老百姓：老百姓2025年年度报告（英文版）

(IncaseofanydiscrepancybetweentheChineseandEnglishversionsofthisdocument,theChineseversionshallprevail.) Important Notes I.The Board of Directors, the directors and officers of the Company warrant that the contents ofthis Annual Report are true, accurate and complete, free from false records, misleading statementsor major omissions, and that they will bear several and jointliability. II.All directors of the Company attended the Board of Directors meetings. IV.Xie Zilong, the Company's principal, Chen Lishan, person in charge ofaccounting work, and Shi Lei, the person in charge of accounting department (chief accountant)declare as follows: We warrant the truthfulness, accuracy, and completeness of the financial reportin this Annual Report. V.Profit distribution plan or plan for capitalization of capital reserves for the reporting periodapproved by the resolution of the Board of Directors As approved at the 14th meeting of the fifth Board of Directors upon deliberation onApril 22, 2026, the Company intends to distribute cash dividends of RMB 0.27(tax-inclusive) for every 10 shares to all shareholders based on the total share capital on the recorddate for equity distribution. The Company will not issue bonus shares or convert capitalreserve into its share capital. As of March 31, 2026, the total share capital of the Company is758,890,236 shares, and the Company intends to distribute cashdividends of RMB204,900,364(tax-inclusive). The total amount of cash dividends proposed by the Companyin 2025 (including tax) was RMB 311,144,997(including interim dividends of RMB106,244,633in 2025), accounting for 81.48% of the net profit attributable to the parentcompany in 2025. The profit distribution proposal was submitted to the 2025 annualshareholders' meeting of the Company for deliberation. Information on the Parent Company's Unrecovered Losses and Their Impacts on the Company'sDividend Distribution and Other Matters as of the End of the Reporting Period□Applicable"√Not Applicable"VI.Risk statement regarding forward-looking statements √Applicable□Not Applicable The forward-looking statements involved in this Report, including future plans anddevelopment strategies, do not constitute substantial commitments by the Company toinvestors. Please pay attention to investment risks. VII.Whether there is any non-operational occupation of funds by the controlling shareholder andother related parties No VIII.Whether there was any external guarantee in violation of the established decision-makingprocedures NoIX.Whethera majority of directors cannot guarantee the authenticity,accuracy andcompleteness of the Annual Report disclosed by the Company No X.Major risk warning During the reporting period, there were no major risks that had a substantial impact on theCompany's production and operation. The Company has elaborated in detail in this Reporton the various risks it may face during its production and operation, as well as thecorresponding countermeasures. Please refer to Section III "Discussion and Analysis by theManagement", Part VI "Company's Discussion and Analysis of Future Development-(IV)Potential Risks". XI.Others □Applicable√Not Applicable Contents Section IInterpretation...............................................................................................................................5Section IICompany Profile and Key Financial Indicators.........................................................................9Section IIIDiscussion and Analysis by the Management.........................................................................15Section IVCorporate Governance, Environmental and Social.................................................................59Section VImportant Notes........................................................................................................................94Section VI Changes in Shareholding and Shareholder Information.......................................................119Section VII Information on Bonds..........................................................................................................129Section VIIIFinancial Reports...............................................................................................................130 Section IInterpretation I.Interpretation Section IICompany Profile and Key Financial Indicators I.Company Information II.Contact Person and Contact Information IV.Information disclosure and document location V.Company Stock Profile VI.Other Relevant Information VII.Major Accounting Data and Financial Indicators in the Past Three Years (i)Main accounting data Note: The profit attributable to shareholders of the listed company net of the impact ofgoodwill and land impairment was RMB620 million, representing a year-on-year decreaseof 1.0% as compared with 2024. (ii)Main financial indicators Notes to the main accounting data and the financial indicators of the Company for the pastthree year