张 裕Ｂ：2025年年度报告（英文版）

2025AnnualReport Final2026-01 April18,2026 Contents I、ImportantNotice,ContentsandDefinition...............................................................................3II、BriefIntroductionfortheCompanyandMainFinancialIndicators..................................6III、ManagementDiscussionandAnalysis................................................................................11IV、CorporateGovernance,EnvironmentalandSocialResponsibility..................................37V、Majorissues.............................................................................................................................64VI、ChangesinSharesandShareholders’Situation..................................................................73VII、RelatedSituationofBonds..................................................................................................83VIII、FinancialReport.................................................................................................................83 I.ImportantNotice,ContentsandDefinition Theboardofdirectors,directorsandseniorexecutivesoftheCompanyguaranteethetruthfulness,accuracyandcompletenessofthecontentscontainedinthereportwithnofalserecords,misleadingstatementsorsignificantomissions,andundertakeindividualandjointlegalliabilities. Mr.HongjiangZhou(PersoninchargeoftheCompany),Ms.CuimeiGuo(PersoninchargeofaccountingworkandPersoninchargeofaccountingorgan&Accountantincharge)assurethetruthfulness,accuracyandcompletenessofthefinancialreportintheannualreport. Alldirectorsattendedthisboardmeetingforreviewingthisannualreportinperson. Forward-lookingstatementssuchasfutureplansanddevelopmentstrategiescoveredinthisreportdonotconstituteasubstantialcommitmentoftheCompanytoinvestors.Investorsareadvisedtopayattentiontoinvestmentrisks. Aboutsignificantrisksthatmaybefacedinproductionandoperationprocess,pleasereferto“(5)PotentialRisks”of“11.Expectation for the Company’s Future Development”in the“III.ManagementDiscussionandAnalysis”ofthisreport.Investorsareadvisedtoreadcarefullyandpayattentiontoinvestmentrisks. TheCompany’spreliminaryschemeofprofitdistributiondeliberatedandpassedbytheboardofdirectorsthistimeisshownasfollowing:BasedontheCompany’stotal657,240,128shares,theCompanyplanstopayCNY2.5(includingtax)incashasdividendsforevery10sharestoallshareholdersandsend0bonusshare(includingtax);capitalreservewillnotbetransferredtoequity. ReferenceDocuments (1)TheoriginalofAnnualReportautographedbytheChairman.(2)TheFinancial Statements autographed and signed by the Chairman,Chief Accountant andAccountantinCharge.(3)TheProspectusandPublicOfferingAnnouncementforStockBissuedin1997;TheProspectusofIntentandTheShares’Change&AShare’sPublicOfferingAnnouncementforStockAissuedbythecapitalincreasein2000.(4)TheoriginalsofalldocumentsandannouncementsthattheCompanymadepublicduringthereportperiodinthenewspapersdesignatedbyChinaSecuritiesRegulatoryCommission. Definition II.BriefIntroductionfortheCompanyandMainFinancialIndicators 1.Company’sinformation 2.Contactpersonandinformation 3.Informationdisclosureandfilinglocation 4.Registrationchanges 5.Otherrelevantinformation TheaccountingfirmappointedbytheCompany ThesponsorinstitutionappointedbytheCompanytoperformthedutyofcontinuoussupervisionduringthereportperiod □Applicable☑Inapplicable ThefinancialadviserappointedbytheCompanytoperformthedutyofcontinuoussupervisionduringthereportperiod □Applicable☑Inapplicable 6.Keyaccountingdataandfinancialindicators WhethertheCompanyneedstoretrospectivelyadjustorrestatetheaccountingdataofpreviousfiscalyears. □Yes☑No Thelowerofthenetprofitsbeforenon-recurringgainsandlossesandafternon-recurringgainsandlossesinrecentthreefiscalyearsisnegativeandtheauditreportinrecentoneyearindicatesthereisuncertaintyintheCompany’ssustainableoperationability □Yes☑No Thelowerofthenetprofitsbeforenon-recurringgainsandlossesandafternon-recurringgainsandlossesisnegative □Yes☑No 7.DifferencesinaccountingdataunderPRCaccountingstandardsandinternationalaccountingstandards (1)DifferencesfornetprofitandnetassetsinthefinancialreportdisclosedaccordingtobothinternationalaccountingstandardsandPRCaccountingstandards □Applicable☑Inapplicable TherearenodifferencesfornetprofitandnetassetsinthefinancialreportdisclosedaccordingtobothinternationalaccountingstandardsandPRCaccountingstandardsduringthereportperiod. (2)DifferencesfornetprofitandnetassetsinthefinancialreportdisclosedaccordingtobothforeignaccountingstandardsandPRCaccountingstandards □Applicable☑Inapplicable TherearenodifferencesfornetprofitandnetassetsinthefinancialreportdisclosedaccordingtobothforeignaccountingstandardsandPRCaccountingstandardsduringthereportperiod. 8.Keyfinancialindicatorsbyquarter Unit：CNY Whethertherearesignificantdifferencesbetweentheabovementionedfinancialindicatorsortheirsumandtherelatedfinancialindicatorsinthequarterlyreportsandsemi-annualreportsdisclosedbytheCompany. □Yes☑No 9.Itemandamountofnon-recurringprofitandloss ☑Applicable□Inapplicable Unit：