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| Description of Risk/ Opportunity | Type | Business and Financial Impact | Time Horizon | Level of Risk/ Opportunity | Management Strategy |
| Opportunity for energy conservation and efficiency improvement:Energy- saving upgrades in processes such as formation, coating and drying can significantly reduce costs, while energymanagement system certification can enhance competitiveness. | Opportunity | Lower unit energy consumption Reduced production costs | Short term (within one year) Medium term (1-5years) | High | Promote high-efficiency formation cabinets, waste heat dryingand variable-frequency speed control; encourage subsidiaries to obtain energy management system certification,with both Changhong Sanjie and Changhong Jiechuang having passed energy management system certification. |
| Opportunity for circular use of water resources:Wastewater requirements for green factoriesand cleaner production. | Op | Medium | |||
| Opportunity for lithium battery resource canreducerawmaterial procurement costs. | Opportunity | Lowrawemate artastss Improved grisrargin | Me-iumterm Longterm | High | compreensivetiaioateaua |
| Opportunity for circular economy branding:Solid expectations and help enhance the Company's green brand image. | Opportunity | Improved market Stronger industry position | Longterm (5+ | Medium | waste factories. |
Changhong Newenergy Implements Multiple Measures to Practice the Circular Economy Concept
CASE|
In 2025,ChanghongNewenergyfocusedoneficient,waste-reducingandlightweightproductdesig.Throughanumberoftargeted measures,itoptimized both production and packaging processesand effectively reduced waste generation.
OItoptimizedrawmaterialpackaging byreplacingtheoriginalsmallbagpackaging withcentralizedbulkpackaging,efectively reducing packaging waste.
Itreplacedproductionpalltmaterialsbyhangingwoodenpalltstostainlesstlpallts,ignificantlyextendingpallticlife and reducing waste wooden pallets.
OIt improved packaging processes by adopting gaplesslabeling,reducing waste generated by label backing paper.
OItstrengthenedqualitycontroltroughouteproductioprocessreducedthedefectrate,andreusedwoodenrawmaterialracksfor finished product shipments,thereby reducing solid waste at the source.
Changhong Sanjie Improves Its Energy Management System to Enhance Resource Utilization Efficiency
CASE丨
ChanghogSanjiehasactivelyadvanceditsgrenenergytransitionandhasbuilt8.01MWofrooftopdistributedphotovoltaicpower stationsattwoproductionsites.Ithaspromotedenvironmentalprotectionconceptssothattheyareunderstood,embracedand translatedintoaction.Greenelectricityconsumptionexceeded21.8259milionkWh,contiuouslyincreasingtheshareofcleaneergy consumption and steadily advancing the achievement of carbon reduction targets.
Equipment energy-saving retrofits:
Advanceenergy-saving upgrades ofenergy-consumingequipment,replacelow-eficiencymotors,improveequipmentoperating efficiency and stability,and reduce energy consumption.
Intelligent energy management and
Establishanenergymanagementsystemtoconductfullprocesreal-timemonitoring,datacollctionandintellgentanalysisofll typesofenergy-consumingequipmentintheplant,achievingrefinedandintellgentenergymanagementandimprovingutilization efficiency.
Impact, Risk and Opportunity Management
ChanghongNewenergyhasestablishedanimpact,riskandopportunitymanagementsystemforenergyresourcesandthecircular economycoveringthefullproductionprocessandtheentireoperationsvaluechain.Relyingonaclosed-loopmanagementmechanism featuringregularidentification,dyamicasessmentandsystematicresponse,theCompanycoodinateseficientenergyutliation circularwaterresource managementand resource recoveryfromsolidwaste.Throughmeasuressuchasrefined energymanagement, water-savingtechnologicalupgrades,greepowersubstitutionandmaterialrecycling,ithasachievedcontrollblerissandective opportunity conversion,continuously improving green operations and resource utilization.
Closely aligned with policy requirements on dual control of energy consumption,environmental regulation and resource circularityin the battery manufacturing industry,and taking into account
Identification production process characteristics and supply chain realities,the Company systematically identifies environmental impacts and operational risks in areas such as energy consumption, and water resource control and solid waste disposal.At the same time,it assesses development Assessment opportunities in areas such as energy conservation and carbon reduction,green electricity application and resource recycling,and clarifies key control points and implementation priorities. Relying on the energy management system,intelligent water meters and wastewater reuse systems,the Company has established a dynamic monitoring mechanism to carry out real
Monitorimend titeisr requirements and assessment standards,the Company responds promptly to issues such as abnormal energy use,water waste and non-compliant resource recycling,improves emergency response and routine control processes,and ensures stable and controllable green operations. Energyand resource management and circular economy development are comprehensively embedded into all links including production planning,equipment retrofits,supplier Integration management and finished product delivery.In light of the latest national environmental and Continuous standards,customers' low-carbon requirements and internal operating data,the Company Optimization continuously optimizes energy quotas, water-saving measures, solid waste reduction programs and material recycling systems,continuously improves resource utilization eficiency,and drives the ongoing iteration and upgrading of its green management system.
Metrics and Targets
| Key Indicators | Target at the Beginning of 2025 | Performance / Progress by the End of 2025 | Achievement Status |
| Photovoltaic power generation | Increase the scale of photovoltaic power generation | Annual photovoltaic power generation exceeded 7.8709 million kWh,reducing carbon emissions by more than 20,464 tonnes | Achieved |
| Energy incident control | No abnormal energy-related emission incidents | Number of abnormal energy-related emission incidents: 0 | Achieved |
| Energymanagement system certification | Promote certification completion by subsidiaries | Changhong Camelion passed the cleaner production audit,while Changhong Sanjie and Changhong Jiechuang obtained energy management system certification | Exceeded target |
Ecosystem and Biodiversity Protection
ChanghongNewenergyadherestoagreendevelopmentpaththatprioritizesecologicalconservation,strictlyupholdstheecological protectionbaseline,andintegratesbiodiversityprotectionintotheentireproductionandoperationproces.Ithasformedafulprocescontrolframeworkcoveringthepre,id-andpoststages,efectivelymaintainingregionalecologicalbalanceandbiodivesity stability,andachieving coordinated progress between corporate developmentand ecological protection.
Strictly observe the ecological conservation red line, coordinate the protection of natural elements such as mountains and vegetation,and ensure that project design is aligned with the ecological environment;
Conduct comprehensive baseline ecological surveys before project site selection,identify key local species and the characteristics of their habitats, scientifically assess the project's potential impacts on biodiversity and natural resources,and formulate targeted strategies to protect the integrity of local characteristic species and their ecological environment.
●Strictly comply with laws and regulations related to biodiversity protection,and carry out environmental impact assessments in accordance with the "three simultaneities" principle; ● Continuously optimize construction plans,reduce construction periods and
Mid- material consumption,give priority to biodiversity-friendly materials and
(stage Construction stage equipment,and strictly control pollutant emissions throughout the entire process; ●Implement dedicated ecological restoration measures in construction-affected areas and establish long-term maintenance mechanisms to promote ecosystem ●Conduct regular hazard identification and promptly assess and resolve potential issues;
Post- Operation and Organize ecological and environmental protection education activities,
stage maintenance stage strengthen ecological conservation awareness among all employees,and foster a green development atmosphere featuring full participation,joint contribution and shared governance.
CASE丨匠
Changhong Camelion Carries Out Ecological Protection Education and Environmental Governance to Achieve Coordinated Development Between the Enterprise and the Ecosystem
In 2025,Changhong Camelion systematicaly advanced ecosystem and biodiversity protection through awareness and education,riskpreventionandcontrol,andecologicalco-development.TheCompanyregularlycariedoutenvironmental protectionpublicity,specialized ecological protection trainingand communityscience outreachactivities,continuously enhancingecologicalconservationawarenessamong employes andsurrounding communities.Italso scientificall set up ecological monitoringpointsaroundtheplantand regularlymonitored environmentalfactorssuchasair,waterqualityand noise,enablingearlyidentificationandearlywarningofenvironmentalrisksandstrengthening theecologicalsafetyline ofdefense.Inaddition,itpromoted plant greeningandthescientificplanningofecologicalspaces tominimizetheimpact of production and operations on the regional ecosystem,thereby promoting coordinated progress between enterprise development and ecologicalprotection through practicalactions andensuringthatenvironmental protectionconceptsare truly understood,embraced and put into practice.
Green Operations:AdvancingToward a Greener Future
CASE丨
Changhong Newenergy Carries Out World Environment Day Activities to Practice the Green Development Philosophy
In June 2025,Changhong Newenergy launched a series of publicity activities centered on the theme of World Environment Day:environmental protection videos were played on large screens in the plant area and themed posters were displayed to popularize ecological and environmental knowledge; Party members were organized to carry out "planting and protecting greenery" activities and waste sorting publicity; poster design activities were held around the themes of "Beautiful China, I Lead the Way" and "Ending Plastic Pollution";and a campaign to solicit rationalization proposals under the theme of "l Contribute a Suggestion for Safety and Environmental Protection"was launched,with effective proposals selected and promoted forimplementation,effectively enhancingall employees' participation in environmental protection and their knowledge base.
People-Oriented Approach
Creating a Better Future Through Care and Responsibility
Expenditure on major holiday consolation gifts totaled RMB 447,200
More than 11O training sessions of various types were conducted, covering more than 2.OOO participant attendances
Investment in work safety: RMB 10.9786 million
Employee Care, Empowering Development
Employee Rights and Interests
Changhong Newenergystrictlyabides bylaborlawsandregulations and makes efortsacross multipledimensions,including laborprotection,compensationandbenefits,anddemocraticmanagement,toestablishamulti-levelandnormalizedemployee communicatioandcaresystem.Itsafeguardsemployees'lawfulrghtsandinterestsinallrespects,improvesemployeewe-being, builds harmonious and stable labor relations,and enhances employees'sense of belonging and happiness.
2025
Satisfaction rate of outsourced personnel: 1 0 0 %
● Labor contract signing rate: 1 0 %
Number of labor dispute incidents involving outsourced
personnel: O
Protecting employee rights and interests
●The Company has formulated rules and regulations such as the Detailed Rules for Open Disclosure of Employment Information,RecruitmentManagementMeasures,and EmploymentManagementGuidelines,improved theemployment management system,and standardized full-process recruitment and employment management.
●It ensures that employee recruitment information is fully disclosed without omission,soas to guarantee fairnessand impartiality.
●Discriminatoryapplicationconditions are prohibited during recruitment.Allqualifiedapplicants mayapplyandcompete forpositionswithoutbarriers,anddiscriminationbasedonnationality,gender,religion,pregnancyordisabilityisstrictly prohibited.
Smooth grievancechannels
●The Companyregularly organizes reception days hostedby Partysecretaries and department heads to gain face-to-face understanding of employees' thinking, concerns and practical needs.
●Employee mailboxes have beensetup,and both online and oflinecommunication mechanisms have beenimproved to strengthen the collection of opinions and closed-loop feedback.
●A standardized employee grievance mechanism has been established to support employees in filing grievances on matters such as annual performance evaluations.Standardized investigation proceduresare in place to ensure that employees'lawful rightsand interestsare fairlyprotected.
Compensation management
internal pay equityand external competitiveness,and establishingacompensation philosophy that "reflects job value and is performance-oriented".
OIt practices thecore philosophyof "payfortheposition,payforcapability,payfor performance,andpayformarket value",and implements unified and standardized principles and procedures for compensation management.
Benefits protection
●The Company has formulated systems such as the Employee Leave Management Measuresand Benefits and Subsidies Management Measures,establishinga sound employee benefits protection system.Leave types include paid leave, maternityleave,mariage leaveand work-related injury leave,fullysafeguarding employees'rights torestand leave.
●The Companystandardizesbenefits programs includingoverseas allwances,communicationallowances,reunion travel allowances,overtimemealallowances,employeehealthexaminationsandcommercialinsurance.Inadditiontothefive socialinsurancesandonefunds,itfurther enrichesemployee benefitsandenhances employees'sense ofbelongingand happiness.
Democratic Management
The Company Implements the Detailed Rules forthe Implementation of Employee (Representative) Congress System standardization and normalization of democratic management through open factory affairs with the employees' congress as the basic form,and regularly convenes employees' congress elections.
Ithasdeepened thedisclosureoffactoryafairsandsafeguardedemployees'rights to know,participateandsupervise.
Protection of outsourced personnel's rights and interests
●The Company hasformulated the Service Procurement Management Measures,Basic Management System forMaterials and Service Procurement,and Basic Supplier Management System to regulate the full process of labor outsourcing services.
OIt urges outsourcing companies to sign labor contracts with employees and pay social insurance in accordance with the law,regularlyconducts employmentcompliancechecks,strictlyenforces wage standards,and ensureswagesarepaid in full and on time.
●Ithas establishedaninformation ledger foroutsourced personnel toenable dynamicmanagementof keyinformation suchas personnel sources,job distribution and working hours.
●Labor protection suppliesare fullyprovided,safety training is conducted,and an equallysafe working environment is ensured.
●Communicationandfeedbackchannels have been establishedto regularlycolect requestsand urge service providers to ..respondand improve
● During major production tasks,benefits such as working meals and commuter buses are provided.
Employee Development
Changhog NewenergyhasalwaysregardedtalentasthecoredrivingforcefortheCompany'shigh-qualitydevelopment.Upholding thephilosophyof "creatingvalueforemployees",ithasadvancedtheintegrateddevelopmentofthejobgradingsystem,ncentive mechanisms,talentcultivation,leadershipdevelopmentand employeetraining,and establishedatalentmanagementsystem featuringmulti-channelcarerdevelopment,fulcyclegrowthanddevelopment,andpositiveincentiveswithstrongaccoutability continuouslystimulatingorganizationalvitalityandemployeecreativityandbuildingastrong talentpipelinefortheCompany's sustainable development.
2025
Total training expenditure: RMB 293,5OO; training program implementation rate: 9 8 %
O More than11Otraining sesionsofvarious types wereconducted,covering more than2,OOO participantattendances
· 1 0 0 % of new employees took up their posts only after passing training
Job Grading System
Institutionaldevelopment:Establishedthe JobGrading ManagementMeasuresand theJob Grading ManagementMeasures for Skilled Personnel,and improved the job grade promotion system.
Categorizedstructure:Established6jobcategories—management (M),R&D(D),engineeringand technical (T),functional (F),marketing (S),and production (P)-together with7job gradesand 32jobsequences,therebyclarifyingthecareer development system.
Incentive Mechanisms
Establishment of the incentive system: Useequityincentive to align the interests of shareholders,the enterprise and employees, while buildinga people-centered management system covering "distribution,assessment,promotion and incentives". Guided by the dual-drive management philosophy of "passion ^ + trust", the Company combines individual goals withorganizational goals,signsKPl-basedperformancecontracts,andimprovestheincentiveandaccountabilitymechanism.
Differentiated talentutilization orientation:Implementthe principle that "those who wantto workare givenopportunities, those who canworkare given platforms,those who acomplishthings are given status,andthosewhodo not work have no market",thereby stimulating the team's entrepreneurial drive and initiative.
Talent Cultivation
Building theR&D talent pipeline:Forman eliteR&D team centered on professorate seniorenginers and senior engineers, tailored to the "slow science"nature of battery R&D.
Establishing the cultivation system:Implement cultivation mechanisms such as master-apprentice mentoring,A/B role backup,and the assistant-to-managerscheme; carryoutthe "Foundation Strengthening Program"androlloutcategorized development programsfordiferent groupssuchasmarketingteamsand newemployees to strengthen talentcompetency.
Leadership Development
Improving the institutional system: Strictlycomply with the Group's Measures for Management of ReserveCadres,improve allstagesofselecting,cultivatingandutilizingreservecadres,establishaselectionanddevelopmentmechanismanddivisionof-responsibitysystemsuitedtotheCompany'snewmanagementandcontrolmodel,andbuildareservecadreteamthatis high-caliber,professional and younger in profile.
Clarifying selection criteriafor cadres: Establishfivecompetencyrequirements formanagementcadres-being able to write,speak,respondtoinquiries,handleaffairs,andworkefectivelyinanyroleandstrictlycontrolthecadreselection process.
Developing talent through frontline immersion: Promote cadres'deeper involvement atthe frontline and within teams, enabling them to accurately grasp product technologies and processs,studycorrective action plansfor problems,and identify and cultivate potential talent through practical experience.
Employee Training
Training system:Formulate the Training Operations Management Measures and adhere to fourcore principles-"qualityorientedandcost-effcient","practice-focusedandapplication-oriented,"clasifiedandgradedwithtargetedtraining",and "closed-loop managementandcompliantoperation".TheCompanycontinues toimproveits training managementsystem, strengthenstandardizedtrainingoperationsandclosed-loopmanagement,andpromotetheefectiveconversionoftraining outcomes.
Trainingparticipants:Coverdiferentgroupsincludingmanagementpersonnel,reservetalent,marketingpersonnel,proce technologypersonnel,qualitycontrolpersonnel,fiancialmanagementpersonnel,equipmentoperatorsndfrontlineteam leaders.
Training programs: Carryout eightcategoriesof training programs, including internalspecial-topic training,management capabilitydevelopment,systemandprofessonalqualificationcertification,specialoperationstrainingandskillcertification, functionalcontrol,productionskils,skilledpersonnelandprofessional tleaplication,andknowledgeretentioand effectiveness evaluation.
Annual Highlights * * Talent as a Beacon
1individual (a fiter for high-end intellgent battery equipment) was awarded a Mianyang Skils Master Studio under the 1lth batch of Mianyang Skills Master Studios. 1 individual was awarded the"Special Contribution Award for Industrial Talent" of Mianyang Hightech Zone for 2025.
1individual was selectedforthe Ministryof Industryand Information Technology's Manufacturing Talent Support Program as an "Advanced Basic Process Talent".
1 QCachievement won a provincial second prize for excellence,and one QC achievement won a municipal second prize for excellence.
●5 QC projects were registered,and 2 QC achievements were selected for presentation by the Mianyang Quality Association.
Employee Care
Daily Care
ChanghongNewenergyalwaysupholdsthephilosophyof "caringforandservingemployes".Throughnormalizedcaremeasuressuch asroutineconsolationvisits,majorholidayconsolatioactivitiesandspecialincetives,itonveysorganzationalwarmthithsinerity anddedicationfostersapositiv,united,enterprisingandharmoniousculturalatmosphere,andontinuouslyeancesemployees sense of happiness,belonging and fulfillment.
2025
● Expenditure on major holiday consolation gifts totaled RMB 447,200
● Rewards for employees'children admitted to universities totaled RMB 9,000
Improving institutional standards
Majorholidayconsolation
Formulate the Company Trade Union Employee Consolation Management Measures, specifying that employee consolation support is to be implementedata standard of RMB 80O per person per year.
Provide timely special consolation and assistance for important life events such as employee illness and hospitalization,marriage,and childbirth.
Cover occasions such as the Spring Festival, International Women's Day,Labor Day, the Dragon Boat Festival, the Mid-Autumn Festival, National Day and the summer high-temperature season. Consolation gifts included rural revitalization products such as Seda beef and Pingwu cured meat, effectively enhancing employees'sense of belonging and happiness.
Enriching cultural and sports activities
Changhong Newenergy actively organizes diverse cultural and sports activities such as reading programs,knowledge competitions,employee interest classes, employee sports meets, the "Changhong Cup" badminton tournament and the Changhong Carnival, continuously enriching employees'cultural and recreational life and effectively strengthening team cohesion and employees'sense of belonging.
Care for Special Groups
ChanghongNewenergycloselyresponds toemployees'actualworkandlifeneedsbypromotingtargetedanddiversifiedemployee careservices.Focusingonkeygroupssuchasemployees indificultyandfemaleemployes,itimplements tailored measuresand heartwarmingasistance,effectivelyenhancingemployees'senseofbelonging,happinessandcohesionandfosteringaharmonious and warm corporate atmosphere.
2025
●A multi-level assistance andconsolation mechanism was improved.Atotalof 33 practical support items were formulated and implemented during the year,with a completion rate of 40 %
Attheheadquarterslevel,9casesofsupportwereapprovedanddisbursedthroughtheCaringAsistanceFund,totaling RMB 5,700.
Atotalof13 specialconsolation activities were carried out for situations such as employeeillnessand hospitalization, marriage and childbirth,totaling RMB 9,000 The Company strictly complies with the Group's Provisions on Assistance and Relief for
Assisting Changhong Employees with Severe Family Living Difficulties (Trial),and provides targeted
Employees support to employees in difficulty. with ● A special assistance fund (Hongkang Medical) has been established to provide subsidies for
Difficulties major illness treatment, holiday consolation payments and supplies,together with psychological counseling and regular home visits. ●Exclusive care plans are formulated for different groups. Care for Special On International Women's Day, special gifts and consolation were presented to female Groups employees.
Changhong Newenergy Holds a Women's Day Symposium Themed "Women Making New Achievementsand Advancing on a New Journey
In March 2025,ontheoccasionof InternationalWomen's Day,Changhong Newenergyorganizedathemed symposiumtitled "Women Making NewAchievementsand Advancingona New Journey".At theevent,certficates were presented toadvanced colectives,the Most Beautiful Employee Families,andoutstanding individuals recognized bythe Group in2024.Award representativessharedtheirexperiences inovercomingchallengesin theirpositionsandbalancing workandfamily.Thetrade union presented thoughtfulconsolation giftstoeveryfemale employee.The eventatmosphere was warmandenthusiastic, fully showcasing the elegance and strength of women.
Reinforcing Safety Fundamentals and Building a Strong Defense Line
Ensuring Work Safety
ChanghongNewenergyadherestotheworkpolicyof "safetyfirst,preventionfirst,andcomprehensivemanagement",followsthe firefightingprincipleof"prevetionfirst,combiningpreventionandfirefighting",andcomplieswithocupationalhealthrquements. Itfullyimplementstheworksafetyacountabilitysystemforallemployeesandpromotes thetransformationofissafetygovernance modeltowardpreventioninadvance.Throughmulti-dimensionalmeasuressuchassystemimprovement,strengthenedacountability trainingempowerment,emergencydrillsandhazardremediation,theCompanyasbuiltanallround,fllprocessworksafety protectionsystemfeaturing"pre-incidentprevention,in-processupervisionandpost-incidentclosed-loopmanagement",making everyefforttoensurethattheentireconstructionandoperationprocessremainssafe,standardizedandcontrolable.n2025,the Company passed thesurveillanceauditforISO4500loccupational healthandsafety management systemcertification.
2025
● Investment in work safety: RMB10.9786 million
O Investment in hazard remediation,labor protection,safety activities and other items: RMB 2.94 million ● 504 participant attendances in training for frontline operational positions were organized. ●246 participant attendances in specialized education and training for key positions were organized. ●Pas rateof pre-job safety training for new employees,transferred employees and employees returning to work: 100 % ●19 specialinspections and comprehensive inspections for safety hazards were organized.
●Rectification completion rate for safety hazards throughout the year: 1 0 0 % ●Morethantenspecialandcomprehensiveemergencyresponsedrilswereorganizedthroughouttheyear,coveringatotalof 1,121 participant attendances.
Improve Safety Management
Clarify responsibilities: Isue the2025 Safety Management Work Plan,andorganizethe Companyand itssubsidiaries to signthe 2025 Safetyand Occupational HealthTarget ResponsibilityStatementand safetycommitment letters at each level,therebyestablishingaful-level accountabilitysystem coveringdecision-making,management,executionand operation,and reinforcing work safety responsibilities.
Optimize systems: Revise 15 management systems, including the Construction and Hot Work Management Measures and the Safety Management System for Confined Spaces,together with 9 management documents and 4 special plans; prepareandoptimize the2025 ListofOccupational Healthand Safety Compliance Obligations toenhance thecompliance and applicability of the system framework.
Strengthen hazard identification and remediation
Set up a dedicated task force: Establish a risk identification and assessment working group consisting of process technologypersonnel,equipmenttechnologypersonnel,safetymanagementpersonnelandfrontlinebackbonestaff to carry outful-process"carpet-style" inspections of key areas,identifying 52 risk points;improve the listforrisk identification,asessmentandcontrol,andpreparejobsafetyrisknotificationcards toachieve preciseandvisualizedrisk control.
Identify hazards: Benchmarking against the criteria foridentifying major acident hazards andthe compilation of inspection items for keyindustries and fields,conduct comprehensive specialself-inspections covering fire safety， chemicals,specialequipmentandotherareas;revisetheenterprise'sself-inspectionchecklistformajoraccdenthazards, and thoroughly identify major safety risks.
Promote rectification: Forallhazards identified during inspections,adopt prompt rectification measures,specify the responsiblepersonsanddeadlinesforrectification,and establishafulclosed-loopmanagementprocessof inspectionrectification-acceptance-review"to ensure thatall hazardsare rectified.
Deepen emergency management
Strengthen plans: Improve various special emergency response plans covering fire and explosion,flood control and emergency rescue,hazardous waste leakage disposal andotherscenarios,andestablish a24-hour emergency dutyand rapid response mechanism.
Conductregulardrils: Planandorganizecomprehensiveand specialemergencydrillsuchasflood controland rescue, confined space rescueand fire evacuation.
Prepare supplies: Fully upgrade emergency supplies,equip professional emergency equipment such as self-contained breathingapparatus,rescue tripodsandanti-staticequipment,regularlymaintain firefightingandemergencyequipment, and establish ajoint prevention and control mechanism with theindustrialpark to enhance emergency response and disposal capabilities.
Cultivating a Safety Culture
Build the training system:Adhering to the principles of "graded and classified training,targeted instruction,and practicalapplication",theCompany has establisheda training systemcovering allemployes,allpositionsand the full employment cycle.Safetyconcepts,jobskils,rsk preventionandcontrol,andemergencyresponseare integrated into full-processtraining, systematically improving employees'safety awareness and practical capabilities.
Refine training delivery: Organize management personnel to participate in specialcapabilitytraining; use pre-shift meetings as avehicle tocarryout regular practical training forfrontlineemployes; and providespecial-topic training forkeygrasroots positions to strengthenthefrontline safetydefenseline.The principleof "training first,thentakingup thepost;noqualification,nopost"isstrictlyfollowed,andspecialclosed-looptrainingfornewemployeesandexternal personnel is rigorously implemented.
Emphasize communication and education: Carry out special training on topics such as the dual prevention mechanism and "safety-competent personnel";use multiple channels including publicitymanuals,themed display boards and online platforms;and conduct regular publicityand educationactivities in conjunction with Work Safety Monthand Occupational Disease Prevention and Control Law Publicity Week,thereby creatinga positive atmosphere in which "everyone talks about safety and everyone knows how to respond to emergencies".
Campaign and Strengthen the Work Safety Defense Line
June2025markedthe24thNationalWorkSafetyMonth.Closelycenteredonthetheme"EveryoneTalksAboutSafetyEveryone Knows Emergency Response—ldentifyingSafety HazardsAround Us,Changhong Newenergyanditssubsidiariescoordinated aseriesofactivitiesincludingcomprehensiveemergency evacuationdrils,knowledgetraining,skilscompetitionsandhazard inspections,comprehensivelyimproving worksafety managementand strengtheningthesafetyfoundationforthe Company's high-quality development.
Annual Highlights * * Safety Escort
● Changhong Jiechuang passed the review of the Sichuan Provincial Department of Emergency Management and obtained the certification of "Level I Work Safety Standardization Enterprise (Light Industry)"
· Hunan Changhong Juheyuan passed the reviewof theYueyang Emergency Management Bureau and obtained the certification of "Level Ill Work Safety Standardization Enterprise (Light Industry)
Safeguarding Occupational Health
ChanghongNewenergystrictlycomplieswithrelevantlawsandregulationsandhasestablishedafour-in-oneoccupationalealth management systemfeaturingsourcecontrol,engineeringcontrols,personalprotectiveequipment (PPE)protectionandsystem assurane.It regularlycarriesoutoccupational health examinations,special-topic trainingand protectivepublicityactivities, guidingemployeestodevelopscientificand healthyconceptsandbuildingasolidandreliable"health protectionnetwork"for employees.
2025
●Total investment in occupational health and employee health management: RMB 373,600 ●Annual employee health examination coverage rate: 100 % ●Number of occupational disease incidents (including acute occupational poisoning): O
Prevention and control of occupational diseases
Improve systems: Revise 10 ocupational health management systems, including the Occupational Health Management Systemand the Occupational Disease Prevention and Control System and Responsibility Management System;improve occupational hygiene operating procedures and emergency rescue plans for occupational disease hazard incidents; and promote the efective implementation of occupational health management.
Improve the protection system: Establish and improve a three-in-one protection system of "source controlengineering controls-personal protection",carryout source control of occupational disease hazards throughout the production process,improve protective facilities for dust control,ventilation and noise reduction and regularly testand disclose relevant results; provide allrequired protective equipment for exposure positions,and standardize management and training to protect employees'occupational health in an all-round manner.
Strengthen publicity: Organize Ocupational Disease Prevention and Control Law Publicity Week activities and comprehensively popularize occupational health knowledge through multiple forms such as electronic screen publicity,handbook distribution,and "Q&A" sessions.
Positive incentives: Innovatively implement the Occupational Health Points Management System, incorporating risk preventionand control,educationandtraining,standardized operations and the wearingofprotectiveequipment into the pointssystem,linkingit withperformanceappraisaland excellenceawards,and guiding employees toshiftfrom "l am required to be healthy" to "l want to be healthy"
Caring for physical health
Organize health examinations: Fully implement ful-cycle occupational health examinations before employment, during employment and upon departure. Employees identified through examinations as unsuitable for certain occupational exposures are reassgned in a timely manner to effectively protect their health and safety.
Multi-dimensional monitoring: Establish and improve a health record management system covering allemployees, employees'health statusandoccupational exposure history,and realizing comprehensive,gap-freehealthmonitoring.
Trainingand follow-up:Inresponseto health issues thatoccurfrequentlyincertain positions,organize specialhealth knowledge training at pre-shift meetingsand conduct regular follow-up,continuously monitoring employees' health conditions.
Caring for mental health
Build platforms: Establish a professonal psychological counseling channel,open a 24-hour confidential EAP mental healthassistance hotline,and engage professional psychological counselors to provide one-on-one emotional and stress counseling and precisely address employees' psychological concerns.
Organize activities: Cary out diversified mental health publicity and educationactivities,organize themed lectures and groupcounseling,and efectively improve employees'psychological adjustmentcapacity and overallquality in areas such as stress management, emotional regulation and workplace communication.
Daily care: Strengthen routine psychologicalcareforemployees,with particularatention to the mental health status offrontline employees,new hires and employees undergoing jobadjustments,and provide targeted counseling ina timely manner to alleviate negative emotions.
Diversified health protection
allowances and cooling beverages to employees in high-temperature positions,equipping production teams with heatstroke preventionmedicinesand replacing themregularly,andcomprehensively preventing heatstroke risks.
Supply provision: Set up convenience medicine boxes in workshops and teams,fuly stock emergency medicines and medical supplies,and provide employees with convenient health protection.
Public Welfare and Charity, Enhancing People's WellBeing
Changhong Newenergy actively practices its original aspiration for public welfare, continues to cultivate social welfare initiatives, and steadily supports the enhancement of local public services and emergency rescue capabilities. It widely carries out public welfare and volunteer service activities such as consolation visits, assistance programs and charitable contributions, conveying corporate warmth through genuine care and concrete action, improving people's well-being through responsible commitment, and contributing solid strength to the building of a harmonious and better society.
Strengthening the Foundation Through Governance
Safeguarding Long-Term Development with Integrity and Compliance
In 2025, Changhong Newenergy further advanced the modernization of its governance system and governance capacity. Adhering to the coordinated enhancement of efficiency and compliant operations, it safeguarded steady and sustainable growth: with Party building leadership providing strategic direction, it reinforced political support and pooled development synergies; with system development strengthening the foundation, it clarified powers, responsibilities and operational mechanisms and activated endogenous momentum; and with law-based compliance strictly upholding the bottom line, it prevented operational risks and consolidated the foundation for sound development The Company continuously enhanced the leadership of Party building, governance execution and risk prevention and control, consolidating the foundation for development through high-efficiency governance and empowering the enterprise to ensure steady and sustainable growth.
Party Building Leadership, Strengthening
the Foundation and Forging the Soul
Improving Governance and Pursuing 80
Excellence
Law-Based Compliance, Ensuring Steady 83
and Sustainable Corporate Development
| Female directorsaccounted for 22.22% |
| Independent directors accounted for 33.33% |
Party Building Leadership, Strengthening the Foundation and Forging the Soul
Changhong Newenergy has thoroughly studied and implemented Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the spirit of the 20th CPC National Congress and its subsequent plenary sessions. It regards Party building as an important engine for the Company's high-quality development. Upholding the Party building philosophy of "integration, pragmatism, innovation and diligent implementation", it has built a governance landscape featuring "Party building leadership and integrated development", continuously deepened the integration of Party building with production and business operations, and taken "strong Party building, strong development" as its basic focus. The Company has continuously transformed the Party's political and organizational strengths into development and competitive strengths, providing strong political support for sustainable corporate development through highquality Party building. In 2025, Changhong Newenergy was awarded the title of Sichuan State-owned Enterprise Demonstration Site for Grassroots Ideological and Political Work under the "Strengthening the core, integrating the center, uniting the people, warming the public, and leading to boost high-quality development" initiative.
Political Development
Changhong Newenergy always places ideological and political development in the foremost position. Taking "Party building empowerment and development engine" as the guiding approach, it strengthens political leadership and empowers production and business operations. It continues to improve the assessment system under which Party building performance accounts for 1 0 % of performance appraisal, promoting the organic integration of Party building results with operational and management performance. Party building responsibilities are cascaded and implemented at every level, fully stimulating the Company's endogenous momentum. Through Party building leadership, the Company is guided to fulfill its social responsibilities and achieve unity between economic value and social value.
Strengthening political leadership
Strictly implement the "First Topic" mechanism, and thoroughly study and implement the Party's innovative theories, the guiding principles of provincial and municipal meetings, and Party discipline rules and regulations.
Actively carry out full-coverage training and education for Party members, consolidate and deepen the outcomes of thematic education and Party discipline study and education, temper the Party spirit of Party members and cadres, improve ideological awareness, and stimulate their commitment to taking action and starting new undertakings.
Organize study sessions and seminars to guide Party members and cadres in deeply understanding the decisive significance of the "Two Establishes", strengthen " our consciousness of the need to maintain political integrity, think in big-picture terms, follow the leadership core, and keep in alignment with the central Party leadership", enhance our confidence "in the path, theory, system, and culture of socialism with Chinese characteristics", and achieve the "upholding Xi Jinping's core position on the Central Committee and in the Party as a whole and upholding the Central Committee' authority and its centralized leadership to ensure that all Party members act in unison". This will help transform the results of learning into practical actions for overcoming challenges.
Empowering production and business operations
Establish a leadership group and an execution group to strengthen organizational support and resource backing. With Party member vanguard groups as the vehicle and annual core targets as the guide, 12 Party member vanguard excellence groups were established, linking tasks with individual performance and implementing grid-based management.
Closely focusing on major tasks such as factory establishment in Thailand and efficiency improvement and cost reduction, the Company established a mechanism of "problem-focused rectification-effectiveness evaluation-closedloop management", regularly reported progress, gave play to Party members' roles as "publicists, coaches and service providers", and promoted the effective implementation of all tasks.
Leveraging vehicles such as vanguard posts, commando teams and the "100-Day Campaign", Party members made their identities visible and took the lead, achieving year-on-year growth in both annual sales scale and net profit, with the "red engine" driving production and business operations to new heights.
Ideological Development
Changhong Newenergyhas implementedideologicalworkresponsibilitiesateverylevel.Partyorganizationsregularlyconduct dedicatedstudiesandeploymentbuildingaful-chainclosed-loopmanagementsystemcoveringideologicalgudance,publicoinion preventionandontrolducatioandtraining,andinteraladexteralsecurity.Itsimprovedthlinagemechanisfoline publicopinionmonitoring,assessmentandresponse,strengthenedroutinemonitoringandanalysis,reinforcedsourcegovernance, andrespondedprudentlyandeficientlytosuddensensitivepublicopinionevents,therebyeffectivelysafeguarding theCompany's ideological security.
Strengthening the ideological foundation
Insist on conducting dedicated studies on ideological work at commitee meetings every quarter,organize dedicated study sessions and thematic education on schedule,and enhance the political sensitivityand discernment of Party members and cadres.
Strictly safeguarding the public opinion line of defense
Strengthen management of online ideology and risk prevention and control; continuously reinforce the regular managementof the Company'soficial website,new media matrixandonline work groups;regulate employees'online behavior;and focus on strengthening publicityand communicationofthe situation andpolicies to buildconfidence and stabilizeexpectations,therebyconsolidatingand expandingthemainstreamideologicaland publicopinionenvironment.
Deepening education and training
Organizevarious ideologicaleducationand trainingactivities,coveringsuch topics asthe September3military parade nationaldefenseopenclases,micro Partylectures,andideologicaleducationand training,andsupervisePartymembers and cadres to remain vigilant at alltimes and enhance their political sensitivity and discernment.
Strictly safeguarding ideological security
Carry outdedicated ideologicaleducation for members of overseassubsidiaries,reinforce the internaland external securitylineof defense,andfostera stable,harmonious,positive and progresive ideologicaland publicopinion environment.
OrganizationalDevelopment
Changhong Newenergy continuously consolidates the foundation oforganizational development,implements the"four synchronizations"and"fouralignments,andsupervisessubsidiariesinstandardizingtheincorporationofPartybuildingintothe ArticlesofAssociationandthemodelinwhichthePartysecretaryalsoservesasboardchair/eadsbothroles.Itoptimizesstafigand fundingsupport,continuouslyenhances thecohesionandcombatefectivenessofPartyorganizations,strengthens thecutivationnd selectionofyoungtalent,andusesPartybuidingtoleadtalentdevelopmentactivatethetalentpipeline,andempowertheCompany's high-quality development.
2025
2 grassroots cadres born in the 1980s and 1990s were selected
3reserve cadres were recommended for the Category A talent pool
8 successor cadreswere recommended
Deepening and solidifying organizational development
Continue toadvancethe standardization and normalizationof Partybuilding,and strictlyimplementthe systemof "three meetings and one class",organizationallife meetings and themed Party Day activities.
Implement Partybuilding responsibilities level by level,sign Partybuilding and Partyconduct and clean governance responsibilitystatements with subordinate Party organizations,and conduct orderly inspections and assessments to ensure full coverage of Party organizations and Party work.
■Full completed the revision of the Management System for Major Matters, Major Appointments, Major Projects and Large-SumFund Operationsand the ListofDecision-MakingItems forMajorMaters,Major Appointments,Major Projects and Large-Sum Fund Operations.
Formulate theannual Partymembereducationand training work plan,undertake the special training organized by the Party Committeeof theholding group,and producethe micro-video "Four Heartsand One High",therebyenhancing the cohesion and combat effectiveness of Party organizations.
Empowering the talent team
Continue to optimizethe structure of the cadre team,implementcadre rotation inan orderly manner,and select outstanding cadres.
Increasethecultivationofyoungreserve talentinR&D,equipment,process,operations,complianceandotherfunctions; identify,temperandpromote talentduringprojectadvancement;andimprovetheoverallcapabilitiesand qualityofthe management team.
Anti-Corruption and Integrity Promotion
ChanghongNewenergyhassolidlyadvancedanti-coruptionandintegritypromotionaswellasconductdevelopment.Itegularly cariesoutintegrityeducation,depensspecialrectificationinthebdingandtenderingfield,practicesthe"FourGoing-tothe Grassroots"appoachtostrengthensupervision,and promotesanti-coruptionand integritywork inadeepandpracticalmaner throughstrictandpragmaticconduct.Itcontinuestoimprovelong-termsupervisionmechanismandfosteracleananduprightpolitical ecosystem within the enterprise.
Deepening integrity education
■Deeply advance Party conduct and clean governance,and regularly organize Party members, non-Party backbone personnel and cadres in key positions to participate in activitiessuch as case discussions,warning education,Party Constitution and Party rules and discipline education,and conduct supervision.More than 10 warning education meetings were held in total, continuously strengthening awareness of integrity and self-discipline.
Strengthening supervision and rectification
Carry out special investigations into prominent issues in the bidding and tendering field,rely on the Group's typical cases to strengthen deterrence through warnings,and advance the integrated approach of not daring to be corrupt, not being able to be corrupt,and not wanting to be corrupt.
■Members of the general Party branch committee adhered to the "promoting the Party's line,principles and policies atthe grassroots level; conducting researchand investigationatthe grassroots level; handling public complaints and visits atthe grassroots level; and conducting on-site work at the grassroots level" practice by going deep into subsidiaries to carry out special investigations,on-site office work,and inspections of integrity and compliance performance,thereby promoting the extension of fulland rigorous Party selfgovernance to the grassroots level.
Fostering a culture of integrity and clean conduct
■Solidly carry out study and education on the spirit of the Central Eight-Point Decision,remain focused on themes,simplicity and pragmatism,and advance study,inspection and rectification inan integrated manner. Through deeper study and discussion, practical problem identification,strict concentrated rectification and open-door education,the Company has promoted the study and education program in a deep and practical way.
The attitude of being "serious,strictand pragmatic" runs through theentire process ofstudy,inspectionand rectification,promoting the spirit of the Central Committee's Eight-Point Decision to be truly internalized and embeddedin thought and conduct.
IContinue to improve normalized and long-term mechanisms for conduct development,continuously enhance cadres' sense of responsibilityand commitment,and keep optimizing the Company's political ecosystem and the relationship between cadres and employees.
Improving Governance and Pursuing Excellence
Changhong Newenergyconsistentlyadherestocompliantoperationsandstandardized governance.Instrictcompliancewithrelevant lawsandregulations,andonthebasisoftheArticlesofAsociationandtheRulesofProcedurefortheshareholdermetingsandboard of directors meetings,theCompanyadvancescorporate governanceandinvestorrelations managementinparalel,continuously optimizesdecision-makingmechanisms,enhances governancecapabilies,effectivelysafeguardsthelawfulrightsandinterestsof investors,and providesasolid guaranteefortheCompany'slong-termsteadydevelopment throughhigh-standard governanceand transparent communication.
Corporate Governance and Development of Board of Directors
Changhog Newenergycontinuouslyimprovesitsgovernancestructureandinstitutionalsystem,strengthens theBoardofDirectors functionsofsetingstrategy,akingdecisionsandpreventingrisks,adherestothecommunicationprinciplesofmulti-dimsial two-waysymmetrical,timelyufientadective",notiouslydvancearddepedenedoardiversityeb improvingthescienticbasisofdecision-makingandgovernanceeficiencyandpromoting theongoingupgradingofitscorporate governance system and governance capacity.
2025
The Board of Directors consists of 9 directors,including:
●One employee representative director,accounting for 1 1 . 1 1 %
● Two female directors,accounting for 2 2 . 2 2 %
● Three independent directors,accounting for 3 3 . 3 3 %
Optimizing Institutional Framework
I
●The Companyhas establisheda governancestructurecenteredontheShareholders'Meeting,the BoardofDirectors,the specialized committees of the Board of Directors,and Senior Management.
●It has revisedand improved the Articlesof Association,strictly standardized the performance of duties and powers bythe Shareholders' Meeting,the Board of Directors and management,reinforced the alignment of powers and responsibilities,and ensured effective and efficient performance of duties.
●The Company has formulated and revised 33 core governance systems,including the Rules of Procedure for the Shareholders'Meeting,the Rulesof Procedure forthe Board of Directors and the Working System for Independent Directors,and has continuously improved its Articles of Association system.
Independence of Board of Directors
I
●Independent directors are granted fixed-amount allowances,and no performance-based remuneration linked to operating results is established,therebyensuring theobjectivityandindependence of independent directors'decisionmaking and avoiding the influence of performance factors on their independent judgment. ●Independent directors made multiple in-depth visits to the Company and its subsidiaries to conduct research on productionandoperationsand scientificandtechnologicalinnovation,enablingthem togainatimelyunderstandingof the Company's actual operating conditions and fuly play their supervisory and professional support roles.
Diversity of Board of Directors
I
●The Company systematically buildsa diversified Board of Directors composition from multiple dimensions,including professional experience,vocational skills,knowledge structure,termofofice,geographical distribution,cultural background,educational attainment, gender and age.
●Relevant arrangements regarding directors'terms ofoffice inthe Articlesof Asociation effectivelybalancecontinuity of operating experience with innovative developmentthinking,further enhancing Board of Directors diversity and the effectiveness of scientific decision-making.
Investor relations management
Changhong Newenergy is commited to establishing a sound system for the protection of shareholders' rights and interestsand standardizedinformation disclosure.Itinsistsonsafeguarding investors'lawfulrightsandinterests through standardizedoperations,enhancingmutualtrustandrecognitionthrougheficientcommunication,improvingthecredibility ofcorporate governance through transparent disclosure,continuously consolidating the foundation of investorrelations management,and strengthening the Company's sustainable development capabilityand market competitiveness.
2025
3 Shareholders' Meetings were convened, reviewing 20 proposals
● 100 % proposal approval rate
Protection of shareholders' rights and interests
Institutional support: The Company revised the Investor Relations Management System, standardized the procedures for convening,holding and voting at Shareholders'Meetings,and effectively safeguarded shareholders' lawful rights and interests, including the right to speak, the right to raise questions and the right to vote.
Diversified communication channels: The Company regularly conducts investor exchange meetings,online research sessions and performance briefings, strengthens communication with investors and potential investors,and ensures that investors' views are fully expressed and effectively responded to the Company.
Shareholder returns: The Company attaches great importance to investor returns and has established and implemented a scientific,stable and continuous profit distribution policy to effectively safeguard shareholders'rights to reasonable returns.
Protectionofminorit shareholders' rights and interests
Equal protection of rights and interests: In strict accordance with the Articles of Association and relevant systems,the Company treats all shareholders equally, ensures that minority shareholders enjoy equal status,and enables them to fully exercise their shareholder rights.
Smooth communication channels: The Company regularly keeps investor hotlines,email and other diversified communication channels open, providing convenience for minority shareholders to exercise their supervisory duties and put forward comments and suggestions.
Optimized participation mechanism: Shareholders' Meetings adopt a combination of on-site voting and online voting,facilitating minority shareholders' participation. Each meeting agenda includes an investor Q&A session, providing minority shareholders with sufficient opportunity and time to speak,and effectively safeguarding their lawful rights and interests, including voting and participation rights.
Information disclosure
Strict disclosure compliance: The Company proactively strengthens communication and coordination with regulatory authorities,accurately understands the standardized requirements for information disclosure, continuously improves the quality and transparency of information disclosure, and effectively safeguards the lawful rightsand interestsof all investors.
Diversified communication channels: The Company conducts investor communication through multiple forms,including dedicated telephone lines and face-to-face exchanges, to ensure that information disclosure is true,accurate, complete and clear.
Regular public disclosure: Through platforms such as the Company's official website and the Beijing Stock Exchange, the Company regularly publishes quarterly reports,annual reports and other documents, realizing standardized and normalized public information disclosure.
Law-Based Compliance, Ensuring Steady and Sustainable Corporate Development
Changhong Newenergy has thoroughlycarriedout thespecialinitiativeofthe"YearforDeepening Compliance Management" cultivatedastrongcomplianceculture,reinforcedriskpreventionandcontrolanddatasecurityprotection,andcontinuouslyimproved itsleveloflaw-basedandcompliantoperations.In2025,theCompanyhadnomajorconfidentialitybreachesorvolationsoflawsand regulations,and its compliance management system became increasingly sound.
Improving compliance management
The Company implemented the Chief Compliance Officer system,formulated the Measures for the Administration of Compliance and Risk Control Administrators,reviewed and optimized approval processes,and organized all companies to carry out cross-checks on compliance in multiple areas, thereby strengthening rectification of issues and integrating compliance requirements into business rules and operations.
Through case study and policy communication, the Company enhanced all employees'compliance awarenessand risk early warning capability,thereby comprehensively consolidating the foundation of compliance management.
Strengthening compliance awareness
CASE丨园
Changhong Sanjie Builds a Comprehensive Data Security Defense Line
In 2025,ChanghongSanjieadhered toamanagementapproachbasedonsecuritysafeguardedbycompliance,empowered bytechnologyandjointlygovernedbyallemployees,comprehensivelypreventingdatasecurityrisks.Nomajordatasecurity incidentsoccurred throughouttheyear,anditsdatasecurity protectioncapabilities werecontinuouslystrengthened.
Building institutional defenses:
The Company isued multiple systems covering data application,security management and information resources, standardizedfullife-cycledatamanagement,andintegrated privacyprotection intotheentirebusiness process.
Eliminating hidden risks through inspections:
TheCompanyroutinelycarredoutspecialinspectionsofinformationsystems,networkequipmentandoffceenvironments to accurately identify weak links and security risks.
Enhancing awareness through training:
Focusing ondatasecurity,privacyprotectionandonlinefraud,teCompanycariedoutmulti-dimensionalsecuritytraining andassessments coveringallemployeesand keypositions,therebybuildingarobustlineofdefenseinsecurity awarenes across the workforce.
Outlook for 2026
The year 2026 marks the opening year for the 15th FiveYear Plan. The new energy industry stands ata new startingpoint characterized by deeper technological iteration, faster green transition and greater integration of the industrial ecosystem. Low-carbon development and innovation-driven growth have become defining directions for the industry's high-quality development. Changhong Newenergy will stay focused on the course of high-quality development, take ESG principles as the foundation of its development, integrate sustainability requirements into its strategic planningand business practices, continue to deepen intelligent manufacturing and practice green manufacturing, strive to achieve breakthroughs in key technologies in the new energy sector, deepen coordinated progress across the upstream and downstream industrial chain, improve its industrial layout and talent development system,and enhance the modernization of corporate governance and refined risk control capabilities.Through the Company's concreteeffortsindevelopment,itwillservethebroader national carbon peaking and carbon neutrality strategy and demonstrate the responsibility of a state-owned enterprise in supporting the steady and sustainable development of the new energy industry.
As the tide rises, the sea and sky broaden; now is the time to set sail. On the new journey, Changhong Newenergy will always remain committed to its corporate mission of "Precision Manufacturing, Intelligent Production, Scientific and Technological Innovation,and Benefiting Humanity", uphold the dual-driven development path of "green + intelligent", courageously explore the track oftechnological innovation, keep moving forward on the journey of green and low-carbon development, and pursue excellence in the practice of standardized governance. With practical work to build its foundation, innovation to drive development, collaboration to pool strength, and compliance to uphold its founding aspiration， the Company will strive toward a modern vision of harmonious coexistence between humanityand nature,and contribute Changhong Newenergy's every effort to the global energy transition and the building of a cleanandbeautifulworld
Appendix
Key Performance Indicators
| Financial Performance | Unit | 2023 | 2024 | 2025 |
| Total Assets | RMB 100 million | 44.77 | 45.53 | 51.74 |
| Total operating revenue | RMB 100 million | 27.97 | 36.71 | 44.85 |
| Total profits | RMB 100 million | -4.37 | 2.48 | 3.42 |
| Net profit | RMB 100 million | -4.11 | 2.28 | 3.16 |
| Total tax payment | RMB 100 million | 0.49 | 0.63 | 0.87 |
| Return on total assets | % | -9.23 | 5.05 | 6.50 |
| Debt-to-assets ratio | % | 81.89 | 75.90 | 73.96 |
| Environmental performance1 | Unit | 2023 2024 | 2025 | |
| Totalenvironmental protection investment | RMB10,000 | 157.28 | 167.86 | 206.73 |
| Total environmental protection investment as a percentage of operating revenue | % | 0.06 | 0.05 | 0.05 |
| Number of National Green Factories | No. | 1 | 2 | 3 |
| Total greenhouse gas emission | tcOe | 1175.96 | 1332.90 | 1261.67 |
| Scope 1 greenhouse gas emissions | tCOze | 22.38 | 6.53 | 7.07 |
| Scope 2 greenhouse gas emissions | tCO2e | 1153.58 | 1326.37 | 1254.60 |
| Scope l greenhouse gas emissions intensity | tCOze/RMB 10,000 | 0.00008 | 0.00002 | 0.00002 |
| Scope2 greenhouse gas emissions intensity | tCO2e/RMB 10,000 | 0.00412 | 0.00361 | 0.00280 |
| Chemical oxygen demand (COD) | Kg | 7446 | 1921 | 1921 |
| Ammonia nitrogen (NH3-N) | Kg | 217 | 56 | 56 |
| Volatile organic compounds (vOCs) | Ton | 3.92 | 4.13 | 0.79 |
| Harmful waste generation | Ton | 40.26 | 45.63 | 57.18 |
| Hazardous waste disposed | Ton | 42.27 | 48.85 | 49.15 |
| Harmless waste generation | Ton | 900.70 | 1074.32 | 848.86 |
| Non-hazardous waste disposed | Ton | 850.78 | 1011.55 | 859.57 |
| Environmental performance1 | Unit 2023 | 2024 | 2025 | |
| Number of environmental protection training sessions | Times | 4 | 3 | 4 |
| Number ofparticipatsin environmental protectin | Person-time | 17 | 15 | 15 |
| Duration of environmental protection training Environmental protection tax | Hours | 32 | 24 | 32 |
| Wastes recycled | RMB10,000 | 7.75 | 8.22 | 8.16 |
| Ton | 785.80 | 946.57 | 794.59 |
| Social performance | Unit | 2023 | 2024 | 2025 |
| RD investment amount | RMB 100 million | 1.65 | 1.58 | 1.79 |
| Proportion of RD investment in main business revenue | % | 5.89 | 4.35 | 4.05 |
| Number of R&D personnel | Person | 447 | 419 | 449 |
| R&D personnel as a percentage of total employees | % | 16.53 | 16.46 | 16.54 |
| Number of invention patents granted | Item | 26 | 40 | 50 |
| Total number of employees | Person | 2704 | 2545 | 2715 |
| Number of male employees | Person | 1416 | 1359 | 1464 |
| Number offemale employees | Person | 1288 | 1186 | 1251 |
| Management personnel | Person | 56 | 62 | 68 |
| Production personnel | Person | 2014 | 1877 | 2008 |
| Sales personnel | Person | 143 | 143 | 140 |
| Technician | Person | 447 | 419 | 449 |
| Financial personnel | Person | 44 | 44 | 50 |
| Doctoral degree holders | Person | 1 | 0 | 0 |
| Social performance | Unit | 2023 | 2024 | 2025 |
| Master's degree holders | Person | 21 | 36 | 41 |
| Bachelor degree | Person | 287 | 364 | 421 |
| Junior college degree and below | Person | 2395 | 2145 | 2253 |
| Total number of jobs created | Person | 12732 | 673 | 880 |
| Number offlexible employment positions created | Person | 367 | 525 | 614 |
| Labor contract signing rate | % | 100 | 100 | 100 |
| Average number of paid annual leave days per employee | Day | 23 | 23 | 23 |
| Number of labor dispute cases | Item | 0 | 1 | 0 |
| Turnover rate of employees | % | 15.18 | 24.64 | 20.73 |
| Average compensation per employee | RMB10,00 | 9.52 | 10.28 | 10.81 |
| Average revenue generated per employee | 10,000/ person·year | 105.50 | 140.82 | 169.37 |
| Number of employees in difficulty receiving assistance | Person | 12 | 13 | 17 |
| Number of employees with disabilities | Person | 6 | 12 | 11 |
| Coverage rate of work injury insurance and work safety liability insurance² | % | 1.00 | 1.00 | 1.00 |
| Number of working days lost due to work-related injuries | Day | 130.00 | 140.00 | 50.00 |
| Duration of safety training | Hours | 2860.00 | 3552.00 | 4120.00 |
| Work safety investment | RMB 10,000 | 1219.26 | 988.78 | 1097.86 |
| Injury rate per million working hours | % | 1.52 | 1.55 | 0.76 |
| Number of occupational disease cases | Person | 0 | 0 | 0 |
| Number of work-related injury cases | Person | 2 | 2 | 1 |
| Number of work-related deaths | Person | 0 | 0 | 0 |
| Number of safety incidents | Cases | 2 | 2 | 1 |
| Number of major and above accidents | Cases | 0 | 0 | 0 |
| Times of employees training | Times | 465 | 557 | 661 |
| Social performance | Unit | 2023 | 2024 | 2025 |
| Employee training expenditure | RMB10,000 | 15.73 | 19.81 | 29.35 |
| Employee training coverage rate | % | 100 | 100 | 100 |
| Total number of suppliers | No. | 154 | 138 | 144 |
| Localization ratio of suppliers | % | 46.75 | 50.00 | 47.92 |
| Localization ratio of procurement | % | 16.43 | 13.81 | 12.25 |
| Number of suppliers certified under the quality management system | No. | 61 | 55 | 60 |
| Number of suppliers certified under the environmental management system | No. | 37 | 33 | 34 |
| Number of suppliers certified under the occupational health and safety management system | No. | 25 | 21 | 22 |
| Number of suppliers with other certifications | No. | 10 | 9 | 10 |
| Complaint resolution rate | % | 100 |
| Governance Performance | Unit | 2023 | 2024 | 2025 |
| Number of Board members | Person | 9 | 9 | 9 |
| Proportion of independent directors | % | 33.33 | 33.33 | 33.33 |
| Proportion of female directors | % | 0 | 0 | 22.22 |
| Proportion of female executives | Times | 0 | 0 | 0 |
| Number of board of directors meetings held | Times | 7 | 12 | 12 |
| Total number of management personnel receiving anti- bribery and anti-corruption training | Person | 7 | 7 | 8 |
| Total number of employees receiving anti-bribery and anti-corruption training | Person | 362 | 390 | 424 |
Index of Indicators
| Title | Subtitle | Guideline No. 11 for the Ongoing Supervision of Listed Companies on the Beijing Stock Exchange Sustainability Reports (Trial) | China Enterprise Sustainability Disclosure Guidelines (CASS-ESG 6.0): Electrical Machinery and Equipment Manufacturing Industry | Report Location |
| Notes on Preparation | Articles 4 and 6 | P1.1、P1.2 | P4 | |
| Message from Leadership | P2.1 | P5 | ||
| About Changhong Newenergy | Company Profile | P3.1 | P6 | |
| Company Culture | P3.2 | P6 | ||
| Organizational structure | P7 | |||
| 2025 Highlights | Business Portfolio | P3.3 | P8 P9 | |
| ESG Governance Structur | Articles 1l and 12 | G1.1.1 | P10 | |
| ESG Governance | ESG Institutional System | Articles 1l and 12 | G1.1.2 | P11 |
| ESG capacity building | Article 12 | G1.1.3 | P11 | |
| ESG Due Diligence | Article 52 | G1.2.1、G1.2.2 | P11 | |
| Materiality Analysis | G1.1.9 | P11-12 | ||
| Communication with | Article 5 Articles 9 and 53 | G1.3.1、G1.3.2 | P13 | |
| Responsibility Section | stakeholders | S2.1.15 | P14-15 | |
| Focus on Core Bulsinthr Driving Innovation and Quality | with Intelligence | Article 42 | P18-24 | |
| CratsmceiS anfatuig | Article 47 | S3.3.1-S3.3.6 | P25-32 | |
| Industrial Collaboration: Connected Supply Chains for Shared Success | Article 45 | S3.1.1-S3.1.4 | P33-37 | |
| Green Transition: Development and Circularity | Green Management, with Systems Taking the Lead | Article 33 | E2.4.1-E2.4.2、E2.4.4 | P40-41 |
| GrenDedectionand Low- | Ati | E11E124 | P42-55 | |
| GrendartinsFudyancing | E3.3.2、E3.3.7、E2.3.1、E2.3.2 | P56-57 | ||
| People-Oriented Approach: Creating a Better Future Through Care and Responsibility Strengthening | EmloyeeCare,Eempowering | Articles 50 and 49 | s4.1-4157 | P60-66 |
| Reinforcing Safety Fundamentals and Building a | Article 50 | S4.2.1-S4.2.5 | P67-72 | |
| Strong Defense Line | ||||
| Party Building Leadership, | Article 40 | S1.2.1 | P73 | |
| the Foundation Through Gavegnarninglcn- Term Development with Integrity and Compliance Outlook for 2026 | Strengthening the Foundation and Forging the Soul | Article 55 | G2.1.2 | P76-79 |
| Puprsuving Governance and | P80-82 | |||
| Law-Based Compliance, | ||||
| Ensuring Steady and Sustainable Corporate Development | Article 53 | G1.3.1 | P83 | |
| A1 | P84-85 | |||
| Key Performance Indicators | Article 6 | A2 | P86-89 | |
| Index of Indicators | Article 57 | A3 | P90 | |
| Feedback | Article 9 | A6 | P91 | |
Feedback
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