2025 Annual Report

Tianyu Biotechnology Co., Ltd. 2025 Annual Report

Company code: 603717 Company abbreviation: Tianyu Biotechnology Tianyu Biotechnology Co., Ltd. 2025 Annual Report

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

4. The person in charge of the company, Meng Zhuowei, the person in charge of accounting work, Li Zhiman, and the person in charge of the accounting department (accounting officer) Zhang Pei declare that they guarantee the authenticity, accuracy and completeness of the financial report in the annual report.

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

None

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

Audited by Zhonghua Accounting Firm (Special General Partnership), as of the end of the reporting period, there was a cumulative uncompensated loss of RMB 300,833,893.87 in the financial statements of the parent company. According to the "Company Law of the People's Republic of China", "Listed Company Supervision Guidelines No. 3 - Cash Dividends by Listed Companies" and other relevant laws and regulations, the company does not meet the conditions for implementing cash dividends. Investors are kindly requested to pay attention to investment risks.

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 are affected by many factors such as market conditions and 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 possible risks in detail in this report. Please refer to "(4) Possible Risks" in "VI. The Company's Discussion and Analysis on the Company's Future Development" in "Section 3 Management Discussion and Analysis".

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11. Others

□Applicable √Not applicable

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Directory

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

Section 2 Company Profile and Main Financial Indicators......................................................................................6

Section 3 Management Discussion and Analysis................................................................................................13

Section 4 Corporate Governance, Environment and Society......................................................................................36

Section 5 Important Matters................................................................................................................................51

Section 6 Changes in Shares and Shareholders...................................................................................76

Section 7 Bond-related situations......................................................................................................................81

Section 8 Financial Report......................................................................................................................82

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

The original audit report containing the seal of the accounting firm and the signature and seal of the certified public accountant

Document directory for reference

The originals of all company documents and announcements publicly disclosed on the information disclosure carrier designated by the China Securities Regulatory Commission during the reporting period

Original copy of the 2025 annual report document signed by the company’s legal representative

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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

Tianyu Biotech, the company, the company and the issuer refers to Tianyu Biotechnology Co., Ltd.

The reporting period and this reporting period refer to the period from January 1, 2025 to December 31, 2025. The same period last year refers to the period from January 1, 2024 to the end of December 31, 2024. The end of this reporting period and the end of this period refer to December 31, 2025.

The beginning of the period and the end of the previous year refer to December 31, 2024

Zhongsheng Huaxing refers to Zhongsheng Huaxing International Construction Engineering Co., Ltd.

Quzhou Tianyu refers to Quzhou Tianyu Landscape Construction Co., Ltd.

Panzhou Water Conservancy refers to Panzhou Tianyu Water Conservancy and Ecological Investment Co., Ltd. Nanning Guoye refers to Nanning Guoye Infrastructure Construction Investment Co., Ltd. Jining Tianjian refers to Jining Economic Development Zone Tianjian Park Construction and Operation Co., Ltd. Tianqian Food refers to Tianqian Food Co., Ltd.

Tianyuyun Digital refers to Tianyuyun (Shanghai) Digital Technology Co., Ltd. Tianyuyuan refers to Tianyuyuan (Shanghai) Technology Development Co., Ltd. Wuhan Jiacheng refers to Wuhan Jiacheng Biological Products Co., Ltd.

Guigang Guoye refers to Guigang Guoye Pipe Gallery Construction Co., Ltd.

Shanghai Daoyun refers to Shanghai Daoyun Asset Management Co., Ltd.

Shanghai Tianxia refers to Shanghai Tianxia Landscape Planning and Design Co., Ltd. Tongling Tianshan refers to Tongling Tianshan Ecological Construction Co., Ltd.

Anhui Tianyu refers to Anhui Tianyu Ecological Environment Co., Ltd.

Tianyu New Energy refers to Shanghai Tianyu New Energy Technology Co., Ltd.

Tiancheng Fengtai refers to Hubei Tiancheng Fengtai Food Co., Ltd.

Sichuan Zhongtai refers to Sichuan Zhongtai Qihang New Energy Technology Co., Ltd. Ningbo Ninglv refers to Ningbo Ninglv Wangganshan Tourism Development Co., Ltd. Wuxi Fanhua refers to Wuxi Tianyu Fanhua Cultural Tourism Development Co., Ltd. Qinghai Juzhiyuan refers to Qinghai Juzhiyuan New Materials Co., Ltd.

Live pig refers to the collective name for breeding pigs, commercial pigs, piglets, etc.

Pigs produced and sold for the purpose of breeding and expansion, including great-grandson breeding pigs refer to

Breeding pigs, grandparent pigs and parent pigs

Commercial pigs refer to pigs sold to the outside world for market consumption.

Piglets from birth to weaning are generally about 21 to 26 days old.

Transferred to nursery pigs (about 7 kg)

From the weaning day to the stage of transfer to the fattening pen, pigs are generally transferred to nursery pigs at about 70 days of age.

Enter fattening pigs (about 25 kg)

The pigs that are transferred from the fattening pen to the slaughter stage after nursing are generally about 70 to 70 years old. The fattening pig refers to

180 days old (about 115 kg)

The highest level in the pig generation breeding system, the genetically selected ancestor pigs are mainly used to breed the ancestor pigs. Compared with commercial pigs, they are the great-grandfather (mother).

The second level in the pig generation breeding system is used for genetic expansion of ancestral breeding pigs. It is mainly used for breeding parent generation breeding pigs, which is the grandfather (mother) relative to commercial pigs.

The third level in the pig generation breeding system is mainly used to breed commercial parent generation pigs.

Pig, relative to commercial pig, is the father (mother)

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EngineeringProcurementConstructing, or EPC, refers to the design, procurement, and construction of engineering construction projects entrusted by the owner.

A contracting SPV that implements the entire process or several stages of construction, trial operation, etc. refers to the SpecialPurposeVehicle special purpose company

Public-Private-Partnership model, that is, government PPP refers to forming a partnership with the private sector based on a public project, and clearly

rights and obligations, risks and benefits

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

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

"Stock Listing Rules" refers to the "Stock Listing Rules of the Shanghai Stock Exchange"

"Articles of Association" refers to "Articles of Association of Tianyu Biotechnology Co., Ltd."

Shanghai Stock Exchange refers to Shanghai Stock Exchange

China Securities Regulatory Commission refers to China Securities Regulatory Commission

Figures in this report are generally kept to two decimal places. There is a difference in the mantissa between the totals in some tables and the direct sum of each value.

The difference is due to rounding of numbers.

Section 2 Company Profile and Main Financial Indicators

1. Company information

The Chinese name of the company Tianyu Biotechnology Co., Ltd. The Chinese abbreviation of the company Tianyu Biotechnology

The company's foreign name TianYuBio-TechnologyCo.,Ltd. The company's foreign name abbreviation -

The legal representative of the company Meng Zhuowei

2. Contact person and contact information

Secretary of the Board of Directors Name of Securities Affairs Representative Meng Zhuowei Xia Qiaoli

Wanguke, No. 1688, Guoquan North Road, Yangpu District, Shanghai Contact address: No. 1688, Guoquan North Road, Yangpu District, Shanghai

2nd Floor, Building C4, Technology Park 2nd Floor, Building C4, Bay Valley Technology Park Telephone 021-65236319 021-65236319 Fax 021-65236319 021-65236319 E-mail [email protected] [email protected]

3. Basic situation introduction

The company's registered address: 1206, Building 3, No. 25, Juxian Street, Jiangbei District, Chongqing Historical changes of the company's registered address 7-9 and 7-10, Building 2, No. 2 Qiaobeiyuan, Jiangbei District, Chongqing The company's office address The second floor of Building C4, Wangu Science and Technology Park, No. 1688 Guoquan North Road, Yangpu District, Shanghai Postal code of the company's office address 200433

Company website http://www.tygf.cn

Email [email protected]

4. Information disclosure and preparation location

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

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"Securities Times" and "Securities Daily" The stock exchange website where companies disclose annual reports is http://www.sse.com.cn

The company's annual report is prepared at the company's Secretary's Office

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 Tianyu Biotech 603717 Tianyu Ecology

6. Other relevant information

Name Accounting firm hired by Zhonghua Accounting Firm (Special General Partnership) Office address of Raffles City, North Bund, No. 1089 Dongdaming Road, Hongkou District, Shanghai

Office (within the territory) 17th-18th floor, East Tower, Plaza

Name of the signing accountant: He Liangliang, Yue Jingyi

Name Zhongde Securities Co., Ltd.

No. 1, Huamao Center, No. 81 Jianguo Road, Chaoyang District, Beijing. Perform continuous supervision during the reporting period. Office address

Floor 22

responsible sponsor

Names of the signing sponsor representatives: Lan Jianzhou, Su Shuai

Period of continuous supervision January 1, 2025 to October 23, 2025 Name Guohai Securities Co., Ltd.

Guohai Securities, Building C1, No. 988 Zhongshan South Road, Huangpu District, Shanghai, performed continuous supervision during the reporting period. Office address

building

responsible sponsor

Name of the signing sponsor representative: Lin Yiming, Gao Jie

Period of continuous supervision: October 24, 2025 to December 31, 2025

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

(1) Main accounting data

Unit: Yuan Currency: RMB

This period is better than the same period last year in 2023

Main accounting data 2025 2024

Increase or decrease(%)

After adjustment Operating income before adjustment 725,588,873.17 801,506,706.66 -9.47 670,454,363.38 670,454,363.38 Excluding business income unrelated to the main business and those without commercial substance

Operating income after 718,817,450.01 794,501,931.27 -9.53 668,394,163.35 668,394,163.35

Total profit -96,228,642.18 -87,158,383.46 Not applicable -578,582,066.25 -617,157,066.25Net profit attributable to shareholders of listed companies -106,903,872.77 -107,357,787.62 Not applicable -461,636,824.63 -494,425,574.63Net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses -138,808,459.34 -113,140,581.89 Not applicable -483,348,525.26 -516,137,275.26Net cash flow generated from operating activities 258,297,702.61 135,287,021.94 90.93 -175,930,450.01 -175,930,450.01

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

End of 2023

End of 2025 End of 2024

Ending increase or decrease (%) After adjustment Before adjustment

Net assets attributable to shareholders of listed companies 412,422,762.34 518,739,110.05 -20.50 645,658,156.05 645,658,156.05 Total assets 2,893,138,611.22 3,214,984,288.09 -10.01 3,272,635,868.81 3,272,635,868.81

(2) Main financial indicators

This period is more than the same period last year. 2023

Main financial indicators 2025 2024

Less (%) After adjustment Basic earnings per share before adjustment (yuan/share) -0.3684 -0.3700 Not applicable -1.5910 -1.7041 Diluted earnings per share (yuan/share) -0.3684 -0.3700 Not applicable -1.5910 -1.7041Basic earnings per share after deducting non-recurring gains and losses (yuan/share) -0.4784 -0.3899 Not applicable -1.6659 -1.7789 Weighted average return on equity (%) -22.97 -18.23 A decrease of 4.74 percentage points -52.68 -55.39 Weighted average return on equity after deducting non-recurring gains and losses (%) -29.82 -19.22 A decrease of 10.60 percentage points -55.16 -57.82

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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

1. During this reporting period, some of the company's main accounting data have a larger rate of increase or decrease compared with the same period last year. The main ones are: the net cash flow generated from operating activities during this reporting period increased by 90.93% compared with the same period last year. This is mainly due to the receipt of other information related to operating activities during the reporting period.

This is caused by both the increase in cash and the decrease in cash used to purchase goods and receive services.

2. On June 8, 2024, the company disclosed the "Announcement on the Correction of Preliminary Accounting Errors". Due to the imprudent provision of impairment provisions for Qinghai Juzhiyuan's long-term equity investment in the early stage, according to the "Information Disclosure and Preparation Rules for Companies that Publicly Offer Securities No. 19 - Correction of Financial Information and Related Disclosures" and "Accounting Standards for Business Enterprises No. 28 - Accounting Policies, Changes in Accounting Estimates and Correction of Errors" and other related

In accordance with the provisions of relevant documents, accounting errors were corrected in the company's 2022 and 2023 annual financial statements and notes.

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 225,272,371.07 187,030,585.00 123,298,080.72 189,987,836.38 Attributable to shareholders of listed companies

13,768,228.59 -2,950,211.51 -12,428,911.08 -105,292,978.77Net profit

Attributable to shareholders of listed companies

Net profit after deducting non-recurring gains and losses -6,389,156.76 -12,912,582.26 -14,856,098.85 -104,650,621.47

cash flow from operating activities

46,955,521.04 42,870,209.51 57,385,806.28 111,086,165.78 Net amount

Explanation of differences between quarterly data and disclosed periodic report data

□Applicable √Not applicable

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10. Non-recurring profit and loss items and amounts

√Applicable □Not applicable

Unit: Yuan Currency: RMB Note (such as non-recurring profit and loss items Amount in 2025 Amount in 2024 Amount in 2023

Applicable) Profit and loss on disposal of non-current assets, including accrued

23,448,922.00 -5,932,222.02 -3,269,844.25 Offset portion of asset impairment provisions

Government subsidies included in the current profit and loss, but are closely related to the company's normal business operations and comply with national policies

2,975,734.32 844,661.74 3,347,559.76 Except for government subsidies that are stipulated in policies, enjoyed according to determined standards, and have a lasting impact on the company's profits and losses, except for effective hedging business related to the company's normal operating business, changes in fair value of financial assets and financial liabilities held by non-financial enterprises 5,957,873.67 1,113,682.82 2,943,084.45 Gains and losses and gains and losses arising from the disposal of financial assets and financial liabilities

Fund occupation fees charged to non-financial enterprises included in current profits and losses

Gains and losses from entrusting others to invest or manage assets

Profit and loss from external entrusted loans

Loss of various assets due to force majeure factors, such as natural disasters

Impairment standards for accounts receivable that are individually tested for impairment

200,000.00 5,400,000.00 15,942,888.75 Ready to be transferred back

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

Gains and losses from debt restructuring -1,172,240.06 7,858,667.32 One-time expenses incurred by the enterprise due to the continuation of relevant operating activities, such as expenses for employee placement and other one-time impacts on current profits and losses due to adjustments in taxation, 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

7,742,371.38 5,551,157.34 -4,483,230.99 Expenses

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

Head

Less: Impact on income tax -79.50 -50,943.43 340,388.12 Impact on minority shareholders’ equity (after tax) 8,420,394.30 73,188.98 287,036.29

Total 31,904,586.57 5,782,794.27 21,711,700.63

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

——

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

The non-recurring profit and loss items listed in "Non-recurring Profit and Loss" are defined as recurring profit and loss items, and the reasons should be explained.

□Applicable √Not applicable

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11. Business income deduction table

Unit: 10,000 yuan Currency: RMB

Item Specific deductions for the current year Specific deductions for the previous year Operating income amount 72,558.89 80,150.67 Total amount of deduction items in operating income 677.14 700.48 Total amount of deduction items in operating income as a proportion of operating income (%) 0.93 / 0.87 /

1. Business income unrelated to the main business

1. Other business income other than normal operations. Such as leasing fixed assets, intangible assets, packaging materials, sales materials, using materials, exchanging non-monetary assets with the company's main business, operating entrusted management business, etc., as well as other income that is not included in the main business income but is unrelated to the normal operations of the listed company. business income business income

2. Income from quasi-financial business that does not meet qualifications, such as interest income from lending funds; newly added in this fiscal year and the previous fiscal year

Income generated from quasi-financial businesses, such as guarantees, commercial factoring, small loans, financial leasing, pawns and other businesses

Income, except for financial leasing business carried out for the sale of main products.

3. Income generated from new trading business in this fiscal year and the previous fiscal year.

4. Income generated from related transactions unrelated to the listed company’s existing normal business operations.

5. Income from the beginning of the period to the date of merger of subsidiaries merged under the same control.

6. Income generated from businesses that have not formed or are difficult to form a stable business model.

Subtotal of business income unrelated to main business 677.14 700.48

2. Income without commercial substance

1. Income generated from transactions or events that do not significantly change the risk, timing distribution or amount of an enterprise's future cash flows.

2. Income generated from transactions without real business. For example, false income achieved through self-trading, using Internet technology

False income generated by constructing transactions through technical means or other methods.

3. Income generated from businesses whose transaction prices are unfair.

4. Income generated from subsidiaries or businesses acquired through business combinations in this fiscal year at obviously unfair consideration or in a non-trading manner.

5. Income related to non-standard audit opinions in the audit opinion.

6. Income generated from other transactions or matters that are not commercially reasonable.

Income subtotal without commercial substance

3. Other income that has nothing to do with the main business or does not have commercial substance

Amount after deduction of operating income 71,881.75 79,450.19

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12. 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

13. Items measured at fair value

√Applicable □Not applicable

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

Amount

Guigang Guoye 1,000,000.00 1,000,000.00 - - Panzhou Water Conservancy 10,495,191.88 10,495,191.88 - - Trading financial assets 8,434,480.00 8,434,480.00 8,434,480.00 Trading financial liabilities 1,199,197.24 1,199,197.24 -1,199,197.24

Total 11,495,191.88 21,128,869.12 9,633,677.24 7,235,282.76

14. Others

□Applicable √Not applicable

Section 3 Management Discussion and Analysis

1. Business status of the company during the reporting period

During the reporting period, the company's main business focused on three major business segments: ecological agriculture and animal husbandry and food business (pig breeding, sales of agricultural and sideline products including red yeast products, etc.), ecological energy business (distributed photovoltaic power stations, etc.), and ecological environment business (garden ecological engineering, seedling planting, etc.). There have been no major changes in the main business. During the reporting period, the company adhered to "ecology" as the core of its operations and "digital intelligence" as the company's business upgrade direction. It steadily developed ecological agriculture, animal husbandry, food business and ecological energy business, and contracted ecological environment business in an orderly manner. The main businesses, operating models and performance drivers are as follows:

(1) Ecological agriculture, animal husbandry and food business

The company uses its subsidiary Tiangan Food as its business carrier, integrates industrial resources with the "pig source" as the starting point, and develops the production and sales of biotechnology-based red yeast products, health foods, and agricultural and sideline products. It takes healthy ecological food and agricultural digital and intelligent transformation as the company's strategic breakthrough to help realize the strategic deployment of ecological agriculture in the "planting, raising, and eating" cycle.

1. Pig breeding business

The company's pig breeding business mainly adopts the self-breeding and self-raising business model and the "company + farmer" breeding and recycling model for pig breeding and sales. The main sales products are piglets and fattening pigs. The company focuses all its breeding production capacity and resources in Hubei Province, which is located in the thoroughfare of nine provinces and sits on the golden waterway of the Yangtze River. It deeply cultivates regional development and maintains a stable growth trend in slaughter scale. In addition, the company has reached in-depth industry-university-research cooperation with institutions such as Huazhong Agricultural University, the Chinese Academy of Agricultural Sciences, and Zhongnong Provenance (Shenzhen) Technology Co., Ltd. to jointly carry out research and practical transformation on breeding design, performance selection and other topics, optimize population genes, and promote the construction of its own breeding pig breeding plant.

Under the self-breeding and self-raising model, breeding bases are laid out around areas with large pig supply gaps, pig farm infrastructure is implemented through self-construction, cooperation with social capital, leasing, etc., and a modest-scale Tianyu breeding pig breeding and commercial pig breeding base is established. in pigs

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During the breeding process, scientific and strict biosafety procedures are established and implemented, feed quality is strictly controlled, modern breeding equipment and technology with a high degree of automation are used, and the pig farm is managed in a closed manner. At the same time, intelligent management software (such as the Rural Credit Union System) is used to strengthen data management and analysis, and cost advantages are gradually established through refined management to explore the establishment of an intelligent breeding system.

Under the breeding and recycling model, the company operates in cooperation with farmers to raise pigs, that is, the farmers raise funds to build pig houses, and during the breeding process, they receive pig seedlings, feed, vaccines and drugs from the company in the form of accounting. When the pigs are grown and sold, the company implements protective price recovery, and the farmers pay cooperation deposits in advance. The company sets the prices for seedlings, feeds, and drugs for the farmers, and recycles the prices of the pigs from the farmers. After the pigs are put on the market, the farmers settle with the company.

The company's pigs are self-reproduced and self-raised using the "combination of planting, raising and feeding" approach, taking advantage of the company's original ecological technology advantages to solve environmental problems in the pig breeding process. Through the construction of ecological recycling planting and breeding projects, the company achieves environmental friendliness, soil improvement, promotes the modernization and upgrading of pig breeding, helps local pigs enter the market and stabilizes pork supply, and achieves symbiosis and win-win for consumers, farmers, governments, industries and enterprises.

The main performance driving factors are breeding cost control, epidemic prevention control level and commercial pig market sales.

2. Red yeast products, health foods and agricultural and sideline foods

The company's red yeast rice business is operated by Wuhan Jiacheng, and its main sales products are functional, pigment, and fermented red yeast products and health foods. Wuhan Jiacheng applies modern biotechnology on the basis of inheriting traditional production techniques and establishes a full-chain technology system of "raw material screening-strain research and development-process development-quality control-pilot transformation" to provide global customers with "monascus+" solutions for functional foods and food additives, and actively develops red yeast rice as a pig feed additive to improve the healthy breeding of pigs.

Wuhan Jiacheng implements a sales-based production model. Based on sales orders, market demand forecasts and inventory conditions, it develops a reasonable production planning process, covering production capacity planning, production scheduling, progress control, quality management and delivery operations and other management links to ensure that the factory produces and delivers goods as planned to meet customer needs.

In the sales process, we adopt a direct sales model to directly negotiate sales business with customers in red yeast downstream application industries such as food processing companies and brewing companies, establish long-term and stable cooperative relationships, and actively expand the market by participating in international and domestic exhibitions.

In the procurement process, we have established a sound supplier evaluation and selection system, strictly screened suppliers through on-site inspections of bulk raw and auxiliary material suppliers, effectively controlled the quality and safety of raw materials from the source, provided raw material traceability, and ensured stable and high-quality supply of raw materials. The company uses an ERP system to ensure the continuity of production through reasonable inventory management and avoid the risk of raw material deterioration caused by inventory backlog.

The main performance drivers are sales order volume, process optimization and cost control.

The company's ecological agriculture, animal husbandry and food business accounts for more than 70% of the company's revenue and is the company's main business.

(2) Ecological energy business

The company's ecological energy business focuses on the investment, development and construction of distributed photovoltaic power station projects, which mainly includes the development, investment, construction, self-sustaining operation and transfer of distributed photovoltaic power stations. The business model is for the power user to lease part of its building roofs, parking facilities, etc. to the company. The company purchases photovoltaic components through a combination of its own funds and financial leasing or a combination of its own funds and bank loans to build a distributed photovoltaic power station. After the construction is completed, it can obtain stable power generation income through self-operated power stations, or through

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Gain profits by selling the power station at the right time. The company adopts the electricity sales model of "self-use for self-use and surplus electricity for grid-connection". The generated electricity is sold to rooftop resource owners first, and the remaining electricity is fully grid-connected.

The main performance drivers are power generation, on-grid electricity prices, financing cost optimization, etc., and this business is greatly affected by national and regional policies.

(3) Ecological environment business

The company's ecological and environmental business focuses on fully promoting the fulfillment of orders on hand, project completion settlement and collection of accounts receivable. In principle, this type of business will no longer be added. The company's garden ecological engineering business includes project contracting, design, procurement, construction and settlement. After the project is awarded the bid or the project contract is signed, design, procurement and construction work will be carried out. For EPC projects and ordinary construction projects, the project payment will be settled according to the project progress. After the completion acceptance is passed, the owner will conduct audit and settlement before paying the final payment. For PPP projects, the company, as a social capital party, jointly establishes an SPV company with the government, and invests, finances, constructs and operates the PPP project through the SPV company. If the company is responsible for project construction within the scope of business qualifications, the project construction will be settled and paid according to the progress according to the "PPP Project Contract" and the "Construction Project Construction Contract".

The main performance drivers are the efficiency of accounts receivable collection and the speed of completion and settlement of existing projects.

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

1. Ecological agriculture, animal husbandry and food business

The pig breeding industry is a traditional industry in my country. The pig breeding industry has the characteristics of huge industry capacity and low production concentration. In recent years, the scale of pig breeding in my country has gradually increased and is developing in the direction of integration, standardization, intensification, scale and intelligence. The Central Committee of the Communist Party of China and the State Council issued the "No. 1 Central Document of 2025" proposing to develop new agricultural productivity, expand application scenarios of artificial intelligence, data and other technologies, and support the development of smart agriculture. At the same time, pig breeding has become the mainstream direction of future research and development in the industry. my country has taken the improvement of biological breeding as a strategic measure to enhance the core competitiveness of agriculture. The Ministry of Agriculture and Rural Affairs issued the "National Pig Genetic Improvement Plan (2021-2035)" and proposed that by 2035, a complete commercial breeding system will be established, independent innovation capabilities will be greatly improved, and the core breed source supply rate will remain above 95%.

Our country is a major pig breeding and consumption country, and pork is the most important meat food for our residents. According to data from the National Bureau of Statistics, the national output of pig, beef, mutton and poultry in 2025 will be 100.72 million tons, of which pork output will be 59.38 million tons, accounting for 58.96%, a year-on-year increase of 4.1%. In 2025, 719.73 million pigs will be slaughtered nationwide, an increase of 17.16 million pigs or 2.4% year-on-year. At the end of 2025, the number of live pigs nationwide was 429.67 million, an increase of 2.24 million or 0.5% year-on-year; of which the number of reproductive sows was 39.61 million, a decrease of 1.16 million or 2.9% year-on-year, which was 101.6% of the normal number.

my country's pig breeding industry is a cyclical industry. The cyclical fluctuation characteristics of pig prices are relatively obvious. Generally, a fluctuation cycle is 3-4 years (and the uncertainty of the pig cycle has increased significantly in recent years). The cyclical fluctuations are mainly determined by the low concentration of my country's pig breeding industry, the inherent growth and breeding cycle of pigs, and the impact of new large-scale diseases. The price trend of live pigs in 2025 will show a pattern of "high at first and then low, with shocks and bottoms". In the first quarter, pig prices fluctuated briefly; in the second quarter, they fell slightly; in the third quarter, due to the "reverse"

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There was a short-term rebound after the release of the "involution" policy, but the fundamentals of sufficient supply did not change. Added to the impact of the off-season consumption, prices fell back down again. They continued to bottom out in the fourth quarter, reaching the low for the year in mid-October, and then rebounded moderately at the end of the year.

Feed is the main cost expenditure of pig breeding, accounting for about 60% of the entire breeding stage. Therefore, changes in feed costs directly affect the profit margin of breeding. Feed raw materials are mainly composed of corn, wheat, soybean meal, etc., and are susceptible to factors such as national grain strategies and natural climate changes. In 2025, corn prices fluctuated at a low level in the first half of the year and rebounded slightly in the second half of the year. Soybean meal prices rebounded in the first half of the year and fell again in the second half of the year. The average price for the whole year fell compared with the same period last year. The cost pressure on the feed end was further alleviated, driving the cost of pig breeding to decline.

2. Ecological energy business (photovoltaic power generation)

In October 2021, the "Carbon Peaking Action Plan before 2030" issued by the State Council pointed out that we should vigorously develop new energy, comprehensively promote the large-scale development and high-quality development of wind power and solar power generation, adhere to both centralized and distributed development, and accelerate the construction of wind power and photovoltaic power generation bases. By 2030, the total installed capacity of wind power and solar power generation will be Capacity reaches more than 1.2 billion kilowatts; actively develop "new energy + energy storage", integration of source, grid, load and storage, and multi-energy complementation, and support the rational allocation of energy storage systems for distributed new energy. By 2025, the installed capacity of new energy storage will reach more than 30 million kilowatts, and the rooftop photovoltaic coverage rate of newly built public institutional buildings and new factories will strive to reach 50%.

According to official data from the National Energy Administration, the country's newly installed photovoltaic capacity in 2025 is 316.57GW, a year-on-year increase of 14.05%, and the cumulative installed capacity has reached 1,199.91GW; of which distributed photovoltaic newly installed capacity is 153GW, accounting for approximately 48.33%, which is one of the main forces for the growth of photovoltaic installed capacity.

3. Ecological environment business

Since 2021, the environment for the municipal garden ecological industry has become increasingly severe. From the perspective of the external environment, the geopolitical situation at home and abroad is complex, and the downward pressure on the domestic economy is increasing; from the perspective of the industry environment, due to the government's reduction in debt scale and the transformation of the development model, some existing government investment projects are facing problems such as difficulty in collecting payments.

In recent years, the state has issued multiple policies to support the resolution of debt arrears to private enterprises, and garden companies are expected to seize the opportunity to solve the difficulties in recovering accounts receivable. On February 17, 2025, national leaders proposed at a symposium on private enterprises that "we must focus on solving the problem of arrears in the accounts of private enterprises." The National Development and Reform Commission and the Ministry of Industry and Information Technology jointly announced at the meeting that they would "strengthen the rectification of arrears in the accounts of private enterprises." On May 20, 2025, the "Private Economy Promotion Law" was officially implemented, emphasizing the healthy development of the private economy and the protection of rights and interests. Among them, state agencies, public institutions, and state-owned enterprises should pay accounts to private economic organizations in a timely manner, and local people's governments at or above the county level should strengthen account payment guarantees to prevent and clear arrears with private economic organizations. On June 1, 2025, the "Regulations on Guaranteeing the Payment of Small and Medium-sized Enterprises" issued by the General Office of the State Council was officially implemented, further strengthening the protection of payment by small and medium-sized enterprises, and stipulating the time requirements for payment, overdue interest for overdue payments, and relevant legal responsibilities as a government agency for failing to implement these regulations; 2026 On January 16, 2019, the State Council executive meeting again raised the issue of debt settlement. The meeting pointed out that it is necessary to step up the clearance of arrears of corporate accounts, pay close attention to key areas to strengthen supervision and guidance, consolidate local responsibilities, make overall arrangements, and issue special bond quotas to support debt clearance as soon as possible, give greater play to the role of financial policy, improve the long-term mechanism for debt clearance, speed up the clearance of stock, and resolutely curb the increase.

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3. Discussion and analysis of operating conditions

In 2025, facing the complex and ever-changing market environment and operating challenges, the company will focus on stabilizing development, reducing costs, adjusting structure, and controlling risks, continue to promote the stable operation of ecological agriculture, animal husbandry, food business and ecological energy business, and continue to reduce the scale of ecological environment business. In 2025, the company achieved operating income of 725.5889 million yuan, a decrease of 9.47% compared with the same period last year; it achieved a net profit attributable to shareholders of the listed company of -106.9039 million yuan.

1. Deepen the regional development of breeding and build core capabilities for cost reduction

The company has deeply cultivated its own production capacity and cooperative breeding production capacity in Hubei Province to continue to steadily develop ecological agriculture and animal husbandry business. Starting from the five major aspects of biosecurity prevention and control, pig health management, major disease prevention and control, operation management, and production management, it improves breeding efficiency and ensures product quality by strengthening team capacity building and management and other measures. During the reporting period, the company reduced rents and renovated some leased pig farms to improve the capacity utilization of pig farms; at the same time, it rationally adjusted the pig slaughter structure, increased the number of piglets sold, improved the efficiency of pig sales collection, and alleviated cash flow pressure. In addition, the company focuses on building a live pig futures hedging system, completing part of the fattening pig hedging business based on the 2026 annual production plan, locking in the next year's pig slaughter sales price in advance, building the core ability to resist cyclical risks, and smoothing the risk of pig cyclical price fluctuations in the future. In 2025, the company achieved sales of 378,800 pigs, an increase of 22.92% over the same period last year (including sales of 93,000 piglets, an increase of 108.46% over the same period last year); pig breeding revenue was 519.207 million yuan, a decrease of 10.38% over the same period last year.

2. Adhere to the core breeding of pigs and drive the efficient, high-quality and sustainable development of the breeding business

On the basis of maintaining a certain breeding scale, the company always insists on laying the foundation and benefiting the long-term. In terms of building core capabilities in pig breeding, the company has reached in-depth industry-university-research cooperation with institutions such as Huazhong Agricultural University, the Chinese Academy of Agricultural Sciences expert team, and Zhongnong Propagation (Shenzhen) Technology Co., Ltd. to jointly carry out research and practical transformation on topics such as design breeding and performance selection breeding, optimize population genes, improve the genetic level of breeding pigs, and reduce pig breeding costs. At the same time, the company established Hubei Tianqian Seed Industry Technology Co., Ltd. in the early stage. With this seed industry company as the implementation body, it invested in the construction of a core pig breeding base in Xingshan County, Hubei Province, including the Breeding Industry Technology Research Institute, core breeding farms, boar stations and related supporting facilities, which are currently under construction.

3. Continue to promote the steady development of red yeast product business, and the in-depth optimization of product structure is effective

In March 2024, the company entered into the production and sales of biotechnology-based red yeast products (including functional, pigmented, fermented red yeast, etc.) through the acquisition of Wuhan Jiacheng. After more than a year of resource and management integration, business operating performance has been steadily improved. During the reporting period, the company proactively adjusted and optimized the production line and product structure according to industry market development trends, reducing the production and sales of pigment-based red yeast rice with low added value, and focusing on high value-added functional red yeast rice. In 2025, the sales of red yeast rice series products were 1,157.43 tons, a decrease of 4.34% compared with last year (including the sales of high value-added functional red yeast rice 621.70 tons, an increase of 7.0% compared with last year). 62%; the sales of low value-added pigmented red yeast rice was 133.13 tons, a decrease of 51.93% compared with last year, and the sales of other types of red yeast rice were 402.60 tons); the sales revenue of red yeast series products was 46.11 million yuan, an increase of 22.73% compared with last year (of which the sales revenue of high value-added functional red yeast rice was 36.991 million yuan, an increase of 26.99% compared with last year). At the same time, the company adheres to the combination of "independent research and development + school-enterprise cooperative research and development", focusing on research and development such as strain improvement, process optimization, and new product process development, and continues to maintain its technological leadership and technical reserves in the red yeast industry.

4. Consolidate the ecological energy business as a supplement and empowerment for the company’s traditional ecological environment business

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While the company continues to reduce the ecological environment business, it steadily promotes the development of ecological energy business as a conversion and supplement of the ecological environment engineering business, forming an iterative upgrade of the construction business from traditional infrastructure to "new infrastructure". During the reporting period, the ecological energy business expansion has achieved certain results, and some "distributed photovoltaic power generation project" contracts have been negotiated and signed. As of the end of the reporting period, the company had a total of 72.88MW distributed photovoltaic projects connected to the grid for power generation; during the reporting period, the company achieved green power generation operating income of RMB 28.5774 million.

5. Fulfill social responsibilities and assist rural revitalization

Tianyu Biotechnology has always adhered to the business philosophy of "respecting God and loving people" and deeply cultivated the core values of "morality, responsibility, simplicity and excellence". In the process of corporate development, we have always been grateful and actively invested in a number of social welfare undertakings to help promote rural revitalization and give back to the society.

The company is deeply involved in the pig breeding industry, and uses the "company + farmer" cooperation model to work with farmers to help promote rural revitalization. It provides targeted assistance to Zhijiang City, Yidu City and other regions in Hubei Province, driving local cooperative farmers to increase their income and become rich. In 2025, 113 cooperative farmers were settled, with a total settlement amount of 69.9865 million yuan, and the average settlement amount per household was 619,300 yuan. At the same time, the company actively responded to the call for consumer assistance and made targeted purchases of agricultural and sideline products supported by Dianjiang County, Chongqing City during the reporting period.

4. Analysis of core competitiveness during the reporting period

√Applicable □Not applicable

(1) The ecological agriculture, animal husbandry and food business has begun to take advantage of the breeding business

1. Advantages of intelligent breeding

The company's pig breeding sites have a certain level of standardization, automation, and intelligence. The production facilities and epidemic prevention conditions are among the industry's advanced production capabilities. The pig breeding farm has introduced a sow precision feeding system, body condition identification, and infrared temperature measurement since its operation. It uses a combination of hardware and software to achieve truly precise environmental control, precision feeding, and precise identification. It has advantages such as environmental protection and intelligence. The intelligent feeding system uses feeding line equipment to realize simultaneous feeding, positioning and quantitative feeding, reducing employee labor intensity, improving feeding efficiency, and effectively reducing the stress response of pigs. At the same time, smart sensing technology is used to perform mandatory cleaning for staff entering the pig house to reduce the risk of disease in the pig house. The company will continue to promote the construction of a digital and intelligent breeding system, actively explore the combination with big data, artificial intelligence, and smart equipment, and technology empowers breeding upgrades.

2. Advantages of full-cycle operations and risk management

After years of practice and development, the company has completed the construction of a modern operating system of "strong foundation for the seed industry + escort for the futures market", forming a resilience that is expected to survive the industry cycle. On the one hand, we will deepen the foundation of the seed industry and reach in-depth industry-university-research cooperation with industry experts such as Huazhong Agricultural University, Professor Li Kui of the Chinese Academy of Agricultural Sciences, and Zhongnong Propagation (Shenzhen) Technology Co., Ltd. to promote design breeding and performance selection, optimize population genes, and improve feed-to-meat ratio and breeding from the source. improve breeding efficiency and build a cost moat; on the other hand, establish a futures hedging system and use the pig futures price discovery function to effectively guide the adjustment of production plans. The hedging function accurately locks the pig sales price, smooths pig cycle fluctuations, and achieves stable cash flow and controllable operating risks. Through the three-dimensional collaboration of breeding quality improvement, intelligent cost reduction, and financial risk hedging (including pig price insurance and hedging), we will enhance the quality of business development and anti-risk capabilities, and build core competitiveness for sustainable development.

3. Regional advantages

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The company's pig breeding business adopts a regional development strategy. Currently, all breeding operations are focused on Hubei Province. Hubei is one of the few provinces in the country suitable for pig breeding. The local government attaches great importance to agricultural industrialization and has given the company great guidance and help in many aspects such as industrial policy and breeding land. Hubei is a major pig-raising and pork-consuming province. At the same time, there are a large number of pig breeding practitioners and family farms, as well as a group of excellent industrial chain suppliers who have set up local offices and factories, which can better support the company's industrial chain building.

4. Talent team advantages

Since the company entered the pig breeding industry, it has continued to introduce professional talents and technical backbones in the industry to build a professional talent team. The team members have many years of rich experience in modern-scale pig farm breeding management and excellent professional knowledge and skills, providing strong soft power support for the company's continued development and expansion. At the same time, the company attaches great importance to talent reserves, and collaborates with the agriculture and animal husbandry majors of colleges and universities to create a "field talent" program to cultivate potential talents; it has also introduced an outstanding team with rich practical experience and past performance in domestic pig futures hedging, and established a special business department.

(2) Focus on business categories, accumulate ecological technologies, and continuously enhance industry-university-research capabilities

The company has advanced technologies in the fields of comprehensive environmental management, soil improvement, organic waste recycling, and environmental monitoring. At the same time, it applies the advantages of ecological technology to the pig breeding business, which can effectively solve the environmental protection problems that trouble the government and people during the pig breeding process. The manure produced in the farm is separated from dry and wet, and rain and sewage are diverted. After entering the biogas tank for anaerobic fermentation treatment, the waste is turned into treasure, producing biogas, biogas residue, and biogas liquid. Biogas is used as living energy in farms. Biogas residue and biogas slurry are processed into organic fertilizer and then applied to nearby woodlands and farmland. It can increase soil organic matter, effectively improve soil compaction and other conditions, and realize the utilization of breeding resources. As of the end of this reporting period, the company had a total of 41 utility model patents and 8 invention patents in the fields of comprehensive water environment management, soil ecological restoration, ecological agriculture, animal husbandry and food, photovoltaic power generation, and red yeast rice.

5. Main operating conditions during the reporting period

The company achieved operating income of RMB 725.5889 million in 2025, a decrease of RMB 75.9178 million or 9.47% from the same period last year; the company achieved a net profit attributable to shareholders of the parent company of -106.9039 million yuan, a decrease of RMB 453,900 from 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

Account Number for the current period Number for the same period last year Change ratio (%) Operating income 725,588,873.17 801,506,706.66 -9.47 Operating costs 726,495,343.41 714,680,430.17 1.65 Sales expenses 4,375,633.04 4,541,607.34 -3.65Administrative expenses 79,704,349.84 105,129,417.07 -24.18Financial expenses 9,064,074.22 9,967,249.01 -9.06R&D expenses 13,921,859.21 11,611,258.64 19.90 Net cash flow generated from operating activities 258,297,702.61 135,287,021.94 90.93 Net cash flow generated from investing activities -122,957,930.95 -64,888,920.59 Not applicable Net cash flow generated from financing activities -144,722,650.62 -65,255,609.92 Not applicable

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Explanation of reasons for changes in net cash flow generated from operating activities: Mainly due to the increase in cash received from other operating activities and the decrease in cash received for purchasing goods and receiving labor services during the reporting period.

Explanation of reasons for changes in net cash flow generated from investing activities: Mainly due to payment of equity acquisition payments to minority shareholders during the reporting period. Reasons for changes in net cash flows generated from financing activities: Mainly due to the decrease in cash received from borrowings during the reporting period.

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

Unit: Yuan Currency: RMB Operating income ratio Operating cost Gross profit margin ratio Gross profit margin

Category Operating income Operating costs Increase/decrease in the previous year Increase/decrease in the previous year Increase/decrease in the previous year (%)

(%) minus (%) (%)

Main business 718,817,450.01 724,253,493.64 -0.76 -9.53 2.11 -107.08

Other business 6,771,423.16 2,241,849.77 66.89 -3.33 -58.58 194.41

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

Unit: Yuan Currency: RMB Main business by industry

Operating income Operating costs

Gross profit margin Gross profit margin compared with the previous year by industry Operating income Operating cost Increased compared with the previous year Increased compared with the previous year

(%) Annual increase or decrease (%) Decrease (%) Decrease (%)

Reduce 9.00 pig breeding 519,207,041.47 479,195,106.89 7.71 -10.38 -0.70

Percent garden ecological project 121,573,314.21 200,081,772.93 -64.58 -23.32 0.40 Not applicable Reduce 8.11 photovoltaic new energy sources 31,927,135.53 12,255,461.54 61.61 25.66 59.32

Reduce the manufacturing of red yeast products by 7.65 percentage points 46,109,958.80 32,721,152.28 29.04 47.92 65.79

Percent main business breakdown by product

Operating income Operating costs

Gross profit margin Gross profit margin is higher than that of previous products Operating income Operating costs Increased compared with the previous year Increased compared with the previous year

(%) Annual increase or decrease (%) Decrease (%) Decrease (%)

9.00 fewer pigs 519,207,041.47 479,195,106.89 7.71 -10.38 -0.70

Percent garden ecological project 121,573,314.21 200,081,772.93 -64.58 -23.32 0.40 Not applicable Reduce 8.11 photovoltaic power generation 31,927,135.53 12,255,461.54 61.61 25.66 59.32

Red yeast rice series products decreased by 7.65 percentage points 46,109,958.80 32,721,152.28 29.04 47.92 65.79

Percent main business by region

Operating income Operating costs

Gross profit margin Gross profit margin by region Operating income Operating costs Increased compared with the previous year Increased compared with the previous year

(%) Annual increase or decrease (%) Decrease (%) Decrease (%)

9.16 less central China regions 592,173,288.28 564,432,841.25 4.68 -0.95 9.58

percentage points

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Decrease 28.79 Other domestic regions 120,639,015.97 155,559,202.28 -28.95 -36.18 -17.84

percentage points

Decrease by 7.65 overseas 6,005,145.76 4,261,450.11 29.04 -21.44 -11.95

Percent main business breakdown by sales model

Operating income Operating costs

Gross profit margin Gross profit margin is higher than the previous year Sales model Operating income Operating cost Increased compared with the previous year Increased compared with the previous year

(%) Annual increase or decrease (%) Decrease (%) Decrease (%)

Decrease 11.49 Direct sales model 718,817,450.01 724,253,493.64 -0.76 -9.53 2.11

percentage points

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

1. Main business is divided into industries and products.

The gross profit of the pig breeding business decreased during the reporting period, mainly due to the decline in pig market prices during the reporting period.

2. Main business by region

The company's business focuses on central China, and the garden ecological engineering business has shrunk, resulting in a decrease in business in other regions; project competition has become increasingly fierce and the pig market price has declined, resulting in a decrease in gross profit margin.

(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

(%) (%) (%) Live pigs 10,000 heads 40.33 37.88 20.42 19.18 22.92 13.65

Description of production and sales

None

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

√Applicable □Not applicable

Performance of major sales contracts signed as of this reporting period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Whether

The counterparty shall be the total amount of performance performed during the reporting period. The subject of the contract that has not been performed normally. Total contract amount. Amount to be performed. Normal.

Person Amount Amount Explanation of performance

The entire project has been completed

Tianchang City was taken over and put into operation, but Ganghonggu

Qianqiuwen Some sub-projects were not completed due to the failure of the owner of the town cultural tourism

Cultural tourism 608,040,900.00 404,896,357.46 7,750,112.27 203,144,542.54 No Ability to provide construction site tours and scenic spot work as scheduled

There is land for development, and the general contracting for the remaining sub-projects has been completed

Co., Ltd. will no longer implement construction submission projects

Relevant government departments have approved Tongling East Tongling City

Urban Ecology Tianshansheng

536,676,400.00 285,307,091.71 16,555,995.96 251,369,308.29 Yes

Comprehensive water environment construction

Joint Governance and Limited Company

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Supporting Facilities Division

Engineering PPP

project engineering

Construction (I)

Performance of major procurement contracts signed as of this reporting period

□Applicable √Not applicable

(4). Cost analysis table

Unit: Yuan Currency: RMB Industry Situation

The current period's share is the same as that of the previous year. The cost composition of the current period is the total cost. The period's share is the same as the previous year. Situation by industry. The current period's amount. The same period of the previous year.

Item Proportion Cost Ratio Period Change Ratio Explanation

(%) Example (%) Example (%) Breeding industry Piglets 61,865,417.77 8.54 70,735,155.64 9.97 -12.54 Breeding industry Feed 288,028,474.40 39.77 265,061,645.14 37.37 8.66 Breeding industry Veterinary drugs 19,096,642.19 2.64 18,916,819.98 2.67 0.95 Breeding industry manufacturing cost 110,204,572.53 15.22 127,850,268.04 18.03 -13.80 Garden ecological project material cost 38,157,266.38 5.27 44,455,435.19 6.27 -14.17 Garden ecological engineering labor fee 50,517,877.50 6.98 39,654,917.70 5.59 27.39 Garden ecological engineering professional subcontracting 91,161,355.67 12.59 82,938,788.47 11.69 9.91 Garden ecological project Machinery fee 8,669,905.76 1.20 7,067,690.63 1.00 22.67 Garden ecological project Others 11,575,367.62 1.60 25,158,226.96 3.55 -53.99 Photovoltaic new energy Others 12,255,461.54 1.69 7,692,196.57 1.08 59.32 Red yeast product manufacturing Others 32,721,152.28 4.52 19,736,167.41 2.78 65.79 Product details

The current period's share is the same as that of the previous year. The cost composition of the current period is the total cost. The period's share is the same as the previous year. The situation is divided into products. The current period's amount is the same period of the previous year.

Item Proportion Cost Ratio Period Change Ratio Explanation

(%) Example (%) Example (%) Pig sales cost 479,195,106.89 66.16 482,563,888.80 68.04 -0.70 Garden ecological project project cost 200,081,772.93 27.63 199,275,058.95 28.10 0.40 Photovoltaic power generation cost 12,255,461.54 1.69 7,692,196.57 1.08 59.32 Red yeast product manufacturing sales cost 32,721,152.28 4.52 19,736,167.41 2.78 65.79

Cost analysis and other explanations

None

(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

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(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.

The following customer and supplier information is consolidated and presented according to the same control standard among the top five customers and suppliers:

1. Hubei Nongfa Animal Husbandry Group Co., Ltd., Hubei Nongfa Fengtai Breeding Co., Ltd., Hubei Agricultural Pig Trading Co., Ltd., and Hubei Pig Supply Chain Co., Ltd. are combined and calculated according to the same control caliber.

2. Anlu Haid Feed Co., Ltd., Jingzhou Haid Feed Co., Ltd., and Yichang Haid Feed Co., Ltd. are combined and calculated according to the same control caliber.

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

√Applicable □Not applicable

The sales volume of the top five customers was 202.9559 million yuan, accounting for 28.23% of the total annual sales; among the sales volume of the top five customers, the sales volume of related parties was 0.00 million yuan, accounting for 0.00% of the total annual sales.

The purchase amount of the top five suppliers was 216.4073 million yuan, accounting for 27.55% of the total annual purchase; among the purchases by the top five suppliers, the purchase amount from related parties was 35.3207 million yuan, accounting for 4.50% of the total annual purchase.

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

□Applicable √Not applicable

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 Item 2025 2024 Change amount Change ratio (%) Sales expenses 4,375,633.04 4,541,607.34 -165,974.30 -3.65

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Management expenses 79,704,349.84 105,129,417.07 -25,425,067.23 -24.18

Research and development expenses 13,921,859.21 11,611,258.64 2,310,600.57 19.90

Financial expenses 9,064,074.22 9,967,249.01 -903,174.79 -9.06

4. R&D investment

(1). R&D investment status table

√Applicable □Not applicable

Unit: Yuan Currency: RMB Expensed R&D investment in this period 13,921,859.21 Capitalized R&D investment in this period 0 Total R&D investment 13,921,859.21 Proportion of total R&D investment in operating income (%) 1.92 Proportion of capitalized R&D investment (%) 0

(2). R&D personnel status table

√Applicable □Not applicable

The number of R&D personnel in the company 37 The number of R&D personnel as a proportion of the total number of employees in the company (%) 7.40

Educational structure of R&D personnel

Academic qualification structure category Academic qualification structure Number of people

Doctoral students 0 Master students 7 Undergraduate students 23 College students 7 High school and below 0

Age structure of R&D personnel

Age structure category Age structure number of people

Under 30 years old (excluding 30 years old) 2 30-40 years old (including 30 years old, excluding 40 years old) 18 40-50 years old (including 40 years old, excluding 50 years old) 12 50-60 years old (including 50 years old, excluding 60 years old) 5 60 years old and above 0

(3).Situation description

√Applicable □Not applicable

In 2025, the company will continue to strengthen investment in technology research and development, forming more competitive key products and technologies.

Conduct application demonstration and promotion during the process, quickly promote the industrialization of R&D results, and meet the needs of market expansion and production application. reporting period

The company has applied for a total of 14 utility model patents in the fields of pig breeding, photovoltaic construction, and red yeast fermentation. The specific information is as follows.

As of the end of the reporting period, the company held a total of 49 authorized patents.

Patent application status sequence

Patent name Patent type Patent number (as of this report number

date of publication)

1 A pig house ventilation equipment for pig farms Utility model 2025204661882 Authorized

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2 An anti-loss reinforcement structure for ecological slope protection Utility model 2025204652262 Authorized 3 A plant transplanter for garden construction Utility model 2025204796108 Preliminary review 4 A municipal road slope support structure Utility model 2025206155669 Preliminary review 5 A pig farm wastewater treatment structure Utility model 2025204859272 Preliminary review 6 A permeable drainage gutter for municipal roads Utility model 2025206154558 Authorized 7 A subgrade drainage structure for municipal roads Utility model 2025206096425 Authorized 8 A photovoltaic building cleaning equipment Utility model 2025205200597 Preliminary review 9 A building photovoltaic waterproofing system bracket Utility model 2025204778701 Preliminary review 10 A drainage bracket type building photovoltaic integrated roof Utility model 202520628353X Preliminary review 11 A photovoltaic panel for multi-photovoltaic buildings Utility model 2025206996039 Preliminary review 12 A photovoltaic building fixture Utility model 2025207410477 Preliminary review 13 A photovoltaic building-integrated photovoltaic energy storage device utility model 2025209081741 preliminary review

14 A building photovoltaic roof structure Utility model 2025209631614 Preliminary review

(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 change ratio item 2025 2024 Change amount

Example (%) Subtotal of cash inflows from operating activities 1,100,671,177.00 1,111,953,618.99 -11,282,441.99 -1.01 Subtotal of cash outflows from operating activities 842,373,474.39 976,666,597.05 -134,293,122.66 -13.75 Net cash flow from operating activities 258,297,702.61 135,287,021.94 123,010,680.67 90.93 Subtotal cash inflow from investing activities 12,736,187.52 22,684,038.84 -9,947,851.32 -43.85 Subtotal cash outflow from investing activities 135,694,118.47 87,572,959.43 48,121,159.04 54.95 Net cash flow generated from investing activities -122,957,930.95 -64,888,920.59 -58,069,010.36 Not applicable Subtotal of cash inflows from financing activities 338,871,450.42 487,072,018.79 -148,200,568.37 -30.43 Subtotal of cash outflows from financing activities 483,594,101.04 552,327,628.71 -68,733,527.67 -12.44 Net cash flow generated from financing activities -144,722,650.62 -65,255,609.92 -79,467,040.70 Not applicable Net increase in cash and cash equivalents -9,325,394.16 5,230,859.78 -14,556,253.94 -278.28 Reasons for changes in net cash flow generated from operating activities: Mainly due to the increase in cash received from other operating activities and the decrease in cash used to purchase goods and receive labor services during the reporting period.

Explanation of reasons for changes in net cash flow generated from investing activities: Mainly due to payment of equity acquisition payments to minority shareholders during the reporting period.

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Reasons for changes in net cash flows generated from financing activities: Mainly due to the decrease in cash received from borrowings during the reporting period.

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

√Applicable □Not applicable

In January 2021, the company's subsidiary Tianqian Food signed a "Pig Farm Leasing Service Agreement" with Wuhan Haoshun Ecological Agriculture Co., Ltd. to lease a pig farm located in Hongbei Waibu, Yong'an Street, Caidian District, Wuhan City, covering an area of about 450 acres. The lease term is 10 years and the annual rent is 16.7196 million yuan. In March 2025, the subsidiary company and the lessor terminated the original agreement and re-signed the "Pig Farm Lease Contract". The lease period was changed to 7 years, starting from the lease start date, which is August 1, 2025; the first year's rent from the lease start date is 6 million yuan. The rent in the second year is RMB 11 million, the rent in the third year is RMB 6 million, and the annual rent from the fourth to seventh years is RMB 11 million. The subsidiary has taken over the pig farm, and the renovation and decontamination period will be from the date of delivery to the start of the lease. During this period, the lessor does not charge rent. Specific content

For details, please refer to the relevant announcements disclosed by the company on the official website of the Shanghai Stock Exchange (www.sse.com.cn) (announcement numbers: 2021-001, 2025-018).

The termination of the above-mentioned original agreement and the signing of a new "Pig Farm Lease Contract" generated income from the disposal of right-of-use assets of RMB 24.1003 million.

(3) Analysis of assets and liabilities

√Applicable □Not applicable

1. Assets and liabilities status

Unit: yuan Currency: RMB current period

Current issue Previous issue

Final amount

The last number accounted for the last number accounted for

Compared with the previous period

Project name Ending amount of the current period Total assets Ending amount of the previous period Total assets Description of the situation Ending change

proportion of proportion of

dynamic ratio

(%) (%)

(%)

Monetary funds 153,391,521.44 5.30 178,048,527.26 5.54 -13.85

Trading financial assets 8,434,480.00 0.29 - - Not applicable

Notes receivable - - 5,700,000.00 0.18 -100.00 Mainly due to the acceptance of notes receivable during the reporting period. Accounts receivable 299,202,409.81 10.34 391,229,321.24 12.17 -23.52

Receivables financing 2,309,488.19 0.08 - - Not applicable

Prepayments 1,073,524.56 0.04 17,853,478.61 0.56 -93.99 Mainly due to supplier settlement during the reporting period. Other receivables 122,239,444.52 4.23 167,753,324.20 5.22 -27.13

Inventory 224,711,683.84 7.77 223,765,533.14 6.96 0.42

Contract assets 103,759,836.86 3.59 338,958,630.51 10.54 -69.39 Mainly due to the completion and settlement of the project during the reporting period. Non-payments due within one year are mainly long-term liabilities due within one year during the reporting period.

159,410,672.52 5.51 82,487,516.27 2.57 93.25

Current assets were due to an increase in collections.

Other current assets 51,945,897.29 1.80 46,997,969.19 1.46 10.53

Long-term receivables 351,564,413.38 12.15 375,960,874.80 11.69 -6.49

Long-term equity investment 90,378,990.16 3.12 86,004,733.72 2.68 5.09

Other non-current finance

11,495,191.88 0.40 11,495,191.88 0.36 -

assets

Mainly due to the increase in investment real estate due to leasing of self-owned properties during the reporting period 5,795,117.59 0.20 3,553,682.84 0.11 63.07

To.

Fixed assets 347,088,470.81 12.00 337,289,989.64 10.49 2.91

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Mainly due to the construction progress of the pig breeding base during the reporting period 35,659,779.40 1.23 21,371,625.26 0.66 66.86

due to increase. Productive biological assets 48,154,031.49 1.66 22,811,318.92 0.71 111.10 Mainly due to the increase in sow production during the reporting period.

Mainly due to the re-signing of pig farm leasing agreement rights-of-use assets during the reporting period 102,517,107.53 3.54 152,085,852.00 4.73 -32.59

Due to discussion. Intangible assets 25,146,099.10 0.87 26,153,778.05 0.81 -3.85

Goodwill 1,520,382.88 0.05 2,082,182.88 0.06 -26.98

Long-term deferred expenses 5,624,362.52 0.19 4,947,132.61 0.15 13.69

Deferred income tax assets 102,046,153.45 3.53 105,400,561.05 3.28 -3.18

Other non-current assets 639,669,552.00 22.11 613,033,064.02 19.07 4.35

Short-term borrowings 91,081,734.71 3.15 88,932,107.34 2.77 2.42

Trading financial liabilities 1,199,197.24 0.04 - - Not applicable

Accounts payable 683,149,945.65 23.61 638,329,893.72 19.85 7.02

Contract liabilities 79,145,845.15 2.74 144,647,669.46 4.50 -45.28 Mainly due to project settlement during the reporting period. Employee benefits payable 29,942,990.49 1.03 27,036,365.55 0.84 10.75

Taxes payable 3,800,975.10 0.13 1,125,280.30 0.04 241.74 Mainly due to the increase in income tax payable at the end of the reporting period. Other payables 124,918,297.34 4.32 166,845,822.82 5.19 -25.13

Non-payments due within one year

193,216,556.34 6.68 190,098,672.23 5.91 1.64

current liabilities

Other current liabilities 119,173,526.64 4.12 89,332,338.91 2.78 33.40 Mainly due to the increase in borrowings from major shareholders during the reporting period. Long-term borrowings 692,141,262.98 23.92 753,368,736.78 23.43 -8.13

Mainly due to the lease liability of the pig farm lease agreement re-signed during the reporting period 64,756,594.73 2.24 111,109,637.95 3.46 -41.72

Due to discussion. Long-term payables 192,181,718.73 6.64 267,991,884.49 8.34 -28.29

Estimated liabilities 2,989,500.00 0.10 - - Not applicable

Deferred income 607,761.23 0.02 688,796.03 0.02 -11.76

Deferred income tax liabilities 2,450,340.63 0.08 2,682,283.17 0.08 -8.65

Other non-current liabilities 18,740,121.40 0.65 24,262,552.79 0.75 -22.76

Other notes:

None

2. Overseas assets

□Applicable √Not applicable

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

√Applicable □Not applicable

Unit: Yuan Currency: RMB items Closing book value Reasons for restriction Monetary funds 45,483,653.31 Judicial freeze, other frozen fixed assets 191,646,073.44 Financial lease guarantee, bank loan guarantee intangible assets 11,732,307.68 Bank loan guarantee accounts receivable 17,192,316.53 Bank loan guarantees and long-term receivables guaranteed by financial leases (including long-term receivables due within one year) 121,462,766.58 Bank loan guarantees for investment real estate 2,329,842.03 Bank loan guarantees and judicially frozen right-of-use assets 2,226,524.74 Financial lease guarantees and other non-current assets 639,669,552.00 Bank loan guarantees

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Total 1,031,743,036.31

4. Other instructions

□Applicable √Not applicable

(4) Industry operating information analysis

√Applicable □Not applicable

For details, please refer to "II. Industry Situation of the Company During the Reporting Period" in "Section 3 Management Discussion and Analysis".

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(5) Investment status analysis

Overall analysis of external equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Name 2025-12-31 2024-12-31

Nanning Guoye 82,249,897.01 81,872,822.63 Ningbo Ninglv 3,049,596.58 3,060,100.42 Anhui Tianyu 267,080.92 383,283.82 Wuxi Fanhua - 688,526.85 Panzhou Water Conservancy 10,495,191.88 10,495,191.88Guigang Guoye 1,000,000.00 1,000,000.00Tianchang Furong Ancient Town Cultural Tourism Development Co., Ltd. 3,647,739.98 -Shenzhen Pulanreguo Network Technology Co., Ltd. 1,164,675.67 -

Total 101,874,182.04 97,499,925.60

1. The above table shows the company’s equity investments in companies outside the scope of consolidated statements.

2. For details on the company’s newly established subsidiaries during the reporting period, please refer to “(1) New subsidiaries established during the current period” in “9. Changes in the scope of consolidation” in “Section 8 Financial Report” and “5. Changes in the scope of consolidation due to other reasons”.

3. For details on the company’s liquidation of subsidiaries during the reporting period, please refer to “(2) Liquidation of subsidiaries in the current period” in “9. Changes in the scope of consolidation” in “Section 8 Financial Report” and “5. Changes in the scope of consolidation due to other reasons”.

4. Significant equity investment

□Applicable √Not applicable

2. Significant non-equity investments

□Applicable √Not applicable

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3. Financial assets measured at fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB Accumulation included in equity

Fair value for the current period Less provision for the current period Sales/redemption for the current period

Asset category Beginning balance Change in fair value Purchase amount in the current period Other changes Closing balance Gains and losses from changes Value Amount

move

Futures - 8,633,602.76 8,434,480.00 Others 11,495,191.88 11,495,191.88

Total 11,495,191.88 8,633,602.76 19,929,671.88

Securities investment situation

□Applicable √Not applicable

Explanation of securities investment situation

□Applicable √Not applicable

Private equity fund investment situation

□Applicable √Not applicable

Derivatives investment situation

√Applicable □Not applicable

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

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

Included in equity The closing book price is fair for the period

Cumulative public announcement of initial investment amount at the beginning of the period. During the reporting period, the ending book value during the reporting period accounted for changes in the value of derivative investment types reported by the company.

Amount Value Change in fair value Purchase amount Amount sold Value Net profit or loss at the end of the reporting period

Movable assets ratio (%)

Hog futures and options contracts 863.36 843.45 2.05 Total 863.36 843.45 2.05

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Accounting policies and accounting calculations for hedging business during the reporting period. The measurement methods for hedging business during the reporting period are trading financial assets measured at fair value. The "derivatives" and "specific principles of change in fair value, and whether heavy gains have occurred compared with the previous reporting period" account to account for changes in fair value during the position, the "investment income" account to account for transaction fees, interest income and unwinding income, and the "other monetary funds" account to account for the available funds in the margin account. There were no significant changes compared to the previous reporting period.

During the reporting period, the company's pig futures and options contracts achieved hedging profits and losses of RMB 5.9579 million, of which RMB 8.6336 million was included in gains and losses from changes in fair value. Explanation of actual profits and losses during the reporting period

yuan, investment income -2.6757 million yuan.

Through timely hedging business, the company effectively avoids the risk of market decline. The company strictly follows the futures hedging plan and explains the hedging effect.

The hedging objective was achieved.

Source of funds for derivatives investment Own funds

Risk analysis for carrying out hedging business: 1. Market risk: Hedging transactions require prediction of price trends, and the price changes in the spot market and futures market are different. If the price prediction is wrong or the basis changes more than expected, risks will arise.

2. Liquidity risk: If the activity of the relevant contract is low, the hedging position cannot be concluded or cannot be concluded at the appropriate price, resulting in a large deviation between the actual transaction results and the plan design, resulting in transaction losses. 3. Performance risk: Carrying out hedging business may involve the risk of default due to failure to perform when the contract expires; 4. Operational risk: The hedging transaction system is relatively complex and there may be risk analysis and control measures for operating derivatives positions during the reporting period.

Improperly generated risks.

(Including but not limited to market risk, liquidity risk, credit

Risk control measures taken by the company: 1. The company has formulated the "Futures Hedging Business Management System" and made clear risks, operational risks, legal risks, etc. for relevant matters)

regulations, and allocate relevant personnel. The company will strictly control all aspects in accordance with the regulations of this system. 2. The company's hedging business matches the company's production and operations, hedging the risk of price fluctuations to the greatest extent, and eliminating all trading activities for the purpose of speculation. 3. The company will strictly control the scale of hedging funds, reasonably plan and use margins, supervise and control the proportion of margin investment, and promptly close positions to avoid risks when the market fluctuates violently. 4. The company’s audit and legal department will conduct regular and irregular inspections on the hedging transaction business, supervise the hedging transaction business personnel to implement risk management policies and risk management procedures, and prevent operational risks in the business in a timely manner.

The market price of invested derivatives or the fair price of the product during the reporting period

Pig futures/options are futures varieties listed on the Dalian Commodity Exchange and option products based on pig futures. They have public market quotations and value changes. The analysis of the fair value of derivatives should be disclosed.

The transactions are active, and the transaction price and settlement unit price on the day can fully reflect the fair value of the derivatives.

Disclose the specific methods used and related assumptions and parameter settings.

Litigation involvement (if applicable) Not applicable

Disclosure date of announcement by the board of directors for approval of derivatives investment (if any) October 30, 2024, October 29, 2025

Derivative investment approval shareholders’ meeting announcement disclosure date (if any) -

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

□Applicable √Not applicable

Other notes:

None

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

□Applicable √Not applicable

(6) Major asset and equity sales

□Applicable √Not applicable

(7) Analysis of major holding and participating companies

√Applicable □Not applicable

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

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

Company name Company type Main business Registered capital Total assets Net assets Operating income Operating profit Net profit Tiangan Food Subsidiary Pig breeding and sales 33,333.33 62,374.19 15,512.84 52,464.49 -491.12 -851.96 Zhongsheng Huaxing Subsidiary Engineering construction 10,018.00 31,375.57 -2,598.50 364.38 -4,491.97 -4,706.64 Jining Tianjian Subsidiary PPP project implementation and operation 3,000.00 25,249.99 2,916.91 427.42 -2,811.28 -2,484.69 Xiangyang Tianyu Subsidiary Engineering construction 8,707.44 2,919.70 792.84 - -1,178.88 -1,182.60 Tianyu Cloud Digital subsidiary Digital Technology 1,000.00 414.28 -937.71 314.97 -1,091.09 -1,091.78

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

For details, please refer to "II. Industry Situation of the Company During the Reporting Period" in "Section 3 Management Discussion and Analysis" of this report.

(2) Company development strategy

√Applicable □Not applicable

The company adheres to pig breeding as its core business and adopts a regional development strategy. Through cooperation with local governments and other methods, the company integrates industrial resources with the "pig source" as the starting point, increases the construction of pig breeding system, actively explores the establishment of a digital and intelligent breeding system, and relies on breeding and ecological circulation. We will achieve environmental friendliness in an environmentally friendly way, so that people can eat green, healthy and safe pork, deeply participate in rural revitalization, drive common prosperity for farmers, help local governments cultivate new drivers of economic development, and achieve symbiosis and win-win for consumers, farmers, governments, industries and enterprises.

While focusing on the stability of businesses such as ecological agriculture, animal husbandry and food, the company will continue to optimize its business structure, actively seize the development opportunities of new productivity, strive to open up new tracks, develop new businesses, build a new development pattern, accelerate the creation of a professional and comprehensive management team, and actively reward shareholders with sustained and steady development.

(3) Business plan

√Applicable □Not applicable

In 2026, the company will continue to focus on the steady development of its main business, upgrade and optimize refined management, shrink the ecological environment business in an orderly manner, strengthen the collection of accounts receivable, revitalize existing assets, and explore new development paths in a timely manner to inject new impetus into the company's sustainable and healthy development and improve the development quality of listed companies. The specific business plan is as follows:

1. Ecological agriculture, animal husbandry and food business

In 2026, the company will steadily develop the ecological agriculture, animal husbandry and food business, based on regional resource advantages, and develop high-quality pig breeding business and health food. The pig breeding business focuses on management upgrading, biosecurity prevention and control, breeding research and development, cost reduction and efficiency improvement, adjusting or eliminating inefficient pig farms, increasing investment in the production capacity of high-efficiency pig farms, and optimizing resource layout to drive improvement of breeding efficiency; increasing the construction of pig genetic breeding system, strengthening cooperation with universities The cooperation between industry, academia and research institutes improves the efficiency of pig breeding, promotes the cost reduction and efficiency increase of the breeding business, and on the basis of closely following the company's production and operation plan, it prudently uses pig futures tools for hedging, hedging against the risk of large fluctuations in pig prices, and optimizing the management of production and operation risk exposures. At the same time, the company will actively explore the combination of big data, artificial intelligence, smart equipment and its main breeding business, promote the creation of a digital and intelligent breeding system, and empower breeding upgrades with technology.

In 2026, the company's holding subsidiary Wuhan Jiacheng Biological Products Co., Ltd. will strengthen the expansion of the international and domestic mid-to-high-end red yeast raw material market, strengthen and expand high-quality raw material products such as functional red yeast rice, pigmented red yeast rice, fermented red yeast rice, and esterified red yeast rice, and continue to promote the market development of health food (monascus, salvia, and Panax notoginseng soft capsules) and feed additives (red yeast rice), with a view to generating new growth points for the operations of listed companies. "Monascus Salvia, Panax Notoginseng Soft Capsule" has obtained the approval document issued by the State Administration for Market Regulation in February 2024; "Red Yeast Rice" has obtained the feed additive production license issued by the Hubei Provincial Department of Agriculture and Rural Affairs in January 2024, and in March 2025

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Obtain feed additive approval number. At the same time, Hubei Jiacheng obtained a drug production license issued by the Hubei Provincial Food and Drug Administration in March 2026, and was approved for a production line for ordinary traditional Chinese medicine pieces.

2. Ecological environment business

In 2026, the company will continue to adopt the business strategy of orderly contraction, promote the construction progress of projects under construction, and accelerate the settlement of final projects. At the same time, in recent years, the state and multiple departments have jointly issued multiple policies to support the resolution of the problem of arrears in accounts of private enterprises. The company will seize policy opportunities, assign collection responsibilities to individuals and establish reward and punishment mechanisms, and continue to do its best to clear arrears of key projects and collect accounts receivable. In 2025, the company's accounts receivable settlement work achieved the annual target, and efforts will continue in 2026.

3. Ecological energy business

In 2026, the company's ecological energy business (distributed photovoltaic power stations) will adhere to the "transaction-based strategy" and explore the formation of a healthy turnover of distributed photovoltaic power station assets from development, investment, construction, self-sustained operation and transfer and sale, realizing a closed loop of asset sales and supplementing the company's cash flow.

(4) Possible risks

√Applicable □Not applicable

1. Ecological agriculture, animal husbandry and food business risks

(1) Animal epidemic risk

During the pig breeding process, pigs are faced with diseases such as blue-ear disease, porcine epidemic diarrhea, and African swine fever. Pig epidemics are characterized by many types, frequent occurrences, and wide impact, and are the main risks faced by the pig breeding industry. The epidemic may cause the death of pigs, and the animal epidemic prevention department may also cull potentially diseased pigs, which directly leads to a decrease in the number of the company's pigs for slaughter; during the period of epidemic spread, the number of veterinary drugs and vaccines used in the pig breeding process will increase, and the cost will increase accordingly; when the pig epidemic breaks out, it may trigger consumers' panic about pork food safety, leading to a decrease in terminal demand for pork consumption, affecting the company's sales of pig breeding products. Therefore, if a more serious animal epidemic occurs in the future in the areas where the company's own pig farms, the company's cooperative farmers are located, or nationwide, the company will face the risk of decreased production, sales and sales prices, increased production costs, and even losses caused by the spread of the epidemic. (2) Risk of feed price fluctuations

The main cost component of the company's pig breeding business is pig feed. Since 2020, affected by factors such as domestic and foreign political and economic situations, national grain strategies, and natural climate changes, the price of pig feed has fluctuated upward. If pig feed is expected to continue to rise in the future, the gross profit margin of the pig breeding business may continue to decline, which will have a certain adverse impact on the company's overall performance.

(3) Risk of pig price fluctuations

The pig breeding industry has a certain degree of cyclicality, with a complete fluctuation cycle lasting about 3-4 years. In the past decade or so, my country's pork prices have experienced multiple price cycles, with obvious price volatility characteristics. Affected by the cyclical fluctuations in pig prices, the company's pig breeding business faces the risk of performance fluctuations and even losses.

(4) Natural disaster risk

The company's pig breeding business may be affected by natural disasters such as drought, floods, earthquakes, hail, snowstorms, etc., and Hubei Province, the focus of the company's breeding business, is located in the middle reaches of the Yangtze River. If a natural disaster occurs at the company's production site and its surrounding areas, it may cause

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Damage or loss of pig farm buildings and facilities may lead to the death of pigs, thus causing direct losses to the company. At the same time, interruptions in communications, electricity, and transportation, and damage to production facilities and equipment caused by natural disasters may also have an adverse impact on the company's production and operations.

(5) The risk that the digital and intelligent upgrading and transformation of the agricultural industry will not progress as expected.

Smart agriculture is the key development direction of agriculture in the future. In the process of exploring the digital and intelligent upgrading and transformation of the pig breeding business, the company may be affected by factors such as pressure to invest in equipment upgrades and updates, a shortage of comprehensive talents for both breeding and digital operations, and the difficulty of integrating digital technology with existing breeding equipment. As a result, the progress of the upgrade and transformation is slower than expected.

2. Ecological and environmental business risks

(1) Risk of impairment losses caused by large balances of accounts receivable, contract assets, and long-term receivables

At the end of the reporting period, the book value of the company's accounts receivable was RMB 299.2024 million, accounting for 10.34% of the total assets for the same period; the book value of contract assets was RMB 103.7598 million, accounting for 3.59% of the total assets for the same period; the book value of long-term receivables was RMB 351.5644 million, accounting for 12.15% of the total assets for the same period. The company's high proportion of accounts receivable, contract assets and long-term receivables is due to the industry's special settlement model. At present, the company's main customers are mostly government agencies and enterprises and institutions. Although government platform companies at all levels are required to complete the work of clearing off debts owed to private enterprises in accordance with relevant policies of the Party Central Committee and the State Council, the scale of local government debt is relatively large. Once it cannot be paid off in a timely manner, it will have an adverse impact on the company's operating conditions.

In addition, due to the need to pay off accounts receivable, the company does not rule out accepting debtors using assets to offset debts. Related repossessed assets may be subject to asset impairment risk.

(2) Implementation risks of PPP projects

In recent years, the country has continuously introduced new regulations to standardize the PPP model, and the financing environment has been severe, resulting in PPP projects being sluggish. However, the company still has a small number of PPP projects. PPP projects generally have large amounts, involve many participants, and have a long performance period. Affected by policy adjustments and changes in bank financing policies, the construction progress and operation conditions were not as good as expected, which had a certain impact on the company's operating performance.

3. Ecological energy business risks

(1) Operation and management risks

The company's photovoltaic new energy business model is to accept the entrustment of electricity consumers and use its own funds, external borrowings or a combination of the two to purchase photovoltaic modules, build distributed photovoltaic power stations and collect users' electricity bills. The operation cycle is long and it is a capital-intensive industry. This business is greatly affected by the upstream and downstream market environment, financing capabilities and production and operation management capabilities. It is difficult to operate and has high operating risks.

(2) Uncontrollable risks and policy risks in the power plant transfer and sale transaction cycle

The company's distributed photovoltaic power station assets adhere to a "transaction-based strategy". As new energy industry policies and the macroeconomic situation continue to change, the supply and demand relationship in the photovoltaic power plant trading market is also constantly changing, and there is a risk of fluctuations in photovoltaic power plant trading prices. At the same time, the professional and technical level required to complete the photovoltaic power station sale transaction is relatively high. From the due diligence investigation and business negotiations in the early stage of the transaction to the approval process of all parties during the transaction, it takes a long time. Therefore, the transaction cycle is uncontrollable and there may be a risk that the counterparty cannot be found in time.

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With the development of the renewable energy industry chain, relevant policies have also been adjusted, grid parity has become an established trend, and photovoltaics have gradually entered the subsidy-free era, which may have a certain adverse impact on the overall profitability of the photovoltaic power stations developed by the company in the future.

4. There is a high risk that the controlling shareholder’s shares will be pledged, judicially frozen, and marked.

As of the date of this report, Mr. Luo Weiguo, the company’s controlling shareholder and actual controller, holds 37,251,829 shares of the company, accounting for 12.84% of the company’s total share capital, of which a total of 22,000,000 shares have been pledged, accounting for 12.84% of the company’s total shares. 59.06% of the number of shares; a total of 15,251,829 shares have been judicially frozen, accounting for 40.94% of the number of shares it holds; a total of 6,900,000 shares have been judicially marked, accounting for 18.52% of the number of shares it holds. Currently, the company's controlling shareholder and actual controller's shares are pledged, judicially frozen, and flagged at a relatively high rate. If the actual controller's credit status and performance ability deteriorate, the market fluctuates violently, or other uncontrollable events occur, resulting in all or part of the pledged shares held by the company's actual controller being forcibly liquidated, or the judicially frozen shares being forcibly auctioned, the company may face the risk of unstable control.

At present, the company's various operating activities and businesses are operating normally. The pledge, judicial freezing and marking of the controlling shareholder's shares will not have a significant adverse impact on the company's control, equity structure, corporate governance, etc. The company will continue to pay attention to the progress of the above matters, promptly perform information disclosure obligations in accordance with relevant laws and regulations and prepare risk warnings to fully protect the investors' right to know. Investors are advised to pay attention to investment risks.

(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 complied with the requirements of laws and regulations such as the Company Law, Securities Law, Code of Governance for Listed Companies, and Stock Listing Rules of the Shanghai Stock Exchange, based on the company's actual situation, constantly improved the company's corporate governance structure, established and improved an internal control system, actively performed its information disclosure obligations, effectively safeguarded the legitimate rights and interests of the company and all shareholders, and promoted the company's healthy, sustainable and stable development. In 2025, in accordance with the latest provisions and requirements of relevant laws, regulations and normative documents, the company revised and issued the "Articles of Association" and related governance systems, canceled the establishment of the Board of Supervisors, made it clear that the Audit Committee will take over the responsibilities of the original Board of Supervisors, and adjusted the personnel structure of the Board of Directors to further improve the operational efficiency of the Board of Directors.

(1) Governance of the shareholders’ meeting

During the reporting period, the company held shareholders' meetings in strict accordance with the requirements of the Company Law, Rules of Shareholders' Meetings of Listed Companies, Company Articles of Association, and Rules of Procedure for Shareholders' Meetings, and invited lawyers to conduct on-site witnessing to ensure that all shareholders could fully exercise their rights. It adopted on-site voting and online voting to facilitate shareholders' participation in the meeting. In reviewing major matters affecting the interests of small and medium investors

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We strictly implement separate counting of votes of small and medium-sized investors and implement a cumulative voting system when electing directors to fully protect the shareholder rights of small and medium-sized investors and ensure that all shareholders enjoy equal status.

(2) Governance of the board of directors

During the reporting period, the company convened the board of directors in strict accordance with the provisions of the Company Law, Articles of Association, and Rules of Procedure of the Board of Directors. All directors attended the meeting and performed their duties in accordance with the law. At the same time, in order to improve the operational efficiency and professionalism of the company's board of directors, the company continues to optimize the personnel structure of the board of directors. After the general election in October 2025, the board of directors currently consists of 7 directors. The number of directors and personnel on the board of directors meet the requirements of relevant laws, regulations, and articles of association. The company's directors can abide by relevant laws, regulations and the provisions of the "Articles of Association", faithfully and diligently perform their duties as directors, and safeguard the interests of the company. Three of the independent directors maintain full independence in their work, carefully review various proposals, and effectively safeguard the interests of the company and small and medium-sized shareholders. The company's board of directors consists of the Audit Committee, the Remuneration and Appraisal Committee, the Nomination Committee, and the Strategy and ESG Committee. Each special committee performs its own duties and effectively promotes the standardized operation and scientific decision-making of the board of directors. Among them, the audit committee has taken over the responsibilities of the original board of supervisors since the establishment of the board of supervisors, supervising the company's operations in accordance with the law, including inspecting the company's finances, supervising the exercise of powers by the company's directors and senior managers, supervising and evaluating internal and external audit work, etc.

(3) Controlling shareholders

The company's controlling shareholder has a code of conduct, exercises investor rights through the shareholders' meeting, and does not directly or indirectly interfere with the company's decision-making and operating activities beyond the shareholders' meeting. The company remains independent in terms of finance, personnel, assets, business, and institutions. The company's board of directors and internal institutions operate independently. During the reporting period, the company did not have any funds occupied by the controlling shareholder, nor did it provide illegal guarantees for the controlling shareholder.

(4) Information disclosure

During the reporting period, the company strictly complied with the "Measures for the Administration of Information Disclosure of Listed Companies", the company's "Information Disclosure System" and other relevant regulations, fulfilled its information disclosure obligations in a truthful, accurate, complete and timely manner, disclosed company information in designated disclosure media and the Shanghai Stock Exchange website, so that all shareholders have equal rights to know. The company strictly implements inside information management and maintains the openness, fairness and fairness of the company's information disclosure in accordance with the law.

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

□Applicable √Not applicable

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

√Applicable □Not applicable

The company is completely separated from its controlling shareholders and actual controllers in terms of assets, personnel, finance, institutions, business, etc. Each has independent accounting, independent responsibilities and risks. The company has a complete business system and independent operating capabilities. There is no situation where the company's controlling shareholder or actual controller serves as the company's chairman and general manager at the same time.

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: Share During the reporting period, whether the number of shares increased or decreased during the year?

What the company has obtained: Company related name, position, gender, age, start date of term, end date of term, number of shares held at the beginning of the year, number of shares held at the end of the year, increase or decrease in shares

Total pre-tax compensation, joint parties gaining momentum, reasons

Amount (10,000 yuan) Remuneration

Chairman 2026/02/27 2028/10/13

Mei Xiaoyang Vice President (resigned) Female 52 2022/10/25 2025/10/14 0 0 0 / 40.90 No co-president (resigned) 2025/10/14 2026/02/27

Director 2022/10/25

Meng Zhuowei President Male 39 2025/10/14 2028/10/13 0 0 0 / 35.63 No

Secretary of the Board of Directors 2021/04/15

Shu Gaojun Director Male 54 2024/09/09 2028/10/13 0 0 0 / 66.60 No Wang Quan Director Male 42 2022/10/25 2028/10/13 0 0 0 / 35.17 No Liu Bang Independent Director Female 62 2025/10/14 2028/10/13 0 0 0 / 2.00 Fu Meiting Independent Director Female 42 2022/10/25 2028/10/13 0 0 0 / 12.00 Fu Fan Hongyu Independent Director Male 52 2025/10/14 2028/10/13 0 0 0 / 2.00 No Yang Jingjing Vice President Female 32 2025/10/14 2028/10/13 0 0 0 / 6.68 No Li Zhiman Financial Director Male 52 2024/05/13 2028/10/13 0 0 0 / 33.00 No Luo Weiguo Chairman (resigned) Male 56 2013/12/01 2025/12/31 37,251,829 37,251,829 0 / 18.50 No

Vice Chairman (resigned) 2013/12/01 2025/10/14

Shi Dongwei Male 59 32,338,800 32,338,800 0 / 19.41 No President (resigned) 2024/08/22 2025/08/25

Director (resigned) 2022/10/25

Chen Qinghui Male 45 2025/10/14 390,000 390,000 0 / 31.81 No

Vice President (resigned) 2024/08/22

Bao Manzhu Independent Director (resigned) Male 63 2019/10/25 2025/10/14 0 0 0 / 9.00 No Wu Dong Independent Director (resigned) Male 55 2019/10/25 2025/10/14 0 0 0 / 9.00 No Total / / / / / 69,980,629 69,980,629 0 / 321.69 /

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Name Main work experience

From July 1998 to July 2011, he worked at the Shanghai Landscape Design Institute; from December 2014 to May 2016, he served as deputy general manager of Wilcote (Shanghai) Architectural Planning and Design Co., Ltd. Mei Xiaoyang. From June 2016 to October 2022, he served as the general manager of the company's operations center; from October 2022 to October 2025, he served as the company's vice president; from October 2025 to February 2026, he served as the company's co-president; from February 2026 to the present, he served as the company's chairman.

From August 2009 to August 2019, he worked at Shanghai Construction Engineering Group Co., Ltd.; he joined the company in October 2019 and served successively as legal department manager and deputy director of legal affairs; in 2021, Meng Zhuowei

From April to present, he serves as secretary of the company's board of directors; from October 2022 to present, he serves as director of the company; from October 2025 to present, he serves as president of the company.

From December 2014 to July 2023, he served as the general manager of Hubei region of New Hope Liuhe Co., Ltd.; joined the company in July 2023, and served successively as deputy general manager of the company's agriculture, animal husbandry and food business department, Shu Gaojun

Executive general manager; from October 2024 to the present, he serves as the general manager of the company's agriculture, animal husbandry and food division; from September 2024 to the present, he serves as the company's director.

Joined the company in October 2015 and served successively as the company’s marketing director, Xinjiang regional general manager, and Yunnan-Guizhou regional general manager; from October 2019 to present, he serves as the company’s deputy general manager of the agriculture, animal husbandry and food division; Wang Quan

From October 2022 to present, he serves as a director of the company.

He has been teaching at Huazhong Agricultural University since 1997. He is currently a second-level professor and doctoral supervisor in the School of Animal Science and Technology and the School of Veterinary Medicine at Huazhong Agricultural University; from October 2025 to the present, he has served as Liu Bang

Independent director of the company.

From July 2008 to November 2010, he worked at Ernst & Young Hua Ming Accounting Firm; from December 2010 to February 2013, he worked at Huaiyuan Equity Investment Fund Management Center; in 2013 From May 2013 to July 2013, he worked at Huaan Securities Co., Ltd.; from September 2013 to June 2019, he served as VP of the Investment Banking Department of Founder Securities Co., Ltd.; in 2019, Mei Ting

From June 2023 to September 2023, he served as VP of the Investment Banking Department of Founder Securities Underwriting and Recommendation Co., Ltd.; from October 2024 to present, he served as executive director of Suzhou Zhonghui Management Consulting Co., Ltd.; from October 2022 to present, he served as an independent director of the company.

From August 2004 to March 2006, he worked at Everbright Securities Co., Ltd.; from April 2006 to April 2010, he worked at China Jianyin Investment Securities Co., Ltd.; Fan Hongyu From May 2010 to June 2017, he worked at Shanghai Huaxin Securities Co., Ltd.; from June 2017 to July 2020, he served as the executive director of the investment bank of Zheshang Securities Co., Ltd.; from August 2020 to June 2022, he served as the managing director of the investment bank of Guorong Securities Co., Ltd.; from October 2025 to the present, he serves as the company’s independent director.

From September 2018 to March 2021, worked at Suntech Solar Power Co., Ltd.; joined the company in April 2021, and served successively as the company's legal manager, deputy legal director, and legal director; Yang Jingjing

From May 2024 to October 2025, he served as the company’s audit and legal director; from October 2025 to present, he served as the company’s vice president.

From November 2004 to November 2005, he worked at Tianhua Accounting Firm; from November 2005 to August 2008, he served as senior project manager at Ruder Finn Accounting Firm; from August 2008 to November 2014, he served as the financial director of Shengwei Holdings Co., Ltd.; from November 2014 to July 2017, he served as the financial director of Shanghai Hongli Electric Development Co., Ltd.; in 2017, Li Zhiman

From July to September 2023, he served as the deputy director and sponsor representative of the investment banking department of Wanlian Securities Co., Ltd.; from September 2023 to May 2024, he served as the director of the company’s audit department; from May 2024 to the present, he served as the company’s financial director.

Other situation description

√Applicable □Not applicable

During the reporting period, the term of the company's fourth board of directors expired and the election of the fifth board of directors was successfully completed. The number of board members was adjusted from 9 to 7. At the same time, in accordance with relevant regulations such as the "Transitional Arrangements for the Implementation of Supporting System Rules of the New Company Law", the company canceled the board of supervisors and the establishment of supervisors, and the audit committee of the board of directors exercised the powers of the board of supervisors stipulated in the "Company Law".

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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

2. Employment status in other units

√Applicable □Not applicable

Name of the employee Name of other unit Position held in other unit Start date of term End date of term Wuxi Tianyu Flower Culture

Mei Xiaoyang Supervisor September 2021 to present Tourism Development Co., Ltd.

Liu Bang Huazhong Agricultural University Professor and doctoral supervisor September 1997 to present Suzhou Zhonghui Management Consulting

Executive Director October 2024 to present Ltd.

Shanghai Hongzhou Investment Management

Mei Ting Executive Director September 2017 to present Co., Ltd.

Shanghai Wangwei Information Technology

Supervisor February 2022 to present Service Co., Ltd.

Shanghai Chanshun Investment Management

Executive Director and General Manager November 2017 to present Co., Ltd.

Tianyuyuan (Shanghai) Branch

Luo Weiguo (resigned) Executive Director June 2018 to present Technology Development Co., Ltd.

Shanghai Daoyun Asset Management

Director and Manager August 2025 to present Co., Ltd.

Shanghai Yuxia Business Consulting

Shi Dongwei (resigned) Executive Director June 2017 to present

limited liability company

Bao Manzhu (resigned) Professor and doctoral supervisor at Huazhong Agricultural University December 1995 to present Deputy director and member of the management committee of Shanghai Huiye Law Firm

March 2000 to present

Member, Senior Partner

Wu Dong (resigned)

Shanghai Youan Architectural Design

Independent Director April 2020 August 2025

Co., Ltd.

Working in other units

-

Description of job situation

(3) Remuneration of directors and senior managers

√Applicable □Not applicable

According to the company's "Working Rules of the Remuneration and Appraisal Committee", the remuneration of the company's directors, senior management directors and senior management personnel shall be drawn up by the remuneration and appraisal committee of the board of directors and submitted to the board of directors for review. Among them, the decision-making process shall be implemented after the company's directors' remuneration is reviewed by the board of directors and submitted to the shareholders' meeting for approval.

Remuneration is reviewed and determined by the board of directors.

Directors discuss their remuneration at the board meeting

Yes

Whether to avoid matters

On April 15, 2025, the company held the fifth meeting of the Remuneration and Appraisal Committee of the Fourth Board of Directors or the Independent Board of Directors to review the "Special Meeting on the Remuneration of Directors and Senior Management Personnel of the Company in 2025". It was believed that the company's remuneration plan for directors and senior management personnel in 2025 complied with relevant management personnel remuneration policies, laws and regulations and the provisions of the company's remuneration and assessment system, with reference to the corresponding specific situations in the industry. There is no harm to the market level of job remuneration, corporate development goals and annual operating goals.

interests of the company and its shareholders.

The remuneration of directors and senior managers is determined. Independent directors receive fixed allowances, while non-independent directors and senior managers receive remuneration based on the board of directors’ salary.

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Implement performance appraisal based on the remuneration plan or plan formulated by the Remuneration and Appraisal Committee.

The allowance for independent directors is paid quarterly, and the allowance is 120,000 yuan/year/person; the salary of directors and senior managers who work full-time in the company is

For the remuneration payment of non-independent directors and senior management personnel, refer to the actual payment situation according to the company’s salary management regulations.

implementation.

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

3.2169 million yuan

The total actual salary received by managers

At the end of the reporting period, the allowances received by all directors and senior management and independent directors are not applicable to the assessment situation. The assessment of actual remuneration received by non-independent directors and senior management personnel is based on the company's performance appraisal regulations and they receive corresponding remuneration. The performance appraisal work is effectively implemented and completed according to the company's performance basis and completion assessment regulations.

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

Relevant regulations do not apply to the allowances received by independent directors, and the actual remuneration of non-independent directors and senior management personnel is deferred.

There are no deferred payment arrangements during the remuneration reporting period.

payment arrangements

Relevant regulations do not apply to the allowances received by independent directors. At the end of the reporting period, all directors and senior managers of non-independent directors and senior managers

There was no stop-payment recourse during the remuneration reporting period. In April 2026, the company formulated the "Stop Payment of Actual Remuneration for Directors and Managers"

"Senior Management Remuneration Management System", and subsequent claims will be strictly enforced in accordance with the provisions of the aforementioned system.

Follow the corresponding stop payment recovery procedures.

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

√Applicable □Not applicable

Name Position held Change circumstances Reason for change

Mei Xiaoyang Co-President Appointment Change of Term

Meng Zhuowei President Appointment and Change of Term

Liu Bang Independent Director Election Reelection

Fan Hongyu Independent Director Election Reelection

Yang Jingjing Vice President Appointment and Change of Term

Mei Xiaoyang Vice President Resigns and Change of Term

Luo Weiguo, Chairman, resigned, job transfer

Shi Dongwei, Vice Chairman and President, resigns, resigns, retires Chen Qinghui, Director, Vice President, resigns, resigns

Bao Manzhu, independent director, resigned and changed the term

Wu Dong, independent director, resigned and was re-elected.

Note: The above table only lists changes during the reporting period.

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

√Applicable □Not applicable

On May 7, 2024, the Chongqing Supervision Bureau of the China Securities Regulatory Commission issued the "Regulations on the Interest of Tianyu Ecological Environment Co., Ltd."

Co., Ltd. to take corrective measures" (Decision on Administrative Supervision Measures of Chongqing Supervision Bureau of China Securities Regulatory Commission

[2024] No. 9). The content is: The company’s basis for provision for impairment of long-term equity investment in Qinghai Juzhiyuan New Materials Co., Ltd. at the end of 2022

The data did not meet the requirements of the Accounting Standards for Business Enterprises, resulting in insufficient provision for impairment and violating certain provisions of the "Measures for the Administration of Information Disclosure of Listed Companies".

According to relevant regulations, the Chongqing Supervision Bureau of the China Securities Regulatory Commission took administrative regulatory measures to order the company to make corrections. The company seriously implements

We will implement rectification work, and at the same time strengthen special training for directors, supervisors, senior management and relevant personnel on financial accounting, internal control and compliance, and effectively improve

Corporate governance level and information disclosure quality.

On July 30, 2024, the Shanghai Stock Exchange issued "About Tianyu Ecological Environment Co., Ltd. and relevant responsible persons"

Decision to issue regulatory warning" (Shanghai Securities Supervisory Letter [2024] No. 0177). The content is: According to the aforementioned administrative regulations of Chongqing Securities Regulatory Bureau, the company

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Regulatory measures require that the long-term equity investment of Qinghai Juzhiyuan New Materials Co., Ltd. increase the provision for impairment at the end of 2022 and make corresponding accounting error corrections. There are inaccurate information disclosures in the 2022 and 2023 annual reports, which violates the "Information Disclosure Preparation Rules for Companies with Public Issuance of Securities No. 15 - General Provisions on Financial Reports" and other relevant regulations. The Shanghai Stock Exchange issued a regulatory warning to the company and the then financial director Sun Weidong. The company promptly carried out self-examination and rectification work on standardized operations, information disclosure and other aspects as required, further improved the company's information disclosure and standardized operations, and submitted a rectification report to the Shanghai Stock Exchange on time.

On December 31, 2025, the company's controlling shareholder, actual controller, and then chairman Luo Weiguo received the "Notification of Case Filing" issued by the China Securities Regulatory Commission (No.: Securities Regulatory Case Filing No. 0152025014). Because Luo Weiguo was suspected of illegally reducing his holdings of Tianyu Biotech stocks, the China Securities Regulatory Commission decided to file a case against him in accordance with the Securities Law of the People's Republic of China, the Administrative Punishment Law of the People's Republic of China and other laws and regulations. The relevant investigation is currently ongoing and there is no final conclusion yet.

(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 and whether the shareholders’ meetings are

Director status independent

Name of the person who should participate in the communication this year? Whether the directors attending the meeting for two consecutive days are present in person or by proxy and are absent.

Participate in the form of joining the board of directors, but do not attend in person. Number of seats in the East Council. Number of seats.

Times Add times Add meetings Number of meetings Meng Zhuowei No 15 15 0 0 0 No 5 Shu Gaojun No 15 15 15 0 0 No 5 Wang Quan No 15 15 15 0 0 No 5 Liu Bang Yes 5 5 5 0 0 No 1 Mei Ting Yes 15 15 15 0 0 No 5

Fan Hongyu Yes 5 5 5 0 0 No 1 Luo Weiguo (resigned) No 15 15 10 0 0 No 5 Shi Dongwei (resigned) No 10 10 5 0 0 No 5 Chen Qinghui (resigned) No 10 10 10 0 0 No 5 Bao Manzhu (resigned) Yes 10 10 10 0 0 No 5 Wu Dong (resigned) Yes 10 10 10 0 0 No 5 Explanation for not attending the board of directors meetings in person for two consecutive times

□Applicable √Not applicable

Number of board meetings held during the year 15

Among them: Number of on-site meetings 0

Number of meetings held by communication method 0

Number of meetings held on site combined with communication methods 15

(2) Directors raise objections to company-related matters

□Applicable √Not applicable

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(3) Others

□Applicable √Not applicable

5. Special committees under the board of directors

√Applicable □Not applicable

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

Special Committee Category Member Names

Audit Committee Members of the fourth term: Mei Ting, Wu Dong, and Luo Weiguo; Members of the fifth term: Mei Ting, Fan Hongyu, and Luo Weiguo

Nomination Committee Members of the fourth term: Luo Weiguo, Mei Ting, Wu Dong; Members of the fifth term: Fan Hongyu, Mei Ting, Luo Weiguo Remuneration and Assessment Committee Members of the fourth term: Wu Dong, Bao Manzhu, Luo Weiguo; Members of the fifth term: Mei Ting, Fan Hongyu, Luo Weiguo Strategy and ESG Committee Members of the fourth/fifth term: Luo Weiguo, Mei Ting, Meng Zhuowei

Note: The above table only lists the members of the special committees of the Board of Directors during the reporting period. In February 2026, in view of the changes in the members of the board of directors, the company simultaneously adjusted the members of the special committees of the board of directors. For details, please refer to the company's announcements 2026-012 and 2026-021 issued on February 3 and February 28, 2026.

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

Other performance dates, meeting contents, important opinions and suggestions, performance of responsibilities

Review of the "Company Audit and Legal Department's Fourth Quarter 2024 Work Report"

Reviewed and approved on February 19, 2025 -

Summary and work plan for the first quarter of 2025"

April 11, 2025 Review and approval of the "2024 Audit Report (First Draft)" - Review 1. "2024 Financial Final Accounts Report"; 2.

"Duty Performance Report of the Audit Committee of the Board of Directors in 2024"

Report"; 3. "<2024 Annual Report> and its Summary";

4. "Proposal on Provision for Asset Impairment in 2024"

All proposals were reviewed and passed

Case"; 5. "2024 Internal Control Evaluation Report";

April 15, 2025 Passed, agreed to motions 1 to 7 -

6. "Proposal on Re-appointment of Accounting Firm"; 7.

Submit to the board of directors for review

"About the three-year history of Qinghai Juzhiyuan New Materials Co., Ltd.

"Proposal on the Implementation of Performance Commitments"; 8. "Company Audit

Legal Department’s 2024 Internal Audit Work Report and 2025

Annual work plan

Review 1. "2025 First Quarterly Report"; 2. "Announcement". All proposals were reviewed and approved.

April 29, 2025 The Audit and Legal Department’s work summary for the first quarter of 2025 was approved and the submission of proposal 1 - Work Plan for the Second Quarter of 2025 was reviewed by the Board of Directors

Review 1. "2025 Semi-annual Report and its Summary"; all proposals were reviewed and approved

August 29, 2025 2. "The work of the company's audit and legal department in the second quarter of 2025 has been completed, and the submission of proposal 1 - summary and work plan for the third quarter of 2025" was reviewed by the board of directors

Reviewed and approved, agreed to submit

September 28, 2025 Review of the "Proposal on the Appointment of the Company's Financial Director" - Review by the Board of Directors

Review 1. "2025 Third Quarterly Report"; 2. "Relevant

All proposals were reviewed and passed

Proposal on Continuing to Carry out Commodity Futures Hedging Business”;

October 29, 2025 Passed and agreed to the motion 1. Discussion -

3. "Work of the Company's Audit and Legal Department in the Third Quarter of 2025"

Case 2 is submitted to the board of directors for review

Summary and work plan for the fourth quarter of 2025》

Reviewed the "Correction of the Company's Third Quarterly Report for 2025" Reviewed and approved, agreed to submit

November 21, 2025 - Proposal to be considered by the Board of Directors

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

Other performance dates, meeting contents, important opinions and suggestions, performance responsibilities

Situation April 21, 2025 Review of the "Proposal on Nominating the Company's Co-Presidents" did not pass - Review 1. "On the General Election and Nomination of the Fifth Board of Directors"

Proposal on Candidates for Non-Independent Directors of the First Session of the Board of Directors"; 2. "Related

Be independent in the general election and nomination of the fifth board of directors

All proposals were reviewed and passed

Proposal on Candidates for Directors"; 3. "On Nominating the President of the Company"

On September 28, 2025, it was agreed to submit a proposal for candidates for director, chairman and co-president"; 4. "About the proposal of candidates for director, chairman and co-president"

will be reviewed

Proposal on Candidates for Vice President of the Company"; 5. "About Proposing the Candidate for Vice President of the Company";

Proposal on Candidates for Financial Director of the Company"; 6. "About

Proposal to Nominate Candidates for Secretary of the Company's Board of Directors";

(4) The Remuneration and Appraisal Committee held two meetings during the reporting period

Other performance dates, meeting contents, important opinions and suggestions, performance of responsibilities

Review 1. All proposals regarding the company’s directors and senior executives in 2025 were reviewed and passed

April 15, 2025 "Proposal on the remuneration of management personnel"; 2. "Proposal on canceling the stock options that have been granted but not yet exercised and agreed to be submitted to the board of directors" for review

Reviewed and approved, agreed to submit

June 30, 2025 Review of the "Proposal on Purchasing Liability Insurance for Directors, Supervisors and Senior Management" -

Board of Directors review

(5) Specific circumstances of objectionable matters

√Applicable □Not applicable

The company's Nomination Committee meeting held on April 21, 2025 did not review and approve the "Proposal on Nominating the Company's Co-Presidents". This was because the candidates' resumes had a low degree of matching with the company's existing business, so the proposal was unanimously rejected.

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 10 Number of active employees of major subsidiaries 490 Total number of active employees 500 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 336 Sales staff 17 Technical staff 37 Financial staff 33

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Administrative Staff 77Total 500Education

Education level category Number (person)

Graduate students and above 25 undergraduates 157 junior college 181 below junior college 137

Total 500

(2) Remuneration policy

√Applicable □Not applicable

The company implements a differentiated remuneration strategy that is result- and performance-oriented: 1. Effectively explore and promote co-creation and sharing, and business partner mechanisms. 2. Different business sectors, different compensation strategies; 3. A compensation mechanism that favors strivers and front-line employees. 4. Position-based salary determination, low base salary, high incentive compensation model; 5. Result-oriented, employee compensation is closely linked to the company's operating conditions and personal performance. 6. Implement a salary structure and equity incentives that combine monthly salary, annual salary, performance commissions, and performance rewards. Through differentiated salary strategies, scientific salary structures and result-oriented performance management, we can effectively stimulate employees' potential and ultimately achieve "distribution according to ability and performance".

(3) Training plan

√Applicable □Not applicable

Combining market changes and company operation development, we aim to further deepen the construction of a learning organization with the goal of building the organization's ability to adapt to market changes and employees' ability to keep up with market and corporate changes and reforms. The specific measures are as follows: 1. Strengthen the construction of talent echelon, establish a reserve talent selection and training mechanism, discover and train employees with high-quality potential, so that everyone can make the best use of their talents and perform their duties; 2. Focus on the iteration and increase of the company's business sections, carry out targeted industry knowledge training to further enhance the Business sector awareness and professional and technical level; 3. Increase the selection, training and appointment of internal trainers, and encourage technical talents to take the stage; 4. Carry out various special training classes around the needs of the company's operations and each business sector; 5. Digitize training management, make good use of the training platform, and build the company's knowledge system library. Through the above measures, the company's training system is continuously optimized to effectively meet the training needs of the organization and employees, promote training to improve skills, and skills promote production and operations, thereby improving the company's operating efficiency, and ultimately promoting the company's strategy, goal achievement and sustainable development.

(4) Labor outsourcing situation

√Applicable □Not applicable

Total working hours of labor outsourcing (hours) 1,960Total remuneration paid for labor outsourcing (yuan) 251,400.00

8. Profit distribution or capital reserve conversion plan

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

√Applicable □Not applicable

1. Development of cash dividend policy

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The company has clarified the basic principles of profit distribution policy, cash dividend policy, specific conditions and proportions in the Articles of Association. At the same time, in order to clarify the company's reasonable return on investment for shareholders, further refine the provisions on profit distribution policies in the "Articles of Association", increase the transparency and operability of profit distribution decisions, and facilitate shareholders to supervise the company's operations and profit distribution, in accordance with the "Company Law", "Securities Law", "Notice on Further Implementing Matters Related to Cash Dividends of Listed Companies" (Zhengjianfa [2012] No. 37), "Listed Company Supervision Guidelines No. 3" —Cash Dividends of Listed Companies" (CSRC Announcement [2025] No. 5) and the relevant provisions of the Articles of Association, combined with the actual situation of the company, the company formulated the "Shareholder Return Plan for Tianyu Biotechnology Co., Ltd. in the next three years (2025-2027)". For details, please refer to the announcement disclosed by the company on the official website of the Shanghai Stock Exchange (www.sse.com.cn) on August 27, 2025.

2. Implementation of cash dividend policy

During the reporting period, the company strictly implemented the profit distribution policy in the Articles of Association and fully protected the legitimate rights and interests of small and medium-sized investors. The specific implementation details are as follows:

On April 15, 2025, and May 6, 2025, the company held the 38th meeting of the fourth board of directors and the 2024 annual shareholders' meeting respectively, and reviewed and approved the 2024 profit distribution plan, agreeing not to distribute profits in 2024, nor to convert capital reserve funds into share capital.

On April 29, 2026, the company held the 11th meeting of the fifth board of directors, which reviewed and approved the 2025 profit distribution plan. Based on the fact that the cumulative distributable profits of the parent company are negative and do not meet the profit distribution conditions, the company will not distribute profits in 2025, nor will it convert capital reserve funds into share capital. The profit distribution plan for 2025 still needs to be submitted to the company's 2025 annual shareholders' meeting for review.

(2) Special explanation of cash dividend policy

√Applicable □Not applicable

Whether it complies with the provisions of the company's articles of association or the requirements of the resolution of the shareholders' meeting √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 have been fully protected √Yes □No

(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

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

√Applicable □Not applicable

Unit: Yuan Currency: RMB Cumulative cash dividend amount in the last three fiscal years (tax included) (1) 0

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The cumulative amount of repurchases and cancellations in the last three fiscal years (2) 0 The cumulative amount of cash dividends and repurchases and cancellations in the last three fiscal years (3) = (1) + (2) 0 The average annual net profit amount in the last three fiscal years (4) -225,299,495.01 The cash dividend ratio in the last three fiscal years (%) (5) = (3)/(4) Not applicable Net profit attributable to ordinary shareholders of listed companies in the consolidated statement of the most recent fiscal year -106,903,872.77Undistributed profit at the end of the parent company's statement for the most recent fiscal year -300,833,893.87

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

Matter Overview Query Index

On April 15, 2025, the company held the 38th meeting of the fourth session of the Board of Directors.

meeting and the 32nd meeting of the fourth session of the Board of Supervisors, the "Proposal on Cancellation of Part of the Stock Options Granted but Not Yet Exercised" was reviewed and approved. In view of the first grant of the third and reserved www.sse.com.cn

Due to the reasons why the exercise conditions of the second exercise period were not fulfilled, the company was agreed to cancel the aforementioned 3.555 million stock options that had been granted (Announcement No.: 2025-033) but had not yet been exercised.

Shanghai Stock Exchange: On April 25, 2025, the company completed the cancellation of the aforementioned 3.555 million stock options

www.sse.com.cn

Formalities. After this cancellation is completed, the company's 2022 stock option incentive plan will be implemented.

Announcement number: 2025-039

(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

Unit: 10,000 shares held at the beginning of the reporting period Reporting period Stock period held at the end of the period

Reporting Period Reporting Period

Have stocks Newly granted stock options exercise Have stocks

Name Position Insider Exercisable Number of Options at Last Price Stock Option Exercise Price Number of Options

Rights shares (yuan)

Quantity Number of shares (yuan) Quantity

Mei Xiaoyang Chairman 50.00 - - - 9.57 - 7.84 Meng Zhuowei Director, President and Secretary of the Board of Directors 11.00 - - - 9.57 - 7.84 Wang Quan Director 16.00 - - - 9.57 - 7.84 Yang Jingjing Vice President 5.50 - - - 9.57 - 7.84 Chen Qinghui Director, Vice President (resigned) 61.30 - - - 9.57 - 7.84

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Total / 143.80 - - - / - /

(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

Determine salary based on position and ability, re-examination and high incentives, tenure evaluation, performance-oriented, equity incentives. The company determines the basic salary of senior managers based on their job levels and establishes performance evaluation standards to evaluate and assess the work performance of senior managers. The Remuneration and Appraisal Committee of the Board of Directors is responsible for reviewing and supervising the appraisal, incentives and implementation of the company's senior managers.

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

√Applicable □Not applicable

For details, please refer to the "2025 Internal Control Evaluation Report" disclosed by the company on the official website of the Shanghai Stock Exchange (www.sse.com.cn) on April 30, 2026.

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

In accordance with the provisions of the Company Law, Articles of Association and other relevant laws, regulations and rules, the company regulates and manages its subsidiaries in accordance with the unified standards of listed companies. Management control and assessment supervision are carried out through production operations, strategic management, financial management, personnel management, internal audit supervision and other aspects. The company has incorporated its subsidiaries into a unified audit and supervision system. Important business and financial activities carried out by subsidiaries must be reported to the company for review, so as to strictly prevent situations that harm the interests of the company and shareholders.

The company assesses and incentivizes the operating performance of its subsidiaries to maintain the efficient operation of its management departments and teams. At the same time, special internal control surveys are conducted on subsidiaries on a regular basis to avoid internal control risks, put forward requirements, provide suggestions, implement personnel responsibilities based on the specific conditions of the subsidiaries, and supervise the subsidiaries to formulate and implement follow-up plans to ensure the steady development of the subsidiaries.

During the reporting period, the company's management control over its subsidiaries was sufficient and effective, and there were no major omissions.

Risk reminder of abnormal management control of subsidiaries

□Applicable √Not applicable

12. Relevant description of internal control audit report

√Applicable □Not applicable

The company hired Zhonghua Accounting Firm (Special General Partnership) to audit the effectiveness of the company's internal control and issued a standard unqualified internal control audit report. For details, please refer to the "2025 Internal Control Audit Report" disclosed by the company on the official website of the Shanghai Stock Exchange (www.sse.com.cn) on April 30, 2026.

Whether to disclose the internal control audit report: Yes

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

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

□Yes √No

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

Not applicable.

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

Other instructions

√Applicable □Not applicable

The company and its subsidiaries are not among the key pollutant-discharging units announced by the ecological environment department. The ecological environment and photovoltaic new energy engaged in by the company are green industries and do not fall under the circumstances where environmental information should be disclosed as stipulated in the "Guiding Opinions on Building a Green Financial System". The company's ecological agriculture, animal husbandry and food business conscientiously implements relevant laws and regulations on environmental protection in daily production and operation. During the reporting period, there were no penalties for major environmental protection violations.

15. Social Responsibility Work

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

√Applicable □Not applicable

For details, please refer to the "2025 Environmental, Social and Corporate Governance (ESG) Report" and "2025 Environmental, Social and Corporate Governance (ESG) Report Summary" disclosed by the company on the official website of the Shanghai Stock Exchange (www.sse.com.cn) on April 30, 2026.

(2) Specific situation of social responsibility work

√Applicable □Not applicable

External donations and public welfare projects Quantity/Content Description Total investment (yuan) 35,500.00 Donations including: Funds (yuan) 35,500.00 Donations

Material discount (yuan) - Number of people benefiting (person) - N/A Specific instructions

√Applicable □Not applicable

In February 2025, the company's holding subsidiary Hubei Tiancheng Fengtai Food Co., Ltd. donated 35,500 yuan in rural revitalization funds to the Finance Office of Fangfan Town, Dawu County.

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

√Applicable □Not applicable

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Poverty alleviation and rural revitalization projects Quantity/Content Description Total investment (10,000 yuan) 6,998.94

Including: funds (10,000 yuan) 6,998.94

Material discount (10,000 yuan) -

Number of people benefiting (persons) 113 Cooperative settlement agency household assistance forms (such as industrial poverty alleviation, employment assistance

Industrial assistance, consumption assistance

poverty, education poverty alleviation, etc.)

Specific instructions

√Applicable □Not applicable

The company has been actively responding to the call for "rural revitalization assistance". Since the launch of the pig breeding business, it has actively adopted the "company + farmer" approach, that is, a production and recycling model of cooperative breeding with individual farmers. Based on the company's large-scale breeding experience, it has effectively promoted the increase of farmers' income and assisted the development of local rural industries by providing resource assistance and standardized management to local farmers. In 2025, 113 cooperative households were settled, with a total settlement amount of 69.9865 million yuan, and the average single-household settlement amount was 619,300 yuan. At the same time, the company actively supports consumption assistance, and during the reporting period, it purchased agricultural and sideline products supported by Dianjiang County, Chongqing City.

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

whether if not in time

Is there a commitment? Commitment. Commitment. Timely fulfillment should be explained. If it is not fulfilled in time, the next step should be explained.

Commitment party Commitment time Performance period Commitment period background Type Content Strict Specific reasons for unfinished performance Scheduled performance

1. I and other companies controlled by me will not directly or through other

In any way (including but not limited to sole proprietorship, joint venture, cooperative operation or

Contracting, leasing operations, entrusted management, operating through third parties, acting as

Consultants, etc.) are indirectly engaged in business related to Tianyu Biological and its controlled enterprises.

Identical or similar business activities to avoid harming Tianyu creatures and their control

The production and operation of the enterprise constitutes direct or indirect business competition; 2.

Acquisition

For example, Tianyu Biotechnology and the companies it controls further expand their business scope,

report

I and other companies controlled by me will not cooperate with Tianyu Biotechnology and its controlled companies.

book or

compete with the expanded business of private enterprises; if it competes with Tianyu Biotech and its controlling

Rights and interests are resolved as a public

Competition arises from the expansion of the business of self-owned enterprises, and the enterprises controlled by me and myself will compete in August 2025.

Change Peer Luo Weiguo Yes Actual control of the company Yes Not applicable Not applicable

Other enterprises will cease production and operations or transfer competing businesses to January 25th.

Reporting competition period

To avoid horizontal competition by transferring it to an unrelated third party, or through economic cooperation

book

According to consensus, Tianyu Biotech and the companies it controls can pay reasonable prices.

Made

The relevant enterprises will be acquired through preferential acquisition or entrusted operation if the conditions are met.

Commitment

Concentrate the competitive business of the industry to Tianyu Biotechnology to avoid horizontal competition.

3. If a third party files a claim against me and other companies controlled by me,

any business opportunities or opportunities for me and other businesses I control

any opportunity that needs to be provided to a third party and the business is directly or indirectly related to Tianyu

Biological organisms and the corporate businesses they control are competitive or Tianyu Biological Products is capable of

If I have the strength and intention to undertake the business, I and other enterprises controlled by me shall

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Businesses should immediately notify Tianyu Biotech and its controlled companies of the business machine.

will, and try our best to ensure that the business is conducted by Tianyu on reasonable terms and conditions.

To ensure that Tianyu Biotech and all its shareholders

East interests will not be harmed. If there is a breach of such commitments and the resulting consequences to Tianyusheng

If the property causes losses, I will bear the corresponding liability for compensation.

1. I and other companies controlled by me will act in accordance with laws, regulations and

Minimize the requirements of other normative documents and avoid conflicts with Tianyu Biology.

unnecessary related-party transactions, and those that are truly necessary and unavoidable

For joint transactions, I and other companies controlled by me will abide by market fairness.

principles of fairness, fairness and openness, with fair and reasonable market prices and

conduct business under fair transaction conditions, sign agreements in accordance with the law; and strictly comply with the

"Judiciary", "Articles of Association" and related related transactions and information disclosure management

management system to perform necessary internal decision-making, approval processes and information disclosure

Solve the obligations and ensure not to use related transactions to illegally transfer the assets of Tianyu Biotechnology. As a public company

2025 8

Related Luo Weiguo Financial, profits, no damage to Tianyu Biotech and other shareholders through related transactions Yes Actual control of the company Yes Not applicable Not applicable

March 25

The legitimate rights and interests of the transaction; 2. I will strictly abide by the "Company Law", "Corporate Governance Guidelines during the Listing Period" and other laws and regulations, as well as Tianyu Biotech's "Articles of Association"

exercise shareholders' rights according to the relevant provisions of the shareholders' meeting;

When voting on related-party transactions involving the promisee, the person shall abstain from voting.

Obligations; 3. Guarantee not to take advantage of my status and influence in Tianyu Creatures

Seek Tianyu Biotechnology to be better than the third largest company in the market in terms of business cooperation and other aspects

rights of other parties or the priority right to seek transactions with Tianyu Creatures. If

I have caused losses to Tianyu Biotech and other shareholders due to my violation of the above commitments.

In case of loss, I will bear the corresponding liability for compensation.

After Mr. Luo Weiguo and Mr. Shi Dongwei signed the "Dissolution Agreement of "Luo Weiguo: Persons Acting in Concert Agreement" on August 25, 2025, in order to maintain the control position of Mr. Luo Weiguo (1) over Tianyu Creatures, the two parties signed the "Agreement on Waiver of Decision-making Rights on Statement Matters Not Luo Weiguo and Shi Dongwei" on the same day. The content is as follows: From the date of signing of the Dissolution Agreement, the August 2025 Nengchengfa Other Yes Yes is being implemented Not applicable to Dongwei. Shi Dongwei promises to irrevocably agree to give up all non-property rights such as proposal rights, voting rights, and convening rights within 24 months corresponding to the 32,338,800 shares of Tianyu Shengliang he holds from the date of birth, and shall not entrust any third party to act / Shi Dongwei: use. The period for waiving voting rights starts from the effective date of this "Voting Rights Waiver Agreement" and ends in compliance with the table.

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From 2025 to 2025, if: 1. Daoyun Assets controlled by Luo Weiguo and Tianyu Biotech signed a "Conditional Acquisition Agreement with Conditions" on August 25, 2025, if the issuance of shares to specific objects is approved and the contract is completed, the voting rights of Tianyu Biotech's shares controlled by Luo Weiguo will be

The difference between the proportion minus the proportion of shares held by Tianyu Biotech held by Shi Dongwei will be greater than

5%, in which case Shi Dongwei’s voting rights as stated in this agreement will be restored; 2.

If the matters in (1) above cannot be achieved, Luo Weiguo should issue a

Within 24 months from the date of birth, choose to send a message to a specific person through the heavenly creature.

Issuing stocks, increasing holdings in the secondary market, transferring shares through agreements, etc.

The proportion of voting rights of Tianyu Biotech shares controlled by Shi Dongwei minus the proportion of Tianyu Biotech shares held by Shi Dongwei

The difference in shareholding ratio of Domain Biotech is greater than or equal to 5%. within the above period

Shi Dongwei should cooperate and the waiver period should be extended until Luo Weiguo completes

to the obligations set forth in this article.

In order to maintain Mr. Luo Weiguo's control over the creatures in the sky, Shi Dongwei

Mr. issued the "About Not Seeking Control" on August 25, 2025.

Commitment", the commitment is as follows: 1. I agree with Luo Weiguo’s commitment to Tianyu Creatures

The control status of Luo Weiguo is recognized as the actual control of heavenly creatures.

2. I will no longer directly participate in the daily operation and management of Tianyu Biology;

3. For the purpose of seeking to control Tianyu Biotech, he will not directly or indirectly go to Luo Weiguo to increase his shareholding in Tianyu Biotech or use his shareholding status or influence to intervene or lose control of Tianyu Biotech.

2025 8

Others Shi Dongwei Influences Luo Weiguo's control over or interferes with Tianyu creatures, affects Tianyu creatures Yes Yes Not applicable Not applicable

March 25

4. The proportion of shares and/or voting rights of Tianyu Biotech as of the date of birth of Tianyu Biotech will not be enlarged by any means such as entrustment, solicitation of voting rights, control agreement, alliance, consensus action, etc., nor will it engage in any other activities with Tianyu Biotechnology.

Shareholders or potential shareholders and their related parties and persons acting in concert can through entrustment,

Any method such as solicitation of voting rights, agreement, alliance, unanimous action, etc.

Individually, jointly or assisting any third party to seek actual control of Tianyu creatures

control.

During my tenure as a director, supervisor or senior manager of the issuer, during my tenure and sub-public shares Luo Weiguo, Shi, the number of shares transferred each year shall not exceed the number of shares I directly or indirectly hold in the issuer at the end of my original term.

IPO IPO Yes Yes Not applicable Not applicable Development Restriction Dongwei 25% of the total number of shares; Within six months after leaving the company, the shares of the issuer held by him will not be transferred. within

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Related 1. Do not take advantage of the status, commitment and significant influence of the actual controller (controlling shareholder) of Tianyu Ecology to seek that Tianyu Ecology will give me rights superior to those of third parties in the market in terms of business cooperation and other aspects. 2. Do not take advantage of the status and significant influence of the actual controller (controlling shareholder) of Tianyu Ecology to seek the priority right to conclude transactions with Tianyu Ecology. 3. Prevent me and the companies I control from illegally occupying Tianyu Ecological funds and assets. Under any circumstances, Tianyu Ecology is not required to provide any form of guarantee to myself and the companies I control in violation of regulations. 4. I and the companies I control will not have unnecessary related transactions with Tianyu Ecology and the companies it controls. If it is necessary to have unavoidable related transactions with Tianyu Ecology and the companies it controls, we guarantee: (1) Supervise Tianyu Ecology to perform related transaction decision-making procedures in accordance with the Company Law, the Stock Exchange Listing Rules and other laws, regulations, normative documents and company articles of association. During the company-making period, the affiliated directors and affiliated shareholders shall fulfill their obligation to abstain from voting; (2) Follow the transaction principles of equality and mutual benefit, good faith, equivalent compensation, fairness and reasonableness to conduct transactions with Tianyu Ecology at fair market prices, and not use such transactions to engage in any behavior that harms the interests of Tianyu Ecology; (3) In accordance with the provisions of the Company Law, the Stock Listing Rules and other relevant laws, regulations, normative documents and the company's articles of association, urge Tianyu Ecology to fulfill its information disclosure obligations and handle relevant approval procedures in accordance with the law. If he violates his commitment, the company will have the right to temporarily withhold the payable but unpaid cash dividends corresponding to the company shares he holds until the violation of the commitment is eliminated. If it fails to promptly compensate the company for the resulting losses or expenses, the company has the right to obtain such compensation within the scope of temporary withholding of cash dividends.

1. On the date of signing of the letter of commitment, I, the companies I control and the companies I have interests in have not produced or developed any products that compete or may compete with Tianyu Ecological products, have not directly or indirectly operated any business that competes or may compete with Tianyu Ecological's business operations as companies such as Luo Weiguo and Shiyu Ecology, nor have IPO debuts with the company. Other enterprises that compete or may compete during the execution period. 2. From the date of signing the commitment letter, I, the companies I control and the companies I have interests in will not produce or develop any products that compete or may compete with Tianyu Ecological products.

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products, does not directly or indirectly operate any business that competes or may compete with the business operated by Tianyu Ecology, and does not participate in investment in any other enterprises that compete or may compete with the products or businesses operated by Tianyu Ecology. 3. From the date of signing the commitment letter, if Tianyu Ecology further expands its products and business scope, I, the companies I control and the companies with interests will not compete with the expanded products and business of Tianyu Ecology; if I compete with the expanded products and business of Tianyu Ecology, I, the companies I control and the companies I have interests in will avoid horizontal competition in the following ways: (1) Stop producing or operating competing products and businesses; (2) Incorporate competing businesses into Tianyu ecological management; (3) Transfer the business to an unrelated third party. 4. If the commitment letter proves to be untrue or has not been complied with, Tianyu Ecology will be compensated for all direct or indirect losses. If the commitment is violated, the company will have the right to withhold the payable but unpaid cash dividends from the shares held by the individual until the violation of the commitment is eliminated. If it fails to promptly compensate the company for the resulting losses or expenses, the company has the right to obtain such compensation within the scope of temporary withholding of cash dividends.

If the company and its holding subsidiaries are punished or suffer losses due to violation of laws, regulations or normative documents related to social insurance and housing provident fund, I will fully bear the back payment obligations, late payment fees, fines or losses of the issuer and its holding subsidiaries with my own property, and guarantee the issuer and its controlling shareholders Luo Weiguo, Shi

Other shareholding subsidiaries will not suffer any losses as a result. If the commitment is violated, the public IPO will be launched No Long-term Yes Not applicable Not applicable Dongwei

The company has the right to withhold the payable but unpaid cash dividends of the shares held by the owner until the violation of the commitment is eliminated. If I fail to compensate the company for the resulting losses or expenses in a timely manner, the company has the right to obtain such compensation within the scope of temporary withholding of cash dividends.

1. Commitment not to transfer benefits to other units or individuals for free or on unfair terms, nor to damage the interests of Tianyu Ecological Garden Luo Weiguo and Shi Co., Ltd. in other ways. 2. Commitment to restrict the occupational consumption behavior of directors and senior management personnel. 3. Commitment not to use the assets of Tianyu Ecological Garden Co., Ltd. to engage in investment and consumption activities unrelated to the performance of its duties. 4. Commitment by the board of directors or remuneration

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The remuneration system formulated by the appraisal committee is linked to the implementation of the company's supplementary return measures. 5. Commitment that if the company implements an equity incentive plan in the future, its exercise conditions will be linked to the implementation of the company's supplementary return measures.

If the company's prospectus contains false records, misleading statements or areas of emphasis,

If a major omission causes investors to suffer losses in securities transactions, I, Qinghui, Feng Xin,

Investors’ losses will be compensated in accordance with the law. If I fail to fulfill the above-mentioned obligations of Sun Yuwen and Liu

I promise that I will stop receiving salary or allowances from the company until I press Xiao Jin, Wang Xin

until the above commitments are made to take corresponding compensation measures and are implemented. Ruofa Other An, Yang Jianqiang, IPO No Long-term Yes Not applicable Not applicable to laws, regulations, normative documents and China Securities Regulatory Commission or Shanghai Securities Exchange Liu Dinghua, Zhou

The relevant responsibilities that I should bear due to my violation of the above commitments and the relevant responsibilities of Hou Jian, Gu Qian,

If there are different regulations, I voluntarily and unconditionally comply with those regulations. Zhou Wei, Tong Yong

The remuneration received from the company during the period of application for listing and in subsequent years is

or allowance as performance guarantee.

If the company's prospectus contains false records, misleading statements or major omissions, which have a significant and substantial impact on whether the company meets the issuance conditions stipulated by law, if the company has publicly issued shares but has not been listed on the date when the competent authority or judicial authority makes the fact determination, within 30 days from the date of determination, this company shall The company will repurchase all the new shares in this public offering according to the issue price plus bank demand deposit interest for the same period in accordance with the law; at the same time, if the shareholders who will hold the shares (hereinafter referred to as "old shares") in this issuance and sold them to investors in the form of public issuance fail to fulfill their obligations to repurchase the old shares, the company shall issue other shares according to the law. Issuer's IPO No Long-term Yes Not applicable Not applicable The price plus bank demand deposit interest for the same period will be used to repurchase the old shares. If a Japanese company is determined to have been issued and listed, causing investors to suffer losses in securities transactions, the company will compensate investors for their losses in accordance with the law. If laws, regulations, normative documents and the China Securities Regulatory Commission or the Shanghai Stock Exchange have different provisions on the company's relevant responsibilities and consequences for violating the above commitments, the company will voluntarily and unconditionally comply with such provisions. If the above-mentioned commitments to repurchase new shares, acquire shares, and compensate for losses are not fulfilled in a timely manner, the company will make a timely announcement, and the company will disclose the status of the company, the company's controlling shareholders, and the company's directors, supervisors and senior managers in regular reports.

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The performance of the managers’ commitments on repurchasing shares, acquiring shares, and compensating for losses, as well as the remedies and corrections when commitments are not fulfilled. If there are false records, misleading statements or major omissions in the company's prospectus, which have a significant and substantial impact on whether the company meets the issuance conditions stipulated by law, if the person has publicly offered shares but has not listed them since the date when the competent authority or judicial authority makes the fact determination, within 30 days from the date of determination, I will add the bank's demand deposit for the same period to the issue price in accordance with the law. The deposit interest will be used to repurchase the shares sold to investors through public issuance (hereinafter referred to as "old shares") during this issuance; if the company has been issued and listed on the date of identification, I will repurchase the transferred old shares in accordance with the law. The repurchase price shall not be lower than the arithmetic average of the daily weighted average price of the company's stocks on the 30 trading days before the repurchase announcement, and shall be implemented in accordance with the procedures stipulated in relevant laws and regulations. If there are other provisions in laws and regulations at the time of implementation of the above-mentioned repurchase, such provisions shall prevail. The company's prospectus contains false and misleading records. Luo Weiguo and Shi

Other statements or major omissions, causing investors to suffer losses in securities transactions IPO No Long-term Yes Not applicable Not applicable Dongwei

If there is a loss, I will compensate the investors for their losses in accordance with the law. If I fail to fulfill the above commitment, I will stop receiving shareholder dividends from the company, and the company shares I hold will not be transferred. If transferred, the proceeds from the transfer will belong to the company until I take corresponding compensation measures in accordance with the above commitment and implement them. If laws, regulations, normative documents and the China Securities Regulatory Commission or the Shanghai Stock Exchange have different provisions on the relevant responsibilities and consequences that I should bear for violating the above commitments, I will voluntarily and unconditionally comply with such provisions. I use the profit distribution I enjoy in the company's profit distribution plan for the current year and subsequent years as the performance guarantee and the salary or allowances I receive from the company as a performance guarantee. If I fail to fulfill the above-mentioned acquisition or compensation obligations, the company shares I hold may not be transferred before fulfilling the commitment.

There is no situation where I have made a guaranteed return or a disguised guarantee of financing Luo Weiguo, Shi Bao return commitment to the issuer, nor has I provided financial assistance, compensation, promised returns or other arrangements to the issuer directly or through stakeholders 2021 June Others No Yes Not Applicable Not applicable Dongwei.

No. Other Issuer The company does not provide minimum income guarantee or disguised guarantee to the issuer. 2021 6 No Yes Not applicable Not applicable

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There is no guarantee income commitment, nor is there any financial assistance, compensation, promised income or other provision to the issuer directly or through interested parties.

The circumstances of the agreement.

1. Commitment not to interfere with the company’s business management activities beyond its authority and not to encroach on the company

interests; 2. Commitment from the date of issuance of this commitment to the actual implementation of this non-public issuance

Before the implementation is completed, if the China Securities Regulatory Commission and other securities regulatory authorities make a decision on filling in the

other new regulatory provisions on compensation and return measures and their commitments, and this commitment

When the relevant content fails to meet the non-public disclosure requirements of the China Securities Regulatory Commission and other securities regulatory agencies, I promise to issue a supplementary commitment in accordance with the latest regulations of the China Securities Regulatory Commission and other securities regulatory agencies on May 3; 3. Commitment to effectively implement the relevant supplementary return measures formulated by the company during the renewal period and the measures I have made in this regard.

Any commitments regarding replenishment measures, if I violate such commitments

If it causes losses to the company or investors, I am willing to bear the responsibility according to law.

Compensation liability to the company or investors.

1. Promise not to provide services to other units or individuals for free or on unfair terms.

convey interests and do not harm the company's interests in other ways; 2. Undertake

Promise to restrict my job consumption behavior; 3. Promise not to use

The company's assets are engaged in investment and consumption activities that have nothing to do with the performance of my duties.

4. Commit to the salary set by the board of directors or the remuneration and appraisal committee;

The remuneration system is linked to the implementation of the company's compensation return measures; 5.

It promises that if the company implements equity incentives in the future, the company's equity will be announced

The vesting conditions of incentives are consistent with the implementation of the company’s supplementary return measures.

All directors, non-public issuance linked; 6. Commitment from the date of issuance of this commitment to the implementation of this non-public issuance. Other senior managers Yes Bank stock deposit Yes Not applicable Not applicable Before the completion of the implementation, if the China Securities Regulatory Commission and other securities regulatory authorities make other new regulatory provisions on supplementary return measures and commitments during the renewal period, and this commitment

The relevant content cannot meet the requirements of securities regulatory agencies such as the China Securities Regulatory Commission.

When other regulations are issued, I promise to comply with the regulations of the China Securities Regulatory Commission and other securities regulatory authorities.

Issue supplementary commitments according to the latest regulations of the regulatory agency; 7. Effectively implement commitments

The relevant supplementary return measures formulated by the company and my actions in this regard

Any commitments regarding replenishment measures, if I violate such commitments

If it causes losses to the company or investors, I am willing to bear the responsibility according to law.

Compensation liability to the company or investors.

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1. As of the date of issuance of this commitment letter, the company and its subsidiaries have

11, 2020

None of the other issuers are currently engaged in real estate development and operation business; 2. The Company and No Yes Not Applicable Not Applicable

March 13

None of its subsidiaries has plans to engage in real estate development and operation business in the future.

1. As of the date of issuance of this commitment letter, the company and its subsidiaries have

Luo Weiguo, Shi 11, 2020

Others or currently do not carry out real estate development and operation business; 2. The company and No Yes Not applicable Not applicable

Dongwei January 13

None of its subsidiaries has plans to engage in real estate development and operation business in the future.

In order to safeguard the legitimate rights and interests of the company and all shareholders, the company has taken and plans to take the following measures:

(1) Performance Compensation Agreement for 2022 In March 2022, the company signed a "Share Equity Agreement" with Qinghai Juzhiyuan and Liu Bingsheng.

Business: In June 2025, according to the Shanghai Arbitration Rights Strategic Investment Agreement, the company will increase capital in Qinghai Juzhiyuan in cash

The committee ruled that Liu Bingsheng should obtain 35% of the equity from the public. Qinghai Juzhiyuan and Liu Bingsheng stated in the Equity Strategy

The Company's 2022 Annual Performance Commitment - Investment Agreement promises that Qinghai Juzhiyuan will pay high dividends in 2022 and 2023.

One-time cash compensation 43.2953 million Audited cumulative deduction of non-recurring losses for the year and 2024 commitments

yuan and arbitration fees of 314,300 yuan. In 2025, the profit will be attributed to the parent company (calculated based on Qinghai Juzhiyuan’s consolidated statements).

In July 2020, the company's net profit from Qinghai Province Haixiong (the same) was RMB 900 million, and the net profit assessment was based on a three-year

The total number of intermediate people's laws in the ancient Tibetan Autonomous Prefecture is 900 million yuan. If Qinghai Juzhiyuan fails to complete its performance

Profit Qinghai Juzhiyuan The company has repeatedly requested the court to enforce Liu Bingsheng’s agreement in accordance with the law: (1) If Qinghai Juzhiyuan’s audited deductions in 2022 are not audited in 2022

Other Forecast New Materials Limited March 2022 Urging Mr. Liu Bingsheng to fulfill his award payment obligations. As for the net profit loss attributable to the parent company after current profits and losses, listed companies can -2024 No

Commitments and supplements The company and Mr. Liu Bingsheng performed the performance report on the 28th of the month. The report is still in the implementation stage. Mr. Liu Bingsheng was selected to issue the audit report (the same as the one issued by the listed company).

Compensation obligation: No relevant performance payment has been received yet. Within one month after the specified time), the shares will be repurchased at a premium of 20% of the transaction price.

For details, please refer to the disclosed shares held by relevant public companies, or make a one-time cash out of the insufficient portion of profits.

(Announcement No.: 2023-093, financial compensation. (2) If Qinghai Juzhiyuan audits the deduction of non-recurring

2025-043, 2025-058);

The total net profit attributable to the parent company after profit and loss in the three years after the assessment has not reached the target

(2) The 2022-2024 annual performance replenishment promise will be made by Mr. Liu Bingsheng after the audit report is issued.

Compensation obligation: Qinghai Juzhiyuan and Liu will be compensated with one-time cash compensation within one month (same time of issuance by the listed company).

Bingsheng refused to provide the amount of cash compensation that should be compensated from 2022 to 2024 = (total cumulative committed net profit - cumulative actual

degree audit report, in order to accurately calculate Liu Ji’s total net profit) * shareholding ratio of listed companies

Bingsheng's three-year performance commitment required cash compensation. In July 2025, the company filed a shareholders' right-to-know lawsuit with the People's Court of Delingha City, Qinghai Province, and the petition was approved.

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Obtain sufficient financial information from Qinghai Juzhiyuan. In September 2025, the company’s shareholders’ right-to-know litigation request was supported by the court. Subsequently, the company will verify the accounting status of Qinghai Juzhiyuan in detail, promptly claim the three-year performance commitment cash compensation rights to Liu Bingsheng, and effectively safeguard the interests of the company and all shareholders. For details, please refer to the relevant announcements that have been disclosed (Announcement No.: 2025-054, 2025-089).

(1) Commitment period: 10 years, starting from 2024, Hubei Tiandu will provide services to Wuhan Muyuan because of Wuhan Muyuan

Sheng Agricultural Technology Co., Ltd. distributes profits; (2) Hubei Tiandu Commitment Sheng Agricultural Technology

Wuhan Tianqian's performance during the commitment period has achieved "the annual distributable profit to shareholders. In March 2026, Wuhan Muyuansheng Agricultural Technology Co., Ltd. fully fulfilled Wuhan Muyuansheng Agricultural Technology Co., Ltd.'s annual distributable profits will not be less than 18 million yuan." The parties agreed to negotiate with Hubei Tiantu and Wuhan Tianyi to re-determine the above performance targets every three years, and file a lawsuit before the expiration of every three years. For details, please refer to 2023.

Forecast Hubei Tiandu, all parties negotiated in 6 months to determine the performance goals for the next three years. (3) As agreed on March 2023, the holding company has disclosed Announcement No. 2026-023. Yes -2033 No

and supplement Wuhan Tianqian Wuhan Tianqian did not meet the profit distribution conditions for the year or the distributable profits were not available. As of the date of this report, the subsidiary Wuhan has been in court.

When the promised value (18 million yuan) is fully repaid, Hubei Tiangan will make up for the balance. Tianqian and Hubei have not yet made a judgment, and the company will jointly sue for the full amount. (4) Wuhan Tianqian actively handled the litigation matters in accordance with the partnership with Wuhan Muyuan Sheng Agricultural Technology Co., Ltd. Tianjin. For example, the time limit for profit distribution or Hubei Tianqian completing the replenishment responsibility is suspended as agreed in the annual Wuhan contract. If there is any follow-up progress, Han Tianqian will promptly fulfill its disclosure obligations regarding the shareholder decision to issue an annual audit report and the profit distribution.

Within 30 days after the proposal is made, no more than the first 5 wages or compensation in May will be paid.

For the day. sufficient responsibility

In order to clarify that I am the actual controller of the company at the time of its initial public offering,

Six years after leaving office

Matters related to the company's major shareholders and the reduction of company shares held after resignation,

Within a month/Ro

Issued a "Letter of Commitment on Share Reduction" on August 25, 2025,

In August 2025, Wei Guo took office

Others Shi Dongwei makes the following commitments: 1. From the date of issuance of this commitment letter to the time when I am Yes Yes Not applicable Not applicable

Company actual on 25th

Within six months after formally resigning as a director or senior manager of the company, I

Controller period

Will not reduce the shares of Tianyu Biotechnology held by me in any way;

room

2. I promise that after the transfer restrictions are lifted, I will strictly follow the rules effective at that time.

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The "Stock Listing Rules", "Interim Measures for the Management of Share Reductions by Shareholders of Listed Companies", "Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 15 - Reduction of Shares by Shareholders, Directors and Senior Managers" and other laws, regulations and normative documents are used to conduct stock transactions, and cooperate with listed companies in fulfilling information disclosure obligations; 3. Luo Weiguo serves as the actual controller of the company during the period During the period, I will strictly refer to the then-effective "Stock Listing Rules", "Interim Measures for the Management of Share Reductions by Shareholders of Listed Companies", "Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 15 - Reduction of Shares by Shareholders, Directors and Senior Management" and other laws, regulations and normative documents regarding the relevant provisions and requirements for the reduction of shareholdings by persons acting in concert with the actual controller of the company.

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(2) If 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 why.

□Achieved √Not reached □Not applicable

In January 2023, Wuhan Muyuansheng Agricultural Technology Co., Ltd. invested in the company's third-level subsidiary Wuhan Tianqian with its own fixed assets (evaluated price 143.0141 million yuan) such as the Jiangxia pig farm and related ancillary facilities (including vehicle decontamination center, pig sales transfer yard and flood and waterlogging prevention facilities and equipment). After the capital increase, it holds 30% of the equity of Wuhan Tianqian. The company's second-level subsidiary Hubei Tianqian gave up the preemptive right to this capital increase. According to the "Equity Investment Framework Agreement" and "Cooperation Contract" signed by its subsidiary and Wuhan Muyuansheng, the performance commitment period is 10 years. Starting from 2024, Hubei Tiandu will distribute profits to Wuhan Muyuansheng Agricultural Technology Co., Ltd. The performance commitment party, Hubei Tiantu, promised that Wuhan Tianqian's performance during the commitment period would achieve "annual distributable profits to shareholders of no less than 60 million yuan", that is, the annual distributable profits of Wuhan Muyuansheng Agricultural Technology Co., Ltd. would be no less than 18 million yuan. If Wuhan Tianqian does not meet the profit distribution conditions that year or the distributable profits are less than the promised value (18 million yuan), Hubei Tianqian will make up the difference.

According to the audit by Zhonghua Accounting Firm (Special General Partnership), Wuhan Tianqian achieved a net profit of -2.1003 million yuan in 2025, failing to achieve the target of annual distributable profits of no less than 60 million yuan. The specific reasons why Wuhan Tianqian has not completed its profit forecast are as follows: the sales price of live pigs in 2025 has dropped significantly compared with the same period last year, and there is a certain empty stall rate in the actual operation of Jiangxia Pig Farm, so it failed to reach the profit forecast target.

(3) Performance commitments

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

Completion rate commitment background Commitment party Commitment period Commitment indicator Commitment amount Actual completion amount

(%) and Wuhan Tiangan

Wuhan Tiangan, can be allocated every year in 2023

Performance related 6,000 -210.03 0

Hubei Tendolphin-Profit in 2033

Commitment

Note: The "commitment amount" and "actual completion amount" in the above table are based on statistics during the 2025 commitment period.

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

4. Explanation of the company’s board of directors on the “non-standard opinion audit report” of the accounting firm

□Applicable √Not applicable

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5. The company’s analysis and explanation of the causes and effects of changes in accounting policies, accounting estimates, or correction of major accounting errors

(1) The company’s analysis and explanation of the reasons and impacts of changes in accounting policies and accounting estimates

□Applicable √Not applicable

(2) The company’s analysis and explanation of the causes and effects of correction of major accounting errors

□Applicable √Not applicable

(3) Communication status with the previous accounting firm

□Applicable √Not applicable

(4) Approval procedures and other instructions

□Applicable √Not applicable

6. Appointment and dismissal of accounting firms

Unit: Yuan Currency: RMB

Name of currently employed domestic accounting firm Zhonghua Accounting Firm (Special General Partnership) Domestic accounting firm Remuneration 848,000.00 Auditing years of domestic accounting firm 15 Name of certified public accountant of domestic accounting firm He Liangliang, Yue Jingyi Cumulative years of auditing services of domestic accounting firm certified public accountant 2, 2

Name Compensation Internal Control Audit Accounting Firm Zhonghua Accounting Firm (Special General Partnership) 212,000.00

Zhongde Securities Co., Ltd.-Sponsor

Guohai Securities Co., Ltd. 1,000,000.00 Explanation on appointment and dismissal of accounting firm

√Applicable □Not applicable

As reviewed and approved by the company's 2024 annual shareholders' meeting, Zhonghua Accounting Firm (Special General Partnership) was re-appointed as the company's audit agency for 2025. The audit content includes financial statement audit and internal control audit.

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

7. Facing the risk of delisting

(1) Reasons for delisting risk warning

□Applicable √Not applicable

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(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

(1) Litigation and arbitration matters have been disclosed in temporary announcements and there has been no subsequent progress

√Applicable □Not applicable

Overview and types of matters Query index

In August 2023, the company filed an arbitration application with the Shanghai Arbitration Commission regarding Mr. Liu Bingsheng's failure to fulfill his 2022 performance compensation obligations as scheduled, requesting Liu Bingsheng to pay the company a one-time cash compensation of 43.2953 million yuan for the 2022 performance commitment. In June 2025, the company received the "Award" from the Shanghai Arbitration Commission (Case No.: (2023) Hu Zhong Case No. 4766), which ruled: 1. Liu Bingsheng should pay the company a one-time cash compensation of RMB 43.2953 million for performance commitments within ten days from the date of this award; 2. www.sse.com.cn The arbitration fee in this case is RMB 314,300 (prepaid by the company), which will be borne by Liu Bingsheng. Announcement No.: 2023-093. Liu Bingsheng shall pay RMB 314,300 2025-043 and 2025-058 to the company within ten days from the date of this award. In July 2025, Liu Bingsheng failed to perform the payment obligations specified in the above-mentioned effective award, and the company applied to the Intermediate People's Court of the Haixi Mongol and Tibetan Autonomous Prefecture in Qinghai Province for enforcement according to law. As of the date of this report, the application for compulsory execution has been accepted and is still in the execution stage. The company has not yet received the relevant performance payment from Liu Bingsheng.

In July 2025, in order to accurately calculate the amount of cash compensation due for Mr. Liu Bingsheng's three-year performance commitment (2022-2024), the company filed a shareholder right-to-know lawsuit with the People's Court of Delingha City, Qinghai Province, requesting to obtain sufficient financial information from the defendant Qinghai Juzhiyuan. In September 2025, the company received the "Civil Judgment" from the People's Court of Delingha City, Qinghai Province

Shanghai Stock Exchange website: (Case No.: (2025) Qing 2802 Minchu No. 1462), Judgment: 1. Defendant Ju Zhiyuan

www.sse.com.cn will provide the 2022, 2023, and 2024 gatherings within fifteen days from the date of entry into force of this judgment.

Announcement No.: 2025-054, Yuan’s accounting report for plaintiff Tianyu Biotechnology to review and copy; 2. Defendant Juzhiyuan

2025-089 Within fifteen days from the effective date of this judgment, the accounting books and accounting vouchers from January 1, 2022 to July 7, 2025 will be provided for the plaintiff Tianyu Biotechnology to review; 3. When the plaintiff Tianyu Biotechnology reviews the first two materials, it can entrust an accounting firm, a law firm and other intermediaries to do so.

(2) Litigation and arbitration situations not disclosed in the temporary announcement or with subsequent progress

□Applicable √Not applicable

(3) Other instructions

□Applicable √Not applicable

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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

On December 31, 2025, the company's controlling shareholder, actual controller, and then chairman Luo Weiguo received the "Notification of Case Filing" issued by the China Securities Regulatory Commission (No.: Securities Regulatory Case Filing No. 0152025014). Because Luo Weiguo was suspected of illegally reducing his holdings of Tianyu Biotech stocks, the China Securities Regulatory Commission decided to file a case against him in accordance with the Securities Law of the People's Republic of China, the Administrative Punishment Law of the People's Republic of China and other laws and regulations. The relevant investigation is currently ongoing and there is no final conclusion yet.

11. Explanation of the integrity status of the company, its controlling shareholders and actual controllers during the reporting period

√Applicable □Not applicable

During the reporting period, the company's integrity status was good, and there was no failure to perform obligations determined by the court's effective legal documents, or large amounts of debts that were due and unpaid. 12,122,547 shares of the company held by the controlling shareholder and actual controller were settled due to a guarantee dispute. The ruling was judicially frozen, and the case was applied for execution in September 2025 (Case No. (2025) Shanghai 01 Executive No. 2713). Currently, the controlling shareholder and actual controller are actively and properly handling matters related to the share freeze, and the risk of judicial disposal such as auction cannot be ruled out.

12. Major related transactions

(1) Related transactions related to daily operations

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation

□Applicable √Not applicable

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

√Applicable □Not applicable

The company held the 35th meeting of the fourth board of directors and the first extraordinary general meeting of shareholders in 2025 on January 6, 2025 and January 22, 2025, respectively, and reviewed and approved the "Proposal on the Company's Estimation of Daily Related Transactions in 2025". For details, please refer to the relevant announcement disclosed by the company on the official website of the Shanghai Stock Exchange (www.sse.com.cn) (announcement number: 2025-003). During the reporting period, the actual amounts of daily related transactions between the company and related parties are as follows:

Estimated amount in 2025 Actual related transaction categories from January to December 2025 Related persons

(10,000 yuan) Amount incurred (10,000 yuan) Purchase of raw materials from related parties

Hubei Tianyi Fengtai Biotechnology Co., Ltd. 12,000.00 3,532.07

material

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

(2) Related transactions arising from asset or equity acquisition and sale

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation

□Applicable √Not applicable

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

√Applicable □Not applicable

Matter Overview Query Index

On October 14, 2024 and October 30, 2024, the company held the fourth

The 32nd meeting of the board of directors and the fifth extraordinary general meeting of shareholders in 2024 were reviewed and approved.

Shanghai Stock Exchange website: "Proposal on the Purchase of Minority Shareholder Equity and Related Transactions in Controlled Subsidiaries", agreed to the public

www.sse.com.cn The company used its own funds of RMB 58 million to issue an issue to related party Tianyuyuan (Shanghai) Technology

Announcement No.: 2024-101. Zhan Co., Ltd. purchased 22.50% of its holding subsidiary Tianqian Food Co., Ltd.

2024-112 equity. After the completion of this transaction, the company's direct shareholding ratio of Tianqian Food will be increased from 67.50% to 67.50%.

increased to 90.00%, and the scope of the company's consolidated statements will not change due to this equity acquisition.

Tiangan Food has completed the industrial and commercial change registration procedures in October 2024. As of the date of this report, all equity acquisition funds have been paid.

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

The company held the 38th meeting of the fourth board of directors and the 2024 annual general meeting of shareholders on April 15, 2025 and May 6, 2025, respectively, and reviewed and approved the "Proposal on Borrowing from Controlling Shareholders and Related Transactions". The company plans to borrow money from the controlling shareholder Mr. Luo Weiguo and his controlled Tianyuyuan, and the major shareholder Shi Dongweixian For credit loans with a total application amount of no more than RMB 200 million and with a term from the date of review and approval by the 2024 Annual Shareholders Meeting to the date of the 2025 Annual Shareholders Meeting, the borrowing interest rate shall not be higher than the loan market quotation rate (i.e. LPR) for the same period (one year) authorized by the People's Bank of China. The above-mentioned loans can be carried out within the quota.

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Use scrolling. For details, please refer to the relevant announcement (announcement number: 2025-029) disclosed by the company on the official website of the Shanghai Stock Exchange (www.sse.com.cn).

During the reporting period, the company's total borrowings from enterprises controlled by the controlling shareholder Mr. Luo Weiguo are as follows: the opening principal balance was 11.75 million yuan, a total of 84.5953 million yuan was borrowed during the period, a total of 37.837 million yuan was returned during the period, and the ending principal balance was 58.5083 million yuan. Based on the actual borrowing time, the company accrued a cumulative interest of RMB 352,700 during the reporting period.

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

1. The company held the 43rd meeting of the fourth board of directors and the third extraordinary general meeting of shareholders in 2025 on August 25, 2025 and September 11, 2025, respectively, and reviewed and approved the "Concerning the Signing of the "Conditional Share Subscription Agreement with Effectiveness" between the Company and Specific Objects and Related Transactions" "Transaction's Proposal" and other related proposals, the company plans to issue no more than 71,028,297 shares (including the principal amount) to Shanghai Daoyun, a company controlled by the company's actual controller Mr. Luo Weiguo, and the total amount of funds raised will not exceed 465.2353 million yuan (including the principal amount). This issuance constitutes a related transaction. On February 11, 2026, in accordance with the authorization of the third extraordinary general meeting of shareholders in 2025, the company held the ninth meeting of the fifth board of directors and reviewed and approved the "Proposal on Terminating the Company's Issuance of A Shares to Specific Targets in 2025 and Withdrawing the Application Documents." The company decided to terminate the issuance of A shares to specific targets and signed the "Termination Agreement of the Conditionally Effective Share Subscription Agreement" with Shanghai Daoyun. For details, please refer to the relevant announcements disclosed by the company on the official website of the Shanghai Stock Exchange (www.sse.com.cn) (announcement numbers: 2025-066, 2026-017).

2. In July 2024, due to strategic planning adjustments, the company transferred 100.00% of its equity in Shanghai Tianxia (mainly engaged in landscape design) to the joint-stock company Wuxi Fanhua to complete the divestment of the ecological landscape design business. After the completion of this transaction, Shanghai Tianxia will no longer be included in the company's consolidated statements. According to the industrial and commercial registration, on August 6, 2025, Ge Yan, a new shareholder of Shanghai Huatu Ecological Environment Technology Co., Ltd., an upper-level shareholder of Shanghai Tianxia, ​​held 99% of the shares. Ge Yan is the spouse of the actual controller of the company, so Shanghai Tianxia became a new related party of the company from August 6, 2025 in accordance with the "Stock Listing Rules" and other relevant regulations. Before Shanghai Tianxia comes out of the balance sheet, the company has internal transactions such as design subcontracting with Shanghai Tianxia due to construction projects. Such contracts that have been signed and are being performed will continue to be performed, and the final pricing will be based on the audited settlement price; for newly signed contracts after the formation of the related relationship on August 6, 2025, corresponding procedures will be strictly followed in accordance with the relevant provisions of related transactions in the "Stock Listing Rules".

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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)

The guarantor and the guarantee occur whether the guarantee is

Guarantee Guarantee Collateral Guarantee Yes Guarantee Exceeded Counter Guarantee Related Guarantor Listed Company Guaranteed Party Guarantee Amount Date (Agreement Guarantee Type Already Performed Related Party Start Date Expiry Date (if any) No Overdue Amount Situation Relationship

Relationship Signing Date) Completed Guaranteed Tianyusheng Ningbo Ninglv Wanggan Mountain Travel 2021 March 2021 March 2038 December Joint and several liability

Company headquarters 562,500 No No - No - Wuyou Development Co., Ltd. Month 10 Month 10 Month 31 Guarantee

Tianyusheng jointly and severally liable

Company Headquarters Farmer 14,900,000 No No Yes No -Physical guarantee

Total guarantee amount during the reporting period (excluding guarantees for subsidiaries) 11,500,000.00 Total guarantee balance at the end of the reporting period (A) (excluding guarantees for subsidiaries) 15,462,500.00

Guarantees provided by the company and its subsidiaries to subsidiaries

Total amount of guarantees for subsidiaries during the reporting period 218,436,108.72 Total balance of guarantees for subsidiaries at the end of the reporting period (B) 1,032,879,610.62

Total amount of company guarantees (including guarantees to subsidiaries)

Total guarantee (A+B) 1,048,342,110.62

The ratio of total guarantees to the company’s net assets (%) 254.19, of which:

Amount of guarantee provided to shareholders, actual controllers and their related parties (C) - Amount of debt guarantee provided directly or indirectly to guaranteed objects whose asset-liability ratio exceeds 70% (D) 900,504,496.03 Amount of the amount of total guarantee exceeding 50% of net assets (E) 104,260,062.77 Total amount of the above three guarantees (C+D+E) 1,004,764,558.80 Unexpired guarantee may bear joint liability for repayment

Guarantee description

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(3) Entrusting others to manage cash assets

1. Entrusted financial management situation

(1). Overall situation of entrusted financial management □ Applicable √ Not applicable

Other situations

□Applicable √Not applicable

(2). Individual entrusted financial management situation □Applicable √Not applicable

Other situations

□Applicable √Not applicable

(3). Impairment provisions for entrusted financial management □Applicable √Not applicable

2. Entrusted loans

(1). Overall situation of entrusted loans □Applicable √Not applicable

Other situations

□Applicable √Not applicable

(2). Individual entrusted loans □Applicable √Not applicable

Other situations

□Applicable √Not applicable

(3). Impairment provisions for entrusted loans □Applicable √Not applicable

3. Other situations

□Applicable √Not applicable

(4) Other major contracts

□Applicable √Not applicable

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14. Instructions on the use of raised funds

√Applicable □Not applicable

(1) Overall use of raised funds

√Applicable □Not applicable

Unit: Yuan Chao Raising Including: As of the report As of the report Prospectus or raised funds for the year To the reporting period Raising at the end of the period Over raising at the end of the period Investment funds

Funds raised As of the end of the reporting period

Funds raised Net amount of funds raised Total amount raised in the prospectus Accumulated funds at the end of the year Accumulated funds Proportion of the amount invested during the year Funds raised for a change of purpose

Funds in hand Total funds raised Cumulative investment in fundraising

Fund source (1) Fund commitment investment (3) Cumulative fund investment progress Investment progress Amount (8) (%) Total fund raising time Total fund (4)

Total amount (2) = (1) Total amount of income (%) (6) (%) (7) (9)

-(2) (5) =(4)/(1) =(5)/(3) =(8)/(1) towards specific 2021

Target issue June 2016 402,272,000.00 393,865,542.38 480,000,000.00 0 334,820,692.02 0 85.01 0 14,525,993.78 3.69 59,044,850.36 stocks 22nd

Total / 402,272,000.00 393,865,542.38 480,000,000.00 0 334,820,692.02 0 / / 14,525,993.78 / 59,044,850.36

Other instructions

√Applicable □Not applicable

The company held the fifth meeting of the fifth board of directors and the first extraordinary shareholders meeting of 2026 on December 19, 2025 and January 5, 2026 respectively, and reviewed and approved the "Proposal on Terminating Investment Projects with Raised Funds and Using the Remaining Raised Funds to Permanently Supplement Working Capital", and agreed to terminate the investment project with raised funds "General Contracting Project of Red Ancient Town Cultural Tourism Scenic Area in Longgang, Tianchang City" and use the remaining raised funds to permanently replenish working capital.

(2) Details of fundraising projects

√Applicable □Not applicable

1. Detailed use of raised funds

√Applicable □Not applicable

Unit: Yuan

Is it Yes Yes By the end of the reporting period By the end of the reporting period The project reached Yes Investment Investment The effect achieved this year This project can save funds raised Project Fund raising plan

Project name Prospectus Involved Amount of investment this year Cumulative investment raised End of period To schedule No Progress Progress Benefit Project has been implemented Yes Source of remaining funds Nature Total investment (1)

Or change the total amount of funds raised (2) Cumulative investment can be used Whether it has not been reached Note 2 Whether it has been realized or not occurred

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Set description of investment direction, progress of status, date of completion, in line with the plan, significant changes in the amount (%) of the project plan in the period (%), if the commitment to invest (3) = the actual reason for the project, the project (2)/(1), the reason for the development, explain the specific results, Tianchang City Dragon,

Yes

Gang red ancient

To a specific item No

Town Cultural Tourism Production Discomfort

Object issued Yes Heading 216,661,029.30 14,525,993.78 216,661,029.30 100.00 2025.12 Yes No Note 1 -7,064,854.31 Yes Applicable

For construction of tourist attractions

Bank stock consumption or general contracting

terminate

Project

supplementary flow

To a specific No

Funds and reimbursement compensation Discomfort

Target issue Yes No 118,159,662.72 - 118,159,662.72 100.00 Not applicable Yes Yes - Not applicable No Applicable

To repay a bank loan To repay a loan

Funds for issuing stocks

Yes

Permanently replenish this item to a specific No.

Replenishing flow Discomfort

The object is issued working capital No The item is 59,044,850.36 - - - Not applicable No Yes - Not applicable No Applicable

For loan repayment

Bank Stock Project New Project Purpose

Total / / / / 393,865,542.38 14,525,993.78 334,820,692.02 85.01 / / / / -7,064,854.31 / / /Note 1: "Tianchang City Longgang Red Ancient Town Cultural Tourism Scenic Spot Engineering General Contracting Project", the infrastructure construction of the scenic spot will be basically completed in 2023 and some areas of the scenic spot will be open to tourists after completion acceptance. During the open operation process, the company carried out a second in-depth design and upgrade of the business, space, landscape, supporting services, etc. within the core area of ​​the ancient town based on the actual operating status and the standards for creating a "4A tourist attraction". The upgrade and transformation will take some time to complete. In addition to the completed sub-projects, during the implementation process, the start of some sub-projects was delayed due to difficulties in demolishing old houses and the remaining funds from special bonds not being issued in place. The company held the 34th meeting of the fourth board of directors and the 30th meeting of the fourth board of supervisors on December 17, 2024, and reviewed and approved the "Proposal on the Further Extension of Part of the Investment Projects with Raised Funds". According to the actual construction status of the investment projects raised by the company's raised funds, the date when the raised investment project "Tianchang City Longgang Red Ancient Town Cultural Tourism Scenic Area Engineering General Contracting Project" reaches the scheduled usable state will be adjusted and postponed to December 2025; as of December 2025, "Tianchang City Longgang Red Ancient Town Cultural Tourism Scenic Area Engineering General Contracting Project" The "Red Ancient Town Cultural Tourism Scenic Area General Contracting Project" has completed completion acceptance. The project contractor and project management unit have reported to the relevant government departments for approval that the remaining sub-items will no longer be implemented. The remaining sub-items are not under construction and will not affect the normal operation of the scenic spot. The project has reached the scheduled usable status as planned.

Note 2: According to Article 6.3.9 of the "Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 1 - Standardized Operations (Revised in April 2026)", if there are other abnormal circumstances in the investment project with raised funds, the listed company should re-evaluate the feasibility, expected income, etc. of the project and decide whether to continue to implement the project. Therefore, the company re-evaluated the "Tianchang City Longgang Red Ancient Town Cultural Tourism Scenic Spot Engineering General Contracting Project" based on the actual situation of the postponement of this fundraising project. After demonstration, the company believes that the "Tianchang City Longgang Red Ancient Town Cultural Tourism Scenic Area General Contracting Project" is in line with the company's development plan and is still necessary and feasible for implementation. The company will continue to implement the project. The company will continue to pay attention to changes in the external operating environment, comprehensively consider the company's own business planning and actual operating needs, and reasonably control the implementation progress of fundraising projects.

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"Tianchang City Longgang Red Ancient Town Cultural Tourism Scenic Spot Engineering General Contracting Project" company benefits mainly come from the project income generated from the implementation of fundraising projects. The expected benefit is the expected income from the investment project (i.e., the estimated government investment project fee agreed in the contract) minus the total budgeted cost of the project (i.e., project investment). In 2024, in view of the actual situation that the fundraising project has been postponed again, the company expects that the internal rate of return that can be obtained through the implementation of the general contracting project of the Red Ancient Town Cultural Tourism Scenic Area in Longgang City, Tianchang City will be reduced from 25.00% to 17.00%, and the cumulative gross profit will be reduced accordingly. In 2025, due to the large passenger flow after the opening of the scenic spot, some completed working surfaces were damaged, and the project repair and management costs increased accordingly. The company further lowered the expected internal rate of return of the project from 17.00% to 14.00%, and accordingly reduced the cumulative gross profit.

2. Detailed usage of excess raised funds

□Applicable √Not applicable

3. Details of the re-evaluation of investment projects during the reporting period

□Applicable √Not applicable

(3) Changes or termination of fundraising during the reporting period

√Applicable □Not applicable

Unit: yuan change time

Item before change/termination Item before change/termination After change After change/termination

Changes to the previous item (first public offering) Decision-making procedures and information disclosure Project raised funds invested Project name Reason for change/termination Fund raising used to make up for the flow

Project name When disclosed in the report Type Description Total amount of capital Total amount of funds Name Amount of funds raised

room)

The infrastructure of the scenic spot has been completed and most of the

The sub-projects have been completed and accepted individually with the owner and the company was put into operation on December 19, 2025, but there are still some parts of the project as a whole. On January 5, 2026

The implementation location of the sub-project involved the original factory area and housing. The fifth session of the Board of Directors was held in Tianchang City respectively. Affected by factors such as relocation difficulties, the fifth meeting of the cultural relics protection project at the original site, and the red ancient site in 2026, the owner failed to provide a site with construction conditions as agreed in the contract.

275,705,879.66 216,661,029.30 59,044,850.36

On the 20th of March, the project mobilized funds to enter the construction site of the tourist attraction. After the company has communicated and coordinated with the contractor for many times, the above situation has not been significantly improved, and at the same time, considering that the project is approaching the agreed construction deadline, the company has prudently decided to terminate the remaining sub-projects (Announcement No.: 2025-118). The remaining sub-projects will not be constructed and will not affect the scenic spot. 2026-003, 2026-007). Normal operations.

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(4) Other uses of raised funds during the reporting period

1. Advance investment and replacement of raised funds in investment projects

√Applicable □Not applicable

On June 30, 2025, the company held the 41st meeting of the fourth board of directors and the 34th meeting of the fourth board of supervisors respectively. The meeting reviewed and approved the "Proposal on Using Own Funds to Pay Part of the Funds for Raised Investment Projects and Replacement with Raised Funds in Equal Parts", and agreed that the company would During the project implementation, based on actual needs and subject to relevant approvals, own funds will be used in advance to pay for the funds required for the raised investment project, and the raised funds will be replaced in equal amounts, that is, an equal amount of funds will be transferred from the raised funds special account to the company's own capital account. This part of the equal amount of replacement funds will be regarded as the funds used for the raised investment project. During the reporting period, the company used the raised funds of RMB 13,574,100.00 to replace the wages of migrant workers in the raised investment projects that had been paid in advance with its own funds. For details, please refer to the relevant announcement (announcement number: 2025-047) disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn).

2. Use idle raised funds to temporarily supplement working capital

√Applicable □Not applicable

The company held the 42nd meeting of the fourth session of the Board of Directors on August 12, 2025, and reviewed and approved the "Proposal on Continuing to Use Part of Idle Raised Funds to Temporarily Supplement Working Capital", and agreed that the company would ensure that the implementation of investment projects with raised funds and the use of raised funds would not be affected without affecting the implementation of the raised funds. After the previous 74 million yuan of raised funds temporarily used to replenish working capital has been returned in full on August 12, 2025, idle raised funds of no more than 61.5 million yuan will continue to be used to temporarily replenish the company's working capital, with a period of use not exceeding twelve months from the date of review and approval by the board of directors. On August 12, 2025, the company transferred 61.5 million yuan from the special account of raised funds for actual use to temporarily supplement working capital. On September 23, 2025, the company returned in advance part of the idle raised funds of 2 million yuan used to temporarily supplement working capital. As of December 31, 2025, the company still had 59.5 million yuan of raised funds that had not been returned to the special account for raised funds. For details, please refer to the relevant announcements disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) (announcement numbers: 2025-057, 2025-083).

On January 7, 2026, the company returned the remaining idle raised funds of RMB 59.5 million used to temporarily supplement working capital to the special account for raised funds in advance. As of the date of this report, the company has returned all idle raised funds actually used to temporarily supplement working capital to the special account for raised funds, and the use period does not exceed 12 months. For details, please refer to the relevant announcement (announcement number: 2026-007) disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn).

3. Cash management of idle raised funds and investment in related products

□Applicable √Not applicable

4. Others

□Applicable √Not applicable

(5) The concluding opinions of the intermediary agency on the special verification and verification of the storage and use of raised funds

√Applicable □Not applicable

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For details, please refer to the "Special Verification Opinions of Guohai Securities Co., Ltd. on the Deposit, Management and Actual Use of Funds Raised by Tianyu Biotechnology Co., Ltd. in 2025" and the "Assurance Report on the Deposit, Management and Actual Use of Funds Raised by Tianyu Biotechnology Co., Ltd. in 2025" disclosed by the company on the official website of the Shanghai Stock Exchange (www.sse.com.cn) on April 30, 2026.

Check the relevant description of the abnormality

□Applicable √Not applicable

(6) Subsequent rectification of unauthorized changes in the use of raised funds and illegal occupation of raised funds

□Applicable √Not applicable

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

√Applicable □Not applicable

(1) Termination of the issuance of A shares to specific objects in 2025

The company held the 43rd meeting of the fourth board of directors and the third extraordinary general meeting of shareholders in 2025 on August 25 and September 11, 2025, respectively, and reviewed and approved the "Proposal on the Company's Plan for Issuing A Shares to Specific Objects in 2025" and other related proposals. The company prepared and disclosed the "Preplan for Issuing A Shares to Specific Objects in 2025" and other documents.

Since the disclosure of the plan, the company and relevant intermediaries have actively promoted various tasks. Taking into account many factors such as the current macroeconomic environment, changes in the capital market environment and the company's actual situation, after full communication and prudent analysis with relevant parties, the company held the ninth meeting of the fifth board of directors on February 11, 2026 to review and approve the "Proposal on Terminating the Company's Issuance of A Shares to Specific Objects in 2025 and Withdrawing the Application Documents". The company decided to terminate the issuance of A shares to specific objects in 2025 and applied to the Shanghai Stock Exchange to withdraw relevant documents. On February 13, 2026, the company received the Shanghai Stock Exchange’s “Decision on Terminating the Review of Tianyu Biotechnology Co., Ltd.’s Issuance of Stocks to Specific Targets” (SSE Shangshen (Refinancing) [2026] No. 56). The Shanghai Stock Exchange decided to terminate the review of the company’s issuance of shares to specific targets. For details, please refer to the relevant announcements disclosed by the company on the official website of the Shanghai Stock Exchange (announcement numbers: 2026-016, 2026-018).

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Section 6 Changes in Shares and Shareholders

1. Changes in share capital

(1) Statement of changes in shares

1. Statement of changes in shares

During the reporting period, the total number of shares and capital structure of the company did not change.

2. Description of changes in shares

□Applicable √Not applicable

3. The impact of changes in shares on financial indicators such as earnings per share and net assets per share in the most recent year and period (if any) □Applicable √Not applicable

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, shareholder structure, and changes in the company’s asset and liability structure □ Applicable √ Not applicable

(3) Existing internal employee shares

□Applicable √Not applicable

3. Shareholders and actual controllers

(1) Total number of shareholders

Total number of common shareholders (households) as of the end of the reporting period 18,415 Total number of common shareholders (households) as of the end of the previous month before the date of disclosure of the annual report 18,756 Total number of preference shareholders (households) with voting rights restored as of the end of the reporting period - Preference shareholders with restored voting rights as of the end of the previous month before the date of disclosure of the annual report

-Total number (households)

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(2) Shareholding status of the top ten shareholders and top ten tradable shareholders (or shareholders without selling restrictions) as of the end of the reporting period

Unit: Share

Shareholding status of the top ten shareholders (excluding shares lent through refinancing)

Held with pledged, marked or frozen

Name of shareholder Number of shares held at the end of the reporting period Ratio Sales restriction conditions

Nature of shareholder (full name) Increase or decrease Amount (%) Shares Shares

Quantity

Quantity Status

Pledge 22,000,000

Luo Weiguo - 37,251,829 12.84 - Freeze of domestic natural persons 12,122,547

Pledge 29,000,000

Shi Dongwei - 32,338,800 11.15 - Domestic natural person

Freeze 3,181,856

Shenzhen Zeyuan Private Securities Fund Management

Management Co., Ltd. - Zeyuan Liwangtian - 22,000,000 7.58 - None Others

No. 42 Private Securities Investment Fund

Mao Shiqi -1,930,037 6,577,700 2.27 - None Domestic natural person Liu Wei 4,531,900 4,531,900 1.56 - None Domestic natural person Yulin Qianshuta Mining Investment Co., Ltd.

4,135,100 4,135,100 1.43 - None Domestic non-state-owned legal person limited company

Ren Chao -179,500 2,676,400 0.92 - None Domestic natural person Cai Qizuo 2,566,300 2,567,200 0.88 - None Domestic natural person Pu Shengzhen 2,149,600 2,149,600 0.74 - None Domestic natural person China Construction Bank Co., Ltd.

Company - Nuoan Multi-Strategy Hybrid Warrant 1,788,800 1,788,800 0.62 - None Others

securities investment funds

Shareholding status of the top ten shareholders without selling restrictions (excluding shares lent through refinancing)

Number of tradable shares without trading restrictions held Type and number of shares

Shareholder name

Amount Type Quantity Luo Weiguo 37,251,829 RMB ordinary shares 37,251,829 Shi Dongwei 32,338,800 RMB ordinary shares 32,338,800 Shenzhen Zeyuan Private Securities Fund Management Co., Ltd. -

22,000,000 RMB ordinary shares 22,000,000 Zeyuan Liwangtian No. 42 Private Securities Investment Fund

Mao Shiqi 6,577,700 RMB ordinary shares 6,577,700 Liu Wei 4,531,900 RMB ordinary shares 4,531,900 Yulin Qianshuta Mining Investment Co., Ltd. 4,135,100 RMB ordinary shares 4,135,100 Ren Chao 2,676,400 RMB ordinary shares 2,676,400 Cai Qizuo 2,567,200 RMB ordinary shares 2,567,200 Pu Shengzhen 2,149,600 RMB ordinary shares 2,149,600 China Construction Bank Co., Ltd. - Noan Doce

1,788,800 RMB ordinary shares 1,788,800 Slightly mixed securities investment funds

Description of special repurchase accounts among the top ten shareholders Not applicable

On August 25, 2025, Luo Weiguo and Shi Dongwei signed the "Voting Rights Waiver Agreement", and shareholders

Shi Dongwei promised to irrevocably agree within a certain period to give up the proxy voting rights, entrusted voting rights, and delegation rights held by the above-mentioned shareholders of the company.

Explanation of all non-property abstention rights such as proposal rights, voting rights, and convening rights corresponding to 32,338,800 shares

rights and may not be entrusted to any third party to exercise. As of the date of this report, the voting rights of the 32,338,800 shares of the company held by shareholder Shi Dongwei have not been restored.

On August 25, 2025, Luo Weiguo and Shi Dongwei signed the "Concerted Action Agreement" Explanation on the Dissolution of the Affiliated Relationship or Concerted Actions of the Above-mentioned Shareholders, and they are no longer parties acting in concert with each other. In addition, the company does not know whether the other shareholders mentioned above are related or are acting in concert as stipulated in the "Measures for the Administration of Acquisitions of Listed Companies".

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Preference shareholders whose voting rights have been restored and the number of shares they hold

Not applicable

Description

Note: As of the end of the reporting period, 12,122,547 shares of the company held by Luo Weiguo were judicially frozen due to guarantee dispute arbitration; 3,181,856 shares of the company held by Shi Dongwei were judicially frozen due to contract dispute litigation.

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

4. Controlling shareholders and actual controllers

(1) Controlling shareholders

1. Legal person

□Applicable √Not applicable

2. Natural person

√Applicable □Not applicable

Name Luo Weiguo

Nationality China

Whether you have obtained the right of residence in other countries or regions? No

He is currently the director of the general manager office of the company, and serves as director and manager of some of the company’s holding subsidiaries. Main occupations and positions

managerial position

3. Special explanation that the company does not have a controlling shareholder

□Applicable √Not applicable

4. Explanation of changes in controlling shareholders during the reporting period

√Applicable □Not applicable

On August 25, 2025, the company's original controlling shareholders and actual controllers Luo Weiguo and Shi Dongwei signed the "Dissolution Agreement of the Concerted Action Agreement". The concerted action relationship between the two parties was terminated on the date of signing of the dissolution agreement. On the same day, Luo Weiguo and Shi Dongwei signed the "Voting Rights Waiver Agreement". Shi Dongwei promised to irrevocably agree to give up the voting rights corresponding to the 32,338,800 shares of the company he held within a certain period of time, and could not entrust any third party to exercise it. After the above-mentioned concerted action relationship was terminated and Shi Dongwei gave up his voting rights, Luo Weiguo held 12.84% of the company's shares and voting rights. The number of voting shares held by Shi Dongwei was 0. The company's controlling shareholder and actual controller was changed from Luo Weiguo and Shi Dongwei to Luo Weiguo. For details, please refer to the company’s announcement on August 27, 2025

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The "Informative Announcement Regarding the Actual Controller's Signing of the "Rescission Agreement of the Concerted Action Agreement" and "Voting Rights Waiver Agreement" and the Change of the Company's Actual Controller was published on the official website of the Shanghai Stock Exchange (announcement code: 2025-060).

5. Block diagram of the property rights and control relationship between the company and its controlling shareholders

√Applicable □Not applicable

(2) Actual controller situation

1. Legal person

□Applicable √Not applicable

2. Natural person

√Applicable □Not applicable

Name Luo Weiguo

Nationality China

Whether you have obtained the right of residence in other countries or regions? No

He is currently the director of the general manager office of the company, and serves as director and manager of some of the company’s holding subsidiaries. Main occupations and positions

managerial position

Domestic and overseas listed companies that have held holdings in the past 10 years

-

Company situation

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

On August 25, 2025, the company's original controlling shareholders and actual controllers Luo Weiguo and Shi Dongwei signed the "Dissolution Agreement of the Concerted Action Agreement". The concerted action relationship between the two parties was terminated on the date of signing of the dissolution agreement. On the same day, Luo Weiguo and Shi Dongwei signed the "Voting Rights Waiver Agreement". Shi Dongwei promised to irrevocably agree to give up the voting rights corresponding to the 32,338,800 shares of the company he held within a certain period of time, and could not entrust any third party to exercise it. After the above-mentioned concerted action relationship was terminated and Shi Dongwei gave up his voting rights, Luo Weiguo held 12.84% of the company's shares and voting rights. The number of voting shares held by Shi Dongwei was 0. The company's controlling shareholder and actual controller was changed from Luo Weiguo and Shi Dongwei to Luo Weiguo. For details, please refer to the "Informative Announcement Regarding the Actual Controller's Signing of the "Rescission Agreement of the Concerted Action Agreement" and "Voting Rights Waiver Agreement" and the Change of the Company's Actual Controller on the official website of the Shanghai Stock Exchange on August 27, 2025 (announcement code: 2025-060).

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5. Block diagram of the property rights and control relationship between the company and the actual controller √ Applicable □ Not applicable

6. The actual controller controls the company through trust or other asset management methods □Applicable √Not applicable

(3) Other information about the controlling shareholder and actual controller □Applicable √Not applicable

5. The cumulative number of pledged shares by the company’s controlling shareholder or largest shareholder and persons acting in concert accounts for more than 80% of the number of company shares held by them.

□Applicable √Not applicable

6. Other legal person shareholders holding more than 10% of the shares □Applicable √Not applicable

7. Explanation of shareholding restrictions and reductions

□Applicable √Not applicable

8. Specific implementation of share repurchases during the reporting period

□Applicable √Not applicable

9. Information related to preference shares

□Applicable √Not applicable

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Section 7 Bond-Related Information

1. Corporate bonds (including corporate bonds) and non-financial corporate debt financing instruments □ Applicable √ Not applicable

2. Convertible corporate bonds

□Applicable √Not applicable

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Section 8 Financial Report

1. Audit report

√Applicable □Not applicable

1. Audit opinions

We have audited the financial statements of Tianyu Biotechnology Co., Ltd. (hereinafter referred to as "Tianyu Biotechnology"), including the consolidated and company balance sheets on December 31, 2025, the consolidated and company income statements, the consolidated and company cash flow statements, the consolidated and company changes in owner's equity statements for 2025, and the notes to relevant financial statements.

We believe that the attached financial statements are prepared in accordance with the Accounting Standards for Business Enterprises in all material respects and fairly reflect the consolidated and company financial status of Tianyu Biotech on December 31, 2025, as well as the consolidated and company operating results and 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 Chinese Code of Independence for Certified Public Accountants and the Chinese Code of Professional Ethics for Certified Public Accountants, we are independent of Tianyu Biotech and have fulfilled other responsibilities in terms of professional ethics. We believe that the audit evidence we obtained is sufficient and appropriate and provides a basis for issuing an audit opinion.

3. Key audit matters

Key audit matters are matters that 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.

(1) Revenue recognition

1. Pig breeding business

(1) Description of the matter

As mentioned in Note 5.45 of the financial statements, Tianyu Biotech achieved operating income of 725.5889 million yuan in 2025, of which income from pig breeding sales was 519.2070 million yuan, accounting for 71.56% of the operating income in 2025. Since Tianyu Bio's pig breeding sales revenue is significant and is one of the key performance indicators, and its pig breeding sales customers are mainly individual customers with scattered distribution of customers, there may be risks of material misstatements and are related to fraud.

Therefore, we identified the recognition of income from pig breeding business as a key audit matter.

(2) Audit response

The audit procedures we perform for the recognition of income from pig breeding business mainly include:

① Understand and evaluate the design and operational effectiveness of management’s key internal controls related to revenue recognition, and test the effectiveness of key control execution;

② Select samples to check sales contracts, identify contract terms and conditions related to the transfer of product control rights, and evaluate whether the accounting policies for revenue recognition comply with the requirements of corporate accounting standards;

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③Implement analytical procedures to analyze the rationality of changes in operating income and gross profit, check the company's monthly average sales price of pigs, and conduct comparative analysis with market transaction prices;

④ Randomly check the sales accounts of important customers, check with their sales invoices and sales notes (sales orders, weighing orders), and check their transaction flows, receipts, etc. with sales revenue;

⑤Select important customers to perform confirmation procedures for transaction amounts and current balances;

⑥ Perform cut-off testing on sales revenue recognized before and after the balance sheet date to evaluate whether sales revenue is recognized in the appropriate period.

2. Garden ecological engineering business

(1) Description of the matter

As stated in Note 5.45 of the financial statements, Tianyu Biotech achieved operating income of RMB 725.5889 million in 2025, of which income from garden ecological projects amounted to RMB 113.1805 million, accounting for 15.60% of the operating income in 2025. Since the revenue from Tianyu Biotech's garden ecological projects is relatively large and is one of the key performance indicators, there may be a risk of material misstatement and is related to fraud. Tianyu Biotech recognizes revenue from the garden ecological engineering services provided based on the progress of the contract. This matter involves significant accounting estimates and judgments by the management. Therefore, we identified the recognition of revenue from the garden ecological engineering business as a key audit matter.

(2) Audit response

The audit procedures we perform for the recognition of garden ecological engineering business income mainly include:

① Test and evaluate key internal controls related to project contract budget preparation and revenue recognition;

②Recalculate the construction contract performance progress in the project contract ledger to verify its accuracy;

③Select a sample of project contracts, check the project contracts and cost budget information on which the management judges the estimated total revenue and estimated total costs, and evaluate whether the management's estimates are reasonable and based on sufficient basis;

④Select samples to test the project contract costs incurred this year;

⑤ Confirm the contract amount, output value and other data related to the project to major customers to verify the authenticity and accuracy of the project income;

⑥Select a sample of the project contract and conduct on-site inspection of the project image progress to verify the rationality of the contract performance progress.

(2) Provision for impairment of biological assets of pig breeding business

1. Description of the matter

As of December 31, 2025, the book value of biological assets formed by Tianyu Biological pig breeding business was 194.073 million yuan, accounting for 6.71% of total assets, and the corresponding impairment provision was 20.5861 million yuan. Biological assets mainly consist of consumable biological assets in inventory, entrusted processing materials and productive biological assets. The period-end book value of Tianyu Bio's biological assets is relatively large, and the market price of biological assets is greatly affected by cyclical fluctuations. The determination of net realizable value or recoverable amount of biological assets involves significant accounting estimates and judgments by the management, and there may be a risk of material misstatement.

Therefore, we identified the provision for impairment of biological assets in the pig breeding business as a key audit matter.

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2. Audit response

Our audit procedures for the provision for impairment of biological assets in the pig breeding business mainly include:

(1) Understand, evaluate and test management’s key internal controls related to impairment of biological assets;

(2) Evaluate the important assumptions involved in the management’s calculation of the net realizable value of biological assets;

(3) Supervise the inventory of biological assets and check the quantity and status of biological assets;

(4) Inquire about the changes in pig prices in recent years, understand the cyclical fluctuations in pig prices, and examine and analyze the impact of management's consideration of these factors on the risk of impairment of biological assets;

(5) Obtain biological assets devaluation provision calculation form and impairment provision calculation form, check and analyze the rationality of the net realizable value, and review the accuracy of biological asset impairment provision.

(3) Provision for impairment of accounts receivable from garden ecological engineering business

1. Description of the matter

As of December 31, 2025, the book balance of accounts receivable formed by Tianyu Biological Garden Ecological Engineering Business was 803.141 million yuan, the bad debt provision was 513.8608 million yuan, and the book balance of contract assets (including other non-current assets, the same below) The balance is 748.3663 million yuan, the impairment provision is 4.9369 million yuan, the book balance of long-term receivables (including non-current assets reclassified to due within one year, the same below) is 538.3027 million yuan, and the bad debt provision is 27.3276 million yuan. The total book value at the end of the period of accounts receivable, contract assets and long-term receivables is 1,543.6847 million yuan, accounting for 53.36% of the total assets. The amount is relatively large and the proportion is high. Loss provisions are measured based on expected credit losses. This matter involves significant accounting estimates and judgments by the management, and there may be a risk of material misstatement.

Therefore, we identified the provision for impairment of accounts receivable in the garden ecological engineering business as a key audit matter.

2. Audit response

Our audit procedures for the provision of impairment provisions for receivables in the garden ecological engineering business mainly include:

(1) Understand, evaluate and test management’s key internal controls related to accounts receivable, contract assets and long-term receivables; (2) Assess management’s objective evidence for measuring loss provisions based on expected credit losses for accounts receivable, contract assets and long-term receivables;

(3) For accounts receivable, contract assets and long-term receivables for which the management has made provision for impairment individually, recalculate the accuracy of management's provision for impairment based on relevant evidence; for accounts receivable, contract assets and long-term receivables for which management has made provision for bad debts on a collective basis, recalculate the accuracy of management's provision for impairment based on contract terms, project progress and aging analysis;

(4) Implement correspondence confirmation procedures with major customers to verify the authenticity and accuracy of accounts receivable, contract assets and long-term receivables; (5) Check major customers’ post-period payment collection and post-period settlement of contract assets.

4. Other information

The management of Tianyu Biotechnology (hereinafter referred to as the management) is responsible for other information. Other information includes information covered in Tianyu Biotech's 2025 annual report, but does not include the financial statements and our auditor's report.

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Our audit opinion on the financial statements does not cover other information, nor do we express any form of assurance conclusion on other information.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the audit or otherwise appears to be materially misstated.

If we determine, based on the work we have performed, that other information is materially misstated, we should report that fact. We have nothing to report in this regard.

5. Responsibility of management and those charged with governance for financial statements

The management is responsible for preparing financial statements in accordance with the provisions of the Accounting Standards for Business Enterprises to achieve fair reflection, and to design, implement and maintain necessary internal controls so that the financial statements do not contain material misstatements due to fraud or errors.

When preparing financial statements, management is responsible for assessing Tianyu Biotech's ability to continue as a going concern, disclosing matters related to continuing operations, and applying the going concern assumption, unless management plans to liquidate Tianyu Biotech, terminate operations, or has no other realistic choice.

Those charged with governance are responsible for overseeing Tianyu Biotech’s financial reporting process.

6. Responsibilities of certified public accountants for auditing financial statements

Our objective is to obtain reasonable assurance as to whether the financial statements as a whole are free of material misstatements due to fraud or error, and to issue an audit report containing an audit opinion. Reasonable assurance is a high level of assurance, but it does not guarantee that an audit performed in accordance with auditing standards will always detect a material misstatement when it exists. Misstatements may be 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 Tianyu Biotech's ability to continue as a going concern. If we conclude that significant uncertainty exists, auditing standards require us to draw the attention of users to the relevant disclosures in the financial statements in our audit report; if the disclosures are insufficient, we should issue a qualified opinion. Our conclusions are based on information available as of the date of the auditor's report. However, future events or conditions may cause Tianyu Biotech to cease 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.

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(6) Obtain sufficient and appropriate audit evidence for the financial information of entities or business activities in Tianyu Biotechnology to issue financial statements.

express audit opinion. We are responsible for directing, supervising and performing group audits and take full responsibility for our audit opinions.

We communicate with those charged with governance regarding matters such as the planned audit scope, timing and significant audit findings, including communicating our

Internal control deficiencies of concern identified during the 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 who may be subject to

All relationships and other matters that, in the reasonable opinion, affect our independence, as well as related safeguards.

From the matters communicated with those charged with governance, we determine which matters are most important to the audit of the current period’s financial statements and therefore constitute relevant matters.

key audit matters. We describe these matters in our audit report unless laws and regulations prohibit public disclosure of these matters, or in the unlikely event that

In certain circumstances, if the negative consequences of communicating a matter in the audit report are reasonably expected to outweigh the benefits in the public interest

, we determine that this matter should not be communicated in the audit report.

2. Financial statements

Consolidated Balance Sheet

December 31, 2025

Prepared by: Tianyu Biotechnology Co., Ltd.

Unit: Yuan Currency: RMB

Item Notes December 31, 2025 Current assets as of December 31, 2024:

Monetary funds 7.1 153,391,521.44 178,048,527.26 Settlement reserves

Loan funds

Trading financial assets 7.2 8,434,480.00

Derivative financial assets

Notes receivable 7.4 5,700,000.00 Accounts receivable 7.5 299,202,409.81 391,229,321.24 Receivables financing 7.7 2,309,488.19

Prepayments 7.8 1,073,524.56 17,853,478.61 Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables 7.9 122,239,444.52 167,753,324.20 Including: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory 7.10 224,711,683.84 223,765,533.14 Including: data resources

Contract assets 7.6 103,759,836.86 338,958,630.51 Assets held for sale

Non-current assets due within one year 7.12 159,410,672.52 82,487,516.27 Other current assets 7.13 51,945,897.29 46,997,969.19

Total current assets 1,126,478,959.03 1,452,794,300.42 Non-current assets:

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Grant loans and advances

debt investment

Other debt investments

Long-term receivables VII. 16 351,564,413.38 375,960,874.80 Long-term equity investment VII. 17 90,378,990.16 86,004,733.72 Other equity instrument investments

Other non-current financial assets VII. 19 11,495,191.88 11,495,191.88 Investment real estate VII. 20 5,795,117.59 3,553,682.84 Fixed assets VII. 21 347,088,470.81 337,289,989.64 Construction in progress VII. 22 35,659,779.40 21,371,625.26 Productive biological assets VII. 23 48,154,031.49 22,811,318.92 Oil and gas assets

Right-of-use assets 7. 25 102,517,107.53 152,085,852.00 Intangible assets 7. 26 25,146,099.10 26,153,778.05 Including: data resources

development expenditure

Among them: data resources

Goodwill VII. 27 1,520,382.88 2,082,182.88 Long-term deferred expenses VII. 28 5,624,362.52 4,947,132.61 Deferred income tax assets VII. 29 102,046,153.45 105,400,561.05 Other non-current assets VII. 30 639,669,552.00 613,033,064.02 Total non-current assets 1,766,659,652.19 1,762,189,987.67

Total assets 2,893,138,611.22 3,214,984,288.09 Current liabilities:

Short-term borrowings 7. 32 91,081,734.71 88,932,107.34 Borrowings from the central bank

borrowing funds

Trading financial liabilities 7.33 1,199,197.24

Derivative financial liabilities

Notes payable

Accounts payable 7. 36 683,149,945.65 638,329,893.72 Advance payments

Contract liabilities 7. 38 79,145,845.15 144,647,669.46 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 7. 39 29,942,990.49 27,036,365.55 Taxes payable 7. 40 3,800,975.10 1,125,280.30 Other payables 7. 41 124,918,297.34 166,845,822.82 Including: interest payable

Dividends payable VII. 41 1,877,531.25 1,877,531.25 Handling fees and commissions payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one year 7. 43 193,216,556.34 190,098,672.23 Other current liabilities 7. 44 119,173,526.64 89,332,338.91 Total current liabilities 1,325,629,068.66 1,346,348,150.33

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Non-current liabilities:

insurance contract reserves

Long-term borrowings 7. 45 692,141,262.98 753,368,736.78 Bonds payable

Among them: preferred shares

perpetual bond

Lease liabilities VII. 47 64,756,594.73 111,109,637.95 Long-term payables VII. 48 192,181,718.73 267,991,884.49 Long-term employee benefits payable

Estimated liabilities 7. 50 2,989,500.00

Deferred income VII. 51 607,761.23 688,796.03 Deferred income tax liabilities VII. 29 2,450,340.63 2,682,283.17 Other non-current liabilities VII. 52 18,740,121.40 24,262,552.79 Total non-current liabilities 973,867,299.70 1,160,103,891.21

Total liabilities 2,299,496,368.36 2,506,452,041.54 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) VII. 53 290,146,240.00 290,146,240.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve VII. 55 912,799,576.63 912,212,051.57 Less: treasury shares

other comprehensive income

special reserve

Surplus reserve VII. 59 45,177,411.16 45,177,411.16 General risk reserve

Undistributed profits 7. 60 -835,700,465.45 -728,796,592.68 belongs to the owner’s equity of the parent company

412,422,762.34 518,739,110.05 (or shareholders’ equity) total

Minority shareholders’ equity 181,219,480.52 189,793,136.50 Owner’s equity (or shareholder’s rights

593,642,242.86 708,532,246.55 profit) total

Liabilities and Owner's Equity (or

2,893,138,611.22 3,214,984,288.09 shareholders’ equity) total

Person in charge of the company: Meng Zhuowei Person in charge of accounting work: Li Zhiman Person in charge of the accounting department: Zhang Pei

Parent company balance sheet

December 31, 2025

Prepared by: Tianyu Biotechnology Co., Ltd.

Unit: Yuan Currency: RMB

Item Notes December 31, 2025 Current assets as of December 31, 2024:

Monetary funds 78,607,006.88 79,895,445.99 Trading financial assets

Derivative financial assets

Notes receivable

Accounts receivable 19.1 189,552,775.10 290,374,053.63

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Receivables Financing

Prepayments 58,879,504.92 61,312,443.46 Other receivables 19.2 244,870,866.80 278,761,534.99 Including: interest receivable

Dividends receivable

Inventory 1,967,711.06 1,967,711.06 Including: data resources

Contract assets 90,849,957.49 157,954,288.41 Assets held for sale

Non-current assets due within one year 24,073,653.51 14,448,524.02 Other current assets 4,796,820.62 7,339,900.57

Total current assets 693,598,296.38 892,053,902.13 Non-current assets:

debt investment

Other debt investments

Long-term receivables 98,870,000.00 124,815,246.38 Long-term equity investment XIX.3 972,732,241.79 964,943,263.48 Other equity instrument investments

Other non-current financial assets 11,495,191.88 11,495,191.88 Investment real estate 5,795,117.59 3,553,682.84 Fixed assets 1,089,539.02 4,101,341.99 Construction in progress 320,796.46 320,796.46 Productive biological assets

oil and gas assets

Right-of-use assets 14,348.79 102,372.51 Intangible assets 48,652.03 110,458.43 Including: data resources

development expenditure

Among them: data resources

goodwill

Long-term deferred expenses 1,320,360.12 1,828,924.87 Deferred income tax assets 92,603,366.40 97,564,750.29 Other non-current assets

Total non-current assets 1,184,289,614.08 1,208,836,029.13

Total assets 1,877,887,910.46 2,100,889,931.26 Current liabilities:

Short-term borrowings 19,001,806.85 20,006,015.59 Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 334,084,253.69 301,166,608.97 Advance payments

Contract liabilities 280,524,255.85 421,840,886.87 Employee benefits payable 3,879,349.54 4,693,405.10 Taxes payable 37,906.36 35,536.58 Other payables 178,209,819.71 307,124,684.80 including: interest payable

Dividends payable

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Liabilities held for sale

Non-current liabilities due within one year 94,223.62 Other current liabilities 86,242,748.12 80,830,897.63

Total current liabilities 901,980,140.12 1,135,792,259.16 Non-current liabilities:

long term borrowing

bonds payable

Among them: preferred shares

perpetual bond

Lease liability

Long-term accounts payable 9,100,000.00

Long-term employee benefits payable

Estimated liabilities

deferred income

Deferred income tax liabilities 1,330.11 Other non-current liabilities

Total non-current liabilities 9,100,000.00 1,330.11

Total liabilities 911,080,140.12 1,135,793,589.27 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 290,146,240.00 290,146,240.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 932,318,013.05 932,318,013.05 less: treasury shares

other comprehensive income

special reserve

Surplus reserve 45,177,411.16 45,177,411.16 Undistributed profits -300,833,893.87 -302,545,322.22Owner’s equity (or shareholder rights

966,807,770.34 965,096,341.99 profit) total

Liabilities and Owner's Equity (or

1,877,887,910.46 2,100,889,931.26 shareholders’ equity) total

Person in charge of the company: Meng Zhuowei Person in charge of accounting work: Li Zhiman Person in charge of the accounting department: Zhang Pei

consolidated income statement

January-December 2025

Unit: Yuan Currency: RMB

Item Notes 2025 2024

1. Total operating income 725,588,873.17 801,506,706.66 Including: operating income 7. 61 725,588,873.17 801,506,706.66 Interest income

Premiums earned

Fee and commission income

2. Total operating costs 835,851,001.34 848,060,136.01 Including: operating costs 7. 61 726,495,343.41 714,680,430.17 Interest expenses

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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 2,289,741.62 2,130,173.78 Sales expenses VII. 63 4,375,633.04 4,541,607.34 Administrative expenses VII. 64 79,704,349.84 105,129,417.07 R&D expenses VII. 65 13,921,859.21 11,611,258.64 Financial expenses 7. 66 9,064,074.22 9,967,249.01 Including: interest expenses 53,336,334.08 36,528,507.72

Interest income 46,234,484.51 29,681,457.65 plus: other income VII. 67 3,195,085.31 960,779.18 Investment income (losses are filled in with "-"

7. 68 -4,114,472.65 214,519.02 columns)

Of which: for associates and joint ventures

-760,216.71 2,189,008.80 investment income

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 calculated as

7. 70 8,633,602.76 -428,240.00 (Fill in “-”)

Credit impairment losses (losses are marked with "-"

7. 71 -2,403,113.01 -27,361,848.82 fill in the column)

Asset impairment losses (losses are marked with "-"

7. 72 -22,928,085.66 -15,837,153.91 (fill in the column)

Asset disposal income (losses are represented by “-”

7. 73 25,973,538.27 -665,551.31 (please fill in the list)

8. Operating profit (losses are listed with "-") -101,905,573.15 -89,670,925.19 Add: non-operating income VII. 74 11,146,501.83 7,960,815.07 Minus: non-operating expenses VII. 75 5,469,570.86 5,448,273.34

4. Total profit (total loss is filled in with "-"

-96,228,642.18 -87,158,383.46 columns)

Less: Income tax expense VII. 76 5,786,963.97 -315,270.97

5. Net profit (net loss is listed with "-") -102,015,606.15 -86,843,112.49

(1) Classification by business continuity

1. Net profit from continuing operations (net loss divided by

-102,015,606.15 -86,843,112.49 Fill in the "-" number)

2. Net profit from discontinued operations (net loss equal to

Fill in the column with "-" sign)

(2) Classification according to ownership ownership

1. Net profit attributable to shareholders of the parent company

-106,903,872.77 -107,357,787.62 (Net loss is listed with "-")

2. Profit and loss of minority shareholders (net loss is represented by “-”

4,888,266.62 20,514,675.13 (please fill in the list)

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6. Net amount of other comprehensive income after tax

(1) Other comprehensive assets attributable to the owners of the parent company

net of tax on joint income

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 items to be reclassified into profit or loss

income

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

combined income

(2) Changes in fair value of other debt investments

(3) Financial assets are reclassified into other comprehensive

Amount of combined income

(4) Credit impairment provisions for other debt investments

(5) Cash flow hedging reserve

(6) Translation differences of foreign currency financial statements

(7) Others

(2) Other comprehensive assets attributable to minority shareholders

Earnings, net of taxes

7. Total comprehensive income -102,015,606.15 -86,843,112.49

(1) Comprehensive assets attributable to owners of the parent company

-106,903,872.77 -107,357,787.62Total income

(2) Comprehensive income attributable to minority shareholders

4,888,266.62 20,514,675.13 total

8. Earnings per share:

(1) Basic earnings per share (yuan/share) -0.3684 -0.3700

(2) Diluted earnings per share (yuan/share) -0.3684 -0.3700

If a business merger under the same control occurs in this period, the net profit realized by the merged party before the merger is: 0 yuan, and the net profit realized by the merged party in the previous period is: 0 yuan.

Person in charge of the company: Meng Zhuowei Person in charge of accounting work: Li Zhiman Person in charge of the accounting department: Zhang Pei

Parent company income statement

January-December 2025

Unit: Yuan Currency: RMB

Item Notes 2025 2024

1. Operating income 19.4 133,358,297.29 129,525,615.34 Less: Operating costs 19.4 172,174,535.77 149,312,221.98 Taxes and surcharges 1,105,594.63 826,535.58 Sales expenses 31,540.43 304,074.73 Management expenses 10,966,153.61 14,909,868.55

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R&D expenses

Financial expenses -16,414,278.18 -14,332,092.96 Including: interest expenses 4,002,167.60 2,543,183.96

Interest income 20,545,357.42 17,773,984.89 Add: other income 6,695.91 58,235.15 Investment income (losses are filled in with "-"

Nineteen, 5 -1,108,772.40 -3,589,514.52 columns)

Of which: for associates and joint ventures

75,107.62 2,189,008.80 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 calculated as

Fill in the column with "-" sign)

Credit impairment losses (losses are marked with "-"

29,277,216.91 -22,508,068.37 fill in the column)

Asset impairment losses (losses are marked with "-"

3,531,806.90 4,470,438.97 (please fill in the column)

Asset disposal income (losses are represented by “-”

11,461.25 70,714.30 (please fill in the list)

2. Operating profit (losses are listed with "-") -2,786,840.40 -42,993,187.01 plus: non-operating income 9,497,448.43 3,652,267.86 minus: non-operating expenses 23,356.34 46,130.33

3. Total profit (total loss is marked with "-"

6,687,251.69 -39,387,049.48 fill in the column)

Less: Income tax expense 4,975,823.34 -2,081,740.60

4. Net profit (net loss is listed with "-") 1,711,428.35 -37,305,308.88

(1) Net profit from continuing operations (net loss divided by

Fill in the column with "-" sign)

(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 items that will be reclassified into profit and loss

income

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

combined income

2. Changes in fair value of other debt investments

3. Financial assets are reclassified into other comprehensive

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Amount of combined income

4. Credit impairment provisions for other debt investments 5. Cash flow hedging reserves

5. Translation differences of foreign currency financial statements

7.Others

6. Total comprehensive income 1,711,428.35 -37,305,308.88

7. Earnings per share:

(1) Basic earnings per share (yuan/share)

(2) Diluted earnings per share (yuan/share)

Person in charge of the company: Meng Zhuowei Person in charge of accounting work: Li Zhiman Person in charge of the accounting department: Zhang Pei

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

964,415,680.08 1,030,224,826.59 gold

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 collected from interest, fees and commissions

Net increase in borrowing funds

Net increase in repurchase business funds

Net cash received from securities trading as an agent

Um

Tax refunds received 152,238.35 3,178,581.55 Other tax refunds related to business activities received

7. 78 136,103,258.57 78,550,210.85 cash

Subtotal of cash inflows from operating activities 1,100,671,177.00 1,111,953,618.99 Cash for purchasing goods and receiving payment for services

629,568,533.74 734,712,564.70 gold

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

Cash payments for interest, fees and commissions

Cash payment for policy dividends

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Payments made to and for employees

83,971,946.29 87,298,182.96 cash

Various taxes and fees paid 16,472,654.15 17,333,538.98 Other taxes and fees paid related to business activities

7. 78 112,360,340.21 137,322,310.41 Cash

Subtotal of cash outflows from operating activities 842,373,474.39 976,666,597.05 Cash flow generated from operating activities

258,297,702.61 135,287,021.94 Net amount

2. Cash flow generated from investing activities:

Cash received from recovery of investment - 25,301.00 Cash received from investment income - 2,582,064.29 Disposal of fixed assets, intangible assets and other

200,782.54 526,099.83 Net cash received from other long-term assets

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

7. 78 12,535,404.98 19,550,573.72 cash

Subtotal of cash inflows from investing activities 12,736,187.52 22,684,038.84 Purchase and construction of fixed assets, intangible assets and other

53,479,070.84 54,019,050.23 Cash paid for his long-term assets

Cash paid for investment 2,045,000.00 600,000.00 Net increase in pledged loans

Acquire subsidiaries and other business units

60,509,397.54 15,862,540.08 Net cash paid

Payments related to other investment activities

7. 78 19,660,650.09 17,091,369.12 Cash

Subtotal of cash outflows from investing activities 135,694,118.47 87,572,959.43 Cash flow generated from investing activities

-122,957,930.95 -64,888,920.59 Net amount

3. Cash flow generated from financing activities:

Cash received from investment 800,000.00 196,000.00 Including: Subsidiary absorbs investment from minority shareholders

800,000.00 196,000.00 Cash received

Cash received from borrowings 115,926,150.42 234,275,726.00 Other cash received related to financing activities

7. 78 222,145,300.00 252,600,292.79 cash

Subtotal of cash inflows from financing activities 338,871,450.42 487,072,018.79 Cash paid to repay debts 172,619,284.14 228,477,037.19 Distribution of dividends, profits or interest payments

50,055,246.82 43,307,389.18 paid in cash

Of which: Subsidiary payments to minority shareholders

dividends, profits

Make other payments related to financing activities

7. 78 260,919,570.08 280,543,202.34 cash

Subtotal of cash outflows from financing activities 483,594,101.04 552,327,628.71 Cash flow generated from financing activities

-144,722,650.62 -65,255,609.92 Net amount

4. Exchange rate changes on cash and cash equivalents

57,484.80 88,368.35 Influence of things

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5. Net increase in cash and cash equivalents -9,325,394.16 5,230,859.78 plus: balance of cash and cash equivalents at the beginning of the period

100,267,192.32 95,036,332.54 amount

6. Balance of cash and cash equivalents at the end of the period 90,941,798.16 100,267,192.32

Person in charge of the company: Meng Zhuowei Person in charge of accounting work: Li Zhiman Person in charge of the accounting department: Zhang Pei

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 rendering services

179,211,815.17 250,191,128.35 gold

tax refund received

Receive other information related to business activities

378,676,308.40 454,803,183.39 cash

Subtotal of cash inflows from operating activities 557,888,123.57 704,994,311.74 Cash for purchasing goods and receiving payment for labor services

87,483,983.02 171,784,676.48 gold

Payments made to and for employees

5,693,268.24 5,960,602.98 cash

Various taxes and fees paid 8,391,294.43 6,228,221.44 Paid other taxes related to business activities

425,602,192.99 459,850,976.95 cash

Subtotal of cash outflows from operating activities 527,170,738.68 643,824,477.85 Net cash flow from operating activities

30,717,384.89 61,169,833.89 amount

2. Cash flow generated from investing activities:

Cash received from recovery of investment 1,099,965.27 3,695,760.00 Cash received from investment income - 600,000.00 Disposal of fixed assets, intangible assets and other

28,974.92 156,082.13 Net cash recovered from his long-term assets

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

3,090,676.47 9,768,059.05 cash

Subtotal of cash inflows from investing activities 4,219,616.66 14,219,901.18 Purchase and construction of fixed assets, intangible assets and other

40,200.00 332,800.00 Cash paid for his long-term assets

Cash paid for investment 57,894,397.54 39,316,810.20 Acquisition of subsidiaries and other business units

Net cash paid

Payments related to other investment activities

1,350,000.00 2,610,000.00 cash

Subtotal of cash outflows from investing activities 59,284,597.54 42,259,610.20 Cash flow generated from investing activities

-55,064,980.88 -28,039,709.02 Net amount

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3. Cash flow generated from financing activities:

Absorbing cash received from investments

Cash received from borrowings 18,980,000.00 19,990,000.00 Other cash received related to financing activities

142,395,300.00 187,600,000.00 cash

Subtotal of cash inflows from financing activities 161,375,300.00 207,590,000.00 Cash paid to repay debts 19,980,000.00 40,000,000.00 Distribution of dividends, profits or interest payments

2,681,649.95 1,718,351.78 paid in cash

Make other payments related to financing activities

110,423,427.34 174,830,957.59 cash

Subtotal of cash outflows from financing activities 133,085,077.29 216,549,309.37 Cash flow generated from financing activities

28,290,222.71 -8,959,309.37 Net amount

4. Exchange rate changes on cash and cash equivalents

influence of things

5. Net increase in cash and cash equivalents 3,942,626.72 24,170,815.50 plus: balance of cash and cash equivalents at the beginning of the period

55,164,380.16 30,993,564.66

6. Balance of cash and cash equivalents at the end of the period 59,107,006.88 55,164,380.16

Person in charge of the company: Meng Zhuowei Person in charge of accounting work: Li Zhiman Person in charge of the accounting department: Zhang Pei

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Consolidated Statement of Changes in Owner's Equity

January-December 2025

Unit: Yuan Currency: RMB 2025

Owner's equity attributable to parent company

Other equity workers Part 1

Item Specification General Owner's Equity Total Less: Minority Shareholder's Equity Paid-in Capital (or Equity Comprehensive Risk Other Calculation Advantages Permanent Capital Reserve Inventory Surplus Reserve Undistributed Profit Subtotal) Other Consolidated Savings Insurance Other Priority Continued Shares

He is ready

stocks bonds

Be prepared

1. Last year

290,146,240.00 912,212,051.57 45,177,411.16 -728,796,592.68 518,739,110.05 189,793,136.50 708,532,246.55Ending balance

Plus: Accounting

Policy changes

Early stage

error correction

Others

2. This year

290,146,240.00 912,212,051.57 45,177,411.16 -728,796,592.68 518,739,110.05 189,793,136.50 708,532,246.55 Opening balance

3. This issue

Increase or decrease

Amount (minus 587,525.06 -106,903,872.77 -106,316,347.71 -8,573,655.98 -114,890,003.69 less with "-"

(Fill in the number)

(1) Comprehensive

Total total income -106,903,872.77 -106,903,872.77 4,888,266.62 -102,015,606.15

(2) Place

Those who invest

587,525.06 587,525.06 -811,922.60 -224,397.54 and reduced capital

Ben

1. owner

800,000.00 800,000.00 common investment

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common stock

2. Capital invested by other equity instrument holders

3. The amount of share-based payment included in owners’ equity 4. Others 587,525.06 587,525.06 -1,611,922.60 -1,024,397.54

(3) Profit

-12,650,000.00 -12,650,000.00 Profit distribution 1. Withdraw surplus reserve 2. Withdraw general risk reserve

3. to the owner (or stock

-12,650,000.00 -12,650,000.00 East) distribution

4. Others

(4) Internal carryover of owners’ equity 1. Conversion of capital reserves to capital (or share capital)

2. Conversion of surplus reserves into capital (or share capital)

3. Surplus reserve to cover losses

4. Settings subject to

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Benefit plan changes

Moving amount carried forward

retained earnings

5. Other comprehensive

combined income

transfer to deposit

benefit

6. Others

(5) Specialized

item reserves

1. This issue mentions

take

2. This issue makes

use

(6) Its

him

4. This issue

290,146,240.00 912,799,576.63 45,177,411.16 -835,700,465.45 412,422,762.34 181,219,480.52 593,642,242.86 Closing balance

2024

Owner's equity attributable to parent company

One of the other equity instruments

Items Others General Total owners’ equity less: Minority equity paid-in capital (or

Youyong Capital Reserve Inventory

Comprehensive items

Surplus reserve

Wind undistributed profit and its subtotal

total share capital)

Continue first

its

shares

Joint savings insurance and others collect and reserve quasi-equities and bonds

Be prepared

1. Up

Year-end 290,146,240.00 931,773,309.95 45,177,411.16 -621,438,805.06 645,658,156.05 188,691,543.71 834,349,699.76 Balance

Add: yes

planning policy

change

before

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period error correction

Others

2. Beginning of the current year 290,146,240.00 931,773,309.95 45,177,411.16 -621,438,805.06 645,658,156.05 188,691,543.71 834,349,699.76 Balance

3. Amount of increases and decreases in the current period (minus -19,561,258.38 -107,357,787.62 -126,919,046.00 1,101,592.79 -125,817,453.21, the remainder shall be filled in with a "-" sign)

(1) Comprehensive income -107,357,787.62 -107,357,787.62 20,514,675.13 -86,843,112.49 Total income

(2) Owner’s investment and capital reduction -19,561,258.38 -19,561,258.38 -19,413,082.34 -38,974,340.72

1. owner input

-1,904,000.00 -1,904,000.00 common shares

2. Capital invested by other equity instrument holders 3. Share-based payment is included in the amount of equity of all shareholders 4. Others -18,206,694.57 -18,206,694.57 -17,509,082.34 -35,715,776.91

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(3) Profit distribution

1. Withdrawal from surplus reserve

2. Extract general risk reserves 3. Distribution to owners (or shareholders) 4. Others

(4) Internal carryover of owners’ equity 1. Convert capital reserve to capital (or share capital) 2. Convert surplus reserves to capital (or share capital) 3. Surplus reserve to make up for losses 4. Changes in defined benefit plans are carried forward and retained

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benefit

5. Others

Comprehensive collection

Profit carried forward

Retained collection

benefit

6. Others

(5)

special reserve

Prepare

1. This issue

Extract

2. This issue

Use

(6)

Others

Four, this

End of period 290,146,240.00 912,212,051.57 45,177,411.16 -728,796,592.68 518,739,110.05 189,793,136.50 708,532,246.55 Balance

Person in charge of the company: Meng Zhuowei Person in charge of accounting work: Li Zhiman Person in charge of the accounting department: Zhang Pei

Statement of Changes in Owner's Equity of the Parent Company from January to December 2025 Unit: Yuan Currency: RMB

Other equity instruments in 2025

Other special items are preferred and permanently reduced: treasury comprehensive item paid-in capital (or equity), other capital reserves, surplus reserves, undistributed profits, total owners’ equity, continued stock deposits, combined stock reserves, bonds, other collection provisions

benefit

1. Previous year

290,146,240.00 932,318,013.05 45,177,411.16 -302,545,322.22 965,096,341.99 Ending balance

Add: Accounting

policy change

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Early error correction

Others

2. Current year

290,146,240.00 932,318,013.05 45,177,411.16 -302,545,322.22 965,096,341.99 Initial balance

3. Amount of increases and decreases in the current period (decreases are listed with “-” numbers 1,711,428.35 1,711,428.35)

(1) Comprehensive

1,711,428.35 1,711,428.35Total income

(2) Owner’s investment and capital reduction 1. Common stock invested by owners

2. Capital invested by other equity instrument holders

3. The amount of share-based payment included in owners’ equity

4. Others

(3) Profit distribution

1. Withdrawal from surplus reserve

2. Distribution to owners (or shareholders) 3. other

(4) Within owner’s equity

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carried forward

1. Conversion of capital reserves to capital (or share capital)

2. Conversion of surplus reserves into capital (or share capital)

3. Surplus reserve to cover losses

4. The amount of changes in the defined benefit plan is carried forward to retained earnings 5. Other comprehensive income carried forward to retained earnings

5. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

4. This period

290,146,240.00 932,318,013.05 45,177,411.16 -300,833,893.87 966,807,770.34 Ending balance

Other equity instruments in 2024 Other special items Less: treasury paid-in capital (or equity) Excellent Yong Other capital reserves Other items Surplus reserves Undistributed profits Total owners’ equity shares continued Other comprehensive reserves

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Stock Debt Consolidation Reserve

benefit

1. Last year

290,146,240.00 933,672,576.86 45,177,411.16 -265,240,013.34 1,003,756,214.68 Ending balance plus: changes in accounting policies

Early error correction

Others

2. This year

290,146,240.00 933,672,576.86 45,177,411.16 -265,240,013.34 1,003,756,214.68 Opening balance

3. Amount of increase or decrease in the current period (minus -1,354,563.81 -37,305,308.88 -38,659,872.69 shall be filled in with "-")

(1) Total comprehensive income -37,305,308.88 -37,305,308.88

(2) Owner’s investment

-1,354,563.81 -1,354,563.81 and reduction of capital

1. Common stock invested by owners

2. Capital invested by other equity instrument holders

3. Share-based payments are included in the

-1,354,563.81 -1,354,563.81Amount of owners’ equity

4. Others

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(3) Profit distribution 1. Withdraw surplus reserve 2. Distributions to owners (or shareholders)

3. Others

(4) Internal carryover of owners’ equity 1. Conversion of capital reserves to capital (or share capital)

2. Conversion of surplus reserves into capital (or share capital)

3. Surplus reserve to cover losses

4. The amount of changes in the defined benefit plan is carried forward to retained earnings 5. Other comprehensive income carried forward to retained earnings

5. Others

(5) Special reserves 1. Extract this period

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2. This issue makes

use

(6) Its

him

4. This issue

290,146,240.00 932,318,013.05 45,177,411.16 -302,545,322.22 965,096,341.99 Closing balance

Person in charge of the company: Meng Zhuowei Person in charge of accounting work: Li Zhiman Person in charge of the accounting department: Zhang Pei

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3. Basic situation of the company

1. Company profile

√Applicable □Not applicable

Tianyu Biotechnology Co., Ltd. (hereinafter referred to as the "Company" or the "Company") was established on June 21, 2000, and was transformed into a joint stock limited company on November 30, 2013 in accordance with the resolution of the company's shareholders' meeting. In March 2017, the company publicly issued A shares in China and was listed on the main board of the Shanghai Stock Exchange on March 27, 2017 (stock code: 603717.SH). Unified social credit code: 91500105450401338Q

Legal representative: Meng Zhuowei

Registered capital: RMB 290,146,240

Registration authority: Chongqing Municipal Administration for Market Regulation

Registered address: Room 1206, Building 3, No. 25 Juxian Street, Jiangbei District, Chongqing.

Office address: 2nd floor, Building C4, Bay Valley Science and Technology Park, Lane 1688, Guoquan North Road, Yangpu District, Shanghai.

Actual main business activities: The company's main business is concentrated in three major business sectors, ecological agriculture, animal husbandry and food business (pig breeding, sales of agricultural and sideline products, etc.), ecological environment business (garden ecological engineering, pastoral complex seedling planting, etc.) and ecological energy business (distributed photovoltaic power stations, etc.).

Financial report approval date: April 29, 2026

4. Basis for preparation of financial statements

1. Basics of preparation

The company is based on going concern, recognizes and measures actual transactions and events in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" and other accounting standards, and prepares financial statements on this basis.

2. Continuous operation

√Applicable □Not applicable

The company has suffered continuous losses since 2020. The net profit attributable to the owners of the parent company in 2025 was -106.9039 million yuan, the undistributed profit at the end of the period was -835.7005 million yuan, the asset-liability ratio was 79.48%, and the current ratio was 0.85. When preparing this year's financial statements, the company's management evaluated the company's ability to continue operating based on the company's operating situation and financial status, and formulated a future response plan to deal with the above-mentioned events or situations that may cast doubt on the company's ability to continue operating:

(1) Steady development of ecological agriculture, animal husbandry and food business, based on regional resource advantages, high-quality development of pig breeding business and health food. The pig breeding business focuses on management upgrading, biosecurity prevention and control, breeding research and development, cost reduction and efficiency improvement, and the elimination of inefficient pig farms. At the same time, the pig futures price discovery function is used to effectively guide the adjustment of production plans, and the hedging function is used to hedge the operating risks of pig cyclical price fluctuations, improve the level of breeding production performance and management efficiency, and enhance profitability.

(2) Focus on promoting the settlement of accounts receivable for ecological environment business, speeding up the settlement of final projects, and speeding up the withdrawal of funds. In recent years, the state and multiple departments have jointly issued multiple policies to support the solution of the problem of arrears of accounts receivable to private enterprises. The company will seize the policy opportunities to actively promote the collection of accounts receivable, assign collection responsibilities to individuals and establish reward and punishment mechanisms, regularly organize and summarize the settlement progress of engineering projects, and strive to solve the problem of arrears of accounts receivable to the greatest extent; for some accounts receivable with long aging, the company will collect the arrears through methods including but not limited to the Ministry of Industry and Information Technology's debt settlement platform and legal proceedings.

(3) The distributed photovoltaic power station assets of the ecological energy business will be converted from holding to a trading strategy, forming a healthy turnover of distributed photovoltaic power station assets from development to sale, and introducing local state-owned enterprises or strategic customers to realize a closed loop of asset sales and supplement cash flow.

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(4) Optimize resource allocation and improve risk resistance. Organize and carry out revitalization assessments of existing stock assets, formulate classified disposal plans for assets with poor profitability, long-term idleness and poor future synergy, reduce operational burdens through orderly disposal, promote asset efficiency improvement, and enhance financial risk resistance.

(5) Study capital operations and improve capital structure. Combining company conditions and capital market factors, timely carry out capital operation projects to improve the company's capital structure and support the company's long-term development.

(6) Expand financing channels and obtain financial support from major shareholders. Strengthen cooperation with banks and other financial institutions, and if necessary, seek financing from banks and other financial institutions to ease financial pressure. If a listed company encounters a liquidity crisis, the company's major shareholders and their related parties will lend their own or self-raised funds to the listed company to ensure the listed company's ability to continue operating.

By promoting the above measures to improve the company's financial situation and reduce liquidity pressure, the management believes that there is no major uncertainty in the company's ability to continue operating for at least 12 months from the end of the reporting period, and prepares financial statements on a going concern basis.

5. Important accounting policies and accounting estimates

Specific accounting policies and accounting estimation tips:

√Applicable □Not applicable

The company's business is divided into three major business segments: ecological agriculture, animal husbandry and food business segment, ecological environment business segment and ecological energy business segment. The company has formulated a number of specific accounting policies and accounting estimates based on the actual production and operation characteristics and in accordance with the relevant accounting standards for enterprises. For details, please see the descriptions of "V. 16 Inventory", "V. 24 Biological Assets" and "V. 34 Revenue".

1. Statement on compliance with corporate accounting standards

The financial statements prepared by the company comply with the requirements of accounting standards for enterprises and truly and completely reflect the company's financial status, operating results, changes in owner's 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 operating cycle is 12 months.

4. Accounting standard currency

The company's accounting standard currency is RMB.

5. Determination method and selection basis of materiality criteria

√Applicable □Not applicable

Project Materiality Criteria

Important accounts payable that are aged more than 1 year or are overdue Accounts payable with a single amount exceeding 1% of the group’s total assets

Important contract liabilities with an aging of more than 1 year Contract liabilities with a single amount exceeding 1% of the group’s total assets

Important non-wholly-owned subsidiaries: non-wholly-owned subsidiaries whose revenue exceeds 10% of the group’s total revenue

6. Accounting treatment methods for business combinations under the same control and those not under the same control

√Applicable □Not applicable

6.1 Business combination under common control

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If the enterprises participating in the merger are ultimately controlled by the same party or the same parties before and after the merger and the control is not temporary, it is deemed to be a business merger under the same control.

If the merging party pays cash, transfers non-cash assets or assumes debt as the merger consideration, the share of the book value of the merged party's owner's equity in the final controlling party's consolidated financial statements on the merger date shall be regarded as the initial investment cost of the long-term equity investment. The difference between the initial investment cost of long-term equity investment and the cash paid, non-cash assets transferred and the book value of debts assumed shall be adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings shall be adjusted.

If the merging party issues equity securities as the merger consideration, the share of the book value of the merged party's owner's equity in the ultimate controlling party's consolidated financial statements on the merger date shall be used as the initial investment cost of the long-term equity investment. The total face value of the shares issued is taken as share capital. The difference between the initial investment cost of the long-term equity investment and the total face value of the shares issued is adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings are adjusted.

The merging party's intermediary fees such as auditing, legal services, evaluation and consulting, and other related management fees incurred by the company merger shall be included in the current profit and loss when incurred.

6.2 Business combination not under common control

If the parties involved in the merger are not ultimately controlled by the same party or the same parties before and after the merger, it is deemed to be a business merger not under the same control.

For a business combination achieved by the purchaser through an exchange transaction, the merger cost shall be the fair value of the assets paid by the purchaser, liabilities incurred or assumed, and equity securities issued by the purchaser to obtain control of the purchased party on the purchase date. The intermediary fees such as auditing, legal services, evaluation consulting and other related management expenses incurred by the buyer for the business merger shall be included in the current profit and loss when incurred; the transaction costs of equity securities or debt securities issued by the buyer as consideration for the merger shall be included in the initial recognition amount of the equity securities or debt securities.

The purchaser's merger costs and the identifiable net assets obtained by the purchaser in the merger are measured at fair value on the purchase date. The difference between the merger cost and the fair value of the acquiree's identifiable net assets obtained in the merger on the purchase date is recognized as goodwill; the difference between the merger cost and the fair value of the acquiree's identifiable net assets obtained in the merger is included in the current profit and loss.

6.3 Being able to exercise control over investee units that are not under common control due to additional investment or other reasons

When preparing individual financial statements, the sum of the book value of the original equity investment plus the new investment cost will be used as the initial investment cost to be accounted for using the cost method. Other comprehensive income recognized due to equity method accounting for equity investments held before the acquisition date will be accounted for on the same basis as the investee's direct disposal of relevant assets or liabilities when disposing of the investment. If the equity investment held before the purchase date is accounted for in accordance with the relevant provisions of the "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments", the cumulative fair value changes originally included in other comprehensive income will be transferred to the current profit and loss when the cost method is used.

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 under equity method accounting, the other comprehensive income related to it shall be converted into the current period income on the purchase date.

7. Judgment standards for control and preparation methods of consolidated financial statements

√Applicable □Not applicable

7.1 Scope of consolidation

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The consolidation scope of the consolidated financial statements includes the company and its subsidiaries. The scope of consolidation in consolidated financial statements is determined based on control.

7.2 Basis for control

If the investor has power over the investee, enjoys variable returns by participating in the investee's relevant activities, and has the ability to use its power over the investee to affect the amount of its returns, the investor is deemed to control the investee. Relevant activities are activities that have a significant impact on the return of the investee.

7.3 Decision makers and agents

The agent only exercises decision-making power on behalf of the principal responsible person and does not control the investee. If an investor entrusts the decision-making power of the investee's relevant activities to an agent, the investor shall regard the decision-making power as being directly held by itself.

When determining whether a decision-maker is an agent, the company comprehensively considers the relationship between the decision-maker and the investee and other investors.

1. If a single party has substantial rights to unconditionally remove the decision-maker, the decision-maker is an agent.

2. In situations other than 1), comprehensive consideration shall be given to the decision-maker's judgment on the scope of decision-making power of the investee, the substantive rights enjoyed by other parties, the salary level of the decision-maker, the risk of variable returns borne by the decision-maker due to holding other interests in the investee, and other relevant factors.

7.4 Investment entities

When the following conditions are met at the same time, it is regarded as an investment entity:

1. The company aims to provide investment management services to investors and obtains funds from one or more investors;

2. The company’s sole operating purpose is to provide returns to investors through capital appreciation, investment income, or both; 3) The company considers and evaluates the performance of almost all investments based on fair value.

Investment entities usually meet all of the following characteristics:

1. Own more than one investment;

2. Have more than one investor;

3. The investor is not a related party of the entity;

4. Its owner's equity exists in the form of equity or similar equity.

If the parent company is an investment entity, the parent company will only include the subsidiaries (if any) that provide related services for its investment activities into the scope of consolidation and prepare consolidated financial statements; other subsidiaries will not be consolidated, and the parent company's investments in other subsidiaries will be measured at fair value and their changes will be included in the current profits and losses.

If the parent company of an investment entity is not an investment entity itself, all entities it controls, including those indirectly controlled through the investment entity, will be included in the scope of the consolidated financial statements.

7.5 Merger Procedure

If the accounting policies or accounting periods adopted by a subsidiary are inconsistent with the Company's, necessary adjustments shall be made to the subsidiary's financial statements in accordance with the Company's accounting policies or accounting periods; or the subsidiary shall be required to prepare separate financial statements in accordance with the Company's accounting policies or accounting periods.

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The consolidated balance sheet, consolidated income statement, consolidated cash flow statement and consolidated statement of changes in owners' (shareholders' equity) are based on the balance sheet, income statement, cash flow statement and statement of changes in owners' (shareholders') equity of the company and its subsidiaries respectively, and are prepared by the company after offsetting the impact of internal transactions between the company and its subsidiaries and between subsidiaries on the consolidated balance sheet, consolidated income statement, consolidated cash flow statement and consolidated statement of changes in owners' (shareholders') equity.

Unrealized internal transaction gains and losses arising from the company's sale of assets to subsidiaries are fully offset against "net profits attributable to owners of the parent company". Unrealized internal transaction profits and losses arising from the sale of assets by a subsidiary to the Company are offset and allocated between "net profits attributable to owners of the parent company" and "minority shareholders' profits and losses" in accordance with the Company's distribution ratio to the subsidiary. Unrealized internal transaction profits and losses arising from the sale of assets between subsidiaries shall be allocated and offset between "net profits attributable to owners of the parent company" and "minority shareholders' profits and losses" in accordance with the company's distribution ratio to the selling subsidiary.

The share of the subsidiary's owner's equity that does not belong to the company, as minority shareholders' equity, is listed as "minority shareholders' equity" under the owner's equity item in the consolidated balance sheet. The share of minority shareholders' equity in the current period's net profit and loss of a subsidiary is listed as the "minority shareholders' profit and loss" item under the net profit item in the consolidated income statement. The share of the subsidiary's current comprehensive income that is attributable to minority shareholders' equity is listed under the item "total comprehensive income attributable to minority shareholders" in the consolidated income statement. If there are minority shareholders, the "Minority Shareholders' Equity" column will be added to the consolidated statement of changes in owners' equity to reflect the changes in minority shareholders' equity. If the current losses shared by minority shareholders of a subsidiary exceed the minority shareholders' share of the opening owner's equity of the subsidiary, the balance shall still be offset against the minority shareholders' equity.

If the company adds subsidiaries and businesses during the reporting period due to the merger of enterprises under the same control, when preparing the consolidated balance sheet, the opening balance of the consolidated balance sheet will be adjusted; when preparing the consolidated income statement, the income, expenses and profits of the subsidiaries and business combination from the beginning of the current period to the end of the reporting period will be included Consolidated income statement; when preparing the cash flow statement, the cash flow of the subsidiary and the business combination from the beginning of the current period to the end of the reporting period is included in the consolidated cash flow statement; at the same time, relevant items in the comparative statement are adjusted, and the post-merger reporting entity is deemed to have existed since the time when the ultimate controlling party began to control.

For subsidiaries and businesses that are added due to business mergers or other methods not under common control, when preparing the consolidated balance sheet, the opening balance of the consolidated balance sheet will not be adjusted; when preparing the consolidated income statement, the income, expenses, and profits from the date of acquisition of the subsidiary and business to the end of the reporting period will be included in the consolidated income statement; when preparing the consolidated cash flow statement, the cash flow from the date of acquisition of the subsidiary to the end of the reporting period will be included in the consolidated cash flow statement.

The company disposes of subsidiaries and businesses during the reporting period. When preparing the consolidated balance sheet, the opening balance of the consolidated balance sheet will not be adjusted. When preparing the consolidated income statement, the income, expenses and profits of the subsidiary and the business from the beginning of the period to the date of disposal will be included in the consolidated income statement. When preparing the consolidated cash flow statement, the cash flow of the subsidiary and the business from the beginning of the period to the date of disposal will be included in the consolidated cash flow statement.

7.6 Accounting treatment of special transactions

1. Purchase equity in a subsidiary owned by minority shareholders of the subsidiary

In the consolidated financial statements, the capital reserve (capital premium or equity premium) is adjusted for the difference between the newly acquired long-term equity investment due to the purchase of minority equity and the share of the subsidiary's net assets calculated continuously from the date of purchase or merger based on the new shareholding ratio. If the capital reserve is insufficient for offset, the retained earnings are adjusted.

2. Dispose of long-term equity investments in subsidiaries without losing control

If a long-term equity investment in a subsidiary is partially disposed of without losing control, in the consolidated financial statements, the difference between the disposal price and the share of the subsidiary's net assets continuously calculated from the date of purchase or merger shall be adjusted in the consolidated financial statements. If the capital reserve is insufficient to offset, the retained earnings shall be adjusted.

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3. When the control over the investee is lost due to disposal of part of the equity investment or other reasons, the treatment of the remaining equity

When preparing 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 or merger based on the original shareholding ratio, shall be included in the investment income in the period when control is lost, and the goodwill shall be offset at the same time. Other comprehensive income related to the equity investment in the original subsidiary will be converted into current investment income when control is lost.

4. The enterprise disposes the equity investment in the subsidiary step by step through multiple transactions until it loses control, and the multiple transactions belong to a package deal

If the various transactions involving the disposal of equity investments in a subsidiary until the loss of control belong to a package transaction, each transaction should be accounted for as a transaction in which the subsidiary is disposed of and control is lost; however, the difference between the price of each disposal and the share of the net assets of the subsidiary corresponding to the disposal investment before the loss of control is recognized as other comprehensive income in the consolidated financial statements, and is transferred to the profit and loss of the current period when control is lost.

The principles for judging whether various transactions from the step-by-step disposal of equity to the loss of control belong to a package deal are as follows:

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, which usually indicates that multiple transactions are a package deal:

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.

8. Classification of joint arrangements and accounting treatment of joint operations

√Applicable □Not applicable

8.1 Classification of joint arrangements

Joint arrangements are divided into joint operations and joint ventures.

8.2 Accounting treatment of joint operating parties

The joint venture party shall confirm the following items related to its interest share in the joint operation, and conduct accounting treatment in accordance with the relevant accounting standards for enterprises:

1. Recognize the assets held individually, and recognize the assets held jointly according to their shares;

2. Recognize the liabilities borne individually and recognize the liabilities borne jointly according to their shares;

3. Recognize the income generated from the sale of its share of joint operating output;

4. Recognize the income generated by the joint operation from the sale of output according to its share;

5. Recognize the expenses incurred individually, and recognize the expenses incurred by joint operations according to their share.

When a joint venture invests or sells assets, etc. (except those assets that constitute a business) to a joint operation, before the assets, etc. are sold by the joint operation to a third party, only the portion of the profits and losses arising from the transaction that are attributable to the other participants in the joint operation is recognized. If the assets invested or sold suffer an asset impairment loss that complies with the "Accounting Standards for Business Enterprises No. 8 - Asset Impairment" and other provisions, the joint venture party shall fully recognize the loss.

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When a joint venture party purchases assets, etc. from a joint operation (except where the assets constitute a business), before selling the assets, etc. to a third party, only the portion of the profits and losses arising from the transaction that are attributable to other participants in the joint operation will be recognized. If the purchased assets suffer asset impairment losses that comply with the provisions of "Accounting Standards for Business Enterprises No. 8 - Asset Impairment" and other provisions, the joint venture party shall recognize this part of the loss according to its share.

If a participant who does not enjoy joint control over a joint operation owns the assets related to the joint operation and assumes the liabilities related to the joint operation, the accounting treatment shall be carried out according to the above method; otherwise, the accounting treatment shall be carried out in accordance with the provisions of the relevant accounting standards for enterprises.

9. Determination standards for cash and cash equivalents

The cash listed in the cash flow statement refers to cash on hand and deposits that can be used for payment at any time. Cash equivalents refer to investments with a short holding period (generally due within three months from the date of purchase), high liquidity, easy conversion into known amounts of cash and a small risk of value changes.

10. Foreign currency business and foreign currency statement conversion

√Applicable □Not applicable

10.1 Foreign currency business

For foreign currency business, the foreign currency amount is converted into RMB and recorded in RMB based on the spot exchange rate on the date of business occurrence.

On the balance sheet date, foreign currency monetary items are converted into RMB using the spot exchange rate on the balance sheet date. The resulting translation differences are directly included in the current profit and loss, except for the exchange differences arising from foreign currency borrowings for the purchase, construction or production of assets that meet the capitalization conditions, which are treated according to the capitalization principle. Foreign currency non-monetary items measured at historical cost are translated on the balance sheet date using the spot exchange rate on the date of the transaction.

10.2 Translation of foreign currency financial statements

The assets and liability items in the balance sheet prepared in non-accounting functional currency are converted into the accounting functional currency using the spot exchange rate on the balance sheet date. Except for the undistributed profit items, other items in the owner's equity are converted using the spot exchange rate at the time of occurrence. Income and expense items in the income statement prepared in a non-accounting functional currency are converted into the accounting functional currency using the spot exchange rate on the date of transaction. The translation difference of foreign currency statements arising from the above translation shall be accounted for in other comprehensive income. The cash flows of each item in the cash flow statement prepared in a non-accounting functional currency are converted into the accounting functional currency using the spot exchange rate on the date when the cash flow occurs. The impact of exchange rate changes on cash is presented separately in the cash flow statement.

11. Financial instruments

√Applicable □Not applicable

11.1 Recognition and derecognition of financial instruments

When the company becomes a party to a financial instrument contract, it recognizes a financial asset or financial liability.

For the purchase or sale of financial assets in a conventional way, the company recognizes the assets to be received and the liabilities to be assumed on the transaction date, or derecognizes the sold assets on the transaction date, and simultaneously recognizes the disposal gains or losses and the receivables that should be collected from the buyer.

Financial assets shall be derecognized if they meet one of the following conditions:

1. The contractual right to receive cash flows from the financial asset terminates;

2. The financial asset has been transferred, and the company has transferred almost all risks and rewards of ownership of the financial asset;

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3. The financial asset has been transferred, and the Company has neither transferred nor retained substantially all risks and rewards of ownership of the financial asset. However, the Company has not retained control of the financial asset.

If the current obligation of a financial liability (or part thereof) has been discharged, the Company shall terminate the recognition of the financial liability (or part thereof).

11.2 Classification of financial assets

Based on the business model of managing financial assets and the contractual cash flow characteristics of financial assets, financial assets are divided into the following three categories: 1) Financial assets measured at amortized cost.

2. Financial assets measured at fair value with changes included in other comprehensive income.

3. Financial assets measured at fair value with changes included in current profits and losses.

4. Financial assets measured at amortized cost

If a financial asset meets the following conditions at the same time, the Company will classify it as a financial asset measured at amortized cost:

① The company’s business model for managing this financial asset is aimed at collecting contractual cash flows.

②The contractual terms of the 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.

2. Financial assets measured at fair value with changes included in other comprehensive income (debt instrument investments)

If a financial asset meets the following conditions at the same time, the Company will classify it as a financial asset measured at fair value with changes included in other comprehensive income:

① The company’s business model for managing the financial assets aims at both collecting contractual cash flows and selling the financial assets.

②The contractual terms of the 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.

When notes receivable and accounts receivable meet the above conditions at the same time, the company will classify them as financial assets measured at fair value and whose changes are included in other comprehensive income, and list them as receivable financing in the statements.

3. Financial assets measured at fair value and changes included in current profits and losses

Financial assets other than financial assets that are classified as measured at amortized cost in accordance with item 1) of this article and financial assets (debt instrument investments) classified as measured at fair value with changes included in other comprehensive income in accordance with item 2) of this article, the Company classifies them as financial assets measured at fair value with changes included in current profits and losses.

At the time of initial recognition, the company may designate non-trading equity instrument investments as financial assets measured at fair value with changes included in other comprehensive income (non-trading equity instrument investments), and recognize dividend income in accordance with regulations. This designation, once made, cannot be revoked. If the contingent consideration recognized by the Company in a business combination not under common control constitutes a financial asset, the financial asset is classified as a financial asset measured at fair value with changes included in current profits and losses.

11.3 Classification of financial liabilities

In addition to the following items, the Company classifies financial liabilities as financial liabilities measured at amortized cost:

1. Financial liabilities measured at fair value through profit or loss for the current period, including trading financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated as measured at fair value through profit or loss for the current period.

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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 under the circumstances of item 1) or 2) of this article, and loan commitments for loans at lower than market interest rates that do not fall under the circumstances of item 1) of this article.

In a business combination not under common control, if the contingent consideration recognized by the Company as the purchaser forms a financial liability, the financial liability shall be accounted for at fair value through profit and loss of the current period.

At the time of initial recognition, in order to provide more relevant accounting information, the company can designate financial liabilities as financial liabilities measured at fair value and whose changes are included in current profits and losses. This designation meets one of the following conditions:

1. Ability to eliminate or significantly reduce accounting mismatches.

2. According to the enterprise risk management or investment strategies stated in formal written documents, manage and perform performance evaluation of financial liability portfolios or financial assets and financial liability portfolios based on fair value, and report to key management personnel on this basis within the company. This designation, once made, cannot be revoked.

11.4 Embedded Derivatives

Embedded derivatives refer to derivatives embedded in non-derivative instruments (ie, the host contract).

If the main contract included in a mixed contract is an asset regulated by the Standards for the Recognition and Measurement of Financial Instruments, the Company will apply the relevant provisions of the Standards on the classification of financial assets to the mixed contract as a whole.

If the main contract included in the hybrid contract is not an asset regulated by the financial instrument recognition and measurement standards, and meets the following conditions at the same time, the company will separate the embedded derivatives from the hybrid contract and treat them as separate derivatives:

1. The economic characteristics and risks of embedded derivatives are not closely related to the economic characteristics and risks of the host contract.

2. A separate instrument with the same terms as an embedded derivative meets the definition of a derivative.

3. The mixed contract is not measured at fair value and its changes are included in the current profit and loss for accounting treatment.

11.5 Reclassification of financial instruments

When the Company changes its business model for managing financial assets, it reclassifies all affected related financial assets. The Company is not allowed to reclassify any financial liabilities.

The company reclassifies financial assets and adopts the prospective application method for relevant accounting treatment from the reclassification date. The reclassification date refers to the first day of the first reporting period after the change in the company's business model that causes the company to reclassify financial assets.

11.6 Measurement of financial instruments

1. Initial measurement

The company initially recognizes financial assets or financial liabilities and measures them at fair value. For financial assets and 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 assets or financial liabilities, the relevant transaction costs should be included in the initial recognition amount.

2. Subsequent measurement

After initial recognition, the Company conducts subsequent measurement of different types of financial assets at amortized cost, at fair value with changes included in other comprehensive income, or at fair value with changes included in current profits and losses.

After initial recognition, the Company will conduct subsequent measurement of different types of financial liabilities at amortized cost, at fair value with changes included in current profits and losses, or by other appropriate methods.

The amortized cost of a financial asset or financial liability is determined based on the initial recognition amount of the financial asset or financial liability after the following adjustments:

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①Deduct the repaid principal.

② Add or subtract the accumulated amortization amount formed by amortizing the difference between the initial recognition amount and the maturity amount using the effective interest method.

③ Deduct accumulated loss provisions (only applicable to financial assets).

The Company recognizes interest income based on the actual interest rate method. Interest income is calculated and determined based on the book balance of the financial asset multiplied by the actual interest rate, except for the following circumstances:

① For purchased or originated financial assets that have suffered credit impairment, the Company will determine its interest income based on the amortized cost of the financial asset and the credit-adjusted actual interest rate from the initial recognition.

② For purchased or originated financial assets that have not been credit-impaired but have become credit-impaired in the subsequent period, the Company will calculate and determine its interest income based on the amortized cost and actual interest rate of the financial asset in the subsequent period. If the company uses the actual interest rate method to calculate interest income on the amortized cost of financial assets in accordance with the above policies, if the financial instrument no longer has credit impairment due to its credit risk improvement in the subsequent period, and this improvement can be objectively linked to an event that occurs after the application of the above policies (such as the credit rating of the debtor being raised), the company will calculate and determine interest income based on the actual interest rate multiplied by the book balance of the financial asset.

11.7 Impairment of financial instruments

1. Impairment items

Based on expected credit losses, the company performs impairment accounting on the following items and recognizes loss provisions:

① Financial assets classified as measured at amortized cost and financial assets classified as measured at fair value with changes included in other comprehensive income.

②Lease receivables.

③Loan commitment and financial guarantee contract.

The expected credit loss model is not applicable to other financial assets measured at fair value held by the Company, including financial assets measured at fair value with changes included in current profits and losses, financial assets designated as measured at fair value with changes included in other comprehensive income (non-trading equity instrument investments), and derivative financial assets.

2. Recognition and measurement of impairment provisions

Except for purchased or originated financial assets that are credit-impaired and financial assets that always measure loss provisions at an amount equivalent to the expected credit losses throughout the entire duration, the company evaluates at each balance sheet date whether the credit risk of relevant financial instruments has increased significantly since initial recognition, and measures its loss provisions, recognizes expected credit losses and changes in them according to the following circumstances:

If the credit risk of the financial instrument has not increased significantly since initial recognition and is in the first stage, the company measures its loss provision at an amount equivalent to the expected credit loss of the financial instrument in the next 12 months. Regardless of whether the company's basis for assessing credit losses is a single financial instrument or a combination of financial instruments, the resulting increase or reversal of the loss provision will be included in the current profit and loss as an impairment loss or gain.

If the credit risk of the financial instrument has increased significantly since initial recognition and is in the second 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. Regardless of whether the company's basis for assessing credit losses is a single financial instrument or a combination of financial instruments, the resulting increase or reversal of loss provisions is included in the current profit and loss as impairment losses or gains.

For financial assets that have been credit-impaired and are in the third stage, the company will only recognize the cumulative changes in expected credit losses during the entire duration since initial recognition as loss provisions on the balance sheet date. On each balance sheet date, the Company transfers the entire

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The amount of changes in expected credit losses during the extension period is included in the current profit and loss as impairment losses or gains. Even if the expected credit losses during the entire duration determined on the balance sheet date are less than the amount of expected credit losses reflected in the estimated cash flows at the time of initial recognition, the company will recognize favorable changes in expected credit losses as impairment gains.

For financial assets (debt instrument investments) classified as measured at fair value and whose changes are included in other comprehensive income, the company recognizes its loss provisions in other comprehensive income and includes impairment losses or gains in current profits and losses, and the book value of the financial assets listed in the balance sheet should not be reduced.

The Company has measured loss provisions in the previous accounting period at an amount equivalent to the expected credit losses for the entire duration of the financial instrument. However, on the current balance sheet date, if the financial instrument no longer has a significant increase in credit risk since initial recognition, the Company will measure the loss provisions for the financial instrument at an amount equivalent to the expected credit losses within the next 12 months on the current balance sheet date. The resulting reversal amount of the loss provisions shall be included in the current profit and loss as impairment gain.

When the Company is unable to obtain sufficient evidence of a significant increase in credit risk at a reasonable cost at the individual instrument level, the Company assesses whether the credit risk has significantly increased on a portfolio basis.

For various financial instruments subject to the provisions on impairment of financial instruments under this policy, the Company determines their credit losses according to the following methods:

① For financial assets, credit loss is the present value of the difference between the contractual cash flow received by the company and the expected cash flow received.

② For lease receivables, credit loss is the present value of the difference between the contractual cash flow that the company should receive and the cash flow that is expected to be received.

③ For undrawn loan commitments, credit losses should be the present value of the difference between the contractual cash flows that the company should receive and the expected cash flows that would be collected if the loan commitment holder draws on the corresponding loan.

④ For financial guarantee contracts, credit losses shall be the present value of the difference between the expected payment amount that the company will make to the contract holder for credit losses incurred, minus the amount that the company expects to collect from the contract holder, debtor or any other party. ⑤ For financial assets that have been credit-impaired on the balance sheet date but were not purchased or originated from credit-impairment, the credit loss is the difference between the book balance of the financial asset and the present value of the estimated future cash flows discounted at the original effective interest rate.

3. Credit risk increases significantly

The Company determines whether the credit risk of a financial instrument has increased significantly by comparing the default probability within the expected duration of the financial instrument determined at initial recognition with the default probability within the estimated duration of the instrument determined at the balance sheet date. Except for special circumstances, the Company uses the change in default risk in the next 12 months as a reasonable estimate of the change in default risk during the entire duration to determine whether credit risk has increased significantly since initial recognition.

If the Company determines that a financial instrument only has low credit risk on the balance sheet date, it can be assumed that the credit risk of the financial instrument has not increased significantly since initial recognition. Generally, if the financial instrument is overdue for more than 30 days, the Company considers that the credit risk of the financial instrument has increased significantly, unless there is conclusive evidence that the credit risk of the financial instrument has not increased significantly since the initial recognition.

4. Impairment of notes receivable and accounts receivable

For notes receivable and accounts receivable, regardless of whether there is a significant financing component, the company measures loss provisions based on expected credit losses throughout the duration.

When individual notes receivable and accounts receivable cannot assess expected credit losses at a reasonable cost, the company divides notes receivable and accounts receivable into several combinations based on credit risk characteristics, and calculates expected credit losses on a combination basis. If there is objective evidence that a certain note receivable and account receivable has suffered credit impairment, the company will make a provision for bad debts and recognize expected credit losses for the note receivable and account receivable individually. For notes receivable and accounts receivable divided into portfolios, the Company refers to historical credit losses

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Based on loss experience, combined with current conditions and predictions of future economic conditions, expected credit losses are calculated through default risk exposure and the expected credit loss rate throughout the duration. For accounts receivable grouped by aging, the aging is calculated from the date of confirmation. Notes receivable and accounts receivable portfolio:

Combination name Determine the combination basis

Notes Receivable Portfolio 1 Bank Acceptance Bill

Notes receivable portfolio 2 Commercial acceptance bills assessed as normal and low-risk Accounts receivable portfolio 1 Aging portfolio

Accounts receivable portfolio 2 Amounts from related parties within the scope of consolidation

5. Accounts receivable financing

Impairment is recognized and measured as described in 11.7 2).

When a single item of receivables financing cannot assess expected credit losses at a reasonable cost, the company divides receivables financing into several combinations based on credit risk characteristics, and calculates expected credit losses on the basis of the combinations. The basis for determining the combinations is as follows: Portfolio name Basis for determining combinations

Receivables Financing Portfolio 1 Bank Acceptance Bill

Receivables Financing Portfolio 2 Others

Expected credit loss rate of each portfolio

Receivables financing portfolio: The company refers to historical credit loss experience, combines current conditions and predictions of future economic conditions, and calculates expected credit losses through default risk exposure and expected credit loss rate throughout the duration.

6. Impairment of other receivables

Impairment is recognized and measured as described in 11.7 2).

When the information on expected credit losses cannot be assessed at a reasonable cost for a single other receivable, the Company divides other receivables into several combinations based on credit risk characteristics and calculates expected credit losses on a combination basis. For other receivables grouped by aging, the aging is calculated from the date of confirmation. The basis for determining the combination is as follows:

Combination name Determine the combination basis

Other receivables portfolio 1 Overdue amounts

Other receivables portfolio 2 not overdue

Other receivables portfolio 3 Amounts from related parties within the scope of consolidation

7. Impairment of contract assets

For contract assets, regardless of whether there is a significant financing component, the Company measures loss provisions based on expected credit losses throughout the duration.

When a single contract asset cannot assess expected credit losses at a reasonable cost, the company divides the contract assets into several combinations based on credit risk characteristics and calculates expected credit losses on a combination basis. For contract assets grouped by aging, the aging is calculated from the date of recognition. The basis for determining the combination is as follows:

Combination name Determine the combination basis

Contract Asset Portfolio 1 Non-PPP Engineering Projects

Contract Asset Portfolio 2 PPP projects accounted for in the financial asset model during the construction period

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8. Impairment of long-term receivables

For long-term receivables formed by transactions regulated by "Accounting Standards for Business Enterprises No. 14 - Revenue", regardless of whether there is a significant financing component, the company measures loss provisions based on expected credit losses throughout the duration. Long-term receivables arising from other circumstances are recognized and measured for impairment as described in 11.72).

When a single long-term receivable cannot assess the expected credit loss information at a reasonable cost, the company divides the long-term receivable into several combinations based on the credit risk characteristics, and calculates the expected credit loss on the basis of the combination. The basis for determining the combination is as follows:

Combination name Determine the combination basis

Long-term receivables portfolio 1 Non-PPP project receivables

Long-term receivables portfolio 2 PPP project receivables

Long-term receivables portfolio 3 Other long-term receivables

11.8 Gains and losses

The Company will include the gains or losses of financial assets or financial liabilities measured at fair value into current profits and losses, unless the financial assets or financial liabilities fall into one of the following situations:

1. It is part of the hedging relationship stipulated in "Accounting Standards for Business Enterprises No. 24 - Hedge Accounting".

2. It is an investment in non-trading equity instruments, and the company designates it as a financial asset measured at fair value with changes included in other comprehensive income.

3. It is a financial liability designated as measured at fair value and its changes are included in the current profit and loss. Changes in the fair value of this liability caused by changes in the company's own credit risk should be included in other comprehensive income.

4. It is a financial asset (debt instrument investment) classified as measured at fair value with changes included in other comprehensive income, and changes in fair value other than impairment losses or gains and exchange gains and losses are included in other comprehensive income.

The company can recognize dividend income and include it in the current profit and loss only when the following conditions are met at the same time:

1. The company’s right to receive dividends has been established;

2. The economic benefits related to dividends are likely to flow into the company;

3. The amount of dividends can be measured reliably.

Gains or losses arising from financial assets that are measured at amortized cost and are not part of any hedging relationship are included in the current profits and losses when they are derecognized, reclassified in accordance with this item, amortized according to the effective interest method, or impairment is recognized. If the Company reclassifies a financial asset measured at amortized cost to a financial asset measured at fair value and whose changes are included in current profits and losses, it shall be measured according to the fair value of the asset on the reclassification date. The difference between the original book value and the fair value is included in the current profit and loss. If a financial asset measured at amortized cost is reclassified into a financial asset measured at fair value with changes included in other comprehensive income, it shall be measured according to the fair value of the financial asset on the reclassification date. The difference between the original book value and the fair value is included in other comprehensive income. Gains or losses arising from financial liabilities that are measured at amortized cost and are not part of any hedging relationship are included in the profit or loss of the current period when derecognized or are included in the profit or loss of the relevant period when amortized according to the effective interest method.

For the company that designates financial liabilities as financial liabilities measured at fair value and whose changes are included in current profits and losses, the gains or losses arising from the financial liabilities are handled in accordance with the following provisions:

1. The amount of change in the fair value of the financial liability caused by changes in the company's own credit risk is included in other comprehensive income; 2) Other changes in the fair value of the financial liability are included in the current profit and loss.

If handling the impact of changes in the financial liability's own credit risk in accordance with the provisions of paragraph 1) of this article will cause or expand the accounting mismatch in profits and losses, the company will deduct all gains or losses from the financial liability (including the impact of changes in the company's own credit risk) as an expense account.

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amount) shall be included in the current profit and loss. When the financial liability is derecognised, the accumulated gains or losses previously included in other comprehensive income should be transferred out of other comprehensive income and included in retained earnings.

If the company designates non-trading equity instrument investments as financial assets measured at fair value and whose changes are included in other comprehensive income, when the financial assets are derecognised, the accumulated gains or losses previously included in other comprehensive income will be transferred out from other comprehensive income and included in retained earnings.

All gains or losses arising from financial assets classified as fair value through other comprehensive income (investments in debt instruments), except for impairment losses or gains and exchange gains and losses, are included in other comprehensive income until the financial asset is derecognised or reclassified. However, the interest on this financial asset calculated using the actual interest rate method is included in the current profit and loss. When the financial asset is derecognised, the accumulated gains or losses previously included in other comprehensive income should be transferred out of other comprehensive income and included in the current profit and loss. If the company reclassifies the financial asset into other categories of financial assets, it will transfer out the accumulated gains or losses previously included in other comprehensive income, adjust the fair value of the financial asset on the reclassification date, and use the adjusted amount as the new book value.

11.9 Report presentation

The company will classify financial assets measured at fair value with changes included in current profits and losses, and list them in the "trading financial assets" account. Non-current financial assets that mature more than one year from the balance sheet date and are expected to be held for more than one year and are measured at fair value and whose changes are included in current profits and losses are listed in the "other non-current financial assets" account.

The company will classify long-term debt investment measured at amortized cost and list it in the "debt investment" account. Long-term debt investments due within one year from the balance sheet date are listed in the "non-current assets due within one year" account. Debt investments due within one year measured at amortized cost purchased by the Company are listed in the "other current assets" account.

The company will classify long-term debt investments measured at fair value with changes included in other comprehensive income, and list them in the "other debt investments" account. The closing book value of long-term debt investments due within one year from the balance sheet date is listed in the "non-current assets due within one year" account. Debt investments that are due within one year and are measured at fair value and whose changes are included in other comprehensive income purchased by the company are listed in the "other current assets" account.

The Company will list non-trading equity instrument investments designated as measured at fair value and whose changes are included in other comprehensive income in the "Other Equity Instrument Investments" account.

The trading financial liabilities undertaken by the Company, as well as the financial liabilities held by the Company that are directly designated as measured at fair value and whose changes are included in the current profit and loss, are listed in the "Trading financial liabilities" account.

11.10 Equity Instruments

Equity instruments are contracts that evidence ownership of a residual interest in the company's assets after deducting all liabilities. The company's issuance (including refinancing), repurchase, sale or cancellation of equity instruments is treated as a change in equity, and transaction costs related to equity transactions are deducted from equity. The Company does not recognize changes in the fair value of equity instruments. The company's distribution to equity instrument holders is treated as profit distribution, and stock dividends issued do not affect the total owner's equity.

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

See 11 Notes on Financial Instruments for details.

Account aging calculation method based on aging confirmation credit risk characteristic combination

√Applicable □Not applicable

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See 11 Notes on Financial Instruments for details.

Judgment criteria for individual provision of bad debt provisions based on individual provision √ Applicable □ Not applicable

See 11 Notes on Financial Instruments for details.

13. Accounts receivable

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on credit risk characteristics √ Applicable □ Not applicable

See 11 Notes on Financial Instruments for details.

Aging calculation method based on aging confirmation credit risk characteristic combination √ Applicable □ Not applicable

See 11 Notes on Financial Instruments for details.

Judgment criteria for single provision based on the determination of individual provision for bad debts √ Applicable □ Not applicable

See 11 Notes on Financial Instruments for details.

14. Receivables Financing

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on credit risk characteristics √ Applicable □ Not applicable

See 11 Notes on Financial Instruments for details.

Aging calculation method based on aging confirmation credit risk characteristic combination √ Applicable □ Not applicable

See 11 Notes on Financial Instruments for details.

Judgment criteria for individual provision of bad debt provisions based on individual provision √ Applicable □ Not applicable

See 11 Notes on Financial Instruments for details.

15. Other receivables

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on credit risk characteristics √ Applicable □ Not applicable

See 11 Notes on Financial Instruments for details.

Aging calculation method based on aging confirmation credit risk characteristic combination √ Applicable □ Not applicable

See 11 Notes on Financial Instruments for details.

Judgment criteria for individual provision of bad debt provisions based on individual provision √ Applicable □ Not applicable

See 11 Notes on Financial Instruments for details.

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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

16.1 Inventory categories

Inventories include raw materials, inventory commodities, turnover materials, consumable biological assets, and commissioned processing materials. Among them, consumable biological assets include piglets, nursery pigs, fattening pigs and seedlings in the breeding process. Inventories are stated at the lower of cost and net realizable value.

16.2 Valuation method of issued inventory

1. When the company obtains main raw materials, it will be initially measured based on actual costs, including purchase costs, etc. When the main raw materials are shipped, they are calculated and determined based on the weighted average method at the end of the month.

2. Consumable biological assets are divided into pigs and seedlings. Among them, consumable biological assets of pigs include piglets, nursery pigs, and fattening pigs.

The cost of consumable biological assets such as pigs includes feed costs, labor costs, apportioned fixed asset depreciation expenses and other apportioned indirect expenses incurred before they reach a salable state.

Piglets refer to pigs in the stage from the day of birth to the day of weaning, from birth to weight of about 7 kilograms; the cost at this stage includes the depreciation costs of breeding sows and breeding boars, feeding costs and other indirect costs that should be allocated.

Nursery pigs refer to pigs from weaning to the stage of transfer to fattening pens, and their weight ranges from about 7 kg to 25 kg. The cost at this stage includes the cost of piglets, feeding costs at this stage and other indirect costs that should be allocated.

Fattening pigs refer to pigs from the stage of being transferred to the fattening pen to the day of slaughter, and their weight ranges from approximately 25 kg to 115 kg. The cost at this stage includes the cost of caring for piglets, the feeding expenses at this stage and other indirect costs that should be allocated.

Based on the physiological characteristics and morphology of the seedlings produced in the seedling base, our company divides them into two types: trees and shrubs to set the canopy density.

Trees: The plants have obvious trunks, and the measurement standards for specifications are mainly based on the diameter at breast height (the diameter of the trunk of the plant 130CM above the ground).

Shrubs: The plant has no obvious trunk, and the measurement standards for specifications are mainly based on the natural height and crown diameter of the plant.

The quality and starting point specification indicators of seedlings with applicable specifications in the engineering industry represent the nursery indicators for seedling production. When the seedlings reach the nursery standard, the seedlings can basically grow more stably and generally require relatively less maintenance costs and production materials. At this point, the seedlings can be considered to have reached canopy closure. When determining the row spacing of seedlings for field planting, factors such as seedling growth speed and production costs should be comprehensively considered to reasonably allocate plant growth space. Based on past experience and the company's requirements for seedling quality, when the seedlings reach the nursery standard, each data of the nursery starting point specification is used to calculate the canopy density.

Trees: When the spacing between rows is about 350CM×350CM and the crown diameter is about 320CM, the canopy closure is 3.14×160×160÷(350×350)=0.656

Shrubs: When the spacing between rows is about 100CM×100CM and the crown diameter is about 90CM, the canopy density is 3.14×45×45÷(100×100)=0.636

Consumable biological assets are valued based on the quantity at the time of issue using the weighted average method at the end of the month.

The cost of inventory when it is issued is calculated according to the weighted average method. The cost of finished goods and work in progress includes raw materials, direct labor and manufacturing expenses allocated according to a certain method under normal production capacity. Recycling materials include low-value consumables and packaging materials.

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16.3 Inventory inventory system

The inventory inventory system adopts the perpetual inventory system.

16.4 Amortization method for low-value consumables and packaging materials

The cost of low-value consumables is calculated using the 50-50 amortization method when used.

The cost of packaging is calculated using the one-time write-off method when it is collected.

Recognition standards and accrual methods for inventory depreciation provisions

√Applicable □Not applicable

If the inventory cost is higher than its net realizable value, a provision for inventory depreciation is made and included in the current profit and loss. Net realizable value refers to the estimated selling price of inventory in daily activities minus the estimated costs to be incurred upon completion, estimated sales expenses and related taxes. The company determines the net realizable value of inventories based on the conclusive evidence obtained and considers the purpose of holding inventories, the impact of events after the balance sheet date and other factors.

For materials held for production, if the net realizable value of the finished product produced is higher than the cost, the material is still measured at cost; if the decline in material prices indicates that the net realizable value of the finished product is lower than the cost, the material is measured at the net realizable value.

For inventories held for the execution of sales contracts or service contracts, the net realizable value 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 combination categories and basis for determining inventory depreciation provisions according to the combination, and the basis for determining the net realizable value of different types of inventories □ Applicable √ Not applicable

The calculation method and basis for determining the net realizable value of each warehouse age combination based on the inventory age confirmation

□Applicable √Not applicable

17. Contract assets

√Applicable □Not applicable

Recognition methods and standards for contract assets

√Applicable □Not applicable

The Company lists the right to receive consideration from customers that is unconditional (that is, dependent only on the passage of time) as receivables, and the right to receive consideration that has been transferred to the customer and is dependent on factors other than the passage of time as contract assets.

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

See 11 Notes on Financial Instruments for details.

Account aging calculation method based on aging confirmation credit risk characteristic combination

□Applicable √Not applicable

Judgment criteria for single provision based on the determination of individual provision for bad debts

□Applicable √Not applicable

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18. Non-current assets or disposal groups held for sale

□Applicable √Not applicable

Recognition standards and accounting treatment methods for non-current assets or disposal groups classified as held for sale

√Applicable □Not applicable

Non-current assets or disposal groups that meet the following conditions simultaneously are recognized as assets 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 company has made a resolution on a sale plan and obtained a firm purchase commitment, and the sale is expected to be completed within one year. Relevant regulations require the company's relevant authorities or regulatory authorities to obtain approval before sale, and the approval has been obtained.

A firm purchase commitment refers to a legally binding purchase agreement signed between the company and other parties. The agreement contains important terms such as transaction price, time and sufficiently severe penalties for breach of contract, making the possibility of major adjustments or cancellation of the agreement extremely small. When the company initially measures or re-measures non-current assets or disposal groups held for sale on the balance sheet date, 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 asset impairment loss and included in the current profit and loss, and at the same time, provision for impairment of assets held for sale is made.

For non-current assets or disposal groups that are classified as held for sale on the acquisition date, the company will compare the initial measurement amount and the net amount of fair value less selling expenses if it is not classified as held for sale during initial measurement, and measure the lower of the two. Except for non-current assets or disposal groups acquired in company mergers, the difference arising from the initial measurement amount of non-current assets or disposal groups using the net amount after the fair value minus selling expenses is included in the current profit and loss.

When the company remeasures the disposal group held for sale on the balance sheet date, it first measures the book value of the assets and liabilities in the disposal group in accordance with relevant accounting standards, and then performs accounting treatment in accordance with the provisions of the previous paragraph.

For the amount of asset impairment loss recognized by the disposal group held for sale, the book value of the goodwill in the disposal group will first be deducted, and then the book value of the non-current assets in the disposal group will be deducted in proportion according to the proportion of the book value of each non-current asset measured under the applicable standards in the disposal group. If the net amount of the fair value of non-current assets held for sale less selling expenses increases on subsequent balance sheet dates, the previously written-down amount will be restored and reversed within the amount of asset impairment losses recognized after being classified as held-for-sale, and the reversed amount will be included in the current profit and loss. Impairment losses on assets recognized before they are classified as held for sale cannot be reversed.

If the net amount of the fair value of the disposal group held for sale less selling expenses increases on the subsequent balance sheet date, the previously written-down amount will be restored and reversed within the amount of asset impairment losses recognized for non-current assets that are classified as held-for-sale according to the measurement provisions of applicable standards, and the reversed amount will be included in the current profit and loss. The book value of goodwill that has been deducted, as well as the asset impairment losses recognized before the non-current assets are classified as held for sale according to the measurement requirements of applicable standards, shall not be reversed.

The subsequent reversal amount of asset impairment losses recognized by the disposal group held for sale shall be increased proportionally to the book value of the non-current assets in the disposal group based on the proportion of the book value of each non-current asset measured under applicable standards except goodwill.

No depreciation or amortization is provided for non-current assets held for sale or non-current assets in the disposal group, and interest and other expenses on liabilities in the disposal group held for sale continue to be recognized.

When a non-current asset or disposal group is no longer classified as a held-for-sale category because it no longer meets the classification conditions for the held-for-sale category or the non-current asset is removed from the held-for-sale disposal group, it shall be measured according to the lower of the following two:

1. The book value before being classified as held for sale, adjusted for the depreciation, amortization or impairment that would have been recognized had it not been classified as held for sale;

2. Recoverable amount.

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.

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Determination standards and presentation methods for discontinued operations

√Applicable □Not applicable

Discontinued operations refer to an individually distinguishable component 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 major business or a separate major 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.

The profit and loss from continuing operations and the profit and loss from discontinued operations are presented separately in the income statement. For discontinued operations reported in the current period, the company will re-present the information originally presented as profits and losses from continuing operations as profits and losses from discontinued operations in the comparable accounting period in the current financial statements. If the discontinued operations no longer meet the conditions for classification into the held-for-sale category, the company will re-present the information originally presented as profits and losses from discontinued operations as profits and losses from continuing operations in the comparable accounting period in the current financial statements.

19. Long-term equity investment

√Applicable □Not applicable

19.1 Criteria for judging joint control and significant influence

Shared control over an arrangement in accordance with relevant agreements, and the relevant activities of the arrangement must be decided with the unanimous consent of the parties sharing control rights, is deemed to be joint control. If a combination of two or more parties can collectively control an arrangement, it will not be regarded as joint control.

If the investor has the power to participate in decision-making on the financial and operating policies of the investee but is unable to control or jointly control the formulation of these policies with other parties, it is deemed to have significant influence on the investee.

19.2 Determination of initial investment cost

For long-term equity investments formed by business combinations, the initial investment cost shall be recognized in accordance with the relevant contents of this note "V. 6 Accounting Treatment Methods for Business Combinations Under the Same Control and Not Under the Same Control"; except for long-term equity investments formed by business combinations, the initial investment cost of long-term equity investments obtained through other means shall be recognized according to the following method:

1. For long-term equity investments obtained by paying cash, the actual purchase price paid shall be regarded as the initial investment cost. Initial investment costs include fees, taxes and other necessary expenses directly related to obtaining long-term equity investment.

2. For long-term equity investments obtained by issuing equity securities, the initial investment cost shall be based on the fair value of the equity securities issued. Expenses directly related to the issuance of equity securities shall be determined in accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 37 - Presentation of Financial Instruments".

3. Under the premise that the non-monetary asset exchange has commercial substance and the fair value of the assets exchanged or the assets exchanged can be measured reliably, the initial investment cost of the long-term equity investment exchanged in the non-monetary asset exchange shall be based on the fair value of the assets exchanged, unless there is conclusive evidence that the fair value of the assets exchanged is more reliable; for non-monetary asset exchanges that do not meet the above premise, the book value of the assets exchanged and the relevant taxes payable shall be used as the initial investment cost of the long-term equity investment exchanged.

4. For long-term equity investments obtained through debt restructuring, the initial investment cost is determined based on fair value.

19.3 Subsequent measurement and profit and loss recognition methods

1. Subsequent measurement using cost method

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The long-term equity investment that the company can control over the invested unit is accounted for using the cost method, and the long-term equity investment is valued according to the initial investment cost. Additional or withdrawn investments adjust the cost of long-term equity investments. Cash dividends or profits declared by the investee to be distributed shall be recognized as investment income for the current period.

2. Subsequent measurement of equity method

The company uses the equity method to account for its long-term equity investments in associates and joint ventures. If the initial investment cost of the long-term equity investment is greater than the fair value share of the investee's identifiable net assets at the time of investment, the initial investment cost of the long-term equity investment will not be adjusted; if the initial investment cost of the long-term equity investment is less than the fair value share of the investee's identifiable net assets at the time of investment, the difference will be included in the current profit and loss, and the cost of the long-term equity investment will be adjusted at the same time.

When accounting using the equity method, after the investor obtains the long-term equity investment, it shall recognize investment income and other comprehensive income respectively according to its share of the net profit or loss and other comprehensive income realized by the invested unit, and at the same time adjust the book value of the long-term equity investment; The portion of profits or cash dividends that are reported to be distributed is calculated and the book value of the long-term equity investment is reduced accordingly; for other changes in the owner's equity of the invested unit other than net profit and loss, other comprehensive income and profit distribution, the investor adjusts the book value of the long-term equity investment and includes it in the owner's equity. When an investor confirms its share of the investee's net profits and losses, it shall adjust and confirm the net profit of the investee based on the fair value of the investee's identifiable net assets at the time of acquisition of the investment. If the accounting policies and accounting periods adopted by the invested unit are inconsistent with those of the investor, the financial statements of the invested unit shall be adjusted in accordance with the accounting policies and accounting periods of the investor, and investment income and other comprehensive income shall be recognized accordingly.

The investor recognizes the net loss incurred by the invested unit to the extent that the book value of the long-term equity investment and other long-term interests that essentially constitute the net investment in the invested unit are reduced to zero, unless the investor has the obligation to bear additional losses. If the invested unit realizes net profits in the future, the investor will resume recognition of the income sharing amount after its income sharing amount makes up for the unrecognized loss sharing amount.

When an investor calculates and confirms that it should enjoy or share the net profits and losses of the investee, the unrealized internal transaction profits and losses that occur with associates and joint ventures are calculated and attributed to the investor in proportion to their share, and are offset, and investment income is recognized on this basis. If the unrealized internal transaction losses between the investor and the invested unit are asset impairment losses in accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 8 - Asset Impairment" and other relevant provisions, the full amount shall be recognized.

Part of an investor's equity investment in an associated enterprise is held indirectly through venture capital institutions, mutual funds, trust companies or similar entities including investment-linked insurance funds. Regardless of whether the above entities have a significant impact on this part of the investment, the investor will, in accordance with the relevant provisions of the financial instrument policy, choose to measure the part of the investment indirectly held at fair value through profit and loss, and use the equity method to account for the remaining part.

3. Treatment that can exert significant influence on the investee or implement joint control due to additional investment or other reasons but does not constitute control

The sum of the fair value of the originally held equity investment and the new investment cost determined in accordance with the "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments" shall be regarded as the initial investment cost calculated according to the equity method. If the equity investment originally held is designated as a non-trading equity instrument investment measured at fair value and its changes are included in other comprehensive income, the difference between its fair value and the book value, as well as the cumulative changes in fair value originally included in other comprehensive income, are transferred to the retained earnings when the equity method is adopted.

4. Disposal of partial equity

If joint control or significant influence over the investee is lost due to disposal of part of the equity investment or other reasons, the remaining equity after disposal shall be accounted for according to the policy of "Financial Instruments" in this note, and the difference between its fair value and book value on the date of loss of joint control or significant influence shall be included in the current profit and loss. Other comprehensive income recognized as a result of the original equity investment being accounted for using the equity method will be accounted for on the same basis as if the investee directly disposed of relevant assets or liabilities when the equity method is terminated.

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If the control over the invested unit is lost due to the disposal of part of the equity investment or other reasons, when preparing individual financial statements, if the remaining equity after the disposal can jointly control or exert significant influence on the invested unit, it shall be accounted for according to the equity method, and the remaining equity shall be deemed to have been adopted from the time of acquisition. The equity method accounting is adjusted; if the remaining equity after disposal cannot jointly control or exert significant influence on the invested unit, the accounting treatment will be carried out in accordance with the relevant policies of "Financial Instruments" in this note, and the difference between its fair value and book value on the date of loss of control shall be included in the current profit and loss. When preparing consolidated financial statements, follow the relevant contents of this note "Preparation Method of Consolidated Financial Statements".

5. Treatment of all or part of equity investments in associates or joint ventures classified as assets held for sale

Equity investments in associates or joint ventures that are classified as assets held for sale are listed at the lower of the book value and the fair value minus disposal costs. The amount of the fair value minus the disposal costs that is lower than the original book value is recognized as an asset impairment loss. For remaining equity investments that are not classified as assets held for sale, the equity method is used for accounting treatment. If an equity investment in an associate or joint venture that has been classified as held for sale no longer meets the classification conditions for assets held for sale, it will be retrospectively adjusted using the equity method from the date it is classified as an asset held for sale. The financial statements during the period classified as held for sale are adjusted accordingly.

6. Disposal of long-term equity investments

When a long-term equity investment is disposed of, the difference between its book value and the actual price obtained shall be included in the current profit and loss. When disposing of a long-term equity investment accounted for using the equity method, the same basis as the investee's direct disposal of relevant assets or liabilities will be used, and the portion originally included in other comprehensive income will be accounted for in a corresponding proportion.

20. Investment real estate

(1). If the cost measurement model is adopted:

Depreciation or amortization method

Investment real estate includes land use rights that are held for rent and are ready to be transferred after appreciation in value, as well as leased buildings, which are initially measured at actual cost. Subsequent expenditures related to investment real estate will be included in the cost of investment real estate when the relevant economic benefits are likely to flow into the company and its cost can be measured reliably; otherwise, they will be included in the current profit and loss when incurred.

The Company adopts the cost model for subsequent measurement of all investment real estate, and provides depreciation or amortization for buildings and land use rights based on their estimated useful lives and net residual value rates. The estimated service life, net residual value rate and annual depreciation (amortization) rate of investment properties are as follows:

Category Estimated service life (years) Estimated net residual value rate (%) Annual depreciation (amortization) rate (%) Houses and buildings 20 5 4.75

21. Fixed assets

(1). Confirm conditions

√Applicable □Not applicable

Fixed assets refer to tangible assets held for the production of goods, provision of labor services, leasing or operation and management, and with a useful life of more than one accounting year. Fixed assets can only be recognized if they meet the following conditions at the same time:

1. The economic benefits related to the fixed asset are likely to flow into the enterprise;

2. The cost of the fixed asset can be measured reliably.

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(2). Depreciation method

√Applicable □Not applicable

Category Depreciation method Depreciation life (years) Residual value rate (%) Annual depreciation rate (%) Houses and buildings Average life method 10, 20 5 9.5, 4.75 Machinery and equipment Average life method 5, 10, 20 5 19, 9.5, 4.75

Means of transport Average age method 5 5 19

Electronic and electrical equipment Average age method 5 5 19

Furniture, appliances and tools Average age method 5 5 19

22. Projects under construction

√Applicable □Not applicable

Construction in progress is measured based on actual costs incurred. Actual costs include construction costs, other necessary expenditures incurred to bring the project under construction to its intended usable state, and borrowing costs that meet the capitalization conditions incurred before the asset reaches its intended usable state. When the construction in progress reaches the intended usable state, it will be transferred to fixed assets and depreciation will be accrued from the next month.

23. Borrowing costs

√Applicable □Not applicable

Borrowing costs incurred that are directly attributable to the purchase and construction of fixed assets that require a considerable period of time to reach the intended usable state shall be capitalized and included in the cost of the asset when the asset expenditures and borrowing costs have been incurred and the purchase and construction activities necessary to bring the asset to the intended usable state have begun. Capitalization stops when the assets purchased and constructed reach the intended usable condition, and the borrowing costs incurred thereafter are included in the current profits and losses. If the asset acquisition and construction activities are interrupted abnormally and the interruption lasts for more than 3 months, the capitalization of borrowing costs will be suspended until the asset acquisition and construction activities restart.

During the capitalization period, the amount of interest that should be capitalized on special borrowings (referring to the amount borrowed specifically for the purpose of purchasing, constructing or producing assets that meet the capitalization conditions) is determined based on the interest expenses actually incurred on the special borrowings in the current period, minus the interest income from depositing unused borrowed funds in banks or investment income from temporary investments; for general borrowings, the interest amount that should be capitalized is calculated and determined based on the weighted average of asset disbursements that exceed the part of the accumulated asset disbursements that exceed the special borrowing 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.

If there is a discount or premium on the loan, the amount of discount or premium that should be amortized in each accounting period shall be determined according to the actual interest rate method, and the interest amount of each period shall be adjusted.

24. Biological assets

√Applicable □Not applicable

24.1 Classification of biological assets

The company's biological assets include: consumable biological assets and productive biological assets.

Consumable biological assets include piglets, nursery pigs, fattening pigs, replacement pigs and seedlings. Consumable biological assets are accounted for in inventory. For details, see Note 5.16 Inventory.

Productive biological assets include: production boars and production sows.

24.2 Initial measurement of biological assets

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Productive biological assets are measured based on their initial cost when acquired. The cost of purchased productive biological assets includes the purchase price, relevant taxes, transportation fees, insurance premiums and other expenses directly attributable to the purchase of the asset. The cost of self-bred productive biological assets shall be determined based on the necessary expenditures such as feed costs, labor costs and apportioned indirect costs incurred before achieving the expected production and operation purposes.

24.3 Subsequent measurement of biological assets

24.3.1 Subsequent expenditures

Subsequent expenditures such as management, maintenance and feeding expenses incurred after productive biological assets achieve their intended production and operation purposes are collected and recognized as the birth cost of the next generation of suckling piglets.

24.3.2 Depreciation of productive biological assets

The company accrues depreciation for productive biological assets in accordance with regulations, and the depreciation method adopts the straight-line method. Based on the nature, actual use and expected realization of relevant economic benefits, the useful life and estimated net residual value of the productive biological assets are determined. At the end of the year, the useful life, estimated net residual value and depreciation method of the productive biological assets are reviewed. If there are differences from the original estimates, adjustments will be made as changes in accounting estimates. The estimated service life, estimated net residual value and depreciation method of the company’s mature productive biological assets are as follows:

Category Estimated service life Estimated net residual value (yuan/head)

Producing boars 18 months 1,000.00

Giving birth sow 36 months 1,000.00

24.3.3 Impairment of biological assets

The company will inspect the productive biological assets at least at the end of each year. If there is conclusive evidence that the recoverable amount of the productive biological assets is lower than its book value due to natural disasters, pests, animal diseases, changes in market demand, etc., a provision for depreciation or impairment of the biological assets will be made based on the net realizable value or the difference between the recoverable amount and the book value, and shall be included in the current profit and loss.

Once the provision for impairment of productive biological assets is made, it cannot be reversed.

24.3.4 Disposal of productive biological assets

The cost of biological assets after the use is changed is determined based on the book value at the time of change of use; when biological assets are sold, damaged, or lost, the balance of the disposal income after deducting the book value and related taxes is included in the current profit and loss.

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

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Intangible assets include land use rights, patent rights and non-patented technologies, assets acquired through construction, operation and transfer (BOT), etc. Intangible assets are measured at actual cost. Intangible assets invested by state-owned shareholders during corporate restructuring shall be recorded at the assessed value confirmed by the state-owned assets management department.

Item Estimated useful life Determination basis Amortization method

Land use rights 50 years Remaining rights term Forest rights using the average-year method 23 years Remaining rights term Average-year method Patent rights 20 years Remaining rights term Average-year method Non-patented technology 3 years, 5 years Estimated useful life using the average-year method

The estimated useful life and amortization method of intangible assets with limited service life are reviewed at the end of each year and appropriate adjustments are made.

(2). Scope of aggregation of R&D expenditures and related accounting treatment methods

√Applicable □Not applicable

According to the nature of internal research and development project expenditures and whether there is great uncertainty in the eventual formation of intangible assets from R&D activities, they are divided into research stage expenditures and development stage expenditures.

Expenditures in the research phase shall be included in the current profit and loss when incurred; expenditures in the development phase shall be 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. The management has the intention to complete the intangible asset and use or sell it;

3. Be able to prove how the intangible asset will generate economic benefits;

4. Have sufficient technical, financial and other resource support to complete the development of the intangible assets, and have the ability to use or sell the intangible assets;

5. Expenditures attributable to the development stage of the intangible asset can be measured reliably.

Expenditures in the development phase that do not meet the above conditions are included in the current profits and losses when incurred. Development expenditures that have been included in profits and losses in the previous period will not be recognized as assets in subsequent periods. Capitalized expenditures in the development phase are listed as development expenditures on the balance sheet and are converted into intangible assets from the date the project reaches its intended usable state.

When the recoverable amount of development expenditure is lower than its carrying amount, the carrying amount is written down to the recoverable amount.

27. Impairment of long-term assets

√Applicable □Not applicable

Goodwill and intangible assets with indefinite useful lives that are separately presented in the financial statements shall be tested for impairment at least annually regardless of whether there is any indication of impairment. Fixed assets, intangible assets, investment real estate measured using the cost model and long-term equity investments, etc., are subject to impairment testing if there are signs of impairment on the balance sheet date. If the impairment test results show that the recoverable amount of the asset is lower than its book value, impairment provisions will be made based on the difference and included in the impairment loss. The recoverable amount is the higher of the asset's fair value less disposal costs and the present value of the asset's expected future cash flows. Asset impairment provisions are calculated and recognized on the basis of individual assets. If it is difficult to estimate the recoverable amount of an individual asset, the recoverable amount of the asset group to which the asset belongs is determined. An asset group is the smallest combination of assets that can independently generate cash inflows. Once the aforementioned asset impairment loss is recognized, it will not be reversed if the value is restored in subsequent periods.

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28. Long-term deferred expenses

√Applicable □Not applicable

Long-term deferred expenses are expenses that have been incurred but should be borne by the current reporting period and subsequent periods with an amortization period of more than one year. Long-term deferred expenses are amortized on a straight-line basis over the expected benefit period.

Nature of long-term deferred expenses Amortization method Amortization period

Renovation expenses Straight-line method Estimated benefit period

Lease fee Straight-line method Estimated beneficial period

Others Straight-line method Estimated benefit period

29. Contract liabilities

√Applicable □Not applicable

29.1 Recognition method of contract liabilities

The Company presents contract liabilities on the balance sheet based on the relationship between the fulfillment of performance obligations and payments from customers. The Company's obligations to transfer goods or provide services to customers for consideration received or receivable from customers are listed as contract liabilities.

30. Employee compensation

(1).Accounting treatment method of short-term compensation

√Applicable □Not applicable

During the accounting period when employees provide services to the company, the actual short-term compensation is recognized as a liability and included in the current profit and loss or related asset costs. Employee welfare expenses incurred shall be included in the current profit and loss or related asset costs according to the actual amount when they are actually incurred. If employee benefits are non-monetary benefits, they are measured at fair value. Social insurance premiums such as medical insurance premiums, work-related injury insurance premiums, maternity insurance premiums, and housing provident funds paid for employees, as well as labor union funds and employee education funds withdrawn in accordance with regulations, during the accounting period when employees provide services to the company, the corresponding employee salary amounts are calculated and determined based on the prescribed accrual basis and accrual ratio, and the corresponding liabilities are recognized and included in the current profit and loss or related asset costs.

When an employee provides services that increase his or her future paid absence rights, employee benefits related to accumulated paid absences are recognized and measured based on the expected increase in payment amount due to accumulated unexercised rights. Employee benefits related to non-cumulative paid absences are recognized during the accounting period in which the employee is actually absent.

When the profit sharing plan meets the following conditions at the same time, the company will confirm the relevant employee benefits payable:

1. The current legal or constructive obligation to pay employee remuneration due to past events;

2. The amount of employee compensation obligations payable due to the profit sharing plan can be estimated reliably.

(2).Accounting treatment of post-employment benefits

√Applicable □Not applicable

30.2.1 Set up a contribution plan

During the accounting period when employees provide services to them, the company will recognize the deposit amount payable calculated according to the defined contribution plan as a liability and include it in the current profit and loss or related asset costs. According to the defined contribution plan, if the entire amount of deposits payable is not expected to be paid within twelve months after the end of the annual reporting period in which employees provide relevant services, the company will measure the entire amount of deposits payable as the discounted amount of employee benefits payable.

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30.2.2 Defined benefit plan

The company's accounting treatment of defined benefit plans includes the following four steps:

① Based on the expected cumulative benefit unit method, unbiased and consistent actuarial assumptions are used to estimate relevant demographic variables and financial variables, measure the obligations arising from the defined benefit plan, and determine the vesting period of the relevant obligations. The company discounts the obligations arising from the defined benefit plan to determine the present value of the defined benefit plan obligations and the current service cost.

② If there are assets in the defined benefit plan, the company will recognize the deficit or surplus formed by the present value of the defined benefit plan obligations minus the fair value of the defined benefit plan assets as a net liability or net asset of the defined benefit plan. If there is a surplus in the defined benefit plan, the company shall measure the net assets of the defined benefit plan at the lower of the surplus of the defined benefit plan and the upper asset limit.

③ Determine the amount included in the current profit and loss.

④ Determine the amount included in other comprehensive income.

The company attributes the welfare obligations generated by the defined benefit plan to the period in which employees provide services based on the formula determined by the expected cumulative welfare unit method, and includes them in the current profits and losses or related asset costs. When an employee's service in subsequent years will result in a significantly higher level of defined benefit plan benefits than in previous years, the accumulated defined benefit plan obligations will be apportioned and recognized using the straight-line method from the period when the employee's provision of services results in the company's first defined benefit plan welfare obligation to the time when the employee's provision of services no longer results in a significant increase in the welfare obligation.

At the end of the reporting period, the company recognizes the employee compensation costs generated by the defined benefit plan as: service costs, net interest on the net liabilities or net assets of the defined benefit plan, and changes caused by re-measurement of the net liabilities or net assets of the defined benefit plan.

Under the defined benefit plan, the company recognizes past service costs as current expenses on the earliest of the following dates:

①When modifying the defined benefit plan.

②When the enterprise confirms relevant restructuring expenses or dismissal benefits.

The company recognizes a settlement gain or loss when settling the defined benefit plan.

(3).Accounting treatment of dismissal benefits

√Applicable □Not applicable

If the company provides dismissal benefits to employees, the employee compensation liabilities arising from the dismissal benefits will be recognized at the earliest of the following two times, and included in the current profit and loss:

1. The company cannot unilaterally withdraw the dismissal benefits provided due to the labor relationship termination plan or layoff proposal.

2. When the company recognizes costs or expenses related to restructuring involving payment of termination benefits.

In accordance with the provisions of the dismissal plan, the company reasonably estimates and confirms the employee benefits payable arising from dismissal benefits.

(4). Accounting treatment methods for other long-term employee benefits

√Applicable □Not applicable

Other long-term employee benefits provided by the company to employees that meet the conditions of the defined contribution plan shall be handled in accordance with the relevant policies on defined contribution plans.

Except for the above circumstances, the company recognizes and measures other long-term employee welfare net liabilities or net assets in accordance with the relevant policies on defined benefit plans. At the end of the reporting period, employee compensation costs arising from other long-term employee benefits are recognized as the following components: 1) Service costs.

2. Net interest on other long-term employee benefits net liabilities or net assets.

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3. Changes caused by re-measurement of other long-term employee benefit net liabilities or net assets.

In order to simplify the relevant accounting treatment, the total net amount of the above items should be included in the current profit and loss or related asset costs.

If the level of long-term disability benefits depends on the length of the employee's service period, the company shall confirm the obligation to pay long-term disability benefits during the period during which the employee provides services; if the long-term disability benefits have nothing to do with the length of the employee's service period, the company shall confirm the obligation to pay long-term disability benefits in the current period when the event causing the employee's long-term disability occurs.

31. Estimated liabilities

√Applicable □Not applicable

For current obligations arising from product quality guarantees, loss-making contracts, etc., the performance of which is likely to result in an outflow of economic benefits, when the amount of the obligation can be measured reliably, is recognized as a provision. For future operating losses, no estimated liabilities are recognized.

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. If the time value of money has a significant impact, the best estimate is determined by discounting the relevant future cash outflows; the increase in the book value of estimated liabilities caused by the discount reduction over time is recognized as interest expense.

On the balance sheet date, the book value of estimated liabilities is reviewed and appropriately adjusted to reflect the current best estimate.

32. Share-based payment

√Applicable □Not applicable

32.1 Types of share-based payment

According to the settlement method, it is divided into equity-settled share-based payment involving employees and cash-settled share-based payment involving employees.

32.2 Method for determining the fair value of equity instruments

The fair value of the Company's equity instruments uses the BS option pricing model to estimate the fair value of the options granted.

32.3 Basis for confirming the best estimate of exercisable equity instruments

On each balance sheet date during the waiting period, the company will make the best estimate based on the latest changes in the number of vested employees and other subsequent information, and revise the number of equity instruments expected to be vested.

32.4 Accounting treatments related to the implementation, modification, and termination of share-based payment plans

Equity-settled share-based payments involving employees, if vested immediately after grant, are included in cost expenses and capital reserves based on the fair value of the equity instruments on the date of grant; if vesting is subject to completion of services within the waiting period or meeting specified performance conditions after grant, on each balance sheet date during the waiting period, based on the best estimate of the number of exercisable equity instruments, based on the fair value of the equity instruments on the date of grant, the services obtained in the current period are included in relevant costs or expenses and capital reserves.

If a cash-settled share-based payment involving employees is exercisable immediately after the grant, the fair value of the liability borne by the company on the date of grant will be included in the relevant costs or expenses and corresponding liabilities; if the vesting is subject to completion of services during the waiting period or meeting specified performance conditions after the grant, on each balance sheet date during the waiting period, based on the best estimate of the vesting situation, the services obtained in the current period will be included in the relevant costs or expenses and corresponding liabilities based on the fair value of the liability borne by the company.

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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

34.1.1 General principles for revenue recognition and measurement of each business type

On the contract commencement date, the Company evaluates the contract, identifies each individual performance obligation contained in the contract, and determines whether each individual performance obligation is to be performed within a certain period of time or at a certain point in time.

When one of the following conditions is met, the performance obligation is performed within a certain period of time; otherwise, the performance obligation is performed at a certain point in time:

① When the company performs the contract, the customer obtains and consumes the economic benefits brought by the company's performance of the contract.

②Customers can control the goods or services under construction during the performance of the contract by the company.

③The goods or services produced by the company during the performance of the contract have irreplaceable uses, and the company has the right to collect payment for the cumulative performance part completed so far during the entire contract period.

For performance obligations performed within a certain period of time, the Company recognizes revenue based on the performance progress within that period of time. When the progress of contract performance cannot be reasonably determined, if the costs incurred are expected to be compensated, revenue shall be recognized based on the amount of costs incurred until the progress of contract performance can be reasonably determined.

For performance obligations fulfilled at a certain point in time, revenue is recognized at the point when the customer obtains control of the relevant goods or services. When judging whether the customer has obtained control of the goods, the company considers the following signs:

① The company has the current right to receive payment for the product, that is, the customer has the current payment obligation for the product.

②The company has transferred the legal ownership of the product to the customer, which means that the customer already has the legal ownership of the product.

③The company has physically transferred the commodity to the customer, which means that the customer has physically taken possession of the commodity.

④ The company has transferred the main risks and rewards of ownership of the commodity to the customer, that is, the customer has obtained the main risks and rewards of ownership of the commodity.

⑤The customer has accepted the product.

⑥Other signs indicating that the customer has obtained control of the product.

The Company measures revenue based on the transaction price allocated to each individual performance obligation. The transaction price is the amount of consideration that the Company expects to be entitled to receive for transferring goods or services to the customer, excluding amounts collected on behalf of third parties and amounts expected to be returned to the customer. If there is variable consideration in the 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 a significant reversal of the accumulated recognized revenue is unlikely to occur when the relevant uncertainty is eliminated.

If there is a significant financing component in the contract, the company determines the transaction price based on the amount payable in cash when the customer obtains control of the goods or services. The difference between the transaction price and the contract consideration is amortized using the effective interest method during the contract period. 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.

If the customer pays non-cash consideration, the company determines the transaction price based on the fair value of the non-cash consideration. If the fair value of the non-cash consideration cannot be reasonably estimated, the transaction price is determined indirectly by referring to the stand-alone selling price of the goods the company promises to transfer to the customer. If the fair value of non-cash consideration changes due to reasons other than the form of consideration, it is treated as variable consideration.

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If the Company pays consideration to customers (or third parties who purchase the Company's goods from customers), the consideration payable will be deducted from the transaction price, and the current revenue will be deducted at the later point between the recognition of relevant income and the payment (or commitment to pay) of the customer consideration, except that the consideration payable to the customer is for the purpose of obtaining other clearly distinguishable goods from the customer.

If the contract contains two or more performance obligations, the company will allocate the transaction price to each individual performance obligation based on the relative proportion of the stand-alone selling price of the goods promised by each individual performance obligation on the contract commencement date.

34.1.2 Specific policies for revenue recognition and measurement of each business type

The company's business types include: ecological environment business (garden ecological engineering, ecological environment management, pastoral complex, seedling planting, etc.), ecological agriculture, animal husbandry and food business (pig breeding, agricultural product sales, etc.) and ecological energy business (distributed photovoltaic power stations, etc.). The specific revenue recognition and measurement policies for each business type are as follows:

34.1.2.1Construction and design contracts for general engineering projects

Engineering project contracts between the Company and its customers usually include the obligation to provide construction or design performance. Since the services provided by the Company during the performance of the contract have irreplaceable uses, and the Company has the right to collect payment for the cumulative performance part completed so far during the entire contract period, the Company treats it as a performance obligation performed within a certain period of time and recognizes revenue according to the performance progress, unless the performance progress cannot be reasonably determined. The Company determines the performance progress of construction services based on the input method and the performance progress of design services based on the output method. When the progress of contract performance cannot be reasonably determined and the costs incurred by the company are expected to be compensated, revenue will be recognized based on the amount of costs incurred until the progress of contract performance can be reasonably determined.

34.1.2.2 Government-Private Partnership (PPP) Project Contract

(1) The company provides construction services in accordance with "Accounting Standards for Business Enterprises No. 14 - Revenue" and determines who is the main responsible person. When providing construction services, revenue and contract assets are recognized in accordance with the accounting policy of 34.1.2.1.

(2) If the company provides multiple services (such as providing both PPP project asset construction services and post-completion operation and maintenance services) as stipulated in the PPP project contract, it shall identify the individual performance obligations in the contract in accordance with the provisions of "Accounting Standards for Business Enterprises No. 14 - Revenue" and allocate the transaction price to each performance obligation in accordance with the relative proportion of the stand-alone selling price of each performance obligation. (3) The Company shall account for borrowing costs incurred during the construction of PPP project assets in accordance with the provisions of "Accounting Standards for Business Enterprises No. 17 - Borrowing Costs".

(4) According to the PPP project contract, if the company meets the conditions for the right to receive a determinable amount of cash (or other financial assets) during the project operation period, it will be recognized as receivables when the company has the right to collect the consideration (this right only depends on the factors of the passage of time), and accounting treatment will be carried out in accordance with the provisions of "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments". (5) After the PPP project assets reach the intended usable state, the company will recognize revenue related to operating services in accordance with "Accounting Standards for Business Enterprises No. 14 - Revenue".

34.1.2.3 Other contracts

Other contracts between the company and its customers are generally performance obligations that are performed at a certain point in time. The company recognizes revenue when the customer obtains control of the relevant goods or services.

(1) For the company’s pig breeding business, revenue is recognized when the pigs are shipped and the customer’s acceptance is confirmed.

(2) The company's distributed photovoltaic power station business recognizes revenue based on the price determined in the signed electricity purchase and sale contract or electricity price document, as well as the electricity volume in the settlement statement.

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(2). Similar businesses using different business models involve different revenue recognition methods and measurement methods.

□Applicable √Not applicable

35. Contract costs

√Applicable □Not applicable

35.1 Method for determining the amount of assets related to contract costs

The Company's assets related to contract costs include contract performance costs and contract acquisition costs.

Contract performance costs, that is, the costs incurred by the company to perform the contract, do not fall within the scope of other accounting standards for enterprises and meet the following conditions at the same time, and are recognized as an asset as contract performance costs:

1. The cost is directly related to a current or expected contract, including direct labor, direct materials, manufacturing overhead (or similar expenses), costs clearly borne by the customer, and other costs incurred solely because of the contract;

2. This cost increases the company’s resources for fulfilling performance obligations in the future;

3. The cost is expected to be recovered.

Contract acquisition costs, that is, the incremental costs incurred by the company to acquire the contract that are expected to be recovered, are recognized as contract acquisition costs as an asset; if the amortization period of the asset does not exceed one year, it is included in the current profit and loss when incurred. Incremental costs refer to costs that the company would not incur without obtaining the contract (such as sales commissions, etc.). Other expenses incurred by the company to obtain the contract, other than the incremental costs expected to be recovered (such as travel expenses that will be incurred regardless of whether the contract is obtained, etc.), are included in the current profit and loss when incurred, except for those that are clearly borne by the customer.

35.2 Amortization of assets related to contract costs

The company's assets related to contract costs are amortized on the same basis as the commodity revenue recognition related to the assets and included in the current profit and loss.

35.3 Impairment of assets related to contract costs

When the company determines the impairment loss of assets related to contract costs, it first determines the impairment loss for other assets related to the contract that are recognized in accordance with other relevant corporate accounting standards; then, if its book value is higher than the difference between the remaining consideration that the company is expected to obtain for the transfer of the asset-related goods and the estimated cost to be incurred for the transfer of the related goods, the excess shall be provided for impairment and recognized as asset impairment losses.

If the factors causing impairment in the previous period subsequently change, causing the aforementioned difference to be higher than the book value of the asset, the asset impairment provision that was originally accrued will be reversed and included in the current profit and loss, but the book value of the asset after the reversal shall not exceed the book value of the asset on the date of reversal if no impairment provision was made.

36. Government subsidies

√Applicable □Not applicable

36.1 Judgment basis and accounting treatment method for government subsidies related to assets

Government subsidies related to assets are offset against the book value of the relevant assets or recognized as deferred income. If government subsidies related to assets are recognized as deferred income, they shall be included in profits and losses in installments 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.

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If the relevant assets are sold, transferred, scrapped or damaged before the end of their useful life, the undistributed balance of relevant deferred income will be transferred to the profit and loss of the current period of asset disposal.

36.2 Judgment basis and accounting treatment method for government subsidies related to income

If it is used to compensate the enterprise for relevant costs, expenses or losses in the future period, it is recognized as deferred income, and during the period when the relevant costs, expenses or losses are recognized, it is included in the current profit and loss or offsets the relevant costs; if it is used to compensate the enterprise for the relevant costs, expenses or losses that have already occurred, it is directly included in the current profits and losses or offsets the relevant costs.

36.3 Government subsidies that include both asset-related parts and income-related parts

For government subsidies that contain both asset-related parts and income-related parts, different parts shall be distinguished and accounted for separately; if it is difficult to distinguish, the whole shall be classified as income-related government subsidies.

36.4 Accounting of government subsidies in the income statement

Government subsidies related to the daily activities of the enterprise shall be included in other income or offset related costs and expenses according to the economic business essence. Government subsidies that have nothing to do with the daily activities of the enterprise are included in non-operating income and expenses.

36.5 Handling of return of government subsidies

If a confirmed government subsidy needs to be returned, accounting treatment will be carried out in accordance with the following provisions in the current period in which it needs to be returned: if the book value of the relevant assets is offset during initial recognition, the book value of the asset will be adjusted;

If there is relevant deferred income, the book balance of the relevant deferred income will be offset, and the excess will be included in the current profit and loss;

If it falls under other circumstances, it will be directly included in the current profit and loss.

36.6 Handling of policy preferential loan interest discounts

If the finance department allocates interest discount funds to lending banks, and the lending banks provide loans to enterprises at policy preferential interest rates, accounting treatment shall be carried out according to the following methods:

The actual loan amount received is used as the recorded value of the loan, and the relevant borrowing costs are calculated based on the loan principal and the policy preferential interest rate.

The finance department will directly allocate interest discount funds to enterprises, and enterprises should use the corresponding interest discounts to offset related borrowing costs.

37. Deferred income tax assets/deferred income tax liabilities

√Applicable □Not applicable

Deferred income tax assets and deferred income tax liabilities are calculated and recognized based on the difference between the tax basis of assets and liabilities and their book value (including taxable temporary differences and deductible temporary differences). Deductible losses that can be offset against taxable income in subsequent years in accordance with tax laws are deemed to be deductible temporary differences. For temporary differences arising from the initial recognition of goodwill, no corresponding deferred income tax liabilities are recognized.

Except for individual transactions (including lease transactions in which the lessee initially recognizes lease liabilities and includes them in the right-of-use assets at the beginning of the lease period, and transactions in which estimated liabilities are recognized and included in the cost of related assets due to the disposal obligation of fixed assets, etc.), for other assets or liabilities arising from non-business combination transactions that affect neither accounting profits nor taxable income (or deductible losses),

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For temporary differences arising from the initial recognition of debt, the corresponding deferred income tax assets and deferred income tax liabilities are not recognized. For the taxable temporary differences and deductible temporary differences arising from the initial recognition of assets and liabilities in the aforementioned individual transactions, the corresponding deferred income tax liabilities and deferred income tax assets are recognized respectively when the transaction occurs.

On the balance sheet date, deferred income tax assets and deferred income tax liabilities are measured according to the applicable tax rate during the period when the asset is expected to be recovered or the liability is settled. Deferred income tax assets are recognized to the extent that the company is likely to obtain taxable income that can be used to offset deductible temporary differences, deductible losses and tax credits. Deferred income tax assets and deferred income tax liabilities arising from temporary differences related to investments in subsidiaries, associates and joint ventures are recognized. However, if the company can control the time of reversal of temporary differences and the temporary differences are likely not to be reversed in the foreseeable future, they will not be recognized.

38. Leasing

√Applicable □Not applicable

Identification of leases

Lease refers to a contract in which the lessor transfers the right to use an asset to the lessee for a consideration within a certain period of time.

On the contract inception date, the Company evaluates whether the contract is a lease or contains a lease. A contract is a lease or contains a lease if one party transfers the right to control the use of one or more identified assets for a certain period in exchange for consideration.

If the contract contains multiple separate leases at the same time, the company will split the contract and conduct accounting treatment for each separate lease. If the contract contains both lease and non-lease parts, the company will separate the lease and non-lease parts for accounting treatment.

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

38.1.1 Initial confirmation

The Company, as the lessee, recognizes right-of-use assets and lease liabilities for leases.

38.1.2 Lease changes

Lease changes refer to changes in the lease scope, lease consideration, and lease term beyond the terms of the original contract, including increasing or terminating the right to use one or more leased assets, extending or shortening the lease period stipulated in the contract, etc. The effective date of the lease change refers to the date when both parties agree on the lease change.

If a lease changes and the following conditions are met at the same time, the company will account for the lease change as a separate lease: ① The lease change expands the scope of the lease by adding the right to use one or more leased assets;

② The increased consideration is equivalent to the amount of the separate price of the expanded part of the lease scope adjusted according to the conditions of the contract.

If the lease change is not accounted for as a separate lease, on the effective date of the lease change, the company will allocate the consideration of the contract after the change in accordance with the provisions of the lease standards on lease splitting, re-determine the lease term after the change; and use the revised discount rate to discount the lease payment after the change to re-measure the lease liability. When calculating the present value of lease payments after the change, the Company uses the interest rate implicit in the lease during the remaining lease period as the discount rate; if the interest rate implicit in the lease during the remaining lease period cannot be determined, the Company uses the incremental borrowing rate of the lessee on the effective date of the lease change as the discount rate. Regarding the impact of the above lease liability adjustments, the Company distinguishes the following situations for accounting treatment:

① If the change in the lease results in a reduction in the scope of the lease or a shortening of the lease period, the lessee shall reduce the book value of the right-of-use asset and include the gains or losses related to the partial or complete termination of the lease into the current profits and losses.

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② If other lease changes result in the remeasurement of lease liabilities, the lessee shall adjust the book value of the right-of-use assets accordingly.

38.1.3 Short-term leases and leasing of low-value assets

For short-term leases with a lease period not exceeding 12 months and low-value asset leases with a lower value when the individual leased assets are new assets, the company chooses not to recognize right-of-use assets and lease liabilities. The company will include the lease payments of short-term leases and low-value asset leases into the relevant asset costs or current profits and losses according to the straight-line method or other systematic and reasonable methods during each period of the lease term.

38.1.4 Right-of-use assets

Right-of-use assets refer to the company's right as a lessee to use the leased assets during the lease period.

On the start date of the lease period, the Company initially measures the right-of-use assets at cost. The cost includes the following four items: ①The initial measurement amount of the lease liability;

② From the lease payment amount paid on or before the start date of the lease period, if there is a lease incentive, the amount related to the lease incentive that has been enjoyed will be deducted;

③Initial direct costs incurred by the lessee;

④ The costs that the lessee expects to incur to dismantle and remove the leased assets, restore the site where the leased assets are located, or restore the leased assets to the state agreed upon in the lease terms, except for those incurred for the production of inventory.

After the start date of the lease period, the Company adopts the cost model for subsequent measurement of right-of-use assets, that is, the right-of-use assets are measured at cost minus accumulated depreciation and accumulated impairment losses.

If the company remeasures lease liabilities in accordance with the relevant provisions of the lease standards, the book value of the right-of-use assets will be adjusted accordingly. From the start date of the lease term, the Company will provide depreciation on the right-of-use assets. Right-of-use assets are generally depreciated from the month the lease term begins. The depreciation amount accrued shall be included in the cost of the relevant assets or the current profits and losses according to the purpose of the right-of-use assets.

When the Company determines the depreciation method for right-of-use assets, it makes a decision based on the expected realization of the economic benefits related to the right-of-use assets, and depreciates the right-of-use assets using the straight-line method.

When determining the depreciation life of right-of-use assets, the Company follows the following principles: If it is reasonably certain that the ownership of the leased asset will be obtained at the expiration of the lease term, depreciation will be accrued within 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, depreciation will be accrued during the shorter of the lease term and the remaining useful life of the leased asset.

If the right-of-use asset is impaired, the company will conduct subsequent depreciation based on the book value of the right-of-use asset after deducting the impairment loss.

38.1.5 Lease liabilities

The Company initially measures lease liabilities based on the present value of the unpaid lease payments at the beginning of the lease period.

Lease payments refer to the amounts paid by the Company to the lessor related to the right to use the leased assets during the lease period, including:

① From the fixed payment amount and the actual fixed payment amount, if there is a lease incentive, the amount related to the lease incentive will be deducted;

② Variable lease payments that depend on an index or ratio, which are determined based on the index or ratio at the beginning of the lease term when initially measured;

③The exercise price of the purchase option when the company reasonably determines that it will exercise the purchase option;

④The lease period reflects the amount required to be paid when the company exercises the option to terminate the lease; ⑤The amount expected to be paid based on the guaranteed residual value provided by the company.

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When calculating the present value of lease payments, the Company uses the interest rate implicit in the lease as the discount rate. This interest rate refers to the interest rate that makes the sum of the present value of the lessor's lease payments and the present value of the unguaranteed residual value equal to the sum of the fair value of the leased asset and the lessor's initial direct costs. Since the company cannot determine the interest rate implicit in the lease, it uses the incremental borrowing rate as the discount rate. The incremental borrowing rate refers to the interest rate that the company must pay to borrow funds under similar mortgage conditions during a similar period to obtain assets close to the value of the right-of-use assets in a similar economic environment. This interest rate is related to:

①The company’s own situation, that is, the group’s solvency and credit status;

②The term of “borrowing”, that is, the lease period;

③The amount of “borrowed” funds, that is, the amount of lease liabilities;

④ "Mortgage conditions", that is, the nature and quality of the underlying assets;

⑤Economic environment, including the jurisdiction where the lessee is located, the denomination currency, the time when the contract was signed, etc.

The company derives the incremental borrowing rate based on bank loan interest rates and adjustments taking into account the above factors.

After the start date of the lease period, the Company conducts subsequent measurement of lease liabilities in accordance with the following principles:

① When recognizing interest on lease liabilities, increase the carrying amount of the lease liability;

② When the lease payment is paid, the carrying amount of the lease liability is reduced;

③When the lease payments change due to revaluation or lease changes, the book value of the lease liability is remeasured.

The interest expense of the lease liability for each period during the lease term is calculated based on a fixed periodic interest rate and included in the current profit and loss, except for those that should be capitalized. The periodic interest rate refers to the discount rate used by the Company when initially measuring lease liabilities, or the revised discount rate used by the Company when the lease liabilities need to be remeasured at a revised discount rate due to changes in lease payments or changes in the lease.

After the start date of the lease period, when the following circumstances occur, the company will remeasure the lease liability based on the present value calculated by the changed lease payment and the revised discount rate, and adjust the book value of the right-of-use asset accordingly. If the book value of the right-of-use asset has been reduced to zero, but the lease liability still needs to be further reduced, the company will include the remaining amount in the current profit and loss.

①The actual fixed payment amount changes;

②The expected amount payable of the residual value of the guarantee changes;

③The index or ratio used to determine the lease payment changes;

④The evaluation result of the purchase option changes;

⑤The evaluation results or actual exercise of the lease renewal option or lease termination option change.

Lease classification standards and accounting treatment methods as a lessor

√Applicable □Not applicable

On the lease commencement date, the Company divides leases into finance leases and operating leases.

If a lease transfers substantially all the risks and rewards associated with ownership of the leased asset, the lessor classifies the lease as a finance lease, and leases other than finance leases as operating leases.

38.2.1 Accounting treatment of operating leases

During each period during the lease term, the Company uses the straight-line method or other systematic and reasonable methods to recognize the lease receipts from operating leases as rental income.

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If a rent-free period is provided, the company will distribute the total rent on a straight-line basis throughout the entire lease period without deducting the rent-free period, and the rental income shall be recognized during the rent-free period. If the company bears certain expenses of the lessee, the expenses will be deducted from the total rental income, and the remaining rental income after deduction will be distributed during the lease period.

The initial direct expenses incurred by the company related to the operating lease shall be capitalized to the cost of the leased asset and included in the current profit and loss in installments during the lease term on the same recognition basis as rental income.

For fixed assets included in operating lease assets, the Company adopts the depreciation policy for similar assets to calculate depreciation; for other operating lease assets, a systematic and reasonable method is used for amortization.

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. If an operating lease changes, the Company will account for it as a new lease starting from the effective date of the change, and the amount of lease receipts received in advance or receivable related to the lease before the change is regarded as the amount of receipts from the new lease.

38.2.2 Accounting treatment of finance lease

On the lease commencement date, the Company recognizes finance lease receivables for finance leases and terminates the recognition of finance lease assets. When the Company initially measures the financial lease receivables, it takes the net lease investment as the entry value of the financial lease receivables. The net investment in a lease is the sum of the unguaranteed residual value and the present value of the lease payments that have not yet been received at the start of the lease term, discounted at the interest rate implicit in the lease. The Company calculates and recognizes interest income in each period during the lease term based on fixed periodic interest rates. 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.

38.3 Sub-lease

As a sublease lessor, the Company accounts for the original lease and sublease contracts separately as two contracts. The Company classifies sublease based on the right-of-use asset generated by the original lease, rather than the leased asset.

38.4 Sale and leaseback

The Company evaluates and determines whether the transfer of assets in a sale and leaseback transaction is a sale in accordance with the principles described in the "Revenue" note. If the asset transfer in a sale and leaseback transaction is a sale, the company, as the lessee, measures the right-of-use assets formed by the sale and leaseback based on the portion of the original asset's book value that is related to the right of use obtained through the leaseback, and only recognizes relevant gains or losses for the rights transferred to the lessor; if the asset transfer in the sale and leaseback transaction is not a sale, the company, as the lessee, continues to recognize the transferred assets and at the same time recognizes a financial liability equal to the transfer income. For details on the accounting treatment of financial liabilities, see "III. 11. Financial Instruments". If the asset transfer in a sale and leaseback transaction is a sale, the Company, as the lessor, will account for the asset purchase and perform accounting treatment on the asset leasing in accordance with the aforementioned "The Company as a Lessor" policy; if the asset transfer in a sale and leaseback transaction is not a sale, the Company, as the lessor, will not recognize the transferred asset, but will recognize a financial asset equal to the transfer income. For details on the accounting treatment of financial assets, please refer to the notes in "III. 11 Financial Instruments".

39. Other important accounting policies and accounting estimates

□Applicable √Not applicable

40. Changes in important accounting policies and accounting estimates

None

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41. The first implementation of new accounting standards or standard interpretations starting in 2025 will involve adjustments to the financial statements at the beginning of the year of first implementation.

□Applicable √Not applicable

42. Others

□Applicable √Not applicable

6. Taxes

1. Main tax types and tax rates

Main tax types and tax rates

√Applicable □Not applicable

Type of tax Tax calculation basis Tax rate

Value-added tax Taxable value-added amount 3%, 5%, 6%, 9%, 13%

Urban maintenance and construction tax VAT payable 5%, 7%

Corporate income tax: taxable income 15%, 25%

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

Tianyu Biotechnology Co., Ltd. 15% Zhongsheng Huaxing International Construction Engineering Co., Ltd. 15% Sichuan Zhongtai Qihang New Energy Technology Co., Ltd. 15% Wuhan Jiacheng Biological Products Co., Ltd. 15%

Except for the above-mentioned companies, the corporate income tax rate for other companies in 2025 is 25%.

2. Tax incentives

√Applicable □Not applicable

2.1 Value-added tax

According to the provisions of the "Notice of the Ministry of Finance and the State Administration of Taxation on Comprehensively Launching the Pilot Program of Replacing Business Tax with Value-Added Tax" (Caishui [2016] No. 36), general taxpayers who provide construction services for old construction projects can choose to apply the simplified tax calculation method and calculate the tax payable at a 3% collection rate. Old construction projects refer to: (1) Construction projects with a contract start date stated in the "Construction Project Construction License" before April 30, 2016; (2) Construction projects that have not obtained a "Construction Project Construction License" and a construction project contract with a start date stated before April 30, 2016.

According to the provisions of the "Notice of the Ministry of Finance and the State Administration of Taxation on Comprehensively Launching the Pilot Program of Replacing Business Tax with Value-Added Tax" (Caishui [2016] No. 36), general taxpayers who rent out real estate acquired before April 30, 2016 can choose to apply the simplified tax calculation method and calculate the tax payable at a 5% collection rate.

According to Article 15, Item 1, of the "Interim Regulations of the People's Republic of China on Value-Added Tax": self-produced agricultural products sold by agricultural producers are exempt from value-added tax. Jiangxi Meilian Ecological Seedlings Co., Ltd., Hunan Meihe Seedlings Co., Ltd., Hunan Tianlian Seedlings Co., Ltd., Shaanxi Tianlian Ecological Seedlings Co., Ltd., Wuhan Tianyu Agriculture and Animal Husbandry Co., Ltd. Wuhan Tianqian Agriculture and Animal Husbandry Co., Ltd., Yichang Tianyu Agriculture and Animal Husbandry Co., Ltd., Yidu Tianqian Agriculture and Animal Husbandry Co., Ltd., Hubei Tiancheng Fengtai Food Co., Ltd., Wuhan Tianyi Animal Husbandry Co., Ltd., and Wuxue Qiang Qiang Animal Husbandry Co., Ltd. have been registered and confirmed by the competent tax authorities and enjoy the preferential tax policy of exempting the self-produced agricultural products from VAT on sales.

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2.2 Corporate income tax

On April 23, 2020, the Ministry of Finance, the State Administration of Taxation, and the National Development and Reform Commission jointly issued the "Announcement on the Continuation of the Corporate Income Tax Policy for the Development of the Western Region" (Ministry of Finance Announcement No. 23, 2020), which clarified that from January 1, 2021 to December 31, 2030, enterprises in encouraged industries located in the western region will be levied a corporate income tax at a reduced rate of 15%. The corporate income tax rate of Tianyu Biotechnology Co., Ltd., Zhongsheng Huaxing International Construction Co., Ltd., and Sichuan Zhongtai Qihang New Energy Technology Co., Ltd. is 15%.

On December 12, 2023, Zhongsheng Huaxing International Construction Engineering Co., Ltd. obtained the "High-tech Enterprise Certificate" with certificate number GR202351004193. The certificate is valid for three years. According to the provisions of the Enterprise Income Tax Law of the People's Republic of China, high-tech enterprises that need key support from the state are levied a corporate income tax at a reduced rate of 15%. Zhongsheng Huaxing International Construction Engineering Co., Ltd. enjoys the preferential policy of 15% corporate income tax rate during the validity period of the "High-tech Enterprise Certificate".

On October 12, 2022, Wuhan Jiacheng Biological Products Co., Ltd. obtained the "High-tech Enterprise Certificate" with certificate number GR202242000734. The certificate is valid for three years. According to the provisions of the Enterprise Income Tax Law of the People's Republic of China, high-tech enterprises that need key support from the state are levied a corporate income tax at a reduced rate of 15%. Wuhan Jiacheng Biological Products Co., Ltd. enjoys the preferential policy of 15% corporate income tax rate during the validity period of the "High-tech Enterprise Certificate". On January 19, 2026, Wuhan Jiacheng Biological Products Co., Ltd. obtained the "High-tech Enterprise Certificate" with certificate number GR202542005492. The certificate is valid for three years. According to the provisions of the Enterprise Income Tax Law of the People's Republic of China, high-tech enterprises that need key support from the state are levied a corporate income tax at a reduced rate of 15%. Wuhan Jiacheng Biological Products Co., Ltd. enjoys the preferential policy of 15% corporate income tax rate during the validity period of the "High-tech Enterprise Certificate".

According to Article 27, Paragraph 1, of the Enterprise Income Tax Law of the People's Republic of China: Income from agricultural, forestry, animal husbandry and sideline fishery projects is exempted from corporate income tax. Wuhan Tianyu Agriculture and Animal Husbandry Co., Ltd., Wuhan Tianqian Agriculture and Animal Husbandry Co., Ltd., Yichang Tianyu Agriculture and Animal Husbandry Co., Ltd., Yidu Tianqian Agriculture and Animal Husbandry Co., Ltd., Hubei Tiancheng Fengtai Food Co., Ltd., Wuhan Tianyi Animal Husbandry Co., Ltd., and Wuxue Qiangqiang Animal Husbandry Co., Ltd. enjoy the preferential policy of exempting corporate income tax on income from livestock and poultry breeding sales.

According to the "Notice of the Ministry of Finance, the State Administration of Taxation, and the National Development and Reform Commission on the announcement of the Catalog of Corporate Income Tax Preferences for Public Infrastructure Projects (2008 Edition)" (Caishui [2008] No. 116) and the "Notice of the Ministry of Finance, the State Administration of Taxation, According to the Notice on Issues Concerning the Implementation of the Catalog of Enterprise Income Tax Preferences for Public Infrastructure Projects (Caishui [2008] No. 46), starting from the year in which the first production and operation income of distributed photovoltaic projects is obtained, the enterprise income tax shall be exempted for three years and reduced by half for three years. Changshu Jieyuan Energy Management Co., Ltd., Weihai Zhongyun Hengda New Energy Technology Co., Ltd., Weifang Zhongyun Hengyue New Energy Technology Co., Ltd., Weihai Zhongyun Changheng New Energy Technology Co., Ltd., Qingdao Haideshuo New Energy Technology Co., Ltd., Zhucheng Frontier New Energy Technology Co., Ltd., Suzhou Tianyu Road Electric Power Technology Co., Ltd., Guangzhou Tianyu Dao New Energy Technology Co., Ltd., Shaoxing Jiayue New Energy Co., Ltd., Binzhou Tianyu Zhiguang Energy Technology Co., Ltd., Rongcheng Tianyu Zhineng New Energy Technology Co., Ltd., and Huanggang Tianyu Zhineng Energy Technology Co., Ltd. are eligible for the above tax preferential policies to reduce or reduce income tax.

3. Others

□Applicable √Not applicable

7. Notes on Consolidated Financial Statement Items

1. Monetary funds

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Item Ending balance Beginning balance

Cash on hand 40.56 40.56 Bank deposits 90,941,757.60 100,267,151.76 Other monetary funds 62,449,723.28 77,781,334.94 Deposits in finance companies

Total 153,391,521.44 178,048,527.26

Including: total amount of money deposited abroad

Other notes:

Details of other monetary funds are as follows:

Item Ending balance Beginning balance

Other freezes 25,817,533.31 39,741,753.07 Judicial freezes 19,666,120.00 28,530,558.21 Securities accounts 16,966,069.97 9,509,023.66 Total 62,449,723.28 77,781,334.94

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

8,434,480.00/Financial assets included in current profits and losses

Among them:

Derivative financial assets 8,434,480.00/Designated to be measured at fair value and their changes

Financial assets automatically included in current profits and losses

Among them:

Total 8,434,480.00/Other instructions:

□Applicable √Not applicable

3. Derivative financial assets

□Applicable √Not applicable

4. Notes receivable

(1). Classified presentation of notes receivable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Banker's Acceptance Note

Commercial acceptance notes 5,700,000.00 Total 5,700,000.00

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(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

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Bad debt provision Book balance Bad debt provision category Provision Book Provision Book ratio Proportion amount Amount Proportion Value Amount Amount Proportion Value (%) (%)

(%) (%) Provision based on individual items

Provision for bad debts

Among them:

Provision based on combination

5,700,000.00 100.00 5,700,000.00Bad debt provision

Among them:

Evaluated as normal

, low risk

5,700,000.00 100.00 5,700,000.00Commercial acceptance

ticket

Total / / 5,700,000.00 100.00 5,700,000.00

Provision for bad debts is made 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

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

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(6). Notes receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of bills receivable:

□Applicable √Not applicable

Instructions for writing off notes receivable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

5. Accounts receivable

(1). Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year (including 1 year) 143,930,242.97 174,546,505.46 Within 1 year 143,930,242.97 174,546,505.46 1 to 2 years 73,233,564.46 70,058,279.24 2 to 3 years 54,059,639.80 171,599,701.71 More than 3 years

3 to 4 years 106,298,198.58 101,333,941.97 4 to 5 years 87,162,792.68 89,115,836.38 More than 5 years 349,322,046.63 299,164,688.83 Total 814,006,485.12 905,818,953.59

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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 Provision for bad debts Book balance Provision for bad debts

Category Book Book Ratio Provision Ratio Ratio Provision Ratio Amount Amount Value Amount Amount Value

(%) Example (%) (%) Example (%) Provision for bad debts is made individually 369,012,444.55 45.33 369,012,444.55 100.00 369,212,444.55 40.76 369,212,444.55 100.00 Among them:

Provision based on expected recoverable amount

369,012,444.55 100.00 369,012,444.55 100.00 369,212,444.55 100.00 369,212,444.55 100.00 Accounts receivable for bad debt provision

Provision for bad debts on a group basis 444,994,040.57 54.67 145,791,630.76 32.76 299,202,409.81 536,606,509.04 59.24 145,377,187.80 27.09 391,229,321.24 of which:

Aging combination 444,994,040.57 100.00 145,791,630.76 32.76 299,202,409.81 536,606,509.04 100.00 145,377,187.80 27.09 391,229,321.24Total 814,006,485.12 100.00 514,804,075.31 63.24 299,202,409.81 905,818,953.59 100.00 514,589,632.35 56.81 391,229,321.24

Provision for bad debts is made individually:

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Reason for provision Zunyi Xinpu Development Group Co., Ltd. 369,012,444.55 369,012,444.55 100.00 Total expected to be unrecoverable 369,012,444.55 369,012,444.55 100.00 /Instructions on accruing bad debt provisions individually:

√Applicable □Not applicable

The credit risk of Zunyi Xinpu Development Group Co., Ltd. has deteriorated significantly, and the accounts receivable are not expected to be recovered, so bad debt provisions are made in full at 100%.

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Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: aging portfolio

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Within 1 year 143,930,242.97 7,196,495.76 5.00 1 to 2 years 73,233,564.46 7,321,966.45 10.00 2 to 3 years 54,059,639.80 10,812,140.22 20.00 3 to 4 years 106,298,198.58 53,057,428.57 49.91 More than 4 years 67,472,394.76 67,403,599.76 99.90

Total 444,994,040.57 145,791,630.76 32.76

Instructions on accruing 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

None

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

(3). Bad debt provision situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Write-off or verification Ending balance accrual Recovery or reversal Other changes

pin

By item

Provision for bad accounts 369,212,444.55 200,000.00 369,012,444.55

by combination

Provision for bad accounts 145,377,187.80 414,442.96 145,791,630.76 Account provision

Total 514,589,632.35 414,442.96 200,000.00 514,804,075.31

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

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□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 asset period at the end of the contract asset period Bad debt provision at the end of the unit name Same assets at the end of the period

Balance Ending balance Balance amount of total balance

Proportion (%) Xinpu, Zunyi City

Development Group has 369,012,444.55 369,012,444.55 39.99 369,012,444.55 limited liability company

Jining Economic Development

Development Area Management Committee

165,951,785.91 165,951,785.91 17.99 31,839,305.86 Urban and Rural Construction Committee

Construction and Transportation Bureau

Xiangzhou, Xiangyang City

District natural resources 47,737,193.27 47,737,193.27 5.17 22,096,526.76 and Planning Bureau

Tongling Eastern City

District construction management 45,731,103.16 45,731,103.16 4.96 2,286,555.16 Committee

Tianchang City Qianqiu

Cultural Tourism Development 14,789,879.35 28,850,635.84 43,640,515.19 4.73 2,182,025.76 Exhibition Co., Ltd.

Total 643,222,406.24 28,850,635.84 672,073,042.08 72.84 427,416,858.09

Other notes:

None

Other notes:

□Applicable √Not applicable

6. Contract assets

(1).Contract assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Closing balance Beginning balance items

Book balance Provision for bad debts Book value Book balance Provision for bad debts Book value by combination

Provision for bad accounts 108,696,732.66 4,936,895.80 103,759,836.86 351,201,877.95 12,243,247.44 338,958,630.51 Account provision

Total 108,696,732.66 4,936,895.80 103,759,836.86 351,201,877.95 12,243,247.44 338,958,630.51 (2). Amount and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

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(3). 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 calculation Category Provision Book Proportion Book balance Proportion

Amount Amount Ratio Value Amount Ratio Value (%) (%)

Example Example(%) (%)Press order

item plan

mention bad

Account accuracy

Prepare

Among them:

by group

total

Bad balance 108,696,732.66 100.00 4,936,895.80 4.54 103,759,836.86 351,201,877.95 100.00 12,243,247.44 3.49 338,958,630.51Account accurate

Prepare

Among them:

Not

PPP

108,696,732.66 100.00 4,936,895.80 4.54 103,759,836.86 351,201,877.95 100.00 12,243,247.44 3.49 338,958,630.51 Engineering

Project

Total 108,696,732.66 100.00 4,936,895.80 4.54 103,759,836.86 351,201,877.95 100.00 12,243,247.44 3.49 338,958,630.51

Provision for bad debts is made individually:

□Applicable √Not applicable

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: non-PPP projects

Unit: Yuan Currency: RMB

Ending balance

Name

Book balance Bad debt provision Proportion of provision (%) Non-PPP projects 108,696,732.66 4,936,895.80 4.54 Total 108,696,732.66 4,936,895.80 4.54

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

None

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Explanation of significant changes in the book balance of contract assets that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(4). Bad debt provisions for contract assets in the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Original item Opening balance Current period Recovered in this period or Transferred in this period Other Reasons for ending balance

Provision Reversal Write-off/write-off Changes in non-PPP projects 12,243,247.44 7,306,351.64 4,936,895.80

Total 12,243,247.44 7,306,351.64 4,936,895.80 /

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 2,309,488.19

Total 2,309,488.19

(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

Unit: Yuan Currency: RMB

Item Amount derecognized at the end of the period Amount not derecognized at the end of the period Bank acceptance bill 11,441,926.19

Bank supply chain financing 8,997,858.30

Total 20,439,784.49

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(4). Classified disclosure according to bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Bad debt provision Book balance Bad debt provision category Book Book ratio Provision ratio Proportion Provision ratio amount Amount Value Amount Amount Value

(%) Example (%) (%) Example (%) Provision is made individually

Provision for bad debts

Among them:

Provision based on combination

2,309,488.19 100.00 2,309,488.19 Bad debt provision

Among them:

bank acceptance

2,309,488.19 100.00 2,309,488.19 votes

Total 2,309,488.19 100.00 / 2,309,488.19 / /

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

None

Explanation of significant changes in the book balance of accounts receivable financing that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(5). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other notes:

None

(6). Financing of receivables actually written off in the current period

□Applicable √Not applicable

Important financing write-offs of receivables

□Applicable √Not applicable

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Write-off instructions:

□Applicable √Not applicable

(7). Increases and decreases in receivables financing and changes in fair value during the current period:

□Applicable √Not applicable

(8).Other instructions

□Applicable √Not applicable

8. Advance payments

(1). Prepayments are listed based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Aging

Amount Proportion (%) Amount Proportion (%) Within 1 year 943,210.07 87.86 2,651,230.82 14.85 1 to 2 years 69,450.75 6.47 15,119,410.20 84.69 2 to 3 years 37,152.36 3.46 51,891.71 0.29 More than 3 years 23,711.38 2.21 30,945.88 0.17

Total 1,073,524.56 100.00 17,853,478.61 100.00 Explanation of reasons why prepayments with an aging of more than 1 year and significant amounts were not settled in a timely manner:

None

(2). Prepayments of the top five closing balances by prepayment objects

√Applicable □Not applicable

Unit: Yuan Currency: RMB accounted for the total closing balance of prepayments Unit name Closing balance

Proportion of number (%)

Xiangzhou Yihong Planting Professional Cooperative 444,902.74 41.44 Kechu Huizhan (Beijing) International Exhibition Co., Ltd. 98,962.50 9.22 Hengdekang Agriculture and Animal Husbandry Co., Ltd. 66,035.88 6.15 Jiangyin Longtian Machinery Technology Co., Ltd. 49,500.00 4.61 Macheng Natural Gas Development Co., Ltd. 48,836.95 4.55

Total 708,238.07 65.97

Other notes:

None

Other notes:

□Applicable √Not applicable

9. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

Item Closing balance Opening balance Interest receivable

Dividends receivable

Other receivables 122,239,444.52 167,753,324.20Total 122,239,444.52 167,753,324.20Other 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

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

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report (6). Interest receivable actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of interest receivable □ Applicable √ Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Dividends receivable

(1). Dividends receivable

□Applicable √Not applicable

(2). Important dividends receivable aged more than 1 year □ Applicable √ Not applicable

(3). Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

(4). Provision for bad debts based on the general expected credit loss model □Applicable √Not applicable

Basis for division of each stage and proportion of bad debt provision: None

Explanation of significant changes in the book balance of dividends receivable due to changes in loss provisions in the current period: □ Applicable √ Not applicable

(5). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

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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) 11,252,319.41 11,796,887.12 Within 1 year 11,252,319.41 11,796,887.12 1 to 2 years 6,792,629.52 9,775,782.29 2 to 3 years 7,983,333.58 34,076,703.02 More than 3 years

3 to 4 years 34,032,471.43 29,573,686.00 4 to 5 years 28,378,960.51 297,569.87 More than 5 years 42,962,269.04 92,472,173.68

Total 131,401,983.49 177,992,801.98

(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 deposits and deposits 85,831,975.34 137,577,201.21 General transactions 45,271,139.36 40,092,205.93 Reserve funds 100,000.00 Others 298,868.79 223,394.84

Total 131,401,983.49 177,992,801.98

(3). Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3

Bad debt provision Forecast for the next 12 months Expected letter for the entire duration Anticipated letter for the entire duration Total

period credit losses (credit losses that have not occurred (credit losses that have occurred))

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Use impairment) Use impairment)

As of January 1, 2025

8,801,368.78 1,438,109.00 10,239,477.78

As of January 1, 2025

Amount in this period

--Transfer to the second stage

--Transfer to the third stage -15,000.00 15,000.00 --Transfer to the second stage

--Return to the first stage

Provision in this period 1,302,609.68 1,302,609.68 Transfer in this period 2,379,487.39 2,379,487.39 Write-off in this period

Write-off in this period 61.10 61.10 Other changes

December 31, 2025

6,406,820.29 2,755,718.68 9,162,538.97 Balance

Basis for division of each stage and provision ratio for bad debts

The first stage is other receivables that are not overdue, and the accrual ratio is: 5%

The third stage is to confirm other receivables that have suffered credit impairment, and the provision ratio is: 100%.

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 Write-off or other Ending balance accrual Recovery or reversal

Write-off Change first stage 8,801,368.78 2,379,487.39 61.10 6,406,820.29 Third stage 1,438,109.00 1,317,609.68 2,755,718.68

Total 10,239,477.78 1,317,609.68 2,379,487.39 61.10 - 9,162,538.97

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

Unit: Yuan Currency: RMB

Item Write-off amount Other receivables actually written off 61.10

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

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 as a share of other receivables

Name of bad debt provision unit Closing balance Total closing balance Nature of payment Aging

Ending balance

Proportion of number (%)

Tongzi County Guoyu Xingshui Real Estate

39,901,750.87 30.37 Security deposit and deposit More than 4 years 1,995,087.54 Investment Development Co., Ltd.

Wuhan Muyuan Sheng Agricultural Technology

33,986,400.00 25.86 Security deposit and deposit 3-4 years 1,699,320.00 Co., Ltd.

Guizhou Water Investment Capital Management Co., Ltd.

28,252,948.19 21.50 General transactions More than 4 years 1,412,647.41 Limited liability company

Siping Tiansheng Real Estate Development 1-2 years 1,150,000.00 yuan; 2-3

7,600,000.00 5.78 Security deposit and deposit 380,000.00 Development Co., Ltd. RMB 6,450,000.00 per year

2,423,678.33 yuan within 1 year;

Hubei Qianchahui Agricultural Technology

6,275,678.33 4.78 General transactions 1-2 years 3,000,000.00 yuan; 4 313,783.92 Co., Ltd.

Over 852,000.00 yuan

Total 116,016,777.39 88.29 / / 5,800,838.87

(7). Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

10. Inventory

(1).Inventory classification

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Inventories are accurate for price decreases Inventories are accurate for decreases in price

Project preparation/contract performance preparation/contract performance

Book Balance Book Value Book Balance Book Value Impairment of Approximate Cost Impairment of Approximate Cost

prepare prepare

Raw materials 7,713,201.67 7,713,201.67 6,043,034.21 6,043,034.21 Work in progress

Inventory goods 13,029,974.52 13,029,974.52 18,729,256.21 18,729,256.21 Turnover materials 1,470,330.24 1,470,330.24 393,030.78 393,030.78 Consumable biological assets 88,441,439.53 28,083,393.28 60,358,046.25 74,875,668.82 27,725,603.46 47,150,065.36 Contract performance costs 41,783,721.67 41,783,721.67 37,208,488.02 37,208,488.02 Entrusted processing materials 118,717,017.46 18,360,607.97 100,356,409.49 133,049,288.26 18,807,629.70 114,241,658.56 Total 271,155,685.09 46,444,001.25 224,711,683.84 270,298,766.30 46,533,233.16 223,765,533.14

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(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 the current period Decrease amount items in the current period Beginning balance Ending balance

Provision Other Transfer back or write-off Other raw materials

In product

Inventory items

turnover materials

Consumable biological assets 27,725,603.46 2,754,045.83 2,396,256.01 28,083,393.28 Contract performance costs

Entrusted processing materials 18,807,629.70 26,918,591.47 27,365,613.20 18,360,607.97

Total 46,533,233.16 29,672,637.30 29,761,869.21 46,444,001.25

Reasons for the reversal or write-off of inventory depreciation provisions in the current period

√Applicable □Not applicable

Inventories for which depreciation provisions have been made are sold externally in the current period, and the corresponding inventory depreciation provisions are carried forward.

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

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Debt investments due within one year

Other debt investments due within one year

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

Long-term receivables due within one year 159,410,672.52 82,487,516.27

Total 159,410,672.52 82,487,516.27

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

Retained tax credit 15,738,542.27 8,691,685.82 Input tax to be certified 35,686,161.54 37,912,738.37 Prepaid corporate income tax 521,193.48 393,545.00

Total 51,945,897.29 46,997,969.19Other instructions:

None

14. Debt investment

(1).Debt investment situation

□Applicable √Not applicable

Changes in provision for impairment of debt investments during the current period

□Applicable √Not applicable

(2). Important debt investments at the end of the period

□Applicable √Not applicable

(3).Provision of impairment provisions

□Applicable √Not applicable

Basis for dividing each stage and proportion of impairment provision:

None

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

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report The amount of impairment provision for the current period and the basis for assessing whether the credit risk of financial instruments has significantly increased □Applicable √Not applicable

(4). Actual write-off debt investments in the current period □ Applicable √ Not applicable

Among them, the write-off of important debt investments □Applicable √Not applicable

Instructions for writing off debt investments:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

15. Other debt investments

(1). Other debt investments

□Applicable √Not applicable

Changes in impairment provisions for other debt investments during the period □ Applicable √ Not applicable

(2). Other important debt investments at the end of the period

□Applicable √Not applicable

(3).Provision of impairment provisions

□Applicable √Not applicable

Basis for division of each stage and proportion of impairment provision: None

Explanation of significant changes in the book balance of other debt investments that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

The amount of impairment provision for the current period and the basis for assessing whether the credit risk of financial instruments has significantly increased □Applicable √Not applicable

(4). Other debt investments actually written off in the current period □Applicable √Not applicable

Among them, the write-off of other important debt investments □Applicable √Not applicable

Instructions for writing off other debt investments:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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16. Long-term receivables

(1). Long-term receivables

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance Discount rate item

Book balance Bad debt provision Book value Book balance Bad debt provision Book value Interval financing lease payment

Among them: not implemented

financing income

Sales of goods by installment payment

Provide labor services by collecting payment in installments

Non-PPP project receivables 71,263,766.47 1,781,594.16 69,482,172.31 25,451,534.75 636,288.37 24,815,246.38 PPP project receivables 184,795,560.93 1,583,319.86 183,212,241.07 253,711,019.43 2,565,391.01 251,145,628.42 Loans 119,500,322.40 20,630,322.40 98,870,000.00 119,500,322.40 19,500,322.40 100,000,000.00 Total 375,559,649.80 23,995,236.42 351,564,413.38 398,662,876.58 22,702,001.78 375,960,874.80 /

(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 Provision Book Provision Book ratio Proportion

Amount Amount Proportion Value Amount Amount Proportion Value (%) (%)

(%) (%) Provision based on individual items

Provision for bad debts

Among them:

Provision based on combination

375,559,649.80 100.00 23,995,236.42 6.39 351,564,413.38 398,662,876.58 100.00 22,702,001.78 5.69 375,960,874.80 Bad debt provision

Among them:

Non-PPP projects

71,263,766.47 18.98 1,781,594.16 2.50 69,482,172.31 25,451,534.75 6.38 636,288.37 2.50 24,815,246.38 Accounts receivable

PPP projects should

184,795,560.93 49.20 1,583,319.86 0.86 183,212,241.07 253,711,019.43 63.64 2,565,391.01 1.01 251,145,628.42 Collection

Loans 119,500,322.40 31.82 20,630,322.40 17.26 98,870,000.00 119,500,322.40 29.98 19,500,322.40 16.32 100,000,000.00Total 375,559,649.80 / 23,995,236.42 / 351,564,413.38 398,662,876.58 / 22,702,001.78 / 375,960,874.80

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: receivables from non-PPP projects

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Non-PPP project receivables 71,263,766.47 1,781,594.16 2.50 Total 71,263,766.47 1,781,594.16 2.50

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Instructions on accruing bad debt provisions by portfolio

□Applicable √Not applicable

Combined accrual items: PPP project receivables

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) PPP project receivables 184,795,560.93 1,583,319.86 0.86

Total 184,795,560.93 1,583,319.86 0.86 Explanation of provision for bad debts by group

□Applicable √Not applicable

Portfolio accrual items: borrowings

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Borrowings 119,500,322.40 20,630,322.40 17.26

Total 119,500,322.40 20,630,322.40 17.26 Instructions on the provision of bad debt provisions by group

□Applicable √Not applicable

(3). Provision for bad debts based on the general expected credit loss model

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3

Expected credit for the entire duration Expected credit for the entire duration Bad debt provisions Expected total credit losses for the next 12 months (credit losses that have not occurred (credit losses that have occurred during the credit period)

Impairment) Impairment)

As of January 1, 2025

19,500,322.40 19,500,322.40 amount

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 1,130,000.00 1,130,000.00 Transferred in this period

Sales in this period

Write-off in this period

Other changes

December 31, 2025

20,630,322.40 20,630,322.40 Balance

Basis for division of each stage and provision ratio for bad debts

None

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

Explanation of significant changes in the book balance of long-term receivables that have experienced changes in loss provisions in the current period:

□Applicable √Not applicable

The amount of bad debt provision for the current period and the basis for assessing whether the credit risk of financial instruments has significantly increased □Applicable √Not applicable

(4). Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Recovery or transfer Write-off or Ending balance accrual Other changes

Back to write-off

Non-PPP project receivables 636,288.37 1,145,305.79 1,781,594.16 PPP project receivables 2,565,391.01 982,071.15 1,583,319.86 Loans 19,500,322.40 1,130,000.00 20,630,322.40

Total 22,702,001.78 2,275,305.79 982,071.15 23,995,236.42

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

Major PPP projects

PPP Investment Company PPP Project Book Value at the End of the Period Book Value at the Beginning of the Period Project Status

Jining Economic Development Zone Xinhe

Jining Economic Development Zone Management Committee

Park, Runhe Park, Sanhan 63,332,794.35 102,615,640.07 Urban and Rural Development and Transportation Bureau of the Operation Committee

River Landscape Engineering PPP Project

Housing and Urban Development in Qujiang District, Quzhou City Qujiang District Riverside Landscape Belt

121,462,766.58 151,095,379.36 Township Construction Bureau PPP project during operation period

Total 184,795,560.93 253,711,019.43

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

17. Long-term equity investment

(1). Long-term equity investment situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Increases and decreases in the current period

Beginning of Period Announcement End of Period

Other Comprehensive Other Provisions Impairment provisions The balance of the invested unit at the end of the period (book price, additional investment, reduction of investment, equity, impairment balance, equity, impairment balance, cash disbursement recognized under the equity method, other balance (book price, additional investment, reduction of investment, equity impairment balance value) recognized under the equity method, investment gains and losses, dividends or other values) Adjustment Change Provision

profit

1. Joint ventures

Subtotal

2. Joint ventures

Nanning Guoye Infrastructure

81,872,822.63 377,074.38 82,249,897.01 Construction Investment Co., Ltd.

Anhui Tianyu ecological environment has

383,283.82 -116,202.90 267,080.92 Co., Ltd.

Ningbo Ninglv Wangganshan Tourism

3,060,100.42 45,000.00 -55,503.84 3,049,596.58 Development Co., Ltd.

Wuxi Tianyu Flowers Cultural Tour

688,526.85 688,526.85

Tourism Development Co., Ltd.

Furong Ancient Town Cultural Tourism in Tianchang City

3,778,000.00 -130,260.02 3,647,739.98 Development Co., Ltd.

Qinghai Juzhiyuan New Materials Co., Ltd.

137,432,973.78 Co., Ltd.

Shenzhen Pulanreguo Network

2,000,000.00 -835,324.33 1,164,675.67 Technology Co., Ltd.

Subtotal 86,004,733.72 5,823,000.00 688,526.85 -760,216.71 90,378,990.16 137,432,973.78Total 86,004,733.72 5,823,000.00 688,526.85 -760,216.71 90,378,990.16 137,432,973.78

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(2). Impairment testing of long-term equity investments

□Applicable √Not applicable

Other notes:

In March 2022, the company signed an "Equity Strategic Investment Agreement" with Qinghai Juzhiyuan and Liu Bingsheng. The company increased capital in Qinghai Juzhiyuan in cash to obtain 35% of the equity. Qinghai Juzhiyuan and Liu Bingsheng promised in the "Equity Strategic Investment Agreement": Qinghai Juzhiyuan will invest in Qinghai Juzhiyuan in 202 The committed audited cumulative net profit attributable to the parent company (calculated according to Qinghai Juzhiyuan's consolidated statements, the same below) after deducting non-recurring gains and losses in 2023, 2024 and 2024 is RMB 900 million. The net profit assessment is calculated based on the total number of three years, and the total is RMB 900 million. If Qinghai Juzhiyuan fails to fulfill the performance agreement and Qinghai Juzhiyuan's audited three-year total of net profit attributable to the parent company after deducting non-recurring gains and losses does not meet the commitment, Mr. Liu Bingsheng will make a one-time cash compensation for the shortfall in profit within one month after the audit report is issued (the same time as the issuance of the listed company). The amount of cash compensation that should be compensated = (total cumulative committed net profit - total cumulative actual net profit) * shareholding ratio of the listed company.

According to the unaudited consolidated financial statements issued by Qinghai Juzhiyuan, Qinghai Juzhiyuan's net profits attributable to the parent company in 2022, 2023 and 2024 were -123.7009 million yuan, -100.3051 million yuan and -86.7633 million yuan respectively, totaling -310.7694 million yuan, and the performance commitment has not been completed. According to the commitments made by Qinghai Juzhiyuan and Liu Bingsheng in the Equity Strategic Investment Agreement, the amount of compensation to the company is (90,000-(-31,076.94))×35%=423.7693 million yuan.

Since the performance compensation obligor Liu Bingsheng has been involved in many judicial cases, is restricted from high consumption, and has a high personal credit risk, the company predicts that he will not be able to pay the performance compensation, and the two parties have not agreed on any form of joint liability guarantee for the performance compensation. Therefore, the company expects that the possibility of recovery of performance compensation is low and it is not expected to bring an inflow of economic benefits. Based on the principle of prudence, the company believes that the fair value of Liu Bingsheng’s above-mentioned compensation obligations is 0.

18. Investment in other equity instruments

(1). Investment in other equity instruments

□Applicable √Not applicable

(2). Explanation of termination of recognition in this period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

19. Other non-current financial assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Panzhou Tianyu Water Conservancy and Ecological Investment Co., Ltd. 10,495,191.88 10,495,191.88 Guigang Guoye Pipeline Construction Co., Ltd. 1,000,000.00 1,000,000.00

Total 11,495,191.88 11,495,191.88

Other notes:

□Applicable √Not applicable

20. Investment real estate

Investment real estate measurement model

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

(1). Investment real estate using cost measurement model

Unit: Yuan Currency: RMB

Projects Houses and buildings Land use rights Construction in progress Total

1. Original book value

1. Balance at the beginning of the period 8,813,605.61 8,813,605.61 2. Increase in the current period 4,298,699.99 4,298,699.99 (1) Outsourcing

(2) Inventory\fixed assets\in

4,298,699.99 4,298,699.99 Construction project transferred in

(3) Increase in business mergers

3. Reduction amount in this period

(1) Disposal

(2) Other transfer-out

4. Closing balance 13,112,305.60 13,112,305.60

2. Accumulated depreciation and accumulated amortization

1. Opening balance 5,259,922.77 5,259,922.77 2. Increase in the current period 2,057,265.24 2,057,265.24 (1) Provision or amortization 542,868.83 542,868.83 (2) Transfer of fixed assets 1,514,396.41 1,514,396.41 3. Decrease amount in this period

(1) Disposal

(2) Other transfer-out

4. Closing balance 7,317,188.01 7,317,188.01

3. Impairment provision

1. Opening balance

2. Increase amount in this period

(1) Provision

3. Reduction amount in this period

(1) Disposal

(2) Other transfer-out

4. Ending balance

4. Book value

1. Book value at the end of the period 5,795,117.59 5,795,117.59 2. Book value at the beginning of the period 3,553,682.84 3,553,682.84

(2). Investment real estate that has not completed the ownership certificate

□Applicable √Not applicable

(3). Impairment testing of investment real estate using the cost measurement model

□Applicable √Not applicable

Other notes:

√Applicable □Not applicable

The company's board of directors believes that: on the balance sheet date, there are no signs of impairment of investment real estate, and no impairment provisions are required.

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21. Fixed assets

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Fixed assets 347,088,470.81 337,289,989.64 Liquidation of fixed assets

Total 347,088,470.81 337,289,989.64

Other notes:

□Applicable √Not applicable

fixed assets

(1). Fixed assets situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Houses and Construction Electronics and Electrical Furniture and Appliances

Items Machinery and Equipment Transportation Total

Objects and equipment

1. Original book value:

1. Opening balance 150,560,233.03 227,758,287.93 10,340,846.36 5,189,011.88 2,531,987.13 396,380,366.33 2. Increase in this period

11,882,360.98 28,007,816.47 1,626,501.26 728,183.14 234,973.44 42,479,835.29Amount

(1) Purchase 11,882,360.98 19,380,943.23 1,626,501.26 728,183.14 234,973.44 33,852,962.05 (2) Construction in progress

8,626,873.24 8,626,873.24 Cheng transfer

(3) Enterprise cooperation

and increase

3. Reduction in this period

4,298,699.99 168,978.94 295,472.16 707,322.06 233,954.46 5,704,427.61Amount

(1) Disposal or

168,978.94 295,472.16 707,322.06 233,954.46 1,405,727.62Scrap

(2) Transfer investment

4,298,699.99 4,298,699.99 Capital real estate

4. Closing balance 158,143,894.02 255,597,125.46 11,671,875.46 5,209,872.96 2,533,006.11 433,155,774.01

2. Accumulated depreciation

1. Opening balance 22,860,856.89 24,168,256.26 7,763,812.14 3,078,884.55 1,218,566.85 59,090,376.69 2. Increase in this period

12,932,800.10 14,787,955.63 842,050.41 595,904.48 231,549.82 29,390,260.44Amount

(1) Provision 12,932,800.10 14,787,955.63 842,050.41 595,904.48 231,549.82 29,390,260.44 3. Decrease in the current period

1,514,396.41 74,233.37 156,274.68 479,730.22 188,699.25 2,413,333.93Amount

(1) Disposal or

74,233.37 156,274.68 479,730.22 188,699.25 898,937.52Scrap

(2) Transfer investment

1,514,396.41 1,514,396.41 Capital real estate

4. Closing balance 34,279,260.58 38,881,978.52 8,449,587.87 3,195,058.81 1,261,417.42 86,067,303.20

3. Impairment provision

1. Opening balance

2.Increase in this issue

Amount

(1) Provision

3. Reduction in this period

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Amount

(1) Disposal or

scrap

4. Ending balance

4. Book value

1. Closing accounts

123,864,633.44 216,715,146.94 3,222,287.59 2,014,814.15 1,271,588.69 347,088,470.81Value

2. Opening accounts

127,699,376.14 203,590,031.67 2,577,034.22 2,110,127.33 1,313,420.28 337,289,989.64Value

(2). Temporarily idle fixed assets

□Applicable √Not applicable

(3). Fixed assets leased through operating lease □ Applicable √ Not applicable

(4). Fixed assets whose property rights certificates have not been obtained □Applicable √Not applicable

(5). Impairment testing of fixed assets

□Applicable √Not applicable

Other notes:

√Applicable □Not applicable

The company's board of directors believes that: as of the balance sheet date, there are no signs of impairment of fixed assets and no provision for impairment is required.

Fixed asset liquidation

□Applicable √Not applicable

22. Projects under construction

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Construction in progress 35,659,779.40 21,371,625.26 Engineering materials

Total 35,659,779.40 21,371,625.26Other instructions:

□Applicable √Not applicable

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Construction in progress

(1).Construction in progress situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value Cross-River Battle General Front Committee Old

15,871,250.15 15,871,250.15 15,124,195.52 15,124,195.52 Cultural Ecological Park

GP of Huangliang Town, Xingshan County

12,169,056.47 12,169,056.47 4,957,012.86 4,957,012.86 construction projects

Caidian Pig Farm Technical Improvement Project 2,500,000.00 2,500,000.00

Hangzhou East Lake Tianyu Pastoral

834,038.72 834,038.72 834,038.72 834,038.72 Project Phase I

Functional red yeast workshop renovation 1,074,321.65 1,074,321.65 133,621.45 133,621.45 Photovoltaic project 2,890,315.95 2,890,315.95 1,960.25 1,960.25 Other projects 320,796.46 320,796.46 320,796.46 320,796.46Total 35,659,779.40 35,659,779.40 21,371,625.26 21,371,625.26

(2). Changes in important projects under construction during the current period

□Applicable √Not applicable

(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

The company's board of directors believes that as of the balance sheet date, there are no signs of impairment for projects under construction and no impairment provisions are required.

Engineering supplies

(1). Project material situation

□Applicable √Not applicable

23. Productive biological assets

(1).Producing biological assets using cost measurement model

√Applicable □Not applicable

Unit: Yuan Currency: RMB Livestock Breeding

Item Total

Giving birth to boars Giving birth to sows

1. Original book value

1. Opening balance 308,148.80 32,201,813.59 32,509,962.39 2. Increase in the current period 982,071.28 46,849,084.57 47,831,155.85

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(1) Outsourcing 22,181.71 1,735,382.28 1,757,563.99 (2) Self-cultivation 959,889.57 45,113,702.29 46,073,591.86 3. Decrease amount in the current period 266,550.11 21,599,110.71 21,865,660.82 (1) Disposal 266,550.11 21,599,110.71 21,865,660.82 (2) Others

4. Closing balance 1,023,669.97 57,451,787.45 58,475,457.42

2. Accumulated depreciation

1. Opening balance 91,410.34 9,607,233.13 9,698,643.47 2. Increase in the current period 309,668.90 10,355,229.12 10,664,898.02 (1) Provision 309,668.90 10,355,229.12 10,664,898.02 3. Reduction amount in the current period 140,463.35 9,901,652.21 10,042,115.56 (1) Disposal 140,463.35 9,901,652.21 10,042,115.56 (2) Others

2. Closing balance 260,615.89 10,060,810.04 10,321,425.93

3. Impairment provision

1. Opening balance

2. Increase amount in this period

(1) Provision

3. Reduction amount in this period

(1) Disposal

(2) Others

4. Ending balance

4. Book value

1. Book value at the end of the period 763,054.08 47,390,977.41 48,154,031.49 2. Book value at the beginning of the period 216,738.46 22,594,580.46 22,811,318.92

(2) Impairment testing of productive biological assets using the cost measurement model

□Applicable √Not applicable

(3).Producing biological assets using fair value measurement model

□Applicable √Not applicable

Other notes:

√Applicable □Not applicable

The company's board of directors believes that: on the balance sheet date, there are no signs of impairment of productive biological assets, and no impairment provisions are required.

24. Oil and gas assets

(1). Oil and gas assets situation

□Applicable √Not applicable

(2). Impairment testing of oil and gas assets

□Applicable √Not applicable

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Other notes:

None

25. Right-of-use assets

(1). Right-of-use assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Project Land Houses and buildings Photovoltaic equipment Total

1. Original book value

1. Opening balance

12,386,438.95 203,628,390.00 2,556,774.87 218,571,603.82 2. Increase in the current period

127,157,657.11 127,157,657.11 (1) New lease

127,157,657.11 127,157,657.11 3. Decrease amount in this period

211,594,576.37 211,594,576.37 (1) Disposal

211,560,681.20 211,560,681.20 (2) Contract changes

33,895.17 33,895.17 4. Closing balance

12,386,438.95 119,191,470.74 2,556,774.87 134,134,684.56

2. Accumulated depreciation

1. Opening balance

3,940,660.75 62,342,679.70 202,411.37 66,485,751.82 2. Increase in the current period

810,409.44 16,826,047.96 127,838.76 17,764,296.16 (1) Provision

810,409.44 16,826,047.96 127,838.76 17,764,296.16 3. Decrease amount in the current period

52,632,470.95 52,632,470.95 (1) Disposal

52,623,811.07 52,623,811.07 (2) Contract changes

8,659.88 8,659.88 4. Closing balance

4,751,070.19 26,536,256.71 330,250.13 31,617,577.03

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

7,635,368.76 92,655,214.03 2,226,524.74 102,517,107.53 2. Book value at the beginning of the period

8,445,778.20 141,285,710.30 2,354,363.50 152,085,852.00

(2). Impairment testing of right-of-use assets

□Applicable √Not applicable

Other notes:

The company's board of directors believes that: on the balance sheet date, there is no sign of impairment of the right-of-use assets, and no impairment provision is required.

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26. Intangible assets

(1).Intangible assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Land use rights Patent rights Non-patented technology Forest rights Total

1. Original book value

1. Opening balance 18,400,000.00 1,050,000.00 5,039,571.74 8,184,296.26 32,673,868.00 2. Increase in the current period

(1) Purchase

(2) Internal research and development

(3) Increase in business mergers

3. Reduction amount in this period

(1) Disposal

4. Closing balance 18,400,000.00 1,050,000.00 5,039,571.74 8,184,296.26 32,673,868.00

2. Accumulated amortization

1. Opening balance 369,794.38 39,375.00 4,432,811.60 1,678,108.97 6,520,089.95 2. Increase in the current period 493,059.24 52,500.00 205,990.03 256,129.68 1,007,678.95 (1) Provision 493,059.24 52,500.00 205,990.03 256,129.68 1,007,678.95 3. Decrease amount in the current period

(1) Disposal

4. Ending balance 862,853.62 91,875.00 4,638,801.63 1,934,238.65 7,527,768.90

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 17,537,146.38 958,125.00 400,770.11 6,250,057.61 25,146,099.10 2. Book value at the beginning of the period 18,030,205.62 1,010,625.00 606,760.14 6,506,187.29 26,153,778.05 The proportion of intangible assets formed through the company’s internal research and development at the end of the current period to the balance of intangible assets is 0

(2). Data resources recognized as intangible assets

□Applicable √Not applicable

(3). Land use rights for which property rights certificates have not been obtained.

□Applicable √Not applicable

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(4). Impairment testing of intangible assets

□Applicable √Not applicable

Other notes:

√Applicable □Not applicable

The company's board of directors believes that as of the balance sheet date, there are no signs of impairment of intangible assets and no provision for impairment is required.

27. Goodwill

(1).Original book value of goodwill

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Increase in this period Decrease in this period

Name of the invested unit or events that formed goodwill. Opening balance. Ending balance.

Disposal resulting from business combination

Zhongsheng Huaxing International Construction Engineering Co., Ltd. 5,002,663.84 5,002,663.84 Sichuan Zhongtai Qihang New Energy Technology Co., Ltd. 561,800.00 561,800.00 Wuhan Jiacheng Biological Products Co., Ltd. 1,520,382.88 1,520,382.88

Total 7,084,846.72 7,084,846.72

(2).Provision for impairment of goodwill

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Increase in this period Decrease in this period

Name of the invested unit or events that formed goodwill. Opening balance. Ending balance.

Provision Disposal

Zhongsheng Huaxing International Construction Engineering Co., Ltd. 5,002,663.84 5,002,663.84 Sichuan Zhongtai Qihang New Energy Technology Co., Ltd. 561,800.00 561,800.00 Wuhan Jiacheng Biological Products Co., Ltd.

Total 5,002,663.84 561,800.00 5,564,463.84

(3). Relevant information on the asset group or asset group combination where the goodwill is located

√Applicable □Not applicable

The asset group or portfolio it belongs to

Name, operating segment and basis. Is it consistent with previous years?

The composition and basis of

Zhongsheng Huaxing International Construction Co., Ltd.

Independently generate cash flow ecological environment is a limited company

Sichuan Zhongtai sets sail on new energy

Independently Generate Cash Flow Eco-Energy Yes Technology Co., Ltd.

Wuhan Jiacheng Biological Products Co., Ltd.

Independently generate cash flow Ecological Agriculture, Animal Husbandry and Food Co., Ltd.

Changes in asset group or asset group combination

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

(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: Yuan Currency: RMB Forecast period Forecast period Stable period Guan Forecast for stable period

Key Parameters Key Parameters Key Parameters (Growth Key Parameter Items Book Value Recoverable Amount Impairment Amount Period

(Growth rate, number accuracy rate, profit rate, etc. are determined based on the number of years.

Profit rate, etc.) Determination basis (Discount rate, etc.) According to Sichuan Zhongtai Qihang’s revenue growth rate, management approval, discount rate and forecast

Zero growth; pre-tax discount new energy technology has 578,605.96 578,605.96 5 years -6.25% to the last period of the accurate financial testing period

Current rate 10.87%

Ltd. -3.73% Budget Year-to-Year Consistent

Management Approval Discount rate and forecast Wuhan Jiacheng Biotech revenue growth rate Zero growth; pre-tax discount

40,106,106.66 40,800,000.00 5 years Precise financial testing period Last Product Co., Ltd. 2% Current rate 10.6%

Budget Annual consistent total 40,684,712.62 40,800,000.00 578,605.96 / / / / /

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 item Beginning balance Increase in the current period Amortization in the current period Other decreases Ending balance Decoration fee 2,944,569.96 2,396,834.08 1,298,423.49 4,042,980.55 Lease fee 215,082.40 21,804.12 193,278.28Xinyi Project Work

1,707,479.85 395,376.60 1,312,103.25 Cheng

Others 80,000.40 3,999.96 76,000.44Total 4,947,132.61 2,396,834.08 1,719,604.17 5,624,362.52

Other notes:

None

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29. Deferred income tax assets/deferred income tax liabilities

(1). Deferred income tax assets without offset

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Deductible temporary deferred income tax Deductible temporary deferred income tax difference Asset Difference Asset asset impairment provision 653,642,639.35 101,984,791.13 685,910,674.57 105,354,817.34 Unrealized profits from internal transactions

Deductible losses

Lease 3,968,326.74 922,575.80 3,805,393.59 905,906.18

Total 657,610,966.09 102,907,366.93 689,716,068.16 106,260,723.52

(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

16,339,741.50 2,449,818.50 17,863,424.51 2,679,513.68 Product evaluation value added

Fair value of other debt investments

change

Investment in other equity instruments is fair

value change

Depreciation of fixed assets 3,480.85 522.13 18,463.24 2,769.49 Lease 3,720,892.81 861,213.48 3,615,504.43 860,162.47

Total 20,064,115.16 3,311,554.11 21,497,392.18 3,542,445.64

(3). Deferred income tax assets or liabilities presented on a net basis after offsetting

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Deferred income tax assets Deferred items after offset Deferred income items after offset Deferred income tax assets

Assets and liabilities are offset by each other. Taxable assets or liabilities are offset by taxable assets or liabilities.

Amount Debt balance Debt balance Deferred income tax assets 861,213.48 102,046,153.45 860,162.47 105,400,561.05 Deferred income tax liabilities 861,213.48 2,450,340.63 860,162.47 2,682,283.17

(4).Details of deferred income tax assets not recognized

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Deductible temporary differences 36,453,781.83 10,450,377.20 Deductible losses 604,473,410.31 605,191,196.78 Total 640,927,192.14 615,641,573.98

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(5). Deductible losses that have not been recognized as deferred income tax assets will expire in the following years

√Applicable □Not applicable

Unit: Yuan Currency: RMB Year Ending amount Beginning amount Remarks

2025 105,606,412.40

2026 63,479,665.07 63,497,312.98

2027 108,774,217.53 108,570,983.75

2028 235,056,811.63 229,857,223.17

2029 90,132,397.74 97,659,264.48

2030 107,030,318.34

Total 604,473,410.31 605,191,196.78 /

Other notes:

□Applicable √Not applicable

30. Other non-current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value Contract acquisition cost

Contract fulfillment costs

Returns receivable cost

Contract assets - in

money during construction period

639,669,552.00 639,669,552.00 613,033,064.02 613,033,064.02 Financing asset model verification

PPP projects calculated

Total 639,669,552.00 639,669,552.00 613,033,064.02 613,033,064.02

Other notes:

None

31. Assets with restricted ownership or use rights

√Applicable □Not applicable

Unit: Yuan Currency: RMB End of Period Beginning of Period

Item Restricted Restricted book balance Book value Restricted situation Book balance Book value Restricted situation type Type

Judicial freeze, other judicial freeze, other monetary funds 45,483,653.31 45,483,653.31 Freeze 68,272,311.28 68,272,311.28 Freeze

He freezes the notes receivable

Inventory

Among them: number

data resources

Financial lease guarantee

Financial lease guarantee, fixed assets 216,918,715.14 191,646,073.44 Mortgage guarantee, bank loan 204,187,747.12 162,233,297.09 Mortgage bank loan guarantee

Bank loan guarantee

Intangible assets 12,300,000.00 11,732,307.68 Mortgage 12,300,000.00 12,056,703.27 Mortgage Bank loan guarantee

protect

Among them: number

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

data resources

Bank loan guarantee

Bank loan guarantee, accounts receivable 18,097,175.29 17,192,316.53 Pledge guarantee, financial lease 51,322,639.78 48,756,507.79 Pledge financial lease guarantee

guarantee

Long-term receivable

payment (including one

Bank loan guarantee

Due within the year 121,462,766.58 121,462,766.58 Pledge 151,095,379.36 151,095,379.36 Pledge Bank loan guarantee

protect

long-term response

payment)

Investment housing bank loan guarantee

6,863,180.16 2,329,842.03 Mortgage 6,863,180.16 2,660,955.87 Mortgage Bank loan guarantee real estate Guarantee, judicial freeze

Rights of use Financial lease guarantee

2,556,774.87 2,226,524.74 Mortgage 2,556,774.87 2,354,363.50 Mortgage Financial lease guarantee property insurance

Other non-current bank loan guarantees

639,669,552.00 639,669,552.00 Mortgage 613,033,064.02 613,033,064.02 Mortgage Bank borrowings guaranteed to move assets Guaranteed

Total 1,063,351,817.35 1,031,743,036.31 / / 1,109,631,096.59 1,060,462,582.18 / /

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

Pledge loans 19,001,806.85 30,006,015.59 Mortgage loans 5,002,666.67 8,012,222.24 Guaranteed loans 62,073,027.77 50,913,869.51 Credit loans 5,004,233.42

Total 91,081,734.71 88,932,107.34 Description of short-term loan classification:

The Company classifies short-term bank loans that contain mortgage guarantee conditions, pledge guarantee conditions and guarantee guarantee conditions as mortgage loans.

The Company classifies short-term bank loans that contain both pledge guarantee conditions and guarantee guarantee conditions as pledged loans. The Company classifies short-term bank loans that only contain guaranteed guarantee conditions as guaranteed loans.

(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 Beginning balance Ending balance Reason and basis for designation

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

Trading financial liabilities 1,199,197.24/including:

Derivative financial liabilities 1,199,197.24/Designated as measured at fair value and changes thereof

Financial liabilities included in current profits and losses

Among them:

Total 1,199,197.24/Other instructions:

□Applicable √Not applicable

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

Item Ending balance Beginning balance Purchase payable 683,149,945.65 638,329,893.72

Total 683,149,945.65 638,329,893.72

(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

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

Other notes:

□Applicable √Not applicable

38. Contract liabilities

(1).Contract liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Non-PPP projects 70,867,756.28 138,329,563.40 Advance payment 8,278,088.87 6,318,106.06

Total 79,145,845.15 144,647,669.46

(2).Important contract liabilities with an aging of more than 1 year

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Reasons for outstanding repayment or carry-forward Tongzi County Guoyu Xingshui Real Estate Investment and Development Co., Ltd. 44,529,865.11 The project has not yet met the settlement conditions

Total 44,529,865.11 /

(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 26,899,425.74 81,721,736.06 78,792,591.21 29,828,570.59

2. Post-employment benefits - defined contribution plan 136,939.81 5,156,835.17 5,179,355.08 114,419.90

3. Dismissal benefits

4. Other benefits expiring within one year

Total 27,036,365.55 86,878,571.23 83,971,946.29 29,942,990.49

(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 subsidies 26,779,845.76 72,761,412.53 69,815,389.85 29,725,868.44

2. Employee welfare fees 4,543,071.45 4,543,071.45

3. Social insurance premiums 77,099.98 2,703,651.01 2,715,956.84 64,794.15 Including: medical insurance premiums 74,694.50 2,550,470.12 2,562,753.72 62,410.90 Work-related injury insurance premiums 2,405.48 153,180.89 153,203.12 2,383.25

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maternity insurance premium

Others

4. Housing provident fund 40,980.00 1,568,867.34 1,573,439.34 36,408.00

5. Trade union funds and employee education funds 1,500.00 144,733.73 144,733.73 1,500.00

6. Short-term paid absences

7. Short-term profit sharing plan

Total 26,899,425.74 81,721,736.06 78,792,591.21 29,828,570.59

(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 132,790.08 4,965,248.67 4,987,086.12 110,952.63

2. Unemployment insurance premium 4,149.73 191,586.50 192,268.96 3,467.27

3. Enterprise annuity payment

Total 136,939.81 5,156,835.17 5,179,355.08 114,419.90

Other notes:

□Applicable √Not applicable

40. Taxes payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Value-added tax 352,813.78 445,503.47 Corporate income tax 2,621,174.26 52,990.73 Personal income tax 524,985.12 348,250.96 Urban maintenance and construction tax 13,127.92 37,826.50 Education surcharge 5,865.29 16,353.73 Local education surcharge 3,910.20 10,902.50 Stamp tax 207,178.50 143,376.91 Land use tax 18,814.82 21,848.17 Real estate tax 48,943.16 44,065.28 Environmental protection tax 4,162.05 4,162.05

Total 3,800,975.10 1,125,280.30

Other notes:

None

41. Other payables

(1).Project list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

interest payable

Dividends payable 1,877,531.25 1,877,531.25 Other payables 123,040,766.09 164,968,291.57

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Total 124,918,297.34 166,845,822.82

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

(3). Dividends payable

Classification list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Ordinary stock dividends 1,877,531.25 1,877,531.25 Dividends on preferred stocks\perpetual bonds classified as equity instruments

Total 1,877,531.25 1,877,531.25 Other explanations, including important dividends payable that have not been paid for more than 1 year, the reasons for non-payment should be disclosed:

None

(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 71,801,828.25 75,557,767.52 Unpaid fees 480,249.24 480,249.24 General transactions 50,730,133.97 88,814,026.63 Others 28,554.63 116,248.18

Total 123,040,766.09 164,968,291.57

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

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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 93,732,811.26 115,510,879.78 Bonds payable due within 1 year

Long-term payables due within 1 year 80,819,679.96 33,344,586.19 Lease liabilities due within 1 year 13,315,194.49 35,940,549.68 Other non-current liabilities due within 1 year 5,348,870.63 5,302,656.58

Total 193,216,556.34 190,098,672.23Other 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

Output tax to be transferred 46,182,788.67 50,038,078.57 Loans 72,990,737.97 39,294,260.34

Total 119,173,526.64 89,332,338.91

Changes in short-term bonds payable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

45. Long-term loans

(1). Classification of long-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Pledged loans 676,018,120.09 728,320,736.78 Pledged loans 15,266,000.00 25,048,000.00 Guaranteed loans 857,142.89

credit loan

Total 692,141,262.98 753,368,736.78 Description of long-term loan classification:

The Company classifies long-term bank loans that contain mortgage guarantee conditions, pledge guarantee conditions and guarantee guarantee conditions as mortgage loans.

The Company classifies long-term bank loans that contain both pledge guarantee conditions and guarantee guarantee conditions as pledged loans. The Company classifies long-term bank loans that only include guarantee guarantee conditions as guaranteed loans.

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Other notes:

□Applicable √Not applicable

46. Bonds payable

(1).Bonds payable

□Applicable √Not applicable

(2). Details of bonds payable: (excluding preference shares, perpetual bonds and other financial instruments classified as financial liabilities) □ Applicable √ Not applicable

(3).Description of convertible corporate bonds

□Applicable √Not applicable

Accounting treatment and judgment basis for equity transfer

□Applicable √Not applicable

(4). Description of other financial instruments classified as financial liabilities

Basic information on preferred shares, perpetual bonds and other financial instruments outstanding at the end of the period □ Applicable √ Not applicable

Table of changes in outstanding preferred stocks, perpetual bonds and other financial instruments at the end of the period □ Applicable √ Not applicable

Explanation of the basis for classifying other financial instruments as financial liabilities

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

47. Lease liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Lease payments 88,447,907.60 167,167,617.91 Less: Unrecognized financing costs 10,376,118.38 20,117,430.28 Less: Lease liabilities due within one year 13,315,194.49 35,940,549.68

Total 64,756,594.73 111,109,637.95

Other notes:

None

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48. Long-term accounts payable

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Long-term payables 192,181,718.73 267,991,884.49 Special payables

Total 192,181,718.73 267,991,884.49

Other notes:

□Applicable √Not applicable

long-term payables

(1). Present long-term payables according to the nature of the payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Forest rights installments 1,627,996.44 1,793,055.44 Financial leasing business 80,137,165.25 136,016,756.97 Performance commitment payable 110,416,557.04 130,082,072.08 Project special funds 100,000.00 Total 192,181,718.73 267,991,884.49

Other notes:

None

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

Unit: Yuan Currency: RMB

Item Closing balance Beginning balance Reason for formation External guarantee provided

Pending litigation 2,989,500.00

Product quality assurance

restructuring obligations

Onerous contracts pending execution

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Return payment payable

Others

Total 2,989,500.00 /

Other explanations, including important assumptions and estimation instructions related to important estimated liabilities:

None

51. Deferred income

Deferred income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Project Beginning balance Increase in the current period Decrease in the current period Ending balance Reasons for formation Government subsidies 688,796.03 81,034.80 607,761.23 Total subsidies for high-quality grain projects 688,796.03 81,034.80 607,761.23 /

Other notes:

□Applicable √Not applicable

52. Other non-current liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance Contract liabilities

Output tax to be transferred from the PPP project 18,740,121.40 24,262,552.79 Total 18,740,121.40 24,262,552.79 Other notes:

None

53. Share capital

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in this change (+, -)

Balance at the beginning of the period Issued Provident Fund Balance at the end of the period Bonus shares Other Subtotal

New shares Conversion

Total number of shares 290,146,240.00 290,146,240.00Other 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

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Changes in other equity instruments during the current period, explanations of reasons for changes, and the basis for relevant accounting treatments: □ Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

55. Capital reserve

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance Capital premium (share capital

912,212,051.57 912,212,051.57 premium)

Other capital reserves 587,525.06 587,525.06

Total 912,212,051.57 587,525.06 912,799,576.63Other instructions:

Other capital reserves increased by RMB 587,525.06 during the current period, which was due to the company's transfer of 4.00% equity from minority shareholders of its subsidiary Wuhan Jiacheng Biological Products Co., Ltd.

56. Treasury stocks

□Applicable √Not applicable

57. Other comprehensive income

□Applicable √Not applicable

58. Special reserves

□Applicable √Not applicable

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 45,177,411.16 45,177,411.16 Discretionary surplus reserve

reserve fund

Enterprise Development Fund

Others

Total 45,177,411.16 45,177,411.16 Description of surplus reserve, including changes in increases and decreases in the current period and explanation of reasons for changes:

None

60. Undistributed profits

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Item This period The undistributed profit at the end of the previous period before the adjustment in the previous period -728,796,592.68 -621,438,805.06 Adjust the total undistributed profit at the beginning of the period (increase +, decrease -)

Undistributed profit at the beginning of the adjusted period -728,796,592.68 -621,438,805.06 Plus: Net profit attributable to owners of the parent company for the period -106,903,872.77 -107,357,787.62 Less: Appropriation of statutory surplus reserve

Withdraw discretionary surplus reserve

Withdraw general risk reserve

Dividends payable on common shares

Dividends on common shares converted into equity capital

Undistributed profits at the end of the period -835,700,465.45 -728,796,592.68 Adjustment 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 items for the previous period

Revenue Cost Revenue Cost Main business 718,817,450.01 724,253,493.64 794,501,931.27 709,267,311.73 Other business 6,771,423.16 2,241,849.77 7,004,775.39 5,413,118.44

Total 725,588,873.17 726,495,343.41 801,506,706.66 714,680,430.17

(2). Decomposition information of operating income and operating costs

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(3).Description of performance obligations

□Applicable √Not applicable

(4). Description of apportionment to remaining performance obligations

□Applicable √Not applicable

(5).Major contract changes or major transaction price adjustments

□Applicable √Not applicable

Other notes:

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

None

62. Taxes and surcharges

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Urban maintenance and construction tax 730,737.03 691,764.98 Education surcharge 325,512.70 309,256.15 Resource tax

Property tax 339,375.71 289,075.76 Land use tax 78,270.66 90,403.91 Vehicle and vessel use tax 18,316.23 27,210.78 Stamp tax 557,812.72 501,465.30 Local education surcharge 217,008.37 210,225.58 Other taxes and fees 22,708.20 10,771.32

Total 2,289,741.62 2,130,173.78Other instructions:

None

63. Sales expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 3,054,151.23 2,772,509.26 Travel expenses 207,702.85 253,346.19 Office expenses 746,873.75 1,026,417.48 Business development expenses 63,985.11 69,441.60 Business promotion expenses 165,931.99 214,295.36 Vehicle usage fee 136,988.11 199,265.82 Depreciation fee 6,331.63

Total 4,375,633.04 4,541,607.34

Other notes:

None

64. Management expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 35,977,402.96 48,771,681.12 Lease fees 8,843,778.04 17,928,537.06 Business entertainment expenses 3,611,053.06 5,201,443.78 Office expenses 6,302,061.17 4,348,298.03 Intermediary service fee 10,921,093.77 14,474,540.68 Travel expense 2,064,852.32 2,203,233.51 Depreciation fee 9,242,639.95 10,853,779.63 Vehicle usage fee 1,166,904.24 1,206,227.58

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Amortization of intangible assets 918,373.13 847,825.17 Amortization expenses 656,191.20 648,414.32 Equity incentives -1,354,563.81

Total 79,704,349.84 105,129,417.07

Other notes:

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 9,787,521.76 8,509,268.35Material expenses 2,779,055.59 2,148,431.31Office expenses 122,458.24 113,685.69Leasing expenses 760,378.95 324,076.80Travel expenses 109,812.61 2,326.93 Depreciation fee 4,332.08 7,984.97 Labor fee 285,000.00 487,228.46 Machinery fee 400.00

Testing fee 72,899.98 18,256.13

Total 13,921,859.21 11,611,258.64

Other notes:

None

66. Financial expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Interest expense 53,336,334.08 36,528,507.72 Less: Interest income 46,234,484.51 29,681,457.65 Net interest expense 7,101,849.57 6,847,050.07 Exchange loss 66,015.79 24,768.98 Less: Exchange income 95,376.59 113,317.33 Net exchange loss -29,360.80 -88,548.35 Bank handling fees 138,218.54 136,582.87 Other financing expenses 1,853,366.91 3,072,164.42

Total 9,064,074.22 9,967,249.01

Other notes:

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 2,975,734.32 844,661.74

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Personal tax fee refund 44,204.20 78,173.98 Input tax additional deduction 142,471.15

Value-added tax and additional tax exemption 32,675.64 37,943.46

Total 3,195,085.31 960,779.18

Other notes:

None

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 by the equity method -760,216.72 2,189,008.80 Investment income from disposal of long-term equity investments -678,526.84 -2,344,172.54 Investment income from trading financial assets during the holding period

Dividends received from other equity instrument investments during the holding period

income

Interest income earned from debt investments during the holding period

Interest income earned from other debt investments during the holding period

Investment income from the disposal of trading financial assets -2,675,729.09 1,541,922.82 Investment income from the disposal of other equity instrument investments

Investment income from disposal of debt investments

Investment income from disposal of other debt investments

Income from debt restructuring -1,172,240.06

Total -4,114,472.65 214,519.02

Other notes:

None

69. Net exposure hedging income

□Applicable √Not applicable

70. Income from changes in fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Sources of income from changes in fair value Amount incurred in the current period Amount incurred in the previous period

Trading financial assets 8,633,602.76 -428,240.00 Including: fair price generated by derivative financial instruments

8,633,602.76 -428,240.00 Value change income

Trading financial liabilities

Investment properties measured at fair value

Total 8,633,602.76 -428,240.00Other instructions:

None

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71. Credit impairment losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Bad debt losses on notes receivable

Bad debt losses on accounts receivable -214,442.94 -29,302,112.51 Bad debt losses on other receivables 1,076,877.71 333,735.22 Impairment losses on debt investments

Impairment losses on other debt investments

Bad debt losses on long-term receivables -3,265,547.78 1,606,528.47 Impairment losses related to financial guarantees

Total -2,403,113.01 -27,361,848.82Other 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 7,306,351.64 7,284,640.60

2. Inventory depreciation losses and contract performance costs

-29,672,637.30 -18,119,130.67 Impairment loss

3. Impairment losses on long-term equity investments

4. Impairment losses on investment real estate

5. Impairment losses on fixed assets

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

11. Goodwill impairment loss -561,800.00 -5,002,663.84

12. Others

Total -22,928,085.66 -15,837,153.91Other instructions:

None

73. Income from asset disposal

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period Gains or losses from the disposal of fixed assets 48,964.80 277,523.77 Gains or losses from the disposal of right-of-use assets 25,924,573.47 -943,075.08

Total 25,973,538.27 -665,551.31

Other notes:

None

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74. Non-operating income

Non-operating income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring losses for the current period Amount incurred in the current period Amount incurred in the previous period

amount of profit

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

Current accounts that do not need to be paid 9,512,526.46 3,200,332.42 9,512,526.46 Insurance compensation income 1,267,186.30 4,164,372.30 1,267,186.30 Penalty income 200,002.66 30,000.00 200,002.66 Donation profit 5,000.00

Others 166,786.41 561,110.35 166,786.41

Total 11,146,501.83 7,960,815.07 11,146,501.83

Other notes:

□Applicable √Not applicable

75. Non-operating expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring losses for the current period Amount incurred in the current period Amount incurred in the previous period

amount of profit

Total losses on disposal of non-current assets

Including: Fixed asset disposal losses

Loss on disposal of intangible assets

Non-monetary asset exchange losses

External donations 35,500.00 440,000.00 35,500.00 Loss from damage and scrapping of non-current assets 1,849,051.35 2,922,498.19 1,849,051.35 Compensation expenses 3,034,729.34 369,833.17 3,034,729.34 Others 550,290.17 1,715,941.98 550,290.17

Total 5,469,570.86 5,448,273.34 5,469,570.86

Other notes:

None

76. Income tax expenses

(1). Income tax expense schedule

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

Item Amount for the current period Amount for the previous period

Current income tax expense 2,664,498.91 -142,777.27 Deferred income tax expense 3,122,465.06 -172,493.70

Total 5,786,963.97 -315,270.97

(2).Accounting profit and income tax expense adjustment process

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in this period

Total profit -96,228,642.18 Income tax expenses calculated according to statutory/applicable tax rates -14,434,296.33 The impact of different tax rates applicable to subsidiaries -590,330.99 The impact of adjusting income taxes in previous periods 12,379.73 The impact of non-taxable income -1,593,374.74 The impact of non-deductible costs, expenses and losses 2,642,418.61 Use deductible losses from deferred income tax assets not recognized in the previous period

-1,335,951.68 impact of loss

The deductible temporary nature of deferred income tax assets has not been recognized in the current period.

21,086,119.37 Difference or impact of deductible losses

Income tax expense 5,786,963.97

Other notes:

□Applicable √Not applicable

77. Other comprehensive income

□Applicable √Not applicable

78. Cash flow statement items

(1). Cash related to operating activities

Other cash received related to operating activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Interest income 414,660.93 609,500.28 Government subsidies 2,889,763.60 775,629.64 Insurance compensation income 27,026,456.47 27,977,244.70 Received guarantee deposits, deposits, reserve funds, etc. 96,907,939.36 49,187,836.23 Bank deposits unfrozen 8,864,438.21

Total 136,103,258.57 78,550,210.85

Description of other cash received related to operating activities:

None

Other cash paid related to operating activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Item Amount for the current period Amount for the previous period

Office expenses 19,470,482.83 21,254,749.59 Travel expenses 2,272,555.17 2,456,579.70 Business expenses 3,840,970.16 5,485,180.74 Research and development expenses 4,916,252.54 3,075,749.19 Payment of guarantee deposit, deposit, reserve fund, etc. 59,655,187.07 60,475,785.00 Pig insurance premium 22,169,392.44 19,000,055.66 Donation expenditure 35,500.00 200,000.00 Bank deposit frozen 25,374,210.53

Total 112,360,340.21 137,322,310.41

Description of other cash paid related to operating activities:

None

(2).Cash related to investing activities

Cash received in connection with significant investing activities

□Applicable √Not applicable

Cash payments related to significant investment activities

□Applicable √Not applicable

Other cash received related to investing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Futures trading 12,525,404.98 18,050,573.72 Recovery of borrowings 1,500,000.00 Interest on equity transfer funds 10,000.00

Total 12,535,404.98 19,550,573.72

Description of other cash received related to investing activities:

None

Other cash paid related to investing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Futures trading 19,660,650.09 16,000,000.00 Futures trading service fee 101,722.96 Net decrease in cash from disposal of subsidiaries 989,646.16

Total 19,660,650.09 17,091,369.12

Description of other cash paid related to investment activities:

None

(3).Cash related to financing activities

Other cash received related to financing activities

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Financial leasing business 12,000,000.00 39,900,000.00 Received rent refunds, etc. 54,012.79 Received corporate loans 193,095,300.00 188,370,000.00 Received personal loans 17,050,000.00 24,276,280.00

Total 222,145,300.00 252,600,292.79

Description of other cash received related to financing activities:

None

Other cash payments related to financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Financial leasing business 46,124,195.48 32,333,692.69 Return of corporate borrowings 163,987,000.00 187,620,000.00 Other financing expenses 302,443.92 2,723,880.00 Lease fees 19,412,430.68 20,154,534.06 Performance compensation 16,860,000.00 11,700,000.00 Repayment of personal loans 14,233,500.00 24,021,280.00 Repayment of capital contribution from minority shareholders 2,000,000.00 Pledge loan deposit -10,184.41

Total 260,919,570.08 280,543,202.34

Description of other cash payments related to financing activities:

None

Changes in various liabilities arising from financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Increase in this period Decrease in this period

Item Beginning balance Closing balance

Cash changes Non-cash changes Cash changes Non-cash changes Short-term borrowings 88,932,107.34 98,980,000.00 -4,519,024.95 82,311,347.68 10,000,000.00 91,081,734.71 Other payables - dividends payable 1,877,531.25 - - - - 1,877,531.25 Non-current due within one year

184,796,015.65 - - - -3,071,670.06 187,867,685.71 Liabilities

Other current liabilities 39,294,260.34 210,145,300.00 4,031,203.71 180,307,526.08 172,500.00 72,990,737.97 Long-term borrowings 753,368,736.78 3,000,000.00 39,869,558.80 125,875,101.12 -21,778,068.52 692,141,262.98 Lease liabilities 111,109,637.95 - 52,829,613.36 19,851,335.08 79,331,321.50 64,756,594.73 Long-term payables 267,991,884.49 12,000,000.00 40,482,384.85 60,598,791.08 67,693,759.53 192,181,718.73 Total 1,447,370,173.80 324,125,300.00 132,693,735.77 468,944,101.04 132,347,842.45 1,302,897,266.08

(4).Explanation on presenting cash flow in net amount

□Applicable √Not applicable

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(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 -102,015,606.15 -86,843,112.49 plus: asset impairment provision 22,928,085.66 15,837,153.91 Credit impairment loss 2,403,113.01 27,361,848.82 Fixed asset depreciation, oil and gas asset depreciation, productive biological resources

40,598,027.29 37,028,608.27 Product depreciation

Amortization of right-of-use assets 17,764,296.16 26,469,699.85 Amortization of intangible assets 1,007,678.95 948,308.14 Amortization of long-term prepaid expenses 1,719,604.17 1,246,707.65 Loss on disposal of fixed assets, intangible assets and other long-term assets

-25,973,538.27 665,551.31 loss (income is listed with "-")

Losses from scrapping of fixed assets (income is listed with “-”) 1,849,051.35 2,922,498.17 Loss from changes in fair value (income is listed with “-”) -8,633,602.76 428,240.00 Financial expenses (income is listed with “-”) 53,680,430.16 38,544,388.32 Investment losses (income is listed with "-") 4,114,472.65 -214,519.02 Decrease in deferred income tax assets (increases are listed with "-") 3,354,407.60 535,328.37 Increase in deferred income tax liabilities (decreases are listed with "-") -231,942.54 2,635,936.48 Decrease in inventory (increases are indicated with "-") 211,886,357.29 95,257,003.96 Decrease in operating receivables (increases are indicated with "-") 60,730,663.36 -56,558,060.12 Increase in operating payables (decreases are indicated with "-") -26,883,795.32 30,376,004.13 Others -1,354,563.81 Net cash flow from operating activities 258,297,702.61 135,287,021.94 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 90,941,798.16 100,267,192.32 Less: Opening balance of cash 100,267,192.32 95,036,332.54 Add: Closing balance of cash equivalents

Less: Opening balance of cash equivalents

Net increase in cash and cash equivalents -9,325,394.16 5,230,859.78

(2). Net cash paid in the current period to acquire subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Amount

Cash or cash equivalents paid during the current period for business mergers occurred 8,849,397.54, including: acquisition of Wuxue Qiangqiang Animal Husbandry Co., Ltd. 7,825,000.00

Acquisition of minority shareholders’ equity in Wuhan Jiacheng Biological Products Co., Ltd. 1,024,397.54 Less: Cash and cash equivalents held by the purchaser

Add: Cash or cash equivalents paid in the current period for business combinations that occurred in previous periods 51,660,000.00 Among them: Acquisition of minority shareholder equity of Tianqian Food Co., Ltd. 51,660,000.00 Net cash paid to acquire subsidiaries 60,509,397.54

Other notes:

None

(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

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

1. Cash 90,941,798.16 100,267,192.32 Of which: Cash on hand 40.56 40.56 Bank deposits that can be used for payment at any time 90,941,757.60 100,267,151.76

Other currencies available for payment at any time

gold

Central bank deposits available for payment

item

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 90,941,798.16 100,267,192.32 Among them: used by the parent company or subsidiaries within the group

Restricted cash and cash equivalents

(5). Situations where the scope of use is limited but still presented as cash and cash equivalents

□Applicable √Not applicable

(6). Monetary funds that are not cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Reason

Other frozen 25,817,533.31 39,741,753.07 Restricted use rights

Judicial freeze 19,666,120.00 28,530,558.21 Restricted use rights

Securities account 16,966,069.97 9,509,023.66 Cannot be withdrawn at will

Total 62,449,723.28 77,781,334.94 /

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Other notes:

□Applicable √Not applicable

80. Notes on items in the statement of changes in owners’ equity

Explain the name of the "other" items and the adjustment amount and other matters that were adjusted to the closing balance of the previous year: □ 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 of monetary funds 0.33 2.32 Including: US dollars 0.33 7.0288 2.32 euros

Hong Kong dollar

Accounts Receivable - - Of which: USD

Euro

Hong Kong dollar

Long-term borrowings - - Of which: US dollars

Euro

Hong Kong dollar

Other notes:

None

(2). Description of overseas operating entities, including for important overseas operating entities, their main overseas operating place, accounting standard currency and basis for selection should be disclosed. If the accounting standard currency changes, the reasons should also be disclosed.

□Applicable √Not applicable

82. Leasing

(1). As a lessee

√Applicable □Not applicable

Variable lease payments not included in the measurement of lease liabilities

□Applicable √Not applicable

Simplified treatment of short-term leases or lease payments for low-value assets

√Applicable □Not applicable

Simplified treatment of short-term leases or lease fees for low-value assets: 1,193,359.06 yuan.

Sale and leaseback transactions and basis for judgment

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□Applicable √Not applicable

Total cash outflow related to leasing 20,605,789.74 (Unit: Yuan Currency: RMB)

(2). As a lessor

Operating lease as lessor

√Applicable □Not applicable

Unit: Yuan Currency: RMB Including: Variable items not included in lease receipts Lease income

Income related to lease payments Housing rental 961,629.84

Vehicle rental 7,964.61

Total 969,594.45

Finance lease as lessor

□Applicable √Not applicable

Reconciliation of undiscounted lease receipts and net lease investment

□Applicable √Not applicable

Undiscounted lease receipts over the next five years

□Applicable √Not applicable

(3). 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 incurred in the current period Employee compensation incurred in the previous period 9,787,521.76 8,509,268.35Material expenses 2,779,055.59 2,148,431.31Office expenses 122,458.24 113,685.69Leasing expenses 760,378.95 324,076.80Travel expenses 109,812.61 2,326.93 Depreciation expense 4,332.08 7,984.97

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Labor fee 285,000 487,228.46 Machinery fee 400.00 Inspection fee 72,899.98 18,256.13

Total 13,921,859.21 11,611,258.64 Including: expensed R&D expenditures 13,921,859.21 11,611,258.64

Capitalized R&D expenditures

Other notes:

None

2. Development expenditures on R&D projects that meet capitalization conditions

□Applicable √Not applicable

Significant Capitalized R&D Projects

□Applicable √Not applicable

Impairment provision for development expenditures

□Applicable √Not applicable

Other notes:

None

3. Important outsourced research projects

□Applicable √Not applicable

9. Changes in consolidation scope

1. Merger of enterprises not under common control

√Applicable □Not applicable

(1).Business merger transactions not under common control that occurred during the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Equity Acquisition Equity Purchase Date Purchase Date to Period Purchase Date to Period Name of Purchased Party from Purchase Date to Period Equity Acquisition Equity Acquisition Proceeds

Proportion of Acquisition Determination of Purchase Date Last Purchased Party Last Purchased Party Last Purchased Party Called Time Point

(%) Method based on revenue, net profit, cash flow of Wuxue City Qiangmu Cash Completed Industrial and Commercial

2025/05/27 15,650,000.00 100.00 2025/05/27 1,681,294.00 -2,742,614.57 48,319.19 Industry Co., Ltd. Transfer Registration change Chongqing Xuanneng Juhui

Cash Complete Industrial and Commercial Low Carbon Technology Co., Ltd. 2025/07/16 - 65.00 2025/07/16 - -141,586.68 9,985.25

Transfer Registration Change Company

Other notes:

None

(2).Merger costs and goodwill

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Merger costs Wuxue Qiangqiang Animal Husbandry Co., Ltd. Chongqing Xuanneng Juhui Low Carbon Technology Co., Ltd. -- Cash 15,650,000.00 -- Fair value of non-cash assets

--Fair value of debt issued or assumed

--Fair value of equity securities issued

--Fair value of contingent consideration

-- Equity held before the purchase date on the purchase date

fair value

--Others

Total merger cost 15,650,000.00 less: fair value share of identifiable net assets acquired

15,650,000.00 amount

Goodwill/combination cost is less than the identifiable net amount acquired

Amount of fair value share of assets

Method for determining the fair value of merger costs:

√Applicable □Not applicable

According to the share transfer agreement signed between the company and Li Junzhan, the company purchased 100% equity of Wuxue Qiangqiang Animal Husbandry Co., Ltd. at an equity transfer price of 15,650,000.00 yuan.

Completion status of performance commitments:

□Applicable √Not applicable

The main reasons for the formation of large amounts of goodwill:

□Applicable √Not applicable

Other notes:

None

(3). The identifiable assets and liabilities of the purchased party on the purchase date

√Applicable □Not applicable

Unit: Yuan Currency: RMB Wuxue Qiangqiang Animal Husbandry Co., Ltd. Chongqing Xuanneng Juhui Low Carbon Technology Co., Ltd.

Fair value on the date of acquisition Book value on the date of acquisition Fair value on the date of acquisition Book value on the date of acquisition Assets:

Monetary funds

Accounts receivable

Inventory

Fixed assets 15,650,000.00 15,650,000.00 Intangible assets

Liabilities:

borrow money

Accounts payable

Deferred income tax liability

Net assets 15,650,000.00 15,650,000.00 less: minority shareholders’ equity

Net assets acquired 15,650,000.00 15,650,000.00

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Method for determining the fair value of identifiable assets and liabilities:

The fair value of the identifiable assets and liabilities of Wuxue Qiangqiang Animal Husbandry Co., Ltd. on the day of purchase was determined based on the "Exin Zi" "Consultation Report" issued by Hubei Xinyang Land Real Estate Assets Appraisal Co., Ltd. on March 29, 2025.

Contingent liabilities of the purchased party assumed in a business combination:

None

Other notes:

None

(4). Is there any gain or loss arising from the re-measurement of the equity held before the acquisition date at fair value? There is a transaction that realizes the business combination step by step through multiple transactions and obtains control during the reporting period □ Applicable √ Not applicable

(5). The merger consideration or the fair value of the acquiree’s identifiable assets and liabilities cannot be reasonably determined on the acquisition date or at the end of the current period of merger.

Description

□Applicable √Not applicable

(6).Other instructions

□Applicable √Not applicable

2. Merger of enterprises under common control

□Applicable √Not applicable

3. Reverse purchase

□Applicable √Not applicable

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4. Disposal of subsidiaries

Are there any transactions or events that result in the loss of control of subsidiaries during this period?

√Applicable □Not applicable

Unit: Yuan Currency: RMB and Atomic Loss of Control Company Shares

Losing control Losing control

On the date of disposal of the price and rights, the joint investment is lost. The control rights shall be based on fair

Disposal of investments related to consolidated financial statements. Loss of control. Loss of control. Loss of control. Daily merger. Daily merger. Value re-

The remaining consolidated financial statement level when control is lost. Other comprehensive subsidiaries. When control is lost. When control is taken. When control is taken. Financial report. Financial report. Measurement residual.

Disposal at the time point Financial statement level Name of public income from remaining equity Point of point Point of point Surface level of residual equity Surface level Equity generation

Proportion (%) Shares that enjoy the fair value of the subsidiary transferred to investment Disposal method Judgment basis Proportion (%) Remaining shares Gains or gains from the remaining shares

Determination method of the company's net assets, capital gains and losses, account rights, corporate losses

The difference between the balance and the main false or retained face value or fair value

Assuming income

Amount Weihaitian

domain frontier

New energy cash-to-equity transfer

2025/09/10 - 100.00 - - - - Not applicable Not applicable -Technology has transfer

limited liability

company

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

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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

Information on newly established subsidiaries in this period:

Shareholding ratio (%) Subsidiary name Main place of business Registration place Nature of business How to obtain

Direct Indirect Wuhan Tianyi Animal Husbandry Co., Ltd. Wuhan, Hubei Province Ecological Agriculture and Animal Husbandry

Wuhan City, Hubei Province 100.00 Establishment of Division City Product

Weihai Tianyu Frontier New Energy Weihai, Shandong Province

Weihai City, Shandong Province Ecological Energy 100.00 Establishment of Technology Co., Ltd. City

Danling Tianyu Frontier New Energy Meishan, Sichuan Province

Meishan City, Sichuan Province Ecological Energy 100.00 Establishment of Technology Co., Ltd. City

Shanghai Tianyuhuan New Energy Technology Yangpu, Shanghai

Yangpu District, Shanghai Ecological Energy 51.00 Establishment Technology Co., Ltd. District

Shanghai Tianyuzhi Digital Technology Yangpu, Shanghai

Yangpu District, Shanghai Ecological Energy 95.00 Establishment of a limited company District

Tianyu Yafu Computing Power of Hainan Province Changjiangli of Hainan Province Changjiang of Hainan Province

Ecological Energy 51.00 Establishment of Technology Co., Ltd. Ethnic Autonomous County Li Autonomous County

Liquidation of subsidiaries in this period:

Subsidiary name Liquidation time

Danling Tianyu Frontier New Energy Technology Co., Ltd. 2025/12/26

Jiaxing Tianrui Cultural Tourism Development Co., Ltd. 2025/05/16

Macheng Jingtian Camellia Oil Professional Cooperative 2025/12/05

Wuhan Yister Biotechnology Co., Ltd. 2025/06/23

Hainan Tianyu Yafu Computing Technology Co., Ltd. 2025/08/13

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: RMB 10,000 Currency: RMB Subsidiary Shareholding ratio (%) Obtained main place of business Registered capital Place of registration Nature of business

Name Direct Indirect Method Hunan Tianlian Seedlings Co., Ltd. Changsha City, Hunan Province 1,000.00 Changsha City, Hunan Province Ecological Environment 90 - Investment and establishment of Hunan Meihe Seedlings Co., Ltd. Zhuzhou City, Hunan Province 1,334.69 Zhuzhou City, Hunan Province Ecological Environment 100 - Investment and establishment of Shaanxi Tianlian Ecological Seedlings Co., Ltd. Weinan City, Shaanxi Province 1,000.00 Weinan City, Shaanxi Province Ecological Environment 100 - Investment and establishment of Jiangxi Meilian Ecological Seedling Co., Ltd. Shangrao City, Jiangxi Province 2,235.35 Shangrao City, Jiangxi Province Ecological Environment 100 - Investment and establishment of Zhongsheng Huaxing International Construction Engineering Co., Ltd. Chengdu City, Sichuan Province 10,018.00 Chengdu City, Sichuan Province Ecological Environment 100 - Merger of enterprises not under common control Jining Economic Development Zone Tianjian Park Construction and Operation Co., Ltd. Jining City, Shandong Province 3,000.00 Jining City, Shandong Province Ecological Environment 80 - Investment and establishment of Huajue (Hangzhou) Asset Management Co., Ltd. Hangzhou City, Zhejiang Province 5,000.00 Hangzhou City, Zhejiang Province Ecological Environment 100 - Investment and establishment of Yichang Tianyi Science and Technology Development Partnership (Limited Partnership) Yichang City, Hubei Province 1,000.00 Yichang City, Hubei Province Ecological Agriculture, Animal Husbandry and Food - 1 Investment and establishment of Shanghai Huajue Enterprise Management Partnership (Limited Partnership) Yangpu District, Shanghai 0.75 Yangpu District, Shanghai Ecological Energy - 0.13 Investment and establishment of Quzhou Tianyu Landscape Construction Co., Ltd. Quzhou City, Zhejiang Province 13,500.00 Quzhou City, Zhejiang Province Ecological Environment 88 1 Invested in the establishment of Shanghai Xiangyuan Cultural Tourism Development Co., Ltd. Jinshan District, Shanghai 500.00 Jinshan District, Shanghai Ecological environment 90 - Invested in the establishment of Xiangyang Tianyu Construction Engineering Co., Ltd. Xiangyang City, Hubei Province 8,707.44 Xiangyang City, Hubei Province Ecological environment 89 - Invested in the establishment of Tiangan Food Co., Ltd. Yichang City, Hubei Province 33,333.33 Yichang City, Hubei Province Ecological agriculture and animal husbandry food 90 0.10 Investment and establishment of Hubei Tiantu Food Technology Co., Ltd. Wuhan City, Hubei Province 9,000.00 Wuhan City, Hubei Province Ecological Agriculture and Animal Husbandry Food - 90 Investment and establishment of Shanghai Yunxin Animal Husbandry Co., Ltd. Chongming District, Shanghai 2,000.00 Chongming District, Shanghai Ecological Agriculture and Animal Husbandry Food - 100 Merger of enterprises not under common control Wuhan Tianyu Agriculture and Animal Husbandry Co., Ltd. Wuhan City, Hubei Province 8,000.00 Wuhan City, Hubei Province Ecological Agriculture and Animal Husbandry Food - 100 Invest in the establishment of Wuhan Tianqian Agriculture and Animal Husbandry Co., Ltd. Wuhan City, Hubei Province 1,428.57 Wuhan City, Hubei Province Ecological Agriculture and Animal Husbandry Food - 70 Invest in the establishment of Yichang Tianyu Agriculture and Animal Husbandry Co., Ltd. Yichang City, Hubei Province 5,000.00 Yichang City, Hubei Province Ecological Agriculture and Animal Husbandry Food - 100 Investment and establishment of Hubei Tiancheng Fengtai Food Co., Ltd. Wuhan City, Hubei Province 10,000.00 Wuhan City, Hubei Province Ecological agriculture and animal husbandry food - 45 Investment and establishment of Dawu Tianpeng Trading Co., Ltd. Xiaogan City, Hubei Province 200.00 Xiaogan City, Hubei Province Ecological agriculture and animal husbandry food - 100 Investment and establishment of Hubei Tiangan Seed Industry Technology Co., Ltd. Yichang City, Hubei Province 2,000.00 Yichang City, Hubei Province Ecological agriculture and animal husbandry food - 100 Investment and establishment of Yidu Tianqian Agriculture and Animal Husbandry Co., Ltd. Yichang City, Hubei Province 2,000.00 Yichang City, Hubei Province Ecological agriculture and animal husbandry food - 100 Investment and establishment

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Dangyang Tianqian Agriculture and Animal Husbandry Co., Ltd. Yichang City, Hubei Province 2,000.00 Yichang City, Hubei Province Ecological Agriculture and Animal Husbandry Food - 100 Investment and establishment of Wuhan Tianyi Animal Husbandry Co., Ltd. Wuhan City, Hubei Province 2,000.00 Wuhan City, Hubei Province Ecological Agriculture and Animal Husbandry Food - 100 Investment and establishment of Wuxue Qiangqiang Animal Husbandry Co., Ltd. Huanggang City, Hubei Province 1,565.00 Huanggang City, Hubei Province Ecological agriculture and animal husbandry food - 100 Merger of enterprises not under common control Hangzhou Xiangyuan Cultural Tourism Development Co., Ltd. Hangzhou City, Zhejiang Province 500.00 Hangzhou City, Zhejiang Province Ecological environment 70 - Investment and establishment of Hangzhou Tianyu Agricultural and Cultural Tourism Development Co., Ltd. Hangzhou City, Zhejiang Province 10,000.00 Hangzhou City, Zhejiang Province Ecological environment 85 - Investment and establishment of Tongling Tianshan Ecological Construction Co., Ltd. Tongling City, Anhui Province 10,000.00 Tongling City, Anhui Province Ecological Environment 51 1 Invest in the establishment of Feidong Tianyue Cultural Tourism Development Co., Ltd. Hefei City, Anhui Province 1,000.00 Hefei City, Anhui Province Ecological Environment 100 - Invest in the establishment of Anhui Yaogang Tourism Development Co., Ltd. Hefei City, Anhui Province 500.00 Hefei City, Anhui Province Ecological Environment 51 - Investment and establishment of Tianchang Furong Ancient Town Operation Management Co., Ltd. Chuzhou City, Anhui Province 2,000.00 Chuzhou City, Anhui Province Ecological environment 60 - Investment and establishment of Tianyu Cloud (Shanghai) Energy Storage Technology Co., Ltd. Yangpu District, Shanghai 1,000.00 Yangpu District, Shanghai Ecological energy 75 - Investment and establishment of Shanghai Tianyu New Energy Technology Co., Ltd. Yangpu District, Shanghai 2,000.00 Yangpu District, Shanghai Ecological Energy 100 - Investment and establishment of Sichuan Zhongtai Qihang New Energy Technology Co., Ltd. Chengdu City, Sichuan Province 1,000.00 Chengdu City, Sichuan Province Ecological Energy - 100 Merger of enterprises not under common control Binzhou Tianyuzhiguang Energy Technology Co., Ltd. Binzhou City, Shandong Province 3,600.00 Binzhou City, Shandong Province Ecological Energy - 100 Investment and establishment of Rongcheng Tianyuzhineng New Energy Technology Co., Ltd. Weihai City, Shandong Province 100.00 Weihai City, Shandong Province Ecological Energy - 100 Investment and establishment of Shanghai Tianyuzhiguang New Energy Technology Co., Ltd. Yangpu District, Shanghai 50.00 Yangpu District, Shanghai Ecological Energy - 100 Investment and establishment of Huanggang Tianyuzhineng Energy Technology Co., Ltd. Huanggang City, Hubei Province 200.00 Huanggang City, Hubei Province Ecological Energy - 100 Investment and establishment of Chongqing Xuanneng Juhui Low Carbon Technology Co., Ltd. Bishan District, Chongqing City 100.00 Bishan District, Chongqing City Ecological Energy - 65 Merger of enterprises not under common control Danyang Tianyuzhiguang New Energy Technology Co., Ltd. Zhenjiang City, Jiangsu Province 200.00 Zhenjiang City, Jiangsu Province Ecological Energy - 100 Investment and establishment of Shanghai Tianyudao Ecological Energy Technology Co., Ltd. Yangpu District, Shanghai 1,000.00 Yangpu District, Shanghai Ecological Energy - 85 Invested in the establishment of Suzhou Tianyudao Electric Power Technology Co., Ltd. Suzhou City, Jiangsu Province 500.00 Suzhou City, Jiangsu Province Ecological Energy - 100 Invested in the establishment of Nanjing Tianyudao Electric Power Technology Co., Ltd. Nanjing City, Jiangsu Province 800.00 Nanjing City, Jiangsu Province Ecological Energy - 100 Invested in the establishment of Guangzhou Tianyudao New Energy Technology Co., Ltd. Guangzhou City, Guangdong Province 600.00 Guangzhou City, Guangdong Province Ecological Energy - 100 Investment and establishment of Shaoxing Jiayue New Energy Co., Ltd. Shaoxing City, Zhejiang Province 100.00 Shaoxing City, Zhejiang Province Ecological Energy - 100 Merger of companies not under common control Shanghai Tianyuhuan New Energy Technology Co., Ltd. Yangpu District, Shanghai 100.00 Yangpu District, Shanghai Ecological Energy - 51 Investment and establishment of Shanghai Baina New Energy Technology Co., Ltd. Yangpu District, Shanghai 712.50 Yangpu District, Shanghai Ecological Energy 60 - Investment and establishment of Changshu Jieyuan Energy Management Co., Ltd. Suzhou City, Jiangsu Province 2,000.00 Suzhou City, Jiangsu Province Ecological Energy 100 - Merger of enterprises not under common control Weihai Zhongyun Hengsheng New Energy Technology Co., Ltd. Weihai City, Shandong Province 100.00 Weihai City, Shandong Province Ecological Energy 100 - Business merger not under common control Weihai Zhongyun Hengda New Energy Technology Co., Ltd. Weihai City, Shandong Province 1,000.00 Weihai City, Shandong Province Ecological Energy - 100 Business merger not under common control Weifang Zhongyun Hengyue New Energy Technology Co., Ltd. Weifang City, Shandong Province 1,000.00 Weifang City, Shandong Province Ecological Energy - 100 Merger of enterprises not under common control Weihai Zhongyun Changheng New Energy Technology Co., Ltd. Weihai City, Shandong Province 700.00 Weihai City, Shandong Province Ecological Energy - 100 Investment and establishment of Qingdao Tianyuzhiguang Energy Technology Co., Ltd. Qingdao City, Shandong Province 2,000.00 Qingdao City, Shandong Province Ecological Energy 100 - Investment and establishment

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Qingdao Haishuo New Energy Technology Co., Ltd. Qingdao City, Shandong Province 300.00 Qingdao City, Shandong Province Ecological Energy - 100 Merger of enterprises not under common control Zhucheng Frontier New Energy Technology Co., Ltd. Weifang City, Shandong Province 50.00 Weifang City, Shandong Province Ecological Energy - 100 Merger of enterprises not under common control Tianyuyun (Shanghai) Digital Technology Co., Ltd. Yangpu District, Shanghai 1,000.00 Yangpu District, Shanghai Ecological Energy 100 - Investment and establishment

Tianchengyi (Shanghai) Biotechnology Co., Ltd. Yangpu District, Shanghai 100.00 Yangpu District, Shanghai Ecological Agriculture, Animal Husbandry and Food - 55 Investment and establishment

Shanghai Tianyuzhi Digital Technology Co., Ltd. Yangpu District, Shanghai 500.00 Yangpu District, Shanghai Ecological Energy - 95 Investment and establishment

Wuhan Jiacheng Biological Products Co., Ltd. Wuhan City, Hubei Province 1,138.00 Wuhan City, Hubei Province Ecological Agriculture and Animal Husbandry Food 55 - Merger of enterprises not under common control Hubei Jiacheng Biotechnology Co., Ltd. Huanggang City, Hubei Province 3,000.00 Huanggang City, Hubei Province Ecological Agriculture and Animal Husbandry Food - 100 Merger of enterprises not under common control Macheng Jingtian Camellia Oil Co., Ltd. Huanggang City, Hubei Province 1,900.00 Huanggang City, Hubei Province Ecological agriculture and animal husbandry food - 100 Merger of enterprises not under common control Shanghai Hongqu Health Technology Co., Ltd. Yangpu District, Shanghai 100.00 Yangpu District, Shanghai Ecological agriculture and animal husbandry food - 100 Investment establishment

Tianyuyun (Shanghai) Food Technology Co., Ltd. Putuo District, Shanghai 100.00 Putuo District, Shanghai Ecological Agriculture and Animal Husbandry Food 51 - Investment establishment

Explanation on the difference between the proportion of shareholding in subsidiaries and the proportion of voting rights:

Hubei Tiancheng Fengtai Food Co., Ltd. (hereinafter referred to as: Tiancheng Fengtai) was established on June 30, 2021. Tianqian Food Co., Ltd. (hereinafter referred to as: Tianqian Food) holds 45% of the equity of Tiancheng Fengtai and appoints 3 directors. Wuhan Hengyun Fengtai Technology Partnership (Limited Partnership) (hereinafter referred to as: Hengyun Fengtai) holds 10% of the equity of Tiancheng Fengtai and appoints 1 director. Tianqian Food and Hengyun Fengtai signed a long-term and effective concerted action agreement. The agreement stipulates that when Tiancheng Fengtai's shareholders' meeting and the board of directors make resolutions, both parties will act in concert, and Hengyun Fengtai will vote in accordance with the opinions of Tianqian Fengtai. After the two parties reached a consensus, according to the articles of association of Tiancheng Fengtai, Tianqian Food was able to control the shareholders' meeting and board of directors of Tiancheng Fengtai. Therefore, Tianqian Food will include Tiancheng Fengtai within the scope of its consolidated financial statements.

Basis for holding half or less of the voting rights but still controlling the invested unit, and holding more than half of the voting rights but not controlling the invested unit:

None

For important structured entities included in the scope of consolidation, the basis for control is:

None

Basis for determining whether a company is agent or principal:

None

Other notes:

The company's shareholding ratio in subsidiaries is filled in based on the sum of the shareholding ratios of each company in these subsidiaries within the scope of consolidation, regardless of the parent company's shareholding ratio in intermediate subsidiaries.

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(2).Important non-wholly owned subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Subsidiary name Shareholding ratio of minority shareholders Profit and loss attributable to minority shareholders in the current period Dividends declared to minority shareholders in the current period Balance of minority shareholders’ equity at the end of the period Tianqian Food Co., Ltd. 9.90% -1,581,842.95 - -18,827,058.04 Explanation that the shareholding ratio of subsidiary minority shareholders is different from the voting right ratio:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(3).Main financial information of important non-wholly owned subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Subsidiary name

Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Tiangan Food Co., Ltd.

334,559,116.01 289,182,819.85 623,741,935.86 297,773,491.21 170,840,033.08 468,613,524.29 377,230,268.77 292,296,175.39 669,526,444.16 250,860,980.44 242,367,475.25 493,228,455.69Company

Amount for the current period Amount for the previous period

Subsidiary name

Operating income Net profit Total comprehensive income Cash flow from operating activities Operating income Net profit Total comprehensive income Cash flow from operating activities Tianqian Food Co., Ltd. 524,644,881.44 -8,519,576.90 -8,519,576.90 62,390,183.28 580,679,501.60 19,427,950.51 19,427,950.51 50,909,577.53Other instructions:

None

(4).Significant restrictions on the use of enterprise group assets and settlement of enterprise group debts

□Applicable √Not applicable

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(5). Financial support or other support provided to structured entities included in the scope of consolidated financial statements □Applicable √Not applicable

Other notes:

□Applicable √Not applicable

2. Transactions in which the ownership share of the subsidiary changes and the subsidiary is still controlled □Applicable √Not applicable

3. Interests in joint ventures or associated enterprises

√Applicable □Not applicable

(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

Unit: Yuan Currency: RMB

Closing balance/Amount incurred in the current period Opening balance/Amount incurred in the previous period Joint ventures:

Total book value of investments

The total of the following items calculated based on shareholding ratio

--Net profit

--Other comprehensive income

--Total comprehensive income

Associates:

Total book value of investments 90,378,990.16 86,004,733.72 Total of the following items calculated based on shareholding ratio

--Net profit -760,216.71 545,898.45 --Other comprehensive income

--Total comprehensive income -760,216.71 545,898.45Other instructions:

None

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(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

2. Liability items involving government subsidies

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Included in this period

Financial statements New additions in this period Transferred in this period Other related to assets/receipts at the beginning of the period Non-operating income Closing balance items Subsidy amount Other income Changes

Deposit amount

Deferred income 688,796.03 81,034.80 607,761.23 Related to assets

Total 688,796.03 81,034.80 607,761.23 /

3. Government subsidies included in current profits and losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Type Amount for the current period Amount for the previous period

Related to assets 81,034.80 60,776.10 Related to income 2,894,699.52 783,885.64

Total 2,975,734.32 844,661.74Other instructions:

None

12. Risks related to financial instruments

The company's goal in risk management is to achieve an appropriate balance between risks and returns, reduce the negative impact of risks on the company's operating performance to a minimum, and maximize the interests of shareholders and other equity investors. Based on this risk management objective, the company's basic risk management strategy is to determine and analyze the various risks faced by the company, establish an appropriate risk tolerance bottom line and conduct risk management, and supervise various risks in a timely and reliable manner to control risks within a limited range.

The company's financial instruments include: trading financial assets, accounts receivable, other receivables, long-term receivables, other non-current financial assets, short-term borrowings, trading financial liabilities, accounts payable, other payables, other current liabilities, long-term borrowings and long-term payables, etc.

1. Risks of financial instruments

√Applicable □Not applicable

12.1.1 Credit risk

Credit risk refers to the risk that one party to a financial instrument fails to perform its obligations, causing financial losses to the other party. For fixed-income investments, credit risk refers to the risk of economic losses caused by the company's debtors failing to pay principal or interest when due; for equity investments, credit risk refers to the risk of losses caused by the failure of the invested group's operations.

The Company's credit risk mainly comes from various types of accounts receivable and payable. The Company controls credit risk by conducting transactions with accredited, reputable third parties. In accordance with the company's policy, all customers who request to conduct transactions on credit are subject to credit review. In addition, the Company continuously monitors the balance of accounts receivable to ensure that the Company does not face significant bad debt risks.

12.1.1.1 Aging analysis of financial assets that are overdue but not impaired

The Company has no financial assets that are overdue but not impaired.

12.1.1.2 Analysis of financial assets that have experienced individual impairment

Item Closing balance Impairment amount Factors considered for impairment

Accounts receivable 369,012,444.55 369,012,444.55 Customer’s credit risk has deteriorated significantly

Long-term receivables 119,500,322.40 20,630,322.40 Estimated based on recoverable amount

12.1.2 Liquidity risk

Liquidity risk refers to the risk of a shortage of funds when fulfilling obligations settled by delivery of cash or other financial assets. Liquidity risk may arise from the inability to sell financial assets at fair value as quickly as possible; or from the counterparty's inability to repay its contractual debts; or from debts that mature prematurely; or from the inability to generate expected cash flows.

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The Company's management objectives, policies and procedures for liquidity risk, and risk measurement methods: In order to control this risk, the Company will comprehensively use various financing methods such as bill settlement, bank borrowings, issuance of bonds and stocks when necessary, and adopt an appropriate combination of long-term and short-term financing methods to optimize the financing structure and maintain a balance between financing continuity and flexibility.

12.1.2.1 Analysis of maturity period of non-derivative financial liabilities

Ending balance

Project

Within 1 year 1-5 years More than 5 years Total short-term borrowings 91,081,734.71 - - 91,081,734.71 Accounts payable 683,149,945.65 - - 683,149,945.65 Other payables 124,918,297.34 - - 124,918,297.34Non-current liabilities due within one year 187,867,685.71 - - 187,867,685.71Other current liabilities 72,990,737.97 - - 72,990,737.97 Long-term borrowings - 318,097,267.96 374,043,995.02 692,141,262.98 Lease liabilities - 52,936,205.29 11,820,389.44 64,756,594.73 Long-term payables - 116,978,062.18 75,203,656.55 192,181,718.73 Total 1,160,008,401.38 488,011,535.43 461,068,041.01 2,109,087,977.82

Opening balance

Project

Within 1 year 1-5 years More than 5 years Total short-term borrowings 88,932,107.34 - - 88,932,107.34 Accounts payable 638,329,893.72 - - 638,329,893.72 Other payables 166,845,822.82 - - 166,845,822.82 Non-current liabilities due within one year 184,796,015.65 - - 184,796,015.65 Other current liabilities 39,294,260.34 - - 39,294,260.34 Long-term borrowings - 411,120,948.26 342,247,788.52 753,368,736.78 Lease liabilities - 78,425,971.27 32,683,666.68 111,109,637.95 Long-term payables - 179,643,521.09 88,348,363.40 267,991,884.49

Total 1,118,198,099.87 669,190,440.62 463,279,818.60 2,250,668,359.09

12.1.2.2 Analysis of maturity period of derivative financial liabilities

Ending balance

Project

Within 1 month 1-3 months 3 months-1 year 1-5 years More than 5 years Total trading financial liabilities 376,797.24 822,400.00 1,199,197.24 Total 376,797.24 822,400.00 1,199,197.24

Opening balance

Project

Within 1 month 1-3 months 3 months-1 year 1-5 years More than 5 years Total

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total

12.1.3 Market risk

Market risk of financial instruments refers to the risk that the fair value or future cash flows of financial instruments fluctuate due to market price changes, including exchange rate risk, interest rate risk and other price risks.

12.1.3.1 Exchange 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. Exchange rate risk can arise from financial instruments denominated in foreign currencies other than the functional currency of accounting.

12.1.3.2 Interest rate risk

Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market interest rates. Interest rate risk can arise from both recognized interest-bearing financial instruments and unrecognized financial instruments (such as certain loan commitments). 12.1.3.3 Other price risks

Other price risks refer to the risk of fluctuations caused by market price changes other than exchange rate risk and interest rate risk, whether these changes are caused by factors related to a single financial instrument or its issuer, or due to factors related to all similar financial instruments traded in the market. Other price risks may arise from changes in commodity prices or equity instrument prices, for example.

2. Hedging

(1). The company carries out hedging business for risk management

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(2). The company carries out qualified hedging business and applies hedging accounting

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(3). The company carries out hedging business for risk management and expects to achieve risk management objectives but does not apply hedging accounting □ Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

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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 items First-level equity Second-level equity Total third-level equity

Fair value measurement Fair value measurement Fair value measurement

1. Continuous fair value measurement

(1) Trading financial assets 8,434,480.00 - 11,495,191.88 19,929,671.88 1. Measured at fair value and changes included in current profits and losses

beneficial financial assets

(1) Debt instrument investment

(2) Investment in equity instruments - - 11,495,191.88 11,495,191.88 (3) Derivative financial assets 8,434,480.00 - - 8,434,480.00

2. Designated to be measured at fair value and measured at fair value

Financial assets 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 lease

2. Buildings for rent

3. Use of land held and prepared for transfer after appreciation

right

(5) Biological assets

1. Consumable biological assets

2. Productive biological assets

Total assets continuously measured at fair value 8,434,480.00 - 11,495,191.88 19,929,671.88

(6) Trading financial liabilities 1,199,197.24 - - 1,199,197.24 1. Measured at fair value and changes included in current profits and losses

beneficial financial liabilities

Including: trading bonds issued

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Derivative financial liabilities 1,199,197.24 - - 1,199,197.24

Others

2. Designated as measured at fair value with changes included

Financial liabilities for current profit and loss

Total liabilities continuously measured at fair value 1,199,197.24 - - 1,199,197.24

2. Non-continuous fair value measurement

(1) Assets held for sale

Total assets measured at fair value on an ongoing basis

Total liabilities measured at fair value on an ongoing basis

2. Basis for determining the market price of continuous and non-continuous first-level fair value measurement items

√Applicable □Not applicable

The company's derivative financial assets and derivative financial liabilities measured at the first level of fair value are futures, options and other financial derivative contracts held by the company, and their fair value is determined based on the end-of-period public quotations in the futures and options market.

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

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

All investee units measured by the company at the third level of fair value cannot directly obtain observable values in the open market. The external environment, operating performance and main business of the investee units have not changed significantly during the reporting period, and the company's shareholding ratio is low and the degree of impact is small. At the end of the reporting period, the company uses the investment cost as a reliable estimate of the fair value of the investee units.

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

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 see the note: Disclosure of “10.1 Interests in Subsidiaries”

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

For details of the Company's important joint ventures or associates, please refer to the disclosure of Note "10.3 Interests in 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 Qinghai Juzhiyuan New Materials Co., Ltd. Wuxi Tianyu Fanhua Cultural Tourism Development Co., Ltd., an associated enterprise in which the company holds 35.00% of the shares. Nanning Guoye Infrastructure Construction Investment Co., Ltd., an associated enterprise in which the company holds 20.00% of the shares before May 28, 2025. Ningbo Ninglv Wangganshan Tourism Development Co., Ltd., an associated enterprise in which the company holds 15.00% of the 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 Tianyuyuan (Shanghai) Technology Development Co., Ltd. Controlled by the same actual controller

Shanghai Juzhiyuan New Materials Co., Ltd. A wholly-owned subsidiary of the joint venture

Hubei Tianyi Fengtai Biotechnology Co., Ltd. is controlled by the same actual controller

Shanghai Huatu Ecological Environment Technology Co., Ltd. The company actually controlled by Luo Weiguo’s spouse Shanghai Tianxia Landscape Planning and Design Co., Ltd. The company actually controlled by Luo Weiguo’s spouse Mei Xiaoyang Chairman 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

√Applicable □Not applicable

Unit: Yuan Currency: RMB Approved transaction amount Whether it exceeds the transaction related parties Content of related transactions Amount incurred in the current period Amount incurred in the previous period (if applicable) Amount (if applicable)

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Hubei Tianyi Fengtai Biology

Purchase of goods 35,320,740.60 120,000,000.00 No 35,186,157.92 Technology Co., Ltd.

Shanghai Huatu Ecological Environment

Purchase of goods 21,304.43

Technology Co., Ltd.

Shanghai Tianxia Landscape Planning

Design services 509,731.89

design co., ltd.

Wuxi Tianyu Flower Culture

Engineering Services // 2,040,294.08 Tourism Development Co., Ltd.

List of goods sold/services provided

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Related parties Contents of related transactions Amount incurred in the current period Amount incurred in the previous period Nanning Guoye Infrastructure Construction Investment Co., Ltd. Personnel appointment services 135,849.06 226,415.10 Nanning Guoye Infrastructure Construction Investment Co., Ltd. Engineering services 199,568.81 - Hubei Tianyi Fengtai Biotechnology Co., Ltd. Testing services 3,157.55 - Shanghai Tianxia Landscape Planning and Design Co., Ltd. Sales of goods - 2,653.19 Shanghai Tianxia Landscape Planning and Design Co., Ltd. Operation and maintenance services 103,960.40 136,633.66 Tianyuyuan (Shanghai) Technology Development Co., Ltd. Sales of goods 2,526,237.62 -

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

(4) Related guarantees

The company acts as a guarantor

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Guaranteed party Guarantee amount Guarantee starting date Guarantee expiration date Whether the guarantee has been fulfilled Ningbo Ninglv Wangganshan Hotel

562,500.00 2021/3/10 2038/12/31 No

Tourism Development Co., Ltd.

The company as the guaranteed party

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Guarantor Guarantee amount Guarantee starting date Guarantee expiration date Whether the guarantee has been fulfilled Luo Weiguo 23,625,001.00 2022/6/24 2032/6/24 No

Luo Weiguo 22,262,421.00 2022/9/15 2032/9/15 No

Luo Weiguo 6,503,112.00 2022/10/24 2032/10/24 No

Luo Weiguo 7,801,900.00 2022/11/25 2032/11/25 No

Luo Weiguo, Shi Dongwei 10,000,000.00 2024/12/30 2029/12/6 No

Mei Xiaoyang 20,000,000.00 2025/6/25 2030/6/25 No

Luo Weiguo 10,000,000.00 2025/6/27 2029/6/28 No

Luo Weiguo 5,000,000.00 2025/12/19 2029/12/19 No

Description of related guarantees

□Applicable √Not applicable

(5). Related party fund lending

√Applicable □Not applicable

Unit: Yuan Currency: RMB Related Party Lending Amount Start Date Maturity Date Description

dismantle

Tianyuyuan (Part 1)

The principal balance at the beginning of the period was 11.75 million yuan, and the accumulated borrowings for this period were Hai) Science and Technology Development 200,000,000.00 2024/5/20 2025/5/20

84.5953 million yuan, a total of 37.837 million yuan was returned in this period, Zhan Co., Ltd.

The principal balance at the end of the period was RMB 58,508,300. The company's current period is based on the actual Tianyu Yuan (upper

The interest accrued during the borrowing period is 352,700 yuan, and the interest balance at the end of the period is Hai) Technology Development 200,000,000.00 2025/5/20 2026/5/20

1.2195 million yuan.

exhibition co., ltd.

Related parties Borrowing amount Start date Maturity date Description

take out

---

Other notes:

On April 29, 2024, the company held the 22nd meeting of the fourth board of directors, and reviewed and approved the "Announcement on Borrowings from Controlling Shareholders and Related Transactions". The company plans to apply to the controlling shareholder Mr. Luo Weiguo and his controlled Tianyuyuan (Shanghai) Technology Development Co., Ltd. and Mr. Shi Dongwei for credit loans with a total amount of no more than 200 million yuan, with a term starting from the date of review and approval of the 2023 annual shareholders' meeting to the date of the 2024 annual shareholders' meeting. The borrowing interest rate shall not be higher than the loan market quotation rate (i.e., LPR) for the same period (one year) authorized by the People's Bank of China. The above-mentioned loans can be used on a rolling basis within the quota. Mr. Luo Weiguo is the controlling shareholder and actual controller of the company, and his lending behavior with the company constitutes a related transaction. (Announcement No.: 2024-041)

On April 15, 2025, the company held the 38th meeting of the fourth board of directors and reviewed and approved the "Announcement on Borrowings from Controlling Shareholders and Related Transactions". The company intends to acquire shares from its controlling shareholder Mr. Luo Weiguo and Tianyuyuan (Shanghai) Technology Development Co., Ltd.

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Co., Ltd. and Mr. Shi Dongwei apply for credit loans with a total amount not exceeding RMB 200 million and with a term starting from the date of review and approval at the 2024 Annual Shareholders Meeting to the date of the 2025 Annual Shareholders Meeting. The borrowing interest rate shall not be higher than the loan market quotation rate (i.e. LPR) for the same period (one year) authorized by the People's Bank of China. The above-mentioned loans can be used on a rolling basis within the quota. Mr. Luo Weiguo is the controlling shareholder and actual controller of the company, and his lending behavior with the company constitutes a related transaction. (Announcement No.: 2025-029)

(6).Related party asset transfer and debt restructuring

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Related parties Contents of related transactions Amount incurred in the current period Amount incurred in the previous period Wuxi Tianyu Fanhua Cultural Tourism Development Co., Ltd. transferred 100% of the equity of Shanghai Tianxia - 10,500,000.00 Tianyuyuan (Shanghai) Technology Development Co., Ltd. transferred 22.50% of the equity of Tianqian Food - 58,000,000.00

(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 321.69 443.26

(8).Other related transactions

□Applicable √Not applicable

6. Unsettled items such as receivables and payables to related parties

(1).Items receivable

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project name Related parties

Book balance Provision for bad debts Book balance Provision for bad debts

Shanghai Tianxia Landscape Planning

Accounts receivable - - 138,000.00 6,900.00 Design Co., Ltd.

Wuxi Tianyu Flower Culture

Other receivables - - 2,681,840.00 134,092.00 Tourism Development Co., Ltd.

Qinghai Juzhiyuan New Materials

Other receivables 1,248,234.68 1,248,234.68 1,230,625.00 1,230,625.00

Ltd.

(2). Payable items

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Project name Related parties Book balance at the end of the period Book balance at the beginning of the period Other current liabilities Luo Weiguo 127,189.18 127,189.18 Other current liabilities Shi Dongwei 838,256.19 838,256.19 Other current liabilities Tianyuyuan (Shanghai) Technology Development Co., Ltd. 59,727,820.92 12,616,870.39 Other current liabilities Shanghai Tianxia Landscape Planning and Design Co., Ltd. 71,203.32 3,086,738.78 Contract liabilities Nanning Guoye Infrastructure Construction Investment Co., Ltd. - 5,497,046.18 Accounts payable Wuxi Tianyu Fanhua Cultural Tourism Development Co., Ltd. 916,951.51 3,628,786.37

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Accounts payable Hubei Tianyi Fengtai Biotechnology Co., Ltd. 562,747.49 1,307,324.80 Accounts payable Shanghai Tianxia Landscape Planning and Design Co., Ltd. 459,444.72 - Other payables Tianyuyuan (Shanghai) Technology Development Co., Ltd. 7,083,475.83 58,000,000.00 Other payables Shanghai Juzhiyuan New Materials Co., Ltd. 670,000.00 670,000.00

(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

Quantity unit: shares Amount unit: Yuan Currency: RMB

Granted in this period, exercised in this period, unlocked in this period, expired in this period

Grant object category

Quantity Amount Quantity Amount Quantity Amount Quantity Amount

Directors, Senior Management

• • • • • • 1,383,000.00 13,235,310.00 Management personnel

Middle managers - - - - - - 2,172,000.00 20,786,040.00

Total 3,555,000.00 34,021,350.00

Other notes:

On May 11, 2022, the company held the 44th meeting of the third board of directors and the 25th meeting of the third board of supervisors respectively, and reviewed and approved the "Proposal on the First Grant of Stock Options to Incentive Objects of the 2022 Stock Option Incentive Plan", agreeing that the company will use May 11, 2022 as the first authorization date to grant 12 million stock options to 107 eligible incentive objects, with an exercise price of 9.57 yuan per share. For details, please refer to the "Announcement on the First Grant of Stock Options to Incentive Objects of the 2022 Stock Option Incentive Plan" (Announcement Number: 2022-047).

On April 4, 2023, the company held the twelfth meeting of the fourth board of directors and the twelfth meeting of the fourth board of supervisors respectively, and reviewed and approved the "Proposal on Granting Reserved Partial Stock Options to Incentive Objects of the 2022 Stock Option Incentive Plan", and agreed that the company would use April 4, 2023 as the reserved authorization date to grant 3 million stock options to 23 eligible incentive objects at an exercise price of 9.57 yuan per share. For details, please refer to the "Announcement on the Reserved Grant Results of the 2022 Stock Option Incentive Plan" (Announcement Number: 2023-045).

On October 14, 2024, the company held the 32nd meeting of the fourth board of directors and the 28th meeting of the fourth board of supervisors respectively, and reviewed and approved the "Proposal on Cancellation of Partially Granted but Not Yet Exercised Stock Options", and agreed that the company would cancel 10.295 million stock options that had been granted but not yet exercised to some incentive targets. For details, please refer to the "Announcement on the Cancellation of Partially Granted but Not yet Exercised Stock Options" (Announcement No.: 2024-102).

On April 16, 2025, the company held the 38th meeting of the fourth board of directors and the 32nd meeting of the fourth board of supervisors respectively, and reviewed and approved the "Proposal on Cancellation of Partially Granted but Not Yet Exercised Stock Options", and agreed that the company would cancel 3.555 million stock options that had been granted but not yet exercised to some incentive targets. For details, please refer to the "Announcement on the Completion of the Cancellation of Partial Stock Options of the 2022 Stock Option Incentive Plan and the Implementation of the Incentive Plan" (Announcement Number: 2025-039). After review and confirmation by the Shanghai Branch of China Securities Depository and Clearing Co., Ltd., the above-mentioned stock option cancellation matters have been completed on April 25, 2025. After the completion of this cancellation, the company's 2022 stock option incentive plan will be implemented.

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(2). Stock options or other equity instruments outstanding at the end of the period

□Applicable √Not applicable

Other instructions

2. Equity-settled share-based payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Equity-settled share-based payment object Method for determining the fair value of equity instruments on the date of grant to directors, senior managers and middle managers The Black-Scholes option pricing model calculates the fair value of equity instruments on the date of grant based on the closing price of the company's stock on the date of grant Important parameters of the fair value of equity instruments on the date of grant

Allowable value

On each balance sheet date during the waiting period, the enterprise makes its best estimate based on the latest changes in the number of exercisable employees and other follow-up information, revise the number of equity instruments expected to be exercisable, and determine the basis for the number of exercisable equity instruments.

And use this as a basis to confirm the expenses that should be allocated in each period. On the vesting date, the number of equity instruments ultimately expected to be vested should be consistent with the actual number of vested instruments. Reasons for significant differences between the current period’s estimate and the previous period’s estimate None

The cumulative amount of equity-settled share-based payments included in capital reserves is 573,383.17 Other notes:

None

3. Share-based payment settled in cash

□Applicable √Not applicable

4. Share-based payment expenses for this period

□Applicable √Not applicable

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

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2. Contingencies

(1). Important contingencies existing on the balance sheet date

√Applicable □Not applicable

16.2.1.1 External guarantee

As of December 31, 2025, the cumulative amount of actual external guarantees provided by the company and its holding subsidiaries totaled 1,048.3421 million yuan, accounting for 254.19% of the company's most recent audited net assets. Among them, the total balance of guarantees provided by the company and its holding subsidiaries to subsidiaries within the scope of the consolidated statements is RMB 1,032,879,600, accounting for 250.44% of the company's latest audited net assets; the balance of external guarantees provided by the company and its holding subsidiaries is RMB 15,462,500, accounting for 3.75% of the company's latest audited net assets. The company has no overdue guarantees.

16.2.1.2 Economic lawsuits that have been judged but have not yet been executed

16.2.1.2.1 Equity investment dispute between the Company and Mr. Liu Bingsheng

In August 2023, the company filed an arbitration application with the Shanghai Arbitration Commission regarding Mr. Liu Bingsheng's failure to fulfill his 2022 performance compensation obligations as scheduled, requesting Liu Bingsheng to pay the company a one-time cash compensation of 43.2953 million yuan for the 2022 performance commitment. In June 2025, the company received the Shanghai Arbitration Commission's "Award" (Case No.: (2023) Hu Zhong Case No. 4766), which ruled: 1. Liu Bingsheng should pay the company a one-time cash compensation of RMB 43.2953 million for performance commitments within ten days from the date of this award;

2. The arbitration fee of RMB 314,300 in this case (prepaid by the company) will be borne by Liu Bingsheng. Liu Bingsheng shall pay RMB 314,300 to the company within ten days from the date of this award. In July 2025, Liu Bingsheng failed to perform the payment obligations specified in the above-mentioned effective award, and the company applied to the Intermediate People's Court of the Haixi Mongol and Tibetan Autonomous Prefecture in Qinghai Province for enforcement according to law. As of the date of this report, the application for compulsory execution has been accepted and is still in the execution stage.

(2). The company has no important contingencies that need to be disclosed, and it should also explain:

□Applicable √Not applicable

3. Others

□Applicable √Not applicable

17. Events after the balance sheet date

1. Important non-adjustment matters

□Applicable √Not applicable

2. Profit distribution

□Applicable √Not applicable

3. Sales returns

□Applicable √Not applicable

4. Description of other post-balance sheet events

□Applicable √Not applicable

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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 Impact 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

During the reporting period, the company's main business was mainly concentrated in the three major sectors of "ecological environment", "ecological agriculture, animal husbandry and food" and "ecological energy". Division 1 is the ecological environment business segment, which is mainly engaged in garden ecological engineering, seedling planting and other businesses; Division 2 is the ecological agriculture, animal husbandry and food business segment, which is mainly engaged in pig breeding, agricultural and sideline food sales and other businesses; Division 3 is the ecological energy segment, which is mainly engaged in distributed photovoltaic power stations and other businesses.

(2). Financial information of reporting segments

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Project Segment 1 Segment 2 Segment 3 Inter-segment elimination Total assets 2,493,822,492.54 713,243,832.98 252,254,723.94 566,182,438.24 2,893,138,611.22 Total liabilities 1,729,536,639.76 531,218,486.13 238,266,163.41 199,524,920.94 2,299,496,368.36 Operating income 132,244,868.39 571,154,798.39 41,014,565.28 18,825,358.89 725,588,873.17 Operating costs 209,030,623.64 513,625,066.51 18,752,357.83 14,912,704.57 726,495,343.41Net profit -84,364,963.08 -7,182,030.56 -8,340,326.19 2,128,286.32 -102,015,606.15

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(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) 39,324,356.42 85,371,756.56 Within 1 year 39,324,356.42 85,371,756.56 1 to 2 years 36,549,600.71 69,399,789.24 2 to 3 years 45,808,907.67 129,424,256.43 More than 3 years

3 to 4 years 84,183,567.15 94,002,697.84 4 to 5 years 82,952,779.55 89,014,138.30 More than 5 years 348,386,818.55 298,211,800.83 Total 637,206,030.05 765,424,439.20

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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 Provision for bad debts Book balance Provision for bad debts

Category Book Book Ratio Provision Ratio Ratio Provision Ratio Amount Amount Value Amount Amount Value

(%) Example (%) (%) Example (%) Provision is made individually

369,012,444.55 57.91 369,012,444.55 100.00 369,212,444.55 48.24 369,212,444.55 100.00 Bad debt provision

Among them:

Collectable as expected

Provision for rebate amount

369,012,444.55 100.00 369,012,444.55 100.00 369,212,444.55 100.00 369,212,444.55 100.00 Bad debt provision

Accounts receivable

Provision based on combination

268,193,585.50 42.09 78,640,810.40 29.32 189,552,775.10 396,211,994.65 51.76 105,837,941.02 26.71 290,374,053.63 Bad debt provision

Among them:

Aging combination 132,295,504.69 49.33 78,640,810.40 59.44 53,654,694.29 241,420,648.22 60.93 105,837,941.02 43.84 135,582,707.20 Within the consolidated scope

135,898,080.81 50.67 135,898,080.81 154,791,346.43 39.07 154,791,346.43 Amounts from related parties

Total 637,206,030.05 100.00 447,653,254.95 70.25 189,552,775.10 765,424,439.20 100.00 475,050,385.57 62.06 290,374,053.63

Provision for bad debts is made individually:

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Ending balance

Name

Book balance Bad debt provision Provision ratio (%) Reason for provision Zunyi Xinpu Development Group Co., Ltd. 369,012,444.55 369,012,444.55 100.00 Total expected to be unrecoverable 369,012,444.55 369,012,444.55 100.00 /

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Instructions on accruing bad debt provisions individually:

√Applicable □Not applicable

The credit risk of Zunyi Xinpu Development Group Co., Ltd. has deteriorated significantly, and the accounts receivable are not expected to be recovered, so bad debt provisions are made in full at 100%.

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: aging portfolio

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Ratio of provision (%) Within 1 year 17,905,172.77 895,258.64 5.00 1 to 2 years 21,856,248.91 2,185,624.89 10.00 2 to 3 years 6,235,638.04 1,247,127.61 20.00 3 to 4 years 23,971,291.42 11,985,645.71 50.00 More than 4 years 62,327,153.55 62,327,153.55 100.00

Total 132,295,504.69 78,640,810.40 59.44

Instructions on accruing bad debt provisions by group:

□Applicable √Not applicable

Combined accrual items: Amounts from related parties within the scope of consolidation

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%) Jining Economic Development Zone Tianjian Park Construction and Operation Co., Ltd. 107,403,523.27

Xiangyang Tianyu Construction Engineering Co., Ltd. 17,107,018.57

Sichuan Zhongtai Qihang New Energy Technology Co., Ltd. 5,921,087.60

Shanghai Xiangyuan Cultural Tourism Development Co., Ltd. 2,919,600.00

Quzhou Tianyu Landscape Construction Co., Ltd. 2,181,661.37

Zhongsheng Huaxing International Construction Engineering Co., Ltd. 365,190.00

Total 135,898,080.81

Instructions on accruing 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

None

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

(3). Bad debt provision situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Category Beginning balance Amount of change during the period Ending balance

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Write-off or other provision Recovery or reversal

Write-off changes and bad debt provisions are made individually 369,212,444.55 200,000.00 369,012,444.55 Bad debt provisions are made collectively 105,837,941.02 27,197,130.62 78,640,810.40

Total 475,050,385.57 27,397,130.62 447,653,254.95

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 period End of contract asset period End of contract asset period Bad debt provision end unit name Ending balance of the same asset

Closing Balance Balance Balance amount of total balances

Proportion (%) Xinpu, Zunyi City

Development Group has 369,012,444.55 369,012,444.55 49.78 369,012,444.55 limited liability company

Jining Economic Development

Faqu Tianjiangong

107,403,523.27 107,403,523.27 14.49 Park construction and operation

Ltd.

Tianchang City Qianqiu

Cultural Tourism Development 14,789,879.35 28,850,635.84 43,640,515.19 5.89 2,182,025.76 Exhibition Co., Ltd.

Jingdezhen City

Xin Humanity Memorial 310,050.00 38,096,356.06 38,406,406.06 5.18 2,040,720.05 Co., Ltd.

China Power Construction City

Government Construction Group 15,755,064.65 17,244,291.78 32,999,356.43 4.45 13,147,178.36 Co., Ltd.

Total 507,270,961.82 84,191,283.68 591,462,245.50 79.79 386,382,368.72

Other notes:

None

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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

Other receivables 244,870,866.80 278,761,534.99Total 244,870,866.80 278,761,534.99Other 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

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

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report (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

(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

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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) 93,047,487.75 53,346,999.91 Within 1 year 93,047,487.75 53,346,999.91 1 to 2 years 23,139,220.29 15,340,838.70 2 to 3 years 13,945,652.70 97,403,113.23 More than 3 years

3 to 4 years 50,447,326.80 28,264,564.71 4 to 5 years 28,329,507.71 225,569.87 More than 5 years 40,940,643.55 91,780,016.68

Total 249,849,838.80 286,361,103.10

(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 deposits and deposits 40,888,005.50 92,137,852.70General transactions 50,283,303.90 32,497,059.90Others 84,075.56 32,378.58

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Internal transactions 158,594,453.84 161,693,811.92

Total 249,849,838.80 286,361,103.10

(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

6,161,459.11 1,438,109.00 7,599,568.11

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 17,609.68 17,609.68 Transfer in this period 2,638,205.79 2,638,205.79 Write-off in this period

Write-off in this period

Other changes

December 31, 2025

3,523,253.32 1,455,718.68 4,978,972.00 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 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 Recovery or transfer Ending balance accrual Write-off or write-off Other changes

return

First stage 6,161,459.11 2,638,205.79 3,523,253.32 Third stage 1,438,109.00 17,609.68 1,455,718.68

Total 7,599,568.11 17,609.68 2,638,205.79 4,978,972.00

Among them, the amount of bad debt provision reversed or recovered in the current period is important:

□Applicable √Not applicable

Other notes:

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

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(%)

Jining Economic Development Zone Tianjian 52,944,049.03 yuan within 1 year; 1-2 years Park Construction and Operation Co., Ltd. 89,990,315.98 36.02 Internal transactions 4,913,548.65 yuan; 2-3 years 4,369,900.00 yuan; 3-4 years 27,762,818.30 yuan

Tongzi County Guoyu Xingshui Real Estate

39,901,750.87 15.97 Security deposit and deposit More than 4 years 1,995,087.54 Investment Development Co., Ltd.

Guizhou Water Investment Capital Management Co., Ltd.

28,252,948.19 11.31 General transactions More than 4 years 1,412,647.41 Limited liability company

Weihai Zhongyun Hengsheng New Energy 15,220,000.00 yuan within 1 year; 1-2 years

18,145,000.00 7.26 Internal transactions

Technology Co., Ltd. 2,925,000.00 yuan

709,114.43 yuan within 1 year; 556,371.83 yuan within 1-2 years Hunan Tianlian Seedlings Co., Ltd.

13,249,712.71 5.30 Internal transactions Yuan; 2-3 years 661,306.19 Yuan; 3-4 years

11,322,920.26 yuan

Total 189,539,727.75 75.86 / / 3,407,734.95

(7). Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

3. Long-term equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Beginning balance items

Book balance Impairment provision Book value Book balance Impairment provision Book value Investment in subsidiaries 883,517,927.30 883,517,927.30 878,938,529.76 878,938,529.76 Investment in associates and joint ventures 226,647,288.27 137,432,973.78 89,214,314.49 223,437,707.50 137,432,973.78 86,004,733.72Total 1,110,165,215.57 137,432,973.78 972,732,241.79 1,102,376,237.26 137,432,973.78 964,943,263.48

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(1). Investment in subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB impairment allowance Changes in current period

Balance at the beginning of the period (book) Balance at the end of the period (book) Impairment provision for the invested unit Provision at the beginning of the period

(face value) Additional investment Decrease investment (Other value) Ending balance

Balance value preparation

Hunan Tianlian Seedlings Co., Ltd. 9,000,000.00 9,000,000.00 Hunan Meihe Seedlings Co., Ltd. 13,346,900.00 13,346,900.00 Shaanxi Tianlian Ecological Seedlings Co., Ltd. 10,000,000.00 10,000,000.00 Jiangxi Meilian Ecological Seedlings Co., Ltd. 22,353,500.00 22,353,500.00 Zhongsheng Huaxing International Construction Co., Ltd. 105,000,000.00 105,000,000.00 Jining Economic Development Zone Tianjian Park Construction and Operation Co., Ltd. 88,800,000.00 88,800,000.00 Huajue (Hangzhou) Asset Management Co., Ltd. 100,000.00 100,000.00 Quzhou Tianyu Landscape Construction Co., Ltd. 118,800,000.00 118,800,000.00 Shanghai Xiangyuan Cultural Tourism Development Co., Ltd. 2,669,709.56 2,669,709.56 Xiangyang Tianyu Construction Engineering Co., Ltd. 26,700,000.00 26,700,000.00 Tianqian Food Co., Ltd. 283,000,000.00 283,000,000.00 Hangzhou Xiangyuan Cultural Tourism Development Co., Ltd. 10,000.00 10,000.00 Hangzhou Tianyu Agricultural and Cultural Tourism Development Co., Ltd. 5,550,000.00 5,550,000.00 Tongling Tianshan Ecological Construction Co., Ltd. 110,675,610.00 110,675,610.00 Feidong Tianyue Cultural Tourism Development Co., Ltd. 10,000,000.00 10,000,000.00 Anhui Yaogang Tourism Development Co., Ltd. 510,000.00 510,000.00 Tianchang Furong Ancient Town Operation Management Co., Ltd. 500,000.00 2,500,000.00 3,000,000.00 Tianyu Cloud (Shanghai) Energy Storage Technology Co., Ltd. 1,500,000.00 1,500,000.00 Shanghai Tianyu New Energy Technology Co., Ltd. 20,000,000.00 20,000,000.00 Jiaxing Tianrui Cultural Tourism Development Co., Ltd. 510,000.00 510,000.00

Shanghai Baina New Energy Technology Co., Ltd. 4,275,000.00 4,275,000.00 Changshu Jieyuan Energy Management Co., Ltd. 8,356,000.00 8,356,000.00 Weihai Zhongyun Hengsheng New Energy Technology Co., Ltd. 1,000,000.00 1,000,000.00 Qingdao Tianyuzhiguang Energy Technology Co., Ltd. 4,550,000.00 4,550,000.00

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Tianyu Biotechnology Co., Ltd. 2025 Annual Report

Tianyu Cloud (Shanghai) Digital Technology Co., Ltd. 8,435,000.00 2,565,000.00 1,000,000.00 10,000,000.00 Wuhan Jiacheng Biological Products Co., Ltd. 23,296,810.20 1,024,397.54 24,321,207.74 Hainan Tianyu Yafu Computing Technology Co., Ltd. 100,000.00 100,000.00

Total 878,938,529.76 6,189,397.54 1,610,000.00 883,517,927.30

(2). Investment in associates and joint ventures

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period

Beginning of the period Investments at the end of the period Recognized under the equity method Other comprehensive Declaration of distribution Provision for impairment at the end of the period

Balance (book price Other rights Other rights balance (book price unit Additional investment Decrease investment Recognized investment loss and joint income Cash dividend Impairment Balance value) Change in profit)

Earnings adjustment or profit provision

1. Joint ventures

Subtotal

2. Joint ventures

Nanning Guoye Infrastructure

81,872,822.63 377,074.38 82,249,897.01 Construction Investment Co., Ltd.

Anhui Tianyu ecological environment has

383,283.82 -116,202.90 267,080.92 Co., Ltd.

Ningbo Ninglv Wangganshan Tourism

3,060,100.42 45,000.00 -55,503.84 3,049,596.58 Development Co., Ltd.

Wuxi Tianyu Flowers Cultural Tour

688,526.85 688,526.85

Tourism Development Co., Ltd.

Furong Ancient Town Cultural Tourism in Tianchang City

3,778,000.00 -130,260.02 3,647,739.98 Development Co., Ltd.

Qinghai Juzhiyuan New Materials Co., Ltd.

137,432,973.78 Co., Ltd.

Subtotal 86,004,733.72 3,823,000.00 688,526.85 75,107.62 89,214,314.49 137,432,973.78Total 86,004,733.72 3,823,000.00 688,526.85 75,107.62 89,214,314.49 137,432,973.78

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(3). Impairment testing of long-term equity investments

□Applicable √Not applicable

Other notes:

None

4. Operating income and operating costs

(1). Operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Amount for the current period Amount items for the previous period

Revenue Cost Revenue Cost Main business 125,604,619.28 166,459,128.11 111,498,641.98 134,468,513.47 Other business 7,753,678.01 5,715,407.66 18,026,973.36 14,843,708.51

Total 133,358,297.29 172,174,535.77 129,525,615.34 149,312,221.98

(2). Decomposition information of operating income and operating costs

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

(3). Description of performance obligations

□Applicable √Not applicable

(4). Description of allocation to remaining performance obligations

□Applicable √Not applicable

(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 by equity method 75,107.61 2,189,008.80 Investment income from disposal of long-term equity investment -1,183,880.01 -5,778,523.32 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

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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

Total -1,108,772.40 -3,589,514.52Other 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 provision for asset impairment

23,448,922.00 prepared write-off portion

Government subsidies included in the current profit and loss, but are closely related to the company's normal business operations, comply with national policies and regulations, and are determined in accordance with

2,975,734.32, except for government subsidies that have a lasting impact on the company’s profits and losses.

In addition to effective hedging business related to the company's normal business operations, non-financial enterprises hold financial assets and financial liabilities.

5,957,873.67 gains and losses from changes in fair value and gains and losses from the disposal of financial assets and financial liabilities.

Fund occupation fees charged to non-financial enterprises included in current profits and losses

Gains and losses from entrusting others to invest or manage assets

Profit and loss from external entrusted loans

Loss of various assets due to force majeure factors, such as natural disasters

Reversal of impairment provision for receivables subject to separate impairment test 200,000.00 The investment cost of the enterprise in acquiring subsidiaries, associates and joint ventures is less than the income generated from the fair value of the investee's identifiable net assets when the investment is obtained.

Net profit and loss for the current period from the beginning of the period to the date of merger of subsidiaries resulting from business mergers under common control

Gains and losses on non-monetary asset exchanges

Debt restructuring gains and losses

One-time expenses incurred by the enterprise due to the cessation of relevant business activities, such as expenses for relocating employees, etc.

One-time impact on current profits and losses due to adjustments to tax, accounting and other laws and regulations

Shares recognized in one go due to cancellation or modification of equity incentive plan

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Pay the fee

For cash-settled share-based payments, after the vesting date,

Gains and losses arising from changes in fair value of employee compensation payable

Investment real estate that adopts the fair value model for subsequent measurement

Gains and losses arising from changes in fair value of assets

Gains from transactions where the transaction price appears to be unfair

Losses arising from contingencies unrelated to the company's normal business operations

benefit

Custody fee income from entrusted operations

Other non-operating income and expenses other than the above items 7,742,371.38 Other profit and loss items that meet the definition of non-recurring gains and losses

Less: Impact on income tax -79.50 Impact on minority shareholders’ equity (after tax) 8,420,394.30

Total 31,904,586.57

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

Weighted average net assets Earnings per share Profit for the reporting period

Yield (%) Basic earnings per share Diluted earnings per share Net attributable to the company’s ordinary shareholders

-22.97 -0.3684 -0.3684Profit

After deducting non-recurring gains and losses, attributable to

-29.82 -0.4784 -0.4784Net profit of the company’s common shareholders

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

□Applicable √Not applicable

4. Others

□Applicable √Not applicable

Chairman: Mei Xiaoyang

Board approval submission date: April 30, 2026

Revision information

□Applicable √Not applicable

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