股票 
板块 
用户 
资讯 Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No.40
The Company and all members of its board of directors hereby confirm that all information disclosed herein is true, accurate and complete with no false or misleading statement or material omission.
ADAMA LTD.
THIRD QUARTER REPORT 2026
Please see important additional information and further details included in the Annex.
October 2026
Important Notice
The Company’s Board of Directors, directors and senior managers confirm that the content of the Report is true, accurate and complete and contains no false statements, misleading presentations or material omissions, and assume joint and several legal liability arising therefrom.
Gaël Hili, the person leading the Company (President and Chief Executive Officer as well as its legal representative, and Samuel Asher Leibowitz, the person leading the accounting function (Chief Financial Officer), hereby assert and confirm the truthfulness, accuracy and completeness of the Financial Report.
The Third Quarter Report has not been audited.
Items of qualified opinion by the auditor □Applicable √Not applicable
This Report has been prepared in both Chinese and English. Should there be any discrepancy between the two versions, the Chinese version shall prevail.
I. Main accounting and financial results
1. Whether the Company performs any retroactive adjustments to, or restatements of, its accounting data of last year due to change in accounting policies or correction of accounting errors
Yes √ No
| July - September2026 | +/-(%) | January -September 2026 | +/-(%) | |
| Operating revenues (RMB'000) | 6,087,025 | -8.52% | 20,563,565 | -5.14% |
| Net loss attributable to shareholders of the Company(RMB'000) | (777,419) | -127.01% | (344,852) | 18.44% |
| Net loss attributable to shareholders of_the Companyexcluding non-recurring profit and loss (RMB'000) | (828,774) | -122.49% | (748,137) | -43.25% |
| Net cash flow from operating activities (RMB'000) | 635,343 | 0.01% | 1,305,252 | -45.02% |
| Basic EPS (RMB/share) | (0.3337) | -127.00% | (0.1480) | 18.46% |
| Diluted EPS (RMB/share) | NA | NA | NA | NA |
| Weighted average return on net assets | (4.53%) | -2.71% | (2.01%) | 0.25% |
| End of ReportingPeriod | End of lastyear | +/- (%) | ||
| Total assets (RMB'000) | 44,792,845 | 48,463,962 | -7.57% | |
| Net assets attributable to shareholders (RMB'000) | 16,719,285 | 17,575,426 | -4.87% | |
2. Non-Recurring profit/loss √ Applicable □ Not applicable
Unit: RMB’000
| Item | July - September2026 | January - September2026 | Note |
| Gains/losses on the disposal of non-current assets(including the offset part of asset impairment provisions) | 24,500 | 330,850 | Gains from disposal of fixedassets,including a logisticcenter in Israel in H1 and olddismantled facilities in China |
| Government grants recognized through profit or loss(excluding government grantscloselyrelated tobusiness of the Company and given at a fixed quota oramount in accordance with government's uniformstandards) | 32 | 3,972 | |
| Custodian fees earned from entrusted operation | 1,051 | 2,797 | |
| Recovery or reversal of provision for bad debts which isassessed individually during the years | 14,379 | 42,206 | |
| Other non-operating income and expenses other thanthe above | 939 | 6.471 | |
| Other profit or loss that meets the definition of non-recurring profit or loss | 15,477 | 32,579 | Mainly compensation receivedrelated to limited and localizeddamage to one of theCompany's Israeli manufacturingsites caused by falling debrisfollowing missile interceptionsand compensation related toproduct liabilities |
| Less: Income tax effects | 5,023 | 15,590 | |
| Total | 51,355 | 403,285 | = |
Explanation of other profit or loss that meets the definition of non-recurring profit or loss
surd Applicable □ Not applicable
Mainly compensation received related to limited and localized damage caused by falling debris following missile interceptions at one of the Company’s Israeli manufacturing sites and compensation related to product liabilities as explained above in the note.
Explanation of non-recurring items of profit or loss listed in "Explanatory Announcement No. 1 on Information Disclosure for Companies Offering their Securities to the Public-Non-Recurring Profit and Loss" reclassified as recurring items of profit or loss.
Applicable surd Not applicable
No such cases in the Reporting Period.
3. Changes in main accounting statement items and financial indicators in the Reporting Period, as well as reasons for the changes
surd Applicable □ Not applicable
General Crop Protection (CP) Market Environment1
During the first nine months of 2026, crop protection market volumes saw weaker than anticipated growth due to elevated farmer costs and just-in-time purchasing patterns, despite low channel inventories supporting healthy underlying crop protection demand. Additionally, crop protection pricing, particularly in the off-patent market, continued to remain under pressure, mainly due to lower farmer profitability, as well as persistently low active ingredient prices resulting from structural production overcapacity in China.
Overall market conditions varied across regions and crops, while farmer margins remained under pressure in many markets due to higher borrowing costs as well as higher fertilizer and fuel costs.
Geopolitical tensions and weather-related disruption continued to create uncertainty along the entire value chain from crop production, input costs and grower profitability.
Geopolitical Situation
ADAMA is a global company with manufacturing and formulation facilities in several locations around the world, principally in Israel, China and Brazil. It is headquartered and has three manufacturing sites in Israel. Despite regional tensions that have escalated on February 28, 2026, the Company’s Israeli production sites and supply chain, including ports, continued to operate without significant delays allowing the Company to support its markets, and ongoing activities.
During March and early April 2026, the Company's Neot Hovav site suffered limited and localized damage caused by falling debris following missile interceptions in the southern region of Israel. No bodily injuries were reported, and an immediate safety-driven closure of the facilities was carried out, followed by a phased shutdown, also for safety reasons. The Company initiated comprehensive damage assessments.
The direct damage to its core production facilities was not meaningful and was primarily limited to a finished goods warehouse, certain ancillary equipment and systems and an open storage area. Thereafter, the Company undertook certain restoration activities, and as of the date of this release Neot Hovav site has returned to normal operational status. The Company expects the overall impact of these occurrences to be non-material, also due to appropriate compensation from governmental authorities.
Additionally, in respect to changes in global tariff policies, despite the uncertainty regarding changes to trade and tariff policies around the world, the Company currently expects that the impact on its operations and business results will continue to be immaterial.
| January - September2026(000'RMB) | Same periodlast year (000'RMB) | +/-% | January - September2026(000'USD) | Same periodlast year(000"USD) | +/-% | |
| Operating income(Revenues) | 20,563,565 | 21,678,425 | -5.14% | 2,997,084 | 3,024,742 | -0.91% |
| Cost of goods sold | 15,229,293 | 16,004,956 | -4.85% | 2,220,067 | 2,233,171 | -0.59% |
| Sales & Marketingexpenses | 2,901,505 | 2,950,375 | -1.66% | 422.878 | 411,737 | 2.71% |
| General & Administrativeexpenses | 912,333 | 1,089,510 | -16.26% | 133,068 | 152,041 | -12.48% |
| R&D expenses | 286,881 | 307,417 | -6.68% | 41,790 | 42,890 | -2.56% |
| Financial Expenses | 1,186,445 | 1,544,466 | -23.18% | 172,881 | 215,373 | -19.73% |
| Gain (Loss)fromChanges in Fair Value | (15,125) | 4,781 | -416.36% | (2,490) | 574 | -533.80% |
| Total Net FinancialExpenses | 1,201,570 | 1,539,685 | -21.96% | 175,371 | 214,799 | -18.36% |
| Total loss | (66,250) | (417,446) | 84.13% | (11,160) | (58,307) | 80.86% |
| Income tax expenses | 278,602 | 5,360 | 5097.80% | 41,483 | 801 | 5078.90% |
| Net loss attributable to shareholders of theCompany | (344,852) | (422,806) | 18.44% | (52,643) | (59,108) | 10.94% |
| EBITDA | 2,866,402 | 2,706,104 | 5.92% | 416,945 | 377,526 | 10.44% |
| Q3 2026(000'RMB) | Q3 2025(000'RMB) | +/-% | Q3 2026(000'USD) | Q3 2025(000'USD) | +/-% | |
| Operating income(Revenues) | 6,087,025 | 6,654,225 | -8.52% | 897,492 | 933,411 | -3.85% |
| Cost of goods sold | 4,705,963 | 4,974,783 | -5.40% | 693,866 | 697,816 | -0.57% |
| Sales & Marketingexpenses | 863,442 | 974,707 | -11.42% | 127,308 | 136,724 | -6.89% |
| General & Administrativeexpenses | 310,294 | 354,643 | -12.51% | 45,750 | 49,739 | -8.02% |
| R&D expenses | 75,531 | 90,624 | -16.65% | 11,136 | 12,713 | -12.40% |
| Financial Expenses | 162,739 | 520,126 | -68.71% | 24,006 | 72,943 | -67.09% |
| Gain (Loss)from Changes in Fair Value | (228,576) | 11,274 | -2127.46% | (33,702) | 1,581 | -2231.69% |
| Total Net FinancialExpenses | 391,315 | 508,852 | -23.10% | 57,708 | 71,362 | -19.13% |
| Total loss | (458,635) | (291,867) | -57.14% | (67,632) | (40,903) | -65.35% |
| Income tax expenses | 318,784 | 50,587 | 530.17% | 47,002 | 7,096 | 562.37% |
| Net loss attributable to shareholders of theCompany | (777,419) | (342,454) | -127.01% | (114,634) | (47,999) | -138.83% |
| EBITDA | 589,742 | 741,865 | -20.51% | 86,956 | 104,087 | -16.46% |
Note: Since the functional currency of main overseas subsidiaries is the USD, and the Company’s management review of the Company’s performance is based on the USD results, following explanations and analysis are based on USDdenominated numbers as listed above.
Analysis of Financial Highlights
(1) Revenues
Revenues in the third quarter decreased by approximately 4% ( -9% in RMB; -6% in CER) to 897million compared to last year,reflecting a decline of4 \%in volumes and2 \%$ in prices, partially compensated by positive impact of foreign exchange rates.
The lower volumes resulted from lower market demand in certain regions due to higher farmer costs and weather conditions, partially compensated by new product introductions. Lower prices reflected the overall lower market pricing and weaker farmer purchasing power.
These results brought the revenues in the first nine months of 2026 to 2,997million,1 \%lower than last year (--5 \%in RMB terms;-4 \%in CER terms),reflecting a decrease of3 \%in prices and1 \%$ in volumes, partially moderated positive impact of foreign exchange rates.
Excluding the Company's decision in Q3 2025 to reduce the manufacture and sale of certain basic chemicals, sales would have increased in the first nine months period by 1% in comparison to the corresponding period in 2025. Third quarter sales are on a comparable basis.
Regional Sales Performance
| Q3 2026$m | Q3 2025$m | ChangeUSD | 9M 2026$m | 9M 2025$m | ChangeUSD | |
| Europe, Africa & Middle East (EAME) | 203 | 233 | -13% | 933 | 903 | 3% |
| North America | 174 | 164 | 6% | 692 | 659 | 5% |
| Latin America | 286 | 312 | -8% | 639 | 675 | -5% |
| Asia Pacific | 235 | 225 | 4% | 732 | 789 | -7% |
| Of which China | 99 | 91 | 9% | 337 | 400 | -16% |
| Total | 897 | 933 | -4% | 2,997 | 3,025 | -1% |
Note: the numbers in this table may not sum due to rounding.
Europe, Africa & Middle East (EAME): Sales declined in the third quarter, reflecting significantly weaker market consumption and lower crop-protection applications across several European markets due to weather impacts creating channel inventory build-up and due to elevated farmer input costs. Marketshare gains partly mitigated the decline, while competitive and pricing pressure remained high, concentrated in specific off-patent active ingredients.
North America: Sales increased supported by growth across Professional Solutions, Consumer and Canada. US Ag was impacted by lower market prices mainly in commodity categories, while continuing to present growth in key products and customer segments. Pricing pressure and elevated inventories affected several US agricultural products.
Latin America: In Brazil, sales declined despite intensified commercial execution ahead of the soybean season particularly across fungicides and insecticides. This was offset by continued pricing pressure, farmer liquidity constraints and intense competition, particularly in commodity products. In the rest of LATAM, sales increased supported by higher volumes, particularly in Argentina, following disciplined implementation of its strategic growth priorities across the region, despite continued competitive and pricing pressure and El-Niño impact in certain countries.
Asia-Pacific: Sales increased supported by growth in Pacific and India more than offsetting a decline in other South-East Asia sales. Pacific benefited from fungicide demand in Southern and Western Australia supported by new product introductions. South-East Asia sales were impacted by El-Niño impact on demand.
In China, sales reflected the Company’s decision to reduce manufacturing and sale of certain basic chemicals since Q3 2025 and low-margin products, leading to a decline in sales in the nine-month period while in the third quarter sales were on a comparable basis and increased, reflecting higher sales of brand formulations driven by new product launches and higher non-ag sales following better utilization rates.
(2) Cost of Goods and Gross Profit
The decline in gross profit in the third quarter and first nine months was mainly due to the decline in sales and negative cost impact. The impacts were slightly moderated by the improvement in the Company’s sales mix of higher margin products, positive impact of exchange rates.
(3) Operating Expenses:
Operating expenses include Sales and Marketing, General and Administration and R&D.
Operating expenses in the third quarter and first nine months decreased despite the negative impact of exchange rates following tight expense discipline and due to less restructuring and advisory costs. In the nine months, the positive impacts were partially offset by an increase in employee compensation and an increase in H1 in expenses supporting business growth.
In the third quarter and first nine months of both 2025 and 2026, the Company continued recording following charges in its sales and marketing expenses at a similar amount, which incurred due to mergers and acquisitions in recent years, mainly: (i) non-cash amortization charges in respect of transfer assets received from Syngenta related to the 2017 ChemChina-Syngenta acquisition; and (ii) non-cash amortization net charges related to intangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions.
Non-operational charges affected the Company’s reported operating expenses amounting to RMB 101 million 15million) in Q32026,in comparison to RMB 176 million (\25 million) in Q3 2025, and RMB 267 million 39million) in 9M 2026 in comparison to RMB 519 million (\73 million) in 9M 2025. For details of the non-operational charges, please refer to the Annex to the Report.
(4) Financial Expenses
“Financial Expenses” alone mainly reflect interest payments on corporate bonds and bank loans as well as foreign exchange gains/losses on the bonds and other monetary assets and liabilities before the Company carries out any hedging. Financial Expenses (before hedging) were RMB 1,186 million 173million) for the nine months of 2026,in comparison to RMB 1,544 million( \215 million) for the nine months of 2025.
Given the global nature of its operational activities and the composition of its assets and liabilities, the Company, in the ordinary course of its business, uses foreign currency derivatives (forwards and options) to hedge the cash flow risks associated with existing monetary assets and liabilities that may be affected by exchange rate fluctuations. “Gains/Losses from Changes in Fair Value” which recorded the hedging costs and impacts among others amounted to a loss of RMB 15 million ( 2$ million) for the nine months of 2026, in comparison to a net gain of RMB 5 million 0.6$ million) in the first nine months of 2025.
The aggregate of Financial Expenses and Gains/Losses from Changes in Fair Value (hereinafter as “Total Net Financial Expenses”), which more comprehensively reflects the financial expenses of the Company in supporting its main business and protecting its monetary assets/liabilities, amounts to RMB 1,202 million ( 175million) in the nine months of 2026,in comparison to RMB 1,540 million (\215 million) in the nine months of 2025.
The lower Total Net Financial Expenses in the first nine months reflected the better debt structure following the buyback of bonds in Q2 2025, positive impact of the Israeli CPI, the benefit of the continued positive cash flow and lower hedging costs. The Total Net Financial Expenses were higher in 2025 also because an expense was recorded in the bond buyback.
(5) Income Tax Expenses
The Company recorded higher tax expense in the first nine months of 2026 comparing to 2025 mainly due to lower tax income compared to last year, recognized according to the accounting method of calculation of tax assets related to unrealized profits and due to lower tax income compared to last year from foreign exchange impact of the stronger BRL. In addition, during the third quarter of 2026 the Company adjusted the tax asset in Brazil according to the projected statutory profit before tax.
Changes in main assets and liabilities
Unit: RMB’000
| Assets and liabilities | End of ReportingPeriod | End of lastyear | +/- (%) | Explanation |
| Cash at bank and onhand | 2,443,585 | 3,450,300 | -29.18% | Mainly due to repayment of loans |
| Derivative financialassets | 130,035 | 449.,379 | -71.06% | Change due to realization and revaluation ofderivatives |
| Other receivables | 774,896 | 1,076,164 | -27.99% | Mainly decrease in receivables in respect of securitization transaction |
| Other payables | 1,924,637 | 1,418,093 | 35.72% | Mainly increase in liabilities in respect of securitization transaction |
| Long-term loans | 1,077,409 | 1,507,514 | -28.53% | Mainly due to repayment of loans |
II. Use of Raised Funds
□ Applicable √ Not applicable No such cases in the Reporting Period.
III. Information regarding the Shareholders
1. Total number of ordinary shareholders and preference shareholders who had resumed their voting rights, and shareholdings of top 10 shareholders at the period-end
Unit: share
| Total Number of CommonShareholders as of the End of theReporting Period | 38,882 (the number of_ordinary ATotal Number of Preferenceshare shareholders is 27,847；thenumber of B share shareholders is11,035) | Shareholders with Vote RightRestored (if any) as of the Endof the Reporting Period | ||||
| Shareholding of Top 10 Shareholders (Excluding the Shares Lent through Refinancing) | ||||||
| NameShareholder | ofNatureShareholder | of Holding Percentage(%) | NumberShareholding atthe End of theReporting Period | of Number of CommonShares HeldSubject to TradingMoratorium | Pledged, Marked orFrozenShares | |
| StatusShares | of Status ofShares | |||||
| Syngenta GroupCo., Ltd. | State-ownedLegal Person | 78.47% | 1,828,137,961 | - | ||
| China StructuralReform Fund | State-ownedLegal Person | 1.44% | 33,557,046 | |||
| Hong KongSecurities ClearingCompany Ltd.(HKSCC) | OverseasLegal Person | 0.56% | 12,965,482 | |||
| Zhu Shenglan | DomesticNaturalPerson | 0.29% | 6,700,000 | |||
| Wu Feng | DomesticNaturalPerson | 0.29% | 6,670,912 | |||
| Qichun CountyState-ownedAssets Center | State-ownedLegal Person | 0.18% | 4,169,266 | |||
| Liu Minqin | DomesticNaturalPerson | 0.17% | 3,906,760 | |||
| Hunan YuanjiangChifeng | DomesticGeneral | 0.15% | 3,434,600 | |||
| Agrochemical Co.,Ltd. | Legal Person | ||
| Fu Kelv | DomesticNaturalPerson | 0.14% | 3,187,692 |
| CHINAINTERNATIONALCAPITALCORPORATIONHONG KONGSECURITIES LTD | OverseasLegal Person | 0.13% | 2,959,641 |
| (Excluding the Shares Lent through Refinancing and Restricted Shares of Executives) | |||
| Name of Shareholders | Number of Shares Held Not Subjectto Trading Moratorium at the End ofthe Period | Type of Shares | |
| Type of Shares | Amount | ||
| Syngenta Group Co., Ltd. | 1,828,137,961 | RMB Ordinary Share | 1,828,137,961 |
| China Structural ReformFund | 33,557,046 | RMB Ordinary Share | 33,557,046 |
| Hong Kong SecuritiesClearing Company Ltd.(HKSCC) | 12,965,482 | RMB Ordinary Share | 12,965,482 |
| Zhu Shenglan | 6,700,000 | RMB Ordinary Share | 6,700,000 |
| Wu Feng | 6,670,912 | RMB Ordinary Share | 6,670,912 |
| Qichun County State-owned Assets Center | 4,169,266 | RMB Ordinary Share | 4,169,266 |
| Liu Minqin | 3,906,760 | RMB Ordinary Share | 3,906,760 |
| Hunan Yuanjiang ChifengAgrochemical Co., Ltd. | 3,434,600 | RMB Ordinary Share | 3,434,600 |
| Fu Kelv | 3,187,692 | RMB Ordinary Share | 3,187,692 |
| CHINA INTERNATIONALCAPITAL CORPORATIONHONG KONGSECURITIES LTD | 2,959,641 | Domestically Listed Shares inForeign Currencies | 2,959,641 |
| Explanation on associatedrelationship among theabove-mentionedshareholders,orexplanation on acting-in-concert | Syngenta Group Co., Ltd. is neither a related party to any other shareholders listed above,nor any acting-in-concert party as prescribed in the Administrative Methods for Acquisition ofListed Companies.It is unknown whether the other shareholders are related parties oracting-n-concert parties as prescribed in the Administrative Methods for Acquisition of ListedCompanies. | ||
| Particular about the topten shareholder participating in thesecurities financingbusiness (if any) | Shareholder Wu Feng held 4,067,986 shares of the Company through a common securitiesaccount and 2,602,926 shares of the Company through a credit collateral securities tradingaccount, altogether 6,670,912 shares. Shareholder Liu Minqin held 478,060 shares of theCompany through a common securities account of the Company and 3,428,700 shares ofthe Company through a credit collateral securities trading account,altogether 3,906,760shares. Shareholder Fu Kelv held 3,187,692 shares of the Company through a creditcollateral securities trading account. | ||
Shares Held by Top 10 Shareholders Not Subject to Trading Moratorium
Shareholders holding more than 5% of shares, top ten shareholders and top ten shareholders with unlimited shares in circulation participating in the shares lending through refinancing arrangement □Applicable surd Not applicable
Change of top ten shareholders and top ten shareholders with unlimited shares in circulation from the previous period due to the shares lending/returning through refinancing arrangement
□ Applicable surd Not applicable
2. Total number of preference shareholders and shareholdings of the top 10 of such at the periodend
□ Applicable √ Not applicable
IV. Other Significant Events
√Applicable □Not applicable
The Company disclosed the Announcement on the Indirect Controlling Shareholder Sinochem Holdings Corporation Ltd.’s Performance of Its Undertaking to Avoid Horizontal Competition (Announcement No. 2026-38) on CNINFO on September 19, 2026. Sinochem has performed, within the committed period, its Letter of Undertaking to Avoid Horizontal Competition with ADAMA Ltd. and has effectively addressed the impact of horizontal competition on the Company through various measures. The Company periodically reviews overlapping products with Syngenta AG and Yangnong Chemical. In 2025 and the first half of 2026, the sales of the Company’s overlapping products between the Company and Syngenta AG and Yangnong Chemical accounted for less than 15% of the Company’s total principal business revenue and did not constitute a material adverse effect on the Company.
V. Financial Statements
i. Financial Statements
1. Consolidated balance sheet
Prepared by ADAMA Ltd.
30 September 2026
Unit: RMB’000
| Item | September 30,2026 | December 31,2025 | Item | September 30,2026 | December 31,2025 |
| Current assets: | Current liabilities: | ||||
| Cash at bank and on hand | 2,443,585 | 3,450,300 | Short-term loans | 5,698,952 | 6,673,792 |
| Financial assets held for trading | 23,323 | 1,223 | Derivative financial liabilities | 169,119 | 189,581 |
| Derivative financial assets | 130,035 | 449,379 | Bills payable | 521,810 | 622,660 |
| Bills receivable | 285,122 | 358,489 | Accounts payable | 4,595,009 | 5,461,749 |
| Accounts receivable | 7,521,243 | 7,124,736 | Contract liabilities | 1,505,770 | 1,789,490 |
| Receivables financing | 106,685 | 30,767 | Employee benefits payable | 744,083 | 936,724 |
| Prepayments | 262,729 | 368,012 | Taxes payable | 448,722 | 539,168 |
| Other receivables | 774,896 | 1,076,164 | Other payables | 1,924,637 | 1,418,093 |
| Inventories | 11,163,086 | 11,607,842 | Non-current liabilities duewithin one year | 1,579,312 | 3,825,203 |
| Other current assets | 860,152 | 1,094,273 | Other current liabilities | 902,106 | 929,259 |
| Total current assets | 23,570,856 | 25,561,185 | Total current liabilities | 18,089,520 | 22,385,719 |
| Non-current assets: | Non-current liabilities: | ||||
| Long-term receivables | 145,801 | 118,203 | Long-term loans | 1,077,409 | 1,507,514 |
| Long-term equity investments | 45,294 | 39,312 | Debentures payable | 4,986,361 | 4,894,076 |
| Other equity investments | 140,980 | 129,796 | Lease liabilities | 626,381 | 751,226 |
| Investment properties | 17,720 | 18.869 | Long-term accounts payable | 145,982 | 164,735 |
| Fixed assets | 9,254,985 | 10,073,551 | Long-term employee benefitspayables | 549,336 | 536,895 |
| Construction in progress | 720,605 | 897,175 | Provisions | 421,648 | 424,347 |
| Right-of-use assets | 537,446 | 661,443 | Deferred tax liabilities | 183,334 | 224,024 |
| Intangible assets | 3,896,249 | 4,302,343 | Other non-current liabilities | 1,993,589 | |
| Goodwill | 4,762,320 | 4,964,450 | Total non-current liabilities | 9,984,040 | 8,502,817 |
| Deferred tax assets | 1,233,811 | 1,294,176 | Total liabilities | 28,073,560 | 30,888,536 |
| Other non-current assets | 466,778 | 403,459 | Shareholders'equity: | ||
| Total non-current assets | 21,221,989 | 22,902,777 | Share capital | 2,329,812 | 2,329,812 |
| Total assets | 44,792,845 | 48,463,962 | Capital reserves | 12,867,124 | 12,867,123 |
| Other comprehensiveincome | 1,078,625 | 1,570,748 | |||
| Special reserves | 9,190 | 6,156 | |||
| Surplus reserves | 298,610 | 298,610 | |||
| Retained earnings | 135,924 | 502,977 | |||
| Total equity attributed to theshareholders of the company | 16,719,285 | 17,575,426 | |||
| Non-controlling interests | |||||
| Total equity | 16,719,285 | 17,575,426 | |||
| Total liabilitiesand equity | 44,792,845 | 48,463,962 |
2. Consolidated income statement for the period from the year-beginning to the end of the Reporting Period
Unit: RMB’000
| UnIt.RMDUOU | ||
| Item | January-September,2026 | January-September,2025 |
| 1. Total operating Income | 20,563,565 | 21,678,425 |
| Less: Cost of sales | 15,229,293 | 16,004,956 |
| Taxes and surcharges | 72.315 | 72.462 |
| Selling and Distribution expenses | 2,901,505 | 2,950,375 |
| General and Administrative expenses | 912,333 | 1,089,510 |
| Research and Development expenses | 286,881 | 307,417 |
| Financial expenses | 1,186,445 | 1,544,466 |
| Including: Interest expense | 671,473 | 527,096 |
| Interest income | 117,463 | 101,281 |
| Add: Investment income, net | 9.611 | 7.464 |
| Including: Income from investment in associatesand joint ventures | 9.611 | 7.464 |
| Gain (Loss) from changes in fair value | (15,125) | 4,781 |
| Credit impairment losses | (35,772) | (108,746) |
| Asset Impairment losses | (345,277) | (63,997) |
| Gain from disposal of assets | 330,850 | 14.599 |
| 2. Operating loss | (80,920) | (436,660) |
| Add: Non-operating income | 103.411 | 38.793 |
| Less: Non-operating expense | 88,741 | 19.579 |
| 3. Total loss | (66,250) | (417,446) |
| Less: income tax expense | 278.602 | 5,360 |
| 4. Net loss | (344,852) | (422,806) |
| 4.1 Classified by nature of operations | ||
| 4.1.1 Continuing operations | (344,852) | (422,806) |
| 4.2 Classified by ownership | ||
| 4.2.1 Shareholders of the Company | (344,852) | (422,806) |
| 4.2.2 Non-controlling interests | ||
| 5. Other comprehensive loss net of tax | (492,123) | (33,608) |
| Other comprehensive loss net of tax atributable to shareholders ofthe Company | (492,123) | (33,608) |
| 5.1 Items that willnot be reclassified into profit/loss | 1,104 | (2.882) |
| 5.1.1 Re-measurement of defined benefit plan liability | 1,104 | (2.882) |
| 5.2 Items that were or willbe reclassified to profit or loss | (493,227) | (30,726) |
| 5.2.1 Effective portion of gains or loss of cash flow hedge | 12.558 | (35,542) |
| 5.2.2 Translation diferences of foreign financial statements | (505,785) | 4,816 |
| Other comprehensive income net of tax attibutable to Non-controllinginterests | ||
| 6. Total comprehensive loss for the period | (836,975) | (456,414) |
| Total comprehensive loss attributable to shareholdersof the Company | (836,975) | (456,414) |
| Total comprehensive income attributable to Non-controlling interests | ||
| 7. Earnings (loss) per share | ||
| 7.1 Basic earnings (loss) per share (RMB/ share) | (0.1480） | (0.1815) |
| 7.2 Diluted earnings per share (RMB/ share) | N/A | N/A |
| Gael Hili | Samuel Asher Leibowitz | Samuel Asher Leibowitz |
| Legal representative | Chief of the accounting work | Chief of the accounting organ |
3. Consolidated cash flow statement for the period from the year-beginning to the end of the Reporting Period
Unit: RMB’000
| Item | January-September,2026 | January-September,2025 |
| 1. Cash flows from operating activities: | ||
| Cash received from sale of goods and rendering of services | 19,598,772 | 22,008,090 |
| Refund of taxes and surcharges | 96,558 | 167,870 |
| Cash received relating to other operating activities | 258,381 | 105,894 |
| Sub-total of cash inflows from operating activities | 19,953,711 | 22,281,854 |
| Cash paid for goods and services | 13,448,628 | 14,138,110 |
| Cash paid to and on behalf of employees | 3,070.922 | 2,906,459 |
| Payments of taxes and surcharges | 359,538 | 435,698 |
| Cash paid relating to other operating activities | 1,769,371 | 2,427,727 |
| Sub-total of cash outflows from operating activities | 18,648,459 | 19,907,994 |
| Net cash flows from operating activities | 1,305,252 | 2,373,860 |
| 2. Cash flows from investing activities: | ||
| Cash receipts from disposal of investments | 150,917 | 55,050 |
| Cash received from investment income | 6.381 | 3.301 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 489,613 | 46,283 |
| Sub-total of cash inflows from investing activities | 646,911 | 104,634 |
| Cash paid to acquire fixed assets, intangible assets and otherlong-term assets | 728,512 | 865,720 |
| Net cash paid to acquire subsidiaries or otherbusiness units | = | 56,272 |
| Cash paid for other investing activities | 21,418 | 124,725 |
| Sub-total of cash outflows from investing activities | 749,930 | 1,046,717 |
| Net cash flows from investing activities | (103,019) | (942,083) |
| 3. Cash flows from financing activities: | ||
| Cash received from borrowings | 1,185,147 | 1,835,663 |
| Cash received relating to other financing activities | 2,836,169 | 1,652,577 |
| Sub-total of cash inflows from financing activities | 4,021,316 | 3,488,240 |
| Cash repayment of borrowings | 2,963,110 | 3,664,529 |
| Cash payment for dividends, profit distributions or interest | 646.270 | 698.885 |
| Including: dividends paid to non-controlling interest | 22,201 | 74,113 |
| Cash paid relating to other financing activities | 2,467,832 | 533,136 |
| Sub-total of cash outflows from financing activities | 6,077,212 | 4,896,550 |
| Net cash flows from financing activities | (2,055,896) | (1,408,310) |
| 4. Effect of foreign exchange rate changes on cash and cashequivalents | (117,660) | (27,731) |
| 5. Net decrease in cash and cash equivalents | (971,323) | (4,264) |
| Add: Cash and cash equivalents at the beginning of the period | 3,353,326 | 3,583,963 |
| 6. Cash and cash equivalents at the end of the period | 2,382,003 | 3,579,699 |
ii. Impact of initial application of new accounting standards on the opening balances of current year
Applicable surd Not applicable
iii. Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is unaudited.
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