Anjoy Foods Group Co. Ltd.Interim Evaluation Report on the 2026 Corporate Value and

Return Enhancement Action Plan

Anjoy Foods Group Co. Ltd. (hereinafter referred to "Company" or "Anjoy") in

order to proactively respond to the investor-oriented development philosophy of

"putting investors first" and strive to achieve the goal of high-quality development of

company issued the Evaluation Report on the 2025 Annual Corporate Value and

Return Enhancement Action Plan and the 2026 Annual Corporate Value and Return

Enhancement Action Plan on 31 March 2026 conducted a periodic review of the

implementation progress and results of the plan. The interim evaluation of the

progress of the action plan is hereby announced as follows:

I: Focusing on Core Business and Improving Operational Quality

In 2026 the Company closely adhered to the strategic theme of strengthening our core

business and systematically advanced the dual improvement of operational efficiency

and profitability. In the first half of 2026 the Company generated revenue of

RMB9.266 billion representing a year-on-year increase of 21.85% compared with the

first half of 2025; net profit attributable to shareholders of the listed company was

RMB822 million up by 21.62% year-on-year; and net profit attributable to

shareholders of the listed company after deducting non-recurring gains and losses was

RMB753 million up by 24.81% year-on-year.

1.Upgrading Strategy and Enhancing Efficiency

Since 2025 we have upgraded our core strategy from "Channel-Driven" to "New

Product-Driven" and shifted our value realization path from "Cost Reduction and

Efficiency Enhancement" to "Quality and Efficiency Enhancement" placing greater

emphasis on building differentiated competitive barriers through product innovation

and quality upgrading. Against this backdrop we continued to roll out new productsand near-new products with higher gross margins and greater market competitiveness

to our distributors optimizing their profit structure; at the same time by advancing

the construction of star-rated retail stores and implementing the "KOL" Cultivation

Initiative to empower our distributors in localized content marketing and short-video

traffic generation we have adopted multiple measures to improve the operational

efficiency and market responsiveness of our channel terminals.

2.Solid New Product Performance Across Segments

From 2025 to the first half of 2026 the Company's newly-developed products and

recently-launched products delivered strong market performance. The Lock-Fresh

product line as high-margin products for individual customers has seen simultaneous

revenue and profit growth for consecutive years. This product line has now been

updated to version 6.0 with the addition of multiple new strip - and stick-shaped

products suitable for various home cooking scenarios such as hot pots and

home-cooked stir-fries; the 400g vacuum sealed exquisite series successfully entered

the mid-range price segment and achieved higher growth rates; the 100g paste

products delivered outstanding performance with the shrimp paste series being a key

entry point for the cooperation with major supermarket chains and gaining particular

market recognition; meaty sausage series as a key product strategically entering the

grilled sausage market for individual consumers became a new growth engine;

tiger-skin fried eggs effectively facilitated the Company to expand into new channels

such as spicy poached dishes and Maocai with the differentiated form compared to

traditional meatball products; among the "Six Rising Stars " rice-and-flour product

lineup under the youth-oriented figurative buns segment corn-shaped buns and

orange-shaped buns were particularly popular in the market. New distinctive products

including rose-shaped cake dual-color Malay sponge cake and traditional pork

steamed bun were also launched. With exclusive specifications developed for group

meals in Southern China the Company effectively reduced the intensity of

homogeneous competition in the rice and flour product market. The family bucket

assorted pack for hot pot ingredients received positive feedback from the market and

the Company will continue to expand its product offerings by introducing multiplecombo-size options in 2026. Ding Wei Tai's frozen bakery products such as toast and

bagels also grew steadily through new-style tea beverage and partner supermarket

channels.The Lock-Fresh product line version 6.0 100g Shrimp Paste

3.Focusing on Sausage Products and Driving In-Depth Excellence

Following two years of accumulation and market testing the Company’s supply chain

capabilities in the grilled sausage sector have become increasingly mature production

processes have been continuously optimized and the channel structure has become

more diversified. Recognizing the broad growth potential of the grilled sausage

segment the Company has further focused on grilled sausage products this year by

integrating and coordinating its sausage products. These include five major product

series namely Hot Pot Sausage Series Grade A Volcanic Stone Grilled Sausage

Grade B Volcanic Stone Grilled Sausage Meaty Sausage Series and Taiwanese Style

Grilled Sausage Series and they were positioned as the third largest segment of the

Company’s principal business. In 2026 on one hand the Company will continue to

launch new products based on its existing volcanic stone grilled sausage products

which are suitable for braised deli sections tourist attractions oden malatang and

other channels to expand its grilled sausage series for business customers. On the

other hand for individual consumers the Company has implemented differentiated

upgrades in weight and packaging for meaty sausages launched in 2025 and has set

up dedicated grilled-sausage counters at retail outlets to enrich SKU and enhance

end-market performance. In terms of production capacity the Company has continued

to expand and upgrade its fully automated intelligent and specialized sausageproduction base thereby comprehensively consolidating the production capacity

foundation for the sausage category. Leveraging continuously optimized production

processes and scale advantages it has steadily improved the overall profitability of

the sausage category.Grilling Machine Volcanic Stone Grilled Sausage

II: Emphasizing Investor Returns and Sharing Business Achievements

The Company has always adhered to the core philosophy of sharing development

results with shareholders placed great emphasis on reasonable investment returns for

investors maintained the continuity stability and predictability of our profit

distribution policy and taken into overall consideration the capital requirements for

the Company's long-term development and the overall interests of all shareholders.The Company has established a scientific transparent and sustainable investor return

mechanism. In 2025 the Company's total cash dividends amounted to RMB 952

million (inclusive of tax) accounting for 70.01% of the Company's net profit

attributable to shareholders of the listed company as reported in the 2025 consolidated

financial statements (audited). The estimated cash dividends for the first half of 2026

are RMB 576 million (inclusive of tax) accounting for 70.01% of the Company's net

profit attributable to shareholders of the listed company as reported in the

consolidated financial statements for the first half of 2026 (unaudited). The

Company's dividend payout ratio has increased from 30.02% in 2022 to 53.17% in

2023 and further rose to 70.05% in 2024 remaining above 70% for two consecutive

years. The actual dividend payout ratio significantly exceeds the 40% thresholdstipulated in the Company's articles of association demonstrating the Company's firm

commitment to sharing development results with its shareholders.III: Persisting in R&D Innovation and Cultivating the Company's New Quality

Productive Forces

Driving industrial transformation and upgrading through the cultivation of new

quality productive forces the Company is building a full-chain innovation ecosystem

that bridges technology R&D and market commercialization.

1.Distributed R&D System and Localized Precision Innovation

The Company has established a distributed R&D framework with Anjoy's distinctive

characteristics setting up R&D centers at each of its production bases across the

country each responsible for the development of categories such as hot pot foods

grilled sausages and quick-frozen flour and rice items. By implementing a localized

R&D mechanism the Company ensures that product innovation closely aligns with

regional market preferences thereby accelerating the efficiency of the entire

innovation cycle from laboratory to shelf.

2.New Product Iteration and Commercialization as Dual DriversThe Company always adheres to its new product planning strategy of “one generationin development one in production and one in reserve” focusing on the core demands

of individual customers regarding safety health nutrition and clean label by closely

tracking the development trends of the “five lows” (low sugar less oil low sodium

low fat and low calorie) and the “four frees” (sucrose-free dye-free artificial

flavoring-free and preservative-free) in fast moving consumer goods. It drives brand

transformation and upgrading through product innovation achieving the dual benefits

of brand enhancement and sales facilitation. In 2025 the Company's new products

delivered strong market performance. The Hot Pot Food Assorted Pack shrimp paste

series meaty sausage series and figurative buns (including corn-shaped buns and

orange-shaped buns) all received positive market recognition validating the

Company's efficient capacity for translating innovation into commercial results. In

2026 the Company will launch new products in the quick-frozen flour and riceproducts segment including dual-color rose-shaped cakes persimmon-shaped buns

and apple-shaped buns while also introducing new sausage products tailored for

diverse scenarios such as supermarket deli sections and tourist attractions

continuously enriching the product mix and reinforcing the foundation for long-term

growth.Juicy Plump Sausage rose-shaped cakes

3.Empowering Manufacturing with Digitalization Across the Value Chain

The Company is vigorously promoting full collaboration and connectivity across IT

digitalization and smart manufacturing. By leveraging and customizing both internal

R&D and external technologies the Company has achieved full-process digitalization

from strategic planning to business execution thereby enhancing the timeliness and

scientific nature of decision-making and comprehensive management. The Business

Intelligence (BI) system of the Company enables real-time analysis of information

across various dimensions including products customers regional markets and

marketing policies and also cost analysis and refined management at the production

end. With the enhanced decision-making capabilities brought by digitalization the

Company has strengthened communication and collaboration with distributors

ensured production efficiency and further improved quality control mechanisms. The

comprehensive digitalized quality control system of the Company enables full-process

traceability from raw material sourcing through production packaging and logistics

to customer receipt.IV. Strengthening Investor Communication Through Multiple ChannelsIn the first half of 2026 the Company continued to deepen the investor relations

management and actively built an efficient transparent and multi-dimensional

communication system. During the period the Company successfully held the 2025

annual results briefing via the SSE Roadshow Center platform combining video

webcast with online text interaction and actively participated in the 2025 Annual

Report Results Briefing and Online Collective Investor Reception Day for listed

companies in the Xiamen jurisdiction effectively expanding the reach and

effectiveness of investor communications.In terms of day-to-day communication the Company has consistently maintained a

comprehensive and multi-channel investor communication mechanism with

particular emphasis on protecting the legitimate rights and interests of minority

shareholders. In the first half of 2026 the Company responded to investor concerns

through the SSE e-Interactive platform in a timely manner answering a total of 29

questions with a 100% response rate which demonstrates that the Company attaches

great importance to addressing investor needs. Through results briefings roadshows

on-site investor visits and other approaches the Company has continued to facilitate

in-depth dialogue between management and investors enhancing mutual trust and

understanding and enabling the capital market to gain a more comprehensive and

objective understanding of the Company's value.To further ensure information transparency and fairness the Company has maintained

a monthly disclosure of investor relations activity records during the reporting period

detailing investor concerns raised during surveys and the Company's responses

thereby ensuring that all shareholders have equal access to operational information.Going forward the Company will continue to refine its communication strategy

expand communication channels and drive higher-quality development of its investor

relations management.V. Improving Governance and Standardized Operations

In the first half of 2026 the Company successfully completed the election of a new

Board of Directors ensuring an orderly transition of its governance structure.Following the election the chairpersons of the special committees for Audit

Nomination Remuneration and Evaluation and Sustainability are all independent

non-executive directors. Furthermore the professional backgrounds of the

chairpersons are highly aligned with their respective committee mandates. This

arrangement enables each committee to maintain an independent and objective

stance in deliberating on material matters while also better leveraging the

professional expertise of independent directors who are able to provide targeted

opinions and recommendations on financial audit talent selection performance

evaluation and ESG matters.During the reporting period the Company convened one shareholders' meeting two

Board meetings ten meetings of special committees of the Board and one

independent directors' meeting ensuring the orderly functioning of its governance

mechanisms. Through the independent directors' meeting system independent

directors have actively participated in decision-making and oversight contributing to

a continuous improvement in the quality of Board decisions.In parallel the Company further strengthened its ESG management and actively

advanced sustainability-related initiatives. As of the disclosure date of this report

based on the latest 2025 ESG rating results the Company's Wind ESG rating has been

upgraded from BBB to A and its HuaZheng ESG rating has been upgraded from BBB

to AA with the Company ranking first in the industry in the Governance dimension.These rating results reflect the market's positive recognition of the Company's

sustainability practices and demonstrate the Company's progress in

ESG performance during this period.VI. Reinforcing Performance Responsibilities of Key Personnel

During the reporting period we placed great emphasis on the performance of duties

and risk management of the key personnel including our controlling shareholder our

actual controller directors and senior management and strengthened accountability

mechanisms as well as incentive and constraint mechanisms further consolidating our

accountability framework for corporate governance. We strictly implemented theprovisions of the Remuneration Management Rules for Directors and Senior

Management regarding compensation structure stipulating that the remuneration of

directors and senior management consists of base salary performance-based

compensation and long-term incentive income of which performance-based

compensation shall account for no less than 50% of the total of base salary and

performance-based compensation in principle. Meanwhile the performance-based

compensation of directors and senior management is linked to our annual

performance with a certain percentage of such compensation retained for payment

after the disclosure of the annual report.During the year we have progressively established a regular and diversified training

mechanism for the key personnel actively organized the study of regulatory policies

communicated the latest regulatory requirements in a timely manner and

continuously arranged for directors and senior management to participate in

professional training to enhance their performance capabilities and risk awareness

strengthen legal and compliance awareness and further consolidate the governance

capabilities of our management team thereby enhancing organizational dynamism

and promoting a steady improvement in our overall governance standards.VII. Conclusion and Outlook

In the first half of 2026 the Company made targeted efforts in core areas including

improving operational quality enhancing shareholder returns and optimizing

corporate governance and information disclosure with all work streams achieving

positive results as planned.Looking ahead to the second half of the year the Company will continue to balance

steady operations with reform and innovation. On the one hand we will focus on our

core business to strengthen our competitiveness; on the other hand we will continue

to optimize capital allocation and strive to create long-term value for our shareholders.The Company's management and all employees will remain confident and pragmatic

in their efforts driving the successful completion of all annual targets and objectives

with high quality.VIII. Risk Warning

The Company's plans and development strategies referred to in this action plan are

forward-looking statements that do not constitute historical facts nor do they

constitute any substantive commitment made by the Company to investors. Investors

are advised to exercise caution to the relevant risks.Board of Directors

Anjoy Foods Group Co. Ltd.August 24 2026