2026 Semi-Annual Report

Section I: Important Notices, Table of Contents, and Definitions

The Board of Directors, the Board of Supervisors, and the directors, supervisors, and senior management of the Company guarantee that the information in this semi-annual report is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions. They assume individual and joint legal liability for the content.

Company head Chen Yamei, person in charge of accounting Yuan Suhua, and head of the accounting department (accounting supervisor) Pan Jieheng declare: We guarantee the truth, 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.

Forward-looking statements in this report, such as future plans, do not constitute substantive commitments by the Company to investors. Investors are advised to be aware of investment risks.

The main risks faced by the Company include macroeconomic fluctuation risks, investment project fair value change risks, business expansion risks, risks related to the escalation of China-US trade friction and exchange rate fluctuations, raw material price fluctuation risks, and customer concentration risks. Please refer to Section III "Management Discussion and Analysis" under "X. Risks Faced by the Company and Countermeasures" for details. Investors are advised to pay attention to relevant content and be aware of investment risks.

The Company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital.

Table of Contents

Section I: Important Notices, Table of Contents, and Definitions 2

Section II: Company Profile and Key Financial Indicators 6

Section III: Management Discussion and Analysis 9

Section IV: Corporate Governance, Environment, and Social Responsibility 21

Section V: Important Matters 23

Section VI: Changes in Shares and Shareholders 29

Section VII: Bonds 34

Section VIII: Financial Report 35

Directory of Documents for Inspection

1. Financial statements signed and sealed by the Company's legal representative Chen Yamei, person in charge of accounting Yuan Suhua, and head of the accounting department Pan Jieheng.

2. Originals of all company documents and announcements publicly disclosed on the website designated by the CSRC, Cninfo (http://www.cninfo.com.cn), during the reporting period.

3. Place where the above documents are kept: Office of the Board Secretary.

Definitions

Section 2 Company Profile and Key Financial Indicators

I. Company Profile