/Linuo Medicine Pack: Third Quarter Report of 2025

NEWS

Linuo Medicine Pack: Third Quarter Report of 2025

Shenzhen Stock Exchange

2025/10/28

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

Securities code: 301188 Securities abbreviation: Linuo Medicine Pack Announcement Number: 2025-108

Shandong Linuo Pharmaceutical Packaging Co., Ltd.

2025 Third Quarter Report

The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete, and contains no false records, misleading statements or major omissions.

Important content reminder:

The board of directors, directors and senior managers guarantee that the quarterly report is true, accurate and complete, and that there are no false records, misleading statements or major omissions, and bear individual and joint legal liability.
The person in charge of the company, the person in charge of accounting work and the person in charge of the accounting department (accounting supervisor) declare that they guarantee the authenticity, accuracy and completeness of the financial information in the quarterly report.
Whether the third quarter financial accounting report has been audited

□Yes No

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

1. Main financial data

(1) Main accounting data and financial indicators

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

□Yes No

This reporting period compared with the same period last year. From the beginning to the end of the reporting period. Compared with the same period last year. From the beginning to the end of the reporting period.

Increase/decrease Increase/decrease in operating income during the same period of the year (yuan) 222,287,195.16 -17.69% 721,014,626.29 -13.22% attributed to shareholders of listed companies

9,914,868.97 -48.32% 50,882,334.53 -27.80% net profit (yuan)

Attributable to shareholders of listed companies

Net profit after deducting non-recurring gains and losses 6,635,076.90 -60.77% 35,575,952.14 -43.60% (yuan)

Cash generated from operating activities

-- -- -60,472,268.24 -293.85% Net flow (yuan)

Basic earnings per share (yuan/

0.04 -50.00% 0.22 -26.67% shares)

Diluted earnings per share (yuan/

0.04 -55.56% 0.22 -31.25% shares)

weighted average net asset income

0.62% -0.62% 3.27% -1.24% rate

End of the reporting period End of the previous year End of the reporting period Increase or decrease in total assets at the end of the reporting period compared with the end of the previous year (yuan) 2,561,318,259.54 2,356,016,894.42 8.71% attributable to shareholders of the listed company

1,604,340,660.86 1,554,214,966.93 3.23% owner’s equity (yuan)

(2) Non-recurring profit and loss items and amounts

Applicable □Not applicable

Unit: Yuan

Item Amount for this reporting period Amount from the beginning of the reporting period to the end of the reporting period Explanation of gains and losses from disposal of non-current assets (including

Including the provision for asset impairment losses 12,074.00 2,374,680.12

pin part)

Government subsidies included in current profits and losses

(Close to the normal business operations of the company

Relevant, in line with national policies and regulations,

2,946,292.10 12,116,645.35

enjoy according to determined standards, and benefit the public

government that has a lasting impact on the company's profits and losses

Except for subsidies)

Except related to the company's normal business operations

In addition to effective hedging business, non-

Financial enterprises hold financial assets and gold

924,916.42 3,479,267.50

Changes in fair value of financial liabilities

Profit and loss and disposal of financial assets and funds

Profit and loss arising from financial liabilities

Others meet the definition of non-recurring gains and losses

61,609.98 Profit and loss items for personal income tax fee refund

Other businesses other than the above

-29,397.36 -29,388.18

external income and expenses

Less: Income tax impact 574,093.09 2,696,432.38

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

Total 3,279,792.07 15,306,382.39 --

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

□Applicable Not applicable

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

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

□Applicable Not applicable

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

(3) Changes in major accounting data and financial indicators and their reasons

Applicable □Not applicable

Analysis of reasons for changes in major balance sheet items: Unit: Yuan

Statement items September 30, 2025 December 31, 2024 Change range Reason for change

Trading financial assets 116,398,478.20 295,750,585.02 -60.64% Mainly due to receivables financing caused by the redemption of financial products in the current period 262,830.16 18,140,205.73 -98.55% Mainly due to prepayments due to the decrease in notes receivable at the end of the current period 25,040,449.73 17,214,368.78 45.46% Mainly due to the increase in prepayment for raw materials in the current period Inventory 422,960,281.23 272,692,308.88 55.11% Mainly due to the increase in production capacity in the current period

Other current assets 37,984,537.17 20,549,550.97 84.84% Mainly due to the increase in the expected input tax deduction 142,261,977.71 52,987,357.77 168.48% Mainly due to the purchase of Chuangyang shares in the current period Construction in progress 266,447,156.32 150,111,039.09 77.50% Mainly due to the increase in investment in investment projects in the current period. Long-term deferred expenses 28,443,573.35 1,462,240.04 1845.21% Mainly due to the increase in office building decoration costs in the current period. Other non-current assets 62,930,597.00 32,852,942.37 91.55% Mainly due to the increase in prepaid projects and equipment, short-term borrowings 35,011,916.67 15,011,916.67 133.23% Mainly due to the company's new short-term borrowings in the current period Notes payable 121,542,566.85 60,113,564.62 102.19% Mainly due to the increase in contract liabilities issued by the company in bank acceptance bills during the current period 21,320,511.95 14,330,492.37 48.78% Mainly due to the increase in advance payments from customers during the current period

Mainly due to the increase in other current liabilities from endorsed discounted bills that have not been derecognized at the end of the period 49,577,510.26 37,986,221.82 30.51%

influence

Long-term borrowings 58,507,458.33 - 100.00% Mainly due to deferred income caused by the company's new special borrowings for stock repurchase in the current period 84,287,214.82 53,930,052.05 56.29% Mainly due to the increase in government subsidies

Deferred income tax liabilities 9,046,491.74 16,190,708.52 -44.13% Mainly due to the conversion of convertible bonds in the current period Treasury shares 101,707,439.44 50,029,878.04 103.29% Mainly due to the repurchase of the company’s shares in the current period

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

Analysis of reasons for changes in major income statement items: Unit: Yuan Statement Items January-September 2025 January-September 2024 Range of changes Reasons for changes

Mainly due to the decrease in interest income due to the decrease in financial management amount in the current period Financial expenses 17,238,659.96 12,679,722.49 35.95%

caused by

Other income 15,475,206.17 5,445,781.89 184.17% Mainly due to investment income due to the increase in government subsidies in the current period 6,550,698.72 10,918,320.37 -40.00% Mainly due to asset impairment losses due to the decrease in financial management income in the current period -3,222,299.47 -2,436,864.59 -32.23% Mainly due to the increase in the provision for inventory depreciation in the current period 2,380,717.62 - 100.00% Mainly due to the increase in income from the disposal of fixed assets in the current period

Analysis of reasons for changes in major cash flow statement items: Unit: Yuan

Item January-September 2025 January-September 2024 Range of change Reason for change Cash generated from operating activities

-60,472,268.24 31,195,830.67 -293.85% Mainly due to the decrease in operating income in the current period. Net flow

Cash generated from investing activities is mainly due to the redemption of financial management funds and the purchase of Chuangyang shares.

-78,607,445.82 209,159,485.51 -137.58%

Net flow to

Cash generated from financing activities

8,758,423.52 -73,717,815.72 111.88% Mainly due to the net flow caused by the company’s new borrowings in the current period

2. Shareholder information

(1) The total number of common shareholders, the number of preferred shareholders whose voting rights have been restored, and the shareholding status of the top ten shareholders

Unit: Share Total number of common shareholders at the end of the reporting period 17,616 Total number of preference shareholders with restored voting rights at the end of the reporting period (if any) 0 Shareholding status of the top 10 shareholders (excluding shares lent through refinancing)

Holding of sales restrictions Pledge, mark or freeze Name of shareholder Nature of shareholder Shareholding ratio Number of shares held

Number of shares of the case Share status Quantity Linuo Investment Holdings Domestic non-state-owned law

32.16% 76,895,461 0 Pledge 56,930,000 Group Co., Ltd. Person

Jinan Hongdao New Energy

Domestic non-state-owned laws

Source partnership 6.35% 15,177,000 0 Pledge 8,170,000

people

(limited partnership)

Shanghai Fosun creates wealth

investment management shares

Co., Ltd. - Ning

Bomeishan Bonded Port

Others 2.87% 6,868,597 0 Not applicable Zone 0 Fosun Weiying Shares

equity investment funds

partnership (limited

partnership)

Jinan Finance Fosun

Weishi Equity Investment Domestic Non-State-owned Law

2.87% 6,868,497 0 Not applicable 0 Fund partnership Person

(limited partnership)

Dongxing Securities Investment

State-owned legal person 2.69% 6,442,658 0 Not applicable 0 Limited company

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

Industrial and Commercial Bank of China

Co., Ltd.

－Rongtong health products

Others 1.59% 3,800,000 0 Not applicable 0 Flexible allocation of mixed industries

Combined Securities Investment

fund

China Everbright Bank

Co., Ltd.

Green High Dividend Others 1.31% 3,143,280 0 Not applicable 0 Preferred hybrid certificates

securities investment funds

#李炯 Domestic natural person 0.90% 2,157,500 0 Not applicable 0Jinan Economic Development Industry

investment fund partnership

State-owned legal person 0.84% 2,011,617 0 Not applicable 0 Enterprise (limited partnership

Guy)

Industrial and Commercial Bank of China

Co., Ltd.

－Yuanxin Yongfeng Medical

Others 0.68% 1,620,000 0 Not applicable 0 Medicinal health mixed type

securities investment funds

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

Type and number of shares Name of shareholder Number of shares held without selling restrictions

Share Type Quantity

RMB ordinary

Linuo Investment Holding Group Co., Ltd. 76,895,461 76,895,461

Jinan Hongdao New Energy Partnership (Limited) RMB ordinary

15,177,000 15,177,000 partnership) shares

Shanghai Fosun Fortune Investment Management Co., Ltd.

Company - Ningbo Meishan Bonded Port Area Fosun Wei RMB Ordinary

6,868,597 6,868,597 Ying Equity Investment Fund Partnership (Limited Shares

partnership)

Jinan Caijin Fosun Weishi Equity Investment Fund RMB Ordinary

6,868,497 6,868,497 Partnership (limited partnership) shares

RMB ordinary

Dongxing Securities Investment Co., Ltd. 6,442,658 6,442,658

Industrial and Commercial Bank of China Limited - Financial

RMB ordinary

Flexible allocation of hybrid securities in Tongtong Health Industry 3,800,000 3,800,000

investment fund

China Everbright Bank Co., Ltd.-Ge

RMB ordinary

Lingao Dividend Preferred Hybrid Securities Investment Fund 3,143,280 3,143,280

gold

RMB ordinary

#李炯 2,157,500 2,157,500

Jinan Economic Development Industrial Investment Fund Partnership Enterprise RMB Ordinary

2,011,617 2,011,617 (limited partnership) shares

Industrial and Commercial Bank of China Limited-Yuan

RMB ordinary

ShineWing Pharmaceutical and Healthcare Hybrid Securities Investment 1,620,000 1,620,000

fund

Linuo Group Co., Ltd. (referred to as "Linuo Group") is the controlling shareholder of Linuo Investment Holding Group Co., Ltd. (referred to as "Linuo Investment"). Linuo Investment holds 32.16% of the company's shares, Jinan Hongdao New Energy Partnership (Limited Partnership) (referred to as "Hongdao New Energy Partnership")

Dao New Energy") holds 6.35% of the company's shares. Explanation of the relationship or concerted actions of the above-mentioned shareholders by the executive partner of Hongdao New Energy

For Shen Yingming, Shen Yingming holds shares in Linuo Group and thus indirectly holds the equity of Linuo Investment. Linuo Investment and Hongdao New Energy do not constitute a controlling relationship, have not signed a concerted action agreement, do not constitute concerted parties, and have no equity disputes or potential disputes.

Ningbo Meishan Bonded Port Zone Fosun Weiying Equity Investment Fund Partnership (Limited Partnership) and

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

Jinan Caijin Fosun Weishi Equity Investment Fund Partnership (Limited Partnership) is a fund managed by Shanghai Fosun Chuangfu Investment Management Co., Ltd. as a private equity fund manager. They are controlled by the same controller and comply with the provisions of Article 83 of the "Measures for the Administration of Acquisitions of Listed Companies" and constitute a concerted action relationship.

Except for the above-mentioned relationship, it is unknown whether there is any concerted action or related relationship between the above-mentioned shareholders.

In addition to holding 705,500 shares through ordinary securities accounts, Li Jiong also participates in the margin trading and securities lending business through the top 10 shareholders of Cathay Haitong Securities.

The customer credit transaction guaranteed securities account of a joint stock company holds 1,452,000 shares, actual (if any)

A total of 2,157,500 shares are held.

001 Note: Among the top 10 shareholders, the special repurchase securities account of Shandong Linuo Pharmaceutical Packaging Co., Ltd. held 6,422,900 shares of the company as of the end of the reporting period.

Accounting for 2.69% of the company's total share capital, it is not included in the listing of the top 10 shareholders.

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

□Applicable Not applicable

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

□Applicable Not applicable

(2) Total number of preferred shareholders of the company and shareholding status of the top 10 preferred shareholders

□Applicable Not applicable

(3) Changes in restricted shares

□Applicable Not applicable

3. Other important matters

□Applicable Not applicable

4. Quarterly Financial Statements

(1) Financial statements

Consolidated balance sheet

Prepared by: Shandong Linuo Pharmaceutical Packaging Co., Ltd.

September 30, 2025

Unit: Yuan

Item Ending balance Beginning balance

Current assets:

Monetary funds 380,348,094.76 490,489,588.50 Settlement reserves

Loan funds

Trading financial assets 116,398,478.20 295,750,585.02 Derivative financial assets

Notes receivable 57,350,923.26 46,338,154.47 Accounts receivable 233,866,369.38 207,803,012.45 Receivables financing 262,830.16 18,140,205.73 Prepayments 25,040,449.73 17,214,368.78 premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables 10,373,628.53 9,526,282.49

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

Among them: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory 422,960,281.23 272,692,308.88

Among them: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 37,984,537.17 20,549,550.97 Total current assets 1,284,585,592.42 1,378,504,057.29 Non-current assets:

Grant loans and advances

debt investment

Other debt investments

long-term receivables

Long-term equity investment 142,261,977.71 52,987,357.77 Other equity instrument investments

Other non-current financial assets

investment real estate

Fixed assets 704,174,724.96 667,310,290.12 Construction in progress 266,447,156.32 150,111,039.09 Productive biological assets

oil and gas assets

Right-of-use assets 3,687,334.94 2,492,612.67 Intangible assets 68,787,302.84 70,296,355.07

Among them: data resources

development expenditure

Among them: data resources

goodwill

Long-term deferred expenses 28,443,573.35 1,462,240.04 Deferred income tax assets

Other non-current assets 62,930,597.00 32,852,942.37 Total non-current assets 1,276,732,667.12 977,512,837.13 Total assets 2,561,318,259.54 2,356,016,894.42 Current liabilities:

Short-term borrowings 35,011,916.67 15,011,916.67 Borrowings from the central bank

borrowing funds

Trading financial liabilities

Derivative financial liabilities 198,800.00 Notes payable 121,542,566.85 60,113,564.62 Accounts payable 214,360,693.18 182,900,019.39 Advance receipts

Contract liabilities 21,320,511.95 14,330,492.37 Financial assets sold and repurchased

Taking deposits and placing deposits with other banks

Agent for buying and selling securities

Agent underwriting securities funds

Employee benefits payable 14,343,655.04 16,163,498.16 Taxes payable 3,142,510.99 7,320,255.14 Other payables 2,106,573.24 1,540,469.78 Including: interest payable

Dividends payable

Handling fees and commissions payable

Reinsurance accounts payable

Liabilities held for sale

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

Non-current liabilities due within one year 1,245,882.54 1,635,319.85 Other current liabilities 49,577,510.26 37,986,221.82 Total current liabilities 462,651,820.72 337,200,557.80 Non-current liabilities:

insurance contract reserves

Long-term borrowings 58,507,458.33

Bonds payable 341,569,889.92 394,480,609.12 Including: preference shares

perpetual bond

Lease liabilities 914,723.15

long-term payables

Long-term employee benefits payable

Estimated liabilities

Deferred income 84,287,214.82 53,930,052.05 Deferred income tax liabilities 9,046,491.74 16,190,708.52 Other non-current liabilities

Total non-current liabilities 494,325,777.96 464,601,369.69 Total liabilities 956,977,598.68 801,801,927.49 Owners’ equity:

Share capital 239,067,890.00 232,450,589.00 Other equity instruments 88,786,714.74 109,395,811.13 Including: preference shares

perpetual bond

Capital reserve 886,596,189.97 798,855,211.64 Less: treasury shares 101,707,439.44 50,029,878.04 Other comprehensive income

special reserve

Surplus reserve 77,906,705.89 77,906,705.89 General risk reserve

Undistributed profits 413,690,599.70 385,636,527.31 Total owners’ equity attributable to the parent company 1,604,340,660.86 1,554,214,966.93 Minority shareholders’ equity

Total owners’ equity 1,604,340,660.86 1,554,214,966.93 Total liabilities and owners’ equity 2,561,318,259.54 2,356,016,894.42 Legal representative: Yang Zhongchen Person in charge of accounting work: Li Guo Person in charge of the accounting department: Li Guo

Consolidated income statement from the beginning of the year to the end of the reporting period

Unit: Yuan

Item Amount for the current period Amount for the previous period

Total operating income 721,014,626.29 830,872,973.77 Including: operating income 721,014,626.29 830,872,973.77 Interest income

Premiums earned

Fee and commission income

Total operating costs 684,502,021.07 764,080,029.44

Including: operating costs 568,340,738.68 667,398,936.98

interest expense

Handling fees and commission expenses

surrender deposit

Net compensation expenses

Net withdrawal of insurance liability reserves

policy dividend payout

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

Reinsurance cost

Taxes and surcharges 5,006,057.35 5,353,235.77 Sales expenses 42,451,440.47 33,890,836.56

Management expenses 28,022,618.53 22,514,537.48

Research and development expenses 23,442,506.08 22,242,760.16

Financial expenses 17,238,659.96 12,679,722.49 Including: interest expenses 19,196,541.06 17,512,494.92 Interest income 2,794,658.46 5,091,891.49

Add: other income 15,475,206.17 5,445,781.89

Investment income (losses are filled in with "-"

6,550,698.72 10,918,320.37 columns)

Of which: for associates and joint ventures

4,481,651.62 4,326,939.59 Enterprise’s investment income

Measured at amortized cost

Income from derecognition of financial assets

Exchange gains (losses are filled in with "-"

column)

Net exposure hedging gain (loss calculated as

Fill in the column with "-" sign)

Gains from changes in fair value (losses calculated as

1,410,220.40 705,920.45 (please fill in “-”)

Credit impairment losses (losses are marked with "-"

-1,188,106.92 -2,081,276.70 fill in the column)

Asset impairment losses (losses are marked with "-"

-3,222,299.47 -2,436,864.59 fill in the column)

Asset disposal income (losses are marked with "-"

2,380,717.62

Fill in the column)

3. Operating profit (loss is filled in with "-"

57,919,041.74 79,344,825.75 columns)

Add: Non-operating income 613.79 41,021.18 Less: Non-operating expenses 36,038.47 683,860.73

4. Total profit (total loss is marked with "-"

57,883,617.06 78,701,986.20 fill in the column)

Less: Income tax expense 7,001,282.53 8,230,639.38

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

50,882,334.53 70,471,346.82 columns)

(1) Classification by business continuity

Net profit from continuing operations (net loss divided by

50,882,334.53 70,471,346.82 (Fill in “-”)

Net profit from discontinued operations (net loss equal to

Fill in the column with "-" sign)

(2) Classification according to ownership ownership

Net profit attributable to shareholders of the parent company

50,882,334.53 70,471,346.82 (Net loss is listed with "-")

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

(Fill in the number)

6. Net amount of other comprehensive income after tax

Other comprehensive income attributable to owners of the parent company

net of tax

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

Comprehensive income

Remeasure changes in defined benefit plans

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

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

Comprehensive income

Fair value of other equity instrument investments

change

Fair value of the company’s own credit risk

change

5.Others

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

combined income

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

combined income

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

Amount of combined income

Credit impairment provisions for other debt investments
Cash flow hedging reserve
Translation differences of foreign currency financial statements

7.Others

Other comprehensive income attributable to minority shareholders

net of tax

Total comprehensive income 50,882,334.53 70,471,346.82

(1) Comprehensive assets attributable to owners of the parent company

50,882,334.53 70,471,346.82 Total income

(2) Comprehensive income attributable to minority shareholders

total amount

8. Earnings per share:

(1) Basic earnings per share 0.22 0.30

(2) Diluted earnings per share 0.22 0.32 If a business merger under the same control occurs in this period, the net profit realized by the merged party before the merger is: 0.00 yuan, and the net profit realized by the merged party in the previous period is: 0.00 yuan. Legal representative: Yang Zhongchen Person in charge of accounting work: Li Guo Person in charge of accounting department: Li Guo

Consolidated cash flow statement from the beginning of the year to the end of the reporting period

Unit: Yuan

Item Amount for the current period Amount for the previous period

1. Cash flow generated from operating activities:

Cash received from selling goods and providing services 575,386,996.23 610,602,837.57 Net increase in customer deposits and deposits from banks

Net increase in borrowing from the central bank

Net increase in borrowing funds from other financial institutions

Cash received from premiums from the original insurance contract

Net cash received from reinsurance business

Net increase in policyholders’ savings and investment funds

Cash collected from interest, fees and commissions

Net increase in borrowing funds

Net increase in repurchase business funds

Net cash received from buying and selling securities on behalf of agents

tax refund received

Other cash received related to operating activities 61,013,332.15 13,142,547.03 Subtotal of cash inflows from operating activities 636,400,328.38 623,745,384.60 Cash paid for purchasing goods and receiving services 469,686,626.53 403,115,255.94

Net increase in loans and advances to customers

Net increase in deposits with central banks and inter-banks

Shandong Linuo Pharmaceutical Packaging Co., Ltd. 2025 Third Quarter Report

Cash used to pay compensation from the original insurance contract

Net increase in lending funds

Cash payments for interest, fees and commissions

Cash payment for policy dividends

Cash paid to and for employees 149,157,162.22 142,111,523.00 Various taxes and fees paid 24,736,423.82 16,190,919.46

Other cash payments related to operating activities 53,292,384.05 31,131,855.53 Subtotal cash outflow from operating activities 696,872,596.62 592,549,553.93 Net cash flow generated from operating activities -60,472,268.24 31,195,830.67

2. Cash flow generated from investing activities:

Recover cash received on investment

Cash received from investment income 2,528,686.24 9,235,128.51 Disposal of fixed assets, intangible assets and other long-term assets

8,836,140.80 Net cash amount recovered from period 487,641.00 assets

Received from disposal of subsidiaries and other business units

net cash

Other cash received related to investing activities 520,643,827.27 2,176,051,759.66 Subtotal of cash inflows from investing activities 532,008,654.31 2,185,774,529.17 Purchase and construction of fixed assets, intangible assets and other long-term assets

236,274,100.14 153,171,443.66 Cash paid for assets

Cash paid for investment 84,000,000.00

Net increase in mortgage loans

Obtain payment from subsidiaries and other business units

net cash

Other cash payments related to investing activities 290,341,999.99 1,823,443,600.00 Subtotal cash outflow from investing activities 610,616,100.13 1,976,615,043.66 Net cash flow generated from investing activities -78,607,445.82 209,159,485.51

3. Cash flow generated from financing activities:

Absorbing cash received from investments

Among them: subsidiaries absorb investment from minority shareholders

cash received

Cash received from borrowing 78,482,000.00

Other cash received related to financing activities 8,620,350.92 724,201.06 Subtotal of cash inflows from financing activities 87,102,350.92 724,201.06 Cash paid to repay debts 1,000.55

Distribution of dividends, profits or repayment of interest payments

26,665,263.99 24,412,063.83 cash

Including: Payments made by subsidiaries to minority shareholders

dividends, profits

Cash payments related to other financing activities 51,677,662.86 50,029,952.95 Subtotal cash outflows from financing activities 78,343,927.40 74,442,016.78 Net cash flow generated from financing activities 8,758,423.52 -73,717,815.72

4. The impact of exchange rate changes on cash and cash equivalents

influence

Net increase in cash and cash equivalents -130,321,290.54 166,637,500.46

Add: Balance of cash and cash equivalents at the beginning of the period 400,746,376.99 403,339,373.16

Balance of cash and cash equivalents at the end of the period 270,425,086.45 569,976,873.62

(2) Adjustments to relevant items in the financial statements at the beginning of the year when the new accounting standards are implemented for the first time starting from 2025