Important Notes, Directory, and Definitions
The Board of Directors and senior management of the company guarantee that the content of the annual report is true, accurate, and complete, with no false records, misleading statements, or significant omissions, and they bear individual and joint legal responsibility. The person in charge of the company, Zhang Yijun, the head of accounting, Wei Henggang, and the head of the accounting institution (accounting supervisor), Liang Xiaoming, declare: they ensure the truthfulness, accuracy, and completeness of the financial report in this annual report. All directors have attended the board meeting to review this report. This annual report contains forward-looking statements regarding future plans, which do not constitute substantive commitments to investors. Investors and related parties should maintain adequate risk awareness and understand the differences between plans, forecasts, and commitments. The section "Management Discussion and Analysis" in this report, particularly "11. Outlook for the Company's Future Development," describes in detail the risks the company may face during its operational development and the corresponding countermeasures; investors are advised to refer to the relevant content.
According to the audit by Beijing Dehao International Accounting Firm (Special General Partnership), as of December 31, 2025, the company's retained earnings amounted to -558,468,085.56 yuan, indicating unremedied losses. Given that the company's retained earnings for the fiscal year 2025 are negative, after fully considering the needs for normal operations and sustainable development, the company plans not to distribute cash dividends, issue bonus shares, or convert reserves into share capital for the fiscal year 2025. Investors are advised to pay attention to the associated investment risks.
Directory
- Important Notes, Directory, and Definitions ....................................... 2
- Company Profile and Key Financial Indicators ..................................... 7
- Management Discussion and Analysis ........................................... 10
- Corporate Governance, Environment, and Society ....................................... 42
- Important Matters ................................................... 55
- Share Changes and Shareholder Information ......................................... 61
- Bond-Related Information ............................................... 66
- Financial Report ................................................... 67
Documents for Reference
- Financial statements signed and stamped by the company's legal representative, head of accounting, and head of the accounting institution.
- Original audit report stamped by the accounting firm and signed by the certified public accountant.
- Originals of all company documents publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period. The above documents are kept in the company's securities legal department for investors to review.