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 company’s responsible persons, Lin Mingling, the head of accounting, Chen Huansheng, and the head of the accounting institution (accounting supervisor) Lai Hongwei declare: they ensure the truthfulness, accuracy, and completeness of the financial reports in this annual report. All directors have attended the board meeting to review this report. The forward-looking statements regarding future plans in this annual report do not constitute substantial commitments to investors, who should maintain adequate risk awareness and understand the differences between plans, forecasts, and commitments. The company describes potential risks and countermeasures in the section "Management Discussion and Analysis" under "Outlook for Future Development" in Section 3 of this report, and investors are advised to pay attention to investment risks.

The profit distribution plan approved by the board of directors is as follows: based on the total share capital of 65,628,660 shares after deducting the shares held in the repurchase account as of December 31, 2025, a cash dividend of CNY 0.5 (including tax) will be distributed for every 10 shares to all shareholders, with no bonus shares (including tax), and an increase of 4 shares for every 10 shares from the capital reserve to all shareholders.

Directory

1. Important Notes, Directory, and Definitions ....................................................................................................................................... 2
2. Company Profile and Key Financial Indicators .................................................................................................................................... 7
3. Management Discussion and Analysis .............................................................................................................................................. 11
4. Corporate Governance, Environment, and Society ............................................................................................................................ 46
5. Important Matters .............................................................................................................................................................................. 72
6. Changes in Shares and Shareholder Information ................................................................................................................................ 95
7. Bond-Related Information .................................................................................................................................................................. 102
8. Financial Reports ............................................................................................................................................................................... 103

Documents for Reference

1. Financial statements signed and stamped by the company’s legal representative, head of accounting, and head of the accounting institution;
2. Original audit report stamped by the accounting firm and signed by the certified public accountants;
3. All company documents publicly disclosed in designated media by the China Securities Regulatory Commission during the reporting period, along with original announcements;
4. Original full text of the 2025 Annual Report signed by the company’s legal representative;
5. Other reference documents.

Definitions