New Xiang Ruifeng New Materials Co., Ltd. (hereinafter referred to as "the Company") has audited its financial statements for the year 2025 by Zhonghui Certified Public Accountants (Special General Partnership), which issued a standard unqualified audit report (Zhonghui Audit [2026] No. 1947). The audited financial statements have been prepared in accordance with the provisions of the Accounting Standards for Enterprises and fairly reflect the consolidated and parent company’s financial position as of December 31, 2025, as well as the consolidated and parent company’s operating results and cash flows for the year 2025. The Company has prepared the "2025 Annual Financial Settlement Report" based on its financial status and operating results for the year, and the report is as follows:
I. Key Accounting Data and Financial Indicators
Unit: Ten Thousand Yuan
| Item | 2025 | 2024 | Change Rate |
|---|---|---|---|
| Operating Revenue | 350,834.39 | 315,747.41 | 11.11% |
| Net Profit Attributable to Ordinary Shareholders | 73,639.31 | 72,248.70 | 1.92% |
| Net Profit Attributable to Ordinary Shareholders (Excluding Non-Operating Income and Expenses) | 66,831.82 | 68,059.67 | -1.80% |
| Net Cash Flow from Operating Activities | 74,680.19 | 43,569.66 | 71.40% |
| Basic Earnings per Share (Yuan/Share) | 2.50 | 2.52 | -0.79% |
| Diluted Earnings per Share (Yuan/Share) | 2.50 | 2.51 | -0.40% |
| Weighted Average Return on Equity | 20.99% | 22.93% | -1.94% |
| Item | December 31, 2025 | December 31, 2024 | Change Rate |
|---|---|---|---|
| Total Assets | 509,628.43 | 430,179.34 | 18.47% |
| Net Assets Attributable to Parent Company | 382,123.13 | 334,460.25 | 14.25% |
In 2025, the Company achieved an operating revenue of CNY 350,834.39 million, a year-on-year increase of 11.11%; among which, the revenue from lubricant additive series products was CNY 340,179.46 million, up 10.71%, while the revenue from carbonless paper color developer series products was CNY 3,508.95 million, down 13.21%. The net profit attributable to ordinary shareholders was CNY 73,639.31 million, an increase of 1.92% year-on-year; the net profit of the parent company was CNY 67,268.52 million, a decrease of 2.55% year-on-year; the net cash flow from operating activities was CNY 74,680.19 million, up 71.40% year-on-year; and the net assets attributable to the parent company were CNY 382,123.13 million, an increase of 14.25% year-on-year.
II. Financial Condition Analysis
(1) Asset Composition and Changes
Unit: Ten Thousand Yuan
| Item | December 31, 2025 | December 31, 2024 | Change Rate |
|---|---|---|---|
| Current Assets: | |||
| Cash and Cash Equivalents | 84,119.22 | 47,922.30 | 75.53% |
| Trading Financial Assets | 90,620.65 | 88,947.40 | 1.88% |
| Notes Receivable | 21.06 | 923.58 | -97.72% |
| Accounts Receivable | 48,535.02 | 48,749.73 | -0.44% |
| Financing Receivables | 15,427.12 | 14,224.24 | 8.46% |
| Prepayments | 4,789.46 | 3,450.85 | 38.79% |
| Other Receivables | 759.13 | 379.80 | 99.88% |
| Inventory | 53,577.60 | 55,026.30 | -2.63% |
| Other Current Assets | 3,001.51 | 2,648.64 | 13.32% |
| Total Current Assets | 300,850.77 | 262,272.84 | 14.71% |
| Item | December 31, 2025 | December 31, 2024 | Change Rate |
|---|---|---|---|
| Non-Current Assets: | |||
| Long-term Equity Investments | 23,218.44 | 11,680.96 | 98.77% |
| Other Non-Current Financial Assets | 12,712.58 | 12,332.93 | 3.08% |
| Investment Properties | 3,609.90 | 3,823.66 | -5.59% |
| Fixed Assets | 108,990.45 | 85,822.47 | 27.00% |
| Construction in Progress | 25,197.00 | 19,872.75 | 26.79% |
| Right-of-Use Assets | 970.09 | 258.31 | 275.55% |
| Intangible Assets | 23,812.92 | 19,464.03 | 22.34% |
| Long-term Deferred Expenses | 2,650.22 | 2,485.41 | 6.63% |
| Deferred Tax Assets | 1,029.83 | 2,431.57 | -57.65% |
| Other Non-Current Assets | 6,586.24 | 9,734.41 | -32.34% |
| Total Non-Current Assets | 208,777.67 | 167,906.50 | 24.34% |