2026 Semi-Annual Report
Chairman: Shen Qingfang
August 2026
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 the authenticity, accuracy, and completeness of the content of this semi-annual report, confirming that there are no false records, misleading statements, or material omissions, and they assume individual and joint legal liability.
Company head Shen Qingfang, the person in charge of accounting work Xiao Dewang, and the head of the accounting department (accounting supervisor) Xiao Dewang declare: We guarantee the authenticity, 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.
This report contains forward-looking statements regarding future plans, which do not constitute substantive commitments by the company to investors. Investors and relevant parties should maintain sufficient risk awareness and understand the differences between plans, forecasts, and commitments.
There are no material risk factors affecting the company's production, operations, financial status, or sustainable profitability. The company has specifically described the potential risk factors and response strategies in this semi-annual report; please refer to "Section III: Management Discussion and Analysis, X. Risks Faced by the Company and Countermeasures."
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 1
Section II: Company Profile and Key Financial Indicators 6
Section III: Management Discussion and Analysis 9
Section IV: Corporate Governance, Environment, and Society 26
Section V: Important Matters 32
Section VI: Changes in Shares and Shareholders 45
Section VII: Information on Bonds 51
Section VIII: Financial Report 52
List of Documents Available for Inspection
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Financial statements signed and stamped by the company head, the person in charge of accounting work (CFO), and the head of the accounting department (accounting supervisor);
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Originals of all company documents and announcements publicly disclosed on the website designated by the CSRC during the reporting period.