新 希 望：2025年可持续发展报告（英文版）

2025 Sustainability Report

Sustainable Agriculture 45 Sustainable Operations 48 Addressing Climate Change 51 Ecosystem and Biodiversity Conservation 56

About This Report 80 Key Performance Table 81 Indicator Index Table 85 Feedback Form 87

CONTENTS

Opening

Message from the Chair 01 About New Hope Liuhe 02 Sustainable Development Strategies and Progress 03 Special Feature: Embracing AI to Unlock New Quality Productive Forces in Agriculture 05 New Technologies: Building a Full-Chain AI-Enabled Intelligent Ecosystem 05 New Models: Reshaping the Agricultural Value Chain 06

Main body

Eficient Governance Strengthening the Foundation for Development

2 Premium Products for Accessible Nutrition and Health

Party Building Efforts 09 Corporate Governance 10 Sustainable Development Governance 14 Risk and Compliance Management 18 Business Ethics 20 Tax Transparency 23 Information Security and Privacy Protection 24

R&D in Nutrition and Health 29 Advancing Smart Farming 32 Rigorous Quality and Safety Control 34 Service Quality Enhancement 38 Supply Chain Management 40

3 Green Industry for a Thriving Natural Ecosystem

4 Value Co-creation for Common Prosperity

Enabling Employee Growth 61 Empowering Farmers 73 Caring for Society 74

Closing

Message from the Chair

Strengthening Development Resilience Through Innovation and Fulfilling Corporate Mission Through Responsibility

About New Hope Liuhe

New Hope Liuhe (SZ.000876) is the largest operating industrial segment of New Hope Group. The Company was listed on the Shenzhen Stock Exchange in 1998. Rooted in the agriculture and animal husbandry industry, the Company’s core businesses include feed production, pig farming, and meat processing. As one of the leading enterprises in agriculture industrialization, we leverage our influential role to drive broader impacts, committed to building a safe and healthy broader food industry value chain by integrating resources globally. Our operations span across China and extend to 15 countries, including Vietnam, the Philippines, Indonesia, Singapore, and Egypt, all aimed at supporting people's aspirations for a better life.

Dear colleagues, shareholders, partners, and friends from all sectors of society,

Greetings to you al

Looking back on 2025, international trade was marked by uncertainty, China’s economy embarked on a new journey of development, and the energy revolution accelerated the transition toward a greener future. Meanwhile, the rapid rise of AI reshaped industries across the board. The agriculture and animal husbandry industry in which we operate also accelerated the integration of new technologies, the launch of new products, the exploration of new channels, and expansion into new markets, embracing a future filled with both opportunities and challenges. As a fully integrated enterprise connecting fields to dining tables, New Hope Liuhe has remained committed to its mission of “profiting farmers and benefiting food consumers” while responding to the changes and challenges of the times. Guided by our “wartime culture,” we pursued progress while maintaining operational stability: our Feed Sector maintained its global leadership position, the Pig Sector steadily reduced costs and improved eficiency, and our Overseas Sector achieved rapid growth. At the same time, the direction of our “Tree of Hope” ESG strategy became even clearer, and this report presents our sustainability practices and achievements over the past year.

healthier, and more customized product choices

Advancing Through Innovation to Strengthen Development Resilience We fully embraced the “AI + Agriculture” landscape and leveraged digital and intelligent transformation to drive business innovation. Through the self-developed “Pig Chip” and the establishment of industry partnerships, we continued to strengthen our capabilities in breeding technologies. The “Zhu Xiaoxin” intelligent operation platform not only supports our own lean management, but also helps partner farmers improve eficiency and reduce costs. Driven by scientific and technological innovation, we continued to strengthen the resilience of corporate development. During the year, the Company received nine provincial-, ministerial-, and municipal-level science and technology awards, while 11 national and industry standards led by the Company oficially came into efect. The number of users on our feed e-commerce platform exceeded 100,000. Through full-chain quality control covering breeding, feeding, slaughtering, and processing, we achieved a 100% pass rate in market inspections throughout the year, providing consumers with safer,

Moving Toward a Greener Future Through Low-Carbon Development We continued to optimize our energy structure and accelerate the transition toward clean energy. During the year, newly grid-connected photovoltaic installed capacity reached 4.42 MW, while installed energy storage capacity reached 0.26 MWh. Total operational photovoltaic installed capacity reached 19.64 MW, with an additional 27.57 MW under construction. We also actively promoted the circular agriculture mode integrating crop farming and livestock breeding. During the year, 16.32 million tonnes of treated water were recycled for farmland use, and around 98,800 tonnes of fermented organic fertilizer were produced. The Company cumulatively secured certified carbon emission reduction credits totaling 925,100 tonnes. Across our various business segments, we conserved a total of 748,400 tonnes of grain through feed formula optimization, breeding improvements, and scientific feeding practices. Through concrete actions, we continued to bring the philosophy that “lucid waters and lush mountains are invaluable assets” into practice and deliver tangible results.

Growing Together for a Better and More Harmonious Future

We strive to balance economic and social value creation, ensuring that the Company’s development benefits a broader range of stakeholders. Through industry-driven development, we cooperated with 2,900 farming households during the year, with total contract farming settlement payments exceeding RMB 2.03 billion and average earnings per household surpassing RMB 960,000. In talent cultivation, the fifth “Village Head Course” was successfully held, where I shared with more than 100 participants insights on enduring through industry downturns with long-term commitment and resilience. We also remained dedicated to public welfare initiatives. In the 10th season of the Hope and Wish Plan, we established reading rooms for children in mountainous areas, while the Warm Winter Campaign entered its 12th year by delivering down jackets to kindergartens in high-altitude regions. Continuing the legacy of the Guangcai Program, our women’s training initiative in Bangladesh achieved its target of training 9,000 participants, while the first cohort of 100 female trainees in Egypt successfully completed their programs. From the earthquake in Myanmar to flooding in Indonesia and typhoons in Vietnam, New Hope Liuhe employees actively provided disaster relief and assistance to communities in need, allowing the spirit of the Guangcai Program to take root overseas and contributing a Chinese example of “common prosperity” both at home and abroad.

Deep roots nurture flourishing branches, and strong foundations support lasting growth. Looking back over the past three years, the industry has yet to fully emerge from difficult times, and we continue to persevere through challenges while building strength for the future. Yet like a winding snake steadily moving forward, we remain firmly committed to progress. Standing at the new starting point of the 15th Five-Year Plan period, New Hope Liuhe will continue to uphold its corporate responsibilities, strengthen resilience through technologica innovation, reinforce its foundation through sound governance, and earn trust through superior products. We will remain committed to green development and shared value creation as we work together with all stakeholders to build a brighter future for the sustainable development of the agriculture and animal husbandry industry and contribute to people’s aspirations for a better life.

Corporate Culture

Profiting farmers and benefiting food consumers

We aim to become a globally trusted supplier and integrated service provider of high-quality protein and food by offering safe, reliable, and demand-oriented products and services.

Becoming a leader in farming and food industries

We leverage our role as a leading enterprise in agricultural industrialization to integrate global resources and build a safe and healthy food industry chain. At the same time, we support farmers in increasing their income, meet consumer demand for safe meat products, and contribute to social progress and development.

Industry Position

2025 Fortune Global 500 Ranke 426d th

2025 China Top 500 Enterprises Rank 103ed r d

Selected for the fourth consecutive year as one of the 2025 Fortune Most Admired Chinese Companies.

New Hope Liuhe Co., Ltd.

2025 China’s Top 500 Private Enterprises

Ranke 97d th

2025 China’s Top 500 Private Manufacturing Enterprises

2025 Sichuan Top 100 Private Enterprises

Recognized as a Technology Innovation Model Enterprise by the Sichuan Feed Industry Association

Operating Performance

114.2Total assets: RMB billion

29.74Feed sales volume: million tonnes

106.9Operating revenue: RMB billion

17.55Pig output: millon heads

Sustainability Strategy and Progress

Guided by its “Tree of Hope” ESG strategy, New Hope Liuhe is systematically integrating the framework into business decision-making and day-today operations. Anchored in the principles of consolidating its foundation, driving sustainable growth, and empowering its broader ecosystem, the Company is committed to serving as a trusted corporate citizen that co-creates shared value and builds a common future alongside all stakeholders

The Tree of Hope ESG Strategy

Strategic Dimension	UN SDGs	Material Topic	Key Performance Indicators
Deep Roots: Consolidating the Foundation		Human Capital Development	New employment created: 7,954Female representation in management roles: 16.07%Average training hours per employee: 26.6
		Corporate Governance and Business Ethics	Resolution rate of valid reports: 100%Employee anti-corruption training hours: 60,300Supplier Sunshine Cooperation Agreement signing rate: 100%
Flourishing Branches: Driving Growth		Product Responsibility	Quality training participation: 5,468 person-timesMarket inspection pass rate: 100%Product recalls and negative product incidents: 0Average customer satisfaction score: 98.5Market spot check pass rate: 100%
		Digitalization and Technological Innovation	R&D investment: RMB 191.35 millionScience and technology innovation platforms at various levels: 54Cumulative valid patents: 1,361
		Sustainable Supply Chain	Total qualified suppliers: 4,261Suppliers qualified through desk/on-site evaluations: 3,169Supply chain digital platform launch rate: 100%
		Ecological Farming	Total investment in environmental protection: RMB 150.60 millionFermented manure produced: 98,800 tonnesReclaimed water returned to farmland: 16.32 million tonnes
		Climate Change Response	Biological carbon sequestration: 157,500 $_{t}CO_{2}e$ Operational PV power generation: 15.60 million kWhTotal certified carbon emission reduction credits: 925,100 tonnesGHG emission intensity: 12.10 $_{t}CO_{2}e$ /RMB million revenue
Abundant Leaves: Empowering the Ecosystem		Promoting Nutritional Accessibility	Completed comprehensive carcass grading of mainstream black pig breeds, improving the premium-grade slaughter rate by over 10%Led or contributed to the development of 3 national standards, 6 industry standards, and 2 group standards for feed and meat products, all of which came into effect in 2025
		Community Engagement and Rural Development	Grain saved through formula substitution and science-based feeding: 748,400 tonnesTotal fostering fees settled over RMB 2.03 billion; average profit per household over RMB 960,000

Awards and Recognitions

ESG Ratings

Special Feature:

Breeding Improvement

On February 23, 2025, China unveiled its “No. 1 central document” for 2025, outlining the priorities for further deepening rural reforms and taking solid steps in advancing all-around rural revitalization. The document marked a significant policy milestone by incorporating “new quality productive forces in agriculture” into the national strategic agenda for the first time, signaling a firm commitment to technology-driven agricultural modernization. As a leading enterprise in China’s agricultural industrialization sector, New Hope Liuhe has positioned itself at the forefront of this national agenda by deepening its engagement in the “AI + modern agriculture” space. The Company has embedded AI across the full value chain of pig farming operations, harnessing digital and intelligent transformation to modernize traditional livestock production, and translating corporate strategy into tangible action in support of China’s broader agricultural modernization goals.

New Hope Liuhe has systematically explored the application of large language models (LLMs) across its operations, integrating data from key production stages (e.g., breeding, feeding, slaughtering, processing) to drive intelligent capabilities across critical value chain functions, including genetic improvement, animal husbandry, health monitoring, and commercial sales. This has given rise to an intelligent operational ecosystem structured around three core dimensions: operations, health, and measurement, delivering scalable, practically deployable AI solutions in support of the pig farming industry’s high-quality development

In 2025, New Hope Liuhe partnered with China Agricultural University and Huazhong Agricultural University to jointly develop the Xinxiwang 60K High-Density Solid-Phase SNP Chip. By integrating key functional genomic loci with the distinctive genetic resources of indigenous Chinese pig breeds, the chip overcomes longstanding limitations of conventional breeding methodologies and enables precise identification of pig breeds and kinship relationships. It provides foundational technologica support for the conservation of indigenous pig genetic resources, breed purification and restoration programs, and the commercialization of superior genetic traits. Deployed at scale across the Company’s core breeding farms, the chip improves selection accuracy for key economic traits (e.g., growth performance, reproductive capacity, meat quality) by 20% to 30% and accelerates genetic improvement outcomes. By connecting three core technological pillars, namely genomic breeding technology, intelligent breeding algorithms, and AI-enabled phenotypic measurement, the chip underpins a fully integrated, closed-loop system that follows the workflow of genomic profiling, AIdriven phenotype capture, algorithmic breeding value estimation, and end-to-end selection and mating decisions. This represents a fundamental shift in the Company’s breeding paradigm, from traditionally experience-based approaches to a data intelligence-driven model.

The Company has developed a multi-dimensional nutritional parameter optimization model that measurably improves feed conversion rates and supports animal health outcomes. Complementing this, an intelligent ingredient substitution algorithm drawing on real-time raw material market pricing and nutritional composition matrices enables dynamic cost structure optimization. A formulation efficacy prediction model further allows the Company to assess with precision how different nutritional combinations afect animal growth performance and health status, resulting in improved feed utilization eficiency and enhanced economic returns across farming operations.

The Company’s AI models continuously analyze operational data to dynamically adjust key production parameters, including stocking density and daily feed allocation, enabling precise nutritional delivery while driving measurable gains in production eficiency. Networked feed tower weighing equipment supports refined daily feed management, facilitating the timely identification of anomalies in feed intake and animal health status, and contributing to improvements in the feed-to-meat ratio. Network-connected feed tower coverage has reached close to 100% for contract farming operations and approximately 50% for self-operated fattening units.

Building on a digital twin platform and operational robotics capabilities, the Company is progressively advancing toward unmanned or minimally staffed farm management. An AI-powered piglet crushing prevention system has been developed, utilizing computer vision technology and postural sensors to monitor high-risk sow behaviors, such as rising and lying down, in real time. The system enables immediate alerts and automatic farrowing crate adjustment upon detecting risk events. Since pilot deployment, nursing piglet mortality attributable to crushing has been reduced by approximately 10%.

The Company has deployed cough monitoring devices across its farms to enable early detection of, and timely intervention in, respiratory diseases in pigs. The system maintains a 100% alert response rate for medium-risk alerts within seven days and for high-risk alerts within three days. Intelligent ultrasound devices operating at an accuracy rate exceeding 95% support precise reproductive assessment and non-invasive health screening, with stored data providing a reliable audit trail for operational decision-making and traceability purposes. In parallel, the Company has developed an industry-specific AI Veterinary Model trained on open-source LLM frameworks, establishing a comprehensive AI-assisted clinical workflow spanning preliminary disease diagnosis, diagnostic report interpretation, and treatment recommendation. This capability is embodied in the AI veterinary assistant “Zhu Xiaoxin,” which integrates three core functions: professional knowledge Q&A, AI-assisted diagnosis and treatment support, and live consultation with qualified veterinary specialists. The platform additionally supports epidemiological data analysis and statistical reporting, strengthening the Company’s disease surveillance and prevention capabilities.

The Company has independently developed the AIoT-based NH Channel Inventory and Estimation System, a solution that addresses a range of operational scenarios including sales inventory estimation for fattening pigs, piglet transfer and outbound head counts, and in-unit weight estimation for fattening pigs. The system operates through a cloud, edge, and endpoint collaborative architecture, resolving key challenges inherent in large-scale farm management.

To support meat quality enhancement, the Company has developed a Live Pig Intramuscular Fat Content Detection System, underpinned by a suite of independently developed measurement software applications. This initiative has enabled intelligent, automated phenotypic measurement of breeding stock while achieving domestic substitution of previously imported software tools. The system simultaneously advances animal welfare standards and delivers measurable improvements in the accuracy, throughput, and scale of phenotypic data collection. By the end of 2025, live pig intramuscular fat measurement had achieved full coverage, reaching 100%, across all core breeding farms.

At the 4th Digital Intelligence Conference of Animal Husbandry (2025), the AIoT-based NH Channel Inventory and Estimation System was recognized as an Outstanding Case, while the Live Pig Intramuscular Fat Content Detection System received recognition as an Exemplary Case.

New Hope Liuhe harnesses AI as a core strategic driver, integrating digital and intelligent technologies across three interconnected dimensions: enterprise-wide operational management, core business performance enhancement, and industrial ecosystem value sharing. Through this approach, the Company is fundamentally reshaping the agricultural value chain and accelerating the evolution of its digital intelligence capabilities, transitioning from isolated, single-point applications toward comprehensive, enterprise-wide enablement.

The Company has deployed LLMs to drive a comprehensive transformation of its operational management framework. Through an AI-powered business analytics platform, management teams can query core performance indicators and industry trends in real time, reducing data retrieval and knowledge lookup times from hours to seconds and materially strengthening decision-making agility across the organization. AI-driven review mechanisms and quality inspection capabilities have been embedded across key functional areas, including procurement, sales, shared financial services, and taxation, establishing end-to-end, closed-loop risk governance. This integration has delivered eficiency gains of over 100% in business processing across these functions.

In the area of pig farming, the Company has consolidated internal platform data, IoT sensor data, and production and sales records within a dedicated Pig Planning and Operations Platform. The platform enables real-time monitoring and visualization of pig inventory, daily feed intake, growth performance, and cost metrics. Drawing on AI-powered analytics, farm managers are equipped to make timely, data-informed adjustments to feeding strategies and resource allocation, contributing to measurable reductions in farming costs and supporting broader quality and eficiency improvements across the agricultural value chain

The Company has integrated AI capabilities across both online auction and ofline trading channels for pig transactions. AI systems analyze historical transaction records, unsold lot data, and live market conditions to identify the key factors behind unsold auction lots and dynamically refine pricing strategies. Optical character recognition (OCR) technology is applied to weigh-bridge photographs, enabling weight data extraction at millisecond speeds with an accuracy rate of 96.3%, effectively eliminating manual errors and reducing the risk of fraudulent activity at the point of data capture. Visual recognition technology further supports pig counting and live weight estimation, achieving an accuracy rate of 99%, and collectively enhancing transaction eficiency, data integrity, and operational accountability. These capabilities are brought together through the Company’s proprietary Jubaozhu platform, which provides a fully integrated, end-to-end trading model spanning online auctions and ofline transaction fulfillment. By the end of the reporting period, Jubaozhu had extended its reach to pig sales operations across 25 provinces, earning recognition from customers nationwide for its improved transactional transparency, accessibility, and integrity.

Eficient Governance Strengthening the Foundation for Development

Chapter Content

\- Party Building Efforts 09 - Corporate Governance 10 - Sustainable Development Governance 14 - Risk and Compliance Management 18 - Business Ethics 20 - Tax Transparency 23 - Information Security and Privacy Protection 24

Contribute to the UN 2030 Sustainable Development Goals (SDGs)

Party Building Eforts

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, New Hope Liuhe continued to advance its Party building mechanism centered on “strict coverage, standardized governance, and integrated collaboration,” promoting closer integration and mutual reinforcement between Party building eforts and the Company’s core businesses

Enhancing Organizational Development

To ensure the continuity and standardization of Party Committee operations, the Company further optimized the leadership structure of both the Company’s Party Committee and the Party Committee of the Group, by-elected one Party Committee Secretary, and actively advanced the by-election of vacant committee positions in directly afiliated Party branches. These eforts ensured well-structured grassroots Party organizations with clearly defined responsibilities, providing stable organizational leadership for the Company’s sustainable development. At the same time, the Company continued to strengthen the localized development of Party organizations across its subsidiaries and branches. It conducted comprehensive reviews of independently established and jointly established Party organizations, achieving dynamic updates and centralized management of Party member information. As of the end of 2025, the Company had established one Party Committee and 74 Party branches, managing a total of 2,798 Party members, including 812 Party members who are military veterans. The breadth of Party organization coverage and the depth of Party management continued to expand, providing a solid organizational foundation for the Company’s corporate governance system.

In addition, to standardize fund management and strengthen governance efectiveness, the Company formulated and piloted the Measures for the Administration of Party Building Activity Funds for Directly Affiliated Party Branches of the Party Committee of New Hope Liuhe Co., Ltd. (2025) in 2025. The measures clarified fund utilization procedures and approval mechanisms, further enhancing transparency and standardization in resource management.

Strengthening Ideological Foundations

The Company continued to deepen theoretical learning and ideological education, strictly implementing the “First Agenda” mechanism and consistently strengthening the “Four Consciousnesses,” reinforcing the “Four Confidences,” and upholding the “Two Upholds.” In 2025, the Company carried out regular educational activities centered on the spirit of the Eight-point Decision. It organized patriotic education activities such as collective viewings of the September 3 military parade, which comprehensively enhanced Party members’ political awareness and overall perspective. These initiatives guided Party members to put sustainable development concepts into practice in their daily work.

Deepening Integration with Business Operations

The Company’s Party Committee promoted innovation in joint Party building mechanisms by organizing collaborative Party building activities with organizations including the Sichuan Provincial Department of Science and Technology, Yonghao Foundation, and the Chengdu Branch of China Merchants Bank. These initiatives facilitated cross-departmental and cross-sector resource sharing and experience exchange, supporting coordinated progress on key ESG topics such as technological innovation, public welfare and charity, and green finance. The Company also actively participated in community Party building and anti-corruption initiatives and strengthened collaboration and interaction with local Party organizations. These eforts helped foster a clean and integrity-driven corporate culture and strengthened the Company’s trust and cooperation with local communities.

The Company has promoted cultural development through Party building and strengthened brand development through corporate culture. Its selfproduced Party education film Guardians Above the Clouds received second prizes at both the Sichuan provincial and Chengdu municipal levels and was featured on oficial media platforms, which further enhanced the recognition and influence of the Company’s Party building brand.

Corporate Governance

Number of general meetings of shareholders held throughout the year: 4 Number of Board meetings held throughout the year: 10

Resolutions Passed

Resolutions passed at shareholders’ meetings: 21 Resolutions passed at Board meetings: 48

Board of Directors

Board Efectiveness

New Hope Liuhe strictly complies with relevant laws and regulations, including the Com an Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Code of Corporate Governance for Listed Companies, the Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange, and the Shenzhen Stock Exchange Self-Regulatory Guidelines No. 1— the Main Board. The Company has established a sound and well-structured corporate governance system, laying a solid foundation for its long-term development.

The Company has established a corporate governance structure centered on the General Meeting of Shareholders, the Board of Directors, and the management team, with clearly defined hierarchical responsibilities and governance functions. In 2025, in accordance with the requirements of the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, and the Guidelines for the Articles ofAssociation ofListed Com anies issued by the China Securities Regulatory Commission, New Hope Liuhe completed revisions to its Articles ofAssociation. The Company abolished the Board of Supervisors, with its original supervisory responsibilities assumed by the Audit Committee under the Board of Directors, and added employee representative directors to further improve the corporate governance structure.

In accordance with the requirements of the A i l fA i i , the Company has established a clear accountability mechanism governing directors’ performance of duties, and no limitations or exemptions from directors’ liabilities are in place. The Articles of Association also specify the Company’s and shareholders’ rights to hold directors accountable and seek compensation. Any gains

Average tenure of Board members:

Board Independence

derived from short-swing trading by directors belong to the Company, and the relevant responsible parties bear joint liability accordingly. The Company has not established any provisions exempting directors from liabilities arising from intentional misconduct or gross negligence, nor has it set any cap on liability compensation. In addition, directors’ and oficers’ liability insurance does not cover intentional violations of laws or fraudulent conduct, and related liabilities remain the responsibility of the individuals concerned, thereby ensuring alignment between responsibilities and accountability. The Company has also established a Board performance evaluation system. The Remuneration and Appraisal Committee conducts duty performance reviews and annual performance evaluations for non-independent directors and senior management. Evaluation results comprehensively consider multiple factors, including performance of duties, professional capabilities, and the Company’s operating results. The Company also strengthened its internal restraint and accountability mechanisms. The Risk Control Committee is responsible for pursuing economic or administrative accountability in cases involving dereliction of duty by directors or senior executives. During the reporting period, performance evaluations were conducted for Board members, covering 100% of Board members.

Note: \* indicates that an independent director serves as the committee chair

New Hope Liuhe fully recognizes the independent director system as an important safeguard for promoting standardized operations of listed companies, protecting the overall interests of listed companies, and safeguarding the lawful rights and interests of minority investors. In accordance with the requirements of the Measures for the Administration of Inde endent Directors of Listed , the Company has formulated and effectively implemented the for Independent Directors and the Annual Report Working System for Independent Directors. Independent directors are selected and appointed in strict compliance with the qualification requirements and appointment procedures stipulated in the Workin S stem for Inde endent , ensuring that qualified experts and authoritative professionals are able to fully perform their roles in corporate governance.

The Company currently has three independent directors, accounting for 33.33% of the Board, none of whom hold shares in the Company in any form. In addition, no independent director has served for more than six years. Independent directors do not directly participate in the Company’s day-to-day management, which helps reduce the risk of conflicts of interest and strengthens the Board’s checks and balances mechanism. Independent directors constitute the majority of the Audit Committee, Nomination Committee, and Remuneration and Appraisal Committee under the Board of Directors, and also serve as chairpersons of these committees, ensuring the objectivity and fairness of Board decision-making. The Company provides independent directors with suficient working conditions and personnel support to facilitate the performance of their duties. It regularly updates independent directors on operational developments and provides relevant materials to safeguard their right to information, ensuring they have access to adequate resources and necessary professional advice in carrying out their responsibilities.

To further safeguard Board independence and reduce risks associated with related-party transactions, the Company has clearly defined the review standards, approval procedures, and voting requirements for related-party matters in the Articles ofAssociation. In December 2025, the Company also revised its Internal Control S stem for Related-Part Transactions, which provides detailed provisions on related-party identification, pricing mechanisms for related-party transactions, approval authorities, and other relevant matters, ensuring that related-party transactions are conducted in accordance with the principles of fairness, transparency, and impartiality.

To further strengthen Board diversity practices, New Hope Liuhe has clearly defined the selection and appointment procedures for directors and senior management in the Articles ofAssociation, the R l f P d f th B d f Di t , and the D t il d R l f S i li d B d . Diversity is incorporated into the selection process through comprehensive consideration of candidates’ educational background, industry experience, professional expertise, and career experience, helping maintain an appropriate balance of capabilities, skills, experience, gender, age, and cultural and educational backgrounds within the Board.

The current Board consists of nine directors whose ages span from those born in the 1950s to the 1980s. Board members possess diverse professional backgrounds and extensive theoretical knowledge and practical experience in fields including economics, business administration, accounting, animal husbandry, and sustainable development. Their expertise enables them to provide professional guidance and forward-looking recommendations on financial decision-making, compliance operations, risk prevention and control, and strategic development planning. Two directors on the Audit Committee are accounting professionals, and the committee is chaired by independent director Ms. Xie Jiayang, who holds qualifications as a Certified Public Accountant of China, Certified Tax Agent of China, and Senior Accountant, with 38 years of experience in financial auditing. Independent director Ms. Wang Jiafen previously served as Chairwoman of Bright Dairy and Vice Chairwoman of Ping An Trust, bringing extensive experience in corporate operational risk and investment management. Director Ms. Yang Fang, as the Group’s Chief Financial Oficer, possesses comprehensive expertise in financial risk control and capital management. Employee representative director Pang Yundong has extensive experience in financial management and risk control within the feed business. His professional background and practical experience provide strong support for the Board’s risk-related decision-making. Through well-established governance arrangements and the professional performance of directors’ duties, the Company continues to improve the scientific rigor and standardization of Board decision-making, strengthening its ability to identify, prevent, mitigate, and respond to risks efectively.

Professional Backgrounds of Board Members

Remuneration and Performance Evaluation

New Hope Liuhe has established a standardized remuneration management mechanism for directors. In accordance with the revised Code ofCor orate Governance for Listed Com anies, the Company has further strengthened remuneration management requirements to ensure that remunerationrelated decision-making procedures are compliant, transparent, and accountable. Remuneration plans for directors are formulated by the Remuneration and Appraisal Committee of the Board of Directors, with comprehensive consideration given to factors including fulfillment of duties, work performance, and the Company’s operating results. The plans are subject to review and approval by the Board o Directors before being submitted to the General Meeting of Shareholders for approval and disclosed in accordance with relevant regulations, ensuring transparent and standardized management procedures. To better align individual interests with the Company’s long-term development, the remuneration structure for the President and senior management consists of fixed compensation, short-term performance incentives, and long-term equity incentives. A balanced mix of cash compensation and equity-based incentives is maintained to support alignment between short-term operating targets and long-term value creation. Variable performance incentives are closely linked to quantitative KPIs. Company-level performance indicators account for 60% of the weighting and include core financia metrics such as revenue, net profit, and asset-liability ratio. Operational excellence indicators account for the remaining 40%, covering areas including workplace safety, environmental compliance, food safety management, and digitalization and information system development. Individual performance KPIs and compliance and risk management performance are also incorporated into the evaluation process to ensure a strong performance-oriented remuneration framework. At the beginning of each year, annual performance targets are established with reference to leading industry benchmarks, while year-end assessments measure the achievement rate of these targets. Actual remuneration payouts

Ownership of Directors and Senior Management

Note: The shareholding multiple of annual remuneration for directors and senior management is calculated as follows: year-end share price × number of shares held by directors and senior management ÷ annual remuneration of directors and senior management. The market value of shareholdings in this table is calculated based on the closing price of RMB 9.22 per share as of December 31, 2025.

Investor Rights Protection

Cash dividend per share: RMB 0.024

Periodic reports disclosed:

Ad hoc announcements disclosed: 126

Investor communication events held: 10

Attendance at investor communication events: 327

Investor hotline calls answered: over 600

Responses to investors on the EasyIR platform: 187

are closely linked to operating performance and sustainability responsibilities, reinforcing a strong pay-for-performance approach. The Company has also established remuneration deferral and risk adjustment mechanisms. Part of the performance-based compensation for the President and senior management is deferred until completion of the following year’s performance audit. In years subject to significant market volatility, bonus reserve pools and deferred payment mechanisms are adopted to balance incentive intensity across diferent reporting periods. Bonuses already allocated are retained on a rolling basis and released in stages following comprehensive assessments in the subsequent year. This mechanism helps avoid excessive short-term behavior and promotes a dynamic balance between short-term incentives, long-term risk management, and sustainable value creation.

At the long-term incentive level, the Company has established dedicated equity and stock option incentive plans for senior management and key core talent. The vesting of restricted shares is linked to both Company-level performance targets and individual performance evaluation results, with tiered unlocking coeficients designed to encourage senior management to fulfill their responsibilities effectively. According to the 2022 Restricted Stock Incentive Plan and the Performance Evaluation , if Company-level performance targets or individual performance evaluations fail to meet required standards, the corresponding vesting coeficient will be reduced or reduced to zero. Restricted shares that have been granted but fail to meet vesting conditions are repurchased and cancelled by the Company at the grant price. During the reporting period, the Company repurchased and cancelled restricted shares that failed to meet vesting conditions due to underperformance against assessment targets or the resignation of incentive recipients. This mechanism efectively links executive remuneration with Company performance and individual performance outcomes, creating a substantive clawback efect for performance-based compensation.

The Company has formulated the Rules Governin_g Shares Held and Chan_ges in Shareholdin_gs b_y in accordance with relevant laws, regulations, and the Articles of Association. The rules standardize the declaration, lock-up, reduction, and disclosure of Company shares held by directors and senior management, further strengthening the alignment between management performance and the Company’s long-term development.

New Hope Liuhe attaches great importance to investor relations management. As the Company’s decision-making body, the Board of Directors is responsible for providing direction and oversight for investor relations management, while the Board Secretary oversees the planning, coordination, and organization of related work. The Ofice of the Board of Directors is responsible for daily investor communication and information disclosure. The Company strictly complies with relevant laws and regulations, including the Guidelines for Investor Relations Mana_gement of Listed Com_panies and has formulated the Investor Relations Mana ement S stem. It has established a comprehensive investor relations management mechanism to efectively safeguard shareholders’ rights and interests. In 2025, the Company updated and revised the Investor Relations Mana ement S stem to further strengthen the protection of investor rights and interests.

Information Disclosure

The Company has established and strictly implemented the Information Disclosure S_ystem, which sets out the fundamental principles and standards for information disclosure, procedures for the preparation and disclosure of periodic and ad hoc reports, responsibilities for information disclosure management, confidentiality management for inside information, mechanisms for internal reporting of major information, circumstances for deferred or exempted disclosure, and accountability mechanisms. Together, these measures form a comprehensive information disclosure governance system covering the entire disclosure process. During the reporting period, the Company’s information disclosure did not involve any false records, misleading statements, material omissions, or other improper disclosure practices.

Safeguarding Minority Investors’ Rights and Interests

To fully protect the rights and interests of minority investors, the Company stipulates in its Articles that when the General Meeting of Shareholders reviews significant matters afecting minority investors’ interests, votes cast by minority investors must be counted separately and the

Sustainable Development Governance

Sustainable Development Governance Framework

voting results disclosed in a timely manner. The Company also places particular emphasis on creating opportunities for minority investors to participate in corporate activities. A combination of on-site voting and online voting is adopted at shareholders’ meetings, making full use of modern information technology to facilitate shareholder participation. Dedicated Q&A sessions for minority investors are also included in meeting agendas to actively solicit opinions and suggestions from minority shareholders.

Diversified Communication Channel

To enhance investors’ understanding and recognition of the Company, the Company has established diversified communication channels, including telephone hotlines, email, the Shenzhen Stock Exchange Interactive EasyIR platform, on-site investor research activities, performance briefings, securities firms’ strategy conferences, reverse roadshows, and large-scale exhibitions such as industrial expos. Through these channels, the Company maintains active, effective, and constructive communication with investors and other stakeholders, which helps foster positive interactions between the Company and the investment community.

New Hope Liuhe has established and consistently improved a three-tier sustainable development governance structure comprising the “Oversight–Management–Execution” levels under the leadership of the Board of Directors, promoting the efective implementation of the Company’s ESG and sustainable development initiatives. During the reporting period, the Company organized dedicated sustainable development training sessions for middle and senior management, covering topics including the Shenzhen Stock Exchange sustainability disclosure guidelines, ESG rating benchmarking analysis, and ESG management capability enhancement. These programs helped management deepen their understanding of the Company’s ESG strategies and practices and further promoted the efective implementation of ESG initiatives. In addition, the Board of Directors convened dedicated meetings to review and confirm key ESG matters, materiality assessment results, and the achievement of ESG targets

ESG Materiality Assessment

Stakeholder Communication

New Hope Liuhe attaches great importance to stakeholder engagement and has established diversified communication channels tailored to diferent stakeholder groups. These channels help the Company better understand stakeholder expectations and feedback and continuously improve its sustainable development management. During the reporting period, the Company actively promoted constructive communication with stakeholders, responded proactively to their key concerns, and continuously optimized its management practices related to relevant ESG matters.

high

Double Materiality Analysis

Identification of Material Issues

New Hope Liuhe continued to apply the material issue identification results and management approach established in 2024. Detailed information regarding the material issue identification and assessment process can be found in the New Ho e Liuhe Co Ltd 2024Sustainabilit Re ort. The Company will continue to monitor changes in its internal operations and external environment. Where significant adjustments or periodic updates become necessary, material issues will be reviewed and optimized in a timely manner to ensure continued alignment with the Company’s sustainable development practices and stakeholder expectations.

Materiality Matrix of New Hope Liuhe

Significance of Impact on the Company's Financial Performanc

Risk and Opportunity Analysis of Material Issues

The Company conducted a comprehensive review of the scope, duration, risks, and opportunities associated with key sustainability topics and formulated corresponding response strategies to strengthen risk management and proactively capture development opportunities, thereby supporting the Company’s sustainable development.

Note: Impact duration is categorized as short-term (1–3 years), medium-term (3–5 years), and long-term (more than 5 years)

Risk and Compliance Management

Governance

Individual business operating entities are responsible for implementin internal risk control measures and for identifying, assessing, an responding to risks encountered in the course of day-to-day business activities

Strategy and Management Approach

Risk Management

of Defense

New Hope Liuhe strictly adheres to all applicable laws and regulations, including the Com_pan_y Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Basic Internal Control Norms for Enterprises, and the Application Guidelines for Enterprise Internal Control. In accordance with these requirements, the Company has established and continuously refined a comprehensive suite of internal governance policies, including the Mana ement S stem for Internal and the . These policies collectively foster a sound internal environment that supports efective risk control and eficient operations, providing a reliable foundation for sustainable, long-term development.

The Company has implemented a multi-tiered risk and compliance governance structure. Under the Board of Directors, a Risk Control Committee has been established to assume oversight and decisionmaking authority on material matters related to enterprise-wide risk management. A dedicated Risk Control Taskforce operates under the Committee to coordinate and advance day-to-day risk management activities. At the operational level, the Company has institutionalized a Three Lines of Defense model t systematically identify, prevent, and mitigate a broad range of operational risks.

Second Line Risk management functions within each business operating entity, together with functional departments at the corporate headquar ters, are responsible fo designing internal risk control frameworks and for providing oversight and guidance to the First Line of Defense.

Third Line of Defense

The Audit and Supervision Department is responsible for post-facto audits and internal accountabilit investigations. Cases involving potential crimina conduct are referred to the appropriate judicia authorities. This line of defense safeguards the overal efectiveness of the Company’s risk management and internal control system

The Company has established a systematic internal risk control framework anchored by two complementary pillars: institutional policies and technological tools. At the policy level, the Company has developed a series of internal regulations, including the F d S f R d Li M R l , the Interim Mana ement Measures for FeedQualit and Safet Audits, and the Mana ement Measures . These policies clearly define management responsibilities, authorization and approval procedures, and operational protocols for key control points, establishing a robust foundation for risk prevention and control. At the technology level, the Company has developed a risk indicator dashboard built on advanced risk modeling capabilities, currently covering 29 risk indicators across core business modules including sales, procurement, production, and finance. This dashboard strengthens end-to-end monitoring and control across all operational processes, materially enhancing overall risk management efectiveness

Risk Identification and Control

Risk Identification and Control

The Company is committed to building a comprehensive, high-impact, and fully integrated internal compliance and supervisory control framework. Through a dual-driven approach combining institutional development and audit oversight, the Company systematically advances its internal compliance practices to support operational excellence across all business activities.

The Company has continued to strengthen its policy framework across key governance domains, including internal audit, related-party transactions, treasury management, and information disclosure. The and the f have each been revised to further clarify audit responsibilities and authorities and to standardize the governance of related-party transactions. In response to evolving capital market compliance requirements, the Company has also enhanced a series of dedicated policies, including the f f and the . These updates establish clear and actionable provisions governing critical areas such as fund utilization and information disclosure, ensuring that all business activities are conducted in accordance with established standards and operate in a compliant and orderly manner.

The Company has conducted comprehensive operational performance audits across all sectors, carried out targeted special audits to address significant operational risks, and completed process audits and settlement reviews for major capital projects. Closed-loop management of audit rectification has been further solidified, with the audit rectification completion rate approaching 100%. The Company has also reinforced accountability mechanisms for violations and intensified legal enforcement actions to eliminate illicit benefit-sharing arrangements within its operations. A total of 15 performance audits, 4 internal control audits, 17 other special audits, and 30 supervisory and inspection audits were completed during the reporting period. In addition, 26 unannounced inspections of engineering projects and 6 settlement review audits were conducted. Internal accountability proceedings were initiated in 11 cases involving 96 individuals, resulting in the prevention and recovery of losses totaling RMB 87.74 million

The Company manages risk in a structured and fully integrated manner through a four-stage process encompassing risk identification, risk assessment, risk response, and risk monitoring. Risks are periodically reassessed and response strategies are reviewed and updated to support the Company’s long-term sustainable development objectives. The Audit and Supervision Department works in close collaboration with risk control functions across all sectors to prepare and submit monthly audit and supervision reports to senior management, which strengthens day-to-day risk oversight across key dimensions including market conditions, operations, sales performance, safety, and environmental compliance.

Risk Identification

BUs across all sectors, together with their respective risk control and internal control teams, the Audit and Supervision Department, and other relevant functional teams, collect risk information from both internal and external sources on a regular and as-needed basis to conduct preliminary risk identification. Risk identification exercises are initiated as circumstances warrant, with the objective of capturing potential risk sources as comprehensively as possible.

Risk Assessment

BUs across all sectors, together with their respective risk control and internal control teams, the Audit and Supervision Department, and other relevant functional teams, assess and prioritize identified risks according to their likelihood of occurrence and potential magnitude of impact, using qualitative and quantitative analysis methods as appropriate. This process determines the relative severity of each risk, establishes clear prioritization levels for risk treatment, and supports the focused allocation of resources toward high-priority risks to enable efective risk management and control.

Business Ethics

Risk Response

For material risks identified through the assessment process, BUs and functional teams across all sectors develop targeted response plans by reference to established risk management procedures and contingency protocols, and implement the corresponding measures in a timely manner.

Risk Monitoring

BUs and functional teams across all sectors continuously track identified risks, monitor the effectiveness of implemented risk response measures, and identify newly emerging risks. Risk management plans are adjusted on a dynamic basis in response to changing circumstances, ensuring that risk management operates as an integrated, iterative, and continuously improving process. This approach enables the organization to maintain resilience and pursue sustainable development in an environment of ongoing change.

In accordance with its annual audit work plan, the Company conducts audits encompassing its headquarters, wholly owned subsidiaries, and controlling subsidiaries. Audit coverage extends to the Company’s core business activities, material operational matters, and high-risk areas. Rectification progress is incorporated into performance evaluations to ensure that all findings identified through the audit process are addressed efectively and in a timely manner.

New Hope Liuhe conducts all business activities with integrity and in full adherence to the ethical principles of fairness, trust, and transparency. The Company participates in market competition in strict compliance with applicable laws and regulations, and maintains a firm stance against all forms of commercial bribery, money laundering, monopolistic conduct, and unfair competition. Through these commitments, the Company works in partnership with its stakeholders to foster a sustainabl and integrity-driven business environment.

The Board of Directors has established an Audit Committee and a Risk Control Committee as the governing bodies responsible for business ethics and anti-corruption oversight. Under the , the Risk Control Committee serves as the highest authority for accountability matters within the Company. The Committee is responsible for setting the overarching direction and guiding principles of the Company’s accountability framework, and for making determinations on key matters including the designated decision-making bodies, scope of accountability, applicable forms of accountability, impact periods, and levels of disciplinary action. These provisions apply to all employees of the Company.

The Audit Committee holds primary responsibility for business ethics and anti-corruption oversight. To support this mandate, the Company has implemented an internal governance structure organized around one lead department and four specialized centers, with the Audit and Supervision Department serving as the coordinating function. The four centers, namely the Supervision Center, the Operational Audit Center, the Engineering Audit Center, and the Risk and Data Center, operate in close coordination to build a robust anti-corruption compliance system grounded in zero tolerance for corrupt conduct. In 2025, the Company completed the foundational buildout of a digital audit platform, strengthening its internal data analytics capabilities and providing data-driven support for integrity risk prevention and audit oversight

The Company actively implements a suite of governing policies, including the Six Red Lines Prohibition Rules, the Gifts and Hospitality Management Measures, the Employee Conflict of Interest Disclosure , and the . These policies establish clear standards and expectations across the areas of anti-fraud, anti-money laundering, anti-corruption, fair competition and antitrust compliance, and conflict of interest management, and apply to all directors, employees, and supply chain partners.

The Company is firmly committed to conducting business with integrity and in full compliance with applicable laws and regulations. Guided by the principle of cultivating shared commitment and building a transparent future together, it has developed a comprehensive integrity and compliance management system anchored by sound institutional frameworks, well-established governance mechanisms, and a deeply embedded organizational culture. These eforts reinforce the Company’s ethical commitments and support the shared goal of building a transparent and sustainable value chain ecosystem.

Standardizing Workplace Integrity and Strengthening Disclosure Management: The Si Red Lines establish the foundational standard for employee conduct and explicitly prohibit the acceptance of commercial bribery in any form. The complementary Gifts and Hos_pitalit Mana ement requires that any gifts which cannot be declined be registered through the Company’s internal online disclosure platform, reinforcing conflict of interest controls. In 2025, approximately 39,500 individuals were identified as having potential conflict of interest relationships, with a disclosure completion rate of 78%. The Company also requires all incoming employees to sign an integrity pledge upon joining, and mandates organization-wide disclosure of interest relationships and related-party transactions, embedding compliance standards from the point of onboarding.

Strengthening Supervisory Mechanisms and Enhancing Anti-Fraud Effectiveness: The Company has established and continuously refined a suite of anti-corruption mechanisms, including an audit and supervision coordination mechanism, a supervision business partner program, an operational audit communication mechanism, a government-enterprise integrity co-building mechanism, and a case tracking mechanism. Key performance indicators related to the handling of corruption, fraud, and embezzlement cases and the recovery of financial losses are subject to ongoing monitoring and control, ensuring that anti-corruption eforts are guided by clear procedures and operate within a fully integrated management framework. In 2025, the Company deployed a digital audit risk model to track fraud risk indicators and sharpen the efectiveness of its combined anti-bribery and anti-fraud program. During the reporting period, three special supply chain audits were completed in support of the Company’s commitment to building a transparent and integrity-based supply chain ecosystem.

Cultivating a Culture of Integrity and Building Organization-Wide Commitment: The Company has implemented a multi-layered integrity culture program targeting all employees. Key initiatives during the reporting period included the “Sunshine in Every Heart” integrity culture training series, the publication of integrity-focused communications, the hosting of the Fifth Sunshine Culture Festival, and the collection of exemplary integrity stories from across the organization. These programs serve to continuously reinforce a shared culture of transparency and ethical conduct. During the reporting period, more than 3,000 employee participations were recorded across integrity culture training sessions, more than 10 integrity-themed publications reached a combined readership exceeding 15,000, and more than 500 exemplary integrity stories were submitted

Anti-Unfair Competition

New Hope Liuhe strictly complies with the Anti-Mono ol Law ofthe Peo le^’s Re ublic ofChina the Anti-Unfair Competition Law of the People's Republic of China, the Several Provisions on Prohibiting , and all applicable antitrust and fair competition laws and regulations in the jurisdictions where it conducts business. The Company is committed to conducting all business activities in accordance with the principles of fair and free competition. No reports or complaints related to unfair competition were received during 2025.

Fair Competition

The Company is firmly committed to upholding fair competition principles across all aspects of its operations. This commitment encompasses refraining from publishing false or misleading information about competitors, abstaining from conduct intended to disparage other market participants, declining to obtain competitors’ trade secrets or confidential information through unlawful means, and refusing to engage in collusive pricing, market manipulation, or any other activity that violates applicable laws and regulations. The Company actively collaborates with industry peers to uphold a fair, well-regulated, and orderly competitive market environment.

Intellectual Property Protection

The Company strictly complies with the P t nt L fth P l ^’ R bli fChin , the Tr d m rkL fth P l ^’ R bli fChin , the C ri ht L f , and all other relevant laws and regulations. It has established a comprehensive internal intellectual property management system that defines standardized procedures covering the full process of intellectual property rights, including application, maintenance, use, and protection, and clearly delineates the roles and responsibilities of each department involved in intellectual property management. Aligned with its strategic development priorities, the Company takes a proactive approach to securing intellectual property coverage in key areas, with particular emphasis on patent applications and protection in the fields of animal nutrition, biological breeding, intelligent farming, and disease prevention and control. These eforts are designed to protect the Company’s research and technological achievements. The Company also maintains a firm commitment to respecting third-party intellectual property rights and ensuring full compliance with applicable intellectual property obligations.

Reporting Channels

1. Reporting Hotline: +86 28 8595 3661

2. Reporting Mobile: +86 139 8175 3661

3. Reporting Email: tousu@newhope.cn

4. Reporting WeChat: Sunshine New Hope Liuhe

The Six Red Lines Prohibition Rules expressly prohibit the unauthorized disclosure of the Company's trade secrets. Protected information includes compensation data, internally classified materials, the content of internal meetings and training sessions, and information relating to criminal and civil proceedings ol administrative accountability actions. The policy further prohibits the use of internal company information to obtain improper personal benefits or advantages for oneself or any third party.

The Company strictly complies with the d f h l ^’ bl f h and continuously strengthens its internal anti-money laundering compliance framework to support sound business operations and safeguard financial security. It actively collaborates with law enforcement agencies, regulatory authorities, and financial industry participants to jointly prevent and combat money laundering. Regular anti-money laundering training programs are conducted to build employee awareness of compliance obligations and strengthen professional competence, ensuring that anti-money laundering requirements are implemented consistently and efectively throughout the organization.

The Company maintains effective implementation of its Re ortin Investi ation Mana ement , which defines categories of reportable misconduct, outlines procedures for processing reports, and establishes the mechanisms and protections afforded to whistleblowers. This policy provides a structured governance framework for managing reporting activities, ensuring that all reports of potential misconduct or corrupt conduct are handled in a manner that is fair, thorough, and timely. To ensure accessibility for all stakeholders, the Company has established multiple reporting channels, including postal mail and a range of digital and online options such as a dedicated reporting hotline, an email address, a Feishu questionnaire, a WeChat reporting function, and a WeChat official account messaging feature. All employees, customers, suppliers, and other third parties are encouraged to submit reports, on either a named or anonymous basis, regarding any conduct that may constitute a violation of the Company’s business ethics standards, applicable laws and regulations, or other relevant policies.

A designated reporting intake officer is responsible for managing and maintaining all reporting channels and registering incoming reports. Upon receipt of a report or supporting materials, dedicated investigators within the Audit and Supervision Department conduct a thorough review and investigation, prepare a formal investigation report, formulate recommended courses of action, and submit their findings to the Audit Committee, ensuring the independence and objectivity of all investigative outcomes. The Company is committed to maintaining strict confidentiality with respect to all whistleblower information. Reporting materials are classified as restricted documents, access is limited on a strict need-to-know basis, and retaliation against whistleblowers or associated individuals in any form is expressly prohibited. During the reporting period, more than 350 reports were received and processed, with a resolution rate of 100% for all substantiated reports.

The Company has established a systematic framework for identifying and managing business ethics risks across three dimensions: risk identification, risk assessment and control, and opportunity management. In the area of risk identification, the Audit and Supervision Department takes a risk management-oriented approach, deploying digital monitoring tools to dynamically track highfrequency areas of fraud exposure. The department also operates a multi-channel reporting system encompassing written correspondence, in-person visits, telephone hotlines, and online platforms to facilitate the timely detection of potential violations. In the area of risk assessment and control, the Company continuously refines its integrated audit-supervision linkage mechanism and case tracking system, ensuring that business ethics incidents are subject to routine closed-loop management Regular audits are conducted covering business ethics and anti-corruption matters arising from production and operational activities, with a review cycle designed to ensure that all business units are assessed at least once every three years, supporting early detection and prompt intervention. In the area of opportunity management, the Company recognizes integrity and compliance as strategic enablers of supply chain eficiency and long-term commercial reputation. Through the execution of integrity agreements with suppliers and the joint development of a transparent, compliant supply chain ecosystem, the Company translates compliance requirements into a foundation of mutual trust and collaborative partnership. These eforts support the ongoing cultivation of a fair and competitive market environment and contribute to the Company’s high-quality, sustainable development.

Indicators and Targets

Employee Sunshine Commitment signing rate:

100

2025 Target

Maintain oversight of key indicators related to the handling of corruption, fraud, and embezzlement cases, including case outcomes and economic loss recovery

2025 Achievement Status

Target achieved. Four criminal cases involving anti-fraud matters were formally filed; criminal compulsory measures were applied to three individuals; five individuals received judicial verdicts; and direct economic losses recovered totaled RMB 1.45 million.

Employee anti-corruption training attendances:

Employee anti-corruption training hours:

ov 20,000er

60,000

Employee anti-corruption training coverage:

80%

New Hope Liuhe strictly complies with the E t i I T L fth P l ^’ R bli f , the , and all other applicable laws, regulations, and regulatory requirements. The Company continuously strengthens and refines its tax management system, with particular emphasis on tax risk management and the faithful fulfillment of its statutory tax obligations. The Company’s tax function provides dedicated support for key business activities, including market expansion, product R&D, and M&As. During the reporting period, the Company incurred no material tax compliance violations and was not involved in any significant taxrelated litigation or arbitration proceedings.

Note: Efective tax rate = Reported tax amount (income tax expense) / Profit before tax \* 100%. Cash tax rate = Cash tax paid (actual income tax remitted) / Profit before tax \* 100%. Both metrics are calculated in accordance with the S&P Global Corporate Sustainability Assessment (CSA) methodology to measure the relationship between taxes paid and accounting profit and to evaluate the level of tax transparency.

Tax Management System and Framework

A dedicated Tax Management Center has been established within the Company’s Finance Department, staffed by five full-time professionals. The Center is responsible for formulating and executing the Company’s tax strategy, which is guided by three core objectives: compliance management, tax burden optimization, and operational support. Operating in close alignment with the Company’s overall business strategy and day-to-day operational activities, the Tax Management Center exercises centralized oversight of all tax-related matters across the organization and provides comprehensive tax support for market expansion, product R&D, M&As, and other strategic business activities, ensuring that tax management serves as an enabler of business growth and sustainable development. The Head of the Tax Management Center is responsible for the formulation and implementation of the Company’s overall tax strategy and for managing relationships with externa tax authorities and internal stakeholders. Finance personnel at branches and subsidiaries fulfill tax responsibilities on a concurrent basis, handling entity-level tax filings and related matters for their respective organizations. The Tax Management Center and the finance departments of branches and subsidiaries maintain close, ongoing communication and provide mutual coordination and support to ensure the efective conduct of tax activities across the Group.

The Company maintains open and constructive communication with tax authorities and stays informed of developments in tax policy and changes in regulatory requirements on an ongoing basis. The Company continuously refines its suite of internal tax management policies, including the Enter rise Lifec cle Tax Re istration Mana ement S stem, the Tax Declaration Mana ement , the , and the . Together, these policies articulate clear principles, requirements, and procedures for tax compliance and govern tax conduct at every level and across every operational process. All policies are updated promptly in response to changes in domestic and international tax legislation to ensure that the Company meets its tax obligations accurately and on time. During the reporting period, the Company revised its Tax Data and optimized system templates for the enterprise income tax annual reconciliation and provisional payment processes, increasing the degree of reporting automation and materially improving the eficiency and accuracy of tax filings.

The Company is committed to the following principles in the conduct of its tax afairs

Tax Governance and Risk Management

The Company manages its tax risk profile through a policy-driven approach supported by its tax management system, which enables continuous monitoring of tax risk conditions across the organization. Regular risk assessments are conducted covering value-added tax (VAT), enterprise income tax (EIT), individual income tax (IIT), and other relevant tax categories. Following a structured process of risk identification, assessment, and response, the Company has implemented an internal tax self-review program and a cross-sector business inspection mechanism. Through systematic analysis of tax-related business processes and financial data, as well as the application of relevant tax policies, potential tax risk areas are identified and assigned risk ratings based on their likelihood of occurrence and potential impact. This ensures that risks shared across sectors are addressed in a coordinated and timely manner. High-risk matters are subject to immediate remediation, while medium- and low-risk matters are subject to ongoing monitoring and addressed as circumstance require. Regarding external audits, the Tax Management Center operates a first-contact accountabilit system, under which staff members who become aware of a risk are responsible for guiding the relevant finance personnel through a self-review process, providing policy guidance, and following up on communications with tax authorities. In the event of a significant risk, on-site intervention i carried out promptly to mitigate the Company’s tax exposure efectively.

The Company has also conducted targeted training programs covering enterprise income tax annual reconciliation, the compliance and administrative framework under the Golden Tax Phase IV system invoice management requirements, and internal management assessment criteria. These programs are delivered on a company-wide basis to ensure the timely dissemination of new policies and emerging regulatory developments, which strengthens the tax competency of finance personnel. In 2025, fou specialized tax training sessions were organized, reaching a total of 2,910 participants.

Tax Strategy and Commitments

Information Security and Privacy Protection

Governance

To strengthen its information security governance, New Hope Liuhe has established a comprehensive information security management system anchored in four guiding principles: strategic leadership, cross-functional collaboration, controllable risk, and regulatory adaptability. The Company has implemented a top-down, three-tier governance structure designed to enable comprehensive and consistent risk management across all operational dimensions.

A dedicated Information Security Committee has been established at the corporate level. The Chief Financial Oficer serves as Chair and bears primary accountability for information security, with overall responsibility for strategic direction and resource allocation. The Head of the Digital Technolog Department (Chief Information Oficer) and the Head of Information Security serve as Vice Chairs, leading technology implementation and risk oversight, respectively. Committee membership encompasses the heads of legal and compliance, human resources, finance, public afairs, and major business segments as well as independent external experts and stakeholder representatives. This composition supports a multi-dimensional coordination mechanism spanning decision-making, technology, management, and oversight functions. The Committee is responsible for formulating the Company’s medium- and long-term information security strategy, annual work plans, and core management policies; organizing company-wide information security risk assessments; identifying internal and external security threats and deploying preventive and control measures; managing significant information security incidents; fostering a strong information security culture; and overseeing the information security controls of key suppliers and business partners.

The Operations Center of the Digital Technology Department, relevant coordinating functional departments, and designated information security liaisons within each department are collectively responsible for the dav-to-day implementation of information security measures, ensuring the effective deployment of all applicable security policies and controls. To further strengthen data security classified management, two subordinate bodies have been established: the Confidentiality Management Committee, which is responsible for the protection of state secrets and commercially sensitive information, and the Personal Information Protection Committee, which oversees personal data security. Together, these bodies provide comprehensive assurance that the Company’s information and data assets are managed in a secure, compliant, and well-governed manner.

The Company references internationally recognized standards, including ISO 27001, as guiding frameworks in developing a comprehensive information security policy framework that spans security system construction, data protection, threat response, personnel accountability, and third-party management. This framework ensures that information security requirements are fully and consistently implemented across the organization. During the reporting period, the Company achieved Level 3 Classified Protection of Cybersecurity certification for its core business systems.

Continuous Improvement. The Company has established foundational governance documents, including the Data Securit Mana ementS stem and the A lication Securit Mana ementS stem, and has adopted the Information Securit Reward and Penalt S stem as part of a broader security performance framework to continuously optimize management processes and drive iterative improvements to its information security systems.

Data Protection. The Data Securit Mana ementS stem safeguards the confidentiality, integrity, and availability of data through a classified and tiered protection approach and full lifecycle management. Threat Response. The Company has developed the Information Securit Incident Res onse and and the , establishing integrated mechanisms for monitoring and early warning, emergency response, and post-incident review and improvement to enable rapid and efective responses to security threats.

Organizational Accountability. The Em lo ee Information Securit Handbook has been issued to all employees, interns, and external personnel. The Handbook defines role-specific security responsibilities and operational standards and incorporates information security performance as a component of employee evaluations

Third-Party Management. The On-Site Mana ement Measures for Outsourced Personnel in the establishes a framework for pre-engagement screening, on-site supervision, and periodic security assessments of outsourced personnel and suppliers, ensuring that all third-party services conform to the Company’s information security standards.

The Company has continuously strengthened its information security management system by adopting advanced protection technologies, reinforcing network security safeguards and data governance practices, and cultivating a culture of information security awareness among its workforce. These eforts have provided comprehensive protection for the Company’s information and data assets, supporting operational integrity and improved business continuity. During the reporting period, the Company recorded no significant cybersecurity incidents or data breaches, and no material violations related to data compliance or personal information protection.

Enhancing Information Security and Business Continuity

The Company has established a business continuity management framework for information security that spans the full continuum of prevention, response, and recovery, ensuring that core business operations remain stable and uninterrupted in the event of an information security incident. In accordance with the Information Securit Emer enc Res onse Plan, the Company has defined clear protection objectives for core business functions in the event of a data or information breach, and has developed degraded-operation protocols for critical systems to ensure that essential operations can be maintained under extreme conditions.

Upgrading Information and Data Security Technologies

The Company continues to advance its information and data security capabilities, with a proactive and resilient protection framework in place. Application access controls and data security hardening measures have been deployed across all business systems, with core platforms such as the smart pig farming system designated for enhanced protection. For public cloud environments, protection policies have been customized to reflect specific business trafic profiles, enabling the early detection of potential vulnerabilities and supporting a shift from reactive defense to proactive threat prevention. Eficient Security Vulnerability Analysis and Remediation

In 2025, in response to cybersecurity vulnerability notifications issued by public security authorities, the Company established a structured, end-to-end remediation mechanism consisting of four

Routine information security drills:

sequential stages: rapid response, precise verification, thorough rectification, and retrospective review. Two dedicated vulnerability remediation initiatives were completed during the year. Throughout each remediation process, a closed-loop management cycle encompassing detection, rectification, and prevention was applied, effectively eliminating identified risks and reducing the likelihood of recurrence.

Managing Sensitive Information Leakage Risk

In adherence to the principle of least privilege, the Company strictly limits the access rights granted to internal personnel and third-party suppliers with respect to employee and customer personal information, and conducts regular supervisory reviews to ensure full-lifecycle data governance. The establishes explicit requirements for the handling of sensitive and confidential data. In 2025, the Company released an updated edition of the Employee Information Security Handbook, integrating information security obligations and restrictions into confidentiality agreements. Critical nodes within key business processes have been identified, and targeted protective measures have been implemented for employee and customer data to reduce exposure to information leakage risk

Emergency Response to Information and Data Security Incident

To strengthen the Company’s capacity to manage unexpected information security events, a standardized incident response procedure has been established in accordance with the Information , and a dedicated Information Security Emergency Response Team has been formed. Through practical simulation exercises, the Company has validated the efectiveness and operational readiness of its emergency response plans, reinforced cross-functional collaborative response capabilities, and built a solid foundation for managing unforeseen security incidents.

Employee Awareness and Capability Building

The Company is committed to strengthening organization-wide information security awareness and risk management competency, with the goal of embedding information security as both a practiced behavior and a core operational skill across its workforce. Through new employee onboarding training and ongoing information security programs, employees are actively encouraged to report potential security incidents, which continuously reinforces the organization’s human-centered capacity for risk prevention.

The Company has established a comprehensive information security risk management framework that encompasses risk identification, assessment, remediation, and continuous improvement, ensuring that information security risks are consistently detected, efectively controlled, and resolved through a closed-loop process.

Risk Identification. Through regular system scanning, vulnerability assessments, and threat intelligence analysis, the Company systematically identifies internal and external security threats and applies a layered defense strategy across core assets and multiple attack categories

Risk Assessment. Drawing on the Information Securit_y Technolo_gy—Guidelines for Cate_gor_y , the Company classifies incidents into four severity levels: Exceptionally Significant (Level I), Significant (Level II), Moderately Significant (Level III), and General (Level IV). Diferentiated response strategies have been developed to address nine incident categories, including malicious software, network attacks, and data security threats.

Risk Remediation. Accountable departments and remediation timelines are clearly defined for risks at each severity level. In 2025, the Company completed 198 risk rectification items, recorded 219 risk occurrences, and achieved closed-loop resolution of all identified risk exposures.

Continuous Improvement. The Company completed 7 security infrastructure initiatives and published 1 new governance policy, extending coverage across a hybrid architecture comprising private cloud (86.11%) and public cloud (13.89%) environments, while continuing to refine security strategies and optimize resource allocation.

Chapter Content

• R&D in Nutrition and Health 29 • Advancing Smart Farming 32 • Rigorous Quality and Safety Control 34 • Service Quality Enhancement 38 • Supply Chain Management 40

Contribute to the UN 2030 Sustainable Development Goals (SDGs)

R&D in Nutrition and Health

Guided by an innovation-driven development strategy, New Hope Liuhe concentrates its R&D eforts on core fields including biological breeding, animal nutrition, and healthy farming practices. The Company drives technological advancement across the industry through key scientific and technological initiatives, accelerates the translation of research breakthroughs into commercial applications, and is building a leading innovation ecosystem spanning the agriculture, animal husbandry, and food sectors, with the goal of delivering products that are safer, more nutritious, and of higher quality.

New Hope Liuhe has established a globally competitive R&D network underpinned by a standardized technological innovation management system. The Company fully operates and leverages multiple high-level innovation platforms, including the Ministry of Agriculture and Rural Afairs Key Laboratory for Feed and Livestock & Poultry Product Quality Safety Control, the Ministry of Agriculture and Rural Afairs Key Laboratory for Digital and Intelligent Swine & Poultry Breeding Technology Innovation, and the National-Local Joint Engineering Research Center for Feed Safety and Eficient Utilization Technology. Sustained investment in technological innovation and talent development continues to strengthen the Company’s independent innovation capabilities and drive a steady pipeline of research outcomes

Refined Scientific Research Management

The Company has established a robust technological innovation governance structure, with the Science and Technology Management Committee serving as the highest decision-making body and the Academic Advisory Committee providing specialist technical guidance. This structure encompasses both forward-looking fundamental research and the transformation, promotion, and application of applied research findings. Through its network of research institutes, the Company conducts targeted research across key domains including biological breeding, animal nutrition, farming technology, epidemic prevention and control, and food safety.

To standardize end-to-end scientific research management, the Company has developed a suite of institutional documents, including the Scientific andTechnolo ical Project Mana ement Measures of New Hope Liuhe Co., Ltd. and the Sci-Tech Management Risk Control Measures. Rigorous pre-project feasibility research and approval assessment processes are conducted to identify and mitigate potential uncertainties and risks in R&D initiatives before they arise.

Diversified Research Collaboration

The Company has established a dedicated Breeding Technology Center and taken the lead in founding the Sichuan Native Pig Breeding Consortium, with a focus on cutting-edge technologies such as genomic breeding, intelligent phenomics, and precision animal breeding. To build a leading domestic platform for the commercialization of biological breeding technologies, the Company has developed deep industry-academia-research partnerships with a range of distinguished institutions, including Yazhou Bay National Laboratory, China Agricultural University, Huazhong Agricultural University, Jiangxi Agricultural University, Sichuan Agricultural University, and Nanjing Agricultural University.

In collaboration with Sichuan Agricultural University, the Company co-founded the Sichuan Provincial Key Laboratory of Animal Nutrition and Eficient Feed Utilization, leveraging the platform’s strengths to advance high-quality innovation and research outcomes.

The Company also continues to invest in its postdoctoral research stations. In 2025, it operates two such stations, each hosting one postdoctoral researcher conducting work in the fields of pig breeding and animal epidemic prevention and control, respectively.

R&D Operational Performance

Animal Health and Nutrition

In 2025, the Feed Sector conducted a comprehensive review of raw material databases to improve the accuracy of nutritional formulation, while continuously refining health-oriented nutritional formulas across all feed categories.

Poultry Feed: The Company conducted systematic research into optimal nutritional thresholds, including lysine, methionine, and cystine levels for meat duck feed. Through targeted nutritional adjustments during the late laying phase of hens, it efectively improved eggshell quality and reduced flock mortality rates.

Aquafeed: A dedicated Aquafeed Management Department was established. By optimizing the balance of micronutrient content, energy-to-protein ratios, and carbohydrate-to-lipid ratios, the Company achieved a comprehensive quality upgrade across its aquatic feed product range

Ruminant Feed: Building on proprietary R&D outcomes, the Company improved daily weight gain performance in meat sheep and launched a full product line of feed tailored specifically for dairy goats.

Swine Feed: The Company actively participated in the development of industry standards, including group standards for sow feed. In response to the evolving swine farming landscape, it conducted in-depth research into net energy, crude protein, and digestible amino acid indicators applicable to swine feed across all growth stages, resulting in refined product standards that minimize meat production costs while fully meeting market requirements.

Advancing Industrial Synergy

The Company is accelerating the integrated deployment of nutritional research and technological application systems across its Pig and Feed sectors. Within this framework, the Feed Sector leads the development of raw material value evaluation systems, raw material databases, and formula design frameworks — resources that are directly adopted and applied by the Pig Sector in its operations. On the R&D front, the Pig Sector focuses on studying the nutritional requirements of pig herds and developing cost-efective feeding solutions, while the Feed Sector tailors feed cost optimization plans for diverse client groups. The two segments engage in ongoing experience sharing and continuous technical iteration. In formula optimization, cross-functional collaboration between technical and procurement teams is fully embedded to enable the rational allocation of high-value raw materials and efective cost management. These joint eforts have steadily improved herd breedin performance and reduced overall production costs.

Innovation Achievements

In 2025, a total of 3 national standards, 6 industry standards, and 2 group standards led or codeveloped by New Hope Liuhe were oficially promulgated and came into efect.

Advancing Smart Farming

Governance

New Hope Liuhe is steadily advancing the development of a fully integrated digital and intelligent breeding ecosystem across its value chain. With a focus on core pig breeding and rearing operations, the Company has built a cross-industry digital and intelligent collaborative platform for swine production. By integrating IoT, AI, big data analytics, and smart equipment, it drives precision breeding, intelligent production, and digital management, establishing a closed-loop operational framework that spans data collection, intelligent analysis, precise decision-making, and efficient execution. Smart breeding has become standard practice across the Company’s operations, with digital empowerment serving as a key engine of high-quality industrial development.

New Hope Liuhe regards digital transformation as a strategic priority for cultivating new growth momentum and reinforcing core competitive strengths. In pig farm operations, the Company has achieved full-cycle intelligent management covering breeding stock selection, fattening, health monitoring, and market sales. In feed production, end-to-end digital management has been implemented across raw material procurement, formula optimization, manufacturing, and logistics distribution

To govern the full lifecycle of digital projects with greater clarity and consistency, the Company has developed and regularly updated dedicated management regulations covering responsibilities, operational procedures, and unified standards. These policies function as internal institutional guidelines and are dynamically refined in response to organizational adjustments and evolving business needs, with the aim of improving project delivery quality, mitigating operational risks, and optimizing resource allocation.

Strategy and Management Approach

Centered on the digital transformation strategic vision of “three fulls and four transformations”, which integrates business operations, data, and management, New Hope Liuhe continues to drive the intelligentization of key equipment, the digitalization of full-scenario operations, the functionalization of all online data, and the proactive management of whole-process operations. Digital and intelligent technologies are applied across the entire industrial chain, encompassing pig farm management, feed production, and corporate governance, delivering measurable improvements in breeding eficiency, operational performance, and management standards.

Digital and Intelligent Production Management

For details on the application of full-chain AI technologies, see the “Special Feature: Embracing AI to Unlock New Quality Productive Forces in Agriculture.”

HI，我是猪小新

Case

Full-process Intelligent Phenotypic Measurement System

The Company has established a comprehensive, automated phenotypic data collection network spanning from live animals through to post-slaughter assessment. At the live animal stage, AI-powered weight and body condition measurement tools, combined with intelligent feeding test stations, enhance breeding eficiency. At the post-slaughter stage, the Company has built intelligent carcass and meat quality measurement laboratories integrating automated equipment with digital management platforms, which enables standardized, highthroughput testing of more than 20 complex indicators, including lean meat percentage and drip loss. This system facilitates large-scale, precise, and automated phenotypic data collection, generating the robust datasets needed to improve the accuracy and eficiency of breeding value estimation and selection.

Participation in the National Science and Technology Major Project on Newgeneration AI

In response to the recurring challenge of Porcine Epidemic Diarrhea (PED) outbreaks affecting the pig industry, the Company actively participated in the research project “Data- and Knowledge-Driven Approac for Intelligent Diagnosis of Typical Livestock and Poultry Epidemics.” Through systematic investigation into PED prevalence and underlying causes, and by applying breeding system big data alongside machine learning techniques, the Company identified key risk factors associated with PED outbreaks, enabling early warning and rapid response. The resulting monitoring and early warning system facilitates timely alerts and intervention measures, equipping farmers with better tools to manage PED outbreaks and contributing to herd health and broader industry stability.

Digital Training

Through its online New Hope Academy platform, the Company has developed and launched a library of short videos and micro-courses for frontline workers, covering pig breeding practices, biosecurity protocols, and veterinary standard operating procedures (SOPs). Post-certification programs have also been introduced to further strengthen workers’ technical competencies, improve job alignment, and support workforce retention.

As New Hope Liuhe advances its digital transformation and smart breeding initiatives, the Company faces a range of potential risks that require active management. On the technical and talent front, these include the risk of suboptimal technology selection, system integration challenges, extended return-on-investment cycles driven by rapid equipment upgrades, and a shortage of qualified digital professionals. Financial risks, particularly high upfront capital requirements and return volatility linked to pig price fluctuations, also warrant careful mitigation. The Company addresses these challenges through a comprehensive, end-to-end risk control system embedded across all phases of its digital operations.

Supportive policy frameworks, including the NationalSmartA_gricultureAction Plan (2024—2028) and initiatives promoting the green and low-carbon development of the animal husbandry sector, are creating meaningful opportunities. The Company is capitalizing on these tailwinds by shifting from experience-driven management to precision-based, data-driven decision-making, implementing dynamic individual animal health monitoring, and establishing full-process product traceability. To drive high-quality development, the Company harnesses digital and intelligent technologies t strengthen industrial synergy, integrate upstream and downstream operations through coordinated feed, breeding, and slaughtering support, and empower small and medium-sized farmers— collectively building a more resilient and inclusive industrial ecosystem.

To realize the “three fulls and four transformations” framework, encompassing the intelligentization of key equipment, the digitalization of full-scenario operations, the functionalization of all online data, and the proactive management of whole-process operations, under the integrated business, data, and management model, New Hope Liuhe fosters close alignment between business operations and digital technology. Progress and efectiveness of the Company’s digital transformation are evaluated holistically, with reference to improvements in operational eficiency and core competitiveness.

Rigorous Quality and Safety Control

Governance

Guided by the principle that “food is the paramount necessity of the people, and food safety is the top priority,” New Hope Liuhe places food safety at the heart of its corporate responsibilities, embedding this commitment throughout the entire product lifecycle from raw materials through to the consumer’s table. The Company rigorously enforces a three-tier quality inspection mechanism to assign food safety responsibilities at every level of the organization, with the overarching goal of delivering food products that are safe, healthy, and nutritious.

New Hope Liuhe strictly complies with all applicable laws and regulations, including the FoodSafet Law of the People's Republic of China, the Product Quality Law of the People's Republic of China the Re ulations on Live Pi Slau hter Mana ement the Re ulation on theAdministration ofFeeds as well as local regulatory requirements at all project sites. These external obligations are complemented by a suite of internal management systems, including the Food Safety Evaluation Management Measures of New Hope Liuhe Co., Ltd., the Black Pig Product Food Safety and Quality Management System, and the Food Crisis Management Measures of New Hope which the Company continuously refines to strengthen quality and safety control across key links in both the Pig and Feed sectors.

At the corporate level, the Company has established a Food Safety and Quality Management Department at its headquarters to provide centralized oversight of food safety matters. All branches and subsidiaries have set up corresponding safety and quality management teams, forming a clearly structured, top-down safety governance framework. The Company actively promotes quality and food safety standardization certification across all sectors and subsidiaries, and conducts regular internal audits and management reviews of its quality management system to verify compliance, efectiveness, and ongoing improvement. For entities certified under the ISO 9001 Quality Management System and ISO 22000 Food Safety Management System, the Feed Sector strengthens full-process risk control through supplementary system planning, hazard analysis, and hazard control measures. At minimum, one full-clause internal audit is conducted at each certified subsidiary annually, with audit reports issued and corrective actions monitored to closure, which ensures consistent system implementation, product quality, and regulatory compliance

Pig Sector: All companies under the Fresh Meat Division hold ISO 9001 Quality Management System certification and satisfy the requirements of HACCP System certification (V1.0). Shandong Qianxihe Food Co., Ltd. and Hebei Qianxihe Meat Industry Co., Ltd. have additionally obtained FSSC 22000 Food Safety System certification.

Feed Sector: 31 entities hold ISO 9001 Quality Management System certification, and 13 entities hold ISO 22000 Food Safety Management System certification.

Overseas Sector: 10 entities hold ISO 9001 Quality Management System certification; 2 hold ISO 22000 Food Safety Management System certification; 4 hold HACCP System certification; 10 hold CPPB/CPPIB Good Feed Production Practice certification; 1 holds FAMI-QS European Feed Additives and Premixes Quality System certification; and 1 holds a BSTI Product Type Approval Certificate.

Strategy and Management Approach

Full-Lifecycle Management

Recognized as an Outstanding Case of Fulfilling Corporate Social Responsibility at the 9th Food Enterprise Socia Responsibility Annual Conference (2025)

New Hope Liuhe operates under the guiding principle that “every detail matters in quality control, and safety responsibility is of utmost importance.” This philosophy is operationalized through two internal frameworks: the “three concessions” principle governing concessions for internal disposition, supplier materials, and customer authorization, and the “three no-exceptions” principle requiring that no deviation goes without root cause identification, corrective action, or organization-wide lessons learned. Guided by these standards, the Company continuously refines its full-value-chain food safety management system, encompassing raw material procurement, production control, quality inspection, product management, sales management, and personnel training, to ensure end-to-end quality oversight.

Recognized as an Outstanding Case of Food Safety Management (2024-2025) at the 2025 China Food Safety Conference

New Hope Liuhe integrates quality and safety management into every stage of its production and operational processes, which establishes a closed-loop biosecurity prevention and control system. The Company leverages digital tools to strengthen product traceability and works in close collaboration with farmers and suppliers to collectively raise quality control standards, aiming at safeguarding product quality and safety from farm to fork.

Biosecurity Prevention and Control

Eficient Early Warning and Pre-emptive Risk Avoidance: The Company has established an epidemic risk early warning mechanism based on infection thresholds, enabling proactive, pre-emptive measures when regional epidemic risks escalate. During high-risk seasons and periods of extreme weather, targeted dust suppression and toxin reduction interventions are promptly deployed to mitigate infection risks.

Closed-Loop Biosecurity Management: The Company continuously optimizes vehicle disinfection procedures and facility layouts, sources approximately 80% of canteen vegetables from in-house cultivation during autumn and winter, and promotes the use of designated slaughterhouses through an integrated breeding-slaughtering linkage model, which collectively reduces transmission risks associated with vehicles, food inputs, and transportation activities. Grid-based prevention and control measures have been implemented to optimize the deployment and scheduling of culling and transportation vehicles on-site, achieving zero cross-farm transmission from 2024 to 2025.

Diferentiated Response Strategies: The Company develops tailored response protocols for diferent virus strains. For chimeric strains, the focus is on regional isolation and refined toxin reduction; for vaccine strains, a barn-by-barn isolation approach combined with multiple rounds of blood sampling is applied. This strain-specific methodology enhances both the scientific rigor and operational eficiency of the Company’s prevention and control eforts

Case

To address biosecurity vulnerabilities in pig farms, the Company undertook a comprehensive overhaul of its positive pressure ventilation systems. Following three years of sustained technological upgrades, positive pressure ventilation has been extended to most northern farming regions, enabling efective air filtration within pig houses. Complemented by hardware improvements and process optimization across supporting epidemic prevention measures, including link monitoring, biosecurity protocols, and emergency response procedures, these upgrades have markedly enhanced the overall biosecurity capabilities of the Company’s pig farms.

Following rigorous review by the Ministry of Agriculture and Rural Afairs, two additional subsidiaries of the Company have been oficially certified as national-level Epidemic-Free Zones, bringing the Company’s total to 12. These certifications directly facilitate the cross-regional transportation of live pigs and contribute to greater stability in production operations.

During the reporting period, the pass rate of random market inspections was

Drug Residue Contro

100%

Strengthening Drug Residue Testing: Drawing on the Detailed Rules for Food Safet_y Su_pervision industry-wide drug residue sampling data, and internal testing results, the Company has developed the Im_plementation Rules for Testin_g ofthe Pi_g BG Fresh Meat Division of Testing frequencies are calibrated according to the severity of drug residue risks, with comprehensive testing conducted at pig entry, slaughtering, and pre-delivery inspection stages to ensure targeted and efective residue control.

Enhancing Testing Capabilities: Quarterly blind sample comparison and verification exercises are conducted to assess and improve the technical proficiency of laboratory personnel, ensuring the reliability and accuracy of test results. Laboratory directors are invited to participate in the Capacity Building and Improvement of Inspection and Testing Institutions in the Food Industry training program, a collaborative initiative between the State Administration for Market Regulation and the United Nations Industrial Development Organization, to further strengthen testing capabilities

Quality Culture Development

Quality training reached 5,468 participant-times, totaling 4,297.97 training hours.

Delivering Healthy Food

Pork produced by Yang Ling Besun Agricultural Industry Group Corporation Limited was named among the Top 30 Special Premium Products in Northwest China at the Future Agricultural Industry Development Conference.

Shandong Qianxihe Food Co., Ltd. received the Excellent Brand Pork of the Year Award.

Product Recall Management

Qianxihe’s “Farmhouse Pork Blood Sausage” and “Zhichu” Black Pig Lard both earned the Gold Award at the Culinary Showcase with Quality Ingredients event during the 2025 China International Meat Industry Week.

The Company has established a P d t R ll M t S t that sets out clear recall procedures and defines departmental responsibilities. To verify the system’s efectiveness, an annual simulation drill is conducted to ensure timely response capabilities and full operational readiness. The Safety and Quality Department is responsible for collecting and consolidating market feedback and ensuring its proper integration into production practices. In alignment with HACCP recall requirements, the Department maintains clearly defined information transmission processes and accountability assignments, assesses product risks in a structured manner, and ensures the prompt recall of any high-risk products identified.

New Hope Liuhe places strong emphasis on building employees’ quality awareness and professional competence. The Feed Sector has developed the Q lit d S f t M t M l, with all entities required to maintain strict compliance with quality management system documentation. The headquarters conducts regular full-clause internal audits to verify consistent system implementation. The Fresh Meat Division of the Pig Sector delivers year-round quality training programs to strengthen the operational skills and cross-functional collaboration of frontline employees, which supports compliant pig slaughtering practices and robust quality safety assurance

New Hope Liuhe operates under the guiding belief that “quality pork begins with sound pig farming.” Through nutritionally optimized feed formulas and science-based breeding practices, the Company enhances animal health and the nutritional profile of its pork, while continuously improving live pig quality. By evolving from raising healthy pigs to producing high-quality, flavorful pork, the Company is committed to meeting consumers’ growing appetite for diversity and product personalization

Enhancing Pork Quality

Anchored by five major slaughtering bases in Beijing, Liaoning, Hebei, Shandong, and Shaanxi, the Company fully capitalizes on its integrated industrial chain capabilities spanning breeding, farming, slaughtering, and intensive processing. Through a strategically coordinated breeding-slaughtering linkage model connecting its owned farming bases nationwide, the Company ensures consistent performance across key indicators, including live pig weight and intramuscular fat content, to deliver reliably high-quality pork.

The Company has established a dedicated Meat Quality Laboratory that accumulates comprehensive data across breeding, farming, nutrition, and meat quality dimensions. This work has given rise to a specialized database for black pigs, one that precisely maps the relationships between pig strains, breeding conditions, feeding programs, and meat quality metrics. Test data is translated into actionable improvement indicators fed directly back to the farming sector, enabling data-driven production optimization. The laboratory has completed full carcass testing of mainstream black pig breeds, and this approach has driven a premium slaughter rate improvement of over 10%.

Animal epidemics represent a significant and systemic risk to the animal husbandry industry. When outbreaks occur, they can cause direct losses through breeding animal mortality, reducing output, driving up costs, and depressing prices. Beyond immediate production impacts, epidemics may also trigger source contamination, cross-contamination during processing and distribution, and erosion of consumer confidence and brand reputation.

To mitigate epidemic risk, the Company employs a multi-layered approach: standardized farm construction, professionally trained breeding technicians, rigorous preventive protocols, and strengthened quality and safety management across the supply chain and among cooperative farmers — working in concert to contain and control potential outbreaks

Indicators and Targets

New Hope Liuhe has implemented comprehensive quality management measures with the clear objective of eliminating product recalls and preventing negative product incidents. In 2025, no major product safety or quality liability accidents were recorded. In 2025, no product recalls or negative product incidents occurred.

Service Quality Enhancement

Governance

Guided by a customer-centric philosophy and a commitment to responsible marketing, New Hope Liuhe consistently refines its service systems and standards to enhance the overall customer experience.

The Company has progressively strengthened its customer service framework, with sector BUs operating under a two-tier linked governance structure spanning business divisions and subsidiaries. At the business division level, the Sales General Manager serves as the overall responsible party for customer service; at the subsidiary level, this responsibility rests with the General Manager, supported by a dedicated Customer Service Department staffed by managers from the Sales, Support, Production and Operations, and Safety and Quality functions to deliver localized service. This clearly defined, collaborative two-tier structure enables rapid response and professional support for customer needs. The Company has also established internal management systems, including the M t M f M k ti P l E l ti and the R l ti f C t that set out clear service standards and operational protocols

Strategy and Management Approach

Informed by the distinct characteristics of its industry, the Feed Sector has built a comprehensive customer service management system covering the full cycle of pre-sales, in-sales, and aftersales support. By delivering differentiated, personalized services alongside professional technical assistance, the Company has cultivated strong customer trust and long-term loyalty

Optimizing Customer Service

Customer Service Management

Customer Information Management

Through multiple channels, including market research, sales visits, and customer consultations, the Company has established a structured customer information management system and strictly enforces customer information confidentiality policies

Professional Technical Guidance

Depending on product category and sales volume, companies of the Feed Sector deploy qualified breeding service personnel to deliver technical training and support disease diagnosis and prevention. When requested, these specialists provide on-site technical assistance, helping customers resolve after-sales challenges efectively and eficiently.

Expanding Online Service Capabilities

In line with evolving digital marketing trends, the Company has developed tailored online sales strategies for both its Pig and Feed sectors to broaden customer reach and improve service eficiency. For details on the Pig Sector’s online strategy, see the “Special Feature: Embracing AI to Unlock New

Customer Complaint Management

Customer Communication

Each business division maintains a dedicated 400 customer complaint hotline, publicized through product packaging and other customer-facing channels. Frontline sales personnel conduct regular communications with distributors, collecting and compiling market feedback on a daily basis and forwarding it to the Safety and Quality Department, which oversees production departments in implementing targeted improvements.

Complaint Handling

Impact, Risk and Opportunity Management

All business divisions have established robust complaint handling mechanisms and standardized process workflows to ensure all issues are resolved thoroughly and efectively.

Satisfaction Management

Responsible Marketing

To gain meaningful insight into customer experiences with its products and services, the Company conducts regular customer satisfaction surveys. Core evaluation dimensions include product quality, complaint handling speed and efectiveness, and delivery accuracy. Sector-specific and customertype-specific questions are incorporated to improve feedback relevance and depth. Survey findings are systematically analyzed to identify gaps and drive improvements, with customer satisfaction evaluations serving as a key lever for strengthening customer relationships and continuously optimizing the service experience.

New Hope Liuhe continuously strengthens its compliance framework for marketing and promotional activities, establishing clear requirements and standardized processes to govern how marketing is conducted. During the reporting period, the Company formulated and revised the Marketin_g and the ensuring all marketing activities are carried out within well-defined compliance boundaries. Dedicated compliance training was also organized for marketing personnel to reinforce their awareness of regulatory requirements and elevate professional standards.

New Hope Liuhe has established a customer risk management and opportunity identification mechanism spanning the full business process, with the aim of strengthening business resilience in a complex and rapidly evolving market environment. Through regular customer visits, satisfaction surveys, industry exhibitions, and ongoing monitoring of laws and regulations, the Company dynamically tracks market trends and shifting customer needs, while proactively identifying potential business risks arising from technological changes, quality fluctuations, or delivery disruptions Additionally, the Company leverages daily customer communications, satisfaction surveys, and complaint reviews to systematically identify gaps in product quality, user experience, and customer service, converting these insights into concrete opportunities for improvement. Through continuous professional capability building and process optimization, the Company consistently strengthens customer trust and recognition, ensuring the sustained and healthy growth of its core businesses.

Indicators and Targets

Customer complaint resolution rate (Fresh Meat Sector): 100% Customer complaint resolution rate (Feed Sector): 92.5% Responsible marketing training sessions: 37 Responsible marketing training attendances: 9,822 Responsible marketing training hours: 58 Responsible marketing training coverage (marketing & sales personnel): 100%

New Hope Liuhe places customer satisfaction at the center of its service commitments and performs regular monitoring of key indicators, including customer complaint handling rates and resolution rates, to ensure its customer service objectives are duly met.

Supply Chain Management

Governance

New Hope Liuhe places significant importance on the social and environmental value generated and impacts created by activities across its industrial chain. By establishing a closed-loop management mechanism that covers the full supplier lifecycle, and by embedding sustainable development and green procurement principles throughout its operations, the Company systematically manages supply chain risks, enhances supply chain resilience, and works collaboratively with partners to drive the steady growth and green transformation of the broader industrial ecosystem

New Hope Liuhe operates in compliance with applicable national laws and regulations, including the Law of the People's Republic of China on Invitation and Submission of Bids and its implementation regulation. The Company has established a structured three-tier supplier management framework comprising the decision-making, management, and execution bodies. Underpinned by internal management systems such as the Internal Su lier Mana ement S stem and the Sourcin and the Company is committed to building a responsible and sustainable supply chain.

Strategy and Management Approach

New Hope Liuhe continues to strengthen and refine a comprehensive full-lifecycle supplier management mechanism covering supplier onboarding, tiered classification, performance evaluation, and exit/replacement. Quality, environmental, safety, and health (QESH) standards are integrated across all dimensions of supply chain management to boost the eficiency and reliability of the supplier network. Through regular supplier communications, training initiatives, and other engagement activities, the Company ensures that the latest policy requirements and internal expectations are conveyed to suppliers in a timely and accurate manner, enhancing their capacity to meet their responsibilities

Supplier Full Lifecycle Management

The Company has established a full-lifecycle management framework spanning supplier onboarding, evaluation, tiered classification, and exit, ensuring that all suppliers meet the Company’s standards. In compliance with the Re ulations on Ensurin Pa ments to Small and Medium-sized Enter rises the Company guarantees timely payments to SMEs through supply chain finance, electronic commercial

Case

paper financing, automatic payment arrangements, and dedicated green payment channels. In 2025, no instances of malicious payment delays, litigation, arbitration, or administrative sanctions were recorded.

Elevating Supplier Capabilities

The Company fosters mutual growth and development with its suppliers through a range of collaborative approaches, including technical guidance and support, feed formula optimization, quality control system strengthening, joint testing capability development, supplier personnel training, benchmarking assistance, co-innovation, and quality incentive programs.

In 2025, the Company conducted sampling tests on dicalcium phosphate sourced from phosphate manufacturers. In addition to standard national indicators, the testing focused on key internal contro metrics, including pH value, free water content, and sulfate levels. Based on the results, the Company worked closely with its BUs, testing center, quality control team, and suppliers’ internal teams to identify the core gap: manufacturers and their competitors had insuficient understanding of sulfate indicators and their significance. In response, the Company organized joint training sessions and technical discussions with the phosphate manufacturers, reaching a shared consensus that manufacturers would accelerate internal re-inspection of sulfate levels, develop a stronger grasp of the relevant technical parameters, and identify existing process deficiencies. Going forward, the Company’s testing center will collaborate directly with manufacturers to enhance the commercial application and practical value of this indicator in actua production processes

Increasing Supply Chain Resilience

Supply chain resilience can be afected by a wide range of factors, including geopolitical tensions, industry volatility, and fluctuations in bulk commodity markets. To proactively address these risks, the Company applies a systematic, multi-dimensional risk assessment framework when selecting key suppliers, spanning country/region, industry, and commodity levels. At the country/region level, the Company screens suppliers’ operating locations against international sanctions lists and global risk indices, with particular attention to political stability, trade policy developments, and exposure to natural disasters. At the industry level, assessments are tailored to the agriculture, animal husbandry, and food sectors, encompassing food safety management systems, labor rights protections, environmental compliance, and industry concentration risks. At the commodity level, the Company has established a price fluctuation early warning mechanism for key bulk inputs such as corn and soybean meal, alongside onboarding and traceability protocols for critical materials including animal health products and breeding pigs, all working together to build a more resilient and secure supply chain. During the reporting period, the Company successfully navigated multiple extreme weather events and international market disruptions, maintaining a 100% supply stability rate with zero supply interruptions, zero major quality incidents, and zero ESG-related public opinion risks, setting an industry benchmark for supply chain resilience.

Supply Chain Resilience Enhancement Strategies

Supply Chain ESG Management

In 2025, the Company conducted 3 integrity and compliance training sessions, reaching 2,005 key suppliers and engaging a total of 2,680 participants.

As New Hope Liuhe continues to expand its global operations, the Company is developing and implementing comprehensive labor and human rights management policies applicable to both suppliers and contractors. Suppliers are required to make formal commitments to uphold standards across a broad range of areas, including child labor prevention, forced labor prohibition, occupational health and safety, wages and benefits, working hours, anti-discrimination, fair treatment, freedom of association, ethical business conduct, environmental management, anti-corruption and conflict of interest, and fair competition practices. Clear provisions for breach of commitment and corresponding remedial measures are established and incorporated as a key dimension of supplier performance evaluation. This approach drives suppliers to strengthen their respect for and protection of fundamental human rights in the workplace, ensuring the consistent global implementation of the Company’s human rights policies. In line with its sustainable procurement principles, the Company designates product quality as a veto criterion within its supplier performance assessment framework, while treating environmental protection and social responsibility as critical evaluation items.

The Company further reinforces supply chain integrity through a rigorous oversight mechanism. Suppliers are required to sign quality commitment letters and transparent cooperation agreements, with anticorruption clauses embedded in all contracts to regulate business conduct. Throughout the procurement process, the Company upholds full transparency and end-to-end electronic traceability, and conducts regular unannounced inspections and targeted special audits to standardize supplier behavior. Any supplier found to be in violation of relevant requirements is placed on a permanent blacklist and barred from future engagement, fostering a supply chain culture built on integrity, trust, and mutual benefit.

New Hope Liuhe regards sustainable supply chain management as a core pillar of business continuity and long-term value creation. The Company has established a comprehensive, full-process risk governance system encompassing: risk identification; assessment and tiered classification (high / medium / low); development and implementation of control measures; dynamic monitoring and early warning; incident response; and periodic review and optimization. Through a structured arrangement of annual risk assessments, quarterly reviews, monthly monitoring, and targeted inspections during major public holidays or extreme weather events, the Company systematically identifies and manages key risks and opportunities across the supply chain to strengthen overall resilience

Indicators and Targets

Total number of suppliers: 4,26 Key suppliers: 96 Supplier environmental evaluation coverage: 100% Supplier quality and safety evaluation coverage: 100% Supplier li C i signing rate: 100% Suppliers with quality management system certifications: 1,980

New Hope Liuhe has set clear supply chain risk management objectives: zero disruptions to core raw material supply and zero major quality or ESG incidents. Annual supply chain management target are formulated, tracked, and reviewed to drive continuous progress toward a more sustainable and resilient supply chain.

3

Green Industry for a Thriving Natural Ecosystem

Chapter Content

\- Sustainable Agriculture 45 - Sustainable Operations 48 - Addressing Climate Change 51 - Ecosystem and Biodiversity Conservation 56

Contribute to the UN 2030 Sustainable Development Goals (SDGs)

Case

Innovating the High-Bed Planting Model to Resolve Planting-Absorption Conflicts

New Hope Liuhe is committed to an ecology-first approach to green development, advancing a croplivestock integration model rooted in circular agriculture principles. The Company applies advanced technologies to ensure the safe treatment and resource recovery of livestock manure and wastewater, and upholds stringent animal welfare standards to support healthy animal growth, which delivers benefits for both economic performance and environmental sustainability.

Guided by the principles of ecological circularity and waste-to-resource conversion, New Hope Liuhe continues to deepen its crop-livestock circular agriculture model. This model achieves zero pollutant discharge from livestock operations, efectively raises soil organic matter content, and enhances farmland carbon sequestration capacity, supporting the broader development of ecological circular agriculture The “Pig-Biogas-Fertilizer-Fruit/Vegetable/Grain” Ecological Circular Model: Adapted to local conditions, each pig farm employs one of three treatment technologies, i.e., UASB anaerobic digestion combined with two-stage A/O processing, CSTR anaerobic digestion, or black membrane biogas systems, to convert production wastewater into reclaimed water or biogas slurry for use in field irrigation upon meeting discharge standards. Solid waste such as pig manure undergoes safe and stabilizing treatment through a fully enclosed, intelligent aerobic composting system, with the resulting organic fertilizer either returned to nearby farmland or sold commercially. This model achieves zero pollutant discharge, comprehensive resource utilization of livestock waste, and tangible improvements in soil health.

To address the challenges that biogas slurry and reclaimed water application can pose to crop growth in terms of timing and volume, New Hope Liuhe conducted a systematic assessment of the limitations of conventional flat-bed planting. Recognizing that existing methods were poorly suited to the demands of irrigation and nutrient absorption, the Company moved away from conventional approaches and pioneered a high-bed planting model. By raising planting ridges and utilizing inter-ridge furrows for irrigation and drainage, the system retains moisture through furrow irrigation during dry periods while efectively channeling excess water during heavy rainfall. This innovation resolves the inherent tension between crop cultivation and nutrient absorption, advancing a higher-quality integration of crop and livestock farming.

In 2025, the Company’s North China Squad used demonstration plots to shift surrounding farmers from initial skepticism to genuine recognition of the yield-enhancing benefits of its water and fertilizer solutions. The Company provided 20,000 cubic meters of biogas slurry free of charge for field application, helping to cultivate a healthy regional ecosystem for crop-livestock integration.

Control Group: High-bed planting on the right (deep green, robust) versus flat-bed planting on the left (noticeably shorter plants)Crops along ridge edges: Healthy growth, attributed to limited biogas slurry application under the Company’s absorption program

New Hope Liuhe operates in full compliance with the ethical and legal standards governing animal welfare, breeding, and reproduction. The Company has developed and rigorously enforces its Animal Welfare Mana_gement S_pecifications ensuring that pigs are provided with a suitable rearing environment, high-quality feed, and clean water throughout their entire production cycle. The Company consistently strengthens employee awareness of animal welfare, safeguarding pigs from disease, pain, and mistreatment while ensuring they receive appropriate care at every stage of their lives.

Ensuring Animal Welfare

The Company strictly adheres to the five core principles of animal welfare, regulates the use of veterinary medicines in livestock operations, and maintains high standards across all aspects of animal husbandry, including rearing environments, feed nutrition, and health management.

Regulating Veterinary Drug Use

Reducing Preventive Antibiotic Use: The Company is committed to minimizing antibiotic use and residues across its livestock operations through improved rearing environments, advanced technologies, and strengthened management practices. Comprehensive antibiotic use management systems and protocols have been established and are strictly enforced, with all drug administration subject to rigorous oversight. The Company takes a prevention-first approach to animal health, reducing the incidence of disease and the associated need for antibiotics through enhanced housing conditions, refined feeding management, and measures to strengthen animal immunity. Where drug use is necessary, precision medication protocols and disciplined disease control practices ensure that antibiotics are used rationally and appropriately, which improves product safety and quality while mitigating the impact of antibiotic residues on both the environment and human health.

Regulating Veterinary Medicine Use: In full compliance with announcements and requirements issued by the Ministry of Agriculture and Rural Affairs, the Company categorically forbids the use of prohibited veterinary drugs in feed and commits to not administering growth-promoting substances (e.g., hormones) to any animals. Permitted traditional Chinese medicine feed additives are used only within specified dosages. The Company also actively invests in the development of safer, more environmentally friendly bio-based feed products to further enhance animal feed safety.

In alignment with national food security strategies, New Hope Liuhe draws on its position as a worldleading feed enterprise to collaborate with a broad range of research partners in driving technological innovation. To address persistent industry challenges, including low feed resource utilization rates and the need to substitute protein and energy raw materials, the Company has developed a comprehensive suite of grain-saving and eficiency-enhancing solutions. Through industrial-scale application, these solutions have efectively reduced grain consumption and breeding costs, making a meaningful contribution to national food security and the advancement of sustainable agriculture.

During the reporting period, the Company’s Feed Sector rolled out liquid fermented swine feed across pig farms nationwide, delivering significant improvements in feed intake, daily weight gain, and feed conversion efficiency, with cumulative soybean equivalent savings of 611,000 tonnes. The Pig Sector shortened fattening cycles through selective breeding improvements, achieving grain savings of 37,400 tonnes. By optimizing in-house feed formulas for fattening pigs, soybean meal inclusion was reduced to 5.3%, generating an additional 100,000 tonnes in feed grain savings. Across all business segments, tota grain savings for the year reached 748,400 tonnes through formula optimization and science-based feeding practices.

Total grain saved in 2025:

748,400

tonnes

Soybean equivalents saved through tonnes611,000 fermented swine feed

Grain saved through breeding tonnes37,400 rovements:

Grain saved by optimizing in-house tonnes100,000 feed formulas:

New Hope’s Hongtong NH Diversified Diet Optimization Formula System and its Key Technologies and Demonstration of Grain-Saving, High-Efficiency Compound Feed for Livestock and Poultry were selected for inclusion in the Technical Product Handbook of the National Key R&D Program, “Development and Product Creation of New Energy Feed Resources to Replace Corn”, under the Grain-Feed Coproduction and Income Increase Initiative.

The Company was honored as an Outstanding Unit in Feed Grain Reduction by the Sichuan Association of Feed Industry.

New Hope Liuhe actively embraces the national call for circular economy development, embedding the philosophy that “lucid waters and lush mountains are invaluable assets” across every aspect of its business operations. The Company continues to strengthen its environmental management systems, accelerate the transition to greener production practices, and improve resource utilization eficiency, all with the aim of reducing its operational resource footprint and environmental impact, and fostering a relationship of harmonious coexistence between human activity and the natural world.

Total investment in environmental protection: RMB 150.60 million

New Hope Liuhe firmly complies with national environmental laws and regulations, including the Environmental Protection Law of the People's Republic of China and the Environmental Impact Assessment Grounded in the ISO 14001 environmental management system, the Company has established a three-tier environmental management structure comprising the Safety and Environmental Protection Center at the corporate level, the Safety Operations and Planting Environmental Protection Department of the Pig Sector, and the Planting Environmental Protection Departments of all squads. Through continuous refinement of its environmental management systems and frameworks, the Company has built a robust, long-term mechanism for environmental protection.

Strengthening Management Foundations: With a focus on standardized operations, risk mitigation, and clear accountability, the Company has continuously improved its environmental management systems to govern daily operations and define liability. It has worked to enhance environmental awareness among general managers, implemented a top-leader accountability system, and taken comprehensive steps to strengthen overall environmental governance capabilities. During the reporting period, the Company released the Pi BG Environmental O eration Mana ementS stem, which outlines 10 core operational requirements and 10 prohibited practices for environmental management, complemented by corresponding incentive measures. To drive performance improvement, the Company recognized the top 5% of outstanding environmental stations and the top 1% of most-improved ones. These initiatives aim to strengthen environmental operation management, enhance frontline risk prevention, and improve the eficiency of hazard identification and investigation.

In parallel, the Company introduced the Pi Sector BG EnvironmentalAdministrative Penalt Accountabilit which establishes clear procedures for accountability, incident classification, and penalty enforcement. By strictly holding relevant parties accountable for environmental non-compliance and resulting administrative penalties, the Company has efectively raised environmental awareness across the organization, improved the eficiency of collaborative risk response, and clarified the assignment of responsibilities

Where environmental issues (e.g., excessive nutrient absorption, sewage overflow, excessive gas emissions) were identified at certain branches in 2025, the Company responded swiftly with targeted corrective actions. Through reinforced daily risk controls and enhanced employee awareness of environmental compliance, these measures help prevent the recurrence of similar incidents and support the ongoing elevation of environmental management standards

Details of administrative penalties imposed by environmental protection authorities and other relevant regulators in connection with environmental incidents, along with corresponding rectification measures, are disclosed in the “Environment and Social Responsibility” chapter of New Hope’s 2025 Annual Report.

Establishing an Environmental Management System: Drawing on internal standards, including the Environmental Risk Event Classification and Grading Standards of New Hope Group, the Environmental Risk Early Warning and Response Mechanism, and the Comprehensive Environmental Inspection System the Company has established clear protocols for risk classification, early warning, emergency response, and inspection requirements. This has strengthened the Company’s overall capacity for environmental risk identification, early warning, and mitigation. The Company actively encourages its branches and subsidiaries to pursue environmental management system certifications and independent audits, with the aim of consolidating environmental management capabilities from an internationally recognized, professionally rigorous perspective.

During the reporting period, Hebei Qianxihe Meat Industry Co., Ltd. successfully obtained ISO 1400 Environmental Management System certification.

New Hope Liuhe strictly adheres to all applicable national and local regulations governing waste emissions, including the Lawofthe Peo le^’s Re ublicofChina on Water Pollution Prevention andControl the L fth P l ^’ R bli fChi th P ti dC t l fAt h i P ll ti and the Law of the People's Republic of China on the Prevention and Control of Environmental Pollution by Solia Building on this regulatory foundation, the Company has established the and the and has put in place a comprehensive emission monitoring and governance framework. Through continuous optimization and innovation in production processes, rigorous classified waste management, and strict control over the discharge of the three wastes (wastewater, exhaust gas, solid waste), the Company is committed to maximizing resource eficiency and minimizing its environmental footprint.

New Hope Liuhe prioritizes the eficient use of water resources and operates in strict compliance with the and all other relevant regulations. The Company continuously refines its water resource management practices and implements water-saving initiatives across every dimension of its operations, from production processes to day-to-day facility management. By actively promoting water recycling and progressively reducing overall consumption, the Company strives to manage water as a shared and finite resource. Water used across the Company’s operations is sourced primarily from municipal water supply, surface water, and groundwater, with no significant environmental impact attributable to the Company’s water source selection.

Water Resource Usage Plan

Mitigating Water Usage Risks: Key production sites conduct comprehensive water quality assessments on a quarterly basis. Where water quality is found to be substandard, root cause analyses are performed and targeted remediation measures (e.g., turbidity treatment, sterilization, disinfection) are promptly implemented to ensure that on-site water supply consistently meets operational requirements.

Strengthening Water Management: The Company is actively advancing the intelligent upgrading of water meters across all sites, while optimizing supply metering for wells and reservoirs. Consumption in sow farms, fattening farms, and environmental protection zones is tracked through dedicated metering systems. Each site conducts monthly classified data analysis, with an intelligent management platform enabling real-time monitoring of water usage patterns to drive continuous improvement. Routine inspections are reinforced to promptly address running, overflowing, dripping, and leaking fixtures, thereby minimizing unnecessary water waste across all facilities

Saving Production Water: Pressure relief valves in each barn are uniformly calibrated for optimal pressure and height; control floats are installed in flushing buckets to prevent overflow; and curtain operation and water flow volumes are strictly regulated. Dedicated faucets and flushing tools are provided in corridors and gestation barns across all sites, which improves water use eficiency without compromising operational efectiveness

Upholding the 5R principle (i.e., reduction, reusability, recyclability, renewability, and degradability), New Hope Liuhe drives the transition to sustainable packaging across the full product lifecycle, from design and manufacturing through to use and end-of-life disposal, to continuously minimize the environmental footprint of packaging waste

Packaging Material Reduction

The Fresh Meat Division of the Pig Sector primarily adopts bulk packaging for B-end customers, which reduces overall packaging consumption at the source.

In the Feed Sector, the Company emphasizes bulk procurement of raw materials; bulk purchases accounted for more than 58% of total procurement during the reporting period, significantly curtailin packaging bag usage. At the finished product stage, 51% of feed products were delivered via bulk trucks, an increase of approximately 6% year-on-year. Based on conventional packaging specifications, the Company reduced packaging bag usage by 231,000 units in 2025, representing a year-on-year decrease of 67,000 units.

Packaging Material Recyclabilit

The Feed Sector has established a comprehensive procurement and quality management system for woven bags, stipulating that recycled materials may be incorporated in production provided packaging integrity and quality are maintained. In 2025, a total of 20,500 tonnes of recycled plastic materials were utilized across the sector.

At overseas operations, the Company has implemented a packaging reverse-recycling system in select regions: intact packaging undergoes quality inspection before re-entering the secondary packaging circulation market, while lower-grade packaging is directed to renewable resource channels, supporting closed-loop supply chain management. The Company has also established a community recycling co-governance mechanism in collaboration with surrounding villages, which defines clear benefit-sharing arrangements whereby recycling proceeds flow back to farmers and local residents.

Packaging Reusability

At overseas operations, the Company prioritizes reusable plastic turnover baskets for chick transportation to reduce reliance on single-use cardboard packaging. A deposit system incentivizes customers to return baskets after use, enabling a traceable and accountable recycling loop.

Case

In September 2025, New Hope’s Philippines Region further advanced its localized sustainable community engagement eforts by launching the heartwarming “Knitting Hope · Childlike Environmental Bags” initiative for children in surrounding communities. Volunteers from the Central Luzon Branch visited local schools and neighborhoods, handing out candies, eco-friendly lunch bags, and shopping bags made from upcycled feed woven bags to children and residents — bringing environmental protection concepts to life through hands-on, meaningful action.

Paper 2,100 Total packaging material usage: material tonnes 28,300 usage: Plastic g 26,200 packagin tonnes tonnes usage:

Recycled plastic n 20,500 materials used i tonnes feed packaging: Reduction in 231,000 feed packaging units bag usage:

Addressing Climate Change

Climate Governance

In response to the ParisA reement and the NationalClimateChan eAda tation Strate 2035 New Hope Liuhe places climate-related risk identification and management at the forefront of its operations while advancing energy conservation and emissions reduction initiatives to support China’s carbon peaking and carbon neutrality objectives.

New Hope Liuhe has progressively established a climate change governance framework led by the Board of Directors and the Strategy and Sustainability Committee, with the management team at its center and operational execution carried out by the Safety and Environmental Protection Center at the corporate level, together with the Planting Environmental Protection Departments, Administration Departments, and other relevant departments across all sector BUs. Through this top-down governance structure, the Company ensures that climate initiatives are advanced in a systematic and well-coordinated manner.

Climate Strategic Planning

Drawing on climate-related risk and opportunity assessments, New Hope Liuhe proactively integrates climate change response and dual-carbon commitments into its strategic planning, enterprise risk management system, and day-to-day operations. The Company has developed a Three-Year Dual Carbon Strategic Plan (2023-2026), anchored in five core focus areas: green electricity adoption, biogas utilization, circular water use, biological carbon sequestration, and carbon trading. The Company also monitors emerging trends and evolving demands within the low-carbon transition, with a particular focus on sustainable agriculture, to strengthen development resilience and foster long-term, sustainable growth.

New Hope Liuhe’s Three-Year Dual Carbon Strategic Plan (2023-2026)

Enhancing Climate Resilience

New Hope Liuhe regards climate change as both a pressing challenge and a strategic opportunity. The Company systematically researches climate-related risks, rigorously evaluates its capacity to adapt to and mitigate such risks, and actively positions itself to capitalize on emerging opportunities in a transitioning climate landscape, working to transform risks into resilience and challenges into long-term growth drivers.

New Hope Liuhe is steadily expanding its renewable energy portfolio by accelerating the deployment of distributed PV power generation facilities, promoting the reuse of biogas, and increasing the share of clean energy in its overall energy mix. In 2025, the Company commissioned 4.42 MW of newly connected PV installed capacity and 0.26 MWh of energy storage capacity, with an additional 27.57 MW of PV capacity and 4.20 MWh of energy storage capacity either under construction or in the planning stage. As of the end of 2025, the total installed capacity of the Company’s operational PV projects reached 19.64 MW. Over the course of the year, these projects generated 15.60 million kWh of clean electricity, reducing GHG emissions by 8,278.85 CO e

Improving Energy Eficiency

The Company has issued and implemented the Ener_gy Conservation and Consum_ption Reduction driving refined energy management across all operations. Through energy-saving technology upgrades to facilities and equipment, targeted conservation training, and a range of complementary initiatives, it continues to improve energy eficiency and deliver meaningful energy savings.

Strengthening Energy Management: The Company has established and brought into stable operation a first-level metering, monitoring, and management platform for water and electricity consumption enabling real-time oversight of energy usage across all operating sites. Ongoing comparative analysis through this digital platform drives continuous optimization of energy eficiency performance. Energy-Saving Transformations: The Company has systematically replaced conventional lighting system with energy-eficient LED fixtures, upgrading approximately 22,000 units to 12-watt lamps and achieving a 33.3% reduction in lighting energy consumption. In addition, the replacement of high-energy-consumin gas water heaters with ultra-low-temperature air-source heat pump units delivered a further 40% energ saving.

Enhancing Energy Conservation Awareness: The Company organized three dedicated energy management training sessions, covering intelligent platform operation and daily water and electricity conservation practices, with a total of approximately 1,000 manager attendances

Integrating technological and institutional innovation, New Hope Liuhe leverages the absorption land associated with its Pig Sector to conduct carbon accounting and emission reduction projects in the breeding sector in accordance with the Verified Carbon Standard (VCS). The Company actively promotes biological carbon sequestration and the development of carbon assets, delivering triple wins across ecological, environmental, and economic dimensions.

Since signing a Memorandum of Understanding on a GHG emission reduction project with a Volkswagen Group afiliate in September 2023, the Company has supplied a cumulative total of 282,500 tonnes of carbon indicators to Volkswagen Group across two phases, including 100,000 tonnes delivered in 2025.

Total carbon emission reduction development projects signed:

Total certified carbon emission reduction credits:

925,100 tonnes

Impact, Risk and Opportunity Management

To efectively identify, assess, and manage the potential impacts of climate-related risks and opportunities on its operations, New Hope Liuhe has established a structured climate risk and opportunity management process, conducting regular reviews of both internal and external climate-related factors.

Climate Risk and Opportunity Management Process

Identification of Climate Risks and Opportunities

Climate-related risks and opportunities are identified in alignment with the framework recommendations of IFRS S2 Cli related Disclosures and the Guidelines No 3 of Shenzhen Stock Exchange for the Self-Regulation of Listed Companies — Preparation of Sustainability Reports.

Materiality Assessment of Climate Risks and Opportunities

Management of Climate Risks and Opportunities

Internal and external risk management tools are applied to identify climate risks and opportunities with material impacts on the Company’s business, evaluated on the basis of probability of occurrence and magnitude of potential impact

Material climate risks and opportunities are integrated into the Company’s risk management system, subject to regular monitoring and dynamic strategic adjustment to ensure continued alignment with policy developments and market demands

To address climate-related challenges, the Company refines its climate risk emergency response plans, pre-positions emergency resources, and conducts regular drills. Response mechanisms are continuously optimized to strengthen extreme weather preparedness, enhance climate resilience, and elevate the overall standard of climate governance.

Indicators and Targets

Note: GHG emissions reported herein refer solely to carbon dioxide and exclude other greenhouse gases (e.g., methane, sources. Scope 1 GHG emissions cover emissions from fossil fuel combustion (diesel, gasoline, natural gas, etc.) and industrial processes. Emission factors are calculated in accordance with the national standard GB/T 32151.25-2024 Scope 2 GHG emissions cover emissions attributable to purchased electricity and heat. The 2024 electricity emission factor references the national average power grid emission factor specified in the (Announcement No. 47 of 2025) jointly issued by the Ministry of Ecology and Environment and the Nationa Bureau of Statistics.

Guided by its Three-Year Dual Carbon Strategic Plan (2023-2026), New Hope Liuhe has developed a science-based carbon emission reduction roadmap and continuously tracks progress toward its targets.

New Hope Liuhe places biodiversity conservation at the heart of its environmental stewardship agenda, actively advancing the model of agricultural-livestock recycling and crop-livestock integration. The Company implements targeted measures to prevent and mitigate the ecological impacts of its operations, which contributes to the sustainable development of agricultural ecosystems in the regions where it operates.

Biodiversity Conservation

Throughout the planning, design, construction, and day-to-day operation of pig farms, the Company adheres strictly to all applicable laws, regulations, and policies, including the Environmental Protection Law of the People's Republic of China, the Environmental Impact Assessment Law of the People's Republic of China, the Law of the People's Republic of China on Prevention and Control of Soil Contamination, and the O inions on Further Stren thenin Biodiversit Protection The Company prioritizes the protection of native vegetation and habitats within developed areas, and implements a comprehensive suite of measures to mitigate the impact of farm construction and operations on local habitats and ecosystems, striving to achieve harmonious coexistence between its business activities and the natural environment. During the reporting period, the Company did not establish new operations in government-designated key ecological functional areas or other areas of high biodiversity value, nor did any new projects result in significant impacts on protected or restored habitats

Land Use Improvemen

New Hope Liuhe strictly adheres to all applicable land use laws and regulations across its operating regions, ensuring full compliance in land development, utilization, and reclamation. The Company has established clear land use objectives centered on soil and water conservation, vegetation restoration, and soil quality improvement, underpinned by a robust environmental monitoring mechanism. Regular monitoring and evaluation ensure the consistent achievement of these objectives and the sustained efectiveness of land use improvement eforts over time.

Germplasm Resource Protection

The livestock and poultry seed industry serves as the strategic “core” of animal husbandry and represents a foundational sector critical to safeguarding national food security, food safety, and ecological security. New Hope Liuhe actively invests in scientific breeding programs, making meaningful contributions to the protection and development of high-quality germplasm resources. For further details on breeding research and innovation, please refer to the “Nutrition and Health R&D” section of this report.

Leading the Establishment of the Sichuan Native Pig Breeding Consortium to Advance Local Pig Germplasm Protection and Precision Breeding

In October 2025, New Hope Liuhe joined forces with leading Sichuan-based breeding enterprises, including Sichuan Dekang Agriculture and Animal Husbandry Food Group Co., Ltd., Sichuan Modern Seed Industry Group, and Techlex Group, to establish the Sichuan Native Pig Breeding Consortium, taking the lead in mobilizing coordinated breeding eforts across the industry

Sichuan Province is home to 8 local pig genetic resources and 4 newly cultivated pig breeds (including matching lines), providing a solid foundation for regional seed industry development. All consortium members possess extensive experience in pig performance testing, genetic selection, and commercial-scale production. Guided by market demand, the Consortium will integrate high-quality local pig germplasm resources across Sichuan, build a full-chain R&D system spanning resource conservation through breed cultivation, and address the long-standing industry pain point of “high quality but low commercial value” through comprehensive industrial chain deployment, driving the local pig industry toward greater scale and standardization. In December 2025, New Hope Liuhe’s Breeding Division successfully developed a 60K high-density solid-phase SNP genotyping chip, which integrates key functional loci for early-stage pig selection with distinctive genetic resources of indigenous Chinese pig breeds. As China’s first chip capable of supporting the identification of commercial local pig breeds, it provides robust technical support for advancing the breeding system and strengthening the protection and utilization of local germplasm resources

New Hope Breaks Through Indonesia’s Great-Grandparent Poultry Seed Bottleneck

New Hope’s great-grandparent chicken farm project in Indonesia was completed in July 2025, with the first batch of great-grandparent chickens introduced in August. With a total breeding capacity of 21,000 sets of great-grandparent broiler breeders, the facility is equipped with fully enclosed standardized housing, professional incubation infrastructure, and comprehensive production, living, and environmental protection support systems Since commissioning, all key production indicators have exceeded the local industry average. When fully operational, the project is expected to produce 770,000 sets of parent generation breeders and 127 million commercial chicks annually, fully meeting the Company’s current business requirements in

案例Case

Indonesia.

Previously, Indonesia relied entirely on imported broiler great-grandparent seeds, subject to strict quota controls. Through in-depth cooperation with local Indonesian partners, New Hope has resolved the longstanding industry challenge of breeder introduction and achieved independent control over its seed supply. This project completes the critical breeding link within the Company’s full poultry industry chain in Indonesia, establishing strong strategic synergy with its existing feed, parent generation breeding, and commercial generation breeding operations, which paves the way for the Company’s long-term sustainable development in the Indonesian market.

Value Cocreation for Common Prosperity

Chapter Content

\- Enabling Employee Growth 61 - Empowering Farmers 73 - Caring for Society 74

Contribute to the UN 2030 Sustainable Development Goals (SDGs)

5 GENDER EQUALIT

8 DEDENTWOORKNH

10 READES

Human Rights Commitments

Upholding its founding philosophy of “stand firm in belief, endure with passion,” New Hope Liuhe regards talent as the core engine of sustainable development. The Company efectively safeguards employees legitimate rights and interests, establishes a comprehensive platform for professional growth, and aligns its talent needs with employees’ personal development aspirations. Through these eforts, it seeks to attract, develop, retain, and engage a high-caliber workforce — all while sharing the benefits of the Company’s development with its people. The Company also actively fosters an inclusive, harmonious, and supportive workplace culture, enabling employees’ personal fulfillment and the Company’s long-term growth to advance in tandem.

Guided by a people-centric philosophy, New Hope Liuhe places the protection of employee rights and interests and the cultivation of harmonious labor relations at the forefront of its human resources agenda. The Company continuously refines its management practices to be more systematic, precise, and responsive to evolving needs, striving to create a workplace environment that is fair, equitable, and respectful for every employee.

As the company-wide responsible body for employee rights protection, the Human Resources Department consistently strengthens the human resources management system and refines key governing policies, including the H m n R r M n m nt R l ti n the R t L ndAtt nd n M n m nt Regulations, the Employee Resignation, Retirement, Re-employment and Rehiring Management Measures and the W lf r ndAll n M n m nt M r The H m n R r M n m nt R l ti n serve as the Company’s core labor management policy, applicable to all employees. By clearly defining employee codes of conduct, attendance and leave, talent development, compensation and benefits, employee relations, and reward and disciplinary mechanisms, it comprehensively safeguards the legitimate rights and interests of both the Company and its workforce. During the reporting period, the Company revised its N Em l Pr b ti n M n m ntM r further standardizing and refining employee management practices through systematic institutional iteration

Labor and Human Rights Management

The Company strictly complies with all applicable national laws and regulations, including the Labor Law of the People's Republic of China and the Labor Contract Law of the People's Republic of China, as well as international human rights norms such as the UN U i l D l ti fH Ri ht and the ILO together with the local laws and regulations of all regions in which it operates. The Company has formulated a H Ri ht P li St t t that embeds fundamental human rights protections into every aspect of its work environment and labor management practices, which is applicable to both its own operations and its supply chain. During the reporting period, the Company recorded no human rights or labor compliance incidents of any kind, including child labor, forced labor, employee discrimination, or workplace harassment

approved employer.

This is to certify that

New Hope Liuhe Co.,Ltd. has received the award q

ACCA Approved Employer-Professional Development

in recognition of the continuing professional development opportunities provided to ACCA members.

Reference number: 33681461 Approval valid from: 3 November 2025

Grn hammo Ann Lamb ACCA Director-Professional Qualification

This certificate memains the peoperty of ApcA and must not in any cincumstances be copied, altered or ctherwise defaçed. ACA netains the rigée to dlemand the neturn of thi crtte ataytm an whunn

THINK AHEAD

accaglobal.com

Recipient of the Approved Employer designation awarded by the Association of Chartered Certified Accountants (ACCA)

New Hope Liuhe has established a comprehensive human rights due diligence mechanism covering its entire operations and supply chain, enabling the systematic identification, prevention, and mitigation of potential human rights impacts. The due diligence process follows a structured closed-loop management cycle: assessing actual and potential impacts, integrating findings into concrete actionable measures monitoring implementation effectiveness, and communicating approaches and outcomes to relevant stakeholders. Due diligence is initiated at an early stage whenever the Company expands into new business areas or establishes new partnerships. In conducting impact analysis, the Company consistently deepens its understanding of the historical, legal, social, and cultural contexts of its operating regions. It rigorously examines how its business activities may create or contribute to human rights impacts, whether actual or potential, and incorporates these findings into the Company’s and its operating assets’ major risk frameworks for dynamic monitoring and continuous optimization of preventive measures. In terms of stakeholder engagement, the Company proactively engages with potentially afected groups to understand their perspectives, reduce power imbalances, and build relationships grounded in mutual respect, trust, and transparency, which ensures that human rights protection is embedded throughout all aspects of corporate governance and business operations

Grievance Mechanism and Remediation

To ensure that all stakeholders can raise concerns efectively, the Company has established a confidential, 24/7 helpline accessible to employees, contractors, suppliers, and members of the public affected by its operations. The Company is committed to acknowledging, reviewing, and documenting all issues raised through this channel. Once a complaint is verified, it will provide or facilitate appropriate remedial measures, maintain ongoing communication with affected stakeholders regarding outcomes, and reintegrate lessons learned into the due diligence process for continuous improvement. In accordance with the Company’s code of conduct, New Hope Liuhe prohibits any form of punishment, disciplinary action, or retaliation against individuals who raise concerns or cooperate with investigations, efectively upholding the right to redress and ensuring that the Company’s human rights commitments are translated into consistent practice across all dimensions of governance and operations.

Welfare and Care

Welfare Protection

The Company has built a diversified and multi-tiered employee welfare system. Beyond full compliance with all statutory benefit requirements, the Company continually enriches its supplementary welfare oferings to strengthen employees’ sense of well-being and organizational belonging, enabling them to enjoy meaningful work and a high quality of life

Hardship Assistance

The Good Mutual Assistance Association is a long-standing care initiative that embodies the Company’s corporate culture of sharing joys and sorrows. Through a company-wide mutual aid model, it serves as a vital safety net for employees and their immediate family members facing major illness or accidental risk In 2025, 29,459 employees voluntarily enrolled in the Association, collectively raising RMB 3.89 million in mutual aid funds. During the reporting period, the Association disbursed a total of RMB 4.21 million in assistance payments to 453 members and their families.

Employee Care

The Company has launched the Wonderland of New Hope Liuhe online platform, extending its reach to both domestic and overseas employees and serving a community of over 20,000 staf members. The platform is designed to cultivate a supportive workplace built on respect, anticipation, and happiness Surprise boxes are offered with a 100% winning rate twice monthly, delivering practical gifts an interactive experiences that bring a sense of delight to daily working life. The platform also pioneered a quarterly paid welfare leave entitlement of two hours per employee, structured around four dimensions of care: grievance support, care for single employees, family bonding, and personal growth. Complemented by the Mood Station, a dedicated channel for listening to employees’ voices, the platform provides holistic support for employees’ physical and mental well-being. Through vibrant online communities connecting tens of thousands of employees, the platform brings together colleagues across the globe, nurturing cross-regional bonds and a shared sense of belonging. Established in ofice areas, the Employee Energy

Stations provide refreshments and supplies for employees working overtime, ensuring that workplace care permeates every aspect of work and life

Diversified Activities

The Company thoughtfully integrates humanistic care into the celebration of traditional festivals, which substantially enriches employees’ cultural and spiritual lives. A diverse range of cultural and sporting activities (e.g., tug-of-war competitions, badminton tournaments) are regularly organized to foster a positive and vibrant team atmosphere, strengthening collaboration and deepening emotional connections among colleagues.

Diversity and Inclusion

Championing a diverse and inclusive corporate culture, New Hope Liuhe upholds the principles of openness, fairness, and impartiality to build a collaborative, high-performing, and multidimensional workforce. Throughout all stages of employee development, including recruitment, appointment, training, and promotion, the Company does not discriminate on the basis of ethnicity, race, gender, age, marital status, childbirth status, religious belief, or any other personal characteristic. It strives to place the right people in the right roles at the right time, enabling every employee to realize their full potential. The Company also proactively recruits people with disabilities and assigns suitable positions based on their physical capabilities, which demonstrates its commitment to equal employment opportunities and development prospects for all job seekers and employees

The Company places particular importance on protecting the rights and interests of female employees and empowering their professional development. It firmly eliminates all forms of gender discrimination, strictly enforces the principle of equal pay for equal work, and actively cultivates a fair and inclusive workplace environment. The Company fully complies with all national policies governing maternity leave and breastfeeding leave, provides dedicated nursing rooms in ofice areas, and regularly organizes care activities to mark International Women’s Day and enrich the female employees’ cultural lives. Equal access to training resources and promotion pathways is ensured for all female employees, with active encouragement and support for women to take on leadership and management roles, enabling talented female employees to participate meaningfully in corporate management and to have their value and contributions fully recognized.

Equal Communication

Democratic Management

The Company implements a comprehensive suite of measures to promote democratic management, including the formulation and enforcement of the Im lementation Rules for the Workers^’ Con ress All subsidiaries have established workers’ congresses and/or trade unions to safeguard employees’ legitimate rights, including the right to information, suggestion, equal negotiation, and the election and recall of representatives. All revisions and implementations of internal systems and policies undergo thorough discussion by employee representatives to ensure broad and meaningful input is incorporated. Company rules, regulations, and announcements are made available to all employees through workers’ congresses and the OA platform, protecting employees’ rights to participation and oversight while deepening their engagement in corporate management. The Company further refines mechanisms for transparent corporate governance and timely employee feedback, maintaining the HRSEC hotline and Feishu service desk on its employee service platform, alongside multiple communication channels including email, public phone lines, and the Mood Station on the Wonderland of New Hope Liuhe platform. These channels enable the eficient collection of and response to employee opinions, forming a closed-loop, long-term feedback and communication mechanism that strengthens employees’ sense of ownership and belonging. In the event of labor disputes, the Company is committed to sincere dialogue and equal negotiation in seeking consensus and resolving conflicts amicably, with dedicated complaint and reporting channels in place to efectively protect employees’ legitimate rights and interests.

Employee Satisfaction Survey

To drive continuous organizational development and improve both team effectiveness and the overall employee experience, the Company conducts annual organizational climate surveys. These surveys are designed to assess the prevailing organizational climate, capture employees’ authentic work experiences, and provide scientifically grounded measurements of organizational health, team vitality, and employee engagement. Results from 2025 indicate that overall employee satisfaction and engagement levels remained high throughout the reporting period.

The Company regards the protection of employee rights and interests and the cultivation of harmonious labor relations as core corporate responsibilities. Through continuous institutional refinement, proactive risk prevention and control, and ongoing practice optimization, it systematically mitigates human rights risks, advances the systematization and precision of employee rights management, and fosters a fair, healthy, and respectful workplace environment. These eforts enable mutual growth between the Company and its employees while reinforcing its standing as a responsible employer.

Institutional Framework Continuous Improvement: The Company regularly updates its internal systems to clearly define behavioral red lines, including absolute prohibitions on child labor, forced labor, workplace discrimination, and harassment, while refining provisions governing rights protection across working hours, overtime approval, salary payment, and paid annual leave. This establishes a robust institutional safeguard against potential risks. A regular risk identification mechanism is maintained to surface potential risks in business operations (e.g., labor compliance, pay equity, occupational health) and the specific challenges inherent in overseas employment contexts, including cross-cultural conflicts and compliance with local regulatory requirements, which are addressed through dedicated training programs and cultural integration initiatives.

Democratic Management and Rights Implementation: Leveraging the workers’ congress system, the Company ensures that all revisions to systems and policies are subject to thorough discussion by employee representatives, fully protecting their rights to information and meaningful participation. Compensation and benefits are disbursed in strict accordance with institutional provisions, with overtime remuneration accurately calculated and paid in full. All statutory and supplementary benefits are efectively delivered. Diverse communication channels are maintained to ensure employee feedback on the work environment and working conditions is heard and acted upon in a timely and responsive manner.

New Hope Liuhe closely aligns employees’ personal career development with the Company’s overarching business objectives, building a robust and dynamic growth platform to continuously stimulate organizational vitality. The Company strives to cultivate core talent competitiveness in support of longterm sustainable development, aiming to achieve mutual empowerment and shared success between its employees and the organization.

The Company consistently refines its human resources management system to ensure deep integration with and strategic alignment with its overall corporate direction. The Human Resources Department oversees the planning and implementation of all employee training and development initiatives. A holistic institutional framework has been established spanning career advancement, employee training, performance management, and compensation incentives, encompassing key governing documents such as the Postand RankMana_gement Measures the Learnin_g Platform Mana_gementS_ystem the Internal and the During the reporting period, the Company revised its Em_plo_yee Promotion and Demotion Mana_gement S_ystem and the further optimizing its talent structure and strengthening core organizational competitiveness

Talent Attraction

To consistently strengthen its foundational talent management system, the Company has established a standardized talent audit mechanism to ensure the effective execution of its talent development strategies. Drawing on talent inventory results, the Company evaluates team capability alignment and core role competence against the requirements of its current strategic phase, scientifically forecasts shortand long-term talent gaps, and formulates targeted talent allocation plans to maintain a steady talent pipeline.

The Company has built a diversified set of recruitment channels, encompassing campus recruitment, social recruitment, internal competition, internal referrals, university-enterprise cooperation, and internship programs, to address talent needs across all types and levels. Through this approach, it efectively broads the talent pipeline and enhances the eficiency of person-job matching. Recruitment is conducted in strict adherence to the principles of fairness and professionalism: all interviewers undergo rigorous screening, dedicated training, and competency assessment prior to appointment, with regular comprehensive evaluations conducted thereafter to uphold the integrity and quality of the interview process. The Company also actively solicits candidate feedback on their interview experiences, using these insights to continuously refine its recruitment services and strengthen its appeal to top-tier talent.

Employee Development

New Hope Liuhe takes a long-term, strategic approach to talent development, with a focus on providing customized, targeted empowerment for every employee. The Company consistently refines its employee training system and invests in building an efficient, interactive learning and exchange platform. By integrating internal expertise with external industry resources, it develops training content that combines sector-specific knowledge with distinct corporate attributes, establishing a systematic, hierarchical, and professionally structured talent development framework. A tiered talent development mechanism is in place, alongside a four-tier management reserve training system and a professional track development pathway that spans the full career lifecycle—from new hires through to core senior executives. The Company also collaborates with external professional institutions to facilitate mutual growth between employees and the enterprise as a whole.

High-Quality Talent Reserve

To build a structured echelon of operational and management personnel, the Company enhances the leadership capabilities and operational proficiency of both current and potential successors. Through a suite of talent development programs, including the EMBA Program, Mid-level Training Program, Global Mid-level Training Program, Haina Program, Hope Program, and New Talent Training Camp, the Company cultivates and reserves outstanding talent across all management levels

Professional Capability Enhancemen

The Company continues to advance the development of capability frameworks across key professiona tracks. For roles spanning product technology, quality control, procurement, aquatic marketing, and veterinary medicine, it designs and delivers targeted training programs, drawing on expert knowledge to develop bespoke professional curricula and build enduring competitive advantage.

Online Training Optimization

The Company has established a robust digital learning platform underpinned by well-developed management systems. The platform ofers over 2,000 online courses spanning general competency areas (e.g., leadership, management literacy, professional conduct) and business-specific technical courses, with access also available to overseas employees. In 2025, employees collectively completed 47,307.93 hours of online learning, averaging 21.5 hours per employee

Internal Trainer Development

The Company places sustained emphasis on building a capable and dedicated internal trainer team. During the reporting period, it continued its structured process for identifying and developing internal trainers, who deliver courses closely aligned with the Company’s strategic priorities, business needs, and workplace realities. Trainer performance is incorporated into the Company’s broader employee promotion, assessment, and recognition framework

Talent Support

The Company implements mentorship programs and skills certification initiatives to help new employees integrate quickly and align efectively with their roles. For high-performing employees with high potential, EMBA programs are offered to support academic advancement and capability development. During the reporting period, leveraging the Group’s platform, the Company organized the application, defense, and evaluation processes for senior professional and technical titles in animal husbandry and veterinary medicine, resulting in 7 employees obtaining associate senior professional titles.

Promotion and Incentives

New Hope Liuhe is committed to providing all employees with fair, transparent promotion opportunities and unobstructed career development pathways. Guided by market-oriented principles, the Company operates a diferentiated compensation system with a dynamic adjustment mechanism, accounting for employees’ role attributes, performance contributions, and overall capabilities. By continuously refining its compensation structure, the Company maintains industry-competitive remuneration levels that attract, retain, and motivate top talent

Unobstructed Career Development Pathways

In 2025, the Company refined its Em_plo_yee Promotion and Demotion Mana_gementS_ystem establishing a career development platform defined by fairness, transparency, and predictability. This system efectively enables merit-based advancement and adjustment, ensuring optimal alignment between individuals and their roles. Reflecting the talent structure of its industry and business segments, the Company has established three distinct career tracks, i.e., M (Management), P (Professional), and O (Operational), encompassing 18 sequences and 71 sub-sequences across a diverse range of job types. This architecture empowers employees to chart a career path that best suits their strengths and aspirations

Total employee compensation: RMB 6.01 billion

Refined Compensation and Incentive Mechanism

The Company designs tailored compensation packages suited to different roles and functions. All employees’ remuneration includes a variable pay component, encompassing performance pay, bonuses, and various allowances, linked to quarterly performance reviews in accordance with the principle of merit-based reward. The Company consistently optimizes its diferentiated incentive approach, utilizing equity incentive plans as an important supplement to the compensation of outstanding employees. This mechanism aligns the interests of employees with those of shareholders, strengthening employees’ sense of belonging and fostering greater team cohesion.

Performance Management and Grievance Resolution

The Company’s performance evaluation framework centers on work outcomes, supplemented by assessments of work attitude and adherence to daily codes of conduct. In 2025, the Company introduced monthly assessments tied to fully budgeted operating goals, which translates annual performance targets into monthly milestones to enable dynamic tracking and ongoing process evaluation. For core management, structured 360-degree evaluations and feedback sessions are conducted, with a onevote veto policy applied to red-line violations involving food safety, production safety, and environmental protection. Integrating performance communication throughout the evaluation process, the Company also continues to refine its grievance channels and resolution mechanisms

New Hope Liuhe places high priority on human resources risk management, recognizing talent attraction and retention as the core pillars of its sustainable development. By integrating employee career development into its overarching strategic framework, the Company systematically identifies key risks that may afect the stability and growth of its talent pool, including shortfalls in critical position pipelines, core talent attrition, underdeveloped career progression systems, and non-competitive compensation and incentive structures.

To mitigate these risks, the Company formulates forward-looking talent development plans aligned wit its strategic objectives, establishes robust early warning and response mechanisms for talent-related risks, and continuously strengthens organizational appeal and employee belonging, which facilitates employees long-term career advancement.

In addition, the Company deepens the professional capabilities and risk awareness of its human resources team, standardizes end-to-end processes spanning labor relations, payroll disbursement, and talent management, and effectively reduces exposure to labor compliance and talent development risks. Together, these efforts sustain a stable, high-caliber talent foundation that underpins the Company’s pursuit of high-quality development.

Indicators and Targets

Occupational Health and Safety

New Hope Liuhe strictly adheres to applicable laws and regulations, including the WorkSafet Law ofthe People's Republic of China and the Law of the People's Republic of China on the Prevention and Control of The Company consistently refines its occupational health and safety management system, raises work safety standards, and efectively safeguards the lives of its employees, corporate assets, and the stable operation of production facilities. During the reporting period, one subsidiary obtained occupational health management system certification, and 49 branches and subsidiaries achieved Level 3 Work Safety Standardization certification, covering all business operations, contractors, and suppliers.

The Company has established a well-defined, top-down work safety management structure. At the headquarters level, the Safety and Environmental Protection Center under the Engineering Operations Department provides overarching work safety leadership. Across all sector headquarters, regions, branches, and subsidiaries, dedicated full-time and part-time safety managers are in place, while the Board of Directors and senior management participate in work safety decision-making through regular governance meetings. The Company has formulated and continuously refined systems including the WorkSafet_y and the During the reporting period, it revised the WorkSafet Mana ementS stem to incorporate provisions on gas safety, electrical safety, and equipment protection, which further consolidates its management foundation. Work safety is embedded in company-wide performance assessments and internal audits, with safety outcomes directly linked to senior management compensation. Annual rigorous reviews of system implementation are conducted to reinforce the primary responsibility of frontline production and operational units During the reporting period, the Company advanced work safety informatization by digitizing management data and piloting online approval workflows for hazardous operations. It also launched a pilot assessment of performance indicators for key responsible persons and safety oficers, with the aim of strengthening grassroots risk control capabilities

Work-related injury insurance coverage: 100%

Total work safety investment: RMB 109.51 million Total safety accidents: 6 Work-related fatalities: 6 Work-related fatality rate: 0.01% Total work-related injury rate: 0.40% Number of work-related injuries: 191 Lost workdays due to work-related injuries: 2,345 Lost time injury frequency rate (LTIFR): 260.31 Work-related injury insurance investment: RMB 24.96 million Work safety liability insurance investment: RMB 2.60 million Work safety liability insurance coverage: 36.52%

New Hope Liuhe is committed to safeguarding employees’ occupational health rights and interests. In compliance with applicable regulations, including the M t R l f L b P t ti S li the Company standardizes the provision of personal protective equipment for frontline employees, governs work process management, and delivers relevant training. Given the distinctive characteristics of its production operations, the Company arranges regular occupational health examinations for employees exposed to toxic or harmful substances or engaged in high-intensity work, performs risk hazard inspections at key positions, and promptly eliminates potential occupational health risks. The Company has also established emergency response mechanisms, delivers ongoing occupational health publicity and training sessions, and has formulated the Em_plo_yee Injur_y Incident Handlin_g to enhance frontline employees’ self-rescue and mutual rescue capabilities. The Fresh Meat Division has developed the Occu_pational Hazard Emer enc Rescue Plan equipped relevant emergency rescue facilities, and conducts regular emergency drills. It periodically engages qualified third-party institutions to conduct occupational disease hazard assessments and issue formal evaluation reports. Hazardous factors generated during production (e.g., noise, dust, toxic gases) are regularly tested across production environments and labor processes to ensure all indicators remain within prescribed limits. Overseas subsidiaries have also strengthened their occupational healthrelated systems, ensuring compliance with local laws and regulations to protect employee health. These subsidiaries conduct labor environment monitoring, organize regular employee physical examinations, and hold first-aid training and other relevant activities.

Dual Prevention Mechanism

Employee occupational disease incidence rate:

Pre-employment and annual physical examination coverage:

0%

100%

In accordance with the Safet Risk Classification G idance the Company has established a dual prevention mechanism that embeds hazard identification and assessment, risk classification and control, and hidden danger investigation directly into day-to-day operations. Senior management conducts regular on-site safety inspections, while all branches and subsidiaries perform comprehensive risk identification, assessment, and control tailored to their specific operational profiles, with hidden danger management carried out on an ongoing basis. The Company also encourages afiliated units to establish internal safety reporting systems, which broadens employee participation in safety oversight

During the reporting period, the Company launched a targeted investigation and rectification campaign focused on special equipment, including boilers, pressure vessels, pressure pipelines, elevators, and forklifts. Risk assessments were conducted and remediation measures benchmarked across equipment categories, with rectification prioritized and rolled out in phases. Where immediate rectification was not feasible, interim control measures were put in place to contain associated risks.

Emergency drills conducted: 1,82

Contractor work-related fatalities: 0

Safety Culture and Training

Hidden dangers identified: 43,761

Hidden dangers rectified: 42,964

Work safety management suggestions proposed: 2,984

New Hope Liuhe operates in strict compliance with the Emer enc Res onse Lawofthe Peo le^’s Re ublic of China and the Measures for the Administration of Contingency Plans for Work Safety Incidents, among other applicable regulations. The Company has established an Emer_genc_y Mana_gementPlan and a clear accountability framework for work safety incidents, alongside either a work safety incident emergency team or an emergency rescue command center. A comprehensive emergency response system has bee developed, covering a wide range of potential accident scenarios. To support operational readiness, the Company has formed both full-time and part-time emergency rescue teams, equipped them with necessary protective gear and supplies, and entered into mutual assistance agreements with neighboring enterprises to strengthen collective emergency response capacity. Regular emergency drills and practical training are conducted to sharpen employees’ self-rescue and mutual rescue capabilities and enhance the overall readiness of rescue teams. The comprehensive emergency plan and all specialized plans are required to be rehearsed at least once per year, while on-site disposal plans are drilled no fewer than twice annually, driving continuous improvement in the Company’s emergency response capabilities

The Company’s WorkSafet Mana ementS stem provides a unified framework for coordinating and managing work safety across all contracted and leased operations. Prior to commencing any production or operational activity, contractors are subject to rigorous qualification and performance verification. Dedicated work safety management agreements are signed to clearly define the safety responsibilities and obligations of both parties, and safety technical briefings are provided to all contractor personnel before work begins. Throughout the course of operations, the Company carries out regular on-site inspections and supervision to monitor contractors’ compliance with safe working practices. Contractors who violate safety regulations and fail to rectify non-conformities are subject to immediate suspension of operations. In cases where a contractor’s negligence results in a Level 1 or Level 2 work safety accident, the contractor’s information will be disclosed internally as a deterrent and accountability measure.

The Company places strong emphasis on building a safety-conscious workforce through structured training in work safety legislation, safety knowledge, and operational skills, with the goal of elevating employees’ safety awareness, sense of responsibility, and professional competence. During the reporting period, particular focus was placed on upskilling special operation personnel, with dedicated training courses developed across 10 specialist areas, including electrical work and welding and thermal cutting operations. Thematic safety training was also delivered on high-priority topics including dust explosion prevention, confined space operations, fire safety, mechanical injury prevention, and electrical hazard protection. In 2025, the Company organized 10,323 training sessions, recording 645,048 attendances and achieving full coverage across the entire workforce.

Health and safety training hours:

Health and safety training attendances: 645,048

Guided by its founding mission of “profiting farmers and benefiting food consumers,” New Hope Liuhe draws on its integrated management system and extensive industrial chain resources to develop a mutually beneficial cooperative farming model with smallholder farmers. By pioneering inclusive financial service channels, the Company helps address farmers’ financing challenges and supports the broader standardization and modernization of China’s agriculture and animal husbandry industries

The Pig Sector’s Breeding Division operates under the “Six Unifications, Three Non-Burdens” model, a fullchain service framework designed to improve farmers’ production eficiency through end-to-end standardized management. Under the Six Unifications, the Company takes responsibility for pig farm design, feed procurement, immunization protocols, feeding practices, technical services, and pig oftake, ensuring consistent quality and operational standards across all participating farms. The Three Non-Burdens principle means that farmers are shielded from market risk through a guaranteed floor price, and from capital risk through upfront investment covered by the Company or government funding — leaving farmers free to focus on what they do best. In 2025, the Company partnered with 2,900 farming households across 21 provinces, building a collaborative community grounded in shared interests and complementary strengths. This model integrates smallholder farmers into the modern agricultural system, unlocks the productive potential of rural communities, and fosters a self-reinforcing cycle of growth. The breeding service team drives continuous improvement through goal-driven management, proactive operational refinement, and targeted intervention on identified weaknesses. By delivering professional technical support and hands-on training, the team lowers the barrier to entry for advanced farming techniques, reduces production risks, improves farming profitability, and meaningfully increases household income. The deep alignment of interests between the Company and its farming partners not only generates diverse employment opportunities and stabilizes rural incomes, but also strengthens the long-term self-suficiency of farmers and village collectives alike

New Hope Liuhe integrates resources from banking, insurance, and other financial institutions to develop an innovative guarantee-centered supply chain finance model, leveraging its comprehensive coverage of the agricultural and anima husbandry value chain. Through dedicated professional teams operating across 29 provinces and municipalities, the Company provides financing guarantee services for upstream and downstream customers along the industrial chain, directly addressing the financing difficulties and high costs that have long constrained agricultural businesses. By the end of 2025, the Company had served a cumulative total of 222,600 customer engagements, with total financing disbursed reaching RMB 82.9 bilion, giving tangible effect to its commitment to supporting and benefiting agriculture

Inclusive Guarantee

Deeply committed to inclusive finance, the Company actively expands its network of quality banking partnerships and unlocks the potential of bank-enterprise collaboration. It has established strong working relationships with state-owned banks, joint-stock banks, city commercial banks, and foreign-funded banks. Underpinned by robust risk management capabilities, the Company has become a trusted strategic partner for major financial institutions in delivering agricultural financial services through its inclusive guarantee business. By the end of 2025, the Company had partnered with 18 banks, with cumulative credit facilities totaling RMB 10.7 billion.

Industrial-Financial Platform

The Company has developed a next-generation supply chain finance service platform. Built on a four-layer architecture spanning data, products, risk controls, and application scenarios, the platform establishes an inclusive agricultural finance model that broadens service reach and enhances service quality. After the inclusive guarantee business gained access to the People’s Bank of China’s Second-Generation Credit Reference System in November 2024 and successfully processed its first customer credit inquiry, the platform’s online contract signing function was formally launched in 2025. This advancement has significantly improved the convenience of customer onboarding, accelerated business processing eficiency, and strengthened the standardization of contract management.

Caring for Society

New Hope Liuhe honors its social responsibilities by turning its values into meaningful action. Through sustained, branded public welfare programs, the Company creates tangible value for communities, spreads goodwill at home and abroad, and nurtures a culture of virtue and mutual support, embodying its corporate character through responsible practice.

Commitment to rural communities and people’s livelihoods has always been central to the Company’s identity. Anchored in the realities of rural development and the practical needs of farming households, New Hope Liuhe continuously increases rural investment, innovates its agricultural support models, and has evolved from projectbased assistance to systemic empowerment across industrial and talent development chains. These efforts have made meaningful contributions to promoting integrated urban-rural development and strengthening the connection between poverty alleviation outcomes and long-term rural revitalization.

Talent Revitalization

The Rural Revitalization Village Leaders Program was selected into the inaugural batch of exemplary cases in the national “10,000 Enterprises Vitalizing 10,000 Villages” initiative

The Company has built a multi-tiered rural talent development system that empowers a wide range of rura stakeholders from new-generation farmers to grassroots community leaders, with the aim of creating a sustainable, replicable talent cultivation model for rural revitalization. Since 2019, the Company has consistently advanced the 100,000 Green Collar New Farmer Training Program. Leveraging its premix business platform, the Company delivers farming lectures and interactive live Q&A sessions through e-commerce channels, which strengthens farmers’ capabilities in operational management, disease prevention, and other critical areas to facilitate rural talent revitalization. The Company also pioneered the Rural Revitalization Village Leaders Program, a flagship initiative designed to cultivate capable leaders of rural collective economies. In 2025, the 5th cohort of the Village Leaders Program advanced its Seed Plan, bringing national media and industry experts to more than ten villages for on-site research and capacity-building visits. Through these eforts, the program has systematically shifted from short-term intensive training to long-term, ecosystem-based empowerment. By the end of 2025, the initiative had received applications from over 4,000 village cadres nationwide, trained more than 500 participants, and extended its reach to over 3,000 villages, infusing vita talent capacity into rural governance.

Industrial Revitalization

Drawing on its industrial strengths, New Hope Liuhe has consistently sought to strengthen the foundations of rural development and unlock the endogenous growth potential of rural economies. Since establishing China’s first Guangcai Program poverty alleviation factory in Xichang City, Liangshan Prefecture in 1994, the Company has invested over RMB 5 billion to build more than 150 such facilities, supporting over 60,000 jobs. During the poverty alleviation phase, it further launched more than 80 targeted cooperation projects nationwide, sustaining both immediate relief and long-term capacity building for underdeveloped regions. In 2017, the Company constructed a poverty alleviation pig farm in Tekoujiagu Village, Zhaojue County, Liangshan Prefecture, Sichuan Province, and developed the “4+N” Zhaojue Model, a framework that unites low-income households with the Company’s breeding bases into a mutual assistance community, generating steady income for village collective economies. The model has been commended and promoted nationwide by the Ministry of Agriculture and Rural Afairs as a benchmark for poverty alleviation led by agricultural industrialization enterprises

In December 2025, in response to the national rural revitalization strategy, the Company entered into a partnership with Central SOEs Industrial Investment Fund for Rural Area Co., Ltd. and Poor Areas Industry Development Fund Co., Ltd. Under the new framework of “government guidance, financial empowerment, enterprise operation, and farmer engagement,” the Company will actively develop family-suitable industrial projects across 20 designated assistance counties nationwide, supporting new-generation farmers in securing employment, starting businesses, and achieving sustained income growth.

In alignment with China’s Belt and Road Initiative, New Hope Liuhe pursues a core overseas strategy built on deep localization and sustainable development. Driven by technological innovation and grounded in corporate responsibility, the Company has steadily expanded its international footprint to create tangible value and improve the well-being of local communities, a meaningful expression of its responsibilities as a multinational enterprise.

Community Engagement

The Company operates in strict compliance with international standards and the laws of host countries, embedding localization principles throughout the full lifecycle of its overseas projects to foster harmonious, integrated relationships between the enterprise and its host communities. Community impact assessments are conducted at the project initiation stage, and collaborative engagement with local communities is deepened throughout construction and ongoing operations. These eforts have contributed to improving residents’ living standards and social wellbeing, building community identification with and a sense of ownership over projects, and creating a foundation for enterprise-community co-development.

Industrial Contribution

New Hope, alongside 10 Chinese-funded feed supporting enterprises, participated in Egypt’s largest agricultural exhibition

In the Indonesia Region, the Company operates 13 branches and subsidiaries, which collaborate with local growers and feed and poultry breeding companies to support over 100,000 jobs. In the Bangladesh Region, five factories have been built and commissioned, with operations extending across Bangladesh, Sri Lanka, and Nepal, generating over 20,000 jobs through industrial spillover efects. In the Egypt Region, six companies established across Egypt and Nigeria directly employ over 2,000 people, and the Company holds the leading market share in Egypt’s feed industry. The Company’s employee localization rate reaches 90% in certain overseas markets, with local procurement rates rising steadily. It introduces advanced Chinese technologies and management practices to drive feed industry upgrades in host countries, partners with local universities to develop outstanding veterinary talent, and delivers sustained public breeding technology training in rural communities. Through technological leadership, industrial leverage, and talent development, the Company actively supports rural poverty reduction and agricultura modernization across Southeast Asia and Africa

Talent Development

Committed to developing local talent across its overseas markets, New Hope Liuhe ofers targeted professional training to build practical skills while prioritizing the development of cross-cultural communication capabilities. The Company refines its employee incentive structures and humanistic welfare programs to align local employees’ professional development with the Company’s long-term growth. In 2025, the Company issued the Overseas Local Talent Development Guidelines and launched the Global Mid-level Training Program, a structured initiative for highpotential overseas local employees. Cohorts of local managers are brought to China for one month of intensive training and on-the-job attachments, facilitating two-way talent mobility and fostering complementary strengths between domestic and international teams.

Xinhua News Feature | 45 Days: Chinese Experience Takes Root in Egyptian Villages

“I can hardly believe I earned so much in just 45 days,” said Egyptian farmer Mahassen Mohamed Said, clutching a dark blue certificate of honor with gold embossed lettering, her eyes radiating a newfound confidence. Reporters recently met this “top breeder” at the Rural Revitalization Program Forum hosted by New Hope Liuhe in Cairo. Her transformation traces back to the China-Egypt New Hope Breeding Technology Training Program launched in August of this year, a joint initiative implemented by the Egyptian National Alliance for Civil Development Actions and New Hope Liuhe, with support from the Chinese Embassy in Egypt and relevant Egyptian authorities.

Said’s hometown, Subk Al-Ahad in Monofiya Governorate, was among the first villages selected for the program. When reporters visited in August, the scene was one of quiet hardship — adobe houses, weathered wooden doors, and barefoot children playing in dusty winds. Most able-bodied men ha left to do odd jobs in nearby cities, often earning below Egypt’s minimum wage even on good days, while women stayed behind to care for the elderly and children.

A mother of three, Said found that the income she earned from raising chicks over just 45 days covered nearly two months of living expenses for he family of five. “Veterinarians checked in with me every week, guiding me step by step from the very beginning,” she recalled of that first batch of chicks in August. Within 45 days, she had mastered the fundamentals of poultry farming and raised her initial 50 chicks to market readiness. She had started out with no idea how to gauge a chicken’s weight or adjust feed ratios. Today, she assesses flock health with confidence, articulates feeding essentials clearly, and even mentors her neighbors. All 100 farmers in Monofiya Governorate’s first training cohort reaped tangible results

“This is more than a training program; it is the establishment of a complete industrial chain,” said Tarik Hassan Mohamed of the Egyptian Orman Charity Foundation (MEK), one of New Hope Liuhe’s local partners. The program spans the full value chain: from chick, feed, and medicine supply, to veterinary and technical support, through to product marketing and sales. What struck Mohamed most deeply was the transformation of the women participants. “They went from knowing nothing to being able to teach others,” he observed. Wael Jadd Karim, Director of the Central Department of Egypt’s Decent Life Initiative, noted that the program has created sustainable livelihoods for rural residents, particularly women, and aligns strongly with Egypt’s flagship national development strategy. “China’s achievements in eradicating absolute poverty are highly inspiring and deeply worthy of study,” he said. Egypt has already sent delegations to China to learn from its experience in poverty alleviation and rural transformation. With next year marking the 70th anniversary of China-Egypt diplomatic relations, Karim shared an ambitious vision: expanding the cooperation to 70 villages, bringing China’s rural revitalization experience to Egypt at scale. Another top breeder, Israa Ali Said, spoke with quiet determination about what comes next: “I will keep going, and one day I will build a much larger poultry farm.” From 50 chicks to a vision of 70 villages, from one woman’s self-reliance to the revitalization of entire rural communities — Chinese experience is steadily taking root in Egypt. By Xinhua News Agency Reporters Dong Xiuzhu and Yao Bing

New Hope Liuhe has long been guided by the philosophy of being “rooted in society and dedicated to giving back.” Public welfare and charitable engagement are embedded in the Company’s corporate DNA, transforming what began as occasional volunteer eforts into sustained, branded initiatives that consistently deliver warmth and care to communities in need. When natural disasters strike, the Company opens its facilities as rescue command centers and emergency shelters, donates essential supplies, and mobilizes volunteer teams to assist afected communities, demonstrating its commitment as a responsible corporate citizen through concrete action. In 2025, the Company’s public welfare donations totaled RMB 5.77 million.

Deepening its commitment to rural and community support, the Company sustained two flagship public welfare programs during the reporting period: the Hope and Wish Plan and the Warm Winter Campaign. Through donations to disadvantaged college entrance examination candidates, scholarships at overseas universities, and the construction of Chinese-language schools, it helped young people realize their dreams of higher education — planting seeds of hope in rural communities at home and abroad

Hope and Wish Plan

Now in its 10th year, the Hope and Wish Plan has seen the Company’s volunteers reach 12 provinces across China, including Sichuan, Xizang, Gansu, Guangxi, Guizhou, Shandong, and Inner Mongolia, delivering daily necessities and study materials to over 23,000 children in total and brightening their childhoods. In May 2025, volunteers from the 10th cohort visited six remote schools across Sichuan, Guizhou, Liaoning, Shandong, and other regions, tailoring support to the individual wishes of 557 children. Among the highlights, volunteers from the Feed Sector established a dedicated reading room for 196 Yi and Miao children at Poqi Primary School in Nayong County, Guizhou, creating a learning space that broadens young horizons and fosters a love of reading

Warm Winter Campaign

Launched in 2014, the Warm Winter Campaign has now completed its 12th edition. Volunteers have traveled to areas including Ebian County (Leshan), Meigu County (Liangshan), and Jiulong County (Garzê), donating winter clothing, grain, furniture, appliances, and livestock feed to help local residents through the coldest months. In October 2025, the Company partnered with the Sichuan Yong Hao Foundation to visit Sanchahe Town Kindergarten in Zhaojue County, Liangshan Prefecture, delivering custom-made down jackets to 254 teachers and students — a tangible gesture of care as winter approached.

Acting on its humanitarian responsibility, the Company responded to major natural disasters at multiple domestic and overseas sites during the reporting period. It provided post-disaster assistance, coordinated material distribution, and supported home reconstruction eforts to help afected communities recover and rebuild.

New Hope Liuhe’s Myanmar Region Mobilizes for Earthquake Relief

On March 28, a magnitude 7.7 earthquake struck Mandalay, Myanmar, causing severe destruction across the city and surrounding areas. The Myanmar Region of New Hope Liuhe responded swiftly, designating New Hope Mandalay Company (a supervisory unit of the Sichuan-Chongqing Chamber of Commerce in Myanmar) as the chamber’s temporary disaster relief command center and the on-site coordination hub for the Chinese rescue team. The company allocated ofice space and ensured the rescue team’s accommodation, meals, and transportation needs were fully met throughou the operation. The company’s general manager led employees in repairing equipment and restoring production to secure supply chains, while simultaneously coordinating the distribution of relief materials across multiple channels. Working alongside the Chinese Embassy and various chambers of commerce, the company mobilized customers and partners to donate, and oversaw the collection and logistics of essential supplies including drinking water, food, and disinfection materials. It further assisted the chambers in distributing supplies and providing on-site meals to those in need, standing in solidarity with earthquake-afected communities and demonstrating the compassion and responsibility of a transnational enterprise. At the end of 2025, New Hope Mandalay Company donated 2 million Myanmar kyats to earthquake-afected Guoqiang School in Lashio, northern Myanmar, to support post-disaster teaching improvements and help overseas Chinese children continue accessing quality education.

About This Report

The New Ho e Liuhe Co Ltd 2025Sustainabilit Re ort (hereinafter referred to as “this report”) is the 18th non-financia report publicly released by New Hope Liuhe Co., Ltd.

Definition of Terms For ease of expression and reading, New Hope Liuhe Co., Ltd. is referred to as "New Hope Liuhe", "the Company" or "we" in this report. In addition, the terms "country" and "government" in the report refer to the People's Republic of China and its administrative bodies.

Reporting Scope Reporting Period: From January 1, 2025, to December 31, 2025 Organizational Scope: The scope of this Report is consistent wit that of the Company’s annual consolidated financial statements. Reporting Frequency: This report is published on an annual basis.

Basis of Preparation This report has been prepared with reference to the GR Sustainability Reporting Standards issued by the Globa Sustainability Standards Board (GSSB); Self-Re_gulato_ryGuideline the national standard GuidanceonSocialRes_ponsibilit_yRe_portin_g (GB/T 36001-2015); and the United Nations Sustainabl Development Goals (SDGs).

Reporting Principles

This report adheres to the principles of materiality, balance, quantification, and consistency.

Principle of Materiality: The Company conducts a materiality assessment to identify and evaluate significant ESG issues relevant to the Company's operations and both its internal and external stakeholders, and highlights these issues in this report. For further details on the materiality assessment process and results, please refer to the “Sustainable Development Management” section of this report

Principle of Balance: This report reflects objective facts, providing an unbiased disclosure of both positive and negative information related to the Company. It presents a balanced account of the Company’s eforts across diferent ESG dimensions. During the reporting period, no material negative incidents were identified that should have been disclosed but were not.

Principle of Quantification: The Company discloses quantitative ESG performance indicators in this report and, where applicable, sets quantitative performance targets. The measurement standards, methodologies, assumptions, and/or calculation tools used for key performance indicators in this report, as well as the sources of conversion factors adopted, are explained in the relevant sections where applicable.

Principle of Consistency: This report maintains consistency in the statistical and disclosure methods used for the same indicators across diferent reporting periods. Where changes have been made to the statistical or disclosure methods, suficient explanations are provided in the notes to this report to facilitate meaningful analysis and evaluation by relevant parties.

Source of Information

All the information and data used in the report are sourced from the Company's oficial documents, statistical reports, and financial reports, as well as information on sustainable development practices of each unit that have been gathered and reviewed by the relevant departments responsible for sustainability management of the Company. Where discrepancies exist between the financial data in this report and those in the Company’s annual report, the annual report shall prevail. Unless otherwise specified, all monetary amounts referred to in this report are denominated in RMB.

Assurance of Accurac

The Company hereby confirms that there are no false records, misleading statements, or material omissions in this Report, and assumes responsibility for the authenticity, accuracy, and completeness of its contents.

Report Access

This report is published in PDF electronic format. It is available for viewing and download on the Shenzhen Stock Exchange’s designated information disclosure platform, CNINFO (www.cninfo.com.cn), or on the Company’s oficial website (http://www.newhopeliuhe.com). If you have any questions or suggestions regarding this report, please contact us at 000876@newhope.cn.

Key Performance Table

Economic Indicators

Governance Indicators

Environmental Indicators

Environmental Indicators

Social Indicators

Social Indicators

Social Indicators

Indicator Index Table

Instructions for use: New Hope Liuhe has reported the information referenced in this index table for the period from January 1, 2025 to December 31, 2025 in accordance with the Self-Re_gulato_ryGuidelines No 17forCom_panies Listedon Shenzhen StockExchan_ge— Sustainabilit Re_port(ForTrial Im_plementation) and with reference to the GRI Standards.

Feedback Form

Dear Reader,

We sincerely thank you for reading the New Ho e Liuhe Co Ltd 2025Sustainabilit Re ort We highly value your opinions on this report. To help us further enhance our sustainability management and practices, we kindly invite you to share your feedback and suggestions. Your input will enable us to continuously improve the quality and efectiveness of our reporting. You are welcome to complete the following form and return it to us via email or post.

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6. Does the content disclosed in this report meet your expectations? ◯ Yes ◯ No ◯ Unsure

7.Does this report provide a comprehensive reflection of New Hope Liuhe’s social responsibilities? ◯ Comprehensive ◯ Partial ◯ Inadequate

8、Do you have any suggestions or comments regarding New Hope Liuhe’s sustainability management practices or this report? We welcome your valuable input.

PROFITING FARMERS & BENEFITING FOOD CONSUMERS

Chengdu Office: No. 376 Jinshi Road, Jinjiang Industrial Park, Chengdu, Sichuan Province, China Beijing Office: 11th Floor, Tower 3-B, Wangjing SOHO Center, No. 10 Wangjing Street, Chaoyang District, Beijing, China Tel: (+86) 28-8595 0111 (+86) 10-5329 9899 Fax: (+86) 10–5329 9899 Email: 000876@newhope.cn