2025 Annual Report

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 bear individual and joint legal responsibility. The person in charge of the company, Hu Zijing, the head of accounting, Long Guiyuan, and the head of the accounting institution (accounting supervisor), Gong Yuli, 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. The company describes the risks it may face in its operations and the corresponding measures in "Section 3 Management Discussion and Analysis" under "11 Outlook for Future Development." Investors are advised to pay attention to the relevant content. The company plans not to distribute cash dividends, nor to issue bonus shares, nor to increase capital using reserves.

Directory

1. Important Notes, Directory, and Definitions ........................................................................................................ 2
2. Company Profile and Key Financial Indicators .................................................................................................... 6
3. Management Discussion and Analysis .............................................................................................................. 10
4. Corporate Governance, Environment, and Society ............................................................................................ 30
5. Important Matters ............................................................................................................................................... 47
6. Changes in Shares and Shareholder Information .............................................................................................. 59
7. Bond-Related Information .................................................................................................................................. 64
8. Financial Report .................................................................................................................................................. 67

Documents for Reference

1. 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. Original audit report stamped and signed by the accounting firm and certified public accountants.
3. Originals of all company documents publicly disclosed during the reporting period and announcements.
4. Other relevant materials.

Definitions