新 和 成：2025年年度报告（英文版）

2025AnnualReport April2026 2025AnnualReport SectionIImportantNotes,Contents,andDefinitions TheBoard of Directors and its members,and senior management of theCompany,herebyguaranteethattheinformationpresentedinthisannualreportisauthentic,accurate,complete,andfreeoffalserecords,misleadingstatements,ormaterial omissions,and they will bearindividual and jointliabilitiesforsuchinformation. HuBaifan,theCompany’slegalrepresentative,ShiGuanqun,theofficerinchargeof accounting,and Wang Xiaobi,the head of the accountingdepartment,herebydeclarethattheyguaranteethefinancialreportsinthisannualreportareauthentic,accurate,andcomplete. Exceptforthedirectorslistedbelow,allotherdirectorsattendedtheboardmeetinginpersontoreviewthisannualreport. Thefuture plan and other forward-looking information disclosed in thisannualreportshallnotberegardedasasubstantivecommitmenttoinvestors.Wekindlyremindinvestorsofallpossiblerisksininvestments.Wedrawyourattentiontoitem“XI.OutlookfortheFutureDevelopmentoftheCompany”under“Section III Management Discussion andAnalysis”,whichexplicitly states the possible risks in business operation andcountermeasuresthereon. ProfitdistributionplandeliberatedandapprovedbythemeetingoftheBoardofDirectorsisasfollows:Basedontotalsharecapitalof3,070,283,398shareswhichisderivedfromtheexistingtotalsharecapitalafterdeductingthesharesheldin the repurchase-dedicated securities account[Note],the Companyintendstodistributecashdividendof8.00yuan(taxincluded)and0bonussharesper10sharestoallshareholders,andnoconversionofcapitalreserveintosharecapitalwillbecarriedout. [Note]TheCompany’stotalsharecapitalis3,073,421,680shares,including3,138,282sharesintherepurchase-dedicatedsecuritiesaccount.Accordingtothe“RulesonShareRepurchaseofListedCompanies”,sharesinthespecialaccountforrepurchaseoflistedcompaniescarrynorightofprofitdistributionandconversionofcapitalreserveintosharecapital. IftheCompany’stotalsharecapitalchangesduetotheconversionofconvertiblebonds,sharerepurchase,exerciseofequityincentives,refinancing,andlistingofnewshares,etc.,beforetheimplementationof the profit distribution proposal,the total distribution will be adjustedaccordinglybasedonthesamedistributionratio. ThisAnnualReportisanEnglishtranslationoftheChineseAnnualReport.IncasetheEnglishversiondoesnotconformtotheChineseversion,theChineseversionprevails. Contents SectionIImportantNotes,Contents,andDefinitions.............................................1SectionIICompanyProfileandKeyFinancialIndices...........................................6SectionIIIManagementDiscussionandAnalysis..................................................11SectionIVCorporateGovernance,EnvironmentandSociety.............................63SectionVSignificantEvents......................................................................................88SectionVIMovementsinSharesandConditionsofShareholders....................101SectionVIIBonds.....................................................................................................111SectionVIIIFinancialReport.................................................................................112 DocumentsAvailableforReference I.FinancialstatementssignedandsealedbytheCompany’slegalrepresentative,officerinchargeofaccounting,andheadoftheaccountingdepartment; II.Theoriginalauditreportwiththesealoftheaccountingfirmandthesignatureandsealofthecertifiedpublicaccountants; III.OriginalsofalltheCompany’sdocumentsandannouncementspublishedinnewspapersdesignatedbyCSRCduringthereportingperiod; IV.Otherdocumentsforreference. Definitions SectionIICompanyProfileandKeyFinancialIndices I.CompanyProfile II.ContactInformation III.InformationDisclosureandLocation IV.ChangeofRegistration V.OtherRelevantInformation AccountingfirmengagedbytheCompany ThesponsorinstitutionengagedbytheCompany,whichperformedthedutyofcontinuousguidanceandsupervisionduringthereportingperiod □ApplicableNotapplicable ThefinancialadvisorengagedbytheCompany,whoperformedthedutyofcontinuousguidanceandsupervisionduringthereportingperiod □ApplicableNotapplicable VI.KeyAccountingDataandFinancialIndices WhethertheCompanyneedstoperformaretroactiveadjustmentorrestatementonthefinancialdataofprioryears ThelesseroftheCompany'snetprofitbeforeandafterdeductingnon-recurringprofitorlossforeachofthemostrecentthreeaccountingyearswasnegative,andthemostrecentyear'sauditreportindicatesuncertaintyabouttheCompany'sabilitytocontinueasagoingconcern. □YesNo Duringthereportingperiod,thelowestofauditedprofitbeforetax,netprofit,andnetprofitafterdeductingnon-recurringprofitorlosswasnegative. □YesNo VII.DifferencesinAccountingDataUnderChineseAccountingStandardsandOverseasAccountingStandards 1.DifferenceinNetProfitandNetAssetsinFinancialReportsDisclosedRespectivelyUnderIFRSStandardsandChineseAccountingStandards □ApplicableNotapplicable Duringthereportingperiod,theCompanyhasnodifferenceinnetprofitornetassetsinfinancialreportsdisclosedrespectivelyunderIFRSStandardsandChineseaccount