新希望六和披露2025年年度报告英文全文，未形成新的可交易催化

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
1
New Hope Liuhe Co., Ltd.
2025 Annual Report
2026-34

[April 29, 2026]



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
2
2025 Annual Report
Section 1 Important Note, Table of Contents and Definitions
The Board of Directors, directors, and senior management of the Company
warrant that the contents hereof are true, accurate and complete, and free of
any false recordings, misleading statements or significant omissions, and that
they will be jointly and severally liable for the legal consequences.
As declared by Liu Chang (Chairman), Shi Han (Chief Financial Officer)
and Su Xiaodan (Head of Accounting Unit & Accounting Supervisor): the
financial report herein is true, accurate and complete.
All directors of the Company attended the board meeting deliberating this
report.
I. Animal disease and natural disaster risks
Animal disease is the main risk faced in the development of livestock
industry. There are two kinds of risks arising out of the occurrence of epidemic
disease. First, the occurrence of epidemic disease is likely to result in death of
livestock, directly resulting in reduced yield, increased costs and lower prices.
Second, the occurrence and prevalence of animal disease on a large scale easily
influence the consumer psychology, leading to a contraction in market demand,
and also affecting the feed production and operation. For example, the
outbreak of the major swine disease in China in 2018 caused a huge shock to
the whole industry. The major swine disease experienced a weakened mutation
at the end of 2020 and beginning of 2021, making it more spread channels,

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longer incubation time, and more difficult to detect and eliminate. In recent
years, major swine diseases have gradually become normal. Especially during
the winter and early spring when the temperature is low, they have caused
particularly severe impacts in the northern regions of China. As the density of
livestock farming in the South increases, the risk of swine diseases also rises.
In terms of the natural disaster risk, the feed and slaughter are closely
related to planting and livestock farming industry. Therefore, the natural
disasters such as temperature anomalies, drought, flood, earthquake, hail, and
snow disaster will all adversely affect the industry operation and development.
Natural disasters occurring in and around the Company's production facilities
may result in substantial damages to production infrastructure or equipment.
Furthermore, natural disasters and extreme weather events can also drive up
prices for certain feed ingredients and meat. For instance, in the summer of
2023 and the autumn of 2025, central China experienced a wide range of
persistent rainy weather, causing a large range of crop disasters, which also
had an impact on the price of feed raw materials and affected the quality of
raw materials. The extensive heavy rain caused by a typhoon in southern
China also brought adverse effect on disease prevention and control of pig
farming.
Risk countermeasures: facing animal disease, the farms constructed by the
Company that are normalized and standardized ones staffed with professional
breeding technologists and equipped with strict anti-epidemic measures

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effectively prevent and control the occurrence of common diseases. The
Company has also summarized a series of approaches and measures
responding to major animal diseases through years of experience accumulation
to eliminate the impact of various animal diseases The Company has been
guiding technicians to better serve self-owned farms and external farmers by
establishing animal healthcare laboratories in various areas, creating
nationwide animal healthcare system, and conducting the monitoring and
warning of animal diseases in real time. In particular, in response to the major
swine disease that broke out in 2018, the Company formulated comprehensive
prevention and control measures, covering multiple aspects including its own
pig farms, collaborative finishing farms, swine feed production plants, and
internal veterinary laboratories. The prevention and control measures start
from the source of animal nutrition and ensure a comprehensive prevention
and control strategy. As a result, the Company's biosafety prevention system
and pig production indicators have reached the industry-leading level. In
response to the new round of attenuated swine disease that occurred at the end
of 2020 and the beginning of 2021, the Company summarized its experience
and upgraded prevention and control and eradication methods, including dual
antibody and dual screening in the whole group serum, application of thermal
imaging devices, and safe storage and disinfection of materials, and
continuously optimized the prevention and control process to ensure quicker
resumption of production and reduce unnecessary prevention and control

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investment. From the end of 2023 to the beginning of 2024, the Company
focused on upgrading and renovating the epidemic prevention facilities and
equipment of some long-term affected farms, significantly enhancing their
ability to prevent the impact of diseases. Since the winter of 2024, good
epidemic prevention results have been achieved, helping to continuously
reduce the cost of pig farming.
In response to natural disasters, the Company’s extensive domestic and
international business presence ensure that specific regions experiencing
natural disasters do not have a significant impact on the overall operations of
the Company. Especially concerning the frequent rainstorm and flooding in
southern China, the Company has accumulated a large wealth of experience in
recent years. It has established mature emergency response plans and
maintains sufficient flood prevention supplies in stock year-round, which
enable the Company to flexibly guide farmers through production plan
adjustments when the flood season begins, in preparation for disaster relief
together. In addition, the Company can also take the advantage of its
nationwide presence to allocate funds, feed ingredients, equipment, and staff
timely and effectively to resume production as soon as possible and reduce the
losses caused by natural disasters.
II. Risk of price fluctuations of feed ingredients
The cost of main feed ingredients for feed production accounts for more
than 90% of total cost of feed production. In the past, the feed business

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accounted for a significant proportion of the Company's operating income, but
as the feed industry generally adopts the cost-plus pricing method, the
fluctuations in prices of feed ingredients can be partly transmitted to the
downstream breeding operations, to relieve the pressure from the rising prices
of feed ingredients. However, as the pig farming business accounts for a
relatively large proportion of the Company's revenue, the impact of rising feed
ingredient prices on the Company's overall operating costs has increased.
Since 2020, due to factors such as the macroeconomic situation at home and
abroad, international trade relations and crop yield in main grain-producing
areas of various countries, the prices of main feed ingredients such as corn and
soybean meal continuously rose. Since 2023, the prices of agricultural products
have started to fluctuate and decline. In 2024, they experienced a rapid drop.
In the beginning of 2025 and the beginning of 2026, there were two rebounds
respectively due to international trade disputes and geopolitical conflicts.
However, overall, they remained at historically low levels (as shown in the
figure below).

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Risk countermeasures: the Company is one of the largest feed enterprises in
China, with scale advantages and a considerable bargaining power in
ingredient procurement. Starting from 2021, the Company gradually
reinforced centralized management of feed ingredient procurement across the
industry and reduced feed consumption cost through processing in bonded
zones and other methods. In 2025, the Company continued to actively purchase
imported low-price ingredients and alternative ingredients, such as wheat,
sorghum and brown rice, to continually optimize ingredient costs. So far, the
Company has established strategic partnerships with many domestic and
overseas best-run feed ingredient suppliers, while actively exploring domestic
and foreign high-quality and safe local feed ingredients and opening up the
feed ingredient supply network at home and abroad, to secure supply chain
financing of various forms actively, and optimize its purchasing cost and
related financial expenses.
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
2020-01-02
2021-01-02
2022-01-02
2023-01-02
2024-01-02
2025-01-02
2026-01-02
Soybean meal and corn spot prices since 2020 (yuan/ton)
豆粕现货价（元/吨）
玉米现货价（元/吨）
Spot price of corn (yuan/ton)
Spot price of soybean meal
(yuan/ton)

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III. Risk of price fluctuations of livestock and poultry
As feeds produced by the Company are sold to the downstream livestock
and poultry breeding industry, the price fluctuation of livestock and poultry
affects the profit of the breeding segment, and gradually spreads to the
upstream, affecting the sales volume and profit margin of the feed segment.
With the rapid development of the pig farming business in recent years, it
contributes more to the overall revenue and profits of the Company, and the
hog prices will affect the revenue and profit level of the Company even more
directly and significantly.
The excess capacity reduction in 2023 pushed the price upward after
entering 2024, and reached a peak of around 20 yuan/kg in August. However,
the market improvement and the general profitability of the industry curbed
further capacity reduction, and supply also recovered accordingly. With the
recovery of the production capacity of breeding sows and the rapid
improvement of production efficiency, domestic hog prices began to decline
continuously after September. The average price of hogs for the entire year of
2025 also reached the lowest level in recent years at 13.77 yuan/kg. In the first
quarter of 2026, due to the decline in consumption after the Spring Festival,
domestic hog prices further dropped. By late March, they fell to 9.5 yuan/kg,
the lowest point since 2018 (as shown in the figure below).

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Risk countermeasures: the process of livestock and poultry prices going
down is also the process of survival of the fittest and withdrawal of some
participants in the industry. As some participants withdraw, the total supply
declines and the prices rise again, survived businesses are likely to gain a
greater market share and a higher return on investment than before. In recent
years, the Company has fully entered the stage of robust operation in pig
business, and is gradually improving its business operation efficiency, reducing
farming costs and restoring its original competitiveness by enhancing its
internal management capabilities in many ways. On the other hand, unlike
most agricultural and livestock companies, the Company has slaughtering and
food processing business in the downstream and feed business in the upstream
of breeding, precisely offsetting the impact of the breeding process. The
declining prices of livestock and poultry mean that the cost of raw meat in the
slaughtering and processing businesses falls too with increased profit margin;
5
10
15
20
25
30
35
40
2020-01-10
2020-03-10
2020-05-10
2020-07-10
2020-09-10
2020-11-10
2021-01-10
2021-03-10
2021-05-10
2021-07-10
2021-09-10
2021-11-10
2022-01-10
2022-03-10
2022-05-10
2022-07-10
2022-09-10
2022-11-10
2023-01-10
2023-03-10
2023-05-10
2023-07-10
2023-09-10
2023-11-10
2024-01-10
2024-03-10
2024-05-10
2024-07-10
2024-09-10
2024-11-10
2025-01-10
2025-03-10
2025-05-10
2025-07-10
2025-09-10
2025-11-10
2026-01-10
2026-03-10
External three-way crossbred hog price since 2020 (yuan/kg)

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the declining prices of livestock and poultry also mean the farming volume of
livestock and poultry is at high levels, which also help increase the profitability
of feed business. Such an industry chain presence can moderately mitigate the
effects of declining prices of livestock and poultry on the Company.
IV. Impact of environmental protection policies
In recent years, the government and society have increasingly attached
importance to environmental protection, and relevant laws and regulations
have been continuously introduced. In 2014, China began to implement the
Regulations on Pollution Prevention and Control of Large-scale Livestock and
Poultry Farming. In 2015, the new Environmental Protection Law came into
effect. In 2020, in the context of the sharp shortage of domestic pig supply
caused by major swine diseases, local governments gradually relaxed the
environmental protection requirements for farm construction to promote the
resumption of pig production and ensure supply. However, since 2021, as the
pig production capacity has gradually recovered to the normal range, the
environmental protection policies related to breeding has returned to a more
stringent situation. These environmental protection policies will force some
livestock and poultry farms that fail to meet environmental standards to
withdraw from the market, resulting in a reduction in the scale of livestock
breeding. This will have certain impacts on the Company’s feed business
growth and its acquisition of pigs for slaughter, and will also increase the cost
for the Company's construction and operation of the pig farming business. In

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the long run, however, the withdrawal of backward production capacity that
does not meet the environmental standards will allow the qualified producers
that remain in the industry to acquire higher profitability, which is still of a
positive significance to the entire industry.
Risk countermeasures: from the perspective of the pig farming business, the
Company adheres to the path of ecological priority and green development,
vigorously promoting integrated agriculture combining breeding and farming.
From the development and construction stage to the production and operation
stage, the Company attaches great importance to the implementation of
corresponding environmental protection measures. By utilizing advanced
technologies, it achieves harmless treatment and resource utilization of manure
and sewage, achieving a win-win situation of economic benefits and
environmental benefits. From the perspective of the feed business, on the one
hand, the Company fully controls the existing scale. By transforming the feed
marketing model, it fully leverages the advantages of industrialization
integration and comprehensive services, strengthens cooperation with large
and medium-sized farms and farmers that meet environmental protection
standards, prioritizes ecology, environmental protection, efficiency and safety
in project design, helps farmers renovate and build sheds that meet higher
environmental protection standards, improves breeding efficiency, and actively
promotes the healthy development of the domestic livestock and poultry
breeding industry; on the other hand, the Company actively develops new

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scale. By leveraging its balanced national layout of feed business, it cultivates
new livestock and poultry breeding bases in suitable environmental areas
through various forms, ensuring the stability of its breeding resources.
V. Risk of exchange rate fluctuations
At present, more and more raw materials for feed production rely on global
procurement, and the purchase of feed ingredients such as soybean meal, corn,
whey meal, fish meal, DDGS and other foreign supplies is increasingly affected
by the exchange rate. As the Company expands its presence abroad, in foreign
investment and overseas operations, the cross-border capital transactions and
settlement quotas involved are also growing, thus making the Company more
vulnerable to exchange rate fluctuations. In recent years, due to factors such as
geopolitics and adjustments in foreign exchange policies, the currencies of
some host countries where the Company conducts overseas business saw
extraordinary fluctuations. In 2025, the US dollar index continued to decline,
recording the worst annual performance in recent years, which posed certain
challenges to the Company's foreign exchange management and operations.
Risk countermeasures: to cope with the ever-expanding needs of overseas
feed ingredient procurement and investment and operation, the Company has
built an overseas commercial and trading center and investment and financing
center based on the Singapore branch, and actively carried out international
centralized feed ingredient procurement, foreign direct financing, supply chain
finance, foreign exchange risk management, capital management and feed

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ingredient procurement risk management, so as to reduce the impact of
exchange rate fluctuations on its cash flow in overseas operations. In the
context of the increasing uncertainty in the macro environment and sharp
exchange rate fluctuations in recent years, the Company has reinforced efforts
to improve the ability of exchange rate forecasting and fund management, and
guaranteed the value of funds through hedging and other means and tools. The
Company has also further strengthened its close contact and communication
with foreign financial institutions, Chinese government agencies stationed
abroad and the host government, to dynamically analyze the trend of the host
country's local currency exchange rate, make financial arrangements, and
alleviate the adverse impact of exchange rate fluctuations.
The Company does not plan to distribute cash dividends or allot bonus
shares or increase its share capital with provident fund.



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TABLE OF CONTENTS
Section 1 Important Note, Table of Contents and Definitions ................................................................................... 2
Section 2 Company Profile and Key Financial Indicators ....................................................................................... 17
Section 3 Management Discussion and Analysis..................................................................................................... 22
Section 4 Evironmental, Social and Corporate Governance .................................................................................... 69
Section 5 Important Matters .................................................................................................................................... 99
Section 6 Changes in Shares and Information of Shareholders ............................................................................. 165
Section 7 Bonds ..................................................................................................................................................... 176
Section 8 Financial Report..................................................................................................................................... 185



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List of Reference Documents
(I) Financial statements bearing the signatures and seals of the chairman, the chief accountant, and the person in charge of
accounting organization & accountant in charge.
(II) Original auditor’s report bearing the seal of the accounting firm and signatures and seals of CPAs.
(III) Originals of all corporate documents and manuscripts of announcements publicly disclosed on China Securities Journal,
Securities Times, Shanghai Securities News, Securities Daily and www.cninfo.com.cn during the reporting period.



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Definitions
Term
Refers to
Definition
The Group, the Company, company, the listed
company, New Hope
Refers to
New Hope Liuhe Co., Ltd.
CSRC
Refers to
China Securities Regulatory Commission
CSRC Sichuan
Refers to
Sichuan Office of the China Securities Regulatory
Commission
SZSE
Refers to
Shenzhen Stock Exchange
CSDC
Refers to
China Securities Depository and Clearing Co., Ltd.
NAFMII
Refers to
National Association of Financial Market Institutional
Investors
Company Law
Refers to
Company Law of the People’s Republic of China
Securities Law
Refers to
Securities Law of the People’s Republic of China
New Hope Group
Refers to
New Hope Group Co., Ltd.
Nanfang Hope
Refers to
Nanfang Hope Industry Co., Ltd.
Minsheng Bank
Refers to
China Minsheng Banking Corporation Limited
New Hope Chemical
Refers to
New Hope Chemical Investment Co., Ltd.
Finance Company
Refers to
New Hope Finance Co., Ltd.
Polaris Bay
Refers to
Polaris Bay Group Co., Ltd.
Huarong Chemical
Refers to
Huarong Chemical Co., Ltd.
Xingyuan Environment
Refers to
Xingyuan Environment Technology Co., Ltd.
Feima International
Refers to
Shenzhen Feima International Supply Chain Co., Ltd.
New Hope Dairy
Refers to
New Hope Dairy Co., Ltd.
New Hope Service
Refers to
New Hope Service Holdings Limited
Zhongxin Food
Refers to
Shandong Zhongxin Food Group Co., Ltd.
Incentive Plan 2022
Refers to
Restricted Stock Incentive Plan 2022



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Section 2 Company Profile and Key Financial Indicators
I. Company Information
Stock name
New Hope
Stock code
000876
Listed on
Shenzhen Stock Exchange
Company name in Chinese
新希望六和股份有限公司
Abbreviation in Chinese
新希望
Company name in English (if any)
NEW HOPE LIUHE CO.,LTD.
Abbreviation in English (if any)
NEW HOPE
Legal representative
Liu Chang
Registered address
High-tech Industrial Development Zone, Mianyang, Sichuan Province
Postal code of the registered address
621006
Record of registered address changes
None
Office address
376, Jinshi Road, Jinjiang Industrial Park, Chengdu, Sichuan Province
Postal code of the office address
610063
Website
http://www.newhopeagri.com
Email
000876@newhope.cn
II. Contact information

Board secretary
Securities affairs representative
Name
Zhao Liang
Bai Xubo
Address
11F, Block T3B, Wangjing SOHO
Center, No. 10 Wangjing Street,
Chaoyang District, Beijing
11F, Block T3B, Wangjing SOHO
Center, No. 10 Wangjing Street,
Chaoyang District, Beijing
Tel.
(010) 53299899-7666
(010) 53299899-7666
(028) 85950011
Fax
(010) 53299898
(010) 53299898
Email
000876@newhope.cn
baixb@newhope.cn
III. Information disclosure and filing place
Website of the stock exchange where the annual
report is disclosed
http://www.szse.cn, http://www.cninfo.com.cn
Name and website the media where the annual
report is disclosed
China Securities Journal, Securities Times, Shanghai Securities News,
Securities Daily and www.cninfo.com.cn
Place of filing of the annual report
Office of the Board of Directors
IV. Registration changes
Unified social credit code
91510000709151981F
Changes in main business of the Company since
its listing (if any)
The Company completed overall listing of its major assets reorganization of
agricultural and animal husbandry businesses within its system in 2011. The

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Company substituted and sold all of shares held by it in “Chengdu New Hope
Industrial”, “Sichuan New Hope Industrial” and “New Hope Dairy” and
purchased agricultural and animal husbandry assets with substituted and
issued shares. After the major asset restructuring, the Company's production
scale, profitability, industry competitiveness and anti-risk ability have been
greatly improved, with an integrated business pattern of collaboration among
“feed production, livestock and poultry farming, slaughtering and meat
product processing” industries formed to effectively level out fluctuations of
livestock and poultry farming operations, forming a more complete,
controllable and traceable intra-industry circulation system to ensure feed and
food safety.
At the end of 2023, the Company, taking into account the characteristics of
industrial development, the stage of the pig cycle, the overall layout and long-
term planning, once again made major strategic adjustments, introducing
strategic investors for the white feather meat and poultry industry and food
deep processing sector with controlling shares transferred, and making full
use of external industrial resources to promote development. In the future, the
Company will focus on the two major industries, feed and pig farming and
slaughtering, helping enhance the competitiveness of the Company in the two
core businesses and further grow bigger and stronger.
Changes in historical controlling shareholders (if
any)
None
V. Other related information
Accounting firm engaged by the Company
Name of accounting firm
Sichuan Huaxin (Group) Certified Public Accountants (Special General
Partnership)
Office address of the accounting firm
28/F, Jinmao Lidu South Building, #18, Ximianqiao Street, Chengdu
Name of signing accountant
Tang Hui, Gu Li
Sponsor institution engaged by the Company that performed ongoing supervision responsibilities during the reporting period
Applicable □Not applicable
Name
Office address
Representative
Period of ongoing supervision
China Merchants Securities
Co., Ltd.
No. 111 Fuhua First Road,
Futian
Sub-district,
Futian
District, Shenzhen
Zhang Yinbo, Wang Huimin
November
29,
2021
to
December 31, 2022
Financial advisor engaged by the Company that performed ongoing supervision responsibilities during the reporting period
□Applicable Not applicable
VI. Key accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
□Yes No

2025
2024
Increase/decrease
2023
Operating income (yuan)
106,856,298,720.47
103,062,962,254.34
3.68%
141,703,248,931.32
Net profit attributable to
shareholders of the listed
company (yuan)
-1,784,352,202.18
473,599,068.10
-476.76%
249,195,333.87
Net profit attributable to
shareholders of the listed
-1,473,654,768.30
614,433,937.76
-339.84%
-4,608,338,751.75

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company after deducting
non-recurring gains and
losses (yuan)
Net cash flows from
operating
activities
(yuan)
9,377,940,842.22
9,126,553,532.87
2.75%
13,904,015,800.54
Basic earnings per share
(yuan/share)
-0.41
0.09
-555.56%
0.04
Diluted
earnings
per
share (yuan/share)
-0.41
0.09
-555.56%
0.04
Weighted average ROE
-8.85%
1.73%
A drop of 10.58
percentage points
0.71%

By the end of 2025
By the end of 2024
Increase/decrease
By the end of 2023
Total assets (yuan)
114,232,592,818.92
117,913,645,385.32
-3.12%
129,610,605,533.07
Net assets attributable to
shareholders of the listed
company (yuan)
22,200,230,306.09
25,657,330,263.70
-13.47%
24,776,054,606.40
The lower of net profit of the Company before and after deducting non-recurring gains and losses in the most recent three
accounting years was negative, and the most recent year’s audit report shows that the Company’s ability as a going concern is
uncertain
□Yes No
During the reporting period, the lowest value among the audited total profit, net profit, and net profit after deducting non-recurring
gains and losses was negative.
Yes □No
Item
2025
2024
Note
Operating income (yuan)
106,856,298,720.47
103,062,962,254.34
N/A
Revenue from sale of materials, sale of
obsolete
supplies,
leasing,
planting
business and warehousing service fee, etc.
380,134,031.32
342,734,481.12
Operating income unrelated
to main business
Deduction from the operating revenue
(yuan)
380,134,031.32
342,734,481.12
Mainly revenues from sale of
materials, sale of obsolete
supplies,
leasing,
planting
operations,
and
storage
service fees, etc.
Operating income after deduction (yuan)
106,476,164,689.15
102,720,227,773.22
Operating
income
after
deducting the revenues from
sale of materials, sale of
obsolete
supplies,
leasing,
planting
operations,
and
storage service fees, etc.
VII. Accounting data difference under Chinese and foreign accounting standards
1. Difference in net profits and net assets in financial reports disclosed under both international
accounting standards and Chinese accounting standards
□Applicable Not applicable
The Company had no difference in net profits and net assets in financial reports disclosed under either international accounting
standards and Chinese accounting standards during the reporting period.

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2. Difference in net profits and net assets in financial reports disclosed under both overseas accounting
standards and Chinese accounting standards
□Applicable Not applicable
The Company had no difference in net profits and net assets in financial reports disclosed under either overseas accounting
standards and Chinese accounting standards during the reporting period.
VIII. Quarterly key financial data
Unit: yuan

Q1
Q2
Q3
Q4
Operating income
24,417,096,879.71
27,207,483,625.67
28,879,052,022.92
26,352,666,192.17
Net profits attributable
to shareholders of the
listed company
444,687,554.65
310,176,374.18
5,125,510.15
-2,544,341,641.16
Net profit attributable
to shareholders of the
listed company after
deducting non-
recurring gains and
losses
434,823,830.27
266,337,568.01
16,303,638.71
-2,191,119,805.29
Net cash flows from
operating activities
966,674,184.89
4,186,813,024.70
2,681,869,694.58
1,542,583,938.05
Whether the aforesaid financial indicators or their sums are materially different from related financial indicators in quarterly
reports and semiannual reports disclosed by the Company
□Yes No
IX. Non-recurring items and their amounts
Applicable □Not applicable
Unit: yuan
Item
Amount in 2025
Amount in 2024
Amount in 2023
Gain or loss on disposal of non-
current assets (including the charged-
off portion of the accrued provision
for asset impairment)
-495,646,636.75
-331,554,931.58
4,279,662,499.12
Government grants included in the
current profit or loss (excluding
government grants that are closely
related to the business operations of
the Company and granted under
defined standards in compliance with
national
policies,
and
have
a
continuous impact on the profit and
loss of the Company)
76,781,850.90
71,770,654.45
189,001,484.92
Gain or loss from changes in fair
value of financial assets and financial
liabilities
held
by
non-financial
enterprises and gain or loss on
disposal of financial assets and
23,206,669.89
36,075,893.84
21,910,534.56

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financial liabilities, except for the
effective hedging transactions related
to normal business operations of the
Company
Charge on the use of funds from non-
financial business included in the
current profit or loss
3,978,937.06
5,813,636.13
0.00
Reversal of impairment provision for
receivables
subject
to
separate
impairment test
75,888,212.63
57,038,413.66
36,331,996.87
Income generated by the share of the
fair value of identifiable net assets of
the investee at the time of acquisition
of investment higher than the cost of
acquisition
of
subsidiaries,
associates, and joint ventures
0.00
0.00
3,575.79
Gain or loss from debt restructuring
1,197,312.80
1,916,532.45
0.00
Other non-operating income and
expenses other than those described
above
-20,977,836.65
6,634,350.76
70,794,124.48
Less: impacted income tax
9,587,036.84
36,241,450.18
33,208,152.69
Impacted minority equity (after
tax)
-34,461,093.08
-47,712,030.81
-293,038,022.57
Total
-310,697,433.88
-140,834,869.66
4,857,534,085.62
Details of other gain and loss items that meet the definition of non-recurring gains and losses:
□Applicable Not applicable
The Company had no other gain and loss items that meet the definition of non-recurring gains and losses.
Notes on the circumstances under which the non-recurring items listed in the Explanatory Announcement on Information
Disclosure by Companies Offering Securities to the Public No. 1 - Non-recurring Gains and Losses are defined as recurring gains
and losses.
□Applicable Not applicable
The Company has no non-recurring items listed in the Explanatory Announcement on Information Disclosure by Companies
Offering Securities to the Public No. 1 - Non-recurring Gains and Losses defined as recurring gains or losses.



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
22
Section 3 Management Discussion and Analysis
I. Main businesses of the Company during the reporting period
The Company is required to comply with the disclosure requirements set forth in the Self-Regulatory Guidelines No. 3 for
Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure regarding listed companies engaged in livestock,
poultry, and aquaculture husbandry businesses.
In 2025, the Company focused on two major businesses: feed, and pig farming and slaughtering.
(I) Feed business
In feed business, there are premixed feed, concentrated feed as well as compound feed by nutrient. Among them, premixed
feed and concentrated feed are both supplied to internal compound feed plants and sold to external markets directly. External
customers include other feed enterprises, or dealers with certain feed ingredient procurement, formulation, and production capacity,
who produce compound feed on the basis of the Company's premixed feed, and then resell them to other farmers with their own
brands or no brands; large farms that have the above capabilities but produce the compound feed for their own use. By animal, the
Company’s products include almost all types of feed products such as poultry feed, swine feed, aquatic feed and ruminant feed.
As the Company also has pig farming business downstream, the swine feed produced is supplied to downstream collaborative
farmers and company-run farms in addition to sales to external markets. Poultry feed, aquatic feed and ruminant feed produced by
the Company are mainly sold to external markets. In the downstream sales, the Company has seized the opportunity of increasing
the scale of farming in recent years to increase the direct sales for large-scale farms and breeding enterprises, but also attaches
great importance to dealers to maintain full coverage of the majority of small and medium-sized farmers (as shown in the figure
below).

The Company’s feed business has maintained a leading position in the domestic feed industry in terms of scale for many
years. In 2025, the total domestic and international feed sales volume of the Company reached 29.74 million tons, accounting for
8.7% of the national total output. Due to the recovery of downstream breeding volume, the total sales volume increased from 2024.
Among them, there were 16.87 million tons of poultry feed, 10.2 million tons of swine feed, 1.97 million tons of aquatic feed, and
0.53 million tons of ruminant feed. The sales volumes of the main feed products were all among the top in the industry.
In addition to maintaining a leading position in the domestic feed industry for a long time, the Company also took the lead in
“going global” on behalf of Chinese feed enterprises in 1999 by establishing the first overseas feed company in Vietnam, which
Premixed feed/
concentrated feed
production
Compound feed
production
Feed ingredient
procurement
Company-run pig farms/
contract farmers
Other feed
enterprises/dealers/large
farms
Dealers
Breeding enterprises/
large farms
Small and medium-sized
farmers
Internal sales
External sales - Direct supply
Internal sales
External sales
External sales - Distribution

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
23
has been deeply involved in the overseas market for a quarter of a century, operating over 60 branches and subsidiaries in 15
countries and regions. Through long-term overseas operations, the Company has obtained a deep understanding of and integrated
into overseas cultures, replicated the advanced domestic formula procurement capabilities to overseas markets, and also improved
labor efficiency and reduced labor cost by utilizing local personnel in production, sales and other links. Especially in the feed
market in Southeast Asia, the Company has become an important Chinese force. In core overseas countries where the Company
has key business layout, such as Indonesia, Vietnam, Egypt and other countries, the feed sales of the Company have entered the
top four in these countries. In 2025, the Company's overseas feed sales volume recorded 6.38 million tons.
(II) Pig farming and slaughtering business
The Company started to vigorously develop its pig farming business in 2016. From 2019 to 2020, in the wake of major swine
disease outbreak, the Company invested heavily in pig farming business in response to the call of the state to stabilize production
and ensure supply, resulting in a rapid growth in the pig farming capacity and hog sales. In 2021, the Company's pig farming
business entered a stage of stable operation. By 2025, the number of pigs in stock reached 17.55 million, ranking third among
domestic listed companies.
1. The Company's business model in pig farming
In the breeding process, the Company has established a two-line "pyramid" breeding system centered on three-way cross and
PIC five-way cross to select pig breeds suitable for regional markets according to the differences between the markets in north and
south China. In the context of the recent surge in pig disease outbreaks, the Company has also established a certain proportion of
backcross breeding system to increase the supply and regulation capacity of breeding pigs, and enhance its operational stability
and rapid response capabilities when dealing with pig diseases and extreme market conditions. After stable operation since 2021,
the Company gradually reversed the phased regression following the rapid expansion in the previous years, and the production
indicators in all aspects gradually improved. By the end of 2025, the average PSY of the Company's sow production recovered to
about 26, which was in the leading level in the industry.
In terms of commercial pig finishing, the Company has gradually built finishing farms according to the specific conditions of
different projects in different regions. At present, the Company remains its focus on the "company + farmer" collaborative
breeding, supported by integrated company-run breeding. By the end of 2025, the ratio of integrated company-run breeding to
collaborative breeding was about 38:62, and the proportion of company-run breeding increased compared to the end of 2024. With
the improvement of the Company's finishing farm management and talent training, the proportion of integrated company-run
breeding will gradually increase in the future and the Company will realize a more balanced development layout of "company +
farmer" collaborative breeding and integrated company-run breeding.
2. Division of duties in collaborative finishing
In collaborative finishing, the Company and farmers respectively invest different production factors, assume different duties,
and share different earnings and risks. In terms of input of production factors, the Company is responsible for the input of piglets,
feed, veterinary drugs, vaccines, etc., while farmers provide the input of property, plant and equipment such as pigpen. In addition,
farmers need to pay a breeding deposit and bear the costs of labor, water, electricity, and fuel on finishing farms. In terms of
division of duties, the Company is responsible for piglet supply, feed supply, epidemic disease prevention and treatment, breeding
technology guidance, collection and sales and other process, while farmers are responsible for daily feeding, cleaning and
biosafety control. In terms of earnings and risks, the Company bears the market price risk and enjoys the opportunity profit, while
farmers neither bear the market risk nor enjoy the opportunity profit. The farmers’ returns are relatively stable and not directly
related to the market prices, but closely related to the breeding results. In addition, the Company is exposed to risks that farmers
don’t abide by the contract or the Company’s guidance, and sell pigs or use medication without authorization. However, as the
scale of collaborative farming has been growing and the collaboration period has become longer in recent years, in case of the
aforesaid breaches, farmers will bear huge risk of dishonesty, and the Company will confiscate the breeding deposit and sue the
farmers for breach of contract. Therefore, such breaches are becoming less frequent.
3. Pricing and settlement of collaborative finishing

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24
When the Company signs the contract of collaborative finishing with farmers, a basic unit price is first formed according to
the market conditions at that time, which would change appropriately according to the latest market changes at the time of pig
recycling and settlement. When finished pigs reach the marketable weight, they are weighed, and the basic price is formed by the
base unit price multiplying the average weight, before the settlement price is adjusted according to the specific weight of each pig
that exceeds or fails to reach the ideal weight range, marketing rate (i.e., the survival rate), rate of conforming products, feeding
days, total weight gain, whole-process feed conversion ratio, daily average weight gain, excessive consumption of feed and the
other production indicators, thus deriving the final commission payable to contract farmers.
4. Number and structure of contract farmers and their changes
As of the end of December 2025, the number of cooperative free-range farmers who had signed contracts with the Company
to raise finishing hogs was 1,418, basically the same as that at the end of December 2024. The average size of contract farmers
increased by 12% from the end of December 2024. By structure of the stock scale, the number of farmers each with less than 1,000
pigs accounted for 6%, down 1.8 percentage points from a year earlier; farmers each with 1,001 to 3,000 pigs accounted for about
53%, down 5.0 percentage points from a year earlier; farmers each with 3,001 to 5,000 pigs accounted for about 26%, up 2.9
percentage points from a year earlier; and farmers each with more than 5,001 pigs accounted for 15%, up 3.9 percentage points
from a year earlier.
By structure of the farmers' regional distribution, according to the five regions defined by the Ministry of Agriculture for the
prevention and control of major swine diseases, the number of farmers in the northern region accounted for about 13%, up 2.5
percentage points from a year earlier; farmers in the eastern region accounted for 26%, up 4.3 percentage points from a year earlier;
farmers in the northwestern region accounted for about 13%, up 1.8 percentage points from a year earlier; farmers in the
southwestern region accounted for about 15%, up 2.9 percentage points from a year earlier; and farmers in the south central region
accounted for about 33%, down 11.5 percentage points from a year earlier.
5. The Company's business model in pig slaughtering
In terms of pig slaughtering, the Company has established some slaughter supporting facilities in Beijing, Liaoning, Hebei,
Shandong, Shaanxi and other places according to the layout and scale of the upstream breeding in different regions. In terms of
breeding, in the region with slaughter facilities, the Company gives priority to the internal slaughterhouse for slaughter, and in
other regions with no slaughter facilities, pigs are sold externally. In recent years, the Company has enhanced the direct marketing
between breeding and external slaughtering enterprises. However, with the current development of the industry, pigs are still need
to be sold to pig traders in many regions. In terms of slaughtering, about 70% of the pigs the Company slaughters every year are
finished at company-run farms, and the rest are pigs from other farms acquired in the market.
The complete business model of the Company's pig farming and slaughtering business is shown in the figure below.

Internal swine
feed production
Weaned piglets
supplied by parent
farms
Replacement gilts from
the breeding system
Company-run
slaughterhouses
External pig farms
Farmer-run
finishing farms/
free-range farms
External
slaughterhouses
Pig traders
Internal sales
External sales
Company-run
finishing farms
Outsourcing

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
25
II. The industry in which the Company operates
(I) Feed business
1. Domestic feed industry
Feed can be classified into premixed feed, concentrated feed and compound feed (or complete feed) according to the scope of
nutritional ingredients contained. Premixed feed is the mixture of various nutritional additives such as vitamin, mineral substance
and amino acid; the concentrated feed is formed after adding various animal and vegetable proteins into the premixed feed; the
compound feed is formed after further adding various energy raw materials into the concentrated feed. In terms of the final
nutritional needs, the number of nutritional additives used is small but with high unit value, and the energy raw materials have a
low unit value but with large amount used, while the protein raw materials are between both. In 2025, the total industrial feed
production across the country was 342.25 million tons, an increase of 8.6% compared with the previous year. Among them, the
production of compound feed was 319.46 million tons (accounting for approximately 93.3%), the production of concentrated feed
was 13.38 million tons (accounting for approximately 3.9%), and the production of additive premix feed was 7.53 million tons
(accounting for approximately 2.2%). The vast majority of feed enterprises produces compound feed. Large enterprises have large
demands for premixed feed and concentrated feed due to their large outputs of compound feed, so they usually produce premixed
feed and concentrated feed themselves. The small and medium-sized enterprises only produce compound feed due to their small
scale, and purchase premixed or concentrated feed as needed from premixed feed business unit of large enterprises or other
independent premixed feed enterprises. Some farmers of considerable scale also purchase premixed or concentrated feed directly,
before blending the protein and energy ingredients into them for use. Feed can be classified according to the type of animals it is
fed to, such as swine feed, poultry feed, aquatic feed and ruminant feed. In 2025, the total national feed production consisted of
166.39 million tons of swine feed (accounting for approximately 48.6%), 32.82 million tons of layer feed (accounting for
approximately 9.6%), 100.98 million tons of meat-poultry feed (accounting for approximately 29.5%), 23.23 million tons of
aquatic feed (accounting for approximately 6.8%), and 14.76 million tons of ruminant feed (accounting for approximately 4.3%).
Since the beginning of the 21st century, the domestic feed industry has generally maintained a steady growth trend, with an
average annual compound growth rate of approximately 6.5% from 2001 to 2025. The gross national production slowed in the
mid-2010s and even declined in 2019 due to the major swine disease. However, since the beginning of 2020, due to the recovery
of pig production capacity on the one hand, and the further improvement of downstream livestock and poultry farming on the other
hand, the industrial feed segment ushered in new growth, with the total national output exceeding 300 million tons for the first
time in 2022. In 2025, due to the partial recovery of the breeding volume in the downstream livestock and aquatic farming sectors,
the total industrial feed production across the country reached 342.253 million tons, a year-on-year increase of 8.6% (as shown in
the figure below).

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
26

With the steadily growing total output, the feeds for different animal species would show different growth trends due to
different impacts of long, intermediate, and short cycles. The long cycle refers to the cycle of industrial upgrading and
technological progress, such as the slow changes in the degree of downstream large-scale farming, technological maturity,
penetration of compounding materials, and consumption habits. The intermediate cycle refers to the cycle of supply-demand
relation and price changes of livestock and poultry products, as the periodic increase and decrease in breeding quantity of a
particular type of animal downstream will affect the increase and decrease of sales volume of the corresponding feed type
upstream. The short cycle refers to the natural disasters and animal diseases that affect specific animals, such as H7N9 flu that
affected the poultry feed in the first half year of 2017, rainstorms and floods in the south China that affected the aquatic feed in
2017, and the major swine disease that greatly affected the swine feed from the mid-2018 to 2019. The most typical trend of
change in recent years is swine feed. Its output declined significantly in 2019 and 2020 due to major swine diseases, but has
continuously increased significantly since 2021 due to the large-scale and centralized pig farming in the downstream areas. Meat
and poultry feed output has also increased significantly in recent years with the scale and centralized downstream breeding. From
2001 to 2025, from the perspective of the average annual compound growth rate of all types of products, the growth rates of swine
feed (7.3%), meat and poultry feed (7.3%), and ruminant feed (9.6%) were all higher than the growth rate of total output (6.5%),
while the growth rates of aquatic feed (5.6%) and egg-laying poultry feed (3.0%) were lower than the total output growth rate (as
shown in the figure below).
Feed output nationwide (10,000 tons)

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
27

With the steady growth of the industry's total volume, the single-plant scale of enterprises, the overall scale of enterprise
groups and the concentration degree of leading enterprises have all increased. For instance, in 2018, when the major swine disease
broke out, there were only 656 large-scale mills with annual output of more than 100,000 tons nationwide, and their combined feed
output accounted for 49.7% of the total national output; by 2025, the number increased to 1,127, and their combined feed output
accounted for 65.2% of the total national output. There are now 17 feed mills with annual output of more than 500,000 tons, an
increase of 6 mills from the previous year. There are currently 7 enterprise groups with an annual output exceeding 10 million tons.
In 2025, the total sales of the top 20 feed enterprises in China accounted for approximately 65% of the total national output.
Among them, the total sales of the top 7 leading feed enterprises accounted for approximately 46% of the total national output.
Small and medium-sized feed enterprises with insufficient competitive advantages and poor management either reorganized or
exited the market, while large enterprises, due to their stronger comprehensive strength, become increasingly dominant in the
competition.
The main operational aspects of the feed business include technology R&D, raw material procurement, production and
processing, as well as sales and services, usually simply referred to as “technology, procurement, production, and sales”. Among
them, the interaction between technology and procurement is the closest. This is because that raw material costs of feed products
account for 80-90% of the selling price. Purchasing cheap raw materials is one of the key factors for success. However, the raw
material procurement should take the nutritional needs into account, rather than only considering the cost. There are hundreds of
raw material types, resulting in thousands of formula combinations. Companies need to design the lowest-cost formula that meets
the specific nutritional needs according to the nutrient contents and costs of different raw materials at a given time, thereby making
appropriate procurement decisions. The production and processing parts mainly focus on production efficiency and product quality.
The sales service part mainly focuses on customer development and maintenance, sells the products that meet different needs to
different customer groups, helps farmers enhance the breeding performance through additional services, optimizes the cost and
efficiency of the distribution process, feeds back the customer needs and product problems to the technology research and
development department in time to form good interactions. It should be noted that the customers include both the feed-using farms
and farmers, and feed dealers as distribution channels; in reality, there are also some big farmers who are engaged in breeding and
feed distribution as part of their business. On the whole, with the improvement of the scale of downstream farming links, feed
companies have more direct access to farms and farmers, and the proportion of direct sales in the industry has gradually increased.
However, since feed dealers can still play a role in the transfer of funds, storage and distribution of feed products, other supporting
animal healthcare products, providing simple technical services, placing farming contracts and organizing the recovery of live
poultry and livestock, dealers still play an important role in the feed industry.
Feed output nationwide by variety (10,000 tons)
Swine feed
Meat
poultry feed
Egg poultry
feed
Aquatic
feed
Ruminant
feed
Others

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
28
With the increasingly fierce competition in the industry, various enterprises continue to study in all aspects of the existing
business and strive to improve and innovate. In terms of technology R&D, microbial fermentation technology has given rise to the
development of biological environment-friendly feed. In the field of aquatic feed, there has been an upgrade from sinking pellet
feed to floating puffed feed. In other categories, there have also emerged increasingly specialized feed types based on feeding
stages. Especially in recent years, against the backdrop of rising prices of feed ingredients, imported ones in particular, the feed
formulas have undergone significant adjustments, such as reducing the consumption of soybean meal and increasing the
consumption of corn, etc. In terms of raw materials procurement, companies continuously explore more diversified new-type raw
materials, while for the conventional bulk raw materials, the upstream important raw materials bases are secured by means of
strategic partnership agreement, equity participation or self-run operation, with the accuracy of bulk purchasing enhanced by using
big data, futures and other financial instruments. In terms of production and processing, more efficient and convenient logistics can
support the transportation of a larger radius, thus giving rise to more and more feed plants with larger capacities. Companies
improve efficiency through more centralized large-scale production, while at the same time enhancing the quality through
specialized workshops or production lines. In terms of sales service, in addition to selling feed products, companies also provide
multiple forms of value-added services to farmers by leveraging downstream dealer resources such as technical guidance, animal
healthcare veterinarian, financing support, information service and livestock and poultry marketing etc. to enhance customer
stickiness, shorten the distribution process, improve the proportion of direct supply, help farmers improve breeding efficiency and
increase income.
Besides improvement of their own business links, feed companies also actively explore the upstream and downstream of the
industrial chain by extending to raw material planting and trade upstream and reaching out to the breeding, slaughter and deep
processing downstream. Among them, poultry feed producers extend their business to the downstream segment of poultry farming
and slaughtering earlier and more frequently; while for swine feed enterprises, they extend to pig farming and slaughtering
relatively late and infrequently. However, in the most recent two rounds of pig cycle, especially after the outbreak of major swine
diseases, such extension has been becoming more and more common. Such extension to the downstream reflects the desire of feed
producers to control the downstream breeding and consumer needs, so that they can gain the profits from the downstream while
ensuring the upstream feed capacities can be fully utilized. The reason behind this lies in shift of supply-demand relation across the
industry and gradual scale-up of the downstream breeding operations, as the focus of industry value is gradually changing from the
feed operations in the past to the downstream breeding and food production.
2. Overseas feed industry
Due to the increasingly fierce domestic competition, more and more overseas markets have been noticed by Chinese feed
companies and become important opportunities for further growth in the future. In terms of production mode and core
competitiveness, it has certain similarities with other industries. That is, beginning from developed and mature European and
American countries, first spreading to China, and then spreading to emerging markets such as Asia and Africa. The driving force
behind this is on the one hand the transfer of feed and farming technology, on the other hand and more importantly, the
macroeconomic development of countries in different regions, the growth of population, and the growth of animal protein
consumption demand. However, due to the low gross profit margin of the feed industry as a whole and the large weight of the main
products, feed products are mostly produced and sold locally, and are rarely exported. Regardless of foreign feed companies
entering China thirty years ago or Chinese feed companies going overseas today, they rely more on their years of technical and
management experience accumulated in the home market, and the relative advantage relative to the overall level of the host
country, with new production capacity developed in the host country to serve the breeding needs of the host country.
In 2025, the feed industry in regions outside China gradually developed. Domestic feed enterprises, relying on their excellent
capabilities in formula, cost and procurement, continued to expand into overseas regions. According to Alltech data, in 2025 the
ranking of the world's top ten feed-producing countries remained unchanged from 2024, collectively accounting for 65.2% of
global feed production, with China, the United States, and Brazil together contributing nearly 48% of global total output. By feed
category, broiler feed remained the largest category at 400 million tons, up 3.7% year-on-year; swine feed reached 380 million tons,

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
29
a 3.0% increase year-on-year; layer feed totaled 180 million tons, up 3.2% year-on-year; and aquatic feed amounted to 60 million
tons, growing by 4.7% year-on-year. By region, Asia maintained its position as the global feed production hub with an output of
560 million tons. Latin America produced 200 million tons, while Africa and the Middle East combined for 100 million tons,
showing divergent trends. Africa experienced strong expansion, whereas growth in the Middle East was modest. The Asia-Pacific
region (excluding China) saw robust market development driven by rising protein demand due to economic and population growth.
The Company is one of the earliest Chinese feed enterprises to enter the overseas market. It established its first overseas feed
mill in Vietnam in 1999. After more than 20 years of expansion and optimization, the Company has formed a clear hierarchical
market structure overseas, with Indonesia, Vietnam and Egypt as the core countries, and Bangladesh, the Philippines and Myanmar
as the key countries. The feed market size of the 6 core countries and key countries has reached over 71 million tons. However,
their total population is approximately 826 million, and the per capita feed yield is only equivalent to 38% of China's current level.
In the future, as the economies, populations and product penetration rates of these countries further improve, there will still be
significant growth potential in the feed market.
(II) Pig farming and slaughtering business
Unlike the feed industry, which has witnessed continuous increase in product penetration and market size due to industrial
upgrading and technological progress, pig farming, as the largest source of meat consumption in China, has basically stabilized its
overall scale in recent years. Over the past 15 years, with the impact of major swine diseases nationwide such as the major swine
disease in 2019 and 2020 eliminated, the annual output of hogs has fluctuated basically around 700 million, and the pork
production has also fluctuated around 55 million tons. However, behind this is the long-term improvement of the production
efficiency of the whole industry, and the gradual decline in the stock size of breeding sows as the core capacity. For instance, in
2025, annual output of hogs increased by 12% from 2009, but the stock of breeding sows at the end of the year decreased by 17%.
According to data from the Ministry of Agriculture and Rural Affairs, the number of breeding sows in stock nationwide in 2025
gradually and slowly declined from 40.62 million since January. However, the number remained above 40 million for the first nine
months. The Company began to accelerate the process of excess capacity reduction in October, with the number saw a cumulative
reduction of 740,000 from October to December. By the end of 2025, the number of breeding sows in stock nationwide reached
39.61 million (101.6% of the normal level). Although it is within the green area of production capacity, due to factors such as the
improvement of industry production efficiency and the weakening of the pig disease in the winter of 2025, it is expected that the
supply of hogs will still be relatively abundant in 2026.

Therefore, the core driving force for the development of the pig farming industry lies in, in the face of a basically stable
market demand, achieving the replacement of inefficient production capacity with efficient production capacity through gradually
Hog output and stock of breeding sows since 2009
Yearly hog output (in 10,000, left)
Year-end stock of breeding sows (in 10,000, right)

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
30
improving production efficiency. In terms of organizational form, it will first be reflected in the upgrade from individual and
concurrent scattered pig farming in the traditional small-scale peasant economy to enterprise-oriented and specialized large-scale
pig farming. It will also be reflected in the competition among enterprises, and the survival of the fittest among efficient
enterprises and inefficient ones. During this process, the scale of farming entities at all levels and the concentration of leading
enterprises will continue to increase. In 2016, the combined output of hogs of the top 20 domestic pig farming enterprises was
merely 41.33 million, accounting for 6% of the national total that year. By 2025, the number had reached 253.35 million, a
substantial increase of 5 times, and its proportion in the national total of 719.73 million that year also rose to 32.5%.
Pig farming involves breeding pig propagation and commercial pig finishing. The improvement of technology and production
efficiency, as well as the upgrade from small-scale farmers to large-scale enterprise-oriented breeding, are first and more
prominently reflected in the breeding pig propagation process. The breeding pig propagation can be subdivided into breeding and
breeding pig farming. Breeding specifically refers to selection and breeding of high intergenerational good stock, while breeding
pig farming refers to further expanding propagation of original breeding pigs, and output of boar semen, sows, and commercial
piglets. The breeding of pigs requires long-term research and development accumulation due to very high technological
complexity. At present, it is mostly controlled by foreign professional breeding pig companies, although some leading companies
in China have made breakthroughs in recent years. However, most domestic enterprises have not yet ventured into the upstream
breeding process and still need to introduce GGP pigs or higher-generation breeding pigs from foreign suppliers every few years
for GP and parent generation expansion in China. In this regard, some of them are specialized breeding pig companies, who
directly sell the breeding pigs and piglets to other companies after expanding propagation of great grandparent pigs introduced
abroad, without setting foot in the commodity generation breeding. Some other cases are extension made by large commercial pig
companies towards the breeding pig cultivation operations upstream in order to ensure the availability of their own breeding pigs
and piglets, with the parental breeding pigs and commercial piglets produced for their own use. To ensure availability of piglets to
themselves, some farmers would also participate in the parental breeding operations, i.e. they purchase the parental sows and boar
semen from companies and then propagate piglets themselves. Even so, more and more farmers are exiting from the parental
breeding operations gradually. It is mainly because that, with the development of breeding technology, large-scale and intensive
piglet production by large enterprises has obvious efficiency differences compared with farmers’ piglet breeding. This is reflected
in PSY, the most commonly-used indicator in the industry. In the years before the major swine disease outbreak, the average PSY
of the entire industry was about 17, that of large companies was generally over 20, and that of farmers’ propagation and breeding
was about 15. After the major swine disease outbreak, due to the impact of animal diseases and the rapid repopulation that led to
the extensive use of three-way crossbred sows, the PSY of the entire industry generally declined. In the past three years, with the
stabilization of production, the elimination of inefficient sows, the improvement of epidemic prevention and control effects, and
the increase in the proportion of large enterprises' operations, the production indicators of the entire industry have gradually
improved. According to wepig.cn, the PSY of the entire industry increased significantly in 2025, reaching 24.34, but there is still
room for improvement compared with 27.56 in the United States in 2025. In this regard, large enterprises will lead the industry in
the future, promoting the improvement and independent selection of breeding pigs, and promoting intelligent farming. While
driving the entire industry to further increase the overall PSY, they may also continue to maintain their technical and efficiency
advantages over farmers in pig breeding.
In the finishing process of commercial pigs, the ratio of company-run farms to farmer-run farms is not as high as the breeding
process. It is mainly because that the difference between companies and farmers in technology and efficiency is not as large as it is
in the breeding process of breeding pigs. In addition, companies require additional huge investments of property, plant and
equipment to build finishing farms. It will be hard for the companies to utilize asset-light expansion model to build finishing farms,
and building finishing farms affects investment income as well. As a result, in recent years, when enterprises increase investments
in pig farming industry, especially at the early stage of competition for market shares, most companies choose to invest in
developing the production capacity of breeding pigs first and choose “company + farmer” collaborative breeding for the
commercial pig finishing link. Specifically, this kind of cooperative breeding mainly takes the form of entrusted rearing. That is,

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the enterprise raises sows to produce piglets and provides the piglets to farmers, along with feed, veterinary drugs and technical
services. After the farmers finish finishing the pigs, the enterprise will reclaim the finished pigs and sell them. During this process,
the ownership of both the piglets and the finished pigs belongs to the enterprise. In recent years, there are also some companies in
some areas sell piglets, feed and veterinary drugs to farmers (usually at a higher price than the market price, to ensure that farmers
do not illegally resell the above production materials) and buy back the pigs and sell them after they are finished. At last, there are
a few companies directly sell commercial piglets to farmers, but are not responsible for recycling or buying the pigs back.
The outbreak and evolution of major swine diseases in recent years affect numerous companies’ judgments and decisions
about company-run commercial pig finishing practices. In the first two or three years after the outbreak, farmers found it relatively
difficult to achieve good containment results due to inadequate technologies and experiences in major swine disease containment
and limited access to equipment and facilities, thus posing a higher biosafety risk. Some outstanding companies in the industry
using the integrated company-run farming model realized major swine disease containment better than farmer-run farming to a
certain extent through fine management of the company-run finishing operations. It made numerous companies start considering
increasing the proportion of company-run finishing in the medium and long run. However, starting from 2021, the considerable
improvement made by farmers in technology, experience, equipment and facilities used for major swine disease containment
narrowed their gap with company-run finishing farms; meanwhile, due to continuous mutation of major swine virus that made the
latency longer and harder to be detected, company-run finishing farms that are individually large in stock of pigs faced greater
pressure in the prevention and control of major swine diseases, while farmer-run finishing farms that usually have two to three
thousands of pigs in their herds are more flexible and have stronger competitiveness in terms of finishing costs. Moreover, after the
rapid development of many enterprises in the past two or three years, they still have deficiencies in terms of capital reserves, talent
capacity reserves, especially in finishing talent capacity reserves. Therefore, the "company + farmer" collaborative breeding mode
will remain prevalent in the industry in the next three to five years. On this basis, a "specialized free-range farming company"
business model that initially emerged in 2022 and became significantly popular in 2024 has, to a certain extent, strengthened the
collaborative breeding model. This business model was initially manifested as "secondary finishing" that emerged in the second
half of 2022. Subsequently, some practitioners noticed that if they only engaged in the downstream finishing process, they could
flexibly participate in short-term "secondary finishing" during the upward and high periods of the market, and also slow down to
carry out full-process finishing during the downward and low periods of the market. This way does not involve too many
production rhythm issues in the upstream pig breeding process, and is more flexible. So, on the one hand, they adopt a light-asset
model for the downstream, integrating a large number of farmers' finishing farm resources. On the other hand, relying on the
centralized finishing resources, they negotiate entrusted breeding contracts with the upstream pig breeding farms in a centralized
manner. This can also help the pig breeding farms solve the efficiency problem of decentralized development and management of
numerous farmers. Eventually, an upgraded model of "breeding pig enterprise + specialized free-range farming company + farmer"
is formed.
Of course, while the "company + farmer" mode is being upgraded, as enterprises gradually recover and accumulate in terms
of funds and talent capabilities, and in the longer term, more and more automated and information-based equipment that helps
enterprises reduce costs is being popularized in the industry, especially as these new devices and technologies are being promoted
and implemented more quickly and widely in company-run finishing farms, large enterprises will still continue to increase the
scale of their company-run finishing farms to a certain extent.
Pig slaughtering is the downstream part of breeding. Slaughterhouses buy commercial pigs from farmers, slaughter them and
then sell raw pork or cut meat to downstream industries. In the early development stage of the domestic pig industry, small
slaughtering workshops were sufficient for the industry due to the low scale of pig farms and the small number of single batches,
therefore, there was no strong incentive for pig farmers to go hand in hand with large-scale industrial slaughterhouses. On the one
hand, it inhibited the further scale development of pig slaughtering. For example, the number of pigs slaughtered annually of
domestic pig slaughtering enterprises representing large-scale slaughterhouses fluctuated around 220 million for a long time before
2018; on the other hand, pig traders have long played an important role in centralizing the scale and scheduling the supply and

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demand between farming and slaughtering.
Major swine diseases not only brought great changes in the pig farming link, but also greatly promoted the scale and
centralized development of the slaughtering link because of the scale and centralized development of the breeding link. After the
downturn of no pigs to be slaughtered in 2019 and 2020, the number of pigs slaughtered annually by designated pig
slaughterhouses began to recover and grow rapidly in 2021, and increased to 340 million in 2023, an increase of more than 50%
compared to the level of 220 million in previous years. In 2025, the total slaughter volume of large-scale designated pig
slaughterhouses was 410 million, a year-on-year increase of 18.3%, but still at a relatively high level. The joint improvement of the
scale of farming and slaughtering increased the opportunity for direct sourcing and direct marketing between the two to bypass pig
traders. Of course, in a certain period of time, the aforementioned direct sourcing and direct marketing are not a perfect match, and
pig trader-involved transactions still occupy a large proportion, because the annual production scale of individual farm is mostly
300,000-500,000 pigs, relatively lower than the annual slaughter capacity of at least 1 million pigs of large-scale slaughterhouses,
and the pig production batches are not evenly distributed in each month and week within a year, while the slaughterhouses pursue
daily balanced production. However, more and more large companies are building their own slaughterhouses in areas where their
breeding is concentrated, and the scale of production is large.

The pig farming industry has long been characterized by distinct cyclical features, with a "pig cycle" typically lasting 3 to 5
years. However, this law has changed with the rapid scale upgrade of the industry and the substantial increase of industrial
concentration after the outbreak of the major swine disease. In 2020, the significant reduction in production and high hog prices in
the industry caused by a major swine disease stimulated a round of large investment in pig production capacity. Coupled with the
improvement of the major swine disease prevention and control level in the whole industry, the production capacity and supply
quickly recovered. Since the investment and construction of new production capacity has a certain cycle, and after the completion
of new production capacity, enterprises often desire to increase the production load rate as soon as possible to reduce the cost, so
although the hog prices have experienced a sharp decline since 2021, the pig production capacity has remained at a high level for a
long time after the decline in hog prices. The number of breeding sows in stock nationwide remained above 40 million for more
than three years from the end of 2020 to the end of February 2024. The long-term overcapacity also kept the hog prices at a
relatively low level for a long time. During that period, due to the mutation of major swine diseases from the end of 2021 to the
beginning of 2022, coupled with the newly emerged "secondary finishing” in the industry, the hog price experienced a short-term
rebound in the second half of 2022. However, it dropped again at the end of 2022 and continued to fluctuate at a low level in 2023,
causing the industry as a whole to face the pressure of losses for a relatively long time. In 2024, the industry experienced a phased
reduction in production capacity. The number of breeding sows in stock nationwide dropped briefly below 40 million from March
Hog output and slaughter volume at designated slaughterhouses since 2009
Slaughter volume at designated slaughterhouses
(in 10,000)
Yearly hog output (in 10,000)

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to May. Coupled with market disturbances such as "secondary finishing", the hog prices after the Spring Festival in 2025 showed a
situation of remaining high even in the off-season, leading to an excessive optimistic expectation for the market in the second half
of the year. The number of breeding sows in stock nationwide remained above 40 million and slightly increased. Against the
backdrop of industry scale expansion and increased concentration, the production efficiency of pig farms has significantly
improved. With the same scale of breeding sows, the supply capacity of pigs has increased, and the pressure on the supply side has
continued to rise. After peaking at 20 yuan/kg in August 2024, hog prices entered a downward trend. The average price for the
entire year in 2025 dropped to 13.77 yuan/kg, reaching a new low since 2020. By the end of 2025, the pig stock nationwide was
430 million, up 0.5% year-on-year; the number of breeding sows in stock was 36.91 million, down 2.9% year-on-year, but still
exceeding the normal stock of 39 million as determined in the Pig Production Capacity Regulation Implementation Plan (2024
Revision) released by the Ministry of Agriculture and Rural Affairs in early March 2024.
Looking back at the pig market situation and capacity changes from 2024 to date, although from the perspective of hog prices,
the high price of around 20 yuan/kg is not as high as the one over 25 yuan/kg in the second half of 2022 under the background of
"secondary finishing”, hardly implying the arrival of a new cycle. However, from the perspective of the number of breeding sows
in stock, the low stock of 39.86 million at the end of April 2024 is indeed the lowest number following the 19.13 million one
caused by major swine diseases at the end of September 2019 and before the end of 2025, and it can also be regarded as the sign of
a new cycle. From both perspectives, the new characteristics generally presented by the "pig cycle" in recent years include: an
extended cycle duration; in the absence of major epidemic disturbances, the price will not be extremely high, and since the
production capacity can recover relatively quickly when there is a slight increase in price, the fluctuations in hog prices will also
become more stable; although the low price period within the cycle is longer than the high rice period, with the continuous
development of industrial scale, the significant increase in industry concentration, especially the share of large enterprises, and the
continuous decline in costs, large enterprises as a whole will also achieve more substantial profits than five years ago. The
competition focus between pig enterprises will also shift from absolute output and market share to relatively stable scale and lower
costs for more sustainable profits. In the future, with the further optimization of the efficiency of the upstream farming link and the
reduction of the cost difference between enterprises, the focus of competition may shift to the downstream slaughtering and pork
sales link, seeking the differentiated development of sales channels and brands, and the slaughtering link will also usher in new
development opportunities.
III. Analysis of core competitiveness
(I) Core competitiveness in feed business
Domestic feed business：
1. Strong bargaining power and resource integration capabilities brought by large-scale operation. Scale is one of the most
essential competitive factors in the feed industry. The feed yield of the Company ranks among the top in the country, with feed
production and sales covering 29 provinces, municipalities and autonomous regions at present. The industry-leading production
and sales volume and the extensive market coverage enable the Company to reach domestic and foreign grain business giants and
large channels of the same magnitude, leading companies in other related industries and local governments at all levels, thus
leveraging the strong bargaining power by virtue of its scale advantage to conduct cooperation of various forms and exploit its
advantages of resource integration.
2. Leading ingredient cost brought by supply chain management capabilities. In recent years, the ingredient market has
fluctuated sharply. The Company has accelerated the turnover of inventory, with inventory turnover days dropping from a peak of
over 20 days to 12 days, and the turnover has continued to accelerate. In terms of ingredient procurement, each major ingredient
procurement team of the Company has a regional BP to focus on the corresponding category and undertake regional market
research, procurement business, operation support and other work. Through centralized management of feed ingredient

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procurement business and logistics business across the industry chain and by releasing resource integration capabilities brought by
scale advantage, the Company has built the core competitiveness featuring leading ingredient cost and efficient operation.
3. Comprehensive customer service capability integrating upstream and downstream resources of the industrial chain. The
Company actively matches its customers with baby animals for farming and animal healthcare resources in each species, with
several animal healthcare testing labs built in place to provide support to customers in terms of biosafety and comprehensive
animal nutrition. In terms of financing, relying on its powerful platform, the Company actively matches its customers with various
financing products, effectively alleviating financial stresses of farmers and providing customers with more facilities while keeping
risks controllable. Especially in recent years, with the improvement of the scale and centralization of the domestic pig farming
industry, downstream group breeding enterprises have also generated more comprehensive demands for products and services, and
the customer service ability has become more important. The Company's farming business has also helped strengthen the service
capacity of the feed business. The pig business of the Company fully supports the feed business from three aspects: talent training,
scale farm service and breeding SOP sharing.
4. Continuously improved fine technology R&D capabilities. With a well-established R&D system, the Company conducts
detailed research and development considering regional breeding differences and growth-phase nutritional differences of all
varieties, continuously iterating and launching products that meet differentiated needs of breeding customers. Meanwhile, the
Company keeps researching alternative ingredient technologies and optimizing its formula costs to increase profitability. In
particular, in the context of the escalating international trade disputes since 2025, the Company has also fully accumulated
technologies and solutions for reducing the use of soybean meal in feed over the past several years. The Company has successively
participated in a number of key national R&D programs and international cooperation projects under the "14th Five-Year Plan",
creating new non-grain protein feed products and new energy products to replace corn. It has evaluated the nutritional value of
various feed resources such as bacterial protein, black gadfly ash and other new proteins, cottonseed meal, rapeseed meal, palm
meal and other miscellaneous meals, distiller's grains, vinegar grains and other residues, as well as cassava, barley and sorghum,
and the appropriate addition amount of the corresponding ingredients in livestock and poultry and the high-value application
technology, forming a series of technical achievements and application schemes. The "Diversified Feed Application Technology
for Pigs and Poultry" developed by the Company has been selected as a "Typical Case of Reducing and Replacing Soybean Meal
in Feed" by the Ministry of Agriculture and Rural Affairs. It has been widely promoted and applied in the industry and will play a
significant role in alleviating the shortage of protein feed resources in China.
Overseas feed business：
1. The advantages of global capacity layout and localized operation. The Company has established a dense production
capacity network in emerging markets such as Southeast Asia and South Asia, with over 60 subsidiaries and branches in 15
countries and regions. Feed factories have been opened in countries such as Indonesia, Vietnam, Egypt, Bangladesh, the
Philippines and Myanmar, directly utilizing local agricultural resources to reduce procurement and transportation costs, and avoid
trade barriers. The localized production mode enables the Company to respond quickly to changes in market demand, and
formulate different production and operation strategies for different countries, forming a flexible production and operation system
overseas.
2. Full industrial chain collaboration capability. Relying on its domestic mature industrial chain experience of the "feed -
farming - slaughtering and processing”, the Company provides customized feed products and technical services to overseas
customers, and drives customer retention with its outstanding feed product capabilities, high-quality supporting services, and the
synergy in the fields of seedlings and animal health in the upstream and downstream of the industry.
3. Technology R&D and product innovation capabilities. The Company introduces the domestic formula technology
advantages to overseas, develops differentiated formulas for different regional breeding varieties, and optimizes the cost structure
based on the local raw material supply characteristics, so as to keep the overall production cost leading.
4. Brand and channel resource barriers. Relying on its leading position in domestic agriculture and animal husbandry and 40
years of industry accumulation, the Company enjoys a certain brand recognition in overseas markets, especially in areas with a

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high concentration of overseas Chinese. Small and medium-sized farmers and large-scale farms are covered in a dual-channel
network of "distributors + direct sellers". The Company has also long been involved in the investment of agricultural projects in
BRI countries, and has received recognition and policy support from the host governments, further consolidating its channel
advantages in the host countries.
5. Risk management and compliance capabilities. Facing risks such as exchange rate fluctuations and geopolitics in overseas
markets, the Company adopts a hedging mechanism combining overseas localized teams and financial tools to reduce the impact
of exchange rate fluctuations on net profits by locking in costs through foreign exchange futures and ingredient futures.
(II) Core competitiveness in pig farming and slaughtering business
1. Overall balanced capacity distribution close to main sales areas. According to the regional division by the Ministry of
Agriculture for major swine disease containment, the Company’s pig farming capacity is more evenly distributed in the five
regions, with 1 or 2 provinces as the focus of layout in each region, and all these provinces being or surrounding core areas of
population, economy and consumption in respective region. The balanced production capacity layout can help the Company
decentralize risks and avoid considerable losses to the Company as a whole due to animal diseases, natural disasters and extreme
market conditions in particular regions during certain period of time. In 2024, the Company renovated epidemic prevention
facilities and equipment of some company-run farms in the north that were significantly affected by major swine diseases, as well
as some free-range farms, with special attention paid to the transformation of positive pressure ventilation. Since the winter of
2024, the epidemic prevention situation has been greatly improved, making up for the shortcomings that the Company had in the
northern market during the past few years where it had production capacity but couldn't fully utilize it. This also enables the
Company to fully exert its advantage of balanced production capacity across the country in the future.
2. Gradually improved "pyramid + backcross" dual-breeding system. The Company mainly relied on the "pyramid" breeding
system in the past. Now, most of the pig farms in operation have built GP lines and established GP pig herds in accordance with
the pyramid configuration requirements. Other independent parental pig farms also have GP farms within the system responsible
for the supply of replacement parental pigs. The gradual ramp-up of these GP lines and gradual optimization of the pyramid
system will help these pig farms achieve stable full-load operation in the future. In view of the frequent occurrence of animal
diseases in the industry in recent years, the Company also actively draws on the best practices of the industry, and has stepped up
efforts to establish a backcross pig production and management system for unified management and deployment of the pig
business from the middle of 2023 to increase the supply capacity and adjustment capacity of the production of breeding pigs,
enhancing its stability and flexibility in business adjustment when dealing with animal diseases and extreme market shocks.
3. Consistently strengthened core population cultivation capability based on based on independent intellectual property
selection algorithm, intelligent measurement technologies and biological breeding techniques. For the core breeding pigs such as
GP pigs and GGP pigs, the Company continuously upgrades its proprietary breeding and production management software
HUGE-HOPE, integrating the independently developed Huge BLUP multi-trait one-step calculation engine. This enables efficient
parallel computing of multiple economic traits, with superior computing scale, speed and resource efficiency compared to foreign
commercial software. In addition, the Company has further upgraded its intelligent selection and intelligent pre-selection systems
to replace manual operations and achieve optimal selection for the entire herd. The selection accuracy and efficiency have been
significantly improved. In terms of whole-genome selection technology and its application, the Company has cumulatively built a
database of tens of thousands of genetic chips. Pedigree correction, variety identification, and early selection have been fully
implemented. The accuracy of selection has significantly improved, and the generation interval has been effectively shortened,
creating considerable economic benefits for the industry. In the field of phenotypic measurement of breeding pigs, the Company
has completed the domestication of the AI + machine vision + intelligent equipment entire system. Systems for in vivo
determination of intramuscular fat, intelligent determination of backfat and eye muscle, and portable intelligent weight estimation
have fully covered the core breeding farms, achieving non-destructive, high-throughput, and automated precise measurement. This
effectively retains excellent breeding pig individuals and significantly improves measurement efficiency and data accuracy,
providing solid support for precise breeding. The above-mentioned technological advancements will significantly promote the

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Company's independent selection and breeding of higher-quality core herd pigs, thereby helping to enhance the production
efficiency and growth performance of downstream parental and commercial pigs, and strengthening the overall competitiveness of
the pig business.
4. Ingredient procurement and formulation development capability in collaboration with feed business For feed ingredient
procurement, the Feed Supply Department of Pig BG and the Supply Chain Management Department of Feed BU jointly formed
the procurement model of “centralized procurement at headquarters + regional independent procurement”. The bulk and key
ingredients are centrally sourced and purchased by the Supply Chain Management Department of Feed BU. Leveraging the scale
advantage, they reduce costs and ensure supply through online sourcing and price comparison. Each subsidiary in the industry
focuses on the procurement of local ingredients, reaching local suppliers based on regional resources, shortening the cycle and
reducing logistics costs, while ensuring the freshness and compatibility of ingredients, forming a "headquarters coordination and
regional supplementation" pattern. In terms of nutrition formula R&D and application, the Company has recently closely
coordinated and integrated the nutritional research and technical application systems of the pig business and the feed business.
Relying on the digitalized formula management system, it integrates real-time data from the farming end, raw material nutritional
composition data and growth demand data, and uses algorithm models to precisely match formula parameters, promoting the
precise connection between formula and nutritional needs of breeding, effectively improving the efficiency of nutritional
conversion.
5. Ever-strengthening whole industrial chain system of "digital farming". In terms of production management, the planning
and operation control system launched by the Company in 2021 has been gradually improved, which works in three parts: farming
site (farming tasks, environmental control management, video surveillance and site patrolling management), pig farm management
(abnormity warning, task reminder, feed management, drug management and death and culling compliance), and corporate control
(real-time monitoring and alert, full traceability, plan management, data analysis, performance assessment, etc.), to dynamically
control the whole process from the breeding pig end to the finishing end, realizing the unification of the standards of each
production process, and promoting the effective execution of production actions. In terms of digital training, relying on the online
platform of "New Hope Academy", the Company developed and launched SOP short videos and micro-lessons on pig production,
biosafety and veterinary skills, with job certification programs matched to improve the job matching degree and stability of
frontline workers and improve production efficiency.
6. Strong ability to link breeding and slaughtering and a high brand recognition of fresh pork in multiple regions: the
Company currently has pig farming and slaughtering capacity in Beijing, Liaoning, Hebei, Shandong, Shaanxi and other places. In
some areas, the Company has matched and customized special pig herd breeding such as black pigs and antibiotic-free pigs in
upstream breeding based on the emerging consumer demand facing the downstream slaughtering link. The slaughtering process
also represents market demand to manage the pig quality and process of the breeding process, and feedback improvement
suggestions in a timely manner to help the upstream breeding process to improve the product quality. In terms of pork brand,
"Kinghey" is the designated supplier for the Beijing 2008 Olympic Games, and the Company launched the high-end fresh black
pig pork brand "Zhichu" in 2022, which has now been highly recognized by customers and partners in the industry.
(III) Anti-risk capabilities based on integrated industry chain layout and overall credibility
The integrated industry chain layout from upstream feed to midstream pig farming and then to downstream pig slaughtering
can help the Company decentralize operational pressure and hedge against risks of market to a certain extent. For example, when
the hog price is low, it usually means that the breeding scale is larger, which can bring greater sales of feed in the upstream, and
also reduce the purchase price of pig slaughter in the downstream, leading to high production load rate, which is conducive to
reducing the cost. The high-turnover characteristics of feed business can also provide the Company with stable cash flow supply.
In addition, the Company has maintained steady operation for more than 40 years, enjoying good social reputation and word
of mouth. At present, the Company has sufficient capital reserves, with support from many large financial institutions unreduced.
The Company currently has a total credit line of nearly 80 billion yuan granted by financial institutions, and the overall credit
utilization ratio is around 60%, leaving considerable room for further withdrawals. The Company has long been maintaining high

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levels of credit ratings. The high corporate credibility, market recognition and strong financing capacity provided the Company
with stable and low-cost refinancing support during the tough periods of the industry, playing an anchoring role for the Company
to achieve stable development through cycles.
IV. Analysis of main businesses
1. Overview
In 2025, the domestic agriculture and animal husbandry sector moved from the cyclical recovery seen in 2024 into a
consolidation phase characterized by low-level operation. In the pig market, a year-on-year increase in pig stock in the first half of
the year led to ample supply, keeping hog prices at relatively low levels overall. In the second half, due to multiple factors such as
production capacity transmission from earlier periods and concentrated output from secondary finishing operations, hog prices
experienced a sharp decline. The industry-wide loss amplitude continued to widen, accelerating capacity reduction. In the feed
market, the total inventory of pigs, meat poultry, and egg poultry remained at a high level, providing rigid support for feed demand.
Meanwhile, the prices of bulk raw materials such as corn and soybean meal fluctuated upward, posing certain challenges to
industry cost control.
During the reporting period, the Company continued to focus comprehensively on its two core business sectors - feed and pig
farming/slaughtering, seizing opportunities presented by industry cycles and resolutely advancing the implementation of a variety
of operational strategies. For feed business, it adhered to the core concept of "scaling up, adjusting structure, and enhancing
efficiency” in the feed business. In the domestic market, the Company continuously strengthened competitiveness and optimized
operational efficiency. In the overseas market, it accelerated capacity layout and market expansion, achieving year-round growth
in both volume and profit, with sales volume reaching a record high. For pig farming business, it resolutely promoted the strategic
upgrade from "raising pigs well" to "raising quality pigs”, continuously strengthening disease prevention and control, refined
production management, and breeding genetic improvement, achieving a steady decline in farming costs throughout the year and
continuous optimization of core production indicators. While focusing on production and operations, the Company also optimized
fund management and financing channels, steadily reduced financial expenses, and maintained stable and ample operating cash
flow. It also progressed steadily in revitalizing existing assets and disposing of inefficient assets, continuously optimized its
organizational system and team incentives, and activated front-line operational vitality.
During the reporting period, the Company reported operating revenue of 106.856 billion yuan, representing a slight year-on-
year increase. However, due to one-off factors including a sharper-than-expected decline in hog prices in the fourth quarter,
provisions for biological assets, and the write-off of property, plant and equipment, the Company's full-year performance turned
from profit to loss. Excluding the impact of these one-off factors, the Company's core operations remained stable, with the feed
business steadily increasing its profit contribution and the pig farming business significantly improving costs. This provides a solid
foundation and strong confidence to weather the bottom of the cycle.
(I) Feed business
In 2025, the Company's feed business resolutely implemented a specialized development strategy focused on scaling up
effectively. It closely followed changes in market demand and continuously deepened the core measures of "scaling up, adjusting
structure, and enhancing efficiency". The growth in sales volume in the domestic market consistently outperformed the industry
average, while overseas markets achieved rapid breakthroughs. Overall, the business achieved growth in both volume and profit,
with continuously improving profit quality.
1. In-depth strategy implementation, pushing steady scale growth
The Company continued to base its efforts on scale growth, guided by improvements in operational efficiency. Adapting to
the trend of scaled farming, it increased efforts to develop large-scale farms and key customers. By deeply integrating products
and services, supplemented by supply chain and financial empowerment, the Company optimized customer cooperation models,
achieving rapid growth in sales to core customers. By feed type: it continued to consolidate its traditional advantage in poultry

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feed, with poultry feed sales volume maintaining steady growth. Seizing the opportunity presented by the restored pig herd
numbers, it increased efforts to develop grower-finisher feed customers, resulting in a significant increase in external swine feed
sales volume. It also strengthened specialized operations in aquatic feed and ruminant feed. In terms of aquatic feed, it focused on
the specialty aquatic feed segment, achieving organizational and product upgrades and sales breakthroughs in core markets. In
terms of ruminant feed, it achieved counter-trend growth amidst industry capacity reduction.
2. Procurement system optimization, enhancing cost control capabilities
Facing a market environment of fluctuating upward prices for bulk raw materials in 2025, the Company quickly responded to
market changes by establishing a full-chain procurement control system. For cereal raw materials, it accelerated inventory turnover,
flexibly applied alternative raw materials, and actively expanded import procurement channels. For protein raw materials, it
accurately seized spread procurement opportunities in the short term and deepened the application of futures tools in the long term.
The Company continuously optimized its online sourcing and price comparison system, maintaining a high usage rate throughout
the year, significantly improving sourcing matching efficiency and supplier participation compared to the previous year. It also
deepened long-term cooperation with strategic suppliers, adding a number of new core strategic suppliers, expanding supplier
credit cooperation, and achieving direct system connections for procurement and supply, further enhancing procurement stability
and bargaining power. In overseas markets, relying on its Singapore platform, the Company leveraged the advantages of global
procurement coordination, strengthened strategic cooperation with international grain traders, and continuously optimized its
global procurement layout.
3. Lean operations management, continuously promoting cost reduction and efficiency improvement
Aiming to build a feed enterprise with optimized cost and the highest efficiency, the Company promoted operational
optimization and cost control across the entire chain. On the production sided, it advanced the technical transformation of outdated
equipment and the intelligent upgrading of plants. Adapting to the needs of large customers, it increased the production and sale of
bulk feed. The annual feed cost per ton decreased by over 30 yuan. For low-efficiency branches and subsidiaries with low capacity
utilization, it assigned special assistance teams for on-site guidance, leading to a significant year-on-year increase in sales volume
for these low-efficiency companies and a continued reduction in the number of loss-making entities. On the logistics side, it issued
and implemented measures for logistics cost reduction. Through a series of initiatives such as optimizing bidding and negotiation,
connecting with third-party logistics platforms, and optimizing transportation routes and modes, it continuously reduced overall
logistics costs and improved distribution efficiency. It also continuously deepened digital empowerment, connecting the entire
digital management process of sales forecasting, procurement planning, production scheduling, and logistics distribution to
enhance overall operational efficiency.
4. Increasing overseas investment, achieving breakthrough growth in business
The Company continued to regard its overseas feed business as the third growth driver, increasing resource investment and
capacity layout to drive rapid growth in overseas operations. During the reporting period, the Company advanced overseas
capacity construction through multiple means, including expanding existing plant production lines and building new plants,
continuously increasing overseas feed production capacity. Simultaneously, it focused on key core countries such as Indonesia,
Vietnam, Egypt, the Philippines, and Bangladesh, continuously increasing local market share. In most of the core countries, its
market share has already ranked among the top three. In terms of talent development, it transferred domestic experienced
management and technical personnel through the Inclusion Program and issued a development plan for cultivating local talent. It
provided special training programs such as Global Backbone Force and Aquaculture Elite to promote the dual improvement of
Chinese and local talent capabilities, building a sustainable localized operation system. During the reporting period, the overseas
feed sales volume increased by 21% year-on-year, with all regions achieving double-digit growth, laying a solid foundation for
subsequent medium- to long-term growth.
During the reporting period, the Company's total feed sales volume reached 29.74 million tons, a year-on-year increase of
15%, of which external feed sales volume was 24.51 million tons, a year-on-year increase of 16%. Among external feed sales:
poultry feed sales volume was 16.57 million tons, a year-on-year increase of 13%; swine feed sales volume was 5.33 million tons,

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a year-on-year increase of 26%; aquatic feed sales volume was 1.97 million tons, a year-on-year increase of 17%; ruminant feed
sales volume was 530,000 tons, a year-on-year increase of 20%. Overseas feed sales volume was 6.38 million tons, a year-on-year
increase of 21%. The feed business reported operating income of 76.019 billion yuan, a year-on-year increase of 10.66%.
(II) Pig farming and slaughtering business
In 2025, supply in the domestic hog market was ample, with hog prices showing a general downward trend throughout the
year, leading to deep losses across the industry. The Company resolutely committed to promoting the refined management of its
farming business, taking disease prevention and control as the bottom line, optimization of production indicators as the core, and
breeding/genetic improvement as the key lever. It continuously drove a steady decline in farming costs, continuously optimized
core production indicators, demonstrating strong operational resilience during the industry downturn. Normal operating farms
achieved cost reductions throughout the year.
1. Comprehensive upgrade of the disease prevention system, with remarkable health management effectiveness
The Company continued to strengthen its biosafety defense. Building on the farm line prevention upgrades in 2024, it further
optimized the whole-process disease prevention management system and strengthened the normalized prevention and control of
major epidemic diseases in winter and spring. During the reporting period, through multiple measures including continuous
optimization of hardware facilities, environmental monitoring and early warning, biosafety process upgrades, and improvement of
emergency response mechanisms, the Company achieved a reduction in the incidence of major swine diseases by more than half
compared to the previous year. The incidence of other key diseases such as PED (Porcine Epidemic Diarrhea) and PRRS (Porcine
Reproductive and Respiratory Syndrome) also decreased significantly, substantially reducing losses from death and culling,
effectively stabilizing the production rhythm, and laying a foundation for optimizing production indicators and reducing costs.
2. Intensive production management, with core indicators continuously improving
The Company continued to deepen full-process refined production management, and promoted the continuous improvement
of production indicators at all stages. In the breeding pig stage, it focused on optimizing the selection and mating management of
gilts, improving the enrollment rate of gilts, reducing the abnormal culling of sows with low parity, and optimizing the precise
feeding management for pregnant sows, thereby effectively reducing piglet weaning costs. In the finishing stage, it focused on
strengthening management during the empty barn period, controlling mortality in medium and large pigs, and continuously
increasing the proportion of self-finishing. By the end of the year, the self-finishing ratio increased to nearly 40%, further
improving the efficiency of asset utilization in the finishing stage.
Through full-process management optimization, the Company achieved continuous improvement in several core production
indicators: the annual average number of weaned pigs per litter reached 11.4, an increase of 0.6 from the previous year; the annual
average PSY reached nearly 26, an increase of 1.2 from the previous year; the annual average weaning cost was 251 yuan per head,
a decrease of 40 yuan per head from the previous year; the annual average finishing survival rate reached 94%, an increase of 2
percentage points from the previous year; the annual average daily gain reached 698g, an increase of 23g from the previous year;
the annual average feed conversion ratio continued to optimize. On the cost side, the total cost of finishing hogs for normal
operations on the Company's farms declined steadily throughout the year, dropping to 12.2 yuan/kg by December, a significant
decrease compared to the same period last year.
Continuously improved breeding system, with genetic improvement accelerated.
The Company resolutely advanced its strategy upgrading from "raising pigs well" to “raising "quality pigs", continuously
improving its "pyramid + backcross" dual-breeding system to accelerate the genetic trait improvement process. On the boar side, it
completed the comprehensive replacement of high-performance terminal boars. Currently, terminal boars with a daily gain of over
1,000g have achieved full coverage within the system, and the coverage rate of high-performance terminal boars reached 99%, a
significant increase from the previous year. On the sow side, it promoted the high-quality replacement of purebred sows in GP
farms and improved the reproductive performance in parent farms, achieving a steady year-on-year increase in the annual average
number of live piglets born per litter. It also optimized the layout and operational efficiency of boar stations, continuously

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
40
reducing the cost of breeding pig cultivation, providing core support for subsequent improvements in farming efficiency and
continued cost reduction.
4. Digital intelligence-driven empowerment, with steady improvement in operational efficiency
The Company continued to promote digital and intelligent construction across the entire farming process, empowering refined
management with technology. During the reporting period, the coverage rate of intelligent equipment such as silo weighing
systems for free-range finishing farms, needle-free injection devices, and smart ultrasound machines continued to increase,
effectively improving the precision of data control and operational efficiency in the farming process. On finishing farms, it
introduced a Pig Farming AI Assistant, covering multiple functional modules such as veterinary consultation, real-time query and
analysis of production indicators, providing intelligent decision support for front-line production management. Additionally, the
Company continuously optimized its hog sales strategy, flexibly adjusting the sales mix of piglets and finished pigs according to
market conditions to maximize sales value amidst market fluctuations, while continuing to promote the synergistic effect of the
industrial chain between slaughtering and farming operations.
During the reporting period, the Company sold a total of 3.7552 million piglets and 13.7902 million finished hogs, totaling
17.5455 million, recording operating income of 20.992 billion yuan (slightly less than the cumulative sales proceeds listed in the
monthly sales briefings due to offsets from sales to internal slaughterhouses). It slaughtered a total of 3.68 million hogs, recording
operating income of 7.537 billion yuan. The pig business as a whole reported an operating income of 28.529 billion yuan.

2. Revenue and cost
(1) Composition of operating income
Unit: yuan

2025
2024
YoY
increase/decrease
Amount
Share in
operating
income
Amount
Share in
operating
income
Total operating
income
106,856,298,720.47
100%
103,062,962,254.34
100%
3.68%
By sector
Feed
76,018,681,424.51
71.14%
68,698,174,673.48
66.66%
10.66%
Pig business
28,528,575,460.41
26.70%
30,397,998,558.87
29.49%
-6.15%
Others
2,309,041,835.55
2.16%
3,966,789,021.99
3.85%
-41.79%
By product
Feed
76,018,681,424.51
71.14%
68,698,174,673.48
66.66%
10.66%
Pig business
28,528,575,460.41
26.70%
30,397,998,558.87
29.49%
-6.15%
Others
2,309,041,835.55
2.16%
3,966,789,021.99
3.85%
-41.79%
By region
Overseas
22,347,349,312.72
20.91%
20,034,393,987.98
19.44%
11.54%
Domestic
84,508,949,407.75
79.09%
83,028,568,266.36
80.56%
1.78%
By sales model
(2) Industries, products, regions and sales models that account for more than 10% of the Company’s operating income or
operating profit
Applicable □Not applicable
Unit: yuan

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
41

Operating income
Operating costs
Gross
margin
YoY
increase/decreas
e in operating
income
YoY
increase/decreas
e in operating
costs
YoY
increase/dec
rease in
gross
margin
By sector
Feed
76,018,681,424.51
72,141,515,312.79
5.10%
10.66%
10.43%
0.20%
Pig
business
28,528,575,460.41
26,201,274,738.57
8.16%
-6.15%
-4.26%
-1.81%
By product
Feed
76,018,681,424.51
72,141,515,312.79
5.10%
10.66%
10.43%
0.20%
Pig
business
28,528,575,460.41
26,201,274,738.57
8.16%
-6.15%
-4.26%
-1.81%
By region
Overseas
22,347,349,312.72
20,069,108,022.32
10.19%
11.54%
10.72%
0.67%
Domestic
84,508,949,407.75
80,073,920,449.11
5.25%
1.78%
2.63%
-0.78%
By sales model
The Company’s adjusted main business data for the past year as of the end of the reporting period, if the statistical standards of the
Company's main business data is adjusted during the reporting period
□Applicable Not applicable
(3) Whether the Company’s physical sales revenue exceeded the labor service revenue
Yes □No
Industry category
Item
Unit
2025
2024
YoY
increase/decrease
Feed
Sales volume
10,000t
2,974.26
2,595.77
14.58%
Production output
10,000t
2,997.94
2,580.60
16.17%
Inventory
10,000t
32.88
9.20
257.39%
Livestock
slaughtering
Sales volume
10,000t
49.06
40.42
21.38%
Production output
10,000t
49.34
38.07
29.60%
Inventory
10,000t
1.42
1.14
24.56%
Hog
Sales volume
10,000
1,754.55
1,652.49
6.18%
Production output
10,000
1,754.55
1,652.49
6.18%
Notes on causes behind the 30% or greater year-on-year changes in the relevant data
Applicable □Not applicable
The year-on-year increase in feed inventory is mainly due to the fact that, based on the steady growth of feed sales and in response
to fluctuations in ingredient prices, the Company appropriately increased its safety inventory at the end of the period.
(4) Performance of major sales contracts and major procurement contracts executed by the Company as at this reporting
period
□Applicable Not applicable
(5) Composition of operating costs
Industry category

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
42
Industry category
Unit: yuan
Industry
category
Item
2025
2024
YoY
increase/decr
ease
Amount
Percentage
in operating
costs
Amount
Percentage
in operating
costs
Feed
Main
materials
62,092,202,229.72
86.07%
56,242,644,214.08
86.09%
-0.02%
Feed
Auxiliary
materials
7,372,862,864.97
10.22%
6,644,066,577.50
10.17%
0.05%
Feed
Packaging
materials
440,063,243.41
0.61%
385,447,323.57
0.59%
0.02%
Feed
Employee
compensation
360,707,576.56
0.50%
333,183,279.70
0.51%
-0.01%
Feed
Manufacturin
g costs
981,124,608.25
1.36%
940,752,789.73
1.44%
-0.08%
Feed
Fuel and
power
894,554,789.88
1.24%
783,960,658.11
1.20%
0.04%
Livestock
slaughtering
Main
materials
7,045,899,661.03
97.52%
6,293,227,626.92
97.27%
0.25%
Livestock
slaughtering
Packaging
materials
20,952,736.89
0.29%
18,115,593.05
0.28%
0.01%
Livestock
slaughtering
Employee
compensation
67,915,767.86
0.94%
65,345,532.06
1.01%
-0.07%
Livestock
slaughtering
Manufacturin
g costs
70,083,292.36
0.97%
64,698,546.59
1.00%
-0.03%
Livestock
slaughtering
Fuel and
power
20,230,228.72
0.28%
28,467,360.50
0.44%
-0.16%
Pig farming
Feed
12,305,112,378.66
64.84%
13,493,507,365.98
64.56%
0.28%
Pig farming
Employee
compensation
3,580,265,138.77
18.87%
3,675,191,922.50
17.59%
1.28%
Pig farming
Depreciation
1,142,804,238.04
6.02%
1,378,729,517.40
6.60%
-0.58%
Pig farming
Cost of
medicines and
vaccines
625,278,380.79
3.30%
752,908,149.49
3.60%
-0.30%
Pig farming
Fuel and
power
431,624,271.49
2.27%
528,803,949.37
2.53%
-0.26%
Pig farming
Material
consumption
151,394,704.44
0.80%
185,402,920.81
0.89%
-0.09%
Pig farming
Other fees
739,713,939.52
3.90%
883,893,100.69
4.23%
-0.33%
Notes
None
(6) Whether the scope of consolidation changed during the reporting period
Yes □No
1. The entities added to the consolidated statements of this year include:
Hubei Xinsheng Houpu Technology Co., Ltd., Guang’an New Hope Liuhe Livestock Development Co., Ltd., Qingdao Xinjiali
Farming Technology Co., Ltd., Hainan New Hope Liuhe Farming Technology Co., Ltd., New Hope Tongnai Nutrition
Technology Co., Ltd., PT NHSP Animal Nutrition Indonesia, PT New Hope Animal Technology Indonesia, Linyi New Hope

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
43
Hengli Farming Co., Ltd., Xiantao New Hope Liuhe Feed Co., Ltd., Fengcheng New Hope Haofeng Feed Co., Ltd., Lianyungang
New Hope Liuhe Feed Co., Ltd., Sheyang New Hope Biotechnology Co., Ltd., Xinliu Chuanyi (Fujian) Farming Development Co.,
Ltd., Lingbao New Hope Feed Co., Ltd., Emeishan New Hope Feed Co., Ltd., Taizhou New Hope Biotechnology Co., Ltd., and
Xinhe Lanka International Trading Pte. Ltd., all established in 2025 and included in the consolidated financial statements as of the
date of their establishment.
2. The entities removed from the consolidated statements this year include:
Chaoyang New Hope Farming Technology Co., Ltd., Handan Henong Livestock and Poultry Breeding Co., Ltd., Wei County
New Hope Feed Co., Ltd., Fuxin Liuhe Breeding Service Co., Ltd., Sichuan New Hope Liuhe Xueyu Tianlu Supply Chain
Management Co., Ltd., Xuzhou Jinfeng Liuhe Feed Co., Ltd., Guangyuan New Hope Liuhe Farming Technology Co., Ltd.,
Bayannur New Hope Liuhe Feed Technology Co., Ltd., Meitan New Hope Agricultural Technology Co., Ltd., Laoling Liuhe
Yuexin Feed Co., Ltd., Changzhi Shuanglong Food Co., Ltd., Shenyang New Hope Kinghey Food Co., Ltd., Wulian Xinhao
Breeding Co., Ltd., Zhucheng Xinhao Farming Technology Co., Ltd., Quyang Xinhao Farming Co., Ltd., Nanhe County Xinhao
Farming Technology Co., Ltd., Zhangwu New Hope Liuhe Farming Co., Ltd., Liaoning Jinguan Farming Co., Ltd., Kangping
Xinwang Liuhe Farming Co., Ltd., Yi County Jinguan Farming Co., Ltd., Heishan County Jincheng Farming Co., Ltd., Sishui
New Hope Yuwang Technology Co., Ltd., Shaoguan Xinyue Farming Technology Co., Ltd., Shanghe Liuhe Feed Co., Ltd.,
Shandong Xiang'an Livestock and Poultry Breeding Co., Ltd., Chaoyang Xinwang Farming Co., Ltd., Anqiu New Hope Liuhe
Farming Co., Ltd., Tianjin Yunling Enterprise Management Consulting Partnership (LP), Liaoning Xinwang Food Co., Ltd.,
Shaanxi Xinliu Farming Technology Co., Ltd., Dongguang County Xinhao Farming Co., Ltd., Huazhou Xinchi Animal Husbandry
Co., Ltd., Lu'an Xinxi Food Co., Ltd., Yanwei Information Technology (Shanghai) Co., Ltd., Tai'an Liuhe Jili Feed Co., Ltd.,
Sichuan Qinrun New Material Technology Co., Ltd., Linyi Hengli Feed Co., Ltd., and Langxi Huaren Feed Co., Ltd. Among them,
Tai'an Liuhe Jili Feed Co., Ltd., Sichuan Qinrun New Material Technology Co., Ltd., Linyi Hengli Feed Co., Ltd. and Langxi
Huaren Feed Co., Ltd. were removed from the consolidated financial statements due to the disposal of the equity in these 4
companies this year; the remaining companies were all deregistered in 2025, and excluded in the consolidated financial statements.
(7) Significant changes or adjustments to businesses, products or services of the Company within the reporting period
□Applicable Not applicable
(8) Major customers and suppliers
Major customers
Combined sales to the top five customers (yuan)
8,730,665,477.68
Percentage of the combined sales to the top five customers in
annual total sales
8.17%
Percentage of the RPT sales included in the combined sales to
the top five customers in annual total sales
6.07%
Top five customers
S/N
Name
Sales (yuan)
Percentage in annual total
sales
1
Customer 1
5,755,311,570.26
5.39%
2
Customer 2
925,301,977.25
0.87%
3
Customer 3
912,953,079.45
0.85%
4
Customer 4
731,013,913.53
0.68%

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
44
5
Customer 5
406,084,937.19
0.38%
Total
--
8,730,665,477.68
8.17%
Notes on other information of major customers
□Applicable Not applicable
Major suppliers
Combined purchase amount of the top five suppliers (yuan)
14,696,403,401.90
Percentage of the combined purchase amount of the top five
suppliers in annual total purchase amount
16.13%
Percentage of RPT amount included in the combined purchase
amount of the top five suppliers in annual total purchase
amount
3.14%
Top five suppliers
S/N
Name
Purchase amount (yuan)
Percentage in annual total
purchase amount
1
Supplier 1
5,649,420,208.89
6.20%
2
Supplier 2
3,495,461,293.19
3.84%
3
Supplier 3
2,738,756,669.19
3.01%
4
Supplier 4
1,506,894,095.72
1.65%
5
Supplier 5
1,305,871,134.91
1.43%
Total
--
14,696,403,401.90
16.13%
Notes on other information of major suppliers
□Applicable Not applicable
During the reporting period, the Company's trade business income accounted for more than 10% of the total operating income
□Applicable Not applicable
3. Expenses
Unit: yuan

2025
2024
YoY increase/decrease
Selling expenses
1,287,958,392.02
1,260,107,740.33
2.21%
General and
administrative
expenses
3,762,292,288.67
3,756,267,104.57
0.16%
Financial expenses
1,971,954,038.78
1,804,175,384.46
9.30%
R&D expenses
191,347,185.05
249,645,874.91
-23.35%
4. R&D investment
Applicable □Not applicable
Major R&D project
Purpose
Progress
Intended objectives
Expected impact on the
Company's future
development
Design and research of
a needle-free injection
system
Conventional
immunization methods
involve high vaccine
consumption, low
Product development
has been completed,
with stable realization
of core functions such
Align the performance,
accuracy and reliability
of the devices with
front-line production
The application of
needle-free injectors
can significantly
reduce the

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
45
immunization
efficiency, high labor
intensity, high risk of
needle-borne cross-
infection, and potential
food safety hazards.
Needle-free injectors
use high-pressure jets
to penetrate the skin for
intradermal drug
delivery, significantly
reducing labor
intensity, saving
vaccines, lowering
farming costs, and
eliminating food safety
risks.
as immunization
injection, cleaning
injection, and alarm for
abnormal situations.
The device has been
deployed in production
testing and can cover
different types of pigs
across age groups.
needs, fully covering
the immunization of
pigs at all stages. Carry
out large-scale pilot
projects from
individual cases
broader areas to
advance immunization
cost reduction.
consumption of
vaccines and needles,
lower labor costs and
labor intensity,
decrease production
losses caused by cross-
infection and stress
reactions in pigs, and
eliminate food safety
hazards such as
"needles left in meat”,
safeguarding consumer
health.
Design and research of
a channel estimation
system
In pig farming, pig
count and weight are
critical indicators.
Currently, pig counting
and weight estimation
are mainly done
manually, which is
inefficient. The channel
estimation system uses
cameras to capture
information on pigs
passing through a
defined area, enabling
real-time counting and
weight estimation,
reducing manual
workload, and
improving work
efficiency.
Based on actual
production needs,
development of a piglet
counting device and a
finishing hog weight
estimation device has
been completed, with
initial productization
achieved. The piglet
counting device has
been promoted at the
theater (regional) level,
with applications in
over ten demonstration
farms; the finishing
hog weight estimation
device has completed
theater-level
application testing.
Meet the functional
requirements of pigs at
different stages and in
different production
scenarios, such as
routine weight
estimation, pre-sale
weight estimation, and
piglet counting.
Facilitate convenient
access to the count and
weight information to
provide corresponding
support for daily
production
management, hog
sales, and other
activities.
The device offers high
accuracy and provides
objective, impartial
data. It not only
substantially reduces
labor input but also
enables real-time,
precise monitoring of
pig body condition,
allowing timely weight
adjustments and
improving sales
accuracy. In addition,
the device has a strong
alert function,
effectively reducing the
risk of fraud and
disputes, thereby
supporting farming and
sales operations.
Development of a
synthetic line for the
Chinese Quality Fast-
Growth II
Develop a synthetic
line that combines
advantages of feed
efficiency, fast growth,
and high quality
All 2025 assessment
indicators have been
met, with significant
improvements in
performance traits such
as intramuscular fat-
lean meat ratio
Benchmark against
international standards
to optimize
performance and
complete third-party
testing
Strengthen independent
advantages in
germplasm resources,
enhance industrial
competitiveness and
market share
National key science
and technology project
for agricultural
biological breeding –
development of the
New Hope High-
quality High-fecundity
L1 line
Develop a localized
matrilineal paternal
line that combines
advantages of high
fecundity, fast growth,
feed efficiency, and
excellent meat quality
Core herd performance
targets have been
achieved; 2,250
genomic tests have
been completed; large-
scale promotion has
been carried out
Achieve the
predetermined
selection targets for
meat quality,
reproductive capacity,
and growth traits
Improve the self-
sufficiency and
controllability of
germplasm resources,
empower the entire
industrial chain, and
enhance industry
competitiveness
Pig breeding
innovation capability
improvement project of
New Hope Liuhe Co.,
Ltd.
Develop new local pig
breeds and synthetic
lines to enhance
breeding innovation
capabilities
Most projects have
completed site
selection and land use
confirmation, with
some ready for
construction
Develop one new breed
and two synthetic lines,
and promote high-
quality commercial
pigs
Strengthen the
independent
controllability of
germplasm resources,
and enhance industrial
competitiveness and

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
46
market share
Yazhou Bay genomic
breeding prototype
middle platform system
Encapsulate efficient
breeding methods to
automate selection and
mating
System prototype
development and data
interface integration
have been completed
Improve breeding
quality and efficiency
Strengthen the
Company's core
competitiveness in
breeding technology
and empower industrial
development
Full-chain breeding
pilot project
Collect multi-
dimensional data on
breeding stock and
commercial pigs to
support breeding
optimization
Multi-farm line data
uploads have been
completed, with core
indicator
measurements
exceeding targets
Complete, as planned,
all measurement tasks
and data uploads for
each segment of the
2026 cycle
Solidify the foundation
of breeding data, and
enhance the
competitiveness of
breeding stock and
products
Demonstration project
for the transformation
and promotion of
scientific and
technological
achievements in
Sichuan– genomic
technology for lean-
type breeding pigs
Improve the genetic
quality and production
performance of
breeding pigs to meet
the demand for high-
quality stock
This project has been
concluded, with all
indicators achieved,
including chip
production and
application across
breeding farms
Achieve a lean meat
percentage of 63%,
establish one enterprise
standard, and promote
the breeding of
100,000 piglets
Reduce breeding costs,
enhance the
competitiveness of
breeding stock, and
expand market share
Sichuan science and
technology plan project
in collaboration with
provincial institutions
and universities –
research and
application of key
technologies for the
intelligent farrowing
crate system
Enhance sow
productive
performance, reduce
piglet mortality and
culling rates, and
promote smart pig farm
technologies
This project has been
concluded, with all
indicators achieved,
including system R&D,
integration, and pilot-
scale promotion
Achieve a piglet
mortality and culling
rate of <10%, and a
relevant detection
accuracy of over 90%
Reduce costs and
improve efficiency,
support the
construction of smart
pig farms, and enhance
competitiveness in
farming technology
Development and
application of a genetic
evaluation system
combining multi-trait
BLUP with single-step
genomic method
Improve the accuracy
and efficiency of
breeding value
selection while
reducing breeding costs
Development of
multiple software,
systems and chips has
been completed, with
numerous outcomes
put into use
Produce a deep
learning breeding value
calculation algorithm
and promote related
technologies
Strengthen
technological
advantages in breeding,
and support the quality
improvement of
breeding stock and
industrial upgrading
Research,
demonstration and
application of key
technologies for ASF
early warning,
comprehensive
diagnosis, eradication
and repopulation
Continuously monitor
the diversity and
transmission
characteristics of ASF
strains to guide ASF
prevention and control,
and develop or upgrade
key technologies for
early clinical diagnosis
and eradication.
In response to the
current pattern of ASF
prevention and control
in China, a
comprehensive
framework covering
"early warning –
monitoring – blocking
– eradication –
repopulation" has been
established, providing
key core technologies
and control measures
for pig farming.
Establish an ASF early
warning mechanism,
develop comprehensive
diagnostic
technologies, and
achieve rapid
eradication and
repopulation.
Continuously upgrade
key technologies for
ASF prevention and
control, improve farm-
level disease control
capabilities, and reduce
losses caused by ASF.
Demonstration of key
technologies for
eradication of major
pig diseases and
Carry out development
and application of
technologies for the
prevention, control and
A technology system
encompassing ASF
monitoring and early
warning, rapid
Improve the ASF
prevention and control
system, shorten the
time required for
Establish a technical
system and evaluation
standards for the
eradication of major

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
47
efficient and healthy
breeding
eradication of major
swine diseases,
efficient and healthy
breeding technologies
and smart pig farm
technologies.
diagnosis, eradication,
and repopulation has
been established, along
with promotion of
ASF-free compartment
construction.
Pseudorabies
eradication is being
progressively advanced
through an
"immunization +
culling" approach.
Production indicators
such as PSY and
finishing index have
been improved.
Development and
application of smart
equipment in pig
houses have been
advanced.
pseudorabies
eradication, and
achieve efficient and
healthy farming
diseases, enhance
farm-level disease
prevention, control and
eradication capabilities,
and increase
application scenarios
for smart farm
technologies.
R&D and application
of a new energy feed
nutrition database and
diversified corn
substitution
technologies
Evaluate the nutritional
value of alternative
ingredients to corn, and
explore their efficient
application
technologies in swine,
poultry, and ruminant
feed production to
achieve effective corn
substitution to save
feed resources.
More than ten
alternative ingredients
to corn have been
developed, achieving
an overall corn
substitution rate of
over 20%.
R&D, promote, and
apply grain-saving,
efficient compound
feed and total mixed
ration (TMR)
formulation
technologies for swine,
poultry, and ruminants
to achieve effective
corn substitution and
reduction.
Improve the utilization
rate of corn substitute
ingredients and explore
their appropriate
inclusion levels in
compound feeds and
TMR for swine,
poultry, and ruminants.
Digital control and
database construction
for imported feed raw
material substitutes
Build a dynamic
nutritional value
database for imported
feed ingredient
substitutes and develop
alternative technology
solutions.
Energy prediction
models for over ten
alternative energy and
protein ingredients
have been established.
Achieve precise
utilization of
alternative ingredients
with a digital database
for precision nutrition
systems.
Maximize the value
utilization of substitute
ingredients, alleviate
the challenge of import
dependence for feed
grains, and lead the
industry-wide
reduction in the use of
corn and soybean meal.
Research on feed
ingredient efficiency
enhancement
technologies and
upgrading/optimization
of the proprietary
formulation system
Enhance the value and
tap the potential of
traditional
unconventional feed
ingredients and novel
feed ingredients, to
achieve precise
formulation based on
the dynamic database
and multi-formulation
systems.
Multi-formulation
systems have been
developed and
promoted for
application at branch
companies.
Develop multiple
technology solutions
for enhancing the
efficiency of swine and
poultry feeds.
Reduce the use of corn
and soybean meal, and
mitigate cost
fluctuations arising
from price volatility of
ingredients
Integration, innovation
and demonstration of
achievements in green,
grain-saving and
efficient livestock and
poultry feeding
Integrate and innovate
achievements in green,
grain-saving, and
efficient livestock and
poultry breeding
technology; establish
Research on energy
and protein
requirements for new
domestic duck breeds
has been conducted
Construct a dynamic
database of poultry
feed ingredients of
Chinese characteristic,
systematically study
the precise nutritional
Drive collaborative
development of the
industrial chain
through the integration
of grain-saving
technologies for

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
48
technology
demonstration models
for integrated green,
grain-saving, and
efficient industry
chains; and address
industrial needs such as
soybean meal
substitution and the
promotion of grain-
saving livestock and
poultry breeding
technologies
requirements of
domestic breeds, and
develop a technology
system for
regionalized,
diversified ration
formulation,
demonstration, and
application
poultry.
R&D and
industrialization of key
technologies for
fermentation of
complete pellet feed
Conduct whole-batch
temperature-controlled
fermentation of
complete pellet feed to
produce fermented,
moist, soft-pellet
complete feed,
injecting new
productive forces into
the feed and livestock
industries
Nine types of
fermented soft-pellet
functional feed have
been developed, along
with five case studies
for yellow-head catfish
feed
Promote over 10,000
tons of fermented
complete pellet feed.
Through the guiding
role of demonstration
and application, drive
enterprises to achieve
product category
expansion, value
increase, and efficiency
improvement, thereby
promoting
technological progress
and sustainable
development in the
feed and livestock
farming industries
R&D personnel

2025
2024
Percentage of change
R&D personnel (persons)
743
717
3.63%
Proportion of R&D personnel
1.70%
1.73%
-0.03%
Educational background structure
Bachelor
294
282
4.26%
Master
266
264
0.76%
Doctor
25
25
0.00%
Age structure
Below 30
300
247
21.46%
30~ 40
291
332
-12.35%
R&D investment

2025
2024
Percentage of change
Amount of R&D investment
(yuan)
191,347,185.05
270,282,343.04
-29.20%
Proportion of R&D investment in
operating income
0.18%
0.26%
-0.08%
Capitalized amount of R&D
investment (yuan)
0.00
20,072,154.52
-100.00%
Proportion of capitalized R&D
investment in R&D investment
0.00%
7.43%
-7.43%
Reasons for significant changes in composition of R&D personnel of the Company and their effects
□Applicable Not applicable
Reasons for significant changes in the percentage of total R&D investment in operating income compared to the previous year

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
49
□Applicable Not applicable
Notes on causes of substantial changes in the capitalization rate of R&D investment and their justifications
Applicable □Not applicable
The capitalization rate of R&D investment decreased by 100% compared to the same period. This is mainly due to the fact that the
Company's previous investment in R&D efforts enhanced its digitalization level in breeding, promoting efficient breeding and risk
warning. This R&D project has been completed and recorded in intangible assets, resulting in a decrease in the amount of R&D
capitalization compared to the same period.
5. Cash flows
Unit: yuan
Item
2025
2024
YoY increase/decrease
Subtotal of cash inflows from
operating activities
109,732,594,953.04
107,471,916,124.96
2.10%
Subtotal of cash outflows from
operating activities
100,354,654,110.82
98,345,362,592.09
2.04%
Net cash flows from operating
activities
9,377,940,842.22
9,126,553,532.87
2.75%
Subtotal of cash inflows from
investing activities
1,172,075,756.09
5,489,334,829.11
-78.65%
Subtotal of cash outflows from
investing activities
2,722,916,512.46
6,576,814,149.06
-58.60%
Net cash flows from investing
activities
-1,550,840,756.37
-1,087,479,319.95
-42.61%
Subtotal of cash inflows from
financing activities
50,629,646,754.97
47,240,133,088.47
7.18%
Subtotal of cash outflows from
financing activities
58,888,842,304.74
56,607,703,068.11
4.03%
Net cash flows from financing
activities
-8,259,195,549.77
-9,367,569,979.64
11.83%
Net increase in cash and cash
equivalents
-474,164,869.41
-1,385,375,801.43
65.77%
Notes on major influencing factors for significant YoY changes in related data
Applicable □Not applicable
The net cash flows from investing activities decreased by 42.61%, mainly due to the large-amount time deposits maturing during
the same period and the substantial dividends received from equity investments.
Notes on reasons for significant difference between the net cash flows from operating activities within the reporting period and net
profit of this year
□Applicable Not applicable
V. Analysis of non-main business
Applicable □Not applicable
Unit: yuan

Amount
Percentage in total
Notes on reason for
Whether sustainable or

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
50
profits
formation
not
Investment income
944,442,979.76
-81.72%
Mainly consisting of
investment income
from the equity of
China Minsheng Bank
held by the Company
and recognized using
the equity method
Yes
Gain or loss from
change in fair value
15,213,233.76
-1.32%


Asset impairment
-939,557,416.95
81.30%


Non-operating income
93,849,377.35
-8.12%


Non-operating
expenditure
312,456,265.32
-27.04%


VI. Analysis of assets and liabilities
1. Significant changes in asset composition
Unit: yuan

By the end of 2025
At the beginning of 2025
Percentage
increase/decre
ase
Amount
Percentage in total
assets
Amount
Percentage in
total assets
Cash and cash
equivalents
8,626,581,608.13
7.55%
8,699,013,033.45
7.38%
0.17%
Accounts
receivable
1,045,981,872.03
0.92%
971,988,850.19
0.82%
0.10%
Contract assets

0.00%

0.00%
0.00%
Inventory
10,092,765,562.52
8.84%
10,732,155,456.76
9.10%
-0.26%
Investment
property
1,530,229,164.03
1.34%
859,994,829.04
0.73%
0.61%
Long-term equity
investments
31,598,869,415.36
27.66%
30,453,419,222.36
25.83%
1.83%
Property, plant and
equipment
46,843,954,113.40
41.01%
43,476,435,665.46
36.87%
4.14%
Construction in
progress
3,200,071,507.98
2.80%
8,896,445,286.64
7.54%
-4.74%
Right-of-use assets
3,346,150,256.96
2.93%
3,832,981,994.07
3.25%
-0.32%
Short-term
borrowings
14,940,098,338.48
13.08%
17,741,515,610.09
15.05%
-1.97%
Contract liabilities
2,153,198,586.92
1.88%
2,029,782,235.35
1.72%
0.16%
Long-term
borrowings
23,344,470,055.85
20.44%
20,763,830,174.53
17.61%
2.83%
Lease liabilities
2,818,194,244.76
2.47%
3,080,565,121.54
2.61%
-0.14%
Productive
biological assets
2,122,105,471.01
1.86%
3,330,266,005.05
2.82%
-0.96%
Overseas assets hold a large proportion
□Applicable Not applicable

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
51
2. Assets and liabilities measured at fair value
Applicable □Not applicable
Unit: yuan
Item
Opening
amount
Current
gains or
losses from
changes in
fair value
Cumulative
changes in fair
value included
in equity
Current
provision
for
impairment
Current
purchase
Current
sale
Other
chang
es
Closing
amount
Financial assets
1. Trading
financial assets
(excluding
derivative
financial assets)
4,273,616.
17
34,035,054.
31


43,108,15
1.13
55,487,10
1.63

14,950,972.
08
4. Other equity
instrument
investments
483,431,5
90.28
-
29,250,000.
00
148,932,763.9
0




454,181,59
0.28
Subtotal of
financial assets
487,705,2
06.45
4,785,054.3
1
148,932,763.9
0

43,108,15
1.13
55,487,10
1.63
0.00
469,132,56
2.36
Aggregate of
the above
487,705,2
06.45
4,785,054.3
1
148,932,763.9
0

43,108,15
1.13
55,487,10
1.63

469,132,56
2.36
Financial
liabilities
935,134.2
5
-
17,612,384.
42





7,568,770.7
7
Other changes

Whether the measurement attributes of the Company’s major assets changed significantly during the reporting period
□Yes No
3. Restrictions on asset rights as at the end of the reporting period
Item
As at the end of the period
Book balance
Book value
Type of restriction
Description
Cash and cash
equivalents
1,830,141,070.66
1,830,141,070.66
Margin
Purchase of futures, margins of
guarantee companies, note
margins, reclamation margins,
etc.
Inventory
77,887,327.91
77,887,327.91
Reserve meat
Used as reserve meat under the
agreement with the government
Property, plant and
equipment
2,024,965,257.50
1,278,091,548.64
Mortgage
Used as collateral for long-term
and short-term borrowings and
for financing-based sale and
leaseback
Intangible assets
58,349,802.60
38,669,856.31
Mortgage
Used as collateral for long-term
and short-term borrowings
Total
3,991,343,458.67
3,224,789,803.52



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
52
VII. Analysis of investments
1. General condition
Applicable □Not applicable
Current investments(yuan)
Previous investments (yuan)
Amount of variation
32,074,154,637.18
30,973,309,981.81
3.55%
2. Significant equity investments acquired during the reporting period
□Applicable Not applicable
3. Ongoing significant non-equity investments during the reporting period
□Applicable Not applicable
4. Investments in financial assets
(1) Investments in securities
Applicable □Not applicable
Unit: yuan
Variet
ies
Code
Abbre
viatio
n
Initial
invest
ment
cost
Accou
nting
model
Openi
ng
book
value
Curre
nt
gains
or
losses
from
chang
es in
fair
value
Cumu
lative
chang
es in
fair
value
includ
ed in
equity
Curre
nt
purch
ase
Curre
nt sale
Curre
nt
gains
or
losses
Closi
ng
book
value
Account
ing item
Sour
ce of
fundi
ng
Dome
stic
and
foreig
n
stocks
60336
3
Aono
ng
Biolo
gical
3,439,
024.8
4
At
fair
value
2,166,
303.0
0
1,156,
492.4
0
0.00
1,211,
526.8
4
0.00
1,156,
492.4
0
4,53
4,32
2.24
Trading
financial
assets
Self-
own
ed
Fund
Total
3,439,
024.8
4
--
2,166,
303.0
0
1,156,
492.4
0
0.00
1,211,
526.8
4
0.00
1,156,
492.4
0
4,53
4,32
2.24
--
--
(2) Investments in derivatives
Applicable □Not applicable
1) Derivatives investments for hedging purposes during the reporting period
Applicable □Not applicable

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
53
Unit: 10,000 yuan
Type of
derivatives
investment
Initial
investm
ent
amount
Opening
amount
Current
gains or
losses from
changes in
fair value
Cumulative
changes in
fair value
included in
equity
Purchase
during the
reporting
period
Sale during
the
reporting
period
Closing
amount
Percentage
of closing
investment
amount in
the
Company’s
net assets
at the end
of the
reporting
period
Futures and
options contracts
0
0
287.04
0
386.16
988.95
-315.75
-0.01%
Interest rate swap
and foreign
exchange forward
contracts
0
117.22
1,239.58
0
3,803.5
4,559.76
600.54
0.02%
Total
0
117.22
1,526.62
0
4,189.66
5,548.71
284.79
0.01%
Notes on the
accounting
policies and
specific
accounting
principles of
hedging business
during the
reporting period
and whether there
are significant
changes
compared with
the previous
reporting period
The accounting policies and accounting principles related to the Company’s derivatives transactions are in
accordance with the relevant provisions of the Accounting Standards for Business Enterprises - Recognition
and Measurement of Financial Instruments and the Accounting Standards for Business Enterprises - Hedging
issued by the Ministry of Finance of the People’s Republic of China, without any changes.
Notes on actual
gains or losses
during the
reporting period
During the reporting period, the Company reported gain/loss on futures and options contracts of 2.8704
million yuan, and that on interest rate swap and foreign exchange forward contracts of 1.23958 million yuan.
Notes on the
hedging effect
Through derivative investment business, the Company effectively reduced the risk of foreign exchange
fluctuations and achieved the business management results with operation objectives as the center and
preservation as the purpose. By using the hog futures hedging plan to sell hogs, the Company prevented the
cost and profit of hog sales from the risk of falling market price, and improved the performance of spot hog
sales.
Source of funding
for derivatives
investment
Self-pooled
Notes on risk
analysis and
control measures
of derivatives
positions during
the reporting
period (including
but not limited to
market risk,
I. Risk analysis
Commodity futures hedging operations can effectively manage the price risks associated with raw material
purchases. They can particularly reduce the impact of significant price drops in raw materials on the
Company's inventory value depreciation losses. However, there are also certain risks involved:
1. Risk of abnormal price fluctuations: in theory, the futures market prices and the spot market prices of all
the trade categories at the closing date will return to the same level. In the rare cases of irrational market, the
futures prices and spot prices might still not return at the closing date, thus giving rise to a systemic risk
event, which in turn affects hedging operation scheme of the Company, even causing losses.
2. Capital risk: if the amount of investment in futures trading is too large according to the operating

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
54
liquidity risk,
credit risk,
operational risk
and legal risk)
instructions issued by the Company, it may lead to capital liquidity risk, or even result in actual losses caused
by forced liquidation due to insufficient time to supplement the margin.
3. Technical risk: technical risk may be caused by incomplete computer systems.
To prevent the adverse impact of exchange rate and interest rate fluctuations on the Company’s profits and
shareholders' equity, the Company needs to conduct capital transaction business of value-preserved exchange
rate and interest rate to reduce the risk exposure of foreign exchange and interest rate, but there are also
certain risks:
1. Market risk. The difference between the contract exchange rate/interest rate and the actual exchange
rate/interest rate at maturity date will generate investment gains and losses in the hedging-type capital trading
business; during the duration of the hedging-type capital trading business, there will be revaluation gains and
losses in each accounting period, and the cumulative value of the revaluation gains and losses at maturity
date is equal to the gains and losses on investment.
2. Liquidity risk. The value-preserved foreign exchange capital transaction business is based on the
Company’s foreign exchange revenue and expenditure budget, and matches the actual foreign exchange
revenue and expenditure to ensure that the Company has sufficient capital for clearing at the time of closing,
or selects the derivatives for close-out netting to reduce the cash flow requirements at maturity date; The
value-preserved interest rate capital transaction business will all be closed based on the net amount of interest
rate difference.
3. Performance risk. The counter-parties of the Company in hedging-type capital trading business are all
banks with good credit standing and maintaining long-term business relations with the Company, for which
there is substantially no performance risk.
4. Other risks. When conducting business, if the operators fail to follow the prescribed procedures for the
operation of hedging-type capital trading business or to fully understand the derivatives information, the
operational risks will occur; If the terms of the transaction contract are not clear, the legal risks will be likely
to occur.
II. Risk management strategies for commodity futures hedging:
1. Match the hedging business with the Company’s production and operation, and strictly control the futures
position.
2. Strictly control the capital scale of hedging, reasonably plan and use the margins, issue operating
instructions in strict accordance with the Company’s policies on futures trading management, and conduct
operations only after approval according to the regulations.
3. The Company has established the Derivatives Investment Management Policies and the Futures
Management Policies, making clear provisions for hedging business, and set up a dedicated futures operation
team, dedicated futures operation monitoring team and corresponding business processes for control through
implementation of authorization and post constraints, internal audit and other measures.
4. The warning mechanism for medium and long-term trends of major varieties has been established.
According to the monitoring mechanism of market price trends, the futures operation and monitoring team of
the Company regularly predicts the future trends of major varieties in a certain period, so as to ensure timely
judgment and disposition of futures varieties in case of abnormal fluctuations.
Risk management strategies for hedging-type capital trading business
1. The Company conducts hedging-type capital trading business for the purpose of reducing the impact of
exchange rate fluctuations on the Company, and prohibits any risky speculations; the amount of the
Company’s hedging-type capital trading business may not exceed the upper limit of the authorized amount
approved by the Board of Directors or the general meeting; the Company may not engage in any leveraged
capital transactions.
2. The business working group of the Company shall conduct risk analysis on transactions before carrying
out the capital transaction business, and formulate and submit the transaction plans (including capital
transaction variety, term, amount, and trading bank) and feasibility analysis reports to the business leadership
group.
3. The hedging-type capital trading business contracts of the Company shall be executed after the business
working group submits them to and obtain approval from the chief financial officer, president and chairman.
4. The Company shall sign contracts with trading banks with accurate and clear terms, and strictly implement
the risk management system to prevent legal risks.
5. The finance department of the Company shall timely track the changes in open market prices or fair value
of capital transaction contracts, timely assess the changes in risk exposure of the traded contracts, and
regularly report to the risk control committee of the Board of Directors; if any abnormal situation is found, it
shall be reported to the risk control committee of the Board of Directors to prompt the business working
group to implement emergency measures.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
55
6. The Company’s internal audit department shall conduct compliance audit on capital transaction contracts
on a regular basis.
Changes in
market prices or
product fair value
of derivatives that
the Company has
invested in during
the reporting
period, with the
analysis of fair
value of
derivatives to
disclose the
specific methods
used and setting
of related
assumptions and
parameters.
The hedging transaction variety of the Company is the hedging-type capital trading business for the prevalent
varieties in the domestic futures markets, for which the market transparency is high and the transactions are
active, and the transaction prices and the intra-day settlement unit price fully reflect the fair value of
derivatives.
Involvement in
litigations (if
applicable)
N/A
Date on which
the board
approval of
derivatives
investment is
announced and
disclosed (if
any）
August 30, 2025
2) Derivatives investments for speculative purposes during the reporting period
□Applicable Not applicable
The Company had no derivatives investments for speculative purposes during the reporting period.
VIII. Sale of major assets and equities
1. Sale of major assets
□Applicable Not applicable
The Company did not sell any major assets during the reporting period.
2. Sale of major equities
□Applicable Not applicable
IX. Analysis of major majority-owned and minority-owned subsidiaries
Applicable □Not applicable
Major subsidiaries and minority-owned subsidiaries that have an impact on the Company’s net profit of more than 10%

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
56
Unit: yuan
Company
name
Com
pany
type
Main business
Register
ed
Capital
Total
assets
Net assets
Operating
income
Operating
profit
Net profit
Beijing
New
Hope
Liuhe
Biotechno
logy
Industry
Group
Co., Ltd.
Subs
idiar
y
Technical exchange and
technology promotion;
technology
development;
agricultural scientific
research and
experimental
development; feed
sales; import and export
of goods and
technology; import and
export agency. (The
market entity chooses
business items at its
sole discretion and
conducts business
activities according to
law; for import and
export of goods and
technology, import and
export agency and
business items subject
to approval according to
law, business activities
shall be conducted with
the approval of
competent authorities
and according to
approved contents; no
business activities of
items prohibited or
restricted by national
and local industry
policies may be
conducted).
500,000,
000.00
58,491,90
4,806.34
-
12,392,904,
678.43
22,538,974,
248.62
-
2,223,621,
847.22
-
2,227,920,
497.62
New
Hope
Liuhe
Investme
nt Co.,
Ltd.
Subs
idiar
y
Venture capital
investment (no
engagement in
guarantee or real estate
business; no
participation in
initiation or
management of public
or private securities
investment funds or
invest in financial
derivatives), investment
management(excluding
financial and brokerage
business. Shall not
raise, sell or transfer
private placement
products or private
576,555,
600.00
25,937,33
4,122.10
25,934,642,
219.52

1,145,439,
777.38
1,145,350,
039.88

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
57
placement product
earning rights from or
to unqualified
investors). (If the
aforesaid businesses are
conducted, the market
entity may not raise
funds publicly, take
public deposits or issue
loans; may not publicly
traded securities
investment products or
financial derivatives;
may not deal in
financial products,
wealth management
products or related
derivative businesses);
financial advisory
(excluding finance
company business);
wealth management
consulting and
enterprise
reorganization
consulting; market
survey (excluding state
secrets and personal
privacy); credit
investigation,
technology
development and
transfer, technical
consulting services [for
business items subject
to approval according to
law, no business
activities may be
conducted without
approval of competent
authorities].
Shandong
New
Hope
Liuhe
Group
Co., Ltd.
Subs
idiar
y
Import and export
business (subject to the
catalogue of import and
export commodities
approved by the
Ministry of Foreign
Trade and Economic
Cooperation of the
People’s Republic of
China); feed and drug
additive sales; feed
ingredient management;
enterprise management
consulting services;
agricultural products
procurement; crop
planting and sale of
4,075,44
9,931.82
25,612,68
3,367.19
8,943,487,5
21.01
48,899,644,
153.53
-
622,768,8
20.62
-
793,745,85
9.76

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
58
agricultural products;
lease of plant and
equipment; operations
limited to branches:
meat processing and
sales; production,
processing and sales of
feed ingredients,
veterinary medicine and
chicken auxiliary
materials; livestock and
poultry compound feed,
concentrated feed;
processing, hatching,
production and
management of
breeding birds; breeding
chicken breeding
technology advisory
services; technical
inspection of quality of
poultry meat products;
grain purchase; animal
breeding and rearing;
veterinary consultation;
catering chain
operation; warehousing
services (excluding
dangerous goods and
prohibited goods);
enterprise management
education and training;
and food operation. [No
business activities of
items subject to
approval in accordance
with the law until so
approved by relevant
authorities].
Sichuan
New
Hope
Liuhe
Farming
Co., Ltd.
Subs
idiar
y
Licensed items: food
production; production
of grain-processed food;
food operation (sale of
prepackaged foods);
food operation (sale of
bulk foods); food
import and export;
dealing in veterinary
drugs; import and
export of goods; import
and export of
technology (for
business items subject
to approval according to
law, no business
activities may be
conducted without
approval of competent
5,202,51
0,000.00
18,379,58
5,004.14
8,325,837,3
24.28
24,693,155,
971.50
57,179,86
5.12
-
11,686,072
.45

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
59
authorities, with
specific business items
subject to approval
documents or permits
from related
department)general
items: biological feed
research and
development; sale of
feed ingredients; sale of
feed additives; sale of
livestock and fishery
feed; cereal sales; sale
of agricultural and
sideline products;
corporate headquarters
management; enterprise
management; technical
services, technology
development, technical
consulting, technical
exchange, technology
transfer and technology
promotion (except for
business items subject
to approval according to
law, business activities
are to be conducted at
its sole discretion
according to law by
virtue of business
license.
Acquisition and disposal of subsidiaries during the reporting period
Applicable □Not applicable
Company name
Way of acquisition or disposal of
subsidiaries during the reporting
period
Impact on overall production,
management and performance
Hainan New Hope Liuhe Farming
Technology Co., Ltd.
Invested and established
Loss of 3,417,993.52 yuan
Xinliu Chuanyi (Fujian) Farming
Development Co., Ltd.
Invested and established
Loss of 470.00 yuan
New Hope Tongnai Nutrition Technology
Co., Ltd.
Invested and established
No impact
Qingdao Xinjiali Farming Technology Co.,
Ltd.
Invested and established
Profit of 8,787.00 yuan
Linyi New Hope Hengli Farming Co., Ltd.
Invested and established
Loss of 6,013,374.55 yuan
Hubei Xinsheng Houpu Technology Co., Ltd.
Invested and established
Loss of 60,947.56 yuan
Fengcheng New Hope Haofeng Feed Co.,
Ltd.
Invested and established
Profit of 327.13 yuan
Guang’an New Hope Liuhe Livestock
Development Co., Ltd.
Invested and established
Loss of 247,027.68 yuan
Lianyungang New Hope Liuhe Feed Co.,
Ltd.
Invested and established
Loss of 897,739.91 yuan
PT. NHSP Animal Nutrition Indonesia
Invested and established
No impact
PT New Hope Animal Technology Indonesia
Invested and established
No impact
Xinhe Lanka International Trading Pte. Ltd.
Invested and established
No impact

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
60
Taizhou New Hope Biotechnology Co., Ltd.
Invested and established
No impact
Xiantao New Hope Liuhe Feed Co., Ltd.
Invested and established
No impact
Lingbao New Hope Feed Co., Ltd.
Invested and established
No impact
Sheyang New Hope Biotechnology Co., Ltd.
Invested and established
No impact
Emeishan New Hope Feed Co., Ltd.
Invested and established
No impact
Chaoyang New Hope Farming Technology
Co., Ltd.
Deregistered
Profit of 104.89 yuan
Handan Henong Livestock and Poultry
Breeding Co., Ltd.
Deregistered
Loss of 1,740.00 yuan
Wei County New Hope Feed Co., Ltd.
Deregistered
No impact
Fuxin Liuhe Breeding Service Co., Ltd.
Deregistered
Loss of 3.47 yuan
Sichuan New Hope Liuhe Xueyu Tianlu
Supply Chain Management Co., Ltd.
Deregistered
No impact
Xuzhou Jinfeng Liuhe Feed Co., Ltd.
Deregistered
Profit of 232,135.00 yuan
Guangyuan New Hope Liuhe Farming
Technology Co., Ltd.
Deregistered
No impact
Bayannur New Hope Liuhe Feed Technology
Co., Ltd.
Deregistered
Loss of 7,134.85 yuan
Meitan New Hope Agricultural Technology
Co., Ltd.
Deregistered
Loss of 58,758.04 yuan
Laoling Liuhe Yuexin Feed Co., Ltd.
Deregistered
No impact
Changzhi Shuanglong Food Co., Ltd.
Deregistered
Profit of 1,175,203.42 yuan
Shenyang New Hope Kinghey Food Co.,
Ltd.
Deregistered
Profit of 0.03 yuan
Wulian Xinhao Breeding Co., Ltd.
Deregistered
No impact
Zhucheng Xinhao Farming Technology Co.,
Ltd.
Deregistered
No impact
Quyang Xinhao Farming Co., Ltd.
Deregistered
No impact
Nanhe County Xinhao Farming Technology
Co., Ltd.
Deregistered
Loss of 288,337.41 yuan
Zhangwu New Hope Liuhe Farming Co.,
Ltd.
Deregistered
Profit of 851.77 yuan
Liaoning Jinguan Farming Co., Ltd.
Deregistered
Profit of 3,668.40 yuan
Kangping Xinwang Liuhe Farming Co., Ltd.
Deregistered
Profit of 3,003.02 yuan
Yi County Jinguan Farming Co., Ltd.
Deregistered
Loss of 99.06 yuan
Heishan County Jincheng Farming Co., Ltd.
Deregistered
Profit of 124.12 yuan
Sishui New Hope Yuwang Technology Co.,
Ltd.
Deregistered
Profit of 178,885.46 yuan
Shaoguan Xinyue Farming Technology Co.,
Ltd.
Deregistered
Loss of 2,842,157.76 yuan
Shanghe Liuhe Feed Co., Ltd.
Deregistered
Loss of 2,438,736.61 yuan
Shandong Xianghe Livestock and Poultry
Breeding Co., Ltd.
Deregistered
Loss of 4,962.91 yuan
Chaoyang Xinwang Farming Co., Ltd.
Deregistered
No impact
Anqiu New Hope Liuhe Farming Co., Ltd.
Deregistered
Loss of 310,068.52 yuan
Tianjin Yunling Enterprise Management
Consulting Partnership (LP)
Deregistered
Loss of 10,061.98 yuan
Liaoning Xinwang Food Co., Ltd.
Deregistered
Loss of 7,236,038.64 yuan
Shaanxi Xinliu Farming Technology Co.,
Ltd.
Deregistered
Profit of 5,655.28 yuan
Dongguang County Xinhao Farming Co.,
Ltd.
Deregistered
Loss of 59,748.78 yuan
Huazhou Xinchi Animal Husbandry Co., Ltd.
Deregistered
Profit of 177,357.90 yuan
Lu’an Xinxi Food Co., Ltd.
Deregistered
Profit of 78.68 yuan
Yanwei Information Technology (Shanghai)
Co., Ltd.
Deregistered
Loss of 8,741.48 yuan
Tai’an Liuhe Jili Feed Co., Ltd.
Transferred
Profit of 23,459.42 yuan

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
61
Sichuan Qinrun New Material Technology
Co., Ltd.
Transferred
Loss of 601,390.62 yuan
Linyi Hengli Feed Co., Ltd.
Transferred
Profit of 6,900,919.24 yuan
Langxi Huaren Feed Co., Ltd.
Transferred
Profit of 87,475.39 yuan
Notes on major majority-owned and minority-owned subsidiaries

X. Structured entities controlled by the Company
□Applicable Not applicable
XI. Outlook for the Company’s future development
(I) The Company’s development strategy
As an industry practitioner with over 40 years of experience in the agriculture and animal husbandry sector, the Company has
always adhered to a long-term value philosophy, upheld the fundamental livelihood value of the industry, remained customer-
centric, and committed itself to providing safe, reliable, and high-quality animal protein to its customers. It strives to become an
internationally leading full-chain service provider for the breeding industry, achieve win-win development with upstream and
downstream partners, promote green, environmentally friendly, and sustainable development of the industry, and ensure the
stability of the food supply for the people.
In 2025, the Company continued to focus on its two core business segments: feed production and pig farming & slaughtering,
while operating in both domestic and international markets. Through the coordinated efforts of its three major business units: Feed
BU, Overseas BU, and Pig BG, the operational quality of its core businesses has been continuously optimized. Looking ahead, the
Company will remain committed to its established strategic direction, align with industry development trends and national
industrial policies, and drive steady growth in its feed business, breakthrough growth in its overseas business, and quality and
efficiency improvements in its swine business. This will be achieved on the basis of scale growth, with a focus on efficiency
enhancement and professional competence, thereby continuously strengthening the Company’s core competitiveness and
resilience against market cycles, and achieving long-term sustainable development.
(II) Business plan for the next year and possible operational risks
1. Feed business
The strategic goal of the feed business is steady growth, continuously restoring and strengthening its industry-leading
competitiveness. The guiding principle is to unwaveringly adhere to the approach of “expanding scale, optimizing structure, and
improving efficiency”. On the basis of sustained scale growth, the Company will deepen specialized operations, focusing on four
core paths: “scale expansion, structure optimization, efficiency improvement & cost reduction, and team activation”.
Scale expansion: the Company will continue to consolidate its traditional advantages in the poultry feed sector, driving
capacity utilization improvements at individual plants through scale growth in poultry feed, thereby maintaining its leading
position in overall market share; it will seize the development opportunities arising from the scaling of breeding operations, and
intensify efforts to develop core customers such as large-scale pig farms and leading free-range farming groups, thereby driving
continuous growth in swine feed sales.
Structure optimization: the Company will closely monitor the new demands of large-scale breeding customers, strengthen its
capabilities in developing and servicing small and medium-sized pig farms in the swine feed segment, focus on the specialty feed
track in the aquatic feed segment, and continue to expand the specialized market in the ruminant feed segment; by introducing
specialized talent and building professional service systems, it will continuously optimize its product mix and enhance overall
profitability.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
62
Efficiency improvement & cost reduction: the Company will continue to deepen the optimization of its procurement system,
enhance its global procurement and supply chain management capabilities, and strictly control raw material costs; with the goal of
achieving full-capacity operation at individual plants, it will implement one-on-one supervision and improvement for under-
performing plants with capacity utilization below 80%, continuously reducing loss-making entities; it will also advance the smart
transformation of plants and full-process digital management, continuously optimize logistics systems, and drive down per-ton
costs.
Team activation: the Company will continue to improve its process-based assessment, red-blue flag ranking, and elimination
mechanisms, while selecting and cultivating emerging talent to fully energize front-line teams; it will strengthen coordination
between domestic and overseas operations and encourage domestic talent to explore overseas markets, thereby achieving mutual
synergy and capability enhancement.
2. Overseas business
The strategic goal of the overseas business is breakthrough growth, positioning it as the third driver of scale and profit growth
for the Company. The guiding principle is to rapidly build strong professional operational capabilities and drive business
expansion and strengthening, focusing on three core paths: “focus on core markets, capability breakthroughs, and steady capacity
expansion”.
Focus on core markets: the Company will continue to focus on key core countries such as Indonesia, Vietnam, Egypt,
Bangladesh, and the Philippines, deeply cultivating local markets with the priority goal of increasing market share, while
maintaining profitability; it will also concentrate on its core feed business and appropriately develop supporting industry chains to
build regional competitive advantages by taking into account the characteristics of each country's market.
Capability breakthroughs: the Company will establish deep coordination with domestic product capability development to
rapidly enhance the product competitiveness of overseas feed, with particular focus on breaking through technical and market
barriers in high-end feed types such as aquatic feed; it will continue to deepen localized operations, improve local talent
development systems, enhance local management and service capabilities, and build a sustainable overseas business model.
Steady capacity expansion: adhering to the development approach of “full capacity → expansion → full capacity again”, the
Company will first drive continuous improvement in capacity utilization at existing plants and lines, while steadily expanding
production capacity in core countries through various means, including greenfield construction, mergers and acquisitions, and
light-asset leasing cooperation, so as to ensure that new capacity projects are delivered according to schedule and quality standards,
quickly translating into actual sales volume and profit contributions.
Overall, the Company aims to achieve a million-ton-level increase in overseas feed sales in 2026, steadily advancing toward
its medium-to-long-term goal of reaching 10 million tons in overseas feed sales by 2030.
3. Pig business
The strategic goal of the pig business is quality and efficiency improvement, establishing it as a core pillar of the Company’s
profitability. The guiding principle is to fully achieve an upgrade from “raising pigs well” to “raising quality pigs”. The Company
will focus on four core paths: “health management, continuous cost reduction, breeding improvement, and efficiency and profit
enhancement”, while actively responding to national policies to reasonably plan production scale and promote the healthy and
orderly development of the industry.
Health management: the Company will continue to strengthen its biosafety defenses, further improve its system for the
regular prevention and control of major epidemics, continuously reduce the incidence of major diseases such as ASF, and steadily
advance the pseudorabies eradication of more farms, thereby establishing a solid foundation for stable production and cost
reduction.
Continuous cost reduction: in the short term, the Company will continuously strengthen basic management across all
segments. In the sow segment, the focus will be on increasing the number of weaned piglets per litter, the replacement gilt entry
rate, and the farrowing rate. In the finishing segment, the focus will be on improving survival rates, reducing feed conversion
ratios, increasing turnover efficiency, and steadily increasing the proportion of self-finishing hogs, thereby continuously reducing

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
63
unit growth costs. In the medium to long term, the Company will leverage the results of breeding improvements to further unlock
the potential for cost reduction.
Breeding improvement: the Company will continue to improve its dual breeding system (“pyramid + backcross”), and carry
out internal and external genetic exchanges and foreign introductions, so as to introduce high-quality breeding stock and semen,
and continue to promote the full coverage and high-quality replacement of high-performance boars and purebred sows. This will
accelerate the realization of genetic trait improvements, enhancing breeding efficiency and profitability at the genetic source.
Efficiency and profit enhancement: the Company will continuously optimize its operating strategies, shifting from a purely
production-oriented mindset to a comprehensive business approach. It will flexibly adjust the sales mix of piglets and finishing
hogs in response to cyclical fluctuations, seizing market opportunities to maximize sales value. The Company will also continue to
build digital and intelligent breeding systems, optimize full-process operational efficiency, and improve per capita productivity.
Additionally, it will steadily advance the development of its slaughtering business and specialty breeding operations, optimize
product mix, and enhance the synergistic effects of the industrial chain and overall profitability levels.
For possible operating risks, please refer to the section "risk warning regarding forward-looking statements such as future
plans in the annual report” in Section 1 of this report.
XII. Surveys, communications, interviews and other events during the reporting period
Applicable □Not applicable
Date
Venue
Manner
Type of
visitor
Visitor
Main content of discussion and
information provided
Index
January 21, 2025
Beijin
g
By phone
Individu
al
Individual
investor
Inquiries about the Company's
business operations in 2024
Production
and
management
February 11, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the impact of
rising feed ingredient prices on
the feed business, as well as the
Company's basic production
and operating situation in the
first quarter
Production
and
management
February 17, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the progress of
the Company's private
placement issuance and the
subsequent issuance process
Progress of
private
placement
February 19, 2025
Beijin
g
By phone
Individu
al
Individual
investor
Inquiry about the disposal of
idle farms and facilities in the
Company's pig business
segment
Pig business
February 21, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
full cost of hogs in January and
the potential for future cost
reduction
Pig business
February 24, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
views on the No. 1 Central
Document and the forecast for
hog prices next year
Industry
situation
February 25, 2025
Beijin
g
By phone
Individu
al
Individual
investor
Inquiry about the operation of
the Company's convertible
bonds and subsequent plans
regarding the bonds
Convertible
bonds
February 27, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the production
and management of the
Company's feed and pig
Production
and
management

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
64
businesses
March 6, 2025
Beijin
g
By phone
Individu
al
Individual
investor
Inquiry about the impact of
increased U.S. tariffs on the
prices of feed ingredients
Industry
situation
March 12, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the production
and management of the
Company’s pig business
Pig business
March 12, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the transportation
of the Company's hog and feed
sales
Production
and
management
March 13, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
pig business and overseas feed
business
Production
and
management
March 13, 2025
Beijin
g
By phone
Individu
al
Individual
investor
Inquiry about the Company’s
pig farming models, costs and
raw material hedging practices
Pig business
March 13, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Verification of online rumors
concerning the Company's
former food business
Online
rumors
March 13, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
operating situation and the
latest progress of the private
placement
Production
and
management
March 17, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
pig business and the progress of
the private placement
Pig business
March 18, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
full cost of hogs in February
Pig business
April 9, 2025
Beijin
g
By phone
Individu
al
Individual
investor
Inquiry about the latest progress
of the Company's private
placement
Progress of
private
placement
April 10, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
hog sales in March
Pig business
April 11, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
feed business
Feed
business
April 14, 2025
Beijin
g
By phone
Individu
al
Individual
investor
Inquiry about all aspects of
production and management of
the Company's feed and pig
businesses
Production
and
management
April 21, 2025
Beijin
g
By phone
Individu
al
Individual
investor
Inquiry about the operational
status of the Company's pig
business
Pig business
April 23, 2025
Beijin
g
By phone
Individu
al
Individual
investor
Inquiry about the Company's
convertible bonds
Convertible
bonds
April 25, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
hog costs and related matters
Pig business
April 28, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
feed formulation substitution
and soybean meal usage
Feed
business
April 29, 2025
Beijin
g
Online
communicat
ion
Instituti
on
Institutional
investor
Exchange of views on the
performance and operations of
all business segments for the
full year of 2024 and the first
quarter of 2025
Production
and
management
March 6, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
hog sales volume and operating
situation in the first quarter
Pig business

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
65
March 6, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
hog breeding varieties and
marketing communications
Pig business
May 7, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
feed ingredients, overseas
business, and pig business
Production
and
management
May 15, 2025
Beijin
g
Online
communicat
ion
Individu
al
Individual
investor
P5W.net Performance
presentation
Performance
presentation
May 20, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about attendance at the
2024 AGM
General
meeting
May 30, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about attendance at the
2024 AGM
General
meeting
May 30, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about attendance at the
2024 AGM
General
meeting
May 30, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about recent industry
policies
Industry
policies
June 3, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about attendance at the
2024 AGM
General
meeting
June 4, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about recent industry
policies
Industry
policies
June 4, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
pig business, etc.
Pig business
June 5, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about recent industry
policies
Industry
policies
June 9, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
hog sales in May
Pig business
June 9, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
hog sales in May
Pig business
June 10, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the proposed
share sale by the Company's
directors, supervisors, and
senior management
Share sale
June 11, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
hog sales in May
Pig business
June 16, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about attendance at the
2024 AGM
General
meeting
June 16, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about attendance at the
2024 AGM
General
meeting
June 16, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about attendance at the
2024 AGM
General
meeting
June 17, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about recent industry
policies
Industry
policies
June 18, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the subsequent
redemption plan for the New
Hope-CB and pig business-
related matters
Convertible
bonds
June 18, 2025
Beijin
g
Online
communicat
ion
Instituti
on
Institutional
investor
Operating performance for the
full year of 2024 and the recent
period
Production
and
management
July 4, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
hog sales, secondary market
share price, and semi-annual
report forecast
Production
and
management
July 7, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the impact of
China-U.S. trade frictions on
the Company's raw material
Industry
situation

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
66
procurement and the projected
hog price trends for the year
July 10, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
pig business and market
capitalization management
Pig business,
market value
management
July 25, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
equity investment in China
Minsheng Bank, the Group's
exchangeable bonds, and
attendance at the second
extraordinary shareholders’
meeting in 2025
Exchangeabl
e bonds,
shareholders
’ meeting
August 18, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
pig business and the operation
of black pig breeds
Pig business
August 19, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
domestic feed sales business
Feed
business
August 19, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the operation of
the Company's convertible
bonds
Convertible
bonds
August 28, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
stock price performance and the
operational status of its
businesses
Production
and
management
August 28, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the disposal of the
Company's idle assets
Disposal of
idle assets
August 29, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
convertible bonds and liability
optimization
Convertible
bonds
September 10, 2025
Beijin
g
Online
communicat
ion
Instituti
on
Institutional
investor
Exchange of views on the
Company's operating
performance in the first half of
the year, progress of private
placement, and industry
policies, etc.
Production
and
management
, industry
policies
September 17, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the performance
of the Company's stock on the
secondary market
Stock trend
September 29, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the recent
operation and management of
the Company's pig business
Pig business
September 30, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the performance
of the Company's stock on the
secondary market and recent
production and operation of its
pig business
Stock
performance
, pig
business
October 17, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
recent hog costs and production
and management of its pig
business
Pig business
October 30, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about all aspects of
recent production and
management of the Company's
feed and pig businesses
Production
and
management
October 31, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the operation of
the Company's convertible
bonds on the market and
Convertible
bonds

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
67
subsequent redemption plan
November 5, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
slaughtering business
Slaughtering
business
November 6, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the redemption of
the New Hope-CB and the
Company's recent production
and management
Convertible
bonds,
production
and
management
November 6, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the recent cost of
hogs sold and the main ways to
reduce costs in the fourth
quarter
Pig business
November 7, 2025
Beijin
g
Field survey
Instituti
on
Institutional
investor
Exchange of views on the
Company's operating
performance in the first three
quarters
Production
and
management
November 13, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the performance
of the Company's stock on the
secondary market
Stock trend
November 13, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the impact of idle
production capacity on the
Company's profits and
subsequent handling plans
Disposal of
idle assets
November 18, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the redemption of
the New Hope-CB and the
Company's recent production
and management
Convertible
bonds,
production
and
management
November 19, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the performance
of the Company's stock on the
secondary market
Stock trend
November 19, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the progress of
the Company's private
placement and the recent
production and management of
its pig business
Progress of
private
placement,
pig business
November 24, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
hog slaughtering capacity and
capacity utilization rate
Pig business
November 28, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the holding of the
Company's Q3 business
performance presentation
Periodic
report
December 1, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about market rumors
concerning the Company
Market
rumors
December 3, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the maturity and
redemption of the Company's
New Hope-CB
Convertible
bonds
December 4, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
production and management
and the performance of its stock
on the secondary market
Production
and
management
December 4, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the maturity and
redemption of the Company's
New Hope-CB
Convertible
bonds
December 10, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the performance
of the Company’s stock on the
secondary market
Stock trend

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
68
December 10, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the Company's
participation in hog hedging
activities
Hedging
December 29, 2025
Cheng
du
By phone
Individu
al
Individual
investor
Inquiry about the maturity and
redemption of the Company's
New Hope-CB
Convertible
bonds
XIII. Development and implementation of market value management system and valuation
enhancement plan
Whether the Company developed market value management system.
Yes □No
Whether the Company disclosed valuation enhancement plan
□Yes No
To enhance the investment value of the Company, increase investor returns, standardize the Company's market value
management activities, ensure the compliance, scientificity and effectiveness of the Company's market value management
activities, and maximize the Company's value and shareholders' interests, in response to the call in the Several Opinions of the
State Council on Strengthening Supervision, Preventing Risks and Promoting High-Quality Development of the Capital Market to
encourage listed companies to establish a market value management system, the Company, in accordance with the Company Law
of the People's Republic of China, the Securities Law of the People's Republic of China, the Regulatory Guidelines for Listed
Companies No. 10 - Market Value Management, the Shenzhen Stock Exchange Listing Rules, Self-Regulatory Guidelines No. 1 for
Companies Listed on Shenzhen Stock Exchange - Standardized Operations of Main Board Listed Companies and such other laws,
regulations and normative documents, as well as the Articles of Association, has formulated the Market Value Management System,
which was approved at the first meeting of the 10th Board of Directors held on April 3, 2025.
XIV. Implementation of the "Quality & Return Dual Improvement" action plan
Whether the Company disclosed the "Quality & Return Dual Improvement" action plan.
□Yes No



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
69
Section 4 Environmental, Social and Corporate Governance
I.
Basic information on corporate governance
The Company established a standard corporate governance structure, formulated rules and policies in line with its business
development, defined duties and authorities in terms of decision making, execution and supervision and formed effective division
of duties and check and balance mechanisms according to the Company 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 and the Shenzhen Stock Exchange
Listing Rules.
During the reporting period, shareholders’ meetings, meetings of the Board of Directors and meetings of the Board of
Supervisors were all held in strict in accordance with relevant laws, regulations and bylaws. The resolutions were legal and valid.
The directors, supervisors and the management team were diligent and responsible, and fulfilled their relevant duties well.
Adhering to relevant laws, regulations and normative documents, the Company also continuously strengthened the construction of
the internal control system to improve the level of internal control governance, effectively promoting its standardized and
compliant operation, earnestly ensuring the integrity of its assets and the security of its property, and safeguarding the interests of
the Company and its shareholders.
Whether there is any significant difference between actual condition of corporate governance and laws, regulations and provisions
enacted by CSRC regarding corporate governance of listed companies.
□Yes No
There was no significant difference between actual condition of corporate governance and laws, regulations and provisions enacted
by China Securities Regulatory Commission regarding corporate governance of listed companies.
II. Independence of the Company from its controlling shareholder and actual controller in
terms of assets, personnel, finance, organization and other aspects
The Company is completely separated from its controlling shareholder New Hope Group in terms of business, personnel,
assets, organization, finance and other aspects, and has independent and complete business and independent management ability.
1. Business independence: the Company conducts its business operations independently and has no dependence on the
controlling shareholder or other affiliates. The Company has independent systems for raw materials procurement and products
production and sales, and its raw materials procurement and products production and sales are not dependent upon the controlling
shareholder or other affiliates.
2. Personnel separation: the Company has HR department dedicated to its labor, personnel and wage management, and has
formulated a series of rules and regulations for staff assessment. The Company’s President and other senior management do not
hold dual position in the Company or any shareholder entity, and all receive compensation from the Company.
3. Asset integrity: the Company has independent and complete production system, auxiliary production system and
supporting facilities, as well as other assets such as land use rights, industrial property rights and non-patented technologies. The
controlling shareholder has not illegally occupied the Company’s funds, assets or other resources of the Company in any manner
or form.
4. Organizational independence: the Company is completely separated from its controlling shareholder and other affiliates in
terms of office and production and business sites, without mixed operation or co-office. All departments of the Company have no
subordinate or affiliated relationships with any organization of the controlling shareholder or affiliates, nor did the controlling
shareholder intervene in business activities of the Company in any form or manner.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
70
5. Financial independence: the Company has set up an independent finance department as its financial management
organization, established independent accounting systems and financial management policies, and makes independent financial
decisions and implements vertical management of financial affairs of its branches and subsidiaries according to the requirement of
the accounting system of listed companies. The Company opened and maintains independent accounts with banks and pays taxes
independently according to law.
III. Horizontal competition
□Applicable Not applicable
IV. Directors and senior management
1. Basic information
Name
G
en
de
r
A
ge
Position
Status
of
incum
bency
From
To
Opening
sharehol
ding
(shares)
Curre
nt
increa
se in
shareh
olding
(share
s)
Curre
nt
decrea
se in
shareh
olding
(share
s)
Other
chang
es
(share
s)
Closin
g
shareh
olding
(share
s)
Reasons
for
changes in
shareholdi
ng
Liu
Chang
Fe
m
al
e
46
Chairma
n
Incum
bent
May 22,
2013
April 2,
2028
2,155,45
2
0
0
0
2,155,
452

Zhang
Minggu
i
M
al
e
44
Director
Incum
bent
Septemb
er 24,
2020
April 2,
2028
2,000,00
0
0
0
-
1,600,
000
400,0
00
Repurchas
e for
cancellatio
n of
restricted
stock
Li
Jianxio
ng
M
al
e
49
Director
Incum
bent
May 26,
2016
April 2,
2028
0
0
0
0
0

Yang
Fang
Fe
m
al
e
55
Director
Incum
bent
April 3,
2025
April 2,
2028
0
0
0
0
0

Tao
Yuling
M
al
e
52
Director
,
Presiden
t
Incum
bent
April 3,
2025
April 2,
2028
1,312,50
0
0
0
-
720,0
00
592,5
00
Repurchas
e for
cancellatio
n of
restricted
stock
Pang
Yundon
g
M
al
e
61
Director
Incum
bent
Decemb
er 27,
2025
April 2,
2028
72,000
0
-
18,00
0
-
43,20
0
10,80
0
Personal
financial
needs and
repurchase
for
cancellatio
n of
restricted
stock

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
71
Wang
Jiafen
Fe
m
al
e
75
Indepen
dent
Director
Incum
bent
May 31,
2022
April 2,
2028
0
0
0
0
0

Xie
Jiayang
Fe
m
al
e
64
Indepen
dent
Director
Incum
bent
April 3,
2025
April 2,
2028
0
0
0
0
0

Li
Tiantian
Fe
m
al
e
47
Indepen
dent
Director
Incum
bent
July 31,
2025
April 2,
2028
0
0
0
0
0

Yan
Qiubo
M
al
e
47
Vice
Presiden
t
Incum
bent
March
11, 2024
April 2,
2028
125,000
0
0
-
87,00
0
38,00
0
Repurchas
e for
cancellatio
n of
restricted
stock
Wang
Weiyon
g
M
al
e
52
Vice
Presiden
t,
Human
Resourc
es
Director
Incum
bent
Decemb
er 2,
2024
April 3,
2028
0
0
0
0
0

Li
Shuang
M
al
e
47
Vice
Presiden
t,
Director
of
Enginee
ring and
Equipm
ent
Operatio
ns
Incum
bent
March
11, 2024
April 2,
2028
900,000
0
-
225,0
00
-
540,0
00
135,0
00
Personal
financial
needs and
repurchase
for
cancellatio
n of
restricted
stock
Shi Han
Fe
m
al
e
46
CFO
Incum
bent
April
24, 2025
April 2,
2028
0
0
0
0
0

Zhao
Liang
M
al
e
48
Board
secretar
y
Incum
bent
April 3,
2025
April 2,
2028
0
0
0
0
0

Wang
Pusong
M
al
e
56
Director
of
Investm
ent
Develop
ment
Incum
bent
January
23, 2018
April 2,
2028
900,000
0
0
-
540,0
00
360,0
00
Repurchas
e for
cancellatio
n of
restricted
stock
Liu
Yongha
o
M
al
e
75
Director
Resig
ned
May 22,
2013
April 3,
2025
892,320
0
0
0
892,3
20

Wang
Hang
M
al
e
55
Director
Resig
ned
Novemb
er 29,
2011
April 3,
2025
60,000
0
0
0
60,00
0

Zhou
Boping
M
al
46
Director
Resig
ned
May 30,
2024
Decemb
er 27,
100
0
0
0
100


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
72
e
2025
Peng
Long
M
al
e
62
Indepen
dent
Director
Remo
ved
May 30,
2024
July 31,
2025
0
0
0
0
0

Cai
Manli
Fe
m
al
e
53
Indepen
dent
Director
Resig
ned
Novemb
er 6,
2019
April 3,
2025
10,000
0
0
0
10,00
0

Chen
Xingya
o
M
al
e
52
Vice
Presiden
t & CFO
Resig
ned
January
11, 2021
April
24, 2025
1,200,00
0
0
-
240,0
00
-
960,0
00
0
Personal
financial
needs and
repurchase
for
cancellatio
n of
restricted
stock
Lan Jia
M
al
e
46
Secretar
y to the
Board
of
Director
s &
Chief
Strategi
c
Investm
ent
Officer
Resig
ned
January
25, 2021
April 3,
2025
1,000,00
0
0
0
-
800,0
00
200,0
00
Repurchas
e for
cancellatio
n of
restricted
stock
Total
--
--
--
--
--
--
10,627,3
72
0
-
483,0
00
-
5,290,
200
4,854,
172
--
Whether any directors or senior management resigned during the reporting period
Yes □No
Mr. Liu Yonghao and Mr. Wang Hang stepped down as directors, and Ms. Cai Manli stepped down as an independent
director, each due to the Board of Directors’ re-election. Mr. Peng Long was removed from the position of independent director
for personal reasons, while Mr. Zhou Boping resigned as a director also for personal reasons. Mr. Zhang Minggui stepped down as
President, Mr. Chen Xingyao stepped down as Vice President & Chief Financial Officer, and Mr. Lan Jia stepped down as the
Secretary to the Board of Directors & Chief Strategic Investment Officer, all due to the Board of Directors’ re-election.
Changes in directors and senior management of the Company
Applicable □Not applicable
Name
Position
Type
Date
Reason
Yang Fang
Director
Elected
April 3, 2025
Re-election
Tao Yuling
Director, President
Elected
April 3, 2025
Re-election
Pang Yundong
Director
Elected
December 27, 2025
Job transfer
Xie Jiayang
Independent Director
Elected
April 3, 2025
Re-election
Li Tiantian
Independent Director
Elected
July 31, 2025
Job transfer
Shi Han
CFO
Appointed
April 24, 2025
Re-election
Zhao Liang
Board secretary
Appointed
April 3, 2025
Re-election
Liu Yonghao
Director
Separation at
expiration of office
April 3, 2025
Re-election

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
73
term
Wang Hang
Director
Separation at
expiration of office
term
April 3, 2025
Re-election
Zhou Boping
Director
Resigned
December 27, 2025
Personal reason
Peng Long
Independent Director
Resigned
July 31, 2025
Personal reason
Cai Manli
Independent Director
Separation at
expiration of office
term
April 3, 2025
Re-election
Zhang Minggui
President
Separation at
expiration of office
term
April 3, 2025
Re-election
Chen Xingyao
Vice President & CFO
Separation at
expiration of office
term
April 24, 2025
Re-election
Lan Jia
Secretary to the Board
of Directors & Chief
Strategic Investment
Officer
Separation at
expiration of office
term
April 3, 2025
Re-election
2. Incumbencies
Professional background, main work experience and current main duties in the Company of current directors and senior
management
Directors:
Liu Chang, female, holds an Executive Master of Business Administration (EMBA). She previously served as Office Director
of Sichuan New Hope Agriculture Co., Ltd., Office Director of New Hope Dairy Co., Ltd., and Director of New Hope Liuhe Co.,
Ltd. She currently serves as Chairman of the Company, Director of New Hope Group Co., Ltd., Director of Nanfang Hope
Industry Co., Ltd., and Director of New Hope Dairy Co., Ltd.
Zhang Minggui, male, graduated from China University of Geosciences (Beijing) with a Bachelor’s degree in Accounting and
a Master’s degree in Management. He previously served as Secretary of the Youth League Committee and Office Director of New
Hope Group Co., Ltd., President of New Hope Real Estate Division, Non-executive Director and Chairman of New Hope Service
Holdings Limited, Chairman of New Hope Group Sichuan Headquarters, Vice President of New Hope Group Co., Ltd., and
Executive Chairman and President of the Company. He currently serves as Director of the Company, Secretary of the Party
Committee and Vice Chairman of New Hope Group Co., Ltd., Director of Huarong Chemical Co., Ltd., and Director of Sichuan
Xinwang Bank Co., Ltd. He is also a Deputy to the 14th Sichuan Provincial People's Congress, a member of the Economic Affairs
Committee of the Provincial People's Congress, Secretary of the Party Committee and Secretary-General of the General
Association of Sichuan Entrepreneurs, Vice President of the China Youth Entrepreneurs Association, and President of the Sichuan
Youth Entrepreneurs Association.
Li Jianxiong, male, holds the title of Senior Economist. He is Vice Chairman of the Agriculture and Forestry Committee and
Vice Chairman of the Youth Working Committee of the Jiusan Society Central Committee. He holds an EMBA from Peking
University, a PhD in Economics from the Chinese Academy of Social Sciences, and completed postdoctoral research at Renmin
University of China. He currently serves as Director of the Company, Executive Vice President and Chief Operating Officer of
New Hope Group Co., Ltd., Chairman of Nanfang Hope Industry Co., Ltd., Director of Huarong Chemical Co., Ltd., Director of
Xingyuan Environment Technology Co., Ltd., and Director of Shenzhen Feima International Supply Chain Co., Ltd. He has
received numerous awards, including the 25th Qiu Shi Outstanding Young Talent Achievement Award for Technological
Transformation from the China Association for Science and Technology, the Special Prize of the National Science and
Technology Progress Award for Commerce from the China General Chamber of Commerce, the Sichuan Innovative Entrepreneur
Award, and was recognized as a High-level Innovative Talent under the “Chengdu Drifter Program" and honored with the "Zhuge

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
74
Elite" title. He also serves as Vice President of the China Association of Agricultural and Rural Law, Director of the Beijing
Jingwa Agricultural Science and Technology Innovation Center, and Expert of the Beijing Pinggu District Agricultural Science
and Technology Innovation Demonstration Zone.
Yang Fang, female, Chinese nationality, holds no permanent residency abroad. She is a member of the China National
Democratic Construction Association. She holds a Bachelor's degree in Financial Accounting and a Master's degree in Business
Administration, and is a Chinese CPA, a Chinese CTA, and holds a non-practicing membership with CPA Australia. She currently
serves as Director of the Company, Member of the Leadership Team and Chief Financial Officer of New Hope Group Co., Ltd.,
Chairman of New Hope Finance Co., Ltd., and Director of New Hope Wuxin Industrial Group Co., Ltd. Previously, she served as
Partner at KPMG Huazhen Certified Public Accountants (Special General Partnership), Chief Accountant of China National
BlueStar (Group) Co., Ltd., Director of Bluestar Adisseo Co., Ltd., Supervisor of New Hope Liuhe Co., Ltd., Chair of the Board of
Supervisors of New Hope Dairy Co., Ltd., and Director of Xingyuan Environment Technology Co., Ltd. She is a member of the
China Finance 30 Forum, an Industry Mentor for the Master of Accounting (CFO Track) program at Tsinghua University, and has
received the 15th "China CFO of the Year 2019" award from the Ministry of Finance, the 9th "China International Financial
Leader of the Year 2018" award, etc.
Tao Yuling, male, holds a Bachelor's degree in Freshwater Fisheries from Huazhong Agricultural University and an EMBA.
He previously served as General Manager of the Beijing-Tianjin-Hebei Region, President of the North China Regional
Corporation, President of the Shandong Operational Special Zone, President of the Poultry BU, President of the Pig Business
Xinhai Division, President of the Pig BG, and Vice President of the Company. He currently serves as Director and President of the
Company.
Pang Yundong, male, holds an EMBA. He previously served in various financial roles including Regional Financial Manager,
Financial Director for the Feed Business Region, Deputy General Manager of the Finance Department of Shandong Liuhe Group,
Financial Director of the North Central Center, Financial Director of the North China Regional Corporation, Deputy General
Manager of the Finance Department of the Company, and General Manager of the Rural Financial Guarantee Division. He also
previously served as Supervisor of the Company. He currently serves as Director of the Company, General Manager of the Supply
Chain Management Department of Feed BU, and General Manager of Internal Control of Feed BU.

Independent directors:
Wang Jiafen, female, Chinese nationality, holds no permanent residency abroad. She has a Master's degree and is a member
of the Communist Party of China. She holds the title of Senior Economist and is a recipient of the National "May 1st" Labor
Medal, the Shanghai "March 8th" Red Banner Pacesetter, and the Shanghai Model Worker. She previously served as Chairman
and General Manager of Bright Dairy Co., Ltd., Chairman and General Manager of Shanghai Dairy (Group) Co., Ltd., Partner of
GGV Capital, Vice Chairman of Ping An Trust, and Chairman of Shanghai Oriental Women's Leadership Development Center.
She currently serves as an Independent Director of the Company, Supervisor of Shanghai Guanjie Enterprise Management
Consulting Co., Ltd., Director of Bondex Supply Chain Management Co., Ltd., and Director of Bestore Co., Ltd.
Xie Jiayang, female, Chinese nationality, graduated from Zhongnan University of Economics and Law in 1984. She is a
Chinese CPA, a Chinese CTA, and a Senior Accountant. With over 38 years of experience in financial auditing and management
consulting, she has led professional services for more than 100 enterprises and multiple government projects. She previously
served as General Manager Assistant of Zhonghua Certified Public Accountants, Managing Partner of Pan-China Certified Public
Accountants, Managing Partner of Deloitte Touche Tohmatsu Certified Public Accountants, and Managing Partner of Ernst &
Young Hua Ming Certified Public Accountants. She currently serves as an Independent Director of the Company.
Li Tiantian, female, Chinese nationality, has over 20 years of professional experience in corporate management. She
previously served as General Manager of Beijing Renhuite Zhiye Consulting Co., Ltd. and General Manager of Beijing
Zhongruanyan Management Consulting Co., Ltd. She currently serves as an Independent Director of the Company, and Director &
General Manager of Beijing Siwei Zaowu Information Technology Co., Ltd.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
75

Senior management:
Yan Qiubo, male, holds a Bachelor's degree in Veterinary Medicine from China Agricultural University and an EMBA from
West Coast University. He previously served as General Manager of the Guizhou Region of Feed BU, Commander of the Hubei
Theater of Pig BU Xinliu Division, and Head of Feed BU. He currently serves as Vice President of the Company and Chairman of
the Guizhou Feed Industry Association.
Wang Weiyong, male, holds a Bachelor's degree from Renmin University of China. He previously served as Human
Resources Director for Lenovo Group's China region, Human Resources Director of New Hope Group, Vice President and Human
Resources Director of the Company, and Senior Vice President of Joyvio Group. He currently serves as Vice President and Human
Resources Director of the Company.
Li Shuang, male, holds a Bachelor's degree from Sichuan University. He previously served as General Manager of Ningbo
Company of New Hope Group's Real Estate Division, General Manager of the Operations Management Center of the Real Estate
Division, and Director of Engineering and Equipment Operations of the Company. He currently serves as Vice President and
Director of Engineering and Equipment Operations of the Company.
Shi Han, female, of Han ethnicity, graduated from Peking University. She previously worked at KPMG and the Finance
Department of China Investment Corporation. She served as Deputy Director of the Finance Department of New Hope Group,
Chief Financial Officer and Chief Operating Officer of Caogen Zhiben Group, and Senior Assistant to the Chairman and Director
of the Strategy and Operations Department of the Company. She currently serves as Chief Financial Officer of the Company.
Zhao Liang, male, holds a Bachelor's degree in Economics in National Economic Management from Renmin University of
China and a Master's degree in Finance from Sun Yat-sen University. He previously served as Secretary to the President's Office,
Public Relations Manager, and Intermediate Manager of the Corporate Banking Department of Bank of China Guangdong Branch;
Senior Financing Manager of the Treasury Department of Ping An Insurance (Group) Company of China, Ltd., and Director of the
Capital Management Office of Ping An Trust Co., Ltd.; General Manager of the Treasury Department of China Qinfa Group
Limited; General Manager of Shenzhen Branch of Dongxing Securities Co., Ltd.; and Managing Director of Guangzhou City
Development Investment Fund Management Co., Ltd. He currently serves as Secretary to the Board of Directors of the Company
and General Manager of Guangdong New Hope New Agriculture Equity Investment Fund Management Co., Ltd.
Wang Pusong, male, holds a Bachelor's degree in Economics from Wuhan University, a Master's degree in Economics from
Xiamen University, and a Doctorate in Management from Xiamen University. He previously worked at the Tax Policy Division of
Ezhou Municipal Taxation Bureau in Hubei province and the Investment Banking Department of China Eagle Securities. He also
served as Finance Manager of
China Silk Shenzhen Import & Export Corporation, Financial Director of the Breeding Division
of Shandong New Hope Liuhe Group, and General Manager of the Finance Department and Chief Accountant of the Company.
He currently serves as Director of Investment Development of the Company.
Notes on the situation where the controlling shareholder and the actual controller also serve as Chairman and General Manager of
the listed company
□Applicable Not applicable
Incumbencies with shareholder entities
Applicable □Not applicable
Name
of
incumb
ent
Name of shareholder entity
Position held
From
To
Whether receive
compensations or
allowances from
shareholder
entities
Liu
Chang
New Hope Group Co., Ltd.
Director
January 1, 1997

No
Liu
Chang
Nanfang Hope Industry Co.,
Ltd.
Director
December 1, 2004

No

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76
Zhang
Minggu
i
New Hope Group Co., Ltd.
Vice chairman
March 14, 2025

Yes
Li
Jianxio
ng
New Hope Group Co., Ltd.
Executive Vice
President, Chief
Operating Officer
February 14, 2016

Yes
Li
Jianxio
ng
Nanfang Hope Industry Co.,
Ltd.
Chairman, General
Manager
May 1, 2016

Yes
Yang
Fang
New Hope Group Co., Ltd.
CFO
December 18, 2023

Yes
Incumbencies with other entities
Applicable □Not applicable
Name
of
incumb
ent
Name of other entities
Position held in
other entities
From
To
Whether
receiving
compensations
or allowances
from the other
entities
Liu
Chang
New Hope Dairy Co., Ltd.
Director
December 15, 2016

No
Zhang
Minggu
i
Huarong Chemical Co., Ltd.
Director
May 22, 2020

No
Zhang
Minggu
i
Chengdu Xiaokang Zhijia
Enterprise Management
Consulting Center (LP)
Managing Partner
April 29, 2019
March 10, 2025
No
Zhang
Minggu
i
Xizang Zhonghui Trading
Co., Ltd.
Executive
Director, General
Manager
March 17, 2017

No
Zhang
Minggu
i
Chengdu Yunjing Guanlan
Enterprise Management Co.,
Ltd.
Executive
Director, General
Manager
November 4, 2019

No
Zhang
Minggu
i
Sichuan Youkang Healthcare
Management Co., Ltd.
Chairman
June 4, 2018

No
Zhang
Minggu
i
Chengdu New Hope
Financial Information Co.,
Ltd.
Executive
Director, General
Manager
March 27, 2019

No
Zhang
Minggu
i
Chengdu New Partner
Business Consulting Co., Ltd.
Manager
December 10, 2018

No
Zhang
Minggu
i
Chengdu New Hope Fintech
Co., Ltd.
Executive
Director, General
Manager
May 10, 2018

No
Zhang
Minggu
i
Zhejiang Zhongao Modern
Industrial Park Co., Ltd.
Director
January 13, 2020

No
Zhang
Minggu
i
Chengdu Xinjin Hope Feed
Mill
Director
November 26, 2018

No
Zhang
Minggu
i
Chengdu Chuanshang
Xinchuang Equity Investment
Fund Management Co., Ltd.
Chairman
August 28, 2018

No
Zhang
Minggu
Chengdu Chuanshang Xingye
Equity Investment Fund
Chairman
September 1, 2017

No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
77
i
Management Co., Ltd.
Zhang
Minggu
i
Sichuan XW Bank Co., Ltd.
Director
October 20, 2020

No
Zhang
Minggu
i
Wenzhou New Hope Deheng
Healthcare Investment Co.,
Ltd.
Vice chairman
November 10, 2015

No
Zhang
Minggu
i
Beijing New Hope Liuhe
Biotechnology Industry
Group Co., Ltd.
Director
December 18, 2020

No
Zhang
Minggu
i
Sichuan Hope Enterprise
Management Service Co.,
Ltd.
Director
February 6, 2026

No
Li
Jianxio
ng
Caogen Zhiben Group Co.,
Ltd.
Supervisor
May 1, 2016

No
Li
Jianxio
ng
New Hope Chemical
Investment Co., Ltd.
Director
May 1, 2016

No
Li
Jianxio
ng
New Hope Asia Pacific
Investment Holdings Co.,
Ltd.
Supervisor
June 1, 2016

No
Li
Jianxio
ng
Shenzhen Feima International
Supply Chain Co., Ltd.
Director
January 22, 2021

No
Li
Jianxio
ng
Huarong Chemical Co., Ltd.
Director
May 22, 2020

No
Li
Jianxio
ng
New Hope International (HK)
Co., Ltd.
Director
December 21, 2018

No
Li
Jianxio
ng
Sichuan Yonghao Charity
Foundation
Director
November 26, 2018

No
Li
Jianxio
ng
InnovHope Inc.
Director
July 4, 2018

No
Li
Jianxio
ng
New Hope Finance Co., Ltd.
Director
December 26, 2017

No
Li
Jianxio
ng
Xingyuan Environment
Technology Co., Ltd.
Chairman
May 21, 2019
January 22, 2025
Yes
Li
Jianxio
ng
Xingyuan Environment
Technology Co., Ltd.
Director
May 21, 2019

Yes
Li
Jianxio
ng
Zintech Network Technology
Co., Ltd.
Director
December 18, 2019

No
Li
Jianxio
ng
Lhasa New Hope Industrial
Co., Ltd.
Executive
Director, General
Manager
April 26, 2016

No
Li
Jianxio
ng
Beijing Baiqian Technology
Co., Ltd.
Executive
Director, General
Manager
March 5, 2019
December 5, 2025
No
Li
Jianxio
New Hope Wuxin Industrial
Group Co., Ltd.
Director
October 17, 2023

No

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78
ng
Li
Jianxio
ng
New Hope Investment
Development (Guangdong)
Co., Ltd.
Chairman
September 23, 2019
September 22, 2025
No
Li
Jianxio
ng
Guangdong Yuanxi
Management Consulting Co.,
Ltd.
Executive director
October 23, 2018

No
Li
Jianxio
ng
New Hope Digital
Technology Co., Ltd.
Chairman, General
Manager
December 4, 2020

No
Li
Jianxio
ng
Hainan Shengchen
Investment Co., Ltd.
Executive
Director, General
Manager
February 1, 2020

No
Li
Jianxio
ng
Sichuan Qingwang Nano
Technology Co., Ltd.
Chairman
October 12, 2022

No
Yang
Fang
New Hope Finance Co., Ltd.
Director
August 23, 2024

No
Yang
Fang
New Hope Finance Co., Ltd.
Chairman
November 5, 2024

No
Yang
Fang
New Hope Wuxin Industrial
Group Co., Ltd.
Director
August 26, 2025

No
Tao
Yuling
Shandong Zhongxin Food
Group Co., Ltd.
Director
August 14, 2023
September 13, 2025
No
Pang
Yundon
g
Shanghai New Hope Supply
Chain Technology Co., Ltd.
Executive director
May 24, 2024

No
Pang
Yundon
g
Sichuan New Hope Animal
Nutrition Technology Co.,
Ltd.
Executive
Director, General
Manager
May 11, 2024

No
Pang
Yundon
g
Xiamen New Hope Liuhe
Agricultural Supply Chain
Co., Ltd.
Executive
Director, General
Manager
April 1, 2024

No
Pang
Yundon
g
Hainan New Hope Liuhe
Supply Chain Technology
Co., Ltd.
Executive director
and general
manager
July 12, 2024

No
Pang
Yundon
g
Shandong Zhongxin Animal
Feed Co., Ltd.
Director
July 23, 2024

No
Pang
Yundon
g
Qingdao New Hope Liuhe
Trade Co., Ltd.
Executive director
and general
manager
May 13, 2024

No
Pang
Yundon
g
Hebei Liuhe Xingda Feed
Co., Ltd.
Director
May 31, 2011

No
Pang
Yundon
g
Panjin Puhui Financing
Guarantee Co., Ltd.
Chairman
October 26, 2016

No
Pang
Yundon
g
Beijing New Hope Liuhe
Food Co., Ltd.
Supervisor
October 26, 2015
March 2, 2025
No
Wang
Jiafen
Shanghai Guanjie Enterprise
Management Consulting Co.,
Ltd.
Supervisor
May 27, 2016

No
Wang
Jiafen
Shanghai Rotai Health
Technology Co., Ltd.
Director
October 17, 2022
October 17, 2025
Yes
Wang
Bestore Co., Ltd.
Director
September 15, 2022
May 26, 2026
Yes

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79
Jiafen
Wang
Jiafen
Zhende Medical Supplies
Co., Ltd.
Director
July 24, 2022
July 24, 2025
Yes
Wang
Jiafen
Bondex Supply Chain
Management Co., Ltd.
Director
May 26, 2022
May 26, 2026
Yes
Xie
Jiayang
Enviro Energy International
Holdings Limited
Independent Non-
executive Director
April 22, 2025
April 21, 2026
Yes
Li
Tiantian
Beijing Siwei Zaowu
Information Technology Co.,
Ltd.
General Manager,
Directors
June 17, 2014

Yes
Li
Tiantian
Beijing Xiaosai Xiaoke
Cultural Communication Co.,
Ltd.
Director
December 11, 2015

No
Li
Tiantian
Beijing Siwei Zaowu
Investment Management Co.,
Ltd.
Executive director
November 30, 2015

No
Li
Tiantian
Beijing Dedao Information
Technology Co., Ltd.
Director, manager
December 18, 2015

No
Li
Tiantian
Beijing Dedao Vocational
Skills Training Chaoyang
School Co., Ltd.
Vice chairman
May 17, 2022

No
Li
Tiantian
Beijing Letian Wuzhu
Management Consulting Co.,
Ltd.
Director
August 18, 2021

No
Li
Tiantian
Shoucheng Holdings Limited
Independent
Director
April 20, 2026
December 31, 2026
Yes
Yan
Qiubo
Guiyang New Hope Liuhe
Agricultural Technology Co.,
Ltd.
Director
May 20, 2022

No
Yan
Qiubo
Nayong New Hope
Yuansheng Agriculture Co.,
Ltd.
Finance Head
July 8, 2019

No
Wang
Weiyon
g
Shandong Zhongxin Food
Group Co., Ltd.
Director
May 20, 2025

No
Shi Han
Shandong New Hope Liuhe
Group Co., Ltd.
Manager
May 20, 2025

No
Shi Han
New Hope Finance Co., Ltd.
Director
November 15, 2024

No
Shi Han
Sichuan New Hope Flavor
Industry Co., Ltd.
Supervisor
June 13, 2018
December 19, 2025
No
Shi Han
Fresh Life Style Cold-chain
Logistics Co., Ltd.
Supervisor
April 22, 2022

No
Shi Han
Maoning Pet Control
Technology Co., Ltd.
Director
November 19, 2021

No
Shi Han
Sichuan New Hope
Nutritional Products Co., Ltd.
Supervisor
February 14, 2019

No
Shi Han
Sichuan Zhiai Maternal and
Child Products Co., Ltd.
Supervisor
November 5, 2019

No
Shi Han
Beijing Caogen Wuxian
Investment Management Co.,
Ltd.
Supervisor
March 27, 2019

No
Shi Han
Hainan Fresh Life Style
Cold-chain Logistics Co.,
Ltd.
Chairman
August 5, 2021

No
Shi Han
Chateland (Shanghai) Food
Technology Co., Ltd.
Supervisor
September 4, 2018

No
Shi Han
Beijing Mengzhua
Director
January 13, 2020

No

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80
Technology Co., Ltd.
Shi Han
Shenzhen Mengtian Trading
Co., Ltd.
Supervisor
December 11, 2020

No
Shi Han
Chengdu Guoniang Food Co.,
Ltd.
Director
April 18, 2023
January 30, 2026
No
Shi Han
Sichuan Chuanwazi Food
Co., Ltd.
Supervisor
June 18, 2021
January 14, 2026
No
Shi Han
Syncho International Health
Management Co., Ltd.
Supervisor
April 9, 2019
December 24, 2025
No
Shi Han
Xiaocao Infinite Technology
(Sichuan) Co., Ltd.
Director
March 16, 2022
December 23, 2025
No
Shi Han
Sichuan Natural Institute of
Pharmacy
Supervisor
July 25, 2019
December 29, 2025
No
Wang
Pusong
New Hope Liuhe Investment
Co., Ltd.
Chairman and
general manager
March 21, 2018

No
Wang
Pusong
Chengdu Tianfu Xingxinxin
Farming Technology Co.,
Ltd.
Director
November 21, 2022

No
Wang
Pusong
Fuxin Hehui Livestock
Breeding Co., Ltd.
Supervisor
November 20, 2008
June 23, 2025
No
Wang
Pusong
Xinzhi Huide Machinery
Technology Co., Ltd.
Director
March 29, 2021

No
Zhao
Liang
Guangdong New Hope New
Agriculture Equity
Investment Fund
Management Co., Ltd.
Director, manager
July 5, 2018

Yes
Zhao
Liang
Guangdong Agricultural
Supply-Side Structural
Reform Fund Management
Co., Ltd.
Director
November 27, 2020

No
Zhao
Liang
Qingdao Xinmu Zhihe
Technology Co., Ltd.
Director
March 28, 2024

No
Zhao
Liang
Laixi New Hope Liuhe
Farming Co., Ltd.
Director
March 22, 2024

No
Zhao
Liang
Nanning Xinhao Farming
Co., Ltd.
Director
March 18, 2025

No
Zhao
Liang
Laibin Xinhao Farming Co.,
Ltd.
Director
January 13, 2025

No
Zhao
Liang
Ningming Xinhao Farming
Co., Ltd.
Director
April 26, 2024

No
Zhao
Liang
Xiangzhou Xinhao Farming
Co., Ltd.
Director
January 6, 2025

No
Zhao
Liang
Hezhou Xinhao Farming Co.,
Ltd.
Director
August 26, 2024

No
Zhao
Liang
Laibin New Hope Liuhe
Farming Technology Co.,
Ltd.
Director
June 4, 2024

No
Zhao
Liang
Wuzhou New Hope Liuhe
Feed Co., Ltd.
Director
November 29, 2024

No
Zhao
Liang
Nanning New Hope Farming
Technology Co., Ltd.
Director
May 28, 2024

No
Zhao
Liang
Yulin Guoxiong Feed Co.,
Ltd.
Director
June 7, 2024

No
Zhao
Liang
Shandong New Hope
Agricultural Investment Co.,
Ltd.
Executive director
and general
manager
September 29, 2020

No
Zhao
Shandong New Hope
Executive director
September 29, 2020

No

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81
Liang
Agricultural Development
Co., Ltd.
and general
manager
Zhao
Liang
Shenyang New Hope
Agricultural Investment
Consulting Co., Ltd.
Executive director
and manager
October 17, 2019

No
Penalties imposed by securities regulators in the past three years on incumbent directors and senior management of the Company
and those separated within the reporting period
Applicable □Not applicable
Mr. Li Jianxiong, a Director of the Company, was subject to warning letters issued by the Zhejiang Regulatory Bureau of the
China Securities Regulatory Commission in October 2023 for matters not related to the Company, and was also subject to public
criticism by the Shenzhen Stock Exchange in April 2024.
3. Compensation of directors and senior management
Decision-making process, determination basis and actual payment of compensations for directors and senior management
The Compensation and Evaluation Committee determines the remuneration of the Company's senior management based on
their respective areas of responsibility, main duties, business innovation capabilities, work performance, as well as the Company's
Administrative Measures for Employee Compensation and relevant regulations and provisions of the Compensation and Evaluation
Committee.
As of December 31, 2025, the total amount of pretax remuneration received by directors and senior management from the
Company was 12.2243 million yuan. Ms. Liu Chang, Chairman of the Company, voluntarily gave up a portion of her salary in
2024, and only received a pretax remuneration of 192,300 yuan. This resulted in a growth in her remuneration in 2025 compared
to 2024, but it still remained within the normal salary range for personnel of the same industry and type.
Compensation for directors and senior management of the Company within the reporting period
Unit: 10,000 yuan
Name
Gender
Age
Position
Status of
incumbency
Total amount of
pretax
compensation
received from
the Company
Whether
receiving
compensation
from related
parties of the
Company
Liu Chang
Female
46
Chairman
Incumbent
162
No
Zhang
Minggui
Male
44
Director
Incumbent
54
Yes
Li
Jianxiong
Male
49
Director
Incumbent
0
Yes
Yang Fang
Female
55
Director
Incumbent
0
Yes
Tao Yuling
Male
52
Director, President
Incumbent
142.65
No
Pang
Yundong
Male
61
Director
Incumbent
105.27
No
Wang
Jiafen
Female
75
Independent Director
Incumbent
20
No
Xie Jiayang
Female
64
Independent Director
Incumbent
13.33
No
Li Tiantian
Female
47
Independent Director
Incumbent
6.67
No
Yan Qiubo
Male
47
Vice President
Incumbent
73.5
No
Wang
Weiyong
Male
52
Vice President, Human
Resources Director
Incumbent
120.1
No
Li Shuang
Male
47
Vice President, Director of
Engineering and Equipment
Incumbent
119.92
No

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82
Operations
Shi Han
Female
46
CFO
Incumbent
114
No
Zhao Liang
Male
48
Board secretary
Incumbent
91.83
No
Wang
Pusong
Male
56
Director of Investment
Development
Incumbent
73.5
No
Liu
Yonghao
Male
75
Director
Resigned
13.29
Yes
Wang Hang
Male
55
Director
Resigned
0
No
Zhou
Boping
Male
46
Director
Resigned
20
No
Peng Long
Male
62
Independent Director
Resigned
13.26
No
Cai Manli
Female
53
Independent Director
Resigned
6.67
No
Chen
Xingyao
Male
52
Vice President & CFO
Resigned
41.4
No
Lan Jia
Male
46
Secretary to the Board of
Directors & Chief Strategic
Investment Officer
Resigned
31.04
No
Total
--
--
--
--
1,222.43
--

Assessment basis for the remuneration actually received by all
directors and senior management at the end of the reporting
period.
Corporate-level performance, individual performance and
KPIs, compliance and risk control
Progress of the assessment for the remuneration actually
received by all directors and senior management at the end of
the reporting period.
The corporate-level performance targets have not been fully
achieved
Deferred payment arrangements for the remuneration actually
received by all directors and senior management at the end of
the reporting period.
Part of the performance-based compensation for senior
management was paid out after the performance audit in the
following year
Claw back and stop-payment for the remuneration actually
received by all directors and senior management at the end of
the reporting period.
None

Other notes
□Applicable Not applicable
V. Performance of duties by directors within the reporting period
1. Attendance of directors at board meetings and shareholders’ meetings
Attendance of directors at board meetings and shareholders’ meetings
Name of
director
Number of
board
meetings
required to
be attended
Number of
board
meetings
attended in
person
Number of
board
meeting
attended via
communicati
on means
Number of
board
meetings
attended by
proxy
Number of
board
meetings
absent from
Whether failing
to attend board
meetings in
person for
consecutive two
times
Number of
shareholde
rs’
meetings
attended
Liu Chang
10
1
9
0
0
No
3
Zhang
Minggui
10
1
9
0
0
No
4
Liu Yonghao
1
0
1
0
0
No
0
Wang Hang
1
0
1
0
0
No
0
Li Jianxiong
10
1
9
0
0
No
4
Yang Fang
9
1
8
0
0
No
4

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83
Tao Yuling
9
1
8
0
0
No
4
Zhou Boping
10
1
9
0
0
No
4
Wang Jiafen
10
0
10
0
0
No
4
Peng Long
5
1
3
0
1
No
2
Cai Manli
1
0
1
0
0
No
0
Xie Jiayang
9
1
8
0
0
No
4
Li Tiantian
5
0
5
0
0
No
2
Notes on failure to attend board meetings in person for consecutive two times
N/A
2. Objections raised by directors to matters related to the Company
Whether directors raised objections to matters related to the Company
□Yes No
Directors did not raise any objections to matters related to the Company within the reporting period.
3. Other notes on the performance of duties by directors
Whether directors’ suggestions regarding the Company were adopted
Yes □No
Notes on directors’ suggestions regarding the Company adopted or not adopted
During the reporting period, directors of the Company acted dutifully and diligently, offered advices and suggestions, actively
participated in meetings of specialized committees of the Board of Directors, board meetings and shareholders’ meetings,
performed their rights, duties and obligations conferred by the Company Law, the Securities Law, the Shenzhen Stock Exchange
Listing Rules and the Articles of Association of the Company, strictly complied with national laws, regulations, decrees,
ordinances and rules and raised numerous specialized and constructive opinions in terms of business operations, development
strategy and major decisions, all of which were adopted by the Company.
VI. Specialized committees of the Board of Directors within the reporting period
Committe
e
Member
Number
of
meeting
s held
Date of
meeting
Content of meeting
Important opinions and suggestions
raised
Nominati
on
Committe
e of the
9th Board
of
Directors
Wang Jiafen
(Chairperson),
Liu Chang, Cai
Manli
1
March 17,
2025
Deliberation of the
“Proposal on Nominating
Candidates for Non-
independent Directors of
the 10th Board of
Directors” and the
“Proposal on Nominating
Candidates for
Independent Directors of
the 10th Board of
Directors”
The Nomination Committee decided
to nominate Ms. Liu Chang, Mr.
Zhang Minggui, Mr. Tao Yuling, Ms.
Yang Fang, Mr. Li Jianxiong and Mr.
Zhou Boping as candidates for
directors of the 10th Board of
Directors, and Ms. Wang Jiafen, Mr.
Peng Long and Ms. Xie Jiayang as
candidates for independent directors
of the 10th Board of Directors, and
submitted the proposals to the 41st
meeting of the 9th Board of Directors
for deliberation.
Nominati
Wang Jiafen
1
April 3,
Deliberation of the
The Nomination Committee decided

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84
on
Committe
e of the
10th
Board of
Directors
(Chairperson),
Liu Chang,
Peng Long, Xie
Jiayang, Li
Jianxiong
2025
“Proposal on Nominating
Candidates for the
Company's President" and
the “Proposal on
Nominating Candidates
for the Company's Board
Secretary”
to nominate Mr. Tao Yuling as a
candidate for President and Mr. Zhao
Liang as a candidate for Board
Secretary of the Company, and
submitted the proposals to the 1st
meeting of the 10th Board of
Directors for deliberation.
Nominati
on
Committe
e of the
10th
Board of
Directors
Wang Jiafen
(Chairperson),
Liu Chang,
Peng Long, Xie
Jiayang, Li
Jianxiong
1
April 14,
2025
Deliberation of the
“Proposal on Nominating
Candidates for Senior
Management of the
Company”
The Nomination Committee decided
to nominate Mr. Yan Qiubo as Vice
President, Mr. Wang Weiyong as Vice
President & Human Resources
Director, Mr. Li Shuang as Vice
President & Director of Engineering
and Equipment Operations, Ms. Shi
Han as CFO, and Mr. Wang Pusong
as Director of Investment
Development, and submitted the
proposal to the 2nd meeting of the
10th Board of Directors for
deliberation.
Nominati
on
Committe
e of the
10th
Board of
Directors
Wang Jiafen
(Chairperson),
Liu Chang, Xie
Jiayang, Li
Jianxiong
1
July 12,
2025
Deliberation of the
"Proposal on Removing
Mr. Peng Long from His
Position as an
Independent Director"
and the "Proposal on
Nominating Candidates
for Independent Directors
of the 10th Board of
Directors”
The Nomination Committee decided
to remove Mr. Peng Long from his
position as an Independent Director,
and nominate Ms. Li Tiantian as a
candidate for independent director of
the 10th Board of Directors, and
submitted the proposals to the 4th
meeting of the 10th Board of
Directors for deliberation.
Remunera
tion and
Appraisal
Committe
e of the
9th Board
of
Directors
Wang Jiafen
(Chairperson),
Liu Chang, Cai
Manli, Peng
Long, Li
Jianxiong
1
March 17,
2025
Deliberation of the
“Proposal on
Repurchasing and
Canceling Some
Restricted Stocks under
the Restricted Stock
Incentive Plan 2022”
The proposal was submitted to the
41st meeting of the 9th Board of
Directors for deliberation
Audit
Committe
e of the
10th
Board of
Directors
Xie Jiayang
(Chairperson),
Wang Jiafen,
Yang Fang
1
April 14,
2025
Deliberation of the “Full
Text and Summary of the
2024 Annual Report”, the
“2024 Annual Internal
Control Evaluation
Report”, the “Proposal on
Provision for Asset
Impairment”, the
“Proposal on Retaining
Sichuan Huaxin (Group)
Certified Public
Accountants (Special
General Partnership) as
Auditor of the Company’s
2025 Financial Report”,
the “Proposal on
Estimating the Company's
Financing Guarantee
Quota for the Year 2025”,
the “Proposal on the
The proposals were submitted to the
2nd meeting of the 10th Board of
Directors for deliberation. Yang Fang,
a related committee member,
abstained from voting on the
“Proposal on Estimating the
Company's Financing Guarantee
Quota for the Year 2025”, the
“Proposal on the Ongoing Risk
Assessment Report of New Hope
Finance Co., Ltd.”, and the “Proposal
on Signing Daily RPT Framework
Agreement and Forecasting Daily
RPTs in 2025”.

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85
Ongoing Risk Assessment
Report of New Hope
Finance Co., Ltd.”, the
“Proposal on Signing
Daily RPT Framework
Agreement and
Forecasting Daily RPTs in
2025”, and the “Proposal
on Appointing Ms. Shi
Han as the CFO”
Audit
Committe
e of the
10th
Board of
Directors
Xie Jiayang
(Chairperson),
Wang Jiafen,
Yang Fang
1
April 26,
2025
Deliberation of the
Company’s “Q1 Report of
2025”
The proposal was submitted to the 3rd
meeting of the 10th Board of
Directors for deliberation
Audit
Committe
e of the
10th
Board of
Directors
Xie Jiayang
(Chairperson),
Wang Jiafen,
Yang Fang
1
August 21,
2025
Deliberation of the “Full
Text and Summary of
2025 Semiannual
Report”, the “Proposal on
the Ongoing Risk
Assessment Report of
New Hope Finance Co.,
Ltd.”, and the “Proposal
on Increasing the
Estimated Quota for Daily
RPTs in 2025 and Signing
Supplementary RPT
Agreements”
The proposals were submitted to the
5th meeting of the 10th Board of
Directors for deliberation. Yang Fang,
a related committee member,
abstained from voting on the
“Proposal on the Ongoing Risk
Assessment Report of New Hope
Finance Co., Ltd.”, and the “Proposal
on Increasing the Estimated Quota for
Daily RPTs in 2025 and Signing
Supplementary RPT Agreements”.
Audit
Committe
e of the
10th
Board of
Directors
Xie Jiayang
(Chairperson),
Wang Jiafen,
Yang Fang
1
October 26,
2025
Deliberation of the
Company’s “Q3 Report of
2025”
The proposal was submitted to the 7th
meeting of the 10th Board of
Directors for deliberation
Independ
ent
directors’
meeting
of the
10th
Board of
Directors
Xie Jiayang,
Wang Jiafen,
Peng Long
1
April 14,
2025
Deliberation of the
“Proposal on Estimating
the Company's Financing
Guarantee Quota for the
Year 2025”, the “Proposal
on the Ongoing Risk
Assessment Report of
New Hope Finance Co.,
Ltd.”, and the “Proposal
on Signing Daily RPT
Framework Agreement
and Forecasting Daily
RPTs in 2025”
The proposals were submitted to the
2nd meeting of the 10th Board of
Directors for deliberation
Independ
ent
directors’
meeting
of the
10th
Board of
Directors
Xie Jiayang,
Wang Jiafen, Li
Tiantian
1
August 21,
2025
Deliberation of the
“Proposal on the Ongoing
Risk Assessment Report
of New Hope Finance
Co., Ltd.” and the
“Proposal on Increasing
the Estimated Quota for
Daily RPTs in 2025 and
Signing Supplementary
RPT Agreements”
The proposals were submitted to the
5th meeting of the 10th Board of
Directors for deliberation

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86
Risk
Control
Committe
e of the
10th
Board of
Directors
Liu Chang
(Chairperson),
Yang Fang, Tao
Yuling, Xie
Jiayang, Li
Tiantian
1
August 21,
2025
Deliberation of the
“Proposal on the Launch
of Hedging-type
Exchange Rate and
Interest Rate Capital
Trading Business” and the
“Feasibility Report on the
Launch of Hedging-type
Exchange Rate and
Interest Rate Capital
Trading Business”
The proposals were submitted to the
5th meeting of the 10th Board of
Directors for deliberation
VII. Performance of the Audit Committee
Whether the Audit Committee found any risks to the Company in its supervisory activities during the reporting period
□Yes No
The Audit Committee had no objections to supervised matters within the reporting period.
VIII. Employees
1. Number, composition of specialties and educational background of employees
Number of active employees of the parent company at the end
of the reporting period (persons)
283
Number of active employees of major subsidiaries at the end of
the reporting period (persons)
43,470
Combined number of active employees at the end of the
reporting period (persons)
43,753
Number of employees receiving salaries in the current period
(persons)
43,753
Number of retired employees for which the parent company
and major subsidiaries need to bear costs (persons)
0
Composition of specialties
Category of specialty composition
Number of persons of each specialty (persons)
Production personnel
26,223
Sales personnel
7,864
Technical personnel
2,258
Financial personnel
1,397
Administrative personnel
670
Others
5,341
Total
43,753
Educational background
Category of educational background
Number (persons)
Above bachelor’s degree
2,338
Bachelor
13,615
College
12,122
College or below
15,678
Total
43,753

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2. Pay policy
(1) Front-line production personnel follows the piece-rate work system, marketing personnel follows the sales-linked
compensation system, and hourly workers follow the job grade wage and performance appraisal wage system.
(2) Employee compensation is adjusted by first determining the overall ratio of compensation adjustment of the Company and
total amount of compensation adjustment based on the net profit growth and per capita efficiency growth of the Company and
employee compensation levels of peer companies, government wage guidelines and consumer price rise index published by the
statistical department and then appraising each business unit and individual employee level by level.
(3) Overtime pay and various holiday pays are subject to the national regulations.
(4) The Company procures and pays corresponding insurance coverage for its employees according to the Labor Contract
Law of the People’s Republic of China and its related rules and regulations.
3. Training programs
In 2025, adhering to the long-termism concept of talent cultivation and with the goal of demand-based customization and
precise empowerment, the Company improved its employee training system. Staff training and development efforts were focused
on the following three aspects.
First, build a management and operation cadre team to enhance the leadership and operation capabilities of on-the-job and
reserve cadres, and cultivate and reserve outstanding talents for cadres at all levels of the Company through talent cultivation
programs such as EMBA Program, the Key Force Training Program, the Global Key Force Training Program, the Inclusion
Program, the Hope Program, and the New Bee Training Camp.
Second, build a key professional line capability system to organize and carry out specialized training classes for key
professional positions such as product technology, quality control, procurement, aquatic product marketing, and veterinary
medicine, and develop professional courses and conduct training based on expert experiences gathered to enhance professional
capabilities and build long-term competitiveness.
At last, organize culture and experience inheritance to step up efforts on strengthening the construction of the talent
cultivation foundation based on digital platforms and internal trainer resources, including the establishment of the curriculum
system, the training of internal trainers, the construction of digital platforms, and the knowledge and skills database, to create a
learning organization atmosphere similar to that of a school.
New Bee Training Camp: in 2025, the Company continued to implement the full-cycle New Bee training strategy focused on
intensive learning + tracking and coaching + job experience, completing offline or online training for 625 new employees by
August. This helped new employees understand the overall business situation, integrate into the corporate culture, accelerate the
establishment of professional values, and shorten their competency cycle. Through training, the corporate culture and spiritual
concepts were conveyed, and the belief that employees are willing to develop with the organization for the long term was
established. Through regional training organization, new employees' understanding of regional strategic business was deepened,
and their sense of collective belonging and organizational atmosphere of peer assistance were strengthened, enabling them to take
on the "first baton" of the workplace successfully.
New Bee Momentum Camp: in August 2025, the Company selected 38 high-potential graduates to participate in a two-year
accelerated training program. The program adopts the core training strategy of "online courses + offline training + dual mentors'
guidance + customized rotation", focusing on deepening business cognition, honing professional capabilities, and shaping
leadership potential. The aim is to help trainees quickly integrate and shorten their growth cycle, laying a solid foundation for their
future growth into business backbone or middle-level managers.
Key Force Training Program: in 2025, the Company continued to organize training courses for key forces in the feed business
and pig farming business. Focusing on "how to be a good general manager with the mindset and comprehensive management
capabilities as a head", the program aimed to help professional line managers become qualified comprehensive business managers.

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88
The program strengthens the construction of a general manager talent pool, continuously reserving, cultivating, and delivering core
business talents for the Company's operations.
Through two offline training sessions, online courses, practical tasks, and benchmarking studies of the Key Force Training
Program for Feed BU (Batch 2), a total of 43 high-potential talents were selected globally, and they completed a 6-month
empowerment program. The overall graduation rate reached 34.9% (15 participants). Through mentor coaching, offline training,
business case studies, and practical tasks of the Key Force Training Program for Pig BG (Batch 1), 41 participants completed an 8-
month empowerment program. The overall graduation rate reached 75.6% (31 participants).
Quality Control Manager Elite Program: this is a talent development program for reserve feed quality control managers.
Through online expert courses, offline experiential teaching (including practical tasks and on-site mentoring), multi-scenario
management seminars, and stage-based assessments, the program enhances participants' professional quality control capabilities
while strengthening their awareness of professional and team management, building long-term competitiveness. The program had
41 participants, with a pass rate of 90%.
Inclusion Program: in September 2025, the Company launched the Inclusion Program. The program is dedicated to building a
career development and exchange platform for domestic and international talents. Through open recruitment and selection across
all channels, it attracted 133 employee applicants. After interviews and evaluations, 10 participants were finally selected for the
first session. The program organized a one-day intensive training in Chengdu and a three-day field research study in Vietnam.
Through classroom lectures, company visits, market and customer visits, and executive interactions, the program helped
participants broaden their horizons and enhance their thinking. During the program, participants interested in overseas
development were matched with corresponding positions, continuously strengthening internal promotion and influence building,
and promoting the orderly flow of talents domestically and internationally.
Aquatic Elite Special Training Class: in June 2025, the Overseas Aquatic Elite Special Training Class was officially launched
in Vinh Long, Vietnam, with 34 participants. More than ten experts from overseas operations, feed business, and relevant fields
were invited to give on-site lectures. Sessions also included excellent case study sharing, thematic discussions, and on-site
observations. The program developed and accumulated 13 courses. It has established a cultivation and improvement mechanism
centered on the "general manager + sales + technology" model, enabling mutual learning, promoting exchange between domestic
and international aquatic feed operations, and disseminating excellent practices, continuously driving the specialization of the
aquatic feed business.
EMBA Program:
Targeting the Company's high-performing, high-potential talent pool, the EMBA Program aims to supplement academic
credentials and enhance capabilities, and is integrated into the Company's leadership development system. It systematically builds
mid-to-senior level managers' understanding of the essential principles of business acumen and leadership, elevating their thinking,
broadening their perspectives, and serving business needs. Its goal is to be an EMBA program that best understands the
agricultural and animal husbandry industry, cultivating senior managers for China's agricultural and food industry who possess
systematic thinking, outstanding leadership, and an innovative spirit.
In 2025, the program delivered two sessions. Through classroom training, benchmarking study tours, and team building
activities, two learning sessions were conducted. The two cohorts engaged in practical thesis research and writing, as well as thesis
defense and degree application work. A total of 85 mid-to-senior level managers were cultivated, with a participant satisfaction
rate exceeding 92%.
4. Labor service outsourcing
□Applicable Not applicable

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89
IX. Profit distribution and share capital increase with capital reserve
Profit distribution policy within the reporting period, especially the formulation, execution or adjustment of cash dividend policy
□Applicable Not applicable
The Company made profits within the reporting period, and profit of the parent company available for distribution to shareholders
was positive, but no plan for cash dividend distribution was brought forward.
□Applicable Not applicable
Profit distribution and share capital increase through capital reserve conversion within this reporting period
□Applicable Not applicable
The Company plans not to distribute cash dividends or allot bonus shares or increase its share capital with capital reserve in the
year.
X. Implementation of equity incentive plans, employee stock ownership plans or other
employee incentives
Applicable □Not applicable
1. Equity incentives
(1) At the 1st extraordinary general meeting of 2025, the Proposal on Terminating the Restricted Stock Incentive Plan 2022 was
approved. The Company, taking into account the current industry and market conditions and other factors, found that continuing to
implement the Restricted Stock Incentive Plan 2022 was no longer able to achieve the expected incentive goals and effects. To
fully implement effective incentives for employees and in light of the willingness of the incentive recipients and the Company's
future development plan, the Board of Directors, after careful deliberation, decided to terminate the Restricted Stock Incentive
Plan 2022.
(2) The 41st meeting of the 9th Board of Directors, the 27th meeting of the 9th Board of Supervisors and the 1st extraordinary
general meeting deliberated and approved the Proposal on Repurchasing and Canceling Some Restricted Stocks under the
Restricted Stock Incentive Plan 2022. As the conditions for lifting sales restrictions in the second lifting period for the initial grant
and the first lifting period for the reserved grant of restricted stocks under the Restricted Stock Incentive Plan 2022 have been
fulfilled, the total number of shares that can be released from sales restrictions is 7.7828 million. The Company should repurchase
and cancel a total of 4.1492 million restricted stocks that have been granted to the incentive recipients but have not been released
from the sales restrictions; due to the resignation of 55 incentive recipients, 2.149 million restricted stocks that they have been
granted but have not yet been released from sales restrictions should be repurchased and canceled; furthermore, as the Company
terminated the Restricted Stock Incentive Plan 2022, 11.932 million restricted stocks should be repurchased and canceled. In
summary, a total of 18.2302 million restricted stocks should be repurchased and canceled. The Company repurchased and canceled
23.3722 million restricted stocks on July 3, 2025.
Equity incentives granted to directors and senior management
□Applicable Not applicable
Assessment mechanism and incentives for senior management
According to the policies related to performance assessment and compensation incentive systems for senior management,

the performance assessment of senior management consists of short-term contribution assessment and long-term contribution

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90
assessment. Directors and senior management of the Company present their reports to the Remuneration and Appraisal Committee
and conduct self-evaluations. The Remuneration and Appraisal Committee conducts performance evaluations of the directors and
senior management based on the following dimensions:
(1) Short-term contributions:
① The achievement of the Company's key financial indicators and business goals;
② The performance and achievement of KPIs of the units under the charge of senior management personnel.
(2) Long-term contributions:
① Construction of organizational cultural competence improvement of the Company undertaken by senior management;
② Construction of the Company's governance and internal control system;
③ Senior management personnel’s innovation ability and leadership skills .
2. Implementation of employee stock ownership plans
Applicable □Not applicable
Any and all ESOPs valid within the reporting period
Employees
covered
Number of
employees
Total shareholding
(shares)
Record of change
Percentage in the
total capital stock of
the listed company
Source of funds
Core employees of
the Company
(including its
subsidiaries)
involved in
overseas business
operations
179
8,838,617
None
0.20%
A-share common
stocks repurchased by
the Company using
the securities account
for repurchase
Shareholding of directors and senior management under the ESOP within the reporting period

Name
Position
Opening shareholding
(shares)
Closing shareholding
(shares)
Percentage in the total
capital stock of the
listed company
None
None
0
0
0.00%
Change of asset management organization within the reporting period
□Applicable Not applicable
Change in equity within the reporting period due to holder’s disposal of the shares
□Applicable Not applicable
Exercise of shareholders’ rights within the reporting period
No exercise of shareholders’ rights under the ESOP within the reporting period.
Other circumstances and notes to the ESOP within the reporting period
□Applicable Not applicable
Change of members of ESOP Management Committee
□Applicable Not applicable
Financial impact of the ESOPs on the listed company within the reporting period and relevant accounting treatment
Applicable □Not applicable

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91
The ESOP granted by the Company in 2024 and existing in the current period was accounted for in accordance with the
Accounting Standards for Business Enterprises No. 18 - Share-based Payment The financial impact of the ESOP on the Company
is detailed in "Section 8 Financial Report (XV) Share-based payments”. The accounting policies and accounting treatments are
detailed in "Section 8 Financial Report (V) Significant accounting policies and accounting estimates 31. Share-based payment".
Termination of ESOPs within the reporting period
□Applicable Not applicable
Other notes:
None
3. Other employee incentives
□Applicable Not applicable
XI. Construction and implementation of internal control system within the reporting period
1. Construction and implementation of internal control system
Within the reporting period, the Company updated and improved its internal control system from time to time in accordance
with the Company Law, the Corporate Governance Standards for Listed Companies, the Basic Standards for Internal Control of
Enterprises and other laws and regulations and rules in light of its reality, industry characteristics and management needs,
formulating a system of internal control policies that runs through all levels and parts of its business operations, and constantly
supplemented, modified and improved them for strict execution. The Audit Committee expresses evaluation opinions on the
Company’s internal control. The Company has established a rather comprehensive system of internal control polices and could
effectively execute them. The Company’s self-evaluation report on internal control truly and objectively reflects the construction
and operation of its internal control policies.
2. Details of significant defects in internal control found during the reporting period
□Yes No
XII. Management and control of the Company over its subsidiaries within the reporting
period
Company name
Integration plan
Integration
progress
Problem
encountered
Solution taken
Resolution
progress
Subsequent
plan
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Whether there are abnormal circumstances in the management and control of the subsidiaries.
□Yes No
XIII. Internal control evaluation report and internal control audit report
1. Internal control evaluation report
Date of disclosure of the full text of
April 29, 2026

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92
internal control evaluation report
Disclosure index of the full text of
internal control evaluation report
Refer to the 2025 Internal Control Evaluation Report published by the Company on
www.cninfo.com.cn on April 29, 2026 for details.
Ratio of total assets of entities
included in the scope of evaluation
to the total assets indicated on the
Company’s consolidated financial
statements
12.14%
Ratio of operating income of
entities included in the scope of
evaluation to the audit committee
indicated on the Company’s
consolidated financial statements
30.35%
Standards for defect determination
Category
Financial report
Non-financial report
Qualitative standards
Fatal defect: occurrence of any act of gross
malpractice involving disclosure of
financial information; any material
misstatements existing in the financial
reports are discovered by external
regulatory authorities or audit agencies, but
not identified in corresponding internal
control of the Company; the financial report
preparation and presentation control
procedures contain fatal loopholes, which
might result in material misstatements.
Material defect: the financial report
preparation and presentation control
procedures contain control loopholes,
which should draw great attention of the
Board of Directors and management for
improvement although they will not result
in material misstatements.
General defect: internal control defects in
financial reporting other than fatal defects
and material defects.
Fatal defect: refers to a combination of one
or more control defects, which might result
in a significant deviation from the control
targets. For instance, the Company lacks
democratic decision-making procedures or
has unscientific decision-making
procedures, resulting in serious mistakes;
the Company violates national laws,
regulations or normative documents and is
subjected to penalties; frequent and wide-
ranging negative media coverage;
malpractices of its directors, supervisors and
senior management; the Company’s
business operations lack proper system
control or the system fails, etc.
Material defect: the Company fails to
comply with established internal control
procedures, or there are design defects in
internal control itself, the impacts of which
might result in deviation from the control
targets, although it does not meet the criteria
for a material defect.
General defect: refers to defects other than
fatal defects and material defects.
Quantitative standards
Fatal defect: the misstated amount is greater
than 3% of the total assets, 1% of the total
operating income, and 5% of the total
profit; the Company has been punished by
competent national authorities and the
relevant situation has been officially
disclosed externally, causing negative
impacts on its periodic report disclosure,
serious turnover of the personnel in key
jobs and frequent media coverage.
Material defect: the misstated amount is
between 0.5% and 0.3% of the total assets,
0.5% and 1% of the total operating income,
and 3% and 5% of the total profit; the
Company has been punished by the local
government and exposed by media, causing
considerable negative impact on its periodic
Fatal defect: the direct property loss is
greater than 3% of the total assets, 1% of the
total operating income, and 5% of the total
profit; the Company has been punished by
competent national authorities and the
relevant situation has been officially
disclosed externally, causing negative
impacts on its periodic report disclosure,
serious turnover of the personnel in key jobs
and frequent media coverage.
Material defect: the direct property loss is
between 0.5% and 3% of the total assets,
0.5% and 1% of the total operating income,
and 3% and 5% of the total profit; the
Company has been punished by the local
government and exposed by the media,
causing considerable negative impact on its

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93
report disclosure.
General defect: the misstated amount is less
than 0.5% of the total assets, 0.5% of the
total operating income, and 3% of the total
profit; the Company has been punished by
local government departments, without
causing negative impacts on its periodic
report disclosure.
periodic report disclosure
General defect: the direct property loss is
less than 0.5% of total assets, 0.5% of the
total operating income, and 3% of the total
profit; the Company has been punished by
local government departments, without
causing negative impacts on its periodic
report disclosure
Number of fatal defects in financial
report (number)
0
Number of fatal defects in non-
financial report (number)
0
Number of material defects in
financial report (number)
0
Number of material defects in non-
financial report (number)
0
2. Internal control audit report
Applicable □Not applicable
Audit opinion paragraph in the internal control audit report
Sichuan Huaxin (Group) Certified Public Accountants (Special General Partnership) believed that the Company maintained
effective internal control of financial reporting in all material aspects according to the Basic Standards for Internal Control of
Enterprises and related provisions as at December 31, 2025.
Disclosure of internal control audit report
Disclosed
Date of disclosure of the full text of internal control audit report
April 29, 2026
Disclosure index of the full text of internal control audit report
Refer to the 2025 Internal Control Audit Report published by
the Company on www.cninfo.com.cn on April 29, 2026 for
details.
Type of opinion in internal control audit report
Standard unqualified opinion
Whether there were fatal defects in non-financial report
No
Whether the accounting firm issued any non-standard opinion internal control audit report
□Yes No
Whether the internal control audit report issued by the accounting firm is consistent with the opinion in the self-evaluation report
of the Board of Directors
Yes □No
Whether there is/was modified audit opinions regarding internal control during the reporting period or in the previous year
□Yes No
XIV. Rectification of issues identified in self-examination under the Special Action for
Corporate Governance of Listed Companies
In accordance with the Notice on Special Action for Corporate Governance (CZJGS (2020) No. 33) issued by Sichuan
Regulatory Bureau of the CSRC, the Company completed the self-examination under the special action for corporate governance
of listed companies in 2021, and rectified the issues identified during self-examination. In recent years, the Company has
continued to implement and improve all respects of internal control in accordance with relevant regulations and requirements of
regulatory authorities, and has continuously enhanced its level of corporate governance.

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94
XV. Environmental information disclosure.
Whether the listed company and its major subsidiaries fall within the list of enterprises that are legally required to disclose
environmental information
Yes □No
Number of enterprises included the list of
enterprises that are legally required to
disclose environmental information
16
S/N
Company name
Index for the report on the legal disclosure of environmental information
1
Changxing Huatong Livestock Co.,
Ltd.
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
more?code=91330522MA2B7XM849&uniqueCode=1c754e3a5861ee7d&date=2
025&type=true&isSearch=true
2
Changxing Heping Huatong
Livestock Co., Ltd.
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
more?code=91330522MA2D1UB771&uniqueCode=8df6d617d53b884b&date=2
025&type=true&isSearch=true
3
Ningbo New Hope Liuhe Farming
Co., Ltd.
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
more?code=91330283MA2GW90K8L&uniqueCode=719e5c05c00fdf9c&date=2
025&type=true&isSearch=true
4
Rui'an New Hope Liuhe Farming
Co., Ltd.
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
more?code=91330381MA2HBN404G&uniqueCode=d68b4f4fd8bbc41e&date=2
025&type=true&isSearch=true
5
Zhejiang Xindongwan Agricultural
Development Co., Ltd.
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
more?code=91330100563025041U&uniqueCode=69b82e3d17ccb826&date=202
5&type=true&isSearch=true
6
Hangzhou Guanglv Breeding Co.,
Ltd.
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
more?code=91330100673956664C&uniqueCode=5f98b172cdc8ea60&date=202
5&type=true&isSearch=true
7
Hengyang Xinhao Farming Co.,
Ltd.
https://yfpl.sthjt.hunan.gov.cn:8181/hnyfpl/frontal/index.html#/home/fillingHistor
y
8
Tianjin Xinliu Farming Technology
Co., Ltd.
https://hjxxpl.sthj.tj.gov.cn:10800/#/gkwz/ndpl/index?search=%E5%A4%A9%E6
%B4%A5%E6%96%B0%E5%85%AD%E5%86%9C%E7%89%A7
9
Yingtan Xinliu Technology Co.,
Ltd.
http://qyhjxxyfpl.sthjt.jiangxi.gov.cn:15004/information
10
Longhai New Hope Liuhe Farming
Co., Ltd.
http://220.160.52.213:10053/idp-province/#/multiple-query
11
Shandong Kinghey Food Co., Ltd.
http://221.214.62.226:8090/EnvironmentDisclosure/enterpriseRoster/openEnterpr
iseDetails?comDetailFrom=0&id=91371427MA3RH2YL3A
12
Liaoning Kinghey Food Co., Ltd.
https://sthj.deing.cn:8180/Public/Enter/b0daf6a9-7206-4c76-9204-
c12cfc279189/Annual/650585951608837
13
Hebei Kinghey Meat Industry Co.,
Ltd.
http://121.29.48.71:8080/#/fill/detail?enpId=5425B374-A2B8-4C91-8EA3-
10598668653C&year=2024
14
Yangling Besun Agricultural
Industry Group Co., Ltd.
https://www.ylq.gov.cn/zfxxgk/bmxxgk/zfbm/sthjj/wryhjjg/19072790017632460
81.html
15
Jiangxi New Hope Farming
Technology Co., Ltd.
http://111.75.227.203:15001/dome
16
New Hope Liuhe Feed Co., Ltd.
Rushan Branch
http://221.214.62.226:8090/EnvironmentDisclosure/
XVI. Social responsibilities
Refer to the 2025 Sustainability Report published by the Company on www.cninfo.com.cn on April 29, 2026 for details. This
report was compiled in accordance with the Self-Regulatory Guidelines No. 17 for Companies Listed on Shenzhen Stock Exchange
- Sustainability Report and with reference to the GRI Standards 2021. Relevant indexes are as follows:
Topic
Relevant page in the 2025 Sustainability Report

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
95
Report Framework

Message from the Chairman
01
About Us
02
Sustainability Strategy and Progress
03
Special Responsibility Feature: Embracing AI to
Activate New Quality Productivity in Agriculture
05
Main Report

Efficient Governance: Strengthening the Foundation
for Development

Party Building
09
Corporate Governance
10
Sustainability Governance and Management
14
Risk and Compliance Management
18
Business Ethics
20
Tax Transparency
23
Information Security and Privacy Protection
24
Excellent Products: Promoting Nutritious and Healthy
Food for All

Nutrition and Health R&D
29
Smart Breeding Solutions
32
Strict Quality and Safety Control
34
Enhanced Service Quality
38
Supply Chain Management
40
Green Industry: Giving Back to Nature and Ecosystems

Sustainable Agriculture
45
Sustainable Operations
48
Climate Change Response
51
Ecosystem and Biodiversity Conservation
56
Shared Value: Achieving Common Prosperity

Empowering Employees
61
Enabling Farmers
73
Committed to Society
74
Post-Report Section

About This Report
80
Key Performance Table
81
Index Table
85

XVII. Details about consolidating and expanding the achievements of poverty alleviation
and rural revitalization
(I) Rural revitalization
The Company has always embedded the principle of “serving rural communities and caring for people’s livelihoods” into its
corporate DNA. Remaining true to its original aspirations in the agriculture and animal husbandry industry, and grounded in the
realities of rural development and the core needs of farmers, the Company has increased investment in rural areas and innovated
models and measures to support and benefit agriculture. The focus has shifted from individual project assistance to empowering
the entire industrial chain and talent development, making positive contributions to promoting coordinated urban-rural and
regional development, consolidating poverty alleviation achievements, and effectively linking them to rural revitalization.
During the reporting period, the Company was honored by the Sichuan Association of Feed Industry as a “Model Unit in
Promoting Rural Revitalization” and an “Outstanding Unit in Reducing Grain Consumption for Feed Production”. Its rural
revitalization cases were included in the China Association for Public Companies’ Sustainable Development Best Practice Cases,
the China Animal Agriculture Association’s Outstanding Cases of Corporate Social Responsibility Performance in the Animal
Husbandry Industry, and the China Non-staple Food Circulation Association’s 2025 Excellent Cases of Corporate Social
Responsibility Performance.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
96
(1) Cultivating new agricultural talent, with online technical services reaching over 100,000 persons
Based on the Group’s 100,000 Green Collar New Farmers Training Program, the Company offered a number of high-quality
training programs through a variety of online and offline teaching scenarios tailored to farmers’ needs and different agricultural
development stages. To contribute to cultivating leaders of rural collective economies, the fifth session of the Rural Revitalization
“Village Head Program” deepened its “Seed Plan” partnering with central media and industry experts to conduct in-depth field
research and empowerment activities in over ten participant villages. This systematically deepens the shift from “short-term
intensive learning” to “long-term ecosystem empowerment”. By the end of 2025, the Village Head Program had received
applications from over 4,000 village officials nationwide, trained more than 500 village leaders, and positively influenced over
3,000 villages, injecting significant talent vitality into rural governance.
In 2025, the Company’s pig business free-range management team provided professional technical support and training to
over 2,900 contract farmers and family farm owners, lowering technical barriers and production risks in breeding, enhancing
farming efficiency, and effectively helping farmers increase income. The feed business, leveraging its premix business and
cooperation with breeding technology experts and benchmark farmers, used live streaming on e-commerce platforms to deliver
technical explanations and case study sharing, helping farmers improve their comprehensive management and disease prevention
capabilities. During the reporting period, a total of 6,920 farmers were newly enrolled in the service, and the cumulative number of
registered users on the online platform exceeded 100,000.
(2) Supporting micro and small enterprise growth and serving the financing needs of industrial chain clients
The Company integrates resources from banks, insurance companies, and other parties. Leveraging its advantages across the
agricultural and pastoral industry chain, it has innovated a supply chain finance model centered on guarantees. With a specialized
team covering 29 provinces and cities nationwide, it provides financing guarantee services to upstream and downstream clients on
the industrial chain, addressing the difficulties and high costs of financing for agriculture-related clients. By the end of 2025, the
Company had served 222,600 clients cumulatively, facilitating financing amounting to 82.9 billion yuan, demonstrating tangible
effectiveness in supporting agriculture and benefiting farmers.
Inclusive guarantee
The Company is deeply engaged in the inclusive guarantee sector, actively expanding relationships with high-quality banking
partners and exploring potential for bank-enterprise cooperation. It has established strong partnerships with state-owned banks,
joint-stock banks, city commercial banks, and foreign banks. Leveraging its professional risk management strengths, the inclusive
guarantee unit has become a strategic partner for major banks in agricultural finance. By the end of 2025, the Company had
partnered with 18 banks, securing a cumulative credit line of 10.7 billion yuan.
Industry-finance platform
The Company built a 2.0 supply chain financial services platform, establishing an inclusive agricultural industry chain
finance model based on “data layer + product layer + risk control layer + scenario layer”, further expanding service coverage and
improving service quality. After the inclusive guarantee unit gained access to the People’s Bank of China’s second-generation
credit reference system and successfully queried its first client credit report in November 2024, the online contract signing
function was officially launched in 2025. This has significantly improved client convenience in signing, enhanced business
processing efficiency, and strengthened the standardization of contract management.
(3) Boosting industrial revitalization, with total contracted farming fees of over 2.03 billion yuan annually
Adhering to its mission “to benefit producers and bring well-being to consumers”, and relying on its efficient and intensive
management system and comprehensive industrial chain resources, the Company collaborates with farmers to explore a mutually
beneficial and win-win cooperative pig farming model and build a community of shared future across the entire industrial chain.
The Company’s pig business free-range management division adopts a model of “six unifications by the Company, three no-
burdens for the farm” to establish a full industrial chain service system, enhancing farmer productivity through standardized
whole-process management. During the reporting period, the Company partnered with 2,900 farmers across 21 provinces
nationwide, forming collaborative development communities that achieve deep complementary advantages and facilitate the

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
97
integration of smallholder farmers into modern agricultural development patterns. Through this tightly-knit benefit-sharing
mechanism, the Company not only creates diverse employment opportunities and increases stable income for farmers but also
strengthens the self-development capacity (“blood-producing” ability) of farmers and village collectives. In 2025, the total
contracted farming fee settled for finished hogs under the “company + farmer” model exceeded 2.03 billion yuan, with an average
profit of over 960,000 yuan per farmer household.
From its participation in the “Guangcai Cause” in 1994, to joining the fight against poverty in 2017, and participating in
targeted support for underdeveloped counties in 2023, the Company has consistently leveraged its industrial characteristics and
advantages to continuously provides assistance and promotes development for underdeveloped regions. In December 2025, the
Company entered into partnerships with the Central SOEs Industrial Investment Fund for Rural Area Co., Ltd. and the
Underdeveloped Region Industrial Development Fund Co., Ltd. It will actively cultivate industrial projects suitable for family
operations in 20 designated targeted poverty alleviation counties nationwide, continuously nurturing and enabling new farmers to
find employment, start businesses, and achieve sustained income growth.
(4) Overseas poverty alleviation training, contributing Chinese solutions to the global poverty reduction initiative
China has lifted all 800 million of its poor population out of poverty, historically solving absolute poverty and providing a
reference and impetus for global poverty reduction efforts. As a multinational agricultural enterprise, the Company has also
brought its accumulated experience in poverty alleviation to several host countries overseas.
In Bangladesh, the Company partnered with the Asian Development Bank to implement a public welfare training program for
female farmers. Two phases have been completed from 2023 to 2025, cumulatively training over 9,000 female housewives,
effectively promoting local women’s employment, helping them develop farming, and improving their incomes. In Egypt, the
Company, together with the Chinese Embassy in Egypt and the Egyptian National Alliance for Civil Development Work, launched
the Sino-Egyptian “New Hope” breeding technology training in Al Minūfīyah in 2025. This program provided systematic
technical training and professional guidance to 100 rural women from two villages, achieving significant economic and social
benefits.
(II) Sustainable development and environmental protection practices
The Company actively responds to the national "dual carbon" goals, vigorously promoting energy conservation and carbon
reduction through several initiatives, including the transition to clean energy, implementing grain-saving programs, promoting
biological carbon sequestration, and facilitating carbon trading. It also continuously focuses on emerging areas within the low-
carbon economic transition, develops and pilots new technologies, concentrates on sustainable agriculture, enhances resilience,
and promotes sustainable growth.
(1) Transition to clean energy
The Company actively promotes the diversified utilization of clean energy sources such as photovoltaic and biogas,
optimizing the energy mix, reducing fossil fuel use, and fulfilling emission reduction responsibilities. In 2025, the Company added
4.42 megawatts of grid-connected photovoltaic capacity, 0.26 megawatt-hours of energy storage capacity, and a total of 19.64
megawatts of operational photovoltaic projects. Additionally, there were 27.57 megawatts of photovoltaic capacity under
construction and 4.20 megawatt-hours of energy storage capacity. In 2025, a total of 15.6028 million kilowatt-hours of clean
electricity was provided, reducing GHG emissions by 8,278.85 tons of CO2 equivalent. At the same time, all areas of Pig BG
vigorously developed water resource recycling models such as recycling of wastewater, using reclaimed water for irrigation, and
returning manure to the fields. The total amount of reclaimed water for irrigation in 2025 was 16.322 million tons.
(2) Implementing grain-saving programs
Closely following the national strategies for food security and leveraging its advantages as a globally leading feed enterprise,
the Company collaborated with multiple research entities to develop comprehensive grain-saving and efficiency-enhancing
solutions. Through industrial application, these solutions effectively save grain and reduce farming costs, contributing to national
food security and promoting sustainable agricultural development.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
98
During the reporting period, the Company continuously developed new grain-saving technologies and solutions. Notably, its
project “Technology and Application of Porcine Intestinal Microbial Function and Targeted Nutritional Regulation” won the First
Prize for Scientific and Technological Progress in Sichuan Province; the project “Key Technology Innovation and Application for
High-Value Utilization of Feed Resources” won the Second Prize for Scientific and Technological Progress in Qingdao City.
During the reporting period, the application of the “liquid fermented swine feed” in multiple pig farms significantly improved
feed intake, daily weight gain, and the feed conversion ratio, saving a cumulative equivalent of 611,000 tons of soybeans. Through
breeding improvements that shortened the days to market, the pig business saved 37,400 tons of grain. Optimization of self-use
finishing feed formulas reduced soybean meal consumption to 5.3%, saving a total of 100,000 tons of feed grain across the sector.
Overall, through formula optimization and scientific feeding, the Company saved a total of 748,400 tons of grain across all sectors
in 2025.
(3) Promoting biological carbon sequestration
The Pig BG has planted winter wheat, corn and other grain crops on 120,000 mu of land designated for waste absorption
(including 50,000 mu of farmland). On the remaining forest land, it has planted apples, mandarin oranges and other fruit trees. It
also ferments and returns the manure to the fields, achieving carbon sequestration in plants and carbon storage in soil. Innovating
in biogas slurry/reclaimed water return technology, the Company piloted high-ridge planting methods in parts of North China in
2025. The 400-mu pilot project in Pizhou yielded 432.5kg/mu of wheat, the 300-mu Zhuyu pilot project yielded 493.5kg/mu, and
the Qianhuayuan project, using a mixed high-ridge and flat planting method, achieved a yield of 622.7kg/mu on high ridges.
During the reporting period, through the integrated crop-livestock farming model, the Company produced 98,800 tons of
fermented manure and harvested 1.2 million kilograms of fresh fruits and vegetables. The annual biological carbon sequestration
amounted to approximately 157,500t of CO2 equivalent.
(4) Facilitating carbon trading
By combining technological and institutional innovation and leveraging the land designated for waste absorption from its pig
operations, the Company conducts carbon accounting and emission reduction projects in the breeding industry following the
Verified Carbon Standard (VCS). It actively promotes biological carbon sequestration and carbon asset development, achieving
ecological, environmental, and economic benefits simultaneously.
Since signing a Memorandum of Understanding for a GHG emission reduction project with a Volkswagen Group subsidiary
in September 2023, the Company has cumulatively provided Volkswagen with carbon credits for two phases totaling 282,500 tons.
In 2025 alone, 100,000 tons of carbon credits were provided. By the end of 2025, the Company had signed agreements for 10
carbon emission reduction development projects, resulting in the issuance of a total of 925,100 tons of carbon credits, of which
590,500 tons have been sold.



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
99
Section 5 Important Matters
I. Fulfillment of commitments
1. Commitments fulfilled within the reporting period and not yet fulfilled beyond the time limit as at the
end of the reporting period by actual controller, shareholder, related party, acquirer and corporate and
other commitment-related parties of the Company
Applicable □Not applicable
Cause of
commitment
Party
concerned
Type of
commitment
Content of commitment
Time of
commitment
Period
of
comm
itment
Fulfi
llme
nt
Share reform
commitments
New Hope
Group Co., Ltd.
Share reduction
commitments
New Hope Group Co., Ltd. will not list
for trading or transfer its shares within
36 months of acquisition of the
circulation right. Upon the expiration
of the aforesaid lockup period, the
formerly non-tradable shares may be
listed for sale at a price of no less than
6.8 yuan only when the Company’s
stock closing price exceeds 6.8 yuan
for any consecutive 5 trading days. The
prices of the aforesaid shares offered
for sale may be adjusted accordingly
when the Company implements profit
distribution, conversion of capital
reserve, additional issue of new shares,
shares
allotment,
conversion
of
convertible bonds into shares or
shareholding reduction in the same
ratio by all shareholders.
January 19,
2026
None
Com
mitm
ents
hono
red
Commitments
made in
acquisition
reports or
equity change
reports
None
None
None
None
None
Non
e
Commitment
made at the
time of asset
reorganization
New Hope
Group Co.,
Ltd.; Nanfang
Hope Industry
Co., Ltd.; Liu
Yonghao
Commitments
regarding
horizontal
competition,
related-party
transactions
and occupation
of funds
In order to preserve the legitimate
rights and interests of the Company
after significant asset reorganization,
the aforesaid shareholders undertake
that the covenanters currently are not
directly or indirectly engaged in any
business
activities
that
constitute
horizontal
competition
with
the
business conducted by the listed
company;
while
the
covenanters
actually control the listed company, the
covenanters
and
other
companies
(except
for
listed
companies)
controlled by them will not directly or
indirectly engage in any business
December
31, 2010
None
Com
mitm
ents
hono
red

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
100
activities that constitute horizontal
competition
with
the
business
conducted by the listed company, nor
engage in any activities that might
damage the interests of the listed
company.
Commitment
made at the
time of asset
reorganization
New Hope
Group Co.,
Ltd.; Nanfang
Hope Industry
Co., Ltd.
Commitments
regarding
horizontal
competition,
related-party
transactions
and occupation
of funds
To reduce and regulate the possible
related-party
transactions
of
the
Company
after
significant
asset
reorganization,
the
aforesaid
shareholders undertake that they will
avoid
or
reduce
related-party
transactions with the listed company
and its subsidiaries whenever possible;
execute standard-compliant related-
party transaction agreements with the
listed company with respect to related-
party transactions that cannot be
avoided or have reason to exist and
perform approval procedure according
to the applicable laws, regulations,
rules and other normative documents
and the articles of association, whereby
the prices of related-party transactions
will be determined according to the
prices when the same or similar
transactions
are
conducted
with
independent
third
parties
without
related-party relationship in order to
ensure
prices
of
related-party
transactions are fair; undertake to
perform the information disclosure
obligations
for
related-party
transactions according to applicable
laws, regulations and articles of
association; undertake not to illegally
transfer funds or profits of the listed
company
through
related-party
transactions or jeopardize the interests
of the listed company and its non-
related shareholders through related-
party transactions.
December
31, 2010
None
Com
mitm
ents
hono
red
Commitment
made at the
time of asset
reorganization
New Hope
Group Co.,
Ltd.; Nanfang
Hope Industry
Co., Ltd.
Other
commitments
After the significant asset organization
of the Company, Nanfang Hope will
become a shareholder of the Company,
the shares controlled by New Hope
Group in the Company will further
increase and New Hope Group and
Nanfang Hope undertake as follows to
ensure
the
independence
of
the
Company: 1. ensure the independence
of assets of the listed company; 2.
ensure the financial independence of
the listed company; 3. ensure the
organizational independence of the
listed company; 4. ensure the business
independence of the listed company; 5.
ensure the relative independence of
December
31, 2010
None
Com
mitm
ents
hono
red

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
101
employees of the listed company.
Commitments
made at the
time of IPO or
refinancing
None
None
None
None
None
Non
e
Equity
incentive
commitments
None
None
None
None
None
Non
e
Other
commitments
made to
minority
shareholders of
the Company
None
None
None
None
None
Non
e
Other
commitments
None
None
None
None
None
Non
e
Whether the
commitments
were performed
on time
Yes
If commitments
were not
performed and
completed
within the time
limit, specify
the reasons for
the failure to
complete
performance
and the next
work plan
N/A
Notes on the achievement of the original profit forecast for the assets or projects and the reasons behind it,
If the Company's assets or projects have a profit forecast and the reporting period is still within the
period of the profit forecast
□Applicable Not applicable
3. The Company's commitments related to performance
□Applicable Not applicable
II. Occupation of non-operating funds of the listed company by the controlling shareholder
or its related parties
□Applicable Not applicable
The Company had no occupation of non-operating funds of the listed company by the controlling shareholder or its related parties
during the reporting period.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
102
III. Illegal external guarantees
□Applicable Not applicable
The Company had no illegal external guarantees during the reporting period.
VI. Notes of the Board of Directors on details related to the most recent “modified audit
report”
□Applicable Not applicable
V. Notes of the Board of Directors and independent directors (if any) on the “modified audit
report” issued by the accounting firm for this reporting period
□Applicable Not applicable
VI. Notes on changes in accounting policies or accounting estimates or correction of major
accounting error compared with the financial report of the previous year
□Applicable Not applicable
The company had no change in accounting policies or accounting estimates or correction of major accounting error within the
reporting period.
VII. Notes on changes in the scope of consolidated statements compared with the financial
report of the previous year
Applicable □Not applicable
1. The entities added to the consolidated statements of this year include:
Hubei Xinsheng Houpu Technology Co., Ltd., Guang’an New Hope Liuhe Livestock Development Co., Ltd., Qingdao Xinjiali
Farming Technology Co., Ltd., Hainan New Hope Liuhe Farming Technology Co., Ltd., New Hope Tongnai Nutrition
Technology Co., Ltd., PT NHSP Animal Nutrition Indonesia, PT New Hope Animal Technology Indonesia, Linyi New Hope
Hengli Farming Co., Ltd., Xiantao New Hope Liuhe Feed Co., Ltd., Fengcheng New Hope Haofeng Feed Co., Ltd., Lianyungang
New Hope Liuhe Feed Co., Ltd., Sheyang New Hope Biotechnology Co., Ltd., Xinliu Chuanyi (Fujian) Farming Development Co.,
Ltd., Lingbao New Hope Feed Co., Ltd., Emeishan New Hope Feed Co., Ltd., Taizhou New Hope Biotechnology Co., Ltd., and
Xinhe Lanka International Trading Pte. Ltd., all established in 2025 and included in the consolidated financial statements as of the
date of their establishment.
2. The entities removed from the consolidated statements this year include:
Chaoyang New Hope Farming Technology Co., Ltd., Handan Henong Livestock and Poultry Breeding Co., Ltd., Wei County
New Hope Feed Co., Ltd., Fuxin Liuhe Breeding Service Co., Ltd., Sichuan New Hope Liuhe Xueyu Tianlu Supply Chain
Management Co., Ltd., Xuzhou Jinfeng Liuhe Feed Co., Ltd., Guangyuan New Hope Liuhe Farming Technology Co., Ltd.,
Bayannur New Hope Liuhe Feed Technology Co., Ltd., Meitan New Hope Agricultural Technology Co., Ltd., Laoling Liuhe
Yuexin Feed Co., Ltd., Changzhi Shuanglong Food Co., Ltd., Shenyang New Hope Kinghey Food Co., Ltd., Wulian Xinhao
Breeding Co., Ltd., Zhucheng Xinhao Farming Technology Co., Ltd., Quyang Xinhao Farming Co., Ltd., Nanhe County Xinhao

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
103
Farming Technology Co., Ltd., Zhangwu New Hope Liuhe Farming Co., Ltd., Liaoning Jinguan Farming Co., Ltd., Kangping
Xinwang Liuhe Farming Co., Ltd., Yi County Jinguan Farming Co., Ltd., Heishan County Jincheng Farming Co., Ltd., Sishui
New Hope Yuwang Technology Co., Ltd., Shaoguan Xinyue Farming Technology Co., Ltd., Shanghe Liuhe Feed Co., Ltd.,
Shandong Xiang'an Livestock and Poultry Breeding Co., Ltd., Chaoyang Xinwang Farming Co., Ltd., Anqiu New Hope Liuhe
Farming Co., Ltd., Tianjin Yunling Enterprise Management Consulting Partnership (LP), Liaoning Xinwang Food Co., Ltd.,
Shaanxi Xinliu Farming Technology Co., Ltd., Dongguang County Xinhao Farming Co., Ltd., Huazhou Xinchi Animal Husbandry
Co., Ltd., Lu'an Xinxi Food Co., Ltd., Yanwei Information Technology (Shanghai) Co., Ltd., Tai'an Liuhe Jili Feed Co., Ltd.,
Sichuan Qinrun New Material Technology Co., Ltd., Linyi Hengli Feed Co., Ltd., and Langxi Huaren Feed Co., Ltd. Among them,
Tai'an Liuhe Jili Feed Co., Ltd., Sichuan Qinrun New Material Technology Co., Ltd., Linyi Hengli Feed Co., Ltd. and Langxi
Huaren Feed Co., Ltd. were removed from the consolidated financial statements due to the disposal of the equity in these 4
companies this year; the remaining companies were all deregistered in 2025, and excluded in the consolidated financial statements.
VIII. Appointment and dismissal of accounting firm
Incumbent accounting firm
Name of the domestic accounting firm
Sichuan Huaxin (Group) Certified Public Accountants (Special
General Partnership)
Compensation of the domestic accounting firm (10,000 yuan)
540
Continuous period of audit services provided by the domestic
accounting firm
28
Name of CPA of the domestic accounting firm
Tang Hui, Gu Li
Continuous period of audit services provided by CPA of the
domestic accounting firm
Tang Hui (1 year), Gu Li (4 years)
Whether another accounting firm is appointed instead in the current period
□Yes No
Appointment of accounting firm, financial advisor or sponsor for internal control audit
□Applicable Not applicable
IX. Delisting faced after disclosure of annual report
□Applicable Not applicable
X. Events related to bankruptcy reorganization
□Applicable Not applicable
No bankruptcy reorganization matters occurred in the Company during the reporting period.
XI. Major litigations and arbitrations
□Applicable Not applicable
The Company was not involved in major litigations or arbitrations during the reporting period.
XII. Penalties and rectifications
□Applicable Not applicable

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
104
The Company had no penalties or rectification during the reporting period.
XIII. Status of integrity of the Company and its controlling shareholder and actual
controller
□Applicable Not applicable
XIV. Significant related-party transactions
1. Related-party transactions related to daily operations
Applicable □Not applicable
Relate
d
party
Relate
d-
party
relatio
nship
Type
of
RPT
Detail
s of
RPT
Pricin
g
princi
pal of
RPT
Price
of
RPT
Amou
nt of
RPT
(10,00
0
yuan)
Perce
ntage
in
simila
r
transa
ction
amou
nt
Trans
action
limit
appro
ved
(10,00
0
yuan)
Whet
her
excee
ding
the
appro
ved
limit
RPT
settle
ment
Availa
ble
marke
t price
of
simila
r
transa
ctions
Date
of
disclo
sure
Disclo
sure
index
Shand
ong
Zhong
xin
Food
Group
Co.,
Ltd.
and
its
majori
ty-
owne
d
subsid
iaries
Assoc
iate
Relate
d sale
Feed,
feed
ingred
ients
Marke
t price
3010.
64
575,5
31
6.37%
626,0
00
No
Paym
ent
within
15
days/c
learan
ce at
the
end of
the
month
2,981.
21
April
26,
2025
Cninf
o.com
.cn
（202
5-
42）
Sichu
an
New
Hope
Trade
Co.,
Ltd.
Comp
anies
contro
lled
by the
same
actual
contro
ller
Relate
d
purch
ase
Corn
Marke
t price
2428.
4
51,97
6
2.62%
94,06
5
No
Cash
on
delive
ry/cle
arance
at the
end of
the
month
2,317.
47
April
26,
2025
Cninf
o.com
.cn
（202
5-
42）
Sichu
an
New
Hope
Trade
Co.,
Ltd.
Comp
anies
contro
lled
by the
same
actual
contro
Relate
d
purch
ase
Soybe
an
meal
Marke
t price
3050.
58
28,02
7
2.16%
50,72
2
No
Cash
on
delive
ry/cle
arance
at the
end of
the
3,117.
20
April
26,
2025
Cninf
o.com
.cn
（202
5-
42）

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
105
ller
month
Sichu
an
New
Hope
Trade
Co.,
Ltd.
Comp
anies
contro
lled
by the
same
actual
contro
ller
Relate
d
purch
ase
Other
s
Marke
t price
Marke
t price
58,13
7

105,2
13
No
Cash
on
delive
ry/cle
arance
at the
end of
the
month
Marke
t price
April
26,
2025
Cninf
o.com
.cn
（202
5-
42）
Total
--
--
713,6
71
--
876,0
00
--
--
--
--
--
Particulars of large-scale sales
returns
N/A
The actual performance (if any)
during the reporting period if the
total amount of proposed daily
RPTs during the current period is
estimated by category
The actual number of related-party sales accounted for 91.94% of the approved transaction
quota, within the approved transaction quota.
The actual number of related-party purchases accounted for 55.26% of the approved
transaction quota, within the approved transaction quota.
The reasons for the significant
difference between the transaction
price and the market reference
price (if applicable)
N/A
2. Related-party transactions arising from acquisition or sale of assets or equity
□Applicable Not applicable
The Company had no related-party transactions arising from acquisition or sale of assets or equity during the reporting period.
3. Related-party transactions arising from joint external investment
□Applicable Not applicable
The Company had no related-party transactions arising from joint external investment during the reporting period.
4. Dealings of financial claims and debts with related parties
□Applicable Not applicable
The Company had no dealings of financial claims or debts with related parties during the reporting period.
5. Dealings with related finance companies
Applicable □Not applicable
Deposit business
Related party
Relate
d-
party
relatio
nship
Daily
maximum
deposit limit
(10,000
yuan)
Range of
deposit
interest rate
Opening
balance
(10,000
yuan)
Current amount
Closing
balance
(10,000
yuan)
Total current
deposited amount
(10,000 yuan)
Total current
withdrawn
amount (10,000
yuan)
New Hope
Finance Co.,
Ltd.
Associ
ate
1,000,000
0.3%-2.25%
350,155.55
96,396,663.61
96,390,992.9
355,826.26

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
106
Loan business
Related party
Related-party
relationship
Loan limit
(10,000
yuan)
Range of
loan interest
rate
Opening
balance
(10,000
yuan)
Current amount
Closing
balance
(10,000
yuan)
Total current
loan amount
(10,000
yuan)
Total current
repaid
amount
(10,000
yuan)
New Hope
Finance Co.,
Ltd.
Associate
100,795
1.08%-4%
129,120
100,795
129,120
100,795
Credit or other financial business
Related party
Related-party
relationship
Business type
Total amount (10,000
yuan)
Incurred amount
(10,000 yuan)
New Hope Finance
Co., Ltd.
Associate
Other financial
business
316,443.06
696,687.82
6. Dealings between finance companies controlled by the Company and related parties
□Applicable Not applicable
There was no deposit, loan, credit or other financial business between finance companies controlled by the Company and related
parties.
7. Other significant related-party transactions
□Applicable Not applicable
The Company had no other significant related-party transactions during the reporting period.
XV. Significant contracts and their performance
1. Trusteeship, contracting and leasing matters
(1) Trusteeship
□Applicable Not applicable
The Company had no trusteeship during the reporting period.
(2) Contracting
□Applicable Not applicable
The Company had no contracting during the reporting period.
(3) Leasing
□Applicable Not applicable
The Company had no leasing during the reporting period.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
107
2. Significant guarantees
Applicable □Not applicable
Unit: 10,000 yuan
External guarantees provided by the Company and its subsidiaries (excluding guarantees provided for subsidiaries)
Name of
guarantee
beneficiary
Date of
disclosure
of related
announceme
nt of
guaranteed
amount
Guarant
eed
amount
Date
actually
incurred
Amount
actually
guarantee
d
Type of
guarante
e
Coll
atera
ls(if
any)
Count
er
guaran
tee (if
any)
Guarant
ee
period
Wheth
er
fully
perfor
med
Whe
ther
relat
ed-
party
guar
antee
Anyue
Xingxinxin
Farming
Technology
Co., Ltd.
April 29,
2020
2,000
May 19,
2021
1,064.76
Joint
and
several
liability
guarante
e
Non
e
None
2191
days
No
Yes
Chengdu
Tianfu
Xingxinxin
Farming
Technology
Co., Ltd.
June 19,
2025
8,951
September
19, 2025
4,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Chengdu
Tianfu
Xingxinxin
Farming
Technology
Co., Ltd.
June 1, 2022
49,499
January 17,
2023
22,120
Joint
and
several
liability
guarante
e
Non
e
None
2557
days
No
Yes
Lezhi Xinmu
Farming Co.,
Ltd.
April 29,
2020
17,550
March 5,
2021
13,500
Joint
and
several
liability
guarante
e
Non
e
None
2912
days
No
Yes
Rong County
Xinmu
Farming Co.,
Ltd.
May 29,
2021
17,500
June 28,
2021
12,800
Joint
and
several
liability
guarante
e
Non
e
None
2702
days
No
Yes
Yanyuan
Xinliu
Farming
Technology
Co., Ltd.
May 29,
2021
17,500
June 15,
2021
16,500
Joint
and
several
liability
guarante
e
Non
e
None
3604
days
No
Yes
Total amount of external
guarantee approved during
the reporting period (A1)
8,951
Total amount of
external guarantee
actually incurred
during the reporting
period (A2)
4,000
Total amount of external
guarantee approved as at the
113,000
Total balance of
actual external
69,984.76

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
108
end of the reporting period
(A3)
guarantee at the end
of the reporting period
(A4)
Guarantees provided by the Company for its subsidiaries
Name of
guarantee
beneficiary
Date of
disclosure
of related
announceme
nt of
guaranteed
amount
Guarant
eed
amount
Date
actually
incurred
Amount
actually
guarantee
d
Type of
guarante
e
Coll
atera
ls(if
any)
Count
er
guaran
tee (if
any)
Guarant
ee
period
Wheth
er
fully
perfor
med
Whe
ther
relat
ed-
party
guar
antee
Anhui New
Hope Feed
Co., Ltd.
June 19,
2025
2,000
October 13,
2025
2,000
Joint
and
several
liability
guarante
e
Non
e
None
352
days
No
Yes
Baoji New
Hope
Farming Co.,
Ltd.
June 19,
2025
4,800
October 31,
2025
4,500
Joint
and
several
liability
guarante
e
Non
e
None
1093
days
No
Yes
Baoji New
Hope
Farming Co.,
Ltd.
June 19,
2025
3,200
October 21,
2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
1098
days
No
Yes
Beijing
Kinghey
Food Co.,
Ltd.
May 30,
2024
10,000
May 30,
2025
5,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Beijing
Kinghey
Food Co.,
Ltd.
May 30,
2024
10,000
June 11,
2025
5,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Beijing
Kinghey
Food Co.,
Ltd.
May 30,
2024
10,000
February
20, 2025
5,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Bijie Xinliu
Farming Co.,
Ltd.
April 29,
2020
7,400
May 19,
2020
4,752
Joint
and
several
liability
guarante
e
Non
e
None
3286
days
No
Yes
Chenzhou
Xinhao
Farming Co.,
Ltd.
October 25,
2019
25,581.7
5
April 15,
2020
18,037.5
Joint
and
several
liability
Non
e
None
3285
days
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
109
guarante
e
Chengdu
Century
Investment
Co., Ltd.
May 30,
2024
13,679.5
2
February
12, 2025
10,000
Joint
and
several
liability
guarante
e
Non
e
None
369
days
No
Yes
Chengdu
Century
Investment
Co., Ltd.
June 19,
2025
27,359.0
4
December
25, 2025
20,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Chengdu
Century
Investment
Co., Ltd.
May 30,
2024
41,033.0
9
October 12,
2024
29,996
Joint
and
several
liability
guarante
e
Non
e
None
1161
days
No
Yes
Chengdu
Century
Investment
Co., Ltd.
May 30,
2024
25,991.0
9
April 22,
2025
19,000
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Chengdu
Xinjin
Xinhao
Farming Co.,
Ltd.
June 1, 2022
35,500
December
28, 2022
8,041.5
Joint
and
several
liability
guarante
e
Non
e
None
2915
days
No
Yes
Dacheng
Xinhao
Technology
Co., Ltd.
May 29,
2021
4,700
July 23,
2021
3,860
Joint
and
several
liability
guarante
e
Non
e
None
3223
days
No
Yes
Daqing Liuhe
Feed Co.,
Ltd.
May 30,
2024
20,000
November
27, 2024
980
Joint
and
several
liability
guarante
e
Non
e
None
545
days
No
Yes
Emeishan
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
1,000
December
16, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Guang’an
Xinhao
Farming Co.,
Ltd.
April 29,
2020
26,000
April 23,
2021
14,288.57
Joint
and
several
liability
guarante
e
Non
e
None
3232
days
No
Yes
Guangdong
May 30,
19,072.8
March 7,
9,600
Joint
Non
None
1096
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
110
Jiahao
Agricultural
Products Co.,
Ltd.
2024
5
2025
and
several
liability
guarante
e
e
days
Guangdong
Jiahao
Agricultural
Products Co.,
Ltd.
May 30,
2024
23,721.8
5
December
18, 2024
11,940
Joint
and
several
liability
guarante
e
Non
e
None
735
days
No
Yes
Guangdong
Jiahao
Agricultural
Products Co.,
Ltd.
June 19,
2025
39,735.1
November
11, 2025
20,000
Joint
and
several
liability
guarante
e
Non
e
None
1124
days
No
Yes
Guangdong
Jiahao
Agricultural
Products Co.,
Ltd.
May 30,
2024
79,470.2
January 1,
2025
40,000
Joint
and
several
liability
guarante
e
Non
e
None
1094
days
No
Yes
Guanghan
Guoxiong
Feed Co.,
Ltd.
June 19,
2025
6,934.62
October 24,
2025
7,000
Joint
and
several
liability
guarante
e
Non
e
None
729
days
No
Yes
Guangyuan
Xinhao
Agricultural
Development
Co., Ltd.
April 29,
2020
37,355.0
1
June 30,
2020
21,800
Joint
and
several
liability
guarante
e
Non
e
None
3650
days
No
Yes
Guangzhou
Hope Feed
Co., Ltd.
May 30,
2024
15,637
December
26, 2024
2,800
Joint
and
several
liability
guarante
e
Non
e
None
729
days
No
Yes
Guigang
Xinliu
Farming
Technology
Co., Ltd.
April 29,
2020
16,000
March 12,
2021
8,955
Joint
and
several
liability
guarante
e
Non
e
None
3501
days
No
Yes
Guiyang New
Hope
Agricultural
Technology
Co., Ltd.
June 19,
2025
25,000
December
3, 2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
363
days
No
Yes
Guilin New
Hope Feed
Co., Ltd.
June 19,
2025
6,000
December
17, 2025
1,000
Joint
and
several
liability
Non
e
None
365
days
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
111
guarante
e
Hainan
Changjiang
Xinliu
Breeding Co.,
Ltd.
June 19,
2025
14,900
July 9, 2025
2,900
Joint
and
several
liability
guarante
e
Non
e
None
710
days
No
Yes
Hainan
Chengmai
New Hope
Farming Co.,
Ltd.
May 30,
2024
39,310.2
6
August 26,
2024
5,600
Joint
and
several
liability
guarante
e
Non
e
None
514
days
No
Yes
Hainan
Chengmai
New Hope
Farming Co.,
Ltd.
May 23,
2023
30,184.6
6
November
8, 2023
4,300
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Hainan
Lingao Xinliu
Breeding Co.,
Ltd.
June 19,
2025
6,000
July 9, 2025
2,900
Joint
and
several
liability
guarante
e
Non
e
None
710
days
No
Yes
Hebei
Kinghey
Meat Industry
Co., Ltd.
June 19,
2025
19,751.8
4
September
23, 2025
19,750
Joint
and
several
liability
guarante
e
Non
e
None
1060
days
No
Yes
Hebei
Kinghey
Meat Industry
Co., Ltd.
June 19,
2025
30,002.7
9
December
17, 2025
30,000
Joint
and
several
liability
guarante
e
Non
e
None
1091
days
No
Yes
Hebei Xinhao
Fucheng
Agricultural
Technology
Co., Ltd.
April 29,
2020
12,500
June 30,
2020
8,346
Joint
and
several
liability
guarante
e
Non
e
None
2922
days
No
Yes
Hebei New
Hope Feed
Co., Ltd.
May 30,
2024
5,108.4
April 23,
2025
1,980
Joint
and
several
liability
guarante
e
Non
e
None
546
days
No
Yes
Hezhou
Xinhao
Farming Co.,
Ltd.
October 25,
2019
36,000
April 15,
2020
15,750
Joint
and
several
liability
guarante
e
Non
e
None
3650
days
No
Yes
Hengshui
May 29,
8,000
January 20,
5,580
Joint
Non
None
2703
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
112
Jizhou
District
Xinhao
Farming Co.,
Ltd.
2021
2022
and
several
liability
guarante
e
e
days
Hubei Xinhao
Farming Co.,
Ltd.
April 29,
2020
26,231.7
1
October 9,
2020
18,517.5
Joint
and
several
liability
guarante
e
Non
e
None
2905
days
No
Yes
Hubei Xinhao
Farming Co.,
Ltd.
April 29,
2020
9,479.74
May 28,
2020
6,691.94
Joint
and
several
liability
guarante
e
Non
e
None
2555
days
No
Yes
Huzhou
Haihuang
Biotechnolog
y Co., Ltd.
May 30,
2024
18,361.4
6
March 21,
2025
1,800
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Huzhou
Haihuang
Biotechnolog
y Co., Ltd.
June 19,
2025
10,200.8
1
June 26,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Huanggang
New Hope
Feed
Technology
Co., Ltd.
June 19,
2025
500
December
18, 2025
500
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Huanggang
New Hope
Feed
Technology
Co., Ltd.
May 30,
2024
1,000
June 12,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Jiangsu Liuhe
Feed Co.,
Ltd.
May 30,
2024
2,708.54
November
27, 2024
980
Joint
and
several
liability
guarante
e
Non
e
None
545
days
No
Yes
Jiangsu Liuhe
Feed Co.,
Ltd.
June 19,
2025
8,291.46
October 24,
2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
363
days
No
Yes
Jingzhou
New Hope
Feed Co.,
Ltd.
June 19,
2025
1,000
July 25,
2025
1,000
Joint
and
several
liability
Non
e
None
356
days
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
113
guarante
e
Kunming
New Hope
Animal
Nutritious
Food Co.,
Ltd.
June 19,
2025
7,580.86
December
12, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
546
days
No
Yes
Kunming
New Hope
Animal
Nutritious
Food Co.,
Ltd.
June 19,
2025
3,790.43
July 31,
2025
500
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Kunming
New Hope
Animal
Nutritious
Food Co.,
Ltd.
June 19,
2025
15,161.7
2
December
10, 2025
2,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Kunming
New Hope
Agricultural
Technology
Co., Ltd.
June 19,
2025
10,000
December
12, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
546
days
No
Yes
Kunming
New Hope
Agricultural
Technology
Co., Ltd.
June 19,
2025
5,000
July 31,
2025
500
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Laixi New
Hope Liuhe
Farming Co.,
Ltd.
October 25,
2019
80,000
April 17,
2020
36,052.91
Joint
and
several
liability
guarante
e
Non
e
None
3644
days
No
Yes
Laiyang
Xinmu
Breeding Co.,
Ltd.
May 29,
2021
6,500
August 12,
2021
2,000
Joint
and
several
liability
guarante
e
Non
e
None
1815
days
No
Yes
Liquan New
Hope Liuhe
Farming Co.,
Ltd.
April 29,
2020
10,875
March 26,
2021
3,480
Joint
and
several
liability
guarante
e
Non
e
None
2246
days
No
Yes
Lipu Xinhao
Farming
Technology
Co., Ltd.
May 30,
2024
16,000
May 19,
2025
8,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Liaoning
May 30,
9,739.77
April 10,
4,999
Joint
Non
None
1093
No
Yes

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114
Kinghey
Food Co.,
Ltd.
2024
2025
and
several
liability
guarante
e
e
days
Liaoning
Kinghey
Food Co.,
Ltd.
May 23,
2023
17,535.0
9
March 26,
2024
9,000
Joint
and
several
liability
guarante
e
Non
e
None
1094
days
No
Yes
Liaoning
Kinghey
Food Co.,
Ltd.
June 19,
2025
19,483.4
3
July 16,
2025
10,000
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Liaoning
Xinwang
Technology
Co., Ltd.
October 25,
2019
37,608.3
8
March 27,
2020
32,395.13
Joint
and
several
liability
guarante
e
Non
e
None
3994
days
No
Yes
Liaoning
Xinwang
Technology
Co., Ltd.
June 19,
2025
9,403.51
July 18,
2025
8,100
Joint
and
several
liability
guarante
e
Non
e
None
1060
days
No
Yes
Liaoning
Xinwang
Technology
Co., Ltd.
June 1, 2022
27,688.1
1
February
22, 2023
23,850
Joint
and
several
liability
guarante
e
Non
e
None
1944
days
No
Yes
Liaocheng
Development
Zone Liuhe
Feed Co.,
Ltd.
June 19,
2025
5,405.61
October 21,
2025
2,000
Joint
and
several
liability
guarante
e
Non
e
None
363
days
No
Yes
Liuzhou
Xinliu
Farming
Technology
Co., Ltd.
April 29,
2020
11,891.1
9
October 27,
2020
3,825
Joint
and
several
liability
guarante
e
Non
e
None
2905
days
No
Yes
Longhai New
Hope Liuhe
Farming Co.,
Ltd.
June 19,
2025
32,998.4
4
August 11,
2025
8,000
Joint
and
several
liability
guarante
e
Non
e
None
429
days
No
Yes
Luzhou New
Hope Feed
Co., Ltd.
June 19,
2025
4,400.78
September
29, 2025
2,000
Joint
and
several
liability
Non
e
None
365
days
No
Yes

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115
guarante
e
Luoyang New
Hope
Farming
Technology
Co., Ltd.
June 19,
2025
7,727.27
November
5, 2025
2,500
Joint
and
several
liability
guarante
e
Non
e
None
359
days
No
Yes
Luoyang New
Hope
Farming
Technology
Co., Ltd.
June 19,
2025
9,272.73
November
12, 2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Mianyang
New Hope
Liuhe
Farming
Technology
Co., Ltd.
June 19,
2025
1,638.69
November
3, 2025
990
Joint
and
several
liability
guarante
e
Non
e
None
140
days
No
Yes
Mianyang
New Hope
Liuhe
Farming
Technology
Co., Ltd.
June 19,
2025
4,965.72
June 27,
2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
729
days
No
Yes
Nanchong
New Hope
Feed Co.,
Ltd.
June 19,
2025
7,206.29
November
3, 2025
990
Joint
and
several
liability
guarante
e
Non
e
None
140
days
No
Yes
Nanchong
New Hope
Feed Co.,
Ltd.
June 19,
2025
5,823.27
November
25, 2025
800
Joint
and
several
liability
guarante
e
Non
e
None
728
days
No
Yes
Nanjing
Xinmu
Farming Co.,
Ltd.
May 30,
2024
5,000
February
22, 2025
2,550
Joint
and
several
liability
guarante
e
Non
e
None
1091
days
No
Yes
Nanning
Xinhao
Farming Co.,
Ltd.
June 19,
2025
6,650.6
December
16, 2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
729
days
No
Yes
Nanning
Xinhao
Farming Co.,
Ltd.
October 25,
2019
27,932.5
3
April 16,
2020
12,600
Joint
and
several
liability
guarante
e
Non
e
None
3284
days
No
Yes
Nanning
October 25,
16,981.1
April 15,
5,625
Joint
Non
None
2920
No
Yes

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116
Xinliu
Farming
Technology
Co., Ltd.
2019
3
2020
and
several
liability
guarante
e
e
days
Nantong New
Hope Feed
Co., Ltd.
June 19,
2025
2,500
November
14, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
578
days
No
Yes
Nantong New
Hope Feed
Co., Ltd.
June 19,
2025
2,500
June 26,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Neiqiu Xinliu
Farming
Technology
Co., Ltd.
April 29,
2020
21,000
July 20,
2020
18,001.02
Joint
and
several
liability
guarante
e
Non
e
None
3286
days
No
Yes
Ningbo New
Hope Liuhe
Feed Co.,
Ltd.
June 1, 2022
4,500
September
21, 2022
3,800
Joint
and
several
liability
guarante
e
Non
e
None
3514
days
No
Yes
Ningming
Xinhao
Farming Co.,
Ltd.
October 25,
2019
39,000
April 15,
2020
18,000
Joint
and
several
liability
guarante
e
Non
e
None
3650
days
No
Yes
Ningxia New
Hope
Ruminant
Animal
Nutritious
Food Co.,
Ltd.
June 19,
2025
3,663.46
November
13, 2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
394
days
No
Yes
Ningxia New
Hope
Ruminant
Animal
Nutritious
Food Co.,
Ltd.
June 19,
2025
9,769.23
November
3, 2025
8,000
Joint
and
several
liability
guarante
e
Non
e
None
361
days
No
Yes
Panjin New
Hope Liuhe
Farming
Technology
Co., Ltd.
June 19,
2025
7,692.31
October 21,
2025
4,000
Joint
and
several
liability
guarante
e
Non
e
None
297
days
No
Yes
Panjin New
Hope Liuhe
May 30,
2024
17,307.6
9
August 20,
2024
9,000
Joint
and
Non
e
None
1094
days
No
Yes

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117
Farming
Technology
Co., Ltd.
several
liability
guarante
e
Pengshan
New Hope
Feed Co.,
Ltd.
June 19,
2025
5,000
November
3, 2025
990
Joint
and
several
liability
guarante
e
Non
e
None
140
days
No
Yes
Pucheng New
Hope
Farming
Technology
Co., Ltd.
June 19,
2025
4,491.8
November
7, 2025
2,500
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Qiandongnan
New Hope
Farming
Technology
Co., Ltd.
June 19,
2025
15,000
October 23,
2025
2,500
Joint
and
several
liability
guarante
e
Non
e
None
358
days
No
Yes
Qingdao
Liuhe Feed
Co., Ltd.
May 30,
2024
7,000
January 27,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Qingdao
Xinmu
Yihong Trade
Co., Ltd.
June 19,
2025
21,000
December
26, 2025
10,000
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Santai New
Hope
Farming
Technology
Co., Ltd.
May 23,
2023
26,445.1
7
September
6, 2023
14,774.3
Joint
and
several
liability
guarante
e
Non
e
None
1602
days
No
Yes
Shandong
Kinghey
Food Co.,
Ltd.
June 19,
2025
9,044.23
November
14, 2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Shandong
Kinghey
Food Co.,
Ltd.
May 29,
2021
25,955.7
7
July 13,
2021
8,609.62
Joint
and
several
liability
guarante
e
Non
e
None
2545
days
No
Yes
Shandong
New Hope
Liuhe Group
Co., Ltd.
May 30,
2024
147,784.
13
May 30,
2025
20,946
Joint
and
several
liability
guarante
Non
e
None
2007
days
No
Yes

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118
e
Shandong
New Hope
Liuhe Group
Co., Ltd.
June 19,
2025
35,982.9
6
June 26,
2025
5,100
Joint
and
several
liability
guarante
e
Non
e
None
266
days
No
Yes
Shaoyang
Xinmu
Farming Co.,
Ltd.
May 29,
2021
2,800
July 30,
2021
1,982
Joint
and
several
liability
guarante
e
Non
e
None
2457
days
No
Yes
Shenyang
New Hope
Farming
Technology
Co., Ltd.
May 30,
2024
25,000
November
27, 2024
980
Joint
and
several
liability
guarante
e
Non
e
None
545
days
No
Yes
Shiyan
Xinyue
Farming
Technology
Co., Ltd.
April 29,
2020
10,000
April 15,
2021
3,630
Joint
and
several
liability
guarante
e
Non
e
None
2918
days
No
Yes
Sichuan New
Hope Animal
Nutrition
Technology
Co., Ltd.
June 19,
2025
64,330.6
4
July 11,
2025
20,000
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Sichuan New
Hope Animal
Nutrition
Technology
Co., Ltd.
June 19,
2025
32,165.3
2
October 16,
2025
10,000
Joint
and
several
liability
guarante
e
Non
e
None
372
days
No
Yes
Sichuan New
Hope Animal
Nutrition
Technology
Co., Ltd.
May 30,
2024
45,031.4
5
August 15,
2024
14,000
Joint
and
several
liability
guarante
e
Non
e
None
623
days
No
Yes
Sichuan New
Hope Liuhe
Farming Co.,
Ltd.
May 30,
2024
271,468.
41
October 16,
2024
111,940
Joint
and
several
liability
guarante
e
Non
e
None
784
days
No
Yes
Sichuan New
Hope Liuhe
Farming Co.,
Ltd.
October 25,
2019
28,531.5
9
December
31, 2019
11,765
Joint
and
several
liability
guarante
e
Non
e
None
2551
days
No
Yes
Sichuan New
Hope Liuhe
June 19,
2025
20,000
June 27,
2025
3,000
Joint
and
Non
e
None
730
days
No
Yes

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119
Pig Breeding
Technology
Co., Ltd.
several
liability
guarante
e
Taizhou New
Hope
Agriculture
Co., Ltd.
June 19,
2025
5,011.69
July 9, 2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
405
days
No
Yes
Taizhou New
Hope
Agriculture
Co., Ltd.
May 23,
2023
1,637.15
January 29,
2024
980
Joint
and
several
liability
guarante
e
Non
e
None
1076
days
No
Yes
Taizhou New
Hope
Agriculture
Co., Ltd.
June 19,
2025
5,011.69
November
28, 2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Tangshan
Xinhao
Farming Co.,
Ltd.
April 29,
2020
25,800
May 8, 2020
22,575
Joint
and
several
liability
guarante
e
Non
e
None
2911
days
No
Yes
Tangshan
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
4,235.29
December
4, 2025
2,400
Joint
and
several
liability
guarante
e
Non
e
None
545
days
No
Yes
Tangshan
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
1,764.71
September
3, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Tianjin Xinliu
Farming
Technology
Co., Ltd.
April 29,
2020
17,203.6
7
February 5,
2021
6,797.49
Joint
and
several
liability
guarante
e
Non
e
None
3259
days
No
Yes
Tianjin Xinliu
Farming
Technology
Co., Ltd.
June 19,
2025
1,265.44
December
8, 2025
500
Joint
and
several
liability
guarante
e
Non
e
None
729
days
No
Yes
Tongcheng
Xinliu
Farming
Technology
Co., Ltd.
April 29,
2020
11,000
February
23, 2021
6,659.6
Joint
and
several
liability
guarante
Non
e
None
2431
days
No
Yes

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120
e
Tongling
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
5,000
September
15, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Weifang
Liuhe Feed
Co., Ltd.
June 19,
2025
57,987.5
6
December
12, 2025
2,000
Joint
and
several
liability
guarante
e
Non
e
None
182
days
No
Yes
Weifang New
Hope Liuhe
Feed
Technology
Co., Ltd.
May 30,
2024
58,375.0
8
November
27, 2024
9,980
Joint
and
several
liability
guarante
e
Non
e
None
875
days
No
Yes
Weinan
Xinliu
Technology
Co., Ltd.
October 25,
2019
34,126.6
9
January 2,
2020
26,600
Joint
and
several
liability
guarante
e
Non
e
None
4373
days
No
Yes
Weinan
Xinliu
Technology
Co., Ltd.
May 23,
2023
4,490.35
March 29,
2024
3,500
Joint
and
several
liability
guarante
e
Non
e
None
1094
days
No
Yes
Wuqi Xinliu
Technology
Co., Ltd.
April 29,
2020
7,159.09
September
15, 2020
3,500
Joint
and
several
liability
guarante
e
Non
e
None
2622
days
No
Yes
Wuzhou New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
9,559.45
December
12, 2025
5,000
Joint
and
several
liability
guarante
e
Non
e
None
547
days
No
Yes
Wuzhou New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
1,911.89
October 31,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Wuhe New
Hope Liuhe
Animal
Husbandry
Co., Ltd.
June 19,
2025
5,580.15
December
15, 2025
3,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Wuhe New
Hope Liuhe
April 29,
2020
22,196.5
8
September
29, 2020
11,933.33
Joint
and
Non
e
None
2916
days
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
121
Animal
Husbandry
Co., Ltd.
several
liability
guarante
e
Wuhe New
Hope Liuhe
Animal
Husbandry
Co., Ltd.
April 29,
2020
25,086.9
May 20,
2020
13,487.23
Joint
and
several
liability
guarante
e
Non
e
None
2550
days
No
Yes
Wuhe New
Hope Liuhe
Animal
Husbandry
Co., Ltd.
April 29,
2020
14,136.3
7
March 24,
2021
7,600
Joint
and
several
liability
guarante
e
Non
e
None
2557
days
No
Yes
Wuhan
Guoxiong
Feed
Technology
Co., Ltd.
June 19,
2025
4,000
November
28, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Wuhan
Guoxiong
Feed
Technology
Co., Ltd.
June 19,
2025
4,000
July 25,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
355
days
No
Yes
Wulong New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
4,685.84
December
18, 2025
2,000
Joint
and
several
liability
guarante
e
Non
e
None
355
days
No
Yes
Wulong New
Hope Liuhe
Feed Co.,
Ltd.
May 30,
2024
2,331.2
March 29,
2025
995
Joint
and
several
liability
guarante
e
Non
e
None
1094
days
No
Yes
Wulong New
Hope Liuhe
Feed Co.,
Ltd.
May 30,
2024
2,225.77
June 26,
2024
950
Joint
and
several
liability
guarante
e
Non
e
None
1094
days
No
Yes
Wulong New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
1,757.19
October 17,
2025
750
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Wuwei New
Hope Liuhe
Feed Co.,
Ltd.
June 1, 2022
10,000
January 20,
2023
2,556.3
Joint
and
several
liability
guarante
Non
e
None
1979
days
No
Yes

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122
e
Xiangyang
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
7,441.17
November
7, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
729
days
No
Yes
Xiangzhou
Xinhao
Farming Co.,
Ltd.
June 19,
2025
13,126.1
October 31,
2025
5,000
Joint
and
several
liability
guarante
e
Non
e
None
546
days
No
Yes
Xintai New
Hope Feed
Co., Ltd.
June 19,
2025
4,000
September
22, 2025
1,908
Joint
and
several
liability
guarante
e
Non
e
None
417
days
No
Yes
New Hope
Liuhe (Zibo)
Agricultural
Technology
Development
Co., Ltd.
May 29,
2021
20,000
April 10,
2022
3,979.43
Joint
and
several
liability
guarante
e
Non
e
None
2518
days
No
Yes
New Hope
Feed
(Tangshan
Caofeidian
District) Co.,
Ltd.
June 19,
2025
6,000
June 20,
2025
2,000
Joint
and
several
liability
guarante
e
Non
e
None
355
days
No
Yes
New Hope
Singapore
Pte. Ltd.
June 19,
2025
205,143.
89
December
30, 2025
1,402.72
Joint
and
several
liability
guarante
e
Non
e
None
7 days
No
Yes
New Hope
Singapore
Pte. Ltd.
June 19,
2025
494,856.
11
December
18, 2025
3,383.71
Joint
and
several
liability
guarante
e
Non
e
None
29 days
No
Yes
Xingren
Xinliu
Farming
Technology
Co., Ltd.
April 29,
2020
13,971.5
5
September
30, 2020
4,950
Joint
and
several
liability
guarante
e
Non
e
None
2914
days
No
Yes
Xuzhou
Haikuo Liuhe
Feed Co.,
Ltd.
June 19,
2025
8,000
October 24,
2025
5,000
Joint
and
several
liability
guarante
e
Non
e
None
362
days
No
Yes
Yan’an
Benyuan
May 30,
2024
3,782.3
December
28, 2024
2,700
Joint
and
Non
e
None
1088
days
No
Yes

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123
Agricultural
Technology
Development
Co., Ltd.
several
liability
guarante
e
Yanting
Xinhao
Farming Co.,
Ltd.
May 23,
2023
57,343.2
1
September
2, 2023
36,900
Joint
and
several
liability
guarante
e
Non
e
None
1848
days
No
Yes
Yangling
Besun
Agricultural
Industry
Group Co.,
Ltd.
May 30,
2024
71,458.9
9
May 8, 2025
5,999
Joint
and
several
liability
guarante
e
Non
e
None
415
days
No
Yes
Yijun Xinliu
Technology
Co., Ltd.
October 25,
2019
11,900
November
15, 2019
10,250
Joint
and
several
liability
guarante
e
Non
e
None
4382
days
No
Yes
Zaozhuang
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
5,000
September
23, 2025
2,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Zhangwu
Xinwang
Farming Co.,
Ltd.
May 29,
2021
9,500
January 4,
2022
7,900
Joint
and
several
liability
guarante
e
Non
e
None
3272
days
No
Yes
Zhaoqing
Xinhao
Farming Co.,
Ltd.
April 29,
2020
13,532.0
2
February
10, 2021
9,892
Joint
and
several
liability
guarante
e
Non
e
None
2555
days
No
Yes
Zhejiang
Yihai
Agricultural
Development
Co., Ltd.
April 29,
2020
5,568.22
November
9, 2020
2,365.13
Joint
and
several
liability
guarante
e
Non
e
None
2846
days
No
Yes
Zhejiang
Yihai
Agricultural
Development
Co., Ltd.
May 30,
2024
6,356.62
February
28, 2025
2,700
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Chongqing
Tongliang
New Hope
Liuhe
Farming
May 30,
2024
3,881.66
March 28,
2025
995
Joint
and
several
liability
guarante
Non
e
None
1095
days
No
Yes

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124
Technology
Co., Ltd.
e
Chongqing
Tongliang
New Hope
Liuhe
Farming
Technology
Co., Ltd.
May 30,
2024
3,706.11
June 26,
2024
950
Joint
and
several
liability
guarante
e
Non
e
None
1094
days
No
Yes
Chongqing
Tongliang
New Hope
Liuhe
Farming
Technology
Co., Ltd.
June 19,
2025
3,511.05
October 17,
2025
900
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Chongqing
New Hope
Feed Co.,
Ltd.
June 19,
2025
2,487.03
July 14,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Chongqing
New Hope
Feed Co.,
Ltd.
May 30,
2024
32,082.6
7
June 18,
2024
12,900
Joint
and
several
liability
guarante
e
Non
e
None
1088
days
No
Yes
Zibo Xinhao
Farming Co.,
Ltd.
June 1, 2022
5,600
July 6, 2022
1,334.19
Joint
and
several
liability
guarante
e
Non
e
None
2789
days
No
Yes
Zunyi Jiahao
Feed Co.,
Ltd.
June 19,
2025
7,000
December
4, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
362
days
No
Yes
Taizhou New
Hope
Agriculture
Co., Ltd.
May 30,
2024
3,339.46
March 7,
2025
1,999
Joint
and
several
liability
guarante
e
Non
e
None
726
days
No
Yes
Sichuan New
Hope Animal
Nutrition
Technology
Co., Ltd.
June 19,
2025
9,287.58
June 19,
2025
9,287.58
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Hainan
Chengmai
New Hope
Farming Co.,
Ltd.
June 19,
2025
311.9
June 19,
2025
311.9
Joint
and
several
liability
guarante
Non
e
None
One
year
No
Yes

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125
e
Chengdu
Century
Investment
Co., Ltd.
June 19,
2025
10.5
June 19,
2025
10.5
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Guangzhou
Hope Feed
Co., Ltd.
June 19,
2025
89.92
June 19,
2025
89.92
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Guangdong
Jiahao
Agricultural
Products Co.,
Ltd.
June 19,
2025
1,283.65
June 19,
2025
1,283.65
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Chongqing
New Hope
Feed Co.,
Ltd.
June 19,
2025
1.72
June 19,
2025
1.72
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Nantong New
Hope Feed
Co., Ltd.
June 19,
2025
51.61
June 19,
2025
51.61
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Jingzhou
New Hope
Feed Co.,
Ltd.
June 19,
2025
28.34
June 19,
2025
28.34
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Luoyang New
Hope
Farming
Technology
Co., Ltd.
June 19,
2025
7.76
June 19,
2025
7.76
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Guiyang New
Hope
Agricultural
Technology
Co., Ltd.
June 19,
2025
28.48
June 19,
2025
28.48
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Guilin New
Hope Feed
Co., Ltd.
June 19,
2025
10.21
June 19,
2025
10.21
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Weifang
Liuhe Feed
June 19,
2025
43.73
June 19,
2025
43.73
Joint
and
Non
e
None
One
year
No
Yes

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126
Co., Ltd.
several
liability
guarante
e
Shandong
New Hope
Liuhe Group
Co., Ltd.
June 19,
2025
7,734.9
June 19,
2025
7,734.9
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Nanning New
Hope
Farming
Technology
Co., Ltd.
June 19,
2025
80.05
June 19,
2025
80.05
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Zhangzhou
Hongshan
Biotechnolog
y Co., Ltd.
June 19,
2025
510.8
June 19,
2025
510.8
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Maoming
Liuhe Feed
Co., Ltd.
June 19,
2025
46.39
June 19,
2025
46.39
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Zhanjiang
Guoxiong
Feed Co.,
Ltd.
June 19,
2025
835.56
June 19,
2025
835.56
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Ganzhou
Hope Feed
Co., Ltd.
June 19,
2025
10.83
June 19,
2025
10.83
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Jiangxi New
Hope
Farming
Technology
Co., Ltd.
June 19,
2025
2.08
June 19,
2025
2.08
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Linyi New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
210.23
June 19,
2025
210.23
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Guangshui
Guanghe
Farming
Development
Co., Ltd.
June 19,
2025
35.51
June 19,
2025
35.51
Joint
and
several
liability
guarante
Non
e
None
One
year
No
Yes

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127
e
Dong’e Liuhe
Lyvjia Feed
Co., Ltd.
June 19,
2025
210.18
June 19,
2025
210.18
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
New Hope
Liuhe Feed
Co., Ltd.
Dezhou Liuhe
Banch
June 19,
2025
177.95
June 19,
2025
177.95
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Dezhou Liuhe
Tianhe Feed
Co., Ltd.
June 19,
2025
95.37
June 19,
2025
95.37
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Yanggu New
Hope Liuhe
Luxin Feed
Co., Ltd.
June 19,
2025
209.93
June 19,
2025
209.93
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Liaocheng
Liuhe Feed
Co., Ltd.
June 19,
2025
19.72
June 19,
2025
19.72
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Yulin New
Hope Feed
Co., Ltd.
June 19,
2025
110.13
June 19,
2025
110.13
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Yingtan New
Hope Feed
Co., Ltd.
June 19,
2025
17.68
June 19,
2025
17.68
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Anyang New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
8.28
June 19,
2025
8.28
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Henan Liuhe
Beixu Feed
Co., Ltd.
June 19,
2025
2.39
June 19,
2025
2.39
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Gushi Liuhe
Co., Ltd.
June 19,
2025
0.47
June 19,
2025
0.47
Joint
and
Non
e
None
One
year
No
Yes

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128
several
liability
guarante
e
Henan Liuhe
Feed Co.,
Ltd.
Dengzhou
Branch
June 19,
2025
22.57
June 19,
2025
22.57
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Xinxiang
Liuhe Feed
Co., Ltd.
June 19,
2025
6.98
June 19,
2025
6.98
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Xuancheng
Liuhe Feed
Co., Ltd.
June 19,
2025
5.1
June 19,
2025
5.1
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Chengdu
Fenglan
Technology
Co., Ltd.
June 19,
2025
146.82
June 19,
2025
146.82
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Weifang
Liuhe Feed
Co., Ltd.
Shouguang
Branch
June 19,
2025
0.11
June 19,
2025
0.11
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Shouguang
Liuhe Dingtai
Feed Co.,
Ltd.
June 19,
2025
1.26
June 19,
2025
1.26
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Pingxiang
New Hope
Feed Co.,
Ltd.
June 19,
2025
9.84
June 19,
2025
9.84
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Haiyang New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
66.31
June 19,
2025
66.31
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
New Hope
Liuhe Feed
Co., Ltd.
Laizhou
Banch
June 19,
2025
155.86
June 19,
2025
155.86
Joint
and
several
liability
guarante
Non
e
None
One
year
No
Yes

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129
e
Laiyang
Liuhe Feed
Co., Ltd.
June 19,
2025
73.88
June 19,
2025
73.88
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Laiyang New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
0.17
June 19,
2025
0.17
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Jiangmen
Liuhe Feed
Co., Ltd.
June 19,
2025
255.04
June 19,
2025
255.04
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Guangzhou
Liuhe Feed
Co., Ltd.
June 19,
2025
84.31
June 19,
2025
84.31
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Jieyang
Guoxiong
Feed Co.,
Ltd.
June 19,
2025
466.39
June 19,
2025
466.39
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
New Hope
Liuhe Feed
Co., Ltd.
Yutai Banch
June 19,
2025
0.8
June 19,
2025
0.8
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Zoucheng
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
2.56
June 19,
2025
2.56
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Liuhe Feed
(Huai'an) Co.,
Ltd.
June 19,
2025
212.62
June 19,
2025
212.62
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Sheyang
Liuhe Feed
Co., Ltd.
June 19,
2025
101.2
June 19,
2025
101.2
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Yichun New
Hope
June 19,
2025
3.02
June 19,
2025
3.02
Joint
and
Non
e
None
One
year
No
Yes

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130
Farming
Technology
Co., Ltd.
several
liability
guarante
e
Anqiu Liuhe
Feed Co.,
Ltd.
June 19,
2025
0.45
June 19,
2025
0.45
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Shan County
Liuhe Feed
Co., Ltd.
June 19,
2025
210.2
June 19,
2025
210.2
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Weifang
Liuhe Jutian
Feed Co.,
Ltd.
June 19,
2025
198.89
June 19,
2025
198.89
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Ju County
Liuhe
Xingrun Feed
Co., Ltd.
June 19,
2025
0.45
June 19,
2025
0.45
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Zhucheng
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
0.07
June 19,
2025
0.07
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Yinan Liuhe
Zhengzhuang
Feed Co.,
Ltd.
June 19,
2025
209.53
June 19,
2025
209.53
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Tai’an Liuhe
Jingwei
Farming Co.,
Ltd.
June 19,
2025
208.25
June 19,
2025
208.25
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Pingdu Liuhe
Feed Co.,
Ltd.
June 19,
2025
0.02
June 19,
2025
0.02
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Chengdu
Fenglan
Animal
Nutrition
Technology
June 19,
2025
7.6
June 19,
2025
7.6
Joint
and
several
liability
guarante
Non
e
None
One
year
No
Yes

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131
Co., Ltd.
e
Heze Xinhao
Feed Co.,
Ltd.
June 19,
2025
9.43
June 19,
2025
9.43
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Yangling
Besun
Agricultural
Industry
Group Co.,
Ltd.
June 19,
2025
70.3
June 19,
2025
70.3
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Longzhou
Xinhao
Farming Co.,
Ltd.
June 19,
2025
62.72
June 19,
2025
62.72
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Hezhou New
Hope Liuhe
Farming
Technology
Co., Ltd.
June 19,
2025
10.28
June 19,
2025
10.28
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Jiangxi New
Hope Liuhe
Farming
Technology
Co., Ltd.
June 19,
2025
2.52
June 19,
2025
2.52
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Wuhan
Fenglan
Animal
Nutrition
Technology
Co., Ltd.
June 19,
2025
17.61
June 19,
2025
17.61
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Pingyi
Zhongxin
Feed Co.,
Ltd.
June 19,
2025
326.45
June 19,
2025
326.45
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Guantao
Zhongxin
Feed Co.,
Ltd.
June 19,
2025
5.62
June 19,
2025
5.62
Joint
and
several
liability
guarante
e
Non
e
None
One
year
No
Yes
Anhui New
Hope Feed
Co., Ltd.
May 30,
2024
542.52
October 21,
2024
542.52
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Chenzhou
New Hope
May 30,
2024
20,000
June 27,
2024
2,294.23
Joint
and
Non
e
None
1814
days
No
Yes

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132
Agricultural
Technology
Co., Ltd.
several
liability
guarante
e
Chengdu
Century
Investment
Co., Ltd.
June 19,
2025
1,937.26
November
18, 2025
1,416.18
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Ganzhou
Hope Feed
Co., Ltd.
June 19,
2025
8,000
November
20, 2025
3,436.11
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Guanghan
Guoxiong
Feed Co.,
Ltd.
May 30,
2024
1,796.2
June 27,
2024
1,813.14
Joint
and
several
liability
guarante
e
Non
e
None
1814
days
No
Yes
Guangzhou
Hope Feed
Co., Ltd.
June 19,
2025
14,363
November
20, 2025
2,571.87
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Hebei
Kinghey
Meat Industry
Co., Ltd.
June 1, 2022
245.38
April 14,
2023
245.35
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Hebei New
Hope Feed
Co., Ltd.
June 19,
2025
3,008.78
November
20, 2025
1,166.19
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Henan Liuhe
Feed Co.,
Ltd.
May 30,
2024
22,000
June 27,
2024
990.86
Joint
and
several
liability
guarante
e
Non
e
None
1814
days
No
Yes
Heishan
Xinliu
Farming
Technology
Co., Ltd.
June 19,
2025
20,000
December
11, 2025
21,417.97
Joint
and
several
liability
guarante
e
Non
e
None
1825
days
No
Yes
Huzhou
Haihuang
Biotechnolog
y Co., Ltd.
June 1, 2022
11,437.7
3
April 14,
2023
1,121.26
Joint
and
several
liability
guarante
Non
e
None
2046
days
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
133
e
Huanggang
New Hope
Feed
Technology
Co., Ltd.
May 30,
2024
621.38
July 31,
2024
621.38
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Jiangxi New
Hope
Farming
Technology
Co., Ltd.
June 19,
2025
15,000
November
20, 2025
5,799.73
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Jingzhou
New Hope
Feed Co.,
Ltd.
June 1, 2022
480.83
April 14,
2023
480.83
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Kunming
New Hope
Animal
Nutritious
Food Co.,
Ltd.
May 30,
2024
3,466.99
August 8,
2024
457.33
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Liaocheng
Development
Zone Liuhe
Feed Co.,
Ltd.
June 19,
2025
2,594.39
November
20, 2025
959.89
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Luzhou New
Hope Feed
Co., Ltd.
May 30,
2024
599.22
August 14,
2024
272.32
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Luochuan
Xinliu
Technology
Co., Ltd.
May 30,
2024
4,600
June 27,
2024
3,975.95
Joint
and
several
liability
guarante
e
Non
e
None
1814
days
No
Yes
Maoming
Liuhe Feed
Co., Ltd.
May 30,
2024
10,000
August 5,
2024
1,257.05
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Nanchong
New Hope
Feed Co.,
Ltd.
May 30,
2024
5,970.44
August 22,
2024
820.22
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Nanning New
Hope
June 1, 2022
30,000
April 14,
2023
2,320.91
Joint
and
Non
e
None
2045
days
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
134
Farming
Technology
Co., Ltd.
several
liability
guarante
e
Ningxia New
Hope
Ruminant
Animal
Nutritious
Food Co.,
Ltd.
May 30,
2024
1,007.68
August 5,
2024
825.19
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Pucheng New
Hope
Farming
Technology
Co., Ltd.
May 30,
2024
508.2
June 27,
2024
282.85
Joint
and
several
liability
guarante
e
Non
e
None
1814
days
No
Yes
Qingyun
Liuhe Feed
Co., Ltd.
May 30,
2024
1,056.34
August 14,
2024
1,056.34
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Tongliao
Xinhao
Farming Co.,
Ltd.
May 30,
2024
16,000
August 30,
2024
7,376.51
Joint
and
several
liability
guarante
e
Non
e
None
1446
days
No
Yes
Weifang
Liuhe Feed
Co., Ltd.
June 1, 2022
22,012.4
4
April 14,
2023
759.21
Joint
and
several
liability
guarante
e
Non
e
None
1100
days
No
Yes
Weifang New
Hope Liuhe
Feed
Technology
Co., Ltd.
June 1, 2022
1,624.92
April 14,
2023
277.8
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Wuzhou New
Hope Liuhe
Feed Co.,
Ltd.
May 30,
2024
528.66
August 8,
2024
276.51
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Xiangyang
New Hope
Liuhe Feed
Co., Ltd.
May 30,
2024
7,558.83
June 27,
2024
1,015.81
Joint
and
several
liability
guarante
e
Non
e
None
1814
days
No
Yes
Xiangzhou
Xinhao
Farming Co.,
Ltd.
May 30,
2024
20,873.9
December
13, 2024
7,951.29
Joint
and
several
liability
Non
e
None
1095
days
No
Yes

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135
guarante
e
Yan’an
Benyuan
Agricultural
Technology
Development
Co., Ltd.
May 30,
2024
4,217.7
June 27,
2024
3,010.81
Joint
and
several
liability
guarante
e
Non
e
None
1814
days
No
Yes
Yangling
Besun
Agricultural
Industry
Group Co.,
Ltd.
June 1, 2022
8,541.01
April 14,
2023
717.02
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Yiyang New
Hope Feed
Co., Ltd.
June 19,
2025
12,000
November
18, 2025
1,447.42
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Yulin
Guoxiong
Feed Co.,
Ltd.
June 19,
2025
26,000
November
18, 2025
1,666.09
Joint
and
several
liability
guarante
e
Non
e
None
1096
days
No
Yes
Zhanjiang
Guoxiong
Feed Co.,
Ltd.
May 30,
2024
26,000
August 9,
2024
1,824.99
Joint
and
several
liability
guarante
e
Non
e
None
1095
days
No
Yes
Zhangjiakou
Xinwang
Farming Co.,
Ltd.
May 23,
2023
5,249.3
February
28, 2024
5,996.81
Joint
and
several
liability
guarante
e
Non
e
None
1827
days
No
Yes
Zhangzhou
Hongshan
Biotechnolog
y Co., Ltd.
May 30,
2024
5,000
June 27,
2024
942.72
Joint
and
several
liability
guarante
e
Non
e
None
1814
days
No
Yes
Chongqing
New Hope
Feed Co.,
Ltd.
May 30,
2024
5,430.3
June 27,
2024
2,183.45
Joint
and
several
liability
guarante
e
Non
e
None
1814
days
No
Yes
Qingdao
Xinhang
Engineering
Management
Co., Ltd.
May 30,
2024
7,017.96
January 6,
2025
7,017.96
Joint
and
several
liability
guarante
e
Non
e
None
718
days
No
Yes
New Hope
May 30,
17.7
January 14,
17.7
Joint
Non
None
365
No
Yes

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136
Liuhe (Zibo)
Agricultural
Technology
Development
Co., Ltd.
2024
2025
and
several
liability
guarante
e
e
days
Xiangzhou
New Hope
Liuhe
Farming
Technology
Co., Ltd.
May 30,
2024
234.08
January 20,
2025
234.08
Joint
and
several
liability
guarante
e
Non
e
None
480
days
No
Yes
Shiyan
Xinyue
Farming
Technology
Co., Ltd.
May 30,
2024
223.06
January 16,
2025
223.06
Joint
and
several
liability
guarante
e
Non
e
None
701
days
No
Yes
Shandong
New Hope
Liuhe Group
Co., Ltd.
May 30,
2024
7,666.52
January 8,
2025
7,666.52
Joint
and
several
liability
guarante
e
Non
e
None
518
days
No
Yes
Sichuan New
Hope Animal
Nutrition
Technology
Co., Ltd.
May 30,
2024
2,634.07
February 7,
2025
2,634.07
Joint
and
several
liability
guarante
e
Non
e
None
425
days
No
Yes
Hebei New
Hope Feed
Co., Ltd.
May 30,
2024
342.18
February
20, 2025
342.18
Joint
and
several
liability
guarante
e
Non
e
None
372
days
No
Yes
Weifang
Liuhe Feed
Co., Ltd.
Changyi
Branch
May 30,
2024
4,300
March 22,
2025
4,300
Joint
and
several
liability
guarante
e
Non
e
None
445
days
No
Yes
Mianyang
New Hope
Liuhe
Farming
Technology
Co., Ltd.
May 30,
2024
10,717.7
March 21,
2025
10,717.7
Joint
and
several
liability
guarante
e
Non
e
None
578
days
No
Yes
Weifang
Liuhe Feed
Co., Ltd.
Linqu Branch
May 30,
2024
5,800
March 21,
2025
5,800
Joint
and
several
liability
guarante
e
Non
e
None
446
days
No
Yes
Guanghan
Guoxiong
Feed Co.,
Ltd.
May 30,
2024
2,000
June 11,
2025
2,000
Joint
and
several
liability
Non
e
None
496
days
No
Yes

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137
guarante
e
Ziyang Jiahao
Feed
Technology
Co., Ltd.
May 30,
2024
2,000
June 11,
2025
2,000
Joint
and
several
liability
guarante
e
Non
e
None
496
days
No
Yes
Hainan
Chengmai
New Hope
Farming Co.,
Ltd.
June 19,
2025
71.95
December
25, 2025
71.95
Joint
and
several
liability
guarante
e
Non
e
None
180
days
No
Yes
Yanting
Xinhao
Farming Co.,
Ltd.
May 30,
2024
2,224.42
January 22,
2025
2,224.42
Joint
and
several
liability
guarante
e
Non
e
None
541
days
No
Yes
Hubei Xinhao
Farming Co.,
Ltd.
May 30,
2024
58.28
January 9,
2025
58.28
Joint
and
several
liability
guarante
e
Non
e
None
432
days
No
Yes
Shibing
County New
Hope Liuhe
Breeding Co.,
Ltd.
June 19,
2025
3.73
December
26, 2025
3.73
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Liaoning
Kinghey
Food Co.,
Ltd.
May 30,
2024
5,000
January 7,
2025
5,000
Joint
and
several
liability
guarante
e
Non
e
None
412
days
No
Yes
Beijing
Kinghey
Food Co.,
Ltd.
June 19,
2025
10,000
August 5,
2025
10,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Longhai New
Hope Liuhe
Farming Co.,
Ltd.
May 30,
2024
121.6
January 9,
2025
121.6
Joint
and
several
liability
guarante
e
Non
e
None
462
days
No
Yes
Yingtan
Xinliu
Technology
Co., Ltd.
May 30,
2024
33.31
January 10,
2025
33.31
Joint
and
several
liability
guarante
e
Non
e
None
374
days
No
Yes
Zhejiang
May 30,
31.93
March 17,
31.93
Joint
Non
None
407
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
138
Yihai
Agricultural
Development
Co., Ltd.
2024
2025
and
several
liability
guarante
e
e
days
Ningbo New
Hope Liuhe
Farming Co.,
Ltd.
May 30,
2024
14.2
February 5,
2025
14.2
Joint
and
several
liability
guarante
e
Non
e
None
355
days
No
Yes
Kangping
Xinwang
Farming Co.,
Ltd.
May 30,
2024
141.69
January 20,
2025
141.69
Joint
and
several
liability
guarante
e
Non
e
None
396
days
No
Yes
Xingren
Xinliu
Farming
Technology
Co., Ltd.
May 30,
2024
243.08
January 6,
2025
243.08
Joint
and
several
liability
guarante
e
Non
e
None
704
days
No
Yes
Shandong
New Hope
Liuhe Group
Co., Ltd.
June 19,
2025
60,315.6
4
July 3, 2025
60,315.64
Joint
and
several
liability
guarante
e
Non
e
None
537
days
No
Yes
Sichuan New
Hope Liuhe
Farming Co.,
Ltd.
June 19,
2025
109,262.
99
September
12, 2025
109,262.9
9
Joint
and
several
liability
guarante
e
Non
e
None
466
days
No
Yes
Weifang
Liuhe Feed
Co., Ltd.
June 19,
2025
1,098.01
November
1, 2025
1,098.01
Joint
and
several
liability
guarante
e
Non
e
None
385
days
No
Yes
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
2.56
October 24,
2025
2.56
Joint
and
several
liability
guarante
e
Non
e
None
96 days
No
Yes
Combined guarantee
provided for subsidiaries
approved within the reporting
period (B1)
1,772,748.6
Combined guarantee
actually incurred for
subsidiaries during
the reporting period
(B2)
741,714.62
Combined guarantee
provided for subsidiaries
approved as of the end of the
reporting period (B3)
4,108,334.55
Combined actual
guarantee for
subsidiaries at the end
of reporting period
(B4)
1,541,190.97

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
139
Guarantees provided by subsidiaries for subsidiaries
Name of
guarantee
beneficiary
Date of
disclosure
of related
announceme
nt of
guaranteed
amount
Guarant
eed
amount
Date
actually
incurred
Amount
actually
guarantee
d
Type of
guarante
e
Coll
atera
ls(if
any)
Count
er
guaran
tee (if
any)
Guarant
ee
period
Wheth
er
fully
perfor
med
Whe
ther
relat
ed-
party
guar
antee
Anhui New
Hope Feed
Co., Ltd.
May 30,
2024
1,000
May 30,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Anyang New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
1,000
October 29,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Cao County
Liuhe Feed
Co., Ltd.
June 19,
2025
1,000
October 29,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Dazhou
Jiahao Feed
Co., Ltd.
June 19,
2025
1,000
July 17,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Datong New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
1,000
July 16,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Dongying
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
1,000
October 29,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Dongying
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
1,000
July 17,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Emeishan
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
1,000
June 30,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
485
days
No
Yes
Gushi Liuhe
June 19,
1,000
July 21,
1,000
Joint
Non
None
360
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
140
Co., Ltd.
2025
2025
and
several
liability
guarante
e
e
days
Guanghan
Guoxiong
Feed Co.,
Ltd.
June 19,
2025
500
July 30,
2025
500
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Guiyang New
Hope
Agricultural
Technology
Co., Ltd.
June 19,
2025
1,000
October 29,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Haiyang New
Hope Liuhe
Feed Co.,
Ltd.
May 30,
2024
1,000
May 30,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Huaihua New
Hope Liuhe
Feed Co.,
Ltd.
June 19,
2025
1,000
July 21,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
361
days
No
Yes
Huanggang
New Hope
Feed
Technology
Co., Ltd.
June 19,
2025
500
June 30,
2025
500
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Jiangsu Liuhe
Feed Co.,
Ltd.
June 19,
2025
1,000
October 29,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Jingzhou
New Hope
Feed Co.,
Ltd.
May 30,
2024
1,000
May 30,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Kunming
New Hope
Animal
Nutritious
Food Co.,
Ltd.
June 19,
2025
1,000
July 17,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Laiyang
Liuhe Feed
Co., Ltd.
June 19,
2025
1,000
July 21,
2025
1,000
Joint
and
several
liability
Non
e
None
359
days
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
141
guarante
e
Laiyang
Liuhe Feed
Co., Ltd.
June 19,
2025
1,000
November
25, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Luoyang New
Hope
Farming
Technology
Co., Ltd.
May 30,
2024
1,000
May 28,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Mangshi New
Hope
Farming
Technology
Co., Ltd.
May 30,
2024
1,000
May 30,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Pengshan
New Hope
Feed Co.,
Ltd.
May 30,
2024
1,000
February 8,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
355
days
No
Yes
Qiandongnan
New Hope
Farming
Technology
Co., Ltd.
June 19,
2025
1,000
July 21,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
359
days
No
Yes
Shandong
Kinghey
Food Co.,
Ltd.
May 30,
2024
1,000
February
20, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
357
days
No
Yes
Shanxi New
Hope Feed
Co., Ltd.
May 30,
2024
1,000
May 29,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Sheyang
Liuhe Feed
Co., Ltd.
May 30,
2024
1,000
May 30,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Sichuan Xinle
Plastics Co.,
Ltd.
June 19,
2025
1,000
July 17,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
360
days
No
Yes
Weifang
May 30,
1,000
May 30,
1,000
Joint
Non
None
364
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
142
Liuhe Feed
Co., Ltd.
2024
2025
and
several
liability
guarante
e
e
days
Weifang
Liuhe Feed
Co., Ltd.
Linqu Branch
June 19,
2025
1,000
July 17,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Wendeng
Liuhe Feed
Co., Ltd.
June 19,
2025
500
December
11, 2025
500
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Xiaoyi New
Hope Liuhe
Food Co.,
Ltd. Feed
Branch
May 30,
2024
1,000
May 30,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Xintai New
Hope Feed
Co., Ltd.
June 19,
2025
1,000
July 18,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
New Hope
Laos Co.,
Ltd.
June 19,
2025
258.06
November
28, 2025
258.06
Joint
and
several
liability
guarante
e
Non
e
None
363
days
No
Yes
Xuzhou
Haikuo Liuhe
Feed Co.,
Ltd.
May 30,
2024
1,000
May 30,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
364
days
No
Yes
Yantai Liuhe
Feed Co.,
Ltd.
June 19,
2025
1,000
July 21,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
359
days
No
Yes
Yichun New
Hope
Farming
Technology
Co., Ltd.
May 30,
2024
1,000
February
20, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
365
days
No
Yes
Yiyang New
Hope Feed
Co., Ltd.
June 19,
2025
1,000
July 18,
2025
1,000
Joint
and
several
liability
Non
e
None
362
days
No
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
143
guarante
e
Yuncheng
Dingtai Feed
Co., Ltd.
May 30,
2024
1,000
February
10, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
347
days
No
Yes
Zoucheng
New Hope
Liuhe Feed
Co., Ltd.
June 19,
2025
1,000
July 17,
2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
363
days
No
Yes
Zunyi Jiahao
Feed Co.,
Ltd.
June 19,
2025
500
July 7, 2025
500
Joint
and
several
liability
guarante
e
Non
e
None
358
days
No
Yes
Zunyi Jiahao
Feed Co.,
Ltd.
May 30,
2024
1,000
February
20, 2025
1,000
Joint
and
several
liability
guarante
e
Non
e
None
357
days
No
Yes
Combined guarantee
provided for subsidiaries
approved within the reporting
period (C1)
23,258.06
Combined guarantee
actually incurred for
subsidiaries during
the reporting period
(C2)
38,258.06
Combined guarantee
provided for subsidiaries
approved as of the end of the
reporting period (C3)
38,258.06
Combined actual
guarantee for
subsidiaries at the end
of reporting period
(C4)
38,258.06
Combined guarantee provided by the Company (i.e. the aggregate of the above three)
Combined guarantee
approved within the reporting
period (A1+B1+C1)
1,804,957.66
Combined guarantee
actually incurred
during the reporting
period (A2+B2+C2)
783,972.68
Combined guarantee
approved at the end of the
reporting period
(A3+B3+C3)
4,259,592.61
Combined balance of
actual guarantee at the
end of the reporting
period (A4+B4+C4)
1,649,433.79
Percentage of combined actual guarantee (i.e.
A4+B4+C4) in the Company’s net assets
74.30%
Incl.:
Balance of guarantee provided to
shareholders, actual controllers and their
associates (D)
69,984.76
Balance of debt guarantee provided directly
or indirectly for the guaranteed subjects each
with asset-liability ratio of over 70% (E)
634,976.64

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
144
Amount of total guarantee in excess of 50%
of net assets (F)
539,422.27
Total amount of the above three guarantees
(D+E+F)
1,244,383.67
Notes on details of guarantees provided in the composite form

3. Entrusted cash asset management
(1) Entrusted wealth management
□Applicable Not applicable
The Company had no entrusted wealth management during the reporting period.
(2) Entrusted loans
□Applicable Not applicable
The Company had no entrusted loans during the reporting period.
4. Other significant contracts
□Applicable Not applicable
The Company had no other significant contracts during the reporting period.
XVI. Use of raised funds
Applicable □Not applicable
1. Overall use of raised funds
Applicable □Not applicable
Unit: 10,000 yuan
Year
of
raisin
g
Way
of
raisin
g
Listin
g date
of
securi
ties
Total
amou
nt of
funds
raised
Net
funds
raised
(1)
Total
raised
funds
used
in the
curren
t
period
Total
raised
funds
used
accum
ulativ
ely
(2)
Perce
ntage
of
raised
funds
used
at the
end of
the
report
ing
period
(3)=(2
)/(1)
Total
raised
funds
re-
purpo
sed
during
the
report
ing
period
Total
raised
funds
re-
purpo
sed
accu
mulati
vely
Perce
ntage
of
total
raised
funds
repurp
osed
accum
ulativ
ely
Total
raise
d
fund
s not
yet
used
Purpos
e and
destina
tion of
raised
fund
not yet
used
Amou
nt of
raised
funds
left
idle
for
more
than
two
years
2020
Conve
rtible
bonds
Febru
ary 4,
2020
400,0
00
398,2
82.9
0.24
400,2
28.68
100.4
9%
0
0
0.00%
0
The
remain
ing
0

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
145
public
ly
issued
raised
funds
of 2.10
yuan
not yet
used is
all
deposit
ed in
the
dedicat
ed
accoun
t for
raised
funds.
2020
Non-
public
issuan
ce of
stocks
Octob
er 29,
2020
400,0
00
399,4
75.05

388,6
55.59
97.29
%
0
0
0.00%
11,8
14.0
6
The
raised
funds
not yet
used
was
118.14
06
million
yuan,
includi
ng
8.1406
million
yuan in
the
dedicat
ed
accoun
t for
raised
funds,
and the
remain
ing 110
million
yuan
for
tempor
ary
supple
mentati
on of
workin
g
capital.
0
2021
Conve
rtible
bonds
public
ly
issued
Nove
mber
29,
2021
815,0
00
813,3
09.64
1,240.
63
775,1
09.85
95.30
%
0
0
0.00%
39,1
01.7
1
The
raised
funds
not yet
used
was
0

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
146
391.01
71
million
yuan,
includi
ng
6.0171
million
yuan in
the
dedicat
ed
accoun
t for
raised
funds,
and the
remain
ing 385
million
yuan
for
tempor
ary
supple
mentati
on of
workin
g
capital.
Total
--
--
1,615,
000
1,611,
067.5
9
1,240.
87
1,563,
994.1
2
97.08
%
0
0
0.00%
50,9
15.7
7
--
0
Notes on overall use of raised funds：
In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co., Ltd. (CSRC
Approval [2019] No.1902) issued by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”), the
Company publicly issued 4 billion yuan of convertible corporate bonds with par value of 100 yuan, a total of 40 million bonds for
a period of 6 years. The total amount raised was 4 billion yuan, less issuance expense of 17.1710 million yuan, the actual net
amount raised was 3,982.8290 million yuan.
In accordance with the Approval on the Non-public Offering of Shares by New Hope Liuhe Co., Ltd. (CSRC Approval [2020]
No.1961) issued by the CSRC, the Company privately placed 177,147,918 shares of common stocks denominated in RMB to two
particular shareholders (Nanfang Hope Industry Co., Ltd. and New Hope Group Co., Ltd.), with the issue price of 22.58 yuan per
share. The total amount raised was 4 billion yuan, less issuance expense of 5.2495 million yuan, the actual net amount raised was
3,994.7505 million yuan.
In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co., Ltd. (CSRC
Approval [2021] No.1351) issued by the CSRC, the Company publicly issued 8.15 billion yuan of convertible corporate bonds
with par value of 100 yuan, a total of 81.5 million bonds for a period of 6 years. The total amount raised was 8.15 billion yuan,
less issuance expense of 16.9036 million yuan, the actual net amount raised was 8,133.0964 million yuan.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
147
In accordance with relevant provisions of the Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for
the Management and Use of Offering Proceeds by Listed Companies of CSRC, Shenzhen Stock Exchange Guidelines for Standard
Operation of Listed Companies and the Administrative Measures of New Hope Liuhe Co., Ltd. for Use of Raised Funds, in light of
the actual requirements of the Company for use and management of raised funds, the Company’s entities responsible for
implementation of investment projects using raised funds signed Tripartite Supervision Agreement on Raised Funds with the
sponsor institutions and supervising banks respectively, whereby various project entities open dedicated accounts for raised funds
with corresponding organizations of the supervising bank.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
148
2. Projects to which raised funds are committed
Applicable □Not applicable
Unit: 10,000 yuan
Financin
g project
Listing
date of
securitie
s
Committed
investment
projects and
investment
destinations
of over-raised
funds
Project
nature
Whethe
r the
project
has
been
changed
(includi
ng
partial
change)
Total
committed
investmen
t of raised
funds
Total
investmen
t after
adjustmen
t (1)
Amoun
t
investe
d in
this
reporti
ng
period
Accumulativ
ely invested
amount as of
the end of
period (2)
Investme
nt
progress
as at the
end of
period
(3)=(2)/(
1)
Date
when
the
project
reaches
the
intended
usable
state
Benefits
realized
in this
reportin
g period
Benefits
realized
accumulativ
ely as of the
end of the
reporting
period
Whethe
r
estimat
ed
benefits
have
been
reached
Whether
the
project
feasibility
has
changed
significan
tly
Committed investment projects
Public
issuance
of
converti
ble
bonds in
2020
Februar
y 4,
2020
New
500,000/a
commercial
pigs cluster
project in
Ningjin,
Dezhou,
Shandong
Pig farm
constructi
on
No
50,000
50,000

49,074.15
98.15%
October
31, 2021
-
4,896.7
6
-35,699.24
No
No
Public
issuance
of
converti
ble
bonds in
2020
Februar
y 4,
2020
700,000/a
commercial
pigs project
of Huanghua
Xinhao
Technology
Co., Ltd. in
Liguanzhuan
g Village
Pig farm
constructi
on
No
70,000
70,000

68,899.05
98.43%
October
31, 2021
-
4,821.7
2
-47,767.88
No
No
Public
issuance
of
converti
ble
Februar
y 4,
2020
6,000/a pigs
standardized
farm project
of Yucheng
New Hope
Pig farm
constructi
on
No
10,000
10,000

10,000
100.00%
July 31,
2020
-980.63
-4,657.03
No
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
149
bonds in
2020
Liuhe Swine
Breeding Co.,
Ltd.
Public
issuance
of
converti
ble
bonds in
2020
Februar
y 4,
2020
300,000/a
pigs cluster
development
project in
Yangyuan
County
Pig farm
constructi
on
No
20,000
20,000

20,000
100.00%
October
31, 2020
-
9,252.6
9
-38,736.17
No
No
Public
issuance
of
converti
ble
bonds in
2020
Februar
y 4,
2020
1 million/a
pigs breeding
project of
Tongliao
Xinhao
Farming Co.,
Ltd. at
Sanyitang
Farm
Pig farm
constructi
on
No
115,782.9
115,782.9

103,902.77
89.74%
October
31, 2021
-
1,234.7
8
-35,320.38
No
No
Public
issuance
of
converti
ble
bonds in
2020
Februar
y 4,
2020
1 million/a
pigs breeding
project of
Tongliao
Xinhao
Farming Co.,
Ltd. at
Zhenan Farm
Pig farm
constructi
on
No
117,500
117,500

114,677.05
97.60%
October
31, 2021
-
8,176.0
8
-80,365.71
No
No
Public
issuance
of
converti
ble
bonds in
2020
Februar
y 4,
2020
Jinfeng
breeding pig
farm project
of Leshan
New Hope
Farming Co.,
Ltd. in
Jingyan
County
Pig farm
constructi
on
No
5,000
5,000

5,000
100.00%
Novemb
er 30,
2019
-138.45
7,121.91
No
No
Public
issuance
of
Februar
y 4,
2020
150,000/a
piglets
breeding and
Pig farm
constructi
on
No
10,000
10,000

10,000
100.00%
January
31, 2020
3,868.2
-9,843.69
No
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
150
converti
ble
bonds in
2020
farming
integrated
eco-industrial
park in
Lingbao,
Henan
Non-
public
issuance
of stocks
in 2020
October
29, 2020
700,000/a
pigs farming
project in
Shuozhou
Pig farm
constructi
on
No
92,000
92,000

88,212.85
95.88%
Novemb
er 30,
2021
-
2,970.4
5
-36,818.8
No
No
Non-
public
issuance
of stocks
in 2020
October
29, 2020
Livestock
farm No. 1
project of
Gansu New
Hope in
Pingxian
Village
Pig farm
constructi
on
No
24,000
24,000

21,702.37
90.43%
Novemb
er 30,
2021
-
1,626.3
3
-20,453.59
No
No
Non-
public
issuance
of stocks
in 2020
October
29, 2020
Livestock
farm No. 2
project of
Gansu New
Hope in
Pingxian
Village
Pig farm
constructi
on
No
24,000
24,000

23,304.92
97.10%
Novemb
er 30,
2021
-
1,562.7
5
-17,762.21
No
No
Non-
public
issuance
of stocks
in 2020
October
29, 2020
New
700,000/a
pigs project
in Xicha
Town,
Lanzhou New
District
Pig farm
constructi
on
No
25,000
25,000

25,000
100.00%
Septemb
er 30,
2020
-
1,782.3
4
-57,168.61
No
No
Non-
public
issuance
of stocks
in 2020
October
29, 2020
Tonghe
finishing
farm project
in Beihu
District,
Chenzhou
City
Pig farm
constructi
on
No
20,000
20,000

20,005.23
100.03%
Novemb
er 30,
2021
-410.78
3,256.99
No
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
151
Non-
public
issuance
of stocks
in 2020
October
29, 2020
13,500/a
breeding pigs
farm
construction
project of
Ruzhou
Quansheng
Farming
Technology
Co., Ltd.
Pig farm
constructi
on
No
16,000
16,000

15,110.95
94.44%
July 31,
2021
-
1,536.7
6
-14,125.53
No
No
Non-
public
issuance
of stocks
in 2020
October
29, 2020
13,500/a
sows
building-
based
breeding and
farming
integrated
project in
Nanxiang
Village,
Chengguo
Town,
Laizhou City
Pig farm
constructi
on
No
10,000
10,000

10,000
100.00%
Decemb
er 31,
2020
-
3,006.8
7
-32,661.39
No
No
Non-
public
issuance
of stocks
in 2020
October
29, 2020
New
300,000/a
commercial
pigs breeding
phase I
breeding pig
farm project
of Dingzhou
Xinhao
Farming Co.,
Ltd.
Pig farm
constructi
on
No
20,000
20,000

20,000
100.00%
October
31, 2020
-
2,796.6
2
-20,735.3
No
No
Non-
public
issuance
of stocks
in 2020
October
29, 2020
New
300,000/a
commercial
pigs breeding
phase II
Pig farm
constructi
on
No
12,000
12,000

12,000
100.00%
January
31, 2021
-178.51
-12,483.84
No
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
152
conservation
and finishing
farm project
of Dingzhou
Xinhao
Farming Co.,
Ltd.
Non-
public
issuance
of stocks
in 2020
October
29, 2020
13,500/a
breeding pigs
feeding
project of
Qingfeng
Xinliu
Farming
Technology
Co., Ltd.
Pig farm
constructi
on
No
21,000
21,000

19,803.87
94.30%
April
30, 2021
-
1,890.1
2
-17,464.93
No
No
Non-
public
issuance
of stocks
in 2020
October
29, 2020
13,500 sows
farm project
of Wuhe New
Hope Liuhe
Animal
Husbandry
Co., Ltd. in
Huojia
Village,
Xiaoxi Town
Pig farm
constructi
on
No
20,000
20,000

19,928
99.64%
July 31,
2021
-
5,007.3
4
-10,092.83
No
No
Non-
public
issuance
of stocks
in 2020
October
29, 2020
180,000/a
pigs
(breeding and
farming
cycle) project
in Chenliu
Village,
Shiling Town,
Laibin,
Guangxi
Pig farm
constructi
on
No
23,475.05
23,475.05

21,899.7
93.29%
Novemb
er 30,
2021
354.13
-924.64
No
No
Non-
public
issuance
October
29, 2020
100,000/a
commercial
pigs project
Pig farm
constructi
on
No
6,000
6,000

5,834.83
97.25%
Septemb
er 30,
2021
-
1,849.7
8
-6,008.66
No
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
153
of stocks
in 2020
of Heze
Xinhao
Farming Co.,
Ltd. in
Liangtang
Non-
public
issuance
of stocks
in 2020
October
29, 2020
72,000/a pigs
finishing
farm
construction
project in
Laizhou
Pig farm
constructi
on
No
6,000
6,000

5,852.87
97.55%
October
31, 2021
-717.1
-5,163.55
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Gansu Xinliu
pig farming
project
Pig farm
constructi
on
No
43,500
43,500
450.96
35,094.29
80.68%
August
31, 2022
97.55
-4,132.38
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Yiliang
Xinliu pig
farming
project
Pig farm
constructi
on
No
32,000
32,000

1,582.04
4.94%


0
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Luding
Xinyue pig
farming
project
Pig farm
constructi
on
No
27,500
27,500

11,720.39
42.62%


0
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Luocheng
Xinhao pig
farming
project
Pig farm
constructi
on
No
31,000
31,000
66.46
25,668.27
82.80%
August
31, 2022
-819.81
-2,042.07
No
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
154
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Lezhi Xinmu
pig farming
project
Pig farm
constructi
on
No
28,500
28,500

28,500
100.00%


98.04
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Guigang
Xinliu pig
farming
project
Pig farm
constructi
on
No
53,000
53,000

52,921.48
99.85%
August
31, 2022
-
2,782.0
1
2,545.02
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Pizhou New
Hope pig
farming
project
Pig farm
constructi
on
No
53,500
53,500

43,271.45
80.88%
August
31, 2022
-999.66
-334.09
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Liuzhou
Xinliu pig
farming
project
Pig farm
constructi
on
No
22,000
22,000
155.97
19,579.23
89.00%
August
31, 2022
599.75
2,922.61
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Lipu Xinhao
pig farming
project
Pig farm
constructi
on
No
13,500
13,500

11,527.98
85.39%
August
31, 2022
-434.53
-679.26
No
No
Public
issuance
of
converti
Novemb
er 29,
2021
Meishan
Xinmu pig
farming
project
Pig farm
constructi
on
No
21,500
21,500

21,500
100.00%
May 31,
2021
-
1,457.0
2
-6,099.2
No
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
155
ble
bonds in
2021
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
300,000/a
pigs project
in Xiangshan
Village,
Xindu Town,
Tongcheng
City
Pig farm
constructi
on
No
18,174.57
18,174.57

18,174.57
100.00%
August
31, 2022
-1,716.9
-5,697.19
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
72,000/a pigs
finishing
project in
Qipanling
Village,
Fangang
Town,
Tongcheng
City
Pig farm
constructi
on
No
15,635.07
15,635.07
142.72
15,635.07
100.00%
August
31, 2022
-
1,404.7
4
-3,071.8
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Xinliu pig
farming
project in Yi
County
Pig farm
constructi
on
No
18,500
18,500

16,351.82
88.39%
August
31, 2022
-
1,000.5
2
-586.22
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
13,500 sows
farm project
in Ciyu
Village,
Xinxing
Town,
Heishan
County,
Jinzhou City,
Liaoning
Province
Pig farm
constructi
on
No
19,000
19,000
378.92
18,821.4
99.06%
August
31, 2022
-527.43
-16,508.37
No
No
Public
issuance
Novemb
er 29,
72,000/a pigs
finishing
Pig farm
constructi
No
16,500
16,500

12,050
73.03%
August
31, 2022
-1,185.5
-5,648.73
No
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
156
of
converti
ble
bonds in
2021
2021
farm project
in Liuhe
Village,
Yingchengzi
Township,
Jinzhou City,
Liaoning
Province
on
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
400,000/a
pigs breeding
and farming
integrated
eco-cycle
agricultural
construction
project of
Juye Xinhao
Pig farm
constructi
on
No
17,500
17,500

16,943
96.82%
August
31, 2022
-
3,050.0
5
-6,263.11
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
72,000/a pigs
finishing
project of
Juye Xinhao
Pig farm
constructi
on
No
9,000
9,000

8,384.42
93.16%
August
31, 2022
94.78
-2,957.26
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Breeding pig
farm project
of Yantai
Xinhao
Farming Co.,
Ltd.
Pig farm
constructi
on
No
16,500
16,500

16,500
100.00%
August
31, 2022
-
1,920.9
7
-14,655.44
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Company-run
pig breeding
and finishing
base project
of Yantai
Xinhao
Farming Co.,
Ltd.
Pig farm
constructi
on
No
15,000
15,000

13,704.88
91.37%
August
31, 2022
-1,345.4
-12,025.36
No
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
157
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
200,000/a
pigs breeding
project of
Puyang
Xinliu
Farming
Technology
Co., Ltd. in
Dongdingzha
i Village
Pig farm
constructi
on
No
17,000
17,000

17,000
100.00%
August
31, 2022
-260.81
-1,964.66
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
200,000/a
pigs breeding
project of
Puyang
Xinliu
Farming
Technology
Co., Ltd. in
Huoying
Village
Pig farm
constructi
on
No
16,500
16,500

16,500.71
100.00%
August
31, 2022
-977.79
-6,445.22
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
100,000/a
pigs breeding
project of
Puyang
Xinliu
Farming
Technology
Co., Ltd.
Pig farm
constructi
on
No
8,000
8,000

7,480.77
93.51%
August
31, 2022
-390.91
-3,005.67
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
180,000/a
commercial
pigs project
in Niuzhuang
Town,
Dongying
District
Pig farm
constructi
on
No
10,500
10,500

10,500
100.00%
Septemb
er 30,
2021
-517.2
-22,684.59
No
No
Public
issuance
of
converti
Novemb
er 29,
2021
180,000/a
commercial
pigs project
in Longju
Pig farm
constructi
on
No
9,500
9,500

9,500
100.00%
Septemb
er 30,
2021
-
1,518.5
3
-9,014.15
No
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
158
ble
bonds in
2021
Town,
Dongying
District
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Pig farming
project of
Shibing New
Hope
Pig farm
constructi
on
No
35,500
35,500
45.6
35,500.62
100.00%
August
31, 2022
569.39
4,982.32
No
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Repayment of
bank loans
N/A
No
244,500
244,500

244,500
100.00%

0
0
N/A
No
Non-
public
issuance
of stocks
in 2020
October
29, 2020
Supplementat
ion of
working
capital
N/A
No
80,000
80,000

80,000
100.00%


0
N/A
No
Public
issuance
of
converti
ble
bonds in
2020
Februar
y 4,
2020
Supplementat
ion of
working
capital
N/A
No


0.24
18,675.66




N/A
No
Public
issuance
of
converti
ble
bonds in
2021
Novemb
er 29,
2021
Supplementat
ion of
working
capital
N/A
No



46,197.46




N/A
No
Subtotal of committed investment projects
--
1,611,067.
59
1,611,067.
59
1,240.8
7
1,563,994.12
--
--
-
71,562.
84
-607,141.86
--
--

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
159
Investment destinations of over-raised funds
None

None
None
No








N/A
No
Total
--
1,611,067.
59
1,611,067.
59
1,240.8
7
1,563,994.12
--
--
-
71,562.
84
-607,141.86
--
--
Explain the
circumstances and
reasons for failing to
achieve the planned
progress and
estimated income by
project (including
the reasons why
"Whether estimated
benefits have been
reached" is selected
as "Not applicable")
Due to the influence of animal diseases such as ASF and the periodic fluctuations in hog prices, as well as the Company's proactive control of the pace of market entry,
the actual returns on investment did not reach the expected benefits.
Notes on significant
changes in project
feasibility
N/A
Amount, purpose
and use progress of
over-raised funds
N/A
There are cases of
unauthorized
alteration of the use
of the raised funds
and illegal
occupation of the
raised funds
N/A
Changes in places of
implementation of
investment projects
using raised funds
N/A
Adjustments to
manner of
implementation of
N/A

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
160
investment projects
using raised funds
Preliminary
investments and
replacements of
investment projects
using raised funds
Applicable
On January 22, 2020, the 10th meeting of the 8th Board of Directors deliberated and approved the Proposal on Replacing Self-pooled Funds Previously Invested with
Funds Raised from Convertible Corporate Bonds, agreeing to use the raised funds to replace the pre-invested self-pooled funds of 1,250.4220 million yuan. Sichuan
Huaxin (Group) CPA Firm (Special General Partnership) conducted a special audit on this matter, and issued the Verification Report on the Advance Investment in
Projects Requiring Raised Funds with Self-pooled Funds (CHXZ (2020) No. 0007).
On September 28, 2020, the 23rd meeting of the 8th Board of Directors deliberated and approved the Proposal on Replacing Self-pooled Funds Previously Invested and
Part of Issuance Costs with Funds Raised from Non-public Issuance of Stocks, agreeing to use the raised funds to replace the self-pooled funds of 1,866.1513 million
yuan that have been invested in fund-raising projects and used to pay part of the issuance expenses. Sichuan Huaxin (Group) CPA Firm (Special General Partnership)
conducted a special audit on this matter, and issued the Verification Report on the Advance Investment in Projects Requiring Raised Funds with Self-pooled Funds and
Partial Payment of Issuance Costs (CHXZ (2020) No. 0696).
On November 10, 2021, the 47th meeting of the 8th Board of Directors deliberated and approved the Proposal on Replacing Self-pooled Funds Previously Invested with
Funds Raised from Convertible Corporate Bonds, agreeing to use the raised funds to replace the self-pooled funds of 3,360.5204 million yuan that have been invested in
fund-raising projects and used to pay part of the issuance expenses. Sichuan Huaxin (Group) CPA Firm (Special General Partnership) conducted a special audit on this
matter, and issued the Verification Report on the Advance Investment in Projects Requiring Raised Funds with Self-pooled Funds and Partial Payment of Issuance Costs
(CHXZ (2020) No. 0760).
Use of idle raised
funds for temporary
supplementation of
working capital
Applicable
On September 5, 2024, the 33rd meeting of the 9th Board of Directors and the 22nd meeting of the 9th Board of Supervisors deliberated and approved the Proposal on
Using Part of the Idle Raised Funds to Temporarily Supplement Working Capital, agreeing that the Company can use no more than 110 million yuan of idle raised funds
to supplement its working capital on a temporary basis for a period of no more than 12 months from the date of deliberation and approval by the Board of Directors. As
at September 2, 2025, the Company had fully returned the raised funds for temporary supplementation of working capital to the dedicated account for raised funds. On
September 5, 2025, the 6th meeting of the 10th Board of Directors deliberated and approved the Proposal on Using Part of the Idle Raised Funds to Temporarily
Supplement Working Capital, agreeing that the Company can use no more than 110 million yuan of idle raised funds to supplement its working capital on a temporary
basis for a period of no more than 12 months from the date of deliberation and approval by the Board of Directors. As at December 31, 2025, the balance of idle raised
funds for the Company to temporarily supplement its working capital was 110 million yuan.
On November 7, 2024, the 38th meeting of the 9th Board of Directors and the 25th meeting of the 9th Board of Supervisors deliberated and approved the Proposal on
Using Part of the Idle Raised Funds to Temporarily Supplement Working Capital, agreeing that the Company can use no more than 110 million yuan of idle raised funds
to supplement its working capital on a temporary basis for a period of no more than 12 months from the date of consideration and approval by the Board of Directors. As
at November 3, 2025, the Company had fully returned the raised funds for temporary supplementation of working capital to the dedicated account for raised funds. On
November 5, 2025, the 8th meeting of the 10th Board of Directors and the 8th meeting of the 10th Board of Supervisors deliberated and approved the Proposal on Using
Part of the Idle Raised Funds to Temporarily Supplement Working Capital, agreeing that the Company can use no more than 387 million yuan of idle raised funds to
supplement its working capital on a temporary basis for a period of no more than 12 months from the date of deliberation and approval by the Board of Directors. As at
December 31, 2025, the balance of idle raised funds for the Company to temporarily supplement its working capital was 385 million yuan.
Balance of idle
funds in project
implementation and
reasons
Applicable
As at December 31, 2025, the balance of raised funds was 509.1577 million yuan, which included some unused raised funds and interest income savings.
Purpose and
As at December 31, 2025, the raised funds not yet used was 509.1577 million yuan, including 14.1577 million yuan in the dedicated account for raised funds, and the

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
161
destination of raised
funds not yet used
remaining 495 million yuan for temporary supplementation of working capital.
Issues or other
circumstances
existing in the use
and disclosure of
raised funds
At the 11th meeting of the 9th Board of Directors held on April 19, 2023, the Proposal on Closing the New Hope-CB Fund Raising Project and Permanently
Supplementing the Working Capital with the Remaining Raised Funds was deliberated, proposing the completion of the fund raising project, and the permanent
supplementation of working capital with the remaining raised funds of 184.4698 million yuan (excluding interest income, the specific amount is subject to the actual
balance in the dedicated account on the day of funds transfer). This proposal was reviewed and approved at the 2022 annual general meeting. The actual permanent
supplementary flow in 2024 was 186.7542 million yuan. In 2025, due to the completion of the project, the Company canceled the dedicated account for raised funds and
transferred the balance of 2,400 yuan out as the permanent supplementary flow. As of December 31, 2025, the actual permanent supplementary flow amount was
186.7566 million yuan.

The investment progress of the “Tonghe finishing farm project in Beihu District, Chenzhou City”, the “200,000/a Hogs Breeding Project of Puyang Xinliu Farming
Technology Co., Ltd. in Huoying Village”, and the “Shibing New Hope hog breeding project” is greater than 100%, which is due to the inclusion of interest income
generated from part of the raised funds of the projects in the projects.

In the account of the “700,000/a pigs farming project in Shuozhou”, 7,727.00 yuan was forcibly transferred and paid by the court due to economic disputes related to
other projects.

At the 11th meeting of the 9th Board of Directors held on April 19, 2023 and the 2022 annual general meeting held on May 22, 2023, the Proposal on Partially Closing
and Terminating the New Hope-CB2 Fund Raising Project and Permanently Supplementing the Working Capital with the Remaining Raised Funds was deliberated,
proposing to close the “pig farm project in Huilongsi Village, Shuanghechang Township of Lezhi County Xinmu Farming Co., Ltd. and the New Hope 13,500 breeding
pigs project in Wansheng Town, Meishan”, terminate the “construction project of 8,250 breeding pigs and 90,000 commercial pigs in Detuo Town, Luding County” and
the “150,000 pigs project in Yiliang County”, and permanently supplement the working capital with the remaining raised funds of 462.0627 million yuan (excluding
interest income, the specific amount is subject to the actual balance in the special bank account on the day of funds transfer). This proposal was reviewed and approved
at the 2022 annual general meeting. The said Yiliang and Luding projects were terminated in advance due to the changes in the construction environment caused by
natural disasters that made the projects impossible to continue, and the remaining raised funds were not used for new projects. As of December 31, 2025, the amount
actually used to permanently supplement working capital was 461.9746 million yuan.

At the 11th meeting of the 9th Board of Directors held on April 19, 2023, the Proposal on Selling Assets to Minority-Owned Subsidiaries and RPTs was deliberated,
proposing to sell the equity in 7 pig farm projects in Sichuan and Chongqing region to Chengdu Tianfu Xingxinxin Farming Technology Co., Ltd., including the equity
in Lezhi County Xinmu Farming Co., Ltd., Luding Xinyue Farming Technology Co., Ltd., and Meishan Xinmu Farming Co., Ltd., the three of which were respectively
the operators of Lezhi Xinmu pig farming project, Luding Xinyue pig farming project and Meishan Xinmu pig farming project of “New Hope-CB2” Fund Raising
Project. This proposal was reviewed and approved at the 2022 annual general meeting. Lezhi Xinmu Farming Co., Ltd. was transferred to Chengdu Tianfu Xingxinxin
Farming Technology Co., Ltd. in 2023.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
162
3. Use of raised funds for different projects
□Applicable Not applicable
During the reporting period, the Company did not have any changes in the use of raised funds for different projects.
4. Verification opinion of an intermediary agency regarding the storage and usage of the raised funds
Applicable □Not applicable
Sichuan Huaxin (Group) Certified Public Accountants (Special General Partnership) conducted a special audit on this matter and
issued the Audit Report on the Placement and Utilization of Funds in 2025 by New Hope Liuhe Co., Ltd. (CHXZ 2026 No
0312000), stating that the Special Report on the Placement and Utilization of Funds in 2025 by New Hope Liuhe Co., Ltd. as at
December 31, 2025 prepared by the management complies with the relevant regulations such as the Regulatory Rules for Funds
Raised by Listed Companies (CSRC Announcement [2025] No. 10), the Self-Regulatory Guidelines No. 2 for Companies Listed on
Shenzhen Stock Exchange - Format of Announcements (Revised in 2025) and the Self-Regulatory Guidelines No. 1 for Companies
Listed on Shenzhen Stock Exchange - Standardized Operations of Main Board Listed Companies(Revised in 2025) , and has
truthfully reflected the Company's placement and utilization of funds in 2025 in all significant aspects.
XVII. Notes on other significant matters
Applicable □Not applicable
1. At the 1st extraordinary general meeting of 2025, Ms. Liu Chang, Mr. Zhang Minggui, Mr. Li Jianxiong, Ms. Yang Fang,
Mr. Tao Yuling and Mr. Zhou Boping were elected as non-independent directors of the 10th Board of Directors; Ms. Wang Jiafen,
Mr. Peng Long and Ms. Xie Jiayang were elected as independent directors of the 10th Board of Directors, with their terms of
office starting from the date of approval by the general meeting of shareholders and ending on the date when the term of the 10th
Board of Directors expires.
2. At the 1st meeting of the 10th Board of Directors, Ms. Liu Chang was elected as the Chairman of the 10th Board of
Directors. Her term of office is three years, starting from the date when the 1st meeting of 10th Board of Directors approves it and
ending on the date when the term of the 10th Board of Directors expires.
3. At the 1st meeting of the 10th Board of Directors, Mr. Tao Yuling was appointed as the President of the Company, Mr.
Zhao Liang as the Secretary to the Board of Directors, and Mr. Bai Xubo as the representative for securities affairs. Their terms of
office are all three years, starting from the date when the 1st meeting of 10th Board of Directors approves them and ending on the
date when the term of the 10th Board of Directors expires.
4. At the 2nd meeting of the 10th Board of Directors, Mr. Yan Qiubo was appointed as Vice President of the Company, Mr.
Wang Weiyong as the Vice President & Director of Human Resources, Mr. Li Shuang as the Vice President & Director of
Engineering and Equipment Operations, Ms. Shi Han as the CFO, and Mr. Wang Pusong as the Director of Investment
Development. Their terms of office are all three years, starting from the date when the 2nd meeting of the 10th Board of Directors
approved them and ending on the date when the term of the 10th Board of Directors expires.
5. To enhance strategic cooperation with major raw material suppliers, based on the actual needs of the procurement business,
the Company has provided a maximum guarantee of no more than 8.5487 billion yuan for raw material purchase and sales
contracts signed between 203 subsidiaries and 109 feed ingredient suppliers (including COFCO Trade Co., Ltd) within the
authorization period. This guarantee accounts for 33.32% of the Company's most recently audited (2024 ) net assets attributable to
shareholders of the listed company, which is 25,657.3303 million yuan. This matter has been deliberated and approved at the 2024
annual general meeting.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
163
6. To enhance work efficiency and carry out financing activities in a planned manner, the Company, based on the actual
situation of its production and operation, estimated that the total financing guarantee amount provided by the Company and its
majority-owned subsidiaries for subordinate companies in 2025 would be 62.6300 million yuan, representing 244.10% of its most
recently audited (2024) net assets attributable to shareholders of the listed company of 25,657.3303 million yuan. Including 56
billion yuan for majority-owned subsidiaries (including up to 6 billion yuan reserved for majority-owned subordinate companies),
1.13 billion yuan for minority-owned subsidiaries, and 5.5 billion yuan for farms (farmers), feed factories, distributors, etc. This
matter has been deliberated and approved at the 2024 annual general meeting.
7. New Hope Dairy Co., Ltd. is an enterprise controlled by Liu Chang, the Chairman of the Company; Caogen Zhiben Group
Co., Ltd. and its majority-owned subsidiaries, New Hope Wuxin Industrial Group Co., Ltd., Deyang New Hope Liuhe Food Co.,
Ltd. and its majority-owned subsidiaries are enterprises controlled by the same actual controller as the Company; Xingyuan
Environmental Technology Co., Ltd. is an enterprise where the Company's directors serve as directors; Shandong Zhongxin Food
Group Co., Ltd. and its majority-owned subsidiaries, as well as Chengdu Tianfu Xingxinxin Farming Technology Co., Ltd. and its
majority-owned subsidiaries are associated enterprises of the Company, with the Company's senior management serving as their
directors. In accordance with the Shenzhen Stock Exchange Listing Rules, the purchase and sale of products between the Company
and the above mentioned related parties and their subordinate companies constitute related party transaction. The Company
estimated that, in 2025, the total amount for purchasing products such as meat products, breeding equipment, and feed ingredients
from each related party and their subordinate enterprises would not exceed 3.736 billion yuan; the total amount for accepting
services provided by each related party and their subordinate enterprises would not exceed 1.065 billion yuan; the total amount for
leasing assets from related parties would not exceed 10 million yuan; the total amount for renting assets to related parties would
not exceed 25 million yuan; and the total amount for selling products such as feed, meat products, packaging materials, and
accessories to each related party and their subordinate enterprises would not exceed 7.414 billion yuan. This matter has been
deliberated and approved at the 2024 annual general meeting.
8. Due to the Company’s removal of Mr. Peng Long from the position of independent director and from his positions on
various committees of the Board of Directors, the 2nd extraordinary shareholders’ meeting in 2025 elected Ms. Li Tiantian as an
independent director of the 10th Board of Directors. Ms. Li Tiantian concurrently serves as a member of the Nomination
Committee, the Remuneration and Appraisal Committee, and the Risk Control Committee of the 10th Board of Directors. Her
term of office commenced on the date of approval by the shareholders’ meeting and will expire on the date when the term of the
10th Board of Directors expires.
9. At the 2nd extraordinary shareholders’ meeting in 2025, the Proposal on Extending the Validity Period of the Resolution of
the Shareholders’ Meeting on the Issue of A-Shares to Specific Objects was deliberated and approved. The Company resolved to
extend the validity period for matters relating to the proposed issue of A-shares to specific objects by 12 months from the original
expiration date, i.e., to extend such validity period to August 27, 2026.
10. Pursuant to the Shenzhen Stock Exchange Listing Rules, the RPT Management Measures of New Hope Liuhe Co., Ltd.,
and other relevant regulations, in light of the actual needs of the daily operations of the Company and its subsidiaries, the
Company added new regular transactions with related parties in 2025. It is estimated that purchases of meat products from the
related party, Chengdu Hope Food Co., Ltd. and its majority-owned subsidiaries, would increase by approximately 70 million; and
sales of hogs and meat products to the related party, Sichuan Jixian Digital Intelligence Supply Chain Technology Co., Ltd. and its
majority-owned subsidiaries, would increase by approximately 360 million. This matter has been deliberated and approved at the
5th meeting of the 10th Board of Directors.
11. At the 10th meeting of the 10th Board of Directors, the Proposal on Adjusting the Company's Plan for Issuing A-share
Stocks to Specific Objects and other proposals related to the issuance were deliberated and approved. The total amount of proceeds
to be raised from the issuance of A-shares to specific objects has been adjusted from not exceeding 3.8 billion (inclusive) to not
exceeding 3.337 billion (inclusive). Simultaneously, both the investment amount for each fund-raising project and the amount of
proceeds to be invested therein have been adjusted accordingly.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
164
12. Mr. Zhou Boping resigned from his positions as a director and as a member of a specialized committee of the Board of
Directors due to personal reasons. In accordance with the Company Law, the Shenzhen Stock Exchange Listing Rules, and other
applicable laws, regulations, normative documents, as well as the Articles of Association, the 5th meeting of the 4th Employee
Representative Assembly elected Mr. Pang Yundong as an employee representative director of the 10th Board of Directors. Mr.
Pang Yundong will join the other incumbent directors to form the 10th Board of Directors, with a term expiring on the date when
the term of the 10th Board of Directors expires.
XVIII. Significant matters related to subsidiaries
□Applicable Not applicable



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
165
Section 6 Changes in Shares and Information of Shareholders
I. Changes in shares
1. Changes in shares
Unit: share

Before
Increase/decrease (+, -)
After
Quantity
Percenta
ge
New
shares
issued
B
o
n
u
s

s
h
a
r
e
s
Pr
ov
id
en
t
fu
nd
co
nv
ert
ed
int
o
sh
ar
es
Others
Subtotal
Quantity
Percenta
ge
I.
Restricted
stocks
26,262,529
0.58%



-24,093,915
-24,093,915
2,168,614
0.05%
1.
Shares
held by
the state









2.
Shares
held by
state-
owned
legal
persons









3.
Shares
held by
other
domestic-
funded
entities
23,904,940
0.53%



-23,487,915
-23,487,915
417,025
0.01%
Incl.:
Shares
held by
domestic
legal
persons










Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
166
Shar
es held by
domestic
natural
persons
23,904,940
0.53%



-23,487,915
-23,487,915
417,025
0.01%
4.
Shares
held by
foreign
capital
2,357,589
0.05%



-606,000
-606,000
1,751,589
0.04%
Incl.:
Shares
held by
overseas
legal
persons









Shar
es held by
overseas
natural
persons
2,357,589
0.05%



-606,000
-606,000
1,751,589
0.04%
II.
Unrestrict
ed stocks
4,499,676,119
99.42%
207,858


721,715
929,573
4,500,605,692
99.95%
1.
Renminbi
common
shares
4,499,676,119
99.42%
207,858


721,715
929,573
4,500,605,692
99.95%
2.
Foreign
shares
listed at
home









3.
Foreign
shares
listed
abroad









4.
Others









III. Total
shares
4,525,938,648
100.00
%
207,858


-23,372,200
-23,164,342
4,502,774,306
100.00
%
Reasons for changes in shares
Applicable □Not applicable
(1) Reasons for new share change:
① During this reporting period, due to the conversion of a total of 207,858 shares of “New Hope-CB" and "New Hope-CB2",
the total share capital of the Company increased by 207,858 shares.
(2) Reasons for other changes in shares:

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
167
① On July 3, 2025, the Company repurchased and canceled the 23,372,200 restricted stocks, which had not been lifted from the
lock-up period, held by 526 incentive recipients under the Incentive Plan 2022.
② Former directors Mr. Liu Yonghao and Mr. Wang Hang, and the former independent director Ms. Cai Manli, whose lock-up
period had expired after leaving the position, had their combined 721,740 shares released from restrictions.
③ Former director Mr. Zhou Boping resigned from the position of director, and the 25 unrestricted tradable shares held by him
were locked up.
Approval of changes in shares
Applicable □Not applicable
(1) The repurchase and cancellation of restricted stocks under the Incentive Plan 2022 has been approved at the 16th meeting
of the 9th Board of Directors, the 12th meeting of the 9th Board of Supervisors, the 20th meeting of the 9th Board of Directors, the
15th meeting of the 9th Board of Supervisors, the 41st meeting of the 9th Board of Directors, the 27th meeting of the 9th Board of
Supervisors, the 2nd extraordinary general meeting of 2023, and the 1st extraordinary general meeting of 2025.
(2) Other changes in shares were in accordance with laws, regulations and normative documents such as the Shenzhen Stock
Exchange Listing Rules and the Self-Regulatory Guidelines No. 1 for Companies Listed on Shenzhen Stock Exchange -
Standardized Operations of Main Board Listed Companies, as well as relevant requirements of the Management Rules for the
Shares of the Company Held by Directors, Supervisors or Senior management of Listed Companies and Their Changes.
Title transfer of changes in shares
Applicable □Not applicable
(1) On July 3, 2025, the Company completed the repurchase and cancellation of the restricted stocks under the Incentive Plan
2022 with CSDC Shenzhen, repurchasing and canceling a total of 23,372,200 restricted stocks.
The impact of changes in shares on financial indicators such as basic earnings per share, diluted earnings per share, and net assets
per share attributable to ordinary shareholders of the Company in the most recent year and the most recent period
□Applicable Not applicable
Other information deemed necessary by the Company or required to be disclosed by securities regulators
□Applicable Not applicable
2. Changes in restricted stocks
Applicable □Not applicable

Unit: share
Sharehold
er
Opening
number of
restricted
stocks
Restricted
stocks
increased in
the current
period
Restricted
stocks
released for
sale in the
current period
Closing
number of
restricted
stocks
Reasons for
restriction on sales
Date of release
Liu
Chang
1,616,589
0
0
1,616,589
Executive lock-up
shares
Released in phases
according to SZSE rules
and incumbency of
senior management
Liu
Yonghao
669,240
0
-669,240
0
Executive lock-up
shares
November 28, 2025

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
168
Wang
Hang
45,000
0
-45,000
0
Executive lock-up
shares
November 28, 2025
Cai Manli
7,500
0
-7,500
0
Executive lock-up
shares
November 28, 2025
Zhang
Minggui
1,600,000
0
-1,600,000
0
Restricted stocks of
equity incentives
July 03, 2025
Zhou
Boping
75
25
0
100
Executive lock-up
shares
Released in phases
according to SZSE rules
and incumbency of
senior management
Pang
Yundong
54,000
0
-43,200
10,800
Executive restricted
stocks, restricted
stocks for equity
incentives
July 03, 2025
Tao
Yuling
984,375
0
-720,000
264,375
Executive restricted
stocks, restricted
stocks for equity
incentives
July 03, 2025
Chen
Xingyao
960,000
0
-960,000
0
Restricted stocks of
equity incentives
November 28, 2025
Li
Shuang
675,000
0
-540,000
135,000
Executive restricted
stocks, restricted
stocks for equity
incentives
July 03, 2025
Yan
Qiubo
93,750
0
-87,000
6,750
Executive restricted
stocks, restricted
stocks for equity
incentives
July 03, 2025
Lan Jia
800,000
0
-800,000
0
Restricted stocks of
equity incentives
November 28, 2025
Wang
Pusong
675,000
0
-540,000
135,000
Executive restricted
stocks, restricted
stocks for equity
incentives
July 03, 2025
Other
equity
incentive
recipients
18,082,000
0
-18,082,000
0
Restricted stocks of
equity incentives
July 03, 2025
Total
26,262,529
25
-24,093,940
2,168,614
--
--
II. Issuance and listing of securities
1. Issuance of securities (excluding preferred stocks) within the reporting period
□Applicable Not applicable
2. Notes on changes in the Company’s total shares and shareholding structure and changes in the
Company’s asset-liability structure
Applicable □Not applicable
(1) During the reporting period, the Company’s total share capital increased by 207,858 shares through conversion of 207,858
convertible corporate bonds.
(2) During the reporting period, the Company repurchased and canceled 23,372,200 restricted stocks, resulting in a decrease of
23,372,200 shares in the Company's total share capital and a reduction of 163,137,956.00 yuan in capital reserves.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
169
(3) The above changes in shares have no significant impact on the Company’s asset-liability structure.
3. Existing internal employee stock
□Applicable Not applicable
III. Shareholders and the actual controller
1. Number of shareholders of the Company and their shareholdings
Unit: share
Total
number of
ordinary
shareholder
s at the end
of the
reporting
period
197,752
Total
number of
ordinary
shareholder
s at the end
of the
month
immediatel
y preceding
the date of
disclosure
of the
annual
report
219,121
Total
number of
preferred
shareholder
s with
resumed
voting
power at
the end of
the
reporting
period (if
any) (see
Note 8)
0
Total number of
preferred shareholders
with resumed voting
power at the end of the
month immediately
preceding the date of
disclosure of the annual
report (if any) (see Note
8)
0
Shareholdings of shareholders each holding over 5% shares or the top 10 shareholders (excluding refinancing shares lent)
Shareholder
Nature of
shareholder
Shareho
lding
ratio
Shareholding at
the end the
period
Increase/decreas
e within the
reporting period
Number
of
restricted
shares
held
Number of
unrestricted
shares held
Pledge,
marking or
freezing
Share
status
Q
u
a
n
ti
t
y
Nanfang
Hope
Industry Co.,
Ltd.
Domestic
non-state-
owned legal
person
29.51%
1,328,957,185
0
0
1,328,957,185
N/A
0
New Hope -
Topsperity
Securities -23
Hope E1
Guarantee
and Trust
Property
Account
Domestic
non-state-
owned legal
person
14.55%
655,113,517
-278,494,974
0
655,113,517
N/A
0
New Hope
Group Co.,
Ltd.
Domestic
non-state-
owned legal
person
10.54%
474,766,175
278,494,974
0
474,766,175
N/A
0
China
Domestic
2.79%
125,602,591
0
0
125,602,591
N/A
0

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
170
Securities
Finance
Corporation
Ltd.
non-state-
owned legal
person
Xizang
Sizhuang
Investment
Consulting
Co., Ltd.
Domestic
non-state-
owned legal
person
2.24%
100,769,426
-4,000,000
0
100,769,426
N/A
0
Xizang
Shancheng
Investment
Consulting
Co., Ltd.
Domestic
non-state-
owned legal
person
1.97%
88,704,034
-5,000,000
0
88,704,034
N/A
0
Hong Kong
Securities
Clearing
Company
Limited
Overseas
legal person
1.82%
81,929,588
-3,909,668
0
81,929,588
N/A
0
Lhasa
Development
Area
Hezhiwang
Industrial
Co., Ltd.
Domestic
non-state-
owned legal
person
1.11%
50,046,892
-1,096,700
0
50,046,892
N/A
0
One-one-
eight
portfolio of
National
Social
Security Fund
Others
1.11%
49,910,602
46,566,302
0
49,910,602
N/A
0
Zheshang
Bank Co.,
Ltd. - Cathay
China
Securities
Animal
Husbandry
Trading
Open-ended
Index
Securities
Investment
Fund
Others
0.97%
43,670,223
12,576,625
0
43,670,223
N/A
0
Strategic investors or general
legal persons included the top
10 shareholders due to
placement of new shares (if
any)(see Note 3)
None
Notes on related-party
relationships among the
aforesaid shareholders or
actions in concert
New Hope Group is the controlling shareholder of Nanfang Hope, and they are persons acting in
concert with each other. Apart from that, the Company is not aware of whether its top ten
shareholders have other related-party relationships or actions in concert.
Notes on entrusted/fiduciary
voting rights and waiver of
voting rights involving the
New Hope Group, the controlling shareholder of the Company, appointed “Topsperity Securities
Co., Ltd.” as the trustee of the “New Hope - Topsperity Securities -23 Hope E1 Guarantee and
Trust Property Account” to exercise the voting rights on behalf of New Hope Group during the
existence period of the exchangeable corporate bonds of New Hope Group。

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
171
aforesaid shareholders
Special note on the existence
of repurchase dedicated
accounts among the top 10
shareholders (if any)(see
Note 10)
None
Shareholding of the top 10 unrestricted shareholders (excluding shares lent through refinancing or executive restricted stocks)
Shareholder
Number of unrestricted stocks
held at the end of the reporting
period
Share category
Share category
Quantity
Nanfang Hope Industry Co., Ltd.
1,328,957,185
RMB common stock
1,328,957,185
New Hope - Topsperity Securities -
23 Hope E1 Guarantee and Trust
Property Account
655,113,517
RMB common stock
655,113,517
New Hope Group Co., Ltd.
474,766,175
RMB common stock
474,766,175
China Securities Finance
Corporation Ltd.
125,602,591
RMB common stock
125,602,591
Xizang Sizhuang Investment
Consulting Co., Ltd.
100,769,426
RMB common stock
100,769,426
Xizang Shancheng Investment
Consulting Co., Ltd.
88,704,034
RMB common stock
88,704,034
Hong Kong Securities Clearing
Company Limited
81,929,588
RMB common stock
81,929,588
Lhasa Development Area
Hezhiwang Industrial Co., Ltd.
50,046,892
RMB common stock
50,046,892
One-one-eight portfolio of National
Social Security Fund
49,910,602
RMB common stock
49,910,602
Zheshang Bank Co., Ltd. - Cathay
China Securities Animal
Husbandry Trading Open-ended
Index Securities Investment Fund
43,670,223
RMB common stock
43,670,223
Notes on the related-party
relationships or actions in concert
among the top 10 unrestricted
outstanding shareholders and
between the top 10 unrestricted
outstanding shareholders and the
top 10 shareholders
New Hope Group is the controlling shareholder of Nanfang Hope, and they are persons
acting in concert with each other. Apart from that, the Company is not aware of whether its
top ten shareholders have other related-party relationships or actions in concert.
Notes on participation of top 10
ordinary shareholders in securities
margin trading business (if
any)(see Note 4)
None
Refinancing shares lent by shareholders holding more than 5% shares, the top 10 shareholders and the top 10 unrestricted public
shareholders
□Applicable Not applicable
Changes in the top 10 shareholders and the top 10 unrestricted public shareholders due to refinancing lending/restitution compared
with the previous period
□Applicable Not applicable
Whether the top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders of the Company conducted agreed
repurchase transactions within the reporting period
□Yes No
The top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders of the Company did not conduct any agreed
repurchase transactions within the reporting period。

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
172
2. Controlling shareholder of the Company
Nature of the controlling shareholder: natural person holding
Type of the controlling shareholder: legal person
Name of the
controlling shareholder
Legal
Representative
/ person in
charge of the
organization
Date of
establishment
Organization code
Main business
New Hope Group Co.,
Ltd.
Liu Yonghao
January 9, 1997
915100002018938457
Development and construction of
agricultural,
forestry,
animal
husbandry, sideline and fishery
industry bases; development of
ecological resources; construction of
vegetable
production
bases;
processing, warehousing and sale of
feeds and agricultural and sideline
products (except for cotton, tobacco,
silkworm cocoon and cereals and
oils); development of high and new
technologies; sale of chemical raw
materials and products, construction
materials
(the
aforesaid
items
exclude
hazardous
chemicals),
ordinary
machinery,
electrical
machinery,
electronic
products,
hardware and electrical appliances,
knitwear and textiles and cultural
and office supplies; export of self-
made
products
and
related
technologies and import of raw and
auxiliary
materials,
instruments,
mechanical equipment, components
and
accessories
and
related
technologies required for production
and scientific research, processing
with supplied materials and the
three-processing
and
one
compensation
business;
and
commercial services. (No business
activities
of
items
subject
to
approval in accordance with the law
until so approved by relevant
authorities)
The controlling
shareholder's equities
in other majority-
owned and minority-
owned domestic and
overseas listed
companies during the
reporting period
South Hope, New Hope Chemical and Beishuo Investment, three subsidiaries of New Hope Group, are
shareholders of Polaris Bay Group Co., Ltd. (stock abbreviation: Polaris Bay, stock code: 600155),
holding 269.6425 million shares, with a shareholding ratio of 12.18%.
New Hope Chemical, a subsidiary of New Hope Group, is the controlling shareholder of Huarong
Chemical Co., Ltd. (stock abbreviation: Huarong Chemical, stock code: 301256), holding 343.80
million shares, with a shareholding ratio of 71.63%.
Nanfang Hope and New Hope Chemical, two subsidiaries of New Hope Group, are shareholders of
China Minsheng Banking Corporation Limited (stock abbreviation: Minsheng Bank, stock code: A-
share 600016, H-share 01988). Nanfang Hope holds 405.1773 million A-shares and H-shares, with a
shareholding ratio of 0.93%; New Hope Chemical holds 68 million H-shares, with a shareholding ratio
of 0.16%.
Change in the controlling shareholder during the reporting period

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173
□Applicable Not applicable
The controlling shareholder of the Company did not change during the reporting period.
3. Actual controller of the Company and the persons acting in concert therewith
Nature of the actual controller: domestic natural person
Type of the actual controller: natural person
Name of the actual controller
Relationship with the actual
controller
Nationality
Whether with residence status
in other countries or regions
Liu Yonghao
Himself
Chinese
No
Main occupation and position
Mr. Liu Yonghao is the board chairman of New Hope Group, vice board chairman of China
Minsheng Banking Corporation Limited, president of the Global General Association of Sichuan
Entrepreneurs, member of the 14th National Committee of the CPPCC and vice president of
China Association for Public Companies. Mr. Liu Yonghao was vice president of National
Glorious Cause Promotion Association, member of the 8th national committee of the CPPCC,
member of the 9th standing committee of the CPPCC, member of the 10th standing committee of
the CPPCC and deputy director of economic committee, member of the 11th national committee
of the CPPCC and deputy director of economic committee, deputy to the 12th National People’s
Congress and member of the 13th national committee of the CPPCC.
Domestic and overseas listed
companies that was controlled
by shareholdings in the past
10 years
Mr. Liu Yonghao controls Huarong Chemical (301256.SZ) and Feima International (002210.SZ);
jointly controls New Hope Dairy (002946.SZ) and New Hope Service (3658.HK) with Liu
Chang; and controlled Polaris Bay (600155. SH) and Xingyuan Environment (300266.SZ)
Change of the actual controller during the reporting period
□Applicable Not applicable
The actual controller of the Company did not change during the reporting period.
Block diagram of property rights and controlling relationship between the Company and the actual controller

New Hope Asia Pacific Investment Holdings Co., Ltd.
Liu
Yongha
o
Lhasa ETDZ
New Hope Investment Co., Ltd.
New Hope Group Co., Ltd.

Nanfang Hope Industry Co., Ltd.
New Hope Liuhe Co., Ltd.
New Hope Holding Group Co., Ltd.
14.602%
100.00%
99.25%
100.00%
75.00%
51.00%
29.51%
10.54%
0.02%
New Hope - Topsperity Securities -23 Hope E1
Guarantee and Trust Property Account
100.00%
14.55%

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
174
The actual controller controls the Company through trust or other means of asset management.
□Applicable Not applicable
4. Shares cumulatively pledged by the Company’s controlling shareholder or largest shareholder and
person acting in concert therewith account for 80% of shares held by them in the Company
□Applicable Not applicable
5. Other corporate shareholders with shareholding ratio of over 10%
Applicable □Not applicable
Name of corporate
shareholder
Legal
Representativ
e/ person in
charge of the
organization
Date of
establishment
Registered Capital
Main business and management
activities
Nanfang Hope Industry
Co., Ltd.
Li Jianxiong
November 21, 2002
1,034,313,725 yuan
Feed research and development;
wholesale and retail of electronics,
hardware and electrical equipment,
general merchandise, knitwear and
textiles, cultural and office supplies
(excluding color photocopiers),
building materials (excluding
hazardous chemicals and timbers),
agricultural, sideline and native
products (except for varieties
specifically stipulated by the state),
chemical products (except for
hazardous chemicals), mechanical
equipment; investment and
consulting services (except for
intermediary services) (No business
activities of items subject to
approval in accordance with the law
until so approved by relevant
authorities)
6. Restrictions on shareholding reduction of the controlling shareholder, actual controller, reorganization
related parties and other committing entities
□Applicable Not applicable
IV. Implementation of share repurchase within the reporting period
Progress of share repurchase
□Applicable Not applicable
Progress of reduced holding of share repurchased by centralized bidding
□Applicable Not applicable

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
175
V. Preferred stocks
□Applicable Not applicable
The Company had no preferred stocks during the reporting period.



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
176
Section 7 Bonds
Applicable □Not applicable
I. Enterprise bonds
□Applicable Not applicable
The Company had no enterprise bonds during the reporting period.
II. Corporate bonds
□Applicable Not applicable
The Company had no corporate bonds during the reporting period.
III. Debt financing instruments for non-financial enterprises
Applicable □Not applicable
1. Basic information on debt financing instruments for non-financial enterprises
Unit: 10,000 yuan
Bond
Bond
abbreviati
on
Bond code
Date
issued
Value
date
Due
date
Bond
balance
Interest
rate
Method of
principal
repayment
and
interest
payment
Trading
place
New Hope
Liuhe Co.,
Ltd. 2021
First Tranche
Medium-term
Note (for
Rural
Revitalization
)
21 Hope
Liuhe
MTN001
(for Rural
Revitaliza
tion)
102100490
March 17,
2021
March
19, 2021
March
19, 2026
14,000
3.00%
Interest
paid
annually,
and
principal
repaid in
lump sum
upon
maturity
Interban
k bond
market
New Hope
Liuhe Co.,
Ltd. 2024
First Tranche
Targeted Debt
Financing
Instrument
24 Hope
Liuhe
PPN001
032480959
August
28, 2024
August
30, 2024
August
30, 2029
50,000
3.10%
Interest
paid
annually,
and
principal
repaid in
lump sum
upon
maturity
Interban
k bond
market
New Hope
Liuhe Co.,
Ltd. 2025
First Tranche
Super Short-
term
25 Hope
Liuhe
SCP001
(for Rural
Revitaliza
tion)
012581001
April 22,
2025
April
23, 2025
October
20, 2025
50,000
2.10%
Lump sum
principal
repayment
and
interest
payment
Interban
k bond
market

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
177
Commercial
Paper (for
Rural
Revitalization
)
upon
maturity
New Hope
Liuhe Co.,
Ltd. 2025
Second
Tranche
Science and
Technology
Innovation
Bond (for
Rural
Revitalization
)
25 Hope
Liuhe
SCP002
(Science
and
Technolog
y
Innovatio
n Bond)
012581437
June 19,
2025
June 20,
2025
March
17, 2026
50,000
1.85%
Lump sum
principal
repayment
and
interest
payment
upon
maturity
Interban
k bond
market
New Hope
Liuhe Co.,
Ltd. 2025
First Tranche
Green
Science and
Technology
Innovation
Bond (for
Rural
Revitalization
)
25 Hope
Liuhe
MTN001
(Science
and
Technolog
y
Innovatio
n Bond)
102583523
August
18, 2025
August
19, 2025
August
19, 2028
50,000
1.95%
Interest
paid
annually,
and
principal
repaid in
lump sum
upon
maturity
Interban
k bond
market
New Hope
Liuhe Co.,
Ltd. 2025
Third Tranche
Science and
Technology
Innovation
Bond (for
Rural
Revitalization
)
25 Hope
Liuhe
SCP003
(Science
and
Technolog
y
Innovatio
n Bond)
012582566
October
23, 2025
October
24, 2025
July 21,
2026
50,000
1.80%
Lump sum
principal
repayment
and
interest
payment
upon
maturity
Interban
k bond
market
New Hope
Liuhe Co.,
Ltd. 2026
First Tranche
Green
Science and
Technology
Innovation
Bond (for
Rural
Revitalization
)
26 Hope
Liuhe
MTN001
(Science
and
Technolog
y
Innovatio
n Bond)
102680266
January
22, 2026
January
22, 2026
January
22, 2029
100,000
2.10%
Interest
paid
annually,
and
principal
repaid in
lump sum
upon
maturity
Interban
k bond
market
Bonds that are overdue
□Applicable Not applicable

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
178
2. Trigger and enforcement of issuer or investor option clauses and investor protection clauses
□Applicable Not applicable
3. Intermediary agencies
Bond project name
Intermediary name
Office address
Name of
signing
accountant
Intermediar
y contact
Contact number
New Hope Liuhe Co.,
Ltd. 2021 First Tranche
Medium-term Note (for
Rural Revitalization)
Sichuan Huaxin
(Group) Certified
Public Accountants
(Special General
Partnership)
28/F, Jinmao Lidu
South Building, #18,
Ximianqiao Street,
Chengdu
Tang Hui, Gu
Li
Gu Li
028-85560449
New Hope Liuhe Co.,
Ltd. 2024 First Tranche
Targeted Debt
Financing Instrument
Sichuan Huaxin
(Group) Certified
Public Accountants
(Special General
Partnership)
28/F, Jinmao Lidu
South Building, #18,
Ximianqiao Street,
Chengdu
Tang Hui, Gu
Li
Gu Li
028-85560449
New Hope Liuhe Co.,
Ltd. 2025 First Tranche
Super Short-term
Commercial Paper (for
Rural Revitalization)
Sichuan Huaxin
(Group) Certified
Public Accountants
(Special General
Partnership)
28/F, Jinmao Lidu
South Building, #18,
Ximianqiao Street,
Chengdu
Tang Hui, Gu
Li
Gu Li
028-85560449
New Hope Liuhe Co.,
Ltd. 2025 Second
Tranche Science and
Technology Innovation
Bond (for Rural
Revitalization)
Sichuan Huaxin
(Group) Certified
Public Accountants
(Special General
Partnership)
28/F, Jinmao Lidu
South Building, #18,
Ximianqiao Street,
Chengdu
Tang Hui, Gu
Li
Gu Li
028-85560449
New Hope Liuhe Co.,
Ltd. 2025 First Tranche
Green Science and
Technology Innovation
Bond (for Rural
Revitalization)
Sichuan Huaxin
(Group) Certified
Public Accountants
(Special General
Partnership)
28/F, Jinmao Lidu
South Building, #18,
Ximianqiao Street,
Chengdu
Tang Hui, Gu
Li
Gu Li
028-85560449
New Hope Liuhe Co.,
Ltd. 2025 Third
Tranche Science and
Technology Innovation
Bond (for Rural
Revitalization)
Sichuan Huaxin
(Group) Certified
Public Accountants
(Special General
Partnership)
28/F, Jinmao Lidu
South Building, #18,
Ximianqiao Street,
Chengdu
Tang Hui, Gu
Li
Gu Li
028-85560449
New Hope Liuhe Co.,
Ltd. 2026 First Tranche
Green Science and
Technology Innovation
Bond (for Rural
Revitalization)
Sichuan Huaxin
(Group) Certified
Public Accountants
(Special General
Partnership)
28/F, Jinmao Lidu
South Building, #18,
Ximianqiao Street,
Chengdu
Tang Hui, Gu
Li
Gu Li
028-85560449
Whether the aforesaid organizations changed during the reporting period
□Yes No
4. Use of raised funds
Unit: 10,000 yuan

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
179
Bond project name
Total
amount
raised
Agreed use
of raised
funds
Amount
used
Amount
unused
Operation
of fund-
raising
account (if
any)
Rectificatio
n of illegal
use of raised
funds (if
any)
Whether
consistent with
the purpose,
use plan and
other
covenants as
promised in
the prospectus
New Hope Liuhe Co., Ltd.
2021 First Tranche
Medium-term Note (for
Rural Revitalization)
200,000
200,000
200,000
0
None
None
Yes
New Hope Liuhe Co., Ltd.
2024 First Tranche
Targeted Debt Financing
Instrument
50,000
50,000
50,000
0
None
None
Yes
New Hope Liuhe Co., Ltd.
2025 First Tranche Super
Short-term Commercial
Paper (for Rural
Revitalization)
50,000
50,000
50,000
0
None
None
Yes
New Hope Liuhe Co., Ltd.
2025 Second Tranche
Science and Technology
Innovation Bond (for Rural
Revitalization)
50,000
50,000
50,000
0
None
None
Yes
New Hope Liuhe Co., Ltd.
2025 First Tranche Green
Science and Technology
Innovation Bond (for Rural
Revitalization)
50,000
50,000
50,000
0
None
None
Yes
New Hope Liuhe Co., Ltd.
2025 Third Tranche
Science and Technology
Innovation Bond (for Rural
Revitalization)
50,000
50,000
50,000
0
None
None
Yes
New Hope Liuhe Co., Ltd.
2026 First Tranche Green
Science and Technology
Innovation Bond (for Rural
Revitalization)
100,000
100,000
100,000
0
None
None
Yes
Use of raised funds for construction projects
□Applicable Not applicable
Any change to the purpose of funds raised by the aforesaid bonds during the reporting period
□Applicable Not applicable
5. Adjustment to credit rating results during the reporting period
□Applicable Not applicable
6. Performance and changes of guarantee, debt repayment plan and other debt repayment protection
measures during the reporting period and the impact on the rights and interests of bond investors
□Applicable Not applicable

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
180
IV. Convertible corporate bonds
Applicable □Not applicable
1. Issuance of convertible bonds
In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co., Ltd.
(CSRC Approval [2019] No.1902) issued by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”),
the Company publicly issued 40 million convertible corporate bonds on January 3, 2020, each having a par value of 100 yuan, for
a total amount of 4 billion yuan. These bonds began trading on SZSE as of February 4, 2020, under the bond abbreviation “New
Hope-CB” and bond code “127015.” In accordance with the Prospectus for the Public Offering of A-Share Convertible Corporate
Bonds of New Hope Liuhe Co., Ltd., the conversion period for the convertible bonds issued commences on the first trading day
(July 9, 2020) that is six months after the issue closing date (January 9, 2020) and ends on the bond maturity date (January 2,
2026).
In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co., Ltd.
(CSRC Approval [2021] No. 1351) issued by the CSRC, the Company publicly issued 81.50 million convertible corporate bonds
on November 2, 2021, each having a par value of 100 yuan, for a total amount of 8.15 billion yuan. These bonds began trading on
SZSE as of November 29, 2021, under the bond abbreviation “New Hope-CB2” and bond code “127049”. In accordance with the
Prospectus for the Public Offering of Convertible Corporate Bonds of New Hope Liuhe Co., Ltd., the conversion period for the
convertible bonds issued commences on the first trading day (May 9, 2022) that is six months after the issue closing date
(November 8, 2021) and ends on the bond maturity date (November 1, 2027, or the next trading day if such date falls on a holiday).
2. Breakdown of the guarantors and the top ten holders of the convertible bonds within the reporting
period
Convertible corporate bond name
Publicly Offered A-Share Convertible Corporate Bonds of New Hope Liuhe Co., Ltd.
Closing number of convertible corporate
bond holders
4,358
Guarantor of the convertible bonds
None
Significant changes in profitability, asset
condition and credit standing of
guarantors
None
Details of the top 10 convertible bond holders are as follows:
S/N
Convertible corporate bond
holder
Nature of
convertible
corporate
bond holder
Closing number of
convertible corporate
bonds held (pieces)
Closing amount of
convertible corporate
bonds held (yuan)
Percentage of
convertible
corporate bonds
held at the end
of reporting
period
1
Shanghai Haichu Asset
Management Co., Ltd. -
Haichu Diversified Stable
Growth Private Securities
Investment Fund
Others
386,880
38,688,000.00
4.08%
2
Wuxi Rongjin Investment
Fund Management Co., Ltd. -
Wuxi Rongjin Shanli Private
Securities Investment Fund
Others
357,179
35,717,900.00
3.77%

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
181
3
Guoyuan Securities -
Industrial and Commercial
Bank of China - Guoyuan
Securities Yuanying Private
Wealth No. 1 Collective Asset
Management Plan
Others
259,000
25,900,000.00
2.73%
4
Aegon-Industrial Fund -
China Citic Bank - Aegon
Global Fund Stable Bond No.
2 Collective Asset
Management Plan
Others
194,720
19,472,000.00
2.06%
5
China Citic Bank Corporation
Limited - Xin’ao Credit Bond
Securities Investment Fund
Others
175,000
17,500,000.00
1.85%
6
China Re Asset Management
- Industrial Bank - China Re
Asset - Ruiqi No. 6 Asset
Management Product
Others
166,539
16,653,900.00
1.76%
7
Shanghai Yingshui
Investment Management Co.,
Ltd. - Yingshui Fangyuan
Multi-Strategy No. 1 Private
Securities Investment Fund
Others
166,240
16,624,000.00
1.75%
8
China Re Asset Management
- China Everbright Bank -
China Re Asset - Ruicheng
No. 6 Asset Management
Product
Others
160,372
16,037,200.00
1.69%
9
Gaozhi (Shanghai)
Investment Management Co.,
Ltd. - Gaozhi Longcheng No.
1 Private Fund
Others
150,127
15,012,700.00
1.58%
10
UBS AG
Overseas legal
person
150,005
15,000,500.00
1.58%

Convertible corporate bond name
Publicly Offered Convertible Corporate Bonds of New Hope Liuhe Co., Ltd.
Closing number of convertible corporate
bond holders
22,038
Guarantor of the convertible bonds
None
Significant changes in profitability, asset
condition and credit standing of
guarantors
None
Details of the top 10 convertible bond holders are as follows:
S/N
Convertible corporate bond
holder
Nature of
convertible
corporate bond
holder
Closing number of
convertible corporate
bonds held (pieces)
Closing amount of
convertible
corporate bonds
held (yuan)
Percentage of
convertible
corporate bonds
held at the end
of reporting
period
1
China Merchants Bank
Company Limited - Bosera
CSI Convertible and
Exchangeable Bond ETF
Others
5,614,443
561,444,300.00
6.89%
2
Minsheng Securities Co., Ltd.
Domestic non-
state-owned legal
2,778,043
277,804,300.00
3.41%

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
182
person
3
Bank of Beijing Co., Ltd. -
Invesco Great Wall Jingyi
Fengli Bond Securities
Investment Fund
Others
1,991,800
199,180,000.00
2.45%
4
Guosen Securities Co., Ltd.
State-owned legal-
person
1,979,691
197,969,100.00
2.43%
5
China Minsheng Banking
Corporation Limited -
Everbright Pramerica Credit
Tianyi Bond Securities
Investment Fund
Others
1,857,622
185,762,200.00
2.28%
6
Bank of Beijing Co., Ltd. -
Penghua Dual Bond Jiali
Bond Securities Investment
Fund
Others
1,778,547
177,854,700.00
2.18%
7
China Construction Bank
Corporation - Everbright
Pramerica Incremental
Income Bond Securities
Investment Fund
Others
1,463,423
146,342,300.00
1.80%
8
Shanghai Ruijun Asset
Management Co., Ltd. -
Ruijun Juxiang Privately
Offered Securities Investment
Fund
Others
1,403,742
140,374,200.00
1.72%
9
Industrial and Commercial
Bank of China Limited -
Fullgoal Xingli Enhanced
Bond Initiated Securities
Investment Fund
Others
1,182,219
118,221,900.00
1.45%
10
Agricultural Bank of China
Limited - Penghua
Convertible Bond Securities
Investment Fund
Others
1,151,955
115,195,500.00
1.41%

3. Movement in convertible bonds within the reporting period
Applicable □Not applicable
Unit: yuan
Convertible corporate bond name
Before
Current movement
After
Conversion
Rede
mptio
n
Put
option
Publicly Offered A-Share
Convertible Corporate Bonds of
New Hope Liuhe Co., Ltd.
949,414,600.00
201,559.00


947,278,100.00
Publicly Offered Convertible
Corporate Bonds of New Hope
Liuhe Co., Ltd.
8,143,504,800.00
6,299.00


8,143,437,900.00
4. Accumulated conversion into shares
Applicable □Not applicable

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
183
Convert
ible
corporat
e bond
name
Conversion
period (start
and end
dates)
Total
issuance
quantity
(pieces)
Total
issuance
amount
(yuan)
Accumulate
d amount of
conversion
(yuan)
Accumulated
number of
shares
converted
(shares)
Percentage
of the
number of
shares
converted in
the total
amount of
shares
issued prior
to the
conversion
commence
ment date
Amount yet
to be
converted
into shares
(yuan)
Percentage
of the
amount
that has
not been
converted
into shares
in the total
issuance
amount
New
Hope-
CB
Jul. 9, 2020-
Jan. 2, 2026
40,000,0
00
4,000,000,0
00.00
3,052,721,9
00.00
155,338,098
3.68%
947,278,100
.00
23.68%
New
Hope-
CB2
May 9,
2022-
November
1, 2027
81,500,0
00
8,150,000,0
00.00
6,562,100.0
0
456,966
0.01%
8,143,437,9
00.00
99.92%
5. Previous adjustment and correction of share conversion price
Convertible
corporate
bond name
Conversion price
adjustment date
Conversion
price after
adjustment
(yuan)
Date of disclosure
Note on conversion price
adjustment
Latest
conversion
price as of the
end of this
report period
(yuan)
New Hope-
CB
June 19, 2020
19.63
June 12, 2020
The Company implemented the
2019 annual equity distribution
plan
19.63
New Hope-
CB
October 29, 2020
19.75
October 27, 2020
The Company issued non-
publicly traded stocks to two
specific investors
19.75
New Hope-
CB
September 15, 2022
19.66
September 14, 2022
The Company granted 2022
restricted stocks to 199
incentive recipients for the first
time
19.66
New Hope-
CB2
September 15, 2022
14.40
September 14, 2022
The Company granted 2022
restricted stocks to 199
incentive recipients for the first
time
14.40
New Hope-
CB
July 25, 2023
19.64
July 24, 2023
The Company reserved and
granted 2022 restricted stocks
to 370 incentive recipients
19.64
New Hope-
CB2
July 25, 2023
14.39
July 24, 2023
The Company reserved and
granted 2022 restricted stocks
to 370 incentive recipients
14.39
New Hope-
CB, New
Hope-CB2
December 28, 2023
10.60
December 28, 2023
Downward adjustment
10.60
New Hope-
CB, New
Hope-CB2
July 7, 2025
10.61
July 5, 2025
Repurchase and cancellation of
2022 restricted stocks
10.61
New Hope-
July 25, 2025
10.59
July 18, 2025
The Company implemented the
10.59

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
184
CB, New
Hope-CB2
2024 annual equity distribution
plan
V. Losses within the scope of consolidated statements exceeding 10% of the net assets as at
the end of the previous year during the reporting period
□Applicable Not applicable
VI. Interest-bearing debts overdue other than bonds at the end of the reporting period
□Applicable Not applicable
VII. Whether there were violations of rules and regulations within the reporting period
□Yes No
VIII. Key accounting data and financial indicators of the Company in the past two years as
at the end of the reporting period
Unit: 10,000 yuan
Item
By the end of current
reporting period
By the end of previous
reporting period
Increase/decrease
Liquidity ratio
0.4876
0.4732
3.04%
Asset-liability ratio
69.89%
69.01%
0.88%
Quick ratio
0.2566
0.2455
4.52%

Current reporting period
Previous reporting period
YoY increase/decrease
Net profit after deduction
non-recurring gains and
losses
-147,365.48
61,443.39
-339.84%
EBITDA total debt ratio
8.39%
10.69%
-2.30%
Interest coverage ratio
0.43
0.96
-55.21%
Cash interest coverage ratio
6.04
4.25
42.12%
EBITDA interest coverage
ratio
2.27
2.40
-5.42%
Loan repayment rate
100.00%
100.00%
0.00%
Interest coverage
100.00%
100.00%
0.00%



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
185
Section 8 Financial Report
I. Auditor’s Report
Type of auditor’s opinions
Standard unqualified opinion
Report signing date
April 28, 2026
Auditor
Sichuan Huaxin (Group) Certified Public Accountants (Special
General Partnership)
Report No.
CHXS (2026) No. 0033000
Name of CPA
Tang Hui, Gu Li
Text of the Auditor's Report
To all shareholders of New Hope Liuhe Co., Ltd.:
I. Auditor's opinion
We have audited the financial statements of New Hope Liuhe Co., Ltd. (hereinafter referred to as “New Hope”), including
the consolidated and the parent company's balance sheets as at December 31, 2025, consolidated and the parent company's income
statements, consolidated and the parent company's cash flow statements, consolidated and the parent company's statements of
changes in shareholders’ equity for 2025, and the notes to the financial statements.
In our opinion, the attached financial statements were prepared in accordance with the Accounting Standards for Business
Enterprises in all material aspects, and give a fair view of the consolidated and the parent company’s financial status as at
December 31, 2025 and of the consolidated and the parent company’s business results and cash flows for 2024
II. Basis for auditor’s opinion
We conducted our audit in accordance with the Auditing Standards for China Certified Public Accountants. Our
responsibilities under these standards are further described in the section “CPA’s responsibilities for the audit of the financial
statements” of this audit report. We are independent of New Hope in accordance with the Independence Standards for Chinese
Certified Public Accountants and the China Code of Ethics for Certified Public Accountants. We have adhered to the independence
requirements for auditing public interest entities and fulfilled other responsibilities related to professional ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
III. Key audit matters
Key audit matters are matters that we believe most important for the audit of the current financial statements according to
our professional judgment. The response to these matters was made against the background of audit of the financial statements as a
whole and formation of audit opinion, and we don’t express any opinion on these matters separately. We have identified the
following matters as key audit matters:
(I) Revenue recognition
Please refer to notes “V. (35) Revenue” and “VIII. (46) Operating income and operating costs” to the financial statements.
Key audit matters
How the matter is responded to in the audit
In 2025, the main business revenue of New Hope
was 106.476 billion yuan, mainly derived from
feed production and sales, as well as pig farming
and sales. The sales revenue of New Hope's
commodities is recognized when the customers
obtain control over the relevant goods. Since
The audit procedures we performed for revenue recognition mainly include:
(1) Testing and evaluating the effectiveness of internal controls related to
revenue recognition;
(2) Selecting significant sales contracts, reviewing key contract terms, and
evaluating the reasonableness of accounting policies related to revenue
recognition;

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
186
revenue is one of the key performance indicators of
the Company and the inherent risk of generating
misstatements is high, we have identified revenue
recognition as a key audit matter.
(3) Selecting major and significant new customers, conducting inquiries
through public channels to obtain relevant information, understanding the
commercial background of the cooperation with the Company, evaluating the
commercial rationality of the transactions, and checking for any unidentified
related party relationships and unusual transaction indications;
(4) Performing analytical review procedures, analyzing the reasonableness of
changes in revenue and gross margin, and comparing them with figures from
the same period of the prior year;
(5) Examining supporting documents for revenue recognition, including sales
orders, delivery notes, and weighbridge tickets;
(6) Performing cut-off testing on sales prior to and after the balance sheet date
to assess whether the related revenue was recorded in the appropriate
accounting period; and
(7) Selecting specific customers to confirm transaction amounts and
outstanding balances through confirmation letters.
(II) Impairment of biological assets
Please refer to the notes "V. (23) Biological assets", "VII. (7) Inventory" and "VII. (14) Productive biological assets" to the
financial statements.
Key audit matters
How the matter is responded to in the audit
As at December 31, 2025, the book value of New
Hope's biological assets was 7,238.9186 million
yuan, accounting for 6.34% of the total assets. The
market prices of biological assets are greatly
affected by cyclical fluctuations and epidemics,
therefore, we regard impairment of biological
assets as a key audit matter given the fact that the
biological assets have material impacts on financial
statements and New Hope’s management needs to
exercise material judgments when determining the
net realizable value or recoverable amount of
biological assets.
The audit procedures we performed for impairment of biological assets mainly
include:
(1) Testing and evaluating the effectiveness of internal controls related to
impairment of biological assets;
(2) Supervising the inventory sampling of biological assets and examining the
quantities and status of biological assets;
(3) Communicating with the management to understand and assess the
precautions and risk response strategies for safety of biological assets in day-
to-day business process;
(4) Evaluating the important assumptions used by the management in
calculating the net realizable value or recoverable amount of biological assets,
including examining the selling prices, death rates, cost per unit and cost of
sales;
(5) Inquiring about the changes in prices of biological assets such as pigs in
recent years, understanding the patterns of periodic price fluctuations of
products like pigs, and examining and analyzing the effects of management’s
consideration of these factors on impairment risk of biological assets; and
(6) Acquiring the statement of impairment provision calculation for biological
assets of New Hope, examining and analyzing the rationality of the net
realizable values or recoverable amounts, and assessing the accuracy of the
impairment provision for biological assets.
IV. Other information
The management of New Hope is responsible for other information. Other information includes information in the 2025
Annual Report other than the financial statements and this auditor's report.
Our opinion on the financial statements does not cover the other information, nor do we express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
V. Responsibilities of the management and governance layer for the financial statements

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187
The management of New Hope is responsible for the preparation of the financial statements that give a fair view in
accordance with the Accounting Standards for Business Enterprises and for design, implementation and maintenance of necessary
internal control to ensure that the financial statements are free from material misstatement due to fraud or error.
When preparing the financial statements, the management is responsible for evaluating New Hope’s ability to continue as a
going concern, disclosing matters related to going concern (if applicable), and applying the going concern assumption, unless the
management plans to liquidate New Hope, ceases to operate or has no other realistic options.
The governance layer is responsible for supervising the financial reporting process of New Hope.
VI. CPA’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with the auditing standards will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial
statements.
As part of an audit in accordance with the auditing standards, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the management.
(4) Conclude on the appropriateness of the management’s use of going concern basis of accounting, And, based on the audit
evidence obtained, conclude on whether a material uncertainty exists related to events or conditions that may cast significant doubt
on New Hope's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
express unqualified opinions. Our conclusions are based on the information available up to the date of our auditor’s report.
However, future events or conditions may cause New Hope to cease to continue as a going concern.
(5) evaluate the overall presentation, structure and content of the financial statements, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
(6) Obtained sufficient and appropriate audit evidence with respect to the financial information on New Hope entities or their
business activities in order to express audit opinion on financial statements. We are responsible for guiding, supervising and
executing the group audit and assume full responsibility for the audit opinions.
We communicate with the governance layer regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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188
We also provide the governance layer with a statement that we have complied with the professional ethics requirements
related to independence and communicated with them about all relations and other matters that might be reasonably deemed to
have affected our independence, as well as related precautions (if applicable).
Among the matters we communicate with the governance layer, we determine which matters are the most important to the
current financial statements, thereby constituting key audit matters. We describe these matters in the auditor’s reports unless public
disclosure is prohibited by law or regulation or, in rare circumstances, we determine that we should not communicate a matter in
the auditor’s report if the negative consequences of communicating the matter in the auditor’s report can reasonably be expected to
outweigh the benefits in the public interest.
Sichuan Huaxin (Group) Certified Public Accountants
Chinese CPA: Tang Hui
(Special General Partnership) (Project Partner)
Chengdu, China Chinese CPA: Gu Li
April 28, 2026



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189
II. Financial statements
The monetary unit in notes to financial statements is yuan.
1. Consolidated balance sheet
Prepared by: New Hope Liuhe Co., Ltd.

Unit: yuan
Item
Closing balance
Opening balance
Current assets:


Cash and cash equivalents
8,626,581,608.13
8,699,013,033.45
Settlement reserve


Loans to other banks


Trading financial assets
14,950,972.08
4,273,616.17
Derivative financial assets


Notes receivable
263,751,157.36
146,857,514.96
Accounts receivable
1,045,981,872.03
971,988,850.19
Receivables financing


Prepayments
534,426,431.53
564,992,430.37
Insurance premiums receivable


Reinsurance accounts receivable


Provision for cession receivable


Other receivables
543,507,571.88
982,553,531.32
Incl.: Interest receivable


Dividends receivable
5,610,000.00
21,610,000.00
Financial assets purchased for resale


Inventory
10,092,765,562.52
10,732,155,456.76
Incl.: Data resources


Contract assets


Held-for-sale assets


Non-current assets due within one year


Other current assets
185,948,140.06
203,720,115.91
Total current assets
21,307,913,315.59
22,305,554,549.13
Non-current assets:


Loans and advances made


Debt investments


Other debt investment


Long-term receivables


Long-term equity investments
31,598,869,415.36
30,453,419,222.36
Investments in other equity
instruments
454,181,590.28
483,431,590.28
Other non-current financial assets



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190
Investment property
1,530,229,164.03
859,994,829.04
Property, plant and equipment
46,843,954,113.40
43,476,435,665.46
Construction in progress
3,200,071,507.98
8,896,445,286.64
Productive biological assets
2,122,105,471.01
3,330,266,005.05
Oil and gas properties


Right-of-use assets
3,346,150,256.96
3,832,981,994.07
Intangible assets
1,467,106,189.79
1,540,025,403.26
Incl.: Data resources
3,289,259.07
4,416,276.52
Development expenditure


Incl.: Data resources


Goodwill
1,127,461,873.92
1,127,461,873.92
Long-term deferred expenses
64,143,371.64
81,113,668.06
Deferred income tax assets
676,802,720.90
865,773,083.23
Other non-current assets
493,603,828.06
660,742,214.82
Total non-current assets
92,924,679,503.33
95,608,090,836.19
Total Assets
114,232,592,818.92
117,913,645,385.32
Current Liabilities:


Short-term borrowings
14,940,098,338.48
17,741,515,610.09
Borrowings from center bank


Loans from other banks


Trading financial liabilities
7,568,770.77
935,134.25
Derivative financial liabilities


Notes payable
5,585,041,628.12
4,184,134,254.11
Accounts payable
6,628,283,430.15
7,525,367,316.95
Advance collections
57,047,756.18
208,500,000.00
Contract liabilities
2,153,198,586.92
2,029,782,235.35
Financial assets sold for repurchase


Deposits taken and interbank deposits


Proceeds from vicariously traded
securities


Proceeds from vicariously
underwritten securities


Employee compensations payable
793,526,058.30
741,665,468.67
Taxes and surcharges payable
397,545,490.88
410,408,836.77
Other payables
3,606,342,252.41
3,404,800,534.73
Incl.: Interest payable


Dividends payable
29,020,258.82
36,182,732.53
Handling fee and commission payable


Cession insurance premiums payable


Held-for-sale liabilities


Non-current liabilities due within one
year
8,471,651,483.55
10,855,285,683.68
Other current liabilities
1,061,548,758.80
32,667,937.34

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191
Total current liabilities
43,701,852,554.56
47,135,063,011.94
Non-current liabilities:


Provision for insurance contracts
173,742,515.38
174,624,264.23
Long-term borrowings
23,344,470,055.85
20,763,830,174.53
Bonds payable
8,631,984,643.37
8,967,992,637.77
Incl.: Preferred stocks


Perpetual bonds


Lease liabilities
2,818,194,244.76
3,080,565,121.54
Long-term payables
562,935,593.21
811,568,597.90
Long-term payroll payable


Estimated liabilities


Deferred income
438,408,145.58
382,448,834.39
Deferred income tax liabilities
170,960,748.39
52,117,781.00
Other non-current liabilities


Total Non-current Liabilities
36,140,695,946.54
34,233,147,411.36
Total liabilities
79,842,548,501.10
81,368,210,423.30
Owner’s Equity:


Share capital
4,502,774,306.00
4,525,938,648.00
Other equity instruments
2,210,204,463.61
3,489,866,171.97
Incl.: Preferred stocks


Perpetual bonds
600,000,000.00
1,500,000,000.00
Capital reserve
5,241,596,146.97
5,202,954,312.75
Less: Treasury stock
42,513,747.76
229,023,903.76
Other comprehensive income
-1,243,526,462.90
-825,972,041.60
Appropriative reserve


Surplus reserve
3,297,606,935.84
3,382,138,257.13
General risk reserve


Retained earnings
8,234,088,664.33
10,111,428,819.21
Total owner’s equity attributable to the
parent company
22,200,230,306.09
25,657,330,263.70
Minority equity
12,189,814,011.73
10,888,104,698.32
Total owner’s equity
34,390,044,317.82
36,545,434,962.02
Total Liabilities and Owner’s Equity
114,232,592,818.92
117,913,645,385.32
Legal Representative: Liu Chang CFO: Shi Han Head of Accounting Unit & Accounting Supervisor: Su Xiaodan
2. Balance sheet of the parent company
Unit: yuan
Item
Closing balance
Opening balance
Current assets:


Cash and cash equivalents
3,603,593,186.30
3,726,341,810.29
Trading financial assets


Derivative financial assets


Notes receivable


Accounts receivable


Receivables financing



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192
Prepayments
49,793,057.95
9,526,072.19
Other receivables
81,192,413,767.01
78,300,194,632.45
Incl.: Interest receivable


Dividends receivable
101,183,728.40
111,954,814.90
Inventory
4,697,636.53
5,054,051.71
Incl.: Data resources


Contract assets


Held-for-sale assets


Non-current assets due within one year


Other current assets
3,413,214.81
3,438,921.31
Total current assets
84,853,910,862.60
82,044,555,487.95
Non-current assets:


Debt investments


Other debt investment


Long-term receivables


Long-term equity investments
25,435,542,385.04
20,318,767,292.82
Investments in other equity
instruments
417,000,000.00
417,000,000.00
Other non-current financial assets


Investment property


Property, plant and equipment
17,408,705.54
20,530,273.00
Construction in progress


Productive biological assets


Oil and gas properties


Right-of-use assets
2,730,500.40
6,284,178.60
Intangible assets
2,990,221.31
3,417,934.02
Incl.: Data resources
211,491.30
284,002.60
Development expenditure


Incl.: Data resources


Goodwill


Long-term deferred expenses
214,942.46
503,168.29
Deferred income tax assets
0.00
2,291,597.58
Other non-current assets
29,714,847.46
27,239,977.46
Total non-current assets
25,905,601,602.21
20,796,034,421.77
Total Assets
110,759,512,464.81
102,840,589,909.72
Current Liabilities:


Short-term borrowings
5,396,442,336.30
5,736,405,636.49
Trading financial liabilities


Derivative financial liabilities


Notes payable
119,140,407.52
19,159,212.01
Accounts payable
2,044,983.40
2,203,598.30
Advance collections

208,500,000.00

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193
Contract liabilities
22,784,676.62
21,672,399.91
Employee compensations payable
5,292,520.86
6,462,323.82
Taxes and surcharges payable
35,302,315.94
20,721,092.02
Other payables
56,250,276,654.61
50,790,202,189.32
Incl.: Interest payable


Dividends payable
214,528.52

Held-for-sale liabilities


Non-current liabilities due within one
year
4,009,960,824.79
4,640,258,334.02
Other current liabilities
1,006,604,166.67

Total current liabilities
66,847,848,886.71
61,445,584,785.89
Non-current liabilities:


Long-term borrowings
14,318,625,000.00
9,668,000,721.42
Bonds payable
8,631,984,643.37
8,967,992,637.77
Incl.: Preferred stocks


Perpetual bonds


Lease liabilities
281,333.90
3,137,740.83
Long-term payables


Long-term payroll payable


Estimated liabilities


Deferred income
27,469,779.21
15,230,511.67
Deferred income tax liabilities
119,617,705.67

Other non-current liabilities


Total Non-current Liabilities
23,097,978,462.15
18,654,361,611.69
Total liabilities
89,945,827,348.86
80,099,946,397.58
Owner’s Equity:


Share capital
4,502,774,306.00
4,525,938,648.00
Other equity instruments
2,210,204,463.61
3,489,866,171.97
Incl.: Preferred stocks


Perpetual bonds
600,000,000.00
1,500,000,000.00
Capital reserve
11,137,119,375.17
11,079,815,398.81
Less: Treasury stock
42,513,747.76
229,023,903.76
Other comprehensive income
205,804,000.00
205,804,000.00
Appropriative reserve


Surplus reserve
1,147,599,491.62
1,147,599,491.62
Retained earnings
1,652,697,227.31
2,520,643,705.50
Total owner’s equity
20,813,685,115.95
22,740,643,512.14
Total Liabilities and Owner’s Equity
110,759,512,464.81
102,840,589,909.72
3. Consolidated statement of income
Unit: yuan
Item
2025
2024
I. Total operating income
106,856,298,720.47
103,062,962,254.34
Incl.: Operating income
106,856,298,720.47
103,062,962,254.34

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194
Interest income


Earned premiums


Revenue from handling fee and
commission


II. Total operating costs
107,646,094,921.77
103,498,302,881.15
Incl.: Operating costs
100,143,028,471.43
96,150,529,715.97
Interest expenditure


Expenditure on handling fee
and commission


Surrender value


Net indemnities paid


Net provision for insurance
liabilities accrued
97,517,151.57
105,120,404.54
Policy dividend payout


Reinsurance costs


Taxes and surcharges
191,997,394.25
172,456,656.37
Selling expenses
1,287,958,392.02
1,260,107,740.33
General and administrative
expenses
3,762,292,288.67
3,756,267,104.57
R&D expenses
191,347,185.05
249,645,874.91
Financial expenses
1,971,954,038.78
1,804,175,384.46
Incl.: Interest expenses
2,051,072,120.51
2,027,921,959.83
Interest income
121,628,586.15
370,394,801.60
Add: Other income
125,802,925.02
127,989,680.08
Investment income (“-” for loss)
944,442,979.76
1,617,918,713.06
Incl.: Income from
investment in associates and joint
ventures
940,042,403.78
1,271,176,911.52
Income from de-
recognition of financial assets measured
at amortized cost


Exchange gains (“-” for loss)


Income on net exposure hedging
(“-” for loss)


Income from change in fair value
(“-” for loss)
15,213,233.76
312,272.39
Credit impairment loss (“-” for
loss)
-76,547,986.83
-170,296,927.80
Asset impairment loss (“-” for
loss)
-863,009,430.12
-23,130,309.95
Income from asset disposal (“-”
for loss)
-293,227,412.48
-117,684,265.88
III. Operating profits (“-” for loss)
-937,121,892.19
999,768,535.09
Add: Non-operating income
93,849,377.35
112,869,133.16
Less: Non-operating expenses
312,456,265.32
629,167,095.74
IV. Total profits (“-” for total loss)
-1,155,728,780.16
483,470,572.51

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195
Less: Income tax expenses
598,516,219.24
281,848,010.14
V. Net profits (“-” for net loss)
-1,754,244,999.40
201,622,562.37
(I) Classified by business continuity


1. Net profits from continuous
operations (“-” for net loss)
-1,754,244,999.40
201,622,562.37
2. Net profits from discontinued
operations (“-” for net loss)


(II) Classified by ownership


1. Net profits attributable to
shareholders of the parent company
-1,784,352,202.18
473,599,068.10
2. Minority interest income
30,107,202.78
-271,976,505.73
VI. Other comprehensive income net of
tax
-440,877,586.40
149,204,070.72
Other comprehensive income net of
tax attributable to the owner of the parent
company
-419,684,130.30
95,133,447.70
(I) Other comprehensive income
that cannot be reclassified into profit or
loss
-15,093,699.00
207,374,394.50
1. Change in defined benefit plan
re-measured


2. Other comprehensive income
that cannot be converted to profit or loss
under the equity method
14,156,301.00
3,570,394.50
3. Changes in the fair value of
other equity instrument investment
-29,250,000.00
203,804,000.00
4. Changes in the fair value of
credit risk to the Company


5. Others


(II) Other comprehensive income to
be reclassified into profit or loss
-404,590,431.30
-112,240,946.80
1. Other comprehensive income
that can be converted to profit or loss
under the equity method
-77,266,408.52
158,192,562.10
2. Change in the fair value of
other debt investments


3. Amount of financial assets
reclassified into other comprehensive
income


4. Provisions for credit
impairment of other debt investments


5. Cash flow hedging reserve


6. Translation difference of
foreign currency financial statements
-327,324,022.78
-270,433,508.90
7. Others


Other comprehensive income net of
tax attributable to minority shareholders
-21,193,456.10
54,070,623.02
VII. Total comprehensive income
-2,195,122,585.80
350,826,633.09
Total comprehensive income
attributable to owners of the parent
company
-2,204,036,332.48
568,732,515.80
Total comprehensive income
attributable to minority shareholders
8,913,746.68
-217,905,882.71
VIII. Earnings per share



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196
(I) Basic earnings per share
-0.41
0.09
(II) Diluted earnings per share
-0.41
0.09
In case of business combination under the common control during this period, the net profits reported by the combined party
before consolidation was 0.00 yuan, and the net profits reported by the combined party in the previous period was 0.00 yuan.
Legal representative: Liu Chang Chief accounting officer: Shi Han Head of accounting unit & accounting supervisor: Su
Xiaodan
4. Statement of income of the parent company
Unit: yuan
Item
2025
2024
I. Operating income
450,206,956.50
404,692,427.73
Less: Operating costs
421,468,267.10
395,028,025.58
Taxes and surcharges
3,157,342.40
3,670,307.23
Selling expenses
5,470,284.42
5,681,817.01
General and administrative
expenses
92,127,202.20
50,445,831.03
R&D expenses
32,909,023.16
75,132,399.97
Financial expenses
517,312,335.48
-69,486,680.53
Incl.: Interest expenses
1,223,156,735.78
1,400,546,922.39
Interest income
707,649,856.23
1,472,540,830.45
Add: Other income
8,936,357.51
13,060,763.52
Investment income (“-” for loss)
32,138,369.68
140,805,429.33
Incl.: Income from investment
in associates and joint ventures
442,786.72
-21,255,235.79
Income from de-
recognition of financial assets measured
at amortized cost (“-” for loss)


Income on net exposure hedging
(“-” for loss)


Income from change in fair value
(“-” for loss)


Credit impairment loss (“-” for
loss)
-172,922,547.18
10,470,582.18
Asset impairment loss (“-” for
loss)


Income from asset disposal (“-”
for loss)
-660,986.44
36,459,043.51
II. Operating profits (“-” for loss)
-754,746,304.69
145,016,545.98
Add: Non-operating income
406,051.80
191,247.19
Less: Non-operating expenses
3,833,342.16
12,342.24
III. Total profits (“-” for total loss)
-758,173,595.05
145,195,450.93
Less: Income tax expenses
-65,616,681.85
2,441,660.56
IV. Net profits (“-” for net loss)
-692,556,913.20
142,753,790.37
(I) Net profits from continuous
operations (“-” for net loss)
-692,556,913.20
142,753,790.37
(II) Net profits from discontinued
operations (“-” for net loss)



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197
V. Other comprehensive income net of
tax

205,789,909.22
(I) Other comprehensive income
that cannot be reclassified into profit or
loss

205,804,000.00
1. Change in defined benefit plan
re-measured


2. Other comprehensive income
that cannot be converted to profit or loss
under the equity method


3. Changes in the fair value of
other equity instrument investment

205,804,000.00
4. Changes in the fair value of
credit risk to the Company


5. Others


(II) Other comprehensive income to
be reclassified into profit or loss

-14,090.78
1. Other comprehensive income
that can be converted to profit or loss
under the equity method

-14,090.78
2. Change in the fair value of
other debt investments


3. Amount of financial assets
reclassified into other comprehensive
income


4. Provisions for credit
impairment of other debt investments


5. Cash flow hedging reserve


6. Translation difference of
foreign currency financial statements


7. Others


VI. Total comprehensive income
-692,556,913.20
348,543,699.59
VII. Earnings per share


(I) Basic earnings per share


(II) Diluted earnings per share


5. Consolidated statement of cash flows
Unit: yuan
Item
2025
2024
I. Cash flows from operating activities:


Cash received from sale of gods and
provision of services
107,703,820,528.00
104,528,174,518.87
Net increase in customer’s deposits
and interbank deposits


Net increase in borrowings from
center bank


Net increase in borrowings from other
financial institutions


Cash received from premium of
original insurance contract


Net amount of cash from reinsurance
business



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198
Net increase in policyholder’s deposits
and investments


Cash received as interest, handling fee
or commission


Net increase in borrowing funds


Net increase in funds for repurchase


Net amount of cash from vicariously
traded securities


Tax rebates received
26,087,776.50
16,298,119.76
Other cash received in connection with
operating activities
2,002,686,648.54
2,927,443,486.33
Subtotal of cash inflows from operating
activities
109,732,594,953.04
107,471,916,124.96
Cash used to pay for goods or services
90,560,916,123.66
87,621,704,088.73
Net increase in customer’s loans and
advances


Net increase in deposits with central
bank and interbank deposits


Cash paid as premium of original
insurance contract


Net increase in lending funds


Cash paid as interest, handling fee or
commission


Cash paid as policyholder’s dividends


Cash paid to and for employees
5,944,575,875.10
5,881,963,712.69
Taxes and fees paid
829,112,716.40
650,182,667.74
Other cash paid in connection with
operating activities
3,020,049,395.66
4,191,512,122.93
Subtotal of cash outflows from operating
activities
100,354,654,110.82
98,345,362,592.09
Net cash flows from operating activities
9,377,940,842.22
9,126,553,532.87
II. Cash flows from investing activities:


Cash received from recovery of
investments
322,159,573.81
1,325,602,592.50
Cash received from investment
income
407,699,692.59
1,239,749,673.77
Net cash recovered from disposal of
property, plant and equipment, intangible
assets and other long-term assets
211,276,512.90
277,831,588.81
Net cash received from disposal of
subsidiaries and other business units
144,590,044.89
2,114,447,165.79
Other cash received in connection with
investing activities
86,349,931.90
531,703,808.24
Subtotal of cash inflows from investing
activities
1,172,075,756.09
5,489,334,829.11
Cash paid for purchase and
construction of property, plant and
equipment, intangible assets and other
long-term assets
2,131,718,034.43
2,184,088,833.21
Cash paid for investment
500,487,468.27
7,647,907.44
Net increase in pledge loan


Net cash paid for acquisition of
subsidiaries and other business units
8,241,961.39
600,000.00

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
199
Other cash paid in connection with
investing activities
82,469,048.37
4,384,477,408.41
Subtotal of cash outflows from investing
activities
2,722,916,512.46
6,576,814,149.06
Net cash flows from investing activities
-1,550,840,756.37
-1,087,479,319.95
III. Cash flows from financing activities:


Cash received from acquisition of
investments
3,731,892,500.00
2,316,460,000.00
Incl.: Cash received from minority
shareholders’ investment in subsidiaries
3,131,892,500.00
816,460,000.00
Cash received from borrowing
46,449,092,979.44
43,504,746,452.57
Other cash received in connection with
financing activities
448,661,275.53
1,418,926,635.90
Subtotal of cash inflows from financing
activities
50,629,646,754.97
47,240,133,088.47
Cash paid for debt repayment
51,893,759,308.02
51,047,341,770.17
Cash paid for distribution of dividends
and profits or payment of interest
2,238,263,779.44
2,588,394,922.25
Incl. Dividends and profits paid by
subsidiaries to minority shareholders
487,028,631.31
349,557,463.26
Other cash paid in connection with
financing activities
4,756,819,217.28
2,971,966,375.69
Subtotal of cash outflows from financing
activities
58,888,842,304.74
56,607,703,068.11
Net cash flows from financing activities
-8,259,195,549.77
-9,367,569,979.64
IV. Effect of exchange rate fluctuation on
cash and cash equivalents
-42,069,405.49
-56,880,034.71
V. Net increase in cash and cash
equivalents
-474,164,869.41
-1,385,375,801.43
Add: Opening balance of cash and
cash equivalents
7,270,605,406.88
8,655,981,208.31
VI. Closing balance of cash and cash
equivalents
6,796,440,537.47
7,270,605,406.88
6. Statement of cash flows of the parent company
Unit: yuan
Item
2025
2024
I. Cash flows from operating activities:


Cash received from sale of gods and
provision of services
451,319,233.21
447,923,650.17
Tax rebates received
26,396.60
19,500.00
Other cash received in connection with
operating activities
2,715,461,755.89
1,908,721,814.22
Subtotal of cash inflows from operating
activities
3,166,807,385.70
2,356,664,964.39
Cash used to pay for goods or services
356,901,480.93
394,835,510.96
Cash paid to and for employees
44,681,362.61
72,307,524.17
Taxes and fees paid
4,936,977.06
6,676,891.54
Other cash paid in connection with
operating activities
150,420,721.52
205,554,770.78
Subtotal of cash outflows from operating
activities
556,940,542.12
679,374,697.45
Net cash flows from operating activities
2,609,866,843.58
1,677,290,266.94

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
200
II. Cash flows from investing activities:


Cash received from recovery of
investments
248,246,582.36
1,736,743,504.98
Cash received from investment
income
49,647,524.90
396,553,525.10
Net cash recovered from disposal of
property, plant and equipment, intangible
assets and other long-term assets
51,764.54
34,057,636.53
Net cash received from disposal of
subsidiaries and other business units


Other cash received in connection with
investing activities

231,973,646.90
Subtotal of cash inflows from investing
activities
297,945,871.80
2,399,328,313.51
Cash paid for purchase and
construction of property, plant and
equipment, intangible assets and other
long-term assets
2,007,428.80
2,898,525.51
Cash paid for investment
5,360,000,000.00
532,975,000.00
Net cash paid for acquisition of
subsidiaries and other business units


Other cash paid in connection with
investing activities
34,880,994.38
4,092,180,324.88
Subtotal of cash outflows from investing
activities
5,396,888,423.18
4,628,053,850.39
Net cash flows from investing activities
-5,098,942,551.38
-2,228,725,536.88
III. Cash flows from financing activities:


Cash received from acquisition of
investments
600,000,000.00
1,500,000,000.00
Cash received from borrowing
26,360,100,000.00
18,946,389,399.60
Other cash received in connection with
financing activities
422,044,082.23
1,727,385,565.30
Subtotal of cash inflows from financing
activities
27,382,144,082.23
22,173,774,964.90
Cash paid for debt repayment
22,313,353,976.08
20,559,144,198.06
Cash paid for distribution of dividends
and profits or payment of interest
1,089,188,103.88
1,219,832,902.15
Other cash paid in connection with
financing activities
1,637,336,255.17
1,277,832,648.79
Subtotal of cash outflows from financing
activities
25,039,878,335.13
23,056,809,749.00
Net cash flows from financing activities
2,342,265,747.10
-883,034,784.10
IV. Effect of exchange rate fluctuation on
cash and cash equivalents
-1,634,381.59
1,068,935.64
V. Net increase in cash and cash
equivalents
-148,444,342.29
-1,433,401,118.40
Add: Opening balance of cash and
cash equivalents
3,726,341,810.29
5,159,742,928.69
VI. Closing balance of cash and cash
equivalents
3,577,897,468.00
3,726,341,810.29
7. Consolidated statement of changes in equity
Current amount

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
201
Unit: yuan
Item
2025
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
I.
Previ
ous
closi
ng
bala
nce
4,52
5,93
8,64
8.00

1,50
0,00
0,00
0.00
1,98
9,86
6,17
1.97
5,20
2,95
4,31
2.75
229,
023,
903.
76
-
825,
972,
041.
60

3,38
2,13
8,25
7.13

10,1
11,4
28,8
19.2
1

25,6
57,3
30,2
63.7
0
10,8
88,1
04,6
98.3
2
36,5
45,4
34,9
62.0
2
A
dd:
Chan
ges
in
acco
untin
g
polic
ies















orrec
tion
of
previ
ous
error
s















thers















II.
Curr
ent
open
ing
bala
nce
4,52
5,93
8,64
8.00

1,50
0,00
0,00
0.00
1,98
9,86
6,17
1.97
5,20
2,95
4,31
2.75
229,
023,
903.
76
-
825,
972,
041.
60

3,38
2,13
8,25
7.13

10,1
11,4
28,8
19.2
1

25,6
57,3
30,2
63.7
0
10,8
88,1
04,6
98.3
2
36,5
45,4
34,9
62.0
2
III.
Curr
ent
incre
ase/d
ecrea
se
(“-”
for
-
23,1
64,3
42.0
0

-
900,
000,
000.
00
-
379,
661,
708.
36
38,6
41,8
34.2
2
-
186,
510,
156.
00
-
417,
554,
421.
30

-
84,5
31,3
21.2
9

-
1,87
7,34
0,15
4.88

-
3,45
7,09
9,95
7.61
1,30
1,70
9,31
3.41
-
2,15
5,39
0,64
4.20

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
202
Item
2025
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
decr
ease)
(I)
Total
com
preh
ensiv
e
inco
me






-
419,
684,
130.
30



-
1,78
4,35
2,20
2.18

-
2,20
4,03
6,33
2.48
8,91
3,74
6.68
-
2,19
5,12
2,58
5.80
(II)
Capi
tal
inves
ted
or
redu
ced
by
own
ers
-
23,1
64,3
42.0
0

-
900,
000,
000.
00
-
191,
753,
552.
47
-
254,
153,
991.
92
-
186,
510,
156.
00






-
1,18
2,56
1,73
0.39
1,77
2,36
9,07
1.83
589,
807,
341.
44
1.
Ordi
nary
share
s
inves
ted
by
own
ers
-
23,3
72,2
00.0
0



-
163,
137,
956.
00







-
186,
510,
156.
00
3,12
8,64
0,00
0.00
2,94
2,12
9,84
4.00
2.
Capi
tal
contr
ibuti
on
from
other
equit
y
instr
ume
nt
hold
207,
858.
00

-
900,
000,
000.
00
-
191,
753,
552.
47
193,
336,
840.
20







-
898,
208,
854.
27

-
898,
208,
854.
27

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
203
Item
2025
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
ers
3.
Amo
unt
of
share
-
base
d
pay
ment
inclu
ded
in
own
er’s
equit
y




27,1
05,0
92.1
6
-
186,
510,
156.
00






213,
615,
248.
16

213,
615,
248.
16
4.
Othe
rs




-
311,
457,
968.
28







-
311,
457,
968.
28
-
1,35
6,27
0,92
8.17
-
1,66
7,72
8,89
6.45
(III)
Profi
t
distri
butio
n








139,
248,
895.
80

-
314,
638,
460.
79

-
175,
389,
564.
99
-
479,
651,
629.
08
-
655,
041,
194.
07
1.
Appr
opria
tion
of
surpl
us
reser
ve








139,
248,
895.
80

-
139,
248,
895.
80




2.
Appr
opria
tion
of
gene
ral
















Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
204
Item
2025
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
risk
reser
ve
3.
Distr
ibuti
on to
own
ers
(or
share
hold
ers)










-
108,
622,
565.
69

-
108,
622,
565.
69
-
479,
651,
629.
08
-
588,
274,
194.
77
4.
Othe
rs










-
66,7
66,9
99.3
0

-
66,7
66,9
99.3
0

-
66,7
66,9
99.3
0
(IV)
Inter
nal
carry
over
of
own
er’s
equit
y






2,12
9,70
9.00

-
223,
780,
217.
09

221,
650,
508.
09




1.
Capi
tal
reser
ve
conv
erted
into
capit
al (or
share
capit
al)















2.
Surp
lus
reser
















Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
205
Item
2025
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
ve
conv
erted
into
capit
al (or
share
capit
al)
3.
Loss
cove
red
by
surpl
us
reser
ve








-
212,
339,
893.
50

212,
339,
893.
50




4.
Chan
ge in
defin
ed
bene
fit
plan
carri
ed
forw
ard
to
retai
ned
earni
ngs















5.
Othe
r
com
preh
ensiv
e
inco
me
carri
ed






2,12
9,70
9.00



-
2,12
9,70
9.00





Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
206
Item
2025
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
forw
ard
to
retai
ned
earni
ngs
6.
Othe
rs








-
11,4
40,3
23.5
9

11,4
40,3
23.5
9




(V)
Appr
opria
tive
reser
ve















1.
Curr
ent
appr
opria
tion















2.
Curr
ent
appli
catio
n















(VI)
Othe
rs



-
187,
908,
155.
89
292,
795,
826.
14







104,
887,
670.
25
78,1
23.9
8
104,
965,
794.
23
IV.
Closi
ng
bala
nce
of
curre
nt
perio
d
4,50
2,77
4,30
6.00

600,
000,
000.
00
1,61
0,20
4,46
3.61
5,24
1,59
6,14
6.97
42,5
13,7
47.7
6
-
1,24
3,52
6,46
2.90

3,29
7,60
6,93
5.84

8,23
4,08
8,66
4.33

22,2
00,2
30,3
06.0
9
12,1
89,8
14,0
11.7
3
34,3
90,0
44,3
17.8
2

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
207
Previous amount
Unit: yuan
Item
2024
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
I.
Previ
ous
closi
ng
bala
nce
4,54
5,77
5,90
1.00

1,03
0,00
0,00
0.00
1,98
9,88
2,64
0.82
5,97
4,23
1,75
6.19
927,
097,
599.
44
-
921,
105,
489.
30

3,38
9,55
3,16
7.16

9,69
4,81
4,22
9.97

24,7
76,0
54,6
06.4
0
11,1
54,3
21,6
81.4
5
35,9
30,3
76,2
87.8
5
A
dd:
Chan
ges
in
acco
untin
g
polic
ies















orrec
tion
of
previ
ous
error
s















thers















II.
Curr
ent
open
ing
bala
nce
4,54
5,77
5,90
1.00

1,03
0,00
0,00
0.00
1,98
9,88
2,64
0.82
5,97
4,23
1,75
6.19
927,
097,
599.
44
-
921,
105,
489.
30

3,38
9,55
3,16
7.16

9,69
4,81
4,22
9.97

24,7
76,0
54,6
06.4
0
11,1
54,3
21,6
81.4
5
35,9
30,3
76,2
87.8
5
III.
Curr
ent
incre
ase/d
ecrea
se
(“-”
-
19,8
37,2
53.0
0

470,
000,
000.
00
-
16,4
68.8
5
-
771,
277,
443.
44
-
698,
073,
695.
68
95,1
33,4
47.7
0

-
7,41
4,91
0.03

416,
614,
589.
24

881,
275,
657.
30
-
266,
216,
983.
13
615,
058,
674.
17

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
208
Item
2024
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
for
decr
ease)
(I)
Total
com
preh
ensiv
e
inco
me






95,1
33,4
47.7
0



473,
599,
068.
10

568,
732,
515.
80
-
217,
905,
882.
71
350,
826,
633.
09
(II)
Capi
tal
inves
ted
or
redu
ced
by
own
ers
-
19,8
37,2
53.0
0

470,
000,
000.
00
-
16,4
68.8
5
-
775,
665,
798.
43
-
698,
073,
695.
68






372,
554,
175.
40
309,
210,
076.
70
681,
764,
252.
10
1.
Ordi
nary
share
s
inves
ted
by
own
ers




-
293,
354,
683.
02







-
293,
354,
683.
02
575,
652,
817.
82
282,
298,
134.
80
2.
Capi
tal
contr
ibuti
on
from
other
equit
y
instr
ume
nt
5,23
4.00

470,
000,
000.
00
-
16,4
68.8
5
39,0
34.1
3
-
33,7
79.9
7






470,
061,
579.
25

470,
061,
579.
25

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
209
Item
2024
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
hold
ers
3.
Amo
unt
of
share
-
base
d
pay
ment
inclu
ded
in
own
er’s
equit
y




-
163,
325,
719.
69
-
359,
172,
998.
86






195,
847,
279.
17
-
1,04
2,60
3.53
194,
804,
675.
64
4.
Othe
rs
-
19,8
42,4
87.0
0



-
319,
024,
429.
85
-
338,
866,
916.
85







-
265,
400,
137.
59
-
265,
400,
137.
59
(III)
Profi
t
distri
butio
n








13,4
99,4
33.8
8

-
77,8
98,8
22.7
7

-
64,3
99,3
88.8
9
-
365,
181,
913.
27
-
429,
581,
302.
16
1.
Appr
opria
tion
of
surpl
us
reser
ve








13,4
99,4
33.8
8

-
13,4
99,4
33.8
8




2.
Appr
opria
tion
of
gene
















Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
210
Item
2024
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
ral
risk
reser
ve
3.
Distr
ibuti
on to
own
ers
(or
share
hold
ers)













-
365,
181,
913.
27
-
365,
181,
913.
27
4.
Othe
rs










-
64,3
99,3
88.8
9

-
64,3
99,3
88.8
9

-
64,3
99,3
88.8
9
(IV)
Inter
nal
carry
over
of
own
er’s
equit
y








-
20,9
14,3
43.9
1

20,9
14,3
43.9
1




1.
Capi
tal
reser
ve
conv
erted
into
capit
al (or
share
capit
al)















2.
Surp
lus
















Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
211
Item
2024
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
reser
ve
conv
erted
into
capit
al (or
share
capit
al)
3.
Loss
cove
red
by
surpl
us
reser
ve















4.
Chan
ge in
defin
ed
bene
fit
plan
carri
ed
forw
ard
to
retai
ned
earni
ngs















5.
Othe
r
com
preh
ensiv
e
inco
me
carri
















Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
212
Item
2024
Owner’s equity attributable to the parent company
Min
ority
equit
y
Total
own
er’s
equit
y
Shar
e
capit
al
Other equity
instruments
Capi
tal
reser
ve
Less:
Trea
sury
stock
Othe
r
com
preh
ensiv
e
inco
me
Appr
opria
tive
reser
ve
Surp
lus
reser
ve
Gene
ral
risk
reser
ve
Retai
ned
earni
ngs
Othe
rs
Subt
otal
Prefe
rred
stock
s
Perp
etual
bond
s
Othe
rs
ed
forw
ard
to
retai
ned
earni
ngs
6.
Othe
rs








-
20,9
14,3
43.9
1

20,9
14,3
43.9
1




(V)
Appr
opria
tive
reser
ve















1.
Curr
ent
appr
opria
tion















2.
Curr
ent
appli
catio
n















(VI)
Othe
rs




4,38
8,35
4.99







4,38
8,35
4.99
7,66
0,73
6.15
12,0
49,0
91.1
4
IV.
Closi
ng
bala
nce
of
curre
nt
perio
d
4,52
5,93
8,64
8.00

1,50
0,00
0,00
0.00
1,98
9,86
6,17
1.97
5,20
2,95
4,31
2.75
229,
023,
903.
76
-
825,
972,
041.
60

3,38
2,13
8,25
7.13

10,1
11,4
28,8
19.2
1

25,6
57,3
30,2
63.7
0
10,8
88,1
04,6
98.3
2
36,5
45,4
34,9
62.0
2

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
213
8. Statement of changes in equity of the parent company
Current amount
Unit: yuan
Item
2025
Share
capital
Other equity instruments
Capital
reserve
Less:
Treasu
ry
stock
Other
compr
ehensi
ve
incom
e
Appro
priativ
e
reserve
Surplu
s
reserve
Retain
ed
earnin
gs
Others
Total
owner’
s
equity
Preferr
ed
stocks
Perpet
ual
bonds
Others
I.
Previo
us
closing
balanc
e
4,525,
938,64
8.00

1,500,
000,00
0.00
1,989,
866,17
1.97
11,079
,815,3
98.81
229,02
3,903.
76
205,80
4,000.
00

1,147,
599,49
1.62
2,520,
643,70
5.50

22,740
,643,5
12.14
A
dd:
Chang
es in
accoun
ting
policie
s












orrecti
on of
previo
us
errors












thers












II.
Curren
t
openin
g
balanc
e
4,525,
938,64
8.00

1,500,
000,00
0.00
1,989,
866,17
1.97
11,079
,815,3
98.81
229,02
3,903.
76
205,80
4,000.
00

1,147,
599,49
1.62
2,520,
643,70
5.50

22,740
,643,5
12.14
III.
Curren
t
increas
e/decre
ase (“-
” for
decrea
se)
-
23,164
,342.0
0

-
900,00
0,000.
00
-
379,66
1,708.
36
57,303
,976.3
6
-
186,51
0,156.
00



-
867,94
6,478.
19

-
1,926,
958,39
6.19
(I)
Total
compr
ehensi









-
692,55
6,913.
20

-
692,55
6,913.
20

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
214
Item
2025
Share
capital
Other equity instruments
Capital
reserve
Less:
Treasu
ry
stock
Other
compr
ehensi
ve
incom
e
Appro
priativ
e
reserve
Surplu
s
reserve
Retain
ed
earnin
gs
Others
Total
owner’
s
equity
Preferr
ed
stocks
Perpet
ual
bonds
Others
ve
incom
e
(II)
Capital
investe
d or
reduce
d by
owners
-
23,164
,342.0
0

-
900,00
0,000.
00
-
191,75
3,552.
47
57,303
,976.3
6
-
186,51
0,156.
00





-
871,10
3,762.
11
1.
Ordina
ry
shares
investe
d by
owners
-
23,372
,200.0
0



-
163,13
7,956.
00






-
186,51
0,156.
00
2.
Capital
contrib
ution
from
other
equity
instru
ment
holder
s
207,85
8.00

-
900,00
0,000.
00
-
191,75
3,552.
47
193,33
6,840.
20






-
898,20
8,854.
27
3.
Amou
nt of
share-
based
payme
nt
includ
ed in
owner’
s
equity




27,105
,092.1
6
-
186,51
0,156.
00





213,61
5,248.
16
4.
Others












(III)
Profit
distrib
ution









-
175,38
9,564.
99

-
175,38
9,564.
99
1.













Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
215
Item
2025
Share
capital
Other equity instruments
Capital
reserve
Less:
Treasu
ry
stock
Other
compr
ehensi
ve
incom
e
Appro
priativ
e
reserve
Surplu
s
reserve
Retain
ed
earnin
gs
Others
Total
owner’
s
equity
Preferr
ed
stocks
Perpet
ual
bonds
Others
Appro
priatio
n of
surplus
reserve
2.
Distrib
ution
to
owners
(or
shareh
olders)









-
108,62
2,565.
69

-
108,62
2,565.
69
3.
Others









-
66,766
,999.3
0

-
66,766
,999.3
0
(IV)
Interna
l
carryo
ver of
owner’
s
equity












1.
Capital
reserve
conver
ted
into
capital
(or
share
capital
)












2.
Surplu
s
reserve
conver
ted
into
capital
(or
share
capital
)













Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
216
Item
2025
Share
capital
Other equity instruments
Capital
reserve
Less:
Treasu
ry
stock
Other
compr
ehensi
ve
incom
e
Appro
priativ
e
reserve
Surplu
s
reserve
Retain
ed
earnin
gs
Others
Total
owner’
s
equity
Preferr
ed
stocks
Perpet
ual
bonds
Others
3. Loss
covere
d by
surplus
reserve












4.
Chang
e in
define
d
benefit
plan
carried
forwar
d to
retaine
d
earnin
gs












5.
Other
compr
ehensi
ve
incom
e
carried
forwar
d to
retaine
d
earnin
gs












6.
Others












(V)
Appro
priativ
e
reserve












1.
Curren
t
approp
riation












2.
Curren
t













Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
217
Item
2025
Share
capital
Other equity instruments
Capital
reserve
Less:
Treasu
ry
stock
Other
compr
ehensi
ve
incom
e
Appro
priativ
e
reserve
Surplu
s
reserve
Retain
ed
earnin
gs
Others
Total
owner’
s
equity
Preferr
ed
stocks
Perpet
ual
bonds
Others
applica
tion
(VI)
Others



-
187,90
8,155.
89







-
187,90
8,155.
89
IV.
Closin
g
balanc
e of
current
period
4,502,
774,30
6.00

600,00
0,000.
00
1,610,
204,46
3.61
11,137
,119,3
75.17
42,513
,747.7
6
205,80
4,000.
00

1,147,
599,49
1.62
1,652,
697,22
7.31

20,813
,685,1
15.95
Previous amount
Unit: yuan
Item
2024
Share
capital
Other equity instruments
Capital
reserve
Less:
Treasu
ry
stock
Other
compr
ehensi
ve
incom
e
Appro
priativ
e
reserve
Surplu
s
reserve
Retain
ed
earnin
gs
Others
Total
owner’
s
equity
Preferr
ed
stocks
Perpet
ual
bonds
Others
I.
Previo
us
closing
balanc
e
4,545,
775,90
1.00

1,030,
000,00
0.00
1,989,
882,64
0.82
11,536
,473,1
61.98
927,09
7,599.
44
14,090
.78

1,147,
599,49
1.62
2,442,
289,30
4.02

21,764
,936,9
90.78
A
dd:
Chang
es in
accoun
ting
policie
s












orrecti
on of
previo
us
errors












thers












II.
Curren
4,545,
775,90

1,030,
000,00
1,989,
882,64
11,536
,473,1
927,09
7,599.
14,090
.78

1,147,
599,49
2,442,
289,30

21,764
,936,9

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
218
Item
2024
Share
capital
Other equity instruments
Capital
reserve
Less:
Treasu
ry
stock
Other
compr
ehensi
ve
incom
e
Appro
priativ
e
reserve
Surplu
s
reserve
Retain
ed
earnin
gs
Others
Total
owner’
s
equity
Preferr
ed
stocks
Perpet
ual
bonds
Others
t
openin
g
balanc
e
1.00
0.00
0.82
61.98
44
1.62
4.02
90.78
III.
Curren
t
increas
e/decre
ase (“-
” for
decrea
se)
-
19,837
,253.0
0

470,00
0,000.
00
-
16,468
.85
-
456,65
7,763.
17
-
698,07
3,695.
68
205,78
9,909.
22


78,354
,401.4
8

975,70
6,521.
36
(I)
Total
compr
ehensi
ve
incom
e






205,78
9,909.
22


142,75
3,790.
37

348,54
3,699.
59
(II)
Capital
investe
d or
reduce
d by
owners
-
19,837
,253.0
0

470,00
0,000.
00
-
16,468
.85
-
456,65
7,763.
17
-
698,07
3,695.
68





691,56
2,210.
66
1.
Ordina
ry
shares
investe
d by
owners




26,695
,955.7
7






26,695
,955.7
7
2.
Capital
contrib
ution
from
other
equity
instru
ment
holder
s
5,234.
00

470,00
0,000.
00
-
16,468
.85
39,034
.13
-
33,779
.97





470,06
1,579.
25
3.
Amou




-
164,36
-
359,17





194,80
4,675.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
219
Item
2024
Share
capital
Other equity instruments
Capital
reserve
Less:
Treasu
ry
stock
Other
compr
ehensi
ve
incom
e
Appro
priativ
e
reserve
Surplu
s
reserve
Retain
ed
earnin
gs
Others
Total
owner’
s
equity
Preferr
ed
stocks
Perpet
ual
bonds
Others
nt of
share-
based
payme
nt
includ
ed in
owner’
s
equity
8,323.
22
2,998.
86
64
4.
Others
-
19,842
,487.0
0



-
319,02
4,429.
85
-
338,86
6,916.
85






(III)
Profit
distrib
ution









-
64,399
,388.8
9

-
64,399
,388.8
9
1.
Appro
priatio
n of
surplus
reserve












2.
Distrib
ution
to
owners
(or
shareh
olders)












3.
Others









-
64,399
,388.8
9

-
64,399
,388.8
9
(IV)
Interna
l
carryo
ver of
owner’
s
equity












1.
Capital
reserve
conver













Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
220
Item
2024
Share
capital
Other equity instruments
Capital
reserve
Less:
Treasu
ry
stock
Other
compr
ehensi
ve
incom
e
Appro
priativ
e
reserve
Surplu
s
reserve
Retain
ed
earnin
gs
Others
Total
owner’
s
equity
Preferr
ed
stocks
Perpet
ual
bonds
Others
ted
into
capital
(or
share
capital
)
2.
Surplu
s
reserve
conver
ted
into
capital
(or
share
capital
)












3. Loss
covere
d by
surplus
reserve












4.
Chang
e in
define
d
benefit
plan
carried
forwar
d to
retaine
d
earnin
gs












5.
Other
compr
ehensi
ve
incom
e
carried
forwar
d to
retaine













Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
221
Item
2024
Share
capital
Other equity instruments
Capital
reserve
Less:
Treasu
ry
stock
Other
compr
ehensi
ve
incom
e
Appro
priativ
e
reserve
Surplu
s
reserve
Retain
ed
earnin
gs
Others
Total
owner’
s
equity
Preferr
ed
stocks
Perpet
ual
bonds
Others
d
earnin
gs
6.
Others












(V)
Appro
priativ
e
reserve












1.
Curren
t
approp
riation












2.
Curren
t
applica
tion












(VI)
Others












IV.
Closin
g
balanc
e of
current
period
4,525,
938,64
8.00

1,500,
000,00
0.00
1,989,
866,17
1.97
11,079
,815,3
98.81
229,02
3,903.
76
205,80
4,000.
00

1,147,
599,49
1.62
2,520,
643,70
5.50

22,740
,643,5
12.14
III. Company profile
(I) Development history
New Hope Liuhe Co., Ltd. (formerly Sichuan New Hope Agriculture Co., Ltd.) (hereinafter referred to as the “Company” or
“Company”) was established on March 4, 1998 with the approval of Sichuan Provincial People’s Government in Document CFH
(1997) No. 260 based on an overall change to the former Mianyang Hope Feed Co., Ltd., with a registered capital of
140,020,000.00 yuan. Respectively on March 11, 1998 and September 15, 1998, the Company publicly issued 36,000,000 public
shares to the public and 4,000,000 internal employee shares to its employees, which were respectively listed for trading on
Shenzhen Stock Exchange, with stock code: 000876. After the listing of stocks, transfer of shares in May 2000, allotment of shares
in March 2001, transfer of shares in July 2002, October 2002, June 2008 and May 2010, implementation of the Equity Division
Reform Plan in August 2006, completion of material assets reorganization in October 2011, implementation of the profit
compensation scheme for material assets reorganization in July 2014, private offering in August 2014, capital increase by

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222
conversion in June 2016, and issuance of shares and purchase of assets in January 2017, the Company’s total share capital has
been changed to 4,216,015,009 shares.
In accordance with the resolution of the 2018 annual general meeting and the Approval on the Public Offering of Convertible
Corporate Bonds by New Hope Liuhe Co., Ltd. (CSRC Approval [2019] No. 1902) issued by the CSRC, the Company publicly
issued 40 million convertible corporate bonds on January 3, 2020, each having a par value of 100 yuan, for a total amount of 4
billion yuan. Duration of the convertible bonds is from January 3, 2020 to January 2, 2026, convertible from July 9, 2020 to
January 2, 2026. In 2020, the share capital was increased by 111,119,860 shares by conversion of convertible bonds into shares.
In accordance with the resolution of the first extraordinary general meeting in 2019 held on June 6, 2019, the Proposal
regarding the ‘Restricted Stock and Stock Option Incentive Plan 2019 (Draft) of New Hope Liuhe Co., Ltd.’ and its Summary was
approved, whereby the Company completed the registration of the 3.60 million shares of restricted stock and 8.40 million stock
options granted to 24 incentive recipients on July 29, 2019, increasing its share capital by 2,166,055 shares due to exercise of stock
options as at December 31, 2022. In accordance with the resolutions of the first extraordinary general meeting in 2020, the first
extraordinary general meeting in 2021 and the first extraordinary general meeting in 2022, the Proposal on Partially Canceling
Stock Options and Partially Repurchasing Restricted Stocks for Cancellation was approved, and the Company repurchased
1,406,250 shares of restricted stocks for cancellation as at December 31, 2022.
In accordance with the resolution of the 2019 annual general meeting and the Approval on the Non-public Offering of Shares
by New Hope Liuhe Co., Ltd. (CSRC Approval [2020] No.1961) issued by the CSRC, the Company privately placed 177,147,918
shares of common stocks denominated in RMB to two particular shareholders (Nanfang Hope Industry Co., Ltd. and New Hope
Group Co., Ltd.) against capital contributions by each shareholder in cash. The private placement was completed on September 18,
2020.
In accordance with the resolution of the second extraordinary general meeting in 2020 and approval of CSRC in the Approval
on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co., Ltd. (CSRC Approval [2021] No. 1351), the
Company publicly issued 81.50 million convertible corporate bonds on November 2, 2021, each having a par value of 100 yuan,
for a total amount of 8.15 billion yuan and a duration from November 2, 2021 to November 1, 2027, convertible from May 9, 2022
to November 1, 2027. In 2022, the capital stock was increased by 440,503 shares due to conversion of convertible bonds into
shares.
According to the Proposal regarding the ‘Restricted Stock Incentive Plan 2022 (Draft) of New Hope Liuhe Co., Ltd.’ and its
Summary deliberated and approved at the 52nd meeting of the 8th Board of Directors and the 2021 annual general meeting, and
the Proposal on Adjusting Matters Related to the Restricted Stock Incentive Plan 2022 deliberated and approved at the 3rd meeting
of the 9th Board of Directors, the Company granted 41.37 million restricted shares to incentive recipients, including 33.2750
million restricted shares granted for the first time and 8.0950 million restricted shares reserved for grant. The source of shares for
this restricted stock incentive plan is the RMB A-share common stocks issued by the Company to the incentive recipients. The
initial grant date of this incentive plan is July 25, 2022.
The conversion of convertible corporate bonds increased the share capital by 5,306 shares during the period.
At the second extraordinary general meeting in 2022, the Company considered and approved the Proposal regarding the
Failure in Meeting the Lifting Conditions in the Third Lifting Period under the Restricted Stock and Stock Option Incentive Plan
2019 and Repurchase and Cancellation of Restricted Stocks, agreeing to repurchase and cancel a total of 438,750 restricted stocks
held by 15 incentive recipients that were not released for sale under the Restricted Stock and Stock Option Incentive Plan 2019,
and completed the cancellation procedure in 2023.
At the 2022 annual general meeting held on May 22, 2023, the Company considered and approved the Proposal regarding the
Failure in Meeting the Lifting Conditions in the Fourth Lifting Period under the Restricted Stock and Stock Option Incentive Plan
2019 and Repurchase and Cancellation of Restricted Stocks to repurchase and cancel a total of 438,750 restricted stocks held by
15 incentive recipients that were not released for sale, and completed the cancellation procedure in 2023.

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223
At the 15th meeting of the 9th Board of Directors and the 11th meeting of the 9th Board of Supervisors, the Company
considered and approved the Proposal on Granting Reserved Restricted Stock to Incentive Recipients , granting a total of 7.89
million restricted shares to 370 incentive recipients. The source of shares is the RMB A-share common stocks issued by the
Company to the incentive recipients. The initial grant date of this incentive plan was May 30, 2023. The Company completed the
registration formalities for the 7.89 million reserved restricted shares granted to 370 incentive recipients on July 25, 2023, with a
grant price of 7.98 yuan/share.
In 2024, the Company increased its share capital by 5,234 shares due to the conversion of convertible bonds and reduced its
share capital by 19,842,487 shares due to the cancellation of treasury stock.
In 2025, the Company increased its share capital by 207,858 shares due to the conversion of convertible bonds. Additionally,
23,372,200 restricted stocks were canceled due to the failure to meet the conditions of the previous equity incentive plan and the
unlocking conditions of restricted stocks.
As at December 31, 2025, the total share capital of the Company was 4,502,774,306.00 shares, including 2,168,614.00
outstanding restricted stocks and 4,500,605,692.00 outstanding unrestricted stocks.
(II) Business situation
After years of development, by December 31, 2025, the Company and its subsidiaries (hereinafter referred to as the “Group”)
had successively possessed 610 directly or indirectly controlled subsidiaries, 17 associates and 6 joint ventures in 30 Chinese
provinces, municipalities, autonomous regions and special administrative regions (including Sichuan, Yunnan, Guizhou, Beijing,
Shanghai, Chongqing, Guangdong, Hainan, Hebei, Henan, Shandong, Shanxi, Jiangsu, Anhui, Zhejiang, Jiangxi, Hubei, Hunan,
Shaanxi, Liaoning, Jilin, Heilongjiang, Gansu, Inner Mongolia, Xizang, Guangxi, Ningxia, Tianjin, Hong Kong, and Fujian) and
14 foreign countries (including Vietnam, Cambodia, the Philippines, Bangladesh, Indonesia, Sri Lanka, Singapore, Myanmar, Laos,
Nepal, Egypt, South Africa, India, and Nigeria) through investment, M&A and other means, becoming an industrial conglomerate
with feed and breeding as its core competitiveness.
(III) Address, business scope and other information
The Company’s unified social credit code is 91510000709151981F, legal representative is Liu Chang, and registered address
is National High-tech Industry Development Zone, Mianyang City, Sichuan Province. It is headquartered at No. 376 Jinshi Road,
Jinjiang Industrial Park, Chengdu City, Sichuan Province.
Business scope: production and processing of compound feed, concentrated feed and concentrate supplements (by branches
only) (the above business items and term of business are subject to the business license). General business items (the following
scope does not include business items subject to pre-registration approval, while business items subject to post-registration
approval are to be conducted by virtue of license or approval document): planting of cereals and other crops; raising of livestock;
raising of pigs; poultry raising; wholesale and retail sale of goods; import and export business; project investment and management;
scientific and technological exchange and promotion services.
(IV) Main products
The Group's main products of feed business include swine feed, poultry feed, and fish feed; and that of pig business include
breeding pigs, commercial pigs and livestock slaughtering.
(V) Financial report approval date
The financial statements for 2025 of the Group were approved by the Board of Directors on April 28, 2026.
IV. Preparation basis of the financial statements
1. Preparation basis
The financial statements of the Group were prepared on a going concern basis, based on the accrual system and actual
transactions and events, in accordance with the Accounting Standards for Business Enterprises – Basic Principles and specific
accounting standards, Guidelines for Application of the Accounting Standards for Business Enterprises, interpretations of the

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224
Accounting Standards for Business Enterprises and other relevant rules (hereinafter collectively referred to as “ASBE”) of the
Ministry of Finance, as well as the disclosure rules set forth in the Rules for the Preparation of Information Disclosure by
Companies Offering Securities to the Public No. 15 – General Provisions for Financial Reporting issued by the CSRC.
2. Going concern
These financial statements have been prepared on a going concern basis. The Group has the ability to continue operations for at
least 12 months after the end of the reporting period, and there are no major events that affect its ability as a going concern.
V. Significant accounting policies and accounting estimates
Reminder about specific accounting policies and accounting estimates:

1. Statement on compliance with ASBE
The financial statements are in compliance with the ASBE and give a true and fair view of the consolidated and the Group’s
financial position as at December 31, 2025 and of the consolidated and the parent company’s business performance and cash flows
in 2025.
2. Accounting period
The fiscal year is from January 1 to December 31 every calendar year.
3. Operating cycle
The Group regards the period from acquisition of assets used for processing to realization of cash or cash equivalents as the
normal operating cycle, and the operating cycle of the Group's principal businesses is generally less than 12 months.
4. Functional currency
The Company and its domestic subsidiaries use RMB as accounting currency; its overseas subsidiaries use currencies in the
primary economic environments in which they operate as accounting currencies, and they need to prepare financial statements in
accounting currencies and financial statements converted into RMB.
5. Determination and selection of significance criterion
Applicable □Not applicable
Item
Significance standards
Significant accounts receivable with provision for bad debts on
an individual basis
With a single amount accounting for more than 5% of the
accounts receivable or greater than 10 million yuan
Significant accounts receivable written off during the period
With a single amount greater than 10 million yuan
Significant prepayments older than one year
With a single amount older than one year accounting for more
than 5% of the prepayments or greater than 10 million yuan
Significant other receivables with provision for bad debts on an
individual basis
With a single amount accounting for more than 5% of the other
receivables or greater than 10 million yuan

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225
Significant other receivables written off during the period
With a single amount greater than 10 million yuan
Significant construction in progress
With a closing amount greater than 0.5% of the most recent
audited consolidated total assets
Significant accounts payable older than one year
With a single amount older than one year accounting for more
than 5% of the accounts payable or greater than 10 million
yuan
Significant advance collections older than one year
With a single amount older than one year accounting for more
than 5% of the advance collections or greater than 10 million
yuan
Significant contract liabilities older than one year
With a single amount older than one year accounting for more
than 5% of the contract liabilities or greater than 10 million
yuan
Significant other payables older than one year
With a single amount older than one year accounting for more
than 5% of the other payables or greater than 10 million yuan
Significant investing activities
An investment in which the cash flow from a single investing
activity exceeds 10% of the total assets
Significant capitalized items (development expenditure)
With closing balance of a single project accounting for more
than 10% of the closing balance of development expenditure
and greater than 100 million yuan
Significant transactions in which the share of owner’s equity in
a subsidiary changes but the control over the subsidiary
remains
With a change of net assets of more than 10 million yuan
Significant non-wholly-owned subsidiaries
With net assets accounting for more than 10% of the Group's
net assets and of an amount greater than 2 billion yuan
Significant associates and joint ventures
With the book value of long-term equity investment in a single
investee accounting for more than 5% of the Group's net assets
and of an amount greater than 1 billion yuan
Significant contingencies
Significant contingencies are those with an impact of more than
0.1% of the total assets
Material events after the balance sheet date
The Group considers the profit distribution and the
postponement of equity investment project after the balance
sheet date as material events
Significant asset transfer and sale
With the transfer proceeds of individual assets exceeding 10%
of the total profits and of an amount greater than R1 billion
yuan, or the net assets of the transferred subsidiaries accounting
for more than 5% of the Group's net assets and of an amount
greater than 1 billion yuan
6. Accounting for business combination under common control and not under common control
(1) Business combination under common control
A business combination in which companies participating in combination are all ultimately controlled by the same one or
more parties before and after combination and such control is not temporary is a business combination under common control.
Assets and liabilities acquired by the combing party in a business combination are measured at book value thereof in the
consolidated financial statements of the ultimate controlling party at the combination date. The share capital premium in the capital
reserve is adjusted by the difference between the book value of net assets acquired and the book value of combination
consideration paid (or total par value of shares issued); the retained earnings are adjusted if the share capital premium in capital
reserve is insufficient for offsetting. The combination date is the date when the combining party actually acquires the control of the
combined party.
(2) Business combination not under common control
A business combination in which all parties participating in combination are not ultimately controlled by the same one or
more parties before and after combination is a business combination not under common control. .The sum of assets paid out by the
acquiring party to acquire the control of the acquired party (including equities held in the acquired party before the purchase date),

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226
liabilities incurred or assumed and fair value of equity securities issued at the purchase date minus the share of identifiable net
assets of the acquired party at the purchase date that are acquired in combination is recognized as goodwill if positive or included
in the current non-operating income if negative. The purchase date is the date when the acquiring party actually acquires the
control of the acquired party.
For a business combination not under common control that is realized step by step through multiple transactions, equities of
the acquired party held prior to the purchase date are re-measured at the fair value of such equities as of the purchase date, and the
difference between fair value and their book value is included in the current investment income. Other comprehensive income
involved in equities held in the acquired party prior to the purchase date that can be subsequently re-classified into profit or loss
under the equity method and other changes in owner’s equity are transferred to current investment income at the purchase date;
where the equities held in the acquired party prior to the purchase date are equity instrument investments at fair value through
other comprehensive income, other comprehensive income recognized prior to the purchase date is transferred to the retained
earnings at the purchase date.
(3) Treatment of related transaction costs in business combination
The audit, legal service, appraisal consulting and other intermediary fees and other related management expenses incurred by the
Company for business combination are included in the current profit or loss as and when incurred. The transaction costs of equity
securities or debt securities issued by the Company as the consideration for combination are included in the initially recognized
amount of the equity securities or debt securities.
7. Criteria of control and preparation of the consolidated financial statements
(1) Criteria of control
Control means that the Group has power over the invested entity to enjoy variable returns by participating in the related
activities of the invested entity and has the ability to exert its power over the invested entity to influence the amount of its return.
(2) Preparation of the consolidated financial statements
① General principles
The scope of consolidation of the consolidated financial statements is determined based on control, which covers the
Company and subsidiaries controlled by the Company. The inclusion of a subsidiary begins when the Group obtains actual control
of the subsidiary, and ceases when the Group loses actual control of the subsidiary.
The equities, profit or loss and total comprehensive income attributable to minority shareholders of subsidiaries are separately
presented in the shareholder equities of the consolidated balance sheet and after the items of net profit and total comprehensive
income on the consolidated income statement respectively. If the current loss shared by minority shareholders of a subsidiary
exceeds the share of minority shareholders in the beginning owner's equity of the subsidiary, its balance is still offset against the
minority interests.
Where the accounting period or accounting policy applied by a subsidiary is inconsistent with that applied by the Group,
necessary adjustments have been made to the financial statements of such subsidiary according to accounting period or accounting
policy applied by the Group upon consolidation. All significant internal transactions, internal current accounts and unrealized
profit or loss on internal transactions within the scope of consolidation have been offset when preparing the consolidated financial
statements.
② Acquisition of a subsidiary through business combination
For a subsidiary acquired through business combination under common control, when preparing the consolidated current
financial statements, based on the book value of all assets and liabilities of the combined subsidiary in the financial statements of
the ultimate controlling party, the combined subsidiary is regarded as if it has been included in the scope of consolidation of the
Group when the ultimate controlling party of the Group begins exercising control over it, and corresponding adjustments are made
to the opening amounts of the consolidated financial statements and previous comparative statements.

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227
For a subsidiary acquired through business combination not under common control, when preparing the consolidated current
financial statements, based on the fair value of various identifiable assets and liabilities of the acquired subsidiary as determined at
the purchase date, the acquired subsidiary is included in the scope of consolidation of the Gorup as of the purchase date.
③ Disposal of a subsidiary
When the Group loses its control over an existing subsidiary, the resulting gains or losses from disposal are included in the
investment income in the period during which the control is lost. Where the control over an existing subsidiary is lost due to
disposal of part of equity investment or otherwise, in the consolidated financial statements, the remaining equities are re-measured
at the fair value thereof at the date of loss of control; the sum of the consideration acquired by disposal of equities and the fair
value of remaining equities minus the share of the net assets continuously calculated by the existing subsidiary from the date of
purchase as calculated at the original shareholding ratio and goodwill is included in the investment income during the period in
which the control is lost. Moreover, other comprehensive income, etc. related to the equity investment in the existing subsidiary
are included in the current investment income at the time of loss of control, except for other comprehensive income resulting from
changes in net liabilities or net assets of the defined benefit plan re-measured by such existing subsidiary.
Where the Company disposes of its equity investment in a subsidiary step by step through multiple transactions until loss of
control, distinction needs to be made as to whether all such transactions constitute a package deal:
A. These transactions are entered into simultaneously or taking into account the mutual effect;
B. These transactions can only achieve a complete commercial result if made together;
C. The occurrence of a particular transaction depends upon occurrence of at least one other transaction;
D. A particular transaction is uneconomical if looked at individually, but is economical if considered together with other
transactions.
Where the individual transactions do not constitute a package transaction, each of the transactions before loss of control over
the subsidiary is handled in accordance with the accounting policy for partial disposal of the equity investment in the subsidiary
under the condition of not losing control, as detailed in “Note V. 7(2)④”.
Where various transactions constitute a package deal, the various transactions are accounted for as a single transaction of
disposal of subsidiary and loss of control; however, the difference between each disposal price before loss of control and the share
of net assets of such subsidiary corresponding to disposal of investment as continuously calculated as from the purchase date is
included in other comprehensive income in the consolidated financial statements, and transferred to the profit or loss in the period
of loss of control all together at the time of loss of control.
④ Changes in minority interest
The capital reserve in the consolidated financial statements is adjusted by both the difference between the long-term equity
investment newly acquired by the Group due to purchase of minority interest and the share of net assets of the subsidiary as
calculated at the newly-added shareholding ratio and the difference between the disposal price acquired from partial disposal of
equity investments in subsidiaries without loss of control and the share of net assets of the subsidiaries corresponding to disposal
of long-term equity investments, with the retained earnings to be adjusted if the capital reserve is sufficient for offsetting purposes.
8. Classification of joint venture arrangements and accounting treatment of joint operation
A joint arrangement refers to the arrangement where two or more parties have joint control. Joint arrangements are divided
into joint operation and joint venture, based on the rights and obligations of the Group in such joint arrangements. Joint operation
refers to a joint arrangement where the Group holds the relevant assets and assumes the relevant liabilities of the arrangement. A
joint venture refers to a joint arrangement where the Group only has rights to relevant net assets.
As a party to joint operation, the Group recognizes assets separately held and liability separately assumed by the Group and
assets held jointly and liabilities assumed jointly by the Group according to its share; recognizes the income from joint operation
due to sale of products according to its share; recognizes the expenses incurred separately by the Group and recognizes the
expenses incurred by joint operation according to its share.

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228
Investment in a joint venture is accounted for using the equity method, and subject to the accounting policies stated in "Note
V. (18) Long-term equity investment”.
9. Criteria for determination of cash and cash equivalents
Cash and cash equivalents of the Group include cash on hand, bank deposits available for payment at any time, and investment of
short term (generally due within 3 months since purchase date) and strong liquidity, easy to be converted into known amount with
small risk of value variation.
10. Foreign currency transactions and translation of foreign currency statements
(1) Foreign currency transactions
Foreign currency transactions of the Group are translated into the functional currency using the spot exchange rates prevailing
at the transaction date, but foreign exchanges or transactions involving foreign exchange are translated into the functional currency
using actually adopted exchange rates.
On the balance sheet date, the foreign-currency monetary items are converted at the spot exchange rate on the balance sheet
date, with the resulting exchange difference generally included in the current profit or loss, except that: ①the exchange difference
resulting from foreign-currency special borrowings related to acquisition of assets that meet the capitalization conditions is
accounted for according to the principles for capitalization of borrowing costs; ② the exchange difference from hedging
instruments used for effective hedging of net investments in overseas operations is included in other comprehensive income and
will not be recognized as current profit or loss until disposal of the net investments; ③ the exchange difference resulting from
changes in book balances of foreign-currency monetary items available for sale other than amortized costs is included in other
comprehensive income.
Foreign currency non-monetary items measured at their historical costs are measured at the amount in accounting currency
converted at the spot exchange rate when the transaction occurs. Foreign currency non-monetary items measured at fair value are
converted at the spot exchange rate at the date of determination of fair value, with the difference included in the current profit or
loss or other comprehensive income.
(2) Translation of foreign currency statements
If the consolidated financial statements involve an overseas business, for foreign currency monetary items substantially
constituting net investment in the overseas business, the exchange difference arising from change in exchange rate is included in
other comprehensive income as “foreign currency statements translation difference”; and recorded into profit or loss of the period
when the overseas business is disposed.
The method for foreign currency statement translation of overseas operations is as follows:
The items of assets and liabilities in the balance sheet are converted at the spot exchange rate at the date of balance sheet; all
items of owner's equity other than “retained earnings” are converted at the spot exchange rate when incurred, and “retained
earnings” are calculated and presented according to items of net profit and profit distribution; the difference in the combined
amount of items of assets, liabilities and owner's equity after conversion is recognized as other comprehensive income, after being
recorded as the foreign currency statement translation difference. When an overseas operation is disposed of and the control
thereof is lost, the foreign currency statement translation difference presented under the item of other comprehensive income in the
balance sheet and related to such overseas operation is transferred to the current profit or loss from disposal in entirety or
according to the ratio of such overseas operation disposed of.
The items of income, cost and expense and others in the income statement are converted at the exchange rate approximate to
the spot exchange rate when the transaction occurs.

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229
The items in the cash flow statement that reflect the incurred amounts are converted to the exchange rate approximate to the
spot exchange rate when the transaction occurs, with the effects of exchange rate changes on cash presented separately in the cash
flow statement.
11. Financial instruments
Financial instruments refer to the instruments that form financial assets of a party and form the financial liabilities or equities
of other parties.
(1) Financial instruments by category
Financial instruments include financial assets and financial liabilities. Financial assets are classified into the following three
categories at initial recognition: ① financial assets measured at amortized cost; ② financial assets at fair value through other
comprehensive income; ③ financial assets at fair value through profit or loss.
Financial liabilities are classified into the following four categories at initial recognition: ① financial liabilities at fair value
through profit or loss; ② financial liabilities formed by the transfer of financial assets which does not meet the conditions for
derecognition or by the continued involvement of the transferred financial assets; ③ financial guarantee contracts that do not fall
under ① or ② above, and loan commitments that do not fall under ① above and lent at below-market rates; ④ financial
liabilities measured at amortized cost.
(2) Recognition, measurement and derecognition of financial assets and financial liabilities
① Financial assets measured at amortized cost
Financial assets measured at amortized cost, including notes receivable, accounts receivable, other receivables, long-term
receivables, and debt investments, are initially measured at fair value, with related transaction costs included in the initial
recognized amount; accounts receivable that do not contain a significant financing component, and accounts receivable that the
Group decides not to take into account a financing component that is less than one year old, are initially measured at the contract
transaction price.
Interest calculated using the effective interest method during the holding period is included in the current profit or loss.
Upon recovery or disposal, the difference between the price obtained and the book value of the financial asset is included in
the current profit or loss.
② Financial assets at fair value through other comprehensive income (debt instruments)
Financial assets at fair value through other comprehensive income (debt instruments), including receivables financing and
other debt investments, are initially measured at fair value, with related transaction costs included in the initial recognized amount.
Such financial assets are subsequently measured at fair value, with changes in the fair value such as the interest, impairment loss
or gain and exchange gain or loss calculated using the effective interest rate method included in the current profit or loss, and other
gains or losses included in other comprehensive income.
Upon derecognition, the accumulated gains or losses previously included in other comprehensive income are transferred out
of other comprehensive income and included in current profit or loss.
③ Financial assets at fair value through other comprehensive income (equity instruments)
Financial assets at fair value through other comprehensive income (equity instruments), including investment in other equity
instruments, are initially measured at fair value, with related transaction costs included in the initial recognized amount. Such
financial assets are subsequently measured at fair value, with dividends received (except those that are part of the recovery of
investment costs) included in the current profit or loss, and other gains or losses included in other comprehensive income.
Upon derecognition, the accumulated gains or losses previously included in other comprehensive income are transferred out
of other comprehensive income and included in the retained earnings.
④ Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss, including trading financial assets, derivative financial assets and other
non-current financial assets, are initially measured at fair value, with related transaction costs included in the current profit or loss.

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Such financial assets are subsequently measured at fair value, with the resulting gains or losses (including interest and dividend
revenue) included in the current profit or loss, unless such financial assets are part of hedging relationship.
⑤ Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss, including trading financial liabilities and derivative financial liabilities,
are initially measured at fair value, with related transaction costs included in the current profit or loss. Such financial liabilities are
subsequently measured at fair value, with changes in fair value included in the current profit or loss.
Upon derecognition, the difference between the book value and the consideration paid are included in the current profit or
loss.
⑥ Financial liabilities measured at amortized cost
Financial liabilities measured at amortized cost, including short-term borrowings, notes payable, accounts payable, other
payables, long-term borrowings, bonds payable, long-term payables, are initially measured at fair value, with related transaction
costs included in the initial recognized amount.
Interest calculated using the effective interest method during the holding period is included in the current profit or loss.
Upon derecognition, the difference between the consideration paid and the book value of such financial liabilities are
included in the current profit or loss.
(3) Derecognition and transfer of financial assets
The Group terminates the recognition of a financial asset when any of the following conditions is met:
① The contractual right to receive the cash flows from such financial asset terminates;
② Such financial asset has been transferred and almost all risk and reward in the ownership of such financial asset has been
transferred to the transferee;
③ Such financial asset has been transferred and the Group does not retain control of such financial asset, although the Group
neither transfers nor retains virtually all of the risks and rewards of ownership of such financial asset.
When a financial asset is transferred, if almost all the risks and rewards in the ownership of the financial asset are retained,
the recognition of the financial asset is not terminated.
When judging whether the transfer of a financial asset satisfies the above-mentioned conditions for derecognition, the
principle of substance over form is used.
The Group distinguishes the transfer of financial assets into overall transfer and partial transfer. If the overall transfer of a
financial asset satisfies the conditions for derecognition, the difference between the following two amounts is included in the
current profit or loss:
① The book value of the financial asset transferred;
② The consideration received due to the transfer, plus the accumulated changes in fair value originally directly included in
owner’s equity (where the financial asset transferred is a financial asset at fair value through other comprehensive income (debt
instrument)).
If the partial transfer of a financial asset meets the conditions for derecognition, the overall book value of the transferred
financial asset is apportioned between the derecognized part and the not derecognized part according to their relative fair value,
and the difference between the following two amounts is included in the current profit or loss:
① The book value of the derecognized part;
② The consideration for the derecognized portion, together with the corresponding amount in the cumulative amount of fair
value changes directly credited to owners' equity (in the case where the transferred financial assets are financial assets (debt
instruments) at fair value through other comprehensive income).
If the transfer of a financial asset does not meet the conditions for derecognition, the financial asset continues to be
recognized, with the consideration received recognized as a financial liability.
(4) Derecognition of financial liabilities

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If the present obligation of a financial liability has been discharged in whole or in part, the financial liability or part thereof is
derecognized; if the Group has an agreement with creditor to replace the existing financial liability by assuming a new one, and the
terms and conditions of the new one are substantially different from that of the existing one, the existing financial liability is
derecognized, and the new financial liability is recognized.
If all or part of the contract terms of the existing financial liability are materially modified, the existing financial liability or
part thereof is derecognized, with the financial liability after the modification recognized as a new financial liability.
For financial liabilities fully or partially terminated recognition, the difference between book value of the derecognized part
and the consideration paid (including non-cash assets transferred or the new financial liability assumed) is recognized in the
current profit or loss.
If the Group repurchases part of a financial liability, the book value of the whole financial liability is allocated on the
repurchase date according to the relative fair value of the continued recognition part and the derecognized part. The difference
between the book value allocated to the derecognized part and the consideration paid (including non-cash assets transferred out or
new financial liabilities assumed) is included in the profit or loss.
(5) Determination of the fair value of financial assets and financial liabilities
For financial instruments with active market, their fair value is determined by the quotation in the active market. Fair value of
financial instruments with no active markets is determined using valuation techniques. In valuation, the Group determines the fair
value of the relevant financial assets and financial liabilities using valuation techniques that are applicable in the current
circumstances and supported by sufficient available data and other information. The Group divides the input values used by the
valuation technology into the following levels and uses them successively:
① Level 1 input value is the unadjusted quotation of the same asset or liability available on the active market at the
measurement date;
② Level 2 input value is the directly or indirectly observable input value of related asset or liability other than the Level 1
input value, including: quotation of similar assets or liabilities in an active market; quotation of the same or similar assets or
liabilities in inactive markets; observable input values other than quotes, such as interest rates and yield curves that are observable
during normal quotation intervals; input values for market validation; and
③ Level 3 input value is the unobservable input value of the underlying asset or liability, including interest rates that cannot
be directly observed or verified by observable market data, stock volatility, future cash flows from the disposal obligations
undertaken in a business merger, and financial projections made using one's own data.
(6) Testing and accounting for impairment of financial assets
Impairment accounting for financial assets measured at amortized cost, debt investment at fair value through other
comprehensive income, contract assets, lease receivables, loan commitments that are not financial liabilities at fair value through
profit or loss, financial liabilities not at fair value through profit or loss, or financial guarantee contracts for financial liabilities
formed by the transfer of financial assets which does not meet the conditions for derecognition or by the continued involvement of
the transferred financial assets, is performed by the Group on the basis of expected credit loss, with provision for impairment loss
recognized.
Expected credit loss refers to the weighted average of credit loss from financial instruments with the risk of default as weight.
Credit loss refers to the difference between the aggregate contractual cash flows discounted at the original effective interest rate
and collectible under the contract and the aggregate cash flows expected to be collected, which is the present value of all cash
shortages. Among them, credit-impaired financial assets purchased or originated are discounted at the credit-adjusted effective
interest rate of the financial assets.
For credit-impaired financial assets purchased or originated, only the cumulative change in expected credit loss during the
entire duration since initial recognition is recognized as loss provision on the balance sheet date.

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Loss provision for lease receivables, as well as accounts receivable and contract assets arising from transactions regulated by
the Accounting Standards for Business Enterprises No. 14 - Revenue, are measured using simplified measurement method and
based on an amount equivalent to the expected credit loss throughout the duration.
For financial assets other than those measured above, the Group assesses at each balance sheet date whether their credit risk
has increased significantly since their initial recognition. If the credit risk has increased significantly since the initial recognition,
the loss reserve is measured based on the amount of the expected credit loss throughout the duration; if the credit risk does not
increase significantly since the initial recognition, the loss provision is measured based on the amount of the expected credit loss
on the financial instrument over the next 12 months.
The Group uses available reasonable and evidence-based information, including forward-looking information, to determine
whether the credit risk of a financial instrument has significantly increased since initial recognition by comparing the risk of
default of the financial instrument on the balance sheet date with the risk of default on the date of initial recognition.
On the balance sheet date, if the Group determines that a financial instrument has only a low credit risk, it is assumed that the
credit risk of the financial instrument has not increased significantly since its initial recognition.
The Group assesses expected credit risk and measures expected credit loss on the basis of individual financial instruments or
combinations of financial instruments. On a combination basis, the financial instruments are divided into different combinations
based on common risk characteristics.
The Group remeasures expected credit loss at each balance sheet date, with the resulting increase or reversal of the loss
provision included in the current profit or loss as an impairment loss or gain. For a financial asset measured at amortized cost, the
loss provision is credited against the book value of such financial asset indicated in the balance sheet; for a debt investment that is
measured at fair value through other comprehensive income, its loss provision is recognized in other comprehensive income,
without charging against the book value of such financial asset.
(7) Offset of financial assets and financial liabilities
Financial assets and financial liabilities are separately presented in the balance sheet without offsetting. However, where the
following conditions are all met, they are presented in the balance sheet at the net amount after offsetting:
① The Group has the legal right to offset the recognized amounts and such legal right is currently enforceable; and
② The Group plans to make net settlement, or realize such financial assets and repay such financial liabilities at the same
time.
For transfer of financial assets not meeting the conditions for derecognition, the Group does not offset the transferred
financial assets with related liabilities.
12. Notes receivable
Notes receivable of the Group include bank acceptance bills, commercial acceptance bills and letters of credit. According to the
management, the risks of this item are very small and the term is short. Considering that the historical default rate is zero, the
Group determines that the expected credit loss rate of notes receivable is zero.
13. Accounts receivable
The Group's provision for bad debts only covers accounts receivable that are not within the scope of the consolidated financial
statements. No provision for bad debts is made for accounts receivable within the scope of the consolidated financial statements.
Simplified model of expected credit loss is used for accounts receivable, regardless of whether there is a significant financing
component, that is, the loss provision is ultimately based on the amount of expected credit loss throughout the duration, and the
resulting increase or reversal of the loss provision is recognized in the current profit or loss as impairment loss or gain.

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If there is no objective evidence that an account receivable requires individual identification of the provision for bad debts and
recognition of expected credit loss, expected credit loss is measured on an aging combination basis.
(1) Accounts receivable with provision for credit loss on a combination basis
Risk characteristic
Basis of the
combination
Provision for expected credit loss
Risk free
With bank guarantee
Accounts receivable guaranteed by banks are risk-free and the provision ratio
is zero
Age
group
at
home and abroad
Aging
By referring to the historical credit loss experience and considering the
forecast of future economic conditions, the possibility of default risk is
analyzed and the credit loss rate of the whole duration is calculated to
estimate the expected credit loss.
(2) The loss rate of bad debt provision for accounts receivable calculated by aging analysis is as follows:
Territory
Aging
Expected credit loss rate (%)
Domestic
Within 6 months (inclusive)
1.31
6-12 months (inclusive)
6.78
Older than 1 year
100
Overseas
Within 3 months (inclusive)
2.75
3-6 months (inclusive)
19.39
Older than 6 months
100
Note: accounts receivable are aged on a FIFO basis from the month in which they are actually incurred.
(2) If there is objective evidence that a certain account receivable has suffered credit impairment, the Group makes a single
provision for bad debts and recognize expected credit loss for the account receivable.
Provision for bad debts on an individual basis：
Reason for making individual provisions for bad debts
How to make individual provisions for bad debts
Accounts receivable where there is objective evidence
that a single amount has suffered credit impairment are
subject to an individual impairment test
The ratio of provision for bad debts is determined by analyzing
the current situation

14. Other receivables
The Group's provision for bad debts only covers other receivables outside the scope of the consolidated financial statements.
No provision for bad debts is made for other receivables within the scope of the consolidated financial statements.
Impairment loss of other receivables is measured at an amount equivalent to expected credit loss over the next 12 months, or
over the duration, depending on whether the credit risk of such other receivables has increased significantly since initial

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recognition. In addition to other receivables with credit risk evaluated on an individual basis, they are divided into different
combinations based on their credit risk characteristics by aging.
(1) The loss rate of the bad debt provision for other receivables calculated by aging analysis is as follows:
Aging
Expected credit loss rate (%)
Less than 1 year (inclusive)
5.05
1-2 years (inclusive)
13.49
2-3 years (inclusive)
38.35
Older than 3 years
100
Aging based combination of credit risk characteristics: calculated on a FIFO basis from the month in which they are actually
incurred.
(2) Provision for bad debts on an individual basis
Reason for making individual provisions for bad debts
How to make individual provisions for bad debts
Accounts receivable where there is objective evidence
that a single amount has suffered credit impairment are
subject to an individual impairment test
The ratio of provision for bad debts is determined by analyzing
the current situation
Accounts receivable with a single amount of more than
100 million yuan or formed due to special reasons with
recovery time determined are subject to an individual
impairment test
The provision for impairment is calculated considering the time
value of the recovery of funds in light of the current situation.

15. Inventory
The Company is required to comply with the disclosure requirements set forth in the Self-Regulatory Guidelines No. 3 for
Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure regarding listed companies engaged in livestock,
poultry, and aquaculture husbandry businesses.
(1) Inventory by category
Inventory is classified into raw materials, packaging materials, work in progress, goods in stock, low-value consumables,
goods in transit, materials outsourced for processing, consumptive biological assets, and revolving materials.
The specific accounting policy for consumptive biological assets is detailed in “Note V. (23) Biological assets”.
(2) Inventory cost and method of determining cost
Inventory is initially measured at its actual cost upon acquisition. Inventory costs include purchase cost, processing cost and
other expenses incurred in bringing the inventory to its current location and condition. For inventory shipped, the cost is carried
over using the one-off weighted average method at the end of month.
(3) Basis for determining the net realizable value of inventory and the method for calculating the reserve for inventory
decline
At the end of period, when the inventory cost is lower than the net realizable value, the inventory is measured at cost; when
the inventory cost is higher than the net realizable value, the inventory is measured at net realizable value, and the inventory
revaluation reserve accrues by the difference of the cost over the net realizable value and is included in the current profit or loss.

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The net realizable value refers to the amount of the estimated selling price of inventory minus the costs estimated to incur up to the
time of completion, the estimated selling costs and related taxes and charges in the daily activities.
For a large quantity of inventory with low unit prices, provisions are made based on inventory categories; for inventory that is
related to product series with similar purposes or final uses and is produced and sold in the same region, and is difficult to
distinguish from other items of the same product series for valuation purposes, provisions are made in a consolidated manner; for
the remaining inventory, provisions for inventory impairment are made based on the difference between the cost of individual
inventory items and their net realizable value.
On the balance sheet date, if the factors affecting the previously written-down inventory value have disappeared, the written-
down amount is restored and reversed to the extent of amount of previously accrued inventory revaluation reserve, with the
reversed amount included in the current profit or loss.
(4) Inventory system
The inventory follows the perpetual inventory system.
(5) Amortization of low-value consumables and packaging materials
Low-value consumables and packaging materials are amortized using the one-off amortization method when requisitioned.
Revolving materials that have large sums and a relatively long service life are amortized using the stage-wise average amortization
method.
16. Contract assets and contract liabilities
Contract assets and contract liabilities are stated in the balance sheet according to the relationship between obligation
performance and payment from customers. The contract assets and contract liabilities under the same contract are set off and
shown in net terms.
The Group presents as receivables its right to receive consideration from the customer unconditionally (that is, depending
only on the passage of time) and as contractual assets its right to receive consideration for goods transferred to the customer
(which depends on factors other than the passage of time).
The obligation of the Group to transfer goods or services to customers for consideration received or receivable from its
customers is presented as a contract liability.
17. Held-for-sale assets
(1) Held for sale
Where the Group recovers the book value of a non-current asset or disposal group mainly by selling rather than continuously
using it, such non-current asset or disposal group is classified as a held-for-sale component.
The non-current assets mentioned above do not include financial assets, deferred income tax assets, investment property that
are subsequently measured at fair value, biological assets that are measured at fair value minus selling costs, assets formed from
employee compensation and rights arising from insurance contracts.
Disposal group refers to a group of assets that are disposed of through sale or otherwise as a whole in a single transaction, and
the liabilities transferred in such transaction that directly related to these assets.
The Group classifies a non-current asset or disposal group that meets both of the following conditions as a held-for-sale
component:
① Such non-current asset or disposal group is readily available for sale under the current conditions according to the
customary practices of sale of such type of assets or disposal groups in similar transactions; and
② The sale is highly likely to occur, i.e., the Group has made a resolution on a sale plan, has executed legally binding
purchase agreement with other parties and expects that the sale will be completed within a year;

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The Group initially and subsequently measures non-current assets or disposal groups held for sale at the book value and the
net amount of fair value minus the selling costs, whichever is lower, and recognizes the difference of book value higher than the
net amount of fair value minus selling costs as the asset impairment loss and charges it to the current profit or loss.
(2) Discontinued operations
The Group defines discontinued operations as a separate component that meets one of the following conditions and has been
disposed of by the Group or classified as held-for-sale component:
① Such component represents an independent main business or a separate main operating region;
② Such component is part of a related plan for proposed disposal of an independent main business or a separate main
operating region; and/or
③ Such component is a subsidiary acquired specifically for resale.
For discontinued operations reported in the current period, the Group presents profit or loss from continuing operations and
profit or loss from discontinued operations respectively in the current income statement, and presents data previously presented as
profit or loss from continuing operations in the income statement of comparative period as profit or loss from discontinued
operations during the comparable accounting period again.
18. Long-term equity investments
Long-term equity investments refer to equity investments that have control, common control or significant influence over the
investee, including investments in subsidiaries, associates and joint ventures. The equity investments whereby the Group has no
control, common control or significant influence over the investee are accounted for as financial assets at fair value through other
comprehensive income or financial assets at fair value through profit or loss, with respect to which the accounting policies are
detailed in the note “V. (11) Financial instruments”.
(1) Judgment criteria for common control and significant influence
Common control refers to the control shared over a particular arrangement according to applicable covenants, and the
relevant activities of the arrangement must be unanimously agreed upon by the parties who share the control. Judging whether
there is common control disregards the protective rights enjoyed by a participating party. Where the Group and other joint venture
parties jointly exert common control over the investee and enjoy the right to the net assets of the investee, the investee is deemed a
joint venture of the Group.
Significant influence refers to the power to participate in decision making regarding the financial and business policies of an
enterprise, but not enough to control or jointly control the formulation of these policies with other parties. Where the Group is able
to exert significant influence on the investee, the investee is deemed an associate of the Group. When the Company directly or
indirectly through subsidiaries holds more than 20% but less than 50% of the voting shares in the investee, the Company is
generally considered as having significant influence over the investee, unless there is conclusive evidence that the Company
cannot participate in the production and business decisions of the investee. When the Company holds less than 20% of the voting
shares in the investee, but one or several of the following circumstances exist, the Company will give overall consideration to all
facts and circumstances and make judgments about whether it has significant influence or not:
① Representation of the Company on the Board of Directors or similar governing body of the investee;
② Participation in the financial and business policy making process of the investee;
③ Material transactions between the Company and the investee;
④ Assignment of managers to the investee; and/or
⑤ Provision of key technical data to the investee.
(2) Determination of initial investment cost
① Long-term equity investment resulting from business combination
For a long-term equity investment resulting from business combination under common control, the share of the book value of
owner's equity of the combined party in the consolidated financial statements of the ultimate controlling party at the date of

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combination is recorded as the initial investment cost of the long-term equity investment. The share capital premium in the capital
reserve is adjusted by the difference between the initial investment cost of a long-term equity investment and the book value of
consideration paid; the retained earnings are adjusted if the share capital premium in the capital reserve is insufficient for offsetting
purposes.
For a long-term equity investment resulting from business combination not under common control, the fair values of assets
paid out, liabilities incurred or assumed and equity securities issued by the Group to acquire the control over the acquired party at
the purchase date is recorded as the initial investment cost of such investment.
② Long-term equity investments acquired otherwise than business combination
With respect to long-term equity investments acquired otherwise than business combination, at the time of initial recognition,
for a long-term equity investment acquired by payment in cash, the Group records the purchase price actually paid as the initial
investment cost; for a long-term equity investment acquired by issuance of equity securities, the Group records the fair value of
equity securities issued as the initial investment cost.
(3) Subsequent measurement and profit or loss recognition
Long-term equity investments whereby the Company exerts control over the investee are accounted for using the cost method;
a long-term equity investment in associates and joint ventures is accounted for using the equity method, unless such investment
meets the conditions for being held for sale.
①
Long-term equity investment accounted for using cost method
Under the cost method, the long-term equity investments are valuated at the initial investment cost, with the costs of long-
term equity investments adjusted by the additional or recovered investments. Except for the price actually paid at the time of
acquisition of investment or cash dividends or profits included in the consideration that have already been declared but not yet
distributed, the current investment income is recognized at the cash dividends or profits declared and distributed by the investee
that the Group is entitled to.
②
Long-term equity investment accounted for using equity method
Under the equity method, the initial investment cost of long-term equity investment is not adjusted if the investment cost of a
long-term equity investment is higher than the share of fair value of identifiable net assets of the investee at the time of investment;
if the investment cost of long-term equity investment is less than the share of fair value of identifiable net assets of the investee at
the time of investment, the resulting difference is included in the current non-operating income, while adjusting the cost of long-
term equity investment.
When using the equity method and during the period of holding of a long-term equity investment, the Group recognizes the
investment income and other comprehensive income respectively at the share of net gains and losses and other comprehensive
income realized by the investee, while the book value of long-term equity investment is also adjusted; the share is calculated at the
profits or cash dividends declared and distributed by the investee, and the book value of the long-term equity investment is
reduced accordingly; for changes in owner's equity of the investee other than net profit or loss, other comprehensive income and
profit distribution, the Group records its share of them to the capital reserve while adjusting the book value of the long-term equity
investment.
When recognizing the share of changes in net profit or loss, other comprehensive income and other owner's equity realized by
the investee, the Group, based on the fair value of identifiable net assets of the investee at the time of acquisition of investment,
recognizes investment income and other comprehensive income after making necessary adjustments according to its accounting
policies or accounting period; the aforesaid adjustments to the financial statements of the investee shall follow the principle of
materiality. The portion of unrealized profit or loss attributable to the Group that arises from internal transactions between the
Group and its associates and joint ventures is calculated at the ratio that the Group is entitled to and then offset at the time of
accounting under the equity method. The unrealized loss from internal transactions, where there is evidence that such loss is
related asset impairment loss, is recognized in full and is not offset.

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When recognizing the net losses incurred by the investee that the Company shall share, the Company recognizes such net
losses until the book value of long-term equity investment and other long-term equities that substantially constitute the net
investment in the investee are written down to zero. In addition, if the Group has the obligation to assume additional loss of the
investee, estimated liabilities are determined at expected obligations and recognized in current investment loss. Where the investee
realizes net profit in the subsequent periods, the Group resumes recognition of the revenue share after the revenue share covers the
unrecognized share of losses.
(4) Conversion of accounting method for long-term equity investments
① Conversion from fair value measurement to equity method accounting
Where an equity investment originally held in an investee (without control, common control or significant influence) is
accounted for in accordance with the accounting standards for financial instruments, and the shareholding ratio is increased due to
additional investment or otherwise, thus allowing the Company to exert common control or significant influence over the investee,
when accounting for using the equity method instead, the Group records the fair value of original equity investment determined
according to the financial instrument recognition and measurement standards plus the fair value of consideration paid to acquire
additional investment as the initial investment cost accounted for using the equity method instead. Where the originally held equity
investment is classified as investment in other equity instruments, the accumulated fair value change originally included in other
comprehensive income shall be transferred to the retained earnings. Then, the initial investment cost derived by the aforesaid
calculation is compared with the share of fair value of identifiable net assets of the investee at the date of additional investment as
calculated and determined at the whole new shareholding ratio after additional investment, with no adjustments to the book value
of the long-term equity investment if the former is larger than the latter; if the former is less than the latter, the difference shall
adjust the book value of long-term equity investment and be included in the current non-operating income.
② Conversion from fair value measurement or equity method accounting to cost method accounting
For an equity investment originally held in the investee without control, common control or significance and accounted for in
accordance with the accounting standards for financial instruments, or long-term equity investments originally held in associates
or joint ventures, where they become able to exert control over the investee due to additional investments or otherwise, they are
recorded as long-term equity investments formed from business combination.
③ Conversion from equity method accounting to fair value measurement
Where a long-term equity investment originally held in the investee with common control or significant influence becomes
unable to exert common control or significant influence over the investee due to decreased shareholding ratio as a result of partial
disposal or otherwise, the remaining equity investments are accounted for in accordance with the accounting standards for
financial instruments instead, and the difference between the fair value and book value at the date of loss of common control or
significant influence is included in the current profit or loss. Other comprehensive income originally accounted for using the
equity method should be accounted for on the same basis as the investee directly disposes of related assets or liabilities when
ceasing to be accounted for using the equity method, while owner's equity recognized due to changes in owner's equity of the
investee other than net profit or loss, other comprehensive income and profit distribution is transferred in full to the current
investment income when ceasing to be accounted for using the equity method.
④ Conversion from cost method to equity method or fair value measurement
Where control over an investee is lost due to disposal of part of equity investments or otherwise, when preparing individual
financial statements, the remaining equities after disposal, if able to exert common control or significant influence over the
investee, are accounted for using the equity method instead, and such remaining equities are adjusted as if they have been
accounted for using the equity method as of the time of acquisition. Where the remaining equities after disposal cannot exert
common control or significant influence over the investee, they are measured at fair value according to the financial instrument
recognition and measurement standards, and the difference between their fair value and book value at the time of loss of control is
included in the current investment income.
(5) Impairment of long-term equity investments

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The Group judges on the balance sheet date whether there is any indication of impairment of long-term equity investments
and, if yes, conducts impairment test as if they are individual long-term investments. If the results of impairment test indicate the
recoverable amount of a long-term equity investment is lower than its book value, the impairment provision is made at the
difference and included in the profit or loss.
(6) Disposal of long-term equity investments
Upon disposal of a long-term equity investment, the difference between its book value and price actually acquired is included
in the current profit or loss. For a long-term equity investment accounted for using the equity method, when disposing such
investment in full, related other comprehensive income originally accounted for under the equity method should be accounted for
on the same basis as the investee directly disposes of related assets or liabilities, and owner's equity recognized due to changes in
owner's equity of the investee other than net profit or loss, other comprehensive income and profit distribution should be
transferred in full to the current investment income when ceasing to be accounted for using the equity method; in case of partial
disposal and remaining equities still accounted for using the equity method, the other comprehensive income originally recognized
should be accounted for on the same basis as the investee directly disposes of related assets or liabilities and carried over pro rata,
while owner's equity recognized due to changes in owner's equity of the investee other than net profit or loss, other comprehensive
income and profit distribution should be carried over to the current investment income pro rata.
When the enterprise partially disposes of long-term equity investments held and conversion of accounting method occurs,
related accounting treatment is as shown in the aforesaid provisions regarding conversion of accounting methods for long-term
equity investments.
19. Investment property
Measurement model for investment property
Measurement using the cost method
Depreciation or amortization method
(1) Investment property by category
Investment property refers to real property held to earn rent or for capital appreciation or both, including leased land use right,
land use right held for transfer after appreciation and leased buildings.
(2) Measurement of investment property
Purchased investment property is initially measured at the cost at the time of acquisition, which consists of the purchase price,
related taxes and expenses directly attributable to such asset; the costs of investment property built by the Company consist of the
expenditures required to bring the investment property to the intended state of usability. The subsequent expenditures related to
investment property are included in the costs of investment property if the economic benefits related to such asset are highly likely
to flow to the Company and its costs can be reliably measured. Other subsequent expenditures are included in the current profit or
loss as and when incurred.
The Group measures investment property using the cost model, i.e., presenting it in the balance sheet at the cost less
accumulated depreciation, amortization and impairment provisions. The costs of investment property are depreciated or amortized
using the straight-line method over the service life after deduction of the estimated net residual value and accumulated impairment
provision, unless the investment property meet the conditions for being held for sale. The depreciation policy for leased buildings
is the same as that for buildings in the property, plant and equipment, and the amortization policy for leased land is the same as
that for land use right in the intangible assets.
(3) Impairment of investment property
On the balance sheet date, the Group examines whether there are any impairment indications for investment property. When such
indications exist, an impairment test is conducted. A provision for impairment is made based on the difference between the

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recoverable amount and the book value. Once impairment losses are recognized, they cannot be reversed in subsequent accounting
periods.
20. Property, plant and equipment
(1) Conditions for recognition
Property, plant and equipment refer to tangible assets held by the Group for production of commodities, provision of services,
leasing or business management that have a service life of more than one accounting year. Property, plant and equipment are
recognized when the economic benefits related thereto are highly likely to flow to the Company and the cost can be reliably
measured.
Property, plant and equipment are initially measured at actual cost at the time of acquisition. The initial cost of purchased
property, plant and equipment includes purchase price, related taxes and expenditures incurred to bring such asset to the intended
usable state and attributable to such asset. The initial cost of a self-constructed property, plant and equipment is determined by the
necessary expenditures incurred to bring such asset to the intended usable state.
The subsequent expenditures related to property, plant and equipment including expenditures related to replacement of a
particular component, are capitalized and included in the costs if the economic benefits related to such asset are highly likely to
flow to the Company and the costs can be reliably measured, while deducting the book value of the replaced portion; expenditures
related to daily maintenance of property, plant and equipment are included in current profit or loss as and when incurred.
(2) Depreciation method

Category
Depreciation method
Depreciation period
Residual value ratio
Annual depreciation
rate
Buildings and
structures
Straight-line method
5-40 years
5.00%
2.38%－19.00%
Machinery and
equipment
Straight-line method
3-15 years
5.00%
6.33%－31.67%
Transport equipment
Straight-line method
3-10 years
5.00%
9.50%－31.67%
Others
Straight-line method
3-5 years
5.00%
19.00%－31.67%
Property, plant and equipment are depreciated using the straight-line method, based on their book value less estimated
residual value, over their estimated service life. For property, plant and equipment that have been impaired, depreciation is
calculated in future periods based on the book value after deducting the impairment provision and the remaining service life. The
service lives, estimated net residual value rates and annual depreciation rates of property, plant and equipment are shown in the
above table.
The Group determines the service life and estimated net residual value of property, plant and equipment based on their nature
and usage. It also conducts a review of the useful life, estimated net residual value and depreciation method of property, plant and
equipment at least once at the end of each year.
(3) Impairment of property, plant and equipment
On the balance sheet date, if the recoverable amount of a property, plant or equipment falls below its carrying amount due to
reasons such as a continuous decline in market price, technological obsolescence, damage, or long-term idleness, an impairment
provision is recognized for the difference between the recoverable amount and the book value, and is recorded in the current profit
or loss. Once the impairment loss of property, plant and equipment is recognized, it will not be reversed in subsequent accounting
periods.

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(4) Disposal of property, plant and equipment
The Group derecognizes property, plant and equipment if they are in a disposal state or when it is expected that the property, plant
and equipment will not generate economic benefits through use or disposal. The difference between the net amount obtained from
the disposal or scrapping of property, plant and equipment and their book value is recorded in the profit and loss account on the
date of disposal or scrapping.
21. Construction in progress
(1) Valuation of construction in progress
The cost of construction in progress is recognized at actual expenses, including various necessary expenses in the course of
construction, borrowing costs required to be capitalized prior to meeting the expected conditions for use, and other related
expenses.
From the date when reaching the predetermined usable state, construction in progress is recognized as property, plant and
equipment at the estimated value according to the project budget, cost or actual cost of the project, etc. Depreciation is started from
the following month, and the difference in the original value of property, plant and equipment is adjusted after the completion of
the final accounting procedures.
Construction in progress is recognized as property, plant and equipment when it is ready for predetermined use according to
the following standards：
Item
Criteria for recognition of property, plant and equipment
Buildings
Buildings and factory facilities are recognized as property, plant and equipment after approval according to
the procedures when they are put into use, with the Fixed Asset Acceptance Form filled by engineering
department, administrative department and financial department.
Machinery
and
equipment
The user department, equipment department, finance department and equipment manufacturer are jointly
responsible for equipment installation and debugging, including equipment hardware debugging and process
condition debugging. Equipment is recognized as property, plant and equipment after approval according to
the procedures when they are put into use, with the Fixed Asset Acceptance Form filled.
(2) Impairment of construction in progress
On the balance sheet date, the Group inspects the construction in progress, and makes a provision for its impairment at the
difference between the recoverable amount at the end of the period and the book value if it is involved in one or more of the
following circumstances. The impairment loss of construction in progress, once recognized, is not reversed in subsequent
accounting periods.
① The construction has been suspended for a long time and will not be resumed within the next three years;
② The project is not only lagging behind in terms of performance but also in terms of technology, with quite uncertain
economic benefits for the Company; and
③ Other circumstances in which there are sufficient proof of impairment in the construction in progress.
22. Borrowing costs
Borrowing costs refer to interest and other related costs incurred by the Group due to borrowings, including loan interest,
amortization of premium or discount, auxiliary expenses and exchange difference resulting from foreign-currency borrowings.
(1) Principles for capitalization of borrowing costs
The borrowing costs incurred by the Group that can be directly attributed to the acquisition or production of assets eligible for
capitalization are capitalized and included in the related asset cost, and other borrowing costs are all recognized as financial
expenses as and when incurred. Assets that meet the conditions for capitalization refer to property, plant and equipment, inventory
and other assets that can reach the intended usable or marketable state only after a considerably long period of acquisition or
production activities.

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(2) Capitalization period of borrowing costs
The capitalization period refers to the period from the commencement time of capitalization of borrowing costs to the time of
cessation of capitalization, excluding the period during which the capitalization of borrowing costs is suspended. The borrowing
costs begin being capitalized when the capital expenditure and the borrowing costs have been incurred and the acquisition or
production activities required for the assets to reach the intended usable or marketable state have commenced. When the assets
acquired or produced that meet the conditions for capitalization reach the intended usable or marketable state, the borrowing costs
cease to be capitalized.
Where an asset that meets the conditions for capitalization is abnormally interrupted in the process of acquisition or
production and the period of interruption continues for more than 3 months, the capitalization of borrowing costs is suspended
until after the asset acquisition or production activities recommence.
(3) Calculation method for capitalized amount of borrowing costs
For the special borrowings borrowed to acquire or produce an asset that meets the conditions for capitalization, the
capitalized amount of the borrowing costs is determined based on the interest expense actually incurred in the period of special
borrowing minus the interest income acquired from depositing of the unused borrowed funds in the bank or the amount of
investment income acquired on temporary investment.
For general borrowings used to acquire or produce an asset that meets the conditions for capitalization, the interest amount on
the general borrowings to be capitalized is calculated and determined based on the capital expenditure weighted average of the
portion of accumulated asset expense in excess of the special borrowing multiplied by the capitalization rate of the general
borrowings used. The capitalization rate is calculated based on the weighted average interest rate of general borrowing.
23. Biological assets
(1) Conditions for recognition of biological assets
Biological assets refer to living animals and plants. A biological asset is recognized when all of the following conditions are
met:
① The Company owns or controls such biological asset due to past transactions or events;
② Economic benefits or service potential related to such biological asset are highly likely to flow to the Company; and
③ The costs of such biological assets can be reliably measured.
(2) Classification and cost accounting of biological assets
The Group’s biological assets include consumptive biological assets and productive biological assets. Biological assets are all
measured at actual cost and are subjected to cost accounting by distinguishing categories and batches. Costs of a biological asset
refer to necessary expenditures attributable to such asset and incurred to bring such asset to the marketable stage (refers to
consumptive biological assets) or intended purpose of production and operations such as seedling cost, feed cost, drug cost, labor
cost, fuel and power cost, depreciation charges, lease expenses, other agricultural manufacturing costs, including borrowing costs
eligible for capitalization.
① Consumptive biological assets
Consumptive biological assets refer to biological assets held for sale, and the Group’s consumptive biological assets mainly
include suckling piglets, nursery piglets, finishing hogs, and commercial broilers .
A. Suckling piglets refer to piglets from the birth date to the weaning date, and the cost of suckling piglets mainly includes
the depreciation expense of the breeding pigs and the feeding costs during this period.
B. Nursery piglets refer to the piglets from the weaning date to date of transfer out of the nursery, and the cost of piglets in the
nursery mainly includes the cost of suckling piglets and the feeding cost during the nursery stage.
C. Finishing hogs refer to the hogs that are transferred to the finishing barn and until they are culled, and the cost of finishing
hogs includes the cost of the weaned piglets and feeding costs during the finishing stage.
D. Commercial broilers: costs of commercial broilers include costs of baby chicks and feeding costs of commercial broilers.

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② Productive biological assets
Productive biological assets refer to the biological assets held for production of agricultural products, including immature
productive biological assets and mature productive biological assets. The productive biological assets of the Group mainly include
breeding pigs and breeding chickens.
A. Breeding pigs: divided into immature breeding pigs and mature breeding pigs based on whether the intended production
and operation purposes are achieved. Achieving the intended production and operation purposes means breeding pigs enter the
normal production period and can continuously and stably produce conforming piglets. Costs of immature breeding pigs include
seedling costs and feeding costs at the growth stage. After they become mature, they are transferred to the mating pigpen for
production of piglets and transferred in accounting terms to the category of mature breeding pigs, before being accounted for using
asset card established for individual pigs. The subsequent expenditures incurred after achieving the intended production and
operation purposes such as feeding costs are all included in the costs of piglets or semen but no longer included in costs of
breeding pigs.
B. Breeding chickens: comprise immature breeding chickens and mature breeding chickens based on whether intended
production and operation purposes are achieved. Achieving the intended production and operation purposes means that the
breeding hens enter the normal production period and can continuously and stably produce conforming hatching eggs. Costs of
immature breeding hens include seedling costs and feeding costs at the growth stage. After they become mature, they are
transferred to the egg-laying hen house for production of hatching eggs and transferred in accounting terms to the category of
mature breeding hens (ducks), before being accounted for using asset card established for individual batches. The subsequent
expenditures incurred after achieving the intended production and operation purposes, such as feeding costs, are included in the
costs of hatching eggs but no longer in the costs of breeding hens.
③ Conversion of biological assets
In case of conversion of biological assets, such as consumptive biological assets re-purposed as productive biological assets
or productive biological assets re-purposed as consumptive biological assets, the costs after change of use are determined at the
book value at the time of change of use.
(3) Depreciation of biological assets
For productive biological assets that have achieved the predefined purpose of production and operation (i.e., mature
productive biological assets), the Group determines their service life, estimated net residual value and depreciation methods
(depreciation methods including straight-line method and units-of production method) based on their nature, usage and expected
way of realization of related economic benefits, and reviews the service life, estimated net residual value and depreciation methods
of productive biological assets at least at the end of year, such that any difference with the original estimates is records as
accounting estimate change. The service lives, estimated net residual values and depreciation methods of the Group's mature
productive biological assets are as follows:
Category
Estimated service life (or production
output)
Estimated net residual value
Breeding sows of generations other than
three-way crossbred sows
36 months
1400 yuan/head
Three-way crossbred sows
24 months
1400 yuan/head
Breeding boars
18 months
1400 yuan/head
Breeding hens
155 eggs/90 eggs (molting)
25 yuan/hen
(4) Impairment of biological assets
Consumptive biological assets are measured at the lower of book value and net realizable value, and productive biological
assets are measured at the lower of book value or recoverable amount. At least at the end of each year, the Group examines its
biological assets for any indication of impairment, and accrues the revaluation reserve for consumptive biological assets or
impairment provision for productive biological assets by the difference of the net realizable value or recoverable amount lower
than book value and charges it to the current profit or loss if there is conclusive evidence that the net realizable value of
consumptive biological assets or recoverable amount of productive biological assets is lower than its book value.

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If the factors affecting the impairment of consumptive biological assets have disappeared, the written-down amount should be
restored and reversed to the extent of amount of previously accrued revaluation reserve, with the reversed amount included in the
current profit or loss. The impairment provision for productive biological assets, once accrued, will not be reversed in subsequent
accounting periods.
The Company is required to comply with the disclosure requirements set forth in the Self-Regulatory Guidelines No. 3 for
Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure regarding listed companies engaged in livestock,
poultry, and aquaculture husbandry businesses.

24. Right-of-use assets
The categories of the Group’s right-of-use assets mainly include total leasing, land, buildings and structures, machinery and
equipment, transport equipment and others.
At the commencement date of lease term, the Group recognizes its right to use leased assets within the lease term as right-of-
use asset, and the initial cost of right-of-use asset includes the initially measured amount of lease liabilities, lease payments paid on
or before the commencement date of lease term, net of amounts related to lease incentives already enjoyed if lease incentives exist;
initial direct costs incurred by the lessee; and the costs expected to be incurred by the lessee to dismantle and remove leased assets,
restore the site of leased assets or restore the leased assets to the state agreed in the lease terms.
The Group depreciates the right-of-use assets using the straight-line method. Where it can be reasonably determined that the
ownership of a leased asset can be acquired upon expiration of the lease term, the Group depreciates the leased asset over its
remaining service life. Otherwise, the leased asset is depreciated over the lease period or its remaining service life, whichever is
shorter. Impairment provision for right-of-use assets is recognized in accordance with the accounting policy described in “Note V.
(26) Impairment of long-term assets”.
25. Intangible assets
(1) Service life and its determination basis, estimation, amortization method or review procedure
Intangible assets refer to identifiable non-monetary assets without physical form owned or controlled by the Group.
① Valuation of intangible assets
The Group’s intangible assets mainly include land use rights, trademark use rights, patent rights, software, and data resources.
An intangible asset is recognized only when economic benefits related to it is highly likely to flow to the Group and its cost can be
reliably measured.
Intangible assets are measured initially at cost, with their service life analyzed and judged upon acquisition. An intangible
asset with a limited service life is amortized using the straight-line method; intangible assets with uncertain service life are not
amortized.
② Determination and amortization of service life of an intangible asset
The service life of an intangible assets is determined by the period specified by laws and regulations, if any; or by the period
of benefit specified in the related contract if there is no period specified by laws and regulations; or by the reasonably estimated
service life if there is no period specified by laws and regulations or contracts and the economic service life can be reasonably
estimated. The estimated service lives and amortization methods of intangible assets of the Group are presented as follows:
Item
Estimated service
life
Basis
Amortization method
Land use right
40-50 years
Service life prescribed by law
Straight-line method
Patents
10 or 20 years
Service life prescribed by law
Straight-line method
Trademark
10
Service life prescribed by law
Straight-line method

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Data resource
3
Reasonable estimation
Straight-line method
Other
office
software
3
Reasonable estimation
Straight-line method
③ Judgment criteria for intangible assets with uncertain service life
The Group judges land use rights held by overseas subsidiaries as intangible assets with uncertain service life.
④ Impairment of intangible assets
On balance sheet date, the Group examines its intangible assets for any indication of impairment, and should conduct
impairment tests when there is any indication of impairment, and makes impairment provision at the difference of the recoverable
amount lower than the book value, with the recoverable amount determined at the higher of fair value of intangible asset minus
disposal costs and the present value of the estimated future cash flows from the intangible asset; the impairment loss, once accrued,
will not be reversed in subsequent accounting periods.
(2) Scope of R&D expenditure and related accounting treatment
① Scope of R&D expenditure
A. Personnel labor costs
Personnel labor costs include the wages and salaries, basic endowment insurance premiums, basic medical insurance
premiums, unemployment insurance premiums, work-related injury insurance premiums, maternity insurance premiums and
housing provident funds of internal R&D personnel, as well as labor costs of external R&D personnel.
If a R&D personnel member serves multiple R&D projects at the same time, the labor cost is recognized according to the
time record of the R&D personnel of each R&D project provided by the management department, and allocated among different
R&D projects in proportion.
If internal personnel directly engaged in R&D activities and external R&D personnel are engaged in non-R&D activities at
the same time, the allocates the actual personnel labor costs between R&D expenses and production and operating expenses
according to the time records of the R&D personnel in different positions using reasonable methods such as the proportion of
actual working hours.
B. Direct expenses
Direct expenses refer to the related expenses actually incurred by the Group to implement R&D activities. They include: a.
cost of materials, fuel and power consumed directly; b. development and manufacturing expenses of mold and process equipment
for intermediate tests and trial production, and inspection fees for trial products; c. expenses for operation, maintenance,
adjustment, inspection, testing and repair of instruments and equipment used in R&D activities.
C. Depreciation expenses and long-term deferred expenses
Depreciation expense refers to those of instruments, equipment and buildings in use for R&D activities.
If instruments, equipment and buildings in use for R&D activities are also used for non-R&D activities, necessary records
shall be made of the use of such instruments, equipment and buildings in use, with the depreciation expenses actually incurred
allocated between R&D expenses and production and operating expenses in a reasonable way according to the actual working
hours and use area and other factors.
Long-term deferred expenses refer to the long-term prepaid expenses incurred during the renovation, modification, decoration
and repair of R&D facilities. These expenses are accumulated based on actual expenditures and are amortized evenly over the
prescribed period.
D. Amortization expense of intangible assets
The amortization expense of intangible assets refers to the amortization expense of software, intellectual property, non-
patented technology (know-how, licenses, designs, calculation methods, etc.) used in R&D activities.
E. Other fees
Other expenses refer to those directly related to R&D activities in addition to the above expenses.

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② Accounting for internal R&D expenditure
The Group divides its R&D projects into the research stage and the development stage. The specific criteria for this division
are as follows: the stage where original and planned investigation and research activities are conducted to obtain and understand
new scientific or technical knowledge, etc., is classified as the research stage. This stage is characterized by its planning and
exploratory nature. The stage where the research results or other knowledge are applied to a certain plan or design to produce new
or materially improved materials, devices, or products before commercial production or use is classified as the development stage.
This stage is characterized by its specificity and greater possibility of achieving results.
Expenses at the research stage are included in the current profit or loss as and when incurred. The expenditures at the
development phase can be capitalized only when all of the following conditions are met. Otherwise, they are included in the
current profit or loss as and when incurred.
A. The completion of such intangible asset to make it usable or sellable is technically feasible;
B. There is an intention to complete, use or sell such intangible asset;
C. The way the intangible asset generates economic benefits consists of the ability to prove there is a market for products
produced using such intangible asset or a market for the intangible asset itself, provided that if the intangible asset is to be used
internally, its usefulness should be demonstrated;
D. There are sufficient technical, financial and other supports to complete the development of such intangible asset and there
is ability to use or sell such intangible asset; and
E. The expenditure attributable to the development phase of such intangible asset can be reliably measured.
26. Impairment of long-term assets
With respect to property, plant and equipment, construction in progress, intangible assets, productive biological assets and
investment properties measured using cost model, long-term equity investments, right-of-use assets, goodwill and other assets
(except for inventories, deferred income tax assets and financial assets), the Group determines at the balance sheet date whether
there is any indication of impairment based on internal and external information.
The Group conducts impairment tests on assets for which there is indication of impairment to estimate the recoverable
amount of the assets. In addition, regardless of indication of impairment, the Group conducts impairment costs for goodwill
formed from business combinations, intangible assets not yet reaching the usable state and intangible assets with uncertain service
life at least at the end of each year. For goodwill, the Group allocates the book value of goodwill according to how related asset
groups or combination of asset groups can benefit from synergistic effects of business combinations, on which basis it conducts
goodwill impairment tests.
The recoverable amount is the fair value of an asset (or asset group or combination of asset groups, the same below) minus
the disposal costs and the present value of anticipated future cash flow from the asset, whichever is higher. An asset group
comprises assets related to creation of cash inflows and is the determinable smallest asset portfolio, cash inflows from which are
basically independent from other assets or asset groups. Fair value of the asset is determined by price of a sales agreement in fair
trade; if there is no sales agreement but an active market of assets, the fair value is determined by the buyer’s offer; if there is no
sales agreement or active market of assets, the fair value is estimated on the basis of the best information available. Disposal
expenses of the asset include legal costs, related taxes and handling costs related to asset disposal and direct costs incurred to bring
the asset to the marketable state. The present value of estimated future cash flows from an asset is determined according to the
estimated future cash flows generated during the continuous use of the asset and at the time of final disposal as discounted using
an appropriate pretax discounting rate.
If the results of impairment test indicate that the recoverable amount of an asset is lower than its book value, the asset
impairment provision is made and included in the current profit or loss. The impairment loss related to an asset group or
combination of asset groups is first offset against the book value of goodwill allocated to such asset group or combination of asset
groups before being offset against the book value of other assets pro rata according to the percentage of book value of other assets

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in the asset group or combination of asset groups other than goodwill, but the book value of various assets after offsetting may not
be lower than the highest of the fair value of such asset minus disposal costs, the present value of estimated future cash flows from
such asset and zero.
The aforesaid asset impairment loss, once recognized, will not be reversed in the subsequent accounting periods.
27. Long-term deferred expenses
Long-term deferred expenses refer to various costs that have occurred and have an amortization period of more than 1 year
(exclusive) The long-term deferred expenses are recorded at the actually incurred amount and are amortized averagely over the
period of benefit using the straight-line method, and presented at the net amount of actual expenditure minus accumulated
amortization. If a long-term unamortized expense item cannot benefit the subsequent accounting periods, the amortized value of
such item that has not yet been amortized is transferred in full to the current profit or loss.
28. Employee compensation
(1) Accounting for short-term compensation
Short-term compensation comprises wage, bonus, allowance and subsidy, employee benefits, medical insurance costs, maternity
insurance costs, industrial injury insurance costs, housing fund, trade union outlays, employee education expenditure, non-
monetary benefits, etc. The Group recognizes short-term employee compensation actually incurred as liabilities during the
accounting period in which the employees provide services and charges it to the current profit or loss or related asset cost. Non-
monetary benefits are measured at fair value.
(2) Accounting for post-employment benefits
Post-employment benefit plans consist of defined contribution plan and defined benefit plan, of which the defined
contribution plan is a post-employment benefit plan under which the Group no longer assumes any further payment obligations
after contributing fixed fees to independent funds; the defined benefit plan is post-employment benefit plan other than the defined
contribution plan.
① Defined contribution plan
The Group’s defined contribution plan mainly comprises basic endowment insurance, unemployment insurance, etc., which
are recognized as liabilities at the payable amount during the accounting period in which the employees provide services to the
Group and included in related asset costs or the current profit or loss.
②Defined benefit plan
Based on the expected accumulated benefit unit method, the Company estimates related demographic variables and financial
variables using unbiased and mutually consistent actuarial assumptions, and measures obligations resulting from the defined
benefit plan, before recognizing the present value after discounting as a defined benefit plan liability.
The Company attributes the benefit obligations arising from defined benefit plan to the period in which employees provide
services, and charges the interest expenses that are service cost and defined benefit plan liabilities to the current profit or loss or
related asset cost; charges the changes arising from the defined benefit plan liabilities re-measured to other comprehensive income,
which are not allowed to reverse to profit or loss in subsequent accounting periods, but these amounts recognized in other
comprehensive income can be transferred to the extent of equities.

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(3) Accounting for termination benefits
If the employment relationship with any employee is terminated before the expiration of the employment contract or a suggestion
concerning compensation is provided to encourage the employees to voluntarily accept the job displacement, the liabilities
resulting from compensation for termination of employment relationship with employees are recognized and included in the
current profit or loss, when the Group cannot unilaterally revoke the termination benefits provided due to the employment
relationship termination plan or the separation suggestion or when the Group recognizes the costs related to the reorganization
involving payment of termination benefits, whichever occurs earlier.
(4) Accounting for other long-term employee benefits
Other long-term employee benefits provided by the Group to employees, which meet the defined contribution plan, are accounted
for in accordance with the relevant provisions of the defined contribution plan; in addition to this, other long-term benefits are
accounted for in accordance with the relevant provisions of the defined benefit plan. To simplify the relevant accounting treatment,
the total net of components such as the cost of services, the net interest of other long-term employee benefit net liabilities or net
assets, and the changes resulting from the remeasurement of other long-term employee benefit net liabilities or net assets are
recognized in the current profit or loss or the cost of related assets.
29. Lease liabilities
Apart from short-term leases and leases of low-value assets, the Group initially measures the lease liability at the lease
commencement date based on the present value of the lease payments that have not been paid as of that date, using the interest rate
implicit in lease as the discounting rate. Where it’s impossible to determine the inherent interest rate, the incremental loan interest
rate is used as the discounting rate. The Group calculates the interest expense on lease liabilities in various periods of the lease
term at the fixed cyclic interest rate and includes them in current profit or loss or related asset cost. Variable lease payments not
included in the measurement of lease liabilities are included in the current profit or loss or related asset cost when actually incurred.
After the commencement of the lease term, the Group remeasures the lease liabilities at the present value of the changed lease
payment if:
① the substantial fixed payment changes;
② the payable amount estimated based on residual value of guarantee changes;
③ the index or ratio used to determine the lease payment changes; and/or
④ the Company’s assessment of option to purchase, option to renew lease or option to terminate lease changes, or the actual
exercise of option to renew or option to terminate lease is inconsistent with the original assessment results.
In re-measuring the lease liabilities, the Group adjusts the book value of right-of-use assets accordingly. When the book value
of a right-of-use asset has been adjusted downward to zero but the lease liabilities still need to be further adjusted downward, the
Group includes the remaining amount in current profit or loss.
30. Estimated liabilities
Estimated liabilities are liabilities that might result from contingencies, including anticipated liabilities resulting from
provision of external guarantees, pending litigations, product quality assurance and reorganization obligation.
(1) Recognition of estimated liabilities
Except for contingent liabilities assumed in business combination not under common control, if an obligation incurred by the
Group is related to contingencies and meets all of the following conditions, the Group recognizes such obligation as estimated
liability:

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① Such obligation is a present obligation of the Company;
② The performance of such obligation is highly likely to result in outflow of economic benefits from the Company; and
③ The amount of such obligation can be reliably measured.
(2) Measurement of estimated liabilities
Estimated liabilities are initially measured at the best estimate of expenditure required to perform the related present
obligations. Where the impact of the time value of money is significant, the estimated liability is determined at an amount after
discounting the estimated future cash flows. When determining the best estimate, the Group considers the risks related to
contingencies, uncertainty and time value of currency and other factors. Where there is a continuous range for the required
expenditure and the possibility of occurrence of various results within such range is the same, the best estimate is determined at the
median of such range; in other cases, the best estimate is recorded as follows:
① Determined by the most possible incurred amount if contingencies involve a single item; or
② Determined by calculating according to various possible results and related probabilities if contingencies involve multiple
items.
The Group reviews book value of the estimated liabilities on the balance sheet date and adjusts such book value according to
the current best estimate.
31. Share-based payment
The share-based payment is a transaction in which the Company grants equity instruments or assumes liabilities determined
based on equity instruments in exchange for services provided by its employees or other parties.
(1) Share-based payment by category
Share-based payment consists of share-based payment settled in equities and share-based payment settled in cash.
(2) Related accounting treatment for implantation of share-based payment plan
① Share-based payment settled in equities
Share-based payment transactions in exchange for employee services immediately after the vesting of a viable right are
included in related costs or expenses at the fair value of the equity instruments at the grant date, with capital reserve adjusted
accordingly. For share-based payment settled in equities in exchange for employee service that are exercisable only after the
completion of the service within the waiting period or the fulfillment of specified performance conditions, the service acquired
during the period is credited to the relevant costs or expenses at the fair value on the grant date of the equity instruments at each
balance sheet date of the waiting period, based on the best estimate of the number of available equity instruments, with capital
reserves adjusted accordingly.
For equity-settled share-based payment in exchange for the services of other parties, if the fair value of the services of other
parties can be measured reliably, at the fair value of the services of other parties on the date of acquisition; if the fair value of the
services of other parties cannot be reliably measured, but the fair value of the equity instruments can be reliably measured, it is
measured at the fair value of the equity instrument at the date of acquisition of services and included in the relevant costs or
expenses, with the owner's equity increased accordingly.
② Share-based payment settled in cash
Share-based payment settled in cash in exchange for the services of an employee immediately after the vesting of the option
are included in related costs or expenses at the fair value of the liabilities assumed by the Group at the grant date, with liabilities
increased accordingly. For share-based payment settled in cash in exchange for employee service that are exercisable only after the
completion of the service within the waiting period or the fulfillment of specified performance conditions, the service acquired
during the period is credited to the relevant costs or expenses and relevant liabilities at the fair value of the liabilities assumed by
the Group at each balance sheet date of the waiting period, based on the best estimate of the exercise circumstance.
③ Modification and termination of the share-based payment plan

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If the modification increases the fair value of the equity instrument granted, the Group recognizes the increase in the services
obtained in accordance with the increase in the fair value of the equity instrument; if the modification increases the number of
equity instruments granted, the fair value of the increased equity instruments is recognized accordingly as an increase in the
services obtained; if the vesting conditions are modified in a way that is beneficial to the employee, the revised vesting conditions
are taken into consideration when dealing with the vesting conditions.
If the modification reduces the fair value of the equity instrument granted, the Group continues to recognize the amount of
services received on the basis of the fair value of the equity instrument at the grant date, without regard to the reduction in the fair
value of the equity instrument; if the modification reduces the number of equity instruments granted, the reduction is regarded as a
cancellation of the equity instruments granted; if the vesting conditions are modified to the detriment of the employee, the
modified vesting conditions are not taken into account when dealing with the vesting conditions.
If the Group cancels the granted equity instrument or settles the granted equity instrument during the waiting period (unless
the cancellation is due to non-satisfaction of the vesting conditions), the cancellation or settlement is treated as an accelerated
vesting, with the amount originally to be recognized during the remaining waiting period recognized immediately.
32. Unearned premium reserve
Unearned premium reserve refers to a reserve accrued by financing guarantee companies for financing liabilities not yet
terminated.
The financing guarantee company subordinate to the Group accrues unearned premium reserve at 50% of the guarantee fee
revenue of the year in the period of recognition of premium revenue.
Financing guarantee companies on the balance sheet date recalculate and determine the difference between the amount of
unearned premium reserve and the balance of accrued unearned premium reserve according to the aforesaid provisions and adjust
the balance of unearned premium reserve.
33. Guarantee indemnity reserve
Guarantee indemnity reserve refers to a reserve accrued by financing guarantee company for its liability to pay indemnities to
beneficiaries when the guaranteed person is unable to repay debts when due under a financing guarantee contract not yet
terminated.
Financing guarantee companies of the Group provide guarantee indemnity reserve at 1% of the balance of guarantee liability
at the end of the year in the period of recognition of financing guarantee contract revenue. When the accumulated amount of
guarantee indemnity reserve reaches 10% of the balance of guarantee liability in the year, the reserve accrues at difference while
recognizing the accrued guarantee indemnity reserve as liabilities.
The accumulation of guarantee indemnity reserve is based on the financial condition, production or living environment of the
guaranteed person to conduct adequacy test of the balance of accrued guarantee indemnity reserve, with additional accrual to be
made at the difference in case of insufficiency, but the guarantee indemnity reserve is not adjusted if the balance of related
insurance liability reserve recognized through recalculation under the financing guarantee contract is lower than the balance of
related insurance liability reserve already recognized at the date of adequacy test.
34. Preferred stocks, perpetual bonds and other financial instruments
The Group, based on the contractual terms of preferred stocks and perpetual bonds issued and the economic substance
reflected by them and in light of the definitions of financial assets, financial liabilities and equity instruments, classifies these
financial instruments or their components into financial assets, financial liabilities or equity instruments at the time of initial
recognition.

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The Group records preferred stocks and perpetual bonds issued by it and containing both equity component and liability
component according to the same accounting policies as convertible instruments containing equity component. Preferred stocks
and perpetual bonds issued by it and containing no equity component are recorded according to the same accounting policies as
other convertible instruments containing no equity component.
The Group includes preferred stocks and perpetual bonds issued by it that can be classified as equity instruments in equities
based on the amount actually received. Where dividends or interest are distributed during the period of existence, they are recorded
as profit distribution. Where preferred stocks and perpetual bonds are redeemed according to contractual terms, they are charged
against equities at the redemption price.
35. Revenue
Accounting policies used for revenue recognition and measurement by business type
(1) General principles for revenue recognition
Revenue is recognized by the Group at the transaction price apportioned to the performance obligation when the obligations
under a contract has been fulfilled, i.e., when the customer has obtained the control over relevant goods or services.
Performance obligation refers to the commitment of the Group in the contract to transfer clearly distinguishable goods or
services to the customer.
Control over relevant goods means being able to dominate the use of the goods and obtain almost all economic benefits from
it.
The Group evaluates the contract on the commencement date, identifies each individual performance obligation contained
therein, and determines whether each individual performance obligation will be performed within a certain period of time or at a
certain point in time.
When meeting one of the following conditions, a performance obligation is one that should be performed within a particular
period. Otherwise, it is a performance obligation that should be performed at a particular point in time:
① The customer has acquired and consumed the economic benefits brought about by performance of the Group when the
Group performs the contract;
② The customer can control the goods in process during the performance of the Group;
The goods produced in the course of the Group's performance have irreplaceable uses and the Group is entitled to receive
payment throughout the contract period for the cumulative part of the performance completed to date.
For an obligation performed within a particular period of time, the Group recognizes revenue according to the performance
progress within such period of time. When the performance progress is uncertain, provided that the costs incurred are expected to
be compensated, the revenue is recognized at the amount of costs already incurred until the performance progress can be
reasonably determined.
For an obligation performed at a certain point in time, the Group recognizes revenue at the point in time when the customer
acquires the control of related goods or services. In judging whether a customer has acquired the control of goods or services, the
Group takes into account the following indications:
① The Group has a current right of collection in respect of the goods or services;
② The Group has transferred the physical goods to the customer;
The Group has transferred the legal ownership of the goods or the principal risks and rewards of ownership to the customer;
④ The customer has accepted such goods or services, etc.
(2) Specific methods for the Group's revenue recognition
Production and sale of feed and hogs are the main business of the Group. The performance obligations of the Group in these
sales businesses are the performance obligations fulfilled at a certain point in time.
If the contract stipulates that the goods shall be delivered to the place where the buyer is located, the sales revenue of the
products is recognized after the goods are delivered to the designated place and signed by the customer.

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If the contract provides for self-pickup, the sales revenue of the products is recognized when the goods are shipped.
The use of different business models involving different revenue recognition methods and measurement methods of similar
businesses

36. Contract costs
(1) Categories and recognition of contract costs
Contract costs include incremental costs incurred to obtain a contract and the costs associated with contract performance.
Incremental costs incurred to obtain a contract refer to costs that would not have occurred if the Group did not enter into the
contract (such as sales commissions). If such cost is expected to be recovered, the Group recognizes it as an asset by recording it
as contract acquisition cost. Other expenses incurred by the Group in obtaining a contract, other than incremental costs expected to
be recovered, are included in current profit or loss when incurred.
Where the cost incurred to perform a contract that is outside the scope of other business accounting standards such as
inventory and meets all of the following conditions, the Group recognizes it as an asset by recording it as contract performance
cost:
① Such cost is directly related to a contract currently acquired or expected to be acquired, including direct labor, direct
materials, manufacturing costs (or similar costs), costs specified to be borne by customers and other costs incurred solely due to
such contract;
② Such cost has increased the resources to be used by the Group for performing its performance obligations in the future;
③ Such cost is expected to be recovered.
(2) Amortization and impairment of contract costs
The assets recognized for contract acquisition costs and the assets recognized for contract performance costs (hereinafter
referred to as “assets related to contract costs”) are amortized on the same basis as recognition of revenue from goods or services
related to such assets and included in the current profit or loss. They are included in current profit or loss as and when incurred if
the amortization period does not exceed one year.
Where the book value of an asset related to contract costs is higher than the difference between the following two items, the
Group makes impairment provision for the excess portion and recognizes it as asset impairment loss:
① The remaining consideration that the Group expects to receive due to transfer of goods or services related to such asset;
② The cost estimated to be incurred to transfer such related goods or services.
After making the impairment provision, if the factors causing the impairment in the previous period change, such that the
difference between ① and ② is higher than the book value of the asset, the previously made impairment provision for the asset is
reversed and recorded as an expense for the current period. However, the book value of the asset after the reversal shall not exceed
the book value of the asset on the reversal date, assuming no impairment provision had been made.
37. Government grants
(1) Definition of government grants
Government grants refer to the monetary and non-momentary assets received by the Group from government without
compensation, excluding capital invested by government as an investor.
(2) Types and classification criteria of government grants
Government grants consist of asset-related government grants and income-related government grants. The Group defines the
government grants acquired by it and used for acquisition or otherwise formation of long-term assets as asset-related government
grants; other government grants acquired otherwise related to assets are defined as income-related government grants.

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For comprehensive project government grants containing both asset-related parts and income-related parts, they are
accounted for respectively by distinguishing different parts; where it is difficult to distinguish, they are classified in entirety as
income-related government grants.
(3) Recognition of government grants
A government grant is recognized when it can be received and the conditions attached to it can be met. A government grant is
measured at the amount actually received or receivable if it is a monetary asset. A government grant that is a non-monetary asset is
measured at fair value.
Asset-related government grants are recognized by the Group as deferred income and included in profit or loss in a
reasonable and systematic manner over the service life of the related asset by phases; where related assets are sold, transferred,
scrapped or destroyed before the end of service life, the balance of related deferred income not yet allocated is transferred to the
current profit or loss from asset disposal. Income-related government grants, if used for compensating relevant expenses and losses
of the Group in future periods, are recognized as deferred income and are included in profit or loss in the period when relevant
costs and expenses or losses are recognized; otherwise, they are directly included in profit or loss.
Government grants related to daily business activities are included in other income according to the essence of economic
business; government grants unrelated to daily activities are included in non-operating income.
The policy-related preferential subsidized loans acquired by the Group are accounted for by distinguishing between fiscal
authorities appropriating the proceeds of subsidized loans to the lending bank and the fiscal authorities appropriating the proceeds
of subsidized loans directly to the Group. Where the fiscal authorities appropriate the proceeds of subsidized loans to the lending
bank for provision of loans to the Group at a policy-related preferential interest rate, the loans are reported at the loan amount
actually received, with the related borrowing costs calculated based on the loan principal and such policy-related preferential
interest rate. Where the fiscal authorities appropriate the proceeds of subsidized loans directly to the Group, the discount interest is
offset against the relevant borrowing costs.
38. Deferred income tax assets/ deferred income tax liabilities
The Group's deferred income tax assets or deferred income tax liabilities are calculated based on the difference between the
book value of the assets or liabilities and their tax basis (the difference between the tax basis and the carrying amount, if the tax
basis of the item not recognized as an asset or liability can be determined in accordance with the tax law), using the applicable tax
rate during the expected recovery of the assets or settlement of the liabilities.
(1) Recognition of deferred income tax assets
The Group recognizes related deferred income tax assets to the limit of the taxable income that is highly likely to be received
by the Company in future period to deduct the deductible temporary difference; but if such transaction is not business combination
and the transaction neither affects the accounting profits nor affects the taxable income (or deductible loss) when incurred, the
related deferred income tax assets are not recognized.
For related deductible temporary difference resulting from the investments of the Group in its subsidiaries, associates and
joint ventures, if such temporary difference is highly likely not to be reversed in foreseeable future and the taxable income is
highly likely not to be obtained to deduct the deductible temporary difference in the future, the corresponding deferred income tax
assets are recognized.
On the balance sheet date, the book value of deferred income tax assets is reviewed. If it is highly likely not to obtain taxable
income sufficient to deduct the benefits of deferred income tax assets in the future, the book value of deferred income tax assets is
written down. The amount written down is reversed when sufficient taxable income is highly likely to be obtained.
The deductible losses and tax credit which can be carried forward in future years are recorded as if they are deductible
temporary difference. The corresponding deferred income tax assets are recognized to the extent of the amount of future income
taxable which is highly likely to be obtained to deduct the deductible losses and tax credit.
(2) Recognition of deferred income tax liabilities

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Apart from initial recognition of goodwill or taxable temporary difference arising in a transaction that is not business
combination and affects neither accounting profits nor taxable income (or deductible loss) when occurring, the Group recognizes
deferred income tax liabilities arising from all taxable temporary differences.
For related taxable temporary difference resulting from the investments of the Group in its subsidiaries, associates and joint
ventures, if the Group can control the time to reverse the temporary difference and the temporary difference is highly likely not to
be reversed in foreseeable future, the related deferred income tax liabilities are not recognized.
(3) Income tax expense
Income tax expense consists of current income tax and deferred income tax. The current income tax is the expected payable
tax calculated based on the taxable income of this year at the tax rate stipulated by tax laws. The Group includes current income
tax and deferred income tax in current profit or loss, except for the income tax arising from business combinations and transactions
or events directly included in owner’s equity (including other comprehensive income).
(4) The basis for presenting deferred income tax assets and deferred income tax liabilities on a net basis
On the balance sheet date, deferred income tax assets and deferred income tax liabilities are presented at a net amount after
offset when all of the following conditions are met:
① The taxpayer has the legal right to netting of current income tax assets and current income tax liabilities; and
② Deferred income tax assets and deferred income tax liabilities are related either to the same tax authority's collection of
income tax for the same taxpayer or to different taxpayers. However, in each period when a significant deferred income tax asset
or liability is to be reversed in the future, the taxpayers involved intend to settle the current income tax assets and liabilities net or
to simultaneously acquire assets and discharge liabilities.
39. Lease
(1) Identification and splitting of lease
On the commencement of the contract, the Group assesses whether a contract is a lease or contains a lease. A contract is or
contains a lease if a party to a contract transfers its right to control the use of one or more identified assets for a period of time in
exchange for consideration.
To determine whether a contract assigns the right to control the use of identified assets within a certain period, the Group
performs the following assessments:
① Whether the contract involves use of identified assets. An identified asset may be designated expressly in contract or
designated implicitly when the asset is available to the customer, and such asset can be distinguished physically or if a part of
capacity or other part of the asset cannot be physically distinguished but substantially represents the total capacity of the asset, thus
allowing the customer to acquire almost all economic benefits arising from use of the asset. If the supplier of the asset has the right
to substantially replace the asset during the entire period of use, such asset is not an identified asset;
② Whether the lessee has the right to acquire almost all economic benefits arising from use of the asset during the period of
use;
③ Whether the lessee has the right to direct the use of the identified asset during such period of use.
Where a contract contains multiple separate leases, the lessee and the lessor split the contract up and perform accounting
treatment of each individual lease respectively. Where a contract contains lease and non-lease components, the lessee and the
lessor split the lease component from none-lease component. When splitting the lease component and non-lease component
contained in a contract, the lessee allocates the consideration for contract according to the relative proportions of the sum of
separate prices of lease components and the sum of separate prices of non-lease components; the lessor allocates the consideration
for contract according to the accounting policy described in note “V. (35) Revenue” regarding allocation of transaction price.

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(2) Assessment of lease term
The lease term is the period during which the Group has the right to use the leased asset and is irrevocable. Where the Group has
the option to renew, i.e., the right to choose to renew the lease of the asset, and reasonably determines that it will exercise such
option, the lease term also includes the period covered by the option to renew the lease. Where the Group has the option to
terminate a lease, i.e., the right to choose to terminate the lease of the asset, and reasonably determines that it will not exercise
such option, the lease term includes the period covered by the option to terminate lease. Where a significant event or change
occurs within the scope controllable by the Group, and affects whether the Group reasonably determines to exercise the applicable
option, the Group reassesses whether it reasonably determines to exercise the option to renew, option to purchase or not to exercise
the option to terminate the lease.
(3) As a lessee
The general accounting treatment where the Group acts as the lessee is detailed in “Note V. (27) Right-of-use assets” and
“Note V. (29) Lease liabilities”.
① Lease change
Lease change refers to any change to lease scope, lease consideration or lease term outside the original contractual terms,
including addition or termination of the right to use one or more leased assets, and extension or shortening of contractually
specified lease term.
When a lease changes and meets all of the following conditions, the Group regards such lease change as one separate lease
for accounting purposes:
A. The lease change expands the lease scope by adding the right to use one or more leased assets;
B. The increased consideration is equivalent to the amount of separate price of the expanded portion of the lease scope as
adjusted according to the circumstances of the contract.
Where a lease change is not regarded as one separate lease for accounting purposes, at the effective date of lease change, the
Group re-determines the lease term and discounts the changed lease payments at a revised discounting rate to re-measure the lease
liabilities. When calculating the present value of the changed lease payment, the Group uses the interest rate implicit in lease over
the remaining lease period as the discounting rate; where the interest rate implicit in lease over the remaining lease period cannot
be determined, the incremental loan interest rate as at the effective date of lease change is used the discounting rate.
With respect to the effects of the aforesaid adjustment to lease liabilities, the Group performs accounting treatment by
distinguishing the following circumstances:
A. Where the lease change results in narrowed scope of lease or shortened lease term, the book value of right-of-use asset is
adjusted downward to reflect the partial or total termination of the lease. The relevant gains or losses on the partial or total
termination of the lease are included into the current profit or loss.
B. As for other lease changes, the Group adjusts the book value of right-of-use asset accordingly.
② Short-term lease and low-value asset lease
Where the Group has chosen not to recognize right-of-use assets or lease liabilities for short-term lease (any lease with a term
of no more than 12 months) and low-value asset lease at the commencement date of lease, they are included in the related asset
cost or current profit or loss using the straight-line method over each period of the lease term.
(4) As a lessor
A lease that substantially transfers almost all risk and reward related to the ownership of a leased asset at the commencement
date of lease is financing lease, apart from which all leases are operating leases.
① As a lessor under financing lease

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On the commencement of the lease term, the Group recognizes receivable financing lease receivables for financing leases and
derecognizes financing lease assets. In the initial measurement of financial lease receivables, the net lease investment is stated as
the recorded value of financial lease receivables. The net lease investment is the sum of the unsecured residual value and the
present value of the lease receipts not yet received at the commencement date of the lease that is discounted at the interest rate
implicit in lease.
Interest income for each period of the lease term is calculated and recognized by the Group based on a fixed cyclic interest
rate. The variable lease payments acquired and not included in the measurement of net lease investment are included in the current
profit or loss when actually incurred.
② As a lessor under operating lease
The rental revenue from operating lease is recognized as current profit or loss using the straight-line method over each period
of the lease term, while contingent rental is included in the current profit or loss when actually incurred.
(5) Sale-and-leaseback transaction
The Group determines whether the asset transfer in a sale-and-leaseback transaction is considered a sale based on “Note V.
(35) Revenue”.
① The Group as a lessee
Where the asset transfer in the sale-and-leaseback transaction constitutes a sale, the Group, as the lessee, measures the right-
of-use asset formed from the sale-and-leaseback at the portion of the book value of the original asset related to the right of use
acquired through leaseback, and recognizes related gains or losses only with respect to the rights transferred to the lessor; where
the asset transfer in the sale-and-leaseback transaction does not constitute a sale, the Group, as the lessee, continues recognizing
asset being transferred while recognizing a financial liability equivalent to the revenue from the transfer, and performs accounting
treatment of the financial liability according to “Note V. (11) Financial instruments”.
② The Group as a lessor
Where the asset transfer in the sale-and-leaseback transaction constitutes a sale, the Group, as the lessor, performs accounting
treatment for the asset purchase and performs accounting treatment of the asset renting according to the aforesaid provisions;
where the asset transfer in the sale-and-leaseback transaction does not constitute a sale, the Group, as the lessor, does not recognize
the asset transferred, but recognizes a financial asset equivalent to the revenue from the transfer, and performs accounting
treatment of the financial asset according to “Note V. (11) Financial instruments”.
40. Changes in significant accounting policies and accounting estimates
(1) Changes in significant accounting policies
□Applicable Not applicable

(2) Changes to important accounting estimates
□Applicable Not applicable
(3) Adjustment of relevant items of the financial statements at the beginning of the year upon the first implementation of
the new accounting standards from 2025
□Applicable Not applicable

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VI. Taxes
1. Main taxes and rates
Category
Tax basis
Tax rate
VAT
Taxable sales
18%-1%
Urban maintenance and construction tax
Turnover tax actually paid
7%, 5%, 1%
Corporate income tax
Taxable income
30%-1%
Notes on disclosure where there are different taxpayers subject to different corporate income tax rates
Name of taxpayer
Income tax rate
General Hero Limited
16.50%
Hong Kong New Hope Liuhe International Trading Co.,
Limited
16.50%
New Hope Egypt Poultry Ltd.
Tax free (as detailed in the following Section 2. (III) (7))
New Hope Egypt Ltd.
22.50% (as detailed in the following Section 2. (III) (7))
New Hope Egypt Aquatic Technology Ltd.
22.50% (as detailed in the following Section 2. (III) (7))
New Hope Agriculture (Egypt) Ltd.
22.50% (as detailed in the following Section 2. (III) (7))
New Hope Alexander Ltd.
22.50% (as detailed in the following Section 2. (III) (7))
New Hope Davao Agriculture Ltd.
Tax free (as detailed in the following Section 2. (III) (7))
New Hope Philippines Livestock Inc.
2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Central Luzon Agriculture Inc.
2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Tarlac Agriculture Inc.
2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Bulacan Agriculture Inc.
2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Isabela Agriculture Inc.
2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Pampanga Agriculture Inc.
2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Philippines Animal Healthcare Services Inc.
1% and 20% (as detailed in the following Section 2. (III) (7))
Sichuan New Hope Agriculture (Cambodia) Co., Ltd.
1% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Laos Co., Ltd.
8%
New Hope Bangladesh Ltd.
0.6%, 3%, 10%, 15%, and 27.5% (as detailed in the following
Section 2. (III) (7))
New Hope Agrotech Bangladesh Ltd.
0.6%, 3%, 10%, 15%, and 27.5% (as detailed in the following
Section 2. (III) (7))
New Hope Animal Nutrition Bangladesh Ltd.
0.6%, 3%, 10%, 15%, and 27.5% (as detailed in the following
Section 2. (III) (7))
New Hope Farms Bangladesh Ltd.
Tax exempted, 0.6%, 5%, 10%, 15%, and 27.5% (as detailed in
the following Section 2. (III) (7))
Myanmar New Hope Farms Co., Ltd.
22%
Xinhe Myanmar Agro-technology Co., Ltd.
22%
Myanmar New Hope Agro-Technology Co., Ltd.
22%
New Hope Mandalay Co., Ltd.
Tax free (as detailed in the following Section 2. (III) (7))
New Hope South Africa Ltd.
27%
New Hope Agro Business Nepal Pvt. Ltd.
18%
New Hope Agro-technology Nigeria Ltd.
30%
New Hope Lanka (Pvt) Limited
20%
New Hope Singapore Pte. Ltd.
8%, 10%, 10.5%, and 17% (as detailed in the following Section
2. (III) (7))
New Hope Singapore Premix Pte. Ltd.
17%
NHCS Investment Pte. Ltd.
17%
New Hope Singapore Biotechnology Pte. Ltd.
17%
New Hope Asia Investment Pte. Ltd.
17%
New Hope International Holdings (Pte.) Ltd.
17%
New Hope Global Investment Pte. Ltd.
17%
New Hope Kolkata Animal Feed Private Ltd.
25%

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PT New Hope Medan
22%
PT New Hope Farms Indonesia
22%
PT New Hope Jawa Timur
22%
PT New Hope Indonesia
22%
PT New Hope Poultry Trade Indonesia
22%
PT New Hope Food Indonesia
22%
PT New Hope Aqua Feed Indonesia
22%
PT Corn Drying Indonesia
22%
New Hope Hanoi LLC
10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Hanoi LLC Haiphong Branch
10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Hanoi LLC Bac Giang Branch
20%
New Hope Hanoi LLC Thanh Hoa Branch
20%
Than Hoa New Hope Livestock Services Co., Ltd.
10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Binh Dinh Breeding Co., Ltd.
10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Vietnam Technological Livestock Services Co., Ltd.
10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Ho Chi Minh City Co., Ltd.
15% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Vinh Long Co., Ltd.
5.00% (as detailed in the following Section 2. (III) (7))
New Hope Dong Thap Aquatic Feed Co., Ltd.
10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Binh Phuoc Breeding Co., Ltd.
7.5% and 15% (as detailed in the following Section 2. (III) (7))
New Hope Binh Dinh Co., Ltd.
20%
2. Tax preferences
(I) VAT
(1) In accordance with the Announcement of the Ministry of Finance, the State Taxation Administration and the General
Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax (Announcement [2019] No. 39 of
MoF, STA and GAC), feed products produced and sold by domestic feed manufacturers of the Group are subject to a tax rate of
9%. In addition, in accordance with the Notice of the Ministry of Finance and the State Taxation Administration on the Exemption
of Value-Added Tax for Feed Products (C.S.[2001] No.121), feed products produced and sold by feed manufacturers that meet its
provisions are exempt from VAT. Taxable goods sold by feed manufacturers other than feeds are subject to a VAT rate of 3% (small
taxpayers) or 9% or 13% (general taxpayers).
(2) In accordance with the Announcement of the Ministry of Finance, the State Taxation Administration and the General
Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax (Announcement [2019] No. 39 of
MoF, STA and GAC), primary agricultural products produced by domestic slaughtering and meat processing enterprises of the
Group are subject to a tax rate of 9%, and the cooked food and highly processed products are subject to a tax rate of 13%.
(3) In accordance with Article 15 “Self-made agricultural products sold by agricultural producers are exempted from VAT” of
the Interim Regulations of the People’s Republic of China on Value-added Tax, domestic farming enterprises of the Group are
exempt from VAT.
(4) In accordance with the Announcement of the Ministry of Finance, the State Taxation Administration and the General
Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax (Announcement [2019] No. 39 of
MoF, STA and GAC), feed ingredients sold by domestic trading entities of the Group are exempted from VAT, while other
products are subject to a tax rate of 13% or 9%.
(5) In accordance with the Announcement of the Ministry of Finance, the State Taxation Administration and the General
Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax (Announcement [2019] No. 39 of
MoF, STA and GAC), starting from April 1, 2019, subsidiary Sichuan Xinle Plastics Co., Ltd. is subject to a tax rate of 13%, and
subsidiaries Chengdu Fenglan Technology Co., Ltd. and Zibo Huide Feed Machinery Co., Ltd. are subject to a tax rate of 9% and
13%.
(6) In accordance with the Announcement of the Ministry of Finance and the State Taxation Administration on Reducing or
Exempting VAT for Small-scale Taxpayers (Announcement [2023] No. 19 of MoF & SAT), from January 1, 2023 to December 31,

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2027, small-scale VAT taxpayers with monthly sales of less than 100,000 yuan (inclusive) are exempt from VAT; the taxable sales
income of small-scale VAT taxpayers subject to a tax rate of 3% is subject to VAT at a reduced rate of 1%; and the VAT pre-paid
items subject to a 3% pre-collection rate are subject to 1% advance payment of VAT.
In accordance with the Announcement of the Ministry of Finance and the State Taxation Administration on Continuing to
Implement the VAT Policy for Financing Guarantees by Farmers, Small and Micro Enterprises, and Individual Business Operators
(Announcement [2023] No. 18 of MoF & SAT), from August 1, 2023 to December 31, 2027, the guarantee fees income obtained
by taxpayers from providing financing guarantees for farmers, small and micro enterprises, and individual business operators, as
well as the re-guarantee fees income obtained by providing re-guarantees for the aforementioned financing guarantees (hereinafter
referred to as the "original guarantees") are exempt from VAT.
(8) Among overseas subsidiaries, the sales of feed products and sales of self-produced agricultural products of breeding
business by subsidiaries operating in Vietnam are exempt from VAT, and the VAT rate for the disposal of waste materials and
property, plant and equipment is 10%; New Hope Lanka (Pvt) Limited is subject to a VAT rate of 18%; GST (VAT) at 9% on goods
and services sold locally by New Hope Singapore Pte. Ltd. and New Hope Singapore Premix Pte. Ltd.; feed sales exempt from
VAT, and VAT rate at 15% for other taxable items of New Hope South Africa Ltd.; feed products sold by subsidiaries operating in
Indonesia, Bangladesh, the Philippines, Cambodia, Egypt and other countries are exempt from VAT.
(II) Urban maintenance and construction tax, and education surcharge
The Company and its domestic subsidiaries are subject to: (1) urban maintenance and construction tax calculated and paid at
7%, 5% or 1% of the turnover tax payable by region; (2) education surcharge paid at 3% of the turnover tax payable, and local
education surcharge paid at 2% of the turnover tax payable.
In accordance with the Announcement of the Ministry of Finance and the State Taxation Administration on Relevant Tax and
Fee Policies to Further Support the Development of Small and Micro Enterprises and Individual Business Operators
(Announcement [2023] No. 12 of MoF & SAT), from January 1, 2023 to December 31, 2027, the resource tax (excluding water
resource tax), urban maintenance and construction tax, property tax, urban land use tax, stamp duty (excluding stamp duty on
securities transactions), farmland occupation tax, education surcharge and local education surcharge are halved for small-scale
taxpayers of value-added tax, small and low-profit enterprises and individual business operators.
(III) Corporate income tax
(1) In accordance with the Announcement on Continuing the Enterprise Income Tax Policy for the Western Development
Initiative (MoF Announcement [2020] No. 23) jointly issued by the Ministry of Finance, the State Taxation Administration and
NDRC, “from January 1, 2021 to December 31, 2030, enterprises established in west China that operate in encouraged industries
are subject to corporate income tax at a reduced rate of 15%.” Subsidiaries of the Group established in the western region,
including Ningxia New Hope Ruminant Animal Nutritious Food Co., Ltd., Qiandongnan New Hope Farming Technology Co., Ltd.,
Qujing Guoxiong Feed Co., Ltd., Guiyang New Hope Agricultural Technology Co., Ltd., Chongqing New Hope Feed Co., Ltd.,
Kai County New Hope Feed Co., Ltd., Luzhou New Hope Feed Co., Ltd., Chengdu Fenglan Technology Co., Ltd., Chengdu
Century Investment Co., Ltd., Yulin New Hope Feed Co., Ltd., Ziyang Jiahao Feed Technology Co., Ltd., Zigong Hengbo Feed
Technology Co., Ltd., Lanzhou New Hope Feed Co., Ltd., Wuwei Hope Feed Co., Ltd., Guilin New Hope Feed Co., Ltd.,
Pengshan New Hope Feed Co., Ltd., Wulong New Hope Liuhe Feed Co., Ltd., Pucheng New Hope Farming Technology Co., Ltd.,
Ganzhou Hope Feed Co., Ltd. and Baoji New Hope Farming Co., Ltd. are subject to income tax rate of 15%. The headquarters
and all branches operating across regions aggregate and settle their income tax with the tax authority governing the head office at
the end of year following the principles of “unified calculation, level-by-level management, local prepayment, aggregate clearing
and fiscal allocation”.
(2) In accordance with Article 27(1) of the Enterprise Income Tax Law of the People’s Republic of China, Article 86 of the
Regulations for the Implementation of the Enterprise Income Tax Law of the People's Republic of China and Document CS [2008]
No. 149, meat primary processing operations of the Group’s subsidiaries in the meat processing industry are exempt from
corporate income tax; the deep processing operations are subject to income tax rate of 25%.

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260
(3) In accordance with Article 27(1) of the Enterprise Income Tax Law of the People’s Republic of China and Article 86 of the
Regulations for the Implementation of the Enterprise Income Tax Law of the People's Republic of China, livestock breeding
operations of the Group’s subsidiaries in the breeding industry are exempt from income tax.
(4) In accordance with Article 28 of the Enterprise Income Tax Law of the People’s Republic of China, corporate income tax
for high-tech enterprises that need key support from the state is levied at a reduced preferential rate of 15%. Subsidiaries Hefei
Huameng Biotechnology Co., Ltd., Weifang New Hope Liuhe Feed Technology Co., Ltd. and Anhui Xinhua Animal Husbandry
Technology Co., Ltd. are identified as high-tech enterprises, subject to income tax rate of 15%.
(5) General Hero Limited and Hong Kong New Hope Liuhe International Trading Co., Limited, both registered in Hong
Kong, are subject to the income tax rate of 16.5%.
(6) In accordance with the Notice of the Ministry of Finance and the State Taxation Administration on Corporate Income Tax
Preferential Policies for the Hainan Free Trade Port (CS [2020] No. 31), companies in encouraged industries that are registered in
the Hainan Free Trade Port and substantially operate are subject to a reduced corporate income tax rate of 15%, to which Hainan
New Hope Liuhe Supply Chain Technology Co., Ltd. is applicable.
(7) Corporate income tax policies for overseas subsidiaries of the Group
① Egypt
Exemption from corporate income tax within 10 years from the date of commencement of production activities with respect
to income derived from activities related to animal husbandry, fishery, poultry farming and honey production according to the local
tax preferential policies. New Hope Egypt Poultry Ltd. started production in December 2020 and was tax-exempt in 2025.
According to the local tax policies, New Hope Egypt Ltd., New Hope Egypt Aquatic Technology Ltd., New Hope Agriculture
(Egypt) Ltd. and New Hope Alexander Ltd. were subject to income tax rate of 22.5% in 2025.
② The Philippines
According to the local tax policies, New Hope Davao Agriculture Ltd. Is exempt from corporate income tax until May 2027.
According to the local tax policies, New Hope Philippines Livestock Inc., New Hope Central Luzon Agriculture Inc., New
Hope Tarlac Agriculture Inc., New Hope Bulacan Agriculture Inc., New Hope Isabela Agriculture Inc. and New Hope Pampanga
Agriculture Inc. are levied at the higher rate of 2% of their gross profit or 25% of their total profit.
According to the local tax policies, New Hope Philippines Animal Healthcare Services Inc. is levied at the higher rate of 1%
of its gross profit or 20% of its total profit.
③ Cambodia
According to the local tax policies, Sichuan New Hope Agriculture (Cambodia) Co., Ltd. was levied at the higher rate of 1%
of its gross profit or 20% of its total profit in 2025.
④ Laos
According to the local tax policies, Hope Laos Co., Ltd. was subject to income tax rate of 8% in 2025.
⑤ Bangladesh
According to the local tax policies, from January to June 2025, New Hope Bangladesh Ltd., New Hope Agrotech Bangladesh
Ltd. and New Hope Animal Nutrition Bangladesh Ltd. were subject to income tax levied at 27.5% for their bank deposit interest
income in their total profits (10% withheld by banks), 27.5% for their net non-operating income and expenditure, and segmented
rates for their total profits net of interest and non-operating income and expenditure: 3% for the portion less than 1 million taka
(inclusive); 10% for the portion between 1-2 million taka (inclusive); and 15% for the portion exceeding 2 million taka.
According to the local tax policies, from January to June 2025, New Hope Farms Bangladesh Ltd. was subject to income tax
levied at 27.5% for its bank deposit interest income in total profits (10% withheld by banks), 27.5% for its net non-operating
income and expenditure, and segmented rates for its total profits net of interest and non-operating income and expenditure: during
profit period: 0% for the portion less than 1 million taka (inclusive); 5% for the portion between 1-2 million taka (inclusive); 10%
for the portion between 2-3 million taka (inclusive);and 15% for the portion exceeding 3 million taka. During loss period: 0.60%
of the operating income.

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261
Starting from July 2025, New Hope Bangladesh Ltd., New Hope Agrotech Bangladesh Ltd., New Hope Animal Nutrition
Bangladesh Ltd. and New Hope Farms Bangladesh Ltd. all pay taxes at the higher rate between 27.5% of the total profit and 0.6%
of the operating revenue.
⑥ Myanmar
According to the local tax policies, Myanmar New Hope Farms Co., Ltd., Xinhe Myanmar Agro-technology Co., Ltd. and
Myanmar New Hope Agro-Technology Co., Ltd. were subject to income tax rate of 22% in 2025.
According to the local tax policies, New Hope Mandalay Co., Ltd. is exempt from corporate income tax for 5 years starting
from official commencement of production and sales for formal operations. This company was put into operation on January 2,
2021 and its tax holiday (from January 2, 2021 to December 31, 2025) covers the year 2025.
⑦ South Africa
According to the local tax policies, New Hope South Africa Ltd. was subject to income tax rate of 27% in 2025.
⑧ Nepal
According to the local tax policies, companies that employ more than 100 Nepalese citizens in a given year enjoy a 10%
reduction on their income tax, in addition to the basic tax rate of 20%. New Hope Agro Business Nepal Pvt. Ltd. was subject to
income tax rate of 18% in 2025.
⑨ Nigeria
According to the local tax policies, New Hope Agro-technology Nigeria Ltd. was subject to income tax rate of 30% in 2025.
⑩ Sri Lanka
According to the local tax policies, New Hope Lanka (Pvt) Limited was subject to income tax rate of 20% in 2025.
⑪ Singapore
According to the local tax policies, the corporate income tax for New Hope Singapore Pte. Ltd., involving interest and
management fee income, is subject to an income tax rate of 8% (FTC), with a preferential period of 5 years (July 1, 2022 to June
30, 2027), and it is exempt from withholding tax (withholding income tax on interest) in Singapore when paying interest expenses
to overseas banking institutions and affiliates; the remaining related income is not entitled to the aforesaid preferences, and is
subject to an income tax rate of 17%. In the calculation, the first 10,000 Singapore dollars (inclusive) of taxable income are 75%
exempt from income tax, the subsequent 20,000 to 200,000 Singapore dollars (inclusive) thereof are 50% exempt from income tax
and the portion in excess of 200,000 Singapore dollars is not entitled to tax reduction or exemption. the corporate income tax on
trade income of New Hope Singapore Pte. Ltd. is subject to three periods, 5% (DEI) for 5 years (July 1, 2015 to June 30, 2020) +3
years (July 1, 2020 to June 30, 2023), 10% for 2 years (July 1, 2023 to June 30, 2025), 10.5% for 3 years (July 1, 2025 to June 30,
2028).
According to the local tax policies, New Hope Singapore Premix Pte. Ltd., NHCS Investment Pte. Ltd., New Hope Singapore
Biotechnology Pte. Ltd., New Hope Asia Investment Pte. Ltd., New Hope International Holdings (Pte.) Ltd. and New Hope Global
Investment Pte. Ltd. were subject to income tax rate of 17% in 2025.
⑫ India
According to the local tax policies, New Hope Kolkata Animal Feed Private Ltd. was subject to income tax rate of 25% in
2025.
⑬ Indonesia
According to the local tax policies, PT New Hope Medan, PT New Hope Farms Indonesia, PT New Hope Jawa Timur, PT
New Hope Indonesia, PT New Hope Poultry Trade Indonesia, PT New Hope Food Indonesia, PT New Hope Aqua Feed and PT
Corn Drying Indonesia were subject to income tax rate of 22% in 2025.
⑭ Vietnam
According to the local tax preferential policies, New Hope Hanoi Co., Ltd., Than Hoa New Hope Livestock Services Co.,
Ltd., New Hope Binh Dinh Breeding Co., Ltd. and New Hope Vietnam Technological Livestock Services Co., Ltd. were subject to

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
262
income tax rate of 10% for their main business income, while income from other businesses was not entitled to the income tax
preference and was subject to income tax rate of 20% in 2025.
According to the local tax preferential policies, New Hope Ho Chi Minh City Co., Ltd. is subject to income tax rate of 15%
for its Phase I investment, and 20% for its Phase II and Phase III investments. Phase II account for 25.78%, and Phase II and Phase
III account for 74.22%.
According to the local tax preferential policies, New Hope Vinh Long Co., Ltd. is subject to the policy of "three-year tax
exemption, nine-year tax reduction by half" for 15 years since its opening in 2015, so it was subject to corporate income tax rate of
5% in 2025.
According to the local tax preferential policies, New Hope Hanoi Co., Ltd. Haiphong Branch is subject to income tax rate of
10% with respect to 40% of taxable income from its main business, while income from other businesses is not entitled to income
tax preference and is subject to the normal income tax rate of 20%.
According to the local tax preferential policies, New Hope Dong Thap Aquatic Feed Co., Ltd. is subject to income tax rate of
20% for its Phase I and Phase II projects; exempted for 2 years (2021 to 2022) since 2021, halved at 10% for 4 years (2023 to
2026), and 20% since 2027 for its Phase III project, so tax rate at 10% applied in 2025; exempted for 2 years (2022 to 2023) since
2022, halved at 10% for 4 years (2024 to 2027), and 20% since 2028 for its Phase IV project, so tax rate at 10% applied in 2025.
The four phases account for 42%, 33%, 16% and 9% respectively.
According to the local tax preferential policies, New Hope Binh Phuoc Breeding Co., Ltd. is subject to income tax rate of 7.5%
for its main business, while income from other businesses is not entitled to the income tax preference and is subject to the normal
income tax rate of 15%.
According to the local tax policies, New Hope Binh Dinh Co., Ltd., New Hope Hanoi LLC Bac Giang Branch, and New
Hope Hanoi LLC Thanh Hoa Branch were subject to income tax rate of 20% in 2025.
(8) Apart from the companies listed above and those eligible for the preferential income tax policies for small and micro
enterprises, the remaining domestic subsidiaries are subject to income tax rate of 25%.
3. Others

VII. Notes to items in consolidated financial statements
1. Cash and cash equivalents
Unit: yuan
Item
Closing balance
Opening balance
Cash on hand
34,317,375.04
21,575,051.80
Cash in bank
3,304,869,763.02
3,172,174,832.45
Other cash and cash equivalents
1,729,131,897.81
2,003,707,691.97
Deposits with finance company
3,558,262,572.26
3,501,555,457.23
Total
8,626,581,608.13
8,699,013,033.45
Incl.: Total overseas deposits
1,259,246,175.89
1,761,454,100.98
Other notes:
As at December 31, 2025, the Group utilized restricted cash and cash equivalents amounting to 1,830,141,070.66, mainly
including margin for purchase of futures, margins of guarantee companies, note margins, and reclamation margins.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
263
As at December 31, 2025, the Group had no cash and cash equivalents deposited abroad and with restrictions on the remittance of
funds back home.
2. Trading financial assets
Unit: yuan
Item
Closing balance
Opening balance
Financial assets at fair value through
profit or loss
14,950,972.08
4,273,616.17
Incl.:


Equity instruments investment
4,534,322.24
2,166,303.00
Derivative financial assets
10,416,649.84
2,107,313.17
Incl.:


Total
14,950,972.08
4,273,616.17
Other notes:
(1) Equity instrument investment in trading financial assets refers to the stocks that the received from debtors for debt settlement;
derivative financial assets are mainly futures contracts and foreign exchange hedging arrangements.
(2) There were no significant restrictions on sale or realization of various financial assets at fair value through profit or loss at the
end of the period.
3. Notes receivable
(1) Notes receivable presented by category
Unit: yuan
Item
Closing balance
Opening balance
Bank acceptance bills
115,560,937.49
123,203,318.96
Commercial acceptance bills
120,258,202.67
23,654,196.00
L/C
27,932,017.20

Total
263,751,157.36
146,857,514.96
(2) Notes receivable already endorsed or discounted by the Company at the end of period and not yet
expired on the balance sheet date
Unit: yuan
Item
Amount derecognized at the end of the
period
Amount not derecognized at the end of
the period
Bank acceptance bills
304,673,201.90
66,769,386.16
Commercial acceptance bills

97,083,352.44
L/C

27,932,017.20
Total
304,673,201.90
191,784,755.80

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264
4. Accounts receivable
(1) Disclosure by aging
Unit: yuan
Aging
Closing book balance
Opening book balance
Less than 1 year (inclusive)
1,159,955,953.75
1,108,558,624.17
Incl.: Within 6 months
1,107,249,240.77
1,050,661,052.00
7-12 months
52,706,712.98
57,897,572.17
1-2 years
56,278,785.89
163,325,722.03
2-3 years
125,163,891.09
66,124,601.36
Older than 3 years
27,608,871.21
40,251,542.66
3-4 years
10,161,375.65
19,241,769.57
4-5 years
7,519,363.79
8,396,615.99
Older than 5 years
9,928,131.77
12,613,157.10
Total
1,369,007,501.94
1,378,260,490.22
(2) Disclosure by bad debt provision method
Unit: yuan
Category
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book
value
Book balance
Provision for bad
debts
Book
value
Amount
Percenta
ge
Amount
Proporti
on of
accrual
Amount
Percenta
ge
Amount
Proporti
on of
accrual
Account
s
receivabl
e with
provisio
n for bad
debts on
an
individu
al basis
137,817,
810.06
10.07%
125,275,
122.48
90.90%
12,542,6
87.58
158,367,
415.47
11.49%
148,702,
634.48
93.90%
9,664,78
0.99
Incl.:










Account
s
receivabl
e with
provisio
n for bad
debts on
a
portfolio
basis
1,231,18
9,691.88
89.93%
197,750,
507.43
16.06%
1,033,43
9,184.45
1,219,89
3,074.75
88.51%
257,569,
005.55
21.11%
962,324,
069.20
Incl.:











Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
265
Total
1,369,00
7,501.94
100.00%
323,025,
629.91
23.60%
1,045,98
1,872.03
1,378,26
0,490.22
100.00%
406,271,
640.03
29.48%
971,988,
850.19
Provision for bad debts on an individual basis: there was no significant accounts receivable with provision for bad debts on an
individual basis.
Provision for bad debts by portfolio: overseas accounts receivable with provision for bad debts by portfolio
Unit: yuan
Name
Closing balance
Book balance
Provision for bad debts
Proportion of accrual
Risk free
106,752,219.34


Within 3 months (inclusive)
390,124,287.81
10,728,418.41
2.75%
3-6 months (inclusive)
33,170,478.30
6,431,755.93
19.39%
Older than 6 months
59,233,942.18
59,233,942.18
100.00%
Total
589,280,927.63
76,394,116.52
Notes on basis for determination of this portfolio:
Refer to “Note V. (13) Accounts receivable”.
Provision for bad debts by portfolio: domestic accounts receivable with provision for bad debts by portfolio
Unit: yuan
Name
Closing balance
Book balance
Provision for bad debts
Proportion of accrual
Within 6 months (inclusive)
506,521,890.95
6,635,439.18
1.31%
6-12 months (inclusive)
22,168,979.16
1,503,057.59
6.78%
Older than 1 year
113,217,894.14
113,217,894.14
100.00%
Total
641,908,764.25
121,356,390.91
Notes on basis for determination of this portfolio:
Refer to “Note V. (13) Accounts receivable”.
Whether it is provision for accounts receivable bad debts made according to the general model of expected credit loss:
□Applicable Not applicable
(3) Breakdown of bad debt provision accrued, recovered or reversed in the current period
Bad debt provision accrued during this period:
Unit: yuan
Category
Opening
balance
Current change
Closing balance
Accrued
Recovered or
reversed
Write-off
Others
Bad debt
provision for
account
receivables
406,271,640.03
9,565,201.99

80,434,422.46
-12,376,789.65
323,025,629.91
Total
406,271,640.03
9,565,201.99

80,434,422.46
-12,376,789.65
323,025,629.91
Significant recovered or reversed amounts of bad debt provision in this period:

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
266
The Group had no significant recovered or reversed bad debt provision during this year.
(4) Breakdown of accounts receivable actually written off in the current period
Unit: yuan
Item
Amount written off
Accounts receivable actually written off
80,434,422.46
Significant written-off of accounts receivable:
No significant written-off of accounts receivable in this year
For receivables that are indeed unrecoverable, individual written-off amount of <0.5 million yuan is submitted to the CFO, Vice
President and President of the Group for approval after being approved by the tier-2 business unit; individual written-off amount of
≥ 0.5 million yuan is submitted to the Chairman for approval.
(5) Top five accounts receivable and contract assets in closing balance by debtor
Unit: yuan
Entity name
Closing balance of
accounts
receivable
Closing balance of
contract assets
Closing balance of
accounts
receivable and
contract assets
Percentage in the
total closing
balance of
accounts
receivable and
contract assets
Closing balance of
bad debt provision
for account
receivables and
provision for
impairment of
contract assets
No. 1
71,622,483.54
0.00
71,622,483.54
5.23%
2,455,262.56
No. 2
45,032,023.11
0.00
45,032,023.11
3.29%
589,919.56
No. 3
34,609,749.96
0.00
34,609,749.96
2.53%
453,387.72
No. 4
27,105,454.34
0.00
27,105,454.34
1.98%
355,081.47
No. 5
26,497,774.54
0.00
26,497,774.54
1.94%
347,120.84
Total
204,867,485.49
0.00
204,867,485.49
14.97%
4,200,772.15

5. Other receivables
Unit: yuan
Item
Closing balance
Opening balance
Dividends receivable
5,610,000.00
21,610,000.00
Other receivables
537,897,571.88
960,943,531.32
Total
543,507,571.88
982,553,531.32
(1) Dividends receivable
(1) Dividends receivable by category
Unit: yuan
Project (or investee)
Closing balance
Opening balance
Zibo Xinmu Machinery Technology Co.,

6,000,000.00

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267
Ltd.
Yan’an Xinyongxiang Technology Co.,
Ltd.
5,610,000.00
5,610,000.00
Hainan New Hope Agriculture Co., Ltd.

10,000,000.00
Total
5,610,000.00
21,610,000.00
2) Disclosure by bad debt provision method
□Applicable Not applicable
(2) Other receivables
1) Other receivables categorized by nature of amount
Unit: yuan
Nature
Closing book balance
Opening book balance
Petty cash
9,623,562.52
9,056,528.08
Margin
143,033,259.37
140,437,970.73
Deposit
71,667,318.10
83,947,024.47
Current accounts
303,760,998.57
315,230,162.96
Advances
114,542,468.54
205,284,014.57
Payments for share transfer
164,039,404.17
462,292,874.17
Others
32,887,058.58
35,134,966.77
Total
839,554,069.85
1,251,383,541.75
2) Disclosure by age
Unit: yuan
Aging
Closing book balance
Opening book balance
Less than 1 year (inclusive)
314,567,994.55
699,602,861.91
1-2 years
112,976,621.06
278,613,018.64
2-3 years
229,498,078.23
54,791,973.16
Older than 3 years
182,511,376.01
218,375,688.04
3-4 years
29,868,128.55
56,976,114.36
4-5 years
47,356,657.67
38,751,037.66
Older than 5 years
105,286,589.79
122,648,536.02
Total
839,554,069.85
1,251,383,541.75
3) Disclosure by bad debt provision method
Applicable □Not applicable
Unit: yuan
Category
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book
value
Book balance
Provision for bad
debts
Book
value
Amount
Percenta
ge
Amount
Proporti
on of
accrual
Amount
Percenta
ge
Amount
Proporti
on of
accrual

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
268
Provisio
n for bad
debts on
an
individu
al basis
20,051,1
08.96
2.39%
20,051,1
08.96
100.00%

437,707,
089.71
34.98%
26,360,2
60.45
6.02%
411,346,
829.26
Incl
.:










Provisio
n for bad
debts on
a
portfolio
basis
819,502,
960.89
97.61%
281,605,
389.01
34.36%
537,897,
571.88
813,676,
452.04
65.02%
264,079,
749.98
32.46%
549,596,
702.06
Incl
.:










Total
839,554,
069.85
100.00%
301,656,
497.97
35.93%
537,897,
571.88
1,251,38
3,541.75
100.00%
290,440,
010.43
23.21%
960,943,
531.32
Provision for bad debts on an individual basis: significant other receivables with provision for bad debts on an individual basis
Unit: yuan
Name
Opening balance
Closing balance
Book balance
Provision for
bad debts
Book balance
Provision for
bad debts
Proportion of
accrual
Reason for
provision
Entity 1
121,520,250.00
1,822,803.75




Entity 2
97,090,744.17
1,456,361.16




Unit 3
199,000,000.00
2,985,000.00




Total
417,610,994.17
6,264,164.91



Provision for bad debts on a portfolio basis: other receivable with provision for bad debts on a portfolio basis
Unit: yuan
Name
Closing balance
Book balance
Provision for bad debts
Proportion of accrual
Less than 1 year (inclusive)
314,567,994.54
15,885,683.91
5.05%
1-2 years
112,976,621.06
15,240,546.08
13.49%
2-3 years
229,487,731.23
88,008,544.96
38.35%
Older than 3 years
162,470,614.06
162,470,614.06
100.00%
Total
819,502,960.89
281,605,389.01
Notes on basis for determination of this portfolio:
Refer to “Note V. (14) Other receivables”.
Provision for bad debts according to the general model of expected credit loss:
Unit: yuan
Provision for bad debts
Stage 1
Stage 2
Stage 3
Total
Expected credit loss in
the coming 12 months
Expected credit loss
throughout the duration
(no credit impairment)
Expected credit loss
throughout the duration
(with credit
impairment)
Balance as at January
1, 2025

66,852,749.50
223,587,260.93
290,440,010.43

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
269
Balance as at January
1, 2025




- into Stage 3

-14,160,333.43
14,160,333.43

Current accrual

66,982,784.84

66,982,784.84
Current written-off


84,371,099.00
84,371,099.00
Other changes

-540,425.96
29,145,227.66
28,604,801.70
Balance as at
December 31, 2025

119,134,774.95
182,521,723.02
301,656,497.97
The basis for the division of each stage and the ratio of provisions for bad debts
Refer to “Note V. (14) Other receivables”.
Changes in book balance with respect to which current changes in the loss provision are significant
□Applicable Not applicable
4) Bad debt provision accrued, recovered or reversed within this period
Bad debt provision accrued during this period:
Unit: yuan
Category
Opening
balance
Current change
Closing balance
Accrued
Recovered or
reversed
Resold or
written off
Others
Bad debt
provision for
other
receivables
290,440,010.43
66,982,784.84

84,371,099.00
28,604,801.70
301,656,497.97
Total
290,440,010.43
66,982,784.84

84,371,099.00
28,604,801.70
301,656,497.97
Other changes include exchange rate fluctuations, changes in the scope of consolidation, and the recovery of outstanding debts
previously written off during this year.
5) Other receivables actually charged off in the current period
Unit: yuan
Item
Amount written off
Other receivables actually charged off
84,371,099.00
Significant charge-off of other receivables:
Unit: yuan
Entity name
Nature of other
receivables
Amount written
off
Cause of write-off
Charge-off
procedure
performed
Whether the
amounts were
incurred by
related-party
transaction
Entity 1
Current accounts
21,676,924.84
Long time
overdue,
irrecoverable
Approval step-by-
step
No
Entity 2
Current accounts
13,883,076.52
Long time
Approval step-by-
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
270
overdue,
irrecoverable
step
Total

35,560,001.36


Notes on other receivables charged off:
6) Top five other receivables in closing balance by debtor
Unit: yuan
Entity name
Nature of amount
Closing balance
Aging
Percentage in the
combined closing
balance of other
receivables
Closing balance of
bad debt provision
China Animal
Husbandry Group
Co., Ltd.
Payments for share
transfer
121,520,250.00
2-3 years
14.47%
46,603,015.88
Beijing
Meihaomei Deling
Food Co., Ltd.
Current accounts
103,691,433.60
0-2 years
12.35%
5,365,890.56
Chengdu Tianfu
Xingxinxin
Farming
Technology Co.,
Ltd.
Current accounts
37,281,161.63
Within 1 year
4.44%
1,882,698.66
Qingdao
Hetoudian Rural
Revitalization
Development Co.,
Ltd.
Payments for share
transfer
32,500,000.00
1-2 years
3.87%
4,384,250.00
Guangdong Hope
No.1 Equity
Investment
Partnership (LP)
Current accounts
31,118,014.14
0-5 years and older
than 5 years
3.71%
11,943,539.87
Total

326,110,859.37
38.84%
70,179,394.97
7) Reported as other receivables due to centralized fund management
The Group had no items presented in other receivables due to centralized management of funds during this period.
6. Prepayments
(1) Prepayments presented by age
Unit: yuan
Aging
Closing balance
Opening balance
Amount
Percentage
Amount
Percentage
Within 1 year
522,722,029.91
97.81%
542,343,104.85
95.99%
1-2 years
11,316,841.39
2.12%
14,735,942.00
2.61%
2-3 years
387,560.23
0.07%
7,913,383.52
1.40%
Total
534,426,431.53
564,992,430.37

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
271
Notes on causes of high-value prepayments older than one year and not yet settled in time:
As at December 31, 2025, the Group had no significant prepayments older than one year.
(2) Top five prepayments in closing balance by payee
The aggregate amount of top five prepayments in closing balance by payee is 155,687,653.12 yuan, accounting for 29.13% of the
total closing balance of prepayments.
7. Inventory
Whether the Company is required to comply with disclosure requirements for real estate industry
No
(1) Inventory by category
Unit: yuan
Item
Closing balance
Opening balance
Book balance
Inventory
revaluation
reserve or
contract
performance
cost
impairment
provision
Book value
Book balance
Inventory
revaluation
reserve or
contract
performance
cost
impairment
provision
Book value
Raw materials
3,242,667,951.
63

3,242,667,951.
63
4,083,309,242.
10

4,083,309,242.
10
Work in
progress
143,902,445.01

143,902,445.01
84,137,914.50

84,137,914.50
Goods in stock
1,478,039,134.
62
14,789,910.21
1,463,249,224.
41
1,633,999,726.
82
11,673,390.08
1,622,326,336.
74
Revolving
materials
67,509,527.87

67,509,527.87
61,094,953.57

61,094,953.57
Consumptive
biological
assets
5,390,477,611.
49
273,664,531.59
5,116,813,079.
90
4,817,454,874.
99

4,817,454,874.
99
Packaging
materials
55,879,643.91

55,879,643.91
56,748,487.93

56,748,487.93
Low-value
consumables
2,743,689.79

2,743,689.79
5,761,009.02

5,761,009.02
Materials for
outsourced
processing



1,322,637.91

1,322,637.91
Total
10,381,220,004
.32
288,454,441.80
10,092,765,562
.52
10,743,828,846
.84
11,673,390.08
10,732,155,456
.76
(2) Inventory revaluation reserve or contract performance cost impairment provision
Unit: yuan
Item
Opening
Current increase
Current decrease
Closing balance

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
272
balance
Accrued
Others
Reversed or
written off
Others
Goods in stock
11,673,390.08
47,715,323.28

44,598,803.15

14,789,910.21
Consumptive
biological
assets

273,691,719.03


27,187.44
273,664,531.59
Total
11,673,390.08
321,407,042.31

44,598,803.15
27,187.44
288,454,441.80
“Others” under “Current decrease” are due to exchange rate fluctuations.
Item
Specific basis for accrual of inventory
revaluation reserve
Reasons for current
reversal
Reasons for current write-off
Goods in stock
Net realizable value lower than book
value
Price rebound
Sold in the current period
Consumptive biological
assets
Net realizable value lower than book
value
——
——
8. Other current assets
Unit: yuan
Item
Closing balance
Opening balance
VAT input tax to be deducted
20,384,544.06
33,488,061.03
Taxes prepaid
161,452,534.89
167,223,999.33
Interest receivable on deposits
4,111,061.11
3,008,055.55
Total
185,948,140.06
203,720,115.91
Other notes:

9. Other equity instrument investments
Unit: yuan
Item
Closing balance
Opening
balance
Gains
recogn
ized in
other
compr
ehensi
ve
incom
e in
the
curren
t
period
Loss
recogniz
ed in
other
compreh
ensive
income
in the
current
period
Gains
accrued to
other
comprehe
nsive
income at
the end of
the period
Loss accrued
to other
comprehensiv
e income at
the end of the
period
Dividend
income
recognized
in the
current
period
Reaso
ns for
design
ation
to be
measu
red at
fair
value
throug
h
other
compr
ehensi
ve
incom
e

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
273
Item
Closing balance
Opening
balance
Gains
recogn
ized in
other
compr
ehensi
ve
incom
e in
the
curren
t
period
Loss
recogniz
ed in
other
compreh
ensive
income
in the
current
period
Gains
accrued to
other
comprehe
nsive
income at
the end of
the period
Loss accrued
to other
comprehensiv
e income at
the end of the
period
Dividend
income
recognized
in the
current
period
Reaso
ns for
design
ation
to be
measu
red at
fair
value
throug
h
other
compr
ehensi
ve
incom
e
Minsheng
Life
Insurance
Co., Ltd.
417,000,000.00
417,000,000.00


205,804,0
00.00

6,784,000.0
0

Ziyang
Agricultura
l
Industrializ
ation Credit
Guarantee
Co., Ltd.
4,500,000.00
4,500,000.00






Beijing
Baiyitong
Technology
Co., Ltd.

21,970,000.00

21,970,0
00.00

21,970,000.00


Hecom
(Beijing)
Technology
Co., Ltd.
10,596,503.84
10,596,503.84






Shaanxi
Yangling
Rural
Commercia
l Bank Co.,
Ltd.
7,020,000.00
7,020,000.00






Hebei
Xingda
Feed Group
Co., Ltd.

7,280,000.00

7,280,00
0.00

32,901,236.10


Guobao
Life
Insurance
Co., Ltd.
15,000,000.00
15,000,000.00






Fengshun
New Hope
Biotechnol
ogy Co.,
Ltd.
65,086.44
65,086.44






Meigu
Arsha





2,000,000.00



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
274
Item
Closing balance
Opening
balance
Gains
recogn
ized in
other
compr
ehensi
ve
incom
e in
the
curren
t
period
Loss
recogniz
ed in
other
compreh
ensive
income
in the
current
period
Gains
accrued to
other
comprehe
nsive
income at
the end of
the period
Loss accrued
to other
comprehensiv
e income at
the end of the
period
Dividend
income
recognized
in the
current
period
Reaso
ns for
design
ation
to be
measu
red at
fair
value
throug
h
other
compr
ehensi
ve
incom
e
Planting &
Farming
Specialized
Cooperativ
es
Total
454,181,590.28
483,431,590.28

29,250,0
00.00
205,804,0
00.00
56,871,236.10
6,784,000.0
0

Current non-trading equity instrument investments disclosed by item
Unit: yuan
Item
Dividend
income
recognized
Accumulated
earnings
Accumulated
losses
Amount of
other
comprehensive
income
transferred to
retained
earnings
Reasons for
designation to
be measured at
fair value
through other
comprehensive
income
Reasons for
transferring
other
comprehensive
income to
retained
earnings
Minsheng Life
Insurance Co.,
Ltd.
6,784,000.00
327,916,000.00




Ziyang
Agricultural
Industrializatio
n Credit
Guarantee Co.,
Ltd.






Beijing
Baiyitong
Technology
Co., Ltd.


21,970,000.00



Hecom
(Beijing)
Technology
Co., Ltd.






Shaanxi
Yangling Rural
Commercial
Bank Co., Ltd.

1,050,000.00




Hebei Xingda


32,901,236.10




Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
275
Feed Group
Co., Ltd.
Guobao Life
Insurance Co.,
Ltd.






Fengshun New
Hope
Biotechnology
Co., Ltd.






Meigu Arsha
Planting &
Farming
Specialized
Cooperatives


2,000,000.00



Total
6,784,000.00
328,966,000.00
56,871,236.10



Other notes:
10. Long-term equity investments
Unit: yuan
Investe
e
Openi
ng
balanc
e
(book
value)
Openi
ng
balanc
e of
impair
ment
provisi
on
Current increase/decrease
Closin
g
balanc
e
(book
value)
Closin
g
balanc
e of
impair
ment
provisi
on
Additi
onal
invest
ment
Reduc
ed
invest
ment
Gains
or
losses
on
invest
ment
under
equity
metho
d
Adjust
ment
for
other
compre
hensive
income
Other
equity
chang
es
Cash
dividend
s or
profits
declared
for
distributi
on
Prov
ision
for
impa
irme
nt
Others
I. Joint ventures
Taisha
n
Jiaxin
Logisti
cs Co.,
Ltd.












Beijin
g
Meiha
omei
Deling
Food
Co.,
Ltd.












Yan’an
Xinyo
ngxian
g
Techn
ology
Co.,
Ltd.
21,517
,956.9
3



-
11,538
,252.1
1





9,979,
704.82

Guang
581,77



32,578





614,35


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
276
Investe
e
Openi
ng
balanc
e
(book
value)
Openi
ng
balanc
e of
impair
ment
provisi
on
Current increase/decrease
Closin
g
balanc
e
(book
value)
Closin
g
balanc
e of
impair
ment
provisi
on
Additi
onal
invest
ment
Reduc
ed
invest
ment
Gains
or
losses
on
invest
ment
under
equity
metho
d
Adjust
ment
for
other
compre
hensive
income
Other
equity
chang
es
Cash
dividend
s or
profits
declared
for
distributi
on
Prov
ision
for
impa
irme
nt
Others
dong
Hope
No.1
Equity
Invest
ment
Partner
ship
(LP)
9,990.
73
,645.1
0
8,635.
83
Sheny
ang
New
Hope
New
Agricu
ltural
Industr
y Fund
Partner
ship
(LP)
678,19
0,815.
10


117,58
3,200.
00
-
1,886,
473.45





558,72
1,141.
65

Hainan
Nongk
en
New
Hope
Farmin
g
Techn
ology
Co.,
Ltd.
105,52
5,538.
93



6,543,
767.10





112,06
9,306.
03

Shand
ong
Gongr
ong
New
Hope
Equity
Invest
ment
Fund
Partner
ship
(LP)
1,030,
883.31


1,030,
883.31








Subtot
1,388,


118,61
25,697





1,295,


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
277
Investe
e
Openi
ng
balanc
e
(book
value)
Openi
ng
balanc
e of
impair
ment
provisi
on
Current increase/decrease
Closin
g
balanc
e
(book
value)
Closin
g
balanc
e of
impair
ment
provisi
on
Additi
onal
invest
ment
Reduc
ed
invest
ment
Gains
or
losses
on
invest
ment
under
equity
metho
d
Adjust
ment
for
other
compre
hensive
income
Other
equity
chang
es
Cash
dividend
s or
profits
declared
for
distributi
on
Prov
ision
for
impa
irme
nt
Others
al
045,18
5.00
4,083.
31
,686.6
4
128,78
8.33
II. Associates
China
Minsh
eng
Bankin
g
Corpor
ation
Limite
d
23,442
,642,3
77.98



1,146,
326,30
9.00
-
81,304,
773.00
459,3
95.67
362,008,
817.67

-
2,839,
612.00
24,143
,274,8
79.98

Guang
zhou
Chimi
an Co.,
Ltd.

2,731,
095.58









2,731,
095.58
NHE
(Beijin
g)
Techn
ology
Co.,
Ltd.
9,979,
612.40



223,32
4.49





10,202
,936.8
9

Hebei
Kingh
ey
Sausag
e
Casing
s Co.,
Ltd.
1,582,
280.66



-
1,582,
280.66







New
Hope
Financ
e Co.,
Ltd.
1,351,
394,42
1.86



37,432
,037.8
0





1,388,
826,45
9.66

Nanjin
g Heda
Food
Co.,
Ltd.












Anhui
Xinhu
a

2,732,
474.04









2,732,
474.04

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
278
Investe
e
Openi
ng
balanc
e
(book
value)
Openi
ng
balanc
e of
impair
ment
provisi
on
Current increase/decrease
Closin
g
balanc
e
(book
value)
Closin
g
balanc
e of
impair
ment
provisi
on
Additi
onal
invest
ment
Reduc
ed
invest
ment
Gains
or
losses
on
invest
ment
under
equity
metho
d
Adjust
ment
for
other
compre
hensive
income
Other
equity
chang
es
Cash
dividend
s or
profits
declared
for
distributi
on
Prov
ision
for
impa
irme
nt
Others
Ducks
Co.,
Ltd.
Shang
hai
Liuhe
Qinqia
ng
Food
Co.,
Ltd.
50,497
,994.6
1



324,08
0.82





50,822
,075.4
3

Beijin
g
CERE
S
Agricu
ltural
Develo
pment
Co.,
Ltd.

400,00
0.00









400,00
0.00
Xinzhi
Huide
Machi
nery
Techn
ology
Co.,
Ltd.
47,695
,264.2
4



-
356,81
1.99

-
190,2
02.60



47,148
,249.6
5

Anhui
Antai
Agricu
ltural
Develo
pment
Co.,
Ltd.
14,412
,463.3
1



-
1,322,
300.80





13,090
,162.5
1

Cheng
du
Tianfu
Xingxi
nxin
Farmin
g
Techn
ology
360,25
1,524.
52



-
31,367
,351.3
7





328,88
4,173.
15


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279
Investe
e
Openi
ng
balanc
e
(book
value)
Openi
ng
balanc
e of
impair
ment
provisi
on
Current increase/decrease
Closin
g
balanc
e
(book
value)
Closin
g
balanc
e of
impair
ment
provisi
on
Additi
onal
invest
ment
Reduc
ed
invest
ment
Gains
or
losses
on
invest
ment
under
equity
metho
d
Adjust
ment
for
other
compre
hensive
income
Other
equity
chang
es
Cash
dividend
s or
profits
declared
for
distributi
on
Prov
ision
for
impa
irme
nt
Others
Co.,
Ltd.
Jiaohui
Dongf
ang
New
Hope
(Suzho
u)
Private
Equity
Invest
ment
Fund
Co.,
Ltd.
452,46
8,678.
63

500,00
0,000.
00

-
2,600,
470.99


22,698,8
74.92


927,16
9,332.
72

Nanto
ng
Yunfan
Netwo
rk
Techn
ology
Co.,
Ltd.

15,381
,369.0
6









15,381
,369.0
6
New
Hope
Turkey
Feed
and
Farmin
g Food
Import
&
Export
and
Industr
y Ltd.












Deyan
g New
Hope
Liuhe
Food
Co.,
Ltd.
742,34
2,114.
35



66,345
,491.4
3





808,68
7,605.
78

Shand
2,587,



-

292,6



2,580,


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280
Investe
e
Openi
ng
balanc
e
(book
value)
Openi
ng
balanc
e of
impair
ment
provisi
on
Current increase/decrease
Closin
g
balanc
e
(book
value)
Closin
g
balanc
e of
impair
ment
provisi
on
Additi
onal
invest
ment
Reduc
ed
invest
ment
Gains
or
losses
on
invest
ment
under
equity
metho
d
Adjust
ment
for
other
compre
hensive
income
Other
equity
chang
es
Cash
dividend
s or
profits
declared
for
distributi
on
Prov
ision
for
impa
irme
nt
Others
ong
Zhong
xin
Food
Group
Co.,
Ltd.
128,28
2.46
299,07
0,216.
55
04,75
7.05
662,82
2.96
CNA
MPGC
Feed
Grain
Techn
ology
Innova
tion
(Shenz
hen)
Co.,
Ltd.
4,979,
022.34



-
7,094.
04





4,971,
928.30

Subtot
al
29,065
,374,0
37.36
21,244
,938.6
8
500,00
0,000.
00
0.00
914,34
4,717.
14
-
81,304,
773.00
292,8
73,95
0.12
384,707,
692.59
0.00
-
2,839,
612.00
30,303
,740,6
27.03
21,244
,938.6
8
Total
30,453
,419,2
22.36
21,244
,938.6
8
500,00
0,000.
00
118,61
4,083.
31
940,04
2,403.
78
-
81,304,
773.00
292,8
73,95
0.12
384,707,
692.59
0.00
-
2,839,
612.00
31,598
,869,4
15.36
21,244
,938.6
8
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable Not applicable
The reason for the discrepancy between the foregoing information and the information used in the previous year's impairment test
or external information
Other notes:
1. As the net assets of Nanjing Heda Food Co., Ltd., Taishan Jiaxin Logistics Co., Ltd. and Beijing Meihaomei Deling Food Co.,
Ltd. were negative, the Group wrote the investment cost down to 0 using the equity method.
2. The equity in New Hope Turkey Feed and Farming Food Import & Export and Industry Ltd. has been disposed of this year.


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
281

11. Investment property
(1) Investment property measured at cost
Applicable □Not applicable
Unit: yuan
Item
Buildings and
structures
Land use right
Construction in
progress
Total
I. Original book value




1. Opening
balance
1,023,565,332.08


1,023,565,332.08
2. Current
increase
782,097,711.17


782,097,711.17
(1)
Outsourced




(2)
Transferred from
inventory/property,
plant and
equipment/construction
in progress
782,097,711.17


782,097,711.17
(3) Increase
due to business
combination









3. Current
decrease
688,807.40


688,807.40
(1) Disposal
688,807.40


688,807.40
(2) Other
transfer-out









4. Closing balance
1,804,974,235.85


1,804,974,235.85
II. Accumulated
depreciation and
accumulated
amortization




1. Opening
balance
163,570,503.04


163,570,503.04
2. Current
increase
111,671,631.85


111,671,631.85
(1)
Depreciated or
amortized
50,375,775.56


50,375,775.56
(2) Transfer from
property, plant and
equipment
61,295,856.29


61,295,856.29
3. Current
497,063.07


497,063.07

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282
Item
Buildings and
structures
Land use right
Construction in
progress
Total
decrease
(1) Disposal
497,063.07


497,063.07
(2) Other
transfer-out









4. Closing balance
274,745,071.82


274,745,071.82
III. Impairment
provision




1. Opening
balance




2. Current
increase




(1) Accrued









3. Current
decrease




(1) Disposal




(2) Other
transfer-out









4. Closing balance




IV. Book value




1. Closing book
value
1,530,229,164.03


1,530,229,164.03
2. Opening book
value
859,994,829.04


859,994,829.04
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable Not applicable

(2) Investment property measured at fair value
□Applicable Not applicable
(3) Investment property without title certificate
Unit: yuan
Item
Book value
Reason for absence of title certificate
Self-built houses on self-owned land
77,207,831.14
Filling and completion formalities to be
perfected
Total
77,207,831.14



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
283
12. Property, plant and equipment
Unit: yuan
Item
Closing balance
Opening balance
Property, plant and equipment
46,843,954,113.40
43,476,435,665.46
Disposal of property, plant and
equipment


Total
46,843,954,113.40
43,476,435,665.46
(1) Breakdown of property, plant and equipment
Unit: yuan
Item
Buildings and
structures
Machinery and
equipment
Transportation
equipment
Others
Total
I. Original book
value:





1. Opening
balance
35,681,235,358.34
18,535,995,593.66
1,106,930,667.71
1,419,811,254.88
56,743,972,874.59
2. Current
increase
4,876,083,407.65
2,162,113,626.74
40,611,551.27
134,273,367.30
7,213,081,952.96
(1)
Purchased
13,765,975.48
189,615,796.39
39,412,423.76
84,238,058.91
327,032,254.54
(2)
Transferred from
construction in
progress
4,856,455,440.94
1,968,372,846.26
639,851.71
49,639,709.97
6,875,107,848.88
(3)
Increase due to
business
combination





(4) Exchange rate
changes
5,861,991.23
4,124,984.09
559,275.80
395,598.42
10,941,849.54
3. Current
decrease
1,069,508,204.86
293,690,242.19
60,515,771.40
68,149,417.20
1,491,863,635.65
(1)
Disposed or
scrapped
155,589,432.70
194,914,981.33
53,944,316.08
63,496,654.71
467,945,384.82
(2) Decrease in
subsidiaries
11,916,792.38
13,065,109.24
861,200.00
882,643.00
26,725,744.62
(3) Exchange rate
changes
119,904,268.61
85,710,151.62
5,710,255.32
3,770,119.49
215,094,795.04
(4) Transferred to
investment
property
782,097,711.17



782,097,711.17
4. Closing
balance
39,487,810,561.13
20,404,418,978.21
1,087,026,447.58
1,485,935,204.98
62,465,191,191.90
II. Accumulated
depreciation





1. Opening
balance
5,384,664,708.07
6,266,064,601.26
518,566,613.99
1,073,903,732.13
13,243,199,655.45
2. Current
1,299,712,463.54
1,266,961,977.89
92,897,868.29
142,209,226.66
2,801,781,536.38

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284
Item
Buildings and
structures
Machinery and
equipment
Transportation
equipment
Others
Total
increase
(1)
Accrued
1,298,241,471.50
1,265,037,191.40
92,752,782.64
141,916,162.03
2,797,947,607.57
(2) Exchange rate
changes
1,470,992.04
1,924,786.49
145,085.65
293,064.63
3,833,928.81
3. Current
decrease
161,667,645.44
164,995,025.19
45,496,914.99
58,133,152.50
430,292,738.12
(1)
Disposed or
scrapped
65,036,276.52
117,380,087.95
41,748,163.72
54,585,558.08
278,750,086.27
(2) Decrease in
subsidiaries
5,428,345.25
9,638,010.38
477,740.30
812,686.55
16,356,782.48
(3) Exchange rate
changes
29,907,167.38
37,976,926.86
3,271,010.97
2,734,907.87
73,890,013.08
(4) Transferred to
investment
property
61,295,856.29



61,295,856.29
4. Closing
balance
6,522,709,526.17
7,368,031,553.96
565,967,567.29
1,157,979,806.29
15,614,688,453.71
III. Impairment
provision





1. Opening
balance
14,003,944.37
9,803,148.58
10,053.38
520,407.35
24,337,553.68
2. Current
increase





(1)
Accrued











3. Current
decrease
11,917,572.85
5,784,095.46

87,260.58
17,788,928.89
(1)
Disposed or
scrapped
11,917,572.85
5,784,095.46

87,260.58
17,788,928.89






4. Closing
balance
2,086,371.52
4,019,053.12
10,053.38
433,146.77
6,548,624.79
IV. Book value





1. Closing
book value
32,963,014,663.44
13,032,368,371.13
521,048,826.91
327,522,251.92
46,843,954,113.40
2. Opening
book value
30,282,566,705.90
12,260,127,843.82
588,354,000.34
345,387,115.40
43,476,435,665.46
(2) Breakdown of temporarily idle property, plant and equipment
Unit: yuan
Item
Original book
value
Accumulated
depreciation
Impairment
provision
Book value
Note
Buildings
39,630,274.71
24,982,779.29

14,647,495.42

Machinery and
33,918,900.18
31,430,025.71

2,488,874.47


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285
equipment
Other equipment
1,211,511.22
1,125,353.51

86,157.71

Total
74,760,686.11
57,538,158.51

17,222,527.60

(3) Property, plant and equipment leased under operating lease
Unit: yuan
Item
Closing book value
Buildings and production equipment
902,637,163.43
(4) Breakdown of property, plant and equipment without title certificate
Unit: yuan
Item
Book value
Reason for absence of title certificate
Self-built houses on self-owned land
764,522,282.22
Filling and completion formalities to be
perfected
Others
1,123,165.28
Dilapidated houses
Total
765,645,447.50


(5) Impairment test of property, plant and equipment
□Applicable Not applicable
13. Construction in progress
Unit: yuan
Item
Closing balance
Opening balance
Construction in progress
3,200,071,507.98
8,896,445,286.64
Total
3,200,071,507.98
8,896,445,286.64
(1) Construction in progress
Unit: yuan
Item
Closing balance
Opening balance
Book balance
Impairment
provision
Book value
Book balance
Imp
airm
ent
prov
ision
Book value
Pig business
reconstruction
and expansion
project
2,961,357,755.20
221,418,177.86
2,739,939,577.34
8,225,635,713.72

8,225,635,713.72
Feed mill
reconstruction
and expansion
project
431,920,741.09

431,920,741.09
540,686,027.45

540,686,027.45
Others
28,211,189.55

28,211,189.55
130,123,545.47

130,123,545.47
Total
3,421,489,685.84
221,418,177.86
3,200,071,507.98
8,896,445,286.64

8,896,445,286.64

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
286
(2) Current provision for impairment of construction in progress
Unit: yuan
Item
Opening balance
Current increase
Current decrease
Closing balance
Reason
Pig business
reconstruction and
expansion project

221,418,177.86

221,418,177.86
Recoverable
amount lower than
book value
Total

221,418,177.86

221,418,177.86
--

(3) Impairment test of construction in progress
Applicable □Not applicable
Recoverable amounts are determined at the fair value net of disposal costs
Applicable □Not applicable
Unit: yuan
Item
Book value
Recoverable
amount
Impairment
amount
Determination
of fair value
and disposal
expenses
Key parameters
Determination
basis of the key
parameters
Pig business
reconstruction
and expansion
project
221,418,177.86

221,418,177.86
The project
plan no longer
involves
construction
investment. It is
expected that
the initial
investment
funds cannot be
recovered.
N/A
N/A
Total
221,418,177.86

221,418,177.86


Recoverable amounts are determined at the present value of projected future cash flows
□Applicable Not applicable
14. Productive biological assets
(1) Productive biological assets measured at cost
Applicable □Not applicable
Unit: yuan
Item
Planting
business
Livestock breeding business
Forestry
Aquatic
business
Total

Immature
Matured


I. Original book
value:






1. Opening
balance

1,583,773,909.
25
2,445,123,922.
34


4,028,897,831.
59
2. Current

1,733,908,980.
1,958,554,322.


3,692,463,302.

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287
Item
Planting
business
Livestock breeding business
Forestry
Aquatic
business
Total

Immature
Matured


increase
75
22
97
(1)
Outsourced

115,476,150.28
172,735.63


115,648,885.91
(2) In-
house
cultivation

1,614,480,742.
60
1,957,669,095.
00


3,572,149,837.
60
(3) Molting

3,663,719.99



3,663,719.99
(4) Exchange
rate changes

288,367.88
712,491.59


1,000,859.47
3. Current
decrease

2,933,461,130.
55
1,687,405,002.
74


4,620,866,133.
29
(1)
Disposal

972,072,513.44
1,662,472,420.
98


2,634,544,934.
42
(2)
Others






(3) Herd
transfer and
molting

1,957,669,095.
00
17,175,693.99


1,974,844,788.
99
(4) Exchange
rate changes

3,719,522.11
7,756,887.77


11,476,409.88
4. Closing
balance

384,221,759.45
2,716,273,241.
82


3,100,495,001.
27
II. Accumulated
depreciation






1. Opening
balance


698,631,826.54


698,631,826.54
2. Current
increase


536,839,731.78


536,839,731.78
(1)
Accrued


536,574,259.80


536,574,259.80
(2) Exchange
rate changes


265,471.98


265,471.98
3. Current
decrease


618,246,720.85


618,246,720.85
(1)
Disposal


602,163,663.96


602,163,663.96
(2)
Others






(3) Herd
transfer and
molting


13,511,974.00


13,511,974.00
(4) Exchange
rate changes


2,571,082.89


2,571,082.89
4. Closing
balance


617,224,837.47


617,224,837.47
III. Impairment
provision






1. Opening







Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
288
Item
Planting
business
Livestock breeding business
Forestry
Aquatic
business
Total

Immature
Matured


balance
2. Current
increase


361,164,692.79


361,164,692.79
(1)
Accrued


361,164,692.79


361,164,692.79







3. Current
decrease






(1)
Disposal






(2)
Others













4. Closing
balance


361,164,692.79


361,164,692.79
IV. Book value






1. Closing
book value

384,221,759.45
1,737,883,711.
56


2,122,105,471.
01
2. Opening
book value

1,583,773,909.
25
1,746,492,095.
80


3,330,266,005.
05
(2) Impairment test of productive biological assets measured at cost
Applicable □Not applicable
Recoverable amounts are determined at the fair value net of disposal costs
Applicable □Not applicable
Unit: yuan
Item
Book value
Recoverable
amount
Impairment
amount
Determination
of fair value
and disposal
expenses
Key parameters
Determination
basis of the key
parameters
Mature
breeding pigs
477,293,353.83
116,128,661.04
361,164,692.79
Based on the
market disposal
price of the
current batch of
commercial
pigs, and
adjusted in
accordance
with the actual
sales of
breeding pigs
Estimated
selling price
Market price
Total
477,293,353.83
116,128,661.04
361,164,692.79


Recoverable amounts are determined at the present value of projected future cash flows
□Applicable Not applicable


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
289
(3) Productive biological assets measured at fair value
□Applicable Not applicable
15. Right-of-use assets
(1) Right-of-use assets
Unit: yuan
Item
Buildings
and
structures
Machinery
and
equipment
Transport
equipment
Land
Overall lease
Others
Total
I. Original
book value







1.
Opening
balance
161,082,155.
03
7,924,623.55
7,614,290.67
3,704,809,86
1.50
1,196,462,51
2.18
10,227,502.9
2
5,088,120,94
5.85
2.
Current
increase
14,311,769.2
4
3,116,048.83
2,146,513.12
86,843,941.1
1
61,451,014.4
4
183,144.62
168,052,431.
36
(1) New
contracts
13,964,948.8
0
1,430,720.41
2,146,513.12
86,669,497.0
0
61,451,014.4
4
183,144.62
165,845,838.
39
(2) Contract
alteration
346,820.44
1,685,328.42




2,032,148.86
(3) Exchange
rate changes



174,444.11


174,444.11
3.
Current
decrease
19,944,442.3
4

4,509,143.16
320,862,018.
47
347,092,785.
70
1,901,339.53
694,309,729.
20
(1) Contract
termination
19,861,649.3
1

4,509,143.16
222,815,369.
75
298,057,787.
04
1,901,339.53
547,145,288.
79
(2) Contract
alteration



97,766,704.0
3
45,287,993.7
6

143,054,697.
79
(3) Exchange
rate changes
82,793.03


279,944.69
3,747,004.90

4,109,742.62
4.
Closing
balance
155,449,481.
93
11,040,672.3
8
5,251,660.63
3,470,791,78
4.14
910,820,740.
92
8,509,308.01
4,561,863,64
8.01
II.
Accumulated
depreciation







1.
Opening
balance
102,839,515.
00
3,630,649.99
3,087,987.81
643,178,861.
97
500,454,170.
48
1,947,766.53
1,255,138,95
1.78
2.
Current
increase
23,722,681.5
4
1,707,503.10
2,040,265.10
188,135,093.
92
150,696,443.
37
468,169.68
366,770,156.
71
(1)
Accrued
23,722,681.5
4
1,707,503.10
2,040,265.10
188,108,309.
54
150,696,443.
37
468,169.68
366,743,372.
33
(2) Exchange
rate changes



26,784.38


26,784.38
3.
13,693,223.5
5

2,743,518.07
118,117,499.
11
269,791,247.
59
1,850,229.12
406,195,717.
44

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290
Item
Buildings
and
structures
Machinery
and
equipment
Transport
equipment
Land
Overall lease
Others
Total
Current
decrease
(1)
Disposal
13,627,972.6
6

2,743,518.07
49,266,466.8
7
217,485,929.
99
1,850,229.12
284,974,116.
71
(2) Exchange
rate changes
65,250.89


50,262.74
1,479,269.34

1,594,782.97
(3) Contract
alteration



68,800,769.5
0
50,826,048.2
6

119,626,817.
76
4.
Closing
balance
112,868,972.
99
5,338,153.09
2,384,734.84
713,196,456.
78
381,359,366.
26
565,707.09
1,215,713,39
1.05
III.
Impairment
provision







1.
Opening
balance







2.
Current
increase







(1)
Accrued















3.
Current
decrease







(1)
Disposal















4.
Closing
balance







IV. Book
value







1.
Closing book
value
42,580,508.9
4
5,702,519.29
2,866,925.79
2,757,595,32
7.36
529,461,374.
66
7,943,600.92
3,346,150,25
6.96
2.
Opening
book value
58,242,640.0
3
4,293,973.56
4,526,302.86
3,061,630,99
9.53
696,008,341.
70
8,279,736.39
3,832,981,99
4.07
(2) Impairment test of right-of-use assets
□Applicable Not applicable

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
291
16. Intangible assets
(1) Details of intangible assets
Unit: yuan
Item
Land use right
Patents
Non-patented
technology
Others
Total
I. Original book
value





1. Opening
balance
1,503,416,635.08
4,506,777.06

723,340,210.32
2,231,263,622.46
2. Current
increase
37,915,215.67
100,000.00

1,769,891.86
39,785,107.53
(1)
Purchased
36,730,973.68
100,000.00

1,769,758.42
38,600,732.10
(2)
Internal R&D





(3)
Increase due to
business
combination





(4) Exchange rate
changes
1,184,241.99


133.44
1,184,375.43
3. Current
decrease
38,574,733.93
3,450.00

1,674,577.50
40,252,761.43
(1)
Disposal
15,759,021.33
3,450.00

1,644,217.21
17,406,688.54
(2) Decrease in
subsidiaries
4,671,182.60


21,350.00
4,692,532.60
(3) Exchange rate
changes
18,144,530.00


9,010.29
18,153,540.29
4. Closing
balance
1,502,757,116.82
4,603,327.06

723,435,524.68
2,230,795,968.56
II. Accumulated
amortization





1. Opening
balance
311,376,686.84
4,410,714.52

375,450,817.84
691,238,219.20
2. Current
increase
29,323,911.36
160,843.13

48,685,360.40
78,170,114.89
(1)
Accrued
29,120,300.61
160,843.13

48,685,226.91
77,966,370.65
(2) Exchange rate
changes
203,610.75


133.49
203,744.24
3. Current
decrease
5,223,766.28
2,328.75

492,460.29
5,718,555.32
(1)
Disposal
2,295,503.61
2,328.75

462,100.00
2,759,932.36
(2) Decrease in
subsidiaries
1,655,604.15


21,350.00
1,676,954.15
(3) Exchange rate
changes
1,272,658.52


9,010.29
1,281,668.81

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292
Item
Land use right
Patents
Non-patented
technology
Others
Total
4. Closing
balance
335,476,831.92
4,569,228.90

423,643,717.95
763,689,778.77
III. Impairment
provision





1. Opening
balance





2. Current
increase





(1)
Accrued











3. Current
decrease





(1)
Disposal











4. Closing
balance





IV. Book value





1. Closing
book value
1,167,280,284.90
34,098.16

299,791,806.73
1,467,106,189.79
2. Opening
book value
1,192,039,948.24
96,062.54

347,889,392.48
1,540,025,403.26
Percentage of intangible assets formed through internal R&D in the balance of intangible assets at the end of this period is 6.36%.
(2) Data resources recognized as intangible assets
Applicable □Not applicable
Unit: yuan
Item
Intangible assets of
purchased data
resources
Intangible assets of self-
developed data resources
Intangible assets of
data resources obtained
through other means
Total
I. Original book value




1. Opening balance

4,510,239.54

4,510,239.54
2. Current increase




Internal R&D




3. Current decrease




4. Closing balance

4,510,239.54

4,510,239.54
II. Accumulated
amortization




1. Opening balance

93,963.02

93,963.02
2. Current increase

1,127,017.45

1,127,017.45
3. Current decrease





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293
4. Closing balance

1,220,980.47

1,220,980.47
III. Book value




1. Closing book value

3,289,259.07

3,289,259.07
2. Opening book value

4,416,276.52

4,416,276.52

(3) Breakdown of land use rights without title certificates
Unit: yuan
Item
Book value
Reason for absence of title certificate
New Hope Philippines Livestock Inc.
14,889,298.77
In progress due to incomplete paperwork
PT New Hope Farms Indonesia
5,666,358.61
In progress due to incomplete paperwork
Liuhe Feed (Huai'an) Co., Ltd.
3,724,725.16
In progress due to incomplete paperwork
New Hope Bulacan Agriculture Inc.
3,454,081.90
In progress due to incomplete paperwork
Linshu Liuhe Feed Co., Ltd.
1,497,588.53
In progress due to incomplete paperwork
Yiyang New Hope Feed Co., Ltd.
452,400.00
In progress due to incomplete paperwork
Total
29,684,452.97


(4) Impairment test of intangible assets
□Applicable Not applicable
17. Goodwill
(1) Original book value of goodwill
Unit: yuan
Name of
invested
entities or event
forming
goodwill
Opening
balance
Current increase
Current decrease
Closing balance
Formed due to
business
combination

Disposal

Chengdu
Century
Investment Co.,
Ltd.
398,573,665.34




398,573,665.34
Yangling Besun
Agricultural
Industry Group
Co., Ltd.
280,514,799.76




280,514,799.76
Laiyang Xinmu
Breeding Co.,
Ltd.
251,371,600.00




251,371,600.00
Zhengzhou
Quansheng
Farming
Technology
Co., Ltd.
98,349,399.05




98,349,399.05
New Hope
58,567,474.80




58,567,474.80

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294
Liuhe
Investment Co.,
Ltd.
Chengdu
Fenglan
Technology
Co., Ltd.
36,276,456.48




36,276,456.48
Heyang Xinliu
Farming
Technology
Co., Ltd.
19,920,121.97




19,920,121.97
Beijing
Kinghey Food
Co., Ltd.
19,091,431.45




19,091,431.45
Sheyang Liuhe
Feed Co., Ltd.
2,194,351.61




2,194,351.61
Hefei Huaren
Farming Group
Co., Ltd.
6,118,302.82




6,118,302.82
Xingtai New
Hope Farming
Technology
Co., Ltd.
3,535,449.75




3,535,449.75
Anhui Wanxi
White Goose
Stock Seed
Farm Co., Ltd.
1,958,093.80




1,958,093.80
Xiantao Liuhe
Feed Co., Ltd.
422,276.77




422,276.77
Total
1,176,893,423.
60




1,176,893,423.
60
(2) Provision for goodwill impairment
Unit: yuan
Name of
invested
entities or event
forming
goodwill
Opening
balance
Current increase
Current decrease
Closing balance
Accrued

Disposal

Laiyang Xinmu
Breeding Co.,
Ltd.
24,784,849.84




24,784,849.84
Beijing
Kinghey Food
Co., Ltd.
10,418,225.09




10,418,225.09
Hefei Huaren
Farming Group
Co., Ltd.
6,118,302.82




6,118,302.82
Xingtai New
Hope Farming
Technology
Co., Ltd.
3,535,449.75




3,535,449.75
Sheyang Liuhe
Feed Co., Ltd.
2,194,351.61




2,194,351.61
Anhui Wanxi
1,958,093.80




1,958,093.80

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
295
White Goose
Stock Seed
Farm Co., Ltd.
Xiantao Liuhe
Feed Co., Ltd.
422,276.77




422,276.77
Total
49,431,549.68




49,431,549.68
(3) Particulars of asset group or combination of asset groups containing goodwill
Name
Composition and basis of the
asset group or combination
Affiliated division and basis
Whether it is consistent with
previous years
Chengdu Century Investment
Co., Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Classified into feed business
by nature
Yes
Yangling Besun Agricultural
Industry Group Co., Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Classified into pig business
by nature
Yes
Laiyang Xinmu Breeding Co.,
Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Classified into pig business
by nature
Yes
Zhengzhou Quansheng
Farming Technology Co., Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Classified into pig business
by nature
Yes
New Hope Liuhe Investment
Co., Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Divided into others by
business nature
Yes
Chengdu Fenglan Technology
Co., Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Divided into others by
business nature
Yes
Heyang Xinliu Farming
Technology Co., Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Classified into pig business
by nature
Yes
Beijing Kinghey Food Co.,
Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Classified into pig business
by nature
Yes
Sheyang Liuhe Feed Co., Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Classified into feed business
by nature
Yes
Hefei Huaren Farming Group
Co., Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Classified into feed business
by nature
Yes
Xingtai New Hope Farming
Technology Co., Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Classified into feed business
by nature
Yes
Anhui Wanxi White Goose
The asset group is identified
Divided into others by
Yes

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
296
Stock Seed Farm Co., Ltd.
according to the assets owned
by the purchaser at the time of
acquisition
business nature
Xiantao Liuhe Feed Co., Ltd.
The asset group is identified
according to the assets owned
by the purchaser at the time of
acquisition
Classified into feed business
by nature
Yes

(4) Specific method for determining the recoverable amount
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
Applicable □Not applicable
Unit: yuan
Item
Book value
Recoverable
amount
Imp
airm
ent
amo
unt
Duration of
the forecast
period
Key
parameters of
the forecast
period
Key
parameters of
the stable
period
Determinatio
n basis of the
key
parameters of
the stable
period
Chengdu
Century
Investment
Co., Ltd.
982,957,087.99
3,259,130,964.79

2026-2030
(5 years)
Revenue
growth rate,
Profit margin
Discount rate
Revenue
growth rate,
Profit margin
Discount rate
The profit
rate is
calculated in
the last year
of the five-
year period,
and the
discount rate
is determined
according to
the current
risk-free rate
of return,
market risk
premium,
firm-specific
risk
premium,
etc.
Yangling
Besun
Agricultural
Industry
Group Co.,
Ltd.
4,375,703,992.14
4,534,422,086.79

2026-2030
(5 years)
Revenue
growth rate,
Profit margin
Discount rate
Revenue
growth rate,
Profit margin
Discount rate
The profit
rate is
calculated in
the last year
of the five-
year period,
and the
discount rate
is determined
according to
the current
risk-free rate
of return,

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297
Item
Book value
Recoverable
amount
Imp
airm
ent
amo
unt
Duration of
the forecast
period
Key
parameters of
the forecast
period
Key
parameters of
the stable
period
Determinatio
n basis of the
key
parameters of
the stable
period
market risk
premium,
firm-specific
risk
premium,
etc.
Laiyang
Xinmu
Breeding
Co., Ltd.
211,782,005.83
739,827,946.72

2026-2030
(5 years)
Revenue
growth rate,
Profit margin
Discount rate
Revenue
growth rate,
Profit margin
Discount rate
The profit
rate is
calculated in
the last year
of the five-
year period,
and the
discount rate
is determined
according to
the current
risk-free rate
of return,
market risk
premium,
firm-specific
risk
premium,
etc.
Zhengzhou
Quansheng
Farming
Technology
Co., Ltd.
111,739,400.79
394,740,937.40

2026-2030
(5 years)
Revenue
growth rate,
Profit margin
Discount rate
Revenue
growth rate,
Profit margin
Discount rate
The profit
rate is
calculated in
the last year
of the five-
year period,
and the
discount rate
is determined
according to
the current
risk-free rate
of return,
market risk
premium,
firm-specific
risk
premium,
etc.
New Hope
Liuhe
Investment
Co., Ltd.
26,012,732,185.9
2
30,476,461,010.6
6

Indefinite
duration
Average
dividend
distribution
amount in the
past 5 years,
sustainable
growth rate,
Average
dividend
distribution
amount in the
past 5 years,
sustainable
growth rate,
The amount
of common
stock
dividend
distribution
and the
sustainable

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298
Item
Book value
Recoverable
amount
Imp
airm
ent
amo
unt
Duration of
the forecast
period
Key
parameters of
the forecast
period
Key
parameters of
the stable
period
Determinatio
n basis of the
key
parameters of
the stable
period
discount rate
discount rate
growth rate
are
determined
based on the
average
figures of the
Company
over the past
5 years; the
discount rate
is determined
according to
the current
risk-free rate
of return,
market risk
premium,
etc.
Chengdu
Fenglan
Technology
Co., Ltd.
182,838,114.40
389,176,686.05

2026-2030
years
(5 years)
Revenue
growth rate,
Profit margin
Discount rate
Revenue
growth rate,
Profit margin
Discount rate
The profit
rate is
calculated in
the last year
of the five-
year period,
and the
discount rate
is determined
according to
the current
risk-free rate
of return,
market risk
premium,
firm-specific
risk
premium,
etc.
Heyang
Xinliu
Farming
Technology
Co., Ltd.
104,503,181.45
111,505,619.35

2026-2030
years
(5 years)
Revenue
growth rate,
Profit margin
Discount rate
Revenue
growth rate,
Profit margin
Discount rate
The profit
rate is
calculated in
the last year
of the five-
year period,
and the
discount rate
is determined
according to
the current
risk-free rate
of return,
market risk

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299
Item
Book value
Recoverable
amount
Imp
airm
ent
amo
unt
Duration of
the forecast
period
Key
parameters of
the forecast
period
Key
parameters of
the stable
period
Determinatio
n basis of the
key
parameters of
the stable
period
premium,
firm-specific
risk
premium,
etc.
Beijing
Kinghey
Food Co.,
Ltd.
410,475,004.12
689,349,218.79

2026-2030
years
(5 years)
Revenue
growth rate,
Profit margin
Discount rate
Revenue
growth rate,
Profit margin
Discount rate
The profit
rate is
calculated in
the last year
of the five-
year period,
and the
discount rate
is determined
according to
the current
risk-free rate
of return,
market risk
premium,
firm-specific
risk
premium,
etc.
Total
32,392,730,972.6
4
40,594,614,470.5
5





(5) Performance commitments fulfilled and corresponding goodwill impairment status
There is a performance commitment when goodwill is formed, and the reporting period or the period preceding the reporting
period is within the performance commitment period
□Applicable Not applicable
18. Long-term deferred expenses
Unit: yuan
Item
Opening balance
Current increase
Current amount
amortized
Other decreases
Closing balance
Expenditure on
improvement of
property, plant and
equipment
43,488,056.45
1,593,182.51
4,638,898.71
23,500.00
40,418,840.25
Rental expenses of
factory buildings
and equipment
476,356.42
68,764.89
222,824.36
6,342.75
315,954.20
Others
37,149,255.19
17,504,047.03
30,066,791.96
1,177,933.07
23,408,577.19
Total
81,113,668.06
19,165,994.43
34,928,515.03
1,207,775.82
64,143,371.64

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300

19. Deferred income tax assets/ deferred income tax liabilities
(1) Deferred income tax assets not offset
Unit: yuan
Item
Closing balance
Opening balance
Deductible temporary
difference
Deferred income tax
assets
Deductible temporary
difference
Deferred income tax
assets
Provision for asset
impairment
381,697,281.26
92,007,190.34
431,815,320.27
98,312,648.08
Unrealized profit of
internal transactions
89,099,919.85
22,228,084.31
112,389,446.35
28,086,372.52
Deductible loss
2,347,928,509.42
551,080,047.91
3,024,194,254.72
725,066,296.69
Change in fair value of
trading financial assets
7,515,970.77
1,293,841.40
996,329.25
111,480.85
Guarantee indemnity
reserve, deferred
income, etc.
66,998,454.74
15,070,163.16
56,359,127.40
12,905,392.88
Lease liabilities
192,505,413.53
47,619,158.59
256,117,766.97
63,176,565.63
Total
3,085,745,549.57
729,298,485.71
3,881,872,244.96
927,658,756.65
(2) Deferred income tax liabilities not offset
Unit: yuan
Item
Closing balance
Opening balance
Taxable temporary
difference
Deferred income tax
liabilities
Taxable temporary
difference
Deferred income tax
liabilities
Asset appraisal
appreciation of
business combination
not under common
control
203,921,207.71
50,231,213.48
211,279,458.64
52,046,887.61
Change in fair value of
trading financial assets
10,030,485.30
1,801,725.49
2,107,313.17
210,731.32
Right-of-use assets
183,415,062.94
45,729,125.35
250,570,555.03
61,745,835.49
Convertible bond
conversion difference
502,587,869.80
125,646,967.45


One-off deduction of
property, plant and
equipment before tax
189,925.72
47,481.43


Total
900,144,551.47
223,456,513.20
463,957,326.84
114,003,454.42
(3) Deferred income tax assets or liabilities presented by net amount after offset
Unit: yuan
Item
Closing offset amount
between deferred
income tax assets and
Closing balance of
deferred income tax
assets or liabilities after
Opening offset amount
between deferred
income tax assets and
Opening balance of
deferred income tax
assets or liabilities after

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301
liabilities
offset
liabilities
offset
Deferred income tax
assets
52,495,764.81
676,802,720.90
61,885,673.42
865,773,083.23
Deferred income tax
liabilities
52,495,764.81
170,960,748.39
61,885,673.42
52,117,781.00
(4) Details of unrecognized deferred income tax assets
Unit: yuan
Item
Closing balance
Opening balance
Deductible temporary difference
126,049,587.82
53,951,534.22
Deductible loss
5,520,757,364.66
3,835,011,273.92
Total
5,646,806,952.48
3,888,962,808.14
(5) Deductible losses on unrecognized deferred income tax assets will become due in the following years
Unit: yuan
Year
Closing amount
Opening amount
Note
2025
0.00
192,935,395.19

2026
838,275,218.43
540,236,279.37

2027
1,005,925,146.73
1,112,858,843.41

2028
791,060,703.15
712,357,870.48

2029
1,293,343,696.78
1,276,622,885.47

2030
1,592,152,599.57
0.00

Total
5,520,757,364.66
3,835,011,273.92

20. Other non-current assets
Unit: yuan
Item
Closing balance
Opening balance
Book balance
Impairment
provision
Book value
Book balance
Impairment
provision
Book value
Amounts
prepaid for
long-term
assets
165,539,118.26

165,539,118.26
287,035,979.87

287,035,979.87
VAT input tax
to be deducted
328,064,709.80

328,064,709.80
373,706,234.95

373,706,234.95
Total
493,603,828.06

493,603,828.06
660,742,214.82

660,742,214.82
Other notes:

21. Assets with restricted ownership or use right
Unit: yuan
Item
As at the end of the period
Opening

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
302
Book
balance
Book value
Type of
restriction
Description
Book
balance
Book value
Type of
restriction
Description
Cash and
cash
equivalents
1,830,141,0
70.66
1,830,141,0
70.66
Margin
Purchase of
futures,
margins of
guarantee
companies,
note
margins,
reclamation
margins,
etc.
1,428,407,6
26.57
1,428,407,6
26.57
Margin
Purchase of
futures,
margins of
guarantee
companies,
note
margins,
reclamation
margins,
etc.
Inventory
77,887,327.
91
77,887,327.
91
Reserve
meat
Used as
reserve
meat under
the
agreement
with the
governmen
t
66,316,036.
48
66,316,036.
48
Mortgage/r
eserve meat
Reserve
meat used
as short-
term
collateral
and as
agreed by
the
governmen
t
Property,
plant and
equipment
2,024,965,2
57.50
1,278,091,5
48.64
Mortgage
Used as
collateral
for long-
term and
short-term
borrowings
and for
financing-
based sale
and
leaseback
3,041,497,8
15.21
2,148,977,3
82.57
Mortgage
Used as
collateral
for long-
term and
short-term
borrowings
and for
financing-
based sale
and
leaseback
Intangible
assets
58,349,802.
60
38,669,856.
31
Mortgage
Used as
collateral
for long-
term and
short-term
borrowings
66,007,442.
79
47,016,482.
28
Mortgage
Used as
collateral
for long-
term and
short-term
borrowings
Constructio
n in
progress




31,969,394.
14
31,969,394.
14
Mortgage
Used as
collateral
for long-
term
borrowings
Total
3,991,343,4
58.67
3,224,789,8
03.52


4,634,198,3
15.19
3,722,686,9
22.04


Other notes:
Note 1: The Group took the land and properties of Luzhou New Hope Feed Co., Ltd., land and properties of Wuwei Hope
Feed Co., Ltd., land and properties of Huai'an New Hope Feed Co., Ltd., land of Anhui Xinhua Animal Husbandry Technology Co.,
Ltd., land and properties of Anhui Baixin Feed Co., Ltd., land and properties of Taizhou New Hope Agriculture Co., Ltd., land and
properties of New Hope Singapore Biotechnology Pte. Ltd., land and properties of Beijing Kinghey Food Co., Ltd., and land and
properties of Hanzhong New Hope Liuhe Farming Technology Co., Ltd. as collaterals for long and short-term borrowings of a
total amount of 173.7107 million yuan.

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303
Note 2: Subsidiaries of the Group signed contracts with financing lease companies to partially transfer their buildings and
structures, as well as machinery and equipment to the financing lease companies and leased them back. Upon the expiration of the
lease term, they acquired the ownership of the buildings and structures, as well as machinery and equipment at a nominal amount
ranging from 1 to 10,000 yuan. As such sale-and-leaseback transactions are not sales, the relevant assets are not derecognized,
with the long-term payables equal to the transfer price recognized. As at December 31, 2025, the book value of the property, plant
and equipment related to the above sale-and-leaseback transactions was 1,096.3619 million yuan, and the corresponding long-term
payables (including those due within 1 year) was 867.9788 million yuan.
Note 3: In addition to the above, as at December 31, 2025, the Group’s subsidiary, Beijing New Hope Liuhe Biotechnology
Industry Group Co., Ltd., used its 100% equity stakes in subsidiaries, namely Gaomi Xinliu Farming Technology Co., Ltd., Baiyin
New Hope Farming Technology Co., Ltd., Kangping Xinwang Farming Co., Ltd. And Zhucheng Xinliu Farming Technology Co.,
Ltd., as collaterals to provide pledge guarantee for the Company’s 416.0500 million yuan long-term borrowings.
22. Short-term borrowings
(1) Short-term borrowings by category
Unit: yuan
Item
Closing balance
Opening balance
Mortgage borrowings
37,500,000.00
94,500,000.00
Guaranteed borrowings
2,124,214,945.08
3,398,758,904.35
Credit loans
5,404,901,592.85
6,048,409,221.67
Borrowings against bill discounting
3,420,121,511.58
3,443,150,560.65
Borrowings against L/C discounting
374,275,942.83
499,434,827.58
Factoring of accounts receivable
1,457,299,874.30
2,118,392,574.94
Reverse factoring
2,112,957,471.66
2,124,969,650.07
Add: Accrued interest
8,827,000.18
13,899,870.83
Total
14,940,098,338.48
17,741,515,610.09
Notes on the classification of short-term borrowings:
① As at December 31, 2025, the mortgage borrowings of the Group were 37.5 million yuan, which was secured by property, plant
and equipment, and intangible assets with a total book value of approximately 49.8579 million yuan.
② As at December 31, 2025, the guaranteed borrowings of the Group were 2,124.2149 million yuan. Among them, the Company
provided guarantees for its subsidiaries of 1,737.6343 million yuan, guarantees between subsidiaries of 382.5806 million yuan,
and guarantees provided by non-related parties for subsidiaries of 4 million yuan.
③ Among borrowings against bill discounting, the Group used internal inter-company bills for discounting. The closing balance
of internal notes receivable and notes payable has been deducted in this report.
23. Trading financial liabilities
Unit: yuan
Item
Closing balance
Opening balance
Trading financial liabilities
7,568,770.77
935,134.25
Incl.:



Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
304
Derivative financial liabilities
7,568,770.77
935,134.25
Incl.:


Total
7,568,770.77
935,134.25
Other note: Derivative financial liabilities are futures contracts and interest rate swaps purchased.
24. Notes payable
Unit: yuan
Pollutants
Closing balance
Opening balance
Commercial acceptance bills
1,473,164,487.75
1,008,874,137.72
Bank acceptance bills
4,035,675,437.23
3,014,963,606.81
L/C
76,201,703.14
160,296,509.58
Total
5,585,041,628.12
4,184,134,254.11
The notes payable overdue but unpaid at the end of this period totaled 0.00 yuan.
25. Accounts payable
(1) Breakdown of accounts payable
Unit: yuan
Item
Closing balance
Opening balance
Goods payment to suppliers
5,441,483,542.96
6,208,837,763.23
Amounts prepaid for long-term assets
1,186,008,398.51
1,315,158,503.90
Others
791,488.68
1,371,049.82
Total
6,628,283,430.15
7,525,367,316.95
(2) Significant accounts payable older than one year or overdue
As at December 31, 2025, there were no significant accounts payable older than one year.
(3) Whether there is any outstanding payments owed to small and medium-sized enterprises
Whether it is a large enterprise
Yes □No
Whether there is any outstanding payments owed to small and medium-sized enterprises
□Yes No
26. Other payables
Unit: yuan
Item
Closing balance
Opening balance
Dividends payable
29,020,258.82
36,182,732.53
Other payables
3,577,321,993.59
3,368,617,802.20
Total
3,606,342,252.41
3,404,800,534.73

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
305
(1) Dividends payable
Unit: yuan
Item
Closing balance
Opening balance
Dividends on ordinary shares
29,020,258.82
36,182,732.53
Total
29,020,258.82
36,182,732.53
Other notes, including those on significant outstanding dividends that have not been paid for more than one year and the reason of
non-payment:
Item
Closing balance
Reasons for non-payment
Entity 1
10,430,125.81
Already declared, but not yet claimed
Entity 2
10,000,000.00
Already declared, but not yet claimed
Total
20,430,125.81


(2) Other payables
1) Other payables presented by nature of amount
Unit: yuan
Item
Closing balance
Opening balance
Current accounts
955,360,953.73
786,821,431.09
Various deposits and margins temporarily
retained
2,279,095,006.14
2,021,032,251.79
Managed secured funds
4,479,158.50
40,774,382.45
Accrued expenses
64,687,902.58
81,592,746.44
Payments for share transfer
20,671,606.42
28,913,567.81
Payments for right-of-use assets
209,000,622.90
237,374,732.59
Restricted stock repurchase obligation
42,513,747.76
171,894,948.20
Others
1,512,995.56
213,741.83
Total
3,577,321,993.59
3,368,617,802.20
2) Significant other payables older than one year or overdue
Unit: yuan
Item
Closing balance
Why not repaid or carried forward
Entity 1
208,500,000.00
Current accounts
Entity 2
104,563,704.00
Not carried forward due to pending
paperwork for equities and title
Unit 3
35,527,815.00
Special funding
Unit 4
33,950,697.05
Equity transfer price and current
accounts payable that do not meet the
payment terms
Unit 5
20,014,777.00
Current accounts
Entity 6
13,980,000.00
Margin
Entity 7
10,946,870.00
Current accounts
Entity 8
10,044,700.00
Current accounts
Total
437,528,563.05


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
306
27. Advance collections
(1) Presentation of advance collections
Unit: yuan
Item
Closing balance
Opening balance
Rental
37,642,436.02

Advance from equity transferees
638,512.21
208,500,000.00
Proceeds from disposal of non-current
assets
18,766,807.95

Total
57,047,756.18
208,500,000.00
As at December 31, 2025, there were no significant advance collections older than one year.
28. Contract liabilities
Unit: yuan
Item
Closing balance
Opening balance
Goods payment
2,153,198,586.92
2,029,782,235.35
Total
2,153,198,586.92
2,029,782,235.35
29. Employee benefits payable
(1) Breakdown of employee benefits payable
Unit: yuan
Item
Opening balance
Current increase
Current decrease
Closing balance
I. Short-term
compensation
734,430,299.89
5,630,344,493.66
5,578,971,802.22
785,802,991.33
II. Post-employment
benefits-defined
contribution plan
1,909,848.78
361,776,090.28
361,288,192.09
2,397,746.97
III. Termination
benefits
5,325,320.00
19,948,485.75
19,948,485.75
5,325,320.00
Total
741,665,468.67
6,012,069,069.69
5,960,208,480.06
793,526,058.30
(2) Breakdown of short-term compensation
Unit: yuan
Item
Opening balance
Current increase
Current decrease
Closing balance
1. Wage, bonus,
allowance and subsidy
531,571,034.35
5,023,122,933.65
4,964,144,366.91
590,549,601.09
2. Employee benefits

354,971,423.15
354,971,423.15

3. Social insurance
premium
529,404.75
190,318,457.15
190,023,204.53
824,657.37
Incl.: Medical
insurance premium
454,204.64
171,112,757.94
170,841,150.02
725,812.56
Work-
49,288.05
17,163,479.55
17,139,923.89
72,843.71

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
307
Item
Opening balance
Current increase
Current decrease
Closing balance
related injury insurance
premium
Maternity
insurance premium
25,912.06
2,042,219.66
2,042,130.62
26,001.10
4. Housing provident
fund
141,991.04
20,232,687.75
20,239,991.27
134,687.52
5. Trade union fees and
employee education
funds
202,187,869.75
32,001,315.89
39,895,140.29
194,294,045.35
6. Short-term paid
leaves

9,697,676.07
9,697,676.07

Total
734,430,299.89
5,630,344,493.66
5,578,971,802.22
785,802,991.33
(3) Breakdown of defined contribution plan
Unit: yuan
Item
Opening balance
Current increase
Current decrease
Closing balance
1. Basic endowment
insurance
1,416,563.23
344,257,131.69
343,797,495.15
1,876,199.77
2. Unemployment
insurance
460,722.44
13,224,680.88
13,193,999.56
491,403.76
3. Comprehensive
insurance
32,563.11
4,294,277.71
4,296,697.38
30,143.44
Total
1,909,848.78
361,776,090.28
361,288,192.09
2,397,746.97
Other notes:
The Group participates in endowment insurance and unemployment insurance programs established by the government
according to provisions, whereby the Group pays contributions each month according to the rules of social security bureau; apart
from the aforesaid monthly contributions, the Group no longer assumes further payment obligation and the corresponding
expenditures are included in the current profit or loss or costs of related assets as and when incurred.
There was no amount in arrears in the employment benefits payable; the wage, bonus, allowance and subsidy are expected to
be fully paid from January to February 2026, and the social insurance contributions will be paid to the social security bureau in
January 2026.
30. Taxes and surcharges payable
Unit: yuan
Item
Closing balance
Opening balance
VAT
44,558,561.15
42,780,716.24
Corporate income tax
234,323,934.17
240,231,191.49
Individual income tax
31,895,438.19
16,662,427.58
Urban maintenance and construction tax
543,581.89
2,789,559.86
Education surcharge
248,494.68
1,212,796.62
Local education surcharge
160,428.18
804,039.10
Water conservancy fund
582,618.01
529,649.21

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
308
Land use tax
7,677,744.74
7,786,941.17
Property tax
11,279,063.17
8,107,379.31
Stamp duty
24,260,743.42
22,354,922.62
Taxes withheld
23,440,711.23
54,298,939.95
Health coverage tax
12,657,373.88
7,824,558.03
Others
5,916,798.17
5,025,715.59
Total
397,545,490.88
410,408,836.77

31. Non-current liabilities due within one year
Unit: yuan
Item
Closing balance
Opening balance
Long-term borrowings due within one
year
7,819,797,697.94
9,988,404,919.92
Bonds payable due within one year
173,919,403.81
24,776,346.26
Long-term payables due within one year
306,410,611.83
469,720,201.78
Lease liabilities due within one year
171,523,769.97
372,384,215.72
Total
8,471,651,483.55
10,855,285,683.68
Other notes:
Note 1: Long-term borrowings due within one year are detailed in “Note VII. (34) Long-term borrowings”.
Note 2: Bonds payable due within one year are detailed in “Note VII. (35) Bonds payable”.
Note 3: Long-term payables due within one year are detailed in “Note VII. (37) Long-term payables”.
Note 4: lease liabilities due within one year are detailed in “Note VII. (36) Lease liabilities”.
(1) Long-term borrowings due within one year:
Item
Closing balance
Opening balance
Pledge loans
130,000,000.00
215,734,000.00
Mortgage borrowings
26,320,690.40
61,478,560.00
Guaranteed borrowings
3,492,043,113.87
3,907,158,680.05
Credit loans
4,143,185,833.00
5,767,240,863.66
Add: Interest payable on long-term borrowings
28,248,060.67
36,792,816.21
Total
7,819,797,697.94
9,988,404,919.92
(2) Bonds payable due within one year:
Item
Closing balance
Opening balance
21 Hope Liuhe MTN001 (for Rural
Revitalization)
140,000,000.00

Add: Interest payable on bonds payable
33,919,403.81
24,776,346.26
Total
173,919,403.81
24,776,346.26

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
309

32. Other current liabilities
Unit: yuan
Item
Closing balance
Opening balance
Short-term bonds payable
1,006,604,166.67

Notes endorsed but not yet derecognized
22,268,845.11

Output tax to be reversed
32,675,747.02
32,667,937.34
Total
1,061,548,758.80
32,667,937.34
Increase/decrease in short-term bonds payable
Unit: yuan
Bond
Face value
Distri
butio
n rate
Issuing
date
Bond
duratio
n
Issue
amount
O
p
e
n
i
n
g

b
a
l
a
n
c
e
Current
issuance
Interest
accrued at
nominal
value
Amorti
zation
of
premiu
m and
discoun
t
Current
repayment
Closing
balance
Viola
tion
or
not
25
Hope
Liuhe
SCP00
1 (for
Rural
Revital
ization)
500,000,000.
00
2.10
%
April
22,
2025
180
days
499,825,0
00.00

499,825,0
00.00
5,178,082
.19
175,000
.00
505,178,0
82.19
0.00
No
25
Hope
Liuhe
SCP00
2
(Scienc
e and
Techno
logy
Innovat
ion
Bond)
500,000,000.
00
1.85
%
June
19,
2025
270
days
499,737,5
00.00

499,737,5
00.00
5,010,416
.67
262,500
.00

505,010,416
.67
No
25
Hope
Liuhe
SCP00
3
(Scienc
e and
500,000,000.
00
1.80
%
October
23,
2025
270
days
499,737,5
00.00

499,737,5
00.00
1,725,000
.00
131,250
.00

501,593,750
.00
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
310
Bond
Face value
Distri
butio
n rate
Issuing
date
Bond
duratio
n
Issue
amount
O
p
e
n
i
n
g

b
a
l
a
n
c
e
Current
issuance
Interest
accrued at
nominal
value
Amorti
zation
of
premiu
m and
discoun
t
Current
repayment
Closing
balance
Viola
tion
or
not
Techno
logy
Innovat
ion
Bond)
Total




1,499,300
,000.00

1,499,300
,000.00
11,913,49
8.86
568,750
.00
505,178,0
82.19
1,006,604,1
66.67

33. Reserve for insurance contract
Item
Closing balance
Opening balance
Unearned premium reserve
75,729,135.88
84,407,693.09
Guarantee compensation reserve
98,013,379.50
90,216,571.14
Total
173,742,515.38
174,624,264.23

34. Long-term borrowings
(1) Long-term borrowings by category
Unit: yuan
Item
Closing balance
Opening balance
Pledge loans
416,050,000.00
707,384,000.00
Mortgage borrowings
136,210,690.40
148,429,789.60
Guaranteed borrowings
10,239,543,523.04
13,569,636,903.56
Credit loans
20,344,215,479.68
16,289,991,585.08
Add: Accrued interest
28,248,060.67
36,792,816.21
Less: Long-term borrowings due within
one year
-7,819,797,697.94
-9,988,404,919.92
Total
23,344,470,055.85
20,763,830,174.53
Notes on classification of long-term borrowings:
① As at December 31, 2025, the Group's pledged borrowings of 416.0500 million yuan was secured by the equity of its
subsidiaries.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
311
② As at December 31, 2025, the Group's mortgaged borrowings of 136.21 million yuan was secured by property, plant and
equipment and intangible assets with a total book value of approximately 313.7962 million yuan. Among them, 19.9900 million
yuan was also guaranteed by the Company.
③ As of December 31, 2025, the Group's guaranteed borrowings were 10,239.5435 million yuan. Among them, the Company
guaranteed 10,178.3068 million yuan for the subsidiaries, and non-affiliated parties guaranteed 61.2367 million yuan for the
subsidiaries.
Other notes, including on the interest rate range covered:
The interest rate range of the Group's long-term borrowings at the end of the year was 2.24% - 5.20%.
35. Bonds payable
(1) Bonds payable
Unit: yuan
Item
Closing balance
Opening balance
New Hope-CB
0.00
939,467,701.50
21 Hope Liuhe MTN001 (for Rural
Revitalization)
143,371,666.67
143,313,972.61
New Hope-CB2
7,662,575,850.71
7,418,114,781.90
24 Hope Liuhe PPN001
496,855,906.20
491,872,528.02
25 Hope Liuhe MTN001 (Science and
Technology Innovation Bond)
503,100,623.60

Less: Bonds payable due within one year
-140,000,000.00

Less: Interest due within one year
-33,919,403.81
-24,776,346.26
Total
8,631,984,643.37
8,967,992,637.77
(2) Increase/decrease in bonds payable (excluding preferred stocks, perpetual bonds and other financial
instruments classified as financial liabilities)
Unit: yuan
Bond
Face
value
Distri
butio
n rate
Issui
ng
date
Bond
durati
on
Issue
amou
nt
Open
ing
balan
ce
Curre
nt
issua
nce
Intere
st
accru
ed at
nomi
nal
value
Amor
tizati
on of
premi
um
and
disco
unt
Curre
nt
repay
ment
Conv
erted
into
share
s in
the
curre
nt
perio
d
Less:
Bond
s
paya
ble
due
withi
n one
year
Closi
ng
balan
ce
Viola
tion
or not
New
Hope
-CB
4,000
,000,
000.0
0
Note
1.
Janua
ry 3,
2020
6
years
3,986
,000,
000.0
0
939,4
67,70
1.50

18,98
7,579
.53
47,83
7,979
.95
1,004
,156,
803.5
3
2,136
,457.
45
0.00
0.00
No
21
Hope
Liuhe
MTN
001
2,000
,000,
000.0
0
3.00
%
Marc
h 17,
2021
3+2
years
1,994
,000,
000.0
0
143,3
13,97
2.61

4,257
,694.
06

4,200
,000.
00

143,3
71,66
6.67
0.00
No

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
312
Bond
Face
value
Distri
butio
n rate
Issui
ng
date
Bond
durati
on
Issue
amou
nt
Open
ing
balan
ce
Curre
nt
issua
nce
Intere
st
accru
ed at
nomi
nal
value
Amor
tizati
on of
premi
um
and
disco
unt
Curre
nt
repay
ment
Conv
erted
into
share
s in
the
curre
nt
perio
d
Less:
Bond
s
paya
ble
due
withi
n one
year
Closi
ng
balan
ce
Viola
tion
or not
(for
Rural
Revit
alizat
ion)
New
Hope
-CB2
8,150
,000,
000.0
0
Note
2.
Nove
mber
2,
2021
6
years
8,136
,000,
000.0
0
7,418
,114,
781.9
0

103,1
50,81
2.29
239,0
98,77
4.47
97,72
1,698
.80
66,81
9.15
21,72
4,820
.46
7,640
,851,
030.2
5
No
24
Hope
Liuhe
PPN0
01
500,0
00,00
0.00
3.10
%
Augu
st 28,
2024
3+2
years
485,0
45,00
0.00
491,8
72,52
8.02

15,50
0,000
.00
4,983
,378.
18
15,50
0,000
.00

5,166
,666.
68
491,6
89,23
9.52
No
25
Hope
Liuhe
MTN
001
(Scie
nce
and
Tech
nolog
y
Innov
ation
Bond
)
500,0
00,00
0.00
1.95
%
Augu
st 18,
2025
2+1
years
499,3
00,00
0.00

499,3
00,00
0.00
3,656
,250.
00
144,3
73.60


3,656
,250.
00
499,4
44,37
3.60
No
Total
——
15,10
0,345
,000.
00
8,992
,768,
984.0
3
499,3
00,00
0.00
145,5
52,33
5.88
292,0
64,50
6.20
1,121
,578,
502.3
3
2,203
,276.
60
173,9
19,40
3.81
8,631
,984,
643.3
7
——
(3) Notes on convertible corporate bonds
1. In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co., Ltd.
(CSRC Approval [2019] No. 1902) issued by the CSRC, the Company publicly issued 40 million convertible corporate bonds on
January 3, 2020, each having a par value of 100 yuan, for a total amount of 4 billion yuan and a duration of 6 years.

The nominal rate of convertible corporate bonds issued that time was 0.20% for the first year, 0.40% for the second year, 0.80%
for the third year, 1.20% for the fourth year, 1.60% for the fifty year and 2.00% for the sixth year, with interest payable per year,
and convertible from the first trading day (July 9, 2020) after six months of the end of this issue of convertible bonds (January 9,

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
313
2020, T+4 days) to the expiry date of the convertible bonds (January 2, 2026). The bond holders may request for share conversion
during the conversion period.

The initial conversion price of convertible corporate bonds issued this time is 19.78 yuan/share, which is not lower than the
average trading price of A-share stocks of the Company in 20 trading days prior to the date of announcement of the Prospectus (if
share price adjustments occurred due to ex-right and ex-dividend within such 20 trading days, the average trading price of trading
days before adjustment is calculated by the price after corresponding ex-right and ex-dividend adjustments) and the average
trading price of A-share stocks of the Company on the immediately preceding trading day.

At the 2019 annual general meeting held on April 28, 2020, the 2019 Annual Profit Distribution Plan was approved to
distribute cash dividend of 1.50 yuan (tax-inclusive) per 10 shares to all shareholders based on the total number of shares specified
in the 2019 annual profit distribution implementation announcement net of the repurchased shares that do not participate in the
distribution. After the implementation of this plan, the conversion price was adjusted from 19.78 yuan/share to 19.63 yuan/share,
effective as of June 19, 2020.

On September 18, 2020, in accordance with the Approval on the Non-public Offering of Stocks by New Hope Liuhe Co., Ltd.
(CSRC Approval [2020] No.1961) issued by the CSRC, the Company issued 177,147,918 shares of common stocks (A-share)
denominated in RMB to two particular investors in a non-public manner, with the newly issued shares registered with CSDC
Shenzhen and listed on Shenzhen Stock Exchange on October 29, 2020 at an issue price of 22.58 yuan/share. The convertible
bonds issued that time became convertible on July 9, 2020, and the total share capital of the Company after the issuance was
increased to 4,504,101,656 shares calculated on the basis of the total share capital of 4,326,953,738 shares of the Company as of
September 18, 2020. According to the relevant terms of the convertible corporate bonds, the conversion price of "New Hope-CB"
was adjusted from 19.63 yuan/share to 19.75 yuan/share as of October 29, 2020. The adjusted conversion price took effect as of
October 29, 2020.

On April 26, 2022 and May 31, 2022, the 52nd meeting of the 8th Board of Directors and the 2021 annual general meeting
were respectively held to deliberate and approve the Proposal regarding the ‘Restricted Stock Incentive Plan 2022 (Draft) of New
Hope Liuhe Co., Ltd.’ and its Summary; on July 25, 2022, the 3rd meeting of the 9th Board of Directors was held to deliberate and
approve the Proposal on Adjusting Matters Related to the Restricted Stock Incentive Plan 2022 and the Proposal on the Initial
Grant of Restricted Stocks to Incentive Recipients. The Company granted 33.2750 million restricted stocks to 199 incentive
recipients at the price of 7.98 yuan/share on the first grant date of July 25, 2022. The source of the stocks is the A-share common
stocks denominated in RMB issued by the Company to the incentive recipients in a targeted manner, with the newly issued shares
registered with CSDC Shenzhen. According to the relevant terms of the convertible corporate bonds, the conversion price of "New
Hope-CB" was adjusted from 19.75 yuan/share to 19.66 yuan/share as of September 15, 2022.

Due to the implementation of the Restricted Stock Incentive Plan 2022, the Company reserved restricted stocks for 377
incentive recipients, and the initial grant price was 7.98 yuan/share. The source of the stocks is the A-share common stocks
denominated in RMB issued by the Company to the incentive recipients in a targeted manner, with the newly issued shares
registered with CSDC Shenzhen and listed on Shenzhen Stock Exchange on July 25, 2023. According to the relevant terms of the
convertible corporate bonds, the conversion price of "New Hope-CB” was adjusted from 19.66 yuan/share to 19.64 yuan/share as
of July 25, 2023.

From November 16, 2023 to December 6, 2023, the closing price of the Company's stocks was lower than 80% of the current
conversion price for 15 trading days, triggering the condition of downward revision of the conversion price. On December 27,

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
314
2023, the 25th meeting of the 9th Board of Directors considered and approved the Proposal on Downward Revision of the
Conversion Price of New Hope-CB. In accordance with the Prospectus and the authorization of the 3rd extraordinary general
meeting in 2023, the Board of Directors decided to revise the conversion price of "New Hope-CB” from 19.64 yuan/share to 10.6
yuan/share. The conversion price after revision took effect as of December 28, 2023.

By the end of 2025, the Company had fully repaid all principal and interest.

2. In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co., Ltd.
(CSRC Approval [2021] No. 1351) issued by the CSRC, the Company publicly issued 81.5 million convertible corporate bonds on
November 2, 2021, each having a par value of 100 yuan, for a total amount of 8.15 billion yuan and a duration of 6 years.

The nominal rate of convertible corporate bonds issued that time was 0.20% for the first year, 0.40% for the second year, 0.80%
for the third year, 1.20% for the fourth year, 1.60% for the fifty year and 2.00% for the sixth year, with interest payable per year,
and convertible from the first trading day (May 9, 2022) after six months of the end of this issue of convertible bonds (November 8,
2021, T+4 days) to the expiry date of the convertible bonds (November 1, 2027). The bond holders may request for share
conversion during the conversion period.

The initial conversion price of convertible corporate bonds issued this time is 14.45 yuan/share, which is not lower than the
average trading price of A-share stocks of the Company in 20 trading days prior to the date of announcement of the Prospectus (if
share price adjustments occurred due to ex-right and ex-dividend within such 20 trading days, the average trading price of trading
days before adjustment is calculated by the price after corresponding ex-right and ex-dividend adjustments) and the average
trading price of A-share stocks of the Company on the immediately preceding trading day.

On April 26, 2022 and May 31, 2022, the 52nd meeting of the 8th Board of Directors and the 2021 annual general meeting
were respectively held to deliberate and approve the Proposal regarding the ‘Restricted Stock Incentive Plan 2022 (Draft) of New
Hope Liuhe Co., Ltd.’ and its Summary; on July 25, 2022, the 3rd meeting of the 9th Board of Directors was held to deliberate and
approve the Proposal on Adjusting Matters Related to the Restricted Stock Incentive Plan 2022 and the Proposal on the Initial
Grant of Restricted Stocks to Incentive Recipients. The Company granted 33.2750 million restricted stocks to 199 incentive
recipients at the price of 7.98 yuan/share on the first grant date of July 25, 2022. The source of the stocks is the A-share common
stocks denominated in RMB issued by the Company to the incentive recipients in a targeted manner, with the newly issued shares
registered with CSDC Shenzhen. According to the relevant terms of the convertible corporate bonds, the conversion price of "New
Hope-CB2" was adjusted from 14.45 yuan/share to 14.40 yuan/share as of September 15, 2022.

Due to the implementation of the Restricted Stock Incentive Plan 2022, the Company reserved restricted stocks for 377
incentive recipients, and the initial grant price was 7.98 yuan/share. The source of shares is the RMB A-share ordinary shares
issued by the Company to the incentive recipients and the relevant shares registration have been completed with CSDC Shenzhen
and were listed on the Shenzhen Stock Exchange on July 25, 2023. According to the relevant terms of the convertible corporate
bonds, the conversion price of "New Hope-CB2” was adjusted from 14.40 yuan/share to 14.39 yuan/share as of July 25, 2023.

From November 16, 2023 to December 6, 2023, the closing price of the Company's shares was lower than 80% of the current
conversion price for 15 trading days, triggering the condition of downward revision of the conversion price. On December 27,
2023, the 25th meeting of the 9th Board of Directors considered and approved the Proposal on Downward Revision of the
Conversion Price of New Hope-CB2. In accordance with the relevant provisions of the Prospectus and the authorization of the 3rd

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
315
extraordinary general meeting in 2023, the Board of Directors decided to revise the conversion price of “New Hope-CB2” from
14.39 yuan/share to 10.6 yuan/share. The conversion price after revision took effect as of December 28, 2023.
36. Lease liabilities
Unit: yuan
Item
Closing balance
Opening balance
Lease payment
4,764,274,778.52
5,475,758,415.02
Unrecognized financing cost
-1,774,556,763.79
-2,022,809,077.76
Less: Lease liabilities due within one
year
-171,523,769.97
-372,384,215.72
Total
2,818,194,244.76
3,080,565,121.54

37. Long-term payables
Unit: yuan
Item
Closing balance
Opening balance
Long-term payables
562,935,593.21
811,568,597.90
Total
562,935,593.21
811,568,597.90
(1) Presentation of long-term payables by nature
Unit: yuan
Item
Closing balance
Opening balance
Sale-and-leaseback financing lease
payable
915,921,318.98
1,375,964,345.08
Other payables
1,485,000.00
1,567,500.00
Unrecognized financing cost
-48,060,113.94
-96,243,045.40
Less: Long-term payables due within one
year
-306,410,611.83
-469,720,201.78
Total
562,935,593.21
811,568,597.90
Other notes:
1. Subsidiaries of the Group partially transferred machinery and equipment, as well as buildings and structures, to lease
companies and then leased them back. Upon the expiration of the lease term, they acquired the ownership of such machinery and
equipment at a nominal amount ranging from 1 to 10000 yuan. As such sale-and-leaseback transactions are not sales, the relevant
assets are not derecognized, with the long-term payables equal to the transfer price recognized. For details, please refer to "Note
VII. (21) Assets with restricted ownership or use right".
2. Hainan Xinliu Agricultural Reclamation Farming Technology Co., Ltd., a subsidiary of the Group, has obtained a special
project fund from Haikou Lizhilang Village Group Agricultural Development Co., Ltd. According to their agreement, the said
company does not need to repay the principal upon the expiration of the term of the agreement, except that the project cannot be
implemented due to force majeure factors or there is a breach of contract leading to the termination of the agreement where the
said company has to fully repay the principal. The Group believes that the force majeure factors cannot be predicted and the said
company does not expect any breach of contract, so this special fund is accounted for in long-term payables.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
316
38. Deferred income
Unit: yuan
Item
Opening balance
Current increase
Current decrease
Closing balance
Reason for
formation
Government grants
382,448,834.39
111,033,528.57
59,703,459.12
433,778,903.84

VAT for internal
sales

176,392,094.32
171,762,852.58
4,629,241.74

Total
382,448,834.39
287,425,622.89
231,466,311.70
438,408,145.58
--
Other note: Government grants are detailed in “Note XI. Government grants”.
39. Share capital
Unit: yuan

Opening
balance
Current increase/decrease (+, -)
Closing
balance
New shares
issued
Bonus shares
Provident
fund
converted
into shares
Others
Subtotal
Total shares
4,525,938,64
8.00
207,858.00


-
23,372,200.0
0
-
23,164,342.0
0
4,502,774,30
6.00
Other notes:
In accordance with the resolution of the 2018 annual general meeting and the Approval on the Public Offering of Convertible
Corporate Bonds by New Hope Liuhe Co., Ltd. (CSRC Approval [2019] No. 1902) issued by the CSRC, the Company publicly
issued 40 million convertible corporate bonds (“New Hope-CB”) on January 3, 2020, each having a par value of 100 yuan, for a
total amount of 4 billion yuan, convertible from July 9, 2020 to January 2, 2026; in accordance with the resolution of the second
extraordinary general meeting in 2020 and the Approval on the Public Offering of Convertible Corporate Bonds by New Hope
Liuhe Co., Ltd. (CSRC Approval [2021] No. 1351) issued by the CSRC, the Company publicly issued 81.5 million convertible
corporate bonds on November 2, 2021, each having a par value of 100 yuan, for a total amount of 8.15 billion yuan, convertible
from May 9, 2022 to November 1, 2027. The conversion of convertible corporate bonds in this period increased the share capital
by 207,858 shares. The cancellation of treasury stock decreased the share capital by 23,372,200 shares.
40. Other equity instruments
(1) Basic information on other financial instruments such as preferred stocks and perpetual bonds outstanding at the end
of the period
(a) Convertible corporate bonds
Convertible corporate bonds 1: as approved by the CSRC in the document “CSRC Approval [2019] No. 1902”, the Company
publicly issued 40 million convertible corporate bonds, each having a par value of 100 yuan, on January 3, 2020 for a total amount
of 4 billion yuan, With the consent from SZSE in Document “SZS [2020] No. 60”, the convertible corporate bonds of 4 billion
yuan of the Company were listed for trading on SZSE as of February 4, 2020 with the abbreviation “New Hope-CB” and code
“127015”. The duration of these convertible corporate bonds is from January 3, 2020 to January 2, 2026, convertible from July 9,
2020 to January 2, 2026.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
317
Convertible corporate bonds 2: as approved by the CSRC in the document “CSRC Approval [2021] No. 1351”, the Company
publicly issued 81.5 million convertible corporate bonds, each having a par value of 100 yuan, on November 2, 2021 for a total
amount of 8.15 billion yuan. With the consent from SZSE, the convertible corporate bonds of 8.15 billion yuan of the Company
were listed for trading on SZSE as of November 29, 2021, with the abbreviation “New Hope-CB2” and code “127049”. The
duration of these convertible bonds is from November 2, 2021 to November 1, 2027, convertible from May 9, 2022 to November 1,
2027.
(b) Perpetual bonds
In July 2025, Zhongyuan Trust Co., Ltd. granted the Company a renewable loan of 400 million yuan. This loan has no fixed
term, and the Company has the right to defer the payment of principal and interest.
In December 2025, Guolian Trust Co., Ltd. granted the Company a renewable loan of 200 million yuan. This loan also has no
fixed term, and the Company has the right to defer the payment of principal and interest.
The combined renewable loan of 1.5 billion yuan from Northern International Trust Co., Ltd. and Zhongyuan Trust Co., Ltd.
that was outstanding at the beginning of the year has been fully redeemed by the Company this year.
(2) Breakdown of movements in financial instruments such as preferred stocks and perpetual bonds outstanding at the end
of the period
Unit: yuan
Outstandin
g financial
instruments
Opening
Current increase
Current decrease
As at the end of the period
Quantity
Book value
Quantity
Book value
Quantity
Book value
Quantity
Book value
New Hope-
CB
9,494,146.0
0
191,738,57
9.31


9,494,146.0
0
191,738,57
9.31


New Hope-
CB2
81,435,048.
00
1,798,127,5
92.66


669.00
187,923,12
9.05
81,434,379.
00
1,610,204,4
63.61
Perpetual
bonds

1,500,000,0
00.00

600,000,00
0.00

1,500,000,0
00.00

600,000,00
0.00
Total
90,929,194.
00
3,489,866,1
71.97

600,000,00
0.00
9,494,815.0
0
1,879,661,7
08.36
81,434,379.
00
2,210,204,4
63.61
41. Capital reserve
Unit: yuan
Item
Opening balance
Current increase
Current decrease
Closing balance
Capital premium -
(share capital
premium)
3,526,861,770.99
262,086,173.98
543,345,258.06
3,245,602,686.91
Other capital reserves
1,676,092,541.76
319,900,918.30

1,995,993,460.06
Incl.: Other equity
changes of investees
1,673,548,417.17
292,795,826.14

1,966,344,243.31
Share-based payment

27,105,092.16

27,105,092.16
Others
2,544,124.59


2,544,124.59
Total
5,202,954,312.75
581,987,092.28
543,345,258.06
5,241,596,146.97
Other notes, including those on the increase/decrease and the cause of changes:

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
318
Current increase in the share premium: some holders of the "New Hope-CB" increased the share premium by 2,029,728.16
yuan by converting their bonds this period; as some holders did not exercise their conversion rights upon expiration of "New
Hope-CB", and the original embedded conversion rights were terminated, the "other equity instruments" (convertible bond equity
component) previously recognized were not required to be returned to the holders, and this portion of the equity component of
191,307,112.04 yuan was transferred to the share premium for this period; the change in the minority equity of subsidiaries
increased the share premium by 68,749,333.78 yuan.
Current decrease in the share premium: the equity incentive plan and the unlocking conditions of restricted stocks were not
met, and the stocks were canceled, reducing the share premium by 163,137,956.00 yuan; the change in the minority equity of
subsidiaries reduced the share premium by 380,207,302.06 yuan.
Current increase in other capital reserves: for long-term equity investment accounted for by using the equity method, the
share of other equity changes of the investee recognized was increased, increasing other capital reserves by 292,795,826.14 yuan;
the share-based payment settled in equities granted by the Company was recognized as expenses during the waiting period and
increased other capital reserves by 27,105,092.16 yuan.
42. Treasury stocks
Unit: yuan
Item
Opening balance
Current increase
Current decrease
Closing balance
Treasury stock
229,023,903.76

186,510,156.00
42,513,747.76
Total
229,023,903.76

186,510,156.00
42,513,747.76
Other notes, including those on the increase/decrease and the cause of changes:
Current decrease in treasury stock is due to the cancellation of 23,372,200 shares of capital stock resulting from the failure to
meet the conditions for equity incentive plans and restricted stock unlocking in the previous period, which led to a corresponding
reduction of 186,510,156.00 yuan in inventory stocks.
43. Other comprehensive income
Unit: yuan
Item
Opening
balance
Current amount
Closing
balance
Current
amount
before
income tax
Less:
amount
recognized
in profit or
loss from
other
comprehen
sive
income in
the
previous
period
Less:
amount
recognized
in retained
earnings
from other
comprehen
sive
income in
the
previous
period
Less:
Income tax
expenses
Attributabl
e to the
parent
company
after tax
Attributabl
e to
minority
shareholder
s after tax
I. Other
comprehen
sive
income that
cannot be
249,273,14
1.40
-
10,374,932.
00

-
2,129,709.0
0

-
12,963,990.
00
4,718,767.0
0
236,309,15
1.40

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
319
Item
Opening
balance
Current amount
Closing
balance
Current
amount
before
income tax
Less:
amount
recognized
in profit or
loss from
other
comprehen
sive
income in
the
previous
period
Less:
amount
recognized
in retained
earnings
from other
comprehen
sive
income in
the
previous
period
Less:
Income tax
expenses
Attributabl
e to the
parent
company
after tax
Attributabl
e to
minority
shareholder
s after tax
reclassified
into profit
or loss
Other
comprehen
sive
income that
cannot be
transferred
to profit or
loss under
the equity
method
71,090,377.
50
18,875,068.
00

-
2,129,709.0
0

16,286,010.
00
4,718,767.0
0
87,376,387.
50
Chang
e in fair
value of
investment
s in other
equity
instruments
178,182,76
3.90
-
29,250,000.
00



-
29,250,000.
00

148,932,76
3.90
II. Other
comprehen
sive
income to
be
reclassified
into profit
or loss
-
1,075,245,1
83.00
-
430,502,65
4.40



-
404,590,43
1.30
-
25,912,223.
10
-
1,479,835,6
14.30
Incl.: Other
comprehen
sive
income that
can be
transferred
to profit or
loss under
the equity
method
146,176,44
2.13
-
103,019,45
3.00



-
77,266,408.
52
-
25,753,044.
48
68,910,033.
61
Foreig
n currency
statement
translation
-
1,221,421,6
25.13
-
327,483,20
1.40



-
327,324,02
2.78
-
159,178.62
-
1,548,745,6
47.91

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
320
Item
Opening
balance
Current amount
Closing
balance
Current
amount
before
income tax
Less:
amount
recognized
in profit or
loss from
other
comprehen
sive
income in
the
previous
period
Less:
amount
recognized
in retained
earnings
from other
comprehen
sive
income in
the
previous
period
Less:
Income tax
expenses
Attributabl
e to the
parent
company
after tax
Attributabl
e to
minority
shareholder
s after tax
difference
Total other
comprehen
sive
income
-
825,972,04
1.60
-
440,877,58
6.40

-
2,129,709.0
0

-
417,554,42
1.30
-
21,193,456.
10
-
1,243,526,4
62.90

44. Surplus reserve
Unit: yuan
Item
Opening balance
Current increase
Current decrease
Closing balance
Statutory surplus
reserve
3,382,138,257.13
139,248,895.80
223,780,217.09
3,297,606,935.84
Total
3,382,138,257.13
139,248,895.80
223,780,217.09
3,297,606,935.84
Notes on surplus reserve, including those on the current increase/decrease and causes of change:
Current increase in surplus reserve is due to the portion that the parent company is entitled to from the 10% of net profits
allocated by each subsidiary. Current decrease in surplus reserves in the current period comprises the portion of the Company's
share that was reduced as a result of the disposal of some subsidiaries, as well as the portion that the subsidiaries used the surplus
reserve to cover losses.
45. Retained earnings
Unit: yuan
Item
Current amount
Amount of the previous period
Previous closing retained earnings before
adjustment
10,111,428,819.21
9,694,814,229.97
Opening retained earnings after
adjustment
10,111,428,819.21
9,694,814,229.97
Add: Current net profit attributable to the
owner of the parent company
-1,784,352,202.18
473,599,068.10
Less: appropriation of legal surplus
reserve
139,248,895.80
13,499,433.88
Ordinary share dividends payable
108,622,565.69

Payment of interest on perpetual bonds
66,766,999.30
64,399,388.89
Internal carryover of shareholders’ equity
-221,650,508.09
-20,914,343.91

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
321
Closing retained earnings
8,234,088,664.33
10,111,428,819.21
Breakdown of adjustment to opening retained earnings:
1) The effect of retrospective adjustments under the Accounting Standards for Business Enterprises and related new regulations on
the opening retained earnings was 0.00 yuan.
2) The effect of changes in accounting policies on the opening retained earnings was 0.00 yuan.
3) The effect of corrections of significant accounting errors on the opening retained earnings was 0.00 yuan.
4) The effect of changes in the cope of consolidation due to common control on the opening retained earnings was 0.00 yuan.
5) The combined effect of other adjustments on the opening retained earnings was 0.00 yuan.
Notes on using capital reserves to cover losses:

46. Operating income and operating costs
Unit: yuan
Item
Current amount
Previous amount
Income
Cost
Income
Cost
Main business
106,476,164,689.15
99,870,092,124.23
102,720,227,773.22
95,894,449,242.91
Other businesses
380,134,031.32
272,936,347.20
342,734,481.12
256,080,473.06
Total
106,856,298,720.47
100,143,028,471.43
103,062,962,254.34
96,150,529,715.97
During the reporting period, the lowest value among the audited total profit, net profit, and net profit after deducting non-recurring
gains and losses was negative.
Yes □No
Unit: yuan
Item
This year
Specific deduction
Previous year
Specific deduction
Operating income
106,856,298,720.47
N/A
103,062,962,254.34
N/A
Total deductions from
operating income
380,134,031.32
Mainly revenues from
sale of materials, sale
of obsolete supplies,
leasing, planting
operations, and storage
service fees, etc.
342,734,481.12
Mainly revenues from
sale of materials, sale
of obsolete supplies,
leasing, planting
operations, and storage
service fees, etc.
Percentage of total
deductions from
operating income in
operating income
0.36%

0.33%

I. Business income
unrelated to main
business




1. Other business
income beyond normal
operations. Such as
revenue from leasing
of property, plant and
equipment, intangible
assets and packaging
materials, sale of
materials, exchange of
materials for non-
380,134,031.32
Mainly revenues from
sale of materials, sale
of obsolete supplies,
leasing, planting
operations, and storage
service fees, etc.
342,734,481.12
Mainly revenues from
sale of materials, sale
of obsolete supplies,
leasing, planting
operations, and storage
service fees, etc.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
322
monetary assets and
operation of entrusted
management business,
as well as revenue
beyond normal
operations of the listed
company although
included in main
business income.
Subtotal of operating
income unrelated to
main business
380,134,031.32
Mainly revenues from
sale of materials, sale
of obsolete supplies,
leasing, planting
operations, and storage
service fees, etc.
342,734,481.12
Mainly revenues from
sale of materials, sale
of obsolete supplies,
leasing, planting
operations, and storage
service fees, etc.
II. Revenue without
commercial substance




Subtotal of revenue
without commercial
substance
0.00
N/A
0.00
N/A
Operating income after
deduction
106,476,164,689.15
Operating income after
deducting the revenues
from sale of materials,
sale of obsolete
supplies, leasing,
planting operations,
and storage service
fees, etc.
102,720,227,773.22
Operating income after
deducting the revenues
from sale of materials,
sale of obsolete
supplies, leasing,
planting operations,
and storage service
fees, etc.
Breakdown of operating income and operating costs:
Unit: yuan
Contract classification
Current amount
YoY amount
Operating income
Operating costs
Operating income
Operating costs
Business type




Incl.:




Feed
76,018,681,424.51
72,141,515,312.79
68,698,174,673.48
65,330,054,842.69
Pig business
28,528,575,460.41
26,201,274,738.57
30,397,998,558.87
27,368,291,585.36
Others
2,309,041,835.55
1,800,238,420.07
3,966,789,021.99
3,452,183,287.92
By region of operation




Incl.:




Domestic
84,508,949,407.75
80,073,920,449.11
83,028,568,266.36
78,024,081,970.98
Overseas
22,347,349,312.72
20,069,108,022.32
20,034,393,987.98
18,126,447,744.99
Total
106,856,298,720.47
100,143,028,471.43
103,062,962,254.34
96,150,529,715.97

Information related to transaction prices allocated to remaining performance obligations:
The amount of revenue corresponding to performance obligations already contracted but not yet performed or completed at the end
of this reporting period is 2,153,198,586.92 yuan, of which 2,153,198,586.92 yuan is expected to be recognized in 2026.



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323
47. Net provision for insurance liabilities accrued
Item
Current amount
Previous amount
Reserve for guarantee contracts
97,517,151.57
105,120,404.54
Total
97,517,151.57
105,120,404.54

48. Taxes and surcharges
Unit: yuan
Item
Current amount
Previous amount
Urban maintenance and construction tax
1,428,260.13
1,231,264.08
Education surcharge
771,675.07
680,778.60
Resource tax
2,806,015.53
1,351,330.02
Property tax
52,351,156.80
43,590,997.90
Land use tax
34,590,193.46
36,450,482.44
Vehicle and vessel use tax
556,920.50
942,514.47
Stamp duty
82,014,805.23
78,308,907.31
Local education surcharge
513,798.10
453,928.75
Water conservancy fund
1,847,164.95
2,877,173.26
Health coverage tax
12,606,850.05
4,109,638.53
Others
2,510,554.43
2,459,641.01
Total
191,997,394.25
172,456,656.37

49. General and administrative expenses
Unit: yuan
Item
Current amount
Previous amount
Employee compensations
1,642,943,874.22
1,735,982,845.75
Office expenses
25,889,829.56
30,231,999.19
Travel expenses
47,276,271.33
54,545,274.54
Post and telecommunication expenses
16,992,891.00
19,193,963.36
Machine and materials consumption
50,676,441.94
44,005,807.66
Amortization of low-value consumables
7,225,437.92
4,532,555.71
Depreciation expenses
1,014,621,956.16
920,231,598.35
Right-of-use asset depreciation cost
145,265,742.15
212,573,208.11
Labor protection expenses
8,753,733.07
7,168,791.72
Rental expenses
20,991,801.13
33,297,154.99
Repair costs
38,807,498.53
39,622,967.03
Property insurance expenses
212,655,305.53
191,059,126.86
Traveling expenses
21,026,001.23
23,875,744.70
Membership dues and conference
expenses
5,405,118.81
7,874,659.48
Water and electricity expenses
71,663,623.57
78,276,265.54
Business entertainment expenses
55,668,938.28
60,887,628.74
Intermediary fees
162,928,671.55
165,441,536.66
Inventory loss, destruction and scrapping
8,177,647.26
6,316,495.27
Environmental protection fee
18,199,757.32
31,466,110.99
Amortization of intangible assets
72,440,628.08
63,370,040.22

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324
Amortization of long-term unamortized
expenses
19,757,714.87
27,110,818.59
Inspection and test fees
26,062,630.26
26,608,212.65
Taxes and charges
12,326,024.66
15,537,353.80
Heating expenses
6,038,107.32
11,843,344.66
Equity incentive expenses
27,105,092.16
-72,586,494.22
Others
23,391,550.76
17,800,094.22
Total
3,762,292,288.67
3,756,267,104.57

50. Selling expenses
Unit: yuan
Item
Current amount
Previous amount
Employee compensations
1,101,985,913.69
1,062,688,126.38
Travel expenses
23,958,037.64
36,133,218.66
Machine and materials consumption
3,979,738.94
4,058,237.23
Amortization of low-value consumables
233,236.90
246,044.70
Depreciation expenses
3,936,415.19
4,163,136.08
Depreciation of right-of-use assets
830,097.47
741,089.94
Rental expenses
7,379,418.75
6,342,631.88
Traveling expenses
5,478,735.36
6,317,386.60
Inspection and quarantine expenses
10,044,382.39
10,142,100.33
Advertising expenses
2,639,279.75
1,672,952.88
Publicity expenses
46,394,187.03
42,827,888.01
Service charge
12,387,536.65
15,763,115.49
Handling expenses
21,131,326.99
20,925,212.02
Warehousing expenses
4,421,399.18
5,026,927.09
Market management expenses
33,417,329.54
30,094,944.15
Amortization of revolving materials
2,346,269.93
2,570,063.55
Others
7,395,086.62
10,394,665.34
Total
1,287,958,392.02
1,260,107,740.33

51. R&D expenses
Unit: yuan
Item
Current amount
Previous amount
Employee compensations
94,163,433.91
98,223,976.52
Travel expenses
4,171,094.91
5,001,978.70
Direct materials
62,987,781.31
101,851,560.35
Inspection and test fees
5,267,415.73
7,415,092.87
Labor cost
141,241.62
2,047,171.37
Expert consulting fee
241,875.00
1,011,113.50
Cooperative development costs
668,452.00
49,410.07
IP affairs expenses
517,495.02
894,116.63
Depreciation expenses
9,905,133.28
8,373,083.37
Right-of-use asset depreciation cost
3,889,212.30
2,869,038.73
Rental expenses
223,972.56
2,668,332.90
Amortization of intangible assets
1,195,096.28
2,345,377.48
Equity incentive expenses

-1,218,742.34
Amortization of long-term unamortized
expenses
2,150,386.38
2,361,872.43

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325
Water, electricity and fuel expenses
1,185,486.45
1,428,738.12
Technology service charge
2,345,021.66
10,469,889.09
Others
2,294,086.64
3,853,865.12
Total
191,347,185.05
249,645,874.91

52. Financial expenses
Unit: yuan
Item
Current amount
Previous amount
Interest expenditure
2,051,072,120.51
2,027,921,959.83
Less: Interest income
-121,628,586.15
-370,394,801.60
Exchange losses
283,638,299.49
450,464,805.55
Less: Exchange gains
-264,663,199.95
-347,142,416.26
Others
23,535,404.88
43,325,836.94
Total
1,971,954,038.78
1,804,175,384.46

53. Other revenue
Unit: yuan
Source of other income
Current amount
Previous amount
Amortization of deferred income - assets
35,941,951.28
43,381,472.87
Amortization of deferred income -
income
19,622,375.54
17,967,941.63
Rebate of handling fee on withheld
personal income tax
1,920,052.34
5,129,751.13
Government grants related to daily
business operations
68,318,545.86
61,510,514.45
Total
125,802,925.02
127,989,680.08
54. Income from change in fair value
Unit: yuan
Source of income from change in fair
value
Current amount
Previous amount
Trading financial assets
32,825,618.18
61,813,411.14
Incl.: Income from changes in the
fair value of derivative instruments
31,669,125.78
61,874,606.14
Trading financial liabilities
-17,612,384.42
-61,501,138.75
Total
15,213,233.76
312,272.39

55. Investment income
Unit: yuan
Item
Current amount
Previous amount
Long-term equity investment income
under equity method
940,042,403.78
1,271,176,911.52

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326
Investment income from disposal of
long-term equity investments
-4,790,172.95
309,061,647.64
Investment income from disposal of
trading financial assets
1,209,436.13
28,489,621.45
Dividend income from investments in
other equity instruments during the
holding period
6,784,000.00
7,274,000.00
Gains from debt restructuring
1,197,312.80
1,916,532.45
Total
944,442,979.76
1,617,918,713.06

56. Credit impairment loss
Unit: yuan
Item
Current amount
Previous amount
Bad debt loss on accounts receivable
-9,565,201.99
-176,356,415.59
Bad debt loss on other receivables
-66,982,784.84
6,059,487.79
Total
-76,547,986.83
-170,296,927.80

57. Asset impairment loss
Unit: yuan
Item
Current amount
Previous amount
I. Loss on inventory revaluation and
impairment loss of contract performance
cost
-280,426,559.47
2,459,433.47
II. Impairment loss of long-term equity
investment

-21,244,938.68
IV. Impairment loss of property, plant
and equipment

-2,150,453.13
VI. Impairment loss of construction in
progress
-221,418,177.86

VII. Productive biological assets
impairment loss
-361,164,692.79

X. Goodwill impairment loss

-2,194,351.61
Total
-863,009,430.12
-23,130,309.95

58. Income from asset disposal
Unit: yuan
Source of income from asset disposal
Current amount
Previous amount
Income from disposal of property, plant
and equipment
-52,423,978.99
11,436,972.84
Income from disposal of construction in
progress
-330,937,684.33
-294,293,395.89

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327
Income from disposal of productive
biological assets
57,120,812.97
101,737,364.07
Income from disposal of intangible assets
-7,847,128.85
-636,946.18
Income from disposal of right-of-use
assets
40,860,566.72
64,071,739.28
Total
-293,227,412.48
-117,684,265.88
59. Non-operating income
Unit: yuan
Item
Current amount
Previous amount
Amount included in current
non-recurring gains and losses
Income from fines
7,570,656.03
12,921,655.18
7,570,656.03
Payables that cannot be paid
53,739,253.97
64,323,992.96
53,739,253.97
Revenue from insurance
indemnities
23,817,372.90
32,059,000.76
23,817,372.90
Others
8,722,094.45
3,564,484.26
8,722,094.45
Total
93,849,377.35
112,869,133.16
93,849,377.35

60. Non-operating expenses
Unit: yuan
Item
Current amount
Previous amount
Amount included in current
non-recurring gains and losses
External donations
5,771,427.29
3,511,080.98
5,771,427.29
Combined loss from
scrapping and destruction of
non-current assets
197,629,051.32
522,932,313.34
197,629,051.32
Incl.: Loss from scrapping
and destruction of property,
plant and equipment
20,420,872.99
23,372,553.47
20,420,872.99
Loss from scrapping and
destruction of productive
biological assets
130,533,112.49
483,601,923.19
130,533,112.49
Loss from destruction and
scrapping of construction in
progress
46,675,065.84
15,957,836.68
46,675,065.84
Penalty expenses
4,350,332.87
5,861,608.50
4,350,332.87
Indemnities/liquidated
damages
92,026,929.62
94,425,429.94
92,026,929.62
Extraordinary losses
9,842,328.99
1,242,167.59
9,842,328.99
Others
2,836,195.23
1,194,495.39
2,836,195.23
Total
312,456,265.32
629,167,095.74
312,456,265.32

61. Income tax expenses
(1) Breakdown of income tax expenses
Unit: yuan

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328
Item
Current amount
Previous amount
Current income tax expenses
485,451,310.37
393,039,869.57
Deferred income tax expenses
113,064,908.87
-111,191,859.43
Total
598,516,219.24
281,848,010.14
(2) Process of adjustment to accounting profits and income tax expenses
Unit: yuan
Item
Current amount
Total profits
-1,155,728,780.16
Income tax expenses calculated at statutory/applicable tax rates
-288,932,195.04
Impact of different tax rates applied to subsidiaries
-177,247,942.03
Impact of adjustment to income tax in previous periods
37,765,326.67
Impact of nontaxable income
664,253,511.51
Impact of non-deductible costs, expenses and losses
21,568,639.17
Impact of using deductible losses on deferred income tax assets
not recognized in the prior period
-16,919,409.86
Impact of deductible temporary difference or deductible loss of
deferred income tax assets not recognized in the current period
595,188,862.31
Impact of profit or loss of joint ventures and associates
accounted for using equity method
-235,010,600.95
Effect of tax rate changes on opening deferred income tax
balance
-235,837.91
Impact of additional R&D cost deduction
-1,914,134.63
Income tax expense
598,516,219.24

62. Other comprehensive income
Refer to Note VII. 43 “Other comprehensive income” for details.
63. Items in cash flow statement
(1) Other cash in connection with operating activities
Other cash received in connection with operating activities
Unit: yuan
Item
Current amount
Previous amount
Various temporary receipts received
1,662,407,050.58
2,369,986,328.12
Various subsidies received
185,988,269.55
125,543,324.21
Interest revenue from bank deposits
120,525,580.59
383,439,940.49
Penalty revenue
7,570,656.03
12,921,655.18
Others
26,195,091.79
35,552,238.33
Total
2,002,686,648.54
2,927,443,486.33
Other cash paid in connection with operating activities
Unit: yuan
Item
Current amount
Previous amount

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329
Various provisional payment paid
1,936,915,187.44
3,024,416,397.58
Selling expenses
174,646,719.90
185,641,042.45
General and administrative expenses
765,859,444.45
799,517,768.73
R&D expenses
16,939,869.21
34,812,957.81
Bank commission, etc.
23,535,404.88
43,325,836.94
Penalty expenses
4,350,332.87
5,861,608.50
Others
97,802,436.91
97,936,510.92
Total
3,020,049,395.66
4,191,512,122.93
(2) Cash paid in connection with investing activities
Other cash received in connection with investing activities
Unit: yuan
Item
Current amount
Previous amount
Futures margin recovered and interest
rate swap collections
86,349,931.90
266,646,139.57
Funds received for asset disposal

208,500,000.00
Money received for disposal of
subsidiaries in the previous year

56,557,668.67
Total
86,349,931.90
531,703,808.24
Other cash paid in connection with investing activities
Unit: yuan
Item
Current amount
Previous amount
Funds paid to affiliates
34,880,994.38
4,127,588,880.16
Futures margin paid and interest rate
swaps
47,588,053.99
256,888,528.25
Total
82,469,048.37
4,384,477,408.41
(3) Other cash in connection with financing activities
Other cash received in connection with financing activities
Unit: yuan
Item
Current amount
Previous amount
Cash received from sale-and-leaseback
401,200,000.00
1,130,587,499.80
Withdraw of pledged time deposit
25,167,875.53

Cash received from disposal of minority
equities
21,620,000.00

Equity incentive collection
673,400.00
42,513,747.77
Funds received from the unrestricted
circulation of shares under ESOP

240,025,388.33
Recovery of bond margin

4,300,000.00
Funds for Haikou engineering project
received

1,500,000.00
Total
448,661,275.53
1,418,926,635.90
Other cash paid in connection with financing activities
Unit: yuan
Item
Current amount
Previous amount
Cash paid for acquisition of minority
equities
1,739,845,250.00
500,360,000.00
Repayment of perpetual bonds
1,500,000,000.00
1,030,000,000.00

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330
Payment for financing lease
834,934,405.11
481,577,707.56
Payment of rental and interest on right-
of-use assets
520,226,493.77
403,994,582.06
Equity incentive refund
130,054,600.44
153,854,230.38
Pledged time deposit
24,750,967.96

Issue fee, due diligence fee
4,925,000.00
6,705,000.00
Refunding to minority shareholders due
to company deregistration
2,000,000.00
311,321,355.55
Interest paid on funds for Haikou
engineering project
82,500.00
82,500.00
Funds paid for the unrestricted
circulation of shares under ESOP

82,071,000.14
Margin for financing

2,000,000.00
Total
4,756,819,217.28
2,971,966,375.69
Change in various liabilities arising from financing activities
Applicable □Not applicable
Unit: yuan
Item
Opening
balance
Current increase
Current decrease
Closing balance
Cash
movement
Non-cash
movement
Cash
movement
Non-cash
movement
Short-term
borrowings
17,741,515,610
.09
26,111,138,510.
18
4,051,438,402.
48
32,953,024,823
.39
10,969,360.88
14,940,098,338
.48
Other current
liabilities -
short-term
bonds payable

1,499,300,000.
00
12,482,248.86
505,178,082.19

1,006,604,166.
67
Long-term
borrowings
(including
those due
within one
year)
30,752,235,094
.45
18,339,354,469
.26
962,996,044.02
18,890,317,853
.94

31,164,267,753
.79
Bonds payable
(including
those due
within one
year)
8,992,768,984.
03
499,300,000.00
437,616,842.08
1,121,578,502.
33
2,203,276.60
8,805,904,047.
18
Long-term
payables
(including
those due
within one
year)
1,281,288,799.
68
401,200,000.00
34,649,310.47
835,016,905.11
12,775,000.00
869,346,205.04
Lease liabilities
(including
those due
within one
year)
3,452,949,337.
26

324,210,627.15
520,226,493.77
267,215,455.91
2,989,718,014.
73
Total
62,220,757,825
.51
46,850,292,979
.44
5,823,393,475.
06
54,825,342,660
.73
293,163,093.39
59,775,938,525
.89

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331
64. Supplementary cash flow statement information
(1) Supplementary cash flow statement information
Unit: yuan
Supplementary information
Current amount
Previous amount
1. Adjustment of net profit to cash flow
from operating activities


Net profit
-1,754,244,999.40
201,622,562.37
Add: Provision for asset impairment
939,557,416.95
193,427,237.75
Depreciation of property, plant
and equipment, depletion of oil and gas
assets and depreciation of productive
biological assets
3,384,897,642.93
3,197,300,112.50
Depreciation of right-of-use
assets
366,743,372.33
442,322,348.29
Amortization of intangible assets
77,966,370.65
70,699,213.51
Amortization of long-term
unamortized expenses
34,928,515.03
54,128,596.58
Losses from disposal of property,
plant and equipment, intangible assets
and other long-term assets (“-” for gains)
293,227,412.48
117,684,265.88
Losses from retirement of
property, plant and equipment (“-” for
gains)
197,629,051.32
522,932,313.34
Losses from changes in fair value
(“-” for gains)
-15,213,233.76
-312,272.39
Financial expenses (“-” for gains)
2,078,898,415.13
2,124,856,710.23
Investment losses (“-” for gains)
-944,442,979.76
-1,617,918,713.06
Decrease in deferred income tax
assets (“-” for increase)
188,962,081.56
-105,225,065.20
Increase in deferred income tax
liabilities (“-” for decrease)
-69,065,407.65
-3,372,195.27
Decrease in inventory (“-” for
increase)
353,188,827.28
3,112,588,252.36
Decrease in operating receivables
(“-” for increase)
-497,454,190.70
1,542,941,039.88
Increase in operating payables (“-
” for decrease)
4,742,362,547.83
-727,120,873.90
Others


Net cash flows from operating
activities
9,377,940,842.22
9,126,553,532.87
2. Significant investment and financing
activities involving no cash receipt or
expenditure


Debts converted to capital


Convertible corporate bonds due
within one year



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332
Property, plant and equipment under
financing lease


3. Net change in cash and cash
equivalents:


Closing balance of cash
6,796,440,537.47
7,270,605,406.88
Less: Opening balance of cash
7,270,605,406.88
8,655,981,208.31
Add: Closing balance of cash
equivalents


Less: Opening balance of cash
equivalents


Net increase in cash and cash
equivalents
-474,164,869.41
-1,385,375,801.43
(2) Net cash paid for acquisition of subsidiaries in the current period
Unit: yuan

Amount
Add: Cash or cash equivalents paid in the current period for
business combinations occurred in the previous periods
8,241,961.39
Incl.:

Changxing Heping Huatong Livestock Co., Ltd.
3,000,000.00
Changxing Huatong Livestock Co., Ltd.
3,016,447.03
Zhejiang Yihai Agricultural Development Co., Ltd.
2,225,514.36
Net cash paid for acquisition of subsidiaries
8,241,961.39
(3) Net cash received from disposal of subsidiaries in the current period
Unit: yuan

Amount
Cash or cash equivalents received in the current period for
disposal of subsidiaries in current period
46,429,360.29
Incl.:

Linyi Hengli Feed Co., Ltd.
16,396,404.19
Langxi Huaren Feed Co., Ltd.
1,762,956.10
Sichuan Qinrun New Material Technology Co., Ltd.
28,270,000.00
Less: Cash and cash equivalents held by subsidiaries at the date
of losing control
1,092,785.40
Incl.:

Tai’an Liuhe Jili Feed Co., Ltd.
582,651.13
Linyi Hengli Feed Co., Ltd.
45,062.14
Langxi Huaren Feed Co., Ltd.
436,980.44
Sichuan Qinrun New Material Technology Co., Ltd.
28,091.69
Add: Cash or cash equivalents received in current period for
previous disposal of subsidiaries
99,253,470.00
Incl.:

Shanghai Shihe Commercial Co., Ltd.
4,500,000.00

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333
Nanjing Guoxiong Technology Co., Ltd.
10,211,105.92
Chenzhou Hope Feed Co., Ltd.
22,255,800.47
Chongqing Guoxiong Feed Co., Ltd.
18,563,943.39
Chongqing Hope Feed Co., Ltd.
25,405,996.93
Hainan New Hope Agriculture Co., Ltd.
10,634,743.29
Qingdao Hengtai Datong Park Operation & Management Co.,
Ltd.
5,000,000.00
Sichuan New Hope Liuhe Food Co., Ltd.
2,681,880.00
Net cash received from disposal of subsidiaries
144,590,044.89
(4) Composition of cash and cash equivalents
Unit: yuan
Item
Closing balance
Opening balance
I. Cash
6,796,440,537.47
7,270,605,406.88
Incl.: Cash on hand
34,317,375.04
21,575,051.80
Bank deposits readily available
for payment
6,677,789,417.59
6,673,730,289.68
Other cash and cash equivalents
readily available for payment
84,333,744.84
575,300,065.40
III. Closing balance of cash and cash
equivalents
6,796,440,537.47
7,270,605,406.88
(5) Representation of cash and cash equivalents
with limited scope of use
Unit: yuan
Item
Current amount
Previous amount
Reason for classification into
cash and cash equivalents
Restricted cash and cash
equivalents
1,830,141,070.66
1,428,407,626.57
Purchase of futures, margins
of guarantee companies, note
margins, reclamation margins,
etc.
Total
1,830,141,070.66
1,428,407,626.57
(6) Information on supplier financing arrangements
As at December 31, 2025, the amount of supply chain financing in the short-term borrowings of the Group was
2,112,957,471.66 yuan. The Group have signed reverse factoring and other agreements with several banks, and the suppliers have
transferred the accounts receivable from the Group to the supply chain financial service platform. According to the agreements, the
Group has obtained deferred credit for the invoice amount payable to suppliers. The Group will settle the payment with the banks
on the agreed payment date (30 to 366 days after the payment date) and pay interests.
65. Foreign-currency monetary items
(1) Foreign-currency monetary items
Unit: yuan

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
334
Item
Closing balance in foreign-
currency
Exchange rate for translation
Closing balance in RMB
Cash and cash equivalents


1,277,699,816.86
Incl.: USD
56,080,651.63
7.02880000
394,179,684.18
EUR



HKD
7,132,615.71
0.90322000
6,442,321.16
SGD
914,161.96
5.45860000
4,990,044.47
VND
461,284,312,580.42
0.00027980
129,067,350.66
PHP
461,304,561.88
0.11953144
55,140,398.56
BDT
2,015,592,624.27
0.05721708
115,326,324.43
LKR
251,052,566.12
0.02260848
5,675,916.92
IDR
258,887,036,811.14
0.00041808
108,235,492.35
MMK
39,456,867,543.06
0.00334705
132,064,108.51
EGP
1,607,252,390.45
0.14724749
236,663,880.29
ZAR
460,624.88
0.42244001
194,586.38
LAK
125,196,933,907.87
0.00032258
40,386,026.94
THB
642,066.59
0.22251891
142,871.96
NPR
283,579,096.78
0.04856727
13,772,662.56
INR
88,298,894.02
0.07795900
6,883,693.48
NGN
5,895,012,438.95
0.00484044
28,534,454.01
Accounts receivable


528,886,083.97
Incl.: USD
811,956.28
7.02880000
5,707,078.30
EUR



HKD
3,893,385.62
0.90322000
3,516,583.76
VND
458,519,404,360.26
0.00027980
128,293,729.34
PHP
526,176,406.14
0.11953144
62,894,623.52
BDT
433,255,624.72
0.05721708
24,789,621.74
LKR
56,083,558.03
0.02260848
1,267,964.00
IDR
469,715,902,267.51
0.00041808
196,378,824.42
MMK
2,915,390,708.24
0.00334705
9,757,958.47
EGP
523,713,750.64
0.14724749
77,115,535.26
NPR
350,588,285.91
0.04856727
17,027,115.94
INR
18,249,380.18
0.07795900
1,422,703.43
LAK
2,214,476,377.95
0.00032258
714,345.79
Other receivables


14,253,434.77
Incl.: USD
183,409.38
7.02880000
1,289,147.85
SGD
16,391.43
5.45860000
89,474.26
VND
8,715,445,854.18
0.00027980
2,438,581.75
PHP
22,418,763.80
0.11953144
2,679,747.12
BDT
56,632,122.96
0.05721708
3,240,324.71
LKR
7,279,548.20
0.02260848
164,579.52
IDR
1,274,794,536.93
0.00041808
532,966.10
EGP
4,442,117.55
0.14724749
654,090.66
ZAR
6,337,094.77
0.42244001
2,677,042.38
NGN
40,119,732.92
0.00484044
194,197.16
MMK
2,373,750.02
0.00334705
7,945.06
INR
3,660,105.95
0.07795900
285,338.20
Short-term borrowings


212,286,537.30
Incl.: USD
6,817,988.09
7.02880000
47,922,274.69
VND
270,168,140,207.29
0.00027980
75,593,045.63
IDR
198,558,916,738.42
0.00041808
83,013,511.91
EGP
21,576,361.47
0.14724749
3,177,065.07

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
335
LAK
8,000,000,000.00
0.00032258
2,580,640.00
Accounts payable


773,448,849.70
Incl.: USD
10,471,532.06
7.02880000
73,602,304.54
HKD
131,690.14
0.90322000
118,945.17
SGD
303,194.36
5.45860000
1,655,016.73
VND
383,032,082,094.35
0.00027980
107,172,376.57
PHP
1,061,856,170.31
0.11953144
126,925,197.11
BDT
731,732,051.86
0.05721708
41,867,571.35
LKR
97,623,798.68
0.02260848
2,207,125.70
IDR
473,938,148,440.49
0.00041808
198,144,061.10
MMK
27,367,434,382.52
0.00334705
91,600,171.25
EGP
689,253,422.04
0.14724749
101,490,836.37
ZAR
35,290.38
0.42244001
14,908.07
LAK
9,561,980,934.96
0.00032258
3,084,503.81
NPR
415,121,567.68
0.04856727
20,161,321.26
INR
9,129,924.06
0.07795900
711,759.75
NGN
969,488,501.05
0.00484044
4,692,750.92
Other payables


38,712,596.08
Incl.: USD
292,942.76
7.02880000
2,059,036.07
SGD
795,227.36
5.45860000
4,340,828.07
VND
26,954,486,490.35
0.00027980
7,541,865.32
PHP
119,605,176.85
0.11953144
14,296,579.02
BDT
5,985,955.07
0.05721708
342,498.87
HKD
93,725.50
0.90322000
84,654.75
IDR
14,601,997,201.49
0.00041808
6,104,802.99
MMK
318,801,705.98
0.00334705
1,067,045.25
EGP
12,570,855.10
0.14724749
1,851,026.86
ZAR
30,892.76
0.42244001
13,050.34
LAK
1,159,986,204.97
0.00032258
374,188.35
NPR
2,033,423.31
0.04856727
98,757.82
INR
4,302,486.95
0.07795900
335,417.58
NGN
41,906,270.92
0.00484044
202,844.79
Long-term borrowings due
within one year


10,720,690.40
Incl.: SGD
1,964,000.00
5.45860000
10,720,690.40
(2) Notes on overseas operating entities, including disclosure of principal place of business, accounting
currency and selection basis for important overseas operating entities, as well as the reasons for
disclosure of changes to accounting currency, if any.
Applicable □Not applicable
Entity name
Principal place
of business
Accounting
currency
Basis for selection of
accounting currency
New Hope Egypt Ltd.
Egypt
EGP
Local principal currency
New Hope Egypt Aquatic Technology Ltd.
Egypt
EGP
Local principal currency
New Hope Agriculture (Egypt) Ltd.
Egypt
EGP
Local principal currency
New Hope Alexander Ltd.
Egypt
EGP
Local principal currency
New Hope Egypt Poultry Ltd.
Egypt
EGP
Local principal currency
New Hope Tarlac Agriculture Inc.
Philippines
PHP
Local principal currency
New Hope Isabela Agriculture Inc.
Philippines
PHP
Local principal currency
New Hope Central Luzon Agriculture Inc.
Philippines
PHP
Local principal currency
New Hope Pampanga Agriculture Inc.
Philippines
PHP
Local principal currency
New Hope Bulacan Agriculture Inc.
Philippines
PHP
Local principal currency

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
336
New Hope Philippines Animal Healthcare Services Inc.
Philippines
PHP
Local principal currency
New Hope Davao Agriculture Ltd.
Philippines
PHP
Local principal currency
New Hope Philippines Livestock Inc.
Philippines
PHP
Local principal currency
Sichuan New Hope Agriculture (Cambodia) Co., Ltd.
Cambodia
USD
Local principal currency
New Hope Laos Co., Ltd.
Laos
LAK
Local principal currency
New Hope Farms Bangladesh Ltd.
Bangladesh
BDT
Local principal currency
New Hope Bangladesh Ltd.
Bangladesh
BDT
Local principal currency
New Hope Agrotech Bangladesh Ltd.
Bangladesh
BDT
Local principal currency
New Hope Animal Nutrition Bangladesh Ltd.
Bangladesh
BDT
Local principal currency
Myanmar New Hope Farms Co., Ltd.
Myanmar
MMK
Local principal currency
Xinhe Myanmar Agro-technology Co., Ltd.
Myanmar
MMK
Local principal currency
Myanmar New Hope Agro-Technology Co., Ltd.
Myanmar
MMK
Local principal currency
New Hope Mandalay Co., Ltd.
Myanmar
MMK
Local principal currency
New Hope South Africa Ltd.
South Africa
ZAR
Local principal currency
New Hope Agro Business Nepal Pvt. Ltd.
Nepal
NPR
Local principal currency
New Hope Agro-technology Nigeria Ltd.
Nigeria
NGN
Local principal currency
New Hope Lanka (Pvt) Limited
Sri Lanka
LKR
Local principal currency
Xinhe Lanka International Trading Pte. Ltd.
Sri Lanka
LKR
Local principal currency
New Hope Singapore Pte. Ltd.
Singapore
USD
Local principal currency
New Hope Singapore Premix Pte. Ltd.
Singapore
SGD
Local principal currency
NHCS Investment Pte. Ltd.
Singapore
SGD
Local principal currency
New Hope Singapore Biotechnology Pte. Ltd.
Singapore
SGD
Local principal currency
New Hope Asia Investment Pte. Ltd.
Singapore
SGD
Local principal currency
New Hope International Holdings (Pte.) Ltd.
Singapore
USD
Local principal currency
New Hope Global Investment Pte. Ltd.
Singapore
SGD
Local principal currency
New Hope Kolkata Animal Feed Private Ltd.
India
INR
Local principal currency
PT New Hope Medan
Indonesia
IDR
Local principal currency
PT New Hope Farms Indonesia
Indonesia
IDR
Local principal currency
PT New Hope Jawa Timur
Indonesia
IDR
Local principal currency
PT New Hope Indonesia
Indonesia
IDR
Local principal currency
PT New Hope Poultry Trade Indonesia
Indonesia
IDR
Local principal currency
PT New Hope Food Indonesia
Indonesia
IDR
Local principal currency
PT New Hope Aqua Feed Indonesia
Indonesia
IDR
Local principal currency
PT Corn Drying Indonesia
Indonesia
IDR
Local principal currency
PT. NHSP Animal Nutrition Indonesia
Indonesia
IDR
Local principal currency
PT New Hope Animal Technology Indonesia
Indonesia
IDR
Local principal currency
New Hope Ho Chi Minh City Co., Ltd.
Vietnam
VND
Local principal currency
New Hope Binh Dinh Co., Ltd.
Vietnam
VND
Local principal currency
New Hope Hanoi LLC
Vietnam
VND
Local principal currency
New Hope Dong Thap Aquatic Feed Co., Ltd.
Vietnam
VND
Local principal currency
Than Hoa New Hope Livestock Services Co., Ltd.
Vietnam
VND
Local principal currency
New Hope Binh Dinh Breeding Co., Ltd.
Vietnam
VND
Local principal currency
New Hope Binh Phuoc Breeding Co., Ltd.
Vietnam
VND
Local principal currency
New Hope Vinh Long Co., Ltd.
Vietnam
VND
Local principal currency
New Hope Vietnam Technological Livestock Services
Co., Ltd.
Vietnam
VND
Local principal currency
New Hope Tongnai Nutrition Technology Co., Ltd.
Vietnam
VND
Local principal currency

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
337
Note: As detailed in “Note V. (X) Foreign currency transactions and translation of foreign currency statements”, the “retained
earnings” in the owner’s equity is calculated and presented based on the items of net profits and profit distribution after translation;
other items of owner’s equity other than retained earnings are converted at the spot exchange rate when occurring. The difference
between the sum of assets and liabilities after translation and the sum of items of owner’s equity is recognized as other
comprehensive income by virtue of foreign currency statement translation difference.
Each of the overseas operating entities of the Group uses the currency of the main economic environment in which it operates
as its functional currency for accounting purposes. None of the overseas operating entities changed their functional currency
during the current period.
66. Lease
(1) The Company as lessee:
Applicable □Not applicable
Variable lease payments not included in measurement of lease liabilities
□Applicable Not applicable
Cost of leasing short-term or low-value assets for simplified processing
Applicable □Not applicable
Item
2025
2024
Interest expense on lease liabilities
173,316,558.30
191,097,487.69
Short-term leases and low-value leases that have
been simplified for processing
78,314,038.05
89,029,695.82
Variable lease payments not included in
measurement of lease liabilities


Revenue acquired from subletting of right-of-use
assets
34,068,175.60
18,206,513.82
Total cash outflows related to lease
1,433,474,936.93
974,601,985.44
Leased assets of the Group include land use right, pig farms, buildings and structures, machinery and equipment, transport
equipment, etc.; the lease term of land use right is generally 8 to 30 years, 5 to 20 years for pig farms, 5 to 30 years for buildings
and structures, 5 to 7 years for machinery and equipment, and 3 to 4 years for transport equipment. Some of lease contracts contain
renewal option, and the Group has reasonably estimated the exercise of renewal options when measuring lease liabilities and
determining lease terms.
Sale-and-leaseback transaction involved situation
Refer to “37. Long-term payables” in "VII. Notes to the consolidated financial statements” of “Section 8 Financial Report”
for details on the Group’s post-sale financing leaseback.
(2) The Company as lessor:
Operating lease as lessor
Applicable □Not applicable
Unit: yuan

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
338
Item
Income from lease
Incl.: Revenue related to variable lease
payments not included in lease proceeds
Income from lease
136,863,454.24
0.00
Total
136,863,454.24
0.00
Financing lease as lessor
□Applicable Not applicable
Undiscounted lease receipts for each of the next five years
Applicable □Not applicable
Unit: yuan
Item
Annual undiscounted lease receipts
Closing amount
Opening amount
Year 1
121,493,190.74
76,328,611.51
Year 2
102,697,919.61
61,601,065.51
Year 3
96,125,667.22
50,434,785.65
Year 4
79,869,565.74
46,729,367.34
Year 5
90,820,444.85
41,218,145.61
Total undiscounted lease receipts after
five years
396,416,387.56
333,364,698.62

67. Data resource
The Group had no data resources that have a significant impact on the financial statements this year. Refer to “VII. Notes to items
in consolidated financial statements 16. Intangible assets” for data resource related disclosure.
VIII. R&D expenditure
Unit: yuan
Item
Current amount
Previous amount
Employee compensations
94,163,433.91
118,296,131.04
Direct materials
62,987,781.31
101,851,560.35
Technology service charge
2,345,021.66
10,469,889.09
Depreciation and amortization of long-
term assets
17,139,828.24
15,988,155.44
Travel expenses
4,171,094.91
5,001,978.70
Equity incentive expenses

-1,218,742.34
Inspection and test fees
5,267,415.73
7,415,092.87
Rental expenses
223,972.56
2,668,332.90
Water, electricity and fuel expenses
1,185,486.45
1,428,738.12
Others
3,863,150.28
7,816,893.26
Total
191,347,185.05
269,718,029.43
Incl.: Expensed R&D expenditure
191,347,185.05
249,645,874.91
Capitalized R&D expenditure
0.00
20,072,154.52

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
339
IX. Changes in the scope of consolidation
1. Disposal of subsidiaries
Whether there were any transactions or events during the period in which control of a subsidiary was lost
Yes □No
Unit: yuan
Subsid
iary
Dispos
al
price
at the
time of
loss of
control
Propor
tion of
dispos
al at
the
time of
loss of
control
Dispos
al
metho
d at
the
time of
loss of
control
Time
of loss
of
control
Basis
for
determ
ination
of the
time of
loss of
control
Differe
nce
betwee
n the
dispos
al
price
and the
share
of net
assets
of the
subsidi
ary at
the
consoli
dated
level
corres
pondin
g to
dispos
al of
invest
ment
Ratio
of
remain
ing
equitie
s at the
date of
loss of
control
Book
value
of
remain
ing
equitie
s at
consoli
dated
financi
al
statem
ent
level at
the
date of
loss of
control
Fair
value
of
remain
ing
equitie
s at
consoli
dated
financi
al
statem
ent
level at
the
date of
loss of
control
Earnin
gs or
losses
from
re-
measur
ement
of
remain
ing
equitie
s at
fair
value
Metho
d and
main
assum
ptions
for
determ
ination
of the
fair
value
of
remain
ing
equitie
s at
consoli
dated
financi
al
statem
ent
level at
the
date of
loss of
control
Amou
nt of
other
compr
ehensi
ve
incom
e
transfe
rred to
invest
ment
profit
or loss
or
retaine
d
earnin
gs in
connec
tion
with
origina
l
equity
invest
ment
in
subsidi
ary
Tai’an
Liuhe
Jili
Feed
Co.,
Ltd.
7,044,
784.87
96.00
%
Transf
erred
April
30,
2025
Transf
er of
control
23,459
.42






Sichua
n
Qinrun
New
Materi
al
Techn
ology
Co.,
Ltd.
28,270
,000.0
0
100.00
%
Transf
erred
May
31,
2025
Transf
er of
control
-
601,39
0.62






Linyi
Hengli
16,396
,404.1
71.00
%
Transf
erred
July
31,
Transf
er of
6,900,
919.24







Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
340
Feed
Co.,
Ltd.
9
2025
control
Langxi
Huare
n Feed
Co.,
Ltd.
1,762,
956.10
100.00
%
Transf
erred
August
31,
2025
Transf
er of
control
87,475
.39







Whether there was any circumstances in which the investment in a subsidiary was disposed of step by step through multiple
transactions and the control was lost in the current period
□Yes No
2. Changes in the scope of consolidation for other reasons
Notes on changes in the scope of consolidation caused by other reasons (for example, establishment of new subsidiaries, and
liquidation of subsidiaries) and related information:
(1) New subsidiaries established in the current period
Name
Closing net assets
Current net profit
Hainan New Hope Liuhe Farming Technology
Co., Ltd.
5,596,582,006.48
-3,417,993.52
Xinliu Chuanyi (Fujian) Farming Development
Co., Ltd.
2,869,999,530.00
-470.00
New Hope Tongnai Nutrition Technology Co.,
Ltd.
15,463,482.76
-
Qingdao Xinjiali Farming Technology Co., Ltd.
14,408,787.00
8,787.00
Linyi New Hope Hengli Farming Co., Ltd.
13,986,625.45
-6,013,374.55
Hubei Xinsheng Houpu Technology Co., Ltd.
9,939,052.44
-60,947.56
Fengcheng New Hope Haofeng Feed Co., Ltd.
5,000,327.13
327.13
Guang’an New Hope Liuhe Livestock
Development Co., Ltd.
752,972.32
-247,027.68
Lianyungang New Hope Liuhe Feed Co., Ltd.
-897,739.91
-897,739.91
PT. NHSP Animal Nutrition Indonesia
4,180,800.00
-
PT New Hope Animal Technology Indonesia
-
-
Xinhe Lanka International Trading Pte. Ltd.
-
-
Taizhou New Hope Biotechnology Co., Ltd.
-
-
Xiantao New Hope Liuhe Feed Co., Ltd.
-
-
Lingbao New Hope Feed Co., Ltd.
-
-
Sheyang New Hope Biotechnology Co., Ltd.
-
-
Emeishan New Hope Feed Co., Ltd.
-
-
(2) Subsidiaries deregistered in the current period
Name
Net assets as at the deregistration
date
Net profit from the beginning of the
period to the deregistration date
Chaoyang New Hope Farming Technology Co.,
Ltd.
1,946,922.80
104.89
Handan Henong Livestock and Poultry Breeding
Co., Ltd.
-1,164,693.58
-1,740.00
Wei County New Hope Feed Co., Ltd.
-
-
Fuxin Liuhe Breeding Service Co., Ltd.
-1,276,649.59
-3.47
Sichuan New Hope Liuhe Xueyu Tianlu Supply
Chain Management Co., Ltd.
-
-

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
341
Xuzhou Jinfeng Liuhe Feed Co., Ltd.
-337,618.36
232,135.00
Guangyuan New Hope Liuhe Farming
Technology Co., Ltd.
5,116,360.42
-
Bayannur New Hope Liuhe Feed Technology
Co., Ltd.
4,284,696.34
-7,134.85
Meitan New Hope Agricultural Technology Co.,
Ltd.
8,300,353.12
-58,758.04
Laoling Liuhe Yuexin Feed Co., Ltd.
-4,591,639.32
-
Changzhi Shuanglong Food Co., Ltd.
-901,972.08
1,175,203.42
Shenyang New Hope Kinghey Food Co., Ltd.
0.05
0.03
Wulian Xinhao Breeding Co., Ltd.
-
-
Zhucheng Xinhao Farming Technology Co., Ltd.
-
-
Quyang Xinhao Farming Co., Ltd.
-
-
Nanhe County Xinhao Farming Technology Co.,
Ltd.
3,392,489.57
-288,337.41
Zhangwu New Hope Liuhe Farming Co., Ltd.
-1,685,616.62
851.77
Liaoning Jinguan Farming Co., Ltd.
-5,105,735.67
3,668.40
Kangping Xinwang Liuhe Farming Co., Ltd.
-2,008,345.96
3,003.02
Yi County Jinguan Farming Co., Ltd.
-523,948.28
-99.06
Heishan County Jincheng Farming Co., Ltd.
-476,478.93
124.12
Sishui New Hope Yuwang Technology Co., Ltd.
-9,855,924.28
178,885.46
Shaoguan Xinyue Farming Technology Co., Ltd.
-3,357,022.64
-2,842,157.76
Shanghe Liuhe Feed Co., Ltd.
-7,553,160.38
-2,438,736.61
Shandong Xianghe Livestock and Poultry
Breeding Co., Ltd.
-704,361.06
-4,962.91
Chaoyang Xinwang Farming Co., Ltd.
-
-
Anqiu New Hope Liuhe Farming Co., Ltd.
-48,666,108.85
-310,068.52
Tianjin Yunling Enterprise Management
Consulting Partnership (LP)
91,629.26
-10,061.98
Liaoning Xinwang Food Co., Ltd.
-150,094,023.03
-7,236,038.64
Shaanxi Xinliu Farming Technology Co., Ltd.
7,690,278.79
5,655.28
Dongguang County Xinhao Farming Co., Ltd.
-3,138,563.77
-59,748.78
Huazhou Xinchi Animal Husbandry Co., Ltd.
-440,523.04
177,357.90
Lu’an Xinxi Food Co., Ltd.
121,854.52
78.68
Yanwei Information Technology (Shanghai) Co.,
Ltd.
469,834.93
-8,741.48

X. Equities in other entities
1. Equities in subsidiaries
(1) Composition of the business conglomerate
Unit: yuan
Name
Registered Capital
Principal
place of
business
Place of
registration
Nature of
business
Shareholding ratio
Way of
acquisition
Direct
Indirect
Shandong
New Hope
4,075,449,931.82
Qingdao,
Shandong
Qingdao,
Shandong
Feeds,
veterinary drugs
100.00%

Business
combination

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342
Name
Registered Capital
Principal
place of
business
Place of
registration
Nature of
business
Shareholding ratio
Way of
acquisition
Direct
Indirect
Liuhe Group
Co., Ltd.
under
common
control
New Hope
Liuhe Feed
Co., Ltd.
1,080,100,000.00
Qingdao,
Shandong
Qingdao,
Shandong
Feed production
and sales
24.00%
76.00%
Business
combination
under
common
control
Sichuan New
Hope Liuhe
Farming Co.,
Ltd.
5,202,510,000.00
Chengdu,
Sichuan
Chengdu,
Sichuan
Feed sale,
investment
57.66%
14.16%
Business
combination
under
common
control
New Hope
Singapore
Pte. Ltd.
1,049,702,602.80
Singapore
Singapore
Trade,
investment
100.00%

Invested and
established
Beijing New
Hope Liuhe
Biotechnolog
y Industry
Group Co.,
Ltd.
500,000,000.00
Beijing
Beijing
Livestock
breeding,
investment
99.00%
1.00%
Invested and
established
New Hope
Liuhe Food
Holdings
Co., Ltd.
100,000,000.00
Chengdu,
Sichuan
Lhasa, Xizang
Investment,
R&D
100.00%

Invested and
established
Yangling
Besun
Agricultural
Industry
Group Co.,
Ltd.
662,142,626.00
Xianyang,
Shaanxi
Xianyang,
Shaanxi
Livestock
breeding,
slaughtering
74.44%

Business
combination
not under
common
control
Guanghan
Guoxiong
Feed Co.,
Ltd.
370,500,000.00
Guanghan,
Sichuan
Guanghan,
Sichuan
Feed production
and sales
100.00%

Invested and
established
Emeishan
New Hope
Liuhe Feed
Co., Ltd.
270,000,000.00
Leshan,
Sichuan
Leshan,
Sichuan
Feed production
and sales
100.00%

Invested and
established
Mianyang
New Hope
Liuhe
Farming
Technology
Co., Ltd.
320,000,000.00
Mianyang,
Sichuan
Mianyang,
Sichuan
Feed production
and sales
100.00%

Invested and
established
Chongqing
Tongliang
New Hope
Liuhe
Farming
Technology
Co., Ltd.
70,000,000.00
Tongliang,
Chongqing
Tongliang,
Chongqing
Feed production
and sales
28.57%
71.43%
Invested and
established
Wulong New
10,000,000.00
Wulong,
Wulong,
Feed production
100.00%

Invested and

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343
Name
Registered Capital
Principal
place of
business
Place of
registration
Nature of
business
Shareholding ratio
Way of
acquisition
Direct
Indirect
Hope Liuhe
Feed Co.,
Ltd.
Chongqing
Chongqing
and sales
established
Kunming
New Hope
Agricultural
Technology
Co., Ltd.
10,000,000.00
Kunming,
Yunan
Kunming,
Yunan
Feed production
and sales
100.00%

Invested and
established
Qujing
Guoxiong
Feed Co.,
Ltd.
3,000,000.00
Qujing,
Yunnan
Qujing,
Yunnan
Feed production
and sales
90.00%
10.00%
Business
combination
under
common
control
Mangshi
New Hope
Farming
Technology
Co., Ltd.
10,000,000.00
Dehong
Prefecture,
Yunnan
Dehong
Prefecture,
Yunnan
Feed production
and sales
100.00%

Invested and
established
Kunming
New Hope
Animal
Nutritious
Food Co.,
Ltd.
100,000,000.00
Kunming,
Yunan
Kunming,
Yunan
Feed production
and sales
100.00%

Invested and
established
Zunyi Jiahao
Feed Co.,
Ltd.
2,000,000.00
Zunyi,
Guizhou
Zunyi,
Guizhou
Feed production
and sales
100.00%

Business
combination
under
common
control
Zunyi New
Hope Liuhe
Agricultural
Technology
Co., Ltd.
10,000,000.00
Zunyi,
Guizhou
Zunyi,
Guizhou
Feed production
and sales
100.00%

Invested and
established
Taizhou New
Hope
Agriculture
Co., Ltd.
91,975,000.00
Taizhou,
Jiangshu
Taizhou,
Jiangshu
Feed production
and sales
100.00%

Invested and
established
Lhasa New
Hope
Industrial
Co., Ltd.
40,000,000.00
Lhasa,
Xizang
Lhasa, Xizang
Feed production
and sales
55.00%

Invested and
established
Baoji New
Hope
Farming Co.,
Ltd.
100,000,000.00
Baoji,
Shaanxi
Baoji, Shaanxi
Feed production
and sales
100.00%

Invested and
established
Sanyuan
New Hope
Feed Co.,
Ltd.
20,000,000.00
Xianyang,
Shaanxi
Xianyang,
Shaanxi
Feed production
and sales
100.00%

Invested and
established
Wuzhou New
Hope Liuhe
Feed Co.,
Ltd.
71,264,261.74
Wuzhou,
Guangxi
Wuzhou,
Guangxi
Feed production
and sales
70.16%
29.84%
Invested and
established

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344
Name
Registered Capital
Principal
place of
business
Place of
registration
Nature of
business
Shareholding ratio
Way of
acquisition
Direct
Indirect
Huaihua
New Hope
Liuhe Feed
Co., Ltd.
20,000,000.00
Huaihua,
Hunan
Huaihua,
Hunan
Feed production
and sales
100.00%

Invested and
established
Huanggang
New Hope
Feed
Technology
Co., Ltd.
20,000,000.00
Huanggang,
Hubei
Huanggang,
Hubei
Feed production
and sales
100.00%

Invested and
established
Yingtan New
Hope Feed
Co., Ltd.
20,000,000.00
Yingtan
City, Jiangxi
Province
Yingtan City,
Jiangxi
Province
Feed production
and sales
100.00%

Invested and
established
Ningxia New
Hope
Ruminant
Animal
Nutritious
Food Co.,
Ltd.
20,000,000.00
Qingtongxia
, Ningxia
Qingtongxia,
Ningxia
Feed production
and sales
100.00%

Invested and
established
Xiangyang
New Hope
Liuhe Feed
Co., Ltd.
20,000,000.00
Xiangyang,
Hubei
Xiangyang,
Hubei
Feed production
and sales
100.00%

Invested and
established
Guangzhou
Liuhe Feed
Co., Ltd.
80,000,000.00
Guangzhou,
Guangdong
Guangzhou,
Guangdong
Feed production
and sales
61.00%

Invested and
established
Sichuan
Xinle
Plastics Co.,
Ltd.
4,000,000.00
Leshan,
Sichuan
Leshan,
Sichuan
Production and
sale of woven
bags
100.00%

Invested and
established
Jiangsu
Tiancheng
Healthcare
Products Co.,
Ltd.
80,000,000.00
Hai’an
Jiangsu
Hai’an
Jiangsu
Production and
sale of additives
51.00%

Invested and
established
Yunnan New
Hope Liuhe
Breeding
Co., Ltd.
2,000,000.00
Kunming,
Yunan
Kunming,
Yunan
Livestock
breeding
100.00%

Invested and
established
Xizang
Linzhi New
Hope Liuhe
Breeding
Co., Ltd.
20,581,000.00
Linzhi,
Xizang
Linzhi,
Xizang
Livestock
breeding
60.00%

Invested and
established
Qingdao
Xinhang
Engineering
Management
Co., Ltd.
50,000,000.00
Qingdao,
Shandong
Qingdao,
Shandong
Engineering
project
management
99.00%
1.00%
Invested and
established
Golden Oak
Investment
Holdings
(Tianjin) Co.,
Ltd.
300,000,000.00
Tianjin
Tianjin
Trade
100.00%

Invested and
established

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345
Name
Registered Capital
Principal
place of
business
Place of
registration
Nature of
business
Shareholding ratio
Way of
acquisition
Direct
Indirect
Tianjin
Dingcheng
Zhizi
Investment
Co., Ltd.
100,000,000.00
Tianjin
Tianjin
Investment
100.00%

Invested and
established
New Hope
Liuhe
Investment
Co., Ltd.
576,555,600.00
Shanghai
Lhasa, Xizang
Investment
75.00%

Invested and
established
Chengdu
Fenglan
Technology
Co., Ltd.
5,000,000.00
Chengdu,
Sichuan
Chengdu,
Sichuan
Production and
sale of additives
75.00%

Business
combination
not under
common
control
Sichuan New
Hope Liuhe
Technologica
l Innovation
Co., Ltd.
18,000,000.00
Chengdu,
Sichuan
Chengdu,
Sichuan
Testing,
consulting
100.00%

Invested and
established
Sichuan New
Hope Animal
Nutrition
Technology
Co., Ltd.
1,000,000,000.00
Chengdu,
Sichuan
Chengdu,
Sichuan
Purchase and
sale of feed
ingredients
100.00%

Invested and
established
Qingdao
Xinmu Zhihe
Technology
Co., Ltd.
750,000,000.00
Qingdao,
Shandong
Qingdao,
Shandong
Manufacture
and sale of
machinery
20.00%
80.00%
Invested and
established
Xintai New
Hope Feed
Co., Ltd.
20,000,000.00
Tai’an,
Shandong
Tai’an,
Shandong
Feed production
and sales
24.00%
76.00%
Invested and
established
Xiamen New
Hope Liuhe
Agricultural
Supply Chain
Co., Ltd.
500,000,000.00
Xiamen,
Fujian
Xiamen,
Fujian
Wholesale of
agricultural
products, import
and export of
goods
80.00%
20.00%
Invested and
established
Ju County
New Hope
Liuhe Feed
Co., Ltd.
10,000,000.00
Rizhao,
Shandong
Rizhao,
Shandong
Feed production
and sales
24.00%
76.00%
Invested and
established
Emeishan
New Hope
Feed Co.,
Ltd.
20,000,000.00
Leshan,
Sichuan
Leshan,
Sichuan
Feed production
and sales
100.00%

Invested and
established
Xinliu
Chuanyi
(Fujian)
Farming
Development
Co., Ltd.
2,870,000,000.00
Longyan,
Fujian
Longyan,
Fujian
Livestock
breeding,
investment
73.17%

Invested and
established
Notes on shareholding ratio in subsidiary different from the ratio of voting power:

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
346
Note: Apart from the subsidiaries listed above, the Group has 564 subsidiaries under its indirect control, which are mainly located
in 30 Chinese provinces and municipalities, and countries in Southeast Asian and South Africa, engaging in feed production,
breeding and slaughtering, etc.
(2) Major non-wholly owned subsidiaries
Unit: yuan
Name
Shareholding ratio of
minority shareholders
Current profit or loss
attributable to minority
shareholders
Current dividends
declared and
distributed to minority
shareholders
Closing balance of
minority interests
New Hope Liuhe
Investment Co., Ltd.
25.00%
286,337,509.98

6,483,660,554.88
Sichuan New Hope
Liuhe Farming Co.,
Ltd.
21.10%
44,819,187.82
386,209,129.82
2,622,105,972.14

(3) Key financial information of major non-wholly owned subsidiaries
Unit: yuan
Name
Closing balance
Opening balance
Curren
t
Assets
Non-
current
assets
Total
assets
Curren
t
liabiliti
es
Non-
current
liabiliti
es
Total
liabiliti
es
Curren
t
Assets
Non-
current
assets
Total
assets
Curren
t
liabiliti
es
Non-
current
liabiliti
es
Total
liabiliti
es
New
Hope
Liuhe
Invest
ment
Co.,
Ltd.
1,779,
019,11
0.90
24,158
,315,0
11.20
25,937
,334,1
22.10
2,691,
902.58
0.00
2,691,
902.58
1,415,
481,43
3.37
23,457
,670,1
96.25
24,873
,151,6
29.62
174,46
0.65

174,46
0.65
Sichua
n New
Hope
Liuhe
Farmin
g Co.,
Ltd.
13,964
,218,8
61.22
4,415,
366,14
2.92
18,379
,585,0
04.14
7,696,
763,50
0.32
2,356,
984,17
9.54
10,053
,747,6
79.86
13,468
,021,6
75.58
4,588,
117,27
5.98
18,056
,138,9
51.56
7,786,
352,83
9.58
2,258,
195,85
9.29
10,044
,548,6
98.87
Unit: yuan
Name
Current amount
Previous amount
Operating
income
Net profit
Total
comprehen
sive
income
Cash flows
from
operating
activities
Operating
income
Net profit
Total
comprehen
sive
income
Cash flows
from
operating
activities
New Hope
Liuhe
Investment
Co., Ltd.
0.00
1,145,350,0
39.88
1,061,205,6
54.88
-
3,207,500.3
9

1,167,025,6
40.21
1,382,710,8
75.21
-
2,872,780.5
2
Sichuan
New Hope
24,693,155,
971.50
-
11,686,072.
-
11,686,072.
945,940,97
2.42
24,228,137,
628.46
223,000,02
5.89
223,000,02
5.89
1,309,728,7
92.22

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
347
Liuhe
Farming
Co., Ltd.
45
45
Other notes:
Note 1: Sichuan New Hope Liuhe Farming Co., Ltd. saw a business combination under common control this year. The presented
financial data represent the current figures and the comparative figures after the business combination under common control.
2. Transactions in which the share of owner’s equity in a subsidiary changes but the Company still
controls the subsidiary
(1) Notes on changes in the share of owner’s equity in subsidiaries

Name
Shareholding before
change (%)
Shareholding after change
(%)
Whether the
shareholding
change resulted
in loss of control
of the Company
Date of equity
change
Direct
shareholdin
g
Indirect
shareholdin
g
Direct
shareholdin
g
Indirect
shareholdin
g
Significant transaction






Yangling Besun Agricultural
Industry Group Co., Ltd.
58.06
13.01
100

No
July 31, 2025
Shandong New Hope Liuhe
Group Co., Ltd.
93.53

100

No
October 31,
2025
Kangping Xinwang Farming
Co., Ltd.

76.92

100
No
November 30,
2025
Guangdong Jiahao Agricultural
Products Co., Ltd.

100

71.34
No
December 31,
2025
Yangling Besun Agricultural
Industry Group Co., Ltd.
100

74.44

No
December 31,
2025
Other insignificant transactions
- several







Impact of such transaction on minority equity and owner's equity attributable to the parent company
Unit: yuan

Yangling Besun
Agricultural
Industry Group
Co., Ltd.
Shandong New
Hope Liuhe Group
Co., Ltd.
Kangping
Xinwang Farming
Co., Ltd.
Guangdong Jiahao
Agricultural
Products Co., Ltd.
Yangling Besun
Agricultural
Industry Group
Co., Ltd.
Purchase
cost/disposal
consideration
-1,000,000,000.00
-500,000,000.00
-168,000,000.00
700,000,000.00
1,000,000,000.00
--Cash
-1,000,000,000.00
-500,000,000.00
-168,000,000.00
700,000,000.00
1,000,000,000.00
--Fair value of
non-cash assets











Total of purchase
-1,000,000,000.00
-500,000,000.00
-168,000,000.00
700,000,000.00
1,000,000,000.00

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
348
cost/disposal
consideration
Less: share of net
assets in subsidiary
calculated at the
shareholding
acquired/disposed
of
-802,632,627.90
-486,874,014.54
-15,279,237.80
663,194,581.76
1,016,288,857.48
Difference
-197,367,372.10
-13,125,985.46
-152,720,762.20
36,805,418.24
-16,288,857.48
Incl.: Adjustment
to capital reserve
-197,367,372.10
-13,125,985.46
-152,720,762.20
36,805,418.24
-16,288,857.48
Adjustment
to surplus reserve





Adjustment
to retained
earnings





Other notes:
Note 1: For the purchase cost/disposal consideration, a positive number indicates the acceptance of investment, while a negative
number indicates the purchase expenses for equity.
Note 2: In addition to the aforementioned transactions, the Group also had other non-significant equity transactions during the year,
resulting in a total adjustment to capital reserve of 31,239,590.72 yuan.

3. Equity in joint ventures or associates
(1) Important joint ventures or associates
Name of joint
venture or
associate
Principal place
of business
Place of
registration
Nature of
business
Shareholding ratio
Accounting
treatment for
investments in
joint ventures
or associates
Direct
Indirect
China
Minsheng
Banking
Corporation
Limited
Beijing
Beijing
Finance

4.18%
Equity method
Shandong
Zhongxin Food
Group Co., Ltd.
Jinan,
Shandong
Jinan,
Shandong
Poultry
breeding, food
production and
processing

49.00%
Equity method
Notes on shareholding ratio in joint ventures or associates different from voting power:
None
Basis for holding less than 20% voting power but with significant influence or holding 20% or more voting power but without
significant influence:

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
349
New Hope Liuhe Investment Co., Ltd., a majority-owned subsidiary of the Company, holds 1,828,327,362 shares in China
Minsheng Bank, or a shareholding ratio of 4.1759%, in which Mr. Liu Yonghao, the actual controller of the Company, acts as
Director and Deputy Chairman. The Group has the power to participate in financial and business decision making of China
Minsheng Bank, and this investment is accounted for using the equity method since the Company has significant influence over
China Minsheng Bank.
(2) Key financial information of important associates
Unit: yuan

Closing balance/current amount
Opening balance/amount of the previous period
China Minsheng
Banking Corporation
Limited
Shandong Zhongxin
Food Group Co., Ltd.
China Minsheng
Banking Corporation
Limited
Shandong Zhongxin
Food Group Co., Ltd.
Current Assets
1,121,760,000,000.00
1,945,544,685.35
1,105,470,000,000.00
1,534,367,656.75
Non-current assets
6,710,807,000,000.00
2,916,887,104.12
6,709,499,000,000.00
3,130,728,768.29
Total assets
7,832,567,000,000.00
4,862,431,789.47
7,814,969,000,000.00
4,665,096,425.04
Current liabilities
6,040,068,000,000.00
2,424,077,369.41
6,127,087,000,000.00
2,085,471,671.59
Non-current liabilities
1,089,302,000,000.00
535,416,566.04
1,031,314,000,000.00
689,307,768.34
Total liabilities
7,129,370,000,000.00
2,959,493,935.45
7,158,401,000,000.00
2,774,779,439.93





Minority equity
138,560,000,000.00
94,141,319.25
108,709,000,000.00
181,279,423.61
Shareholder equity
attributable to the
parent company
564,637,000,000.00
1,808,796,534.77
547,859,000,000.00
1,709,037,561.50
Share of net assets
calculated at
shareholding ratio
23,578,676,483.00
886,310,302.04
22,878,043,981.00
837,428,405.14
Adjustments

0.00


--Goodwill

668,688,098.79

668,688,098.79
--Profits unrealized
through internal
transactions

0.00


--Others

1,025,664,422.13

1,081,011,778.53
Book value of equity
investments in
associates
24,143,274,879.98
2,580,662,822.96
23,442,642,377.98
2,587,128,282.46
Fair value of equity
investments in
associates for which
there are public offers
7,002,493,796.46
0.00
7,550,992,005.06

Operating income
142,865,000,000.00
20,198,233,448.41
136,290,000,000.00
22,163,507,168.23
Net profit
30,582,000,000.00
-574,914,185.09
32,722,000,000.00
130,192,366.93
Net profit from
discontinued
operations

0.00


Other comprehensive
income
-2,127,000,000.00
0.00
5,251,000,000.00


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
350
Total comprehensive
income
28,455,000,000.00
-574,914,185.09
37,973,000,000.00
130,192,366.93





Dividends received
from associates in this
year
362,008,817.67

632,601,267.25


(3) Summary financial information of unimportant joint ventures and associates
Unit: yuan

Closing balance/current amount
Opening balance/amount of the previous
period
Joint ventures:


Total book value of investments
1,295,128,788.33
1,388,045,185.00
Total amount of each of the following
items calculated by shareholding ratio


--Net profits
25,697,686.64
59,610,388.37
--Total comprehensive income
25,697,686.64
59,610,388.37
Associates:


Total book value of investments
3,579,802,924.09
3,035,603,376.92
Total amount of each of the following
items calculated by shareholding ratio


--Net profits
67,088,624.69
58,398,900.41
--Other comprehensive income
0.00
-969.65
--Total comprehensive income
67,088,624.69
58,397,930.76
(4) Excess losses incurred by joint ventures or associates
Unit: yuan
Name of joint venture or
associate
Accumulation of
unrecognized prior
accumulated losses
Losses unrecognized in this
period (or net profits shared in
this period)
Accumulated unrecognized
losses at the end of this period
Nanjing Heda Food Co., Ltd.
-1,636,440.11

-1,636,440.11
Taishan Jiaxin Logistics Co.,
Ltd.
-2,425,154.27
-101,598.89
-2,526,753.16
Beijing Meihaomei Deling
Food Co., Ltd.
-66,908,721.65
-29,123,879.13
-96,032,600.78
Hebei Kinghey Sausage
Casings Co., Ltd.

-2,723,213.64
-2,723,213.64

XI. Government grants
1. Government grants recognized at the end of the reporting period in the amount receivable
□Applicable Not applicable

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351
Reasons for not receiving the expected amount of government grants at the expected time
□Applicable Not applicable
2. Liabilities involving government grants
Applicable □Not applicable
Unit: yuan
Accounting
item
Opening
balance
New grants
added in the
current period
Amou
nt
includ
ed in
non-
operat
ing
incom
e in
the
curren
t
period
Amount
included in
other income in
the current
period
Other
changes in
the current
period
Closing balance
Asset-
related/inc
ome-
related
Deferred
income
352,830,313.75
72,837,833.22

35,941,951.28

389,726,195.69
Asset-
related
Deferred
income
29,618,520.64
38,195,695.35

19,622,375.54
4,139,132.30
44,052,708.15
Income-
related
Total
382,448,834.39
111,033,528.57

55,564,326.82
4,139,132.30
433,778,903.84

3. Government grants included in the current profit or loss
Applicable □Not applicable
Unit: yuan
Accounting item
Current amount
Previous amount
Government grants for financial
expenses
8,851,195.08
15,510,911.37
Other income
123,882,872.68
122,859,928.95
Total
132,734,067.76
138,370,840.32

XII. Risks related to financial instruments
1. Various risks arising from financial instruments
The Group's main financial instruments include cash and cash equivalents, accounts receivable, notes receivable, other
receivables, trading financial assets, accounts payable, notes payable, other payables, lease liabilities, short-term borrowings,
trading financial liabilities, non-current liabilities due within one year, long-term borrowings, long-term payables and bonds
payable. Details of all financial instruments have been disclosed in related notes. The Group has formulated corresponding risk
management policies and established relevant positions or functional departments to reduce the risks associated with financial
instruments, in order to ensure that the risk management goals and policies can be effectively implemented. The management
manages and monitors these risk exposures to ensure that the aforementioned risks are controlled within the prescribed limits.

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352
(I) Credit risk
Credit risk refers to the risk that the other party to the contract fails to fulfill its obligations, resulting in losses for financial
assets. The credit risk of the Group mainly arises from cash and cash equivalents, receivables, etc.
To reduce credit risk, the Group controls credit limits, conducts credit approvals, and implements other monitoring procedures
to ensure that necessary measures are taken to recover overdue debts. In addition, on each balance sheet date, sufficient expected
credit loss provisions are made based on the collection of accounts receivable. Therefore, the management believes that the credit
risk to the Group has been significantly reduced.
Cash and cash equivalents of the Group other than cash are mainly deposited with state-owned banks or other medium and
large-sized listed banks or other financial institutions with good credit standing. It is considered that there is no significant credit
risk, and it is expected that the Group will not suffer losses due to default of the counterparty.
(II) Market risk
The market risk of financial instruments refer to the risk that the fair value or future cash flow of financial instruments might
fluctuate as a result of changing market prices, including exchange rate risk and interest rate risk.
1. Interest rate risk
Interest rate risk refers to the risk that fair value of financial instruments or future cash flow might fluctuate due to changing
market interest rates. Fixed-rate and floating-rate interest-bearing financial instruments pose fair value interest rate risk and cash
flow interest rate risk to the Group respectively. The Group determines the ratios of fixed-rate and floating-rate instruments based
on market environment and maintains an appropriate portfolio of fixed-rate and floating-rate instruments through regular review
and monitoring. The Group mainly faces cash flow interest rate risk resulting from floating-rate financial liabilities.
(1) Interest-bearing financial instruments held by the Group as of December 31 were as follows:
Item
2025
Effective interest rate
Amount
Financial liabilities


Fixed interest rate


Incl.: Short-term borrowings
2.10%-10.80%
10,430,229,968
.15
Long-term borrowings (including those due within
one year)
2.24%-3.22%
2,658,754,646.
68
Long-term payables (including those due within
one year)
5.50%-6.50%
56,165,734.65
Total

13,145,150,349
.48
Floating interest rate:


Incl.: Short-term borrowings
Floating interest rate based on the LPR and SOFR
benchmark rates
4,501,041,370.
15
Long-term borrowings (including those due within
one year)
Floating interest rate based on the LPR and SOFR
benchmark rates
28,477,265,046
.44

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353
Long-term payables (including those due within
one year)
Floating interest rate based on the LPR benchmark rate
813,180,470.39
Total

33,791,486,886
.98
(2) Sensitivity analysis
As at December 31, 2025, with all other variables held constant, a 25bp increase in interest rate will result in a decrease of
83,908,913.50 yuan (2024: 74,185,947.08 yuan) in the Group’s net profit and shareholders' equity.
For non-derivative instruments with floating rate held on the balance sheet date that expose the Group to cash flow interest
rate risk, the effect of net profit and shareholders' equity in the sensitivity analysis above is the after-tax effect of the above
interest rate changes on the interest expense or income estimated on an annual basis. The analysis of the previous year was
based on the same assumptions and method.
2. Foreign exchange risk
The Group invests and operates in several Asian and African countries, with revenues all denominated in local currencies.
The fluctuations of the exchange rates between these currencies and RMB will affect the figures of overseas revenue and
profits of the Group. For cash and cash equivalents, receivables and payables, long-term and short-term borrowings and other
foreign-currency assets and liabilities that are not denominated in accounting currency, if short-term imbalance occurs, the
Group will purchase and sell foreign currencies at market rates when necessary, so as to ensure the net risk exposure is kept at
an acceptable level.
The items of foreign-currency assets and liabilities of the Group as at December 31 were as follows. For presentation purpose,
the total amount of risk exposure is presented in RMB converted from foreign currencies at the spot exchange rate on the
balance sheet date. The foreign currency statement translation difference is not included.
Item
2025
2024
Balance in foreign
currency
Balance in Renminbi
Balance in foreign
currency
Balance in
Renminbi
Cash and cash
equivalents



Incl.: USD
8,164,923.66
57,389,615.42
6,361,024.91
45,725,591.46
SGD
538,028.37
2,936,881.66
297,857.47
1,585,018.74
THB
642,066.59
142,871.96
1,724,997.38
366,802.20
IDR
1,633,804,446.35
683,060.96
1,989,484,567.35
898,530.81
Other receivables




Incl.: USD
183,409.38
1,289,147.85
70,814.93
509,046.04
SGD
8,380.63
45,746.51
6,873.76
36,578.03
Accounts payable




Incl.: USD
1,950,728.84
13,711,282.87
4,333,017.23
31,147,461.06
SGD
303,194.36
1,655,016.73
504,286.94
2,683,512.52
Other payables




Incl.: USD
44,392.51
312,026.07
42,603.72
306,252.58
SGD
432,023.36
2,358,242.71
19,649.65
104,563.65
Net amount of foreign-
currency items in balance
sheet




Incl.: USD
6,353,211.69
44,655,454.33
2,056,218.89
14,780,923.86

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
354
SGD
-188,808.72
-1,030,631.27
-219,205.36
-1,166,479.40
THB
642,066.59
142,871.96
1,724,997.38
366,802.20
IDR
1,633,804,446.35
683,060.96
1,989,484,567.35
898,530.81
(1) The analysis of RMB/foreign currency exchange rate applicable to the Group is as follows:
Item
Average exchange rate in the reporting period
Closing central parity rate
2025
2024
2025
2024
USD
7.14166667
7.11225417
7.02880000
7.18840000
SGD
5.47253333
5.33829167
5.45860000
5.32140000
THB
0.21816917
0.20303417
0.22251891
0.21263928
IDR
0.00043593
0.00045329
0.00041808
0.00045164
(2) Sensitivity analysis
Assuming that all other risk variables except the exchange rate remain unchanged, a 5% appreciation of the RMB due to
changes in exchange rates of RMB and accounting currencies of overseas operating entities versus USD, SGD, THB and IDR
would result in increase (decrease) of the owner's equity and net profit as follows. This effect is presented in RMB converted at the
spot exchange rate on the balance sheet date:
Item
Owner's equity
Net profit
December 31, 2025


USD
-2,030,497.09
-2,030,497.09
SGD
45,492.06
45,492.06
THB
-6,572.11
-6,572.11
IDR
-28,347.03
-28,347.03
Total
-2,019,924.17
-2,019,924.17
December 31, 2024


USD
-554,284.64
-554,284.64
SGD
43,742.98
43,742.98
THB
-13,755.08
-13,755.08
IDR
-33,694.91
-33,694.91
Total
-557,991.65
-557,991.65
As at December 31, assuming other variables remain unchanged, a 5% depreciation of the RMB due to changes in exchange
rates of RMB and accounting currencies of overseas operating entities versus USD, SGD, THB and IDR would result in changes
in shareholders' equity and net profit in the same amount as those presented in the above table but in the opposite direction.
The aforesaid sensitivity analysis is based on re-measurement of financial instruments held by the Group exposed to
exchange rate risk on the balance sheet date with the changed exchange rate, assuming the exchange rate changes on the balance
sheet date. The aforesaid analysis does not include foreign currency statement translation difference. The analysis of the previous
year was based on the same assumptions and method.
3. Liquidity risk
Liquidity risk refers to the risk that a company might incur shortage of funds when performing its obligation to settle accounts
by delivering cash or other financial assets. The policy of the Group is to ensure that there is sufficient cash to repay the due debts.
The liquidity risk is centrally controlled by the finance department of the Group. The finance department ensures that there are

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
355
sufficient funds to repay debts in all reasonably predicted circumstances by monitoring the cash balance and readily realizable
valuable securities and through rolling forecast of cash flow in the next 12 months.
The remaining contract terms and the earliest dates of required payment of financial liabilities of the Group on the balance
sheet date by the undiscounted contractual cash flows (including interest calculated at contract interest rate (or at the prevailing
interest rate on December 31 in case of floating interest rate)) are as follows:
Item
Undiscounted contractual cash flows at the end of 2025
Balance sheet
date
Due within one year or on
demand
1-2 years
2-5 years
Older than 5
years
Total
Book value
Short-
term
borrowin
gs
15,032,085,697.96



15,032,085,69
7.96
14,940,098,33
8.48
Notes
payable
5,585,041,628.12



5,585,041,628.
12
5,585,041,628.
12
Accounts
payable
6,628,283,430.15



6,628,283,430.
15
6,628,283,430.
15
Other
payables
(excludin
g
dividend
s
payable)
3,577,321,993.59



3,577,321,993.
59
3,577,321,993.
59
Long-
term
borrowin
gs
(includin
g long-
term
borrowin
gs due
within
one year)
8,597,940,124.22
12,107,412,09
2.67
11,739,426,307
.78
269,569,357.3
5
32,714,347,88
2.02
31,164,267,75
3.79
Bonds
payable
(includin
g bonds
payable
due
within
one year)
269,831,254.80
155,545,006.4
0
9,347,056,658.
00

9,772,432,919.
20
8,805,904,047.
18
Long-
term
payables
(includin
g long-
term
payables
due
within
one year)
328,736,834.96
300,958,812.7
0
286,638,171.3
2
1,072,500.00
917,406,318.9
8
869,346,205.0
4
Lease
300,749,652.79
308,050,580.4
972,730,520.5
3,182,744,024.
4,764,274,778.
2,989,718,014.

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
356
Item
Undiscounted contractual cash flows at the end of 2025
Balance sheet
date
Due within one year or on
demand
1-2 years
2-5 years
Older than 5
years
Total
Book value
liabilities
(includin
g lease
liabilities
due
within
one year)
0
7
76
52
73
Other
current
liabilities
(excludin
g output
tax to be
reversed)
1,035,956,345.11



1,035,956,345.
11
1,028,873,011.
78
Total
41,355,946,961.70
12,871,966,49
2.17
22,345,851,65
7.67
3,453,385,882.
11
80,027,150,99
3.65
75,588,854,42
2.86
Continued
Item
Undiscounted contractual cash flows at the end of 2024
Balance sheet
date
Due within one year or on
demand
1-2 years
2-5 years
Older than 5
years
Total
Book value
Short-
term
borrowin
gs
17,880,904,524.37



17,880,904,52
4.37
17,741,515,61
0.09
Notes
payable
4,184,134,254.11



4,184,134,254.
11
4,184,134,254.
11
Accounts
payable
7,525,367,316.95



7,525,367,316.
95
7,525,367,316.
95
Other
payables
(excludin
g
dividend
s
payable)
3,368,617,802.20



3,368,617,802.
20
3,368,617,802.
20
Long-
term
borrowin
gs
(includin
g long-
term
borrowin
gs due
within
one year)
10,976,597,167.25
12,879,289,29
2.82
8,234,417,186.
27
542,767,852.1
9
32,633,071,49
8.53
30,752,235,09
4.45
Bonds
payable
(includin
g bonds
payable
due
139,070,349.60
1,261,058,968.
80
8,821,874,896.
00

10,222,004,21
4.40
8,992,768,984.
03

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
357
within
one year)
Long-
term
payables
(includin
g long-
term
payables
due
within
one year)
518,135,521.85
423,906,698.1
4
434,286,952.2
9
1,202,672.80
1,377,531,845.
08
1,281,288,799.
68
Lease
liabilities
(includin
g lease
liabilities
due
within
one year)
491,162,364.57
320,216,441.4
0
952,689,150.6
4
3,711,690,458.
41
5,475,758,415.
02
3,452,949,337.
26
Total
45,083,989,300.90
14,884,471,40
1.16
18,443,268,18
5.20
4,255,660,983.
40
82,667,389,87
0.66
77,298,877,19
8.77
Note: the convertible corporate bonds in the bonds payable are deemed as held to maturity without conversion into shares halfway.
2. Financial assets
(1) By transfer method
Applicable □Not applicable
Unit: yuan
Transfer method
Nature of financial
assets transferred
Amount of financial
assets transferred
Derecognition
Basis for derecognition
Endorsement or
discount
Bank acceptance bills
304,673,201.90
Derecognized
Bank acceptance bills
transferred
were
guaranteed by banks
with
high
credit
ratings, and the Group
has transferred almost
all
the
risks
and
rewards
of
the
ownership of financial
assets to the transferee
Endorsement or
discount
Bank acceptance bills
66,769,386.16
Not derecognized

Endorsement or
discount
Commercial
acceptance bills
97,083,352.44
Not derecognized

Endorsement or
discount
L/C
27,932,017.20
Not derecognized

Total

496,457,957.70


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358
(2) Financial assets derecognized due to transfer
Applicable □Not applicable
Unit: yuan
Item
Transfer method
Amount derecognized
Gains or losses associated
with derecognition
Notes receivable
Endorsement or discount
304,673,201.90
334,354.38
Total

304,673,201.90
334,354.38
(3) Transferred financial assets that are continuously involved
□Applicable Not applicable

XIII. Disclosure of fair value
1. Closing fair value of assets and liabilities measured at fair value
Unit: yuan
Item
Closing fair value
Level 1 fair value
measurement
Level 2 fair value
measurement
Level 3 fair value
measurement
Total
I. Continuous
measurement of fair
value
--
--
--
--
(I) Trading financial
assets
14,950,972.08


14,950,972.08
1. Financial assets at
fair value through
profit or loss
14,950,972.08


14,950,972.08
(2) Investments in
equity instruments
4,534,322.24


4,534,322.24
(3) Derivative financial
assets
10,416,649.84


10,416,649.84
(III) Investments in
other equity
instruments


454,181,590.28
454,181,590.28
Total assets measured
at fair value on an
ongoing basis
14,950,972.08

454,181,590.28
469,132,562.36
(VI) Trading financial
liabilities
7,568,770.77


7,568,770.77
Derivative
financial liabilities
7,568,770.77


7,568,770.77
Total liabilities
measured at fair value
on an ongoing basis
7,568,770.77


7,568,770.77

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
359
II. Non-continuous
measurement of fair
value
--
--
--
--
2. Basis for determination of market prices of ongoing and non-ongoing level-1 fair value measurement
items
Stocks and foreign exchange hedging in trading financial assets are recognized based on the closing prices of stocks in the publicly
active market and the closing quotations provided by the trading center, etc. Futures contracts and interest rate swaps in trading
financial liabilities are recognized based on the closing quotations provided by the trading center, etc.
3. Qualitative and quantitative information on valuation techniques and important parameters used for
ongoing and non-ongoing level-2 fair value measurement items
None
4. Qualitative and quantitative information on valuation techniques and important parameters used for
ongoing and non-ongoing level-3 fair value measurement items
The other equity instrument investments of the Group involved in Level 3 fair value measurement are equities held by the Group
in unlisted companies. There were no significant changes in the operating environments, business condition and financial
condition of investees, so the measurement was based on the book value as a reasonable estimate of the fair value.

5. Adjustment between the opening and closing book values, as well as sensitivity analysis of
unobservable parameters for ongoing level-3 fair value measurement items
None
Reasons for transition (if any) between different levels during the current period and policies used to
determine the transition point of time for ongoing fair value measurement items
None
7. Current changes in valuation techniques and reasons for those changes
None
8. Fair value of financial assets and financial liabilities not measured at fair value
None
9. Others
None

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
360
XIV. Related parties and RPTs
1. The parent company of the Company
Name of the parent
company
Place of
registration
Nature of business
Registered Capital
Shareholding of
the parent
company in the
Company
Ratio of voting
power held by the
parent company in
the Company
New Hope Group
Co., Ltd.
Chengdu, Sichuan
Management
3,200,000,000
10.54%
25.09%
Nanfang Hope
Industry Co., Ltd.
Lhasa, Xizang
R&D, wholesale
and retail
1,034,313,725
29.51%
29.51%
Notes on the parent company
New Hope Group Co., Ltd. (the “New Hope Group”) used part of the A-shares of the Company as the subject for the issuance
of the "Private Offering of Exchangeable Corporate Bonds for Professional Investors of New Hope Group Co., Ltd. (Phase I)",
transferring the underlying 635,816,404, 148,639,009 and 149,153,078 stocks into the "New Hope - Topsperity Securities -23
Hope E1 Guarantee and Trust Property Account" in phases in 2023, with the guarantee and trust registration of underlying stocks
completed with CSDC Shenzhen. The trustee of the account is Topsperity Securities Co., Ltd., and the registration period of the
stock trust is the term of the current exchangeable bonds. As at December 31, 2025, the number of stocks deposited into the "New
Hope - Topsperity Securities -23 Hope E1 Guarantee and Trust Property Account" was 655,113,517.00 shares. Within the duration
of the above-mentioned exchangeable corporate bonds, without affecting the interests of the bondholders, New Hope Group
entrusted Topsperity Securities as the trustee manager to exercise the voting rights on its behalf in accordance with its will.
Therefore, the voting rights of New Hope Group to the Company were not affected.
The controlling shareholder of Nanfang Hope Industry Co., Ltd, the largest shareholder of the Company, is New Hope Group,
so the controlling shareholder of the Company is New Hope Group; as the actual controller of New Hope Group is Liu Yonghao,
therefore, the ultimate actual controller of the Company is Liu Yonghao.
The ultimate controlling party of the Company is New Hope Group Co., Ltd.

2. Subsidiaries
Subsidiaries of the Company are detailed in “Note X. 1. (1) Composition of the business conglomerate”.
3. Joint ventures and associates of the Company
The important joint ventures and associates of the Company are detailed in “Note VII. 10. Long-term equity investments”.
Other joint ventures or associates which have balance in related party transactions with the Company during the current period or
in the previous period are detailed as follows:
Name of joint venture or associate
Relationship with the Company
Beijing Meihaomei Deling Food Co., Ltd.
Joint venture
Guangdong Hope No.1 Equity Investment Partnership (LP)
Joint venture
Hainan Nongken New Hope Farming Technology Co., Ltd.
Joint venture
Shenyang New Hope New Agricultural Industry Fund
Partnership (LP)
Joint venture
Yan’an Xinyongxiang Technology Co., Ltd.
Joint venture

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
361
Anhui Antai Agricultural Development Co., Ltd.
Associate
Anhui Xinhua Ducks Co., Ltd.
Associate
Chengdu Tianfu Xingxinxin Farming Technology Co., Ltd.
Associate
Deyang New Hope Liuhe Food Co., Ltd.
Associate
Hebei Kinghey Sausage Casings Co., Ltd.
Associate
Nanjing Heda Food Co., Ltd.
Associate
Shandong Zhongxin Food Group Co., Ltd.
Associate
Shanghai Liuhe Qinqiang Food Co., Ltd.
Associate
New Hope Finance Co., Ltd.
Associate
NHE (Beijing) Technology Co., Ltd.
Associate
Xinzhi Huide Machinery Technology Co., Ltd.
Associate
China Minsheng Banking Corporation Limited
Associate
Anshan Liuhe Jiahao Food Co., Ltd.
Subsidiary of an associate
Bengbu Hope Food Co., Ltd.
Subsidiary of an associate
Chengdu Hope Food Co., Ltd.
Subsidiary of an associate
Junan New Hope Liuhe Food Co., Ltd.
Subsidiary of an associate
Lezhi Xinmu Farming Co., Ltd.
Subsidiary of an associate
Nangong Hope Food Co., Ltd.
Subsidiary of an associate
Puyang Hope Food Co., Ltd.
Subsidiary of an associate
Rong County Xinmu Farming Co., Ltd.
Subsidiary of an associate
Anshan Liuhe Food Co., Ltd.
Subsidiary of an associate
Guantao Liuhe Food Co., Ltd.
Subsidiary of an associate
Panjin Liuhe Farming Co., Ltd.
Subsidiary of an associate
Qingdao Liuhe Changlong Food Co., Ltd.
Subsidiary of an associate
Xiajin Hope Food Co., Ltd.
Subsidiary of an associate
Yanggu Liuhe Luxin Food Co., Ltd.
Subsidiary of an associate
Taiqian New Hope Liuhe Luxin Food Co., Ltd.
Subsidiary of an associate
Yanyuan Xinliu Farming Technology Co., Ltd.
Subsidiary of an associate
Anyue Xingxinxin Farming Technology Co., Ltd.
Subsidiary of an associate
Qingdao Liuhe Wanfu Food Co., Ltd.
Subsidiary of an associate
Qingdao Tianrun Food Co., Ltd.
Subsidiary of an associate

4. Other related parties
Name
Relationship with the Company
Xingyuan Environment Technology Co., Ltd. and other
majority-owned subsidiaries
Associates of New Hope Holding Group Co., Ltd.
Hangzhou Zhongyi Eco-Environmental Engineering Co. Ltd.
An associate of New Hope Holding Group Co., Ltd.
Qingdao Big Herdsman Machinery Co., Ltd. and its majority-
owned subsidiaries
Associates of New Hope Holding Group Co., Ltd.
Sichuan XW Bank Co., Ltd.
An associate of New Hope Holding Group Co., Ltd.
Shilin New Hope Xuelan Animal Husbandry Co., Ltd.
A company controlled by persons acting in concert with the
ultimate controller
Luliang New Hope Xuelan Cow Breeding Co., Ltd.
A company controlled by persons acting in concert with the
ultimate controller
Yunnan New Hope Diequan Animal Husbandry Co., Ltd.
A company controlled by persons acting in concert with the
ultimate controller
New Hope Ecological Animal Husbandry Co., Ltd. and its
majority-owned subsidiaries
Companies controlled by persons acting in concert with the
ultimate controller
New Hope Dairy Co., Ltd. and other majority-owned
subsidiaries
Companies controlled by persons acting in concert with the
ultimate controller
Sichuan New Huaxi Dairy Co., Ltd.
A company controlled by persons acting in concert with the
ultimate controller
Sichuan Jixian Digital Intelligence Supply Chain Technology
Companies controlled by the same actual controller

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
362
Co., Ltd. and its majority-owned subsidiaries
Caogen Zhiben Group Co., Ltd. and other majority-owned
subsidiaries
Companies controlled by the same actual controller
New Hope Chemical Investment Co., Ltd. and its majority-
owned subsidiaries
Companies controlled by the same actual controller
Other subsidiaries controlled by New Hope Holding Group
Co., Ltd.
Companies controlled by the same actual controller
Chengdu New Hope Industrial Investment Co., Ltd.
A company controlled by the same actual controller
Chengdu Yunlizhi Technology Co., Ltd. and its majority-owned
subsidiaries
Companies controlled by the same actual controller
Qingdao Fresh Life Technology Service Co., Ltd.
A company controlled by the same actual controller
Sichuan Xingong Shengfei Construction Engineering Co., Ltd.
A company controlled by the same actual controller
Sichuan New Hope Trade Co., Ltd.
A company controlled by the same actual controller
Tianjin Xinrong Supply Chain Service Co., Ltd. and its
majority-owned subsidiaries
Companies controlled by the same actual controller
Xinchuang Yunlian Industry Development Co., Ltd.
A company controlled by the same actual controller
New Hope Property Service Group Co., Ltd. and its majority-
owned subsidiaries
Companies controlled by the same actual controller
Yunnan Xinlong Mineral Feed Co., Ltd.
A company controlled by the same actual controller
Sichuan Mingxian Supply Chain Technology Co., Ltd. and its
majority-owned subsidiaries
Companies controlled by the same actual controller
Sichuan Niukou Lexuan Trade Co., Ltd.
A company controlled by the same actual controller
Lhasa ETDZ Xinlu Industrial Co., Ltd.
A company controlled by the same actual controller
Sichuan Huaxi Guoxing Real Estate Co., Ltd.
A company controlled by the same actual controller
Chengdu Win Choice Technology Service Co., Ltd. and its
subsidiaries
Companies controlled by the actual controller
Beijing Porridge Jiahe Restaurant Management Co., Ltd.
Company for which the controlling shareholder can exert
significant influence
Sichuan Yonghao Charity Foundation
A non-profit organization established by the actual controller
New Hope Turkey Feed and Farming Food Import & Export
and Industry Ltd.
A former associate (with all equity disposed of in 2025)

5. Related-party transactions
(1) Related-party transactions involving purchase and sale of goods and provision and receipt of services
Breakdown of purchase of goods/receipt of services
Unit: yuan
Related party
Details of RPT
Current amount
Transaction limit
approved
Whether the
transaction limit
was exceeded
Previous amount
Beijing
Meihaomei Deling
Food Co., Ltd.
Purchase of goods
34,299.00


393,115.06
Caogen Zhiben
Group Co., Ltd.
and other majority-
owned subsidiaries
Purchase of goods
90,338,798.57
56,000,000.00
Yes
36,647,699.90
Caogen Zhiben
Group Co., Ltd.
and other majority-
owned subsidiaries
Cold chain
transport services
7,742,083.44
20,000,000.00
No
1,097,214.89
Chengdu Tianfu
Purchase of goods
754.55




Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
363
Related party
Details of RPT
Current amount
Transaction limit
approved
Whether the
transaction limit
was exceeded
Previous amount
Xingxinxin
Farming
Technology Co.,
Ltd. and its
majority-owned
subsidiaries
Chengdu Hope
Food Co., Ltd. and
its majority-owned
subsidiaries
Purchase of goods
155,249,611.66
170,000,000.00
No
87,701,904.14
Chengdu New
Hope Industrial
Investment Co.,
Ltd.
Service charge



31,100.00
Chengdu Yunlizhi
Technology Co.,
Ltd. and its
majority-owned
subsidiaries
Cold chain
transport services
6,088,161.32
60,000,000.00
No
453,052,598.77
Deyang New Hope
Liuhe Food Co.,
Ltd. and other
majority-owned
subsidiaries
Purchase of goods
3,133,274.46
20,000,000.00
No
16,020,043.78
Guangdong Hope
No.1 Equity
Investment
Partnership (LP)
and its majority-
owned subsidiaries
Purchase of goods
211,560,694.34


43,077,481.36
Hangzhou
Zhongyi Eco-
Environmental
Engineering Co.
Ltd.
Engineering
construction
services
4,702,024.26
10,000,000.00
No
624,034.90
Qingdao Big
Herdsman
Machinery Co.,
Ltd. and its
majority-owned
subsidiaries
Purchase of
breeding
equipment
21,699,341.30


33,321,551.89
Qingdao Liuhe
Changlong Food
Co., Ltd.
Purchase of goods
7,138,057.10
10,000,000.00
No
48,162,697.63
Qingdao Fresh
Life Technology
Service Co., Ltd.
Cold chain
transport services
1,098,150.43
5,000,000.00
No
337,493.69
Shandong
Zhongxin Food
Group Co., Ltd.
and other majority-
owned subsidiaries
Purchase of goods
115,474,757.80
20,000,000.00
Yes
75,422,426.45
Shanghai Liuhe
Qinqiang Food
Purchase of goods



1,009,840.18

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364
Related party
Details of RPT
Current amount
Transaction limit
approved
Whether the
transaction limit
was exceeded
Previous amount
Co., Ltd.
Sichuan Jixian
Digital
Intelligence
Supply Chain
Technology Co.,
Ltd.
Purchase of goods
378,693,779.33
450,000,000.00
No
658,332,599.48
Sichuan Xingong
Shengfei
Construction
Engineering Co.,
Ltd.
Engineering
construction
services
783,848.22
20,000,000.00
No
20,020,290.04
Sichuan New
Hope Trade Co.,
Ltd.
Purchase of goods
1,381,397,219.26
2,500,000,000.00
No
1,879,535,925.15
Tianjin Xinrong
Supply Chain
Service Co., Ltd.
and its majority-
owned subsidiaries
Purchase of goods
142,194,550.13
250,000,000.00
No
308,796,307.85
Xinchuang Yunlian
Industry
Development Co.,
Ltd.
Purchase of goods
48,455,619.12
20,000,000.00
Yes
156,941,659.86
Other subsidiaries
controlled by New
Hope Holding
Group Co., Ltd.
Purchase of goods
840,114.14
10,000,000.00
No
2,055,583.05
New Hope Dairy
Co., Ltd. and its
majority-owned
subsidiaries
Purchase of goods
105,876.83


514,102.15
New Hope Dairy
Co., Ltd. and its
majority-owned
subsidiaries
Water, electricity
and service
282,845.01


259,484.12
New Hope
Property Service
Group Co., Ltd.
and its majority-
owned subsidiaries
Property
management,
catering services,
and purchase of
goods
7,675,534.45
10,000,000.00
No
2,816,396.65
Xinzhi Huide
Mechanical
Technology Co.,
Ltd. and its
majority-owned
subsidiaries
Purchase of
breeding
equipment
104,220,016.96
150,000,000.00
No
94,447,766.61
Xingyuan
Environment
Technology Co.,
Ltd. and other
majority-owned
subsidiaries
Purchase of
breeding
equipment
368,412.14
20,000,000.00
No

Xingyuan
Engineering
11,525,948.56
20,000,000.00
No


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365
Related party
Details of RPT
Current amount
Transaction limit
approved
Whether the
transaction limit
was exceeded
Previous amount
Environment
Technology Co.,
Ltd. and other
majority-owned
subsidiaries
construction
services
Yan’an
Xinyongxiang
Technology Co.,
Ltd.
Purchase of goods
8,800,853.11



Yunnan Xinlong
Mineral Feed Co.,
Ltd.
Purchase of goods
47,714,284.76
50,000,000.00
No
46,765,422.95
Sichuan Mingxian
Supply Chain
Technology Co.,
Ltd. and its
majority-owned
subsidiaries
Cold chain
transport services
426,297,023.84
920,000,000.00
No
28,487,598.00
Anhui Antai
Agricultural
Development Co.,
Ltd.
Purchase of goods
103,849.51



Sichuan Niukou
Lexuan Trade Co.,
Ltd.
Purchase of goods
41,054,616.06
80,000,000.00
No
3,236.00
Total

3,224,774,399.66
4,871,000,000.00

3,995,875,574.55
Statement of sale of goods/provision of services
Unit: yuan
Related party
Details of RPT
Current amount
Previous amount
Shilin New Hope Xuelan
Animal Husbandry Co., Ltd.
Sale of goods
11,375,088.26
23,019,684.14
Luliang New Hope Xuelan
Cow Breeding Co., Ltd.
Sale of goods
29,852,383.88
31,275,211.49
Yunnan New Hope Diequan
Animal Husbandry Co., Ltd.
Sale of goods
17,688,348.92
31,006,334.35
New Hope Ecological Animal
Husbandry Co., Ltd. and its
majority-owned subsidiaries
Sale of goods
87,419,919.98
62,806,033.74
New Hope Dairy Co., Ltd.
and other majority-owned
subsidiaries
Sale of goods
12,803,917.67
15,788,022.77
Sichuan Jixian Digital
Intelligence Supply Chain
Technology Co., Ltd. and its
majority-owned subsidiaries
Sale of goods
524,189,236.73
259,389,552.16
Caogen Zhiben Group Co.,
Ltd. and other majority-
owned subsidiaries
Sale of goods
14,448,327.02
7,157,117.57
New Hope Chemical
Investment Co., Ltd. and its
majority-owned subsidiaries
Sale of goods

3,368,671.22
Other subsidiaries controlled
Sale of goods
2,621,978.97
1,262,954.81

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
366
Related party
Details of RPT
Current amount
Previous amount
by New Hope Holding Group
Co., Ltd.
Beijing Meihaomei Deling
Food Co., Ltd.
Sale of goods
8,712,789.03
10,643,938.68
Hebei Kinghey Sausage
Casings Co., Ltd.
Sale of goods
14,774.10
6,524,260.68
Anhui Antai Agricultural
Development Co., Ltd.
Sale of goods
35,185,412.29
40,207,243.80
Beijing Porridge Jiahe
Restaurant Management Co.,
Ltd.
Sale of goods

63,904.59
Shanghai Liuhe Qinqiang
Food Co., Ltd.
Sale of goods
9,218,515.00
25,146,034.53
Xinzhi Huide Mechanical
Technology Co., Ltd. and its
majority-owned subsidiaries
Sale of goods
1,513,873.15
1,410,155.94
Hainan Nongken New Hope
Farming Technology Co., Ltd.
Sale of goods
211,312.68
12,111,820.54
Lezhi Xinmu Farming Co.,
Ltd.
Sale of goods
93,370,588.65
167,086,836.48
Rong County Xinmu Farming
Co., Ltd.
Sale of goods

74,417,198.93
Chengdu Tianfu Xingxinxin
Farming Technology Co., Ltd.
and its majority-owned
subsidiaries
Sale of goods
93,954,972.93
58,411,945.69
Yanggu Liuhe Luxin Food
Co., Ltd.
Sale of goods
373,394,638.74
440,065,343.27
Guantao Liuhe Food Co., Ltd.
Sale of goods
308,513,919.14
344,853,669.74
Panjin Liuhe Farming Co.,
Ltd.
Sale of goods
284,668,066.39
316,748,089.25
Anshan Liuhe Food Co., Ltd.
Sale of goods
259,842,124.32
305,959,687.73
Taiqian New Hope Liuhe
Luxin Food Co., Ltd.
Sale of goods
371,272,502.80
391,370,997.22
Shandong Zhongxin Food
Group Co., Ltd. and other
majority-owned subsidiaries
Sale of goods
4,157,620,318.87
5,013,653,522.35
Junan New Hope Liuhe Food
Co., Ltd.
Sale of goods
3,762,232.31
12,033,922.29
Puyang Hope Food Co., Ltd.
Sale of goods
3,265,578.79
10,878,855.87
Bengbu Hope Food Co., Ltd.
Sale of goods
7,938,660.33
14,733,017.90
Anshan Liuhe Jiahao Food
Co., Ltd.
Sale of goods
5,554,973.01
18,538,938.31
Nangong Hope Food Co., Ltd.
Sale of goods
5,656,842.04
33,680,923.79
Xiajin Hope Food Co., Ltd.
Sale of goods
7,084,302.68
30,788,522.14
Deyang New Hope Liuhe
Food Co., Ltd.
Sale of goods
9,383,720.77
51,749,766.20
Chengdu Hope Food Co., Ltd.
and its majority-owned
subsidiaries
Sale of goods
98,925,532.30
256,911,616.69
Deyang New Hope Liuhe
Food Co., Ltd. and its
majority-owned subsidiaries
Sale of goods
48,106,793.39
58,659,381.87
Xingyuan Environment
Technology Co., Ltd. and
other majority-owned
Sale of goods
2,374,320.25
3,720,888.00

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
367
Related party
Details of RPT
Current amount
Previous amount
subsidiaries
Guangdong Hope No.1
Equity Investment Partnership
(LP) and its majority-owned
subsidiaries
Sale of goods
256,847,826.49
316,514,001.95
New Hope Turkey Feed and
Farming Food Import &
Export and Industry Ltd.
Sale of goods
612,919.53

Anhui Antai Agricultural
Development Co., Ltd.
Provision of services
83,850.00
185,059.43
Caogen Zhiben Group Co.,
Ltd. and other majority-
owned subsidiaries
Provision of services

325,447.59
Chengdu Win Choice
Technology Service Co., Ltd.
and its subsidiaries
Provision of services

171,807.20
Xinzhi Huide Mechanical
Technology Co., Ltd. and its
majority-owned subsidiaries
Provision of services

71,902.76
New Hope Property Service
Group Co., Ltd. and its
majority-owned subsidiaries
Water, electricity and service
75,735.19
66,877.28
Total

7,147,566,296.60
8,452,779,160.94

(2) Related-party leases
The Company as lessor:
Unit: yuan
Name of lessee
Type of leased assets
Rental revenue recognized in
the current period
Rental revenue recognized in
the prior period
Beijing Meihaomei Deling
Food Co., Ltd.
Buildings and structures,
machinery and equipment
11,431,843.61
13,354,824.17
Yan’an Xinyongxiang
Technology Co., Ltd.
Pig farm
17,334,091.08
17,334,091.08
Caogen Zhiben Group Co.,
Ltd. and other majority-
owned subsidiaries
Office building, vehicles
2,745,364.87
1,853,870.53
Other subsidiaries controlled
by New Hope Holding Group
Co., Ltd.
Office building
110,476.22
110,476.22
Chengdu Hope Food Co., Ltd.
and its majority-owned
subsidiaries
Plant and equipment
2,265,549.28
2,406,192.53
Deyang New Hope Liuhe
Food Co., Ltd. and its
majority-owned subsidiaries
Plant and equipment
8,855,767.08
5,165,864.12
Nangong Hope Food Co., Ltd.
Plant and equipment
1,661,826.06
976,979.66
Xiajin Hope Food Co., Ltd.
Plant and equipment
1,380,975.03
793,251.11
Shandong Zhongxin Food
Group Co., Ltd. and other
majority-owned subsidiaries
Plant and equipment
4,372,306.64
3,543,368.29
Total

50,158,199.87
45,538,917.71

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368
The Company as lessee:
Unit: yuan
Name
of
lessor
Type of
leased
assets
Rental charges of
short-term leases
and leases of low-
value assets for
simplified
processing (if
applicable)
Variable lease
payments not
included in the
measurement of
lease liabilities (if
applicable)
Rental paid
Interest expenses
on lease liabilities
Right-of-use assets
added
Current
amount
Previou
s
amount
Current
amount
Previou
s
amount
Current
amount
Previou
s
amount
Current
amount
Previou
s
amount
Current
amount
Previou
s
amount
Sichuan
Huaxi
Guoxin
g Real
Estate
Co.,
Ltd.
Office
buildin
g




1,012,7
13.00
3,699,9
29.70
69,210.
76
155,398
.61
2,743,2
46.19

Grass
Green
Group
Co.,
Ltd.
and its
majorit
y-
owned
subsidi
aries
Wareho
uses
339,306
.72
190,032
.07


376,171
.80
562,645
.00
2,436.5
9
145,158
.38
113,366
.17
3,224,7
51.20
Sichuan
Niukou
Lexuan
Trade
Co.,
Ltd.
Equipm
ent
34,500.
00



34,500.
00





Shando
ng
Zhongx
in Food
Group
Co.,
Ltd.
and its
majorit
y-
owned
subsidi
aries
Plant,
land
and
equipm
ent

2,675,8
91.16


1,525,6
36.20
1,905,0
83.33
553,228
.87
42,279.
88
1,337,1
35.91
9,946,9
39.78
Chengd
u
Yunlizh
i
Technol
ogy
Co.,
Car

651,340
.83



651,340
.83





Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
369
Ltd.
and its
majorit
y-
owned
subsidi
aries
Sichuan
New
Huaxi
Dairy
Co.,
Ltd.
Office
buildin
g




1,185,9
43.20
1,088,0
21.28
37,161.
24
45,382.
86
2,056,3
37.22

Total

373,806
.72
3,517,2
64.06


4,134,9
64.20
7,907,0
20.14
662,037
.46
388,219
.73
6,250,0
85.49
13,171,
690.98
Notes on related-party leases

(3) Related-party guarantees
The Company as guarantor
Unit: yuan
Secured party
Amount guaranteed
Commencement date
of guarantee
Expiry date of
guarantee
Whether the security
has been fulfilled
Anyue Xingxinxin
Farming Technology
Co., Ltd.
10,647,616.35
May 19, 2021
May 19, 2027
No
Chengdu Tianfu
Xingxinxin Farming
Technology Co., Ltd.
261,200,000.00
January 17, 2023
January 17, 2030
No
Lezhi Xinmu Farming
Co., Ltd.
135,000,000.00
March 5, 2021
February 23, 2029
No
Rong County Xinmu
Farming Co., Ltd.
128,000,000.00
June 28, 2021
November 20, 2028
No
Yanyuan Xinliu
Farming Technology
Co., Ltd.
165,000,000.00
June 15, 2021
April 28, 2031
No
Total
699,847,616.35




(4) Remuneration of key management
Unit: yuan
Item
Current amount
Previous amount
Total compensation of key management
12,224,300.00
13,006,700.00
(5) Related-party financial services
1. Notes
Discounting at New Hope Finance by subsidiaries of the Group for purchase and sale business is as follows:
Name of related party
Closing balance
Opening balance
Current interest

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
370
expenses
New Hope Finance Co., Ltd.
1,835,345,279.96
2,095,579,907.17
43,946,983.78
2. Deposits
Name of related party
Closing balance
Opening balance
Current interest revenue
New Hope Finance Co., Ltd.
3,558,262,572.26
3,501,555,457.23
70,641,202.59
China Minsheng Banking Corporation
Limited
231,221.26
231,055.63
165.63
Sichuan XW Bank Co., Ltd.
96,674.73
96,660.71
391.83
Total
3,558,590,468.25
3,501,883,173.57
70,641,760.05
3. Loans
Name of related party
Closing balance
Opening balance
Current interest
expenses
New Hope Finance Co., Ltd.
1,007,950,000.00
1,291,200,000.00
10,460,289.69
4. Bond financing
Name of related party
Closing balance
Opening balance
Current interest
expenses
New Hope Finance Co., Ltd.
310,000,000.00
140,000,000.00
5,119,791.67
5. Acceptance of notes
As at December 31, 2025, the balance of notes payable issued by the Group and accepted by New Hope Finance Co., Ltd.
amounted to 1,019,085,279.07 yuan.
(6) Other RPTs
1. In 2025, the Group donated a total of 10,000 yuan through the Yonghao Foundation for educational charity-related work.
2. Interest income and expenditure of related parties
Item
Transaction
particular
Current amount
Previous amount
Beijing Meihaomei Deling Food Co., Ltd.
Interest
income
2,318,293.77
2,176,623.69
Anhui Antai Agricultural Development Co., Ltd.
Interest
income
1,152,263.23
1,376,603.77
Deyang New Hope Liuhe Food Co., Ltd. and its majority-
owned subsidiaries
Interest
income
500,963.43
1,509,385.21
Chengdu Tianfu Xingxinxin Farming Technology Co.,
Ltd.
Interest
income
7,416.63

Shandong Zhongxin Food Group Co., Ltd. and its
majority-owned subsidiaries
Interest
income

188,666.05
Total

3,978,937.06
5,251,278.72
Guangdong Hope No.1 Equity Investment Partnership
(LP) and its majority-owned subsidiaries
Interest
expenditure
902,022.12
753,210.23
Deyang New Hope Liuhe Food Co., Ltd. and its majority-
owned subsidiaries
Interest
expenditure
594,228.31
29,521,236.13
Shandong Zhongxin Food Group Co., Ltd. and its
majority-owned subsidiaries
Interest
expenditure

18,282,635.41
Total

1,496,250.43
48,557,081.77
Notes: Beijing Meihaomei Deling Food Co., Ltd. is a joint venture of the Group. Shareholders funded Beijing Meihaomei
Deling Food Co., Ltd. in proportion to their shareholdings with interest charged.
Anhui Antai Agricultural Development Co., Ltd. is an associate of the Group. The Group agreed to credit the outstanding
dividend payable by Anhui Antai Agricultural Development Co., Ltd. as loan lent to it, with interest accrued.
Deyang New Hope Liuhe Food Co., Ltd. was a subsidiary of the Group. After the control over it was transferred in 2023, it
was accounted for using the equity method as it still had a significant impact on the Group. Interest income for the current year is

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
371
the interest accrued on the outstanding borrowings of the aforementioned companies as of 2025; interest expenditure represents the
deposit interest given for the bank deposits that have not been paid by the aforementioned companies as of 2025.
Chengdu Tianfu Xingxinxin Farming Technology Co., Ltd. is an associate of the Group. Shareholders funded Chengdu Tianfu
Xingxinxin Farming Technology Co., Ltd. in proportion to their shareholdings with interest charged.
Guangdong Hope No.1 Equity Investment Partnership (LP) and its majority-owned subsidiaries are joint ventures of the
Group. Interest expenditure represents the interest on their receivables and payables.
6. Receivables from and payables to related parties
(1) Receivables
Unit: yuan
Item
Related party
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book balance
Provision for bad
debts
Notes receivable
Anhui
Antai
Agricultural
Development Co.,
Ltd.


5,000,000.00

Notes receivable
Yanggu
Liuhe
Luxin Food Co.,
Ltd.


6,548,706.60

Notes receivable
Taiqian New Hope
Liuhe Luxin Food
Co., Ltd.


8,071,243.80

Notes receivable
Guantao
Liuhe
Food Co., Ltd.


614,074.23

Notes receivable
Shandong
Zhongxin
Food
Group Co., Ltd.
and other majority-
owned subsidiaries
20,000,000.00

8,318,328.63

Notes receivable
Caogen
Zhiben
Group Co., Ltd.
and other majority-
owned subsidiaries
2,168,675.35

455,411.75

Notes receivable
Chengdu
Hope
Food Co., Ltd. and
its majority-owned
subsidiaries
14,170,313.63

41,241,752.23

Notes receivable
Deyang New Hope
Liuhe Food Co.,
Ltd.
3,551,609.63



Notes receivable
Xinzhi
Huide
Mechanical
Technology
Co.,
Ltd.
and
its
majority-owned
subsidiaries
1,098,850.23



Accounts
receivable
Nanjing
Heda
Food Co., Ltd.
2,539,568.66
2,539,568.66
4,120,588.66
4,120,588.66
Accounts
receivable
Caogen
Zhiben
Group Co., Ltd.
and other majority-
4,886,259.71
64,010.01
2,768,244.64
37,923.50

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372
Item
Related party
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book balance
Provision for bad
debts
owned subsidiaries
Accounts
receivable
New
Hope
Ecological Animal
Husbandry
Co.,
Ltd.
and
its
majority-owned
subsidiaries
207,440.00
2,717.47
100,071.20
1,310.93
Accounts
receivable
New Hope Dairy
Co., Ltd. and other
majority-owned
subsidiaries
555,045.52
7,271.09
76,000.00
995.60
Accounts
receivable
Beijing
Meihaomei Deling
Food Co., Ltd.
34,609,749.96
453,387.72
23,380,993.12
306,291.01
Accounts
receivable
Xinzhi
Huide
Mechanical
Technology
Co.,
Ltd.
and
its
majority-owned
subsidiaries


22,838,095.21
19,315,503.32
Accounts
receivable
Other subsidiaries
controlled by New
Hope
Holding
Group Co., Ltd.
730,554.77
9,570.26
123,061.23
1,612.10
Accounts
receivable
Shenyang
New
Hope
New
Agricultural
Industry
Fund
Partnership (LP)
3,570,679.87
3,570,679.87
3,570,679.87
3,570,679.87
Accounts
receivable
Hainan
Nongken
New
Hope
Farming
Technology
Co.,
Ltd.
234,061.12
234,061.12
234,061.12
234,061.12
Accounts
receivable
Lezhi
Xinmu
Farming Co., Ltd.
10,884,970.23
143,278.70
6,557,979.09
122,533.98
Accounts
receivable
Chengdu
Tianfu
Xingxinxin
Farming
Technology
Co.,
Ltd.
and
its
majority-owned
subsidiaries
15,952,558.19
7,053,113.02
12,352,477.86
7,005,951.95
Accounts
receivable
Yanggu
Liuhe
Luxin Food Co.,
Ltd.


26,307.00
344.63
Accounts
receivable
Taiqian New Hope
Liuhe Luxin Food
Co., Ltd.
18,451,091.80
241,709.40
25,474,356.90
333,762.30
Accounts
receivable
Guantao
Liuhe
Food Co., Ltd.


22,963.27
22,963.27
Accounts
receivable
Panjin
Liuhe
Farming Co., Ltd.
10,427.50
136.60
5,120.00
67.07
Accounts
Anshan
Liuhe
94,745.00
1,241.15
60,025.00
786.36

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373
Item
Related party
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book balance
Provision for bad
debts
receivable
Food Co., Ltd.
Accounts
receivable
Shandong
Zhongxin
Food
Group Co., Ltd.
and other majority-
owned subsidiaries
74,761,393.84
1,869,802.70
79,608,090.75
2,076,805.42
Accounts
receivable
Bengbu
Hope
Food Co., Ltd.
452,923.07
5,933.29
343,715.04
4,502.66
Accounts
receivable
Xiajin Hope Food
Co., Ltd.
168,928.70
2,212.96
199,173.16
2,609.16
Accounts
receivable
Junan New Hope
Liuhe Food Co.,
Ltd.
419,947.84
5,501.33
87,781.32
1,149.94
Accounts
receivable
Puyang Hope Food
Co., Ltd.
108,321.00
1,419.00
61,380.00
804.08
Accounts
receivable
Anshan
Liuhe
Jiahao Food Co.,
Ltd.
266,335.45
3,488.99
192,922.36
2,527.29
Accounts
receivable
Chengdu
Hope
Food Co., Ltd. and
its majority-owned
subsidiaries
14,684,171.08
192,362.65
2,266,989.98
29,697.57
Accounts
receivable
Deyang New Hope
Liuhe Food Co.,
Ltd.
3,906,465.83
51,174.71
452,295.41
5,925.07
Accounts
receivable
Deyang New Hope
Liuhe Food Co.,
Ltd.
and
its
majority-owned
subsidiaries
1,264,822.43
16,569.16
1,387,365.62
18,174.50
Accounts
receivable
Xingyuan
Environment
Technology
Co.,
Ltd.
and
other
majority-owned
subsidiaries


160,000.00
10,848.00
Accounts
receivable
Hebei
Kinghey
Sausage
Casings
Co., Ltd.
187,110.69
172,243.50
171,162.19
2,242.25
Accounts
receivable
Guangdong Hope
No.1
Equity
Investment
Partnership
(LP)
and its majority-
owned subsidiaries
71,156.46
932.15
660,638.00
8,654.36
Accounts
receivable
Nangong
Hope
Food Co., Ltd.
20,742.65
271.73


Accounts
receivable
New
Hope
Property
Service
Group Co., Ltd.
and its majority-
owned subsidiaries
6,600.00
86.46
6,600.00
86.46
Prepayments
New Hope Finance
Co., Ltd.
6,164,343.08

10,775,735.35


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374
Item
Related party
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book balance
Provision for bad
debts
Prepayments
Qingdao
Big
Herdsman
Machinery
Co.,
Ltd.
and
its
majority-owned
subsidiaries
81,373.30

4,560,747.88

Prepayments
New
Hope
Property
Service
Group Co., Ltd.
and its majority-
owned subsidiaries
13.30

81,038.90

Prepayments
Xinzhi
Huide
Mechanical
Technology
Co.,
Ltd.
and
its
majority-owned
subsidiaries
3,746,565.37

6,521,878.05

Prepayments
Caogen
Zhiben
Group Co., Ltd.
and other majority-
owned subsidiaries
1,986,304.61



Prepayments
Chengdu Yunlizhi
Technology
Co.,
Ltd.
and
its
majority-owned
subsidiaries


33,712.12

Prepayments
Shandong
Zhongxin
Food
Group Co., Ltd.
and other majority-
owned subsidiaries
84,895.13

67,162.16

Prepayments
Guangdong Hope
No.1
Equity
Investment
Partnership
(LP)
and its majority-
owned subsidiaries


513,690.26

Prepayments
Chengdu
Hope
Food Co., Ltd. and
its majority-owned
subsidiaries
46,308.60



Prepayments
Sichuan
Jixian
Digital
Intelligence
Supply
Chain
Technology
Co.,
Ltd.
288,922.00



Prepayments
Sichuan
Niukou
Lexuan Trade Co.,
Ltd.
872.30



Prepayments
Tianjin
Xinrong
Supply
Chain
Service Co., Ltd.
and its majority-
17,483.72




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375
Item
Related party
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book balance
Provision for bad
debts
owned subsidiaries
Dividends
receivable
Xinzhi
Huide
Mechanical
Technology
Co.,
Ltd.
and
its
majority-owned
subsidiaries


6,000,000.00

Dividends
receivable
Yan’an
Xinyongxiang
Technology
Co.,
Ltd.
5,610,000.00

5,610,000.00

Dividends
receivable
Other subsidiaries
controlled by New
Hope
Holding
Group Co., Ltd.


10,000,000.00

Other receivables
Beijing
Meihaomei Deling
Food Co., Ltd.
103,691,433.60
5,365,890.56
85,534,042.22
4,363,932.88
Other receivables
Caogen
Zhiben
Group Co., Ltd.
and other majority-
owned subsidiaries
389,999.99
147,944.99
200,000.00
113,490.00
Other receivables
Guangdong Hope
No.1
Equity
Investment
Partnership
(LP)
and its majority-
owned subsidiaries
31,133,458.80
11,947,693.70
34,444,897.46
4,664,568.67
Other receivables
Shenyang
New
Hope
New
Agricultural
Industry
Fund
Partnership (LP)
15,020.00
2,864.50
10,020.00
934.67
Other receivables
Lezhi
Xinmu
Farming Co., Ltd.
1,553,914.92
122,121.56
1,553,914.92
78,472.70
Other receivables
Chengdu
Tianfu
Xingxinxin
Farming
Technology
Co.,
Ltd.
and
its
majority-owned
subsidiaries
45,807,529.72
3,033,461.34
8,553,868.09
434,479.97
Other receivables
Shandong
Zhongxin
Food
Group Co., Ltd.
and other majority-
owned subsidiaries
500,000.00
25,250.00
534,253.78
27,042.13
Other receivables
Anhui
Antai
Agricultural
Development Co.,
Ltd.
13,985,061.29
1,864,728.35
26,919,200.00
1,359,419.60
Other receivables
Chengdu
Hope
Food Co., Ltd. and
its majority-owned
20,006,741.26
6,694,655.02
19,505,394.43
1,474,649.63

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376
Item
Related party
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book balance
Provision for bad
debts
subsidiaries
Other receivables
Deyang New Hope
Liuhe Food Co.,
Ltd.
58.23
2.94


Other receivables
Xinzhi
Huide
Mechanical
Technology
Co.,
Ltd.
and
its
majority-owned
subsidiaries
5,023,069.69
5,023,069.69
5,023,069.69
5,023,069.69
Other receivables
Other subsidiaries
controlled by New
Hope
Holding
Group Co., Ltd.
10,069,154.17
1,358,328.90
300,640,744.17
6,169,636.16
Other receivables
Anshan
Liuhe
Jiahao Food Co.,
Ltd.
7,604.00
384.00


Other receivables
New Hope Dairy
Co., Ltd. and other
majority-owned
subsidiaries
50,000.00
2,525.00


Other receivables
New
Hope
Property
Service
Group Co., Ltd.
and its majority-
owned subsidiaries
40,000.00
40,000.00
40,000.00
40,000.00
Other current
assets
New Hope Finance
Co., Ltd.
4,111,061.11

3,008,055.55

Other non-current
assets
Xinzhi
Huide
Mechanical
Technology
Co.,
Ltd.
and
its
majority-owned
subsidiaries
30,640,190.51

38,754,128.91

Other non-current
assets
Xingyuan
Environment
Technology
Co.,
Ltd.
and
other
majority-owned
subsidiaries
20,373,056.57

42,306,839.20

Other non-current
assets
Qingdao
Big
Herdsman
Machinery
Co.,
Ltd.
and
its
majority-owned
subsidiaries
14,370,641.71

14,509,893.98

Other non-current
assets
Chengdu
Tianfu
Xingxinxin
Farming
Technology
Co.,
Ltd.
and
its
majority-owned
subsidiaries
830,993.56

830,993.56

Other non-current
Sichuan Xingong
164,169.99




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377
Item
Related party
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book balance
Provision for bad
debts
assets
Shengfei
Construction
Engineering
Co.,
Ltd.
(2) Payables
Unit: yuan
Item
Related party
Closing book balance
Opening book balance
Notes payable
Qingdao Big Herdsman Machinery Co.,
Ltd. and its majority-owned subsidiaries
5,558,627.10
15,357,773.75
Notes payable
Sichuan New Hope Trade Co., Ltd.
703,967,850.18
325,406,824.11
Notes payable
Sichuan Xingong Shengfei Construction
Engineering Co., Ltd.
252,869.11
1,300,000.00
Notes payable
Xinzhi Huide Mechanical Technology Co.,
Ltd. and its majority-owned subsidiaries
28,877,043.64
27,235,188.54
Notes payable
Shandong Zhongxin Food Group Co., Ltd.
and other majority-owned subsidiaries

6,896,160.03
Notes payable
Hangzhou Zhongyi Eco-Environmental
Engineering Co. Ltd.

2,556,212.04
Notes payable
Xinchuang Yunlian Industry Development
Co., Ltd.

53,197,948.99
Notes payable
Other subsidiaries controlled by New Hope
Holding Group Co., Ltd.

155,200.00
Notes payable
Guangdong Hope No.1 Equity Investment
Partnership (LP) and its majority-owned
subsidiaries
44,305.45

Notes payable
Xingyuan Environment Technology Co.,
Ltd. and other majority-owned subsidiaries
1,245,087.27

Accounts
payable
Beijing Meihaomei Deling Food Co., Ltd.
12,126.27
12,126.27
Accounts
payable
Qingdao Big Herdsman Machinery Co.,
Ltd. and its majority-owned subsidiaries
36,100,897.69
38,161,421.75
Accounts
payable
Qingdao Fresh Life Technology Service
Co., Ltd.
24,512.97
41,250.57
Accounts
payable
Chengdu Yunlizhi Technology Co., Ltd. and
its majority-owned subsidiaries
760,658.30
60,065,461.99
Accounts
payable
Tianjin Xinrong Supply Chain Service Co.,
Ltd. and its majority-owned subsidiaries

8,660,160.54
Accounts
payable
Caogen Zhiben Group Co., Ltd. and other
majority-owned subsidiaries
6,800,572.54
21,879,722.05
Accounts
payable
New Hope Property Service Group Co.,
Ltd. and its majority-owned subsidiaries
296,280.28
3,095.15
Accounts
payable
New Hope Dairy Co., Ltd. and its majority-
owned subsidiaries
23,735.00
1,806.37
Accounts
payable
Hangzhou Zhongyi Eco-Environmental
Engineering Co. Ltd.
9,419,877.04
12,936,360.66
Accounts
payable
Xinzhi Huide Mechanical Technology Co.,
Ltd. and its majority-owned subsidiaries
29,259,295.45
65,867,747.05
Accounts
payable
Xingyuan Environment Technology Co.,
Ltd. and other majority-owned subsidiaries
21,255,593.12
35,428,669.88
Accounts
Xinchuang Yunlian Industry Development

2,808,290.20

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378
Item
Related party
Closing book balance
Opening book balance
payable
Co., Ltd.
Accounts
payable
Yunnan Xinlong Mineral Feed Co., Ltd.
2,958,276.12
1,835,979.14
Accounts
payable
Other subsidiaries controlled by New Hope
Holding Group Co., Ltd.
29,753.45
108,654.10
Accounts
payable
Chengdu Tianfu Xingxinxin Farming
Technology Co., Ltd. and its majority-
owned subsidiaries
104,261.35
136,606.57
Accounts
payable
Shandong Zhongxin Food Group Co., Ltd.
and other majority-owned subsidiaries
36,643,254.68
19,225.67
Accounts
payable
Sichuan Xingong Shengfei Construction
Engineering Co., Ltd.
327,658.09
3,204,743.13
Accounts
payable
Shanghai Liuhe Qinqiang Food Co., Ltd.

1,000,000.00
Accounts
payable
Chengdu Hope Food Co., Ltd. and its
majority-owned subsidiaries
12,068,496.67
7,539,907.64
Accounts
payable
Deyang New Hope Liuhe Food Co., Ltd.
and other majority-owned subsidiaries
183,978.40
243,542.29
Accounts
payable
Guangdong Hope No.1 Equity Investment
Partnership (LP) and its majority-owned
subsidiaries
7,306,112.06
2,921,680.16
Accounts
payable
Sichuan Jixian Digital Intelligence Supply
Chain Technology Co., Ltd.
797,370.00

Accounts
payable
Sichuan Mingxian Supply Chain
Technology Co., Ltd. and its majority-
owned subsidiaries
45,854,268.96

Accounts
payable
Sichuan Niukou Lexuan Trade Co., Ltd.
4,513,070.55
600.00
Accounts
payable
Qingdao Liuhe Changlong Food Co., Ltd.

1,833,899.91
Advance
collections
Lhasa ETDZ Xinlu Industrial Co., Ltd.

208,500,000.00
Advance
collections
Caogen Zhiben Group Co., Ltd. and other
majority-owned subsidiaries
19,885.00

Advance
collections
Shandong Zhongxin Food Group Co., Ltd.
and other majority-owned subsidiaries
1,019,250.00

Advance
collections
Xiajin Hope Food Co., Ltd.
226,356.44

Contract
liabilities
Luliang New Hope Xuelan Cow Breeding
Co., Ltd.
867,395.20
33,234.35
Contract
liabilities
New Hope Ecological Animal Husbandry
Co., Ltd. and its majority-owned
subsidiaries
490,372.79
9,035.01
Contract
liabilities
Sichuan Jixian Digital Intelligence Supply
Chain Technology Co., Ltd. and its
majority-owned subsidiaries
2,701,464.31
566,021.71
Contract
liabilities
Caogen Zhiben Group Co., Ltd. and other
majority-owned subsidiaries
207,207.46
115,494.99
Contract
liabilities
Anhui Antai Agricultural Development Co.,
Ltd.
362.25
190,100.00
Contract
liabilities
Shanghai Liuhe Qinqiang Food Co., Ltd.
11,561,571.15
10,544,840.98
Contract
liabilities
Yan’an Xinyongxiang Technology Co., Ltd.
3,191.42

Contract
liabilities
Beijing Meihaomei Deling Food Co., Ltd.
350.00
21,030.66

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379
Item
Related party
Closing book balance
Opening book balance
Contract
liabilities
Other subsidiaries controlled by New Hope
Holding Group Co., Ltd.
1,512,857.43
4,118,204.75
Contract
liabilities
Chengdu Win Choice Technology Service
Co., Ltd. and its subsidiaries
12,049.00
12,049.00
Contract
liabilities
Lezhi Xinmu Farming Co., Ltd.
10,611,137.13
12,180,306.73
Contract
liabilities
Rong County Xinmu Farming Co., Ltd.
850,407.60
850,409.91
Contract
liabilities
Chengdu Tianfu Xingxinxin Farming
Technology Co., Ltd. and its majority-
owned subsidiaries
337,729.65
337,729.65
Contract
liabilities
New Hope Finance Co., Ltd.
788.00
788.11
Contract
liabilities
Yunnan New Hope Diequan Animal
Husbandry Co., Ltd.
300,322.54

Contract
liabilities
Shandong Zhongxin Food Group Co., Ltd.
and other majority-owned subsidiaries
20,534,785.45
38,300,339.59
Contract
liabilities
Junan New Hope Liuhe Food Co., Ltd.

8,000.05
Contract
liabilities
Bengbu Hope Food Co., Ltd.

4,385.00
Contract
liabilities
Anshan Liuhe Jiahao Food Co., Ltd.

21,412.00
Contract
liabilities
Nangong Hope Food Co., Ltd.

16,191.10
Contract
liabilities
Xiajin Hope Food Co., Ltd.

176,324.97
Contract
liabilities
Deyang New Hope Liuhe Food Co., Ltd.
2,022,684.63
134,365.03
Contract
liabilities
Chengdu Hope Food Co., Ltd. and its
majority-owned subsidiaries
27,478.08
245,807.52
Contract
liabilities
Deyang New Hope Liuhe Food Co., Ltd.
and its majority-owned subsidiaries

162,677.80
Contract
liabilities
New Hope Turkey Feed and Farming Food
Import & Export and Industry Ltd.

184,193.76
Contract
liabilities
Guangdong Hope No.1 Equity Investment
Partnership (LP) and its majority-owned
subsidiaries
5,686,157.52
4,184,057.07
Contract
liabilities
Shilin New Hope Xuelan Animal
Husbandry Co., Ltd.
480,803.40

Contract
liabilities
New Hope Property Service Group Co.,
Ltd. and its majority-owned subsidiaries
102,615.00
66,740.00
Contract
liabilities
Guantao Liuhe Food Co., Ltd.
1,005,025.70

Other payables
Shanghai Liuhe Qinqiang Food Co., Ltd.
64,800.00
64,800.00
Other payables
Qingdao Big Herdsman Machinery Co.,
Ltd. and its majority-owned subsidiaries
359,886.51
124,278.11
Other payables
Anhui Xinhua Ducks Co., Ltd.
9,071,000.00
9,071,000.00
Other payables
Beijing Meihaomei Deling Food Co., Ltd.
13,351,481.05
6,547,116.05
Other payables
Yan’an Xinyongxiang Technology Co., Ltd.
1,500,000.00
1,500,000.00
Other payables
NHE (Beijing) Technology Co., Ltd.
609,910.31
609,910.31
Other payables
Qingdao Fresh Life Technology Service
Co., Ltd.
11.00
11.00
Other payables
Chengdu Yunlizhi Technology Co., Ltd. and
its majority-owned subsidiaries
2,330,667.18
4,582,917.86
Other payables
Sichuan Jixian Digital Intelligence Supply
100,000.00
100,000.00

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380
Item
Related party
Closing book balance
Opening book balance
Chain Technology Co., Ltd.
Other payables
Caogen Zhiben Group Co., Ltd. and other
majority-owned subsidiaries
483,601.31
51,000.00
Other payables
Xinzhi Huide Mechanical Technology Co.,
Ltd. and its majority-owned subsidiaries
262,000.00
364,120.00
Other payables
Other subsidiaries controlled by New Hope
Holding Group Co., Ltd.
313,660,063.45
140,033,295.95
Other payables
Sichuan Xingong Shengfei Construction
Engineering Co., Ltd.

5,000.00
Other payables
Chengdu Tianfu Xingxinxin Farming
Technology Co., Ltd. and its majority-
owned subsidiaries
43,894.22
576,103.45
Other payables
Shandong Zhongxin Food Group Co., Ltd.
and its majority-owned subsidiaries
34,472.43
65,142.80
Other payables
Chengdu Hope Food Co., Ltd. and its
majority-owned subsidiaries
20,645,099.55
19,352,934.34
Other payables
Deyang New Hope Liuhe Food Co., Ltd.
and its majority-owned subsidiaries
279,137.05
279,137.05
Other payables
Guangdong Hope No.1 Equity Investment
Partnership (LP) and its majority-owned
subsidiaries
408,685,745.66
366,477,008.68
Other payables
Hangzhou Zhongyi Eco-Environmental
Engineering Co. Ltd.
50,000.00
50,000.00
Other payables
Sichuan Mingxian Supply Chain
Technology Co., Ltd. and its majority-
owned subsidiaries
12,479,967.63
1,378,948.84
Other payables
Sichuan Niukou Lexuan Trade Co., Ltd.
884,600.25

XV. Share-based payments
1. Overview of share-based payments
Applicable □Not applicable
Unit: yuan
Recipient
by category
Current grant
Current exercise
Current unlocking
Current lapse
Quantity
Amount
Quantity
Amount
Quantity
Amount
Quantity
Amount
Employee
Stock
Ownership
Plan 2024
0
0.00
0
0.00
0
0.00
0
0.00
Total
0
0.00
0
0.00
0
0.00
0
0.00
Stock options or other equity instruments outstanding at the end of the period
Applicable □Not applicable

Recipient by category
Stock options outstanding at the end of the period
Other equity instruments outstanding at the end of
the period
Range of exercise
prices
Remaining term of
contract
Range of exercise
prices
Remaining term of
contract
Employee Stock
Ownership Plan 2024


4.81 yuan
6 month

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
381

2. Share-based payments settled in equities
Applicable □Not applicable
Unit: yuan
Determination of fair value of equity instruments at the grant
date
Closing price per share at the grant date
Key parameters of fair value of equity instruments at the grant
date
Closing price per share at the grant date
Basis of determination of the number of vested equity
instruments
Best estimate at the end of each period based on the
performance of the assessment and non-market conditions
Causes of significant difference between the current estimates
and prior-period estimates
None
Accumulated amount of share-based payment settled in equities
included in capital reserve
332,966,493.30
Total expenses recognized for share-based payment settled in
equities in the current period
27,105,092.16
Other notes:
Employee Stock Ownership Plan 2024
The source of stocks for this ESOP is A-share common stocks of New Hope repurchased through the Company's account for
repurchase The total number of employees included in the ESOP at the time of its establishment was 180 at most, including
overseas business related core employees of the Group; the grant price is 4.81 yuan per share for 18 months from the day when the
Company announces the transfer of the last target stock to the employee stock ownership plan. The exercise price is 4.81 yuan per
share for 18 months from the day when the Company announces the transfer of the last target stock to the employee stock
ownership plan. On December 25, 2024, the stocks in the Company’s account for repurchase were transferred to the "New Hope
Liuhe Co., Ltd. - Employee Stock Ownership Plan 2024" account through a non-trading transfer.
As at December 31, 2025, the cumulative amount of equity-settled share-based payments recognized in capital reserve was
332,966,493.30 yuan. Total expense recognized for equity-settled share-based payment in the current period amounts to
27,105,092.16 yuan.
3. Sash-settled share-based payments
□Applicable Not applicable
4. Current share-based payments
Applicable □Not applicable
Unit: yuan
Recipient by category
Equity-settled share-based payment
Cash-settled share-based payment
Key management personnel
27,105,092.16
0.00
R&D personnel
0.00
0.00
Total
27,105,092.16
0.00

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382

XVI. Commitments and contingencies
1. Material commitments
Material commitments existing on the balance sheet date
None
2. Contingencies
(1) Material contingencies existing on the balance sheet date
None
(2) Specify any material contingencies that the Company is not required to disclose
The Company had no material contingencies to disclose.
3. Others
None
XVII. Events after the balance sheet date
1. Material non-adjusting events
Unit: yuan
Item
Content
Amount of effect on financial
position and business results
Reasons for inability to
estimate the amount of effect
Issuance of stocks and bonds
At the second extraordinary
general meeting of 2024 held
on September 26, 2024, the
Proposal on Issuing Medium-
Term Notes was approved,
agreeing to apply to the
National
Association
of
Financial Market Institutional
Investors for registration to
issue medium-term notes not
exceeding
3
billion
(inclusive),
with
the
Acceptance of Registration
Notice
(ZSXZ
[2024]
MTN1300) issued by the
NAFMII
obtained.
On
January
22,
2026,
the
Company issued 2026 First
Tranche
Green
Innovation
and Technology Bond (for
-63,000,000.00


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
383
Rural Revitalization), with an
issuance amount of 1 billion
yuan, an issuance interest rate
of 2.1%, and a term of 3
years.
Significant
outbound
investment
None


Significant debt restructuring
None


Natural disasters
None


Significant changes in foreign
exchange rate
None


2. Profit distribution
Profit distribution plan
At the 13th meeting of the 10th Board of Directorsy, the
Company's 2025 annual distribution plan was proposed as
follows: no cash dividend for 2025, no bonus shares, no
conversion of surplus fund into additional capital, and carrying
forward of retained earnings to the next year.
3. Sales return
None
4. Notes on other events after the balance sheet date
No other events after the balance sheet date that need to be disclosed.
XVIII. Other important matters
1. Segments
(1) Basis of determination of reporting segments and their accounting policies
The Group determines its operating segments based on its internal organizational structure, management requirements, and internal
reporting system. The operating segments of the Group refer to the components that meet all of the following conditions:
1) Such components can generate revenue and incur expenses in day-to-day activities;
2) The company management can evaluate the business results of such components on a regular basis to determine allocation of
resources to them and evaluate their performance;
3) The financial condition, business results, cash flow and other related accounting information about such components are
available. The Group categorizes its segments by region and industry.
(2) Financial information of reporting segments
Unit: yuan

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
384
Item
Domestic
Overseas
Total
Inter-segment offset
Total
Operating
income
84,508,949,407.75
22,347,349,312.72
106,856,298,720.47

106,856,298,720.47
Operating
costs
80,073,920,449.11
20,069,108,022.32
100,143,028,471.43

100,143,028,471.43
Total
assets
358,156,493,551.77
13,686,214,919.80
371,842,708,471.57
257,610,115,652.65
114,232,592,818.92
Total
liabilities
252,244,478,335.89
5,379,188,818.11
257,623,667,154.00
177,781,118,652.90
79,842,548,501.10
(3) Specify the reason why the Company has no reporting segments or cannot disclose total assets or total
liabilities of each reporting segment
Segment information determined to be reported based on industry distribution
Item
Operating income
Operating costs
Total assets
Total liabilities
Feed
76,018,681,424.51
72,141,515,312.79
32,873,879,819.02
22,340,834,867.35
Pig business
28,528,575,460.41
26,201,274,738.57
108,692,965,064.92
91,204,963,805.28
Others
2,309,041,835.55
1,800,238,420.07
230,275,863,587.63
144,077,868,481.37
Total
106,856,298,720.47
100,143,028,471.43
371,842,708,471.57
257,623,667,154.00
Less: Internal offset
-
-
257,610,115,652.65
177,781,118,652.90
Total after offset
106,856,298,720.47
100,143,028,471.43
114,232,592,818.92
79,842,548,501.10

2. Others
No other matters to be disclosed.
XIX. Notes to key items of financial statements of the parent company
1. Accounts receivable
(1) Disclosure by aging
Unit: yuan
Aging
Closing book balance
Opening book balance
1-2 years

571,109.99
2-3 years
571,109.99

Total
571,109.99
571,109.99
(2) Disclosure by bad debt provision method
Unit: yuan
Category
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book
value
Book balance
Provision for bad
debts
Book
value
Amount
Percenta
ge
Amount
Proporti
on of
accrual
Amount
Percenta
ge
Amount
Proporti
on of
accrual

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
385
Incl.:










Account
s
receivabl
e with
provisio
n for bad
debts on
a
portfolio
basis
571,109.
99
100.00%
571,109.
99
100.00%
0.00
571,109.
99
100.00%
571,109.
99
100.00%
0.00
Incl.:










Total
571,109.
99
100.00%
571,109.
99
100.00%

571,109.
99
100.00%
571,109.
99
100.00%

Whether it is provision for accounts receivable bad debts made according to the general model of expected credit loss:
□Applicable Not applicable
(3) Breakdown of bad debt provision accrued, recovered or reversed in the current period
Bad debt provision accrued during this period:
Unit: yuan
Category
Opening
balance
Current change
Closing balance
Accrued
Recovered or
reversed
Write-off
Others
Bad debt
provision for
account
receivables
571,109.99




571,109.99
Total
571,109.99




571,109.99
(4) Breakdown of accounts receivable actually written off in the current period
None.
(5) Top five accounts receivable and contract assets in closing balance by debtor
Unit: yuan
Entity name
Closing balance of
accounts
receivable
Closing balance of
contract assets
Closing balance of
accounts
receivable and
contract assets
Percentage in the
total closing
balance of
accounts
receivable and
contract assets
Closing balance of
bad debt provision
for account
receivables and
provision for
impairment of
contract assets
No. 1
571,109.99

571,109.99
100.00%
571,109.99
Total
571,109.99

571,109.99
100.00%
571,109.99

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386
2. Other receivables
Unit: yuan
Item
Closing balance
Opening balance
Dividends receivable
101,183,728.40
111,954,814.90
Other receivables
81,091,230,038.61
78,188,239,817.55
Total
81,192,413,767.01
78,300,194,632.45
(1) Dividends receivable
(1) Dividends receivable by category
Unit: yuan
Project (or investee)
Closing balance
Opening balance
Yunnan New Hope Liuhe Breeding Co.,
Ltd.
70,996,006.97
70,996,006.97
Mianyang New Hope Liuhe Farming
Technology Co., Ltd.
12,988,618.32
12,988,618.32
Guanghan Guoxiong Feed Co., Ltd.
17,199,103.11
17,199,103.11
Hainan New Hope Agriculture Co., Ltd.

10,000,000.00
Sichuan Xinle Plastics Co., Ltd.

771,086.50
Total
101,183,728.40
111,954,814.90
2) Significant dividends receivable older than one year
Unit: yuan
Project (or investee)
Closing balance
Aging
Cause for not
recovered
Whether there is
impairment and the
basis of judgment
Yunnan New Hope
Liuhe Breeding Co.,
Ltd.
70,996,006.97
4-5 years
Declared but not yet
paid
No
Mianyang New Hope
Liuhe Farming
Technology Co., Ltd.
12,988,618.32
1-2 years
Declared but not yet
paid
No
Guanghan Guoxiong
Feed Co., Ltd.
17,199,103.11
1-2 years
Declared but not yet
paid
No
Total
101,183,728.40


(2) Other receivables
1) Other receivables categorized by nature of amount
Unit: yuan
Nature
Closing book balance
Opening book balance
Receivables within the scope of
consolidated statements
80,908,117,436.33
78,018,407,274.58
Petty cash
154,765.09
203,941.83
Margins and deposits
10,358,158.18
17,145,886.18
Current accounts
162,665,184.56
109,129,757.97

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387
Payments for share transfer
47,655,000.00
59,414,743.30
Total
81,128,950,544.16
78,204,301,603.86
2) Disclosure by age
Unit: yuan
Aging
Closing book balance
Opening book balance
Less than 1 year (inclusive)
81,054,721,930.13
78,140,230,000.95
1-2 years
5,204,172.74
54,006,675.03
2-3 years
63,924,583.24
2,188,680.99
Older than 3 years
5,099,858.05
7,876,246.89
3-4 years
1,063,680.99
3,994,738.01
4-5 years
190,859.96
786,190.54
Older than 5 years
3,845,317.10
3,095,318.34
Total
81,128,950,544.16
78,204,301,603.86
3) Disclosure by bad debt provision method
Unit: yuan
Category
Closing balance
Opening balance
Book balance
Provision for bad
debts
Book
value
Book balance
Provision for bad
debts
Book
value
Amount
Percenta
ge
Amount
Proporti
on of
accrual
Amount
Percenta
ge
Amount
Proporti
on of
accrual
Provisio
n for bad
debts on
an
individu
al basis





58,289,7
43.30
0.07%
874,346.
15
1.50%
57,415,3
97.15
Incl.:










Provisio
n for bad
debts on
a
portfolio
basis
81,128,9
50,544.1
6
100.00%
37,720,5
05.55
0.05%
81,091,2
30,038.6
1
78,146,0
11,860.5
6
99.93%
15,187,4
40.16
0.02%
78,130,8
24,420.4
0
Incl.:










Total
81,128,9
50,544.1
6
100.00%
37,720,5
05.55
0.05%
81,091,2
30,038.6
1
78,204,3
01,603.8
6
100.00%
16,061,7
86.31
0.02%
78,188,2
39,817.5
5
Provision for bad debts on an individual basis: significant other receivables with provision for bad debts on an individual basis
Unit: yuan
Name
Opening balance
Closing balance
Book balance
Provision for
bad debts
Book balance
Provision for
bad debts
Proportion of
accrual
Reason for
provision
Entity 1
47,655,000.00
714,825.00





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388
Entity 2
10,634,743.30
159,521.15




Total
58,289,743.30
874,346.15



Provision for bad debts on a portfolio basis: other receivable with provision for bad debts on a portfolio basis
Unit: yuan
Name
Closing balance
Book balance
Provision for bad debts
Proportion of accrual
Subsidiaries within the scope
of consolidation
80,908,117,436.33


Less than 1 year (inclusive)
146,604,493.80
7,403,526.94
5.05%
1-2 years
5,204,172.74
702,042.89
13.49%
2-3 years
63,924,583.24
24,515,077.67
38.35%
Older than 3 years
5,099,858.05
5,099,858.05
100.00%
Total
81,128,950,544.16
37,720,505.55
Notes on basis for determination of this portfolio:
Refer to “Note V. (14) Other receivables”.
Provision for bad debts according to the general model of expected credit loss:
Unit: yuan
Provision for bad debts
Stage 1
Stage 2
Stage 3
Total
Expected credit loss in
the coming 12 months
Expected credit loss
throughout the duration
(no credit impairment)
Expected credit loss
throughout the duration
(with credit
impairment)
Balance as at January
1, 2025

8,185,539.42
7,876,246.89
16,061,786.31
Balance as at January
1, 2025




- into Stage 3

-148,487,439.10
148,487,439.10

Current accrual

172,922,547.18

172,922,547.18
Current written-off


151,263,827.94
151,263,827.94
Balance as at
December 31, 2025

32,620,647.50
5,099,858.05
37,720,505.55
The basis for the division of each stage and the ratio of provisions for bad debts
Refer to “Note V. (14) Other receivables”.
Changes in book balance with respect to which current changes in the loss provision are significant
□Applicable Not applicable
4) Bad debt provision accrued, recovered or reversed within this period
Bad debt provision accrued during this period:
Unit: yuan
Category
Opening
balance
Current change
Closing balance
Accrued
Recovered or
reversed
Resold or
written off
Others

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
389
Bad debt
provision for
other
receivables
16,061,786.31
172,922,547.18

151,263,827.94

37,720,505.55
Total
16,061,786.31
172,922,547.18

151,263,827.94

37,720,505.55
5) Other receivables actually charged off in the current period
Unit: yuan
Item
Amount written off
Other receivables actually charged off
151,263,827.94
Significant charge-off of other receivables:
Unit: yuan
Entity name
Nature of other
receivables
Amount written
off
Cause of write-off
Charge-off
procedure
performed
Whether the
amounts were
incurred by
related-party
transaction
Entity 1
Current accounts
149,999,972.80
Deregistration
Approval step-by-
step
Yes
Total

149,999,972.80


6) Top five other receivables in closing balance by debtor
Unit: yuan
Entity name
Nature of amount
Closing balance
Aging
Percentage in the
combined closing
balance of other
receivables
Closing balance of
bad debt provision
Beijing New Hope
Liuhe
Biotechnology
Industry Group
Co., Ltd.
Internal current
accounts
23,517,694,038.61
Within 1 year
28.99%
0.00
Golden Oak
Investment
Holdings (Tianjin)
Co., Ltd.
Internal current
accounts
8,625,351,500.00
Within 1 year
10.63%
0.00
Tongliao Xinhao
Farming Co., Ltd.
Internal current
accounts
2,090,031,015.00
Within 1 year
2.58%
0.00
Dongying Xinhao
Modern Farming
Co., Ltd.
Internal current
accounts
1,549,766,105.29
Within 1 year
1.91%
0.00
Kangping
Xinwang Farming
Co., Ltd.
Internal current
accounts
1,228,515,811.46
Within 1 year
1.51%
0.00
Total

37,011,358,470.36
45.62%
0.00
7) Reported as other receivables due to centralized fund management
The Company had no items reported as other receivables due to centralized fund management during this period.

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390

3. Long-term equity investments
Unit: yuan
Item
Closing balance
Opening balance
Book balance
Impairm
ent
provisio
n
Book value
Book balance
Impairm
ent
provisio
n
Book value
Investment in
subsidiaries
23,921,183,792.88

23,921,183,792.88
18,804,851,487.38

18,804,851,487.38
Investment in
associates and
joint ventures
1,514,358,592.16

1,514,358,592.16
1,513,915,805.44

1,513,915,805.44
Total
25,435,542,385.04

25,435,542,385.04
20,318,767,292.82

20,318,767,292.82
(1) Investment in subsidiaries
Unit: yuan
Investee
Opening balance
(book value)
Openi
ng
balan
ce of
impai
rment
provi
sion
Current increase/decrease
Closing balance
(book value)
Closin
g
balanc
e of
impair
ment
provis
ion
Additional
investment
Reduced
investment
Provis
ion for
impair
ment
Other
s
Mianyang
New Hope
Liuhe
Farming
Technology
Co., Ltd.
20,000,000.00

300,000,000.00



320,000,000.00

Guanghan
Guoxiong
Feed Co.,
Ltd.
12,554,935.80

360,000,000.00



372,554,935.80

Kunming
New Hope
Agricultura
l
Technology
Co., Ltd.
9,966,510.03





9,966,510.03

Zunyi
Jiahao Feed
Co., Ltd.
6,995,416.81





6,995,416.81

Qujing
Guoxiong
Feed Co.,
Ltd.
3,943,229.08





3,943,229.08

Beijing
New Hope
46,500,000.00


46,500,000.00





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391
Investee
Opening balance
(book value)
Openi
ng
balan
ce of
impai
rment
provi
sion
Current increase/decrease
Closing balance
(book value)
Closin
g
balanc
e of
impair
ment
provis
ion
Additional
investment
Reduced
investment
Provis
ion for
impair
ment
Other
s
Farming
Technology
Co., Ltd.
Hebei New
Hope Feed
Co., Ltd.
100,000,000.00


100,000,000.00




Taizhou
New Hope
Agriculture
Co., Ltd.
92,845,459.17





92,845,459.17

Lhasa New
Hope
Industrial
Co., Ltd.
22,000,000.00





22,000,000.00

Mangshi
New Hope
Farming
Technology
Co., Ltd.
10,000,000.00





10,000,000.00

Kunming
New Hope
Animal
Nutritious
Food Co.,
Ltd.
100,480,253.33





100,480,253.33

Emeishan
New Hope
Liuhe Feed
Co., Ltd.
10,000,000.00

260,000,000.00



270,000,000.00

Wulong
New Hope
Liuhe Feed
Co., Ltd.
10,000,000.00





10,000,000.00

Baoji New
Hope
Farming
Co., Ltd.
100,420,221.67





100,420,221.67

Sanyuan
New Hope
Feed Co.,
Ltd.
20,000,000.00





20,000,000.00

Wuzhou
New Hope
Liuhe Feed
Co., Ltd.
50,000,000.00





50,000,000.00

Huanggang
New Hope
Feed
Technology
20,000,000.00





20,000,000.00


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392
Investee
Opening balance
(book value)
Openi
ng
balan
ce of
impai
rment
provi
sion
Current increase/decrease
Closing balance
(book value)
Closin
g
balanc
e of
impair
ment
provis
ion
Additional
investment
Reduced
investment
Provis
ion for
impair
ment
Other
s
Co., Ltd.
Huaihua
New Hope
Liuhe Feed
Co., Ltd.
20,000,000.00





20,000,000.00

Yingtan
New Hope
Feed Co.,
Ltd.
20,000,000.00





20,000,000.00

Ningxia
New Hope
Ruminant
Animal
Nutritious
Food Co.,
Ltd.
20,308,781.67





20,308,781.67

Xiangyang
New Hope
Liuhe Feed
Co., Ltd.
20,000,000.00





20,000,000.00

Zunyi New
Hope Liuhe
Agricultura
l
Technology
Co., Ltd.
10,000,000.00





10,000,000.00

Guangzhou
Liuhe Feed
Co., Ltd.
49,280,253.33





49,280,253.33

Sichuan
Xinle
Plastics
Co., Ltd.
4,023,039.62





4,023,039.62

Jiangsu
Tiancheng
Healthcare
Products
Co., Ltd.
40,800,000.00





40,800,000.00

New Hope
Liuhe
Investment
Co., Ltd.
503,191,958.85





503,191,958.85

Sichuan
New Hope
Liuhe
Technologi
cal
Innovation
Co., Ltd.
19,380,728.33





19,380,728.33


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
393
Investee
Opening balance
(book value)
Openi
ng
balan
ce of
impai
rment
provi
sion
Current increase/decrease
Closing balance
(book value)
Closin
g
balanc
e of
impair
ment
provis
ion
Additional
investment
Reduced
investment
Provis
ion for
impair
ment
Other
s
New Hope
Liuhe Food
Holdings
Co., Ltd.
100,000,000.00





100,000,000.00

Yunnan
New Hope
Liuhe
Breeding
Co., Ltd.
3,073,273.33





3,073,273.33

Xizang
Linzhi New
Hope Liuhe
Breeding
Co., Ltd.
12,081,000.00





12,081,000.00

Chengdu
Fenglan
Technology
Co., Ltd.
50,713,650.00





50,713,650.00

Guangyuan
New Hope
Liuhe
Farming
Technology
Co., Ltd.
3,000,000.00


3,000,000.00




Tianjin
Dingcheng
Zhizi
Investment
Co., Ltd.
100,000,000.00





100,000,000.00

Golden
Oak
Investment
Holdings
(Tianjin)
Co., Ltd.
300,000,000.00





300,000,000.00

Yangling
Besun
Agricultura
l Industry
Group Co.,
Ltd.
2,236,936,585.75

1,500,000,000.0
0



3,736,936,585.7
5

Chongqing
Tongliang
New Hope
Liuhe
Farming
Technology
Co., Ltd.
20,000,000.00





20,000,000.00

Qingdao
50,000,000.00





50,000,000.00


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
394
Investee
Opening balance
(book value)
Openi
ng
balan
ce of
impai
rment
provi
sion
Current increase/decrease
Closing balance
(book value)
Closin
g
balanc
e of
impair
ment
provis
ion
Additional
investment
Reduced
investment
Provis
ion for
impair
ment
Other
s
Xinhang
Engineerin
g
Manageme
nt Co., Ltd.
Beijing
New Hope
Liuhe
Biotechnol
ogy
Industry
Group Co.,
Ltd.
497,678,173.17





497,678,173.17

New Hope
Singapore
Pte. Ltd.
1,049,702,602.80





1,049,702,602.8
0

New Hope
Internation
al Holdings
(Pte.) Ltd.
94,167,694.50


94,167,694.50




Sichuan
New Hope
Liuhe
Farming
Co., Ltd.
3,252,335,894.98





3,252,335,894.9
8

Shandong
New Hope
Liuhe
Group Co.,
Ltd.
8,286,464,881.57

500,000,000.00



8,786,464,881.5
7

New Hope
Liuhe Feed
Co., Ltd.
478,711,323.70

240,000,000.00



718,711,323.70

Xintai New
Hope Feed
Co., Ltd.
4,800,000.00





4,800,000.00

Sichuan
New Hope
Animal
Nutrition
Technology
Co., Ltd.
782,097,862.23

100,000,000.00



882,097,862.23

Qingdao
Xinmu
Zhihe
Technology
Co., Ltd.
11,200,000.00





11,200,000.00

Xiamen
New Hope
100,000,000.00





100,000,000.00


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
395
Investee
Opening balance
(book value)
Openi
ng
balan
ce of
impai
rment
provi
sion
Current increase/decrease
Closing balance
(book value)
Closin
g
balanc
e of
impair
ment
provis
ion
Additional
investment
Reduced
investment
Provis
ion for
impair
ment
Other
s
Liuhe
Agricultura
l Supply
Chain Co.,
Ltd.
Ju County
New Hope
Liuhe Feed
Co., Ltd.
2,400,000.00





2,400,000.00

Xinliu
Chuanyi
(Fujian)
Farming
Developme
nt Co., Ltd.


2,100,000,000.0
0



2,100,000,000.0
0

Emeishan
New Hope
Feed Co.,
Ltd.








Others
26,797,757.66





26,797,757.66

Total
18,804,851,487.3
8

5,360,000,000.0
0
243,667,694.50


23,921,183,792.
88

(2) Investments in associates and joint ventures
Unit: yuan


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
396
Investee
Opening balance
(book value)
Opening
balance of
impairmen
t provision
Current increase/decrease
Closing balance
(book value)
Closing
balance of
impairmen
t provision
Additional
investmen
t
Reduced
investmen
t
Gains or
losses on
investment
under equity
method
Adjustment
for other
comprehensiv
e income
Other
equity
change
s
Cash
dividends
or profits
declared
for
distributio
n
Provision
for
impairmen
t
Other
s
I. Joint ventures
Beijing
Meihaomei
Deling
Food Co.,
Ltd.












II. Associates
New Hope
Finance
Co., Ltd.
1,148,685,258.5
8



31,817,232.1
3





1,180,502,490.7
1

Chengdu
Tianfu
Xingxinxin
Farming
Technology
Co., Ltd.
360,251,524.52



-
31,367,351.3
7





328,884,173.15

CNAMPG
C Feed
Grain
Technology
Innovation
(Shenzhen)
Co., Ltd.
4,979,022.34



-7,094.04





4,971,928.30

Subtotal
1,513,915,805.4
4



442,786.72





1,514,358,592.1
6

Total
1,513,915,805.4
4



442,786.72





1,514,358,592.1
6


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
397
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable Not applicable
(3) Other notes
Note: as the net assets of Beijing Meihaomei Deling Food Co., Ltd. were negative, the Company wrote the investment cost down
to 0 using the equity method.
4. Operating income and operating costs
Unit: yuan
Item
Current amount
Previous amount
Income
Cost
Income
Cost
Main business
435,375,068.94
421,468,191.21
394,217,392.55
395,028,025.58
Other businesses
14,831,887.56
75.89
10,475,035.18

Total
450,206,956.50
421,468,267.10
404,692,427.73
395,028,025.58
Breakdown of operating income and operating costs:
Unit: yuan
Contract classification
Current amount
Aggregate of the same period last year
Operating income
Operating costs
Operating income
Operating costs
Business type




Incl.:




Feed
435,375,068.94
421,468,191.21
394,217,392.55
395,028,025.58
Others
14,831,887.56
75.89
10,475,035.18

By region of operation




Incl.:




Domestic
450,206,956.50
421,468,267.10
404,692,427.73
395,028,025.58
Total
450,206,956.50
421,468,267.10
404,692,427.73
395,028,025.58

Information related to transaction prices allocated to remaining performance obligations:
The amount of revenue corresponding to performance obligations already contracted but not yet performed or completed at the end
of this reporting period is 22,784,676.62 yuan, of which 22,784,676.62 yuan is expected to be recognized in 2026.

5. Investment income
Unit: yuan
Item
Current amount
Previous amount
Income on long-term equity investments
accounted for under the cost method
29,092,438.40
179,211,445.69
Long-term equity investment income
under equity method
442,786.72
-21,255,235.79

Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
398
Investment income from disposal of
long-term equity investments
-4,180,855.44
-23,934,780.57
Dividend income from investments in
other equity instruments during the
holding period
6,784,000.00
6,784,000.00
Total
32,138,369.68
140,805,429.33

XX. Additional information
1. Breakdown of current non-recurring gains and losses
Applicable □Not applicable
Unit: yuan
Item
Amount
Notes
Gain or loss on disposal of non-current
assets
-495,646,636.75

Government grants included in the
current
profit
or
loss
(excluding
government grants that are closely
related to the business operations of the
Company and granted under defined
standards in compliance with national
policies, and have a continuous impact
on the profit and loss of the Company)
76,781,850.90

Gain or loss from changes in fair value
of financial assets and financial liabilities
held by non-financial enterprises and
gain or loss on disposal of financial
assets and financial liabilities, except for
the effective hedging transactions related
to normal business operations of the
Company
23,206,669.89

Charge on the use of funds from non-
financial business included in the current
profit or loss
3,978,937.06

Reversal of impairment provision for
receivables
subject
to
separate
impairment test
75,888,212.63

Income generated by the share of the fair
value of identifiable net assets of the
investee at the time of acquisition of
investment higher than the cost of
acquisition of subsidiaries, associates,
and joint ventures
0.00

Gain or loss from debt restructuring
1,197,312.80

Other
non-operating
income
and
expenses other than those described
above
-20,977,836.65

Less: impacted income tax
9,587,036.84


Full text of the 2025 Annual Report of New Hope Liuhe Co., Ltd.
399
Impacted minority equity (after tax)
-34,461,093.08

Total
-310,697,433.88
--
Details of other gain and loss items that meet the definition of non-recurring gains and losses:
□Applicable Not applicable
The Company had no other gain and loss items that meet the definition of non-recurring gains and losses.
Notes on the circumstances under which the non-recurring items listed in the Explanatory Announcement on Information
Disclosure by Companies Offering Securities to the Public No. 1 - Non-recurring Gains and Losses are defined as recurring gains
and losses.
□Applicable Not applicable
2. Return on equity and earnings per share
Profits during the reporting
period
Weighted average ROE
Earnings per share
Basic earnings per share
(yuan/share)
Diluted earnings per share
(yuan/share)
Net
profit
attributable
to
ordinary shareholders
-8.85%
-0.41
-0.41
Net
profit
attributable
to
ordinary shareholders after
deducting non-recurring gains
and losses
-7.31%
-0.34
-0.34
3. Accounting data difference under domestic and foreign accounting standards
(1) Difference in net profits and net assets in financial reports disclosed under both international
accounting standards and Chinese accounting standards
□Applicable Not applicable
(2) Difference in net profits and net assets in financial reports disclosed under both overseas accounting
standards and Chinese accounting standards
□Applicable Not applicable
(3) Notes on the reasons for accounting data difference under domestic and overseas accounting
standards, and where difference adjustments have been made to the data audited by an overseas audit
agency, specify the name of such overseas agency
4. Others

New Hope Liuhe Co., Ltd.
Legal Representative: Liu Chang
April 29, 2026