2025 Semi-Annual Report

Important Notes, Table of Contents, and Definitions

The Board of Directors and senior management of the company guarantee that the content of the semi-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, Pan Dujiang, the head of accounting, Ding Henji, and the head of the accounting institution (accounting supervisor) Liu Lishuang declare: they ensure the truthfulness, accuracy, and completeness of the financial report in this semi-annual report. All directors have attended the board meeting to review this semi-annual report. The forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors, who should maintain adequate risk awareness and understand the differences between plans, forecasts, and commitments. The company has described potential risks in this report; please refer to Section 3 "Management Discussion and Analysis," Part 10 "Risks Facing the Company and Response Measures." The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital.

Table of Contents

1. Important Notes, Table of Contents, and Definitions ................................................................................. 2
2. Company Profile and Key Financial Indicators ......................................................................................... 7
3. Management Discussion and Analysis ...................................................................................................... 10
4. Corporate Governance, Environment, and Society .................................................................................. 27
5. Important Matters ...................................................................................................................................... 29
6. Changes in Shares and Shareholder Information .................................................................................... 33
7. Bond-Related Information ....................................................................................................................... 38
8. Financial Report .......................................................................................................................................... 39
9. Other Submitted Data .............................................................................................................................. 141

Documents for Reference

1. The 2025 semi-annual financial statements signed and stamped by the person in charge of the company, the head of accounting, and the head of the accounting institution (accounting supervisor).
2. All original documents and announcements publicly disclosed by the company during the reporting period.
3. The 2025 semi-annual report and summary original text signed by the company's legal representative and stamped by the company.
4. Other reference documents.

Definitions