/[Periodic Report] Greenvine Bio: 2026 Semi-annual Report

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[Periodic Report] Greenvine Bio: 2026 Semi-annual Report

NEEQ

2026/08/14

Green Vine Bio NEEQ: 831319

Hunan Lvman Biotechnology Co., Ltd.

Hunan Nutramax Inc.

Semi-annual report

2026

Important tips

The company’s controlling shareholders, actual controllers, directors, supervisors and senior managers guarantee that the information contained in this report does not contain any false records,

misleading statements or major omissions, and shall bear individual and joint liability for the truthfulness, accuracy and completeness of its content.

The person in charge of the company, Zhang Baotang, the person in charge of accounting work, Yan Mi, and the person in charge of the accounting department (accounting supervisor) Yan Mi guarantee that the half-year

The financial reports in the report are true, accurate and complete.

3. This semi-annual report has been reviewed and approved by the board of directors of the listed company, and there are no directors who did not attend the review.

4. This semi-annual report has not been audited by an accounting firm.

This semi-annual report involves forward-looking statements such as future plans, which does not constitute the company’s substantive commitment to investors. Investors and relevant persons

Adequate risk awareness should be maintained and the differences between plans, forecasts and commitments should be understood.

This semi-annual report has reported on the company in "Section 2 Accounting Data and Operations"-"VII. Analysis of Major Risks Faced by the Company"

The major risk factors during the reporting period are analyzed. Investors are advised to read carefully.

1. Business Overview

(1) Realization of business model and business plan

Business model

The company is in the natural plant extract subdivision industry under the general health industry. It has established "Enterprise Expert Workstation", "Green Vine Natural Sweetener Research Institute", "Provincial Enterprise Technology Center", "Changsha Plant Extract Engineering Technology Research Center" and "Yongzhou Natural Sweetener Engineering Technology Research Center". It has an experienced R&D team and has applied for and accepted more than 80 invention patents and PCTs, and has obtained 56 authorizations, including 52 national invention patent authorizations, 2 European invention patent authorizations and 2 U.S. invention patent authorizations. The company specializes in the research and development, production and sales of plant extracts and natural sweeteners, providing services throughout the entire industry chain from planting to extraction to finished products. We mainly develop business through direct sales by sales personnel, participating in domestic and foreign industry exhibitions, and acquiring customers through online platforms. Based on our own patented technology and intellectual property rights, we determine sales targets "market-oriented" based on market trends and customer needs.

(1) Procurement model

The company's supply center is responsible for material procurement. It generally adopts an order-based procurement model and purchases upstream products required for production with high quality and quantity according to order requirements, so that high-quality, low-consumption production can be achieved under certain production conditions. The main types of products purchased by the company are: First, the procurement of plant raw materials. In the case of insufficient self-grown raw materials, the supply department purchases the required raw materials according to the production plan, mainly from designated places of origin such as Luo Han Guo and sweet tea. The company has established long-term and stable cooperative relations with planting cooperatives to ensure timely, high-quality and stable supply of raw materials; second, the procurement of plant extract products, the supply department formulates procurement plans based on the inventory situation, and submits procurement plans to multiple economies. Professional suppliers with complete business and production certificates issued procurement requirements. After receiving the procurement information, each supplier made quotations one after another. After negotiation and consultation between the two parties, on the premise of meeting the company's product needs, the supplier with the most suitable price was selected and established a strategic cooperative relationship with them to ensure that the main products were supplied according to quality, on demand and with priority. The third is the procurement of auxiliary materials. The company uses some auxiliary materials in production, such as edible alcohol, packaging materials, etc., and regularly purchases supplements from suppliers. The raw materials, plant extract products and auxiliary materials suppliers required by the company are all domestic suppliers, and the supply is stable.

(2) Production mode

The company has three production plants, which strictly follow the national food SC production requirements, have independent invention patents for product production processes, and organize production in accordance with the CGMP production post standard operating procedures. The company's production planning and scheduling are managed uniformly by the production department, and production is mainly organized using the method of "sales determine production". The company determines the total annual sales scale based on the sales status of the previous year, and the production department formulates the annual production plan. Hunan Tianman Biotechnology Co., Ltd., a wholly-owned subsidiary, is a modern plant extract factory that has passed international quality certifications such as NSF-cGMP, BRC, Kosher, Halal, BCSOgarnic, USDA Organic, FSSC22000, ISO9001, etc. It mainly produces leading products such as monk fruit extract, sweet tea extract, stevia extract, and natural compound sweeteners. The Changsha High-tech Zone factory is mainly responsible for the production of natural sweetener products such as monk fruit table sweeteners and plant extracts. The Longsheng factory is mainly responsible for the production of Luo Han Guo extract.

(3) Sales model

The company's products are mainly exported to the United States, Europe, Japan, South Korea and other countries and regions. The company's marketing method mainly adopts a combination of direct sales and B2B. We use B2B platforms such as Alibaba and Made in China to publish product advertisements, and participate in various professional exhibitions at home and abroad, such as Supplyside West (American Plant Extracts, Health and Innovative Ingredients Western Exhibition), Vitafoods Europe (European Exhibition of Nutritional Food Ingredients), CPHI (World Pharmaceutical Ingredients Exhibition), etc. to explore potential customer resources. With the purpose of "serving human health and promoting global blood sugar reduction", the company has accumulated a certain amount of upstream and downstream customer resources in domestic and foreign food, beverages, seasonings, candy, baking, dairy, daily chemicals, pharmaceuticals, health care products and other application fields over the years. It has continued to win the trust of customers and expanded the order volume through products with stable and reliable quality, standard content, advanced and efficient technology. The company adopts a combination of online and offline methods to expand sales channels, actively develop new customers by participating in various international and domestic industry exhibitions, and at the same time strengthen online publicity and promotion, publish product information online and provide RFQ quotations, increase online customer development efforts, develop more potential customers through LinkedIn, GOOGLE search, finished product websites (such as IHERB, AMAZON) and other online platforms, communicate with potential customers through emails, phone calls, online interviews and offline visits, and finally reach a deal. At the same time, the company actively explores customers in new application fields for its products and focuses on exploring potential domestic markets. In addition, the company has established a sales subsidiary and rented a warehouse in Los Angeles, USA, to quickly respond to customer needs.

In recent years, many domestic food companies have begun to use natural sweeteners to replace traditional sugar. The company has also actively deployed in the domestic market and has begun contact and joint research and development with some domestic foods, striving to expand the application of the company's natural sweetener products in domestic foods as soon as possible. In addition, the company's subsidiary Hunan Meikatian Biotechnology Co., Ltd. is responsible for promoting "Meikatian Luo Han Guo Zero Calorie Sugar" in the country and expanding the domestic terminal consumer market.

(4) Profit model

The company's main business is plant extracts, covering the entire industry chain including planting, research and development, production and sales. The company takes natural sweeteners such as Luo Han Guo extract, sweet tea extract, stevia extract, and natural compound sweeteners as its leading products. It sells products to customers in different channels through a variety of online and offline methods, and provides complete after-sales service and technical support to obtain corresponding revenue and profits. The company continues to improve and improve the industrial chain structure to enhance the company's profitability and comprehensive competitiveness. In terms of product research and development, we will increase the construction of scientific research teams and independent research and development efforts, vigorously develop or introduce new products in various application fields, fill the market gaps, and occupy the leading position in the industry; in terms of production, by expanding the production workshop, using environmentally friendly and low-energy consumption production processes to reduce production costs, improve product quality, increase production capacity, reduce pollution, expand the scope of automation, and improve resource utilization; in terms of sales, we will stabilize the original foreign customers. At the same time, we will increase efforts to actively expand the domestic market and achieve new profit growth points; in terms of scale, we will give full play to product advantages, continue to expand the market share of natural extracts, and form economies of scale; in terms of application fields, we will increase market development, stabilize the proportion of products used in industries such as flavors and fragrances, food and beverages, and actively develop product markets in dietary supplements, health products, cosmetics and other industries to expand market profitability.

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

Implementation of business plan

During the reporting period, the company achieved operating income of 227,626,869.20 yuan, an increase of 31.97% compared with the same period last year; net profit of 20,875,903.49 yuan, an increase of 88.39% compared with the same period last year. The main reasons are: (1) Operating income increased by 31.97% year-on-year during the reporting period, and incremental revenue laid the foundation for profit growth; (2) The comprehensive gross profit margin increased from 20.80% to 24.77%, and the increase in gross profit fully covered the increase in expenses during the period, effectively releasing profit margins; (3) Other income increased by 4.6268 million yuan year-on-year, further increasing profits. The above factors jointly promoted rapid growth in net profit.

(1) Planting management

During the reporting period, the company continued to deepen its collaborative cooperation with planting cooperatives, strictly controlled the quality of raw materials from the source, and effectively improved the stability of raw material quality and supply security capabilities by promoting high-quality seedlings and standardized planting practices. In the first half of 2026, the company steadily promoted the construction of its own planting base, and the planting area increased slightly compared with last year. The company carried out demonstration planting of sweet tea and Luo Han Guo in Wugang, actively engaged surrounding farmers to participate in planting, and continued to deepen cooperation between government, enterprises, and social enterprises. It signed Luo Han Guo planting bases in Guangxi, Hunan, Guizhou, Jiangxi, Hainan and other places to further expand the scale of standardized planting and continue to lay a solid foundation for the company's long-term stable supply of raw materials.

(2) Production and construction

During the reporting period, the company continued to promote the upgrading of production technology and the improvement of the production capacity system. The operations of each production base were stable and production capacity was released in an orderly manner. Each factory area carries out specialized production around Luo Han Guo, sweet tea, plant extracts and compound sugar products, successfully completing multi-category raw material processing and finished product output, and the efficient operation of the packaging process in the clean workshop ensures a stable supply of products. In the first half of 2026, the company completed large-scale processing of monk fruit, sweet tea, stevia, etc., and simultaneously produced extracts such as rhodiola rosea and oregano, and the product structure continued to be optimized. The Longsheng factory will build a new Luo Han Guo production line this year to expand its production capacity. It is planned to be installed and debugged in the second half of the year. It is expected to be put into use during the peak harvest season of Luo Han Guo this year, further increasing the deep processing capacity and product added value, and strengthening the core product supply guarantee capability.

(3) R&D innovation

During the reporting period, the company's R&D focused on the development and innovation of comprehensive utilization processes for natural sweeteners and the optimization of product application solutions. In terms of comprehensive utilization technology, we are committed to improving the recycling rate of main products, breaking through production bottlenecks, and developing by-products that meet market demand; in terms of optimizing product application solutions, we strive to solve the pain points of end customers and improve product utilization. In terms of intellectual property rights, the PCT invention patent "METHOD FOR PREPARING LUO HAN GUO SWEETENING COMPOSITION FROM SIRAITIA GROSVENORII AND USE THEREOF" was authorized by the United States. It also obtained two national invention patents, "A production method for extracting high-purity mogroside V from Luo Han Guo" and "A method for preparing stevia extract". In terms of hardware facilities, some test equipment has been optimized to make the test process closer to actual production. In terms of talent cultivation, R&D personnel are encouraged to improve their academic qualifications, deepen cooperation with universities in natural sweetener preparation technology, biosynthesis and other fields, and continue to improve the technical capabilities of the R&D team. The company will continue to encourage technology and product innovation, increase talent introduction and industry-university-research cooperation, and enhance the ability to transform scientific and technological achievements.

(4) Market expansion

During the reporting period, the company continued to promote the dual-track strategy of "deep international cultivation + local breakthrough" and steadily optimized its market layout. In the first half of 2026, the company made high-profile appearances at a number of domestic and foreign core industry exhibitions such as Natural Products Expo West, FIC Shanghai, NutraFood Poland, Vitafoods Europe, Seoul Food, Hi-Fi China, CPHI Shanghai, etc. Through in-depth industry exchanges, the company consolidated customer relationships and tapped high-quality potential customers, and its brand influence continued to increase. Benefiting from the gradual release of the company's production capacity and the continued increase in demand from downstream customers, the company's performance has achieved substantial growth. The company focuses on core areas such as health products, dairy, beverages and flavors and fragrances. Its efforts to develop the domestic market have not diminished, and its business structure has become more balanced. In the second half of 2026, the company will continue to increase sales investment, deeply explore large customer resources, cultivate steviol glycosides as the second core product after Luo Han Guo, and strive to achieve leapfrog growth in sales and consolidate its market position in the industry.

(2) Industry situation

The company's main business is in the natural plant extract industry. Plant extracts are products that use plants as raw materials and go through physical and chemical extraction and separation processes to directionally obtain and concentrate one or more active ingredients in plants without changing the structure of the active ingredients according to the needs of the extraction product. Natural plant extracts, as intermediate raw materials for dietary supplements, foods, health products, and cosmetics, are a subdivision of the health industry and one of the emerging industries. In the first half of 2026, global health consumption continues to upgrade, the demand for natural clean label raw materials continues to rise, and the industry as a whole continues to maintain a steady growth trend.

International market of plant extracts

Plant extracts continue to gain recognition in the global market with their core attributes of being natural, green, and safe. Developed countries such as Europe, the United States, Japan, and South Korea continue to increase their safety and naturalness requirements for food, cosmetics, and health care ingredients. With the continuous expansion of downstream application scenarios, the industry maintains steady growth. According to the latest data from the international market research institution Markets and Markets, the global plant extract market will continue its previous growth trajectory in the first half of 2026, with an overall compound annual growth rate of 12.4% expected. The Asia-Pacific region continues to dominate the global market. Drugs and dietary supplements remain the largest application areas in the downstream market. Demand for natural cosmetics and functional foods is rising rapidly, becoming a new core growth point for the industry.

Domestic market of plant extracts

In China, the plant extract industry has formed a mature and important industrial scale, and its products are widely used in terminal fields such as food, medicine, health products and cosmetics. As one of the countries with the richest plant resources and the most complete industrial supporting system in the world, my country's plant extract industry has a solid foundation for development and is the world's most important plant extract production and supply base. According to the official statistical monitoring data of the General Administration of Customs quoted by the China Chamber of Commerce for Import and Export of Medicines and Health Products, the domestic plant extract industry will continue its structural recovery in the first half of 2026, with the resilience of industrial operations highlighted and overseas market demand steadily recovering. The fundamentals of my country's plant extract exports remain solid, and the export advantages of standardized, high value-added functional products continue to be highlighted. The industry continues to maintain its leadership in the global plant extract supply and consumer markets.

Natural sweetener market

The global trend of reducing and controlling sugar consumption continues to deepen, and various countries' sugar reduction policies and sugar tax control policies continue to be implemented. Natural sweeteners continue to replace sucrose and artificial sweeteners with their safety and health advantages, and the industry's growth momentum continues to be released. According to Fortune Business Insights data, the global natural sweetener market will maintain steady growth in the first half of 2026, continuing the average annual compound growth forecast of 6.86% from 2026 to 2034. The long-term growth logic of the industry is solid. Driven by the continued deepening of policies such as "Healthy China 2030" and the upgrading of domestic healthy consumption, the Asia-Pacific region continues to remain the world's largest natural sweetener consumer market. As the core growth pole of the Asia-Pacific, China continues to lead the world in industrial scale, production capacity levels and market consumption scale. With the continuous development of the downstream consumer market, the application scenarios of natural sweeteners in food and beverages, medicine and health care, dietary supplements and other fields continue to expand. The industrialization technology of high-end plant-derived sweeteners continues to iterate, and the industry as a whole shows a high-quality and steady development trend.

(3) Identification status related to innovation attributes

√Applicable □Not applicable

"Specialized, Special and New" certification √National level √Provincial (municipal) level

"High-tech enterprise" certification √Yes

Details 1. On October 20, 2025, the Hunan Provincial Department of Industry and Information Technology announced that the company was recognized as the seventh batch of national-level specialized and new "little giant" enterprises.

On December 8, 2025, the company passed the re-certification of high-tech enterprise qualifications.

The certificate number is GR202543001022.

2. Main accounting data and financial indicators

Unit: Yuan

Profitability Current period Same period last year Increase or decrease ratio % Operating income 227,626,869.20 172,488,140.43 31.97% Gross profit margin % 24.77% 20.80% -

Net profit attributable to shareholders of the listed company 20,875,903.49 11,081,498.96 88.39% Net profit attributable to shareholders of the listed company, excluding non-recurring expenses

15,838,305.57 9,408,265.86 68.34% Net profit after profit and loss

Weighted average return on equity % (based on attributable to -

16.15% 12.49%

Calculation of net profit for listed company shareholders)

Weighted average return on equity % (attributable to -

12.26% 10.61% of shareholders of brand-name companies after deducting non-recurring gains and losses

Net profit calculation)

Basic earnings per share 0.33 0.19 73.68%

Solvency ability End of the current period End of the previous year Increase or decrease ratio % Total assets 425,712,564.51 484,016,551.30 -12.05% Total liabilities 292,358,559.43 365,218,325.66 -19.95% Net assets attributable to shareholders of the listed company 133,354,005.08 118,798,225.64 12.25% Net assets per share attributable to shareholders of the listed company 2.13 1.90 12.11% Asset-liability ratio % (parent company) 57.98% 55.75% -

Asset-liability ratio % (consolidated) 68.68% 75.46% -

Current ratio 1.05 1.03 -

Interest coverage ratio 9.14 6.44 -

Operating conditions Current period Same period last year Increase/decrease ratio % Net cash flow generated from operating activities -531,218.62 14,132,817.04 -103.76% Accounts receivable turnover rate 3.00 2.99 -

Inventory turnover 0.88 1.19 -

Growth situation for the current period Same period last year Increase/decrease ratio % Total assets growth rate % -12.05% -4.63% -

Operating income growth rate% 31.97% 76.69% -

Net profit growth rate% 88.39% 99.62% -

3. Financial situation analysis

(1) Analysis of assets and liabilities

Unit: Yuan End of current period End of previous year

Item Percentage of change in total assets Percentage of change in total assets Amount

Proportion % Proportion %

Monetary funds 10,213,020.08 2.40% 24,125,618.94 4.98% -57.67% Notes receivable 0.00 0 .0 0 % 0.00 0.00%

Accounts receivable 93,180,544.01 21.89% 49,483,610.57 10.22% 88.31%Advance payments 2,726,478.73 0.64% 2,558,209.42 0.53% 6.58%Other receivables 669,717.35 0.16% 245,073.70 0.05% 173.27% Inventory 152,603,903.71 35.85% 236,084,717.53 48.78% -35.36% Other current assets 6,209,872.77 1.46% 11,918,887.68 2.46% -47.90%Fixed assets 122,883,342.53 28.87% 127,168,480.74 26.27% -3.37%Construction in progress 1,056,222.20 0.25% 0.00 0.00%

Productive biological assets 240,879.93 0.06% 251,970.99 0.05% -4.40% Right-of-use assets 7,848,790.31 1.84% 9,058,427.38 1.87% -13.35% Intangible assets 12,876,235.61 3.02% 13,032,820.77 2.69% -1.20% Goodwill 501,395.71 0.12% 501,395.71 0.10% 0.00% Long-term deferred expenses 4,829,048.45 1.13% 5,262,326.34 1.09% -8.23% Deferred income tax assets 3,913,663.80 0.92% 4,325,011.53 0.89% -9.51% Short-term borrowings 115,000,000.00 27.01% 100,000,000.00 20.66% 15.00% Accounts payable 93,631,092.76 21.99% 176,969,407.10 36.56% -47.09% Contract liabilities 3,267,486.31 0.77% 4,449,592.56 0.92% -26.57% Employee benefits payable 3,271,008.57 0.77% 5,195,000.23 1.07% -37.04% Taxes payable 3,435,472.40 0.81% 1,104,410.91 0.23% 211.07% Other payables 1,073,183.19 0.25% 895,449.26 0.19% 19.85% Non-current liabilities due within one year 34,005,313.77 7.99% 26,869,429.21 5.55% 26.56%

Other current liabilities 25,015.14 0.01% 18,616.91 0.004% 34.37% Long-term borrowings 22,325,000.00 5.24% 27,550,000.00 5.69% -18.97% Lease liabilities 7,500,794.38 1.76% 9,213,295.82 1.90% -18.59% Long-term payables 3,955,383.15 0.93% 7,702,918.36 1.59% -48.65% Deferred income 2,422,875.00 0.57% 2,491,125.00 0.51% -2.74% Deferred income tax liabilities 2,445,934.76 0.57% 2,759,080.30 0.57% -11.35%

Reasons for major changes in the project

Monetary funds decreased by 57.67% compared with the end of the previous year. The main reason was that 14 million yuan of funds raised from private placements were received at the end of the previous year and the funds raised by the end of the reporting period had been used up.
Accounts receivable increased by 88.31% compared with the end of the previous year. The main reason was: the sales performance increased during the reporting period, and accounts receivable increased accordingly.
Other receivables increased by 173.27% compared with the end of the previous year, mainly due to: deposit for new factory buildings of RMB 300,000 and prepaid interest of RMB 111,900 by China Merchants Bank.
Inventory decreased by 35.36% compared with the end of the previous year. The main reason was that the inventory reserves established at the end of the previous year to cope with seasonal demand and expected sales growth were converted into sales performance during the reporting period.
Other current assets decreased by 47.90% compared with the end of the previous year. The main reason is that: other current assets mainly include input tax to be deducted, sales revenue increased during the reporting period, the tax amount to be deducted was consumed, and the ending balance decreased.
Accounts payable decreased by 47.09% compared with the end of the previous year. The main reason was that the company concentrated on purchasing raw materials at the end of the previous year and used sales proceeds to pay supplier arrears during the reporting period.
Employee benefits payable decreased by 37.04% compared with the end of the previous year. The main reason was that the year-end bonus accrued at the end of the previous year was paid during the reporting period.
Taxes payable increased by 211.07% compared with the end of the previous year, mainly due to: the increase in domestic sales revenue increased the value-added tax payable at the end of the period by 639,700 yuan; the increase in profits increased the corporate income tax payable at the end of the period by 1.6826 million yuan.
Other current liabilities increased by 34.37% compared with the end of the previous year. The main reason is that other current liabilities are the output tax to be transferred corresponding to the contract liabilities at the end of the reporting period. Due to the increase in contract liabilities corresponding to domestic sales at the end of the reporting period, the output tax to be transferred also increased simultaneously.
Long-term payables decreased by 48.65% compared with the end of the previous year. The main reason was that during the reporting period, the company paid the due rent as scheduled in accordance with the financial lease contract.

(2) Business situation analysis

Profit composition

Unit: yuan for the current period and the same period last year

Items for the current period and the same period last year accounted for operating income accounted for operating income

Amount Amount Change in amount %

Proportion % Proportion %

Operating income 227,626,869.20 - 172,488,140.43 - 31.97% Operating cost 171,243,116.70 75.23% 136,610,728.12 79.20% 25.35% Gross profit margin 24.77% - 20.80% - -

Taxes and surcharges 1,248,305.12 0.55% 942,213.03 0.55% 32.49%Sales expenses 9,782,739.64 4.30% 5,690,452.21 3.30% 71.91%Administrative expenses 8,216,032.47 3.61% 7,111,596.10 4.12% 15.53%R&D expenses 11,401,009.80 5.01% 9,625,192.66 5.58% 18.45%Financial expenses 6,408,747.97 2.82% 1,405,638.16 0.81% 355.93% Credit impairment loss -2,454,226.04 -1.08% -1,802,860.71 -1.05% 36.13% Asset impairment loss 148,601.01 0.07% 9,143.40 0.01% -1,525.23% Other income 6,554,694.12 2.88% 1,927,855.98 1.12% 240.00% Operating profit 23,575,986.59 10.36% 11,236,458.82 6.51% 109.82%Non-operating income 4,084.78 0.00% 38,452.67 0.02% -89.38%Non-operating expenses 97,737.36 0.04% 166.69 0.00% 58,534.21%Income tax expenses 2,606,430.52 1.15% 193,245.84 0.11% 1,248.76%Net profit 20,875,903.49 9.17% 11,081,498.96 6.42% 88.39%

Reasons for major changes in the project

Operating income increased by 31.97% compared with the same period last year, mainly due to: the steady growth of the core product natural sweeteners and the coordinated development of domestic and foreign sales markets. The company has been deeply involved in the field of natural sweeteners for many years. The revenue of its core product natural sweeteners increased by 32.71% year-on-year, accounting for 84.77% of operating income. The high proportion combined with high growth has effectively boosted the overall revenue. In terms of channels, the company insists on focusing on both domestic and foreign sales. Export sales revenue increased by 43.88% year-on-year, and domestic sales revenue increased by 14.37% year-on-year. The domestic and foreign markets grew simultaneously, which jointly promoted the company's overall revenue to achieve rapid growth.
Taxes and surcharges increased by 32.49% compared with the same period last year. The main reason was: the performance growth during the reporting period resulted in a corresponding increase in taxes and surcharges.
Sales expenses increased by 71.91% compared with the same period of the previous year. The main reasons were: the performance increased during the reporting period, and the commission salary of sales personnel increased by 1.0502 million yuan year-on-year. In order to further expand domestic and overseas markets, the company continued to increase investment in exhibition publicity, and such expenses increased by 1.6918 million yuan year-on-year. The business grew during the reporting period, and service and testing expenses increased by 1.4522 million yuan year-on-year.
Financial expenses increased by 355.93% compared with the same period of the previous year. The main reason was that during the reporting period, interest expenses increased by 817,300 yuan with the increase in loans; new lease liability interest increased by 120,400 yuan; affected by fluctuations in the U.S. dollar exchange rate, exchange gains decreased by 4.0686 million yuan.
Credit impairment losses increased by 36.13% compared with the same period last year, mainly due to the increase in accounts receivable at the end of the reporting period and the corresponding increase in bad debt provisions.
Asset impairment losses decreased significantly compared with the same period last year. The main reason is that during the reporting period, part of the inventory for which depreciation provisions had been made at the end of the previous year was completed, and the corresponding inventory depreciation provisions were written off simultaneously. Because the comparative amount in the same period last year was smaller, the decrease ratio was higher.
Other income increased by 240.00% compared with the same period last year. The main reason is that: the company actively strives for government project support, and government subsidies increased by 3.6193 million yuan year-on-year during the reporting period; benefiting from the preferential policy of super deduction of value-added tax, this part of income increased by 995.2 million yuan year-on-year during the reporting period.
Operating profit increased by 109.82% compared with the same period last year. The main reasons are: operating income increased by 31.97% year-on-year during the reporting period, and incremental revenue laid the foundation for profit growth; due to the joint impact of scale effect, cost optimization and tariff rebate policy, the comprehensive gross profit margin increased from 20.80% to 24.77%. The increase in gross profit fully covered the increase in expenses during the period, and the profit space was effectively released; other income increased by 4.6268 million yuan year-on-year, further increasing profits. The above factors jointly drove operating profit to double.
Non-operating income decreased by 89.38% compared with the same period of the previous year. The main reason was that the number of free samples given away by suppliers during the reporting period decreased.
Non-operating expenses increased significantly compared with the same period of the previous year. The main reasons were: the company fulfilled its social responsibilities, with an additional sponsorship expenditure of 49,700 yuan during the reporting period; and a loss of 44,500 yuan due to quality problems of outsourced products.
The income tax expenses increased significantly compared with the same period of the previous year, mainly due to the increase in income tax expenses due to the performance growth during the reporting period.
The combined impact of the above reasons resulted in an increase of 88.39% in net profit during the reporting period compared with the same period last year.
Income composition

Unit: Yuan

Item Amount for the current period Amount for the previous period Change percentage %

Main business income 225,880,558.95 172,369,019.70 31.04% Other business income 1,746,310.25 119,120.73 1,366.00% Main business cost 170,845,036.18 136,610,728.12 25.06% Other business costs 398,080.52 0.00 -

Analysis by product category

√Applicable □Not applicable

Unit: yuan operating income ratio operating cost gross profit margin ratio gross profit

Category/item Operating income Operating cost Same period last year Same period last year Year-on-year rate %

Increase or decrease % Period increase or decrease % Increase or decrease Natural sweeteners 192,967,908.30 148,707,573.42 22.94% 32.71% 27.21% 3.33% Other plant extracts 32,912,650.65 22,137,462.76 32.74% 22.06% 12.30% 5.85%Other business 1,746,310.25 398,080.52 77.20% 1,366.00% - -22.80%Total 227,626,869.20 171,243,116.70 24.77% 31.97% 25.35% 3.97%

Analysis by region

√Applicable □Not applicable

Unit: Yuan

Operating income ratio Operating cost ratio

Gross profit margin compared to previous categories/items Operating income Operating costs Gross profit margin % Same period last year Same period last year

Year-on-year increase or decrease

Increase or decrease % Increase or decrease %

Domestic sales 79,656,102.28 58,323,704.17 26.78% 14.37% 7.65% 4.57%Export sales 147,970,766.92 112,919,412.53 23.69% 43.88% 36.98% 3.84% Total 227,626,869.20 171,243,116.70 24.77% 31.97% 25.35% 3.97%

Reasons for changes in revenue composition

From the perspective of product structure, the dominant position of natural sweeteners continues to be consolidated. During the reporting period, the company's core product natural sweeteners achieved revenue of 192.9679 million yuan, a year-on-year increase of 32.71%, and its proportion of total revenue increased from 84.30% in the same period last year to 84.77%, which is a direct reflection of the company's deep development in the field of natural sweeteners. Other plant extracts achieved revenue of 32.9127 million yuan, a year-on-year increase of 22.06%, forming a good category supplement. The revenue of natural sweeteners has maintained rapid growth, mainly due to the dual support of supply and demand: (1) After the early production capacity construction, the company's three major production bases in Changsha, Yongzhou, and Longsheng maintained stable and efficient operation during the reporting period, the production capacity utilization rate continued to increase, and the scale effect gradually emerged; coupled with sufficient strategic reserves of raw materials at the end of 2025, it provided a strong guarantee for order delivery. (2) Sugar control and sugar reduction policies and sugar tax measures in many countries around the world continue to increase, and the strategic position of natural sweeteners as a healthy sugar substitute solution has been further established; consumers' awareness of active sugar control has increased significantly, and the penetration rate of low-sugar and sugar-free foods continues to increase, providing strong market demand support for the company's natural sweetener business.
From the perspective of sales area, the revenue during the reporting period was still mainly exported. During the reporting period, export sales revenue was 147.9708 million yuan, a year-on-year increase of 43.88%, accounting for 65.01% of the total revenue; domestic sales revenue was 79.6561 million yuan, a year-on-year increase of 14.37%. The rapid growth of export revenue is mainly due to long-term market penetration and continued strong overseas demand: (1) The company has been deeply exploring the overseas natural sweetener market for many years, and has established long-term and stable cooperative relationships with customers in major markets such as Europe and the United States. The customer stickiness is strong, providing a stable source of orders for the continued growth of export revenue. (2) The demand for natural sweeteners in North America maintains a strong growth momentum. Driven by the "sugar tax" policy, the European market is accelerating its transformation to substitute natural sweeteners. The penetration rate of overseas terminal markets continues to increase, providing a broad market space for the company's export growth. The company adheres to the strategy of coordinated development of domestic and foreign sales, and its fundamentals in export sales are solid. Optimizing the structure of domestic and foreign sales will also help disperse market risks and enhance the stability of overall operations and its ability to resist risks.

(3) Cash flow analysis

Unit: Yuan

Item Amount for the current period Amount for the previous period Change ratio % Net cash flow generated from operating activities -531,218.62 14,132,817.04 -103.76% Net cash flow generated from investing activities -12,473,310.85 -12,228,069.83 -2.01% Net cash flow generated from financing activities -331,908.24 -818,300.66 59.44%

cash flow analysis

The net cash flow generated from operating activities decreased by 103.76% compared with the same period last year. The main reasons are: (1) Due to the seasonal factors of the industry, part of the purchase payables for centralized stocking at the end of the previous year were successively paid during the reporting period, while some accounts receivable formed by sales during the reporting period are still within the accounting period, and there is a periodic time mismatch between sales collection and purchase payment; (2) The company has moderately increased investment in personnel salaries to support revenue growth. The combination of the above factors has resulted in a significant decline in net cash flow generated from operating activities.
The net cash flow generated from financing activities increased by 59.44% compared with the same period of the previous year. The main reason is that: the company's bank loan renewal limit increased during the reporting period, which made the cash received from borrowings greater than the cash paid to repay debts, and the gap in the net cash flow generated from financing activities narrowed.

4. Investment status analysis

(1) Major holding subsidiaries and joint-stock companies

√Applicable □Not applicable

Unit: Yuan

Company category

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

Type

Nutramax controlled subsidiary Sales of monk fruit 500,000.00 56,133,332.83 6,349,133.66 66,251,914.16 4,499,955.51 USA Company Extract, stevia

extract, sweet tea

Extracts etc.

Wugang Sanwei's controlling subsidiary Plantation acquires Luohan 1,000,000.00 2,832,786.58 1,415,216.70 251,128.89 33,530.45

Company Fruit, sweet tea, etc.

Tianman Biological Holding Subsidiary Production and Sales of Arhat 30,000,000.00 192,220,929.22 37,440,698.47 133,803,090.67 -787,317.63 Company Fruit Extract, Sweet

Chrysanthemum leaf extract,

Sweet tea extract, etc.

Yongzhou Lvman Holdings subsidiary produces and sells Luohan 10,000,000.00 13,478,563.93 1,305,621.75 17,599,811.40 43,378.50 Company Fruit extract, sweetener

Chrysanthemum leaf extract,

Sweet tea extract, etc.

Meikatian Holdings subsidiary produces and sells Zero Card 2,000,000.00 117,606.76 -127,358.42 83,747.00 -308,812.09

Company Sugar etc.

Longsheng Lvman Holdings subsidiary Production and sales of Luohan 30,000,000.00 110,777,228.65 27,356,433.39 57,148,590.59 4,825,889.84

Company Fruit Extract, etc.

Note: The registered capital of Nutramax USA is US$500,000.00.

Business analysis of major participating companies

□Applicable √Not applicable

Acquisition and disposal of subsidiaries during the reporting period

□Applicable √Not applicable

(2) Investment in financial products

□Applicable √Not applicable

(3) Structured entities controlled by the company

□Applicable √Not applicable

5. Explanation of key audit matters

□Applicable √Not applicable

6. Corporate Social Responsibility

√Applicable □Not applicable

Wugang Sanwei Medicinal Plant Planting Co., Ltd., a wholly-owned subsidiary of the company, is a key poverty alleviation workshop in Wugang City. The company follows the development model of "company" + "scientific research institution" + "cooperative" + "farmer" and adopts the ideas of unified planning, scientific planting, and professional management. By driving local cooperatives and farmers to plant a series of high-value cash crops such as monk fruit and sweet tea, local farmers can easily find employment at their doorsteps, help more farmers increase their income and expand more channels, and have made important contributions to driving rural economic development. In the future, the expansion of planting areas of Luo Han Guo and sweet tea will contribute to rural revitalization.

The company and its wholly-owned subsidiary Hunan Tianman Biotechnology Co., Ltd. provide long-term company internship or study inspection opportunities for outstanding college students from Hunan Agricultural University, Central South University of Forestry and Technology, Changsha University and other institutions of higher learning. The Luman Biology Department is the sponsor of the Hunan Agricultural University Tea Scholarship and provides financial aid to poor students with excellent academic performance every year.

Green Man Biotechnology always places social responsibility in an important position in the company's development, integrates social responsibility awareness into development practices, actively assumes social responsibilities, supports regional economic development, and shares the results of corporate development with society. While pursuing efficiency, the company pays taxes in accordance with the law, arranges personnel employment reasonably, conscientiously fulfills its social responsibilities as an enterprise, and is responsible to society, all shareholders and every employee of the company.

7. Analysis of major risks faced by the company

Name of major risk matters Brief description of major risk matters

According to the provisions of the "Announcement of the State Administration of Taxation on the Issuance of the Measures for the Administration of Value-Added Tax and Consumption Tax Refund (Exemption) for Export Business" (State Administration of Taxation Announcement No. 5 of 2026), the "Announcement of the Ministry of Finance and the State Administration of Taxation on Value-Added Tax and Consumption Tax Policies for Export Business" (Announcement No. 11 of the Ministry of Finance and the State Administration of Taxation of 2026) and other policy and regulatory documents, the company's VAT on exported goods enjoys the policy of "exemption, credit, and refund". According to the "Notice of the State Administration of Taxation on the Release of the 2026A Version of the Export Rebate Rate Library" (Shui Zong Huo Lao Han [2026] No. 27), the value-added tax rebate rates for the company's export goods are 9% and 13%. During the reporting period, the company actually received export tax rebates of RMB 14,575,551.63. Although during the reporting period

Risks of changes in export tax rebate policies: The company's export goods have always enjoyed exemption from value-added tax. However, as the economic situation changes, the country may further adjust the relevant export tax rebate policies in the future. If the export tax rebate rate for the company's products is reduced or cancelled, it may have an adverse impact on the company's net profit.

Countermeasures: In response to the risk of the export tax refund rate being reduced or even canceled, the company will further improve the quality of its products and strengthen its bargaining power with overseas customers. On the other hand, the company will reduce costs through technological innovation, process optimization and other methods, so that when faced with the risk of changes in the export tax refund rate, it can reduce the risk of changes in the tax refund rate by transferring or reducing part of the costs.

The company's total foreign sales revenue in the first half of 2026 will account for 65.01%. Since the company's foreign sales will bring a certain amount of foreign exchange income, exchange rate changes will have an impact on the company's operating performance. If the country’s foreign exchange policy changes, or the level of the RMB exchange rate

Exchange rate fluctuation risk

Large fluctuations in market conditions will have a certain impact on the company's performance.

Countermeasures: The company will adopt timely foreign exchange settlement and exchange rate locking to try to avoid risks caused by exchange rate fluctuations.

A subsidiary of the company registered in California, USA, the politics, economy and society of the United States

Overseas investment and sales risks

The laws and regulations on investment, taxation, environmental protection, contracts and labor are also different from those in China. If the company cannot respond to the complex environment of overseas investment in a timely and effective manner, the overseas investment project will not meet expectations. At the same time, the company's products are mainly sold to countries and regions such as the United States and Europe. Affected by the global economic downturn, the company's overseas sales growth has slowed down. In the future, if the national policies, trade policies, and social environment of the company's main sales locations change, it may have an adverse impact on the company's performance.

Countermeasures: The company sends personnel to work in the subsidiary to understand and be familiar with the political, economic, social, cultural and industry development conditions of the United States through multiple channels, and actively face the complex environment. While paying close attention to Sino-foreign international relations, local political stability, laws and regulations, etc., we will strengthen the strategic layout of the domestic market to reduce the impact of overseas sales risks on the company.

The company's shareholder Zhang Baotang holds 38,260,582 shares of the company, with a shareholding ratio of more than 50%. At the same time, Zhang Baotang is the company's chairman, general manager and legal representative, and has absolute control over the company's business decisions. Therefore, it is possible that Zhang Baotang used his controlling position to improperly control the company's major personnel, development strategies, business decisions, profit distribution and other aspects by exercising voting rights or other means, and exerted influence on the company's operations.

The actual controller improperly controls risks

and other equity shareholders.

Countermeasures: Continuously establish and improve the corporate governance system, strictly implement decision-making and approval procedures in accordance with relevant systems, and at the same time, the company introduces external investors and market makers through stock issuance and stock market-making transactions to promote the diversification of the company's shareholders and avoid improper control by the actual controller.

Since most of the raw materials for plant extract products are traditional Chinese medicine and agricultural and forestry by-products, their planting, picking and purchasing have obvious cyclical, regional and seasonal characteristics. The company's raw material supply is affected by geographical restrictions, harvest or production reduction, and other industry applications. Prices and supply volumes have certain unstable factors. Whether raw material procurement can meet the company's production and operation needs will have a direct impact on the company's performance.

Risk of raw material price fluctuations

Countermeasures: The company has Wugang Sanwei Medicinal Plant Planting Co., Ltd. in Shaoyang, Hunan, which operates organic standard Luo Han Guo and sweet tea planting bases. In the accelerated expansion of the company's scale in the future, the company will gain greater competitive advantages by relying on low-price and stable-quality plant extract raw materials to obtain more and more stable customers.

Have there been any significant changes in major risks in this period: No major changes have occurred in major risks in this period

Is there a risk of being transferred out of the innovation layer?

□Yes √No

Section 3 Major Events

1. Index of major events

Matter Yes or No Index whether there are litigation or arbitration matters □Yes √No 3.2. (1) Whether there is provision of guarantee √Yes □No 3.2. (2) Whether to provide external loans □Yes √No

Is there any situation where shareholders and their related parties occupy or transfer the company’s funds, assets and other resources? □ Yes √ No 3.2. (3) Sources

Are there any related transactions? □Yes √No

Are there any acquisitions, sales of assets, or external investments that have been reviewed and approved by the shareholders’ meeting? □Yes √No

and business mergers that occurred during the reporting period

Is there an equity incentive plan, employee stock ownership plan or other employee incentive measures? Yes √No

Is there any share repurchase matter □Yes √No

Whether there are any disclosed commitments √Yes □No 3.2.(4) Whether there are assets that have been sealed, detained, frozen or mortgaged or pledged √Yes □No 3.2.(5) Whether there are matters subject to investigation and punishment □Yes √No

Is there any breach of trust? □Yes √No

Are there any other major matters that should be disclosed? Yes √No

2. Details of major events

(1) Litigation and arbitration matters

The company had no major litigation or arbitration matters during the reporting period

(2) Guarantee matters that occur in the company

Provide guarantees for listed companies and subsidiaries within the scope of consolidated statements

√Yes □No

Unit: Yuan Shi was carried

Is the guarantor

Guarantee period No performance Yes No

The behavior has been suspended

Whether to be the official

Necessary purchase serial number of the responsible bank Guarantee amount Guarantee balance Supervisor

Guarantor Type Decision Liability Share Share

Procedure Supervision Commencement Termination East, Real

managed international control

Cuo Jin controls people

Shi

Amount and its

control

enterprise

industry

Already in advance Not Sweet Man 2024 7 2027 7

1 5,000,000 0 4,000,000 Jointly and severally Yes Timely compliance with biological activities 5th month 5th month

OK and already in advance, not sweet man 9, 2025 3, 2027

2 5,000,000 0 4,875,000 Jointly and severally Yes Timely implementation of biological activities 24th of March 24th

OK and already in advance not sweet man 2026 1 2027 1

3 15,000,000 0 15,000,000 Jointly and severally Yes Timely implementation Biology-involving month 28th month 27th

Okay and already in advance, not sweet man December 2024 December 2026

4 7,000,000 0 1,441,446.15 Jointly and severally Yes Timely implementation Biology-involving month 19th month 19th

OK and already in advance not sweet man 2025 12 2026 11

5 10,000,000 0 10,000,000 Jointly and severally Yes Timely implementation Biology-involved month 1st month 26th

OK and in advance Bulongsheng November 2024 November 2026

6 12,000,000 0 10,800,000 Jointly and severally Yes Timely execution Involving green vines on 8th of March 6th

OK and in advance Bulongsheng 9, 2025 9, 2027

7 15,000,000 0 13,500,000 Jointly and severally Yes Timely execution Involving green vines on 9th of March 8th

OK and already in advance Buyongzhou September 2025 September 2028

8 9,000,000 0 8,775,000 Jointly and severally Yes Timely execution Involving green vines on 29th of March 29th

Row and total - 78,000,000 0 68,391,446.15 - - - - - -

Performance of guarantee contracts that may bear or have assumed joint liability for repayment

At present, Tianman Biotech, Yongzhou Lvman and Longsheng Lvman are in good production and operation, and there is no situation where they cannot repay their debts when due. There is no indication that the company may assume joint and several liability for repayment.

Summary of guarantees provided by the company

Unit: yuan Project summary Guarantee amount Guarantee balance

During the reporting period, the listed company provided guarantees (including guarantees for on-balance sheet subsidiaries) 78,000,000 68,391,446.15 The company and on-balance sheet subsidiaries provided guarantees for the shareholders, actual controllers and related parties of the listed company 0 0

The company directly or indirectly provides guarantees for 78,000,000 68,391,446.15 guaranteed persons whose asset-liability ratio exceeds 70% (excluding the principal amount)

The amount of the company's total guarantee exceeding 50% of the net assets (excluding the original amount) 0 0 The company provides guarantees for companies that go off balance sheet during the reporting period 0 0 Guarantee situations that should be highlighted

□Applicable √Not applicable

(3) Occupation or transfer of company funds, assets and other resources by shareholders and their related parties

During the reporting period, the company did not have any shareholders or its related parties occupying or transferring the company's funds, assets and other resources.

(4) Performance of commitments

Commitment begins Commitment ends Commitment comes Commitment fulfillment Subject Commitment type Commitment specific content

Date Date Source Actual controller of the bank Listed in November 2014 Commitment to horizontal competition Commitment not to constitute horizontal competition Currently being fulfilled or the controlling shareholder on November 7 Actual controller of the bank Listed in November 2014 Other commitments (regarding other (regarding other (regarding the avoidance and reduction of related parties) Commitment to avoid and reduce related transactions by the controlling shareholder on November 7) In the process

transaction commitment)

Actual controller Listed in November 2014 Other commitments (regarding other (reducing and regulating related party transactions) are currently being implemented or the controlling shareholder’s commitment letter on reducing and regulating related party transactions on November 7, 2014) in the line

Commitment letter for transaction)

Others 2026 2 2026 8 Issuance Restricted sales commitment Others (participating companies 2025 2025 2025 2026 2026 8 Issuance target of a stock issuance on the 3rd day of the month The shares subscribed in the bank are free from China Securities

Completed by Registration and Clearing Co., Ltd.

Within 6 months from the date of registration of shares

Not transferable)

Details of overdue and unfulfilled commitments

During the reporting period, the company had no overdue commitments that were not fulfilled.

(5) Assets that have been seized, detained, frozen or mortgaged or pledged

Unit: yuan rights holder as a share of total assets

Asset name Asset category Book value Reason for occurrence

Proportion of limited type %

Houses and buildings (Lvman Bio) Fixed assets Mortgage 32,095,416.83 7.54% Mortgage borrowings

Houses and buildings (Sweetman Bio) Fixed assets Mortgage 27,469,284.53 6.45% Mortgage borrowings

Machinery and equipment (Sweetman Bio) Fixed assets Mortgage 8,193,993.33 1.92% Financing sale and leaseback Machinery and equipment (Lvman Bio) Fixed assets Mortgage 3,769,843.46 0.89% Financing sale and leaseback

Total - - 71,528,538.15 16.80% -

The impact of restricted asset rights on the company

The above restrictions on asset rights are required for the company to borrow bank loans and other financial institutions, which can effectively alleviate the company's short-term capital turnover pressure, enhance the company's ability to continue operating, and is conducive to the company's sustainable and stable operations, and is conducive to the company's long-term development. There is no harm to the company's interests, and it will not have a significant impact on the company's financial status, operating results, business integrity and independence.

Section 4 Share changes and shareholder status

1. Common stock capital situation

(1) Common stock capital structure

Unit: Shares at the beginning of the period and at the end of the period

Nature of shares Changes in the current period

Quantity Proportion % Quantity Proportion % Unlimited Total number of shares not subject to sale 27,168,508 47.19% 0 27,168,508 43.42% Sale terms Including: Controlling shareholders, actual controllers 8,968,074 15.58% 0 8,968,074 14.33% shares Directors, supervisors, senior executives 365,360 0.63% -18,800 346,560 0.55% share Core employees 2,313,231 4.02% -176,573 2,136,658 3.41% Total number of restricted shares 30,408,992 52.81% 5,000,000 35,408,992 56.58% sales notes Including: Controlling shareholders, actual controllers 29,292,508 50.87% 0 29,292,508 46.81% shares Directors, supervisors, senior executives 1,116,484 1.94% 430,000 1,546,484 2.47% shares Core employees 0 0.00% 3,050,000 3,050,000 4.87% of total share capital 57,577,500 - 5,000,000 62,577,500 -

Number of common shareholders 251

Changes in share capital structure

□Applicable √Not applicable

(2) Information about the top ten shareholders of ordinary shares

Unit: shares held at the end of the period held at the end of the period held at the end of the period held at the end of the period

Yes Company name Shareholder name Shareholding at the beginning of the period Change in shareholding Shareholding at the end of the period Holding at the end of the period Restricted for sale Yes Unlimited Some quality

Legally frozen number Number Number of shares Share ratio % Number of shares Sale shares Pledged shares

Number of shares Quantity Quantity

Amount 1 Zhang Baotang 38,260,582 0 38,260,582 61.1411% 29,292,508 8,968,074 0 0 2 Yan Yaofan 2,939,988 1,367,000 4,306,988 6.8826% 1,000,000 3,306,988 0 0 3 Wei Hong 2,094,120 500,000 2,594,120 4.1455% 500,000 2,094,120 0 0 4 Ju Jiaolan 2,107,004 0 2,107,004 3.3670% 0 2,107,004 0 0 5 Zhang Fangli 0 1,150,000 1,150,000 1.8377% 1,150,000 0 0 0 6 He Tao 74,293 985,500 1,059,793 1.6936% 1,000,000 59,793 0 0 7 Yan Tianxiang 188,253 746,600 934,853 1.4939% 0 934,853 0 0 8 Tang Qingxian 823,575 -69,615 753,960 1.2048% 0 753,960 0 0 9 Li Wei 602,640 20,000 622,640 0.9950% 20,000 602,640 0 0 10 Zhu Linhong 0 606,500 606,500 0.9692% 0 606,500 0 0

Total 47,090,455 - 52,396,440 83.73% 32,962,508 19,433,932 0 0

Description of the top ten shareholders of common stock

√Applicable □Not applicable

Zhang Baotang and Ju Jiaolan are related as mother and son, and Zhang Baotang and Zhang Fangli are related as husband and wife. Apart from this, there are no other related relationships among the top ten shareholders of the company.

Changes in controlling shareholders and actual controllers There were no changes in controlling shareholders and actual controllers during the reporting period

3. Arrangements for special voting rights

□Applicable √Not applicable

Section 5 Changes in Directors, Supervisors, Senior Management and Core Employees

1. Directors, supervisors and senior managers

(1) Basic situation

Unit: End of stock period, general term start and end date

Gender Year of birth Ordinary shares held at the beginning of the period Quantity change Ordinary shares held at the end of the period Name Position

Different month Start date End date Number of shares Number of shares Share ratio Period Period Example %

Chairman, 1975 2022-9 2028

Zhang Baotang Male 38,260,582 0 38,260,582 61.14% General Manager November 2 September 1

1973 2022 9 2028

Long Chenfeng Director Male 257,580 0 257,580 0.41% November 2 September 1

1974 2022 9 2028

Gong Yushun Director Male 93,312 0 93,312 0.15% August 2 September 1

Director, Deputy 1985 2022-9 2028

Hu Ping Female 70,361 100,000 170,361 0.27% General Manager May 2 September 1

1986 2022 9 2028

Wang Huiwen Director Male 23,328 10,000 33,328 0.05% April 2 September 1

Supervisory Board 1990 20229 2028

Zhang Xuejiao Female 90,512 -19,800 70,712 0.11% Chairman August 2 September 1

1973 2022 9 2028

Wang Zhongyuan Supervisor Male 139,935 100,000 239,935 0.38% August 2 September 1

1976 2022 9 2028

Yang Wen Supervisor Male 145,800 10,000 155,800 0.25% March 2 September 1

Deputy General Manager 1974 2022-9 2028

Yin Zhenhua Male 46,656 0 46,656 0.07% Manager November 2 September 1

Deputy General Manager 1977 2022-9 2028

Zhang Yuxue Male 200,380 10,000 210,380 0.34% Management December 2 September 1

Deputy General Manager 1982 2022-9 2028

Zhang Jian Male 278,980 10,000 288,980 0.46% Management October 2 September 1

Deputy General Manager 1978 2025 June 2028

Long Wei'an Male 0 100,000 100,000 0.16% Management February 9th September 1st

Financial Negative 1990 20232 2028

Yan Mi Female 0 21,000 21,000 0.03% Responsible person February 8th September 1st

Board of Directors 1985 20229 2028

Huang Feng Female 135,000 70,000 205,000 0.33%

Secretary December 2nd September 1st

Relationship between directors, supervisors, senior managers and shareholders

Zhang Baotang and Zhang Yuxue are related as brothers, Zhang Baotang and Zhang Yuxue are related as mother and son to shareholder Ju Jiaolan, Zhang Baotang is Zhang Jian’s brother-in-law, Zhang Jian and shareholder Li Fang are related as husband and wife, and Zhang Yuxue and shareholder Zhang Huanhuan are related as husband and wife. In addition, there is no related relationship between the company's directors, supervisors, and senior managers, and there is no related relationship between the company's directors, supervisors, senior managers, and shareholders.

(2) Changes

□Applicable √Not applicable

Professional background, main work experience, etc. of new directors, supervisors, and senior managers during the reporting period

□Applicable √Not applicable

(3) Equity incentives for directors and senior managers

□Applicable √Not applicable

2. Employee situation

(1) Basic information of current employees (the company and its holding subsidiaries)

Classification by nature of work Number of people at the beginning of the period New in this period Decreased in this period Number of people at the end of the period Management personnel 18 18 Production personnel 132 20 15 137 Sales personnel 22 1 0 23 Technical personnel 34 34 Financial personnel 7 7 Administrative personnel 34 3 3 34

Total employees 247 24 18 253

(2) Basic situation and changes of core employees (the company and its holding subsidiaries)

√Applicable □Not applicable

Item Number of people at the beginning of the period Newly added in this period Decreased in this period Number of people at the end of the period

Core employees 31 0 0 31

Changes in core employees

There were no changes during the reporting period.

Section 6 Financial Accounting Report

1. Audit report

Whether to audit No

2. Financial statements

(1) Consolidated balance sheet

Unit: Yuan

Item Notes June 30, 2026 Current assets as of December 31, 2025:

Monetary funds 1. (1) 10,213,020.08 24,125,618.94 Settlement reserve fund

Loan funds

trading financial assets

Derivative financial assets

Notes receivable

Accounts receivable 1. (2) 93,180,544.01 49,483,610.57 Accounts receivable financing

Prepayments 1. (3) 2,726,478.73 2,558,209.42 Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables 1. (4) 669,717.35 245,073.70 Including: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory 1. (5) 152,603,903.71 236,084,717.53 Including: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 1. (6) 6,209,872.77 11,918,887.68

Total current assets 265,603,536.65 324,416,117.84 Non-current assets:

Granting loans and advances

debt investment

Other debt investments

long-term receivables

long term equity investment

Other equity instrument investments

Other non-current financial assets

investment real estate

Fixed assets 1. (7) 122,883,342.53 127,168,480.74 Construction in progress 1. (8) 1,056,222.20

Productive biological assets 1. (9) 240,879.93 251,970.99 Oil and gas assets

Right-of-use assets 1. (10) 7,848,790.31 9,058,427.38 Intangible assets 1. (11) 12,876,235.61 13,032,820.77 Including: data resources

development expenditure

Among them: data resources

Goodwill 1. (12) 501,395.71 501,395.71 Long-term deferred expenses 1. (13) 4,829,048.45 5,262,326.34 Deferred income tax assets 1. (14) 3,913,663.80 4,325,011.53 Other non-current assets 1. (15) 5,959,449.32

Total non-current assets 160,109,027.86 159,600,433.46

Total assets 425,712,564.51 484,016,551.30 Current liabilities:

Short-term borrowings 1. (17) 115,000,000.00 100,000,000.00 Borrowing from the Central Bank

borrowing funds

Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 1. (18) 93,631,092.76 176,969,407.10 Advance payments

Contract liabilities 1. (19) 3,267,486.31 4,449,592.56 Financial assets sold under repurchase agreements

Taking deposits and placing deposits with other banks

Agent for buying and selling securities

Agent underwriting securities funds

Employee benefits payable 1. (20) 3,271,008.57 5,195,000.23 Taxes payable 1. (21) 3,435,472.40 1,104,410.91 Other payables 1. (22) 1,073,183.19 895,449.26 Including: interest payable

Dividends payable

Handling fees and commissions payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one year 1. (23) 34,005,313.77 26,869,429.21 Other current liabilities 1. (24) 25,015.14 18,616.91

Total current liabilities 253,708,572.14 315,501,906.18 Non-current liabilities:

insurance contract reserves

Long-term borrowings 1. (25) 22,325,000.00 27,550,000.00 Bonds payable

Among them: preferred shares

perpetual bond

Lease liabilities 1. (26) 7,500,794.38 9,213,295.82 Long-term payables 1. (27) 3,955,383.15 7,702,918.36 Long-term employee benefits payable

Estimated liabilities

Deferred income 1. (28) 2,422,875.00 2,491,125.00 Deferred income tax liabilities 1. (14) 2,445,934.76 2,759,080.30 Other non-current liabilities

Total non-current liabilities 38,649,987.29 49,716,419.48

Total liabilities 292,358,559.43 365,218,325.66 Owners’ equity:

Equity 1. (29) 62,577,500.00 62,577,500.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 1. (Thirty) 9,282,888.66 9,282,888.66 Less: treasury shares

Other comprehensive income 1. (31) -127,251.88 -64,877.83Special reserves

Surplus reserve 1. (32) 8,682,120.40 8,682,120.40 General risk reserve

Undistributed profits 1. (33) 52,938,747.90 38,320,594.41 Total owners’ equity attributable to the parent company 133,354,005.08 118,798,225.64 Minority shareholders’ equity

Total owners’ equity 133,354,005.08 118,798,225.64

Total liabilities and owners’ equity 425,712,564.51 484,016,551.30

Legal representative: Zhang Baotang Person in charge of accounting work: Yan Mi Person in charge of accounting department: Yan Mi

(2) Balance sheet of the parent company

Unit: Yuan

Item Notes June 30, 2026 Current assets as of December 31, 2025:

Monetary funds 5,711,295.93 18,988,639.77 Trading financial assets

Derivative financial assets

Notes receivable

Accounts receivable 8. (1) 115,229,458.85 81,038,331.06 Accounts receivable financing

Prepayments 13,966,691.68 2,466,869.15 Other receivables 8. (2) 493,138.47 321,386.77 Including: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory 41,442,006.35 56,411,694.28 Including: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 2,795,930.95 6,700,328.15

Total current assets 179,638,522.23 165,927,249.18 Non-current assets:

debt investment

Other debt investments

long-term receivables

Long-term equity investment 8. (3) 55,895,658.00 43,645,658.00 Other equity instrument investments

Other non-current financial assets

investment real estate

Fixed assets 38,453,233.15 39,095,064.55 Construction in progress

productive biological assets

oil and gas assets

right-of-use assets

Intangible assets 5,475,281.07 5,607,678.22 Including: data resources

development expenditure

Among them: data resources

goodwill

Long-term deferred expenses 442,630.92 478,036.38 Deferred income tax assets 736,576.75 447,803.80 Other non-current assets

Total non-current assets 101,003,379.89 89,274,240.95

Total assets 280,641,902.12 255,201,490.13 Current liabilities:

Short-term borrowings 80,000,000.00 70,000,000.00 Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 64,109,829.18 48,889,726.74 Advance payments

Contract liabilities 2,836,123.00 4,048,311.00 Financial assets sold and repurchased

Employee benefits payable 2,562,275.56 3,773,503.31 Taxes payable 688,294.87 674,321.67 Other payables 49,858.48 42,212.00 Including: interest payable

Dividends payable

Liabilities held for sale

Non-current liabilities due within one year 11,809,996.34 7,133,331.66 Other current liabilities 24,791.89 18,389.29

Total current liabilities 162,081,169.32 134,579,795.67 Non-current liabilities:

long term borrowing

bonds payable

Among them: preferred shares

perpetual bond

Lease liability

Long-term payables 633,337.00 7,702,918.36 Long-term employee benefits payable

Estimated liabilities

deferred income

Deferred income tax liability

Other non-current liabilities

Total non-current liabilities 633,337.00 7,702,918.36

Total liabilities 162,714,506.32 142,282,714.03 Owners’ equity:

Share capital 62,577,500.00 62,577,500.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 9,282,888.66 9,282,888.66 less: treasury shares

other comprehensive income

special reserve

Surplus reserve 8,682,120.40 8,682,120.40 General risk reserve

Undistributed profits 37,384,886.74 32,376,267.04 Total owners’ equity 117,927,395.80 112,918,776.10

Total liabilities and owners’ equity 280,641,902.12 255,201,490.13

(3) Consolidated income statement

Unit: Yuan

Project Notes January-June 2026 January-June 2025

Total operating income 227,626,869.20 172,488,140.43 Including: operating income 1. (34) 227,626,869.20 172,488,140.43 Interest income

Premiums earned

Fee and commission income

Total operating costs 208,299,951.70 161,385,820.28 Including: operating costs 1. (34) 171,243,116.70 136,610,728.12 Interest expenses

Handling fees and commission expenses

surrender deposit

Net compensation expenses

Net withdrawal of insurance liability reserves

policy dividend payout

Reinsurance cost

Taxes and surcharges 1. (35) 1,248,305.12 942,213.03 Sales expenses 1. (36) 9,782,739.64 5,690,452.21 Administrative expenses 1. (37) 8,216,032.47 7,111,596.10 Research and development expenses 1. (38) 11,401,009.80 9,625,192.66 Financial expenses 1. (39) 6,408,747.97 1,405,638.16 Including: interest expenses 2,883,334.76 2,066,050.99

Interest income 4,444.88 3,154.18 plus: other income 1. (Forty) 6,554,694.12 1,927,855.98 Investment income (losses are listed with "-")

Of which: investments in associates and joint ventures

income

Financial assets measured at amortized cost

No income has been recognized (losses are listed with "-")

Exchange gains (losses are listed with "-")

Net exposure hedging income (losses are filled in with "-"

column)

Gains from changes in fair value (losses are marked with a “-”

Fill in the column)

Credit impairment losses (losses are listed with "-") 1. (41) -2,454,226.04 -1,802,860.71 Asset impairment losses (losses are listed with "-") 1. (42) 148,601.01 9,143.40

Asset disposal income (losses are listed with "-")

Operating profit (losses are listed with "-") 23,575,986.59 11,236,458.82 plus: non-operating income 1. (43) 4,084.78 38,452.67 minus: non-operating expenses 1. (44) 97,737.36 166.69
Total profits (total losses are listed with "-") 23,482,334.01 11,274,744.80 Less: income tax expenses 1. (45) 2,606,430.52 193,245.84
Net profit (net loss is listed with "-") 20,875,903.49 11,081,498.96 Among them: the net profit realized by the merged party before the merger

(1) Classification by business continuity: - - -

Net profit from continuing operations (net loss is filled in with "-" number 20,875,903.49 11,081,498.96)
Net profit from discontinued operations (net loss is marked with "-"

Fill in the column)

(2) Classification by ownership: - - -

Profit and loss of minority shareholders (net loss is filled in with "-"

column)

Net profit attributable to owners of the parent company 20,875,903.49 11,081,498.96
Net after-tax amount of other comprehensive income -62,374.05 -18,912.90

(1) Other comprehensive income attributable to owners of the parent company

-62,374.05 -18,912.90 net profit after tax

Other comprehensive income that cannot be reclassified into profit or loss

(1) Remeasurement of changes in defined benefit plan

(2) Other comprehensive items that cannot be transferred to profit or loss under the equity method

income

(3) Changes in fair value of other equity instrument investments

(4) Changes in the fair value of the company’s own credit risk

(5) Others

Other comprehensive income that will be reclassified into profit and loss -62,374.05 -18,912.90

(1) Other comprehensive income that can be transferred to profit or loss under the equity method

benefit

(2) Changes in fair value of other debt investments

(3) Financial assets are reclassified and included in other comprehensive income

amount of profit

(4) Credit impairment provisions for other debt investments

(5) Cash flow hedging reserve

(6) Translation difference of foreign currency financial statements -62,374.05 -18,912.90

(7) Others

(2) Other comprehensive income attributable to minority shareholders

net of tax

Total comprehensive income 20,813,529.44 11,062,586.06

(1) Total comprehensive income attributable to owners of the parent company

20,813,529.44 11,062,586.06

(2) Total comprehensive income attributable to minority shareholders

8. Earnings per share:

(1) Basic earnings per share (yuan/share) 0.33 0.19

(2) Diluted earnings per share (yuan/share) 0.33 0.19

Legal representative: Zhang Baotang Person in charge of accounting work: Yan Mi Person in charge of accounting department: Yan Mi

(4) Income statement of the parent company

Unit: Yuan

Project Notes January-June 2026 January-June 2025

Operating income 8. (4) 226,297,131.20 184,336,814.97 Less: operating costs 8. (4) 186,297,821.58 160,046,651.38 Taxes and surcharges 401,735.32 372,821.16 Sales expenses 9,512,234.29 5,474,621.74 Administrative expenses 5,106,780.06 4,642,046.10 Research and development expenses 6,251,543.28 5,693,292.10 Financial expenses 4,914,373.03 403,694.61 Including: interest expenses 1,551,521.40 1,077,962.03

Interest income -2,908.17 -1,974.47 plus: other income 23,384.80 1,144,904.09 investment income (losses are listed with "-")

Including: Investment income from associates and joint ventures

Financial assets measured at amortized cost are derecognised

Recognized gains (losses are listed with "-")

Exchange gains (losses are listed with "-")

Net exposure hedging income (losses are listed with a “-” sign)

Gains from changes in fair value (losses are listed with a “-” sign)

Credit impairment losses (losses are listed with "-") -2,016,987.51 -1,517,418.74 Asset impairment losses (losses are listed with "-") 91,834.50 9,143.40

Asset disposal income (losses are listed with "-")

Operating profit (losses are listed with "-") 11,910,875.43 7,340,316.63 Plus: non-operating income 3,891.80 38,450.16 Less: non-operating expenses 87,734.36 166.69
Total profits (total losses are listed with "-") 11,827,032.87 7,378,600.10 Less: income tax expenses 560,663.17 522,019.75
Net profit (net loss is listed with "-") 11,266,369.70 6,856,580.35

(1) Net profit from continuing operations (net loss is filled in with "-"

11,266,369.70 6,856,580.35 columns)

(2) Net profit from discontinued operations (net loss is filled in with "-"

column)

5. Net amount of other comprehensive income after tax

(1) Other comprehensive income that cannot be reclassified into profit or loss

Remeasure the changes in defined benefit plan
Other comprehensive income that cannot be transferred to profit or loss under the equity method
Changes in fair value of other equity instrument investments
Changes in the fair value of the company’s own credit risk

5.Others

(2) Other comprehensive income that will be reclassified into profit and loss

Other comprehensive income that can be converted to profit or loss under the equity method
Changes in fair value of other debt investments
The amount of financial assets reclassified and included in other comprehensive income
Credit impairment provisions for other debt investments
Cash flow hedging reserve
Translation differences of foreign currency financial statements

7.Others

Total comprehensive income 11,266,369.70 6,856,580.35

7. Earnings per share:

(1) Basic earnings per share (yuan/share)

(2) Diluted earnings per share (yuan/share)

(5) Consolidated cash flow statement

Unit: Yuan

Project Notes January-June 2026 January-June 2025

1. Cash flow generated from operating activities:

Cash received from sales of goods and provision of services 187,145,983.96 140,274,752.40 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 refunds received 14,665,524.79 13,891,211.94

(Forty received other cash related to operating activities 5,989,129.59 1,943,022.17 4)

Subtotal of cash inflows from operating activities 207,800,638.34 156,108,986.51 Cash paid for purchasing goods and receiving services 175,741,156.24 119,989,373.41 Net increase in customer loans and advances

Net increase in deposits with central banks and inter-banks

Cash used to pay compensation from the original insurance contract

Net increase in financial assets held for trading purposes

Net increase in lending funds

Cash payments for interest, fees and commissions

Cash payment for policy dividends

Cash paid to and for employees 17,272,430.48 12,696,197.78 Various taxes and fees paid 2,183,838.40 1,393,891.90

1. (Forty

Other cash payments related to operating activities 13,134,431.84 7,896,706.386)

Subtotal of cash outflows from operating activities 208,331,856.96 141,976,169.47

Net cash flow from operating activities -531,218.62 14,132,817.04

2. Cash flow generated from investing activities:

Recover cash received on investments

Cash received from investment income

Disposal of fixed assets, intangible assets and other long-term asset recovery

net cash

Net cash received from disposal of subsidiaries and other business units

Other cash received related to investing activities

Subtotal of cash inflows from investing activities

Payment for the purchase and construction of fixed assets, intangible assets and other long-term assets

12,473,310.85 12,228,069.83 in cash

Cash paid for investments

Net increase in mortgage loans

Net cash received from subsidiaries and other business units

Other cash payments related to investing activities

Subtotal of cash outflows from investing activities 12,473,310.85 12,228,069.83

Net cash flow generated from investing activities -12,473,310.85 -12,228,069.83

3. Cash flow generated from financing activities:

Absorbing cash received from investments

Including: cash received by subsidiaries from investment by minority shareholders

Cash received from borrowing 72,500,000.00 32,500,000.00 Cash received from issuing bonds

Other cash received related to financing activities 7,000,000.00

Subtotal of cash inflows from financing activities 72,500,000.00 39,500,000.00 Cash paid to repay debts 58,800,000.00 30,250,000.00 Cash paid to distribute dividends, profits or pay interest 9,463,034.20 5,520,700.99 including: dividends and profits paid by subsidiaries to minority shareholders

Other cash payments related to financing activities 4,568,874.04 4,547,599.67 Subtotal of cash outflows from financing activities 72,831,908.24 40,318,300.66

Net cash flow generated from financing activities -331,908.24 -818,300.66

Impact of exchange rate changes on cash and cash equivalents -576,161.15 592,484.38
Net increase in cash and cash equivalents -13,912,598.86 1,678,930.93 Plus: opening balance of cash and cash equivalents 24,125,618.94 7,416,996.94
Balance of cash and cash equivalents at the end of the period 10,213,020.08 9,095,927.87

Legal representative: Zhang Baotang Person in charge of accounting work: Yan Mi Person in charge of accounting department: Yan Mi

(6) Cash flow statement of the parent company

Unit: Yuan

Project Notes January-June 2026 January-June 2025

1. Cash flow generated from operating activities:

Cash received from selling goods and providing services 189,707,866.26 138,003,669.99 Tax refunds received 14,585,936.43 13,868,304.08 Cash received from other operating activities 129,511.39 1,201,524.74

Subtotal of cash inflows from operating activities 204,423,314.08 153,073,498.81 Cash paid for purchasing goods and receiving services 182,614,621.03 118,235,053.88 Cash paid to and for employees 10,298,694.67 7,825,631.60 Various taxes paid 1,199,306.89 532,556.67 Other cash paid related to operating activities 9,608,255.46 5,714,750.68 Subtotal of cash outflows from operating activities 203,720,878.05 132,307,992.83

Net cash flow generated from operating activities 702,436.03 20,765,505.98

2. Cash flow generated from investing activities:

Recover cash received on investments

Cash received from investment income

Proceeds from disposal of fixed assets, intangible assets and other long-term assets

Net cash returned

Net cash received from disposal of subsidiaries and other business units

Other cash received related to investing activities

Subtotal of cash inflows from investing activities

Purchase and construction of fixed assets, intangible assets and other long-term assets

1,009,719.50 4,664,674.33 paid in cash

Cash paid for investment 12,250,000.00 3,350,000.00 Net cash paid to acquire subsidiaries and other business units

Other cash payments related to investing activities

Subtotal of cash outflows from investing activities 13,259,719.50 8,014,674.33

Net cash flow generated from investing activities -13,259,719.50 -8,014,674.33

3. Cash flow generated from financing activities:

Absorbing cash received from investments

Cash received from borrowing 37,500,000.00 12,500,000.00 Cash received from issuing bonds

Other cash received related to financing activities 7,000,000.00

Subtotal of cash inflows from financing activities 37,500,000.00 19,500,000.00 Cash paid to repay debts 27,500,000.00 20,500,000.00 Cash paid to distribute dividends, profits or pay interest 7,809,271.40 4,532,612.03 Cash paid to other financing activities 2,392,916.68 2,500,000.02 Subtotal of cash outflows from financing activities 37,702,188.08 27,532,612.05

Net cash flow generated from financing activities -202,188.08 -8,032,612.05

Impact of exchange rate changes on cash and cash equivalents -517,872.29 596,175.89
Net increase in cash and cash equivalents -13,277,343.84 5,314,395.49 Plus: opening balance of cash and cash equivalents 18,988,639.77 2,005,096.06
Closing balance of cash and cash equivalents 5,711,295.93 7,319,491.55

3. Notes to Financial Statements

(1) Index of additional notes

Matter Yes or No Index 1. Have the accounting policies adopted in the semi-annual report changed from the financial statements of the previous year? □ Yes √ No 2. Have the accounting estimates used in the semi-annual report changed from the previous year’s financial statements? □ Yes √ No 3. Is there any error correction in the previous period? Yes √ No 4. Does the business operation have seasonal or cyclical characteristics? □ Yes √ No 5. Have there been any changes in related parties with controlling relationships? □Yes √No 6. Has the scope of consolidation in the consolidated financial statements changed? □ Yes √ No 7. Is there any issuance, repurchase and repayment of securities? Yes √ No 8. Is there any distribution of profits to owners? √Yes □No (1) 1 9. Whether segment reports are disclosed in accordance with the relevant provisions of accounting standards □ Yes √ No 10. Are there any non-adjusting matters between the semi-annual balance sheet date and the date when the semi-annual financial report is approved for issuance? Yes √ No

Are there any contingent liabilities and/or changes in assets that occurred after the balance sheet date of the previous year? Yes √ Are there any changes in assets?
Is there any change in corporate structure? □Yes √No13. Whether significant long-term assets are transferred or sold □Yes √No14. Have there been any changes in significant fixed assets and intangible assets? □Yes √No15. Is there any significant research and development expenditure □Yes √No16. Is there any significant asset impairment loss □Yes √No17. Are there estimated liabilities? Yes √No

Additional Notes Index Explanation

The company's 2025 annual equity distribution plan has been reviewed and approved by the shareholders' meeting on May 8, 2026. Based on the company's total share capital of 62,577,500 shares, 1 yuan in cash will be distributed to all shareholders for every 10 shares, with a total cash dividend of 6,257,750.00 yuan. The relevant cash dividends have been implemented on June 15, 2026.

(2) Notes to financial statement items

Notes to the Financial Statements of Hunan Lvman Biotechnology Co., Ltd.

January 1, 2026 to June 30, 2026

1. Notes to Consolidated Financial Statement Items

Tip: The end of the period in this note refers to June 30, 2026, the beginning of the period refers to December 31, 2025, the current period refers to January to June 2026, and the previous period refers to January to June 2025. The amount units are in RMB unless otherwise specified.

(1) Monetary funds

Item Ending balance Beginning balance

Cash on hand 26,212.94 22,466.78 Bank deposits 9,930,188.48 23,886,695.38 Other monetary funds 256,618.66 216,456.78

Total 10,213,020.08 24,125,618.94

Including: Total amount of money deposited abroad 418,293.47 2,248,419.99 Total amount of money with restrictions on use due to mortgage, pledge or freezing

There are no monetary funds with restrictions on use due to mortgages, pledges or freezes at the end of the year. Among other monetary funds, 256,618.66 yuan is the balance of PAYPAL and Alipay.

(2) Accounts receivable

Disclosure based on aging

Aging Closing balance Opening balance

Within 1 year 97,061,157.90 51,324,718.05 1 to 2 years 676,888.06 480,981.88 2 to 3 years 314,860.53 87,898.76 3 to 4 years 82,893.58 412,781.58 4 to 5 years 349,547.75 77,674.64 More than 5 years 487,631.24 492,838.14

Subtotal 98,972,979.06 52,876,893.05

Less: Provision for bad debts 5,792,435.05 3,393,282.48

Total 93,180,544.01 49,483,610.57

Account aging starts from the confirmation date of accounts receivable.

Classified disclosure according to bad debt provision accrual method

Category Ending Balance

Book balance Bad debt provision

book value

Amount Proportion (%) Amount Provision Proportion (%)

Accounts receivable with provision for bad debts on an individual basis

Accounts receivable with provision for bad debts by combination 98,972,979.06 100 5,792,435.05 5.85 93,180,544.01 Including: Aging combination 98,972,979.06 100 5,792,435.05 5.85 93,180,544.01

Total 98,972,979.06 100 5,792,435.05 5.85 93,180,544.01

(continued)

Opening balance

Category Book balance Bad debt provision

book value

Amount Proportion (%) Amount Provision Proportion (%)

Accounts receivable with provision for bad debts on an individual basis

Accounts receivable with provision for bad debts by combination 52,876,893.05 100.00 3,393,282.48 6.42 49,483,610.57 Including: Aging combination 52,876,893.05 100.00 3,393,282.48 6.42 49,483,610.57

Total 52,876,893.05 100.00 3,393,282.48 6.42 49,483,610.57

(1) Provision for bad debts based on combination:

Ending balance

Combination name

Book balance Bad debt provision Provision ratio (%) Aging combination 98,972,979.06 5,792,435.05 5.85

Total 98,972,979.06 5,792,435.05 5.85

In the portfolio, accounts receivable for which bad debt provisions are made based on the aging table:

Ending balance

Aging

Book balance Bad debt provision Proportion of provision (%) Within 1 year 97,061,157.90 4,853,057.90 5.00 1 to 2 years 676,888.06 67,688.81 10.00 2 to 3 years 314,860.53 62,972.11 20.00 3 to 4 years 82,893.58 41,446.79 50.00 4 to 5 years 349,547.75 279,638.20 80.00 More than 5 years 487,631.24 487,631.24 100.00

Total 98,972,979.06 5,792,435.05 5.85

Bad debt provisions accrued, recovered or reversed in the current period

Bad debt provisions for the current period:

Amount of changes in the current period

Category Beginning Balance Ending Balance

Provision Recovery or reversal Write-off Other decreases

Aging combination 3,393,282.48 3,449,721.66 1,050,569.09 5,792,435.05

Total 3,393,282.48 3,449,721.66 1,050,569.09 5,792,435.05

The top five accounts receivable at the end of the period based on debtors

The total number of accounts receivable with the top five ending balances is 63,061,184.63 yuan, accounting for 63.72% of the total ending balance of accounts receivable, and the corresponding total amount of bad debt provisions accrued is 3,153,059.24 yuan.

There are no accounts receivable derecognized due to transfer of financial assets at the end of the period
At the end of the period, there are no transferred accounts receivable and the amount of assets and liabilities formed by continued involvement

(3) Advance payments

Prepayments are listed based on aging

Ending balance Beginning balance

Account age

Amount Proportion (%) Amount Proportion (%) Within 1 year 2,280,098.91 83.63 2,161,341.84 84.49 1 to 2 years 123,644.25 4.53 68,135.55 2.66 2 to 3 years 19,566.25 0.72 120,273.58 4.70 More than 3 years 303,169.32 11.12 208,458.45 8.15

Subtotal 2,726,478.73 100.00 2,558,209.42 100.00

Less: provision for bad debts

Total 2,726,478.73 100.00 2,558,209.42 100.00

Situation of the top five companies in terms of prepayment amount

The total of the top five prepayments at the end of the period was 977,290.57 yuan, accounting for 35.84% of the total end of prepayments balance.

At the end of the period, there were no important prepayments with an aging of more than 1 year.

(4) Other receivables

Analysis by account age

Aging Closing balance Opening balance

Within 1 year 549,932.27 184,360.32 1 to 2 years 102,450.00 17,000.00 2 to 3 years 11,319.00 14,183.00 3 to 4 years 92,043.00 85,250.00 4 to 5 years 0.00 3,300.00 More than 5 years 145,885.49 150,314.49

Subtotal 901,629.76 454,407.81

Less: Bad debt provision 231,912.41 209,334.11

Total 669,717.35 245,073.70

Account aging starts from the confirmation date of other receivables.

Classification of book value according to nature of payment

Nature of payment Ending balance Beginning balance

Personal reserve fund borrowing 9,593.00 9,593.00 Deposit 507,826.00 172,429.00 Current funds 318,055.02 198,135.49 Personal social security withheld 66,155.74 74,250.32

Subtotal 901,629.76 454,407.81

Less: Bad debt provision 231,912.41 209,334.11

Total 669,717.35 245,073.70

Bad debt provision accrual and changes in the current period

The first stage The second stage The third stage

Expected credit throughout the lifetime Credit expected throughout the lifetime

Provision for bad debts Expected credit in the next 12 months Total

Loss (no credit deduction has occurred Loss (credit deduction has occurred)

loss

value) value)

Opening balance 10,168.02 48,851.60 150,314.49 209,334.11 Opening balance in the current period

--Transfer to the second stage

--Transfer to the third stage

--Return to the second stage

--Return to the first stage

Provision in the current period 17,328.60 9,678.70 27,007.30 Recovery or transfer in the current period 4,429.00 4,429.00 Write-off in the current period

Write-off in this period

Changes in consolidation scope

Closing balance 27,496.62 58,530.30 145,885.49 231,912.41

Other receivables of the top five closing balances collected by debtors

Accounting for the total closing balance of other receivables Bad debt provision period Unit name Nature of payment Closing balance Aging

Proportion of counting (%) Final balance Longsheng Autonomous County Market Development Investment Deposit 300,000.00 Within 1 year 33.27 15,000.00 Operating Co., Ltd.

China Merchants Bank Prepaid interest 111,875.00 Within 1 year 12.41 5,593.75 Hunan Flavor King Group Co., Ltd. Deposit 100,000.00 Within 2 years 11.09 7,500.00 Hu Lianmin Current accounts 67,800.00 3-4 years 7.52 33,900.00 Hainan Hecheng Tianxia Technology Development Co., Ltd. Deposit 50,000.00 1-2 years 5.55 5,000.00

Total 629,675.00 69.84 66,993.75

There are no other receivables derecognized due to transfer of financial assets in this period.
There is no transfer of other receivables in the current period and the amount of assets and liabilities formed by continued involvement

(5) Inventory

Inventory classification

Ending balance

Item Inventory depreciation provision/contract performance cost

Book balance Book value

This impairment provision

Raw materials 14,669,452.69 14,669,452.69 Work in progress 15,573,469.29 15,573,469.29 Goods in stock 117,360,498.39 870,271.20 116,490,227.19 Turnover materials 1,043,695.28 1,043,695.28 Goods shipped 4,750,617.07 4,750,617.07 Goods sold on consignment 51,898.99 51,898.99 Consumable biological assets 24,543.20 24,543.20

Total 153,474,174.91 870,271.20 152,603,903.71

(continued)

Opening balance

Item Inventory depreciation provision/contract performance cost

Book balance Book value

This impairment provision

Raw materials 43,715,402.17 43,715,402.17 Work in progress 8,574,212.37 8,574,212.37 Inventory goods 177,494,141.61 1,024,069.13 176,470,072.48 Turnover materials 903,880.82 903,880.82 Goods shipped 5,957,197.06 5,957,197.06 Goods sold on consignment 454,752.63 454,752.63 Consumable biological assets 9,200.00 9,200.00

Total 237,108,786.66 1,024,069.13 236,084,717.53

Provision for inventory depreciation and provision for impairment of contract performance costs

Increase in this period Decrease in this period

Item Beginning balance Closing balance

Provision Others Reversal or write-off Others

Inventory goods 1,024,069.13 14,708.64 168,506.57 870,271.20

Total 1,024,069.13 14,708.64 168,506.57 870,271.20

(6) Other current assets

Item Ending balance Beginning balance

Input tax to be deducted 6,158,623.43 11,757,976.07 Prepaid tax 51,249.34 51,374.58 Others 109,537.03

Total 6,209,872.77 11,918,887.68

(7) Fixed assets

Fixed assets

Items Houses and buildings Machinery and equipment Office electronic equipment Transportation equipment Total

1. Original book value:

Opening balance 84,844,821.72 74,207,158.56 2,977,172.94 3,056,200.67 165,085,353.89 2. Increase in the current period 618,528.74 92,492.06 6,460.18 717,480.98 (1) Purchase 618,528.74 92,492.06 6,460.18 717,480.98 (2) Transfer of construction in progress

(3) Increase in business mergers

Reduction amount in this period

(1) Disposal or scrapping

Closing balance 84,844,821.72 74,825,687.30 3,069,665.00 3,062,660.85 165,802,834.87

2. Accumulated depreciation

Opening balance 13,556,724.54 20,235,221.86 2,169,078.22 1,955,848.53 37,916,873.15 2. Increase in the current period 991,430.13 3,779,623.87 119,848.97 111,716.22 5,002,619.19 (1) Provision 991,430.13 3,779,623.87 119,848.97 111,716.22 5,002,619.19 3. Decrease amount in the current period

(1) Disposal or scrapping

Closing balance 14,548,154.67 24,014,845.73 2,288,927.19 2,067,564.75 42,919,492.34

3. Impairment provision

Opening balance
Increase amount in this period

(1) Provision

Reduction amount in this period

(1) Disposal or scrapping

Ending balance

4. Book value

Book value at the end of the period 70,296,667.05 50,810,841.57 780,737.81 995,096.10 122,883,342.53 2. Book value at the beginning of the period 71,288,097.18 53,971,936.70 808,094.72 1,100,352.14 127,168,480.74
There are no temporarily idle fixed assets at the end of the period
There are no fixed assets leased through operating leases at the end of the period
Fixed asset mortgage situation at the end of the reporting period:

Item Closing book value

Tianman Factory 27,469,284.53 Tianman Machinery and Equipment 8,193,993.33 Luman Machinery and Equipment 3,769,843.46 Luman Factory 32,095,416.83

There are no fixed assets with pending title certificates

(8) Projects under construction

Projects under construction:

Ending balance Beginning balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value Longsheng production line (Phase III) construction 1,056,222.20 1,056,222.20

Total 1,056,222.20 1,056,222.20

Changes in important projects under construction during this period:

Transferred to fixed in this period Other deductions in this period

Project name Budget amount Beginning balance Increase amount in the current period Ending balance

Asset amount Less amount

Construction of Longsheng production line (Phase III) 11,000,000.00 1,056,222.20 1,056,222.20

Total 11,000,000.00 1,056,222.20 1,056,222.20

There is no sign of impairment for projects under construction at the end of the period, and no impairment provision has been made.

(9) Productive biological assets

Productive biological assets using cost measurement model

Project Planting Industry Total

1. Original book value

Balance at the beginning of the period 986,671.40 986,671.40 2. Increase in the current period 11,400.00 11,400.00 (1) Outsourcing

(2) Self-cultivation 11,400.00 11,400.00 3. Reduction amount in this period

(1) Disposal

(2) Others

Closing balance 998,071.40 998,071.40

2. Accumulated depreciation

Opening balance 624,177.74 624,177.74 2. Increase in the current period 22,491.06 22,491.06 (1) Provision 22,491.06 22,491.06 3. Decrease in the current period

(1) Disposal

(2) Others

Ending balance 646,668.80 646,668.80

3. Impairment provision

Opening balance 110,522.67 110,522.67 2. Increase in the current period

(1) Provision

Reduction amount in this period

(1) Disposal

(2) Others

Ending balance 110,522.67 110,522.67

4. Book value

Book value at the end of the period 240,879.93 240,879.93 2. Book value at the beginning of the period 251,970.99 251,970.99

(10) Right-of-use assets

Project Houses and Buildings Total

1. Original book value:

Balance at the beginning of the period 10,064,919.31 10,064,919.31 2. Increase in the current period

(1) New lease

Reduction amount in this period 831,048.39 831,048.39 (1) Lease expiration

(1) Lease changes 831,048.39 831,048.39 4. Closing balance 9,233,870.92 9,233,870.92

2. Accumulated depreciation

Balance at the beginning of the period 1,006,491.93 1,006,491.93 2. Increase in the current period 378,588.68 378,588.68

(1) Provision 378,588.68 378,588.68 3. Decrease amount in this period

(1) Lease expiration

(1) Lease changes

Ending balance 1,385,080.61 1,385,080.61

3. Impairment provision

Opening balance
Increase amount in this period

(1) Provision

Reduction amount in this period

(1) Disposal

Ending balance

4. Book value

Book value at the end of the period 7,848,790.31 7,848,790.31 2. Book value at the beginning of the period 9,058,427.38 9,058,427.38

(11) Intangible assets

Intangible assets

Project Land use rights Patent rights Software Emission rights Total

1. Original book value

Opening balance 14,302,557.84 30,978.64 1,528,781.97 654,800.00 16,517,118.45 2. Increase in the current period

(1) Purchase

(2) Internal research and development

(3) Increase in business mergers

Reduction amount in this period

(1) Disposal

Closing balance 14,302,557.84 30,978.64 1,528,781.97 654,800.00 16,517,118.45

2. Accumulated amortization

Opening balance 2,976,417.49 26,340.15 481,540.04 3,484,297.68 2. Increase in current period 83,099.19 1,048.93 72,437.04 156,585.16 (1) Provision 83,099.19 1,048.93 72,437.04 156,585.16 3. Decrease amount in this period

(1) Disposal

Ending balance 3,059,516.68 27,389.08 553,977.08 3,640,882.84

3. Impairment provision

Opening balance
Increase amount in this period

(1) Provision

Reduction amount in this period

(1) Disposal

Ending balance

4. Book value

Book value at the end of the period 11,243,041.16 3,589.56 974,804.89 654,800.00 12,876,235.61 2. Book value at the beginning of the period 11,326,140.35 4,638.49 1,047,241.93 654,800.00 13,032,820.77 The company has no intangible assets formed by internal research and development in this period.

(12) Goodwill

Original book value of goodwill

Name of the invested unit or matters forming goodwill. Balance at the beginning of the period. Increase during the period. Decrease during the period. Balance at the end of the period. Hunan Tianman Biotechnology Co., Ltd. 501,395.71 501,395.71

Total 501,395.71 501,395.71

(13) Long-term deferred expenses

Item Beginning balance Increase in the current period Amortization in the current period Other decreases Closing balance Factory renovation 1,071,930.68 2,330.10 199,581.04 874,679.74 Resin use 2,187,605.67 253,097.35 580,106.50 1,860,596.52 Wugang Mountain Rental 383,334.60 278,000.00 15,256.30 646,078.30 Wugang Warehouse Factory 1,066,490.29 41,018.88 1,025,471.41 Equipment Spares 552,965.10 12,319.90 143,062.52 422,222.48

Total 5,262,326.34 545,747.35 979,025.24 4,829,048.45

(14) Deferred income tax assets and deferred income tax liabilities

Deferred income tax assets without offset

Ending balance Beginning balance

Project

Deductible temporary differences Deferred income tax assets Deductible temporary differences Deferred income tax assets Asset impairment provision 5,223,010.98 783,451.65 3,341,613.01 501,241.94 Unrealized profits from internal transactions 6,531,894.68 979,784.20 8,136,304.21 1,220,445.63 deductible losses

Lease liabilities 8,601,711.81 2,150,427.95 10,413,295.82 2,603,323.96

Total 20,356,617.47 3,913,663.80 21,891,213.04 4,325,011.53

Deferred income tax liabilities without offset

Ending balance Beginning balance

Project

Taxable temporary differences Deferred income tax liabilities Taxable temporary differences Deferred income tax liabilities Non-combined assets of enterprises under common control

3,224,914.53 483,737.18 3,296,489.68 494,473.45 Appraisal value added

Right-of-use assets 7,848,790.31 1,962,197.58 9,058,427.38 2,264,606.85

Total 11,073,704.84 2,445,934.76 12,354,917.06 2,759,080.30

Details of deferred income tax assets not recognized

Item Ending balance Beginning balance

Deductible temporary differences 1,459,301.22 1,285,072.71 Deductible losses 26,441,733.22 23,945,535.23

Total 27,901,034.44 25,230,607.94

(15) Other non-current assets

Item Ending balance Beginning balance

Prepaid project payment 844,000.00

Prepaid equipment payment 5,115,449.32

Total 5,959,449.32

(16) Assets with restricted ownership or use rights

Item Closing book value Restriction type Restriction situation

Fixed assets (Greenvine) 3,769,843.46 Mortgage Financing sale and leaseback

Fixed assets (Tianman) 8,193,993.33 Mortgage Financing sale and leaseback

Fixed assets (Tianman) 27,469,284.53 Mortgage Mortgage borrowings

Fixed assets (Greenvine) 32,095,416.83 Mortgage Mortgage borrowings

Total 71,528,538.15

(continued)

Item Opening book value Restriction type Restriction situation

Fixed assets (Greenvine) 4,716,807.67 Mortgage Financing sale and leaseback

Fixed assets (Tianman) 9,505,593.09 Mortgage Financing sale and leaseback

Fixed assets (Tianman) 29,210,823.03 Mortgage Mortgage borrowings

Fixed assets (Greenvine) 32,798,882.15 Mortgage Mortgage borrowings

Total 76,232,105.94

(17) Short-term borrowings

Classification of short-term loans

Item Ending balance Beginning balance

Mortgage loan 42,500,000.00 40,500,000.00 Guaranteed loan 60,500,000.00 47,500,000.00 Credit loan 12,000,000.00 12,000,000.00

Total 115,000,000.00 100,000,000.00

Overdue short-term borrowings that have not been repaid

None.

(18) Accounts payable

List of accounts payable

Item Ending balance Beginning balance Material payment 82,391,641.73 158,510,554.87 Equipment payment 1,460,083.59 3,657,064.48 Freight fee 1,559,917.95 1,261,657.92 Engineering payment 7,337,887.32 11,985,896.11 Service fee 881,562.17 1,554,233.72

Total 93,631,092.76 176,969,407.10

There are no important accounts payable aged more than 1 year or overdue at the end of the period.

(19) Contract liabilities

Contract liabilities

Item Ending balance Beginning balance

Advance payments 3,292,501.45 4,468,209.47 Less: Included in other current liabilities 25,015.14 18,616.91

Total 3,267,486.31 4,449,592.56

(20) Employee compensation payable

List of employee benefits payable

Item Opening balance Increase during the year Decrease during the year Ending balance

Short-term salary 5,195,000.23 13,538,259.88 15,462,251.54 3,271,008.57

2. Post-employment benefits-defined contribution plan 1,658,742.29 1,658,742.29

3. Dismissal benefits 3,400.00 3,400.00

4. Other benefits expiring within one year

Total 5,195,000.23 15,200,402.17 17,124,393.83 3,271,008.57

List of short-term remuneration`

Item Opening balance Increase in the current period Decrease in the current period Ending balance

Salaries, bonuses, allowances and subsidies 5,123,561.44 11,513,052.56 13,425,903.88 3,210,710.12
Employee welfare fees 1,800.00 634,711.99 607,163.99 29,348.00
Social insurance premiums 967,545.06 967,545.06

Including: medical insurance premium 841,560.52 841,560.52

Work injury insurance premium 125,984.54 125,984.54

maternity insurance premium

Housing provident fund 204,180.00 204,180.00
Trade union funds and employee education funds 69,638.79 218,770.27 257,458.61 30,950.45
Non-monetary benefits
Short-term paid absences
Short-term profit sharing plan
Other short-term compensation

Of which: cash-settled share-based payment

Total 5,195,000.23 13,538,259.88 15,462,251.54 3,271,008.57

Post-employment benefits—Defined contribution plan presentation

The defined contribution plans that our company participates in are as follows:

Item Opening balance Increase in the current period Decrease in the current period Ending balance

Basic pension insurance 1,591,385.46 1,591,385.46
Unemployment insurance premium 67,356.83 67,356.83
Enterprise annuity payment

Total 1,658,742.29 1,658,742.29

(21) Taxes payable

Item Ending balance Beginning balance

Value-added tax 643,298.15 3,609.70Corporate income tax 2,495,797.19 813,169.59Education surcharge 30,645.32 83.97Urban maintenance and construction tax 30,650.50 87.48Stamp duty 122,295.86 123,140.70 Personal income tax withheld and paid 73,306.67 147,356.18 Flood control fund 20,748.25 16,491.61 Environmental protection tax 559.26 471.68 Urban land use tax 18,171.20

Total 3,435,472.40 1,104,410.91

(22) Other payables

List other payables according to the nature of the payment

Item Ending balance Beginning balance

Current accounts 593,196.18 601,686.03 Utilities 313,427.20 135,617.90 Others 166,559.81 158,145.33

Total 1,073,183.19 895,449.26

There are no important other payables aged more than 1 year or overdue at the end of the period.

(23) Non-current liabilities due within one year

Item Ending balance Beginning balance

Long-term borrowings due within one year 19,625,000.00 15,700,000.00 Long-term payables due within one year 13,279,396.34 9,969,429.21 Lease liabilities due within one year 1,100,917.43 1,200,000.00

Total 34,005,313.77 26,869,429.21

(24) Other current liabilities

Item Ending balance Beginning balance

Output tax to be transferred 25,015.14 18,616.91

Total 25,015.14 18,616.91

(25) Long-term loans

Classification of long-term loans

Item Ending balance Beginning balance

Mortgage loans 13,500,000.00 13,500,000.00 Guaranteed loans 28,450,000.00 29,750,000.00 Less: Long-term loans due within one year 19,625,000.00 15,700,000.00 Total 22,325,000.00 27,550,000.00

Overdue long-term borrowings that have not been repaid

None.

(26) Lease liabilities

Item Ending balance Beginning balance

Lease payments 9,908,256.87 12,000,000.00 Less: Unrecognized financing expenses 1,306,545.06 1,586,704.18

Subtotal 8,601,711.81 10,413,295.82

Less: Lease liabilities due within one year 1,100,917.43 1,200,000.00

Total 7,500,794.38 9,213,295.82

(27) Long-term accounts payable

Item Ending balance Beginning balance

Long-term payables 17,234,779.49 17,672,347.57 Less: Long-term payables due within one year (Note 1, 23) 13,279,396.34 9,969,429.21

Total 3,955,383.15 7,702,918.36

Long-term payables are listed according to the nature of the payment

Item Ending balance Beginning balance

Financing sale and leaseback 13,884,779.49 17,672,347.57 Others 3,350,000.00

Less: Part due within one year (Note 1, 23) 13,279,396.34 9,969,429.21

Total 3,955,383.15 7,702,918.36

(28) Deferred income

Deferred income

Item Beginning balance Increase in the current period Decrease in the current period Ending balance Cause of formation Tianman Phase II reconstruction and expansion 2,491,125.00 68,250.00 2,422,875.00 Start-up support funds

Total 2,491,125.00 68,250.00 2,422,875.00

Projects involving government subsidies

Subsidy items Beginning balance Increase in the current period Decrease in the current period Ending balance Relative to assets

Included in sales Included in others Deducted costs Other Customs/receipts

External income, income, expenses, reduction, benefit from the second phase of the expansion of Tiantianman

2,491,125.00 68,250.00 2,422,875.00 Asset construction project

Total 2,491,125.00 68,250.00 2,422,875.00

(29) Share capital

This change increases or decreases

Item Opening balance Issuance of provident fund Ending balance Bonus shares Others Subtotal

New shares Conversion

Total number of shares 62,577,500.00 62,577,500.00

(30) Capital reserve

Item Opening balance Increase in the current period Decrease in the current period Ending balance Capital premium (equity premium) 9,224,896.23 9,224,896.23 Other capital reserves 57,992.43 57,992.43

Total 9,282,888.66 9,282,888.66

(31) Other comprehensive income

Amount of current period

Item Opening balance

Income tax for this period

Less: Included in the previous period Less: All

After tax attribution

After tax, the closing balance of other comprehensive income and tax is a small amount

Previous Amount Parent Company

Transferred to profit and loss in the current period for shareholders

Translation difference of foreign currency financial statements -64,877.83 -62,374.05 -62,374.05 -127,251.88

Total -64,877.83 -62,374.05 -62,374.05 -127,251.88

(32) Surplus reserve

Item Opening balance Increase in the current period Decrease in the current period Ending balance

Statutory surplus reserve 8,682,120.40 8,682,120.40

Total 8,682,120.40 8,682,120.40

(33) Undistributed profits

Item Amount for the current period Amount for the previous period

Undistributed profits at the end of the previous period before adjustment 38,320,594.41 18,693,758.32 Total undistributed profits at the beginning of the period before adjustment (adjustment +, decrease -)

Undistributed profit at the beginning of the adjusted period 38,320,594.41 18,693,758.32 Plus: Net profit attributable to owners of the parent company for the period 20,875,903.49 11,081,498.96 Less: Appropriation to statutory surplus reserve

Withdraw discretionary surplus reserve

Withdraw general risk reserve

Dividends payable on ordinary shares 6,257,750.00 3,454,650.00

Dividends on common shares converted into equity capital

Undistributed profits at the end of the period 52,938,747.90 26,320,607.28

(34) Operating income and operating costs

List by category

Amount of current period Amount of previous period

Project

revenue cost revenue cost

Main business 225,880,558.95 170,845,036.18 172,369,019.70 136,610,728.12 Other businesses 1,746,310.25 398,080.52 119,120.73

Total 227,626,869.20 171,243,116.70 172,488,140.43 136,610,728.12

The main business is listed by product (business type) classification

Amount of current period Amount of previous period

Project

revenue cost revenue cost

Income from plant extracts 225,880,558.95 170,845,036.18 172,369,019.70 136,610,728.12

Total 225,880,558.95 170,845,036.18 172,369,019.70 136,610,728.12

(35) Taxes and surcharges

Item Amount for the current period Amount for the previous period

Urban maintenance and construction tax 39,359.53 -567.63 Education surcharge 39,129.40 -580.15 Urban land use tax 109,027.20 126,961.46 Stamp tax 243,537.96 178,629.12 Vehicle and vessel use tax 1,920.00 2,508.48 Property tax 393,332.50 387,728.53 Environmental protection tax 6,798.96 2,101.61 Water conservancy construction fund 140,882.75 108,938.67 Others 274,316.82 136,492.94

Total 1,248,305.12 942,213.03

(36) Sales expenses

Item Amount for the current period Amount for the previous period

Employee compensation 3,770,508.32 2,720,334.63 Office expenses 17,100.26 22,962.36 Travel expenses 287,467.59 318,833.68 Service and testing expenses 1,759,160.75 306,952.51 Transportation expenses 294,334.94 344,327.15 Publicity fee, booth fee, advertising fee 3,226,720.28 1,534,924.11 Business entertainment fee 164,967.10 124,175.36 Certification fee 261,266.21 211,149.96 Others 1,214.19 106,792.45

Total 9,782,739.64 5,690,452.21

(37) Management expenses

Item Amount for the current period Amount for the previous period

Employee compensation 4,254,982.03 3,513,222.18 Office expenses 650,989.93 348,622.43 Travel expenses 212,146.74 129,181.04 Depreciation and amortization 616,304.02 994,286.21 Business entertainment expenses 884,308.16 825,903.67 Intermediary service fee 1,120,765.36 893,494.86 Water and electricity charges 31,009.62 113,776.96 Others 445,526.61 293,108.75

Total 8,216,032.47 7,111,596.10

(38) Research and development expenses

Item Amount for the current period Amount for the previous period

Salary 1,632,297.38 1,303,036.16 Material fee 7,831,182.37 7,376,060.24 Depreciation 441,975.70 499,598.73 Others 1,302,947.81 178,216.79 Patent fee 17,849.26 77,669.90 Outsourcing investment 174,757.28 190,610.84

Total 11,401,009.80 9,625,192.66

(39) Financial expenses

Item Amount for the current period Amount for the previous period

Interest expense 2,883,334.76 2,066,050.99 Interest expense on lease liabilities 120,381.81

Less: Interest income 4,444.88 3,154.18 Exchange loss (less: income) 3,304,828.75 -763,809.09 Handling fee 79,647.53 106,550.44 Guarantee fee 25,000.00

Total 6,408,747.97 1,405,638.16

(40) Other income

Item Amount incurred in the current period Amount incurred in the previous period Amount included in non-recurring profits and losses for the current period Government subsidies 5,547,170.95 1,927,855.98 5,547,170.95 Others 1,007,523.17

Total 6,554,694.12 1,927,855.98 5,547,170.95

Government subsidies included in other income are listed by item:

Item Amount for the current period Other income recognized for government subsidies related to assets The amount for the previous period

Tianman Phase II reconstruction and expansion support funds 68,250.00 68,250.00 Other income recognized from government subsidies related to income

Equipment renewal and technological transformation subsidy from Dong'an County Science and Technology and Industrial Information Bureau 195,000.00
Dongan County Science and Technology Association scientific and technological talent promotion project fund 100,000.00
The Hunan Provincial Department of Science and Technology issued the first batch of centrally guided local science and technology development funds in 2025 of 700,000.00
Hunan Xiangjiang New Area (Rural and Ecological Environment Bureau)-2023 Agricultural Brand Award and Special Vegetable Subsidy 13,000.00
Longsheng Finance Bureau-New agricultural productivity will promote steady growth of the primary industry in 2025 3,000,000.00
Longsheng County Bureau of Science, Technology, Industry, Information and Commerce-In the fourth quarter of 2025, policy subsidies for promoting the stability and improvement of the industrial economy will be 240,000.00
Longsheng County Science, Technology, Industry, Information and Commerce Bureau-the autonomous region will coordinate the payment of industrial revitalization funds in 2026 (technical transformation of industrial enterprises

1,000,000.00

project)

Subsidy of 200,000.00 for new business entities in Longsheng County to build Luo Han Guo, Passion Fruit, etc.
The Science, Technology, Innovation and Industry Promotion Bureau of Hunan Xiangjiang New Area Management Committee allocated 800,000.00 for the digital transformation of small and medium-sized enterprises.
The Science, Technology, Innovation and Industry Promotion Bureau of Hunan Xiangjiang New Area Management Committee allocated 200,000.00 for energy conservation and resources in 2023
The Bureau of Commerce and Market Supervision of the Hunan Xiangjiang New Area Management Committee allocated funds for key overseas exhibitions in 2023 127,000.00
Hunan Xiangjiang New Area (Rural and Ecological Environment Bureau)-2023 Agricultural Brand and Integrated Development Project Fund 7,000.00
The third batch of special funds for the construction of Hunan Advanced Manufacturing Highlands in 2024 from Dong'an County Science and Technology and Industrial Information Technology Bureau 450,000.00
The first batch of special funds for the construction of innovative provinces in 2024 by Dong'an County Science and Technology and Industrial Information Bureau 100,000.00
Dongan County Science and Technology and Industrial Information Technology Bureau will provide a subsidy of 20,000.00 for the resumption of work and production of industrial enterprises above designated size in the county in 2025.
Dong’an County, Yongzhou City’s special account for absorbing employment social insurance subsidies and issuing them on behalf of others 24,539.84
Dong'an County Science and Technology Association allocated special funds 100,000.00
In 2025, incentives and subsidies for industrial enterprises above designated size in the county to resume work and production will be 20,000.00

Total 5,547,170.95 1,927,855.98

(41) Credit impairment losses

Item Amount for the current period Amount for the previous period

Bad debt losses on accounts receivable -2,431,647.74 -1,791,939.49 Bad debt losses on other receivables -22,578.30 -10,921.22

Total -2,454,226.04 -1,802,860.71

(42) Asset impairment losses

Item Amount for the current period Amount for the previous period

Loss on inventory depreciation and impairment loss on contract performance costs 148,601.01 9,143.40

Total 148,601.01 9,143.40

(43) Non-operating income

Amount included in current period's non-recurring gains and losses Amount of previous period

Amount of project

Profit from damage and scrapping of non-current assets

Government subsidies not related to daily activities of the enterprise

Others 4,084.78 38,452.67 4,084.78

Total 4,084.78 38,452.67 4,084.78

(44) Non-operating expenses

Items included in non-recurring losses for the current period Amount for the current period Amount for the previous period

Amount of benefits Sponsorship expenditure 49,679.00 49,679.00 Others 48,058.36 166.69 48,058.36

Total 97,737.36 166.69 97,737.36

(45) Income tax expenses

Item Amount for the current period Amount for the previous period

Current income tax expense 2,508,228.33 248,024.20 Deferred income tax expense 98,202.19 -54,778.36

Total 2,606,430.52 193,245.84

(46) Cash flow statement items

Other cash received related to operating activities

Item Amount for the current period Amount for the previous period

Government subsidies and other non-operating income received 5,478,920.95 1,860,077.99 Interest received 4,444.88 3,154.18 Current accounts received 333,487.74 62,971.01 Others received 172,276.02 16,818.99

Total 5,989,129.59 1,943,022.17

Other cash paid related to operating activities

Item Amount for the current period Amount for the previous period

Selling expenses paid in cash 5,122,917.94 430,996.13 Administrative expenses paid in cash 3,814,217.71 383,034.06 Research and development expenses paid in cash 1,200,678.53 14,755.08 Financial expenses paid in cash 28,967.16 26,397.56 Non-operating expenses paid in cash 10,000.00 0.00 Current accounts paid 2,957,650.50 7,041,523.55

Total 13,134,431.84 7,896,706.38

Other cash received related to financing activities

Item Amount for the current period Amount for the previous period

Financing sale and leaseback 7,000,000.00

Total 7,000,000.00

Other cash paid related to financing activities

Item Amount for the current period Amount for the previous period

Lease fees paid for financing leased fixed assets 4,568,874.04 4,547,599.67

Total 4,568,874.04 4,547,599.67

(47) Supplementary information for cash flow statement

Supplementary information for cash flow statement

Supplementary information Amount for the current period Amount for the previous period 1. Reconcile net profit to cash flow from operating activities:

Net profit 20,875,903.49 11,081,498.96 Plus: asset impairment provision -148,601.01 -9,143.40 Credit impairment provision 2,454,226.04 1,802,860.71 Depreciation of fixed assets, depreciation of oil and gas assets, depreciation of productive biological assets 5,025,110.25 3,886,108.36 Amortization of right-of-use assets 378,588.68

Amortization of intangible assets 156,585.16 157,052.90 Amortization of long-term deferred expenses 979,025.24 734,122.02 Losses on disposal of fixed assets, intangible assets and other long-term assets (income is filled in with "-"

column)

Loss from scrapping of fixed assets (income is listed with "-")

Loss from changes in fair value (income is listed with a “-” sign)

Financial expenses (income is listed with "-") 2,883,334.76 2,066,050.99 Investment losses (income is listed with "-")

Decrease in deferred income tax assets (increases are indicated with "-") 411,347.73 -45,772.94 Increase in deferred income tax liabilities (decreases are indicated with "-") -313,145.54 -9,005.42 Decrease in inventories (increases are indicated with "-") 83,634,611.75 51,664,843.70 Decrease in operating receivables (increases are indicated by "-") -41,084,092.36 -27,380,693.82 Increase in operating payables (decreases are indicated by "-") -75,784,112.81 -29,815,105.02 Others

Net cash flow generated from operating activities -531,218.62 14,132,817.04 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

Net changes in cash and cash equivalents:

Closing balance of cash 10,213,020.08 9,095,927.87

Supplementary information Amount incurred in the current period Amount incurred in the previous period Less: opening balance of cash 24,125,618.94 7,416,996.94 Add: closing balance of cash equivalents

Less: Opening balance of cash equivalents

Net increase in cash and cash equivalents -13,912,598.86 1,678,930.93

Composition of cash and cash equivalents

Item Ending balance Beginning balance

Cash 10,213,020.08 24,125,618.94 Of which: Cash on hand 26,212.94 22,466.78 Bank deposits that can be used for payment at any time 9,930,188.48 23,886,695.38 Other monetary funds that can be used for payment at any time 256,618.66 216,456.78 central bank deposits available for payment

2. Cash equivalents

Including: Bond investments due within three months

Balance of cash and cash equivalents at the end of the period 10,213,020.08 24,125,618.94 Including: Restricted use of cash and cash equivalents by the parent company or subsidiaries within the group

(48) Foreign currency monetary items

Foreign currency monetary items

Items Foreign currency balance at the end of the period Conversion exchange rate Conversion of RMB balance of monetary funds at the end of the period

Of which: US dollars 325.24 6.8109 2,215.18 British pounds 7.94 9.0145 71.58 Euros 100.00 7.7671 776.71 Korean won 213,200.00 0.0044 938.71 Mexican pesos 34.00 0.3897 13.25

Indonesian rupiah 371,300.00 0.0004 141.41Accounts receivable

Including: USD 5,381,201.77 6.8109 36,650,827.14

Description of overseas business entities

In this period, HUNAN NUTRAMAX USA INC., a wholly-owned subsidiary of the Company, mainly operates in California, USA, and settles with customers in US dollars, so US dollars are selected as the accounting standard currency.

2. Changes in the scope of consolidation

The scope of consolidation has not changed in this period.

3. Interests in other entities

(1) Equity in subsidiaries

Structure of enterprise groups

Main shareholding ratio (%) voting rights ratio

Name of subsidiary company Registration place Nature of business How to obtain

Place of business Direct Indirect Example (%)

Wugang Sanwei Medicinal Plant Planting Co., Ltd. Wugang, Hunan Wugang, Hunan Planting and acquisition 100.00 100.00 Establishment

Production and sales Not under common control Hunan Tianman Biotechnology Co., Ltd. Yongzhou, Hunan Yongzhou, Hunan 100.00 100.00

Sold under corporate merger HUNAN NUTRAMAX USA

United States United States Sales 100.00 100.00 Establishment of INC

Hunan Meikatian Biotechnology Co., Ltd. Changsha, Hunan Changsha, Hunan Sales 100.00 100.00 Establishment

production and sales

Yongzhou Lvman Biotechnology Co., Ltd. Yongzhou, Hunan Yongzhou, Hunan 100.00 100.00 Establishment and sale

production and sales

Longsheng Lvman Biotechnology Co., Ltd. Guangxi Longsheng Guangxi Longsheng 100.00 100.00 Establishment and sale

(2) Transactions in which the ownership share of the subsidiary changes but still controls the subsidiary

None

(3) Interests in joint ventures or associated enterprises

None

(4) Important joint operations

None

(5) Equity in structured entities not included in the scope of consolidated financial statements

None

4. Related parties and related transactions

(1) Related parties

The actual controller of the company

The actual controller’s name, gender, nationality, ID card address, relationship with the company, the company’s shareholding, the company’s voting rights ratio

Proportion (%) Example (%) Zhang Baotang Male Furong District, Changsha City, Hunan Province, China Actual Controller of the Company 61.1411 61.1411

Information about the company’s subsidiaries

For details of the company's subsidiaries, please refer to Note 3. (1).

The company’s joint ventures and associated companies

None

Information about other related parties of the company

Names of other related parties Relationship between other related parties and the Company Gong Yushun Director and shareholder of the Company

Long Chenfeng Director and shareholder of the Company

Hu Ping, Director, Deputy General Manager and Shareholder of the Company Huang Feng, Secretary to the Board of Directors and Shareholder of the Company Wang Huiwen, Director and Shareholder of the Company

Zhang Jian, deputy general manager and shareholder of the company

Zhang Xuejiao, Chairman of the Supervisory Committee of the Company and shareholder Yang Wen, Supervisor (employee representative), shareholder and legal representative of the wholly-owned subsidiary of the Company Zhang Fangli, Wife of the controlling shareholder and shareholder of the Company, Ju Jiaolan, Mother of the controlling shareholder of the Company, shareholder Zhang Yuxue, Deputy General Manager of the Company, legal representative of a wholly-owned subsidiary, and shareholder Yin Zhenhua, Deputy General Manager of the Company, legal representative of a wholly-owned subsidiary, and shareholder Yan Mi, Financial person in charge of the Company, shareholder Changsha Junsheng Software Development Co., Ltd. The key management personnel of the company jointly control and exercise significant influence on the holding company Wang Zhongyuan Supervisor and shareholder of the company

Zhang Xiaofei, legal representative and shareholder of the company’s wholly-owned subsidiary Long Wei’an, deputy general manager of the company, legal representative and shareholder of the wholly-owned subsidiary

(2) Related transactions

Related transactions related to the purchase and sale of goods, provision and receipt of services

None

Related entrusted management/entrusted management status

None

Related leasing situation

None

Related guarantees

(1) The company borrowed 7.5 million from Bank of China Xiangjiang New District Branch. The loan period is 2026/03/03-2027/03/03. The company’s actual controller Zhang Baotang and his spouse Zhang Fangli provide joint liability guarantee.

(2) The company borrowed 2.5 million from Bank of China Xiangjiang New District Branch. The loan period is from 2025/8/11 to 2026/8/11. The company’s actual controller Zhang Baotang and his spouse Zhang Fangli provided joint liability guarantees.

(3) The company borrowed 10 million from the Changsha Branch of China Merchants Bank. The loan period is from 2025/9/19 to 2026/8/19. The company’s actual controller Zhang Baotang and his spouse Zhang Fangli provided a joint liability guarantee and used the company’s high-tech zone factory building as a mortgage.

(4) The company borrowed 10 million from the Changsha Branch of China Merchants Bank. The loan period is from 2025/9/19 to 2026/9/19. The company’s actual controller Zhang Baotang and his spouse Zhang Fangli provided a joint liability guarantee, and the company’s high-tech zone factory building was used as a mortgage.

(5) The company borrowed 10 million from the Changsha Branch of China Merchants Bank. The loan period is from 2026/3/27 to 2026/7/27. The company’s actual controller Zhang Baotang and his spouse Zhang Fangli provided a joint liability guarantee and used the company’s high-tech zone factory building as a mortgage.

(6) The company borrowed 10 million yuan from the Changsha Branch of the Bank of Beijing. The loan period is 2025/10/12-2026/10/12. The company’s actual controller Zhang Baotang and his spouse Zhang Fangli provide joint liability guarantee.

(7) The company borrowed 10 million yuan from Industrial Bank Changsha Branch. The loan period is from 2026/6/8 to 2027/6/7. The company’s actual controller Zhang Baotang and his spouse Zhang Fangli provided joint liability guarantees.

(8) The company signed a financial lease contract with Yongying Financial Leasing Co., Ltd. The contract stipulates that the rental principal is 10 million yuan, the interest expense is 1,018,529.26 yuan, and the lease period is: 2025/7/31-2027/7/27. The company’s actual controller Zhang Baotang and his spouse Zhang Fangli, Hunan Tianman Biotechnology Co., Ltd., and Yongzhou Luman Biotechnology Co., Ltd. provide joint liability guarantees.

(9) Lvman Biotech and Ping An International Financial Leasing (Tianjin) Co., Ltd. signed a financial lease contract. The contract stipulates that the rental principal is 7 million yuan, the interest expense is 448,679.49 yuan, and the lease period is: 2025/6/19-2027/6/19. The company’s actual controller Zhang Baotang, his spouse Zhang Fangli, and Hunan Tianman Biotechnology Co., Ltd. provide joint liability guarantees.

(10) Hunan Tianman Biotechnology, a wholly-owned subsidiary of the company, borrowed 5 million yuan from Bank of China Yongzhou Branch. The loan period is 2024/7/5-2027/7/5. The company’s actual controller Zhang Baotang and the company provide joint liability guarantees.

(11) The company’s wholly-owned subsidiary Hunan Tianman Biotech borrowed 5 million yuan from Bank of China Yongzhou Branch. The loan period is from 2025/9/24 to 2027/3/24. The company’s actual controller Zhang Baotang and the company provide joint liability guarantees.

(12) The company’s wholly-owned subsidiary Hunan Tianman Biotech borrowed 15 million yuan from Postal Bank Dong’an Branch. The loan period is from 2026/1/28 to 2027/1/27. The company’s actual controller Zhang Baotang, his spouse Zhang Fangli, and the company provided joint liability guarantees.

(13) Hunan Tianman Biotechnology, a wholly-owned subsidiary of the company, borrowed 10 million yuan from Changsha Branch of China Merchants Bank. The loan period is 2025/12/1-2026/11/26. The company’s actual controller Zhang Baotang, his spouse Zhang Fangli, and the company provide joint liability guarantees.

(14) Hunan Tianman Biotechnology, a wholly-owned subsidiary of the company, signed a financial lease contract with Minsheng Financial Leasing Co., Ltd. The contract stipulates that the rental principal is 7 million yuan, the interest expense is 441,200 yuan, and the lease period is: 2024/12/19-2026/12/19. The company’s actual controller Zhang Baotang and his spouse Zhang Fangli, the company, and Yongzhou Luman Biotechnology Co., Ltd. provide joint liability guarantees.

(15) The company’s wholly-owned subsidiary Longsheng Lvman Biotech borrowed 12 million yuan from Guangxi Longsheng Rural Commercial Bank. The loan period is from 2024/11/8 to 2026/11/6. The company’s actual controller Zhang Baotang and the company provided joint liability guarantees.

(16) The company’s wholly-owned subsidiary Longsheng Lvman Biotech borrowed 15 million yuan from Guangxi Longsheng Rural Commercial Bank. The loan period is from 2025/9/9 to 2027/9/8. The company’s actual controller Zhang Baotang and the company provide joint liability guarantees.

(17) The company’s wholly-owned subsidiary Yongzhou Lvman Biotechnology borrowed 9 million yuan from Bank of China Yongzhou Branch. The loan period is from 2025/9/29 to 2028/9/29. The company’s actual controller Zhang Baotang, the company and Tianman Biotechnology provided joint liability guarantees.

Fund lending by related parties

None.

Asset transfer and debt restructuring of related parties

None.

Other related transactions

None.

(3) Accounts receivable and payable from related parties

None.

(4) Related party commitments

None.

5. Commitments and contingencies

None.

6. Events after the balance sheet date

None.

7. Other important matters

None.

8. Notes to main items of the parent company’s financial statements

(1) Accounts receivable

Disclosure based on aging

Aging Closing balance Opening balance

Within 1 year 118,018,865.55 82,092,777.26 1-2 years 551,963.23 259,331.00 2-3 years 83,779.94 38,697.16 3-4 years 82,893.58 412,781.58 4-5 years 349,547.75 77,674.64 More than 5 years 461,581.24 466,788.14

Subtotal 119,548,631.29 83,348,049.78

Less: Bad debt provision 4,319,172.44 2,309,718.72

Total 115,229,458.85 81,038,331.06

Classified disclosure according to bad debt provision accrual method

Ending balance

Category Book balance Bad debt provision

book value

Amount Proportion (%) Amount Provision Proportion (%)

Provision for bad debts on an individual basis

Provision for bad debts by combination 119,548,631.29 100.00 4,319,172.44 3.61 115,229,458.85 Including: aging combination 71,002,287.25 59.39 4,319,172.44 6.08 66,683,114.81 Related party combination within the scope of consolidation 48,546,344.04 40.61 48,546,344.04

Total 119,548,631.29 100 4,319,172.44 3.61 115,229,458.85

Opening balance

Category Book balance Bad debt provision

book value

Amount Proportion (%) Amount Provision Proportion (%)

Accounts receivable with provision for bad debts on an individual basis

Accounts receivable with provision for bad debts by combination 83,348,049.78 100.00 2,309,718.72 2.77 81,038,331.06 Among them: aging combination 32,140,312.68 38.56 2,309,718.72 7.19 29,830,593.96 Related party combination within the scope of consolidation 51,207,737.10 61.44 51,207,737.10

Total 83,348,049.78 100.00 2,309,718.72 2.77 81,038,331.06

(1) Provision for bad debts based on combination:

Ending balance

Combination name

Book balance Bad debt provision Provision ratio (%) Aging combination 71,002,287.25 4,319,172.44 6.08 Related party combination within the consolidation scope 48,546,344.04

Total 119,548,631.29 4,319,172.44 3.61

In the portfolio, accounts receivable for which bad debt provisions are made based on the aging table:

Ending balance

Aging

Book balance Bad debt provision Proportion of provision (%) Within 1 year 69,570,886.41 3,478,544.32 5.00 1-2 years 495,137.63 49,513.76 10.00 2-3 years 42,240.64 8,448.13 20.00 3-4 years 82,893.58 41,446.79 50.00 4-5 years 349,547.75 279,638.20 80.00 More than 5 years 461,581.24 461,581.24 100.00

Total 71,002,287.25 4,319,172.44 6.08

Bad debt provision accrual and changes in the current period

Bad debt provisions for the current period:

Amount of changes in the current period

Category Beginning Balance Ending Balance

Provision, recovery or transfer, write-off

Aging combination 2,309,718.72 3,449,133.63 1,439,679.91 4,319,172.44

Total 2,309,718.72 1,439,679.91 4,319,172.44

The top five accounts receivable at the end of the period based on debtors

The total number of accounts receivable with the top five ending balances is 103,258,926.31 yuan, accounting for 86.37% of the total ending balance of accounts receivable, and the corresponding total amount of bad debt provisions accrued is 2,746,746.49 yuan.

(2) Other receivables

Analysis by account age

Aging Closing balance Opening balance

Within 1 year 401,715.76 322,480.27 1-2 years 100,050.00

2-3 years 4,890.00 4,890.00 3-4 years

4-5 years

More than 5 years 54,791.61 54,791.61

Subtotal 561,447.37 382,161.88

Less: Bad debt provision 68,308.90 60,775.11

Total 493,138.47 321,386.77

Classification of book value according to nature of payment

Nature of payment Book balance at the end of the period Book balance at the beginning of the period

Reserve fund

Deposit

155,000.00 101,200.00 Current accounts and others

406,447.37 280,961.88 Subtotal

561,447.37 382,161.88

Less: provision for bad debts

68,308.90 60,775.11Total

493,138.47 321,386.77

Bad debt provision accrual and changes in the current period

The first stage The second stage The third stage

Expected credit throughout the lifetime Credit expected throughout the lifetime

Provision for bad debts Expected credit in the next 12 months Total

Loss (no credit deduction has occurred Loss (credit deduction has occurred)

loss

value) value)

Opening balance 5,005.50 978.00 54,791.61 60,775.11 Opening balance in the current period

--Transfer to the second stage

--Transfer to the third stage

The first stage The second stage The third stage

Expected credit throughout the lifetime Credit expected throughout the lifetime

Bad debt provision Expected total credit losses in the next 12 months (no credit deductions have occurred Losses (credit deductions have occurred)

loss

value) value)

--Return to the second stage

--Return to the first stage

Provision in the current period 10,005.00 10,005.00 Recovery or transfer in the current period 2471.21 2,471.21 Write-off in the current period

Write-off in this period

Changes in consolidation scope

Closing balance 2,534.29 10,983.00 54,791.61 68,308.90

Other receivables of the top five closing balances collected by debtors

Ratio to the total balance of other receivables at the end of the period, bad debt provision period, unit name, nature of payment, closing balance, age, closing balance

Example(%)

Hunan Tianman Biotechnology Co., Ltd. Current account 220,075.79 Within 1 year 39.20

Longsheng Lvman Biotechnology Co., Ltd. Current account 111,144.56 Within 1 year 19.80

Hunan Flavor King Group Co., Ltd. Deposit 100,000.00 Within 2 years 17.81 7,500.00 Hainan Hecheng Tianxia Technology Development Co., Ltd. Deposit 50,000.00 Within 1 year 8.91 2,500.00 Qiyang County Yongquan Planting Professional Cooperative Current accounts 36,735.00 More than 5 years 6.54 36,735.00

Total 517,955.35 92.26 46,735.00

(3) Long-term equity investment

Ending balance Beginning balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value Investment in subsidiaries 55,895,658.00 55,895,658.00 43,645,658.00 43,645,658.00 Investment in associates and joint ventures

industry investment

Total 55,895,658.00 55,895,658.00 43,645,658.00 43,645,658.00

Investment in subsidiaries

Impairment quasi-beginning balance for the current period Closing balance

Invested unit Increase in the current period Decrease in the current period Impairment at the end of the provision period (book value) (book value)

Preparation Balance Hunan Tianman Biotechnology Co., Ltd.

29,782,700.00 29,782,700.00

Division

Wugang Sanwei Medicinal Plant Planting Co., Ltd.

1,000,000.00 1,000,000.00

company

HUNAN NUTRAMAX USA

62,958.00 62,958.00

INC

Hunan Meikatian Biotechnology Co., Ltd. 1,750,000.00 250,000.00 2,000,000.00

Yongzhou Lvman Biotechnology Co., Ltd. 1,050,000.00 1,050,000.00

Impairment quasi-beginning balance for the current period Closing balance

Invested unit Increase in the current period Decrease in the current period Impairment at the end of the provision period (book value) (book value)

Preparation Balance Longsheng Lvman Biotechnology Co., Ltd. 10,000,000.00 12,000,000.00 22,000,000.00

Total 43,645,658.00 12,250,000.00 55,895,658.00

(4) Operating income and operating costs

Operating income and operating costs

Amount for the current period Amount for the previous period

Revenue Cost Revenue Cost Main business 223,045,328.55 185,906,240.12 184,336,814.97 160,046,651.38 Other business 3,251,802.65 391,581.46

Total 226,297,131.20 186,297,821.58 184,336,814.97 160,046,651.38

The main business is listed by product (business type) classification

Amount for the current period Items for the amount for the previous period

Revenue Cost Revenue Cost Plant extract revenue 223,045,328.55 185,906,240.12 184,336,814.97 160,046,651.38

Total 223,045,328.55 185,906,240.12 184,336,814.97 160,046,651.38

9. Supplementary information

(1) Detailed statement of non-recurring profits and losses for the current period

Item Amount Explain the profit and loss from the disposal of non-current assets, including the write-off department that has made provision for asset impairment

points

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

relevant, in compliance with national policies and regulations, enjoyed in accordance with determined standards, and beneficial to the company’s profits and losses 6,542,371.18

Except for government subsidies that have a lasting impact

In addition to effective hedging business related to the company's normal operating business, non-financial

Gains and losses from changes in fair value of financial assets and financial liabilities held by an enterprise

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

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

The investment cost for an enterprise to acquire subsidiaries, associates and joint ventures is less than

When investing, one should enjoy the income generated from the fair value of the identifiable net assets of the investee.

benefit

The current net profit of subsidiaries resulting from business combinations under common control from the beginning of the period to the date of merger

Profit and loss

Gains and losses on non-monetary asset exchanges

Item Amount Description Debt restructuring gains and losses

One-time expenses incurred by the enterprise due to the discontinuation of relevant business activities, such as resettlement

Employee expenses, etc.

One-time adjustments to current profits and losses due to adjustments to tax, accounting and other laws and regulations

influence

One-time confirmation of share-based payment expenses due to cancellation or modification of equity incentive plan

For cash-settled share-based payments, employee benefits payable after the vesting date

Gains and losses arising from changes in fair value

The fair value of investment properties for subsequent measurement using the fair value model

Profit and loss arising from changes

Gains from transactions where the transaction price appears to be unfair

Profit and loss arising from contingencies unrelated to the company's normal business operations

Custody fee income from entrusted operations

Other non-operating income and expenses other than the above items -93,652.58 Other profit and loss items that meet the definition of non-recurring gains and losses

Less: Impact on income tax 1,411,120.68 Impact on minority shareholders’ equity (after tax)

Total 5,037,597.92

(2) Return on net assets and earnings per share

Weighted average net assets Earnings per share Profit for the reporting period

Yield (%) Basic earnings per share Diluted earnings per share Net profit attributable to the company’s ordinary shareholders 16.15 0.33 0.33 After deducting non-recurring gains and losses, net profit attributable to the company’s ordinary shareholders

12.26 0.25 0.25 shareholders’ net profit

Hunan Lvman Biotechnology Co., Ltd.

Appendix I of August 13, 2026: Adjustments and Differences in Accounting Information

1. Changes in accounting policies, changes in accounting estimates or correction of major errors, etc.

(1) Retrospective adjustments or restatements of accounting data

□Changes in accounting policies □Correction of accounting errors □Other reasons √Not applicable

(2) Reasons and effects of changes in accounting policies, accounting estimates or correction of major accounting errors

□Applicable √Not applicable

2. Non-recurring profit and loss items and amounts

Unit: Yuan

Item Amount

Profit and loss from disposal of non-current assets, including the write-off of asset impairment provisions 6,542,371.18 Government subsidies included in current profit and loss (closely related to corporate business, determined in accordance with unified national standards

Except for government subsidies that are subject to quota or quota)

Other non-operating income and expenses other than the above items -93,652.58

Total non-recurring gains and losses 6,448,718.60 Less: Income tax impact 1,411,120.68 Impact on minority shareholders’ equity (after tax)

Net non-recurring gains and losses 5,037,597.92

3. Differences in accounting data under domestic and overseas accounting standards

□Applicable √Not applicable

Appendix II Financing situation

1. Issuance of common shares and use of raised funds during the reporting period

(1) Stock issuance during the reporting period

□Applicable √Not applicable

(2) Usage of raised funds that lasted to the reporting period

√Applicable □Not applicable

Unit: Yuan Issuance status Change Change of purpose Change of purpose is

Whether the usage fee has been changed during the reporting period?

Number of issuances Disclosed in the report Amount raised Use of raised funds Whether the necessary amount has been fulfilled Purpose of raised funds

Disclosure time Circumstances Fund amount Decision-making procedure 2025 Year 2026 1 14,000,000 14,000,948.92 No None 0 Not applicable to one-time stocks Month 29

issue

Details of use of raised funds

During the reporting period, there was no change in the use of raised funds, no use of raised funds to replace pre-invested self-raised funds, no use of idle raised funds for cash management, no use of idle raised funds to temporarily replenish working capital, and no transfer out of the balance of raised funds.

All funds raised from this stock issuance have been used, and the usage situation is as follows:

Item Amount (yuan)

Total funds raised 14,000,000.00

Add: Interest income 948.92

Expenditure of raised funds 14,000,948.92

Including: payment for purchase of goods 14,000,948.92

Balance of raised funds 0

In view that the raised funds have been used up, in accordance with the "Guidelines for the Continuing Supervision of Companies Listed on the National Small and Medium-sized Enterprises Equities Exchange and Quotations No. 3 - Management of Raised Funds", the company went through the cancellation procedures for the special account for raised funds on May 12, 2026. After the above-mentioned special account for raised funds is cancelled, the "Tripartite Supervision Agreement for Raised Funds" signed between the company, Founder Securities Underwriting and Sponsoring Co., Ltd. and China Merchants Bank Co., Ltd. Changsha High-tech Branch will be terminated accordingly.

2. Relevant information on preference shares surviving to the current period

□Applicable √Not applicable

3. Bond financing that lasts to the current period

□Applicable √Not applicable

4. Convertible bonds surviving to the current period

□Applicable √Not applicable