease indications, the development of long-acting preparations, and the expansion of emerging markets, the industry will maintain a compound growth rate of 6%-7%, and the market size is expected to exceed US$9 billion in 2030. (2) Non-heparin sterile injections

The company's main sterile injection products include adalimu injection, paclitaxel injection, liraglutide injection, daptomycin for injection, pantoprazole sodium for injection, reganosine injection, calcium leucovorin for injection, bivalirudin for injection, micafungin for injection, ducalcidol injection, fondaparinux sodium injection, cisatracurium besylate injection, etc.

In 2025, the global high-end sterile injection market will maintain steady growth, and the market scale will continue to expand. The main driving forces will come from the rapid development of the biopharmaceutical field and the increasing demand for the treatment of tumors and chronic diseases. From the perspective of regional market structure, the global high-end sterile injectable industry shows an obviously differentiated development trend. With its mature medical system and strong innovative drug research and development capabilities, the North American market continues to maintain its leading scale and dominates high-end treatment fields such as tumor treatment and autoimmune diseases. Thanks to the reform of medical insurance policies, accelerated approval of innovative drugs and the rise of local biopharmaceutical companies, the Chinese market leads global growth with double-digit annual growth rates. From the perspective of drug categories, anti-tumor drugs are changing from traditional chemotherapy drugs to new anti-tumor drugs. New anti-tumor drugs mainly include targeted drugs and immunotherapy drugs. Despite challenges such as raw material cost pressure and increasing regulatory requirements, the widespread launch of biosimilars and the rapid development of emerging fields such as cell therapy have created new room for growth for the industry.

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(3) CDMO industry market overview

CDMO mainly provides process development and preparation, process optimization, registration and verification approval production, and commercialized customized R&D and production services for the products of pharmaceutical companies and biotechnology companies, especially innovative products. In terms of drug types, CDMO subdivisions are mainly divided into three categories: small molecule CDMO, large molecule CDMO (including peptides/antibodies/proteins/vaccines, etc.) and cell gene therapy (CGT) CDMO. According to the Frost & Sullivan Report, the global pharmaceutical CDMO industry maintains a high market sentiment. In 2028 and 2033, the market size of the global pharmaceutical CDMO industry is expected to reach US$168.4 billion and US$338.5 billion respectively. The size of China's pharmaceutical CDMO market is expected to reach RMB 208.4 million in 2028 and RMB 536.9 million in 2033. As China's pharmaceutical CDMO industry shows a growth rate higher than the global level, the Chinese CDMO market is becoming a key force in the global pharmaceutical supply chain. As the patents of a large number of global original drugs are about to expire, there will be an increase in the demand for biosimilar drug research and development, which has also become one of the important drivers for the growth of biopharmaceutical CDMO orders and corporate performance.

4. Industry policies

The pharmaceutical industry is an important industry related to the national economy, people's livelihood and economic development. As my country's economy continues to grow, people's living standards continue to improve, the problem of population aging becomes increasingly prominent, the demand for medical care continues to grow, the reform of the medical and health system continues to deepen, pharmaceutical research and development, medical security and other policies are facing major adjustments, and centralized drug procurement has become normalized and institutionalized.

In January 2025, in order to comprehensively deepen the reform of drug and medical device supervision and promote the high-quality development of the pharmaceutical industry, the General Office of the State Council issued the "Opinions on Comprehensively Deepening the Reform of Drug and Medical Device Supervision to Promote High-Quality Development of the Pharmaceutical Industry". The opinions pointed out that it is necessary to increase support for drug and medical device research and development innovation, improve the quality and efficiency of drug and medical device review and approval, improve the compliance level of the pharmaceutical industry through efficient and strict supervision, and support the pharmaceutical industry to expand opening up and cooperation.

In July 2025, the "Several Measures to Support the High-Quality Development of Innovative Drugs" issued by the National Medical Insurance Administration and the National Health Commission proposed to support the use of medical insurance data for the research and development of innovative drugs. Strengthen information exchange and collaboration among medical, medical insurance, and pharmaceuticals, manage medical insurance data resources well, and promote the utilization of public data resources in the medical insurance field. On the basis of ensuring data security, legal compliance, and exploring the provision of necessary medical insurance data services for innovative drug research and development. Relying on the national unified medical insurance information platform, we will collect and analyze disease spectrum, clinical drug demand and other data, develop data products that meet the needs of innovative drug research and development, support pharmaceutical companies, scientific research institutes, medical institutions, etc. to reasonably determine research and development directions, layout research and development pipelines, and improve innovation efficiency.

3. Discussion and analysis of operating conditions

In 2025, the biopharmaceutical industry will maintain a rapid development trend, the market scale will continue to expand, biosimilar competition will intensify, and the international development trend of Chinese biopharmaceutical companies will be obvious. During the reporting period, the company adhered to the corporate vision of "building a first-class international biopharmaceutical company", seized opportunities, continued investment in R&D, improved innovation capabilities, actively participated in international competition, and promoted the high-quality development of China's biopharmaceutical industry.

During the reporting period, the company further promoted the brand road of global suppliers of multiple varieties of injections and achieved operating income of 3,990.678 million yuan, of which revenue from preparations was 3,515.7863 million yuan, accounting for 88.10%, an increase from the same period last year 15.26%, of which non-heparin preparations were RMB 1,942,543,800, accounting for 48.68% of operating income, an increase of 32.44% over the same period last year; the company's API revenue was RMB 400,730,600, accounting for 10.04%. The company’s key work initiatives and results in 2025 are as follows:

(1) Continue to strengthen the layout of R&D pipelines and deepen the development strategy driven by biological innovation

During the reporting period, the company's R&D investment was 815.2911 million yuan, accounting for 20.43% of operating income. In 2025, the company will continue to invest in R&D to accelerate the commercialization process of the R&D pipeline. During the reporting period, 17 generic chemical drugs were approved for marketing by the China National Medical Products Administration and the U.S. FDA, including propofol emulsion injection, octreotide acetate injection, methylene blue injection, and fulvestrant

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injection, liraglutide injection, mitoxantrone injection, daunorubicin hydrochloride injection, etc., further broadening the injection sales pipeline in China and the United States.

After nearly two decades of strategic layout of the entire biopharmaceutical industry chain, the company has built a complete technology system, and its product research and development pipeline covers mainstream biopharmaceutical forms such as recombinant proteins and monoclonal antibodies. At present, the company's biopharmaceutical business quality system is fully in line with international standards, the API and preparation production bases have passed FDA certification, and the key quality attribute control has reached the industry-leading level.

The results of research and development are concentrated. The company's biopharmaceutical products have been commercialized. It is expected that biopharmaceuticals and innovative drugs will be approved for marketing in the future. This indicates that based on a complete R&D system, international quality standards and mature commercialization capabilities, the company's biopharmaceutical business has completed the full-cycle construction from technology accumulation to value realization, and has officially entered a new development stage of large-scale output and performance release. During the reporting period, the company carried out the research and development and scale-up of 8 biopharmaceuticals, among which KM1901 was steadily promoted and was about to start clinical phase III, KM03 entered the commercial scale technology transfer stage, and KM04 completed the project transfer and reached the clinical stage. The company's R&D team has established a process characterization platform, adopted experimental design methods, and applied statistics to the establishment of SDM and the analysis of the relationship between process parameters and critical quality attributes. It can comprehensively and in-depth evaluate the rationality of the operating range of production process parameters and the scientificity of the control strategy.

In terms of innovative drugs, the company continues to promote innovative transformation and the development and implementation of innovative products. The company's Nanjing R&D center has conducted independent research and development of an innovative drug for multiple indications. The treatment area is self-replicating mRNA drug tumor immunotherapy. It has completed the design and process preparation of target molecules and successfully completed the early design and screening of five candidate target molecules. It has also established complete small-scale and pilot-scale process research using the company's established self-replicating mRNA platform and lipid nanoparticle process research platform. Applied for a number of patents related to independent intellectual property rights. Through the preclinical pharmacological efficacy and toxicology testing platform of mRNA drugs, the effectiveness and safety of the candidate research and development molecules have been initially proved, further enhancing the company's research and development capabilities in the field of self-replicating mRNA biological innovative drugs. The company's subsidiary Jianjin Pharmaceutical has established a R&D and manufacturing platform for injectable suspensions, improving its R&D and achievement transformation capabilities for complex injections.

The company continues to promote the global development of the orphan drug XTMAB project. We have reached a strategic cooperation with xentria, a top international pharmaceutical research and development institution. As of the disclosure date of this report, we have successfully overcome challenges such as difficulty in patient recruitment and complex multi-center coordination in rare disease clinical research, and have entered clinical trials. This cooperation between the company and overseas cutting-edge pharmaceutical institutions will become an important part of the company's expansion of its global commercialization network and further enrich the company's layout in the field of innovation. In the future, the company will continue to explore global opportunities with appropriate R&D plans, clinical development and commercialization activities, provide better treatment options for patients around the world, and explore and solve unmet clinical needs.

(2) Deepen global operations and actively participate in global biosimilar competition

After the company became the first pharmaceutical company in China to obtain full approval from the U.S. FDA for its adalimumab biosimilar, the company's independently developed liraglutide biosimilar was approved for marketing by the U.S. FDA in April 2025. This approval is another major breakthrough for the company in the field of biopharmaceuticals. What is particularly noteworthy is that since its launch in April 2025, liraglutide injection has achieved sales revenue of more than RMB 90 million, which fully demonstrates the company's mature overseas commercialization capabilities. Relying on the sales network and channel resources accumulated in the U.S. market for many years, it has the ability to quickly realize the commercial value of the product, further consolidating the company's competitive position in the global biopharmaceutical field.

(3) Expand global market layout and further enhance commercialization capabilities

Relying on its strong R&D capabilities, advanced R&D platform, and high-quality R&D team, the company has achieved dual-wheel drive of generic drugs and innovative drugs in its product echelon, constantly enriching existing product dosage forms and types, and improving the company's product structure. As the company's pipeline continues to expand, during the reporting period, the product line was further expanded in the U.S. market, ensuring that the company becomes one of the most complete suppliers of injection sales pipelines in the United States. In 2025, preparation export revenue will increase compared with last year, of which sales revenue in the United States will increase by 27.39% compared with the same period last year, and sales revenue in the European market will increase by 27.39% compared with the same period last year.

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The market growth was 70.88%. As the company's product pipeline in the United States further expands and approved products are gradually launched on the market, the company has the world's scarce CGMP production capacity of sterile injections and preparation R&D and registration capabilities. Against the background of frequent shortages of injections in the United States, the company's bargaining power and profitability in the U.S. preparation market will be further improved.

While the Chinese and American markets are rapidly expanding, the company continues to promote the development strategy of "based on China and the United States, looking at the world." During the reporting period, the company continued to promote product registration and sales expansion in more than 20 countries, including South America, Asia, North Africa, Europe and other regional markets. In addition, the company further expands its presence in the Southeast Asian market, using its Singapore subsidiary as a fulcrum to expand business in Southeast Asia. The further expansion of these markets is expected to become the company's third development pole outside the Chinese and American markets, laying the foundation for the company to further expand its business and participate in global pharmaceutical market competition.

In 2025, the company's global operation capabilities will continue to improve, and great progress will be made in market access capabilities and commercialization team building in North America, Europe, South America, and Saudi Arabia. As of the end of the reporting period, the Group's overseas commercialization team had more than 100 people. It had established marketing platforms in North America, Europe and South America and achieved direct sales of preparations.

(4) Deepen the strategic layout of centralized procurement and comprehensively develop a new pattern in the domestic market

The company actively responds to the national centralized procurement policy guidance, continues to deepen the market access strategy, and accelerates the penetration of core products in the national centralized procurement market by improving product echelons, optimizing cost control and strengthening channel construction. At the same time, relying on the advantages of R&D pipeline and production capacity, we strategically deploy high-potential treatment areas, gradually build a domestic marketing network covering multiple levels of medical needs, and promote sustainable growth of performance.

During the reporting period, with the increasing support of centralized purchasing, the company's market expansion of basic heparin preparation products and other sterile injection products continued to deepen.

In addition to centralized procurement, the company will fully launch the market promotion of domestic preparations in 2025. Among them, for fondaparinux injection, the company will have nearly 53 new businesses, more than 300 new hospitals, and nearly 27 new regions in 2025, achieving rapid expansion of the domestic market; for bendamustine hydrochloride injection, the company will have nearly 10 new hospitals and more than 40 new hospitals in 2025. During the reporting period, two new drug approvals were issued in the Chinese market, including Fulvestrant Injection and Rocuronium Bromide Injection. With the continuous implementation of the company's Sino-U.S. dual-registration projects, the company has quickly entered the domestic sterile injection market with a quality-leading and cost-leading product strategy. In the future, in the field of sterile injections, the company is expected to achieve rapid growth in the Chinese market.

4. Analysis of core competitiveness during the reporting period

√Applicable □Not applicable

(1) Improve R&D efficiency and successfully deploy the market

The company currently has more than 400 R&D personnel, including more than 100 with master's degrees and doctoral degrees. The company team also has a group of globally renowned Chinese FDA quality experts, sterile injection experts, biological research and management experts, all of whom are among the best experts in China. The R&D team is forward-looking and can better coordinate with the local R&D team in North America to complete work on sterile injections, FDA communication, and bio-innovative products.

The company has established three major cooperative R&D centers overseas and in China, located in Nanjing, Chengdu and North America. The three major R&D centers adopt a division of labor and cooperation model and utilize a wide range of collaborative teams, which significantly improves R&D efficiency and reduces R&D costs. The Nanjing laboratory is responsible for the research and development of treatments based on nucleic acid detection technology. The Chengdu laboratory is responsible for the early development of monoclonal antibody-based drugs. The North American laboratory focuses on the research and development of biological innovative drugs to ensure that the company grasps the latest technological trends in the innovative drug industry. The North American laboratory is responsible for clinical research. The collaboration mechanism of the company's three major cooperative R&D centers is shown in Figure 2.

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Figure 2 Collaboration mechanism of the company’s three major cooperative R&D centers

By combining independent R&D and cooperative R&D, the company makes full use of advantageous resources such as global R&D centers and R&D platforms to form a R&D strategy that focuses on heparin preparations and gradually expands into key disease areas such as tumors and immune regulation, metabolism and digestive systems, and the central nervous system. At the same time, it actively explores the field of nucleic acid drugs and builds and forms technology platforms for small molecule drugs, peptide drugs, and complex preparations, as shown in Table 1.

Table 1 The company’s R&D platform

Preface

Platform name Specific content/technical features

No.

In order to avoid the strong immune response that may be caused by the use of microbial fermentation technology in peptide products, the company uses the most peptide drug research and development methods.

1 New solid-phase synthesis technology route for peptides, integrating its own sterile preparation research and development, quality control and industrial development platform

Production capabilities have formed a technology platform for anticoagulant, reproductive, endocrine, and rare disease biopharmaceuticals. The company's R&D center has established a sustained- and controlled-release injection technology platform, a liposome technology platform, and automated drug delivery technology for complex formulations.

2 platforms. It has advanced fatty acid controlled-release preparations, single-chamber liposome preparations, multivesicular liposome preparations, and injection technology research and development platforms.

R&D capabilities for many types of high-end complex preparations, including pen preparations.

After years of technology accumulation, the R&D team has a precise grasp of domestic and foreign technical guidelines, regulations and official review standards, and a deep understanding of the technical risk points of different types of sterile preparations. In the product development stage, based on the concept of quality by design, the QTPP of the product is determined, the CQA of the product is quickly locked, and the technology transformation level is fully understood. The performance parameters and control logic of the intelligent chemical factory production equipment are fully understood, and the CPP of each product stage in the manufacturing process is accurately formulated. In the actual research and development process, CPP and CQA are combined to construct a process design space model and analysis method to design the space model. Through computer technology and statistical tools, the boundaries of each product's process parameters and quality control indicators are found. As the technology transformation platform matures, the company's R&D efficiency has been further improved.

As the company's revenue scale expands, R&D investment increases year by year, and R&D efficiency continues to increase. The company's number of ANDA approvals ranks first among similar domestic companies. The company has completed the approval of generic drugs many times before the expiration of the original patent, which has ensured the continuity and innovation of the company's research and development while accelerating the market layout of the company's products, laying a good foundation for the realization of the company's product pipeline and sales strategy.

(2) Establish a standardized registration system to ensure efficient filing rhythm

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The company has established a standardized registration application document management system, and continues to incorporate the latest FDA regulations, testing standards and common R&D issues into the company's R&D-Registration Knowledge Engineering System and continuously iteratively improves it. While assisting the rapid growth of team members, this system has significantly improved the company's R&D and registration efficiency, ensuring an efficient application rhythm of "declaring one batch, researching one batch, and reserving one batch", further broadening the breadth of R&D reserves, and laying a solid foundation for the company to build a multi-variety, global pharmaceutical manufacturing enterprise.

Through integrated R&D project management, the company relies on the Meitheal registration team's years of experience in communicating with the FDA and its understanding of regulations and policies to improve the effectiveness of the company's product selection, effectively improve the efficiency of interaction with the FDA during the approval process, and strengthen the ability to apply for and register products in North America. Through simultaneous R&D and dual filing in China and the United States, the company saves costs and speeds up domestic review. During the reporting period, the company continued to speed up registration, which played an important supporting role in the smooth launch and sales of the company's products.

(3) Multiple production lines passed FDA audits to help expand sales scale

At present, the company has 12 production lines approved by the US FDA. The production equipment used is reliable, technologically advanced, highly automated, and stable in process technology. It enjoys obvious advantages in production efficiency, production stability, material and energy consumption, etc., which greatly improves production efficiency while ensuring production quality.

The company has rich technical talent reserves and production management experience, strong product quality control capabilities and expanding industrial scale. By optimizing the ratio of products and production lines, it achieves effective links in various production links, makes full use of and quickly changes models, improves production capacity utilization, improves production efficiency, expands production capacity, ensures high-speed operation of production lines, and stably supplies market sales, driving the company's continued growth in business operations. At the same time, we accurately grasp the speed of product output, control deviations, and strictly follow standards and procedures to make the basic technical level of production more refined and achieve "zero defects" in product quality.

The company draws on advanced international lean production management experience and combines it with its own reality to comprehensively promote lean production, achieve effective control of the entire process from customer demand to delivery, significantly improve production efficiency, effectively reduce costs, and thus enhance the market competitiveness of the company's products. In the future, as the investment projects and other construction projects raised by the company gradually pass the approval of the US FDA, the company's production and sales scale will be further expanded, while the product structure will be further optimized, and the company's market position and competitiveness will continue to improve.

(4) A high-standard quality system that meets the pharmaceutical regulatory requirements of multiple regulated markets around the world

In terms of quality, the company has long adhered to the management concept of "quality products" and improved its product market competitiveness by continuously tracking the quality requirements of international high-quality customers. Based on the standards of the US FDA, we have established a production, management and operation system for raw materials and preparations. The production process runs through advanced computer standard operating procedures. The process equipment adopts online cleaning and sterilization. The quality control and process are stable. It can meet the regulatory requirements of major global pharmaceutical markets and ensure that the company's products can reach the highest product standards in the world. It is the basis for the long-term competitiveness of the company's products.

In terms of heparin raw materials, the company has also passed the US FDA on-site inspection and the EU CEP certification. In terms of preparations, the company has fully mastered high-end preparation production technologies such as fully enclosed isolation technology and multi-variety dispensing technology. It is one of the few high-tech enterprises in China that has mastered this technology, and the first production line has been operating safely for many years. The company currently has 12 injection production lines that have passed the US FDA review, and they are all running well. Facts have proved the safety, promoteability and replicability of the company's technology.

On the basis of strict compliance with national legal standards for quality standards, the company also strictly controls and improves some key quality indicators, and has formulated internal corporate control standards that are higher than legal standards. The control requirements for export products are in line with or higher than the standards stipulated in the European Union and the United States Pharmacopoeia. The company emphasizes system assurance and process control to reduce risks that may arise during non-production periods. At the same time, it also has stricter and higher requirements in terms of production environment control, quality factor management, etc. to ensure the effectiveness and safety of drugs. At present, the company's production quality system complies with the pharmaceutical regulatory requirements of China, the United States, Japan, the European Union and other regulated markets.

(5) Global layout and full industry chain services to build market advantages

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After 10 years of laying out the export business, Jianyou Co., Ltd. has gradually built a moat. In addition to establishing a high-standard production system that meets standardized market requirements around high-end market exports, it has also accumulated rich overseas market sales channel resources and sales experience in response to the complexity of foreign preparation marketing, which constitutes the company's competitive barriers in overseas markets.

The company's management has a business background in overseas and US listed companies, and is very familiar with overseas, especially North American market conditions. With the merger and acquisition of the Meitheal team, the company has further improved the construction of overseas marketing channels, can better understand the needs of the North American market, and provides market basis for the company to formulate R&D and sales strategies.

The company relies on its accurate market data analysis capabilities to formulate regional and targeted market strategies based on the respective market conditions of API and preparation sales in the United States, China, Europe, Japan, South America and other regions.

Currently in the U.S. market, the company's product pipeline has basically completed the coverage of the market's main products. As more complex dosage forms continue to be launched, the company can provide more services and more advanced technologies, establishing its own brand awareness. At the same time, it has established long-term and stable supply relationships with relevant partners, and its customer stickiness is strong, which guarantees the long-term stable growth of the company's performance.

In terms of sales of domestic preparations, the company effectively manages third-party clinical representatives through the Internet, effectively improving the business stickiness of third-party clinical representatives. With an accurate grasp of China's market demand and prices, and active participation in national centralized procurement, the sales performance of newly launched products in the domestic market has increased rapidly.

For other markets around the world, we currently mainly adopt an agency model, choosing local agents with greater influence to cooperate. The company will select high-quality markets in Europe to gradually penetrate, and accelerate application and registration in other markets. In the future, overseas preparation sales and brand influence will further grow.

(6) Own channels to ensure products quickly enter the market

Based on a complete marketing system, a mature customer base, and the strong execution capabilities of the sales team, the company quickly implemented promotion marketing strategies, and the sales pace and revenue continued to increase.

In terms of preparation sales, Meitheal, as a localized pharmaceutical company for injection products in North America, has the registration, quality control and marketing capabilities for sterile injections. Its management personnel are all from major suppliers in the North American sterile injection market. They have rich industry experience in the marketing of sterile injections and have mature resources in the sales channels of the North American heparin field. In addition, Meitheal, as a mature team integrating professional procurement, pharmaceutical and injection sales in North America, can directly face GPO, IDN/PN and the three major wholesalers in North America, and maintain long-term and stable cooperation, laying the foundation for the company's rapid growth in preparation sales in North America.

The company has established complete sales channels and operational experience in the North American market, and has the ability to implement localized marketing strategies in North America. At the same time, Meitheal has achieved good interaction and deep integration with its Nanjing headquarters in terms of culture, management and key decision-making. As the varieties under development continue to be approved for marketing in North America, the sales of sterile injections in North America will become an important growth point of the company's business in the future.

In terms of raw materials, the company relies on high-quality heparin products and stable cooperative relationships to directly connect with partners including mainstream heparin preparation manufacturers in the United States and Europe. Therefore, it mainly uses direct sales (supplemented by dealer sales) to sell products to preparation companies. Effectively shorten the distance with downstream key customers, timely and accurately grasp market dynamics and customer needs, control the cost of maintaining customers, and effectively reduce intermediate links to maximize the company's profit level. In addition, due to the relatively strong strength of key customers and timely payment collection, it is helpful for the company to reduce the risk of bad debts in accounts receivable.

In terms of CDMO, as the company's sales and product capabilities have been built, more and more customers have been attracted by the company's marketing capabilities in regulated markets and its ability to industrialize products from research and development to launch. The company also has the ability to provide one-stop CDMO services on the preparation side for more manufacturers around the world and well-known domestic pharmaceutical companies.

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5. Main operating conditions during the reporting period

As of December 31, 2025, the company's total assets were 10,342,534,700 yuan, and the equity attributable to shareholders of the parent company was 6,902,863,200 yuan. During the reporting period, the company achieved total operating income of RMB 3,990.678 million, a slight increase of 1.71% over the same period last year; total profit was RMB 699.4164 million, a decrease of 29.50% over the same period last year; The company's shareholders' net profit was 581.5362 million yuan, a decrease of 29.61% over the same period last year. The net profit attributable to the parent company after deducting non-recurring gains and losses was 502.7201 million yuan, a decrease of 35.73% 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 3,990,678,037.30 3,923,585,843.53 1.71 Operating costs 2,418,108,674.47 2,228,370,212.19 8.51 Sales expenses 408,225,153.92 280,004,263.38 45.79Administrative expenses 242,986,230.68 210,691,928.64 15.33Financial expenses 124,115,124.92 9,047,325.11 1,271.84R&D expenses 348,127,986.34 329,922,090.02 5.52 Net cash flow from operating activities 1,182,791,067.72 1,501,228,217.52 -21.21 Net cash flow from investing activities -758,406,369.30 -910,732,086.74 16.73 Net cash flow generated from financing activities -54,690,739.36 -731,279,877.21 92.52 Explanation of reasons for changes in operating income: During the reporting period, sales of preparations increased, sales of APIs and CDMOs decreased, and overall remained stable. Explanation of reasons for changes in operating costs: due to the expansion of preparation sales during the reporting period.

Explanation of reasons for changes in sales expenses: Mainly due to the increase in sales staff salaries and the increase in new product marketing related expenses during the reporting period. Explanation of reasons for changes in administrative expenses: Mainly due to increase in depreciation and amortization.

Explanation of reasons for changes in financial expenses: It was due to the increase in exchange losses caused by changes in exchange rates during the reporting period.

Explanation of reasons for changes in R&D expenses: It was due to a slight increase in R&D expenses during the reporting period.

Explanation of reasons for changes in net cash flow generated from operating activities: the proportion of sales of preparations increased during the reporting period, and the payment collection cycle is longer than that of raw materials. Explanation of reasons for changes in net cash flows generated from investing activities: due to the decrease in cash paid for investments during the reporting period.

Explanation of reasons for changes in net cash flows generated from financing activities: During the reporting period, the cash received from borrowings increased, while the cash paid to repay debts decreased.

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

During the reporting period, the company achieved operating income of RMB 3,990.678 million, a year-on-year increase of 1.71%, and incurred operating costs of RMB 2,418.1087 million, a year-on-year increase of 8.51%.

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

Unit: Yuan Currency: RMB Main business by industry

Gross profit Operating income Operating cost Gross profit margin Ratio of industry Operating income Operating cost Ratio Increase over the previous year Increase over the previous year Increase or decrease over the previous year (%) Decrease (%) Decrease (%) (%)

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Pharmaceutical manufacturing

3,985,124,192.89 2,410,358,968.25 39.52 1.72 8.47 -3.76 Industry

Main business breakdown by product

Gross profit Operating income Operating cost Gross profit margin Ratio of product Operating income Operating cost Ratio Increase over the previous year Increase over the previous year Increase or decrease over the previous year

(%) Less (%) Less (%) (%) Standard heparin Less than 1.35

400,730,572.52 284,774,069.98 28.94 -49.09 -48.10

API percentage

Reduce 5.65 preparations 3,515,786,253.71 2,095,885,096.63 40.39 15.26 27.33

percentage points CDMO and decreased by 9.17

68,607,366.66 29,699,801.64 56.71 -14.58 8.39

Other percentage points of main business by region

Gross profit Operating income Operating cost Gross profit margin ratio by region Operating income Operating cost Ratio Increase over the previous year Increase over the previous year Increase or decrease over the previous year (%) Decrease (%) Decrease (%) (%)

Decrease 9.14 Domestic 780,093,834.53 465,686,382.54 40.30 -14.36 1.12

percentage points

Decrease 2.09 Overseas 3,205,030,358.36 1,944,672,585.71 39.32 6.59 10.39

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

①Explanation of main business by industry:

The company's main business is pharmaceutical manufacturing. During the reporting period, the main business income was 3,985.1242 million yuan, and the main business cost was 2,410.359 million yuan. The main business income increased by 1.72% compared with the same period of the previous year, mainly because the sales of preparations increased while the income from APIs and CDMOs declined. Operating costs increased by 8.47% compared with the same period of the previous year, mainly due to the expansion of preparation sales during the reporting period. ②Explanation of main business products:

During the reporting period, the company's main business gross profit margin was 39.52%, of which the gross profit margins of standard heparin APIs, preparations, CDMO and other products were 28.94%, 40.39% and 56.71% respectively. During the reporting period, standard heparin API achieved operating income of 400.7306 million yuan, accounting for 10.06% of the main business income; preparations achieved operating income of 3.5157863 million yuan, accounting for 88.22% of the main business income; CDMO and other products achieved operating income of 68.6074 million yuan, accounting for 1.72% of the main business income. In 2025, the company will further actively explore the domestic and foreign preparation markets, with preparation revenue increasing by 15.26% compared with 2024.

③Explanation of main business areas:

During the reporting period, the company's product sales were mainly divided into domestic markets and foreign markets. Domestic and foreign operating income accounted for 19.58% and 80.42% respectively. During the reporting period, operating income in the domestic market decreased by 14.36% compared with the same period last year, mainly due to the decrease in sales of domestic preparations; operating income in foreign markets increased by 6.59% compared with the same period last year, and gross profit margin decreased by 2.09% compared with 2024.

(2). Production and sales analysis table

√Applicable □Not applicable

Production volume ratio Sales volume ratio Inventory volume ratio Main products Unit Production volume Sales volume Inventory volume Increase or decrease in the previous year Increase or decrease in the previous year Increase or decrease in the previous year

(%) (%) (%) Standard heparin API billion 28,587.78 12,870.17 34,306.79 -24.41 -38.78 -23.88 Preparation 10,000 pieces 21,162.94 20,537.06 7,929.20 1.59 8.52 8.29

Description of production and sales

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During the reporting period, the production volume of standard heparin APIs decreased by 24.41%, mainly due to the company's destocking during the reporting period, which reduced the production and stocking of APIs; the production volume, sales volume and inventory of preparations increased by 1.59%, 8.52% and 8.29% respectively, mainly due to the increase in the company's sales varieties, the increase in sales demand, and the company's increase in the production and stocking of preparations.

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

□Applicable√Not applicable

(4). Cost analysis table

Unit: Yuan Currency: RMB Industry Situation

The same period as last year. The current period's amount accounts for

Cost composition Percentage of total costs for the period Same as last year Situation by industry Amount for this period Total cost Amount for the same period last year

Project Cost Ratio Period Change Ratio Explanation Ratio (%)

Example (%) Example (%) Pharmaceutical manufacturing industry Raw materials and excipients 2,110,850,612.74 87.57 2,018,701,536.46 90.84 4.56 Pharmaceutical manufacturing industry Labor 79,405,985.74 3.30 57,409,376.76 2.59 38.32 Pharmaceutical manufacturing industry Manufacturing expenses 220,102,369.77 9.13 146,028,849.13 6.57 50.73 Product status

The same period as last year. The current period's amount accounts for

Cost composition Percentage of total cost for the period Same as last year Amount for the current period Total cost Amount for the same period last year

Project Cost Ratio Period Change Ratio Explanation Ratio (%)

Example (%) Example (%) Standard heparin API Raw and excipients 272,171,914.05 95.57 535,123,874.88 97.52 -49.14 Standard heparin API Labor 2,067,130.43 0.73 2,458,237.24 0.45 -15.91 Standard heparin raw material manufacturing cost 10,535,025.50 3.70 11,134,962.87 2.03 -5.39 Preparation raw and excipients 1,814,541,566.47 86.58 1,462,263,147.60 88.76 24.09 Preparation Labor 75,570,717.12 3.60 53,420,373.55 3.24 41.46 Preparation manufacturing costs 205,772,813.04 9.82 131,746,572.08 8.00 56.19 CDMO and other products Raw materials and excipients 24,137,132.22 81.27 21,314,513.98 82.00 13.24 CDMO and other products Labor 1,768,138.19 5.95 1,530,765.97 5.89 15.51 CDMO and other products Manufacturing expenses 3,794,531.23 12.78 3,147,314.18 12.11 20.56

Cost analysis and other explanations

The changes in product costs during the reporting period were mainly due to the year-on-year increase in preparation production and changes in product structure.

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

□Applicable √Not applicable

(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

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None

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

√Applicable □Not applicable

The sales of the top five customers were RMB 2,329,886,700, accounting for 58.38% of the total annual sales; among the sales of the top five customers, the sales of related parties were RMB 0,000, accounting for 0 of the total annual sales.

The purchase amount of the top five suppliers was RMB 501.9644 million, accounting for 35.02% of the total annual procurement; among the purchases from the top five suppliers, the purchase amount from related parties was RMB 00,000, accounting for 0% of the total annual procurement.

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

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

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 Project 2025 2024 Change ratio (%) Description of the situation

Mainly due to the increase in sales expenses during the reporting period 408,225,153.92 280,004,263.38 45.79 due to sales staff remuneration and new product marketing related expenses

Caused by the rise.

Administrative expenses 242,986,230.68 210,691,928.64 15.33 Mainly due to the increase in depreciation and amortization.

Financial expenses for exchange losses caused by exchange rate changes during the reporting period 124,115,124.92 9,047,325.11 1,271.84

due to rise.

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4. R&D investment

(1). R&D investment status table

√Applicable □Not applicable

Unit: Yuan Currency: RMB Expensed R&D investment in this period 348,127,986.34 Capitalized R&D investment in this period 467,163,150.42 Total R&D investment 815,291,136.76 Total R&D investment as a proportion of operating income (%) 20.43 Proportion of capitalized R&D investment (%) 57.30

(2). R&D personnel status table

√Applicable□Not applicable

The number of R&D personnel in the company 403 The number of R&D personnel as a proportion of the total number of people in the company (%) 25.87

Educational structure of R&D personnel

Academic qualification structure category Academic qualification structure Number of people

Doctoral students 6 Master students 129 Undergraduate students 212 College students 49 High school students and below 7

Age structure of R&D personnel

Age structure category Age structure number of people

Under 30 years old (excluding 30 years old) 208 30-40 years old (including 30 years old, excluding 40 years old) 153 40-50 years old (including 40 years old, excluding 50 years old) 30 50-60 years old (including 50 years old, excluding 60 years old) 8 60 years old and above 4

(3).Situation description

√Applicable □Not applicable

During the reporting period, the company continued to invest in research and development expenses, and the total investment in research and development accounted for 20.43% of operating income.

(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 project Amount for the current period Amount for the previous period Increase or decrease ratio (%) Net cash flow from operating activities 1,182,791,067.72 1,501,228,217.52 -21.21 Net cash flow from investing activities -758,406,369.30 -910,732,086.74 16.73 Net cash flow generated from financing activities -54,690,739.36 -731,279,877.21 92.52

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During the reporting period, the net cash flow generated from operating activities decreased by 21.21% compared with the previous period, mainly due to the proportion of preparation sales during the reporting period.

Rising, the payment cycle is longer than that of raw materials.

The net cash flow generated from investing activities increased by 16.73% compared with the previous period, mainly due to the decrease in cash paid for investments during the reporting period. The net cash flow generated from financing activities increased by 92.52% compared with the previous period, mainly due to the increase in cash received from borrowings during the reporting period and the decrease in cash paid to repay debts.

(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

The end of the current period The end of the previous period The end of the current period

Number accounted for total capital Number accounted for total capital Compared with the previous period

Project name Closing amount of the current period Closing amount of the previous period Description of the situation

Proportion of production Proportion of production Final change proportion

(%) (%) (%)

Monetary funds received at the end of the reporting period 1,394,522,261.25 13.49 1,024,384,215.58 10.77 36.13 Due to the maturity of loans and financial management

During the reporting period, export sales increased compared with the previous period, resulting in an increase in accounts receivable.

Construction in progress during the reporting period Construction in progress 4,724,773.53 0.05 137,436,013.52 1.45 -96.56

Caused by solidification

During the reporting period, the subsidiary's long-term lease liabilities increased, and right-of-use assets 42,036,345.16 0.41 11,380,530.90 0.12 269.37

resulting in a corresponding increase in right-of-use assets

New development expenditure during the reporting period 773,496,533.83 7.48 458,547,105.54 4.82 68.68

investment

Deferred income tax Asset impairment during the reporting period 136,071,300.78 1.32 203,247,480.44 2.14 -33.05

Asset loss due to write-off

Other non-current long-term prepayments during the reporting period 90,684,937.54 0.88 53,699,104.17 0.56 68.88

Assets Transactional transactional finance at the end of the reporting period due to increase in assets

6,314,425.32 0.07 -100.00 Liabilities due to financial liabilities due

To

Sales order contract liabilities during the reporting period 31,829,185.12 0.31 59,030,445.03 0.62 -46.08 Due to the decrease in advance receipts

Taxes payable at the end of the reporting period 42,117,686.12 0.41 16,581,920.05 0.17 154.00 Due to the increase in corporate income tax

Due within one year 842,977,428.61 8.15 8,208,736.77 0.09 10,169.27 Bonds payable during the reporting period

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The non-current liabilities are due to be redistributed within one year and transferred into the debt category.

Contract liabilities and other current liabilities during the reporting period

4,547,131.61 0.04 9,127,068.86 0.10 -50.18 Debt to reduce taxes

To

Long-term borrowings during the reporting period Long-term borrowings 17,973,000.00 0.17 298,000,000.00 3.13 -93.97 Due to transfer out due within one year

Bonds payable during the reporting period Bonds payable 519,993,374.81 5.47 -100.00 Due to reclassification and transfer out due to maturity within one year

During the reporting period, long-term lease liabilities of subsidiaries 59,345,864.85 0.57 10,275,112.33 0.11 477.57 Due to the increase in lease liabilities

The fair deferred income tax for the reporting period increased due to the increase in value changes.

49,863,558.82 0.48 38,275,402.60 0.40 30.28

Liabilities Other explanations for the increase in deferred income tax liabilities:

None

2. Overseas assets

√Applicable□Not applicable

(1). Asset scale

Among them: overseas assets 325,777.47 (unit: 10,000 yuan, currency: RMB), accounting for 31.50% of the total assets.

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

√Applicable□Not applicable

Unit: 10,000 yuan Currency: RMB This reporting period Name of overseas assets during this reporting period Reason for formation Operation model

Operating income Net profit Meitheal Enterprises not under common control

R&D sales 245,241.05 -8,443.88 Pharmaceuticals, Inc. Merger

Hong Kong Jianyou Industrial Co., Ltd. Obtained through establishment R&D sales 151,667.81 -12,087.91

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

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Ending book value Reason for restriction

Monetary funds 298,718,508.11 Margin and pledge of deposit certificates

Fixed assets 377,414.88 House and building mortgage loans

Intangible assets 647,585.12 Land use rights mortgage loans

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4. Other instructions

□Applicable √Not applicable

(4) Industry operating information analysis √ Applicable □ Not applicable

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According to the "Industry Classification Guidelines for Listed Companies" issued by the China Securities Regulatory Commission, the company's industry is pharmaceutical manufacturing.

Analysis of operating information of pharmaceutical manufacturing industry

1. Basic situation of the industry and major pharmaceutical (products)

(1).Basic situation of the industry

√Applicable □Not applicable

The pharmaceutical manufacturing industry is a high-tech industry integrating high added value and social benefits. With the growth of the total population and the continuous research, development, innovation and promotion of innovative drugs, the global pharmaceutical manufacturing industry will maintain a good growth trend. China has also been supporting the medical industry as a key pillar industry. With economic development and the improvement of residents' living standards, China has become the world's second largest pharmaceutical consumer market after the United States. The pharmaceutical industry has high industry barriers. Since the use of drugs is directly related to people's lives and health, the state has formulated a series of laws and regulations in terms of industry access, production and operation, etc. to strengthen the supervision of the pharmaceutical industry. This objectively constitutes a policy barrier to entry into this industry. The pharmaceutical industry is a high-tech, high-risk, high-input industry. New drugs require a large amount of capital, technology and other resources to be invested in each link from research and development, clinical trials, trial production to final product market development and product promotion. This places high demands on the technical level, experience accumulation and other comprehensive qualities of R&D personnel.

In recent years, with the development of the economy, the growth of the world's population and the aging of society, the size of the global pharmaceutical market has maintained steady growth. Upon inquiry, according to the IQVIA report, global pharmaceutical expenditures are expected to reach US$2.4 trillion by 2029, and maintain an annual growth rate of 5%-8%. The factors driving expenditure growth are the contribution of new products and the impact of patent expiration, among which the impact of biosimilars is increasingly significant.

Basic information on major drugs (products)

√Applicable □Not applicable

Basic information on major drugs (products) divided by industry segments and therapeutic areas

√Applicable □Not applicable

Does it belong to

Note Does it belong? Accept it or not. Accept it or not. Accept it or not.

Whether within the reporting period

Sub-industry Main treatment Drug (product) Registration Chinese medicine protection Start and end of invention patent Entering the country Entering the country Entering the provincial level Indications or functional indications Prescription New products launched

Industry field Product name Category (e.g. Period (if applicable)) Essential drug category Medical insurance category Drug category (product)

Category related) Record Record Record item

Anticoagulation and dalteparinization for the treatment of acute deep vein thrombosis. Prevention of acute kidney disease 2015-04-22/20

Preparation Yes No No Yes Yes Yes Antithrombotic Sodium Injection Medical Patients with functional failure or chronic renal insufficiency 35-04-21

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Liquid medicine In vitro during hemodialysis and hemofiltration

Products Coagulation in the circulatory system. Unstable treatment

coronary artery disease; such as unstable angina

and non-Q-wave myocardial infarction. Prevention and surgery

related thrombosis.

Prevention of venous thromboembolic disease (prevention of venous thromboembolic disease)

intravenous thrombosis), especially with orthopedic or

Thrombosis associated with general surgery. Treatment has been

deep vein thrombosis, with or without pulmonary

enox liver

Anticoagulation and embolism, clinical symptoms are not serious, excluding pulmonary embolism requiring surgery or thrombolytic agent treatment 2013-11-13/20 Preparation sodium injection Yes No No Yes Yes Antithrombotic drug 33-11-12 Injection

Product stopper. Treatment of unstable angina and non-Q waves

Myocardial infarction, combined with aspirin. use

In hemodialysis extracorporeal circulation, prevent thrombosis

form.

In surgery, for venous thrombosis

Moderate or high risk situations, prevent venous

ization

Thromboembolic disease of the liver. treatment of deep

Anticoagulation and Science 2015-4-22/203 Preparation Calcium injection for venous thrombosis. Combined with aspirin for unstable Yes No No Yes Yes Yes Antithrombotic drug 5-4-21 Ejection Qualitative angina and non-Q wave myocardial infarction

product

Acute phase treatment. prevention in hemodialysis

Blood clot formation in the external circulation.

For use in surgeries and other procedures as well as intensive care

benzene sulfonation

care treatment. As an adjunct to general anesthesia or in

Aquku Science 2017-04-17/20 Preparations Muscle relaxants act as sedatives in the intensive care unit (ICU), Yes No No No Yes Yes Ammonium injection medicine 37-4-16 It can relax skeletal muscles, allowing tracheal intubation and

liquid product

Mechanical ventilation is easy to perform.

Used for major orthopedic surgeries of lower limbs such as hip

fondaparinux

Study Joint fracture, major knee surgery or hip 2018-4-18/203 Preparation Anticoagulant Decadium Injection Yes No No No Yes Yes Drug Prevent venous thrombosis in patients with joint replacement surgery 8-4-17 Ejection

The occurrence of embolic events. For use without indication

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Urgent (<120 minutes) invasive treatment (PCI)

Unstable angina or non-ST segment elevation

Treatment of patients with myocardial infarction. for use solvent

plug or initially do not accept other forms of reperfusion

Treatment of patients with ST-segment elevation myocardial infarction

treatment.

anti-thrombotic

Patent medicine (blood-chemical

Etiba is used in patients with acute coronary syndrome to reduce

Platelet Aggregation Science 2020-12-24/20 Preparation Peptide Injection Low death or new myocardial infarction combined Yes No No No Yes Yes inhibitory drug, drug 40-12-23 doses Endpoint event rate.

Heparin removal products

outside)

ization

For use in combination with cyclophosphamide as a treatment for chronic myeloid

Busulfan Science 2018-3-29/203 Preparation Alkylating agent Leukemia allogeneic hematopoietic progenitor cell transplantation Yes No No No Yes Yes Injection Medicine 8-3-28 Pretreatment plan before transplantation.

product

Injectable for use in rituximab or rituximab-containing

Benzene hydrochloride During or after treatment with monoclonal antibody regimen 2017-12-12/20 Preparation Alkylating agent Yes No No No Yes Idamus drug Inert B-cell non-Hodgkin 37-12-11 statin lymphoma (NHL) with disease progression.

ization

Organ Rejection For Injection This product is used to receive allogeneic kidneys, hearts

Science 2018-11-17 Preparation Preparation of reaction Motimax or liver transplant patients, as a preventive drug for organ rejection Yes No No No No No drug/2038-11-16 Preventive drug Cophenolate reaction.

product

Note: The above table shows the situation of major domestic drugs.

The new entry and exit of major drugs into the essential medicine catalog and the medical insurance catalog during the reporting period

√Applicable □Not applicable

1. Inclusion in the "National Medical Insurance Catalog"

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As of the end of the reporting period, the company had a total of 22 products entered the "National Medical Insurance Catalog", the situation is as follows: enoxaparin sodium injection 0.4ml: 4000AXaIU and 0.6ml: 6000AXaIU, dalteparin sodium injection 0.2ml: 5000AXaIU and 0.3ml: 7500AXaIU, nadroparin calcium injection 0.4ml: 41 00AXaIU, 0.6ml: 6150IU and 0.3ml: 3075IU, cisatracurium besylate injection 5ml: 10mg, fondaparinux injection 0.5ml: 2.5mg, eptifibatide injection 10ml: 20mg, tigecycline injection 50mg, milrinone injection 5ml: 5mg, 10ml: 10mg, 20ml: 20mg and 50ml: 50mg, Reganosine Injection 5ml: 0.4mg, Palonosetron Hydrochloride Injection 5ml: 0.25mg, Voriconazole Injection 0.2g, Fulvestrant Injection 5ml: 0.25g, Rocuronium Bromide Injection 5ml: 50mg and 10ml: 100mg, Micafungin Sodium Injection 50mg, Pantoprazole Sodium Injection 4 0mg, busulfan injection 10ml: 60mg, bendamustine hydrochloride injection 25mg and 100mg, fluorouracil injection 10ml: 0.5g, azacitidine injection 100mg, gemcitabine hydrochloride injection 0.2g and 1.0g, bortezomib injection 3.5mg, oxaliplatin injection 10ml: 50mg and 20ml: 100mg. 2. Inclusion in the "National Essential Drugs List"

As of the end of the reporting period, the company had a total of 6 products entered the "National Essential Drugs List", including enoxaparin sodium injection 0.4ml: 40mg (4000AXaIU) and 0.6ml: 60mg (6000AXaIU), and dalteparin sodium injection 0.2ml: 5000IU and 0.3ml: 7500AXaI U. Nadroparin Calcium Injection 0.4ml: 4100IU, 0.6ml: 6150IU and 0.3ml: 3075IU, Oxaliplatin Injection 10ml: 50mg and 20ml: 100mg, Gemcitabine Hydrochloride for Injection 0.2g and 1.0g, Rocuronium Bromide Injection 5ml: 50mg.

Winning bids for major drugs in centralized drug bidding and procurement during the reporting period

√Applicable □Not applicable

Name of main drugs Winning bid price range Total actual purchase volume of medical institutions Enoxaparin sodium injection 12.35 yuan/tube-22.64 yuan/tube 1,428.84

Dalteparin sodium injection 12.30 yuan/tube-32.85 yuan/tube 1,128.06

Nadi(qu)heparin calcium injection 9.37 yuan/tube-21.28 yuan/tube 1,764.63

Cisatracurium besylate injection 14.48 yuan/bottle-36.27 yuan/bottle 346.00

Fondaparinux sodium injection 26.75 yuan/tube-40.12 yuan/tube 272.89

Eptifibatide injection 87.50 yuan/tube-131.25 yuan/tube 2.36

Tigecycline for injection 53.80 yuan/tube-80.70 yuan/tube 26.14

Reganosyn Injection 79.6 yuan/tube 0.01

Busulfan injection 1,398 yuan/bottle 2.77

Bendamustine hydrochloride for injection 370.00 yuan/bottle-1,571.99 yuan/bottle 3.04

Calcium levofolinate for injection 25.49 yuan/bottle-42.84 yuan/bottle 0.04

Mycophenolate mofetil for injection 196.60 yuan/bottle-298.00 yuan/bottle 1.49

Note: The total actual purchase volume of medical institutions is in 10,000 units.

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Situation description

□Applicable √Not applicable

Business data divided by treatment areas or major drug (product) categories

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB Operating income increased compared with the previous year Operating costs increased compared with the previous year Gross profit margin increased compared with the previous year Products in the same industry and field Treatment areas Operating income Operating costs Gross profit margin (%)

Increase or decrease (%) Decrease (%) Decrease (%) Gross profit margin Anti-coagulation and anti-thrombosis 197,397.30 143,954.94 27.07 -16.73 -8.09 -6.86 See the situation description

Situation description

√Applicable □Not applicable

Securities code Securities abbreviation Operating income (10,000 yuan) Gross profit margin (%)

002399.SZ Hepalink 405,538.57 32.49 300255.SZ Changshan Pharmaceutical 89,643.56 15.41 002675.SZ Dongcheng Pharmaceutical 158,088.53 32.24

Note: The data of Hepalink, a comparable company in the industry, comes from the total operating income and average gross profit margin of "heparin sodium and low-molecular-weight heparin sodium API products and preparation products" in the 2024 annual report; Changshan Pharmaceutical comes from the "unfractionated heparin API products, unfractionated heparin preparations, low-molecular-weight heparin API and low-molecular-weight pharmaceutical products" in the 2024 annual report The total operating income and average gross profit margin of "Heparin Preparation Products"; Dongcheng Pharmaceutical's total operating income and average gross profit margin are derived from the "API related products and preparation products" in the 2024 annual report; the company's heparin API prices will stabilize in 2025, with a slight decline in the second half of the year, and the gross profit margin level is at the average level of the industry.

2. The company’s drug (product) research and development status

(1). Overall situation of R&D

√Applicable □Not applicable

As of the end of 2025, the company has a total of 59 projects under research, of which a total of 27 projects have been declared and approved. The main R&D products include high-quality products with large market demand and stable demand in the fields of anti-infection, anti-tumor, anti-coagulation, anesthetics, and blood sugar regulation.

(2).Basic information on major R&D projects

√Applicable □Not applicable

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R&D project (including consistency) Whether it belongs to the protection of traditional Chinese medicine. The name of the drug (product) at which R&D (registration) is located. Registration classification. Indications or functional indications. Whether it is a prescription drug.

Evaluation item) Species (if involved) Section KM1901 KM1901 Biological products for the treatment of sarcoidosis Yes No Clinical phase III is about to start RD-2023-NA007(Z) RD-2023-NA007(Z) Biological products for the treatment of diabetes Yes No Approval pending in the United States and Europe

Preparing to apply to the United States and Europe for RD-2023-NG006(Z) RD-2023-NG006(Z) biological products for the treatment of diabetes Yes No

newspaper

RD-2020-NA012 RD-2020-NA012 Biological product for the treatment of plaque psoriasis Yes No Under review in the United States

Prepared to ship to the United States, the United Kingdom, RD-N-24-023 RD-N-24-023 Biological products for therapeutic use Tumor treatment Yes No

European declaration

Preparing to apply for KM2404 in the United States and Europe KM2404 Biological products for treatment, ovulation induction, etc. Yes No

newspaper

RD-2022-NT013 RD-2022-NT013 Biological products for therapeutic use Hormone drugs Yes No Under review in the United States

Preparing to apply for RD-2023-NL013 RD-2023-NL013 biological products for the treatment of diabetes in the United States and Europe Yes No

newspaper

RD-2024-NS013 RD-2024-NS013 Biological products for treatment of diabetes Yes No Preparing to apply to Europe for KA2501 KA2501 Chemical drug Category 1 Acquired bacterial pneumonia Yes No US has approved RD-2019-NG002 RD-2019-NG002 Chemical drug Category 5 Multiple sclerosis Yes No Pending approval in the United States RD-2024-NG008 RD-2024-NG008 Chemical Class 3 Prevention of venous thromboembolic disease Yes No Stability stage

(3). Status of drugs (products) submitted to and approved by regulatory authorities during the reporting period

√Applicable □Not applicable

① Submit details to regulatory authorities for approval during the reporting period

R&D (registration) stage

Drug (product) name Drug (product) name Indications or functional indications Progress status

segment

Project 1 Project 1 Diagnostic reagents Under review in the United States Project 2 in the data review stage Project 2 Hormone drugs Under review in the United States Project 3 in the data review stage

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Project 6 Project 6 Anticoagulation and antithrombosis. Under approval in the United States. Data review stage

Prevention of venous thromboembolic disease

Project 7 Project 7 is in the process of approval in the United States and is in the data review stage.

Used when the phone cannot be connected due to various reasons

Item 8 Item 8 Patients who undergo exercise stress testing and need to undergo drug stress testing during the data review stage in Europe

Prevention of venous thromboembolic disease

Project 9 Project 9 Under approval in Europe and Saudi Arabia Document review stage

Disease etc.

Item 10 Item 10 Anti-infection Under approval in Europe and Canada Item 11 at the data review stage Item 11 Gastroesophageal reflux disease Under approval in Europe Item 12 at the data review stage Item 12 Anti-infection Under approval in Europe and Saudi Arabia Item 13 at the data review stage

Prevent premature onset of luteinizing hormone

Project 15 Project 15 Under approval in Europe and Saudi Arabia Data review stage LH peak

Suitable for men and women Bone Paget

Item 16 Item 16 Under approval in Canada and Saudi Arabia Document review stage

Treatment of (Paget) disease

Item 17 Item 17 Anticoagulant and antithrombotic Under approval in Canada Data review stage

Prevent anticholinesterase drugs like new

Item 18 Item 18: Peripheral toxin use of stigmine. Approval in Canada. For data review stage.

For treatment requiring long-term use

Project 19 Project 19 Extracorporeal antipsychotic drug treatment. Under approval in Canada and Saudi Arabia. Data review stage

of schizophrenia patients

Item 20 Item 20 Diabetes Under approval in Saudi Arabia Document review stage

Prevention of venous thromboembolic disease

Project 21 Project 21 Saudi Arabia is in the process of approval. Data review stage.

For acute decompensated heart disease

Project 22 Project 22 Short-term intravenous treatment for patients with failure. Approval in Saudi Arabia. Treatment in the data review stage.

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Item 23 Item 23 Muscle relaxants are being approved by Saudi Arabia. Used for postoperative non-depolarizing nerves during the data review stage.

Project 24 Project 24 Reversal of the effect of muscle blockers in Saudi Arabia approval stage

Item 25 Item 25 General anesthesia and sedation. Under approval in Saudi Arabia. Item 26 at the data review stage. Item 26 Central diabetes insipidus and hemophilia. Under approval in the United States. At the data review stage.

Project 27 Project 27 Acquired bacterial pneumonia. Under approval in the United States. Data review stage

②The status of drugs (products) approved during the reporting period

No. Product Country Approval Date1 Methylene Blue Injection United States January 2025 Fulvestrant Injection China February 2025 Rocuronium Bromide Injection China February 4 Norepinephrine Tartrate Injection United States February 5, 2025 Liraglutide Injection United States April 2025 Adenosine Injection United States April 7, 2025 Mitoxantrone Injection United States April 8, 2025 Idarubicin Hydrochloride Injection United States May 9, 2025 Hydralazine Hydrochloride Injection United States June 10, 2025 Daunorubicin Hydrochloride Injection United States June 11, 2025 Etoposide Injection United States July 12, 2025 Nicardipine Hydrochloride Injection United States August 13, 2025 Fosfomycin for injection United States October 14, 2025 Vecuronium bromide for injection United States November 15, 2025 Octreotide acetate injection United States November 16, 2025 Dalbavancin for injection United States November 17, 2025 Propofol emulsion injection United States December 2025

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(4). Major R&D projects were canceled or drugs (products) were not approved during the reporting period

□Applicable √Not applicable

(5).Develop accounting policies

√Applicable □Not applicable

Expenditures in the research phase of internal R&D projects are included in the current profit and loss when incurred; expenditures in the development phase are recognized as intangible assets if they meet the following conditions: ① It is technically feasible to complete the intangible asset so that it can be used or sold; ② There is the intention to complete the intangible asset and use or sell it; ③ The way intangible assets generate economic benefits includes being able to prove If it is clear that the products produced by using the intangible assets exist in the market or the intangible assets themselves exist in the market, and the intangible assets will be used internally, their usefulness can be proven; ④ There is sufficient technical, financial and other resource support to complete the development of the intangible assets, and the ability to use or sell the intangible assets; ⑤ Expenditures attributable to the development stage of the intangible assets can be measured reliably.

Specific criteria for dividing the research stage and development stage of internal R&D projects: The planned investigation stage to obtain new technologies and knowledge should be determined as the research stage, which has the characteristics of planning and exploratory nature; before commercial production or use, the stage of applying research results or other knowledge to a plan or design to produce new or substantially improved materials, devices, products, etc., should be determined as the development stage. This stage has the characteristics of being targeted and having a greater possibility of producing results.

The company will capitalize the borrowing costs during the development stage that meet the capitalization conditions and include them in the capitalized costs of internal research and development projects.

(6). R&D investment

Comparison with the same industry

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

Comparable companies in the same industry Amount of R&D investment Proportion of R&D investment in operating income (%) Proportion of R&D investment in net assets (%) Proportion of capitalized R&D investment (%) Lingkang Pharmaceutical 2,666.49 7.02 3.46

Anglican 23,052.08 14.99 12.82 7.02 Rundu Shares 13,126.67 11.10 11.39

Kangchen Pharmaceutical 5,493.78 16.83 1.60 60.45Osaikang 35,392.92 19.91 11.26 49.90Hepalink 21,358.07 4.04 1.75 0.72Qianhong Pharmaceutical 15,087.55 9.89 6.00 30.77 Changshan Pharmaceutical 11,535.2 11.19 7.51 59.09 Dongcheng Pharmaceutical 43,109.04 15.03 8.03 32.29

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Average amount of R&D investment in the same industry 18,980.20 Proportion of the company’s R&D investment in operating income during the reporting period (%) 20.43 Proportion of the company’s R&D investment in net assets during the reporting period (%) 11.82 Capitalized proportion of the company’s R&D investment during the reporting period (%) 57.30

Explanation of major changes in R&D investment and the rationality of the proportion of R&D investment and capitalization proportion

√Applicable □Not applicable

During the reporting period, R&D investment increased significantly compared with the previous year.

The company's R&D investment accounts for a higher proportion of operating income than comparable companies in the heparin industry. The main reason is that the company attaches great importance to R&D and has completed the transformation from raw materials as its main business to preparations as its main business. In R&D activities

Due to the investment of more funds. The proportion of capitalized R&D investment of comparable companies in the same industry is different. The main reason is that the types of R&D projects and R&D progress of each company are different, resulting in the capitalization of R&D investment.

The proportions are not comparable. Overall, the capitalization ratio of the company's R&D investment is at a relatively high level in the industry, matching the company's project R&D progress.

The company conducts R&D investment accounting in strict accordance with the progress of R&D projects and relevant accounting policies, and complies with the relevant provisions of the Accounting Standards for Business Enterprises.

Investment status of major R&D projects

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB R&D investment expense fund R&D investment capitalization fund R&D investment as a share of business The amount of this period is compared with the same period of the previous year

R&D project R&D investment amount Description of the situation

Amount Amount Income proportion (%) Change proportion (%)

KM1901 14,057.60 14,057.60 3.52 100.00

KM2101 9,239.69 9,239.69 2.32 6.87

KM2403 7,349.92 7,349.92 1.84 243.47

RD-N-24-023 6,122.70 6,122.70 1.53 3,151.90

RD-2023-NA007 5,840.56 5,840.56 1.46 43.15

RD-2023-NG006(Z) 4,492.92 4,492.92 1.13 116.29

KM2404 3,683.13 550.92 3,132.21 0.92 1,811.42

RD-2023-NL013 2,522.00 2,522.00 0.63 2,375.52

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RD-2024-NS013 2,280.12 2,280.12 0.57 100.00 Newly added KA2501 in this period 1,922.83 1,922.83 0.48 1,753.62

RD-2022-NT013 1,806.34 1,806.34 0.45 2.98

RD-2019-NG002 1,223.29 1,223.29 0.31 64.43

RD-2024-NG008 1,078.45 1,078.45 0.27 -0.24

2022-NG009 816.26 584.87 231.39 0.20 -57.75

RD-N-24-020 750.42 750.42 0.19 -54.92

KA2405 732.05 732.05 0.18 555.85

KA2401 658.51 658.51 0.17 185.12

RD-2024-NL009 504.76 504.76 0.13 100.00 Newly added KB2503 in this issue 478.84 478.84 0.12 1,748.75

RD-2021-NP006(Z) 469.21 458.54 10.67 0.12 -45.65

RD-2024-NG007 428.87 428.87 0.11 -41.62

RD-2020-NL007(Z) 415.14 415.14 0.10 -65.68

3. Sales of the company’s drugs (products)

(1). Analysis of main sales models

√Applicable □Not applicable

The company's products are divided into three categories: preparations, APIs, and CDMOs. Different categories are based on the corresponding customer groups, and the company chooses differentiated sales methods; the domestic business has formed its own sales team, combining mutual

Internet technology has been used to build an advanced sales team and strengthen academic training; foreign business adopts a combination of direct sales and distribution agents, and has established strong stickiness with major customers, most of which are world-renowned pharmaceutical companies.

(2). Analysis of sales expenses

The specific composition of sales expenses

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

Specific project name Amount incurred in the current period Proportion of the amount incurred in the current period to total sales expenses (%) Sales staff salary 16,315.26 39.97 Marketing expenses [Note] 15,281.35 37.43 Warehousing and transportation expenses 9,090.45 22.27 Others 135.46 0.33

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Total 40,822.52 100.00

[Note] Marketing fees include business entertainment fees, business promotion fees, conference fees, consulting service fees, office fees, communication fees, etc. incurred for marketing promotion.

Comparison with the same industry

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

Comparable companies in the same industry Sales expenses Sales expenses account for operating income (%)

Lingkang Pharmaceutical 14,199.55 37.39 Onlikang 18,158.82 11.81 Rundu Shares 24,584.65 20.79 Kangchen Pharmaceutical 41,844.46 50.70 Aosaikang 101,604.35 57.16 The company’s total sales expenses during the reporting period 40,822.52 The company’s sales expenses accounted for the proportion of operating income during the reporting period (%) 10.23

Significant changes in sales expenses and explanation of the reasonableness of sales expenses

□Applicable √Not applicable

4. Other instructions

□Applicable √Not applicable

(5) Investment status analysis

Overall analysis of external equity investment

□Applicable √Not applicable

1. Significant equity investment

□Applicable √Not applicable

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2. Significant non-equity investments

□Applicable √Not applicable

3. Financial assets measured at fair value

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB Fair price in the current period Included in the accumulation of equity Provisions in the current period Sale/redemption in the current period

Asset category Opening amount Purchase amount during the period Other changes Ending amount

Gains and losses from changes in value Impairment amount from changes in fair value

measured at fair value and

The changes are included in the current profit and loss of financial assets.

Receivables financing 1,074.35 7,234.01 6,998.52 1,309.84

Total 106,618.58 3,719.00 328,142.52 305,474.04 -39.64 132,966.42

Securities investment situation

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

Fairly included in equity in the current period

Initial investment Funding Opening book value Sales in the current period Investment in the current period Book value at the end of the period Accounting security type Securities code Securities abbreviation Change in value Cumulative fair price Purchase

Cost Source Value Amount Profit and Loss Value Account Profit and Loss Value Change Amount

Owned capital Trading gold stocks 02566.HK Jiuyuan Gene 2,876.40 1,785.34 -74.84 -1,165.90 1,710.50

Total financial assets / / 2,876.40 / 1,785.34 -74.84 -1,165.90 1,710.50 /

Explanation of securities investment situation

□Applicable √Not applicable

Private equity fund investment situation

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□Applicable √Not applicable

Derivatives investment situation

□Applicable√Not applicable

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

Major subsidiaries and joint-stock companies that affect the company’s net profit by more than 10% √ Applicable □ Not applicable

Unit: 10,000 yuan Currency: RMB

Company name Company type Main business Registered capital Total assets Net assets Operating income Operating profit Net profit Meitheal Development and development of injectable drugs

Subsidiaries 48.70 174,588.06 -11,635.43 245,241.05 -4,908.38 -8,443.88 Pharmaceuticals, Inc. Manufacturing, purchasing, and sales. Hong Kong Jianyou Industrial Co., Ltd.

Subsidiaries R&D and sales 0.85 279,186.05 24,772.77 151,667.81 -14,624.12 -12,087.91 Division

Acquisition and disposal of subsidiaries during the reporting period

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

(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

The company is mainly engaged in the research and development, production and sales of pharmaceutical raw materials and preparations. Its products cover heparin APIs (including standard heparin APIs and low-molecular-weight heparin APIs), heparin preparations (including standard heparin preparations and low-molecular-weight heparin preparations), generic chemical drugs and biological drugs.

1. Market overview of heparin API industry

The English name of heparin is Heparin, abbreviated as Hep. Heparin is named after it was first discovered in the liver. It is naturally present in mast cells and is mainly extracted from the mucosa of the small intestine of pigs. The production company first needs to extract and prepare crude heparin from the mucosa of the small intestine of pigs. Because the crude heparin contains impurity proteins and cannot be directly used in clinical treatment, it needs to be further extracted, purified and processed into heparin API. The heparin API can be directly used to make standard heparin preparations, or further processed into low-molecular-weight heparin API, and finally low-molecular-weight heparin preparations. Standard heparin preparations and low molecular weight heparin preparations can be directly used in clinical treatment.

Over the past 70 years of development, the heparin industry has formed a complete industrial chain, in which heparin API is a crucial and core link with high technical barriers in the industry value chain. Heparin APIs are specialty APIs (different from bulk APIs) and are ultimately used to produce heparin preparations. Driven by global aging and the high incidence of cardiovascular and cerebrovascular diseases, the rapid increase in demand for heparin drugs has a driving effect. In recent years, the demand for heparin APIs in the international market has grown rapidly.

2. Market overview of heparin preparation industry

①Standard heparin preparation

Due to differences in clinical medication habits and other reasons, compared with the more common use of standard heparin drugs in the United States and Europe, the consumption scale of standard heparin preparations in the domestic market is generally smaller. The standard heparin preparation used clinically in my country is heparin sodium injection. With the medical community's extensive research on the correlation between blood coagulation and other diseases, as well as the increasing number of patients with disseminated intravascular coagulation and hemodialysis patients in my country, the market demand for heparin sodium injection has been growing steadily in recent years. Heparin and low molecular weight heparin injection have been included in the "National Essential Drugs List" for a long time, becoming one of the few anticoagulants and thrombolytic drugs included in the list.

At this stage, the global heparin industry has formed an upstream API supply and vertically integrated production network with Chinese companies as the core, and the market focus is tilted towards low molecular weight heparins. In the U.S. market, companies such as Pfizer and Sagent have established in-depth supply chain cooperation with Chinese pharmaceutical companies. APP and Hospira have been acquired by Fresenius Kabi and Pfizer respectively. The industrial chain presents a new pattern of deep integration and collaboration in which Chinese companies dominate raw materials and European and American leading brand channels.

② Low molecular weight heparin preparations

The company's main products, enoxaparin sodium injection, dalteparin sodium injection and nadroparin calcium injection, are low molecular weight heparin preparations.

Heparin preparation is the final product form of heparin and is mainly used in the treatment of cardiovascular and cerebrovascular diseases and hemodialysis. Heparin preparations are divided into standard heparin preparations and low molecular weight heparin preparations. Compared with standard heparin preparations, clinical studies have confirmed that low molecular weight heparin products are not easily neutralized by factor IV (a specific protein synthesized from platelet α-granules) due to their smaller molecular weight. They have stronger anticoagulant and fibrinolytic effects and have wider medical uses. They have become the drug of choice for the treatment of acute venous thrombosis and acute coronary syndrome (angina pectoris, myocardial infarction, etc.). Therefore, low molecular weight heparin preparations currently occupy a dominant position in the heparin drug market.

The rapid growth in global clinical medical demand for anticoagulant and antithrombotic drugs has directly driven the increase in the sales of heparin preparations. At present, the consumer market for heparin drugs is mainly developed countries and regions such as the United States, Europe and Japan.

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The application of low molecular weight heparin preparations in developed countries in the United States and Europe has been very mature and widespread. In addition to being used for traditional anticoagulation and antithrombosis, it can also be used for the prevention and treatment of deep vein thrombosis, prevention of postoperative venous thrombosis, hemodialysis and anti-tumor auxiliary treatment. As the medical community continues to deepen its research on low-molecular-weight heparin preparations, its application fields have also been continuously expanding.

At this stage, my country has classified low-molecular-weight heparin preparations, including nadroparin calcium injection, enoxaparin sodium injection, dalteparin sodium injection, parparinux sodium injection, etc. In China, low molecular weight heparin preparations are mainly used in the anti-thrombotic field, and the application in the field of postoperative venous thrombosis prevention is rapidly gaining popularity and has become the core driving force for market growth. With the continued growth of my country's anti-thrombotic drug market, the widespread acceptance of heparin therapy for postoperative venous thrombosis prevention and acute coronary syndrome in clinical practice, and the rapid promotion of low-molecular-weight heparin preparations in anti-tumor adjuvant treatment, the demand for low-molecular-weight heparin preparations in my country will continue to expand in the future.

3. Basic situation of the development of generic drug industry

In terms of generic drugs, they are highly regarded because they have the same medicinal value as the original drugs and are cheap. After the patent of the original drug expires, the successive launch of generic drugs will gradually reduce drug prices. Generic drugs solve the vast majority of clinical drug needs with minimal expenditure. Therefore, safe, effective, and high-quality generic drugs play a vital role in the medical systems of countries around the world. In the context of the continued expansion of the global pharmaceutical market and the steady increase in total pharmaceutical expenditures, drug regulatory authorities in various countries have formulated incentive policies aimed at accelerating the research and development of generic drugs. The pharmaceutical market structure has also undergone structural differentiation, which is reflected in the gradual slowdown of the growth of original drugs, while the growth rate and proportion of generic drugs have maintained rapid increases.

As the protection period of a number of heavyweight patented drugs (including some biological drugs) expires in the early to mid-2020s, the global original drug market of hundreds of billions of dollars is facing reconstruction. Although institutions such as EvaluatePharma have predicted that more than US$200 billion in sales will be at risk between 2021 and 2026, in the actual market, the penetration rate of biosimilars is slower than expected, and the price erosion effect is significant.

In the U.S. market, the proportion of generic drug prescriptions has hit the ceiling and has stabilized at more than 90%. However, due to continued price competition, market sales have not increased significantly with the prescription volume, and have even stagnated or declined in some years, showing a significant "volume increase and price decrease" feature.

my country is also a big country in the use of generic drugs, and generic drugs are the dominant force in my country's pharmaceutical market. As the public's demand for health grows, people are in urgent need of drugs that are of the same quality and efficacy as the original drugs and are affordable and high-quality, so as to achieve clinical substitutability and alleviate the problem of "expensive medical treatment". Carrying out consistency evaluation of generic drugs can make generic drugs consistent in quality and efficacy with the original drugs, and can replace the original drugs in clinical practice. This can not only save medical expenses, but also improve the quality of my country's generic drugs and the overall development level of the pharmaceutical industry, ensure the safety and effectiveness of public medication, and have important economic and social benefits.

The company's main products include fulvestrant injection, carboplatin injection, azacitidine injection, busulfan injection, melphalan hydrochloride injection, fluorouracil injection, etc., which are anti-tumor preparations.

Affected by factors such as the aging of the population, increasing environmental pollution, and the emergence of new treatments, the global anti-tumor drug market continues to grow. According to relevant data from Frost & Sullivan, the global anti-tumor drug market has continued to grow in recent years, with the market size increasing from US$117.7 billion in 2015 to US$217.8 billion in 2021, with a compound annual growth rate of 10.8%. The market size is expected to further grow to US$497.7 billion by 2030, with a compound annual growth rate of 9.6% from 2021 to 2030.

Among them, China’s anti-tumor drug market size is expected to grow faster than the global average in the future. China's anti-tumor drug market size was 107.9 billion yuan in 2015, and will grow to 236 billion yuan in 2021, with a compound annual growth rate of 13.9%. It is expected that the market size will further grow to 647.9 billion yuan by 2030, with a compound annual growth rate of 11.9% from 2021 to 2030. Affected by the continuous increase in the number of patients, policy-driven policies, and the expiration of patents on original research drugs, the demand for the terminal markets involved in the company's business has grown rapidly.

4. Basic situation of the development of biopharmaceutical industry

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During the reporting period, the company established a product research and development team for biopharmaceuticals through cooperative research and independent research and development. Biopharmaceuticals are based on genetic technology and are extracted and manufactured from animals or microorganisms to produce protein drugs. With the expiration of patents, biopharmaceuticals have ushered in "generic drugs". These biological "generic drugs" are called biosimilars in medicine. There is no difference in efficacy between biosimilars and original biological drugs. The effectiveness and safety of biosimilars provide doctors and patients with more clinical choices and reduce the burden of medical costs on patients.

Compared with chemical drugs, biological drugs have more complex ingredient structures, stricter production processes, and more cautious manufacturing methods, so the price of the finished product is relatively higher. From the perspective of efficacy, biological drugs are more effective in fields that are difficult to treat with chemical drugs, such as tumors and immune diseases. Biological drugs, led by monoclonal antibodies, have increasingly become the first-line choice in clinical treatment guidelines in the field of tumor treatment. According to industry trends, the global biopharmaceutical market is expected to exceed US$650 billion in 2025 (approximately US$600 billion in 2024), with a compound annual growth rate (CAGR) of around 9%, and its share of the global pharmaceutical market increasing to more than 32%. The United States is still the world's largest biopharmaceutical market, with a share of nearly 40%; China's biopharmaceutical market is expected to exceed US$110 billion. As local companies improve their R&D capabilities and overseas licensing transactions continue to be active, the internationalization process of domestic biopharmaceuticals has accelerated significantly.

(2) Company development strategy

√Applicable □Not applicable

Jianyou Co., Ltd. has always adhered to the corporate vision of "building a first-class international biopharmaceutical enterprise" and adopted "sunshine culture, quality products, operational excellence, and shared development" as its corporate cultural program, and is committed to building an international, high-quality pharmaceutical manufacturing enterprise. In the Chinese market, the company has always taken quality benchmarking and industry leadership as its development direction, becoming a supplier of multiple varieties of injections and becoming a leader in the Chinese market. In mature markets such as the United States and Europe, the company, as a competitive participant in preparation products, aims to become a mainstream supplier of injections in the United States and a pharmaceutical company with considerable global influence. Based on the company's existing advantageous position in the field of high-quality heparin products, based on the good development prospects of the heparin industry and the development opportunities brought by the transfer of international division of labor in the pharmaceutical industry, the upgrading of my country's pharmaceutical industry and the expiration of patent drugs, the company will further consolidate its leading position in the industry of high-quality heparin products. Actively search for and explore other pharmaceutical products with good market prospects, expand product lines, improve product chains and balance the development of main business, so as to achieve a business strategy of product diversification and vertical integration of production.

(3) Business plan

√Applicable □Not applicable

The company will continue to take creating a healthy life as its mission, continue to innovate, and provide patients with safer and more effective high-quality products. Closely connect upstream crude heparin suppliers and downstream customers to maintain the company's leading position in high-quality heparin raw materials; take advantage of opportunities such as the expiration of anti-tumor patent drugs and the approval of the company's heparin preparations in the international market to fully open the international preparation product market; improve research and development capabilities, optimize product structure; be patient-centered, innovate products and models, and build the company into a large pharmaceutical company with global supply capabilities.

1. Strengthen technological innovation capabilities, accelerate the transformation of innovation results, and enhance the company's competitiveness through research and development

Based on the development of global quality drugs, taking advantage of the opportunity of the reform of new drug review and approval policies, and through simultaneous research and development between China and the United States, we will create a research and development mechanism that promotes comprehensive breakthroughs in each other. Expand investment in R&D and innovation, establish a complete R&D promotion system, ensure an efficient R&D rhythm of applying for a batch, research a batch, and reserve a batch, increase the breadth of R&D reserves, and establish support for the company to become a multi-variety, global pharmaceutical manufacturer.

Based on the existing sterile preparation products, the company will further strengthen its innovation capabilities, develop and cultivate new products, and accelerate the transformation of innovative results. The company has established a biopharmaceutical division, which consists of a protein design platform, a drug delivery system platform, and a molecular biology platform.

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and cell biology platform to accelerate the R&D, innovation and industrialization process of macromolecule biopharmaceuticals. Relying on the established international sales network and commercialization capabilities, the company will achieve rapid market penetration of biopharmaceutical products, drive continued growth of the company's performance, and strive to become an innovative, international, and world-class biopharmaceutical company.

2. Adhere to the high-quality development route and help the structural upgrading of China’s pharmaceutical industry

Based on the standards of the US FDA, the company has established a production, management and operation system for raw materials and preparations, with stable quality control and processes that can meet the regulatory requirements of major global pharmaceutical markets, and its product quality is globally competitive. As of the date of this report, Jianyou Co., Ltd. and its subsidiaries have a total of twelve sterile injection production lines that have passed the US FDA review. It is one of the few domestic companies whose sterile injection products can be launched in the United States.

China's pharmaceutical industry is in an important stage of development and transformation. The company has taken the lead in creating a successful case for the export of injections by relying on its advanced process research and development capabilities and stable product quality. In the future, the company will be committed to bringing more Chinese supplies and Chinese medicines to the international standardized market, assisting the structural upgrade of the Chinese pharmaceutical industry, and further enhancing the voice of Chinese pharmaceuticals in the world.

3. Strengthen market advantages and promote global layout

As of the date of this report, the company has about 70 products, including carboplatin injection, atracurium injection, atracurium besylate injection, decitabine for injection, and azacitidine for injection, which can be sold in the U.S. market. It has a rich injection product pipeline and a diversified product structure. Through the sales of existing varieties in the United States, Europe, South America, Asia and other international markets, the company has gradually established international market sales channels and has rich overseas operation and sales experience.

In the future, the company will continue to promote the development strategy of "based on China and the United States, looking at the world", making full use of the company's R&D, production, quality, market and other advantages to further enrich the existing product pipeline, enhance the company's full industry chain service capabilities, vigorously expand emerging markets, and deepen the company's global layout.

4. Management implementation and efficient execution

Based on the company's overall development strategy, we will promote the role of advanced management concepts such as lean management in the company's operations and comprehensively improve the company's overall operational level. Improve the management and control model that matches the company's development strategy, business model and corporate culture to make the organization more scientific and management more efficient.

5. Increase efforts in talent cultivation to help Jianyou shares take off

Talent has gradually become the core factor of corporate competitiveness. Technology promotes progress and talent promotes growth. During the reporting period, the company established a scientific and reasonable salary management system and talent training mechanism to effectively motivate employees to continuously improve working methods and work quality, continuously improve organizational work efficiency, and provide talent support and guarantee for the sustainable development of the company. The company has a group of industry experts and outstanding talents in key management positions such as corporate management, technology research and development, marketing, and production quality management. They are familiar with the advanced management concepts and industry development trends of the pharmaceutical industry, providing strong support for the long-term development of the company's business.

In the future, the company will further establish a training system, improve the learning environment, promote the improvement of employees' technical and business capabilities, ensure that employees and the company grow together, and provide sufficient internal motivation for the company's rapid development.

(4) Possible risks

√Applicable □Not applicable

1. Industry policy risks

(1) In recent years, as the reform of the pharmaceutical system continues to deepen, the state's management of the pharmaceutical industry has continued to increase. The implementation of a series of policy measures such as drug approval, quality supervision, drug bidding, public hospital reform, and medical insurance fee control have a significant impact on the future development of the entire pharmaceutical industry, exposing the company to the risk of industry policy changes.

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(2) In recent years, the U.S. policy toward China has continued to tighten. As a high-tech, highly regulatory-sensitive field, the pharmaceutical industry faces multiple challenges such as supply chain restrictions, market access barriers, and technological blockades.

Measures to be taken: ① Be policy-oriented, based on our own resource advantages, product-based, and quality-guaranteed, respond proactively, focus on market development, channel construction, cost control, steadily improve operating quality and asset quality, strive to improve profitability, and maintain the steady and healthy development of the company; ② Increase investment in research and development, focus on frontier areas to increase returns; adjust market strategies, accelerate the expansion of emerging markets, and diversify the layout of APIs.

2. Risks of product quality control

At present, the main drug markets for heparin drugs are concentrated in overseas regulatory regulatory markets such as the United States, Europe, and Japan. The above-mentioned markets implement strict cGMP standards, which clearly stipulate that their regulatory scope not only involves finished drugs, but also extends to the entire pharmaceutical production process including raw materials (including the reception, production, packaging, labeling, quality control, storage and distribution of starting raw materials or pharmaceutical intermediates). Since heparin drugs are directly used in the clinical treatment of cardiovascular and cerebrovascular diseases and have higher requirements for drug efficacy and safety, heparin preparation manufacturers will also establish their own quality control standards based on drug regulatory requirements. At present, the company's main partners include Pfizer, Sanofi, Sagent and other major heparin preparation manufacturers in the United States. Due to the strict drug regulatory requirements in the United States and considerations for its own product quality, market image and other factors, it has strict quality requirements for its suppliers, and even personalized product quality requirements.

Measures to be taken: Establish and improve a comprehensive risk management system, further improve the quality management system, incorporate FDA audit standards into the company's production and operations, and maintain the stability and sustainability of product quality.

3. Risk of raw material price fluctuations

(1) Raw materials such as crude heparin are the main cost component of the company's products, and their price fluctuations will have a greater impact on the company's production costs. Although the company can pass on the above-mentioned effects to downstream by increasing sales prices, there is still a risk that prices will rise to a certain extent and cannot be fully passed on to the outside world, which will have an impact on the company's operating performance;

(2) Raw materials such as crude heparin are the main inventory components of the company's products. Price declines may cause the value of raw materials in the company's inventory to decline, thereby affecting the company's asset value. It may also cause the company to face profit pressure when selling products, thereby affecting the company's production and operations.

Measures to be taken: Strengthen the stickiness with upstream raw material suppliers and establish a complete supply system. Actively pay attention to the supply and demand trends of raw materials and establish inventory reserves that are balanced with production and operations.

4. Risks of changes in the market structure of heparin preparations

A few international mainstream heparin preparation manufacturers own the vast majority of the market share and often have stable supply relationships with suppliers. Changes in the market structure of heparin preparations will have a direct impact on the production and sales of suppliers. During the reporting period, the company's main customers included traditional brand heparin preparation companies and emerging heparin preparation companies. The growth in raw material procurement needs of relevant customers drove the company's operating performance to improve. As the protection of patented drugs expires, new generic drugs are launched, and new patented drugs are launched, it may have a greater impact on the market structure of heparin drugs. If there are major changes in the product market share of the company's major partners or the heparin drug market structure, the company cannot implement its own customer maintenance and development plans according to the market structure, which may be further transmitted to the company's product sales, adversely affecting the company's production operations and future business expansion.

Measures taken: International market: Deepen cooperation with existing mainstream heparin corporate customers, actively explore other high-quality international customers, and increase their effective stickiness with the company; Domestic market: Continue to conduct in-depth national market layout, use Internet thinking to further improve the management and control and service platform of clinical representatives, and further promote academic sharing and academic promotion of the company's products, thereby leveraging the ability of third-party clinical representatives to quickly access the market, and ultimately achieve the goal of increasing sales.

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5. Risks of emergencies and force majeure affecting the company’s operations

Public health emergencies or force majeure such as earthquakes and typhoons. If the company is unable to cope with the impact of related emergencies and force majeure, it may have an adverse impact on the company's business, finances, operating results and prospects.

Measures to be taken: The company has formulated a business continuity plan to promote the recovery of key businesses, functions and technologies in a timely and organized manner before, during and after the occurrence of emergencies or disruptive events, so that the company's business can continue to develop feasibly and stably.

6. Exchange rate risk

During the reporting period, the company's overseas business was mainly settled in US dollars. If the RMB appreciates significantly in the future, it will result in exchange losses caused by converting the US dollar assets held by the company into RMB funds, which will directly affect the company's profitability.

Measures taken: The company significantly improves the company's operational efficiency by shortening the sales account period and reduces the impact of relevant exchange rate changes on the company's business operations. At the same time, the company's financial management team ensures the continued stability of the company's operating conditions through various methods such as natural hedging and the use of hedging tools.

7. Risks of volume purchasing

If the company's main heparin preparation products fail to win the bid in the national centralized bulk procurement, resulting in restrictions on the sales of the company's heparin preparation products in public medical institutions, the domestic market share of the company's heparin preparation products will be at risk of declining, thereby adversely affecting the company's operating results.

Measures taken: The company has formulated a complete response plan for the national centralized mass procurement to increase the possibility of winning the bid for the company's main products in the national centralized procurement. At the same time, we actively expand global sales channels and increase global sales.

8. Risks of drug research and development failure and failure to meet expectations

The company has initially established an echelon of biopharmaceuticals and innovative drugs through technical cooperation, independent research and development, etc. The research and development cycle of biopharmaceuticals and innovative drugs is long, risky, and there are many uncertainties. There is a risk of R&D failure or product launch not meeting expectations.

Measures taken: The company will continue to adhere to the drug R&D management principles of rational investment and meticulous management, effectively promote the clinical development and marketing process of drugs, and strive to achieve commercialization progress as quickly as possible.

(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 strictly followed the principles and requirements of the Company Law of the People's Republic of China, Securities Law of the People's Republic of China, Code of Governance of Listed Companies and other relevant laws, regulations and normative documents, continuously improved the corporate governance system and revised the Articles of Association, laying a good institutional foundation for the company's long-term, stable and healthy development.

1. About shareholders and shareholders’ meetings

The shareholders' meeting is convened and held in accordance with the "Rules of Procedure for Shareholders' Meetings" formulated by the company and in strict accordance with the relevant requirements of the "Rules for Shareholders' Meetings of Listed Companies" promulgated by the China Securities Regulatory Commission. The company ensures that all shareholders fully exercise their legal rights, especially small and medium-sized shareholders who enjoy equal rights.

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position and exercise their rights to ensure information symmetry for all shareholders. During the reporting period, the convening and convening of the company's shareholders' meeting complied with relevant regulations and was witnessed by lawyers on site. The voting procedures were legal and effective.

2. About Directors and Board of Directors

The company elects directors in strict accordance with the selection and appointment procedures stipulated in the Company Law of the People's Republic of China and the Articles of Association. The number and composition of the company's directors meet the requirements of laws and regulations. All directors can conscientiously perform their duties, exercise their powers correctly, and attend the company's board of directors and shareholders' meetings with a serious and responsible attitude in accordance with the provisions of the Articles of Association and the Rules of Procedure of the Board of Directors. They can strictly implement the authorization of the board of directors by the shareholders' meeting and implement the resolutions of the shareholders' meeting.

During the reporting period, the convening, convening, and discussion procedures of the company's board of directors complied with the provisions of the Articles of Association and the Rules of Procedure of the Board of Directors. The directors performed their duties with integrity and diligence, ensuring the standardization of the board's operations and the objective and scientific decision-making, and effectively safeguarding the interests of all shareholders of the company.

3. About supervisors and board of supervisors

The company elects supervisors in strict accordance with the selection and appointment procedures stipulated in the Company Law and Articles of Association. The number and composition of the company's supervisors meet the requirements of laws and regulations. The company's board of supervisors strictly follows the provisions of the Articles of Association and the Rules of Procedure of the Board of Supervisors, conscientiously performs its duties, and based on the principle of proceeding from the interests of shareholders, carefully reviews various proposals, supervises the legality and compliance of the company's board of directors and senior managers in performing their duties, and expresses independent opinions on major matters.

On November 12, 2025, the company held the first extraordinary general meeting of shareholders in 2025, and reviewed and approved the "Proposal on Changing Registered Capital, Cancellation of the Board of Supervisors and Amending the Articles of Association". According to the relevant provisions of laws and regulations such as the "Company Law of the People's Republic of China", "Guidelines on the Articles of Association of Listed Companies" and other laws and regulations, the company will no longer have a board of supervisors. The powers of the board of supervisors specified in the "Company Law of the People's Republic of China" will be exercised by the Audit Committee of the Board of Directors. The company's "Rules of Procedure for the Board of Supervisors" and other relevant systems of the board of supervisors will be abolished accordingly.

4. About information disclosure

The company strictly complies with relevant regulations such as the Shanghai Stock Exchange Stock Listing Rules and the Articles of Association and fulfills its information disclosure obligations in accordance with the law. During the reporting period, the company was able to disclose information truthfully, accurately, completely and timely, and kept the information confidential. 5.Investor relations

During the reporting period, the company strictly followed the provisions of the "Investor Relations Management System", designated specialized departments and staff to perform investor relations management, strengthened communication with small and medium-sized shareholders, carefully listened to suggestions and opinions from all parties on the company's development, and provided timely feedback to the board of directors, effectively ensuring the legitimate rights and interests of small and medium-sized shareholders.

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

During the reporting period, the company was completely separated from its controlling shareholder and actual controller in terms of assets, personnel, finance, organization, business, etc., and had independent and complete business and independent operating capabilities. The specific situation is as follows:

1.Company assets are intact

The company legally owns assets related to operations, has independent production and operation sites and independent supporting facilities and assets for procurement, production and sales, and fully owns assets such as equipment, factories, land and professional technologies related to production, operations and marketing services.

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There are situations where the company relies on the controlling shareholder's production and business premises for production and business operations. The company has complete control over all assets, and there is no situation where assets or funds are occupied by controlling shareholders to the detriment of the company's interests.

2. Company personnel are independent

The company's personnel and salary management are completely independent and separate from the controlling shareholder. The company's general manager, deputy general manager, board secretary, financial director and other senior management personnel do not serve as directors or supervisors in the controlling shareholder, actual controller or other companies controlled by the company, nor do they receive salary from the controlling shareholder, actual controller or other companies controlled by the company. The company has an independent personnel recruitment and appointment and removal mechanism, and the appointment procedures of relevant personnel are legal. There is no situation where the controlling shareholder interferes with the personnel appointment and removal decisions of the company's board of directors and shareholders' meeting.

3. The company is financially independent

The company has established an independent financial accounting system, can make financial decisions independently, and has standardized financial accounting systems and financial management systems for subsidiaries; the company does not share bank accounts with its controlling shareholders, actual controllers and other companies controlled by them. 4. The company is independent

The company has established and improved its internal operation and management organization, independently exercises its operation and management powers, and is completely independent of the controlling shareholder and actual controller. There is no "two brands, one team", mixed operations, or co-working. There is no institutional confusion between the controlling shareholder, the actual controller, and other enterprises controlled by it.

5. The company’s business is independent

The company's business is independent of the controlling shareholder, actual controller and other enterprises controlled by it, and there is no horizontal competition or unfair related transactions with the controlling shareholder, actual controller and other enterprises controlled by it.

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 in the year during the reporting period. Obtained from the company. Whether on the start date of the official term. The end date of the term. Increase or decrease.

Name Position Gender Age Number of shares held at the beginning of the year Number of shares held at the end of the year Reasons for the increase or decrease in shares before tax Related parties of the company period

Momentum Total Salary Obtained Salary (10,000 yuan)

Chairman and CEO May 2023 May 2026

Tang Yongqun Male 50 319,885,249 319,885,249 0 150.00 No manager 19th 18th

May 2023 May 2026

Xie Juhua Director Female 74 439,682,951 439,682,951 0 0 No 19th 18th

employee representatives

Director, Vice President May 2023 May 2026

Huang Xiwei Male 55 70,654,217 70,654,217 0 92.00 No manager or director 19th 18th

secretary

January 5, 2024 May 2026

Wang Tao Director Male 43 0 Today is the 18th

May 2023 May 2026

Cui Guoqing Independent Director Male 69 8 No 19th 18th

May 2023 May 2026

Jin Yi Independent Director Male 71 8 No 19th 18th

May 2023 May 2026

Wu Guiping Deputy General Manager Female 63 381,703 381,703 0 51.50 No 19th 18th

Financial Responsible May 2023 May 2026

Qian Xiaojie Female 46 72,150 72,150 0 71.40 No person 19th 18th

Total / / / / / 830,676,270 830,676,270 0 / 380.90 /

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Name Main work experience

He currently serves as the chairman and general manager of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd., and the legal representative, chairman and general manager of Nanjing Jianyou Pharmaceutical Co., Ltd. Successively served as Fujitsu USA, Tang Yongqun

Engineer, senior engineer, project manager at Lucent and Alcatel, deputy general manager of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd., etc.

Xie Juhua is currently a director of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. He has successively served as a doctor at Nanjing Sewing Machine General Factory, a doctor at Nanjing Tire Factory, and a doctor at Nanjing Kumho Tire Co., Ltd.

Currently, he is the director, president and secretary of the board of directors of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd., director of Jianjin Pharmaceutical Co., Ltd., and director of Nanjing Jianyou Pharmaceutical Co., Ltd. He once served as chief operating officer and director of AsiaInfo Lianchuang Group Co., Ltd. Huang Xiwei, executive director of Nanjing Jianren Information Technology Co., Ltd., director of Nanjing Lianchuang International Service Outsourcing Industry Co., Ltd., and general manager of Nanjing Lianchuang Network Technology Co., Ltd.

Currently, he is a director of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd., and has successively served as deputy general manager and general manager of the Assets and Finance Department (Fund Management Center) of Jiangsu Coastal Development Group Co., Ltd. Currently, Jiang Wangtao

Deputy General Manager and Party Committee Member of Suzhou Coastal Development Group Co., Ltd.

Cui Guoqing is currently an independent director of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. He once served as section chief of Yangzhou People's Bank, general manager of the accounting department, assistant to the president, and vice president of China Merchants Bank Nanjing Branch. Currently, he is an independent director of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd., a part-time professor of Nanjing University and Nanjing University of Posts and Telecommunications, and a director of Anhui Lishan Culture and Tourism Industry Development Co., Ltd. He has successively served as assistant to the president of China Merchants Bank Nanjing Branch, office director, and president of Wuxi Branch, vice president of China Merchants Bank Nanjing Branch, president of China Merchants Bank Nanjing Branch, and inspector of China Merchants Bank. He has successively served as a member of the 11th CPPCC of Jiangsu Province, a director of Nanjing University, and an external supervisor of China Resources Bank.

Currently, he is the deputy general manager and director of the purchasing center of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. Wu Guiping, former director, production manager and vice president of heparin sodium workshop of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd.

Manager, Production Director.

Currently, he is the financial director and securities affairs representative of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. Previously worked for Jiangsu Textile Industry Import and Export Co., Ltd., Jiangsu Qualcomm Technology Co., Ltd., Qian Xiaojie

Emerson Process Control Flow Technologies, Inc.

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

Jiangsu Coastal Development Group has deputy general managers and party committee members

Wang Tao October 2023

Co., Ltd. member

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

Fenghuo Xiangyun Network Technology (South

Huang Xiwei Director September 2019

Beijing) Co., Ltd.

Development of cultural tourism industry in Lishan, Anhui

Jin Yi Director April 2023

Ltd.

Seth Biotechnology (Nanjing)

Xie Juhua Executive Director July 2018

Ltd.

Working in other units

None

Description of the situation

(3) Remuneration of directors and senior managers

√Applicable □Not applicable

The remuneration of directors and senior management personnel is determined by the company’s shareholders’ meeting, and the remuneration of the company’s senior management personnel is determined by the board of directors in accordance with the decision-making process.

Directors discuss their remuneration at the board meeting

Yes

Whether to avoid matters

Remuneration and Appraisal Committee or Independent Director

Special meeting on directors, senior officers

Related committee members abstained from voting, and relevant matters were submitted to the company's board of directors for review.

Issue recommendations on management remuneration matters

specific situation

The remuneration of the company's directors and senior managers is guided by the industry market salary level, based on the business performance of the company's directors and senior managers, and is determined based on factors such as their position value, responsibilities, and the qualifications of the personnel to ensure that the remuneration of directors and senior managers is both externally competitive.

and internal fairness.

Regarding the remuneration of directors and senior management personnel, the remuneration disclosed by the company is consistent with the actual payment situation. For details of the actual payment of remuneration of directors and senior management personnel, please see the table of directors and senior management personnel.

At the end of the reporting period, the actual remuneration received by all directors and senior managers from the company totaled RMB 3.809 million.

At the end of the reporting period, all directors and senior managers. In 2025, the independent director allowances received by independent directors are not applicable to the assessment; the assessment of actual remuneration of company managers. 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 managers. In 2025, the relevant provisions do not apply to the independent director allowances received by independent directors; there is no deferred payment arrangement for the actual remuneration of non-independent directors and senior managers. In April 2026, the company formulated the "Remuneration Management System for Directors and Senior Management Personnel", and the company will follow the previous one.

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Make deferred payment arrangements in accordance with the provisions of the above system.

In 2025, relevant regulations do not apply to the independent director allowances received by independent directors; at the end of the non-independent reporting period, all directors and senior management

There is currently no recourse for suspension of remuneration of independent directors and senior management personnel. In April 2026, the actual salary of judicial officers will be stopped.

The company has formulated the "Remuneration Management System for Directors and Senior Management Personnel", and the company will follow up on the previous recourse situation.

The corresponding stop payment recovery procedures shall be implemented in accordance with the provisions of the above system.

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

√Applicable □Not applicable

Name Position held Change circumstances Reason for change

Huang Xiwei Employee Director Election

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

□Applicable √Not applicable

(6) Others

□Applicable √Not applicable

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

Tang Yongqun No 5 5 2 0 0 No 2 Xie Juhua No 5 5 2 0 0 No 1 Huang Xiwei No 5 5 2 0 0 No 2 Wang Tao No 5 5 2 0 0 No 0 Cui Guoqing Yes 5 4 2 1 0 No 2 Jin Yi Yes 5 3 2 2 0 No 2Explanation for failing to attend board of directors meetings in person for two consecutive times

□Applicable √Not applicable

The number of board meetings held during the year 5, including: the number of on-site meetings 3 the number of meetings held by communication methods 2 the number of on-site meetings combined with communication methods 0

(2) Directors raise objections to company-related matters

□Applicable √Not applicable

(3) Others

□Applicable √Not applicable

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5. Special committees under the board of directors

√Applicable□Not applicable

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

Category of special committees Names of members Audit Committee Cui Guoqing (Chairman), Jin Yi, Xie Juhua Nomination Committee Cui Guoqing, Jin Yi (Chairman), Tang Yongqun Remuneration and Appraisal Committee Cui Guoqing (Chairman), Jin Yi, Tang Yongqun Strategy Committee Tang Yongqun (Chairman), Cui Guoqing, Huang Xiwei

(2) The Audit Committee held 4 meetings during the reporting period

Date of convening Meeting content Important opinions and suggestions Other performance of duties 1. Proposal for the "2024 Annual Financial Account Report"

2 ". 2024 Annual Audit Committee Performance Report"

motion

3. "The Audit Committee of the Board of Directors' Review of the Accounting Firm"

Report on the Performance of Supervision Responsibilities in 2024"

motion

4. "Evaluation on the Performance of Accounting Firms' Duties in 2024"

Proposal for "Estimation Report"

5. Proposal for the "2024 Annual Report and Summary"

6. Discussion of "Jianyou Co., Ltd.'s First Quarter Report of 2025"

2025 4 Bills All motions considered

February 22nd 7. Regarding application for comprehensive credit line and related guarantees in 2025 Passed

Proposal on insurance matters

8. Discussion on the company’s plan to carry out foreign exchange hedging business

case

9. Proposal for the 2024 annual internal control evaluation report

10. Proposal on the Company’s Re-appointment of the Audit Institution in 2025

11. Regarding the reversal of inventory depreciation reserves in 2024

motion

12. Regarding the plan to repurchase shares through centralized bidding

motion

13. Proposal on the profit distribution plan of Jianyou Shares in 2024

14. "About the company's 2025 semi-annual report and its summary

2025 8 All motions considered

"Motion" passed on May 28th

2. Proposal on the company’s independent change of accounting policies

October 2025 All proposals will be considered

1. Proposal on the company’s third quarter report for 2025 Passed on May 24th

December 2025 All proposals will be considered

1. About the company’s 2025 annual audit plan Passed on March 22

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

Date of convening Meeting content Important opinions and suggestions Other performance of duties

1. "About formulating the 2025 directors, supervisors and senior

2025 April 2025 Proposal on Management Remuneration Plan" All proposals are reviewed

February 22nd 2. "Proposal on the Company's Plan to Purchase Liability Insurance for Directors, Supervisors and Senior Management" was passed

case"

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(4) Specific circumstances of objectionable matters

□Applicable √Not applicable

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 836 Number of active employees of major subsidiaries 722 Total number of active employees 1,558 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 557 sales staff 75 technical staff 660 financial staff 35 administrative staff 231 total 1,558 education level

Education level category Number (person)

Doctoral students 20 Master students 215 Undergraduate students 707 College students 421 College students and below 195

Total 1,558

(2) Remuneration policy

√Applicable □Not applicable

In accordance with the requirements of relevant national laws and regulations and combined with the company's actual situation, the company has established a policy that is consistent with the company's long-term development goals.

System systems such as employee management system, salary performance management, welfare security and employee care, and long-term equity incentives. company salary policy

The policy is formulated in accordance with the principle of "internal fairness and external competitiveness" and based on the company's rank management system and the company's actual situation. Public

The company has established a performance appraisal management system that is related to employee job responsibilities, professional skills, and performance achievement. The company encourages and promotes professional

Workers can actively participate in the company's operation and management and put forward feasible suggestions for the company's operation and development. The company will provide suggestions based on the actual situation.

Provide various salary incentive measures (such as performance bonuses, project bonuses, annual bonuses, equity incentives) to stimulate employees' sense of ownership

God. The company is constantly optimizing employee health factors while increasing motivation factors, and motivates employees through a series of incentive measures.

employees’ potential, store energy for the company’s development, and fully satisfy employees’ material and spiritual wealth.

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(3) Training plan

√Applicable □Not applicable

Provide talent guarantee to achieve corporate development strategy, strengthen employee training, and continuously improve the training system. The company adheres to the simultaneous cultivation of skills and comprehensive capabilities, continues to promote the dual channels of career development in technology and management, and establishes a complete internal talent echelon through a complete talent training mechanism. The training work is carried out in accordance with the three-level training of company level, department level and job level, taking pertinence, effectiveness and practicality as the basic principles. During the training, we continuously expand the training methods, enrich the training content, improve the training quality and strictly assess the requirements. The formulation of the training plan is based on the survey of training needs of all departments in the company, and objective analysis of annual training objectives, existing problems and new needs to make up for shortcomings, better promote improvement, and maximize training effectiveness. A differentiated curriculum system is developed for senior managers, middle managers, professional technicians and front-line employees, covering multiple dimensions such as strategic management, business capability training, professional quality education, skills training, regulations and GMP-related content. Continue to consolidate the training system and comprehensively improve the company's GMP management level, operation and management capabilities, organizational effectiveness and personnel professionalism. Vigorously promote the improvement of employee quality, highlight the training of highly skilled talents and professional and technical reserve training, provide appropriate human resource guarantees for the company's rapid and healthy development, comprehensively enhance the professional and business capabilities of the company's employees, and promote the company's rapid and comprehensive development.

(4) Labor outsourcing situation

√Applicable □Not applicable

Total hours worked for labor outsourcing 362,556.80 Total hours of remuneration paid for labor outsourcing (10,000 yuan) 1,268.95

8. Profit distribution or capital reserve conversion plan

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

√Applicable □Not applicable

1. According to the provisions of the Articles of Association, the company may distribute profits in the form of cash, stocks, or a combination of cash and stocks; if the conditions for cash dividends are met, cash dividends shall be given priority for profit distribution.

The specific conditions and proportions of the company's cash dividends: (1) The distributable profits realized in the current period (i.e., the after-tax profits remaining after the company makes up for losses and withdraws provident funds) are positive; (2) The audit institution issues a standard unqualified audit report on the company's current financial report; (3) The company has no major investment plans or major cash expenditures (except for raised capital projects). A major investment plan or major cash expenditure means that the company's cumulative expenditure on external investment, asset acquisition, loan repayment or equipment purchase within the next 12 months reaches or exceeds 30% of the company's most recent audited total assets. After meeting the specific conditions for cash dividends mentioned above, the company's profits distributed in cash every year should not be less than 10% of the distributable profits realized in that year. The company's cumulative profits distributed in cash in the past three years shall not be less than 30% of the average annual distributable profits achieved in the past three years.

The company's board of directors should comprehensively consider factors such as the characteristics of the company's industry, development stage, its own business model, profitability, and whether there are major capital expenditure arrangements, distinguish the following situations, and propose differentiated cash dividend policies: (1) If the company's development stage is a mature stage and there are no major capital expenditure arrangements, when making profit distribution, the proportion of cash dividends in this profit distribution should be at least 80%. (2) If the company is in a mature development stage and has major capital expenditure arrangements, when distributing profits, the proportion of cash dividends in this profit distribution should be at least 40%. (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%. The specific stage at which the company is actually distributing dividends will be determined by the company's board of directors based on specific circumstances.

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2. On May 20, 2025, the company held the 2024 Annual General Meeting of Shareholders to review and approve the "Proposal on the Profit Distribution Plan of Jianyou Shares in 2024". This profit distribution and conversion to share capital will be implemented as a plan. Based on the company's current total share capital of 1,615,634,969.00 shares, a cash dividend of 0.1 yuan (tax included) was distributed per share, and a total cash dividend of 161,563,496.90 yuan was distributed. On June 5, 2025, the profit distribution plan has been implemented. For details, please refer to the company’s announcement in the China Securities Journal and the Shanghai Stock Exchange website on May 29, 2025.

"Jianyou Shares' 2024 Annual Equity Distribution Implementation Announcement" published by (http://www.sse.com.cn).

(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: 10,000 yuan Currency: RMB Number of bonus shares for every 10 shares (shares) 0 Number of dividends for every 10 shares (yuan) (tax included) 1 Number of converted shares for every 10 shares (shares) 0 Cash dividend amount (tax included) 16,156.35 Net profit attributable to ordinary shareholders of listed companies in the consolidated statement

58,153.62 profit

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

27.78 Ratio of net profit to common shareholders (%)

The amount of shares repurchased in cash is included in cash dividends 0 Total dividend amount (tax included) 16,156.35 The total dividend amount accounts for 10% of the shares attributable to the general public of listed companies in the consolidated statements

27.78 Ratio of net profit to common shareholders (%)

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

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB Cumulative cash dividend amount in the last three fiscal years (tax included) (1) 48,469.05 Cumulative repurchase and cancellation amount in the last three fiscal years (2)

The cumulative amount of cash dividends and repurchases and write-offs in the last three fiscal years

48,469.05 (3)=(1)+(2)

Average annual net profit amount for the last three fiscal years (4) 40,607.84

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Cash dividend ratio for the most recent three fiscal years (%) (5)=(3)/(4) 119.36 Common shares of listed companies in the consolidated statements for the most recent fiscal year

58,153.62 shareholders’ net profit

Undistributed profit at the end of the parent company’s statement for the most recent fiscal year 347,839.08

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

(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

The Company's Board of Directors has a Remuneration and Assessment Committee, which is responsible for formulating remuneration policies, reviewing remuneration plans, and assessing the operating performance and management indicators of the Company's directors and senior managers and the work they are responsible for based on the company's annual business plan objectives. The company continues to improve long-term incentive policies based on actual conditions to encourage senior managers to be more diligent and perform their duties responsibly.

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

√Applicable □Not applicable

Through years of continuous optimization, the company's internal control management system has continued to improve in five aspects: internal environment, risk assessment, control activities, information and communication, and internal supervision. At the same time, the company continues to effectively carry out internal inspection and supervision, communication and feedback work to ensure the effective implementation of relevant management requirements. In 2025, the company has maintained effective internal control in accordance with laws, regulations and internal control requirements, and all businesses have been carried out normally, orderly and efficiently.

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

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In line with the needs of business development, the company continues to optimize its internal organizational structure and management processes, and strengthens the daily management and control of its holding subsidiaries through management dimensions such as strategy formulation, budget management, fund payment, engineering construction, human resources, production operations, sales promotion, innovative research and development, centralized procurement, EHS, and internal audit. At the same time, it has established mechanisms for major event reporting, expatriate management, and financial supervision, and uses information systems as support to ensure smooth communication of internal information between the headquarters and its holding subsidiaries at all levels. 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

None

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

Include environmental information and disclose it in accordance with the law

Enterprises in the list of exposed enterprises 3

Quantity (pieces)

Preface

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

1 http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.hNanjing Jianyou Biochemical Pharmaceutical

tml?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/s Co., Ltd.

ps/views/yfpl/views/yfplHomeNew/index.js

2 http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.h Nanjing Jianyou Pharmaceutical Co., Ltd.

tml?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/scompany

ps/views/yfpl/views/yfplHomeNew/index.js

3 Jianjin Pharmaceutical Co., Ltd. https://103.203.219.138:8082/eps/index

Other 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

The company prepared and disclosed the "2025 Sustainability Report of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd.". For details, please refer to the announcement disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) on April 30, 2026.

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(2) Specific situation of social responsibility work

√Applicable □Not applicable

External donations and public welfare projects Quantity/Content Description

During the reporting period, the company donated total investment to Nanjing University of Information Science and Technology (10,000 yuan) 20.00

A loan of 200,000 yuan. Including: Funds (10,000 yuan) 20.00

Material discount (10,000 yuan) 0 Number of people benefiting (person)

Specific instructions

□Applicable √Not applicable

16. Consolidate and expand the results of poverty alleviation, rural revitalization and other work □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 you fail to perform in time, if you fail to do so in time,

Is there any? Whether it is in compliance with the promise?

Commitment party Commitment time Performance period Commitment period Time strict scenario Type Content Details of fulfillment Explain the next limit Reason for performance The next step is planned to be 36 months from the date of listing of the company's stock

within, shall not be transferred or entrusted to others for management.

The shares held by me are not owned by the company

Repurchase the shares I hold. I am here

Date of listing: July 2020

Restricted sale of shares Tang Yongqun and Xie Juhua Term of serving as company directors/senior managers Yes Yes Not applicable 36 months from Not applicable Month

During the period, the number of shares transferred each year shall not exceed the principal

with first time

The total number of shares of the company held by

published publicly

25%; no transfer within six months after resignation

line related

shares of the company held.

commitment

I am serving as a company supervisor/senior management

During the employee period, the shares transferred each year shall not

More than one person indirectly holds shares of the company

Others Liu Zuqing, Wu Guiping Period of office No Not applicable Yes Not applicable Not applicable 25% of the total number of shares; six months after resignation

Within the period, the company’s holdings held indirectly will not be transferred.

Company shares

In order to ensure that the company’s current issuance is diluted immediately

Measures to replenish controlling shareholders and actual returns have been effectively implemented

Asset-related Others Controller Tang Yongqun, Bank, safeguard the interests of small and medium investors, company Not applicable No Not applicable Yes Not applicable Not applicable Commitment made by Xie Juhua, Ding Ying The controlling shareholder and actual controller of the company

The following commitments are made: “1. I will not exceed my authority.

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Pre-company business management activities and do not encroach on the interests of listed companies. 2. I promise to earnestly implement the relevant supplementary return measures formulated by the company and any commitments I make regarding supplementary return measures. If I violate these commitments and cause losses to the company or investors, I am willing to bear the liability for compensation to the company or investors in accordance with the law. 3. From the date of issuance of this commitment to the completion of the public issuance of convertible corporate bonds by the listed company, if the China Securities Regulatory Commission makes other new regulatory provisions on supplementary return measures and commitments, and the above commitments cannot meet these regulations of the China Securities Regulatory Commission, I promise to issue a supplementary commitment in accordance with the latest regulations of the China Securities Regulatory Commission. "

In order to ensure that the company's supplementary return measures can be effectively implemented, the company's directors and senior managers make the following commitments: "1. I promise not to transfer benefits to other units or individuals for free or on unfair terms, nor to use other methods to harm the interests of the company's directors and senior management. 2. I promise to treat other personal N/A No N/A Yes N/A N/A personnel 3. I promise not to use the company’s assets to engage in investment or consumption activities unrelated to the performance of my duties. 4. I promise that the remuneration system formulated by the board of directors or the remuneration and assessment committee will be linked to the implementation of the company’s supplementary return measures.

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When issuing an equity incentive plan, I promise that the exercise conditions of the equity incentive will be linked to the implementation of the company's supplementary return measures.

6. I promise to earnestly implement the relevant supplementary return measures formulated by the company and any commitments I make regarding supplementary return measures. If I violate these commitments and cause losses to the company or investors, I am willing to bear the liability for compensation to the company or investors in accordance with the law. 7. From the date of issuance of this commitment to the completion of the public issuance of convertible corporate bonds by the listed company, if the China Securities Regulatory Commission makes other new regulatory provisions on supplementary return measures and commitments, and the above commitments cannot meet these regulations of the China Securities Regulatory Commission, I promise to issue a supplementary commitment in accordance with the latest regulations of the China Securities Regulatory Commission. "

In order to avoid possible horizontal competition in the future and protect the rights and interests of investors, the company’s controlling shareholder and actual controller make the following commitment: “On the date of signing this commitment letter, the promisor, direct or indirect controlling shareholder, actual controller

Solve the competition among other controllers other than the issuer, including Tang Yongqun, N/A No N/A Yes N/A N/A enterprises or companies with equity participation (hereinafter collectively referred to as Xie Juhua, Ding Ying)

None of the ‘Committing Parties’) is, directly or indirectly, engaged in any business that competes or may compete with the Issuer’s existing business. If the issuer determines that the committing party is engaged in business with the issuer that constitutes or may constitute

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If there is a competing business, the promised party will terminate the relevant business or transfer it to an unrelated third party in a timely manner after the issuer raises objections. If the issuer makes a request to transfer relevant business, the committing party shall unconditionally transfer the relevant business and assets to the issuer or its controlled company at a fair price audited or evaluated by an intermediary with securities qualifications. From the date of signing this commitment letter, the undertaking party will not engage in any form of business, directly or indirectly, that competes or may compete with the issuer's business. If the committed party engages in new business that may compete with the issuer, it is obliged to notify the issuer and its subsidiaries of the new business. If the new business may constitute horizontal competition with the issuer, after the issuer raises objections, the committing party agrees to terminate or transfer the business to an unrelated third party. If the issuer believes that the new business is beneficial to the issuer's development, the committing party agrees to unconditionally transfer the business to the issuer for operation. At the board of directors or shareholders meeting where the issuer determines whether the committing party has horizontal competition with the issuer and its subsidiaries, the committing party promises to abstain from voting in accordance with regulations and not participate in voting. If the commitment letter is determined to be untrue or the committing party breaches the commitment letter, the committing party will compensate the issuer for all losses suffered thereby. "

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1. While I am the controlling shareholder and actual controller of Jianyou Shares, I (including my close family members, the same below) and the enterprises and other organizations that I directly or indirectly control or exert significant influence on, as well as the enterprises and other organizations other than Jianyou Shares and its subsidiaries for which I serve as directors and senior managers, will not occupy the funds of Jianyou Shares and its subsidiaries by borrowing, repaying debts, advancing funds on behalf of them or other means, or misappropriate or misappropriate company assets or other resources, and will not have non-trading fund transactions with Jianyou Shares and its subsidiaries. In any case, the controlling shareholder and its subsidiaries do not actually require Jianyou Shares and its subsidiaries to resolve related transactions.

Controller Xie Juhua, myself and I directly or indirectly control or Not applicable No Not applicable Yes Not applicable Not applicable Yi

Tang Yongqun, Ding Ying, companies and other organizations that exert significant influence, as well as companies and other organizations in which I serve as directors and senior managers, other than Jianyou Co., Ltd. and its subsidiaries, provide any form of illegal guarantee. 2. While I am the controlling shareholder and actual controller of Jianyou Co., Ltd., I, the enterprises and other organizations that I directly or indirectly control or exert significant influence on, and the companies and other organizations in which I am a director or senior manager, other than Jianyou Co., Ltd. and its subsidiaries, will try to avoid and reduce related transactions with Jianyou Co., Ltd. and its subsidiaries. For related transactions that are unavoidable or occur for reasonable reasons,

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I promise to follow the market-oriented pricing principles, sign agreements in accordance with the law, strictly follow the relevant provisions of Jianyou Co., Ltd.'s "Articles of Association", "Rules of Procedure for the General Meeting of Shareholders", "Rules of Procedure for the Board of Directors" and "Decision-making System for Related Transactions" and other relevant regulations, perform related transaction review procedures, perform avoidance of voting and information disclosure obligations, and ensure that the legitimate rights and interests of Jianyou Co., Ltd., its subsidiaries and other shareholders will not be harmed through related transactions. 3. I promise that the above statement is true, accurate, and complete. If there are false records, misleading statements, or major omissions, I am willing to bear relevant legal responsibilities.

1. During my tenure as a director/supervisor/senior manager of Jianyou Co., Ltd., I (including my close family members, the same below) and the companies and other organizations that I directly or indirectly control or exert significant influence on, as well as companies and other organizations other than Jianyou Co., Ltd. and its subsidiaries where I serve as a director or senior manager, resolve related matters. Directors, supervisors, senior executives

No loans, debt repayments or advances will be made. N/A No N/A Yes N/A N/A Easy-level management personnel

Use money or other means to occupy the funds of Jianyou Shares and its subsidiaries or misappropriate or misappropriate company assets or other resources, and do not have non-trading fund transactions with Jianyou Shares and its subsidiaries. Under any circumstances, Jianyou Shares and its subsidiaries are not required to directly or indirectly control or exert significant influence on me and the enterprises and

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Other organizations, as well as companies and other organizations other than Jianyou Co., Ltd. and its subsidiaries where I serve as a director or senior manager, provide any form of non-compliance guarantee. 2. While I am serving as a director/supervisor/senior manager of Jianyou Co., Ltd., I and the enterprises and other organizations that I directly or indirectly control or exert significant influence on, as well as companies and other organizations other than Jianyou Co., Ltd. and its subsidiaries that I serve as directors and senior managers, will try to avoid and reduce related transactions with Jianyou Co., Ltd. and its subsidiaries. For related transactions that are unavoidable or occur for reasonable reasons, I promise to follow market-oriented pricing principles, sign agreements in accordance with the law, strictly follow the relevant provisions of Jianyou Co., Ltd.'s "Articles of Association", "Rules of Procedure for the General Meeting of Shareholders", "Rules of Procedure for the Board of Directors" and "Decision-making System for Related Transactions" and other relevant provisions, perform the obligations of avoidance of voting and information disclosure, and ensure that the legitimate rights and interests of Jianyou Co., Ltd., its subsidiaries and other shareholders will not be harmed through related transactions. 3. I promise that the above statement is true, accurate, and complete. If there are false records, misleading statements, or major omissions, I am willing to bear relevant legal responsibilities. 4. I promise that the above commitments are legally binding on me. If there is any violation, I will bear the relevant legal responsibilities.

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responsibility.

1. During the period when the company/I am the major shareholder of Jianyou Shares, the company/me (including my close family members, the same below) and the companies and other organizations that the company/me directly or indirectly control or exert significant influence on will not occupy the funds of Jianyou Shares and its subsidiaries by borrowing, repaying debts, advancing money on behalf of others, or other methods, or misappropriate or misappropriate the company's assets or other resources, and will not have non-trading funds with Jianyou Shares and its subsidiaries.

Come. Under any circumstances, Jianyou Co., Ltd. and its subsidiaries are not required to provide any form of illegal guarantee to the company/I, the companies/enterprises that the company/I directly or indirectly control or exert significant influence on, and the company's major shareholders. Not applicable No Not applicable Yes Not applicable Not applicable Easy to provide any form of illegal guarantee to other organizations. 2. During the period when the company/I am the major shareholder of Jianyou Co., Ltd., the company/I and the companies and other organizations that the company/I directly or indirectly control or exert significant influence on will try to avoid and reduce related transactions with Jianyou Co., Ltd. and its subsidiaries. For related transactions that are unavoidable or occur for reasonable reasons, the company/I promise to follow market-oriented pricing principles, sign agreements in accordance with the law, and strictly abide by the "Corporate Articles" of Jianyou Co., Ltd.

"Procedures of Procedures", "Rules of Procedures for Shareholders' Meetings", "Rules of Procedures for Board of Directors" and "Decision-making System for Related Party Transactions" and other relevant provisions

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Perform related transaction review procedures, fulfill the obligations of abstention from voting and information disclosure, and ensure that the legitimate rights and interests of Jianyou Co., Ltd., its subsidiaries and other shareholders will not be harmed through related transactions. 3. The company/I promise that the above statement is true, accurate, and complete. If there are false records, misleading statements, or major omissions, the company/I am willing to bear relevant legal responsibilities. 4. The company/I promise that the above commitments are legally binding on the company/I. If there is any violation, the company/I will bear relevant legal responsibilities.

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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

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: 10,000 yuan Currency: RMB

Name of domestic accounting firm currently employed: Gongzheng Tianye Accounting Firm (Special General Partnership) Domestic accounting firm remuneration 85 years of auditing by domestic accounting firm 1 year Name of certified public accountant of domestic accounting firm Lou Xinjie, Zhang Chi

Accumulation of CPA audit services provided by domestic accounting firms

Lou Xinjie 5 years, Zhang Chi 1 year

name reward

Notarization Tianye Accounting Firm (Special

Internal Control Audit Accounting Firm 15

general partnership)

Sponsor China International Capital Corporation 0Explanation on the appointment and dismissal of accounting firms

√Applicable □Not applicable

The company held the 12th meeting of the fifth board of directors, the ninth meeting of the fifth board of supervisors to review, and the 2024 annual general meeting of shareholders reviewed and approved the "Proposal on Renewal of the Audit Institution for 2025", agreeing to the company's appointment of Notary Tianye Accounting Firm (Special General Partnership) as the company's audit institution for 2025 for a period of one year.

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

The company and its controlling shareholders and actual controllers have not failed to perform their obligations as determined by the court's effective legal documents, nor have they incurred large amounts of debts that have not been paid off when due.

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

Overview of Matters Query Index 2025-008 (For details, please refer to "Shanghai Securities News" and "China Securities News" Jianyou Shares signed a license agreement with Xentria regarding its subsidiaries and

And the announcement on the progress of related transactions on the Shanghai Stock Exchange website

(Announcement disclosed by http://www.sse.com.cn) 2025-009 (For details, please refer to "Shanghai Securities News" and "China Securities News" Jianyou Shares signed a license agreement with Xentria regarding its subsidiaries and

And the announcement on the progress of related transactions on the Shanghai Stock Exchange website

(Announcement disclosed by http://www.sse.com.cn)

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation

□Applicable √Not applicable

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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

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

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13. Major contracts and their performance

(1) Custody, contracting and leasing matters

1. Custody status

□Applicable √Not applicable

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 amount of guarantees incurred during the reporting period (excluding guarantees for subsidiaries)

Total guarantee balance at the end of the reporting period (A) (excluding guarantees for subsidiaries)

Guarantees provided by the company and its subsidiaries to subsidiaries

Total amount of guarantees for subsidiaries during the reporting period 1,478,808,553.46 Total balance of guarantees for subsidiaries at the end of the reporting period (B) 434,955,475.00

Total amount of company guarantees (including guarantees to subsidiaries)

Total guarantee (A+B) 434,955,475.00

The ratio of total guarantees to the company’s net assets (%) 6.30, of which:

Amount of guarantee provided to shareholders, actual controllers and their related parties (C)

Directly or indirectly provide debt guarantees for guaranteed objects whose asset-liability ratio exceeds 70%

Amount (D)

The amount of the total guarantee exceeding 50% of the net assets (E)

The total amount of the above three guarantees (C+D+E)

The balance of the guarantee has not yet reached the repayment period. According to the guarantee agreement, the company has the risk of assuming joint and several liability for repayment. However, the subsidiary's unexpired guarantee may bear joint and several liability for repayment.

If the operating conditions are normal and the company has sufficient solvency, the risk of the company assuming joint and several liability is low. Guarantee description: Please see the following specific instructions for details.

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During the reporting period, the specific details of guaranteed loans incurred by subsidiaries are as follows:

Loan Signed credit guarantee amount Guaranteed loan amount (Unit: Repayment serial number after the period Secured party Currency Loan date Maturity date Repayment date

Bank amount (ten thousand yuan) Day 1 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 1,000.00 2024/6/11 2025/5/12 2025/5/12 2 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 382.00 2024/7/15 2025/4/2 2025/4/2 3 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 318.00 2024/7/15 2025/4/11 2025/4/11 4 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 564.00 2024/7/15 2025/4/17 2025/4/17 5 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Investment Promotion Euro 636.00 2024/7/15 2025/4/25 2025/4/25

400 million yuan

6 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Bank USD 249.00 2024/7/2 2025/6/20 2025/6/20 7 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. USD 96.00 2024/7/2 2025/6/4 2025/6/4 8 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 213.00 2024/7/5 2025/6/20 2025/6/20 9 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 215.00 2024/7/5 2025/6/20 2025/6/20 10 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 81.00 2024/7/5 2025/6/4 2025/6/4 11 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 283.03 2024/7/17 2025/1/10 2025/1/10 12 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 455.60 2024/7/17 2025/1/10 2025/1/10 13 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. CITIC Euro 399.60 2024/7/17 2025/1/13 2025/1/13

300 million yuan

14 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Bank Euro 262.20 2024/7/17 2025/1/10 2025/1/10 15 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 104.62 2024/7/17 2025/1/10 2025/1/10 16 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. EUR 500.00 2024/7/24 2025/1/20 2025/1/20 17 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Investment EUR 320.00 2025/6/19 2025/12/15 2025/12/15

300 million yuan

18 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Bank Euro 1,425.00 2025/9/15 2026/3/14 Unrepaid 2026/3/13 19 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 730.00 2025/4/14 2025/10/9 2025/10/9 20 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 428.00 2025/4/14 2025/9/26 2025/9/26 21 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Xingye Euro 342.00 2025/4/14 2025/9/16 2025/9/16

300 million yuan

22 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Bank Euro 319.00 2025/10/31 2026/4/7 Unpaid 2026/4/7 23 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 524.00 2025/10/31 2026/4/15 Unpaid 2026/3/18 24 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. Euro 197.00 2025/10/31 2026/4/28 Unrepaid

CITIC

25 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 400 million yuan Euro 1,000.00 2025/5/9 2025/11/5 2025/11/5 Bank

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Agriculture

26 Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 189 million yuan USD 1,000.05 2024/2/23 2025/2/23 2025/2/23 Bank

Investment promotion

27 Hong Kong Jianyou Industrial Co., Ltd. 250 million RMB USD 3,300.00 2025/6/27 2026/6/26 Unrepaid bank

Zhejiang merchants

28 Hong Kong Jianyou Industrial Co., Ltd. 18 million US dollars US dollars 1,713.54 2025/5/23 2025/11/24 2025/11/24 Bank

Zhejiang merchants

29 Hong Kong Jianyou Industrial Co., Ltd. US$24.5 million US$2,339.29 2025/6/20 2025/12/19 2025/12/19

bank

Note 1: The guaranteed party Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd.:

①On April 8, 2024, the company provided guarantee for its subsidiary Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. to apply for a working capital loan, and signed the "Maximum Irrevocable Guarantee" with China Merchants Bank Nanjing Branch, with a guaranteed amount of RMB 400 million (the guarantee has been released);

② On March 20, 2023, the company provided guarantee for its subsidiary Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. to apply for a working capital loan, and signed a "Maximum Guarantee Contract" with China CITIC Bank Co., Ltd. Nanjing Branch, with a guaranteed amount of RMB 300 million (the guarantee has been released);

③On May 21, 2025, the company provided guarantee for its subsidiary Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. to apply for a working capital loan, and signed the "Maximum Irrevocable Guarantee Letter" with China Merchants Bank Nanjing Branch, with a guaranteed amount of RMB 300 million (the guarantee has not been released);

④On April 9, 2025, the company provided guarantee for its subsidiary Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. to apply for a working capital loan, and signed a "Maximum Guarantee Contract" with the Nanjing Branch of Industrial Bank Co., Ltd., with a guaranteed amount of RMB 300 million (the guarantee has not been released);

⑤On February 28, 2025, the company provided guarantee for its subsidiary Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. to apply for a working capital loan, and signed a "Maximum Guarantee Contract" with Nanjing Branch of China CITIC Bank Co., Ltd., with a guaranteed amount of RMB 400 million (the guarantee has not been released);

⑥On January 19, 2024, the company provided guarantee for its subsidiary Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. to apply for a working capital loan, and signed a "Maximum Guarantee Contract" with the Nanjing Qinhuai Branch of Agricultural Bank of China Co., Ltd., with a guaranteed amount of RMB 189 million (the guarantee has been released).

Note 2: The guaranteed party Hong Kong Jianyou Industrial Co., Ltd.:

①On June 23, 2025, the company provided guarantee for its subsidiary Hong Kong Jianyou Industrial Co., Ltd. to apply for a working capital loan, and signed the "Maximum Irrevocable Guarantee Letter" with the Nanjing Branch of China Merchants Bank Co., Ltd., with a guaranteed amount of RMB 250 million (the guarantee has not been released);

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② On May 23, 2025, the company provided guarantee for its subsidiary Hong Kong Jianyou Industrial Co., Ltd. to apply for a working capital loan, and signed the "Agreement on Issuing an External Guarantee" with the Nanjing Branch of China Zheshang Bank Co., Ltd., with the guarantee amount being US$18 million (the guarantee has been released);

③On June 20, 2025, the company provided guarantee for its subsidiary Hong Kong Jianyou Industrial Co., Ltd. to apply for a working capital loan, and signed an "Agreement on Issuing an External Guarantee" with the Nanjing Branch of Zheshang Bank Co., Ltd., with the guarantee amount of US$2,040,550,000 (the guarantee has been released).

(3) Entrusting others to manage cash assets

1. Entrusted financial management situation

(1). Overall situation of entrusted financial management

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

Type Risk characteristics Undue balance Overdue uncollected amount Bank financial products Medium to low risk 4,000.00

Bank financial products low risk 10,000.00

Bank financial products risk-free 105,342.15

Brokerage financial products, medium and low risk

Other situations

□Applicable √Not applicable

(2). Individual entrusted financial management situation

√Applicable □Not applicable

Unit: RMB 10,000 Currency: RMB entrusted financial management fund From the beginning of the entrusted financial management End of the entrusted financial management Whether there are funds from the entrusted financial management Actual Overdue recovery from the trustee Type of entrusted financial management Risk characteristics Unexpired amount

Amount Start date End date Investment direction Limited circumstances Profit or loss Amount Bank of Jiangsu Bank financial products Risk-free 10,000.00 2024/8/21 2025/2/21 Note 1 No 92.50

Bank of Jiangsu Bank financial products Risk-free 10,000.00 2024/8/21 2025/2/21 Note 1 No 92.50

Zheshang Bank Bank financial products Risk-free 20,000.00 2024/12/20 2025/6/20 Note 1 No 141.56

Industrial Bank Bank financial products Risk-free 11,000.00 2025/3/31 2025/9/15 Note 1 No 109.87

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Industrial Bank Bank financial products Risk-free 10,000.00 2025/7/2 2025/9/30 Note 1 No 54.25

Bank of Ningbo Bank financial products Risk-free 7,000.00 2025/6/27 2025/10/16 Note 1 No 44.70

Industrial Bank Bank financial products Risk-free 7,000.00 2025/8/1 2026/2/2 Note 1 No 7,000.00 Industrial Bank Bank financial products Risk-free 8,000.00 2025/8/1 2026/2/2 Note 1 No 8,000.00 Zheshang Bank Bank financial products Risk-free 6,000.00 2025/9/5 2026/3/5 Note 1 No 6,000.00 China Merchants Bank Bank wealth management products Low risk 10,000.00 2025/12/9 2026/3/27 Note 1 No 10,000.00 China CITIC Bank Bank wealth management products No risk 10,000.00 2025/12/5 2026/5/24 Note 1 No 10,000.00 Bank of Beijing Bank financial products Risk-free 20,000.00 2025/12/4 2026/6/2 Note 1 No 20,000.00 Industrial Bank Bank financial products Risk-free 10,000.00 2025/12/5 2026/6/5 Note 1 No 10,000.00 Zheshang Bank Bank wealth management products Risk-free 7,200.00 2025/7/11 2026/7/13 Note 1 No 7,200.00 Zheshang Bank Bank wealth management products Risk-free 16,800.00 2025/7/11 2026/7/13 Note 1 No 16,800.00

Other situations

√Applicable □Not applicable

Note 1: The sources of funds in the above table include but are not limited to treasury bonds, financial bonds, central bank bills, bond repurchases, fund lending, bank deposits and other financial assets such as corporate bonds with high credit ratings, corporate bonds, short-term financing bonds, medium-term notes, asset-backed securities, subordinated bonds, etc., and can be invested in convertible bonds, separable bonds, new stock subscriptions, exchange bonds and other other financial assets.

Note 2: The above table only lists entrusted financial products with an amount of more than 50 million yuan.

(3). Impairment provisions for entrusted financial management

□Applicable √Not applicable

2. Entrusted loans

(1). Overall situation of entrusted loans

□Applicable √Not applicable

Other situations

□Applicable √Not applicable

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(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 progress of use of raised funds □Applicable √Not applicable

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15. Description of other major matters that have a significant impact on investors’ value judgments and investment decisions

□Applicable √Not applicable

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 (+, -) After this change, the proportion of issuance and bonus provident fund, its proportion, quantity, subtotal, quantity

(%) New shares Conversion of shares He (%)

1. Shares with sales restrictions

1. State shareholding

2. Shareholding by state-owned legal persons

3. Other domestic shareholdings

Among them: domestic non-state-owned laws

people hold shares

Domestic natural persons hold

shares

4. Foreign shareholding

Including: shares held by overseas legal persons

Overseas natural person holding

shares

2. Circulation without sale conditions

1,615,634,969 100 1,615,635,256 100 shares

1. RMB ordinary shares 1,615,634,969 100 287 287 1,615,635,256 100

2. Domestic-listed foreign shares

3. Foreign-invested stocks listed overseas

4. Others

5. Total number of shares 1,615,634,969 100 287 287 1,615,635,256 100

6. Description of changes in shares

√Applicable □Not applicable

As of December 31, 2025, a total of 18,322 shares of "Jianyou Convertible Bonds" have been converted.

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

√Applicable □Not applicable

In 2025, the company achieved a net profit of RMB 581.5362 million attributable to shareholders of the parent company, and the owner's equity attributable to the parent company at the end of the reporting period was RMB 6.9028632 million. Calculated based on the total share capital at the end of the reporting period of 1,615,635,256 shares, the corresponding earnings per share were RMB 0.36 and the net assets per share were RMB 4.27.

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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

2. Securities issuance and listing

(1) Securities issuance as of the reporting period

□Applicable √Not applicable

Explanation of securities issuance as of the reporting period (bonds with different interest rates during the duration, please explain separately): □ Applicable √ Not applicable

(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

As of December 31, 2025, a total of 18,322 shares of "Jianyou Convertible Bonds" have been converted.

(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) 38,096 Total number of common shareholders as at the end of the previous month before the date of disclosure of the annual report

35,693 (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) As of the end of the reporting period, the shareholding status of the top ten shareholders and the top ten tradable shareholders (or shareholders without selling restrictions) table unit: shareholding status of the top ten shareholders (excluding shares lent through refinancing)

Pledged, marked or frozen holdings are restricted for sale

Name of shareholder Increase in number of shares held during the reporting period Ratio of shares held at the end of the period

Number of conditional shares Nature of shareholder (full name) Reduction (%) Shares

quantity quantity

Status

Xie Juhua 0 439,682,951 27.21 0 None 0 Domestic natural person Jiangsu Province Coastal Development Group

0 344,164,989 21.30 0 None 0 State-owned corporate limited company

TANGYONGQUN 0 319,885,249 19.80 0 Pledge 42,841,500 Overseas natural person Huang Xiwei 0 70,654,217 4.37 0 None 0 Domestic natural person Hong Kong Securities Clearing Company Limited

-1,674,853 9,302,088 0.58 0 None 0 Other companies

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Agricultural Bank of China Co., Ltd.

Ltd.-China Securities Co., Ltd.

435,411 7,158,069 0.44 0 None 0 Others

500 Transaction Open

Index Securities Investment Fund

Ding Ying 0 6,244,377 0.39 0 None 0 Domestic natural person Xu Dejun 4,715,000 6,115,000 0.38 0 None 0 Domestic natural person Industrial and Commercial Bank of China

Co., Ltd.-Rongtongjian

4,000,000 4,000,000 0.25 0 None 0 Others

Flexible configuration of the health industry

Combined Securities Investment Fund

Lu Rongsui 0 3,492,364 0.22 0 None 0 Shareholding status of the top ten domestic natural persons shareholders without selling restrictions (excluding shares lent through refinancing)

Type and quantity of shares

Name of shareholder Number of shares held without selling restrictions

Type Quantity Xie Juhua 439,682,951 RMB ordinary shares 439,682,951 Jiangsu Coastal Development Group Co., Ltd. 344,164,989 RMB ordinary shares 344,164,989 TANGYONGQUN 319,885,249 RMB ordinary shares 319,885,249 Huang Xiwei 70,654,217 RMB ordinary shares 70,654,217 Hong Kong Securities Clearing Company Limited 9,302,088 RMB ordinary shares 9,302,088 Agricultural Bank of China Co., Ltd. - China

Securities 500 trading open-end index securities investment 7,158,069 RMB ordinary shares 7,158,069 investment funds

Ding Ying 6,244,377 RMB ordinary shares 6,244,377 Xu Dejun 6,115,000 RMB ordinary shares 6,115,000 Industrial and Commercial Bank of China Co., Ltd.-Rong

Tong Health Industry Flexible Allocation of Hybrid Securities 4,000,000 RMB ordinary shares 4,000,000 Investment Fund

Lu Rongsui 3,492,364 RMB ordinary shares 3,492,364 Explanation of special repurchase accounts among the top ten shareholders Not applicable

The above-mentioned shareholders’ voting rights and entrusted voting rights

Not applicable

Explanation of rights and renunciation of voting rights

The above-mentioned shareholders are related or acting in concert. Xie Juhua is TANGYONGQUN’s mother. TANGYONGQUN and Xie Juhua signed a concerted action agreement on March 30, 2011; Ding Ying is TANGYONGQUN’s spouse. Preference shareholders with restored voting rights and shareholdings

Not applicable

Description of quantity

The 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

(3) Strategic investors or general legal persons become the top 10 shareholders due to the placement of new shares

□Applicable √Not applicable

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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 Xie Juhua Nationality Has China obtained the right of residence in other countries or regions? No main occupation and position Name of director TANGYONGQUN (Tang Yongqun) Nationality Has the United States obtained the right of residence in other countries or regions? Main occupation and position Name of Chairman and General Manager Ding Ying Nationality Has China obtained the right of residence in other countries or regions? No Main occupation and position Freelance

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

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(2) Actual controller situation

1. Legal person

□Applicable √Not applicable

2. Natural person

√Applicable □Not applicable

Name Xie Juhua Nationality Whether China has obtained the right of residence in other countries or regions No main occupation and position Information about the domestic and foreign listed companies that the directors have controlled in the past 10 years No name TANGYONGQUN (Tang Yongqun) Nationality Whether the United States has obtained the right of residence in other countries or regions Is the main occupation and position Information about the domestic and overseas listed companies that the chairman and general manager have controlled in the past 10 years No name Ding Ying Nationality Whether China has obtained the right of residence in other countries or regions No main occupation and position Status of domestic and foreign listed companies that Freelancer has controlled in the past 10 years None

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

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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 proportion of the cumulative number of pledged shares of the company’s controlling shareholder or largest shareholder and its persons acting in concert to the number of company shares held by them

Reach more than 80%

□Applicable√Not applicable

6. Other legal person shareholders holding more than 10% of the shares

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

unit minus

Responsible person or organizational structure Registration information

Name of legal person shareholder Date of establishment Main business or management activities Legal representative code copy

watcher

Licensed projects: aquaculture; aquatic seed production; power generation business, power transmission business, power supply (distribution) business (projects that require approval according to law can only be carried out after approval by relevant departments, and specific business projects are subject to the approval results)

General items: import and export of goods; import and export of technology; non-residential real estate leasing; housing leasing; land remediation services; ecological restoration and ecological protection services; soil pollution control and restoration services; legume planting; oil planting; grain planting; vegetable planting; tree planting management; production, sales, processing, transportation, storage and other related services of agricultural products Jiangsu Province Coastal Development Group 91320000134

Zhou Jinyang 1996-03-15 800,000 Services; grain and oil storage services; Agricultural Production Group Co., Ltd. 787937Q

Purchase and use of materials; sales of agricultural and sideline products; sales of grains; sales of livestock and fishery feeds; agricultural scientific research and experimental development; intelligent agricultural management; services related to technology, information, facility construction and operation related to agricultural production and operation; technology extension services; agricultural and horticultural services; equity investment; with own funds Engage in investment activities; asset management services for self-owned capital investment; research and development of extraction, purification, and synthesis technology of marine biological active substances; information technology consulting services; research and development of carbon emission reduction, carbon conversion, carbon capture, and carbon storage technology (except for projects that require approval according to law, independently carry out business activities with a business license in accordance with the law)

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Description of the situation None

7. Explanation of shareholding restrictions and reductions

□Applicable √Not applicable

8. Specific implementation of share repurchases during the reporting period

√Applicable□Not applicable

Unit: 10,000 yuan Currency: RMB Share repurchase plan Name Plan to repurchase the company's shares through centralized bidding transactions Disclosure time of the share repurchase plan April 29, 2025

Number of shares to be repurchased and proportion to total share capital

0.07~0.13

(%)

Planned repurchase amount 2,000~4,000

Proposed repurchase period May 20, 2025 to May 19, 2026 Purpose of repurchase Used for employee stock ownership plan or equity incentive Number of repurchased (shares) 1,379,995

The number of repurchases accounts for the equity incentive plan

/

Proportion (%) of the underlying stock (if any)

The company uses centralized bidding transactions to reduce its holdings. As of December 31, 2025, the company has repurchased a total of 1.379995 shares, and the cumulative repurchased shares account for 0.09% of the company's total share capital.

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

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2. Convertible corporate bonds

√Applicable□Not applicable

(1) Issuance of convertible bonds

√Applicable □Not applicable

1. Issuance of Jianyou Convertible Bonds

As approved by the China Securities Regulatory Commission's Zhengjian Keke [2020] No. 603, the company publicly issued 5,031,900 convertible corporate bonds on April 23, 2020, with a face value of 100 yuan each, and a total issuance of 503.19 million yuan. The convertible bonds issued this time will be placed on a priority basis to the issuer's original shareholders who are registered in China Securities Clearing Shanghai Branch after the market closes on the equity registration date. The balance after the priority placement by the original shareholders (including the part that the original shareholders gave up the priority allotment) will be sold to public investors through the Shanghai Stock Exchange trading system. The portion with a subscription amount of less than 503.19 million yuan will be underwritten by the sponsor (lead underwriter).

As approved by the Shanghai Stock Exchange's Self-Regulatory Supervision Decision [2020] No. 134, the company's 503.19 million yuan convertible corporate bonds will be listed for trading on the Shanghai Stock Exchange from May 22, 2020. The bond's abbreviation is "Jianyou Convertible Bonds" and the bond code is 113579. The company has published the "Summary of the Prospectus for the Public Issuance of Convertible Corporate Bonds by Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd." and the "Announcement on the Public Issuance of Convertible Corporate Bonds by Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd." in the Shanghai Securities News on April 21, 2020. The full text of the Prospectus for the Public Issuance of Convertible Corporate Bonds by Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. can be found on the Shanghai Stock Exchange website (http://www.sse.com.cn).

2. Issuance status of Jian 20 convertible bonds

As approved by the China Securities Regulatory Commission’s Securities Regulatory Commission [2020] No. 2658, the company publicly issued 7,800,000 convertible corporate bonds on December 17, 2020, with a face value of 100 yuan each, and a total issuance of 780 million yuan. The convertible bonds issued this time will be placed on a priority basis to the issuer's original shareholders who are registered in China Securities Clearing Shanghai Branch after the market closes on the equity registration date. The balance after the priority placement by the original shareholders (including the part that the original shareholders gave up the priority allotment) will be sold to public investors through the Shanghai Stock Exchange trading system. The portion with a subscription amount of less than 780 million yuan will be underwritten by the sponsor (lead underwriter).

As approved by the Shanghai Stock Exchange's Self-Regulation Decision [2021] No. 16, the company's 780 million yuan convertible corporate bonds will be listed for trading on the Shanghai Stock Exchange from January 18, 2021. The bond's abbreviation is "Jian 20 Convertible Bonds" and the bond code is 113614.

(2) Convertible bond holders and guarantors during the reporting period

√Applicable □Not applicable

Convertible corporate bond name Jianyou Convertible Bonds

Number of convertible bond holders at the end of the period 2,662 Guarantors of the company’s convertible bonds There are no top ten convertible bond holders. The situation is as follows:

Name of holder of convertible corporate bonds Number of bonds held at the end of the period (yuan) Holding ratio (%) China Merchants Bank Co., Ltd. - Bosera CSI Convertible Bonds and Deliverables

33,174,000 6.60 Bond exchange-traded open-end index securities investment fund

Changsha Bank Co., Ltd.-Changji 15-month cycle open-end

27,249,000 5.42 Net worth financial products

China Asset Management Yannian Yishou No. 2 Fixed Income Pension Product – Medium

14,400,000 2.87 National Bank Co., Ltd.

CCB Pension’s robust value-added hybrid pension product – China Construction Bank

13,000,000 2.59 Bank Co., Ltd.

CITIC Securities Co., Ltd. - HFT Shanghai Investment Grade Transferable 10,059,000 2.00

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Debt and exchangeable bond exchange-traded open-end index securities investment funds

Bosera Robust Enhances Fixed Income Pension Products - China Merchants Bank

10,000,000 1.99 Co., Ltd.

Agricultural Bank of China Co., Ltd. - China Post Ruixin Enhanced Bonds

9,529,000 1.90 Securities Investment Fund

China Merchants Bank Co., Ltd. - Bosera Steady Return Bond Certificate

8,779,000 1.75 Bond Investment Fund (LOF)

China Everbright Bank Co., Ltd.-Yongying Yihong Bond Certificate

8,000,000 1.59 Bond Investment Fund

Taikang Asset Management - Bank of Communications - Taikang Asset Yitai Smart Selection Convertible Bonds

7,922,000 1.58 Asset Management Products

(3) Changes in convertible bonds during the reporting period

√Applicable □Not applicable

Unit: Yuan Currency: RMB convertible corporate bonds Increase or decrease due to this change

Before this change After this change

Bond name Conversion Redemption Sale back

Jianyou Convertible Bonds 502,464,000 7,000 502,457,000

The cumulative conversion of convertible bonds during the reporting period

√Applicable □Not applicable

Convertible corporate bond name Jianyou Convertible Bonds

Amount of shares converted during the reporting period (yuan) 7,000 Number of shares converted during the reporting period (shares) 287 Cumulative number of shares converted (shares) 18,322 Cumulative number of shares converted accounted for the total number of issued shares of the company before the conversion (%) 0.001 Amount not yet converted (yuan) 502,457,000 Convertible bonds that have not been converted account for the total number of convertible bonds issued (%) 99.85

(4) Previous adjustments to the stock conversion price

√Applicable □Not applicable

Unit: Yuan Currency: RMB Convertible Corporate Bond Name

Conversion price adjustment Conversion price adjustment date Adjusted conversion price Disclosure time Disclosure media

Note China Securities Journal, Shanghai Securities

2020 restricted shares July 10, 2020 54.96 yuan/share Reported on July 9, 2020, Shanghai Stock Exchange

Ticket incentive program award (http://www.sse.com.cn)

China Securities Journal, Shanghai Securities

The company implemented the 2019 July 23, 2020 42.05 yuan/share report on July 17, 2020, Shanghai Stock Exchange

Equity distribution (http://www.sse.com.cn)

China Securities Journal, Shanghai Securities 2021 Restricted Shares June 25, 2021 42.01 yuan/share June 24, 2021, Shanghai Stock Exchange Stock Incentive Plan was awarded for the first time (http://www.sse.com.cn)

China Securities Journal, Shanghai Securities

The company implemented the 2020 July 15, 2021 32.20 yuan/share report on July 9, 2021, Shanghai Stock Exchange

Equity distribution (http://www.sse.com.cn)

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China Securities Journal, Shanghai Securities 2021 Restricted Shares June 10, 2022 32.19 yuan/share June 9, 2022, Shanghai Stock Exchange Stock Incentive Plan Reserved (http://www.sse.com.cn) Granted

China Securities Journal, Shanghai Securities

The company will implement the 2021 July 11, 2022 24.65 yuan/share report on July 5, 2022, Shanghai Stock Exchange

Equity distribution (http://www.sse.com.cn)

China Securities Journal, Shanghai Securities

The company will implement the 2022 July 7, 2023 24.54 yuan/share report on July 3, 2023, Shanghai Stock Exchange

Equity distribution (http://www.sse.com.cn)

China Securities Journal, Shanghai Securities

The company will implement the 2023 July 8, 2024 24.44 yuan/share report on July 2, 2024, Shanghai Stock Exchange

Equity distribution (http://www.sse.com.cn)

China Securities Journal, Shanghai Securities

The company implemented the 2024 June 5, 2025 24.34 yuan/share report on May 29, 2025, Shanghai Stock Exchange

Equity distribution (http://www.sse.com.cn)

The latest share conversion price as of the end of this reporting period is 24.34 yuan/share

(5) The company’s liabilities, credit changes and cash arrangements for debt repayment in the coming years

√Applicable □Not applicable

The company's current asset-liability ratio is reasonable and its credit status is good. After the convertible bonds are issued, the principal and interest of the bonds will be repaid by converting stocks or cash flow generated from operations.

(6) Other information on convertible bonds

□Applicable √Not applicable

Section 8 Financial Report

1. Audit report

√Applicable □Not applicable

Audit report

Su Gong W[2026]A595

All shareholders of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd.:

1. Audit opinions

We have audited the financial statements of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. (hereinafter referred to as Jianyou Co., Ltd.), including the consolidated and parent company balance sheets on December 31, 2025, the consolidated and parent company income statements, the consolidated and parent company cash flow statements, the consolidated and parent company changes in shareholders' equity statements, and the notes to the relevant financial statements for 2025.

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We believe that the attached financial statements are prepared in accordance with the provisions of the Accounting Standards for Business Enterprises in all material aspects, and fairly reflect the consolidated and parent company's financial status of Jianyou Co., Ltd. on December 31, 2025, as well as the consolidated and parent company's operating results and consolidated and parent company's cash flows 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 Independence Standards for Chinese Certified Public Accountants and the Code of Professional Ethics for Chinese Certified Public Accountants, we are independent from Jianyou Holdings, apply the independence requirements for the audit of financial statements of public interest entities, and perform other responsibilities in 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 we, based on our professional judgment, consider 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. The key audit matters identified in our audit are as follows:

1. Revenue recognition

(1) Description of the matter

Jianyou Co., Ltd. is mainly engaged in the research and development, production and sales of pharmaceutical raw materials and preparations. Its products cover the main product categories of the heparin industry such as standard heparin raw materials, low molecular weight heparin raw materials and their preparations. In 2025, Jianyou Co., Ltd.'s operating income was RMB 3,990.678 million, 1.71% lower than the previous year's growth. Since operating income is one of the key performance indicators of Jianyou Shares, we identified revenue recognition as a key audit matter.

According to Note 3, 30(1) of the financial statements, revenue from the sale of goods is recognized when the customer obtains control of the relevant goods or services. For domestic sales, the company's products are shipped, and the customer signs a receipt after receiving the goods. When the company obtains the customer's reply, it issues a sales invoice and recognizes the revenue; for export sales, according to the contract, if FOB and CIF trade terms are applicable, the company's products are shipped, and revenue is recognized after customs declaration and departure from the port; if EXW trade terms are applicable, revenue is recognized after the company's products are shipped.

(2) Audit response

Audit procedures relevant to evaluating revenue recognition include the following procedures:

① Understand and perform walk-through testing of the internal control cycle of sales and collection, and perform control testing on important control points;

② Execute analysis procedures for revenue and costs, including: analysis of fluctuations in revenue, cost, and gross profit for each month of the current period, comparative analysis of major products’ revenue, costs, gross profit margin for this period, and the previous period, etc.;

③Select samples to check sales contracts, identify contract terms and conditions related to the transfer of risks and rewards of commodity ownership, and evaluate whether the timing of revenue recognition meets the requirements of corporate accounting standards;

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④ Perform a cut-off test on operating income to confirm whether revenue recognition is recorded in the correct accounting period;

⑤ Combined with the accounts receivable confirmation procedure, and spot-check the relevant documents for revenue recognition, check the authenticity of the confirmed revenue.

2. Inventory existence and provision for price decline

(1) Description of the matter

As of December 31, 2025, the book value of Jianyou's inventory was 3,264.8579 million yuan, and the inventory accounted for 31.57% of total assets. Since inventories account for a high proportion of total assets, the existence of inventories and the accrual of inventory depreciation reserves have a greater impact on the financial statements of Jianyou Co., Ltd. Therefore, we identify the existence of inventories and the accrual of inventory depreciation reserves as key audit matters. Please refer to the notes for accounting policies regarding inventories.

3. As mentioned in 16.

(2) Audit response

① Understand, evaluate and test the rationality of the design and operation effectiveness of your company's key internal controls related to inventory; ② Obtain and check procurement contracts, warehouse receipts, invoices, test reports and other materials to evaluate the occurrence of inventory purchases; ③ Supervise inventory to ensure the accuracy of inventory quantities, and evaluate the status and quality of the inventory based on physical observation of the inventory, and evaluate whether there are any inventories that require additional impairment provisions;

④ Obtain the company's revenue and cost details, check the company's recently executed orders or contracts, determine the date and execution price of the company's order acquisition or signing of the contract, and perform a walk-through test on recent sales. For domestic sales, check outbound orders, logistics orders, and receipt records. For export business, check customs declarations, bills of lading, etc.; ensure that the recent sales business is true and reasonable, and ensure that the net realizable value selected by the company for the inventory not covered by the order is based on the conclusive evidence obtained;

⑤ Obtain the company's cost calculation sheet, determine the company's cost calculation process, and ensure that the cost calculation is accurate and reliable; perform inventory valuation tests to ensure that inventory valuation complies with the company's accounting policies to ensure the accuracy of inventory balances;

⑥ Review the company’s actual sales after the period and evaluate the rationality of the company’s provision for inventory impairment;

⑦Recalculate the company's impairment test based on sufficient and appropriate audit evidence obtained.

4. Other information

The management of Jianyou Co., Ltd. (hereinafter referred to as the management) is responsible for other information. Other information includes information covered in the 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.

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5. Responsibility of management and those charged with governance for financial statements

The management is responsible for preparing consolidated financial statements in accordance with the provisions of the Accounting Standards for Business Enterprises to achieve a fair reflection, and to design, implement and maintain necessary internal controls so that the financial statements are free of material misstatements due to fraud or errors.

When preparing financial statements, management is responsible for assessing Jianyou Shares' 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 Jianyou Shares, terminate operations, or has no other realistic choice.

Those charged with governance are responsible for overseeing Jianyou Holdings’ 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 due to 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 the process of performing audit work in accordance with the auditing standards, we use professional judgment and maintain 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 management and the reasonableness of accounting estimates and related disclosures.

(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 in matters or conditions that may cause significant doubts about Jianyou Co., Ltd.'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 Jianyou Shares to be unable to continue as a going concern.

(5) Evaluate the overall presentation, structure and content (including disclosures) of the financial statements, and evaluate whether the financial statements fairly reflect the relevant transactions and events.

(6) Obtain sufficient and appropriate audit evidence for the financial information of Jianyou's entities or business activities to express an audit opinion on the financial statements. We are responsible for directing, supervising and performing group audits and take full responsibility for our audit opinions.

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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.

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.

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(This page has no text, but is the signature page of the audit report of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. (Su Gong W [2026] A595 No.))

Gongzheng Tianye Accounting Firm (Special General Partnership) Chinese Certified Public Accountant: Lou Xinjie

Wuxi, China Chinese Certified Public Accountant: Zhang Chi

April 29, 2026

2. Financial statements

Consolidated Balance Sheet

December 31, 2025

Prepared by: Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd.

Unit: Yuan Currency: RMB

Item Notes December 31, 2025 Current assets as of December 31, 2024:

Monetary funds 7.1 1,394,522,261.25 1,024,384,215.58 Settlement reserves

Loan funds

Trading financial assets 7.2 1,316,565,859.44 1,055,442,297.60 Derivative financial assets

Notes receivable 7.4

Accounts receivable Seven, 5 1,216,074,360.30 909,300,844.30 Accounts receivable financing Seven, 7 13,098,413.45 10,743,535.82 Prepayments Seven, 8 49,916,159.63 68,557,917.31 Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables 7.9 235,346,647.68 273,463,812.37 Including: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory 7.10 3,264,857,894.53 3,674,966,198.10 Including: data resources

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contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 7.13 29,507,462.06 29,031,160.13

Total current assets 7,519,889,058.34 7,045,889,981.21 Non-current assets:

Grant loans and advances

debt investment

Other debt investments

long-term receivables

long term equity investment

Investments in other equity instruments 7. 18 92,078,210.55 83,260,728.54 Other non-current financial assets

investment real estate

Fixed assets 7. 21 1,145,576,701.21 1,048,436,684.59 Construction in progress 7. 22 4,724,773.53 137,436,013.52 Productive biological assets

oil and gas assets

Right-of-use assets 7. 25 42,036,345.16 11,380,530.90 Intangible assets 7. 26 410,374,581.25 337,534,807.30 Including: data resources

Development expenditure 8 773,496,533.83 458,547,105.54 Including: data resources

Goodwill VII. 27 126,635,017.63 129,510,465.62 Long-term deferred expenses VII. 28 967,263.68 1,007,462.11 Deferred income tax assets VII. 29 136,071,300.78 203,247,480.44 Other non-current assets 7. 30 90,684,937.54 53,699,104.17 Total non-current assets 2,822,645,665.16 2,464,060,382.73

Total assets 10,342,534,723.50 9,509,950,363.94 Current liabilities:

Short-term borrowings VII. 32 1,426,452,049.32 1,236,046,096.56 Borrowing from the central bank

borrowing funds

Trading financial liabilities 7.33 6,314,425.32 Derivative financial liabilities

Notes payable

Accounts payable 7. 36 589,120,226.67 495,663,933.74 Advance payments

Contract liabilities 7. 38 31,829,185.12 59,030,445.03 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 VII. 39 222,479,112.31 189,409,128.66 Taxes payable VII. 40 42,117,686.12 16,581,920.05 Other payables VII. 41 45,459,574.38 44,072,213.84 Including: interest payable

Dividends payable

Handling fees and commissions payable

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Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one year 7. 43 842,977,428.61 8,208,736.77 Other current liabilities 7. 44 4,547,131.61 9,127,068.86

Total current liabilities 3,204,982,394.14 2,064,453,968.83 Non-current liabilities:

insurance contract reserves

Long-term borrowings 7. 45 17,973,000.00 298,000,000.00 Bonds payable 7. 46 519,993,374.81 Including: preference shares

perpetual bond

Lease liabilities VII. 47 59,345,864.85 10,275,112.33 Long-term payables VII. 48 6,170,000.00 6,170,000.00 Long-term employee benefits payable

Estimated liabilities

Deferred income 7. 51 104,877,356.58 84,625,869.56 Deferred income tax liabilities 7. 29 49,863,558.82 38,275,402.60 Other non-current liabilities

Total non-current liabilities 238,229,780.25 957,339,759.30

Total liabilities 3,443,212,174.39 3,021,793,728.13 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) VII. 53 1,615,635,256.00 1,615,634,969.00 Other equity instruments VII. 54 49,289,384.22 49,290,070.54 Including: preference shares

perpetual bond

Capital reserve VII. 55 587,296,295.55 587,290,620.19 Less: treasury shares VII. 56 15,008,499.75 0.00 Other comprehensive income VII. 57 8,296,228.57 8,199,889.78 Special reserves VII. 58 33,260,769.48 27,133,494.22 Surplus reserve VII. 59 580,122,265.04 535,696,037.71 General risk reserve

Undistributed profits 7.60 4,043,971,466.42 3,668,425,036.81 Owners’ equity attributable to the parent company 6,491,670,118.25

6,902,863,165.53

(or stockholders’ equity) total

Minority shareholders' equity -3,540,616.42 -3,513,482.44Owner's equity (or shareholder's rights 6,488,156,635.81

6,899,322,549.11

profit) total

Liabilities and owners’ equity (or 9,509,950,363.94

10,342,534,723.50

Shareholders' Equity) Total

Person in charge of the company: Tang Yongqun Person in charge of accounting work: Qian Xiaojie Person in charge of the accounting department: Gu Xiaomei

Parent company balance sheet

December 31, 2025

Prepared by: Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd.

Unit: Yuan Currency: RMB

Item Notes December 31, 2025 Current assets as of December 31, 2024:

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Monetary funds 439,115,957.16 98,721,283.31 Trading financial assets 1,135,091,946.66 973,338,268.74 Derivative financial assets

Notes receivable 250,000,000.00 340,000,000.00 Accounts receivable 19.1 1,041,665,870.16 1,657,275,815.34 Accounts receivable financing 13,098,413.45 10,743,535.82 Advance payments 151,293,404.46 147,022,582.56 Other receivables 19.2 1,885,880,308.72 1,089,110,284.09 Including: interest receivable

Dividends receivable

Inventory 2,135,868,474.24 2,684,769,701.32 Including: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 4,086,538.04 4,525,164.74

Total current assets 7,056,100,912.89 7,005,506,635.92 Non-current assets:

debt investment

Other debt investments

long-term receivables

Long-term equity investment 19.3 775,293,669.10 367,293,669.10 Other equity instrument investments 40,000,000.00 30,000,000.00 Other non-current financial assets

investment real estate

Fixed assets 843,233,223.62 754,466,184.26 Construction in progress 188,429.62 122,378,846.52 Productive biological assets

oil and gas assets

right-of-use assets

Intangible assets 75,678,398.76 60,314,949.67 Including: data resources

Development expenditure 311,480,322.95 117,473,844.13 Including: data resources

goodwill

Long-term deferred expenses 832,455.10 935,166.97 Deferred income tax assets 58,433,371.41 111,849,952.05 Other non-current assets 47,546,340.29 17,043,284.70 Total non-current assets 2,152,686,210.85 1,581,755,897.40

Total assets 9,208,787,123.74 8,587,262,533.32 Current liabilities:

Short-term borrowings 290,018,488.89 340,000,000.00 Trading financial liabilities 0.00 0.00 Derivative financial liabilities

Notes payable 0.00 0.00Accounts payable 1,504,120,494.69 1,173,788,357.74 Advance receipts 0.00 0.00Contract liabilities 63,080,176.05 41,416,285.53 Employee benefits payable 12,866,969.41 13,116,910.38

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Taxes payable 13,616,751.33 14,480,593.21 Other payables 22,134,288.58 28,631,567.43 Including: interest payable

Dividends payable

Liabilities held for sale

Non-current liabilities due within one year 838,147,564.51 8,208,736.77 Other current liabilities 4,547,131.61 9,085,672.81

Total current liabilities 2,748,531,865.07 1,628,728,123.87 Non-current liabilities:

Long-term borrowings 17,973,000.00 298,000,000.00 Bonds payable 0.00 519,993,374.81 Including: preference shares

perpetual bond

Lease liability

Long-term payables 6,170,000.00 6,170,000.00 Long-term employee benefits payable

Estimated liabilities

Deferred income 68,840,585.78 45,937,550.80 Deferred income tax liabilities 30,805,033.06 25,789,671.97 Other non-current liabilities 0.00 0.00 Total non-current liabilities 123,788,618.84 895,890,597.58

Total liabilities 2,872,320,483.91 2,524,618,721.45 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 1,615,635,256.00 1,615,634,969.00 Other equity instruments 49,289,384.22 49,290,070.54 Including: preference shares

perpetual bond

Capital reserve 594,776,621.19 594,770,945.83 Less: treasury shares 15,008,499.75 0.00 Other comprehensive income

Special reserves 33,260,769.48 27,133,494.22 Surplus reserve 580,122,265.04 535,696,037.71 Undistributed profits 3,478,390,843.65 3,240,118,294.57

Total owners’ equity (or shareholders’ equity 6,336,466,639.83 6,062,643,811.87)

Total liabilities and owners’ equity (or 9,208,787,123.74 8,587,262,533.32 shareholders’ equity)

Person in charge of the company: Tang Yongqun Person in charge of accounting work: Qian Xiaojie Person in charge of the accounting department: Gu Xiaomei

consolidated income statement

January-December 2025

Unit: Yuan Currency: RMB

Item Notes 2025 2024

1. Total operating income 3,990,678,037.30 3,923,585,843.53 Including: operating income 7. 61 3,990,678,037.30 3,923,585,843.53 Interest income

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Premiums earned

Fee and commission income

2. Total operating costs 3,569,544,082.92 3,077,424,355.26 Including: operating costs 7. 61 2,418,108,674.47 2,228,370,212.19 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 VII. 62 27,980,912.60 19,388,535.92 Sales expenses VII. 63 408,225,153.92 280,004,263.38 Administrative expenses VII. 64 242,986,230.68 210,691,928.64 R&D expenses VII. 65 348,127,986.34 329,922,090.02 Financial expenses VII. 66 124,115,124.92 9,047,325.11 Including: interest expense 55,249,523.98 75,664,282.43

Interest income 18,646,431.16 19,194,482.07 Add: other income VII. 67 36,117,966.16 59,992,627.09 Investment income (losses are filled in with "-" column VII. 68 28,117,323.98 2,764,186.28)

Including: Investment income from associates and joint ventures 2,691,825.00 3,593,850.00

Finance measured at amortized cost

Income from derecognition of assets

Exchange gains (losses are filled in with "-"

column)

Net exposure hedging gains (losses marked with "-"

(Fill in the number)

Gains from changes in fair value (losses are listed with "-" number in VII. 70 41,424,963.67 -10,235,518.88)

Credit impairment losses (losses are listed with "-" number 7.71 -2,769,218.54 -12,019,227.48)

Asset impairment losses (losses are listed with "-" number 7.72 180,108,654.45 107,704,998.27)

Asset disposal income (losses are listed with "-" No. 7, 73 -3,264,698.73 -40,231.99)

3. Operating profit (losses are listed with "-") 700,868,945.37 994,328,321.56 plus: non-operating income 7. 74 835,000.00 5,077.40 minus: non-operating expenses 7. 75 2,287,578.51 2,299,653.90

4. Total profits (total losses are filled in with "-" in columns 699,416,366.86 992,033,745.06)

Less: Income tax expenses VII. 76 117,905,544.65 165,934,741.78

5. Net profit (net loss is listed with "-") 581,510,822.21 826,099,003.28

(1) Classification by business continuity

1. Net profit from continuing operations (net loss is listed with "-" number 581,510,822.21 826,099,003.28)

2. Net profit from discontinued operations (net loss equal to

Fill in the column with "-" sign)

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(2) Classification according to ownership ownership

1. Net profit attributable to shareholders of the parent company 581,536,153.84 826,144,870.17 (Net loss is listed with "-")

2. Profit and loss of minority shareholders (net losses are listed with "-" -25,331.63 -45,866.89)

3. Net after-tax amount of other comprehensive income 94,536.44 1,556,508.91

(1) Net after-tax amount of other comprehensive income attributable to owners of the parent company 96,338.79 1,554,495.15

1. Other comprehensive items that cannot be reclassified into profit or loss

combined income

(1) Remeasurement of changes in defined benefit plans

Um

(2) Other items 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 income that will be reclassified into profit and loss 96,338.79 1,554,495.15

(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 difference of foreign currency financial statements 96,338.79 1,554,495.15 (7) Others

(2) Other comprehensive after-tax income attributable to minority shareholders -1,802.35 2,013.76

7. Total comprehensive income 581,605,358.65 827,655,512.19

(1) Total comprehensive income attributable to owners of the parent company 581,632,492.63 827,699,365.32

(2) Total comprehensive income attributable to minority shareholders -27,133.98 -43,853.13

8. Earnings per share:

(1) Basic earnings per share (yuan/share) 0.36 0.51

(2) Diluted earnings per share (yuan/share) 0.37 0.50

Person in charge of the company: Tang Yongqun Person in charge of accounting work: Qian Xiaojie Person in charge of the accounting department: Gu Xiaomei

Parent company income statement

January-December 2025

Unit: Yuan Currency: RMB

Item Notes 2025 2024

1. Operating income 19.4 2,146,918,973.51 2,016,045,814.30 Less: Operating costs 19.4 1,667,737,091.99 1,340,158,116.08 Taxes and surcharges 23,578,805.62 15,090,279.21

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Selling expenses 56,605,994.79 53,557,107.57 Administrative expenses 55,281,239.25 36,817,070.13 Research and development expenses 107,277,088.20 152,781,432.16 Financial expenses 22,916,072.29 13,363,017.45 Including: interest expenses 34,932,404.19 48,891,531.58

Interest income 49,640,265.93 26,892,286.20 plus: other income 29,840,013.01 49,981,615.86 investment income (losses are filled in with "-" in columns 19.5 9,526,330.63 40,070,714.58)

Of which: for associates and joint ventures

investment income

Finance measured at amortized cost

Income from derecognition of assets

Net exposure hedging gains (losses marked with "-"

(Fill in the number)

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

Credit impairment losses (losses are listed with "-" -450,241.42 -300,399.24)

Asset impairment losses (losses are listed with "-" numbers 252,778,602.17 182,435,207.57)

Asset disposal income (losses are listed with "-" numbers -2,378,174.28 -40,231.99)

2. Operating profit (losses are listed with "-") 507,941,449.10 678,955,571.33 Plus: non-operating income 5,077.40 Less: non-operating expenses 2,208,538.65 2,239,899.22

3. Total profits (total losses are filled in with "-" in columns 505,732,910.45 676,720,749.51)

Less: Income tax expense 61,470,637.14 88,025,419.49

4. Net profit (net loss is listed with "-") 444,262,273.31 588,695,330.02

(1) Net profit from continuing operations (net loss is listed with “-” number 444,262,273.31 588,695,330.02)

(2) Net profit from discontinued operations (net loss equal to

Fill in the column with "-" sign)

5. Net amount of other comprehensive income after tax

(1) Other comprehensive items that cannot be reclassified into profit or loss

combined 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 income that will be reclassified into profit and loss 0.00

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

combined income

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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 0.00 6. Translation difference of foreign currency financial statements

7.Others

6. Total comprehensive income 444,262,273.31 588,695,330.02

7. Earnings per share:

(1) Basic earnings per share (yuan/share)

(2) Diluted earnings per share (yuan/share)

Person in charge of the company: Tang Yongqun Person in charge of accounting work: Qian Xiaojie Person in charge of the accounting department: Gu Xiaomei

Consolidated cash flow statement from January to December 2025 Unit: Yuan Currency: RMB

Item Notes 2025 2024

1. Cash flow generated from operating activities:

Cash received from selling goods and providing services 3,902,813,955.25 4,033,231,330.50

Net deposits from customers and deposits from banks and other banks

increase

Net increase in borrowing from the central bank

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

Cash that charges interest, fees and commissions

gold

Net increase in borrowing funds

Net increase in repurchase business funds

Net cash received from securities trading as an agent

Um

Tax refunds received 204,847,897.48 215,283,415.23 Other cash received related to operating activities VII. 78 82,704,403.61 89,183,947.19 Cash

Subtotal of cash inflows from operating activities 4,190,366,256.34 4,337,698,692.92 Cash for purchasing goods and receiving services 1,782,423,805.01 1,705,144,341.31 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

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Cash for payment of interest, fees and commissions

gold

Cash payment for policy dividends

Paid to and for employees 478,592,900.19 407,483,017.42 cash

Various taxes and fees paid 206,852,855.55 319,826,457.25 Other taxes and fees paid related to operating activities VII. 78 539,705,627.87 404,016,659.42 Cash

Subtotal of cash outflows from operating activities 3,007,575,188.62 2,836,470,475.40

Cash flow generated from operating activities 1,182,791,067.72 1,501,228,217.52 Net amount

2. Cash flow generated from investing activities:

Cash received from recovery of investment 2,982,675,736.59 3,159,356,827.58 Cash received from investment income 28,117,323.98 55,136,758.97 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 36,709.25 2,379.43

Disposal of subsidiaries and other business units

Net cash received

Received other related to investment activities 0.00

Cash

Subtotal of cash inflows from investing activities 3,010,829,769.82 3,214,495,965.98 Cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets 560,150,989.14 506,819,747.33

Cash paid for investment 3,209,085,149.97 3,618,408,305.39 Net increase in pledged loans

Acquire subsidiaries and other business units

Net cash paid

Payment of other related investment activities 0.00

Cash

Subtotal of cash outflows from investing activities 3,769,236,139.11 4,125,228,052.72

Cash flow generated from investing activities -758,406,369.30 -910,732,086.74 Net amount

3. Cash flow generated from financing activities:

Cash received from investment 0.00 Including: Subsidiary absorbs investment from minority shareholders

cash received

Cash received from borrowings 2,178,658,237.35 1,866,471,368.40 Other cash received related to financing activities

Cash

Subtotal of cash inflows from financing activities 2,178,658,237.35 1,866,471,368.40 Cash paid to repay debts 1,985,820,208.07 2,369,359,721.56 Distribution of dividends, profits or interest payments 218,417,977.29 213,194,560.21 paid in cash

Of which: Subsidiary payments to minority shareholders

dividends, profits

Payment of other related financing activities 7.78 29,110,791.35 15,196,963.84 cash

Subtotal of cash outflows from financing activities 2,233,348,976.71 2,597,751,245.61 Cash flow generated from financing activities -54,690,739.36 -731,279,877.21

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net amount

4. The impact of exchange rate changes on cash and cash equivalents -10,587,047.21 -16,704,638.88

5. Net increase in cash and cash equivalents 359,106,911.86 -157,488,385.31 plus: balance of cash and cash equivalents at the beginning of the period 736,696,841.28 894,185,226.59

6. Balance of cash and cash equivalents at the end of the period 1,095,803,753.14 736,696,841.28

Person in charge of the company: Tang Yongqun Person in charge of accounting work: Qian Xiaojie Person in charge of the accounting department: Gu Xiaomei

Parent company cash flow statement

January-December 2025

Unit: Yuan Currency: RMB

Item Notes 2025 2024

1. Cash flow generated from operating activities:

Cash received from selling goods and providing services 3,137,569,167.79 3,335,073,047.60

Tax refunds received 77,346.29 8,312,671.27 Other cash received related to operating activities 67,063,401.33 88,857,248.07

Subtotal of cash inflows from operating activities 3,204,709,915.41 3,432,242,966.94 Cash for purchasing goods and receiving services 537,695,244.28 1,172,214,748.12 Cash

Paid to and for employees 158,096,269.94 155,435,943.91 Cash

Various taxes and fees paid 183,817,948.96 301,062,014.00 Other payments related to operating activities 902,622,087.75 662,667,885.26 Cash

Subtotal cash outflow from operating activities 1,782,231,550.93 2,291,380,591.29 Net cash flow from operating activities 1,422,478,364.48 1,140,862,375.65

2. Cash flow generated from investing activities:

Cash received from recovery of investment 2,581,000,000.00 1,357,722,591.18 Cash received from investment income 12,874,890.33 0.00 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 60,176.99 2,379.43

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

Cash

Subtotal of cash inflows from investing activities 2,593,935,067.32 1,357,724,970.61 Cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets 284,017,651.53 138,909,624.69

Cash paid for investment 3,159,000,000.00 2,148,857,981.63 Acquisition of subsidiaries and other business units

Net cash paid

Payment in cash related to other investment activities 0.00 0.00

Subtotal of cash outflows from investing activities 3,443,017,651.53 2,287,767,606.32

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Cash flow generated from investing activities -849,082,584.21 -930,042,635.71 Net amount

3. Cash flow generated from financing activities:

Cash received from investments 0.00 Cash received from borrowings 468,178,689.95 651,201,012.74 Other funds received related to financing activities

Cash

Subtotal of cash inflows from financing activities 468,178,689.95 651,201,012.74 Cash paid to repay debts 502,228,999.99 1,033,700,012.74 Distribution of dividends, profits or interest payments 182,500,328.87 195,996,457.89 paid in cash

Payment of other cash related to financing activities 15,011,544.07 12,044,081.07

Subtotal of cash outflows from financing activities 699,740,872.93 1,241,740,551.70

Cash flow generated from financing activities -231,562,182.98 -590,539,538.96 Net amount

4. The impact of exchange rate changes on cash and cash equivalents -4,159,363.10 -7,701,959.02

5. Net increase in cash and cash equivalents 337,674,234.19 -387,421,758.04 plus: balance of cash and cash equivalents at the beginning of the period 91,513,840.90 478,935,598.94

6. Balance of cash and cash equivalents at the end of the period 429,188,075.09 91,513,840.90

Person in charge of the company: Tang Yongqun Person in charge of accounting work: Qian Xiaojie Person in charge of the accounting department: Gu Xiaomei

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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

Items Minority shareholders Owner's equity paid-in capital Other equity instruments Capital allowance Less: Treasury Other comprehensive special reserves Surplus allowance General wind Unallocated equity Total capital (or other subtotal

Preferred shares, perpetual bonds, other accumulated shares, combined income reserves, accumulated insurance reserves, profits

equity)

1,615,6 587,29 535,69 3,668,4

49,290, 8,199,8 27,133, 6,491,67 -3,513,48 6,488,156,63

1. Ending balance of the previous year 34,969. 0,620.1 0.00 6,037.7 25,036.

070.54 89.78 494.22 0,118.25 2.44 5.81

00 9 1 81

Add: Changes in accounting policies

Early error correction

Others

1,615,6 587,29 535,69 3,668,4

49,290, 8,199,8 27,133, 6,491,67 -3,513,48 6,488,156,63

2. Opening balance of the year 34,969. 0,620.1 0.00 6,037.7 25,036.

070.54 89.78 494.22 0,118.25 2.44 5.81

00 9 1 81

3. Increase or decrease in the current period 375,54

-686.3 5,675.3 15,008, 96,338. 6,127,2 44,426, 411,193, -27,133.9 411,165,913. (Reductions are filled in with "-" 287.00 6,429.6

2 6 499.75 79 75.26 227.33 047.28 8 30 columns) 1

581,53

96,338. 581,632, -27,133.9 581,605,358.

(1) Total comprehensive income 6,153.8

79 492.63 8 65

(2) Owner’s investment and -686.3 5,675.3 15,008, -15,003, -15,003,223.

287.00

Reduction in capital 2 6 499.75 223.71 71 1. Owner's investment

0.00

common stock

2. Other equity instruments held -686.3 8,705.2

287.00 8,305.94 8,305.94 Capital invested by the owner 2 6

3. Share-based payments are included in the

0.00 0.00Amount of owner’s equity

-3,029. 15,008, -15,011, -15,011,529. 4. Others

90 499.75 529.65 65

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-205,9

44,426, -161,563 -161,563,49

(3) Profit distribution 89,724.

227.33,496.90 6.90

-44,42

44,426,

1. Withdrawal from surplus reserve 6,227.3 0.00

227.33

2. Extract general risk allowance

0.00 reserve

3. To owners (or shares -161,5 -161,563 -161,563,49

63,496.

East) distribution ,496.90 6.90

4. Others 0.00

(4) Within owner’s equity

0.00 0.00 0.00 Part carried forward

1. Conversion of capital reserve to capital increase

0.00 capital (or share capital)

2. Conversion of surplus reserves to capital increase

0.00 capital (or share capital)

3. Surplus reserve to cover losses

0.00 loss

4. Defined benefit plan changes

0.00 moving amount carried forward to retained earnings

5. Other comprehensive income

0.00 transferred to retained earnings

6. Others 0.00 0.00 0.00

6,127,2 6,127,27

(5) Special reserves 6,127,275.26 75.26 5.26

9,457,0 9,457,09 1. Withdrawal in this period 9,457,091.53 91.53 1.53

3,329,8 3,329,81 2. 3,329,816.27 used in this period

16.27 6.27

(6) Others 0.00 1,615,6 587,29 580,12 4,043,9

49,289, 15,008, 8,296,2 33,260, 6,902,86 -3,540,61 6,899,322,54

4. Ending balance of the current period 35,256. 6,295.5 2,265.0 71,466.

384.22 499.75 28.57 769.48 3,165.53 6.42 9.11 00 5 4 42

Project 2024

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Owner's equity attributable to parent company

Minority shareholders Ownership paid-in capital

Other equity instruments Capital allowance Less: Treasury Other comprehensive special reserves Surplus allowance General risk Unallocated equity Total capital (or other subtotals

Accumulated shares and combined income reserves Accumulated insurance reserves Profit

Equity) Preferred shares Perpetual bonds Others

1,616,6 601,02 476,82 5,801,9

49,293, 27,748, 6,645,3 16,565, 3,062,71 -3,469,62 5,798,497,

1. Ending balance of the previous year 48,684. 3,002.1 6,504.7 66,942.

600.17 526.06 94.63 131.64 3,151.64 9.31 313.54

00 2 1 85

Add: Changes in accounting policies

Early error correction

Others

1,616,6 601,02 476,82 5,801,9

49,293, 27,748, 6,645,3 16,565, 3,062,71 -3,469,62 5,798,497,

2. Opening balance of the year 48,684. 3,002.1 6,504.7 66,942.

600.17 526.06 94.63 131.64 3,151.64 9.31 313.54

00 2 1 85

3. Increases and decreases in the current period -13,73 -27,74

-1,013, -3,529. 1,554,4 10,568, 58,869, 605,711, 689,703 -43,853.1 689,659,32 (reduced by "-" 2,381.9 8,526.0

715.00 63 95.15 362.58 533.00 885.16 ,175.39 2 2.27 columns) 3 6

1,554,4 826,144, 827,699 -43,853.1 827,655,51

(1) Total comprehensive income

95.15 870.16 ,365.31 2 2.19

-13,73 -27,74

(2) Owner’s investment and -1,013, -3,529. 12,998, 12,998,899

2,381.9 8,526.0

Reduction in capital 715.00 63 899.50 .50

3 6

1. Owner's investment

shares

2. Other equity instruments held 1,182.0 -3,529. 29,268. 26,920.

26,920.64 investors invested capital 0 63 27 64

3. Share-based payment is included in the amount of all shareholders' equity 589.48 589.48 48 -1,014, -10,95 -27,74 15,782,

15,782,568 4． Others 897.00 1,060.7 8,526.0 568.34

.34 2 6

-161,56

58,869, -220,432 -161,563,4

(3) Profit distribution 3,452.0

533.00,985.00 52.00

58,869, -58,869,

1. Withdrawal from surplus reserve 0.00

533.00 533.00

2. Withdraw general risk reserve 0.00

3. Distribution to owners (or shareholders) -161,563 -161,56 -161,563,4 ,452.00 3,452.0 52.00

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4. Others

(4) Within owner’s equity

carried forward

1. Capital reserve converted into capital

(or equity)

2. Conversion of surplus reserves into capital

(or equity)

3. Surplus reserve to cover losses

4. Changes to defined benefit plans

Amount carried forward to retained earnings

5. Other comprehensive income carried forward

retained earnings

6. Others

10,568, 10,568, 10,568,362

(5) Special reserves

362.58 362.58 .58 13,787, 13,787, 13,787,719 1. Extract this period

719.56 719.56 .56 3,219,3 3,219,3 3,219,356. 2. Used in this issue

56.98 56.98 98

(6) Others

1,615,6 587,29 535,69 6,491,6

49,290, 8,199,8 27,133, 3,668,42 -3,513,48 6,488,156,

4. Ending balance of the current period 34,969. 0,620.1 6,037.7 70,118.

070.54 89.78 494.22 5,036.81 2.44 635.81 00 9 1 25

Person in charge of the company: Tang Yongqun Person in charge of accounting work: Qian Xiaojie Person in charge of the accounting department: Gu Xiaomei

Statement of changes in owner's equity of the parent company

January-December 2025

Unit: Yuan Currency: RMB

2025

Items Paid-in capital Other equity instruments Other comprehensive Undistributed profits Ownership capital reserve Less: treasury shares Special reserves Surplus reserve

(or equity) Preferred shares Perpetual bonds Other income Total profit

1. Ending balance of the previous year 1,615,634,9 49,290,070. 594,770,94 27,133,494 535,696,0 3,240,118, 6,062,643,

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69.00 54 5.83 .22 37.71 294.57 811.87 plus: changes in accounting policies

Early error correction

Others

1,615,634,9 49,290,070. 594,770,94 27,133,494 535,696,0 3,240,118, 6,062,643,

2. Opening balance of this year

69.00 54 5.83 .22 37.71 294.57 811.87

3. Amount of increase or decrease in the current period (minus 287.00 -686.32 5,675.36 15,008,499 6,127,275. 44,426,22 238,272,5 273,822,82 and the remainder shall be filled in with a “-” sign) .75 26 7.33 49.08 7.96

444,262,2 444,262,27

(1) Total comprehensive income

73.31 3.31

(2) Owner’s investment and capital reduction 287.00 -686.32 5,675.36 15,008,499 -15,003,22 .75 3.71 1. Common stock invested by owners

2. Investment by other equity instrument holders 287.00 -686.32 8,705.26 8,305.94 Capital

3. Share-based payments are included in owners’ equity

amount of

-3,029.90 15,008,499 -15,011,52 .004． Others

.75 9.65

44,426,22 -205,989,7 -161,563,4

(3) Profit distribution

7.33 24.23 96.90

44,426,22 -44,426,22

1. Withdrawal from surplus reserve

7.33 7.33

2. Distribution to owners (or shareholders) -161,563,4 -161,563,4 96.90 96.90 3. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves into capital (or shares)

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 6,127,275. 6,127,275.

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26 26

9,457,091. 9,457,091. 1. Extract this period

53 53

3,329,816. 3,329,816. 2． Used in this issue

27 27

(6) Others

1,615,635,2 49,289,384. 594,776,62 15,008,499 33,260,769 580,122,2 3,478,390, 6,336,466,

4. Ending balance of the current period

56.00 22 1.19 .75 .48 65.04 843.65 639.83

2024

Items Paid-in capital Other equity instruments Other comprehensive Undistributed profits Ownership capital reserve Less: treasury shares Special reserves Surplus reserve

(or equity) Preferred shares Perpetual bonds Other income Total profit

1,616,648,6 49,293,600. 608,503,32 27,748,526 16,565,131 476,826,5 2,871,855, 5,611,944,

1. Balance at the end of the previous year 0.00

84.00 17 7.76 .06 .64 04.71 949.55 671.77 Plus: Changes in accounting policies

Early error correction

Others

1,616,648,6 49,293,600. 608,503,32 27,748,526 16,565,131 476,826,5 2,871,855, 5,611,944,

2. Opening balance of this year

84.00 17 7.76 .06 .64 04.71 949.55 671.77

3. Amount of increase or decrease in the current period (minus -1,013,715. -13,732,38 -27,748,52 10,568,362 58,869,53 368,262,3 450,699,14

-3,529.63

Please fill in the column with "-" sign less) 00 1.93 6.06 .58 3.00 45.02 0.10

588,695,3 588,695,33

(1) Total comprehensive income

30.02 0.02

(2) Owner’s investment and capital reduction -1,013,715. -13,732,38 -27,748,52 12,998,899

-3,529.63

Ben 00 1.93 6.06 .50 1. Common stock invested by owners

2. Investments from other equity instrument holders

1,182.00 29,268.27 30,450.27Capital

3. Amount of share-based payment included in owners’ equity -2,810,589 -2,810,589 .48 .48

-1,014,897. -3,529.63 -10,951,06 -27,748,52 15,779,038 4. Others

00 0.72 6.06 .71

58,869,53 -220,432,9 -161,563,4

(3) Profit distribution

3.00 85.00 52.00

58,869,53 -58,869,53

1. Withdrawal from surplus reserve

3.00 3.00

2. Distribution to owners (or shareholders) -161,563,4 -161,563,4 52.00 52.00

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3. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves into capital (or shares)

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. other

10,568,362 10,568,362

(5) Special reserves

.58 .58 13,787,719 13,787,719 1. Extract this period

.56 .56 3,219,356. 3,219,356. 2. Used in this issue

98 98

(6) Others

1,615,634,9 49,290,070. 594,770,94 27,133,494 535,696,0 3,240,118, 6,062,643,

4. Ending balance of the current period

69.00 54 5.83 .22 37.71 294.57 811.87 Person in charge of the company: Tang Yongqun Person in charge of accounting work: Qian Xiaojie Person in charge of the accounting department: Gu Xiaomei

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3. Basic situation of the company

1. Company profile

√Applicable □Not applicable

(1) Historical evolution

Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. (hereinafter referred to as the "Company" or "the Company") is a joint-stock company established through the overall restructuring of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. was restructured and established from Nanjing Jianyou Biochemical Pharmaceutical Factory in October 2000. At the time of restructuring and establishment, the company's registered capital was RMB 17.16 million.

In September 2010, the company's shareholders meeting resolved that the company's registered capital increased by 3.77 million yuan, from 17.16 million yuan to 20.93 million yuan. In March 2011, according to the resolution of the company's shareholders' meeting, the company was changed to a joint stock limited company. The net assets of the original Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. as of January 31, 2011 were 340,366,14 7.37 yuan. The net assets enjoyed by each shareholder based on the original shareholding ratio are converted into share capital of 120,000,000.00 yuan at a ratio of 1:0.3526. The remaining 220,366,147.37 yuan is included in the capital reserve.

In April 2011, according to the resolution of the company's shareholders' meeting, the company decided to increase its registered capital by adding 10,526,316 shares. In April 2011, the Nanjing Investment Promotion Commission issued the document "Ningtou Waiguan [2011] 117", approving the company's change to a foreign-invested joint-stock company. After the change, the company's share capital is RMB 130,526,316.00.

In June 2011, according to the resolution of the company's third extraordinary general meeting of shareholders held on May 20, 2011, and with the approval of the Nanjing Investment Promotion Commission's "Ningtou Waiguan [2011] No. 175" document, the company used the total share capital of 130,526,316 shares as the base and transferred the capital reserve to all shareholders in equal proportions, with a total of 229,473,684 shares transferred. After the transfer, the company's total share capital is 360,000,000.00 shares.

In July 2017, as approved by the China Securities Regulatory Commission's Zhengjian Xu [2017] No. 1026 "Reply on the Approval of the Initial Public Offering of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd.", the company issued 63.5 million RMB ordinary shares (A shares) to the public at an issue price of RMB 7.21 per share. After this capital increase, the company's registered capital was RMB 423,500,000.00. In July of the same year, it was listed on the Shanghai Stock Exchange with the stock code 603707.

As of December 31, 2025, the company's total share capital was 1,615,635,256 shares.

(2) The company’s industry nature and business scope

The company belongs to the pharmaceutical manufacturing industry, and its main business scope is: licensed projects: pharmaceutical wholesale; pharmaceutical production; pharmaceutical retail (projects that require approval according to law can only carry out business activities after approval by relevant departments, and specific business projects are subject to the approval results). General projects: procurement agency services; technology import and export; housing leasing; technical services, technology development, technology consultation, technology exchange, technology transfer, technology promotion; medical research and experimental development; photovoltaic power generation equipment leasing (except for projects that require approval according to law, business activities can be carried out independently with a business license in accordance with the law).

(3) Company registration place and actual business place, unified social credit code

The company's registration place and actual business location are located at No. MA010-1, Nanjing High-tech Development Zone. Unified social credit code:

91320100726054999R.

(4) Others

This financial statement was approved for issuance by the company's board of directors on April 30, 2026.

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4. Basis for preparation of financial statements

1. Basics of preparation

The Company's financial statements are prepared on a going concern basis, based on actual transactions and events, and in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" promulgated by the Ministry of Finance and specific accounting standards, application guidelines, explanations and other relevant regulations for recognition and measurement, and financial statements are prepared on this basis.

2. Continuous operation

√Applicable □Not applicable

The company has been able to continue operating for at least 12 months since the end of this reporting period, and there have been no major events that affect its ability to continue operating.

5. Important accounting policies and accounting estimates

Specific accounting policies and accounting estimation tips:

√Applicable □Not applicable

Based on the actual production and operation characteristics and the provisions of relevant accounting standards for enterprises, the company has formulated a number of specific accounting policies and accounting estimates for transactions and events such as revenue recognition. For details, please see the descriptions in 34 "Revenue" in "V. Important Accounting Policies and Accounting Estimates" in this section. For explanations of the significant accounting judgments and estimates made by management, please refer to the descriptions in "V. Significant Accounting Policies and Accounting Estimates" in this section.

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 financial status, operating results, changes in shareholders' equity, cash flow and other relevant information.

2. Accounting period

The company's fiscal year begins on January 1 and ends on December 31 of the Gregorian calendar.

3. Business cycle

√Applicable □Not applicable

The company uses 12 months as an operating cycle and uses it as the liquidity classification standard for assets and liabilities.

4. Accounting standard currency

The company's accounting standard currency is RMB. 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 company's overseas subsidiaries determine US dollars and Hong Kong dollars as their accounting functional currencies based on the currency of the main economic environment in which they operate. The functional currency used by the Company in preparing these consolidated financial statements is RMB.

5. Determination method and selection basis of materiality criteria

√Applicable □Not applicable

Project Materiality Criteria

Bad debt provisions for important notes receivable are recovered, reversed, and written off. Notes receivable in which the amount of a single note receivable exceeds 0.5% of total assets

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Important accounts receivable and bad debt provisions are recovered or reversed and written off. Accounts receivable with an individual amount exceeding 0.5% of total assets. Important other receivables with bad debt provisions recovered or reversed. Other individual other receivables with an amount exceeding 0.5% of total assets. Important contract asset impairment provisions are recovered or reversed. Contract assets with an individual contract asset amount exceeding 0.5% of total assets. Important prepayments with an aging of more than 1 year. Important construction-in-progress projects with a single prepayment amount exceeding 0.5% of total assets. Important construction-in-progress projects with a single prepayment amount exceeding 0.5% of total assets. Important development expenditures with a single R&D project amount exceeding 0.5% of total assets. Important accounts payable with an age exceeding 1 year. Accounts payable with a single age exceeding 0.5% of total assets. Important other payables with an age exceeding 1 year. Other payables with an individual amount exceeding 0.5% of total assets. Important contract liabilities with an aging of more than 1 year. Contract liabilities with an individual contract liability exceeding 0.5% of total assets.

An investment activity whose cash flow exceeds 10% of total assets is an important investment activity cash flow

cash flow

Important subsidiaries and non-wholly owned subsidiaries whose total assets exceed 10% of the group's total assets and whose total income exceeds the group's total income

Subsidiaries with an income of 15% and total profits exceeding 15% of the total profits of the group

6. Accounting treatment methods for business combinations under the same control and those not under the same control

√Applicable □Not applicable

The Company determines a transaction or event in which two or more separate enterprises merge to form a reporting entity as a business merger. Business mergers are divided into two types: business combinations under the same control and business combinations not under the same control. The accounting treatment is as follows: (1) Accounting treatment for business mergers under the same control on the merger date

One transaction to achieve business combination under common control

For business combinations under common control, the merging party shall measure the initial investment cost of the long-term equity investment based on the share of the book value of the combined party's owners' equity in the final controlling party's consolidated statements on the date of merger. The difference between the initial investment cost of the long-term equity investment of the merging party and the book value of the merger consideration paid (or the total face value of the shares issued) shall be adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings shall be adjusted. The direct related expenses incurred by the merging party for the business combination are included in the current profits and losses.

Multiple transactions realize the merger of enterprises under the same control step by step

If the merger of enterprises under the same control is realized in stages through multiple transactions, in the financial statements of the parent company, the share of the book value of the owner's equity of the merged party in the final controlling party's consolidated statement is calculated based on the newly added shareholding ratio at the merger date and time as the initial investment cost of the investment. The difference between the initial investment cost and the book value of the original long-term equity investment plus the book value of the new payment for further equity on the merger date will be adjusted to the capital reserve (equity premium). If the capital reserve is insufficient for offset, the retained earnings will be adjusted.

In the consolidated financial statements, the parties involved in the merger shall be deemed to prepare the consolidated statements for the earliest period in which comparative data are retrospectively adjusted when the ultimate controlling party begins to control. The relevant assets and liabilities of the merged party are merged into the consolidated financial statements and the increase in net assets is adjusted to the "capital reserve" item under the owner's equity. At the same time, the equity investment held by the merging party before obtaining control of the merged party and the merging party and the merged party are under the same party's final control, whichever is later, and other comprehensive income have been recognized from the later date to the merger date, and other comprehensive income has been partially offset against the retained earnings at the beginning of the consolidated statement or the current profit and loss, except for other comprehensive income arising from the remeasurement of the net liabilities of the defined benefit plan or changes in net assets by the merged party.

(2) Accounting treatment of business combinations not under common control on the acquisition date

One transaction realizes the merger of enterprises not under common control

For business combinations not under common control, the combination cost is the fair value of the assets paid, liabilities incurred or assumed, and equity securities issued by the purchaser on the purchase date to obtain control of the purchased party. All direct related expenses incurred by the purchaser for the business combination are included in the current profits and losses. If there is an agreement in the merger contract on future events that may affect the merger costs, if it is estimated that the future events are likely to occur on the purchase date and the amount of the impact on the merger costs can be measured reliably, they will also be included in the merger costs.

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The identifiable assets, liabilities and contingent liabilities of the acquiree that meet the recognition conditions and are acquired in a business combination not under common control are measured at fair value on the acquisition date. The difference between the merger cost and the fair value of the acquiree's identifiable net assets acquired in the merger is recognized as goodwill by the buyer. If the purchaser's merger cost is less than the fair value share of the acquiree's identifiable net assets obtained in the merger, and after review, the difference that the merger cost is still less than the fair value share of the acquiree's identifiable net assets obtained in the merger shall be included in the current profit and loss.

Multiple transactions to realize business mergers not under common control step by step

If the merger of enterprises not under common control is realized in stages through multiple transactions, in the financial statements of the parent company, 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 shall be used as the initial investment cost of the investment; 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 transferred to the investment income of the current period when the investment is disposed of, except for other comprehensive income arising from changes in the net liabilities or net assets of the defined benefit plan re-measured 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 should be converted into the investment income of the current period on the purchase date. At the same time, the sum of the fair value of the acquired party's equity held before the acquisition date on the acquisition date and the consideration paid for the newly purchased equity on the acquisition date is regarded as the merger cost. The difference between the merger cost and the fair value share of the acquiree's identifiable net assets obtained on the acquisition date is recognized as goodwill or the current profit and loss of the merger.

(3) Accounting treatment method for disposing of subsidiary equity in steps until loss of control

The principle of judging whether various transactions from the step-by-step disposal of equity to the loss of control belong to the "package transaction"

When the terms, conditions and economic impact of various transactions related to the disposal of equity investments in subsidiaries meet one or more of the following circumstances, multiple transactions will be accounted for as a package deal. Specific principles:

1. These transactions were entered into at the same time or with consideration of mutual effects;

2. 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 on its own but is economical when considered together with other transactions.

Accounting treatment methods for various transactions from the step-by-step disposal of equity to the loss of control that are part of a "package transaction"

For a "package transaction" involving the step-by-step disposal of equity until the loss of control, each transaction should be accounted for as a transaction in which the subsidiary is disposed of and control is lost. The specific accounting treatment methods in the parent company's financial statements and consolidated financial statements are as follows:

In the financial statements of the parent company, the difference between the price of each disposal and the book value corresponding to the investment disposed is recognized as other comprehensive income, and when control is lost, it is transferred to the current profit and loss for the loss of control; the remaining equity after losing control is recognized as long-term equity investment or other related financial assets according to its book value. If the remaining equity after losing control can jointly control or significantly influence the original subsidiary, accounting treatment will be carried out according to the relevant provisions of the equity method.

In the consolidated financial statements, for each transaction before losing control, the difference between the disposal price and the share of the subsidiary's net assets corresponding to the disposal investment is recognized as other comprehensive income in the consolidated statements; when control is lost, it is also transferred to the profit and loss of the current period when control is lost. The remaining equity will be remeasured according to its fair value on the date when control is lost. 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, will be included in the investment income in the period when control is lost. Comparable to equity investment in original subsidiaries

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Related other comprehensive income will be converted into current investment income when control is lost. This excludes other comprehensive income arising from changes in the net liabilities or net assets of the defined benefit plan remeasured by the atomic company.

Accounting treatment methods for various transactions from the step-by-step disposal of equity to the loss of control that do not belong to a "package transaction"

For each transaction before losing control, the difference between the disposal price and the book value corresponding to the disposal investment is recognized as investment income for the current period in the parent company's financial statements; in the consolidated financial statements, the difference between the disposal price and the share of the subsidiary's net assets corresponding to the disposal investment is included in the capital reserve (capital premium). If the capital premium is insufficient to offset, the retained earnings are adjusted.

For transactions when control is lost, in the financial statements of the parent company, for the equity disposed, the difference between the disposal price and the book value corresponding to the investment disposed is recognized as investment income for the current period; at the same time, for the remaining equity, the book value is recognized as long-term equity investment or other related financial assets. If the remaining equity after disposal can exercise joint control or significant influence on the original subsidiary, accounting treatment will be carried out in accordance with the relevant regulations on converting the cost method to the equity method. In the consolidated financial statements, the remaining equity is remeasured according to its fair value on the date when control is lost. 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 converted into current investment income when control is lost. This excludes other comprehensive income arising from changes in the net liabilities or net assets of the defined benefit plan remeasured by the atomic company.

7. Judgment standards for control and preparation methods of consolidated financial statements

√Applicable □Not applicable

The company determines the scope of consolidation based on control. Subsidiaries, structured entities and divisible entities with substantial control rights will be included in the scope of consolidated financial statements. Control means that the company has power over the investee, enjoys variable returns by participating in the investee's related activities, and has the ability to use its power over the investee to affect the amount of its returns.

The company's consolidated financial statements are prepared in accordance with the requirements of "Accounting Standards for Business Enterprises No. 33 - Consolidated Financial Statements" and relevant regulations. All significant internal transactions and transactions within the scope of consolidation are eliminated during consolidation. The portion of the subsidiary's shareholders' equity that is not owned by the parent company is presented separately in the consolidated financial statements as minority shareholders' equity.

If the accounting policies or accounting periods adopted by a subsidiary and the Company are inconsistent, when preparing consolidated financial statements, necessary adjustments will be made to the financial statements of the subsidiary in accordance with the Company's accounting policies or accounting periods.

For subsidiaries acquired through business mergers not under common control, when preparing consolidated financial statements, adjustments are made to their individual financial statements based on the fair value of identifiable net assets on the date of purchase; for subsidiaries acquired through business mergers under common control, the business merger is deemed to have occurred at the beginning of the current merger period, and its assets, liabilities, operating results and cash flows will be included in the consolidated financial statements from the beginning of the current merger period.

8. Classification of joint arrangements and accounting treatment of joint operations

√Applicable □Not applicable

The Company identifies an arrangement that is jointly controlled by two or more participants as a joint arrangement. When the participant is a party under joint control, it is defined as a joint venture party in the joint venture arrangement; otherwise, it is defined as a non-joint venture party in the joint venture arrangement.

Joint arrangements are classified into two types: joint operations or joint ventures based on whether the joint venture parties enjoy the rights to the relevant assets of the arrangement and bear relevant liability obligations, or whether they only have rights to the net assets of the arrangement.

(1) Accounting treatment method for joint operations

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As a joint venture party in a joint operation, the company shall confirm the following items related to its share of interests in the joint operation, and conduct accounting treatments in accordance with the relevant accounting standards for enterprises: 1) Confirm the assets held individually, and recognize the assets held jointly according to its share; 2) Confirm the liabilities borne individually debts, and recognize joint liabilities according to their shares; 3) recognize the income generated from the sale of their share of the joint operation output; 4) recognize the income generated by the joint operation from the sale of output according to their shares; 5) recognize the expenses incurred individually, and recognize the expenses incurred from the joint operation based on their shares.

The Company's accounting treatment for non-joint parties in a joint operation is based on the above-mentioned joint ventures.

(2) Accounting treatment methods for joint ventures

As a joint venture party, the Company shall conduct accounting and accounting treatment in accordance with the relevant provisions of the "Accounting Standards for Business Enterprises No. 2 - Long-term Equity Investment".

9. Determination standards for cash and cash equivalents

Cash equivalents refer to investments held by an enterprise that have a short term (generally due within three months from the date of purchase), are highly liquid, are easily convertible into known amounts of cash, and have little risk of value changes.

The cash determined by the company when preparing the cash flow statement refers to the company's cash on hand and deposits that can be used for payment at any time.

The cash equivalents determined by the Company when preparing the cash flow statement refer to investments held by the Company with short term (generally due within three months from the date of purchase), strong liquidity, easy conversion into known amounts of cash, and little risk of value changes.

10. Foreign currency business and foreign currency statement conversion

√Applicable □Not applicable

(1) Foreign currency business conversion

For foreign currency transactions that occur, the company adopts the spot exchange rate on the date of the transaction.

Foreign currency monetary items on the balance sheet date are converted at the spot exchange rate on the balance sheet date. The exchange differences arising from the difference between the spot exchange rate on that day and the spot exchange rate on initial recognition or on the previous balance sheet date are included in the current profit and loss, except for the exchange differences on special foreign currency borrowings that meet the capitalization conditions, which are capitalized and included in the cost of related assets during the capitalization period.

Foreign currency non-monetary items measured at historical cost are still converted using the spot exchange rate on the date of transaction, and their recording currency amount does not change. 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.

(2) Conversion of foreign currency financial statements

If the company's controlled subsidiaries, joint ventures, associates, etc. use a different accounting currency than the company, their foreign currency financial statements must be converted before accounting and preparation of consolidated financial statements.

The asset and liability items in the balance sheet are translated using the spot exchange rate on the balance sheet date. Owner's equity items, except for the "undistributed profits" items, are translated using the spot exchange rate at the time of occurrence. Income and expense items in the income statement are translated using the approximate spot exchange rate on the date of transaction. The translation difference of foreign currency financial statements resulting from the translation shall be presented separately under the owner's equity item in the balance sheet.

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Foreign currency cash flows are determined in accordance with a systematic and reasonable method and are converted using an exchange rate that approximates the spot exchange rate on the date of transaction. The impact of exchange rate changes on cash is presented separately in the cash flow statement.

When an overseas operation is disposed of, 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 full or in proportion to the disposal of the overseas operation.

11. Financial instruments

√Applicable □Not applicable

Financial instruments refer to contracts that form the financial assets of one enterprise and form the financial liabilities or equity instruments of other units. The Company's financial instruments include monetary funds, trading financial assets, receivables, loans and payables, etc.

(1) Classification, recognition and measurement of financial assets

The Company divides financial assets into the following three categories based on the business model of the financial assets under management and the contractual cash flow characteristics of the financial assets:

Financial assets measured at amortized cost.

Financial assets measured at fair value through 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. However, if accounts receivable or notes receivable arising from the sale of goods or provision of services do not contain a significant financing component or do not consider the financing component that does not exceed one year, they will be initially measured based on the transaction price. 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, and the relevant transaction costs of other types of financial assets are included in their initial recognition amount.

The subsequent measurement of financial assets depends on their classification. If and only if the company changes the business model of managing financial assets, all affected related financial assets will be reclassified.

1. Financial assets classified as measured at amortized cost

If the contractual terms of a financial asset stipulate that the cash flow generated on a specific date is only the payment of principal and interest based on the outstanding principal amount, and the business model for managing the financial asset is to collect contractual cash flow as the goal, then the company will classify the financial asset as a financial asset measured at amortized cost.

The Company adopts the actual interest rate method to recognize interest income on such financial assets, and conducts subsequent measurement at amortized cost. Gains or losses arising from impairment or derecognition or modification shall be included in the current profit and loss.

2. Financial assets classified as measured at fair value and changes included in other comprehensive income

If the contractual terms of a financial asset stipulate that the cash flows generated on a specific date are only the payment of principal and interest based on the outstanding principal amount, and the business model for managing the financial asset aims at both collecting contractual cash flows and selling the financial asset, then the company classifies the financial asset as a financial asset measured at fair value with changes included in other comprehensive income. The Company uses the effective interest rate method to recognize interest income on such financial assets. Except for interest income, impairment losses and exchange differences, which are recognized as current profits and losses, other 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 are transferred out of other comprehensive income and included in the current profit and loss.

Notes receivable and accounts receivable measured at fair value with changes included in other comprehensive income are presented as receivable financing, and other such financial assets are presented as other debt investments. Among them: other debt investments due within one year from the balance sheet date are presented as non-current assets due within one year, and other debt investments with original maturity dates within one year are presented as other current assets.

3. Financial assets designated as measured at fair value and changes included in other comprehensive income

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At the time of initial recognition, the Company may irrevocably designate non-trading equity instrument investments as financial assets measured at fair value with changes included in other comprehensive income on a single financial asset basis.

Changes in the fair value of such financial assets are included in other comprehensive income, and no impairment provisions are required. When the financial asset is derecognised, the accumulated gains or losses previously included in other comprehensive income are transferred out of other comprehensive income and included in retained earnings.

During the period when the company holds the equity instrument investment, when the company's right to receive dividends has been established, the economic benefits related to the dividends are likely to flow into the company, and the amount of dividends can be reliably measured, dividend income is recognized and included in the current profit and loss. The Company reports such financial assets under other equity instrument investment items.

If an equity instrument investment meets one of the following conditions, it is a financial asset measured at fair value and its changes are included in the current profit and loss: the purpose of acquiring the financial asset is mainly for the recent sale; when initially recognized, it is part of a portfolio of identifiable financial assets under centralized management, and there is objective evidence that there is an actual short-term profit model in the near future; it is a derivative instrument (except for derivatives that meet the definition of a financial guarantee contract and are designated as effective hedging instruments).

4. Financial assets classified as measured at fair value and changes included in current profits and losses

Financial assets that do not meet the conditions for classification as financial assets measured at amortized cost or at fair value through other comprehensive income, and are not designated as measured at fair value through other comprehensive income, are classified as financial assets at fair value through profit or loss for the current period.

The Company uses fair value for subsequent measurement of such financial assets, and includes gains or losses arising from changes in fair value as well as dividends and interest income related to such financial assets into current profits and losses.

The Company presents such financial assets in trading financial assets and other non-current financial assets based on their liquidity. 5) Financial assets designated as measured at fair value and changes included in current profits and losses

At the time of initial recognition, in order to eliminate or significantly reduce accounting mismatches, the company can irrevocably designate financial assets as financial assets measured at fair value and whose changes are included in current profits and losses on a single financial asset basis.

If a hybrid contract contains one or more embedded derivatives, and its main contract does not belong to the above financial assets, the company may designate the entire contract as a financial instrument measured at fair value with changes included in current profits and losses. Except for the following circumstances:

AEmbedded derivatives will not materially change the cash flows of a hybrid contract.

When B first determines whether a similar hybrid contract needs to be unbundled, it requires little analysis to make it clear that the embedded derivatives it contains should not be unbundled. For example, the prepayment right embedded in the loan allows the holder to repay the loan early at an amount close to the amortized cost, and the prepayment right does not need to be split.

The Company uses fair value for subsequent measurement of such financial assets, and includes gains or losses arising from changes in fair value as well as dividends and interest income related to such financial assets into current profits and losses.

The Company presents such financial assets in trading financial assets and other non-current financial assets based on their liquidity. (2) Classification, recognition and measurement of financial liabilities

The company classifies the financial instrument or its components as financial liabilities or equity instruments upon initial recognition based on the contractual terms of the financial instruments issued and the economic substance reflected rather than just the legal form, combined with the definitions of financial liabilities and equity instruments. Financial liabilities are classified upon initial recognition as: financial liabilities at fair value through profit or loss, other financial liabilities, and derivatives designated as effective hedging instruments.

Financial liabilities are measured at fair value upon initial recognition. 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; for other types of financial liabilities, the relevant transaction costs are included in the initial recognition amount.

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The subsequent measurement of financial liabilities depends on their classification:

Financial liabilities measured at fair value through profit or loss for the current period

Such financial liabilities include trading financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated as measured at fair value with changes included in current profits and losses upon initial recognition.

Financial liabilities that meet one of the following conditions are classified as trading financial liabilities: the purpose of assuming relevant financial liabilities is mainly to sell or repurchase in the near future; they are part of a portfolio of identifiable financial instruments that are centrally managed, and there is objective evidence that the enterprise has recently adopted a short-term profit-making model; they are derivatives, except for derivatives that are designated and are effective hedging instruments and derivatives that comply with financial guarantee contracts. Trading financial liabilities (including derivatives belonging to financial liabilities) are subsequently measured at fair value. Except for those related to hedging accounting, all changes in fair value are included in the current profit and loss.

At the time of initial recognition, in order to provide more relevant accounting information, the Company will irrevocably designate financial liabilities that meet one of the following conditions as financial liabilities measured at fair value with changes included in current profits and losses:

1. Ability to eliminate or significantly reduce accounting mismatches.

2. According to the enterprise risk management or investment strategy stated in formal written documents, manage and perform performance evaluation on the financial liability portfolio or financial assets and financial liability portfolio on the basis of fair value, and report to key management personnel on this basis within the enterprise. The company uses fair value for subsequent measurement of such financial liabilities. Except for changes in fair value caused by changes in the company's own credit risk, which are included in other comprehensive income, other changes in fair value are included in current profits and losses. Unless the changes in fair value caused by changes in the company's own credit risk are included in other comprehensive income, which will cause or expand the accounting mismatch in profit and loss, the company will include all changes in fair value (including the amount affected by changes in its own credit risk) into profit and loss for the current period.

Other financial liabilities

In addition to the following items, the company classifies financial liabilities as financial liabilities measured at amortized cost. This type of financial liabilities adopts the effective interest rate method and is subsequently measured at amortized cost. Gains or losses arising from derecognition or amortization are included in the current profit and loss: 1) Financial liabilities measured at fair value and their changes are included in the current profit and loss.

2. The transfer of financial assets does not meet the conditions for derecognition or the financial liabilities formed by continued involvement in the transferred financial assets.

3. Financial guarantee contracts that do not fall into the first two categories of this article, and loan commitments for loans at lower than market interest rates that do not fall into the first category of this article.

A financial guarantee contract refers to a contract that requires the issuer to pay a specific amount of compensation to the contract holder who has suffered a loss when a specific debtor is unable to repay the debt in accordance with the terms of the original or modified debt instrument when due. Financial guarantee contracts that are not designated as financial liabilities at fair value through profit or loss shall, after initial recognition, be measured according to the higher of the loss reserve amount and the initial recognition amount less accumulated amortization during the guarantee period, whichever is higher.

(3) Derecognition of financial assets and financial liabilities

If a financial asset meets one of the following conditions, the financial asset will be derecognised, that is, written off from its account and balance sheet: 1) The contractual right to receive cash flows from the financial asset terminates.

2. The financial asset has been transferred, and the transfer meets the requirements for derecognition of financial assets.

Conditions for derecognition of financial liabilities

If the current obligation of a financial liability (or part thereof) has been discharged, the financial liability (or part thereof) shall be derecognised.

The company signs an agreement with the lender to replace the original financial liability by assuming a new financial liability, and the contract terms of the new financial liability are substantially different from the original financial liability, or the contract terms of the original financial liability (or part thereof) are substantially modified.

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, the original financial liability will be derecognised and a new financial liability will be recognized at the same time. The difference between the book value and the consideration paid (including non-cash assets transferred out or liabilities assumed) will be included in the current profit and loss.

If the company repurchases part of a financial liability, the overall book value of the financial liability will be allocated based on the proportion of the fair value of the continued recognition part and the derecognition part on the repurchase date to the overall fair value on the repurchase date. The difference between the book value allocated to the derecognized part and the consideration paid (including non-cash assets transferred out or liabilities assumed) shall be included in the current profit and loss. (4) Recognition basis and measurement method of financial asset transfer

When the company transfers financial assets, it evaluates the degree of risks and rewards in retaining ownership of the financial assets, and handles the following situations respectively:

If substantially all the risks and rewards of ownership of a financial asset are transferred, the financial asset will be derecognised, and the rights and obligations arising or retained in the transfer will be separately recognized as assets or liabilities.

If substantially all the risks and rewards of ownership of a financial asset are retained, the financial asset will continue to be recognized.

If substantially all the risks and rewards of ownership of a financial asset are neither transferred nor retained (i.e. other situations other than (1) and (2) of this article), the following situations will be dealt with based on whether it retains control of the financial asset:

1. If control of the financial asset is not retained, the financial asset will be derecognised, and the rights and obligations arising or retained in the transfer will be separately recognized as assets or liabilities.

2. If control of the financial assets is retained, the relevant financial assets will continue to be recognized to the extent of its continued involvement in the transferred financial assets, and relevant liabilities will be recognized accordingly. The degree of continued involvement in the transferred financial assets refers to the extent to which the company bears the risks or rewards of changes in the value of the transferred financial assets.

When judging whether the transfer of financial assets meets the above conditions for derecognition of financial assets, the principle of substance over form is adopted. The company distinguishes the transfer of financial assets into overall transfer and partial transfer of financial assets.

(1) If the overall transfer of financial assets meets the conditions for derecognition, the difference between the following two amounts will be included in the current profit and loss:

①The book value of the transferred financial assets on the date of derecognition.

② The sum of the consideration received for the transfer of financial assets and the amount corresponding to the derecognition portion of the accumulated changes in fair value that were originally directly included in other comprehensive income (the financial assets involved in the transfer are financial assets measured at fair value and their changes are included in other comprehensive income).

(2) If a financial asset is partially transferred and the transferred part as a whole meets the conditions for derecognition, the book value of the entire financial asset before the transfer will be apportioned between the derecognized part and the continued recognition part (in this case, the retained service assets shall be regarded as part of the continued recognition of the financial assets) according to their respective relative fair values on the date of transfer, and the difference between the following two amounts shall be included in the current profit and loss:

①The book value of the derecognized part on the date of derecognition.

② The sum of the consideration received for the derecognized part and the amount corresponding to the derecognized part of the cumulative amount of changes in fair value originally included in other comprehensive income (the financial assets involved in the transfer are financial assets measured at fair value and their changes are included in other comprehensive income).

If the transfer of financial assets does not meet the conditions for derecognition, the financial assets will continue to be recognized, and the consideration received will be recognized as a financial liability.

(5) Method for determining the fair value of financial assets and financial liabilities

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For financial assets or financial liabilities with an active market, their fair value is determined based on the quoted price in the active market. Quotes in active markets include quotes for relevant assets or liabilities that are easily and regularly obtainable from exchanges, dealers, brokers, industry groups, pricing agencies or regulatory agencies, etc., and can represent actual and frequently occurring market transactions on an arm's length basis.

For financial assets initially acquired or derived or financial liabilities assumed, the market transaction price is used as the basis for determining their fair value.

For financial assets or financial liabilities for which there is no active market, valuation techniques are used to determine their fair value. 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. Unobservable input values ​​are used when relevant observable input values ​​cannot be obtained or are impracticable to obtain. (6) Impairment of financial assets

The Company performs impairment accounting and recognizes loss provisions on the basis of expected credit losses for financial assets measured at amortized cost, financial assets classified as measured at fair value with changes included in other comprehensive income, lease receivables and financial guarantee contracts.

Expected credit losses refer to the weighted average of the credit losses of financial instruments with the risk of default as the weight. Credit loss refers to the difference between all contractual cash flows receivable under the contract and all cash flows expected to be received by the company, discounted at the original actual interest rate, that is, the present value of all cash shortfalls.

For receivables and contract assets that are formed by transactions regulated by "Accounting Standards for Business Enterprises No. 14 - Revenue" and do not contain significant financing components, the company uses simplified measurement methods to measure loss provisions based on an amount equivalent to the expected credit losses during the entire duration.

For purchased or originated financial assets that have suffered credit impairment, only the cumulative change in expected credit losses during the entire duration since initial recognition will be recognized as loss provisions on the balance sheet date.

In addition to the above-mentioned simplified measurement methods and other financial assets that have incurred credit impairment when purchased or originated, the company evaluates on each balance sheet date whether the credit risk of relevant financial instruments has increased significantly since the initial recognition, and measures its loss provisions, recognizes expected credit losses and changes according to the following circumstances:

(1) If the credit risk of the financial instrument has not increased significantly since initial recognition and is in the first stage, its loss provision shall be measured at an amount equivalent to the expected credit losses of the financial instrument in the next 12 months.

(2) If the credit risk of the financial instrument has increased significantly since initial recognition but has not yet suffered credit impairment and is in the second stage, its loss provision shall be measured at an amount equivalent to the expected credit losses during the entire duration of the financial instrument.

(3) If the financial instrument has been credit-impaired since initial recognition and is in the third stage, the company will measure its loss provision based on an amount equivalent to the expected credit losses during the entire duration of the financial instrument.

The Company uses the reasonable and evidence-based forward-looking information available to determine whether the credit risk of a financial instrument has increased significantly since initial recognition by comparing the risk of default of a financial instrument on the balance sheet date with the risk of default on the initial recognition date. For financial instruments for which sufficient evidence of a significant increase in credit risk cannot be obtained at a reasonable cost at the individual instrument level, the Company will consider assessing whether the credit risk has significantly increased on a portfolio basis. On the balance sheet date, if the Company determines that a financial instrument has only low credit risk, the Company assumes that the credit risk of the financial instrument has not increased significantly since initial recognition. If there is objective evidence that a certain financial asset has been credit-impaired, the Company will make impairment provisions for the financial asset on an individual basis.

For receivables such as notes receivable, accounts receivable, and contract assets, if the credit risk characteristics of a certain customer are significantly different from those of other customers in the portfolio, or the credit risk characteristics of the customer change significantly, the company will make a separate provision for bad debts for the receivables. except

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In addition to financial assets that individually assess credit risk, the company divides financial assets into different groups based on common risk characteristics, and calculates expected credit losses on a combination basis. The basis for determining the combination is as follows:

Item Basis for determining portfolio Method for measuring expected credit losses

The company refers to historical credit loss experience, combined with current conditions and future economic conditions.

The acceptor has lower credit risk

Forecasting the status of bank acceptance bills, the bank calculates the bank's default risk exposure and the expected credit loss rate throughout the duration.

Calculate expected credit losses.

Refer to historical credit loss experience, combined with current conditions and predictions of future economic conditions.

The acceptor has a higher credit risk

For commercial acceptance bill assessment, prepare a comparison table between the aging of accounts and the expected credit loss rate for the entire duration, and calculate the expected credit of the enterprise.

use loss.

Accounts receivable - related parties Receivables from debtor units within the scope of the company's consolidated statements usually have no expected credit risk and no provision for bad debts is made, except for credit impairment of related party accounts within the scope of the unit's cancellation, bankruptcy, insolvency, serious shortage of cash flow, etc.

Aging groups with similar pre-accounts receivable based on historical credit loss experience, combined with current conditions and future economic conditions

Evaluate the credit risk characteristics of accounts receivable, prepare a comparison table between account age and expected credit loss rate throughout the duration, and calculate expected credit losses.

Losses of funds.

Contract assets - related parties Receivables from the company's consolidated statements Unless credit impairment occurs on related party accounts within the scope of the company's consolidated statements, such as the unit has been cancelled, bankrupt, insolvent, has serious insufficient cash flow, etc., there is usually no expected credit risk and no provision for bad debts is made.

Pre-contract asset-aging groups classified by aging with similar reference to historical credit loss experience, combined with current conditions and future economic conditions

Evaluate the credit risk characteristics of accounts receivable, prepare a comparison table between account age and expected credit loss rate throughout the duration, and calculate expected credit losses.

Losses of funds.

Comparison table of aging portfolio and expected credit loss rate

Aging Expected credit loss rate (%)

Within 1 year 2.00

1 to 2 years 10.00

2 to 3 years 50.00

More than 3 years 100.00

4. Write down financial assets

When the company no longer reasonably expects that the contractual cash flows of a financial asset can be fully or partially recovered, the book balance of the financial asset will be directly written down. Such a write-down constitutes the derecognition of the relevant financial asset.

(7) Offset of financial assets and financial liabilities

Financial assets and financial liabilities are presented separately in the balance sheet without offsetting each other. However, if the following conditions are met at the same time, the net amount after offsetting each other will be presented in the balance sheet:

① The company has the legal right to offset the confirmed amount, and this legal right is currently enforceable;

② The company plans to settle on a net basis, or to realize the financial assets and pay off the financial liabilities at the same time.

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

For details, please refer to "11. Financial Instruments" in "Section 8 Financial Report" and "V. Important Accounting Policies and Accounting Estimates" of this report.

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

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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

The company divides the accounts receivable into several portfolios based on similar credit risk characteristics, and calculates expected credit losses based on the portfolio based on all reasonable and evidence-based information (including forward-looking information). The basis for determining the portfolio is as follows:

Item Basis for determining portfolio Method for measuring expected credit losses

Refer to historical credit loss experience, combined with the current situation and outstanding accounts receivable - credit risk

Aging combination forecasts economic conditions and prepares a combination of aging and expected risk characteristics throughout the duration.

Credit loss rate comparison table to calculate expected credit losses.

For internal accounts within the scope of consolidated statements, the debtor unit shall exclude accounts receivable - the credit risk has been withdrawn, bankrupt, insolvent, and the cash flow is seriously insufficient.

Related party portfolio

Except for credit impairment situations such as risk characteristics combinations, there is usually no expected credit risk.

No provision for bad debts is made.

Account aging calculation method based on aging confirmation credit risk characteristic combination

√Applicable □Not applicable

Accounts receivable - Comparison table of aging of credit risk characteristics combination and expected credit loss rate throughout the duration

Accounts receivable

Account age

Expected credit loss rate (%)

Within 1 year 2

1 to 2 years 10

2 to 3 years 50

More than 3 years 100

Judgment criteria for single provision based on the determination of individual provision for bad debts

√Applicable □Not applicable

If there is objective evidence that a certain account receivable has been credit-impaired, the company will make a provision for bad debts for the account receivable individually and recognize expected credit losses.

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

For notes receivable and accounts receivable classified as measured at fair value through other comprehensive income, the portion with a term within one year (including one year) from the date of acquisition is listed as receivables financing; the portion with a term of more than one year from the date of acquisition is listed as other claims

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investment. For details on the determination method and accounting treatment method of the Company's expected credit losses for receivables financing, please refer to "11. Financial Instruments" in "V. Important Accounting Policies and Accounting Estimates" of "Section 10 Financial Report" of this report.

When there is insufficient evidence to assess expected credit losses at a reasonable cost at the individual instrument level, the Company refers to historical credit loss experience, combined with current conditions and judgments of future economic conditions, divides accounts receivable into several combinations based on credit risk characteristics, and calculates expected credit losses on a combination basis. The basis for determining the combination is as follows

Item Basis for determining portfolio Method for measuring expected credit losses

The company refers to historical credit loss experience, combined with current conditions and future economic conditions.

The acceptor has lower credit risk

Forecasting the status of bank acceptance bills, the bank calculates the bank's default risk exposure and the expected credit loss rate throughout the duration.

Calculate expected credit losses.

Refer to historical credit loss experience, combined with current conditions and predictions of future economic conditions.

The acceptor has a higher credit risk

For commercial acceptance bill assessment, prepare a comparison table between the aging of accounts and the expected credit loss rate for the entire duration, and calculate the expected credit of the enterprise.

use 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

15. Other receivables

√Applicable□Not applicable

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

The Company assesses the expected credit losses of other receivables on an individual and collective basis. If there is objective evidence that a certain other receivable has been credit-impaired, the Company determines the expected credit loss for the other receivable on an individual asset basis. For other receivables classified as portfolios, the Company measures impairment losses at an amount equivalent to the expected credit losses within the next 12 months or the entire duration based on whether the credit risk has increased significantly since initial recognition.

The company divides the other receivables into several combinations based on similar credit risk characteristics, and calculates expected credit losses based on the combinations based on all reasonable and evidence-based information (including forward-looking information). The basis for determining the combinations is as follows:

Item Basis for determining portfolio Method for measuring expected credit losses

Other receivables - credit aging portfolio Refer to historical credit loss experience, combined with the current situation and the prediction of future economic conditions, to prepare aging and expected credit losses throughout the duration.

Rate comparison table to calculate expected credit losses.

Other receivables - credit related party portfolio For internal accounts within the scope of consolidated statements, the debtor unit usually has no expected credit risk, except for credit impairment situations such as cancellation, bankruptcy, insolvency, serious shortage of cash flow, etc., and no provision for bad debts is made.

Prepare.

Account aging calculation method based on aging confirmation credit risk characteristic combination

√Applicable □Not applicable

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Other receivables - Comparison table of aging of credit risk characteristics combination and expected credit loss rate throughout the duration Aging Expected credit loss rate of accounts receivable (%) Within 1 year 2

1 to 2 years 10

2 to 3 years 50

More than 3 years 100

Judgment criteria for individual provision of bad debt provisions based on individual provision

√Applicable □Not applicable

If there is objective evidence that a certain account receivable has been credit-impaired, the company will make a provision for bad debts for the account receivable individually and recognize expected credit losses.

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) Inventory category

The company's inventory includes raw materials, self-made semi-finished products, goods in stock, products in progress, goods shipped, etc.

(2) Valuation method for issued inventory

When inventories are issued, they are calculated using the weighted average method.

(3) Inventory inventory system

The company's inventory inventory adopts the perpetual inventory system.

(4) Amortization method for low-value consumables

Low-value consumables are amortized once upon use.

Recognition standards and accrual methods for inventory depreciation provisions

√Applicable □Not applicable

On the balance sheet date, inventories are measured at the lower of cost and net realizable value, and inventory depreciation provisions are made based on individual inventory items. However, for inventories with large quantities and low unit prices, inventory depreciation provisions are made based on inventory categories.

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 basis for determining the net realizable value of inventories:

① For finished goods, commodities and materials for sale, etc., the net realizable value is determined by the estimated selling price of the inventory minus the estimated sales expenses and related taxes during the normal production and operation process; ② For the inventory of materials that need to be processed, during 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, the estimated sales expenses and related taxes;

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③ The net realizable value of inventories held to execute a sales contract is calculated based on the contract price. If the quantity of inventory held is greater than the quantity ordered in the sales contract, the net realizable value of the excess inventory is calculated based on the general sales price.

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

18. Non-current assets or disposal groups held for sale

√Applicable □Not applicable

See the explanation below for details

Recognition standards and accounting treatment methods for non-current assets or disposal groups classified as held for sale

√Applicable □Not applicable

The company classifies non-current assets or disposal groups that simultaneously meet the following conditions into the category held for sale: ① According to the practice of selling such assets or disposal groups in similar transactions, they can be sold immediately under the current conditions; ② The sale is very likely to occur, that is, the enterprise has made a resolution on a sales plan and obtained a firm purchase commitment, and the sale is expected to be completed within one year. If relevant regulations require the approval of the relevant authority or regulatory department of the enterprise before it can be sold, the approval must have been obtained.

When initial measurement or remeasurement on the balance sheet date of a non-current asset or disposal group held for sale, if its book value is higher than the net amount of fair value minus selling expenses, the book value will be written down to the net amount of fair value minus selling expenses. The amount of the write-down is recognized as an asset impairment loss and included in the current profit and loss, and an impairment provision for assets held for sale is made at the same time.

Determination standards and presentation methods for discontinued operations

√Applicable □Not applicable

Discontinued operations refer to an individually distinguishable component of the company that meets one of the following conditions, and the component has been disposed of or classified as held for sale:

(1) This component represents an independent main business or an independent main operating area;

(2) The component is part of an associated plan to dispose of an independent main business or an independent main operating area;

(3) The component is a subsidiary acquired exclusively for resale.

When the company terminates the recognition of non-current assets or disposal groups held for sale, the unrecognized gains or losses will be included in the current profits and losses.

19. Long-term equity investment

√Applicable □Not applicable

(1) Judgment criteria for joint control and significant influence

① If the company and other participants are bound by a joint arrangement, and any participant cannot control the arrangement alone, and any participant can prevent other participants or a combination of participants from controlling the arrangement alone, the company determines that it has joint control over the joint arrangement.

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② The company comprehensively considers whether it has a significant impact on the invested unit based on the following circumstances: whether it has representatives on the invested unit's board of directors or similar rights organizations; whether it participates in the financial and operating policy formulation process of the invested unit; whether it dispatches management personnel to the invested unit; whether it provides key technical information to the invested unit.

(2) Determination of initial investment cost

① For long-term equity investments formed by enterprise mergers, the investment cost shall be determined according to the following method:

A. For investments in subsidiaries resulting from a business combination under common control, the investment cost of the long-term equity investment is the share of the book value of the combined party’s owner’s equity in the final controlling party’s consolidated financial statements on the date of merger.

B. For investments in subsidiaries resulting from a business combination not under common control, the cost of the business combination shall be regarded as the investment cost. ②Except for long-term equity investments formed by business mergers, the investment cost of long-term equity investments obtained through other means shall be determined according to the following method:

A. For long-term equity investments obtained by paying cash, the actual purchase price paid shall be regarded as the investment cost.

B. For long-term equity investments obtained by issuing equity securities, the investment cost shall be the fair value of the equity securities issued. (3) Subsequent measurement and profit and loss recognition methods

Investments in subsidiaries are accounted for using the cost method. 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 cash dividends or profits declared to be distributed by the investee shall be recognized as investment income and included in the current profit and loss. Investments in joint ventures and associates are accounted for using the equity method. Specific accounting treatments include:

If the initial investment cost is greater than the fair value share of the investee's identifiable net assets that should be enjoyed at the time of investment, the 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 that should be enjoyed at the time of investment, the difference will be included in the current profit and loss, and the cost of long-term equity investment will be adjusted at the same time.

After acquiring investments in joint ventures and associates, the investment gains and losses and other comprehensive income are recognized respectively according to the share of the net profits and losses and other comprehensive income realized by the investee, and the book value of the long-term equity investment is adjusted according to the share of the net profits and losses and other comprehensive income realized by the investee. The book value of the long-term equity investment is accordingly reduced according to the portion of the cash dividends or profits declared to be distributed by the investee. Unrealized gains and losses from internal transactions between the Company and its associates and joint ventures are calculated based on the shareholding ratio attributable to the Company, and investment gains and losses are recognized on an offsetting 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.

For net losses incurred by joint ventures or associates, unless the company has the obligation to bear additional losses, 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. If the invested enterprise realizes net profits in the future, the income sharing amount will be restored to recognition after the income sharing amount makes up for the unrecognized loss sharing amount.

For other changes in the owner's equity of the invested unit other than net profits and losses, other comprehensive income and profit distribution, the book value of the long-term equity investment is adjusted and included in the capital reserve. When the investment is disposed of, the portion originally included in the capital reserve will be transferred to the current profit and loss in proportion.

20. Investment real estate

Not applicable

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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. It will be confirmed when the following conditions are met at the same time:

① The economic benefits related to the fixed asset are likely to flow into the enterprise;

②The cost of the fixed asset can be measured reliably.

(2). Depreciation method

√Applicable □Not applicable

Category Depreciation method Depreciation life (years) Residual value rate Annual depreciation rate Houses and buildings Average life method 20 5 4.75

Machinery and equipment Average age method 6-10 5 9.50-15.83 Transportation equipment Average age method 5 5 19.00

Other equipment Average age method 3-5 5 19.00-31.67

The company will review the useful life, estimated residual value rate and depreciation method of fixed assets at least at the end of each year. If there are differences from the original estimates, make corresponding adjustments. Except for fixed assets that have been fully depreciated and are still in use and land that is separately valued and accounted for, the Company accrues depreciation for all fixed assets.

22. Projects under construction

√Applicable □Not applicable

(1) The company's projects under construction are self-operated, and the costs are determined based on actual project expenditures, including various necessary project expenditures incurred during the construction period, borrowing costs that should be capitalized before the project reaches its intended usable state, and other related expenses. (2) Standards and timing for transferring projects under construction into fixed assets

For projects under construction, all expenditures incurred before the asset reaches its intended usable state shall be regarded as the recorded value of the fixed assets. Including construction costs, the original price of machinery and equipment, other necessary expenditures incurred to bring the project under construction to its intended usable state, as well as the borrowing costs incurred for special borrowing for the project before the asset reaches its intended usable state and the borrowing costs incurred for general borrowings occupied. The company will transfer the construction in progress to fixed assets when the project installation or construction is completed and reaches the intended usable state. Fixed assets that have been constructed and have reached the intended usable state, but have not yet completed the final settlement, will be transferred to fixed assets at an estimated value based on the project budget, cost or actual project cost from the date they reach the intended usable state, and depreciation of the fixed assets will be accrued in accordance with the company's fixed asset depreciation policy. After the final settlement is processed, the original estimated value will be adjusted based on the actual cost, but the originally accrued depreciation amount will not be adjusted.

The specific standards and time points for the consolidation of various types of projects under construction in the company are as follows:

Category Consolidation Criteria and Time Point

Houses and buildings The physical work of houses and buildings has been completed, has been accepted and has reached the intended usable state or the standard machinery and equipment stipulated in the contract. After installation and commissioning, the machinery and equipment will meet the design requirements or the standards stipulated in the contract.

23. Borrowing costs

√Applicable □Not applicable

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(1) Recognition principles for capitalization of borrowing costs

If the borrowing costs incurred by the company can be directly attributed to the purchase, construction or production of assets that meet the capitalization conditions, they will be capitalized and included in the cost of the relevant assets; other borrowing costs will be recognized as expenses based on the amount incurred when they are incurred and included in the current profits and losses. (2) Capitalization period of borrowing costs

The capitalization of borrowing costs begins when asset expenditures have been incurred, borrowing costs have been incurred, and the purchase, construction, or production activities necessary to bring the asset to its intended usable or salable state have begun. 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. When the assets purchased, constructed or produced reach the intended usable or salable state, the capitalization of borrowing costs will be stopped, and the borrowing costs incurred thereafter will be included in the current profits and losses.

(3) Calculation method of capitalization rate of borrowing costs and capitalization amount

The interest expenses actually incurred on special borrowings in the current period shall be capitalized after deducting the interest income from unused borrowed funds deposited in banks or investment income from temporary investments; the capitalization amount of general borrowings shall be determined based on the weighted average of asset disbursements exceeding the part of special borrowings multiplied by the capitalization rate of the occupied general borrowings. The capitalization rate is calculated and determined based on the weighted average interest rate of general borrowings.

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

The company's intangible assets include land use rights, software, etc., which are initially measured at cost.

For intangible assets with a limited useful life, the amortization method shall be determined according to the expected realization method of the economic benefits related to the intangible asset within the useful life period from the date it is available for use. If the expected realization method cannot be reliably determined, the straight-line method shall be used for amortization:

Category Service life Basis for determining service life Amortization method

Land use rights Legal service life Property certificate registration service life Straight-line method

Software 3 years Estimated useful life Straight-line method

The company will review the useful life and amortization method of intangible assets at least at the end of each year. If there are differences from the original estimates, make corresponding adjustments.

Intangible assets with indefinite service life are not amortized, but at the end of the year, the service life will be reviewed. When there is conclusive evidence that its service life is limited, its service life will be estimated and amortized using the straight-line method.

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(2). Scope of aggregation of R&D expenditures and related accounting treatment methods

√Applicable □Not applicable

The Company classifies various expenses directly related to the development of R&D activities as R&D expenditures, including employee salaries of R&D personnel, material input costs, depreciation and amortization expenses, entrusted external research and development expenses, etc.

Expenditures in the research phase of internal R&D projects are included in the current profit and loss when incurred; expenditures in the development phase are recognized as intangible assets if they meet the following conditions: (1) It is technically feasible to complete the intangible asset so that it can be used or sold; (2) There is the intention to complete the intangible asset and use or sell it; (3) The way in which the intangible asset generates economic benefits includes the ability to Prove that there is a market for the products produced using the intangible asset or that the intangible asset itself has a market, and that the intangible asset will be used internally, and its usefulness can be proven; (4) It has sufficient technical, financial and other resource support to complete the development of the intangible asset, and has the ability to use or sell the intangible asset; (5) Expenditures attributable to the development stage of the intangible asset can be measured reliably. Development expenditures that do not meet the above conditions are included in the current profits and losses when incurred.

27. Impairment of long-term assets

√Applicable □Not applicable

The company's long-term assets mainly refer to long-term equity investments, investment real estate, fixed assets, projects under construction, intangible assets, goodwill and other assets measured using the cost model.

(1) Long-term asset impairment testing method

On the balance sheet date, the company checks whether there are any signs of possible impairment of long-term assets. When there are signs of impairment, an impairment test should be conducted to confirm the recoverable amount, and impairment provisions are made based on the lower of the book value and the recoverable amount.

The recoverable amount is determined based on the higher of the net amount of the long-term asset's fair value minus disposal costs and the present value of the expected future cash flows of the long-term asset. The net fair value of a long-term asset is determined based on the sales agreement price in an arm's length transaction less amounts directly attributable to the disposal of the long-term asset.

When determining the fair value, the company gives priority to the sales agreement price. Secondly, if there is no sales agreement price but there is an active market for assets or the transaction price of similar assets in the same industry, it is determined based on the market price. If the fair value of long-term assets cannot be reliably estimated in accordance with the above regulations, the present value of the expected future cash flows of the long-term assets is used as its recoverable amount.

When the company determines the present value of expected future cash flows of long-term assets: ① Its cash flows are measured based on the expected future cash flows during the continued use of the assets and upon final disposal. The best estimate is determined mainly based on the financial budget or forecast data approved by the company's management and the reasonable growth rate in the years after the forecast period. The estimated future cash flows are determined by fully considering historical experience data and changes in external environmental factors. ②The discount rate is determined based on the market yield of treasury bonds or high-quality corporate bonds in active markets whose asset-liability date is the same as the forecast period.

(2) Accounting treatment method for impairment of long-term assets

If the recoverable amount of a long-term asset is lower than its book value, the company shall write down the book value of the long-term asset to the recoverable amount. The amount of the write-down shall be recognized as an asset impairment loss and included in the current profit and loss, and at the same time, a provision for impairment of the corresponding long-term asset shall be made. The corresponding depreciation or amortization expenses of impaired assets will be adjusted accordingly in future periods. Once an impairment loss is accrued, it will not be reversed in subsequent accounting periods. (3) Impairment testing method and accounting treatment method of goodwill

The Company conducts impairment testing on goodwill at the end of each year. The specific testing methods are as follows:

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① First conduct an impairment test on the asset group or asset group combination that does not contain goodwill, confirm the recoverable amount, and accrue impairment losses based on the lower of the asset group or asset group combination's book value and the recoverable amount; ② Then conduct an impairment test on the asset group or asset group combination that contains goodwill, confirm its recoverable amount, and calculate the recoverable amount based on the lower of the asset group or asset group combination's book value and the recoverable amount. The lower part of the book value of the asset group or asset group combination and the recoverable amount of the goodwill is first deducted from the book value of the goodwill allocated to the asset group or asset group combination, and then based on the proportion of the book value of other assets in the asset group or asset group combination other than goodwill, the book value of other assets is deducted in proportion.

Accounting treatment method for goodwill impairment: Based on the results of the goodwill impairment test, the deduction from the book value of each asset should be treated as an impairment loss for each individual asset, including goodwill, and included in the current profit and loss. The book value of each asset after deduction shall not be lower than the highest of the net fair value of the asset, the present value of the asset's expected future cash flows and zero. Impairment losses that cannot be allocated are allocated in proportion to the book value of other assets in the asset group or asset group combination.

28. Long-term deferred expenses

√Applicable □Not applicable

The company's long-term deferred expenses refer to various expenses that have been spent but have a benefit period of more than one year (excluding one year), mainly including molds, decoration fees, etc. Long-term deferred expenses are amortized on a straight-line basis over the beneficial period. If a long-term deferred expense item cannot benefit future accounting periods, all the amortized value of the item that has not been amortized will be transferred to the current profit and loss.

29. Contract liabilities

√Applicable □Not applicable

Contract liabilities reflect the Company's obligation to transfer goods to customers for consideration received or receivable from customers. Before the company transfers the goods to the customer, if the customer has paid the contract consideration or the company has obtained the unconditional right to receive the contract consideration, the contract liability shall be recognized based on the amount received or receivable at the earlier of the actual payment by the customer and the amount due.

30. Employee compensation

(1).Accounting treatment method of short-term compensation

√Applicable □Not applicable

During the accounting period when employees provide services, the actual short-term compensation is recognized as a liability and included in the current profit and loss or related asset costs.

(2).Accounting treatment of post-employment benefits

√Applicable □Not applicable

Post-employment benefit plans include defined contribution plans and defined benefit plans. Among them, a defined contribution plan refers to a post-employment benefit plan in which the enterprise no longer bears further payment obligations after paying a fixed fee to an independent fund; a defined benefit plan refers to a post-employment benefit plan other than a defined contribution plan.

The company's post-employment benefits mainly include basic pension insurance premiums, unemployment insurance premiums, enterprise annuity payments, etc., which are classified into defined contribution plans based on the risks and obligations assumed by the company. For defined contribution plans, the deposits paid to a separate entity on the balance sheet date in exchange for services provided by employees during the accounting period are recognized as liabilities, and included in the current profit and loss or related asset costs according to the beneficiary object.

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(3).Accounting treatment of dismissal benefits

√Applicable □Not applicable

When the dismissal benefit obligations are met, the compensation given for the termination of the labor relationship will be included in the current profit and loss in one lump sum.

(4). Accounting treatment methods for other long-term employee benefits

√Applicable □Not applicable

According to the nature of employee remuneration, it shall be handled with reference to the above accounting treatment principles.

31. Estimated liabilities

√Applicable □Not applicable

Obligations arising from contingencies such as external guarantees, litigation matters, product quality guarantees, etc. become current obligations borne by the company. The performance of this obligation is likely to result in the outflow of economic benefits from the company, and when the amount of the obligation can be measured reliably, the company will recognize the obligation as an estimated liability.

Estimated liabilities are initially measured based on the best estimate of the expenditure required to fulfill the relevant current obligations, and factors such as risks, uncertainties, and time value of money related to contingencies are comprehensively considered. The Group reviews the current best estimates on the balance sheet date and adjusts the book value of estimated liabilities.

32. Share-based payment

√Applicable □Not applicable

The company's share-based payment is a transaction in which the company grants equity instruments or assumes liabilities determined based on equity instruments in order to obtain services from employees. The Company's share-based payment is equity-settled share-based payment.

(1) Equity-settled share-based payment

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 is vested only after completing the services during the waiting period or meeting the specified performance conditions, the amount of the fair value will be calculated and included in the relevant costs or expenses on a straight-line basis during the waiting period based on the best estimate of the number of exercisable equity instruments. If the rights are vested immediately after the grant, the relevant costs or expenses will be included in the grant date, 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.

(2) Accounting treatments related to the implementation, modification, and termination of share-based payment plans

When the company modifies a 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 according to the increase in the fair value of the equity instruments; if the modification increases the number of equity instruments granted, the fair value of the increased equity instruments shall be recognized accordingly as an increase in services obtained. 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 the share-based payment or modifies the terms and conditions of the share-based payment plan in other ways that are unfavorable to employees, the accounting treatment for the services obtained will continue as if the change has never occurred, unless the company cancels some or all of the equity instruments that have been granted.

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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.

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

Income is the total inflow of economic benefits generated by the company in its daily activities, which will lead to an increase in shareholders' equity and has nothing to do with the capital invested by shareholders.

(1) Principle of revenue recognition

①General principles

When one of the following conditions is met, the company performs its performance obligations within a certain period of time; otherwise, it performs its performance obligations at a certain point in time: the customer obtains and consumes the economic benefits brought by the company's performance while the company performs the contract; the customer can control the goods under construction during the company's performance; the goods produced during the company's performance have irreplaceable uses, and the company has the right to collect payment for the cumulative performance part that has been completed so far during the entire contract period.

For performance obligations performed within a certain period of time, the Company recognizes revenue based on the performance progress within that period of time. When the progress of contract performance cannot be reasonably determined, if the costs incurred 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.

For performance obligations fulfilled at a certain point in time, the Company recognizes revenue at the point when the customer obtains control of the relevant goods or services.

When judging whether the customer has obtained control of the goods or services, the company will consider the following signs: the company has a current right to receive payment for the goods, that is, the customer has a current payment obligation 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 commodity has been physically transferred to the customer, which means that the customer has physically taken 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.

②Specific principles

For domestic sales, revenue is recognized when the customer signs for the goods (logistics system signature record/customer signed receipt) and there is no clear claim for return; for export sales, according to the contract, if FOB and CIF trade terms apply, the company's products are shipped, customs declared, and revenue is recognized after departure from the port; if EXW trade terms apply, the company's products are Revenue is recognized as soon as the product is shipped; for technology research and development services, if the contract contains two or more performance obligations, on the contract start date, the transaction price will be allocated to each individual performance obligation based on the relative proportion of the separate selling price of the goods or services promised by each individual performance obligation, and the corresponding revenue will be recognized after each performance obligation is completed.

(2) Income measurement principles

The company's income measurement principles for different business types are implemented as follows. If the company's contract contains two or more performance obligations, on the contract start date, the transaction price will be calculated based on the relative proportion of the separate selling price of the goods or services promised by each individual performance obligation.

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The price is allocated to each individual performance obligation, and the revenue is measured based on the transaction price allocated to each individual performance obligation. The transaction price is the amount of consideration that the Company expects to be entitled to receive for transferring goods or services to the customer, excluding payments received on behalf of third parties.

The transaction price confirmed by the Company does not exceed the amount at which the cumulative recognized revenue is unlikely to be significantly reversed when the relevant uncertainty is eliminated. Amounts expected to be returned to customers are treated as returns liabilities and are not included in the transaction price.

If there is variable consideration in the company's contract, the company determines the best estimate of the variable consideration based on the expected value or the most likely amount, but the transaction price including the variable consideration shall not exceed the amount at which the accumulated recognized revenue is unlikely to be significantly reversed when the relevant uncertainty is eliminated.

If there is a significant financing component in the company's contract, the company determines the transaction price based on the amount payable in cash when the customer obtains control of the goods or services. The difference between the transaction price and the contract consideration is amortized using the effective interest method during the contract period. On the start date of the contract, if the Company expects that the interval between the customer obtaining control of the goods or services and the customer paying the price will not exceed one year, the significant financing component in the contract will not be considered.

(2). Similar businesses using different business models involve different revenue recognition methods and measurement methods.

□Applicable √Not applicable

35. Contract costs

□Applicable √Not applicable

36. Government subsidies

√Applicable □Not applicable

(1) Types of government subsidies

Government subsidies are monetary assets or non-monetary assets that the company obtains from the government for free, including tax refunds, special subsidies, talent introduction subsidies, technology project subsidies, etc.

Government subsidies mainly include two types: asset-related government subsidies and income-related government subsidies.

(2) Accounting treatment method for government subsidies

Government subsidies are recognized when the company can meet the conditions attached to it and receive it. 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.

① Government subsidies related to assets are recognized as deferred income. If government subsidies related to assets are recognized as deferred income, they shall be included in profits and losses in installments according to a reasonable and systematic method within the useful life of the relevant assets. Government subsidies measured according to the nominal amount are directly included in the current profit and loss.

If the relevant assets are sold, transferred, scrapped or damaged before the end of their useful life, the undistributed balance of relevant deferred income shall be transferred to the profits and losses of the current period of asset disposal.

② Government subsidies related to income shall be accounted for in accordance with the following provisions on a case-by-case basis:

a. If it is used to compensate the enterprise for relevant costs, expenses or losses in the future period, it shall be recognized as deferred income, and shall be included in the current profit and loss during the period when the relevant costs, expenses or losses are recognized;

b. If it is used to compensate for the relevant costs or losses incurred by the enterprise, it shall be directly included in the current profit and loss.

③Government subsidies related to the company's daily activities should be included in other income according to the economic and business essence. Government subsidies that have nothing to do with the company's daily activities should be included in non-operating income and expenses.

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Government subsidies obtained by the Company for the purchase, construction or other formation of long-term assets are recognized as asset-related government subsidies. Government subsidies other than those related to assets are recognized as government subsidies related to income. For government subsidies that contain both asset-related parts and income-related parts, different parts should be distinguished and accounted for separately; if it is difficult to distinguish, the entire government subsidy shall be classified as income-related government subsidies.

37. Deferred income tax assets/deferred income tax liabilities

√Applicable □Not applicable

(1) Recognition of deferred income tax assets and deferred income tax liabilities

① Based on the difference between the book value of assets and liabilities and their tax base (if the tax base of items not recognized as assets and liabilities can be determined in accordance with tax laws, the tax base is determined as the difference), deferred income tax assets or deferred income tax liabilities are calculated and recognized according to the applicable tax rate during the period when the asset is expected to be recovered or the liability is settled.

② The recognition of deferred income tax assets is limited to the amount of taxable income that is likely to be used to offset the deductible temporary differences. On the balance sheet date, if there is conclusive evidence that sufficient taxable income is likely to be obtained in the future period to offset the deductible temporary differences, deferred income tax assets that have not been recognized in previous accounting periods will be recognized. If it is likely that sufficient taxable income will not be available in the future to offset the deferred income tax assets, the book value of the deferred income tax assets will be reduced.

③ For taxable temporary differences related to investments in subsidiaries and associates, deferred income tax liabilities are recognized, unless the company is able to control the timing of the reversal of the temporary differences and the temporary differences are unlikely to be reversed in the foreseeable future. For deductible temporary differences related to investments in subsidiaries and associates, deferred income tax assets are recognized when the temporary differences are likely to be reversed in the foreseeable future and it is likely to be taxable income that can be used to offset the deductible temporary differences in the future.

(2) On the balance sheet date, deferred income tax assets and deferred income tax liabilities are presented as the net amount after offsetting when the following conditions are met at the same time:

① The tax payer has the legal right to settle current income tax assets and current income tax liabilities on a net basis;

② 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. However, in each future period when important deferred income tax assets and liabilities are reversed, the taxable entity involved intends to settle the current income tax assets and liabilities on a net basis or to obtain assets and pay off liabilities at the same time.

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

On the start date of the lease period, the company identifies leases with a lease term of no more than 12 months and that do not include a purchase option as short-term leases; leases with a low value when a single leased asset is a new asset are identified as low-value asset leases. If a company subleases or anticipates subletting a leased asset, the original lease will not be deemed a low-value asset lease.

For all short-term leases and low-value asset leases, the company includes the lease payments into the relevant asset cost or current profit and loss on a straight-line basis throughout the lease term.

In addition to the above-mentioned short-term leases and low-value asset leases that adopt simplified treatment, the company recognizes right-of-use assets and lease liabilities for leases on the start date of the lease period.

①Right-of-use assets

Right-of-use assets refer to the lessee’s right to use the leased assets during the lease term.

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On the commencement date of the lease term, the right-of-use asset is initially measured at cost. This cost includes: the initial measurement amount of the lease liability; the lease payment amount paid on or before the start date of the lease term, and if there is a lease incentive, the amount related to the lease incentive that has been enjoyed will be deducted; the initial direct costs incurred by the lessee; the costs expected to be incurred by the lessee to dismantle and remove the leased asset, restore the site where the leased asset is located, or restore the leased asset to the state agreed upon in the lease terms. The Company recognizes and measures this cost in accordance with the recognition standards and measurement methods of lease liabilities. The aforementioned costs incurred for the production of inventory will be included in the inventory cost.

The Company accrues depreciation on right-of-use assets based on the straight-line method. If it is reasonably certain that the ownership of the leased asset will be obtained at the expiration of the lease term, the company will accrue depreciation over the remaining useful life of the leased asset. If it is not reasonably certain that the 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.

②Lease liabilities

Lease liabilities should be initially measured based on the present value of the unpaid lease payments at the beginning of the lease term. Lease payments include the following five items: fixed payments and substantive fixed payments, if there are lease incentives, the amount related to the lease incentives is deducted; variable lease payments that depend on the index or ratio; the exercise price of the purchase option, provided that the lessee is reasonably certain that the option will be exercised; the payment required to exercise the lease termination option, provided that the lease term reflects that the lessee will exercise the lease termination option; and the amount expected to be paid based on the residual value of the guarantee provided by the lessee.

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 Company uses the incremental borrowing rate as the discount rate. The difference between the lease payment and its present value is regarded as an unrecognized financing expense, and interest expenses are recognized at the discount rate used to confirm the present value of the lease payment during each period of the lease term, and included in the current profit and loss. Variable lease payments that are not included in the measurement of lease liabilities are included in the current profit and loss when 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.

Lease classification standards and accounting treatment methods as a lessor

√Applicable □Not applicable

On the lease commencement date, the Company classifies leases that substantially transfer almost all risks and rewards related to the ownership of the leased assets as finance leases, and other leases as operating leases.

①Operating lease

The company recognizes the lease receipts as rental income according to the straight-line method in each period during the lease term. The initial direct expenses incurred are capitalized and amortized on the same basis as the rental income recognition, and included in the current profit and loss in installments. Variable lease payments obtained by the company related to operating leases that are not included in the lease receipts are included in the current profit and loss when they actually occur.

②Financial lease

On the start date of the lease, the company recognizes the financial lease receivable based on the net lease investment (the sum of the unguaranteed residual value and the present value of the lease receipts not yet received on the start date of the lease discounted at the interest rate implicit in the lease), and terminates the recognition of financial lease assets. During each period of the lease term, the company calculates and recognizes interest income based on the interest rate implicit in the lease.

Variable lease payments obtained by the company that are not included in the measurement of net lease investment are included in the current profit and loss when actually incurred.

(3) Sale and leaseback

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The company evaluates and determines whether the asset transfer in the sale and leaseback transaction is a sale in accordance with the provisions of "Accounting Standards for Business Enterprises No. 14 - Revenue".

①Seller (lessee)

If the asset transfer in a sale and leaseback transaction does not constitute a sale, the company will continue to recognize the transferred assets, and at the same time recognize a financial liability equal to the transfer income, and perform accounting treatment on the financial liability in accordance with the "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments". If the asset transfer is a sale, the company measures the right-of-use assets formed by the sale and leaseback based on the portion of the original asset's book value related to the right-of-use obtained through the leaseback, and only recognizes relevant gains or losses for the rights transferred to the lessor.

②Buyer (lessor)

If the asset transfer in a sale and leaseback transaction does not constitute a sale, the company does not recognize the transferred asset, but recognizes a financial asset equal to the transfer income, and performs accounting treatment on the financial asset in accordance with the "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments". If the asset transfer is a sale, the company will account for the asset purchase and the asset leasing in accordance with other applicable business accounting standards.

39. Other important accounting policies and accounting estimates

√Applicable □Not applicable

The production safety fees withdrawn by the company in accordance with the "Administrative Measures for the Withdrawal and Use of Enterprise Safety Production Fees" jointly issued by the Ministry of Finance and the State Administration of Work Safety (Caiqi [2012] No. 16) are included in the cost of related products or current profits and losses, and are also recorded in the "Special Reserve" account. If the use of extracted safety production costs time and is an expense, it will be directly offset against the special reserve.

If a fixed asset is formed, the expenditure incurred is collected through the "construction in progress" account and is recognized as a fixed asset when the safety project is completed and reaches the intended usable state; at the same time, the special reserve is offset according to the cost of forming the fixed asset, and the accumulated depreciation of the same amount is recognized. The fixed asset will no longer be depreciated in subsequent periods.

40. Changes in important accounting policies and accounting estimates

(1) Important changes in accounting policies:

Unit: Yuan

Contents and reasons for changes in accounting policies Names of report items that are significantly affected Amount affected For the recognition conditions of domestic sales revenue, the company will start from January 2025

From January 1st, the customer will sign for the goods (logistics system

Not applicable 0

Signature record/customer signed receipt) and no clear return owner

Zhang Shi recognized the revenue.

Note: The above changes in accounting policies are independent changes of the company and were reviewed and approved at the 14th meeting of the fifth session of the company’s board of directors on August 28, 2025.

Except for the above-mentioned accounting policy changes, the company has no other important accounting policy changes.

(2).Changes in important accounting estimates

The company has no significant changes in accounting estimates.

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

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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

The output tax is deducted by 13% of the deductible input tax. Exported goods are subject to the value-added tax exemption, offset and refund management regulations.

Balance or sales [Note 1]; 1%, 3%, 5%, 6%, 9% [Note 2] Urban maintenance and construction tax Value-added tax payable 7.00%

Education fee surcharge VAT payable 5.00%

Corporate income tax Taxable income 15%, 25%, 21%, 17% [Note 3] Profits tax Assessable profit 16.50% [Note 4]

Note 1: The heparin sodium exported by the company is exempt from the value-added tax in the export sales process, and the value-added tax in the procurement process will be credited and refunded after calculation according to the prescribed refund rate.

Note 2: The technology transfer income of the company’s subsidiaries Nanjing Jianyou Pharmaceutical Co., Ltd. and Jianjin Pharmaceutical Co., Ltd. is subject to a tax rate of 6%. Note 3: The corporate income tax of the parent company and its subsidiaries Jianjin Pharmaceutical Co., Ltd. and Nanjing Jianyou Pharmaceutical Co., Ltd. is calculated and paid at the rate of 15% of the taxable income for the current period; the subsidiary Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. is calculated and paid at the rate of 25% of the taxable income; the subsidiaries Nanjing Jianyou Hotel Co., Ltd. and Nanjing Jianzhi Polymer Information Technology Co., Ltd. are small and micro enterprises, and shall be paid at the rate of taxable income. 20% of the tax income is calculated and paid; the subsidiary Meitheal Pharmaceuticals, Inc. implements the federal tax rate and the state tax rate, the federal tax rate is 21%, and the state tax rate is determined by the state where the products are sold; the subsidiary EMERGE BIOSCIENCE PTE.LTD. implements the Singapore tax rate, the tax rate is 17%.

Note 4: Subsidiaries Hong Kong Jianyou Industrial Co., Ltd. and Gangnan Co., Ltd. pay 16.50% of the taxable profits.

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

Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 15.00% Jianjin Pharmaceutical Co., Ltd. 15.00% Nanjing Jianyou Pharmaceutical Co., Ltd. 15.00% Nanjing Jianyou Hotel Co., Ltd. 20.00% Hong Kong Jianyou Industrial Co., Ltd. 16.50% Gangnan Co., Ltd. 16.50% Meitheal Pharmaceuticals, inc. Federal and state tax rate Nanjing Jianyou Ziming Pharmaceutical Trading Co., Ltd. 25.00%Nanjing Jianzhihe Information Technology Co., Ltd. 20.00%

EMERGEBIOSCIENCEPTE.LTD. 17.00%

2. Tax incentives

√Applicable □Not applicable

(1) According to the relevant provisions of the "Interim Regulations of the People's Republic of China on Value-Added Tax", "Notice of the State Administration of Taxation on Issues Concerning the Administration of Tax Refunds (Exemptions) for Exported Goods" (Guoshuifa [2004] No. 64), and "Notice of the Ministry of Finance and the State Administration of Taxation on Further Increasing the Export Refund Rate for Certain Commodities" (Caishui [2009] No. 88), the heparin sodium exported by the company is exempt from export sales VAT.

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The amount of VAT in the procurement process will be credited and refunded after calculation according to the prescribed refund rate. The company's export VAT refund rate is 16%. From April 2019, the export VAT refund rate will be 13%.

(2) In 2024, the company passed the high-tech enterprise qualification certification and obtained the "High-tech Enterprise Certificate" numbered GR202432010832, which is valid for 3 years. According to relevant regulations such as the Enterprise Income Tax Law of the People's Republic of China, the Implementation Regulations of the Enterprise Income Tax Law of the People's Republic of China, the Management Measures for the Recognition of High-tech Enterprises (Guokefahuo [2016] No. 32), the income tax rate will be reduced to 15% for three years starting from 2024.

(3) In 2025, Jianjin Pharmaceutical passed the high-tech enterprise qualification certification and obtained the "High-tech Enterprise Certificate" numbered GR202551000344, which is valid for 3 years. According to relevant regulations such as the Enterprise Income Tax Law of the People's Republic of China, the Implementation Regulations of the Enterprise Income Tax Law of the People's Republic of China, the Management Measures for the Recognition of High-tech Enterprises (Guokefahuo [2016] No. 32), the income tax rate will be reduced to 15% for three years starting from 2025.

(4) In 2023, Jianyou Pharmaceutical passed the high-tech enterprise qualification certification and obtained the "High-tech Enterprise Certificate" numbered GR202332009389, which is valid for 3 years. According to the "Enterprise Income Tax Law of the People's Republic of China", "Regulations on the Implementation of the Enterprise Income Tax Law of the People's Republic of China", "Administrative Measures for the Recognition of High-tech Enterprises" (Guokefahuo [2016] No. 32) and other relevant regulations, the income tax rate will be reduced to 15% for three years starting from 2023.

(5) According to the "Announcement of the Ministry of Finance and the State Administration of Taxation on Further Implementing Preferential Income Tax Policies for Small and Micro Enterprises" (Finance and Taxation Announcement No. 12 of 2023), and the "Announcement of the Ministry of Finance and the State Administration of Taxation on Preferential Income Tax Policies for Small and Micro Enterprises and Individual Industrial and Commercial Households" (Finance and Taxation Announcement No. 6 of 2023) Report) stipulates that the company's subsidiaries Nanjing Jianyou Hotel Co., Ltd. and Nanjing Jianzhi Polymer Information Technology Co., Ltd. comply with the policy of "for small and low-profit enterprises whose annual taxable income does not exceed 3 million yuan, a reduced rate of 25% will be included in the taxable income, and corporate income tax shall be paid at a rate of 20%."

(6) According to the Singapore Income Tax Law and exemption regulations, the company's subsidiary EMERGE BIOSCIENCE PTE.

LTD. can enjoy EDB (local government department) tax preferential policies in 2025, and can enjoy a 5% preferential income tax rate for qualified income.

3. Others

□Applicable √Not applicable

7. Notes on Consolidated Financial Statement Items

1. Monetary funds

√Applicable □Not applicable

Item Ending balance Beginning balance

Cash on hand 63,232.12 78,945.21 Bank deposits 1,095,740,521.02 736,617,896.07 Other monetary funds 298,718,508.11 287,687,374.30 Deposits in finance companies

Total 1,394,522,261.25 1,024,384,215.58 of which: stored abroad

Total amount of 303,811,669.94 312,705,146.02

Unit: Yuan Currency: RMB

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Other notes:

Item Ending balance Beginning balance Loan deposit 288,681,488.91 278,082,249.51 Others 10,037,019.20 9,605,124.79 Total 298,718,508.11 287,687,374.30 Note: Except for the other monetary funds mentioned above, there are no monetary funds that are restricted in use or have potential recovery risks.

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

1,316,565,859.44 1,055,442,297.60 /Financial assets included in current profits and losses

Among them:

Structured deposits and financial products 1,299,460,859.73 1,037,588,857.20 / Equity investment 17,104,999.71 17,853,440.40

Designated to be measured at fair value and its change

Financial assets automatically included in current profits and losses

Among them:

Total 1,316,565,859.44 1,055,442,297.60 /Other instructions:

□Applicable √Not applicable

3. Derivative financial assets

□Applicable √Not applicable

4. Notes receivable

(1). Classified presentation of notes receivable

□Applicable √Not applicable

(2). The company’s pledged notes receivable at the end of the period

□Applicable √Not applicable

(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

(4). Classified disclosure according to bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable√Not applicable

Provision for bad debts by group:

□Applicable√Not applicable

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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 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). 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 age of accounts Disclosure based on age of accounts Disclosure based on age of accounts

√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 (including 1 year) 1,239,975,657.85 926,770,828.31 Among them: Items within 1 year

Within 1 year 1,239,975,657.85 926,770,828.31 Subtotal within 1 year 1,239,975,657.85 926,770,828.31 1 to 2 years 915,981.50 914,383.99 2 to 3 years 147,664.60 5,584,974.00 More than 3 years 6,313,300.60 994,488.60 3 to 4 years

4 to 5 years

More than 5 years

Total 1,247,352,604.55 934,264,674.90

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(2). 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 Book Book ratio Provision ratio Proportion Provision ratio amount Amount Value Amount Amount Value

(%) Example (%) (%) Example (%) Provision for bad debts is made individually

5,100,0 5,100,0 5,100,00 5,100,00

0.41 100.00 0.00 0.55 100.00Account preparation 00.00 00.00 0.00 0.00

Among them:

Customer 1 5,100,0 0.41 5,100,0 100.00 0.00 5,100,00 0.55 5,100,00 100.00

00.00 00.00 0.00 0.00

Provision for bad debts by combination 1,242,2 1,216,0

26,178, 929,164, 19,863,8 909,300

52,604. 99.59 2.11 74,360. 99.45 2.14 Account preparation 244.25 674.90 30.60, 844.30

55 30

Among them:

According to credit risk

Provision for impairment of the acquisition group 1,242,2 1,216,0

26,178, 929,164, 19,863,8 909,300

52,604. 99.59 2.11 74,360. 99.45 2.14 Account provision receivable 244.25 674.90 30.60, 844.30

55 30

payment

1,247,3 / 31,278, / 1,216,0 934,264, / 24,963,8 / 909,300Total 52,604. 244.25 74,360. 674.90 30.60,844.30

55 30

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

This customer has been listed as the person subject to execution, Customer 1 5,100,000.00 5,100,000.00 100.00

and be restricted from high consumption

Total 5,100,000.00 5,100,000.00 100.00 /

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable□Not applicable

Portfolio accrual items: receivables with collective accrual of bad debt provisions based on credit risk characteristics

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Within 1 year 1,239,975,657.85 24,799,513.20 2.00 1 to 2 years 915,981.50 91,598.15 10.00 2 to 3 years 147,664.60 73,832.30 50.00 More than 3 years 1,213,300.60 1,213,300.60 100.00

Total 1,242,252,604.55 26,178,244.25 2.11 Instructions on the provision of bad debt provisions by group:

√Applicable □Not applicable

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Except for accounts receivable that have been separately provided for impairment, the company determines the proportion of bad debt provisions based on the actual loss rate of the same or similar accounts receivable portfolio with similar credit risk characteristics in previous years and divided by aging period, combined with the current situation analysis method.

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

Not applicable

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(3). Bad debt provision situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Recovery of changes in the current period Write-off category Beginning balance Provision for closing balance Or transfer Or review Other changes

Write-backs are accrued individually

5,100,000.00 5,100,000.00 Bad debt provision

Provision based on combination

19,863,830.60 6,734,340.52 -419,926.87 26,178,244.25 Bad debt provision

Among them: aging

19,863,830.60 6,734,340.52 -419,926.87 26,178,244.25 combination

Total 24,963,830.60 6,734,340.52 -419,926.87 31,278,244.25 Note: Other changes are due to differences in translation of foreign currency statements this year.

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other notes:

Not applicable

(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 with the top five closing balances collected by debtors √ Applicable □ Not applicable

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Unit: Yuan Currency: RMB as a proportion of the ending balance of accounts receivable and contract assets Accounts receivable Contract assets Accounts receivable and contracts Ending balance of bad debt provision Unit name Total ending balance Ending balance Asset ending balance Count

(%) Customer one 372,009,214.40 372,009,214.40 29.82 7,440,184.29 Customer two 239,041,249.18 239,041,249.18 19.16 4,780,824.98 Customer three 197,096,094.13 197,096,094.13 15.80 3,941,921.88Customer four 102,625,395.30 102,625,395.30 8.23 2,052,507.91Customer five 86,358,015.45 86,358,015.45 6.92 1,727,160.31

Total 997,129,968.46 997,129,968.46 79.93 19,942,599.37

Other notes:

None

Other notes:

□Applicable √Not applicable

6. Contract assets

(1).Contract assets

□Applicable √Not applicable

(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

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

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

Not applicable

Explanation of significant changes in the book balance of contract assets that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

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(4). Bad debt provisions for contract assets in the current period

□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

(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 Closing balance Opening balance Bank acceptance bill 13,098,413.45 10,743,535.82 Total 13,098,413.45 10,743,535.82 (2). Financing of receivables pledged by the company at the end of the period

□Applicable √Not applicable

(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

(4). Classified disclosure according to bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Closing Balance Opening Balance Category Bad Debt Book Bad Debt Allowance Book Balance Book Balance Provision Value Provision Value

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plan

Provision

ratio ratio ratio ratio ratio amount example amount amount amount amount example (%) ( (%) (% %

)

)

Provision based on individual items

Provision for bad debts

Among them:

Provision based on combination

100. 100. 13,098,413.45 13,098,413.45 10,743,535.82 10,743,535.82 Bad debt provision 00 00Among them:

bank acceptance

100. 100. 13,098,413.45 13,098,413.45 10,743,535.82 10,743,535.82 votes 00 00Total 13,098,413.45 / / 13,098,413.45 10,743,535.82 // 10,743,535.82

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: bank acceptance bill

Unit: Yuan Currency: RMB

Ending balance

Name

Book balance Bad debt provision Provision ratio (%) Within 1 year 13,098,413.45

Total 13,098,413.45

Instructions on accruing bad debt provisions by portfolio

□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

Not applicable

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:

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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

Unit: Yuan Currency: RMB accumulated in other comprehensive

Other changes

Item Beginning balance New in the current period Termination of recognition in the current period Ending balance Movement recognized in joint income

Loss provisions for bank acceptance bills 10,743,535.82 72,340,058.55 69,985,180.92 13,098,413.45

Total 10,743,535.82 72,340,058.55 69,985,180.92 13,098,413.45

(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 46,739,456.01 93.64 64,986,185.28 94.79 1 to 2 years 2,796,712.52 5.60 3,335,427.33 4.87 2 to 3 years 308,346.31 0.62 71,644.79 0.10 More than 3 years 71,644.79 0.14 164,659.91 0.24

Total 49,916,159.63 100.00 68,557,917.31 100.00 Explanation of reasons why prepayments with an aging of more than 1 year and significant amounts were not settled in a timely manner:

At the end of the period, there were no prepaid accounts with significant amounts aged more than 1 year.

(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(%)

First place 9,377,860.00 18.79 Second place 4,560,177.54 9.14 Third place 2,424,334.05 4.86

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

Fourth place 2,375,629.25 4.76 Fifth place 2,092,872.00 4.19

Total 20,830,872.84 41.73Other 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

Dividends receivable

Other receivables 235,346,647.68 273,463,812.37Total 235,346,647.68 273,463,812.37Other 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

(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

156/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report Not applicable

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

Provision for bad debts by group:

□Applicable √Not applicable

157/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

(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:

Not applicable

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 (including 1 year) 50,306,375.07 85,858,273.87 Including: Items within 1 year

Within 1 year 50,306,375.07 85,858,273.87 Subtotal within 1 year 50,306,375.07 85,858,273.87 1 to 2 years 18,987,430.70 43,268,618.21 2 to 3 years 24,712,096.89 3,679,700.00 More than 3 years 146,386,150.00 149,758,830.00 3 to 4 years

4 to 5 years

More than 5 years

Total 240,392,052.66 282,565,422.08

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

(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

Employee reserves and loans 190,766.71 64,828.90 Guarantees and deposits 1,090,896.46 1,170,338.85 Current accounts 190,055,340.31 215,940,228.16 Others 49,055,049.18 65,390,026.17

Total 240,392,052.66 282,565,422.08

(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 (credit has not occurred) Loss of use (credit has occurred)

period credit loss

Impairment) Impairment)

As of January 1, 2025

5,210,727.88 3,890,881.83 9,101,609.71

As of January 1, 2025

Amount in this period

--Transfer to the second stage

--Transfer to the third stage

--Return to the second stage

--Return to the first stage

Provision for this period

Transfer in the current period 3,878,937.98 86,184.00 3,965,121.98 Write-off in the current period 0.00 Write-off in the current period 0.00 Other changes -81,936.92 -9,145.83 -91,082.75 December 31, 2025

1,249,852.98 3,795,552.00 5,045,404.98 Balance

Note: Other changes are due to differences in translation of foreign currency statements this year.

Basis for division of each stage and provision ratio for bad debts

Not applicable

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 reversal Write-off or write-off Other changes

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

-81,936.9

First stage 5,210,727.88 3,878,937.98 1,249,852.98

Second stage 3,890,881.83 86,184.00 -9145.83 3,795,552.00 Third stage

-91,082.7

Total 9,101,609.71 3,965,121.98 5,045,404.98

Note: Other changes are due to differences in translation of foreign currency statements this year.

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 Nature of the payment Aging

Ratio of total ending balance

Example(%)

KINBIOLTD 189,777,600.00 78.95 Research and development project funds Note 1 3,795,552.00 Export tax rebate receivable 49,055,049.18 20.41 Export tax rebate receivable Within 1 year 981,100.98 People's Republic of China 720,000.00 0.30 Security deposit and deposit Within 1 year 14,400.00 Chengdu Customs

KeckSengTower 157,127.21 0.07 Security deposit and deposit Within 1 year 3,142.54 PteLtd

Bioreliance Ltd 95,796.10 0.04 Unit transactions and others Note 2 40,818.24 Total 239,805,572.49 99.76 / / 4,835,013.76 Note 1: including: 18,977,760 yuan in 1-2 years, 24,600,800 yuan in 2-3 years, 146,199,040 yuan in more than 3 years;

Note 2: Among them: 10,857.36 yuan within 1 year, 4,670.70 yuan in 1-2 years, 80,268.04 yuan in 2-3 years.

(7). Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

10. Inventory

(1).Inventory classification

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Provision for inventory decline Provision for inventory decline

Project

Book balance/Contract performance costs Book value Book balance/Contract performance costs Book value

This impairment provision This impairment provision

Raw materials 977,757,182.59 28,485,309.34 949,271,873.25 1,077,041,345.27 191,557,722.37 885,483,622.90 Products in progress 356,821,062.66 843,128.08 355,977,934.58 450,060,651.65 2,087,308.26 447,973,343.39 Inventory goods 2,210,413,240.65 262,663,915.00 1,947,749,325.65 2,896,099,521.63 561,226,376.42 2,334,873,145.21 Turnover materials

consumable biological materials

produce

Contract fulfillment costs

Goods shipped 11,858,761.05 11,858,761.05 6,636,086.60 6,636,086.60Total 3,556,850,246.95 291,992,352.42 3,264,857,894.53 4,429,837,605.15 754,871,407.05 3,674,966,198.10

(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 Ending balance Provision Others Reversal or write-off Others

Raw materials 191,557,722.37 4,342.55 163,076,755.58 28,485,309.34 Work in progress 2087308.26 843,128.08 2,087,308.26 843,128.08 Inventory goods 561,226,376.42 74,200,710.83 371,188,714.08 1,574,458.17 262,663,915.00 Turnover materials

consumable biological assets

Contract fulfillment costs

Total 754,871,407.05 75,048,181.46 536,352,777.92 1,574,458.17 291,992,352.42 Note: The decrease in the current period - other changes are due to differences in the translation of foreign currency statements this year.

Reasons for the reversal or write-off of inventory depreciation provisions in the current period

□Applicable √Not applicable

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

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

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 Ending balance Beginning balance Contract acquisition cost

Returns receivable cost

Input tax to be deducted 539,633.73 383,615.65 Prepaid expenses 57,000.62 2,448,401.57 Prepaid income tax 720,969.13 3,254,293.61 FDA expenses 13,098,934.87 13,166,352.37 US product liability and other expenses 10,969,168.62 5,812,264.64 Others 4,121,755.09 3,966,232.29

Total 29,507,462.06 29,031,160.13Other instructions:

None

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

14. Debt investment

(1).Debt investment situation

□Applicable √Not applicable

Changes in debt investment impairment provisions for 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: Not applicable

Explanation of 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 important debt investment situation is written off □ 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

163/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report (3). Impairment provision status

□Applicable √Not applicable

Basis for dividing each stage and proportion of impairment provision: Not applicable

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 situation of other important debt investments □ Applicable √ Not applicable

Instructions for writing off other debt investments:

□Applicable √Not applicable

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

Instructions on accruing bad debt provisions individually:

□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 bad debt provisions not applicable

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

164/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

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 recovery or reversal of bad debt provisions for 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:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

17. Long-term equity investment

(1). Long-term equity investment situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period

its

Beginning of the period, him, end of the period

Impaired investment balance, catch-up, comprehensive other balance accrual, capital reserve note (account plus less, joint rights confirmed under equity method, announcement of distribution of cash shares (account impairment, other end-of-period position, par price, investment profit or loss of investment, profit or profit, par price reserve balance value), capital gain change value) transfer

whole

1. Joint ventures

PeKoL 2,691,825.00 2,691,825.00 imitated

Subtotal 2,691,825.00 2,691,825.00

2. Joint ventures

Subtotal

Total 2,691,825.00 2,691,825.00

165/233

Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report (2). Impairment testing of long-term equity investments □ Applicable √ Not applicable

Other notes:

None

166/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

18. Investment in other equity instruments

(1). Investment in other equity instruments

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period

Tired Tired designated book

Plan for the period

Current accounting Fair accounting

Period Income Value Income

Confirm it measure it

minus recognize him him and the beginning of the period he him the end of the period

Comprehensive change balance with less items Additional investment Comprehensive other balance

Investment shares are included in the total

Capital and profit collection Other revenue collection

Income Comprehensive income

Income of income of

Original profit and loss

gain and loss due to gain and loss

Nanjing Yitide

Biotechnology 4,500,000.00 4,500,000.00 Co., Ltd.

Nanjing Zhiyan

Light and Sound Creatures

5,500,000.00 5,500,000.00Technology Limited

company

SUNVAX/MRNA

43,130,400.00 -957,600.00 42,172,800.00 THERAPEUT

ICS

Kemi Bio

medicine (into

10,130,328.54 -224,917.99 9,905,410.55 Capital) Co., Ltd.

Division

Shenzhen Xiang

10,000,00

Root organisms have 10,000,000.00 20,000,000.00 0.00

Ltd.

Jingze Biotechnology

medicine (combined

10,000,000.00 10,000,000.00FE) shares

Ltd.

10,000,00 -1,182,517.9

Total 83,260,728.54 92,078,210.55 0.00 9

Note: Other changes are due to differences in translation of foreign currency statements this year.

(2). Explanation of termination of recognition in this period

□Applicable √Not applicable

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

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

Item Ending balance Beginning balance

Fixed assets 1,145,576,701.21 1,048,436,684.59 Liquidation of fixed assets

Total 1,145,576,701.21 1,048,436,684.59

Other notes:

□Applicable √Not applicable

fixed assets

(1). Fixed assets situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Items Houses and buildings Machinery and equipment Transportation Other equipment Total

1. Original book value:

1. Opening balance 548,492,720.29 1,266,582,819.64 6,621,917.53 186,732,381.89 2,008,429,839.35 2. Increase in the current period 68,119,958.02 140,816,165.00 677,522.11 28,352,245.84 237,965,890.97 (1) Purchase 2,566,504.13 20,418,747.24 22,985,251.37 (2) Transfer of construction in progress 68,119,958.02 138,249,660.87 677,522.11 7,933,498.60 214,980,639.60 (3) Increase in business mergers

(4) Others

3. Reduction amount in the current period 9,228,824.99 7,522.12 658,191.62 9,894,538.73 (1) Disposal or scrapping 9,228,824.99 7,522.12 658,191.62 9,894,538.73 4. Closing balance 616,612,678.31 1,398,170,159.65 7,291,917.52 214,426,436.11 2,236,501,191.59

2. Accumulated depreciation

1. Opening balance 133,952,580.91 460,610,360.00 5,267,479.71 147,769,891.29 747,600,311.91 2. Increase in the current period 24,699,212.61 101,582,145.47 230,183.64 11,858,374.66 138,369,916.38 (1) Provision 24,699,212.61 101,582,145.47 230,183.64 11,858,374.66 138,369,916.38

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

(2) Increase in business mergers

(3) Others

3. Reduction amount in the current period 6,820,880.65 7,146.01 610,219.77 7,438,246.43 (1) Disposal or scrapping 6,820,880.65 7,146.01 604,518.96 7,432,545.62 (2) Others [Note] 5700.81 5,700.81 4. Closing balance 158,651,793.52 555,371,624.82 5,490,517.34 159,018,046.18 878,531,981.86

3. Impairment provision

1. Opening balance 75,595,839.69 136,380,915.13 416,088.03 212,392,842.85 2. Increase in the current period

(1) Provision

3. Reduction amount in the current period 334.33 334.33 (1) Disposal or scrapping 334.33 334.33 4. Ending balance 75,595,839.69 136,380,915.13 415,753.70 212,392,508.52

4. Book value

1. Book value at the end of the period 382,365,045.10 706,417,619.70 1,801,400.18 54,992,636.23 1,145,576,701.21 2. Book value at the beginning of the period 338,944,299.69 669,591,544.51 1,354,437.82 38,546,402.57 1,048,436,684.59 Note: Decreases in this period - Others are due to differences in translation of foreign currency statements.

(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

Unit: Yuan Currency: RMB

Item Book value Reason for not completing the property ownership certificate Item 1 82,210,811.62 The production certificate has not been completed yet

Item 2 93,728,268.73 The production certificate application has not been completed yet

Item 3 59,603,313.90 The production certificate application has not been completed yet

Total 235,542,394.25

(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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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

Unit: Yuan Currency: RMB Item Closing balance Opening balance

Construction in progress 4,724,773.53 137,436,013.52 Engineering materials

Total 4,724,773.53 137,436,013.52

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

High-end biochemical drugs

Production base construction 119,302,972.15 119,302,972.15 project

Equipment to be installed 4,724,773.53 4,724,773.53 18,133,041.37 18,133,041.37Total 4,724,773.53 4,724,773.53 137,436,013.52 137,436,013.52

(2). Changes in important projects under construction during the current period

√Applicable □Not applicable

Unit: yuan Currency: RMB currency

profit

This article is tired: period

information

Period calculation of principal and profit

Capital

Its period of investment and period of interest

Ben

Item Beginning of the period Transferred to fixed amount in the current period Other end of the period Income process profit Fund budget amount Increase amount in the current period

Name Balance Amount of Assets Less Balance Accounting for Income and Interest Original

Tired

Small amount of planned capital resources

plan

Financial accounting rate

gold

Amount Ratio (% Amount

(example gold)

(%) High end

Biochemistry

self medicine

Production 182,914,000.00 119,302,972.15 51,517,988.52 170,820,960.67 / /

capital base

Jin Jianshe

Project

Total 182,914,000.00 119,302,972.15 51,517,988.52 170,820,960.67 / / / /

170/233

Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report (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

23. Productive biological assets

(1). Productive 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).Producer 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

Other notes:

None

25. Right-of-use assets

(1). Right-of-use assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Project Houses and Buildings Total

1. Original book value

171/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

1. Opening balance 19,403,443.25 19,403,443.25 2. Increase in the current period 44,559,022.91 44,559,022.91 (1) Increase in the current period 44,559,022.91 44,559,022.91

(2) Exchange rate changes

3. Reduction amount in the current period 19,403,443.25 19,403,443.25 (1) Disposal 18,972,639.52 19,403,443.25

(2) Exchange rate changes 430,803.73 430,803.73 4. Closing balance 44,559,022.91 44,559,022.91

2. Accumulated depreciation

1. Opening balance 8,022,912.35 8,022,912.35 2. Increase in current period 4,149,538.45 4,149,538.45 (1) Provision 4,149,538.45 4,149,538.45 (2) Exchange rate changes

2. Decrease amount in the current period 9,649,773.05 9,649,773.05 (1) Disposal 9,417,903.11 9,417,903.11 (2) Exchange rate changes 231,869.94 231,869.94 4. Closing balance 2,522,677.75 2,522,677.75

3. Impairment provision

1. Opening balance

2. Increase amount in this 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 42,036,345.16 42,036,345.16 2. Book value at the beginning of the period 11,380,530.90 11,380,530.90

(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

patent

Items Land use rights Non-patented technology Drug registration approval documents Total

right

1. Original book value

1. Opening balance 32,057,447.14 19,558,087.26 443,554,601.92 495,170,136.32 2. Increase in the current period 773,232.80 187,823,264.73 188,596,497.53 (1) Purchase 773,232.80 49,904,480.00 50,677,712.80

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(2) Internal research and development 145,717,184.83 145,717,184.83 (3) Increase in business merger

add

(4) Others [Note 1] -7,798,400.10 -7,798,400.10 3. Reduction amount in the current period 1,405,760.00 1,405,760.00 (1) Disposal 1,405,760.00 1,405,760.00 4. Closing balance 32,057,447.14 20,331,320.06 629,972,106.65 682,360,873.85

2. Accumulated amortization

1. Opening balance 10,226,712.71 14,815,237.42 132,593,378.89 157,635,329.02 2. Increase in the current period 677,417.58 1,424,357.16 112,811,492.86 114,913,267.60 (1) Provision 677,417.58 1,424,357.16 115,916,888.55 118,018,663.29 (2) Increase from business combination

add

(3) Others [Note 2] -3,105,395.69 -3,105,395.69 3. Reduction amount in the current period 562,304.02 562,304.02 (1) Disposal 562,304.02 562,304.02 4. Closing balance 10,904,130.29 16,239,594.58 244,842,567.73 271,986,292.60

3. Impairment provision

1. Opening balance

2.Increase in this issue

Amount

(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 21,153,316.85 4,091,725.48 385,129,538.92 410,374,581.25 2. Book value at the beginning of the period 21,830,734.43 4,742,849.84 310,961,223.03 337,534,807.30 Note 1: Other increases in the current period’s increase in the original book value of intangible assets are foreign currency statement translation differences.

Note 2: Other increases in the current period’s increase in accumulated depreciation of intangible assets are foreign currency statement translation differences.

At the end of the period, the proportion of intangible assets formed through the company's internal research and development to the balance of intangible assets was 21.35%

(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

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Other notes:

√Applicable □Not applicable

None

27. Goodwill

(1).Original book value of goodwill

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Increase in this period Decrease in this period

Name or formation of the invested unit

Opening balance Business combination Ending balance Goodwill matters Others [Note] Disposal

formed

MeithealPharmaceuicals, 129,510,465.62 -2,875,447.99

126,635,017.63 Inc.

Total 129,510,465.62 -2,875,447.99 126,635,017.63 The company acquired the American company Meitheal Pharmaceuticals. Inc. with intangible assets and cash contribution in 2019. The acquisition was completed on October 31, 2019, forming goodwill of US$18,016,591.40.

[Note] The increase in this period is due to the difference in conversion of foreign currency statements.

(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

The composition of the asset group or portfolio to which it belongs and the operating segment to which it belongs and whether the name remains the same as in previous years.

Basis Basis Consistent MeithealPharmaceuicals.Inc.

Meitheal

Group of assets; independently generating cash flows Not applicable is Pharmaceuticals.Inc.

Minimum portfolio

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

Unit: 10,000 yuan Currency: RMB

Decrease in the stable period Decrease in the forecast period

Forecast Key parameters (increase) during the forecast period Key parameters (increase) Key book price recoverable value during the stable period

Determination of parameters for the project period: long-term rate, profit Determination of parameters based on value, amount, long-term rate, profit

Year basis rate, discount rate basis amount rate, etc.)

etc.)

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In 2026, ① revenue growth remains stable. In the stable period, revenue growth rate and profit margin in 2027 are: profitability level, growth rate is 0%, profit growth rate is 10%, 10%, and the profit rate of the previous year is based on the company's previous year's economic growth, regardless of revenue. Last Meitheal with Forecast Period

Growth in 2028 Operating performance, growth consistent with one year Pharmaceui 26,076.45 59,730.26 3 years

The rate is 0; profit rate, industry level

cals.Inc.

The rates are respectively and management

1.82%, for market development

2.74%, expected.

2.74%

Total 26,076.45 59,730.26 / / / / /

Reasons for the obvious inconsistency between the aforementioned information and the information used in impairment testing in previous years or external information

□Applicable √Not applicable

Reasons for the discrepancy between the information used in the company's impairment testing in previous years and the actual situation of that 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 Items Beginning balance Increase in the current period Amortization in the current period Other decreases Ending balance Greening projects, etc. 935,166.97 102,711.87 832,455.10 House decoration fee 72,295.14 87,181.65 24,724.70 -56.49 134,808.58 Total 1,007,462.11 87,181.65 127,436.57 -56.49 967,263.68 [Note] Other decreases are due to differences in the translation of foreign currency statements.

Other notes:

None

29. Deferred income tax assets/deferred income tax liabilities

(1). Deferred income tax assets without offset

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Ending balance Beginning balance

Item Deferred income tax Deferred income tax Deductible temporary differences Deductible temporary differences

Assets Asset impairment provision 228,283,488.86 34,242,523.32 692,540,774.96 103,881,116.25 Internal transactions not realized 12,869,961.91 2,464,478.68 257,137,563.55 39,562,583.58

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profit

Deductible losses 458,336,333.44 77,084,062.45 231,434,860.05 39,642,209.67 Other deferred expenses 6,027,069.87 904,060.48 6,875,458.05 1,031,318.71 Credit impairment loss 17,183,417.17 2,817,054.79 20,198,869.08 3,353,591.52 Deferred income 111,047,356.55 16,657,103.49 90,795,869.57 13,619,380.43 Changes in fair value 11,289,883.45 1,830,667.20 13,142,554.27 2,157,280.28 Lease liabilities 475,669.11 71,350.37

Total 845,513,180.36 136,071,300.78 1,312,125,949.53 203,247,480.44

(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

Differences Liabilities Differences Liabilities due to mergers of enterprises not under common control

Added value to property evaluation

Fair value of other debt investments

change

Investment in other equity instruments is fair

value change

Accelerated depreciation of fixed assets 187,994,150.58 28,199,122.58 214,188,967.82 32,128,345.18 Fair value of trading financial assets

121,103,561.80 21,579,923.37 38,685,851.13 6,147,057.42 Value changes

Right-of-use assets 563,419.16 84,512.87

Total 309,661,131.54 49,863,558.82 252,874,818.95 38,275,402.60

(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 303,824,726.23 349,813,621.01 Deductible losses 108,738,949.95 197,776,384.34

Total 412,563,676.18 547,590,005.35

(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 Nanjing Jianzhihe Information Technology Co., Ltd. 427,947.87

Gangnan Co., Ltd. can make up losses 481,379.44 194,121.61

Meitheal Pharmaceuticals,inc.Kemi

108,257,570.51 197,154,314.86

make up for losses

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

Total 108,738,949.95 197,776,384.34 /

Other notes:

□Applicable √Not applicable

30. Other non-current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Impairment Impairment

Book balance Book value Book balance Book value provision Provision

contract acquisition cost

Contract fulfillment costs

Returns receivable cost

contract assets

Prepayment for engineering equipment 90,684,937.54 90,684,937.54 53,699,104.17 53,699,104.17 Total 90,684,937.54 90,684,937.54 53,699,104.17 53,699,104.17

Other notes:

None

31. Assets with restricted ownership or use rights

√Applicable □Not applicable

Unit: Yuan Currency: RMB End of Period Beginning of Period

Restricted by items Restricted Restricted Book balance Book value Book balance Book value Restricted situation type situation type type

Pledge, loan, letter of credit, monetary pledge, guarantee, pledge, convertible bond, loan

298,718,508.11 298,718,508.11 287,687,374.30 287,687,374.30

Gold, gold, etc. security deposit

Transactional

Financial financing

produce

Invoices receivable

According to

Inventory

Among them:

Data resources

source

Debt for house Debt for house construction

Mortgage the building, mortgage the property, borrow fixed capital

10,079,325.35 377,414.88 Goods in kind 69,007,216.33 33,752,990.65 Products

mortgage

money

Intangible assets offset against land offset against land use

1,720,860.00 647,585.12 13,632,235.10 9,278,192.12

Property mortgage, mortgage loan using mortgage right

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Right mortgage loan

money

Among them:

Data resources

source

Total 310,518,693.46 299,743,508.11 / / 370,326,825.73 330,718,557.07 / /

Other notes:

None

32. Short-term borrowings

(1).Classification of short-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Pledged loan 990,018,488.89 795,033,453.59 Pledged loan

guaranteed loan

Credit loans 436,433,560.43 441,012,642.97

Total 1,426,452,049.32 1,236,046,096.56 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

Item Opening balance Closing balance Reasons and basis for designation Trading financial liabilities 6,314,425.32 / Of which:

Forward foreign exchange, etc. 6,314,425.32/Designated as measured at fair value and its changes

Financial liabilities included in current profits and losses

Among them:

Total 6,314,425.32 /

Other notes:

□Applicable √Not applicable

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

34. Derivative financial liabilities

□Applicable √Not applicable

35. Notes payable

(1). List of bills payable

□Applicable √Not applicable

36. Accounts payable

(1). Presentation of accounts payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB items Closing balance Opening balance Accounts payable 589,120,226.67 495,663,933.74 Total 589,120,226.67 495,663,933.74

(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). 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

Unit: Yuan Currency: RMB Item Closing balance Opening balance Advance payment for goods 31,829,185.12 59,030,445.03 Total 31,829,185.12 59,030,445.03

179/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

(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 189,409,128.66 488,427,408.96 455,357,425.31 222,479,112.31

2. Post-employment benefits-set bonus

22,245,166.89 22,245,166.89 Savings plan

3. Dismissal benefits 992,446.00 992,446.00

4. Others due within one year

welfare

Total 189,409,128.66 511,665,021.85 478,595,038.20 222,479,112.31

(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

185,003,906.10 457,706,071.63 423,881,762.67 218,828,215.06 Subsidy

2. Employee welfare fees 7,104,695.43 7,104,695.43

3. Social insurance premiums 11,793,986.58 11,793,986.58 Including: medical insurance premiums 9,857,972.97 9,857,972.97 work-related injury insurance premiums 1,123,684.03 1,123,684.03

Maternity insurance premium 812,329.58 812,329.58

4. Housing provident fund 142,185.00 9,742,775.00 9,884,960.00

5. Trade union funds and employee education

4,263,037.56 2,079,880.32 2,692,020.63 3,650,897.25 Funding

6. Short-term paid absences

7. Short-term profit sharing plan

Total 189,409,128.66 488,427,408.96 455,357,425.31 222,479,112.31

(3). Display of defined contribution plan

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Basic pension insurance 21,539,290.33 21,539,290.33

2. Unemployment insurance premium 705,876.56 705,876.56

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3. Enterprise annuity payment

Total 22,245,166.89 22,245,166.89

Other notes:

□Applicable √Not applicable

40. Taxes payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Value-added tax 11,983,675.79 9,469,559.50 Consumption tax

business tax

Corporate income tax 26,444,249.01 3,722,541.21 Personal income tax 676,961.83 635,734.52 Urban maintenance and construction tax 955,807.69 796,505.99 Education surcharge 682,719.79 568,932.86 Real estate tax 522,113.89 459,631.67Land use tax 131,629.89 131,077.29Stamp tax 412,584.83 520,537.51Local funds and others 307,943.40 277,399.50

Total 42,117,686.12 16,581,920.05Other 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 45,459,574.38 44,072,213.84 Total 45,459,574.38 44,072,213.84

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

Security deposit and deposit 26,840,327.35 34,672,526.19 Expenses 17,379,135.67 8,089,880.66 Others 1,240,111.36 1,309,806.99

Total 45,459,574.38 44,072,213.84

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 1 year 298,196,689.94 2,179,166.67 Bonds payable due within 1 year 539,950,874.57 6,029,570.10 Long-term payables due within 1 year 0

Lease liabilities due within 1 year 4,829,864.10

Total 842,977,428.61 8,208,736.77Other instructions:

None

44. Other current liabilities

Other current liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

short term bonds payable

Return payment payable

Accrued expenses 4,390,488.60 5,479,381.73 Taxes corresponding to contract liabilities 156,643.01 3,647,687.13 Total 4,547,131.61 9,127,068.86

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report Changes in short-term bonds payable: □ Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

183/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

45. Long-term loans

(1). Classification of long-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance

Pledge loan

Mortgage loan 298,000,000.00 Guaranteed loan

Credit loan 17,973,000.00

Total 17,973,000.00 298,000,000.00 Description of long-term loan classification:

None

Other notes:

□Applicable √Not applicable

46. Bonds payable

(1).Bonds payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance

Jianyou convertible bonds 519,993,374.81 Total 519,993,374.81

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(2). Details of bonds payable: (excluding preference shares, perpetual bonds and other financial instruments classified as financial liabilities)

√Applicable □Not applicable

Unit: yuan Currency: RMB ticket

noodles

Ben is

profit

Bond face value (Issuance Bond issuance Beginning of period Provision based on face value Current period End of period No

Rate Amortization of premium and discount

Name Yuan) Date Term Amount Balance Issued Interest Repayment Balance Violation (

OK about %

)

fitness friend

100.00 / 2020/4/23 2020/4/23-2026/4/23 503,190,000.00 519,993,374.81 33,162,621.90 -10,182,122.24 7,000.00 509,804,252.57 Convertible bonds

Total / / / / 503,190,000.00 519,993,374.81 33,162,621.90 -10,182,122.24 7,000.00 509,804,252.57 /Note: ① Interest and ending balance are accrued based on face value (due on April 23, 2026), which have been reclassified to non-current liabilities due within one year.

②The repayment in this period is converted into the company's ordinary shares.

(3).Description of convertible corporate bonds

□Applicable √Not applicable

Accounting treatment and judgment basis for equity transfer

√Applicable □Not applicable

As approved by the China Securities Regulatory Commission's Securities Regulatory Commission [2022] No. 603, the company issued 5.0319 million convertible bonds with a face value of 100 yuan each on April 23, 2020, with a total issuance of 503.19 million yuan. The bond has a term of 6 years. The number of shares to be converted = the total par amount of the convertible corporate bonds that the convertible corporate bond holder applies for conversion/the conversion price valid on the day of application for conversion, and is rounded off to an integer multiple of one share. Since the above-mentioned convertible bond transfer equity is a derivative instrument in which the company exchanges a fixed number of its own equity instruments for a fixed amount of cash or other financial assets, the company accounts for it as equity. The market interest rate of similar bonds is used to estimate the fair value of the liability component of these bonds on the issuance date, and the remaining portion is regarded as the fair value of the equity component and included in shareholders' equity.

(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

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. Table of changes in outstanding preferred shares, perpetual bonds and other financial instruments at the end of the 2025 annual reporting period □ Applicable √ Not applicable

Explanation of the basis for classifying other financial instruments as financial liabilities

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

186/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

47. Lease liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Ending balance Beginning balance Lease liability 59,345,864.85 10,275,112.33

Total 59,345,864.85 10,275,112.33Other instructions:

None

48. Long-term accounts payable

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Long-term payables 6,170,000.00 6,170,000.00 Special payables

Total 6,170,000.00 6,170,000.00Other instructions:

√Applicable □Not applicable

The long-term payable is an interest-free loan of financial support funds granted to the company by the Nanjing High-tech Industrial Development Zone Management Committee. The loan period is from December 2011 to December 2026. The loan contract stipulates that if the company operates in the high-tech zone for less than fifteen years, the loan maturity date will be advanced accordingly.

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

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Unit: Yuan Currency: RMB formation items Beginning balance Increase in the current period Decrease in the current period Ending balance

Reason: Government subsidies 84,625,869.56 31,042,800.00 10,791,312.98 104,877,356.58

Total 84,625,869.56 31,042,800.00 10,791,312.98 104,877,356.58 /

Other notes:

□Applicable □Not applicable

Projects involving government subsidies:

Unit: Yuan Currency: RMB is included in other items in the current period

New subsidy income amount in this period He

Liability items Beginning balance Ending balance amount Change

move

Heparin sodium industrialization subsidy 1,591,171.00 140,607.02 1,450,563.98 Heparin sodium preparation production capacity expansion project 2,541,666.63 2,541,666.63

Injectable drug project support funds 8,904,203.41 274,679.88 8,629,523.53 Chutian antenna technical transformation project 2,749,999.82 500,000.04 2,249,999.78 Dual power supply reconstruction of High-tech Zone Economic Operation Bureau

1,904,083.49 312,999.96 1,591,083.53 Subsidy funds

High-end preparation production line project subsidy 25,093,900.00 2,960,800.00 22,133,100.00 Innovative biological drug R&D and CDMO projects

16,807,040.12 955,179.96 15,851,860.16 Special fund subsidies

Innovation capability improvement (equipment subsidy) 1,620,666.56 221,000.04 1,399,666.52 Anti-tumor technical transformation project subsidy 4,463,999.92 248,000.04 4,215,999.88 Special fund subsidy for boiler transformation (technical transformation subsidy)

224,054.05 36,830.88 187,223.17 stickers)

Received funding for biotherapeutic drug technological transformation project

1,748,571.37 102,857.16 1,645,714.21 gold subsidy

Fixed assets and information technology investment subsidies

265,700.00 265,700.00 mesh

Special funds for building a strong manufacturing province 16,710,813.19 1,965,978.03 14,744,835.16 Technical equipment investment incentives and subsidies 800,000.00 26,666.67 773,333.33 High-end biochemical drug production base construction project

30,242,800.00 504,046.67 29,738,753.33 items

Total 84,625,869.56 31,042,800.00 10,791,312.98 104,877,356.58

52. Other non-current liabilities

□Applicable √Not applicable

53. Share capital

√Applicable □Not applicable

Unit: Yuan Currency: RMB Opening balance Increase or decrease due to this change (+, -) Ending balance

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

provident fund

Issuance of new shares Bonus shares Others Subtotal

Share transfer

Total number of shares 1,615,634,969.00 287.00 287.00 1,615,635,256.00Other 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

Unit: Yuan Currency: RMB in issue Beginning of the period Increase in the current period Decrease in the current period End of the period

financial accounting

Quantity Book Value Quantity Quantity Book Value Quantity Book Value Value

Jianyou Convertible Bonds 5,024,640 49,290,070.54 70 686.32 5,024,570 49,289,384.22

Total 5,024,640 49,290,070.54 70 686.32 5,024,570 49,289,384.22 Note: The quantity is the number of Jianyou convertible bonds, unit: Zhang.

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 Beginning balance Increase in the current period Decrease in the current period Ending balance

Capital premium (equity premium) 587,290,620.19 8,705.26 3,029.90 587,296,295.55 Other capital reserves

Total 587,290,620.19 8,705.26 3,029.90 587,296,295.55 Other explanations, including changes in increases and decreases in the current period and explanations of reasons for changes:

None

56. Treasury stocks

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Beginning balance Increase in the current period Decrease in the current period Ending balance

Share capital 0.00 15,008,499.75 15,008,499.75Total 0.00 15,008,499.75 0.00 15,008,499.75Other explanations, including changes in increases and decreases in the current period and reasons for changes:

None

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57. Other comprehensive income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Amount incurred in the current period minus: previous

Period plan

Less: included in other comprehensive income during the period. Items attributable after tax at the beginning of the period. Attributable after tax at the end of the period. Income tax for the current period. Other comprehensive income. Attributable balance after tax. Amount incurred before balance of minority shares. Comprehensive income. Benefits are taxed to the parent company.

Current transfer fee is transferred to profit and loss, retained, deposited and collected

benefit

1. Cannot be reclassified

Other comprehensive items that contribute to profit and loss

combined income

Among them: remeasurement

Defined benefit plan changes

moving amount

It cannot be done under the equity method

Other comprehensive items transferred to profit and loss

combined income

Other equity instruments

investment fair value change

move

Enterprise's own credit

Risk fair value change

move

2. Reclassify into

Other comprehensive gains and losses 8,199,889.78 94,536.44 96,338.79 -1,802.35 8,296,228.57 Income

Among them: under equity method

Others that can be transferred to profit or loss

Comprehensive income

Other debt investments

Change in fair value

Re-division of financial assets

Category included in other comprehensive

Amount of income

Other debt investments

Credit impairment provision

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cash flow hedging

reserve

Foreign currency financial statements

8,199,889.78 94,536.44 96,338.79 -1,802.35 8,296,228.57 Conversion difference

Other comprehensive income

8,199,889.78 94,536.44 96,338.79 -1,802.35 8,296,228.57 total

Other explanations include adjustments to the initial recognition amount of the effective portion of cash flow hedging gains and losses converted into hedged items:

None

58. Special reserves

√Applicable □Not applicable

Unit: Yuan Currency: RMB items Beginning balance Increase in the current period Decrease in the current period Ending balance Safety production expenses 27,133,494.22 9,457,091.53 3,329,816.27 33,260,769.48

Total 27,133,494.22 9,457,091.53 3,329,816.27 33,260,769.48 Other explanations, including changes in increases and decreases in the current period and explanations of reasons for changes:

None

59. Surplus reserve

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance Statutory surplus reserve 535,696,037.71 44,426,227.33 580,122,265.04 Discretionary surplus reserve

reserve fund

Enterprise Development Fund

Others

Total 535,696,037.71 44,426,227.33 580,122,265.04 Description of surplus reserves, including changes in increases and decreases in the current period and explanation of reasons for changes:

None

60. Undistributed profits

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Projects in this issue Previous issue

Undistributed profits at the end of the previous period before adjustment 3,668,425,036.81 3,062,713,151.64 Total undistributed profits at the beginning of the period before adjustment (adjustment +,

Reduce -)

Adjusted opening undistributed profit 3,668,425,036.81 3,062,713,151.64 plus: net profit attributable to owners of the parent company for the period

581,536,153.84 826,144,870.17 profit

Less: Appropriation of statutory surplus reserve 44,426,227.33 58,869,533.00 Appropriation of discretionary surplus reserve

Withdraw general risk reserve

Dividends payable on ordinary shares 161,563,496.90 161,563,452.00

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Dividends on common shares converted into equity capital

Undistributed profits at the end of the period 4,043,971,466.42 3,668,425,036.81 Adjustment details of 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

Main business 3,985,124,192.89 2,410,358,968.25 3,917,728,849.93 2,222,139,762.36 Other businesses 5,553,844.41 7,749,706.22 5,856,993.60 6,230,449.83 Total 3,990,678,037.30 2,418,108,674.47 3,923,585,843.53 2,228,370,212.19

(2). Decomposition information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Total

Contract classification

Operating income Operating costs

Product type

Standard heparin API 400,730,572.52 284,774,069.98 Preparations 3,515,786,253.71 2,095,885,096.63 CDMO and other products 68,607,366.66 29,699,801.64 Other businesses 5,553,844.41 7,749,706.22 Classified by operating area

Domestic 785,647,678.94 473,436,088.76 Foreign 3,205,030,358.36 1,944,672,585.71

Total 3,990,678,037.30 2,418,108,674.47

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

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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

consumption tax

business tax

Urban maintenance and construction tax 12,111,241.10 7,261,518.46 Education surcharge 8,650,886.43 5,186,798.87 Resource tax

Property tax 4,093,509.75 4,056,452.99 Land use tax 848,817.96 847,712.76 Vehicle and vessel use tax

Stamp duty 2,280,101.70 2,032,394.20 Local funds and others -3,644.34 3,658.64

Total 27,980,912.60 19,388,535.92Other instructions:

None

63. Sales expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Sales staff salary 163,152,637.47 110,968,547.78 Marketing expenses 152,813,483.39 101,693,118.44 Warehousing and transportation expenses 90,904,492.50 66,324,961.82 Others 1,354,540.56 1,017,635.34

Total 408,225,153.92 280,004,263.38Other instructions:

Marketing fees include business entertainment fees, business promotion fees, conference fees, consulting service fees, office fees, communication fees, etc. incurred for marketing promotion.

64. Management expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Management personnel compensation 94,072,037.61 106,778,397.30 Depreciation and amortization 68,029,181.00 39,208,639.58 Administrative office expenses 21,458,795.98 16,617,350.33 Leasing and repair expenses 13,761,022.21 5,846,549.13 Travel expenses 4,061,766.65 3,080,275.14 Car and transportation expenses 214,155.41 300,677.92 Entertainment expenses 1,050,593.09 1,001,563.09 Intermediary service and technical consulting service fees 9,830,041.76 17,546,678.79

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Share-based payment 0.00 -758,883.42 Insurance premium 6,580,510.06 6,277,393.21 Software usage fee 13,633,390.91 10,374,168.87 Other expenses 10,294,736.00 4,419,118.70

Total 242,986,230.68 210,691,928.64Other instructions:

None

65. Research and development expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 73,226,364.12 89,650,369.08 Direct investment expenses 56,773,832.33 39,383,735.59 Depreciation and amortization 23,497,711.27 41,701,768.74 Entrusted research and development expenses 132,052,282.33 65,075,157.08 FDA site fees and membership fees 13,589,616.41 12,631,062.24 Technical consulting service fees 35,457,965.35 57,603,222.93 Energy consumption costs 5,658,293.55 10,798,992.31 Testing fees 4,441,528.66 6,766,545.88 Share-based payment -516,856.21 Other related expenses 3,430,392.32 6,828,092.38

Total 348,127,986.34 329,922,090.02Other 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 55,249,523.98 75,664,282.43 Less: Interest income 18,646,431.16 19,194,482.07 Exchange gains and losses 84,958,214.35 -49,794,312.82 Financial institution fees 2,553,817.75 2,371,837.57

Total 124,115,124.92 9,047,325.11Other 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 assets 10,791,312.98 9,327,564.89 Government subsidies related to income 19,574,306.60 37,593,915.42 Personal tax refund 135,842.49 162,177.06 Value-added tax refund 5,616,504.09 12,908,969.72

Total 36,117,966.16 59,992,627.09Other instructions:

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Details of government subsidies related to income:

Unit: Yuan Currency: RMB Asset-related/receipt items Amount incurred in the current period

Benefit-related job expansion subsidy 143,317.40 Benefit-related job stabilization subsidy 293,321.00 Benefit-related training subsidy 31,000.00 Benefit-related high-end enterprise subsidy 900,000.00 Benefit-related life and health office support biomedicine industrialization project construction subsidy 14,930,000.00 Benefit-related provincial specialized new enterprise subsidy 500,000.00 Income-related subsidy for the high-quality development of biomedical industry in Chengdu 3,500.00 Income-related subsidy for industrial enterprises 24,432.00 Income-related subsidy to support incremental quality improvement measures for commercial enterprises 139,800.00 Income-related subsidy to support digital and intelligent technological transformation of enterprises 300,000.00 Income-related subsidy for deepening the corporate chief health officer system 30,000.00 Income-related subsidy for Chengdu to support the high-quality development of the manufacturing industry 2,200,000.00 Income-related innovation coupons to deduct instrument calibration fee subsidies 78,936.20 Income-related

Total 19,574,306.60

68. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Income from long-term equity investments accounted for using the equity method 2,691,825.00 3,593,850.00 Investment income from disposal of long-term equity investments

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 disposal of trading financial assets

Investment income from disposal of other equity instrument investments

benefit

Investment income from disposal of debt investments

Investment income from disposal of other debt investments

Debt restructuring proceeds

Income from financial products 13,230,432.44 51,542,908.97 Income from option products and forward foreign exchange settlement 12,195,066.54 -52,372,572.69

Total 28,117,323.98 2,764,186.28

Other notes:

None

69. Net exposure hedging income

□Applicable √Not applicable

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70. Income from changes in fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Sources of income from changes in fair value Amount for the current period Amount for the previous period Trading financial assets

Among them: fair price generated by derivative financial instruments

Gains from changes in value

Trading financial liabilities

Investment properties measured at fair value

Changes in fair value of options 36,928,613.54 -15,279,729.77 Financial management products 4,496,350.13 5,044,210.89

Total 41,424,963.67 -10,235,518.88Other instructions:

None

71. Credit impairment losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in the current period Amount incurred in the previous period Bad debt losses on notes receivable

Bad debt losses on accounts receivable -6,734,340.52 -8,224,057.91 Bad debt losses on other receivables 3,965,121.98 -3,795,169.57 Impairment losses on debt investments

Impairment losses on other debt investments

Bad debt losses on long-term receivables

Impairment losses related to financial guarantees

Total -2,769,218.54 -12,019,227.48Other 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

2. Inventory depreciation losses and contract performance costs

180,108,654.45 116,288,119.73 Impairment losses

3. Impairment losses on long-term equity investments

4. Impairment losses on investment real estate

5. Impairment losses on fixed assets -8,583,121.46

6. Impairment losses of engineering materials

7. Impairment losses on projects under construction

8. Impairment losses on productive biological assets

9. Impairment losses on oil and gas assets

10. Impairment losses on intangible assets

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11. Goodwill impairment loss

12. Others

Total 180,108,654.45 107,704,998.27

Other notes:

None

73. Income from asset disposal

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Amount for the current period Amount for the previous period

Income from fixed asset disposal -3,264,698.73 -40,231.99

Total -3,264,698.73 -40,231.99Other 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

Total gains from disposal of non-current assets

Including: Profit from disposal of fixed assets

Gains from disposal of intangible assets

Gains from exchange of non-monetary assets

Donations accepted

government subsidies

Others 835,000.00 5,077.40 835,000.00

Total 835,000.00 5,077.40 835,000.00

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

Total losses on disposal of non-current assets 3,706.79 59,752.28 3,706.79 Including: losses on disposal of fixed assets 3,706.79 59,752.28 3,706.79

Loss on disposal of intangible assets

Non-monetary asset exchange losses

External donations 200,000.00 200,000.00 Others 2,083,871.72 2,239,901.62 2,083,871.72Total 2,287,578.51 2,299,653.90 2,287,578.51

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Other notes:

None

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 39,655,147.65 19,617,991.24 Deferred income tax expense 78,250,397.00 146,316,750.54

Total 117,905,544.65 165,934,741.78

(2).Accounting profit and income tax expense adjustment process

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in this period

Total profit 699,416,366.86 Income tax expense calculated based on statutory/applicable tax rates 104,912,455.03 Impact of different tax rates applicable to subsidiaries -2,672,719.99 Impact of adjusting income tax in previous periods 1,971,534.99 Impact of non-taxable income

The impact of non-deductible costs, expenses and losses 1,671,591.62 The impact of using deductible losses that have not been recognized as deferred income tax assets in the previous period -50,224.08 The deductible temporary differences or deductible temporary differences that have not been recognized as deferred income tax assets in the current period

35,458,241.15 Impact of loss deduction

Impact of additional deduction of technology development fees, equity incentives, accelerated depreciation of equipment, etc. -23,385,334.07 Income tax expense 117,905,544.65

Other notes:

□Applicable √Not applicable

77. Other comprehensive income

√Applicable □Not applicable

See Note 7, 57 for details.

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

Interest income 18,646,431.16 19,194,482.07 Government subsidies 54,117,106.60 54,979,615.42 Other non-operating income 835,000.00 5,077.40 Security deposits and deposits 9,105,865.85 15,004,772.30

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Total 82,704,403.61 89,183,947.19 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

Administrative office expenses 21,588,148.04 18,228,080.96 Travel expenses 14,910,749.48 10,523,638.04 Research and development expenses 194,819,552.30 159,186,216.61 Intermediary service fees, software and technical consulting fees, etc. 156,006,448.25 114,482,875.44 Current accounts 7,821,710.99 9,731,480.75 Warehousing fees, etc. 90,321,788.87 65,770,839.48 Others 54,237,229.94 26,093,528.14

Total 539,705,627.87 404,016,659.42 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

Other cash paid related to investing activities

□Applicable √Not applicable

(3).Cash related to financing activities

Other cash received related to financing activities

□Applicable √Not applicable

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

Equity acquisition payment paid 15,011,544.07 12,044,081.07 Lease liability paid 3,500,007.88 3,152,882.77 Loan deposit paid 10,599,239.40

Total 29,110,791.35 15,196,963.84 Description of other cash paid related to financing activities:

None

Changes in various liabilities arising from financing activities

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Increase in this period Decrease in this period

Item Opening balance Non-cash Closing balance Cash change Non-cash change Cash change

change

bank borrowing

(Including one year 1,536,225,263.23 2,178,658,237.35 13,558,446.75 1,985,820,208.07 1,742,621,739.26 due within one year)

bonds payable

(Including one year 519,993,374.81 29,008,851.76 9,044,352.00 7,000.00 539,950,874.57 due within one year)

Lease liability

(Including one year 10,275,112.33 57,400,624.50 3,500,007.88 64,175,728.95 due within one year)

Total 2,066,493,750.37 2,178,658,237.35 99,967,923.01 1,998,364,567.95 7,000.00 2,346,748,342.78

(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 for the current period Amount for the previous period

1. Reconcile net profit to cash flow from operating activities:

Net profit 581,510,822.21 826,099,003.28 plus: asset impairment provision -180,108,654.45 -107,704,998.27 Credit impairment loss 2,769,218.54 12,019,227.48 Fixed asset depreciation, oil and gas asset depreciation, production

127,688,158.24 117,517,736.43 Depreciation of biological assets

Amortization of right-of-use assets

Amortization of intangible assets 115,296,622.41 57,336,211.86 Amortization of long-term deferred expenses 127,436.57 189,014.58 Disposal of fixed assets, intangible assets and other long-term

3,264,698.73 40,231.99 Loss of assets (income is listed with "-")

Loss from scrapping of fixed assets (income should be filled in with "-"

3,706.79 59,752.28 columns)

Loss from changes in fair value (income is filled in with "-"

-41,424,963.67 10,235,518.88 columns)

Financial expenses (income is listed with "-") 93,349,910.41 62,422,506.24 Investment losses (income is listed with "-") -28,117,323.98 -2,764,186.28 Decrease in deferred income tax assets (increase is marked with "-"

No. 67,176,179.66 145,156,153.30 (please fill in the list)

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Increase in deferred income tax liabilities (decrease indicated by “-”

No. 11,588,156.22 941,106.71 (please fill in the list)

Decrease in inventory (increases are indicated by "-") 591,791,416.19 598,720,358.33 Decrease in operating receivables (increases are indicated by "-"

-321,333,052.61 -13,188,406.17 (Fill in the numbers)

Increase in operating payable items (decrease marked with “-”

No. 191,049,666.54 -185,767,451.50 (please fill in the list)

Others -31,840,930.07 -20,083,561.62 Net cash flow from operating activities 1,182,791,067.72 1,501,228,217.52 2. Major investing and financing activities that do not involve cash receipts and payments:

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 1,095,803,753.14 736,696,841.28 Less: Opening balance of cash 736,696,841.28 894,185,226.59 Add: Closing balance of cash equivalents

Less: Opening balance of cash equivalents

Net increase in cash and cash equivalents 359,106,911.86 -157,488,385.31

(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

(4). Composition of cash and cash equivalents

√Applicable □Not applicable

Item Ending balance Beginning balance

1. Cash 1,095,803,753.14 736,696,841.28 Including: Cash on hand 63,232.12 78,945.21 Bank deposits that can be used for payment at any time 1,095,740,521.02 736,617,896.07 Other monetary funds that can be used for payment at any time

Central bank deposits available for payment

Deposit funds from other banks

Funds placed with other banks

2. Cash equivalents

Including: Bond investments due within three months

3. Balance of cash and cash equivalents at the end of the period 1,095,803,753.14 736,696,841.28 Among them: the use of the parent company or subsidiaries within the group is restricted

of cash and cash equivalents

Unit: Yuan Currency: RMB

(5). Situations where the scope of use is limited but still presented as cash and cash equivalents

□Applicable √Not applicable

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(6). Monetary funds that are not cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Reason

Letter of guarantee and bill deposit 298,718,508.11 287,687,374.30

Total 298,718,508.11 287,687,374.30 /

Other notes:

√Applicable □Not applicable

None

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 649,494,698.74 Including: US dollars 83,471,546.43 7.0288 586,704,805.54 Hong Kong dollars 1,905,364.95 0.90322 1,720,963.73 Euros 7,281,260.07 8.2355 59,964,817.32 Swiss francs 1,500.01 8.851 13,276.62

Singapore dollars 199,837.97 5.4586 1,090,835.53 Accounts receivable 1,187,579,393.58 Including: US dollars 153,255,044.71 7.0288 1,077,199,058.23

Euro 13,402,991.36 8.2355 110,380,335.35 Other receivables 190,032,153.71 Including: USD 27,022,586.73 7.0288 189,936,357.61

British pounds 10,153.70 9.4346 95,796.10 Short-term borrowings 436,433,560.43 Including: US dollars 33,043,083.33 7.0288 232,253,224.11

Euro 24,792,706.74 8.2355 204,180,336.32 Other payables 16,226,947.05 Including: USD 2,308,636.90 7.0288 16,226,947.05 Accounts payable 333,136,997.89 Including: USD 47,351,984.66 7.0288 332,827,629.76 EUR 433.41 8.2355 3,569.35 GBP 29,442.90 9.4346 277,781.98

Singapore Dollar 5,132.60 5.4586 28,016.80Other instructions:

None

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(2). Description of overseas operating entities, including for important overseas operating entities, their main overseas operating place, accounting standard currency and basis for selection should be disclosed. If the accounting standard currency changes, the reasons should also be disclosed.

√Applicable □Not applicable

Name of overseas business entity Main place of business Accounting standard currency Basis for selection of standard currency

The main business transactions are conducted in US dollars. Hong Kong Jianyou Industrial Co., Ltd. Hong Kong US dollars

Suangangnan Co., Ltd. Hong Kong Hong Kong dollars The actual operations are all in Hong Kong

The main business is settled in U.S. dollars MeithealPharmaceuicals, Inc. United States U.S. dollars

EMERGE BIOSCIENCE's main business is settled in U.S. dollars

Singapore Dollar

PTE.LTD. Calculate

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

The simplified short-term lease expense included in the current profit and loss in this period is 2,564,577.15 yuan.

Sale and leaseback transactions and basis for judgment

□Applicable √Not applicable

The total cash outflow related to leasing is 5,717,459.92 (Unit: Yuan, Currency: RMB)

(2). As a lessor

Operating lease as lessor

√Applicable□Not applicable

Unit: Yuan Currency: RMB Including: Available items not included in lease receipts Lease income

Income related to variable lease payments Housing rental 989,718.64

Total 989,718.64

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

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(3). Recognize financial lease sales profits and losses as a manufacturer or distributor

□Applicable √Not applicable

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

Employee compensation 105,528,666.82 110,513,658.50 Direct materials 90,927,278.42 63,448,304.02 Depreciation and amortization 40,994,831.65 59,864,222.31 Entrusted research and development expenses 125,608,860.33 109,822,947.14 Collaborative research and development fees [Note] 21,554,400.00 19,408,680.00 FDA site fees and membership fees 13,589,616.41 12,631,062.24 Technical consulting service fees 411,736,310.36 143,577,780.69 Energy consumption expenses 10,541,396.50 15,790,035.05 Testing expenses 8,615,519.74 7,279,135.74 Share-based payment -516,856.21 Others 7,748,656.53 9,983,365.21

Total 836,845,536.76 551,802,334.69 Including: Expenditure R&D expenditure 348,127,986.34 329,922,090.02 Capitalized R&D expenditure 467,163,150.42 202,471,564.67

Capitalized transactions 21,554,400.00 19,408,680.00 Other instructions:

None

2. Development expenditures on R&D projects that meet capitalization conditions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase amount in this period Decrease amount in this period

Beginning of period transferred to end of period items

Balance Internal development expenditure Others recognized as intangible assets Current balance

Profit and loss

R&D project funding

458,547,105.54 467,163,150.42 -6,496,537.30 145,717,184.83 773,496,533.83Basic expenses

Total 458,547,105.54 467,163,150.42 -6,496,537.30 145,717,184.83 773,496,533.83

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Significant Capitalized R&D Projects

√Applicable □Not applicable

It is expected that the economic benefit generator will start the capital project. R&D progress. Estimated completion time. Specific basis. After the R&D is successful, production will be approved.

Product listing qualifications can be passed

XTMAB-1

In clinical trials 2029 2023 Clinical trials 6 Industrial production and sales,

Obtain output value and profit.

After successful research and development, production was approved

Insulin series production and marketing qualifications can be passed

In clinical trials 2027-2028 2023 Redevelopment of listed drugs Industrialized production and sales,

Obtain output value and profit.

After successful research and development, it was approved for production

Adamudan city qualification can be produced through industrialization

Application for approval is in progress 2026-2027 2024 Anti-injection liquid production and sales of marketed drugs will be re-developed to obtain output value and profits

Run.

Impairment provision for development expenditures

□Applicable √Not applicable

Other notes:

None

3. Important outsourced research projects

√Applicable □Not applicable

Project Capitalization or Expense Project Capitalization or Expense Item The manner in which economic benefits are expected to be generated

After the specific basis for judging criteria for chemicalization is successfully developed, it is approved for production.

Municipal qualifications, can obtain clinical approval through industrialization, and undergo XTMAB-16 clinical trials

Production and sales, to obtain output value and profits. The company evaluates profits.

After successful research and development, it was approved for production

Municipal qualification, can obtain clinical approval through industrialization, and undergo clinical trials of this insulin series project

Production and sales, to obtain output value and profit. The company evaluates profits.

Other notes:

None

9. Changes in consolidation scope

1. Merger of enterprises not under common control

□Applicable √Not applicable

2. Merger of enterprises under common control

□Applicable √Not applicable

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3. Reverse purchase

□Applicable √Not applicable

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4. Disposal of subsidiaries

Are there any transactions or events that result in the loss of control of subsidiaries in 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

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

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10. Interests in other entities

1. Interests in subsidiaries

(1).Construction of enterprise groups

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB Subsidiary Main business Shareholding ratio (%) Obtained registered capital Place of registration Nature of business

Name Place Direct Indirect Method Nanjing Jianyou Pharmaceutical Co., Ltd. Through establishment

Nanjing 2,069.20 Nanjing Production and Sales 70 30

The company [Note 1] acquired Nanjing Jianyou Hotel Co., Ltd. and was established

Nanjing 50 Nanjing Accommodation 100

The company acquired Hong Kong Jianyou Industrial Co., Ltd. and was established

Hong Kong 0.85 Hong Kong Import and Export 100

company acquired

Non-commonly controlled Gangnan Co., Ltd. Hong Kong 0.85 Hong Kong Enterprise merger under the import and export 100 system

Non-Tongkong Jianjin Pharmaceutical Co., Ltd.

Chengdu 61,241.78 Chengdu Production and Sales Enterprises under the 100 System [Note 2]

merge

Non-same control Meitheal

Pharmaceuticals,inc United States 48.7 United States R&D Sales 99.97 Enterprises under the control. Merged with Nanjing Jianzhi Ziming Pharmaceutical 100,000.0 Established

Nanjing Nanjing Sales 100

Trading Co., Ltd. 0 acquired

Information aggregated by non-identical control Nanjing Jianzhi

Nanjing 1,500.00 Nanjing Technology R&D 100 Enterprise Technology Co., Ltd.

merge

Sales and service

EMERGE

Service Center, through the establishment of BIOSCIENCEPTE. Singapore 7,188.40 Singapore 100

Register and open Obtain LTD.

Development Center

Explanation on the difference between the proportion of shareholding in subsidiaries and the proportion of voting rights:

Note 1: The company directly holds 70% equity of Nanjing Jianyou Pharmaceutical Co., Ltd., and the company's wholly-owned subsidiary Gangnan Co., Ltd. directly holds 30% equity of Nanjing Jianyou Pharmaceutical Co., Ltd. Therefore, the company's shareholding ratio in Nanjing Jianyou Pharmaceutical Co., Ltd. is: direct 70%, indirect 30%, totaling 100%.

Note 2: Hong Kong Jianyou Industrial Co., Ltd., a wholly-owned subsidiary of the company, directly holds 100% equity of Jianjin Pharmaceutical Co., Ltd.

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:

Not applicable

For important structured entities included in the scope of consolidation, the basis for control is:

Not applicable

Basis for determining whether a company is agent or principal:

Not applicable

Other notes:

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Not applicable

(2).Important non-wholly owned subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Shareholdings held by minority shareholders are classified as minority shares in the current period. The name of the subsidiary with minority shareholder rights at the end of the period is announced to minority shareholders during the period.

Proportion of the owner's profit and loss Balance of reported dividends Meitheal

Pharmaceuticals 0.03% -25,331.63 -3,540,616.42, inc.

Explanation on the difference between the shareholding ratio of minority shareholders of subsidiaries and the voting rights ratio:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(3).Main financial information of important non-wholly owned subsidiaries

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB Closing balance Opening balance

non-flow non-flow non-flow

Name of subsidiary Current assets Current liabilities Current assets Current liabilities Non-current liabilities Liquid assets Total liabilities Assets Total Liabilities Total assets Debt Liabilities

property debt property

Meitheal

158,298. 16,289. 174,5 180,3 5,872.1 186,2 149,7 12,696. 162,4 164,771.

Pharmaceuti 1,027.51 165,798.98

85 21 88.06 51.34 5 23.49 05.75 75 02.50 47

cals,inc.

Amount incurred in the current period Amount incurred in the previous period Operating activities

Subsidiary name Comprehensive income Comprehensive income Operating income from operating activities Net profit Cash flow Operating income Net profit

Total Profit Total Profit Cash Flow

Meitheal

245,241.05 -8,443.88 -8,238.95 9,822.58 193,494.34 -15,288.96 -14,617.71 15,933.05 Pharmaceuticals, inc.

Other notes:

None

(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

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3. Interests in joint ventures or associated enterprises

√Applicable □Not applicable

(1).Important joint ventures or associates

□Applicable √Not applicable

(2). Main financial information of important joint ventures □ Applicable √ Not applicable

(3). Main financial information of important associates □Applicable √Not applicable

(4). Summary financial information of unimportant joint ventures and associates □Applicable √Not applicable

(5). Explanation of significant restrictions on the ability of joint ventures or associates to transfer funds to the company □Applicable √Not applicable

(6).Excess losses incurred by joint ventures or associates □Applicable √Not applicable

(7).Unconfirmed commitments related to investment in joint ventures□Applicable √Not applicable

(8). Contingent liabilities related to investments in joint ventures or associates □ Applicable √ Not applicable

4. Important joint operations

□Applicable √Not applicable

5. Interests in structured entities that are not included in the scope of consolidated financial statements. Relevant instructions for structured entities that are 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

210/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

2. Liability items involving government subsidies

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Included in the current period and assets financial statements New additions in the current period are transferred to it in the current period

Beginning balance, operating income, others, ending balance/income items, subsidy amount, other income

Deposit amount changes related

Deferred income from assets 84,625,869.56 31,042,800.00 10,791,312.98 104,877,356.58

Relevant total 84,625,869.56 31,042,800.00 10,791,312.98 104,877,356.58 /

3. Government subsidies included in current profits and losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB Type Amount for the current period Amount for the previous period

Related to assets 10,791,312.98 9,327,564.89 Related to income 23,074,306.60 37,593,915.42

Total 33,865,619.58 46,921,480.31 Note: Government subsidies related to income include government subsidies related to income of RMB 19,574,306.60 in other income, and government interest subsidy in financial expenses of RMB 3,500,000.00.

Other notes:

None

12. Risks related to financial instruments

1. Risks of financial instruments

√Applicable □Not applicable

(1) Market risk

①Exchange rate risk

Exchange rate risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in foreign exchange rates. The Company's exchange rate risk mainly comes from foreign currency assets and liabilities held by the Company and its subsidiaries that are not denominated in their accounting functional currency. The Company's exposure to exchange rate risks is mainly related to assets and liabilities denominated in U.S. dollars. For details of each foreign currency asset and liability item, please see "Note VII. 83 Foreign Currency Monetary Items" of this financial statement.

On December 31, 2025, with other risk variables unchanged, if the RMB appreciates or depreciates by 5% against the US dollar, the company's net profit will increase or decrease by RMB 5,408,300 (RMB 2,435,200 in 2024).

The company's overseas business is large-scale, and the company's transactions with overseas customers are mainly conducted in U.S. dollars. Exchange rate fluctuations may have a certain impact on the company's business operations. The Company pays close attention to the impact of exchange rate changes on the Company's exchange rate risk, takes both short-term and medium-term and long-term measures, and rationally uses financial and operational methods to deal with exchange rate fluctuation risks to ensure that the net risk exposure is maintained at an acceptable level.

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②Interest rate risk

Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market interest rates. Interest rate risk can arise from both recognized interest-bearing financial instruments and unrecognized financial instruments (such as certain loan commitments).

The Company does not have financial liabilities with floating interest rates, and its exposure to changes in market interest rates is relatively low.

(2) Credit risk

As of December 31, 2025, the largest credit risk exposure that may cause the company's financial losses mainly comes from the loss of the company's financial assets caused by the failure of the other party to perform its obligations, specifically including: cash, bank deposits, and receivables. The Company's credit risk management for bank deposits is to store most of its cash and bank deposits in state-owned banks and other large and medium-sized listed banks in China. The company's management believes that it does not have significant credit risk and will not incur any significant losses due to the default of the counterparty.

The main measures taken by the company's management to reduce the credit risk of accounts receivable include: selecting customers with good credit status for cooperation, controlling credit limits, conducting credit approvals, increasing the assessment of the collection of overdue claims, and accruing sufficient bad debt provisions based on the recovery of accounts receivable on each balance sheet date. Therefore, the company's management believes that the credit risk borne by accounts receivable has been greatly reduced.

(3) Liquidity risk

Liquidity risk refers to the risk of a shortage of funds when the company fulfills its obligations settled by delivering cash or other financial assets.

When managing liquidity risk, the Company maintains cash and cash equivalents deemed sufficient by management and monitors them to meet the Company's operating needs and reduce the impact of cash flow fluctuations.

The company's management believes that the liquidity risk borne by the company is low and will not have a significant impact on the company's operations and financial statements. The financial statements are prepared on the basis of the going concern assumption.

(4) Other price risks

Other price risks refer to the risk that the fair value or future cash flows of financial instruments fluctuate due to market price changes other than exchange rate risk and interest rate risk. The company has no other price risks.

2. Hedging

(1). The company carries out hedging business for risk management

√Applicable □Not applicable

Hedged items and

Anticipated risk management of hedged risks Corresponding hedging activities

Corresponding risk management Relevant hedging instruments

Project Qualitative and quantitative information Objectives are effectively achieved Economic relationships between strategies and objectives for risk exposures

information situation impact

department

Exchange rate risk Avoid the foreign currency fund collection and payment industry in the foreign exchange market. Sign foreign exchange forward contracts to lock in part of the foreign currency funds through hedging.

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To prevent exchange rate risks, the foreign exchange market corresponding to the foreign exchange market can reduce the adverse effects of large fluctuations in exchange rates on the company's market risk. Market risk Market risk Selling options can avoid excessive use of derivatives market operations to reduce the adverse effects of large fluctuations in exchange rates on the hedging function of the market and reduce the negative impact of large fluctuations in exchange rates on the company's health

Other explanations of the impact of regular operations:

□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

Item Reasons for Not Applying Hedge Accounting Impact on Financial Statements

The company has not formally designated hedging instruments and the profits and losses are directly included in the fair value changes and forward foreign exchange settlement and sales.

Hedging items and investment income

The company has not formally designated hedging instruments and the profits and losses of foreign exchange options are directly included in the fair value changes.

Hedging items and investment income

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

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

Project

Level 1 Fair Price Level 2 Fair Price Level 3 Fair Price Total

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value measurement value measurement value measurement

1. Continuous fair value measurement

(1) Trading financial assets 17,104,999.71 1,299,460,859.73 1,316,565,859.44 1. Financial assets measured at fair value and changes included in current profits and losses 17,104,999.71 1,299,460,859.73 1,316,565,859.44 assets

(1) Debt instrument investment

(2) Equity instrument investment

(3) Derivative financial assets

(4) Financial products 1,299,460,859.73 1,299,460,859.73 (5) Equity investment 17,104,999.71 17,104,999.71

2. Designate financial assets measured at fair value with changes included in current profits and losses.

(1) Debt instrument investment

(2) Equity instrument investment

(2) Other debt investments

(3) Investment in other equity instruments

(4) Investment real estate 1. Land use rights for rent 2. Buildings for rent

3. Hold and prepare to transfer land use rights after appreciation

(5) Biological assets

1. Consumable biological assets

2. Productive biological assets

(6) Financing of receivables 13,098,413.45 13,098,413.45 1. Bank acceptance bills 13,098,413.45 13,098,413.45 Continuously measured at fair value

17,104,999.71 1,299,460,859.73 13,098,413.45 1,329,664,272.89Total assets

(6) Trading financial liabilities 1. Financial liabilities measured at fair value and changes included in current profits and losses

Including: Derivative financial liabilities of trading bonds issued

Others

2. Financial liabilities designated as measured at fair value and changes included in current profit and loss

Total liabilities measured at fair value on an ongoing basis

2. Non-continuous fair value measurement

(1) Total assets held for sale that are not continuously measured at fair value

214/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

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

It is an open-ended net value financial product purchased by the company. The company obtains the net value of the financial product published by the bank on the balance sheet date and calculates its fair value based on the share of the product at the time of purchase.

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

For the bank financial products held, the company predicts future cash flows based on the expected rate of return, and the unobservable estimate is the expected rate of return.

For the financing of held receivables and bank acceptance bills receivable, because the possibility of loss is very small and the recoverable amount is basically certain, the face value is used to determine its 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

8. Fair value of financial assets and financial liabilities not measured at fair value

√Applicable □Not applicable

The Company's financial assets and financial liabilities measured at amortized cost mainly include: monetary funds, notes receivable, accounts receivable, other receivables, short-term loans, notes payable, accounts payable, other payables, etc. The book value of the Company's financial assets and financial liabilities that are not measured at fair value differs very little from their fair value.

9. Others

□Applicable √Not applicable

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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 10.1

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

Please refer to Note 10 for details of the Company’s important joint ventures or associates.

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

Name of the joint venture or associated enterprise Relationship with the enterprise PeKoLimited A company in which the company holds 50% shares

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 Scitas Biotechnology (Nanjing) Co., Ltd. Scitakos Bioscience (Shanghai) Co., Ltd., a company controlled by Xie Juhua, the actual controller of the company ScitakosBiosciencePTE.LTD, a company controlled by Xie Juhua, the actual controller of the company Jiangsu Huaxi Village Co., Ltd., a company controlled by Ding Ying, the actual controller of the company and person acting in concert. Kunshan Weishuo Hengji Intelligent Technology Co., Ltd., an enterprise where Shi Ping once served as an independent director. Anhui Huasheng New Energy Technology Co., Ltd., an enterprise where Shi Ping once served as an independent director. Zhonglu Jiaotong Technology Co., Ltd., an enterprise where Shi Ping served as an independent director. Jiakaicheng Group Co., Ltd., an enterprise where Shi Ping served as an independent director. The company's supervisor Shi Ping served as an independent director of the company

Huang Xiwei, director, deputy general manager and secretary of the board of directors of the company, serves as director of Fenghuo Xiangyun Network Technology Co., Ltd.

of enterprises

Anhui Lishan Cultural Tourism Industry Development Co., Ltd. Jiangsu Coastal Group Co., Ltd., a company where independent director Jin Yi serves as a director of the company, shareholder of the company

Other notes:

None

5. Related transactions

(1). Related transactions related to the purchase and sale of goods, provision and receipt of services

Procurement of goods/service acceptance form

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB Approved transaction amount Whether it exceeds the related party of the transaction Contents of related transactions Amount of the current period Amount of the previous period

Degree (if applicable) Quota (if applicable) PeKoLimited Purchase of goods No 1,949.40 Xentria, Inc. Commissioned research and development 14,356.40 56,230.40 No Xentria, Inc. Commissioned research and development 2,533.35 2,533.35 No 2,101.47

List of goods sold/services provided

□Applicable √Not applicable

Description of related transactions for purchasing and selling goods, providing and receiving services

□Applicable √Not applicable

(2). Related entrusted management/contracting and entrusted management/outsourcing situation

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

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(4) Related guarantees

The company acts as a guarantor

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB Guarantee Whether the guarantee has been secured by the guaranteed party Amount of guarantee Guarantee start date Guarantee expiration date

Completed performance Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 7,697.00 2024/6/11 2025/5/12 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 2,976.89 2024/7/15 2025/4/2 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 2,478.14 2024/7/15 2025/4/11 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 4,395.20 2024/7/15 2025/4/17 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 4,956.28 2024/7/15 2025/4/25 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 1,775.15 2024/7/2 2025/6/20 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 684.39 2024/7/2 2025/6/4 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 1,648.81 2024/7/5 2025/6/20 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 1,664.29 2024/7/5 2025/6/20 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 627.01 2024/7/5 2025/6/4 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 2,210.15 2024/7/17 2025/1/10 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 3,557.73 2024/7/17 2025/1/10 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 3,120.44 2024/7/17 2025/1/13 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 2,047.49 2024/7/17 2025/1/10 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 816.97 2024/7/17 2025/1/10 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 3,888.20 2024/7/24 2025/1/20 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 2,636.64 2025/6/19 2025/12/15 is Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 11,874.10 2025/9/15 2026/3/14 No Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 6,002.06 2025/4/14 2025/10/9 Yes Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 3,519.02 2025/4/14 2025/9/26 Yes Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 2,811.92 2025/4/14 2025/9/16 Yes Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 2,620.20 2025/10/31 2026/4/7 No Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 4,304.03 2025/10/31 2026/4/15 No Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 1,618.12 2025/10/31 2026/4/28 No Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 8,111.80 2025/5/9 2025/11/5 Yes Nanjing Jianzhi Ziming Pharmaceutical Trading Co., Ltd. 7,106.76 2024/2/23 2025/2/23 Yes Hong Kong Jianyou Industrial Co., Ltd. 23,636.91 2025/6/27 2026/6/26 No Hong Kong Jianyou Industrial Co., Ltd. 12,323.61 2025/5/23 2025/11/24 Yes Hong Kong Jianyou Industrial Co., Ltd. 16,771.54 2025/6/20 2025/12/19 Yes

The company as the guaranteed party

√Applicable □Not applicable

Unit: 100 million yuan Currency: RMB The guarantee has been fulfilled by the guarantor. Guarantee amount. Guarantee starting date. Guarantee expiry date.

BiTANGYONGQUN 7.00 2022/8/11 2027/8/10 No

Description of related guarantees

□Applicable √Not applicable

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

(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: 10,000 yuan Currency: RMB

Item Amount for the current period Amount for the previous period Remuneration of key management personnel 364.90 400.90

(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

(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

219/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

3. Share-based payment settled in cash

√Applicable □Not applicable

Unit: Yuan Currency: RMB Beared by the company, calculated based on shares or other equity instruments

The fair value determination method for liabilities determined by the Black-Scholes option pricing model

borne by the company, calculated on the basis of shares or other equity instruments

Important parameters of the fair value of liabilities determined by expected volatility, risk-free interest rate, and expected period (year)

Accumulated liabilities arising from cash-settled share-based payments among liabilities

128,702,752.41 amount

4. Share-based payment expenses for this period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Grant object category Equity-settled share-based payment expenses Cash-settled share-based payment expenses Core management backbone, core technical backbone,

-1,219,972.58 Core business backbones, etc.

Total -1,219,972.58Other 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

(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

220/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

17. Events after the balance sheet date

18. Important non-adjustment matters

□Applicable √Not applicable

2. Profit distribution

√Applicable □Not applicable

Unit: Yuan Currency: RMB Profit or dividend to be distributed 161,563,525.60 Profit or dividend declared to be distributed after review and approval 0

3. Sales returns

□Applicable √Not applicable

4. Description of other post-balance sheet events □Applicable √Not applicable

18. Other important matters

1. Correction of previous accounting errors

For details, please refer to the "Company's Analysis and Explanation of the Causes and Impacts of Changes in Accounting Policies, Accounting Estimates or Correction of Major Accounting Errors" under "Important Matters".

2. 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

6. Branch information

(1). Basis for determination of reporting segments and accounting policies □ Applicable √ Not applicable

221/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

(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 explained.

□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 (including 1 year) 1,042,167,312.39 1,656,834,911.29 Of which: within 1 year

Within 1 year 1,042,167,312.39 1,656,834,911.29 Subtotal within 1 year 1,042,167,312.39 1,656,834,911.29 1 to 2 years 397,948.48 778,951.03 2 to 3 years 147,664.60 484,974.00 More than 3 years 1,213,300.60 994,488.60 3 to 4 years

4 to 5 years

More than 5 years

Total 1,043,926,226.07 1,659,093,324.92

(2). Classified disclosure according to bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Ending balance Beginning balance

Category

Book balance Bad debt provision Book Book balance Bad debt provision Book

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

Value accrual Value accrual Proportion Proportion

Amount Amount Ratio Amount Amount Ratio (%) (%)

(%) Example

(%) Bad provision is made individually

Account preparation

Among them:

Bad provision based on combination

1,043,926,226. 2,260,355 1,041,665,87 1,659,093,324 100.0 1,817,50 1,657,275,81

100.00 0.22 0.11 Account preparation 07 .91 0.16 .92 0 9.58 5.34 Of which:

According to credit risk

Levy group accrual bad provision

2,260,355 46,169,965.6 1,817,50 25,572,847.8 48,430,321.60 4.64 4.67 27,390,357.46 1.65 6.64 accounts receivable .91 9 9.58 8 accounts receivable

Within the scope of consolidation

995,495,904.4 995,495,904. 1,631,702,967 1,631,702,96

95.36 98.35

Joint combination 7 47 .46 7.46 Total 1,043,926,226. / 2,260,355 / 1,041,665,87 1,659,093,324 / 1,817,50 / 1,657,275,81

07 .91 0.16 .92 9.58 5.34

Provision for bad debts is made individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: receivables with collective accrual of bad debt provisions based on credit risk characteristics

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Within 1 year 46,671,407.92 933,428.16 2

1 to 2 years 397,948.48 39,794.85 10

2 to 3 years 147,664.60 73,832.30 50

More than 3 years 1,213,300.60 1,213,300.60 100

Total 48,430,321.60 2,260,355.91 4.67 Instructions on the provision of bad debt provisions by group:

□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

Not applicable

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 Category Beginning balance Amount of change during the period Ending balance

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

Provision Recovery or reversal Write-off or write-off Other changes

Accounts receivable 1,817,509.58 442,846.33 2,260,355.91

Total 1,817,509.58 442,846.33 2,260,355.91

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 for accounts receivable and accounts receivable combined

Accounts receivable at the end of the period Contract assets Contract assets at the end of the period Bad debt provision at the end of the period Unit name Same assets at the end of the period

Balance Ending balance Balance amount of total balance

Proportion (%) Customer 1 486,462,188.13 486,462,188.13 46.6 Customer 2 202,284,836.80 202,284,836.80 19.38 Customer 3 128,851,906.96 128,851,906.96 12.34Customer 4 104,006,666.61 104,006,666.61 9.96Customer 5 73,890,305.97 73,890,305.97 7.08

Total 995,495,904.47 995,495,904.47 95.36Other instructions:

None

Other notes:

□Applicable √Not applicable

2. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Interest receivable

Dividends receivable

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

Other receivables 1,885,880,308.72 1,089,110,284.09Total 1,885,880,308.72 1,089,110,284.09Other instructions:

√Applicable □Not applicable

None

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

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 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

225/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report 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 bad debt provisions not applicable

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 bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

226/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

(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 (including 1 year) 1,620,247,137.08 823,436,517.36 Among them: within 1 year

Within 1 year 1,620,247,137.08 823,436,517.36 Subtotal within 1 year 1,620,247,137.08 823,436,517.36 1 to 2 years 5,000.00 44,180.00 2 to 3 years 24,480.00 34,500.00 More than 3 years 265,666,020.52 265,650,020.52 3 to 4 years

4 to 5 years

More than 5 years

Total 1,885,942,637.60 1,089,165,217.88

(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

Security deposit and deposit 75,430.00 113,630.00

Current accounts 1,885,867,207.60 1,089,051,587.88

Total 1,885,942,637.60 1,089,165,217.88

(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 Total estimated use losses (credit has not occurred) in the next 12 months (credit has not occurred)

period credit loss

Impairment) Impairment)

As of January 1, 2025

3,315.79 51,618.00 54,933.79 amount

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

As of January 1, 2025

Amount in this period

--Transfer to the second stage

--Transfer to the third stage

--Return to the second stage

--Return to the first stage

Provision in this period 323.09 7,072.00 7,395.09 Transferred in this period

Sales in this period

Write-off in this period

Other changes

December 31, 2025

3,638.88 58,690.00 62,328.88 Balance

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 Category of changes in the current period Opening balance Recovery or transfer Ending balance accrual Write-off or write-off Other changes

return

Other receivables 54,933.79 7,395.09 62,328.88

Total 54,933.79 7,395.09 62,328.88

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

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

Unit: Yuan Currency: RMB in other receivables

Closing balance of the payment Name of the bad debt provision unit Closing balance Nature of the payment Ratio of total aging balance Closing balance

Example(%)

Meitheal

1,029,916,031.49 54.61 Current account Within 1 year Pharmaceuticals, Inc.

HongKongKing-Friend

IndustrialCompany 588,831,310.99 31.22 Current account Within 1 year Limited

Jianjin Pharmaceutical Co., Ltd. 265,620,070.52 14.08 Current accounts Over 3 years Nanjing Jianyou Hotel Co., Ltd. 1,317,850.39 0.07 Current accounts Within 1 year Shanghai UBM International Exhibition Co., Ltd. Current accounts

82,470.00 0.00 Within 1 year 1,649.40 company payment

Total 1,885,767,733.39 99.98 / / 1,649.40

(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 Ending balance Beginning balance item Impairment Impairment book balance Book value Book balance Book value

Preparation Preparation for investment in subsidiaries 775,293,669.10 775,293,669.10 367,293,669.10 367,293,669.10 Investment in associates and joint ventures

Total 775,293,669.10 775,293,669.10 367,293,669.10 367,293,669.10

(1). Investment in subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period

Impairment

Less impairment allowance

Balance at the beginning of the period (book value, provision, provision, balance at the end of the period (book value of the invested unit less than the provision value at the end of the period), additional investment impairment value at the beginning of the period) investment balance, provision

Capital

Nanjing Jianyou Hotel

521,800.00 521,800.00 Co., Ltd.

Nanjing Jianyou Pharmaceutical

14,484,575.00 14,484,575.00 Co., Ltd.

Hong Kong Jianyou Industrial

137,287,294.10 137,287,294.10 Co., Ltd.

Nanjing is wise and self-evident

Pharmaceutical Trading Co., Ltd. 200,000,000.00 408,000,000.00 608,000,000.00 Company

229/233

Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

Nanjing Jianzhi Aggregation

Information Technology Co., Ltd. 15,000,000.00 15,000,000.00

company

Total 367,293,669.10 408,000,000.00 775,293,669.10

(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 for the previous period

Project

revenue cost revenue cost

Main business 2,142,562,208.04 1,661,324,267.07 2,011,579,793.76 1,335,399,851.44 Other businesses 4,356,765.47 6,412,824.92 4,466,020.54 4,758,264.64

Total 2,146,918,973.51 1,667,737,091.99 2,016,045,814.30 1,340,158,116.08

(2). Decomposition information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Total

Contract classification

Operating income Operating costs

Product type

Main business income:

Preparations 1,929,275,357.65 1,566,879,349.05 Standard heparin API 200,401,395.58 87,722,853.88 CDMO 12,316,633.87 6,357,197.59 Other products 568,820.94 364,866.55 Subtotal 2,142,562,208.04 1,661,324,267.07 Other business income:

Others 4,356,765.47 6,412,824.92 Subtotal 4,356,765.47 6,412,824.92 Total 2,146,918,973.51 1,667,737,091.99

Other notes:

□Applicable √Not applicable

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

(3). Description of performance obligations

□Applicable √Not applicable

(4). Description of allocation to remaining performance obligations

□Applicable √Not applicable

(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 incurred in the current period Long-term equity investment income calculated using the cost method Amount incurred in the previous period

Long-term equity investment income calculated using the equity method

Investment income from disposal of long-term equity investments

Investment income from trading financial assets during the holding period

Dividend income from other equity instrument investments during the holding period

Interest income earned from debt investments during the holding period

Interest income earned from other debt investments during the holding period

Investment income from disposal of trading financial assets

Investment income from disposal of other equity instrument investments

Investment income from disposal of debt investments

Investment income from disposal of other debt investments

Debt restructuring proceeds

Option Settlement Proceeds

Income from financial products 9,526,330.63 40,070,714.58

Total 9,526,330.63 40,070,714.58Other 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 of gains and losses from disposal of non-current assets, including write-offs for which asset impairment provisions have been made Disposal of fixed assets, intangible assets

-3,268,405.52 Assets included in the current profit and loss are government subsidies, but they are closely related to the company’s normal business operations 36,117,966.16 See Section 8 Financial Report

231/233 Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

Except for government subsidies that are relevant, comply with national policies and regulations, are enjoyed in accordance with determined standards, and have a lasting impact on the company's profits and losses. 7. Consolidated financial statements Item Notes 69. Other income

In addition to the effective hedging business related to the company's normal operating business, non-mainly changes in the fair value of financial assets and financial liabilities held by delivered forward financial enterprises 66,850,462.65 Gains and losses on foreign exchange settlement and foreign exchange period gains and losses arising from the disposal of financial assets and financial liabilities. Capital occupation fees charged to non-financial enterprises are included in the current profits and losses.

Gains and losses from entrusting others to invest or manage assets

Profit and loss from external entrusted loans

Damage to various assets due to force majeure factors, such as natural disasters

lose

Reversal of impairment provision for accounts receivable that has been individually tested for impairment

The investment cost for an enterprise to acquire subsidiaries, associates and joint ventures is less than

When acquiring an investment, you should enjoy the fair value of the identifiable net assets of the investee.

income from living

Subsidiaries resulting from business mergers under common control from the beginning of the period to the date of merger

net profit or loss

Gains and losses on non-monetary asset exchanges

Debt restructuring gains and losses

One-time expenses incurred by the enterprise due to the discontinuation of relevant operating activities, such as

Expenditures for relocating employees, etc.

Adjustments to current profits and losses due to adjustments to tax, accounting and other laws and regulations

secondary effects

One-time confirmation of share-based payment expenses due to cancellation or modification of equity incentive plan

For cash-settled share-based payments, after the vesting date, the amount payable to employees

Gains and losses arising from changes in fair value of compensation

The fair value of investment properties for subsequent measurement using the fair value model

Gains and losses arising from changes in value

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 -1,448,871.72 Other profit and loss items that meet the definition of non-recurring gains and losses

Less: Impact on income tax 19,435,057.70 Impact on minority shareholders’ equity (after tax)

Total 78,816,093.87

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

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Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. 2025 Annual Report

Yield (%) Basic earnings per share Diluted earnings per share Net attributable to the company’s ordinary shareholders

8.68 0.36 0.37Profit

After deducting non-recurring gains and losses, attributable to

7.51 0.31 0.32 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: Tang Yongqun

Board approval submission date: April 29, 2026 Revised information

□Applicable √Not applicable

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