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 they bear individual and joint legal responsibility. The person in charge of the company, Wang Jiarong, the person in charge of accounting, Wang Zan, and the head of the accounting institution (accounting supervisor) Huang Duolin 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 forward-looking statements regarding future plans or projects in the report do not constitute substantial commitments to investors, who should maintain sufficient risk awareness and understand the differences between plans, forecasts, and commitments. The company mainly faces risks related to fluctuations in raw material prices, safety production and environmental protection policy risks, and international trade friction risks. Investors are advised to pay attention to investment risks. For detailed content, please refer to the section "Management Discussion and Analysis, Outlook for the Company's Future Development" in this report. The profit distribution plan approved by the board of directors is: based on the total share capital of 453,174,229 shares as of the date of the board meeting on April 10, 2026, a cash dividend of 0.5 yuan (including tax) will be distributed for every 10 shares to all shareholders, with no bonus shares (including tax), and no capital reserve fund will be converted into shares for all shareholders.

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 .............................................................. 31
5. Important Matters .......................................................................... 48
6. Changes in Shares and Shareholder Information ................................................................ 60
7. Bond-Related Information ...................................................................... 67
8. Financial Report .......................................................................... 71

Documents for Reference

1. Financial statements signed and stamped by the person in charge of the company, the person in charge of accounting, and the head of the accounting institution (accounting supervisor).
2. Original audit report stamped and signed by the accounting firm and registered accountants.
3. All original documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period. The company keeps the original documents mentioned above in the board office. The company will provide them promptly when required by the China Securities Regulatory Commission and its dispatched agencies, securities exchanges, or shareholders according to laws, regulations, or the company's articles of association.

Definitions