Dear Shareholders and Directors:
In 2025, the Board of Directors of Beijing Tongniu Information Technology Co., Ltd. strictly adhered to the Company Law, Securities Law, Shenzhen Stock Exchange GEM Listing Rules, and other relevant regulations, as well as the Articles of Association and internal rules. With a sense of responsibility towards all shareholders, the board actively fulfilled its duties and implemented the resolutions of the shareholders' meeting. All directors diligently performed their responsibilities, leveraging their professional expertise to ensure the protection of the company's and shareholders' legal rights, thereby ensuring the company's sound operation and sustainable development. The 2025 Annual Board of Directors Work Report is as follows:
1. 2025 Company Operating Conditions
In 2025, the overall operating situation of the company remained stable, with main business revenue maintaining stability compared to the same period last year, and net profit showing a reduction in losses compared to the previous year. During this period, the company implemented cost reduction and efficiency enhancement measures, strengthened expense control, and reduced the expense ratio compared to the previous year. Various asset impairment provisions were expected to decrease compared to the previous year, leading to an improvement in profitability. However, due to high fixed asset depreciation and the compressed resource reuse space caused by recent market environment and customer demand changes, the existing business scale could not effectively absorb fixed costs, and the company has not yet achieved profitability. In 2025, the company achieved total operating revenue of 260.15 million yuan, a decrease of 6.38% compared to the same period last year; a net profit attributable to shareholders of the listed company of -78.17 million yuan, an increase of 38.30% compared to the same period last year; and a net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses of -82.20 million yuan, an increase of 35.03% compared to the same period last year.
2. 2025 Board of Directors Daily Work Situation
(1) Board Meeting Situation
In 2025, the board held a total of 4 meetings, reviewing and approving 26 proposals. All directors attended the board meetings in person or via communication, faithfully fulfilling their duties. The directors strictly followed the relevant provisions of the company's board meeting rules when voting on significant matters or other issues that have a major impact on the company, making prudent decisions. The convening, proposals, attendance, discussions, voting, and meeting records of the board meetings were conducted in accordance with the relevant requirements of the Company Law and Articles of Association. The specific situations of the board meetings during the year are as follows: