CONTENTS
Opening
Message About New Hope Liuhe 02
from the Chair 01 Sustainable Development Strategies and Progress 03
Special Feature：Embracing AI to Unlock New
Quality Productive Forces in Agriculture 05
New Technologies: Building a Full-Chain AI-Enabled
Intelligent Ecosystem 05
New Models: Reshaping the Agricultural Value Chain 06
Main body
1 Efficient Governance 2 Premium Products for Strengthening the Foundation Accessible Nutrition
for Development and Health
Party Building Efforts 09 R&D in Nutrition and Health 29
Corporate Governance 10 Advancing Smart Farming 32
Sustainable Development Governance 14 Rigorous Quality and Safety Control 34
Risk and Compliance Management 18 Service Quality Enhancement 38
Business Ethics 20 Supply Chain Management 40
Tax Transparency 23
Information Security and Privacy
Protection 24
3 Green Industry for a Thriving 4 Value Co-creation for
Natural Ecosystem Common Prosperity
Sustainable Agriculture 45 Enabling Employee Growth 61
Sustainable Operations 48 Empowering Farmers 73
Addressing Climate Change 51 Caring for Society 74
Ecosystem and Biodiversity
Conservation 56
Closing
Quality inspection of chicks at New Hope
Indonesia's poultry breeding base before
delivery to farmers. — This projectwas selected for the 70th
Anniversary Exhibition of the Bandung About This Report 80
Conference and the China-Indonesia Economic
and Trade Cooperation Achievements Key Performance Table 81
Exhibition in 2025. Indicator Index Table 85
Feedback Form 87Message from the Chair New Hope Liuhe Co. Ltd.2025 Sustainability Report 02
Message from the Chair About New Hope Liuhe
Strengthening Development Resilience Through Innovation and Fulfilling Corporate Mission New Hope Liuhe (SZ.000876) is the largest operating industrial segment of New Hope Group. The Company was listed on the Shenzhen Stock Exchange in 1998. Rooted in the agriculture and animal husbandry industry the Company’s core businesses include feed production pig farming and
Through Responsibility meat processing. As one of the leading enterprises in agriculture industrialization we leverage our influential role to drive broader impacts committed
to building a safe and healthy broader food industry value chain by integrating resources globally. Our operations span across China and extend to 15
countries including Vietnam the Philippines Indonesia Singapore and Egypt all aimed at supporting people's aspirations for a better life.healthier and more customized product choices. Corporate Culture
Moving Toward a Greener Future Through Low-Carbon Development
We continued to optimize our energy structure and accelerate the
transition toward clean energy. During the year newly grid-connected We aim to become a globally trusted supplier and integrated service provider of
photovoltaic installed capacity reached 4.42 MW while installed energy Profiting farmers and benefiting Mission high-quality protein and food by offering safe reliable and demand-oriented
storage capacity reached 0.26 MWh. Total operational photovoltaic food consumers products and services.installed capacity reached 19.64 MW with an additional 27.57 MW under
construction. We also actively promoted the circular agriculture model
integrating crop farming and livestock breeding. During the year 16.32
million tonnes of treated water were recycled for farmland use and We leverage our role as a leading enterprise in agricultural industrialization to
around 98800 tonnes of fermented organic fertilizer were produced. Becoming a leader in farming and integrate global resources and build a safe and healthy food industry chain. At the
The Company cumulatively secured certified carbon emission reduction Vision food industries same time we support farmers in increasing their income meet consumer demand
credits totaling 925100 tonnes. Across our various business segments for safe meat products and contribute to social progress and development.we conserved a total of 748400 tonnes of grain through feed formula
optimization breeding improvements and scientific feeding practices.Through concrete actions we continued to bring the philosophy that
“lucid waters and lush mountains are invaluable assets” into practice and
deliver tangible results.Dear colleagues shareholders partners and friends from all sectors of Industry Position
society Growing Together for a Better and More Harmonious Future
Greetings to you all! We strive to balance economic and social value creation ensuring that New Hope Group Co. Ltd.Looking back on 2025 international trade was marked by uncertainty the Company’s development benefits a broader range of stakeholders.China’s economy embarked on a new journey of development and the Through industry-driven development we cooperated with 2900 farming 2025 Fortune Global 500 2025 China Top 500 Enterprises 2025 Hurun China 500 Selected for the fourth
energy revolution accelerated the transition toward a greener future. households during the year with total contract farming settlement consecutive year as one of the
Meanwhile the rapid rise of AI reshaped industries across the board. payments exceeding RMB 2.03 billion and average earnings per Ranked th Ranked rd Ranked th 2025 Fortune Most AdmiredThe agriculture and animal husbandry industry in which we operate household surpassing RMB 960000. In talent cultivation the fifth “Village 426 103 354 Chinese Companies.also accelerated the integration of new technologies the launch of Head Course” was successfully held where I shared with more than
new products the exploration of new channels and expansion into 100 participants insights on enduring through industry downturns with
new markets embracing a future filled with both opportunities and long-term commitment and resilience. We also remained dedicated to
challenges. As a fully integrated enterprise connecting fields to dining public welfare initiatives. In the 10th season of the Hope and Wish Plan New Hope Liuhe Co. Ltd.tables New Hope Liuhe has remained committed to its mission of we established reading rooms for children in mountainous areas while
“profiting farmers and benefiting food consumers” while responding the Warm Winter Campaign entered its 12th year by delivering down 2025 China’s Top 500 Private 2025 China’s Top 500 Private 2025 Sichuan Top 100 Privateto the changes and challenges of the times. Guided by our “wartime jackets to kindergartens in high-altitude regions. Continuing the legacy Enterprises Manufacturing Enterprises Recognized as a Technology Enterprisesculture” we pursued progress while maintaining operational stability: of the Guangcai Program our women’s training initiative in Bangladesh Innovation Model Enterprise
our Feed Sector maintained its global leadership position the Pig Sector achieved its target of training 9000 participants while the first cohort of Ranked 97th Ranked th by the Sichuan Feed Industry Ranked rdsteadily reduced costs and improved efficiency and our Overseas Sector 100 female trainees in Egypt successfully completed their programs. From 66 3 Associationachieved rapid growth. At the same time the direction of our “Tree of the earthquake in Myanmar to flooding in Indonesia and typhoons inHope” ESG strategy became even clearer and this report presents our Vietnam New Hope Liuhe employees actively provided disaster relief and
sustainability practices and achievements over the past year. assistance to communities in need allowing the spirit of the Guangcai
Program to take root overseas and contributing a Chinese example of
Advancing Through Innovation to Strengthen Development Resilience “common prosperity” both at home and abroad.We fully embraced the “AI + Agriculture” landscape and leveraged digital Operating Performance
and intelligent transformation to drive business innovation. Through the Deep roots nurture flourishing branches and strong foundations
self-developed “Pig Chip” and the establishment of industry partnerships support lasting growth. Looking back over the past three years the
we continued to strengthen our capabilities in breeding technologies. industry has yet to fully emerge from difficult times and we continue
The “Zhu Xiaoxin” intelligent operation platform not only supports our to persevere through challenges while building strength for the future.own lean management but also helps partner farmers improve efficiency Yet like a winding snake steadily moving forward we remain firmly Total assets: RMB billion Operating revenue: RMB billion
and reduce costs. Driven by scientific and technological innovation 114.2committed to progress. Standing at the new starting point of the 15th 106.9
we continued to strengthen the resilience of corporate development. Five-Year Plan period New Hope Liuhe will continue to uphold its
During the year the Company received nine provincial- ministerial- corporate responsibilities strengthen resilience through technological
and municipal-level science and technology awards while 11 national innovation reinforce its foundation through sound governance and
and industry standards led by the Company officially came into effect. earn trust through superior products. We will remain committed to green
The number of users on our feed e-commerce platform exceeded development and shared value creation as we work together with all
100000. Through full-chain quality control covering breeding feeding stakeholders to build a brighter future for the sustainable development of Feed sales volume:2 9.74 million tonnes Pig outpu t:1 7.55 million heads
slaughtering and processing we achieved a 100% pass rate in market the agriculture and animal husbandry industry and contribute to people’s
inspections throughout the year providing consumers with safer aspirations for a better life.Sustainability Strategy and Progress New Hope Liuhe Co. Ltd.2025 Sustainability Report 04
Sustainability Strategy and Progress Awards and Recognitions
Award/Recognition Issuing Authority
Guided by its “Tree of Hope” ESG strategy New Hope Liuhe is systematically integrating the framework into business decision-making and day-to-
day operations. Anchored in the principles of consolidating its foundation driving sustainable growth and empowering its broader ecosystem the Selected for the Best Practice Cases for Sustainable Development of Listed Companies in China for three consecutive years China Association for Public Companies
Company is committed to serving as a trusted corporate citizen that co-creates shared value and builds a common future alongside all stakeholders.Outstanding Case of Fulfilling Corporate Social Responsibility in the
Livestock Industry (2020-2024) China Animal Agriculture Association
The Tree of Hope ESG Strategy
Strategic
Dimension UN SDGs Material Topic Key Performance Indicators Outstanding Unit in Feed Grain Reduction
Sichuan Association of Feed Industry
New employment created: 7954
Deep Human Capital Development Female representation in management roles: 16.07% Star Unit for Serving Rural RevitalizationAverage training hours per employee: 26.6 Sichuan Association of Feed Industry
Roots:
Consolidating
the Foundation
Corporate Governance Resolution rate of valid reports: 100% 2025 ESG Practice Innovation Case for Chinese Enterprises with People’s Daily Overseas Edition All-China Environment Federation
and Business Ethics Employee anti-corruption training hours: 60300 Global Operations and China Quality Certification CenterSupplier Sunshine Cooperation Agreement signing rate: 100%
2025 Outstanding Case of Fulfilling Corporate Social Responsibility China Food News China Non-staple Food Circulation Association
Quality training participation: 5468 person-times
Market inspection pass rate: 100%
Product Responsibility Product recalls and negative product incidents: 0
Average customer satisfaction score: 98.5
Market spot check pass rate: 100% Outstanding Case of Food Safety Management (2024-2025) China Food Safety Conference
Digitalization and R&D investment: RMB 191.35 million
Technological Innovation Science and technology innovation platforms at various levels: 54Cumulative valid patents: 1361
Flourishing
Branches: Total qualified suppliers: 4261Sustainable Supply Chain Suppliers qualified through desk/on-site evaluations: 3169
Driving Growth Supply chain digital platform launch rate: 100%
Total investment in environmental protection: RMB 150.60 million
Ecological Farming Fermented manure produced: 98800 tonnes
Reclaimed water returned to farmland: 16.32 million tonnes
Biological carbon sequestration: 157500 tCO2e
Operational PV power generation: 15.60 million kWh
Climate Change Response Total certified carbon emission reduction credits: 925100 tonnes
GHG emission intensity: 12.10 tCO2e/RMB million revenue
Completed comprehensive carcass grading of mainstream black pig
Promoting Nutritional breeds improving the premium-grade slaughter rate by over 10% ESG Ratings
Accessibility Led or contributed to the development of 3 national standards Abundant 6 industry standards and 2 group standards for feed and meat
Leaves: products all of which came into effect in 2025
Empowering S&P Global Corporate Sustainability CNI Index ESG Rating Wind ESG Rating
the Ecosystem Assessment (CSA)
Grain saved through formula substitution and science-based
Community Engagement feeding: 748400 tonnes
and Rural Development Total fostering fees settled over RMB 2.03 billion; average profit per
household over RMB 960000 41 AAA AA
A year-over-year increase of 13 pointsSpecial Feature New Hope Liuhe Co. Ltd.2025 Sustainability Report 06
Special Feature: comprehensive AI-assisted clinical workflow spanning preliminary disease diagnosis diagnostic report interpretation and treatment recommendation. This capability is embodied in the AI
veterinary assistant “Zhu Xiaoxin” which integrates three core functions: professional knowledge
Q&A AI-assisted diagnosis and treatment support and live consultation with qualified veterinary
specialists. The platform additionally supports epidemiological data analysis and statistical reporting
Embracing AI On February 23 2025 China unveiled its “No. 1 central document” for 2025 outlining the priorities strengthening the Company’s disease surveillance and prevention capabilities.for further deepening rural reforms and taking solid steps in advancing all-around rural revitalization.to Unlock New The document marked a significant policy milestone by incorporating “new quality productive forcesin agriculture” into the national strategic agenda for the first time signaling a firm commitment
Quality Productive The Company has independently developed the AIoT-based NH Channel Inventory and Estimation to technology-driven agricultural modernization. As a leading enterprise in China’s agricultural Inventory Management System a solution that addresses a range of operational scenarios including sales inventory
Forces in industrialization sector New Hope Liuhe has positioned itself at the forefront of this national agenda estimation for fattening pigs piglet transfer and outbound head counts and in-unit weight by deepening its engagement in the “AI + modern agriculture” space. The Company has embedded AI Weight Estimation and
Agriculture estimation for fattening pigs. The system operates through a cloud edge and endpoint collaborative across the full value chain of pig farming operations harnessing digital and intelligent transformation Live Pig Measurement architecture resolving key challenges inherent in large-scale farm management.to modernize traditional livestock production and translating corporate strategy into tangible action To support meat quality enhancement the Company has developed a Live Pig Intramuscular Fat
in support of China’s broader agricultural modernization goals. Content Detection System underpinned by a suite of independently developed measurement
software applications. This initiative has enabled intelligent automated phenotypic measurement
New Hope Liuhe has systematically explored the application of large language models (LLMs) across
New Technologies: of breeding stock while achieving domestic substitution of previously imported software tools. The its operations integrating data from key production stages (e.g. breeding feeding slaughtering
Building a Full-Chain system simultaneously advances animal welfare standards and delivers measurable improvements processing) to drive intelligent capabilities across critical value chain functions including genetic in the accuracy throughput and scale of phenotypic data collection. By the end of 2025 live pig
AI-Enabled Intelligent improvement animal husbandry health monitoring and commercial sales. This has given rise to an intramuscular fat measurement had achieved full coverage reaching 100% across all core breeding
Ecosystem intelligent operational ecosystem structured around three core dimensions: operations health and
measurement delivering scalable practically deployable AI solutions in support of the pig farming Intelligent weight estimation
farms.equipment at the China Animal At the 4th Digital Intelligence Conference of Animal Husbandry (2025) the AIoT-based NH Channel industry’s high-quality development. Husbandry Expo — drawing interest Inventory and Estimation System was recognized as an Outstanding Case while the Live Pig
from domestic and international
Breeding Improvement In 2025 New Hope Liuhe partnered with China Agricultural University and Huazhong Agricultural attendees
Intramuscular Fat Content Detection System received recognition as an Exemplary Case.University to jointly develop the Xinxiwang 60K High-Density Solid-Phase SNP Chip. By integrating
key functional genomic loci with the distinctive genetic resources of indigenous Chinese pig breeds
the chip overcomes longstanding limitations of conventional breeding methodologies and enables
precise identification of pig breeds and kinship relationships. It provides foundational technological
support for the conservation of indigenous pig genetic resources breed purification and restoration New Hope Liuhe harnesses AI as a core strategic driver integrating digital and intelligent
programs and the commercialization of superior genetic traits. Deployed at scale across the technologies across three interconnected dimensions: enterprise-wide operational management
Company’s core breeding farms the chip improves selection accuracy for key economic traits (e.g. New Models: Reshaping core business performance enhancement and industrial ecosystem value sharing. Through this
growth performance reproductive capacity meat quality) by 20% to 30% and accelerates genetic the Agricultural Value approach the Company is fundamentally reshaping the agricultural value chain and accelerating the
improvement outcomes. By connecting three core technological pillars namely genomic breeding Chain evolution of its digital intelligence capabilities transitioning from isolated single-point applications
The Xinxiwang 60K High-Density technology intelligent breeding algorithms and AI-enabled phenotypic measurement the chip
toward comprehensive enterprise-wide enablement.Solid-Phase SNP Chip underpins a fully integrated closed-loop system that follows the workflow of genomic profiling AI-
driven phenotype capture algorithmic breeding value estimation and end-to-end selection and
mating decisions. This represents a fundamental shift in the Company’s breeding paradigm from
traditionally experience-based approaches to a data intelligence-driven model. The Company has deployed LLMs to drive a comprehensive transformation of its operational
Intelligent Operations management framework. Through an AI-powered business analytics platform management teams The Company has developed a multi-dimensional nutritional parameter optimization model that
Feed Formulation can query core performance indicators and industry trends in real time reducing data retrieval and measurably improves feed conversion rates and supports animal health outcomes. Complementing
knowledge lookup times from hours to seconds and materially strengthening decision-making
this an intelligent ingredient substitution algorithm drawing on real-time raw material market pricing
agility across the organization. AI-driven review mechanisms and quality inspection capabilities have
and nutritional composition matrices enables dynamic cost structure optimization. A formulation
been embedded across key functional areas including procurement sales shared financial services
efficacy prediction model further allows the Company to assess with precision how different
and taxation establishing end-to-end closed-loop risk governance. This integration has delivered
nutritional combinations affect animal growth performance and health status resulting in improved
efficiency gains of over 100% in business processing across these functions.feed utilization efficiency and enhanced economic returns across farming operations.In the area of pig farming the Company has consolidated internal platform data IoT sensor data
The Company’s AI models continuously analyze operational data to dynamically adjust key production and production and sales records within a dedicated Pig Planning and Operations Platform. The
Pig Farming Operations parameters including stocking density and daily feed allocation enabling precise nutritional delivery while platform enables real-time monitoring and visualization of pig inventory daily feed intake growth
driving measurable gains in production efficiency. Networked feed tower weighing equipment supports performance and cost metrics. Drawing on AI-powered analytics farm managers are equipped to
refined daily feed management facilitating the timely identification of anomalies in feed intake and animal make timely data-informed adjustments to feeding strategies and resource allocation contributing to
health status and contributing to improvements in the feed-to-meat ratio. Network-connected feed measurable reductions in farming costs and supporting broader quality and efficiency improvements
tower coverage has reached close to 100% for contract farming operations and approximately 50% for across the agricultural value chain.self-operated fattening units.Building on a digital twin platform and operational robotics capabilities the Company is progressively
advancing toward unmanned or minimally staffed farm management. An AI-powered piglet crushing The Company has integrated AI capabilities across both online auction and offline trading channels
prevention system has been developed utilizing computer vision technology and postural sensors Intelligent Sales for pig transactions. AI systems analyze historical transaction records unsold lot data and live market
to monitor high-risk sow behaviors such as rising and lying down in real time. The system enables conditions to identify the key factors behind unsold auction lots and dynamically refine pricing
immediate alerts and automatic farrowing crate adjustment upon detecting risk events. Since pilot strategies. Optical character recognition (OCR) technology is applied to weigh-bridge photographs
deployment nursing piglet mortality attributable to crushing has been reduced by approximately 10%. enabling weight data extraction at millisecond speeds with an accuracy rate of 96.3% effectively
eliminating manual errors and reducing the risk of fraudulent activity at the point of data capture.The Company has deployed cough monitoring devices across its farms to enable early detection of Visual recognition technology further supports pig counting and live weight estimation achieving an
Health Management and timely intervention in respiratory diseases in pigs. The system maintains a 100% alert response accuracy rate of 99% and collectively enhancing transaction efficiency data integrity and operational
rate for medium-risk alerts within seven days and for high-risk alerts within three days. Intelligent accountability. These capabilities are brought together through the Company’s proprietary Jubaozhu
ultrasound devices operating at an accuracy rate exceeding 95% support precise reproductive platform which provides a fully integrated end-to-end trading model spanning online auctions and
assessment and non-invasive health screening with stored data providing a reliable audit trail for offline transaction fulfillment. By the end of the reporting period Jubaozhu had extended its reach
operational decision-making and traceability purposes. In parallel the Company has developed to pig sales operations across 25 provinces earning recognition from customers nationwide for its
an industry-specific AI Veterinary Model trained on open-source LLM frameworks establishing a improved transactional transparency accessibility and integrity.New Hope Liuhe Co. Ltd. 2025
Sustainability Report
1Efficient Governance Strengthening the Foundation for Development
Chapter Content
Party Building Efforts 09
Corporate Governance 10
Sustainable Development Governance 14
Risk and Compliance Management 18
Business Ethics 20
Tax Transparency 23
Information Security and Privacy Protection 24
Contribute to the UN 2030
Sustainable Development Goals (SDGs)
In 2025 New Hope Liuhe released the Guidelines for Overseas Local Talent
Development and launched the Global Mid-level Training Program promoting the
coordinated advancement of talent development and corporate governance.New Hope Liuhe Co. Ltd.2025 Sustainability Report 10
Party Building Efforts Corporate
Governance
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era New Hope Liuhe continued to advance its Party building New Hope Liuhe strictly complies with relevant laws and regulations including the Company Law
mechanism centered on “strict coverage standardized governance and integrated collaboration” promoting closer integration and mutual 2025 of the People’s Republic of China the Securities Law of the People’s Republic of China the Code
reinforcement between Party building efforts and the Company’s core businesses.Number of general meetings of of Corporate Governance for Listed Companies the Rules Governing the Listing of Stocks on the
shareholders held throughout the Shenzhen Stock Exchange and the Shenzhen Stock Exchange Self-Regulatory Guidelines No. 1—
year: 4 Standardized Operations for Companies Listed on the Main Board. The Company has established a
Number of Board meetings held
Enhancing Organizational Development throughout the year: 10 sound and well-structured corporate governance system laying a solid foundation for its long-term development.To ensure the continuity and standardization of Party Committee operations the Company further optimized the leadership structure of both the Resolutions Passed The Company has established a corporate governance structure centered on the General Meeting
Company’s Party Committee and the Party Committee of the Group by-elected one Party Committee Secretary and actively advanced the by-election
Resolutions passed at of Shareholders the Board of Directors and the management team with clearly defined hierarchical
of vacant committee positions in directly affiliated Party branches. These efforts ensured well-structured grassroots Party organizations with clearly shareholders’ meetings: 21 responsibilities and governance functions. In 2025 in accordance with the requirements of the
defined responsibilities providing stable organizational leadership for the Company’s sustainable development. At the same time the Company Resolutions passed at Board Company Law of the People’s Republic of China the Securities Law of the People’s Republic of China
continued to strengthen the localized development of Party organizations across its subsidiaries and branches. It conducted comprehensive reviews meetings: 48 and the Guidelines for the Articles of Association of Listed Companies issued by the China Securities
of independently established and jointly established Party organizations achieving dynamic updates and centralized management of Party member Regulatory Commission New Hope Liuhe completed revisions to its Articles of Association . The
information. As of the end of 2025 the Company had established one Party Committee and 74 Party branches managing a total of 2798 Party Company abolished the Board of Supervisors with its original supervisory responsibilities assumed by
members including 812 Party members who are military veterans. The breadth of Party organization coverage and the depth of Party management the Audit Committee under the Board of Directors and added employee representative directors to
continued to expand providing a solid organizational foundation for the Company’s corporate governance system. further improve the corporate governance structure.In addition to standardize fund management and strengthen governance effectiveness the Company formulated and piloted the Measures for the
Administration of Party Building Activity Funds for Directly Affiliated Party Branches of the Party Committee of New Hope Liuhe Co. Ltd. (2025) in
2025. The measures clarified fund utilization procedures and approval mechanisms further enhancing transparency and standardization in resource General Meeting of Shareholders Workers’ Congress
management.Strengthening Ideological Foundations Board of Directors
The Company continued to deepen theoretical learning and ideological education strictly implementing the “First Agenda” mechanism and consistently
strengthening the “Four Consciousnesses” reinforcing the “Four Confidences” and upholding the “Two Upholds.” In 2025 the Company carried out
regular educational activities centered on the spirit of the Eight-point Decision. It organized patriotic education activities such as collective viewings of
the September 3 military parade which comprehensively enhanced Party members’ political awareness and overall perspective. These initiatives guided
Party members to put sustainable development concepts into practice in their daily work.Deepening Integration with Business Operations
The Company’s Party Committee promoted innovation in joint Party building mechanisms by organizing collaborative Party building activities with
organizations including the Sichuan Provincial Department of Science and Technology Yonghao Foundation and the Chengdu Branch of China
Merchants Bank. These initiatives facilitated cross-departmental and cross-sector resource sharing and experience exchange supporting coordinated
progress on key ESG topics such as technological innovation public welfare and charity and green finance. The Company also actively participated in
community Party building and anti-corruption initiatives and strengthened collaboration and interaction with local Party organizations. These efforts
helped foster a clean and integrity-driven corporate culture and strengthened the Company’s trust and cooperation with local communities.The Company has promoted cultural development through Party building and strengthened brand development through corporate culture. Its self-
produced Party education film Guardians Above the Clouds received second prizes at both the Sichuan provincial and Chengdu municipal levels and
was featured on official media platforms which further enhanced the recognition and influence of the Company’s Party building brand. Management Team
The Board of Directors serves as the Companys’ core decision-making body and operates through five
Board of Directors specialized committees: the Strategy and Sustainable Development Committee the Audit Committee
the Nomination Committee the Remuneration and Appraisal Committee and the Risk Control
Committee. Leveraging their respective professional expertise these committees support the Board
Board Effectiveness in overseeing the Company’s operations and management activities. During the reporting period
the Board consisted of nine directors providing broader perspectives and more comprehensive
analysis for Board discussions and decision-making. The Board maintained standardized and
efficient operations throughout the year and convened Board and specialized committee meetings in
accordance with applicable laws and regulations. Attendance at Board meetings remained at 100%
which ensured the integrity and timeliness of decision-making procedures. Board members strictly
fulfilled their duties of loyalty and diligence. None of the directors concurrently served as directors of
more than three listed companies effectively avoiding excessive external appointments and potential
conflicts in fulfilling their responsibilities. This enabled directors to maintain dedicated focus on
Company affairs and support high-quality decision-making. Detailed information regarding Board
composition fulfillment of directors’ duties the composition and operation of specialized committees
shareholder and actual controller information and related-party transactions can be found in the
New Hope Liuhe Co. Ltd. 2025 Annual Report.In accordance with the requirements of the Articles of Association the Company has established
a clear accountability mechanism governing directors’ performance of duties and no limitations
Election of the Party Committee Secretary Joint Party building activities or exemptions from directors’ liabilities are in place. The Articles of Association also specify the
Company’s and shareholders’ rights to hold directors accountable and seek compensation. Any gains
Employee Representative Directors
Risk Control Committee
Remuneration and Appraisal Committee
Nomination Committee
Audit Committee
Strategy and Sustainable Development
Committee
Independent DirectorsCorporate Governance New Hope Liuhe Co. Ltd.2025 Sustainability Report 12
derived from short-swing trading by directors belong to the Company and the relevant responsible guidance and forward-looking recommendations on financial decision-making compliance operations
parties bear joint liability accordingly. The Company has not established any provisions exempting risk prevention and control and strategic development planning. Two directors on the Audit Committee
directors from liabilities arising from intentional misconduct or gross negligence nor has it set any are accounting professionals and the committee is chaired by independent director Ms. Xie Jiayang
cap on liability compensation. In addition directors’ and officers’ liability insurance does not cover who holds qualifications as a Certified Public Accountant of China Certified Tax Agent of China and
intentional violations of laws or fraudulent conduct and related liabilities remain the responsibility of Senior Accountant with 38 years of experience in financial auditing. Independent director Ms. Wang
the individuals concerned thereby ensuring alignment between responsibilities and accountability. Jiafen previously served as Chairwoman of Bright Dairy and Vice Chairwoman of Ping An Trust bringing
The Company has also established a Board performance evaluation system. The Remuneration and extensive experience in corporate operational risk and investment management. Director Ms. Yang
Appraisal Committee conducts duty performance reviews and annual performance evaluations for Fang as the Group’s Chief Financial Officer possesses comprehensive expertise in financial risk control
non-independent directors and senior management. Evaluation results comprehensively consider and capital management. Employee representative director Pang Yundong has extensive experience
multiple factors including performance of duties professional capabilities and the Company’s in financial management and risk control within the feed business. His professional background and
operating results. The Company also strengthened its internal restraint and accountability mechanisms. practical experience provide strong support for the Board’s risk-related decision-making. Through
The Risk Control Committee is responsible for pursuing economic or administrative accountability well-established governance arrangements and the professional performance of directors’ duties
in cases involving dereliction of duty by directors or senior executives. During the reporting period the Company continues to improve the scientific rigor and standardization of Board decision-making
performance evaluations were conducted for Board members covering 100% of Board members. strengthening its ability to identify prevent mitigate and respond to risks effectively.Specialized committees of Proportion of Number of Board Member
Average tenure of Board members: Gender Composition Age Distribution Educational Backgroundthe Board of Directors Independent Meetings Held Attendance Rate of the Directors of Directors of the Directors
4 Strategy and Sustainable years Development Committee 25% 0 —— Male 4 60 years and 3 Doctoral degree 1Risk Control Committee 40% 1 100% above 50-59 years old 2 Master’s degree 7Female 5
Audit Committee* 67% 4 100% Bachelor's 1
40-49 years old 4 degree
Remuneration and Appraisal Committee* and below60% 1 100%
Nomination Committee* 60% 4 100%
Professional Backgrounds of Board Members
Note: * indicates that an independent director serves as the committee chair.Strategic Industry Risk Financial Technology Sustainable
Position Name Gender Planning Experience Management Accounting Law R&D Development
Board Independence New Hope Liuhe fully recognizes the independent director system as an important safeguard for promoting standardized operations of listed companies protecting the overall interests of listed Chairperson Liu Chang Female ? ? ?
companies and safeguarding the lawful rights and interests of minority investors. In accordance
with the requirements of the Measures for the Administration of Independent Directors of Listed Director Zhang Minggui Male ? ? ?
Companies the Company has formulated and effectively implemented the Working System
for Independent Directors and the Annual Report Working System for Independent Directors . Director Li Jianxiong Male ? ?
Independent directors are selected and appointed in strict compliance with the qualification
requirements and appointment procedures stipulated in the Working System for Independent Director Yang Fang Female ? ?
Directors ensuring that qualified experts and authoritative professionals are able to fully perform their
roles in corporate governance. Director and President Tao Yuling Male ? ? ?
The Company currently has three independent directors accounting for 33.33% of the Board none of Employee Representative Pang Yundong Male ? ? ? ? ?
whom hold shares in the Company in any form. In addition no independent director has served for Director
more than six years. Independent directors do not directly participate in the Company’s day-to-day Independent Director Wang Jiafen Female ? ? ?
management which helps reduce the risk of conflicts of interest and strengthens the Board’s checks
and balances mechanism. Independent directors constitute the majority of the Audit Committee Independent Director Xie Jiayang Female ? ? ?
Nomination Committee and Remuneration and Appraisal Committee under the Board of Directors
and also serve as chairpersons of these committees ensuring the objectivity and fairness of Board Independent Director Li Tiantian Female ? ?
decision-making. The Company provides independent directors with sufficient working conditions
and personnel support to facilitate the performance of their duties. It regularly updates independent
directors on operational developments and provides relevant materials to safeguard their right to New Hope Liuhe has established a standardized remuneration management mechanism for directors.information ensuring they have access to adequate resources and necessary professional advice in Remuneration and In accordance with the revised Code of Corporate Governance for Listed Companies the Company
carrying out their responsibilities. Performance Evaluation has further strengthened remuneration management requirements to ensure that remuneration-
To further safeguard Board independence and reduce risks associated with related-party transactions related decision-making procedures are compliant transparent and accountable. Remuneration plans
the Company has clearly defined the review standards approval procedures and voting requirements for directors are formulated by the Remuneration and Appraisal Committee of the Board of Directors
for related-party matters in the Articles of Association . In December 2025 the Company also revised with comprehensive consideration given to factors including fulfillment of duties work performance
its Internal Control System for Related-Party Transactions which provides detailed provisions on and the Company’s operating results. The plans are subject to review and approval by the Board of
related-party identification pricing mechanisms for related-party transactions approval authorities Directors before being submitted to the General Meeting of Shareholders for approval and disclosed in
and other relevant matters ensuring that related-party transactions are conducted in accordance accordance with relevant regulations ensuring transparent and standardized management procedures.with the principles of fairness transparency and impartiality. To better align individual interests with the Company’s long-term development the remuneration
structure for the President and senior management consists of fixed compensation short-term
To further strengthen Board diversity practices New Hope Liuhe has clearly defined the selection performance incentives and long-term equity incentives. A balanced mix of cash compensation and Board Skills and Diversity
and appointment procedures for directors and senior management in the Articles of Association equity-based incentives is maintained to support alignment between short-term operating targets
the Rules of Procedure for the Board of Directors and the Detailed Rules for Specialized Board and long-term value creation. Variable performance incentives are closely linked to quantitative KPIs.Committees . Diversity is incorporated into the selection process through comprehensive consideration Company-level performance indicators account for 60% of the weighting and include core financial
of candidates’ educational background industry experience professional expertise and career metrics such as revenue net profit and asset-liability ratio. Operational excellence indicators account
experience helping maintain an appropriate balance of capabilities skills experience gender age for the remaining 40% covering areas including workplace safety environmental compliance food
and cultural and educational backgrounds within the Board. safety management and digitalization and information system development. Individual performance
The current Board consists of nine directors whose ages span from those born in the 1950s to the KPIs and compliance and risk management performance are also incorporated into the evaluation
1980s. Board members possess diverse professional backgrounds and extensive theoretical knowledge process to ensure a strong performance-oriented remuneration framework. At the beginning of each
and practical experience in fields including economics business administration accounting animal year annual performance targets are established with reference to leading industry benchmarks while
husbandry and sustainable development. Their expertise enables them to provide professional year-end assessments measure the achievement rate of these targets. Actual remuneration payoutsCorporate Governance New Hope Liuhe Co. Ltd.2025 Sustainability Report 14
are closely linked to operating performance and sustainability responsibilities reinforcing a strong voting results disclosed in a timely manner. The Company also places particular emphasis on creating
pay-for-performance approach. The Company has also established remuneration deferral and risk opportunities for minority investors to participate in corporate activities. A combination of on-site
adjustment mechanisms. Part of the performance-based compensation for the President and senior voting and online voting is adopted at shareholders’ meetings making full use of modern information
management is deferred until completion of the following year’s performance audit. In years subject technology to facilitate shareholder participation. Dedicated Q&A sessions for minority investors
to significant market volatility bonus reserve pools and deferred payment mechanisms are adopted to are also included in meeting agendas to actively solicit opinions and suggestions from minority
balance incentive intensity across different reporting periods. Bonuses already allocated are retained shareholders.on a rolling basis and released in stages following comprehensive assessments in the subsequent year. Diversified Communication Channels
This mechanism helps avoid excessive short-term behavior and promotes a dynamic balance between To enhance investors’ understanding and recognition of the Company the Company has established
short-term incentives long-term risk management and sustainable value creation. diversified communication channels including telephone hotlines email the Shenzhen Stock Exchange
At the long-term incentive level the Company has established dedicated equity and stock option Interactive EasyIR platform on-site investor research activities performance briefings securities firms’
incentive plans for senior management and key core talent. The vesting of restricted shares is linked strategy conferences reverse roadshows and large-scale exhibitions such as industrial expos. Through
to both Company-level performance targets and individual performance evaluation results with these channels the Company maintains active effective and constructive communication with
tiered unlocking coefficients designed to encourage senior management to fulfill their responsibilities investors and other stakeholders which helps foster positive interactions between the Company and
effectively. According to the 2022 Restricted Stock Incentive Plan and the Performance Evaluation the investment community.Management Measures if Company-level performance targets or individual performance evaluations
fail to meet required standards the corresponding vesting coefficient will be reduced or reduced to
zero. Restricted shares that have been granted but fail to meet vesting conditions are repurchased and
cancelled by the Company at the grant price. During the reporting period the Company repurchased
and cancelled restricted shares that failed to meet vesting conditions due to underperformance Sustainable
against assessment targets or the resignation of incentive recipients. This mechanism effectively links
executive remuneration with Company performance and individual performance outcomes creating a Development
substantive clawback effect for performance-based compensation.The Company has formulated the Rules Governing Shares Held and Changes in Shareholdings by Governance
Ownership of Directors Directors and Senior Management in accordance with relevant laws regulations and the Articles of New Hope Liuhe has established and consistently improved a three-tier sustainable development
and Senior Management Association. The rules standardize the declaration lock-up reduction and disclosure of Company governance structure comprising the “Oversight–Management–Execution” levels under the leadership of
shares held by directors and senior management further strengthening the alignment between Sustainable the Board of Directors promoting the effective implementation of the Company’s ESG and sustainable
management performance and the Company’s long-term development. Development
Governance Framework development initiatives. During the reporting period the Company organized dedicated sustainable development training sessions for middle and senior management covering topics including the
Name Shareholding at Year-end Total Pre-tax Remuneration in
Multiple of Annual
(Shares) 2025 (RMB 10000) Compensation1 Shenzhen Stock Exchange sustainability disclosure guidelines ESG rating benchmarking analysis and ESG
management capability enhancement. These programs helped management deepen their understanding
Liu Chang 2155452 162 12.27 of the Company’s ESG strategies and practices and further promoted the effective implementation of ESG
initiatives. In addition the Board of Directors convened dedicated meetings to review and confirm key ESG
Zhang Minggui 400000 54 6.80
Note: The shareholding multiple of matters materiality assessment results and the achievement of ESG targets.annual remuneration for directors and Tao Yuling 582500 142.65 3.76
senior management is calculated as
follows: year-end share price × number Pang Yundong 10800 105.27 0.09 Organizational Structure Responsibilities
of shares held by directors and senior
management ÷ annual remuneration Wang Pusong 360000 73.50 4.52
of directors and senior management. Reviews and approves the Company’s medium- and long-term development plans corporate strategies ESG vision and Board of Directors
The market value of shareholdings in objectives ESG plans and initiatives and major ESG matters and assumes responsibility for their effectiveness.this table is calculated based on the Li Shuang 135000 119.92 1.04
closing price of RMB 9.22 per share as
of December 31 2025. Yan Qiubo 38000 73.50 0.47 Oversight Provides guidance on and reviews the Company’s overall ESG philosophy ESG management performance targets
Level implementation plans major projects and the identification and prioritization of ESG topics. The committee oversees
and reviews progress toward ESG targets provides recommendations on actions required to achieve these targets and
Strategy and Sustainable reports relevant matters to the Board of Directors.New Hope Liuhe attaches great importance to investor relations management. As the Company’s Development Committee
Investor Rights decision-making body the Board of Directors is responsible for providing direction and oversight It also reviews and approves the Company’s annual sustainability report to ensure alignment with the expectations and
Protection for investor relations management while the Board Secretary oversees the planning coordination requirements of investors regulators and other stakeholders.and organization of related work. The Office of the Board of Directors is responsible for daily investor
communication and information disclosure. The Company strictly complies with relevant laws and
regulations including the Guidelines for Investor Relations Management of Listed Companies and The group is led by the Board Secretary and consists of senior management personnel from functional departments
Cash dividend per share: has formulated the Investor Relations Management System. It has established a comprehensive related to ESG matters.RMB 0.024 investor relations management mechanism to effectively safeguard shareholders’ rights and interests. Management ESG Management and
Periodic reports disclosed: In 2025 the Company updated and revised the Investor Relations Management System to further Level Supervisory Group It is responsible for formulating ESG strategies identifying and managing ESG opportunities and risks assessing the
5 strengthen the protection of investor rights and interests. materiality of ESG matters and incorporating them into business considerations establishing ESG targets and plans and
Ad hoc announcements disclosed: Information Disclosure
periodically reviewing ESG performance.
126 The Company has established and strictly implemented the Information Disclosure System which
sets out the fundamental principles and standards for information disclosure procedures for the
Investor communication events held: preparation and disclosure of periodic and ad hoc reports responsibilities for information disclosure
10 Supports the ESG Management and Supervisory Group in carrying out ESG-related work including formulating ESG management confidentiality management for inside information mechanisms for internal reporting objectives strategic plans and annual work plans; coordinating ESG risk and opportunity assessments and ESG topic
ESG Working Group
Attendance at investor of major information circumstances for deferred or exempted disclosure and accountability identification; working with functional departments and subsidiaries to develop and monitor action plans; and coordinating
communication events: ESG-related information disclosure.mechanisms. Together these measures form a comprehensive information disclosure governance
327 system covering the entire disclosure process. During the reporting period the Company’s Execution
Investor hotline calls answered: information disclosure did not involve any false records misleading statements material omissions or Level
over 600 Composed of personnel from functional departments and subsidiaries involved in ESG-related work.other improper disclosure practices.Responses to investors on the Safeguarding Minority Investors’ Rights and Interests
Functional Departments and
Articles Subsidiary CompaniesEasyIR platform: To fully protect the rights and interests of minority investors the Company stipulates in its Responsible for implementing specific ESG-related tasks formulating ESG action plans managing ESG-related
187 indicators and collecting and reporting ESG information.of Association that when the General Meeting of Shareholders reviews significant matters affecting
minority investors’ interests votes cast by minority investors must be counted separately and theSustainable Development Governance New Hope Liuhe Co. Ltd.2025 Sustainability Report 16
New Hope Liuhe attaches great importance to stakeholder engagement and has established Identification of Material Issues
ESG Materiality diversified communication channels tailored to different stakeholder groups. These channels help the Double Materiality Analysis New Hope Liuhe continued to apply the material issue identification results and management
Assessment Company better understand stakeholder expectations and feedback and continuously improve its approach established in 2024. Detailed information regarding the material issue identification and
sustainable development management. During the reporting period the Company actively promoted assessment process can be found in the New Hope Liuhe Co. Ltd. 2024 Sustainability Report . The
Stakeholder Communication constructive communication with stakeholders responded proactively to their key concerns and Company will continue to monitor changes in its internal operations and external environment. Where
continuously optimized its management practices related to relevant ESG matters. significant adjustments or periodic updates become necessary material issues will be reviewed
and optimized in a timely manner to ensure continued alignment with the Company’s sustainable
development practices and stakeholder expectations.Stakeholders Issues of Concern Communication Channels
Identification of With reference to macroeconomic policies industry standards and internal and external development trends
Step 1 ESG Issues the Company identified 25 general and industry-specific sustainability topics.Compliance and risk management Government meetings Stakeholder Following the principle of double materiality the Company conducted surveys among key stakeholder groups
Pollution and waste management Special reports Double Materiality Step 2 Communication and to assess both impact materiality and financial materiality developed a materiality matrix and determined
On-site visits Assessment Process
Materiality Analysis annual priority topics.Water use and management
Government and Climate change and energy management Information delivery A materiality matrix was established based on the dual dimensions of impact materiality and financial
Regulatory Bodies Step 3 Issue Validation and materiality. The matrix was reviewed and confirmed by the Strategy and Sustainable Development Committee Biodiversity protection Reporting of the Board of Directors together with external experts based on which issue priorities and key disclosure
Rural revitalization and social contribution topics were determined.Production safety and occupational health
Product quality and safety high Materiality Matrix of New Hope Liuhe
Community relations management
Product quality and safety
Corporate governance Information disclosure
Investor rights protection General Meeting of Shareholders
Shareholders and Investors Business ethics and anti-corruption Results briefings Production safety and occupational health
Environmental
R&D innovation and technology ethics Investor communication platform management system
Pollution and waste
Customer service management Investor meetings and research visits Eco-circular farming management Customer service management
Product quality and safety Daily operational communication Rural revitalization and
social contributions Responsible marketing
Intellectual property protection Official communication channels Supply chain management
Responsible marketing After-sales service and feedback Employee rights and benefits
Customers Customer service management Customer satisfaction surveys
Corporate governance
Environmental management system Compliance and risk management
Compliance and risk management
Industrial cooperation and development
Information and data security
Intellectual property protection Information and data security
Supply chain management Strategic cooperation Water use and management
Digital transformation Thematic training sessions Community relations Protection of investor Business ethics and anti-corruption
Business ethics and anti-corruption Market research managementSuppliers & Partners rights and interests Employee training and development
Compliance and risk management Special meetings
Industry cooperation and development Industry exchanges
Information and data security
Employee training and development Official WeChat of the Company Climate change and
Employee rights and benefits Workers' congress Ensuring Animal Welfare energy management
Employees Production safety and occupational health Employee activities Digital transformation
Compliance and risk management
Business ethics and anti-corruption
R&D innovation and
Biodiversity conservation
Product quality and safety technology ethicsCommunity communication
Animal welfare protection Media interaction
Pollution and waste management Industry forums Governance dimension
Community and the Public Eco-circular farming Information disclosure Environmental dimension
Biodiversity protection Public welfare volunteer activities Social dimension
Rural revitalization and social contribution
Community relations management
low Significance of Impact on the Company's Financial Performance high
Significance of Impact on Economic Environmental and Social SustainabilitySustainable Development Governance New Hope Liuhe Co. Ltd.2025 Sustainability Report 18
Risk and Opportunity Analysis of Material Issues
The Company conducted a comprehensive review of the scope duration risks and opportunities Risk and
associated with key sustainability topics and formulated corresponding response strategies to
strengthen risk management and proactively capture development opportunities thereby supporting Compliance
the Company’s sustainable development.Scope of Impact Management
Double Upstream Company Downstream Communities New Hope Liuhe strictly adheres to all applicable laws and regulations including the Company Law Materiality Impactof the Operations of the Risks and Opportunities Response StrategyDuration Governance of the People’s Republic of China the Securities Law of the People’s Republic of China the Basic Issues Value Value
Chain Chain Internal Control Norms for Enterprises and the Application Guidelines for Enterprise Internal Control .In accordance with these requirements the Company has established and continuously refined a
Establishing a sound quality management Develop a comprehensive food safety management
system for feed production and pig farming system to cover the entire value chain including comprehensive suite of internal governance policies including the Management System for Internal
processes helps ensure the delivery of raw material sourcing production control quality Controls and the Management Measures for Accountability (Trial) . These policies collectively foster a
high-quality products to customers and inspection product and sales management and
Product Quality sound internal environment that supports effective risk control and efficient operations providing a
and Safety ? ? ? ?
contributes to expanding market share. personnel training.Long-term
Quality issues may lead to significant Develop a full-process digital quality management reliable foundation for sustainable long-term development.economic losses including potential p latform to strengthen product t raceabi l i ty
product recalls. The Company has implemented a multi-tiered risk and compliance governance structure. Under the management.Board of Directors a Risk Control Committee has been established to assume oversight and decision-
For more information please refer to the "RigorousQuality and Safety Control” section. making authority on material matters related to enterprise-wide risk management. A dedicated Risk
Control Taskforce operates under the Committee to coordinate and advance day-to-day risk management
Deterioration in customer relationships may Continue to enhance service quality by enriching activities. At the operational level the Company has institutionalized a Three Lines of Defense model to
lead to customer attrition thereby affecting pre-sale in-sale and after-sale service offerings
the Company’s market performance. implement t iered and categor ized customer systematically identify prevent and mitigate a broad range of operational risks.management and ensure smooth communication
Customer Strong customer relationships support channels.Service ? ? business growth and create new business Long-term opportunities. Conduct regular customer satisfaction surveys Individual business operating entities Risk management functions within each The Audit and Supervision Department is responsible Management are responsible for implementing business operating entity together with establish a complaint handling process and respond for post-facto audits and internal accountability internal risk control measures and functional departments at the corporate promptly to customer feedback. investigations. Cases involving potential criminal for identifying assessing and headquar ters are respons ib le for conduct are referred to the appropriate judicial
responding to risks encountered in designing internal risk control frameworks For more information please refer to the authorities. This line of defense safeguards the overall"Improving Service Quality” section. the course of day-to-day business
and for providing oversight and guidance effectiveness of the Company’s risk management and
activities. to the First Line of Defense. internal control system.ESG-related risks in the supply chain may Improve supply chain management by incorporating
lead to supply chain instability and disrupt ESG factors into supplier evaluation and selection.the Company’s production and operations. The Company has established a systematic internal risk control framework anchored by two
Refine supply chain risk analysis models and
Inadequate sustainability due diligence in assessment mechanisms to continuously identify and Strategy and complementary pillars: institutional policies and technological tools. At the policy level the Company Medium- to the supply chain may lead to issues such monitor procurement-related risks.Supply Chain ? ? long-term as human rights violations and negative Management Approach has developed a series of internal regulations including the Food Safety Red Line Management Rules
Management environmental impacts potent ia l ly Promote sustainable development practices among the Interim Management Measures for Feed Quality and Safety Audits and the Management Measures
damaging the Company's social image and suppliers. Risk Management
reputation. for Livestock and Poultry Breeding Quality and Safety Audits . These policies clearly define management
For more information please refer to the "Supply responsibilities authorization and approval procedures and operational protocols for key control points
Chain Management" section. establishing a robust foundation for risk prevention and control. At the technology level the Company has
developed a risk indicator dashboard built on advanced risk modeling capabilities currently covering 29
risk indicators across core business modules including sales procurement production and finance. This
Violations of employees’ legitimate rights Continue improving internal management systems
and human rights may reduce morale covering ethical conduct prevention of violence and dashboard strengthens end-to-end monitoring and control across all operational processes materially
and productivity ultimately affecting the conflict prohibition of forced labor fair employment
Company’s market competitiveness and and diversity anti-discrimination working hours and enhancing overall risk management effectiveness.economic performance. leave management to safeguard employees’ lawful Risk Identification and Control
Employee rights and interests.? ? Non-compliance with labor laws and Rights and Short-term regulations may expose the Company to Impact ProfileProvide diversified employee benefits employee
Benefits Risk Category Risk Description and Potential Impact Mitigation Strategyfines and legal proceedings damaging its engagement activit ies and timely assistance Severity
social image. Likelihoodprograms in addition to statutory benefits to enhance
employee well-being.Significant Risks
For more information please refer to the "Employee
Rights and Well-being" section.Internat ional Supply Feed raw material costs typically account for more than High High The Company manages this risk through centralized raw
Chain and Raw Material 90% of total feed production costs. In 2025 significant material procurement bonded processing arrangements
Price Volatility shifts in the international political trade and economic and strategic sourcing of alternative inputs. To strengthen
Non-compliance and inadequate risk Establish a “three lines of defense” risk management environment have contributed to upward price pressure on supply chain resilience the Company has established
management may result in financial losses system under the coordination of the Risk Control key agricultural commodities including corn and soybean a global supply network in partnership with strategic
legal disputes and reputational risks for Committee of the Board of Directors strengthen meal. Such volatility may result in feed supply shortages suppliers both domestically and internationally while
the Company. specialized audits and improve the standardization and cost escalation posing material risks to livestock actively developing high-quality local sourcing channels.Compliance Short- to and effectiveness of risk management and control. farming profitability. Supply chain financing mechanisms are also utilized to
and Risk ? ? ? ? medium- further mitigate exposure to international supply chain
term Strengthen the tax management system and Management disruptions and commodity price fluctuations.continuously enhance tax compliance capabilities.Livestock and Poultry Livestock and poultry prices are subject to significant High High The Company addresses this risk by strengthening internalFor more information please refer to the “Risk and Price Volatility fluctuations driven by production capacity adjustments management practices and implementing cost reductionCompliance Management" section. disease outbreaks and shifts in consumer confidence. and efficiency improvement initiatives to enhance the
The industry currently remains in a cyclical downturn competitiveness of its farming operations. The Company
phase compounded by growing substitution from plant- also continues to deepen its integrated value chain
Information and data breaches may violate Improve the information security management based protein alternatives. These dynamics have placed presence across feed production livestock farming and
relevant laws and regulations resulting in s y s t e m a n d s t re n g t h e n d a t a c o n t ro l a n d pressure on farming profitability and may give rise to asset slaughtering and processing enabling operational hedging
compliance risks financial losses such as cybersecurity protection. impairment and cash flow risks. across business segments and reinforcing its overall market
fines and infringement of customer rights position.Information thereby undermining customer trust in the
and Data ? ? ? Short- to Company. Standardize information confidentiality practices and
Security medium- enhance employee awareness of information security. Environmental Health The revised Regulations on Pollution Prevention and High High The Company is optimizing its existing business portfolio by
term Ensuring information and data security and Safety Risks Control in Livestock and Poultry Farming effective in 2025 transitioning toward feed marketing models and deepening
helps strengthen relationships between For more information please refer to the have raised environmental compliance requirements across partnerships focused on environmentally compliant farming
the Company and its customers. "Information Security and Privacy Protection" the industry. Failure to maintain compliant environmental practices while actively promoting ecological and high-
section. facilities or the occurrence of pollution incidents could efficiency farming approaches. In parallel the Company is expose the Company to regulatory penalties operational expanding its farming resource base through diversified
suspensions and adverse impacts on its creditworthiness development models for new farming facilities ensuring a
financing capacity export activities and ESG ratings. stable and sustainable supply of livestock resources.Note: Impact duration is categorized as short-term (1–3 years) medium-term (3–5 years) and long-term (more than 5 years).Third Line
of Defense
Second Line
of Defense
First Line
of DefenseRisk and Compliance Management New Hope Liuhe Co. Ltd.2025 Sustainability Report 20
Risk Identification and Control Risk Response
For material risks identified through the assessment process BUs and functional teams across all
Impact Profile sectors develop targeted response plans by reference to established risk management procedures
Risk Category Risk Description and Potential Impact Mitigation Strategy and contingency protocols and implement the corresponding measures in a timely manner.Likelihood Severity
Risk Monitoring
Emerging Risks BUs and functional teams across all sectors continuously track identified risks monitor the
effectiveness of implemented risk response measures and identify newly emerging risks. Risk
Artificial Intelligence The Company’s expanding deployment of AI across Low Medium The Company is strengthening security controls across management plans are adjusted on a dynamic basis in response to changing circumstances ensuring
(AI) Risks applications including intelligent operations management the full data lifecycle establishing iterative optimization that risk management operates as an integrated iterative and continuously improving process. This
farming digitalization and supply chain management mechanisms for AI models enhancing system operations
introduces a range of emerging risks including data security and emergency response capabilities and maintaining approach enables the organization to maintain resilience and pursue sustainable development in an
vulnerabilities and potential data breaches algorithmic strict adherence to compliance and ethical standards with environment of ongoing change.decision-making bias over-reliance on technology systems the objective of ensuring that all AI applications operate in
and compliance and ethical governance challenges. a safe compliant and reliable manner.In accordance with its annual audit work plan the Company conducts audits encompassing its
Gene Editing and The application of gene editing technologies in animal Low Medium The Company strictly complies with applicable domestic Indicators and Targets
Breeding Ethics breeding introduces risks related to ecological safety and international ethical standards and regulatory headquarters wholly owned subsidiaries and controlling subsidiaries. Audit coverage extends to the
Risks ethical controversy divergent public perception and requirements. A comprehensive ethical review process and Company’s core business activities material operational matters and high-risk areas. Rectification
increasingly stringent regulatory requirements. These biosafety management framework have been established
factors may attract heightened public and media scrutiny to govern all relevant activities. The Company is also progress is incorporated into performance evaluations to ensure that all findings identified through
introducing uncertainty into the Company’s technology committed to proactive information disclosure and public the audit process are addressed effectively and in a timely manner.deployment and commercialization efforts. science communication and will advance the R&D and
application of gene editing technologies in a measured and
fully compliant manner.
2025 Target 2025 Achievement Status
Achieve full coverage of operational performance audits across all sectors Target achieved
Internal Controls The Company is committed to building a comprehensive high-impact and fully integrated internal Conduct three special audits addressing significant operational risks Target achieved
compliance and supervisory control framework. Through a dual-driven approach combining
and Compliance institutional development and audit oversight the Company systematically advances its internal Conduct process audits and settlement reviews for major capital projects Target achieved
compliance practices to support operational excellence across all business activities.Deepening The Company has continued to strengthen its policy framework across key governance domains
Institutional including internal audit related-party transactions treasury management and information Business
Development disclosure. The Internal Audit Management System and the Internal Control System for Related-
Party Transactions have each been revised to further clarify audit responsibilities and authorities
and to standardize the governance of related-party transactions. In response to evolving capital Ethics
market compliance requirements the Company has also enhanced a series of dedicated policies
including the Management Measures for the Use of Raised Funds and the Accountability System New Hope Liuhe conducts all business activities with integrity and in full adherence to the ethical
for Material Errors in Annual Report Disclosure . These updates establish clear and actionable principles of fairness trust and transparency. The Company participates in market competition in
provisions governing critical areas such as fund utilization and information disclosure ensuring
that all business activities are conducted in accordance with established standards and operate in strict compliance with applicable laws and regulations and maintains a firm stance against all forms
a compliant and orderly manner. of commercial bribery money laundering monopolistic conduct and unfair competition. Through
these commitments the Company works in partnership with its stakeholders to foster a sustainable
and integrity-driven business environment.Strengthening The Company has conducted comprehensive operational performance audits across all sectors
Audit carried out targeted special audits to address significant operational risks and completed process The Board of Directors has established an Audit Committee and a Risk Control Committee as
and audits and settlement reviews for major capital projects. Closed-loop management of audit
Supervisory rectification has been further solidified with the audit rectification completion rate approaching Governance the governing bodies responsible for business ethics and anti-corruption oversight. Under the
Oversight 100%. The Company has also reinforced accountability mechanisms for violations and intensified Management Measures for Accountability (Trial) the Risk Control Committee serves as the highest
legal enforcement actions to eliminate illicit benefit-sharing arrangements within its operations.A total of 15 performance audits 4 internal control audits 17 other special audits and 30 authority for accountability matters within the Company. The Committee is responsible for setting
supervisory and inspection audits were completed during the reporting period. In addition 26 the overarching direction and guiding principles of the Company’s accountability framework and for
unannounced inspections of engineering projects and 6 settlement review audits were conducted.Internal accountability proceedings were initiated in 11 cases involving 96 individuals resulting making determinations on key matters including the designated decision-making bodies scope of
in the prevention and recovery of losses totaling RMB 87.74 million. accountability applicable forms of accountability impact periods and levels of disciplinary action.These provisions apply to all employees of the Company.The Audit Committee holds primary responsibility for business ethics and anti-corruption oversight.To support this mandate the Company has implemented an internal governance structure
The Company manages risk in a structured and fully integrated manner through a four-stage process organized around one lead department and four specialized centers with the Audit and Supervision
ImpactRisk and encompassing risk identification risk assessment risk response and risk monitoring. Risks are Department serving as the coordinating function. The four centers namely the Supervision Center
Opportunity periodically reassessed and response strategies are reviewed and updated to support the Company’s the Operational Audit Center the Engineering Audit Center and the Risk and Data Center operate in
Management long-term sustainable development objectives. The Audit and Supervision Department works in close close coordination to build a robust anti-corruption compliance system grounded in zero tolerance collaboration with risk control functions across all sectors to prepare and submit monthly audit and for corrupt conduct. In 2025 the Company completed the foundational buildout of a digital audit
supervision reports to senior management which strengthens day-to-day risk oversight across key platform strengthening its internal data analytics capabilities and providing data-driven support for
dimensions including market conditions operations sales performance safety and environmental integrity risk prevention and audit oversight.compliance. The Company actively implements a suite of governing policies including the Six Red Lines Prohibition
Risk Identification Rules the Gifts and Hospitality Management Measures the Employee Conflict of Interest Disclosure
BUs across all sectors together with their respective risk control and internal control teams the Management Measures and the Management Measures for Accountability (Trial) . These policies
Audit and Supervision Department and other relevant functional teams collect risk information from establish clear standards and expectations across the areas of anti-fraud anti-money laundering
both internal and external sources on a regular and as-needed basis to conduct preliminary risk anti-corruption fair competition and antitrust compliance and conflict of interest management and
identification. Risk identification exercises are initiated as circumstances warrant with the objective of apply to all directors employees and supply chain partners.capturing potential risk sources as comprehensively as possible.Risk Assessment The Company is firmly committed to conducting business with integrity and in full compliance with
BUs across all sectors together with their respective risk control and internal control teams the Audit Strategy and applicable laws and regulations. Guided by the principle of cultivating shared commitment and
and Supervision Department and other relevant functional teams assess and prioritize identified Management Approach building a transparent future together it has developed a comprehensive integrity and compliance
risks according to their likelihood of occurrence and potential magnitude of impact using qualitative management system anchored by sound institutional frameworks well-established governance
and quantitative analysis methods as appropriate. This process determines the relative severity of mechanisms and a deeply embedded organizational culture. These efforts reinforce the Company’s
each risk establishes clear prioritization levels for risk treatment and supports the focused allocation Anti-Corruption and Anti- ethical commitments and support the shared goal of building a transparent and sustainable value
of resources toward high-priority risks to enable effective risk management and control. Commercial Bribery chain ecosystem.Business Ethics New Hope Liuhe Co. Ltd.2025 Sustainability Report 22
Standardizing Workplace Integrity and Strengthening Disclosure Management: The Six Red Lines
Prohibition Rules establish the foundational standard for employee conduct and explicitly prohibit the Trade Secret The Six Red Lines Prohibition Rules expressly prohibit the unauthorized disclosure of the Company’s trade secrets. Protected information includes compensation Protection data internally classified materials the content of internal meetings and training sessions and information relating to criminal and civil proceedings or
acceptance of commercial bribery in any form. The complementary Gifts and Hospitality Management administrative accountability actions. The policy further prohibits the use of internal company information to obtain improper personal benefits or advantages for
Measures requires that any gifts which cannot be declined be registered through the Company’s oneself or any third party.internal online disclosure platform reinforcing conflict of interest controls. In 2025 approximately
39500 individuals were identified as having potential conflict of interest relationships with a Anti-Money The Company strictly complies with the Anti-Money Laundering Law of the People’s Republic of China and continuously strengthens its internal anti-money
disclosure completion rate of 78%. The Company also requires all incoming employees to sign an Laundering laundering compliance framework to support sound business operations and safeguard financial security. It actively collaborates with law enforcement agencies
integrity pledge upon joining and mandates organization-wide disclosure of interest relationships regulatory authorities and financial industry participants to jointly prevent and combat money laundering. Regular anti-money laundering training programs are conducted to build employee awareness of compliance obligations and strengthen professional competence ensuring that anti-money laundering requirements
and related-party transactions embedding compliance standards from the point of onboarding. are implemented consistently and effectively throughout the organization.Strengthening Supervisory Mechanisms and Enhancing Anti-Fraud Effectiveness: The Company
has established and continuously refined a suite of anti-corruption mechanisms including an audit
and supervision coordination mechanism a supervision business partner program an operational The Company maintains effective implementation of its Reporting Investigation Management
audit communication mechanism a government-enterprise integrity co-building mechanism and a Reporting and Measures which defines categories of reportable misconduct outlines procedures for processing
case tracking mechanism. Key performance indicators related to the handling of corruption fraud Whistleblower Protection reports and establishes the mechanisms and protections afforded to whistleblowers. This policy
and embezzlement cases and the recovery of financial losses are subject to ongoing monitoring and provides a structured governance framework for managing reporting activities ensuring that all
control ensuring that anti-corruption efforts are guided by clear procedures and operate within a reports of potential misconduct or corrupt conduct are handled in a manner that is fair thorough and
fully integrated management framework. In 2025 the Company deployed a digital audit risk model to timely. To ensure accessibility for all stakeholders the Company has established multiple reporting
track fraud risk indicators and sharpen the effectiveness of its combined anti-bribery and anti-fraud channels including postal mail and a range of digital and online options such as a dedicated
program. During the reporting period three special supply chain audits were completed in support of reporting hotline an email address a Feishu questionnaire a WeChat reporting function and a
the Company’s commitment to building a transparent and integrity-based supply chain ecosystem. WeChat official account messaging feature. All employees customers suppliers and other third
Cultivating a Culture of Integrity and Building Organization-Wide Commitment: The Company has parties are encouraged to submit reports on either a named or anonymous basis regarding any
implemented a multi-layered integrity culture program targeting all employees. Key initiatives during conduct that may constitute a violation of the Company’s business ethics standards applicable laws
the reporting period included the “Sunshine in Every Heart” integrity culture training series the Reporting Channels and regulations or other relevant policies.publication of integrity-focused communications the hosting of the Fifth Sunshine Culture Festival A designated reporting intake officer is responsible for managing and maintaining all reporting 1. Reporting Hotline:
and the collection of exemplary integrity stories from across the organization. These programs serve +86 28 8595 3661 channels and registering incoming reports. Upon receipt of a report or supporting materials
to continuously reinforce a shared culture of transparency and ethical conduct. During the reporting dedicated investigators within the Audit and Supervision Department conduct a thorough review
period more than 3000 employee participations were recorded across integrity culture training 2. Reporting Mobile: and investigation prepare a formal investigation report formulate recommended courses of action +86 139 8175 3661
sessions more than 10 integrity-themed publications reached a combined readership exceeding and submit their findings to the Audit Committee ensuring the independence and objectivity of all
15000 and more than 500 exemplary integrity stories were submitted. 3. Reporting Email: investigative outcomes. The Company is committed to maintaining strict confidentiality with respect
tousu@newhope.cn to all whistleblower information. Reporting materials are classified as restricted documents access is
4. Reporting WeChat: limited on a strict need-to-know basis and retaliation against whistleblowers or associated individuals
Sunshine New Hope Liuhe in any form is expressly prohibited. During the reporting period more than 350 reports were received
and processed with a resolution rate of 100% for all substantiated reports.The Company has established a systematic framework for identifying and managing business ethics
Impact Risk and risks across three dimensions: risk identification risk assessment and control and opportunity
Opportunity management. In the area of risk identification the Audit and Supervision Department takes a risk
Management management-oriented approach deploying digital monitoring tools to dynamically track high-
frequency areas of fraud exposure. The department also operates a multi-channel reporting system
encompassing written correspondence in-person visits telephone hotlines and online platforms to
facilitate the timely detection of potential violations. In the area of risk assessment and control the
Company continuously refines its integrated audit-supervision linkage mechanism and case tracking
system ensuring that business ethics incidents are subject to routine closed-loop management.Regular audits are conducted covering business ethics and anti-corruption matters arising from
production and operational activities with a review cycle designed to ensure that all business units
are assessed at least once every three years supporting early detection and prompt intervention. In
the area of opportunity management the Company recognizes integrity and compliance as strategic
Integrity Culture Training Program Across Sectors enablers of supply chain efficiency and long-term commercial reputation. Through the execution of
integrity agreements with suppliers and the joint development of a transparent compliant supply
New Hope Liuhe strictly complies with the Anti-Monopoly Law of the People’s Republic of China the chain ecosystem the Company translates compliance requirements into a foundation of mutual trust
Anti-Unfair Competition Anti-Unfair Competition Law of the People’s Republic of China the Several Provisions on Prohibiting and collaborative partnership. These efforts support the ongoing cultivation of a fair and competitive
Infringements upon Trade Secrets and all applicable antitrust and fair competition laws and market environment and contribute to the Company’s high-quality sustainable development.regulations in the jurisdictions where it conducts business. The Company is committed to conducting
all business activities in accordance with the principles of fair and free competition. No reports or
complaints related to unfair competition were received during 2025. Indicators and Targets 2025 Target 2025 Achievement Status
Maintain oversight of key indicators related to the Target achieved. Four criminal cases involving anti-fraud
handling of corruption fraud and embezzlement matters were formally filed; criminal compulsory measures
Fair Competition The Company is firmly committed to upholding fair competition principles across all aspects of its operations. This commitment encompasses refraining from publishing cases including case outcomes and economic loss were applied to three individuals; five individuals received
false or misleading information about competitors abstaining from conduct intended to disparage other market participants declining to obtain competitors’ trade recovery judicial verdicts; and direct economic losses recovered totaled
secrets or confidential information through unlawful means and refusing to engage in collusive pricing market manipulation or any other activity that violates applicable RMB 1.45 million.laws and regulations. The Company actively collaborates with industry peers to uphold a fair well-regulated and orderly competitive market environment.Intellectual The Company strictly complies with the Patent Law of the People’s Republic of China the Trademark Law of the People’s Republic of China the Copyright Law of Employee Sunshine Commitment Employee anti-corruption Employee anti-corruption training Employee anti-corruption
Property the People’s Republic of China and all other relevant laws and regulations. It has established a comprehensive internal intellectual property management system Letter signing rate: training attendances: hours: training coverage:
Protection that defines standardized procedures covering the full process of intellectual property rights including application maintenance use and protection and clearly
delineates the roles and responsibilities of each department involved in intellectual property management. Aligned with its strategic development priorities the
Company takes a proactive approach to securing intellectual property coverage in key areas with particular emphasis on patent applications and protection in % over %
the fields of animal nutrition biological breeding intelligent farming and disease prevention and control. These efforts are designed to protect the Company’s
research and technological achievements. The Company also maintains a firm commitment to respecting third-party intellectual property rights and ensuring full 100 20000 60000 80
compliance with applicable intellectual property obligations.Tax Transparency New Hope Liuhe Co. Ltd.2025 Sustainability Report 24
New Hope Liuhe strictly complies with the Enterprise Income Tax Law of the People’s Republic of of occurrence and potential impact. This ensures that risks shared across sectors are addressed in
Tax China the Individual Income Tax Law of the People’s Republic of China and all other applicable laws a coordinated and timely manner. High-risk matters are subject to immediate remediation while
regulations and regulatory requirements. The Company continuously strengthens and refines its tax medium- and low-risk matters are subject to ongoing monitoring and addressed as circumstances
Transparency management system with particular emphasis on tax risk management and the faithful fulfillment of require. Regarding external audits the Tax Management Center operates a first-contact accountability
its statutory tax obligations. The Company’s tax function provides dedicated support for key business system under which staff members who become aware of a risk are responsible for guiding the
activities including market expansion product R&D and M&As. During the reporting period the relevant finance personnel through a self-review process providing policy guidance and following
Company incurred no material tax compliance violations and was not involved in any significant tax- up on communications with tax authorities. In the event of a significant risk on-site intervention is
related litigation or arbitration proceedings. carried out promptly to mitigate the Company’s tax exposure effectively.The Company has also conducted targeted training programs covering enterprise income tax annual
reconciliation the compliance and administrative framework under the Golden Tax Phase IV system
Indicator 2025 2024
invoice management requirements and internal management assessment criteria. These programs are
Profit before tax (RMB million) -1155.73 483.47 delivered on a company-wide basis to ensure the timely dissemination of new policies and emerging
regulatory developments which strengthens the tax competency of finance personnel. In 2025 four
Reported tax amount (RMB million) 80.284 469.84 specialized tax training sessions were organized reaching a total of 2910 participants.Effective tax rate -69.47% 97.18%
Cash tax paid (RMB million) 829.11 650.18 Risk Category Risk Description Response Strategy
Cash tax rate -71.74% 134.48% Value-Added Tax Risk VAT risks are primarily concentrated To reduce risks associated with invoice issuance the Company has promoted the adoption of electronic
Note: Effective tax rate = Reported tax amount (income tax expense) / Profit before tax * 100%. Cash tax in invoice management and tax invoices and established partnerships with qualified service providers to deploy automated invoicing systems.rate = Cash tax paid (actual income tax remitted) / Profit before tax * 100%. Both metrics are calculated in filing. Key risks include the receipt of Invoicing requests are initiated directly from the financial accounting system to ensure that all business invoices
accordance with the S&P Global Corporate Sustainability Assessment (CSA) methodology to measure the fraudulently issued invoices and the are authentic and complete.relationship between taxes paid and accounting profit and to evaluate the level of tax transparency. issuance of noncompliant invoices. To mitigate the risk of receiving noncompliant invoices including those that have been fraudulently issued
These risks are addressed through the Company has strengthened policy communication clearly defined the direct accountability of business
Tax Management System and Framework the Invoice Management Measures personnel and reinforced the supervisory responsibilities of BU managers and company finance managers.A dedicated Tax Management Center has been established within the Company’s Finance supported by information technology The shared services center utilizes automated invoice verification services provided by external vendors to
Department staffed by five full-time professionals. The Center is responsible for formulating tools to further reduce exposure. enhance the efficiency and accuracy of invoice authenticity checks. This approach intercepts noncompliant
and executing the Company’s tax strategy which is guided by three core objectives: compliance invoices at the point of receipt and reduces the risk of accepting invalid documentation.management tax burden optimization and operational support. Operating in close alignment with
the Company’s overall business strategy and day-to-day operational activities the Tax Management Enterprise Income Tax Risk EIT risks are primarily concentrated With respect to authenticity the Company has strengthened collaboration with the accounting center and
Center exercises centralized oversight of all tax-related matters across the organization and provides in the authenticity and shared services center to standardize the supporting documentation required for cost and expense recognition
comprehensive tax support for market expansion product R&D M&As and other strategic business reasonableness of costs and transmitting compliance requirements from the finance function through to the business level to ensure that
expenses. pre-tax deduction vouchers meet regulatory standards.activities ensuring that tax management serves as an enabler of business growth and sustainable With respect to reasonableness regular training sessions provide ongoing guidance on filing logic and
development. The Head of the Tax Management Center is responsible for the formulation and common areas of confusion in provisional payment and annual reconciliation filings thereby standardizing
implementation of the Company’s overall tax strategy and for managing relationships with external reporting practices. The Company also leverages its tax management system which incorporates built-in policy
tax authorities and internal stakeholders. Finance personnel at branches and subsidiaries fulfill tax formulas to strengthen filing compliance including the application of statutory deduction limits for items such as
responsibilities on a concurrent basis handling entity-level tax filings and related matters for their business entertainment expenses and advertising expenditures.respective organizations. The Tax Management Center and the finance departments of branches and
subsidiaries maintain close ongoing communication and provide mutual coordination and support to
Individual Income Tax Risk Noncompliant withholding of IIT The Company works in close collaboration with the Human Resources Department to conduct advance tax
ensure the effective conduct of tax activities across the Group. exposes the Company to the risk of planning for significant IIT-related matters such as employee stock ownership plans and executive equity
The Company maintains open and constructive communication with tax authorities and stays regulatory penalties and reputational incentive arrangements and ensures that all required registrations and filings are completed in a timely manner.informed of developments in tax policy and changes in regulatory requirements on an ongoing damage.basis. The Company continuously refines its suite of internal tax management policies including
the Enterprise Lifecycle Tax Registration Management System the Tax Declaration Management
System the Invoice Management System and the Tax Accounting System . Together these policies
articulate clear principles requirements and procedures for tax compliance and govern tax conduct
at every level and across every operational process. All policies are updated promptly in response
to changes in domestic and international tax legislation to ensure that the Company meets its tax
obligations accurately and on time. During the reporting period the Company revised its Tax Data
Quality Assessment Measures and optimized system templates for the enterprise income tax annual Information
reconciliation and provisional payment processes increasing the degree of reporting automation and
materially improving the efficiency and accuracy of tax filings. Security
Tax Strategy and Commitments and Privacy
The Company is committed to the following principles in the conduct of its tax affairs:
Complying with both the letter and Refraining from shifting Refraining from utilizing Conducting all transfer Refra in ing f rom explo i t ing
the spirit of applicable tax laws and value generated by the tax structures that lack pricing in accordance confidential jurisdictions or Protection
regulations in every jurisdiction Company’s operations to g e n u i n e c o m m e rc i a l with the arm’s length so-called tax havens for the
where the Company operates; low-tax jurisdictions; substance; principle; purpose of tax avoidance.To strengthen its information security governance New Hope Liuhe has established a comprehensive
Governance information security management system anchored in four guiding principles: strategic leadership
Tax Governance and Risk Management cross-functional collaboration controllable risk and regulatory adaptability. The Company has
The Company manages its tax risk profile through a policy-driven approach supported by its implemented a top-down three-tier governance structure designed to enable comprehensive and
tax management system which enables continuous monitoring of tax risk conditions across the consistent risk management across all operational dimensions.organization. Regular risk assessments are conducted covering value-added tax (VAT) enterprise
income tax (EIT) individual income tax (IIT) and other relevant tax categories. Following a structured
process of risk identification assessment and response the Company has implemented an internal Decision-Making The Board’s Strategy and Sustainability Committee holds explicit supervisory and managerial responsibility for the Company’s information security program.tax self-review program and a cross-sector business inspection mechanism. Through systematic and Oversight Layer The Committee regularly reviews significant information security risks to ensure that the Company’s security posture remains aligned with and responsive to
analysis of tax-related business processes and financial data as well as the application of relevant its broader business development objectives.tax policies potential tax risk areas are identified and assigned risk ratings based on their likelihoodInformation Security and Privacy Protection New Hope Liuhe Co. Ltd.2025 Sustainability Report 26
sequential stages: rapid response precise verification thorough rectification and retrospective review.Strategic A dedicated Information Security Committee has been established at the corporate level. The Chief Financial Officer serves as Chair and bears primary Two dedicated vulnerability remediation initiatives were completed during the year. Throughout
Coordination Layer accountability for information security with overall responsibility for strategic direction and resource allocation. The Head of the Digital Technology
Department (Chief Information Officer) and the Head of Information Security serve as Vice Chairs leading technology implementation and risk oversight each remediation process a closed-loop management cycle encompassing detection rectification
respectively. Committee membership encompasses the heads of legal and compliance human resources finance public affairs and major business segments and prevention was applied effectively eliminating identified risks and reducing the likelihood of
as well as independent external experts and stakeholder representatives. This composition supports a multi-dimensional coordination mechanism spanning
decision-making technology management and oversight functions. The Committee is responsible for formulating the Company’s medium- and long-term recurrence.information security strategy annual work plans and core management policies; organizing company-wide information security risk assessments; identifying Managing Sensitive Information Leakage Risk
internal and external security threats and deploying preventive and control measures; managing significant information security incidents; fostering a strong
information security culture; and overseeing the information security controls of key suppliers and business partners. In adherence to the principle of least privilege the Company strictly limits the access rights granted
to internal personnel and third-party suppliers with respect to employee and customer personal
information and conducts regular supervisory reviews to ensure full-lifecycle data governance. The
Information Security Reward and Penalty System establishes explicit requirements for the handling of
Operational The Operations Center of the Digital Technology Department relevant coordinating functional departments and designated information security
Execution Layer liaisons within each department are collectively responsible for the day-to-day implementation of information security measures ensuring the effective sensitive and confidential data. In 2025 the Company released an updated edition of the Employee
deployment of all applicable security policies and controls. To further strengthen data security classified management two subordinate bodies have been Information Security Handbook integrating information security obligations and restrictions into
established: the Confidentiality Management Committee which is responsible for the protection of state secrets and commercially sensitive information
and the Personal Information Protection Committee which oversees personal data security. Together these bodies provide comprehensive assurance that confidentiality agreements. Critical nodes within key business processes have been identified and
the Company’s information and data assets are managed in a secure compliant and well-governed manner. targeted protective measures have been implemented for employee and customer data to reduce
exposure to information leakage risk.Emergency Response to Information and Data Security Incidents
The Company references internationally recognized standards including ISO 27001 as guiding To strengthen the Company’s capacity to manage unexpected information security events a
frameworks in developing a comprehensive information security policy framework that spans security standardized incident response procedure has been established in accordance with the Information
system construction data protection threat response personnel accountability and third-party Security Emergency Response Plan and a dedicated Information Security Emergency Response Team
management. This framework ensures that information security requirements are fully and consistently has been formed. Through practical simulation exercises the Company has validated the effectiveness
implemented across the organization. During the reporting period the Company achieved Level 3 and operational readiness of its emergency response plans reinforced cross-functional collaborative Routine information security drills:
Classified Protection of Cybersecurity certification for its core business systems. response capabilities and built a solid foundation for managing unforeseen security incidents.6
Continuous Improvement. The Company has established foundational governance documents Employee Awareness and Capability Building
including the Data Security Management System and the Application Security Management System Offensive and defensive simulation The Company is committed to strengthening organization-wide information security awareness and
exercises: 1
and has adopted the Information Security Reward and Penalty System as part of a broader security risk management competency with the goal of embedding information security as both a practiced
performance framework to continuously optimize management processes and drive iterative Zero information security and behavior and a core operational skill across its workforce. Through new employee onboarding training
improvements to its information security systems. privacy disputes / customer and ongoing information security programs employees are actively encouraged to report potential
privacy breach incidents
Data Security Management System security incidents which continuously reinforces the organization’s human-centered capacity for risk Data Protection. The safeguards the confidentiality integrity and
availability of data through a classified and tiered protection approach and full lifecycle management. prevention.Threat Response. The Company has developed the Information Security Incident Response and
Coordination Standards and the Information Security Emergency Response Plan establishing The Company has established a comprehensive information security risk management framework that
integrated mechanisms for monitoring and early warning emergency response and post-incident Impact Risk and encompasses risk identification assessment remediation and continuous improvement ensuring
review and improvement to enable rapid and effective responses to security threats. Opportunity that information security risks are consistently detected effectively controlled and resolved through a
Organizational Accountability. The Employee Information Security Handbook has been issued Management closed-loop process.to all employees interns and external personnel. The Handbook defines role-specific security Risk Identification. Through regular system scanning vulnerability assessments and threat
responsibilities and operational standards and incorporates information security performance as a intelligence analysis the Company systematically identifies internal and external security threats and
component of employee evaluations. applies a layered defense strategy across core assets and multiple attack categories.Third-Party Management. The On-Site Management Measures for Outsourced Personnel in the Risk Assessment. Drawing on the Information Security Technology—Guidelines for Category
Digital Technology Department establishes a framework for pre-engagement screening on-site and Classification of Cybersecurity Incidents the Company classifies incidents into four severity
supervision and periodic security assessments of outsourced personnel and suppliers ensuring that levels: Exceptionally Significant (Level I) Significant (Level II) Moderately Significant (Level III) and
all third-party services conform to the Company’s information security standards. General (Level IV). Differentiated response strategies have been developed to address nine incident
categories including malicious software network attacks and data security threats.Risk Remediation. Accountable departments and remediation timelines are clearly defined for risks
The Company has continuously strengthened its information security management system by
Strategy and at each severity level. In 2025 the Company completed 198 risk rectification items recorded 219 risk adopting advanced protection technologies reinforcing network security safeguards and data
Management Approach occurrences and achieved closed-loop resolution of all identified risk exposures.governance practices and cultivating a culture of information security awareness among its
Continuous Improvement. The Company completed 7 security infrastructure initiatives and published
workforce. These efforts have provided comprehensive protection for the Company’s information and 1 new governance policy extending coverage across a hybrid architecture comprising private cloud
data assets supporting operational integrity and improved business continuity. During the reporting (86.11%) and public cloud (13.89%) environments while continuing to refine security strategies and
period the Company recorded no significant cybersecurity incidents or data breaches and no optimize resource allocation.material violations related to data compliance or personal information protection.Enhancing Information Security and Business Continuity
The Company has established a business continuity management framework for information security 2025 Target 2025 Achievement Status
that spans the full continuum of prevention response and recovery ensuring that core business Indicators and Targets
operations remain stable and uninterrupted in the event of an information security incident. In Strengthening of web application Full HTTP access control WAF coverage successfully deployed across all core SLA
accordance with the Information Security Emergency Response Plan the Company has defined clear security business systems
protection objectives for core business functions in the event of a data or information breach and Security hardening of middleware 7 items identified through scanning and risk assessment; 5 items completed
has developed degraded-operation protocols for critical systems to ensure that essential operations components through rectification and iterative optimization
can be maintained under extreme conditions. Compliance with external Multi-level Protection Scheme (MLPS) certification successfully obtained; security
Upgrading Information and Data Security Technologies assessments and simulation exercises indicator baseline requirements met in regional enterprise offensive and defensive
The Company continues to advance its information and data security capabilities with a proactive exercises
and resilient protection framework in place. Application access controls and data security hardening
measures have been deployed across all business systems with core platforms such as the smart
pig farming system designated for enhanced protection. For public cloud environments protection
policies have been customized to reflect specific business traffic profiles enabling the early detection
of potential vulnerabilities and supporting a shift from reactive defense to proactive threat prevention.Efficient Security Vulnerability Analysis and Remediation
In 2025 in response to cybersecurity vulnerability notifications issued by public security authorities
the Company established a structured end-to-end remediation mechanism consisting of fourNew Hope Liuhe Co. Ltd. 2025
Sustainability Report
2 Premium Productsfor Accessible Nutritionand Health
Chapter Content
R&D in Nutrition and Health 29
Advancing Smart Farming 32
Rigorous Quality and Safety Control 34
Service Quality Enhancement 38
Supply Chain Management 40
Contribute to the UN 2030
Sustainable Development Goals (SDGs)
By integrating key functional genomic loci with the distinctive genetic resources of indigenous Chinese pig breeds the Xinxiwang 60K
high-density solid-phase SNP chip provides foundational technological support for the conservation of indigenous pig genetic resources
breed purification and restoration programs and the commercialization of superior genetic traits.R&D in Nutrition and Health New Hope Liuhe Co. Ltd.2025 Sustainability Report 30
R&D in Nutrition R&D Operational Performance
and Health Indicator 2025 2024 2023 2022 2021
R&D investment (RMB million) 191.35 270.28 209.58 302.13 291.89
R&D investment as a percentage of revenue 0.18% 0.26% 0.15% 0.21% 0.23%
Guided by an innovation-driven development strategy New Hope Liuhe concentrates its R&D
efforts on core fields including biological breeding animal nutrition and healthy farming practices. Number of R&D personnel 743 717 808 1094 1191
The Company drives technological advancement across the industry through key scientific and
technological initiatives accelerates the translation of research breakthroughs into commercial R&D personnel as a percentage of total workforce 1.7% 1.73% 1.66% 1.41% 1.49%
applications and is building a leading innovation ecosystem spanning the agriculture animal
husbandry and food sectors with the goal of delivering products that are safer more nutritious and
of higher quality.Animal Health and Nutrition
New Hope Liuhe has established a globally competitive R&D network underpinned by a standardized
R&D System and In 2025 the Feed Sector conducted a comprehensive review of raw material databases to improve the technological innovation management system. The Company fully operates and leverages multiple accuracy of nutritional formulation while continuously refining health-oriented nutritional formulas
Collaborative high-level innovation platforms including the Ministry of Agriculture and Rural Affairs Key Laboratory across all feed categories.Partnerships for Feed and Livestock & Poultry Product Quality Safety Control the Ministry of Agriculture and Rural Poultry Feed: The Company conducted systematic research into optimal nutritional thresholds
Affairs Key Laboratory for Digital and Intelligent Swine & Poultry Breeding Technology Innovation including lysine methionine and cystine levels for meat duck feed. Through targeted nutritional
and the National-Local Joint Engineering Research Center for Feed Safety and Efficient Utilization adjustments during the late laying phase of hens it effectively improved eggshell quality and reduced
Technology. Sustained investment in technological innovation and talent development continues flock mortality rates.to strengthen the Company’s independent innovation capabilities and drive a steady pipeline of Aquafeed: A dedicated Aquafeed Management Department was established. By optimizing the
research outcomes. balance of micronutrient content energy-to-protein ratios and carbohydrate-to-lipid ratios the
R&D Personnel Profile Refined Scientific Research Management Company achieved a comprehensive quality upgrade across its aquatic feed product range.The Company has established a robust technological innovation governance structure with the Ruminant Feed: Building on proprietary R&D outcomes the Company improved daily weight gain
Science and Technology Management Committee serving as the highest decision-making body performance in meat sheep and launched a full product line of feed tailored specifically for dairy
and the Academic Advisory Committee providing specialist technical guidance. This structure goats.encompasses both forward-looking fundamental research and the transformation promotion and Swine Feed: The Company actively participated in the development of industry standards including
Educational application of applied research findings. Through its network of research institutes the Company group standards for sow feed. In response to the evolving swine farming landscape it conducted
Level conducts targeted research across key domains including biological breeding animal nutrition in-depth research into net energy crude protein and digestible amino acid indicators applicable
farming technology epidemic prevention and control and food safety. to swine feed across all growth stages resulting in refined product standards that minimize meat
To standardize end-to-end scientific research management the Company has developed a suite of production costs while fully meeting market requirements.institutional documents including the Scientific and Technological Project Management Measures of
Doctoral degree 25 New Hope Liuhe Co. Ltd. and the Sci-Tech Management Risk Control Measures. Rigorous pre-project Advancing Industrial Synergy
Master’s degree 266 feasibility research and approval assessment processes are conducted to identify and mitigate The Company is accelerating the integrated deployment of nutritional research and technological
potential uncertainties and risks in R&D initiatives before they arise. application systems across its Pig and Feed sectors. Within this framework the Feed Sector leads the
Bachelor’s 452
degree and below Diversified Research Collaboration development of raw material value evaluation systems raw material databases and formula design
The Company has established a dedicated Breeding Technology Center and taken the lead in frameworks — resources that are directly adopted and applied by the Pig Sector in its operations.founding the Sichuan Native Pig Breeding Consortium with a focus on cutting-edge technologies On the R&D front the Pig Sector focuses on studying the nutritional requirements of pig herds and
such as genomic breeding intelligent phenomics and precision animal breeding. To build a leading developing cost-effective feeding solutions while the Feed Sector tailors feed cost optimization plans
domestic platform for the commercialization of biological breeding technologies the Company has for diverse client groups. The two segments engage in ongoing experience sharing and continuous
Age developed deep industry-academia-research partnerships with a range of distinguished institutions technical iteration. In formula optimization cross-functional collaboration between technical
Distribution including Yazhou Bay National Laboratory China Agricultural University Huazhong Agricultural and procurement teams is fully embedded to enable the rational allocation of high-value raw
University Jiangxi Agricultural University Sichuan Agricultural University and Nanjing Agricultural materials and effective cost management. These joint efforts have steadily improved herd breeding
University. performance and reduced overall production costs.In collaboration with Sichuan Agricultural University the Company co-founded the Sichuan Provincial
Key Laboratory of Animal Nutrition and Efficient Feed Utilization leveraging the platform’s strengths
Under 30 years old 300 to advance high-quality innovation and research outcomes.
30-40 years old 291 The Company also continues to invest in its postdoctoral research stations. In 2025 it operates two
Innovation Achievements
such stations each hosting one postdoctoral researcher conducting work in the fields of pig breeding
41 years old and above 152 and animal epidemic prevention and control respectively. Swine Gut Microbiome Functions and Targeted Nutritional Regulation Technologies Liquid Fermented Feeding Technology
and Their ApplicationsThrough the application of liquid fermented swine feed across multiple breeding The Company made a significant contribution to the research project “Swine Gutfarms the Company has achieved significant improvements in feed intake and Microbiome Functions and Targeted Nutritional Regulation Technologies and Theirdaily weight gain optimized feed conversion ratios and reduced soybean meal Applications” which was awarded the First Prize of the Sichuan Provincial Science
consumption. This approach also raises intramuscular fat content and markedly and Technology Progress Award in 2024 a landmark recognition of the Company’s
enhances pork quality delivering a cumulative saving of 611000 tonnes of soybean- progress in the R&D and industrial application of biological feed technologies.equivalent protein. Centered on the structural characteristics and functional mechanisms of swine
Environmental Benefits: The adoption of non-grain raw materials (e.g. distillers’ intestinal flora the project systematically investigates the correlations between
grains miscellaneous meal) reduces dependence on grain crops and lowers microbiome composition swine health and growth performance. By applying
breeding-related emissions. innovative microbial regulation technologies the project has markedly improved
Social Benefits: Breeding efficiency is elevated additional employment opportunities feed utilization efficiency and breeding economic returns. It has further driven
are created and industrial technological upgrading is accelerated. upgrades to feed pre-treatment equipment and production workflows established
Economic Benefits: Farmers benefit from lower production costs and higher-quality a replicable industry-academia-research collaborative innovation model and
pork output while the Company advances the commercialization of its technologies delivered scalable sector-wide solutions for saving grain and improving efficiency.Signing Ceremony of New Hope Liuhe Breeding Technology Platform Appointment Ceremony of Sichuan Provincial Key Laboratory of Animal and expands operational capacity.Nutrition and Efficient Feed UtilizationR&D in Nutrition and Health New Hope Liuhe Co. Ltd.2025 Sustainability Report 32
Four key research achievements were awarded the First Prize of the Shennong China Agricultural New Hope Liuhe strictly adheres to all applicable laws and regulations governing breeding ethics Honors&Accolades Science and Technology Award: “Core Technologies for Quality Improvement and Industrialized Upholding Breeding including the Biosafety Law of the People’s Republic of China the Animal Husbandry Law of theProduction of Poultry Products” “Core Technological Innovation and Product Industrialization of Ethics People’s Republic of China and the Measures for Scientific and Technological Ethics Review (forBiological Feeds” “Efficient Breeding Technology Innovation New Variety Cultivation and Industrial Trial Implementation) . The Company conducts animal breeding activities with rigor integrity andPromotion for Meat Ducks” and “Innovation and Application of Novel Functional Feed Enzymes transparency and categorically refuses to engage in the research or application of any technologiesfor Livestock & Poultry Intestinal Health Optimization.” A fifth project “Innovation and Application that violate ethical norms or compromise animal welfare ensuring that all corporate technologiesof Key Nutritional Regulation Technologies for Efficient and High-Quality Production of Yellow- and products serve the goals of sustainable development and broader social wellbeing.Feathered Broilers” received the Second Prize of the same award. To uphold these principles in practice the Company has established a Science and Technology EthicsAt the provincial level the “Swine Gut Microbiome Functions and Targeted Nutritional Regulation Committee to ensure that all technological innovations comply with ethical standards and do notTechnologies and Their Applications” project claimed the First Prize of the Sichuan Provincial pose risks to the ecological environment public health or society. The committee brings togetherScience and Technology Progress Award while the “Development and Industrialization of a internal and external professionals with strong academic expertise and ethical grounding includingNationally Certified New Feed-Grade Copper Citrate Product” was awarded the Second Prize of scientific researchers legal consultants industry specialists from the breeding and feed sectors and The Company maintains
the same award. 54 client representatives. It conducts regular oversight of ethical implementation across all businessTwo additional projects “Innovation and Application of Key Technologies for High-Value Utilization science and technology innovation segments to ensure that divisional practices remain aligned with the Company’s strategic objectives.of Feed Resources” and “Key Technologies for the Creation and Industrialization of Novel Green platforms across all levels including The Company has also strengthened its internal management systems for research ethics and
8 at the national and ministerial levelAgricultural Biological Products Derived from Enteromorpha Polysaccharides” received the Second and 18 at the provincial level and implemented targeted training programs to build ethical awareness across the workforce. All frontier
Prize of the Qingdao Municipal Science and Technology Progress Award. holds the designation of a high-tech biotechnology R&D projects including those involving animal trials gene-editing breeding and
Seven technical professionals from the Company including Dr. Jing Lu Director of the Breeding enterprise. novel feed additives must undergo a comprehensive ethical assessment before receiving approval
Division under the Pig Sector and Yang Qing Director of the Qingdao Quality Inspection Center ensuring that potential ethical risks are identified and addressed at the outset.of the Feed Product Department were recognized among the first cohort of professionals to
be awarded associate senior professional titles through independent appraisal by private
enterprises in Sichuan Province.Intellectual Property Portfolio 2025
Patents filed 42
Patents granted 48
Valid patents newly added 48
of which: invention patents 426
Cumulative valid patents of which: utility model patents 862 1361
of which: design patents 73
Cumulative software copyrights 58
Cumulative registered trademarks 851
In 2025 a total of 3 national standards 6 industry standards and 2 group standards led or co-
developed by New Hope Liuhe were officially promulgated and came into effect.Aquafeed R&D Base of the Feed Sector
Category Standard Name Standard No.Determination of pepsin digestibility for animal-derived feeds GB/T 13881-2025
National
Standard Determination of bovine ovine and goat-derived materials in feeds GB/T 20190-2025 Advancing
Determination of horse and donkey-derived materials in feeds GB/T 21107-2025 Smart Farming
Feed material — Stone powder NY/T 4677-2025 New Hope Liuhe is steadily advancing the development of a fully integrated digital and intelligent
breeding ecosystem across its value chain. With a focus on core pig breeding and rearing operations
Feed material — Soy protein concentrate NY/T 4676-2025 the Company has built a cross-industry digital and intelligent collaborative platform for swine
production. By integrating IoT AI big data analytics and smart equipment it drives precision
Industry Feed material — Rice protein powder
Standard NY/T 4751-2025 breeding intelligent production and digital management establishing a closed-loop operational
framework that spans data collection intelligent analysis precise decision-making and efficient
Feed material — Peanut meal NY/T 133-2025 execution. Smart breeding has become standard practice across the Company’s operations with
digital empowerment serving as a key engine of high-quality industrial development.Feed material —Wheat gluten NY/T 4752-2025
Control techniques for vectors in intensive pig farms NY/T 4740-2025 Governance New Hope Liuhe regards digital transformation as a strategic priority for cultivating new growth momentum and reinforcing core competitive strengths. In pig farm operations the Company has
Formula feeds for gilts gestating and lactating sows T/CFIAS 1005-2025 achieved full-cycle intelligent management covering breeding stock selection fattening health
Group monitoring and market sales. In feed production end-to-end digital management has been
Standard
Chinese pork of black-hair pigs T/CMATB 1001-2025 implemented across raw material procurement formula optimization manufacturing and logistics
distribution.Advancing Smart Farming New Hope Liuhe Co. Ltd.2025 Sustainability Report 34
To govern the full lifecycle of digital projects with greater clarity and consistency the Company has As New Hope Liuhe advances its digital transformation and smart breeding initiatives the Company
developed and regularly updated dedicated management regulations covering responsibilities Impact Risk and faces a range of potential risks that require active management. On the technical and talent front
operational procedures and unified standards. These policies function as internal institutional Opportunity these include the risk of suboptimal technology selection system integration challenges extended
guidelines and are dynamically refined in response to organizational adjustments and evolving Management return-on-investment cycles driven by rapid equipment upgrades and a shortage of qualified digital
business needs with the aim of improving project delivery quality mitigating operational risks and professionals. Financial risks particularly high upfront capital requirements and return volatility linked
optimizing resource allocation. to pig price fluctuations also warrant careful mitigation. The Company addresses these challenges
Centered on the digital transformation strategic vision of “three fulls and four transformations” which through a comprehensive end-to-end risk control system embedded across all phases of its digital
Strategy and integrates business operations data and management New Hope Liuhe continues to drive the operations.Management Approach intelligentization of key equipment the digitalization of full-scenario operations the functionalization Supportive policy frameworks including the National Smart Agriculture Action Plan (2024—2028) and
of all online data and the proactive management of whole-process operations. Digital and intelligent initiatives promoting the green and low-carbon development of the animal husbandry sector are
technologies are applied across the entire industrial chain encompassing pig farm management creating meaningful opportunities. The Company is capitalizing on these tailwinds by shifting from
feed production and corporate governance delivering measurable improvements in breeding experience-driven management to precision-based data-driven decision-making implementing
efficiency operational performance and management standards. dynamic individual animal health monitoring and establishing full-process product traceability.To drive high-quality development the Company harnesses digital and intelligent technologies to
Digital and Intelligent Production Management strengthen industrial synergy integrate upstream and downstream operations through coordinated
feed breeding and slaughtering support and empower small and medium-sized farmers—
Full-Industry-Chain The Company has built a digital intelligent breeding architecture that integrates “gene flow” and “data flow” enabling RFID-based intelligent tracking
Digital Intelligent from core herds through to commercial herds AI-driven measurement of key traits and full-chain digital management. Supported by high-throughput collectively building a more resilient and inclusive industrial ecosystem.Breeding System measurement systems precision environmental controls and biosecurity protocols this architecture enables efficient and coordinated breeding
operations.To realize the “three fulls and four transformations” framework encompassing the intelligentization of
Indicators and Targets key equipment the digitalization of full-scenario operations the functionalization of all online data
Intelligent Equipment Intelligent equipment including smart breeding care trolleys AI-powered in-vivo measurement systems and intelligent feeding test stations has
Deployment Across Key been widely deployed across farrowing house care individual animal measurement and meat quality evaluation. These tools enable automated data and the proactive management of whole-process operations under the integrated business data
Production Stages collection and precise operations significantly reducing labor costs and the risk of human error. and management model New Hope Liuhe fosters close alignment between business operations and
digital technology. Progress and effectiveness of the Company’s digital transformation are evaluated
Core Breeding Algorithms Leveraging advanced breeding computation models such as GBLUP the Company develops and delivers algorithm-based services including mating holistically with reference to improvements in operational efficiency and core competitiveness.and Precision Decision- scheme design and pre-selection planning. By applying genomic estimated breeding values it achieves precision mating optimizes population genetic
Making Services structure and accelerates genetic progress.These technologies have been deployed across six core breeding farms managing a total of 22000 breeding pigs delivering an approximately 5%
increase in population genetic progress which effectively mitigates inbreeding depression while reducing piglet mortality and improving labor efficiency Indicator 2025 Target 2025 Actual
by over 40% across key production processes.Number of key operational matters supported and controlled 17 46
Big Data and Cloud Production and Operations Platforms: Consolidate data from pig farms feed mills and slaughterhouses into real-time dashboards covering pig
Computing inventory feed intake growth performance and sales costs enabling dynamic adjustments to stocking density and feed formulas. Number of internal control risk points warned and controlled 84 90
Market Forecasting Tools: Analyze historical sales data and market trends to support staggered marketing decisions and improve profit margins.Supply Chain Optimization: Apply demand forecasting models to streamline raw material procurement and production scheduling which reduces
inventory backlogs.Robotics and Automation Immunization Injection Robots: Utilize digital twin technology to achieve full-process automation of vaccine administration with
minimal manual intervention.Intelligent Feeding Systems: Automatically adjust feed volumes based on each pig’s growth stage to minimize feed waste. RigorousFor details on the application of full-chain AI technologies see the “Special Feature:Embracing AI to Unlock New Quality Productive Forces in Agriculture.” HI，我是猪小新 Quality andSafety ControlCase Guided by the principle that “food is the paramount necessity of the people and food safety isthe top priority” New Hope Liuhe places food safety at the heart of its corporate responsibilities
Full-process The Company has established a comprehensive automated phenotypic data collection network spanning embedding this commitment throughout the entire product lifecycle from raw materials through to
Intelligent Phenotypic from live animals through to post-slaughter assessment. At the live animal stage AI-powered weight and body the consumer’s table. The Company rigorously enforces a three-tier quality inspection mechanism
Measurement System condition measurement tools combined with intelligent feeding test stations enhance breeding efficiency. At to assign food safety responsibilities at every level of the organization with the overarching goal of
the post-slaughter stage the Company has built intelligent carcass and meat quality measurement laboratories delivering food products that are safe healthy and nutritious.integrating automated equipment with digital management platforms which enables standardized high-
throughput testing of more than 20 complex indicators including lean meat percentage and drip loss. This New Hope Liuhe strictly complies with all applicable laws and regulations including the Food Safety
system facilitates large-scale precise and automated phenotypic data collection generating the robust datasets Governance Law of the People’s Republic of China the Product Quality Law of the People’s Republic of China
needed to improve the accuracy and efficiency of breeding value estimation and selection. the Regulations on Live Pig Slaughter Management the Regulation on the Administration of Feeds
and Feed Additives as well as local regulatory requirements at all project sites. These external
Participation in the obligations are complemented by a suite of internal management systems including the Food In response to the recurring challenge of Porcine Epidemic Diarrhea (PED) outbreaks affecting the pigNational Science and Safety Evaluation Management Measures of New Hope Liuhe Co. Ltd. the Black Pig Product Food industry the Company actively participated in the research project “Data- and Knowledge-Driven ApproachTechnology Major Safety and Quality Management System and the Food Crisis Management Measures of New Hope for Intelligent Diagnosis of Typical Livestock and Poultry Epidemics.” Through systematic investigation into
Project on New- Liuhe Co. Ltd. which the Company continuously refines to strengthen quality and safety control PED prevalence and underlying causes and by applying breeding system big data alongside machine
generation AI across key links in both the Pig and Feed sectors.learning techniques the Company identified key risk factors associated with PED outbreaks enabling early
warning and rapid response. The resulting monitoring and early warning system facilitates timely alerts and
intervention measures equipping farmers with better tools to manage PED outbreaks and contributing to
herd health and broader industry stability. Pig Sector In the Pig Sector the Company has introduced 11 new internal control systems including the Quality and Food Safety Management Manual for Forward Warehouse Products of the Pig BG Fresh Meat Division of New Hope Liuhe Co. Ltd. and the Implementation Rules for Testing of the Pig BG Fresh Meat
Division of New Hope Liuhe Co. Ltd. These systems address a comprehensive range of areas: return management food safety contingency planning
national reserve meat management forward warehouse operations drug residue controls broken needle protocols quality accountability testing
Digital Training procedures and product acceptance standards.Through its online New Hope Academy platform the Company has developed and launched a library
of short videos and micro-courses for frontline workers covering pig breeding practices biosecurity Feed Sector In the Feed Sector the Company has established a full set of internal rules and regulations encompassing quality and safety management manuals
protocols and veterinary standard operating procedures (SOPs). Post-certification programs have post operating procedures and equipment guidelines that span the entire value chain from raw material procurement and management through
also been introduced to further strengthen workers’ technical competencies improve job alignment to production control product safety oversight storage transportation sales complaint handling recall procedures training and document management with clearly defined quality standards at each stage.and support workforce retention.Rigorous Quality and Safety Control New Hope Liuhe Co. Ltd.2025 Sustainability Report 36
At the corporate level the Company has established a Food Safety and Quality Management Case
Department at its headquarters to provide centralized oversight of food safety matters. All branches
and subsidiaries have set up corresponding safety and quality management teams forming a clearly Positive Pressure To address biosecurity vulnerabilities in pig farms the Company undertook a comprehensive overhaul
structured top-down safety governance framework. The Company actively promotes quality and food Ventilation Upgrades of its positive pressure ventilation systems. Following three years of sustained technological upgrades
safety standardization certification across all sectors and subsidiaries and conducts regular internal to Strengthen positive pressure ventilation has been extended to most northern farming regions enabling effective air
audits and management reviews of its quality management system to verify compliance effectiveness Biosecurity filtration within pig houses. Complemented by hardware improvements and process optimization across
and ongoing improvement. For entities certified under the ISO 9001 Quality Management System and supporting epidemic prevention measures including link monitoring biosecurity protocols and emergency
ISO 22000 Food Safety Management System the Feed Sector strengthens full-process risk control response procedures these upgrades have markedly enhanced the overall biosecurity capabilities of the
through supplementary system planning hazard analysis and hazard control measures. At minimum Company’s pig farms.one full-clause internal audit is conducted at each certified subsidiary annually with audit reports
issued and corrective actions monitored to closure which ensures consistent system implementation
product quality and regulatory compliance.Pig Sector: All companies under the Fresh Meat Division hold ISO 9001 Quality Management System certification and satisfy the requirements of HACCP System certification (V1.0).Shandong Qianxihe Food Co. Ltd. and Hebei Qianxihe Meat Industry Co. Ltd. have additionally obtained FSSC 22000 Food Safety System certification.Feed Sector: 31 entities hold ISO 9001 Quality Management System certification and 13 entities hold ISO 22000 Food Safety Management System certification.Overseas Sector: 10 entities hold ISO 9001 Quality Management System certification; 2 hold ISO 22000 Food Safety Management System certification; 4 hold HACCP System
certification; 10 hold CPPB/CPPIB Good Feed Production Practice certification; 1 holds FAMI-QS European Feed Additives and Premixes Quality System certification; and 1 holds
a BSTI Product Type Approval Certificate.Strategy and New Hope Liuhe operates under the guiding principle that “every detail matters in quality control and safety responsibility is of utmost importance.” This philosophy is operationalized through two
Management internal frameworks: the “three concessions” principle governing concessions for internal disposition Two Additional Following rigorous review by the Ministry of Agriculture and Rural Affairs two additional subsidiaries of Approach supplier materials and customer authorization and the “three no-exceptions” principle requiring that National-Level the Company have been officially certified as national-level Epidemic-Free Zones bringing the Company’s
no deviation goes without root cause identification corrective action or organization-wide lessons Epidemic- total to 12. These certifications directly facilitate the cross-regional transportation of live pigs and
learned. Guided by these standards the Company continuously refines its full-value-chain food Free Zone contribute to greater stability in production operations.safety management system encompassing raw material procurement production control quality Certifications
inspection product management sales management and personnel training to ensure end-to-end
quality oversight.New Hope Liuhe integrates quality and safety management into every stage of its production
Full-Lifecycle and operational processes which establishes a closed-loop biosecurity prevention and control
Management system. The Company leverages digital tools to strengthen product traceability and works in close
collaboration with farmers and suppliers to collectively raise quality control standards aiming at
safeguarding product quality and safety from farm to fork.Biosecurity Prevention and Control
Efficient Early Warning and Pre-emptive Risk Avoidance: The Company has established an epidemic
risk early warning mechanism based on infection thresholds enabling proactive pre-emptive
measures when regional epidemic risks escalate. During high-risk seasons and periods of extreme
weather targeted dust suppression and toxin reduction interventions are promptly deployed to
mitigate infection risks.Closed-Loop Biosecurity Management: The Company continuously optimizes vehicle disinfection
procedures and facility layouts sources approximately 80% of canteen vegetables from in-house
cultivation during autumn and winter and promotes the use of designated slaughterhouses through
an integrated breeding-slaughtering linkage model which collectively reduces transmission risks
associated with vehicles food inputs and transportation activities. Grid-based prevention and During the reporting period the pass Drug Residue Control
control measures have been implemented to optimize the deployment and scheduling of culling and rate of random market inspections Strengthening Drug Residue Testing: Drawing on the Detailed Rules for Food Safety Supervision
transportation vehicles on-site achieving zero cross-farm transmission from 2024 to 2025. was and Sampling in 2025 industry-wide drug residue sampling data and internal testing results the
Differentiated Response Strategies: The Company develops tailored response protocols for different Company has developed the Implementation Rules for Testing of the Pig BG Fresh Meat Division of
virus strains. For chimeric strains the focus is on regional isolation and refined toxin reduction; for New Hope Liuhe Co. Ltd. Testing frequencies are calibrated according to the severity of drug residue
vaccine strains a barn-by-barn isolation approach combined with multiple rounds of blood sampling 100% risks with comprehensive testing conducted at pig entry slaughtering and pre-delivery inspection
is applied. This strain-specific methodology enhances both the scientific rigor and operational stages to ensure targeted and effective residue control.efficiency of the Company’s prevention and control efforts. Enhancing Testing Capabilities: Quarterly blind sample comparison and verification exercises are
conducted to assess and improve the technical proficiency of laboratory personnel ensuring the
reliability and accuracy of test results. Laboratory directors are invited to participate in the Capacity
Honors
&Accolades Building and Improvement of Inspection and Testing Institutions in the Food Industry training
program a collaborative initiative between the State Administration for Market Regulation and the
United Nations Industrial Development Organization to further strengthen testing capabilities.Testing Frequency Testing Content
Recognized as an Outstanding Case of
Fulfilling Corporate Social Responsibility Daily Quinolones sulfonamides (total) florfenicol tetracyclines trimethoprim lincomycin etc.at the 9th Food Enterpr ise Soc ia l
Responsibility Annual Conference (2025) Weekly Dexamethasone chloramphenicol tilmicosin etc.Recognized as an Outstanding Case of
Food Safety Management (2024-2025) at External Pig Supplies Additional testing for chlorpromazine sodium pentachlorophenate etc.the 2025 China Food Safety ConferenceRigorous Quality and Safety Control New Hope Liuhe Co. Ltd.2025 Sustainability Report 38
Product Recall Management Animal epidemics represent a significant and systemic risk to the animal husbandry industry. When
The Company has established a Product Recall Management System that sets out clear recall Impact Risk and outbreaks occur they can cause direct losses through breeding animal mortality reducing output
procedures and defines departmental responsibilities. To verify the system’s effectiveness an annual Opportunity driving up costs and depressing prices. Beyond immediate production impacts epidemics may also
simulation drill is conducted to ensure timely response capabilities and full operational readiness. Management trigger source contamination cross-contamination during processing and distribution and erosion
The Safety and Quality Department is responsible for collecting and consolidating market feedback of consumer confidence and brand reputation.and ensuring its proper integration into production practices. In alignment with HACCP recall To mitigate epidemic risk the Company employs a multi-layered approach: standardized farm
requirements the Department maintains clearly defined information transmission processes and construction professionally trained breeding technicians rigorous preventive protocols and
accountability assignments assesses product risks in a structured manner and ensures the prompt strengthened quality and safety management across the supply chain and among cooperative
recall of any high-risk products identified. farmers — working in concert to contain and control potential outbreaks.New Hope Liuhe places strong emphasis on building employees’ quality awareness and professional New Hope Liuhe has implemented comprehensive quality management measures with the clear
Quality Culture competence. The Feed Sector has developed the Quality and Safety Management Manual with all Indicators and Targets objective of eliminating product recalls and preventing negative product incidents.Development entities required to maintain strict compliance with quality management system documentation. The In 2025 no major product safety or quality liability accidents were recorded.headquarters conducts regular full-clause internal audits to verify consistent system implementation. In 2025 no product recalls or negative product incidents occurred.Qual i ty tra in ing reached 5468 The Fresh Meat Division of the Pig Sector delivers year-round quality training programs to strengthen
participant-times totaling 4297.97
training hours. the operational skills and cross-functional collaboration of frontline employees which supports
compliant pig slaughtering practices and robust quality safety assurance. Service
New Hope Liuhe operates under the guiding belief that “quality pork begins with sound pig farming.” Quality
Delivering Healthy Food Through nutritionally optimized feed formulas and science-based breeding practices the Company
enhances animal health and the nutritional profile of its pork while continuously improving live pig Enhancement
quality. By evolving from raising healthy pigs to producing high-quality flavorful pork the Company Guided by a customer-centric philosophy and a commitment to responsible marketing New
is committed to meeting consumers’ growing appetite for diversity and product personalization. Hope Liuhe consistently refines its service systems and standards to enhance the overall customer
Enhancing Pork Quality experience.Anchored by five major slaughtering bases in Beijing Liaoning Hebei Shandong and Shaanxi the
Company fully capitalizes on its integrated industrial chain capabilities spanning breeding farming
slaughtering and intensive processing. Through a strategically coordinated breeding-slaughtering The Company has progressively strengthened its customer service framework with sector BUs
linkage model connecting its owned farming bases nationwide the Company ensures consistent Governance operating under a two-tier linked governance structure spanning business divisions and subsidiaries.performance across key indicators including live pig weight and intramuscular fat content to deliver At the business division level the Sales General Manager serves as the overall responsible party
reliably high-quality pork. for customer service; at the subsidiary level this responsibility rests with the General Manager
The Company has established a dedicated Meat Quality Laboratory that accumulates comprehensive supported by a dedicated Customer Service Department staffed by managers from the Sales
data across breeding farming nutrition and meat quality dimensions. This work has given rise Support Production and Operations and Safety and Quality functions to deliver localized service.to a specialized database for black pigs one that precisely maps the relationships between pig This clearly defined collaborative two-tier structure enables rapid response and professional support
strains breeding conditions feeding programs and meat quality metrics. Test data is translated into for customer needs. The Company has also established internal management systems including
actionable improvement indicators fed directly back to the farming sector enabling data-driven the Management Measures for Marketing Personnel Evaluation and the Regulations for Customer
production optimization. The laboratory has completed full carcass testing of mainstream black pig Management in Pig Sales that set out clear service standards and operational protocols.breeds and this approach has driven a premium slaughter rate improvement of over 10%.Informed by the distinct characteristics of its industry the Feed Sector has built a comprehensive
Honors Strategy and customer service management system covering the full cycle of pre-sales in-sales and after-&Accolades
Management Approach sales support. By delivering differentiated personalized services alongside professional technical
assistance the Company has cultivated strong customer trust and long-term loyalty.Customer Service Management
Optimizing
Pre-sales The Company provides breeding consulting feed product recommendations and customized breeding plan
Customer Service Services development services to help customers prepare effectively for their breeding operations.In-sales The Company ensures timely order processing and accurate delivery offers real-time logistics tracking and
Services coordinates prompt solutions to any delivery-related issues as they arise.After-sales A 24-hour customer service hotline (400 line) is available to address customer inquiries on feed usage.Services Regular follow-up visits are conducted to assess product performance in the field and gather customer
feedback.Customer Information Management
Through multiple channels including market research sales visits and customer consultations
Pork produced by Yang Ling Besun Agricultural the Company has established a structured customer information management system and strictly
Industry Group Corporation Limited was named enforces customer information confidentiality policies.among the Top 30 Special Premium Products Professional Technical Guidance
in Northwest China at the Future Agricultural Depending on product category and sales volume companies of the Feed Sector deploy qualified
Industry Development Conference. breeding service personnel to deliver technical training and support disease diagnosis and
Shandong Qianxihe Food Co. Ltd. received the prevention. When requested these specialists provide on-site technical assistance helping customers
Excellent Brand Pork of the Year Award. resolve after-sales challenges effectively and efficiently.Qianxihe’s “Farmhouse Pork Blood Sausage”
and “Zhichu” Black Pig Lard both earned the Expanding Online Service Capabilities
Gold Award at the Culinary Showcase with In line with evolving digital marketing trends the Company has developed tailored online sales
Quality Ingredients event during the 2025 China strategies for both its Pig and Feed sectors to broaden customer reach and improve service efficiency.International Meat Industry Week. For details on the Pig Sector’s online strategy see the “Special Feature: Embracing AI to Unlock NewService Quality Enhancement New Hope Liuhe Co. Ltd.2025 Sustainability Report 40Cumulative online registered users Quality Productive Forces in Agriculture.” Focusing on platform diversification and content ecosystem business risks arising from technological changes quality fluctuations or delivery disruptions.
(Feed Sector) over: development the Feed Sector has built a wider more targeted and increasingly interactive online Additionally the Company leverages daily customer communications satisfaction surveys and
100000 sales and service network. During the reporting period its online platforms accumulated over complaint reviews to systematically identify gaps in product quality user experience and customer 100000 registered customers and facilitated the sale of more than 12000 tonnes of premixed and service converting these insights into concrete opportunities for improvement. Through continuous concentrated feed. professional capability building and process optimization the Company consistently strengthens
customer trust and recognition ensuring the sustained and healthy growth of its core businesses.New Hope Liuhe places customer satisfaction at the center of its service commitments and performs
Platform Expansion The Company maintains a strong presence on mainstream e-commerce platforms such as Taobao and JD.com while actively expanding into emerging Indicators and Targets regular monitoring of key indicators including customer complaint handling rates and resolution
social and content platforms including Douyin and Kuaishou. By analyzing user demographics and traffic behavior specific to each platform it applies
differentiated strategies to engage distinct customer segments with precision. rates to ensure its customer service objectives are duly met.Influencer and Through partnerships with key opinion leaders (KOLs) technical experts and benchmark farmers within the breeding industry the Company has developed
Expert Collaboration 2025 Targetan integrated ecosystem that combines customer education with product promotion leveraging live-streaming sessions technical presentations and real- Customer complaint resolution rate (Fresh Meat Sector): 2025 Actual
world case study sharing. 100%
Customer complaint resolution rate (Feed Sector): 92.5%
Responsible marketing training sessions: 37 Pig Sector ＞ 95 98
Service Quality Supported by an efficient online customer service system professional technical support and real-time logistics updates the Company achieved an online Responsible marketing training attendances: 9822 Customer
and Efficiency customer satisfaction rate of 98.5% during the reporting period. Responsible marketing training hours: 58 Satisfaction (points)
Responsible marketing training coverage (marketing &
sales personnel): 100% Feed Sector ＞ 96 99
Customer Complaint Customer Communication
Each business division maintains a dedicated 400 customer complaint hotline publicized through
Management product packaging and other customer-facing channels. Frontline sales personnel conduct regular
communications with distributors collecting and compiling market feedback on a daily basis and
forwarding it to the Safety and Quality Department which oversees production departments in Supply
implementing targeted improvements.Complaint Handling Chain
All business divisions have established robust complaint handling mechanisms and standardized
process workflows to ensure all issues are resolved thoroughly and effectively. Management New Hope Liuhe places significant importance on the social and environmental value generated and
impacts created by activities across its industrial chain. By establishing a closed-loop management
Pig Sector The Production Department conducts thorough root cause investigations develops specific resolution plans and ensures all complaints are handled to mechanism that covers the full supplier lifecycle and by embedding sustainable development and
completion. green procurement principles throughout its operations the Company systematically manages
For product quality issues appropriate measures are taken including returns formal apologies and compensation alongside improvements to service
processes and where warranted training or disciplinary action for relevant personnel. supply chain risks enhances supply chain resilience and works collaboratively with partners to drive
In 2025 a total of 647 work orders were received via the 400 hotline comprising 634 consulting inquiries and 13 product quality complaints with a 100% the steady growth and green transformation of the broader industrial ecosystem.complaint resolution satisfaction rate.New Hope Liuhe operates in compliance with applicable national laws and regulations including the
Feed Sector Upon receiving a complaint the Company records all relevant details and routes the case to the appropriate responsible department for handling in
Governance Law of the People’s Republic of China on Invitation and Submission of Bids and its implementation
accordance with the Customer Complaint/Return Handling System. For quality-related complaints the Quality Management Department conducts a regulation. The Company has established a structured three-tier supplier management framework
thorough investigation and product verification before responding to the customer. In 2025 the 400 hotline handled 494 feed-related complaints and
inquiries including 14 product quality complaints achieving a 92.4% issue resolution satisfaction rate. comprising the decision-making management and execution bodies. Underpinned by internal
management systems such as the Internal Supplier Management System and the Sourcing and
Price Comparison Management System the Company is committed to building a responsible and
Overseas Sector Dedicated complaint acceptance channels have been established in each overseas market to ensure timely recording and end-to-end tracking of all sustainable supply chain.complaints. All cases are addressed within defined timeframes with outcomes promptly communicated to customers and confirmed through follow-up
contact until full resolution is achieved.Decision- Supplier Management Committee The Committee provides overarching governance of supplier management encompassing system planning goal setting
Making Body implementation oversight and review and decision-making on significant supplier-related matters.Satisfaction Management Management Supplier Management Department The Company’s employee director serves as General Manager of the Supplier Management Department with responsibility
To gain meaningful insight into customer experiences with its products and services the Company Body for directing coordinating and supervising day-to-day operations as well as overseeing the onboarding of new suppliers and the certification of existing ones.conducts regular customer satisfaction surveys. Core evaluation dimensions include product quality
complaint handling speed and effectiveness and delivery accuracy. Sector-specific and customer- Business & Functional Centers The Supplier Management Department comprises 10 business centers responsible for day-to-day procurement activities and
type-specific questions are incorporated to improve feedback relevance and depth. Survey findings 5 functional centers overseeing supply chain-related finance planning market research supplier management and quality
management.are systematically analyzed to identify gaps and drive improvements with customer satisfaction Execution
evaluations serving as a key lever for strengthening customer relationships and continuously Bodies Supplier Certification/Review Team The Team carries out specific assessment processes for new supplier onboarding and the ongoing certification of existing
optimizing the service experience. suppliers.Responsible Marketing New Hope Liuhe continuously strengthens its compliance framework for marketing and promotional New Hope Liuhe continues to strengthen and refine a comprehensive full-lifecycle supplier
activities establishing clear requirements and standardized processes to govern how marketing Strategy and management mechanism covering supplier onboarding tiered classification performance
is conducted. During the reporting period the Company formulated and revised the Marketing
evaluation and exit/replacement. Quality environmental safety and health (QESH) standards are
Management System and the Code of Conduct for Marketing Personnel ensuring all marketing Management Approach
integrated across all dimensions of supply chain management to boost the efficiency and reliability
activities are carried out within well-defined compliance boundaries. Dedicated compliance training
of the supplier network. Through regular supplier communications training initiatives and other
was also organized for marketing personnel to reinforce their awareness of regulatory requirements
engagement activities the Company ensures that the latest policy requirements and internal
and elevate professional standards.expectations are conveyed to suppliers in a timely and accurate manner enhancing their capacity to
meet their responsibilities.Impact Risk and New Hope Liuhe has established a customer risk management and opportunity identification Supplier Full Lifecycle Managementmechanism spanning the full business process with the aim of strengthening business resilience in The Company has established a full-lifecycle management framework spanning supplier onboarding
Opportunity a complex and rapidly evolving market environment. Through regular customer visits satisfaction evaluation tiered classification and exit ensuring that all suppliers meet the Company’s standards. In
Management surveys industry exhibitions and ongoing monitoring of laws and regulations the Company compliance with the Regulations on Ensuring Payments to Small and Medium-sized Enterprises the
dynamically tracks market trends and shifting customer needs while proactively identifying potential Company guarantees timely payments to SMEs through supply chain finance electronic commercialSupply Chain Management New Hope Liuhe Co. Ltd.2025 Sustainability Report 42
paper financing automatic payment arrangements and dedicated green payment channels. In 2025 Supply Chain Resilience Enhancement Strategies
no instances of malicious payment delays litigation arbitration or administrative sanctions were
recorded. Diversified Sourcing Core raw materials are supported by more than three alternative suppliers each with a dual-circulation model combining domestic supply and imports to reduce single-source dependency.Regional Supply Assurance Five major raw material bases have been established across Northeast North East South and Southwest China to strengthen localized supply capabilities.Supplier Onboarding Based on the business characteristics of different supplier types the Company has refined eight categories of onboarding application templates forming the
Access Certification Template Set V4.0. A biweekly supplier review meeting system is in place supplemented by a green channel for expedited onboarding to Digital Early Warning A multi-dimensional monitoring system tracks price movements inventory levels logistics conditions policy changes weather events and disease outbreaks
accommodate suppliers with time-sensitive business requirements. enabling data-driven intelligent decision-making.Supplier Evaluation Suppliers are managed through a tiered classification system organized into four categories: strategic high-quality general and supplementary each further Strategic Partnerships Long-term sustainable procurement alliances have been formed with leading industry players including COFCO Corporation Limited China Co-Op Group Co.differentiated into four performance levels (A B C and D). Ltd. Yihai Kerry Arawana Holdings Co. Ltd. and Cargill Inc.Circularity and Substitution Low-protein feed formulas enzyme additives fermented proteins and by-product utilization are adopted to reduce reliance on soybean meal and improve
Supplier Tiering Performance evaluations are conducted for suppliers within the same category based on their grade and product type. Through ongoing cycles of promotion resource efficiency.demotion and elimination the Company steadily optimizes the overall composition and quality of its supplier pool.Supply Chain ESG Management
Supplier Exit A formal supplier exit mechanism is in place complemented by supplier status change notifications that enable suppliers to track their standing in real time As New Hope Liuhe continues to expand its global operations the Company is developing and
facilitating transparent two-way communication between the Company and its suppliers.implementing comprehensive labor and human rights management policies applicable to both
suppliers and contractors. Suppliers are required to make formal commitments to uphold standards
across a broad range of areas including child labor prevention forced labor prohibition occupational
Indicator 2025 health and safety wages and benefits working hours anti-discrimination fair treatment freedom
of association ethical business conduct environmental management anti-corruption and
Total number of suppliers qualified through desk or on-site evaluations 3169 In 2025 the Company conducted
3 integrity and compliance training conflict of interest and fair competition practices. Clear provisions for breach of commitment and
sessions reaching 2005 key corresponding remedial measures are established and incorporated as a key dimension of supplier Percentage of key suppliers qualified through desk or on-site evaluations 100% suppliers and engaging a total of performance evaluation. This approach drives suppliers to strengthen their respect for and protection
2680 participants.
Total number of suppliers with significant actual or potential negative impacts 0 of fundamental human rights in the workplace ensuring the consistent global implementation of the
Company’s human rights policies. In line with its sustainable procurement principles the Company
Total number of terminated collaborations 0 designates product quality as a veto criterion within its supplier performance assessment framework
Total number of suppliers participating in capacity-building projects 8 while treating environmental protection and social responsibility as critical evaluation items.The Company further reinforces supply chain integrity through a rigorous oversight mechanism. Suppliers
Percentage of key suppliers participating in capacity-building projects 80% are required to sign quality commitment letters and transparent cooperation agreements with anti-
corruption clauses embedded in all contracts to regulate business conduct. Throughout the procurement
Elevating Supplier Capabilities process the Company upholds full transparency and end-to-end electronic traceability and conducts
The Company fosters mutual growth and development with its suppliers through a range of regular unannounced inspections and targeted special audits to standardize supplier behavior. Any
collaborative approaches including technical guidance and support feed formula optimization supplier found to be in violation of relevant requirements is placed on a permanent blacklist and barred
quality control system strengthening joint testing capability development supplier personnel training from future engagement fostering a supply chain culture built on integrity trust and mutual benefit.benchmarking assistance co-innovation and quality incentive programs.Impact Risk and New Hope Liuhe regards sustainable supply chain management as a core pillar of business continuity and long-term value creation. The Company has established a comprehensive full-process risk
Case Opportunity governance system encompassing: risk identification; assessment and tiered classification (high / medium
Management / low); development and implementation of control measures; dynamic monitoring and early warning;
Supporting In 2025 the Company conducted sampling tests on dicalcium phosphate sourced from phosphate incident response; and periodic review and optimization. Through a structured arrangement of annual
Phosphate-Calcium manufacturers. In addition to standard national indicators the testing focused on key internal control risk assessments quarterly reviews monthly monitoring and targeted inspections during major public
Suppliers in Quality metrics including pH value free water content and sulfate levels. Based on the results the Company holidays or extreme weather events the Company systematically identifies and manages key risks and
Improvement worked closely with its BUs testing center quality control team and suppliers’ internal teams to identify opportunities across the supply chain to strengthen overall resilience.the core gap: manufacturers and their competitors had insufficient understanding of sulfate indicators and
their significance. In response the Company organized joint training sessions and technical discussions Risk Category Response Measures
with the phosphate manufacturers reaching a shared consensus that manufacturers would accelerate
internal re-inspection of sulfate levels develop a stronger grasp of the relevant technical parameters and Operational Risks Price fluctuations natural disasters logistics disruptions import/ Long-term contract price locking multi-source procurement strategic reserves export policy changes epidemic/disease outbreaks and insufficient regional warehousing networks futures hedging pre-qualified alternative suppliers and
identify existing process deficiencies. Going forward the Company’s testing center will collaborate directly production capacity. emergency logistics protocols.with manufacturers to enhance the commercial application and practical value of this indicator in actual
ESG Risks
production processes. Labor and human rights violations environmental penalties carbon ESG-aligned onboarding standards third-party audits veto mechanisms supplier emissions deforestation commercial bribery product safety failures blacklisting extended oversight periods sustainability certification requirements and
and biosecurity breaches. contractual ESG obligations.Increasing Supply Chain Resilience New Hope Liuhe has set clear supply chain risk management objectives: zero disruptions to core raw
Supply chain resilience can be affected by a wide range of factors including geopolitical tensions Indicators and Targets material supply and zero major quality or ESG incidents. Annual supply chain management targets
industry volatility and fluctuations in bulk commodity markets. To proactively address these risks are formulated tracked and reviewed to drive continuous progress toward a more sustainable and
the Company applies a systematic multi-dimensional risk assessment framework when selecting resilient supply chain.key suppliers spanning country/region industry and commodity levels. At the country/region level
the Company screens suppliers’ operating locations against international sanctions lists and global
risk indices with particular attention to political stability trade policy developments and exposure to Total number of suppliers: 4261 2025 Target 2025 Actual
natural disasters. At the industry level assessments are tailored to the agriculture animal husbandry Key suppliers: 96
and food sectors encompassing food safety management systems labor rights protections Supplier environmental evaluation
coverage: 100% Achieve a 90% launch rate for the supply chain Full end-to-end online coverage achieved across environmental compliance and industry concentration risks. At the commodity level the Company digital platform procurement bidding contracting inspection warehousing Supplier quality and safety
has established a price fluctuation early warning mechanism for key bulk inputs such as corn and logistics and payment resulting in a 100% platform launch evaluation coverage: 100% rate.soybean meal alongside onboarding and traceability protocols for critical materials including animal Supplier Quality Commitment
health products and breeding pigs all working together to build a more resilient and secure supply Letter signing rate: 100%Suppliers with quality management
chain. During the reporting period the Company successfully navigated multiple extreme weather system certifications: 1980 Achieve a 96% raw material quality Annual raw material quality qualification rate reached 98.3%
events and international market disruptions maintaining a 100% supply stability rate with zero supply qualification rate exceeding the target.interruptions zero major quality incidents and zero ESG-related public opinion risks setting an
industry benchmark for supply chain resilience.New Hope Liuhe Co. Ltd. 2025
Sustainability Report
3Green Industryfor a Thriving NaturalEcosystem
Chapter Content
Sustainable Agriculture 45
Sustainable Operations 48
Addressing Climate Change 51
Ecosystem and Biodiversity Conservation 56
Contribute to the UN 2030
Sustainable Development Goals (SDGs)
The Pig Sector’s environmental protection team cultivated wheat on designated
absorption fields located near the pig farms achieving an exceptionally strong harvest.Sustainable Agriculture New Hope Liuhe Co. Ltd.2025 Sustainability Report 46
Animal Welfare New Hope Liuhe operates in full compliance with the ethical and legal standards governing Sustainable animal welfare breeding and reproduction. The Company has developed and rigorously enforces Protection its Animal Welfare Management Specifications ensuring that pigs are provided with a suitable
Agriculture rearing environment high-quality feed and clean water throughout their entire production cycle.New Hope Liuhe is committed to an ecology-first approach to green development advancing a crop- The Company consistently strengthens employee awareness of animal welfare safeguarding pigs
livestock integration model rooted in circular agriculture principles. The Company applies advanced from disease pain and mistreatment while ensuring they receive appropriate care at every stage
technologies to ensure the safe treatment and resource recovery of livestock manure and wastewater of their lives.and upholds stringent animal welfare standards to support healthy animal growth which delivers Ensuring Animal Welfare
benefits for both economic performance and environmental sustainability. The Company strictly adheres to the five core principles of animal welfare regulates the
use of veterinary medicines in livestock operations and maintains high standards across
Ecological Circular Guided by the principles of ecological circularity and waste-to-resource conversion New Hope Liuhe
all aspects of animal husbandry including rearing environments feed nutrition and health
continues to deepen its crop-livestock circular agriculture model. This model achieves zero pollutant management.Breeding discharge from livestock operations effectively raises soil organic matter content and enhances farmland
carbon sequestration capacity supporting the broader development of ecological circular agriculture.The “Pig-Biogas-Fertilizer-Fruit/Vegetable/Grain” Ecological Circular Model: Adapted to local conditions Basic Welfare Pigs are provided with adequate space for movement and comfortable resting conditions. Air filtration systems and spray disinfection pipelines are installed to
each pig farm employs one of three treatment technologies i.e. UASB anaerobic digestion combined maintain indoor air quality.with two-stage A/O processing CSTR anaerobic digestion or black membrane biogas systems to convert Feed is ensured to be clean fresh and free from mold with formulations tailored to different growth stages for balanced nutrition.production wastewater into reclaimed water or biogas slurry for use in field irrigation upon meeting Sufficient water supply and adequate summer ventilation are maintained to ensure a stable rearing environment.discharge standards. Solid waste such as pig manure undergoes safe and stabilizing treatment through a Regular deworming and fly control are conducted to protect herd health and overall environmental hygiene.fully enclosed intelligent aerobic composting system with the resulting organic fertilizer either returned Intelligent environmental control systems regulate day-night temperature differentials to prevent disease outbreaks caused by extreme fluctuations.Enrichment toys are provided three-point positioning training is implemented and moldy feed is removed on a routine basis to keep pens clean and dry.to nearby farmland or sold commercially. This model achieves zero pollutant discharge comprehensive
resource utilization of livestock waste and tangible improvements in soil health.Breeding Boar houses are maintained at an optimal temperature of 15-25° C.Sow Welfare Noise from equipment and human activity is minimized to prevent stress.Back pressure sitting pressure and breast massage techniques are applied during the breeding process.Fermented manure generated: Reclaimed water returned to farmland: Total absorption land: Fresh fruits and vegetables produced: Non-irritating disinfection using clean water is used for sow genitalia to prevent uterine infections and related conditions.Post-breeding rest and optimal feeding are ensured and large-scale group transfers are avoided during early pregnancy.
9880016.321200001.20
Piglet Welfare Piglets are grouped in advance prior to fostering to harmonize odor profiles and prevent aggression from sows.tonnes million tonnes mu including 50000 mu of cropland million kg Microorganisms inorganic salts iron and other essential nutrients are supplemented according to growth stage.A minimum space of 1 square meter per finishing pig is guaranteed with controlled environmental conditions of 15-25° C and 60-70% relative humidity.Case Health Welfare Veterinary training is organized regularly to strengthen overall disease management capabilities.To address the challenges that biogas slurry and reclaimed water application can pose to crop growth in terms Combined vaccination protocols are implemented to reduce injection frequency.Innovating Needle-free injection technology is adopted to minimize immune stress.the High-Bed of timing and volume New Hope Liuhe conducted a systematic assessment of the limitations of conventional Research into animal nutritional requirements is prioritized to ensure balanced and comprehensive dietary provision.Planting Model to flat-bed planting. Recognizing that existing methods were poorly suited to the demands of irrigation and
Resolve Planting- nutrient absorption the Company moved away from conventional approaches and pioneered a high-bed
Absorption planting model. By raising planting ridges and utilizing inter-ridge furrows for irrigation and drainage the Psychological High-intensity assisted delivery is prohibited. Plastic paddles replace iron rods or electric prods for herding and transfer allowing pigs to move freely and at their
Conflicts system retains moisture through furrow irrigation during dry periods while effectively channeling excess water Welfare own pace.during heavy rainfall. This innovation resolves the inherent tension between crop cultivation and nutrient Group transfers are conducted calmly and quietly with herd sizes controlled to prevent overcrowding in corridors.absorption advancing a higher-quality integration of crop and livestock farming. Injections are administered simultaneously in corresponding pens across two rows within the same house to reduce stress from chaotic conditions.In 2025 the Company’s North China Squad used demonstration plots to shift surrounding farmers from Protective measures are applied during injection procedures to minimize stress and psychological trauma.initial skepticism to genuine recognition of the yield-enhancing benefits of its water and fertilizer solutions. Pigs are fed immediately after injections to reinforce positive behavioral associations.The Company provided 20000 cubic meters of biogas slurry free of charge for field application helping to Dietary fiber is added to gestating sow rations to reduce hunger-related anxiety caused by restricted feeding — increasing satiety expanding intestinal capacity
and alleviating constipation.cultivate a healthy regional ecosystem for crop-livestock integration.Regulating Veterinary Drug Use
Farmers’ wheat The Company’s Reducing Preventive Antibiotic Use: The Company is committed to minimizing antibiotic use and residues across its livestock operations through improved rearing environments advanced
fields: Weak wheat fields: technologies and strengthened management practices. Comprehensive antibiotic use
growth with visible Deep green and management systems and protocols have been established and are strictly enforced with all drug
yellowing vigorous administration subject to rigorous oversight. The Company takes a prevention-first approach to
animal health reducing the incidence of disease and the associated need for antibiotics through
enhanced housing conditions refined feeding management and measures to strengthen animal
immunity. Where drug use is necessary precision medication protocols and disciplined disease
control practices ensure that antibiotics are used rationally and appropriately which improves
product safety and quality while mitigating the impact of antibiotic residues on both the
environment and human health.Control Group: High-bed planting on the right (deep green robust) versus flat-bed planting on the left (noticeably shorter plants)Crops along ridge Regulating Veterinary Medicine Use: In full compliance with announcements and requirements
edges: Healthy growth attributed to limited biogas slurry application under the Company’s absorption program issued by the Ministry of Agriculture and Rural Affairs the Company categorically forbids the
0 use of prohibited veterinary drugs in feed and commits to not administering growth-promoting substances (e.g. hormones) to any animals. Permitted traditional Chinese medicine feed additives Pizhou Project: 400 mu of wheat planted using the high-bed model yielding 865 jin per mu significantly above surrounding farmers’ yieldsZhuwei Project: 300 mu of wheat planted using the high-bed model yielding 987 jin per mu In 2025 there were recorded are used only within specified dosages. The Company also actively invests in the development
Qianhuayuan Project: Combined high-bed and flat-bed planting with high-bed plots achieving a record yield of 1245.4 jin per mu cases of illegal veterinary drug use. of safer more environmentally friendly bio-based feed products to further enhance animal feed
safety.Sustainable Agriculture New Hope Liuhe Co. Ltd.2025 Sustainability Report 48
In alignment with national food security strategies New Hope Liuhe draws on its position as a world-
Reducing leading feed enterprise to collaborate with a broad range of research partners in driving technological
Food Loss and Waste Sustainableinnovation. To address persistent industry challenges including low feed resource utilization rates and the
need to substitute protein and energy raw materials the Company has developed a comprehensive suite
of grain-saving and efficiency-enhancing solutions. Through industrial-scale application these solutions Operations
have effectively reduced grain consumption and breeding costs making a meaningful contribution to New Hope Liuhe actively embraces the national call for circular economy development embedding the
national food security and the advancement of sustainable agriculture. philosophy that “lucid waters and lush mountains are invaluable assets” across every aspect of its business
During the reporting period the Company’s Feed Sector rolled out liquid fermented swine feed across operations. The Company continues to strengthen its environmental management systems accelerate
pig farms nationwide delivering significant improvements in feed intake daily weight gain and feed the transition to greener production practices and improve resource utilization efficiency all with the aim
conversion efficiency with cumulative soybean equivalent savings of 611000 tonnes. The Pig Sector of reducing its operational resource footprint and environmental impact and fostering a relationship of
shortened fattening cycles through selective breeding improvements achieving grain savings of 37400 harmonious coexistence between human activity and the natural world.tonnes. By optimizing in-house feed formulas for fattening pigs soybean meal inclusion was reduced to
5.3% generating an additional 100000 tonnes in feed grain savings. Across all business segments total Total investment in environmental protection: RMB 150.60 million
grain savings for the year reached 748400 tonnes through formula optimization and science-based
feeding practices. New Hope Liuhe firmly complies with national environmental laws and regulations including the
Environmental Environmental Protection Law of the People’s Republic of China and the Environmental Impact Assessment
Compliance Law of the People’s Republic of China. Grounded in the ISO 14001 environmental management system the
Low-Protein Amino Acid- Building on its proprietary Hongtong formula system the Company conducts combined in vivo digestion and in vitro bionic digestion tests to develop Management Company has established a three-tier environmental management structure comprising the Safety and
Balanced Diet Technology an in-house database of feed raw material nutritional values.Feed formulations are scientifically calibrated to reflect the optimal protein content net energy levels and digestible amino acid concentrations Environmental Protection Center at the corporate level the Safety Operations and Planting Environmental
required by livestock and poultry at different physiological stages reducing dependence on protein-rich raw materials such as soybean meal. Protection Department of the Pig Sector and the Planting Environmental Protection Departments of all
squads. Through continuous refinement of its environmental management systems and frameworks the
Company has built a robust long-term mechanism for environmental protection.Diversified Diet Technology Imported coarse grains (e.g. sorghum barley) and their blends along with grain processing by-products (e.g. peanut cake/meal buckwheat germ Strengthening Management Foundations: With a focus on standardized operations risk mitigation and
Using Coarse Grains and mixed oilseed meals feed wheat flour wheat middlings) are used as substitutes for corn and soybean meal. Key nutritional parameters of alternative
Oilseed Meals raw materials are rigorously measured including chemical composition available energy and amino acid digestibility. clear accountability the Company has continuously improved its environmental management systems
Based on the nutritional profiles and anti-nutritional factors of these alternatives targeted additives (e.g. xylanase phytase compound enzymes) to govern daily operations and define liability. It has worked to enhance environmental awareness
are selectively incorporated to neutralize anti-nutritional effects and improve overall feed quality. among general managers implemented a top-leader accountability system and taken comprehensive
steps to strengthen overall environmental governance capabilities. During the reporting period the
Company released the Pig BG Environmental Operation Management System which outlines 10 core
Precision Feed Formulation Near-infrared rapid scanning analyzers are deployed to quickly assess the nutritional indices of both raw materials and finished products enabling operational requirements and 10 prohibited practices for environmental management complemented by
and Efficient Processing real-time adjustment of nutritional parameters and precise control over coarse grain and oilseed meal inclusion rates.Technologies A full-process precision management system has been established covering raw material testing formula optimization production control and corresponding incentive measures. To drive performance improvement the Company recognized the top
quality monitoring ensuring end-to-end accuracy and consistency. 5% of outstanding environmental stations and the top 1% of most-improved ones. These initiatives aim
to strengthen environmental operation management enhance frontline risk prevention and improve the
efficiency of hazard identification and investigation.In parallel the Company introduced the Pig Sector BG Environmental Administrative Penalty Accountability
Management System which establishes clear procedures for accountability incident classification and penalty
Soybean equivalents saved through enforcement. By strictly holding relevant parties accountable for environmental non-compliance and resulting
Total grain saved in 2025: liquid fermented swine feed: 611000 tonnes administrative penalties the Company has effectively raised environmental awareness across the organization
{ improved the efficiency of collaborative risk response and clarified the assignment of responsibilities.Where environmental issues (e.g. excessive nutrient absorption sewage overflow excessive gas emissions) 748400 Grain saved through breeding 37400 tonnes were identified at certain branches in 2025 the Company responded swiftly with targeted corrective improvements: actions. Through reinforced daily risk controls and enhanced employee awareness of environmental compliance these measures help prevent the recurrence of similar incidents and support the ongoing
tonnes Grain saved by optimizing in-house 100000 elevation of environmental management standards.fattening feed formulas: tonnes Details of administrative penalties imposed by environmental protection authorities and other relevant
regulators in connection with environmental incidents along with corresponding rectification measures
are disclosed in the “Environment and Social Responsibility” chapter of New Hope’s 2025 Annual Report.Establishing an Environmental Management System: Drawing on internal standards including the
Environmental Risk Event Classification and Grading Standards of New Hope Group the Environmental
Risk Early Warning and Response Mechanism and the Comprehensive Environmental Inspection System
the Company has established clear protocols for risk classification early warning emergency response
and inspection requirements. This has strengthened the Company’s overall capacity for environmental
Honors risk identification early warning and mitigation. The Company actively encourages its branches and
&Accolades
subsidiaries to pursue environmental management system certifications and independent audits with
the aim of consolidating environmental management capabilities from an internationally recognized
professionally rigorous perspective.During the reporting period Hebei Qianxihe Meat Industry Co. Ltd. successfully obtained ISO 14001
Environmental Management System certification.New Hope’s Hongtong NH Diversified Diet Optimization
Formula System and its Key Technologies and Demonstration New Hope Liuhe strictly adheres to all applicable national and local regulations governing waste
of Grain-Saving High-Efficiency Compound Feed for Emission Management emissions including the Law of the People’s Republic of China on Water Pollution Prevention and Control
Livestock and Poultry were selected for inclusion in the the Law of the People’s Republic of China on the Prevention and Control of Atmospheric Pollution and the
Technical Product Handbook of the National Key R&D Law of the People’s Republic of China on the Prevention and Control of Environmental Pollution by SolidProgram “Development and Product Creation of New Energy Waste. Building on this regulatory foundation the Company has established the Solid Waste ManagementFeed Resources to Replace Corn” under the Grain-Feed Co-
production and Income Increase Initiative. System and the Hazardous Waste Management System and has put in place a comprehensive emission
The Company was honored as an Outstanding Unit in Feed monitoring and governance framework. Through continuous optimization and innovation in production
Grain Reduction by the Sichuan Association of Feed Industry. processes rigorous classified waste management and strict control over the discharge of the three wastes
(wastewater exhaust gas solid waste) the Company is committed to maximizing resource efficiency and
minimizing its environmental footprint.Sustainable Operations New Hope Liuhe Co. Ltd.2025 Sustainability Report 50
Mitigating Water Usage Risks: Key production sites conduct comprehensive water quality
Waste Category Waste Source Disposal Method
assessments on a quarterly basis. Where water quality is found to be substandard root cause
Odorous Arising from livestock and poultry Intelligent program-controlled manure removal systems are deployed in pig houses with optimized cleaning analyses are performed and targeted remediation measures (e.g. turbidity treatment sterilization
Gas manure sewage feed residues and schedules regulated indoor temperatures and enhanced ventilation to minimize odorous gas generation at the disinfection) are promptly implemented to ensure that on-site water supply consistently meets
gases emitted from animal digestive source.tracts Dedicated deodorization rooms equipped with spray systems capture odorous gases and convert them into liquid operational requirements.form; odorous molecules attached to particulates are eliminated through wet absorption and oxidation while Strengthening Water Management: The Company is actively advancing the intelligent upgrading
remaining odorous gases react with emulsifiers in solution for effective removal. of water meters across all sites while optimizing supply metering for wells and reservoirs.Consumption in sow farms fattening farms and environmental protection zones is tracked
Biogas Generated through the anaerobic Fully utilized on-site as a renewable energy source for power generation and heating.fermentation of livestock and poultry through dedicated metering systems. Each site conducts monthly classified data analysis with
manure an intelligent management platform enabling real-time monitoring of water usage patterns to
drive continuous improvement. Routine inspections are reinforced to promptly address running
Breeding Comprising animal urine partial Three proven treatment technologies i.e. UASB anaerobic digestion combined with two-stage A/O processing
Wastewater manure and barn flushing water CSTR anaerobic digestion and black membrane biogas systems are applied to convert wastewater into reclaimed overflowing dripping and leaking fixtures thereby minimizing unnecessary water waste across
water or biogas slurry which is subsequently used for agricultural field irrigation. all facilities.Saving Production Water: Pressure relief valves in each barn are uniformly calibrated for optimal pressure
Domestic Discharged from the Company’s offices Regular self-inspections and periodic third-party testing of treated effluent are conducted to ensure full compliance and height; control floats are installed in flushing buckets to prevent overflow; and curtain operation
Wastewater and staff canteens with applicable discharge standards before release into the municipal pipe network. and water flow volumes are strictly regulated. Dedicated faucets and flushing tools are provided in
corridors and gestation barns across all sites which improves water use efficiency without compromising
Hazardous Including medical waste pesticide and The Hazardous Waste Management System standardizes all stages of hazardous waste handling from collection and operational effectiveness.Waste herbicide residues from production and storage through to final disposal.waste reagents waste acids and waste Dedicated on-site hazardous waste storage rooms provide temporary containment with comprehensive
alkalis from laboratory operations recordkeeping; waste is periodically transferred to qualified third-party facilities for certified harmless treatment.Deceased Indicator Unit 2025Generated in the course of breeding Carcasses are temporarily stored and disposed of in strict accordance with the Standards for the Disposal of
Livestock operations Deceased Livestock and Poultry with complete and traceable records maintained. Unauthorized storage burial and
and Poultry other illegal practices are strictly prohibited. Total water withdrawal million tonnes 28.77
Tap/municipal water million tonnes 5.08
Solid Separated from manure ditches by
Manure Processed through high-temperature aerobic fermentation in accordance with the Specifications for Solid Manure scrapers or solid-liquid separators Disposal to produce organic fertilizer which is subsequently applied to agricultural fields. Water withdrawal by source Surface water million tonnes 0.03
Groundwater million tonnes 23.65
Construction Generated from construction activities In accordance with the Solid Waste Management System fixed and clearly labeled classified waste collection points
and and daily operations are maintained across all sites. Random scattering unauthorized discarding burial and open incineration are strictly
Domestic prohibited. Total water discharge million tonnes 21.65
Waste
Municipal pipe network million tonnes 2.80
Water discharge by channel Surface water million tonnes 2.52
Indicator Unit 2025 Reclaimed water returned to farmland million tonnes 16.32
Total wastewater treated million tonnes 20.72
Chemical Oxygen Demand (COD) emissions tonnes 10208.86
Upholding the 5R principle (i.e. reduction reusability recyclability renewability and degradability) New
Total ammonia nitrogen emissions tonnes 538.07 Packaging Hope Liuhe drives the transition to sustainable packaging across the full product lifecycle from design
Pig breeding wastewater recycling rate % 84.90 Management and manufacturing through to use and end-of-life disposal to continuously minimize the environmental
footprint of packaging waste.Total hazardous waste generated tonnes 8.01 Packaging Material Reduction
The Fresh Meat Division of the Pig Sector primarily adopts bulk packaging for B-end customers which
Total non-hazardous waste generated tonnes 140386.23 reduces overall packaging consumption at the source.In the Feed Sector the Company emphasizes bulk procurement of raw materials; bulk purchases
accounted for more than 58% of total procurement during the reporting period significantly curtailing
packaging bag usage. At the finished product stage 51% of feed products were delivered via bulk trucks
New Hope Liuhe prioritizes the efficient use of water resources and operates in strict compliance with the an increase of approximately 6% year-on-year. Based on conventional packaging specifications the
Water Resource Water Law of the People’s Republic of China and all other relevant regulations. The Company continuously Company reduced packaging bag usage by 231000 units in 2025 representing a year-on-year decrease
Management refines its water resource management practices and implements water-saving initiatives across every of 67000 units.dimension of its operations from production processes to day-to-day facility management. By actively Packaging Material Recyclability
promoting water recycling and progressively reducing overall consumption the Company strives to The Feed Sector has established a comprehensive procurement and quality management system for
manage water as a shared and finite resource. Water used across the Company’s operations is sourced woven bags stipulating that recycled materials may be incorporated in production provided packaging
primarily from municipal water supply surface water and groundwater with no significant environmental integrity and quality are maintained. In 2025 a total of 20500 tonnes of recycled plastic materials were
impact attributable to the Company’s water source selection. utilized across the sector.At overseas operations the Company has implemented a packaging reverse-recycling system in
select regions: intact packaging undergoes quality inspection before re-entering the secondary
packaging circulation market while lower-grade packaging is directed to renewable resource
Water Resource Usage Plan channels supporting closed-loop supply chain management. The Company has also established a
community recycling co-governance mechanism in collaboration with surrounding villages which
Indicator Unit 2025 Target 2025 Actual 2026 Target defines clear benefit-sharing arrangements whereby recycling proceeds flow back to farmers and
Water intensity for feed processing liters/tonne 65 65 65 local residents.Packaging Reusability
Water intensity for pig breeding m3/head 2.45 2.43 2.35 At overseas operations the Company prioritizes reusable plastic turnover baskets for chick transportation
to reduce reliance on single-use cardboard packaging. A deposit system incentivizes customers to return
Water intensity for slaughtering and meat processing m3/head 0.35 0.35 0.40
baskets after use enabling a traceable and accountable recycling loop.Wastewater Solid Waste
Exhaust Gas Wastewater Solid WasteSustainable Operations Addressing Climate Change New Hope Liuhe Co. Ltd.2025 Sustainability Report 52
Case Drawing on climate-related risk and opportunity assessments New Hope Liuhe proactively integrates Climate Strategic climate change response and dual-carbon commitments into its strategic planning enterprise risk
Feed Woven Bags In September 2025 New Hope’s Philippines Region further advanced its localized sustainable community Planning management system and day-to-day operations. The Company has developed a Three-Year Dual Carbon
Reimagined as engagement efforts by launching the heartwarming “Knitting Hope · Childlike Environmental Bags” initiative Strategic Plan (2023-2026) anchored in five core focus areas: green electricity adoption biogas utilization
Eco-Friendly Bags for children in surrounding communities. Volunteers from the Central Luzon Branch visited local schools and circular water use biological carbon sequestration and carbon trading. The Company also monitors
for Children neighborhoods handing out candies eco-friendly lunch bags and shopping bags made from upcycled emerging trends and evolving demands within the low-carbon transition with a particular focus on
feed woven bags to children and residents — bringing environmental protection concepts to life through sustainable agriculture to strengthen development resilience and foster long-term sustainable growth.hands-on meaningful action.New Hope Liuhe’s Three-Year Dual Carbon Strategic Plan (2023-2026)
Strategic Goal 2025 Progress
Green By 2026 substantially increase the share of green electricity The scale of newly connected PV projects rose 11% year-on-year.Electricity across all sectors and achieve full PV coverage for all eligible Installed capacity of connected PV projects increased 29% year-on-year.Adoption Feed and Pig sector projects. Green electricity supply grew 33% year-on-year.Circular Promote water recycling models (e.g. circular water use Reclaimed water irrigation was vigorously promoted with 16.32 million tonnes of
Water Use reclaimed water irrigation manure application to fields) to reclaimed water applied to farmland significantly reducing overall water consumption.directly reduce freshwater consumption and indirectly cut
energy use associated with chemical fertilizer production.Carbon Advance the application and certification of carbon sink Delivered two phases of carbon indicators to Volkswagen Group including 100000
Trading projects (e.g. GS VCS standards) in the Pig Sector to generate tonnes in 2025.verified carbon emission reductions for offsetting the As of December 31 2025 10 carbon emission reduction projects had been signed with
Company’s own emissions. 925100 tonnes of indicators issued and 590500 tonnes sold.Paper Recycled plastic
Total packaging material usage:
{ material tonnes materials used in tonnes28300 usage: 2100 feed packaging: 20500 Plastic
packaging
tonnes usage: 26200 Reduction in tonnes feed packaging 231000 unitsbag usage: Biologica Promote the cultivation of crops (wheat corn etc.) and fruit Continued to advance the “Pig-Biogas-Fertilizer-Fruit/Vegetable/Grain” ecological Carbon trees (peach wogan orange apple etc.) and the protection circular model to enhance farmland carbon sequestration and soil carbon sink capacity.Sequestration of forests on Pig Sector absorption land (farmland and In 2025 absorption land covered 120000 mu (including 50000 mu of farmland)
forestland) to offset carbon emissions through biological carbon yielding 98800 tonnes of fermented manure and 1.20 million kg of fresh fruits and
sequestration. vegetables achieving 157500 tCO2e in biological carbon sequestration.Addressing
Climate
Change Enhancing Climate New Hope Liuhe regards climate change as both a pressing challenge and a strategic opportunity. The In response to the Paris Agreement and the National Climate Change Adaptation Strategy 2035 New Hope Company systematically researches climate-related risks rigorously evaluates its capacity to adapt to and
Liuhe places climate-related risk identification and management at the forefront of its operations while Resilience mitigate such risks and actively positions itself to capitalize on emerging opportunities in a transitioning
advancing energy conservation and emissions reduction initiatives to support China’s carbon peaking and climate landscape working to transform risks into resilience and challenges into long-term growth drivers.carbon neutrality objectives.New Hope Liuhe has progressively established a climate change governance framework led by the Board
Climate Governance of Directors and the Strategy and Sustainability Committee with the management team at its center and
operational execution carried out by the Safety and Environmental Protection Center at the corporate level
together with the Planting Environmental Protection Departments Administration Departments and other
relevant departments across all sector BUs. Through this top-down governance structure the Company
ensures that climate initiatives are advanced in a systematic and well-coordinated manner. Risks/Opportunities Description Potential Financial Impact Response Measures
Board of Directors Define the Company’s overarching climate change strategies; oversee climate-related risks and opportunities; review climate-related Physical Risks
Strategy and Sustainability Committee goals; and provide guidance and recommendations based on management reports on climate initiatives.Management Team Develop and coordinate major policies and strategies; identify climate-related risks and opportunities for integration into business Extreme Weather Increasing frequency and intensity of floods Operating cost Closely monitor extreme weather developments comprehensively
operations; manage climate goals; and drive the orderly implementation of climate response and low-carbon development efforts. typhoons extreme rainfall and other severe increase Revenue assess their impact on suppliers and supplier response capabilities weather events disrupt the growth processing decline Asset and reduce dependence on single-source procurement.and transportation of upstream raw materials. Such impairment Develop and maintain emergency response plans for extreme
events also endanger employee safety interrupt weather scenarios pre-position emergency resources and
Safety and Environmental Protection Formulate action strategies goals annual plans and performance indicators aligned with the Company’s operational context. factory operations and business continuity and conduct regular drills to strengthen preparedness and response
Center at the corporate level Implement Group-level strategies and targets; drive project delivery and program execution; coordinate energy conservation and carbon may damage tangible assets and construction effectiveness.Planting Environmental Protection emission reduction measures across all sites and squads; consolidate relevant data; and ensure closed-loop management of energy equipment resulting in elevated maintenance and Integrate regional climate risk assessments into the site selection
Departments Administration conservation and carbon emission reduction efforts. repair costs. and planning process for new projects.Departments and other relevant
departments across all sector BUsAddressing Climate Change New Hope Liuhe Co. Ltd.2025 Sustainability Report 54
New Hope Liuhe is steadily expanding its renewable energy portfolio by accelerating the deployment of
Risks/Opportunities Description Potential Financial Impact Response Measures Clean Energy Transition distributed PV power generation facilities promoting the reuse of biogas and increasing the share of clean
energy in its overall energy mix. In 2025 the Company commissioned 4.42 MW of newly connected PV
Rising Temperatures Elevated temperatures may compromise employee Operating cost Implement comprehensive cooling measures and enforce
health and livestock welfare degrade equipment increase Revenue working-hour controls for employees in high-temperature installed capacity and 0.26 MWh of energy storage capacity with an additional 27.57 MW of PV capacity
performance and drive up operating costs. decline Asset environments and ensure the provision of necessary and 4.20 MWh of energy storage capacity either under construction or in the planning stage. As of the end
Increasingly frequent or prolonged power outages impairment protective supplies.associated with rising temperatures pose risks of Closely monitor livestock breeding environments apply of 2025 the total installed capacity of the Company’s operational PV projects reached 19.64 MW. Over the
production stoppages. targeted cooling controls and maintain optimal conditions course of the year these projects generated 15.60 million kWh of clean electricity reducing GHG emissions
for animal growth.Enhance production energy efficiency through energy- by 8278.85 tCO2e.saving technology upgrades and the optimization of
energy supply structures.Transition Risks
Policies Increasingly stringent national environmental policies Operating cost Proactively engage with local regulatory authorities;
and Regulations and accelerating energy structure transformation are increase continuously research track and communicate changes
expected to raise the Company’s energy costs and in environmental and carbon-related laws and policies;
heighten regulatory compliance risks. adapt proactively to evolving regulatory requirements; and
The Shenzhen Stock Exchange (SZSE) is progressively strengthen internal management systems and compliance
strengthening climate-related disclosure requirements disclosures.under its sustainable development framework placing
new demands on the Company’s climate governance
and reporting practices.Market and Customers are imposing increasingly stringent carbon Operating cost Expand the application of low-carbon technologies
Technology emission reduction requirements on products. The increase Revenue and accelerate the green transformation of agricultural
adoption of green and low-carbon technologies will decline operations to reduce product carbon footprints.significantly influence the Company’s competitive Conduct carbon verification exercises advance carbon
positioning while the costs associated with low-carbon emission reduction pathway planning and rigorously
transition continue to rise. evaluate investment returns and feasibility prior to
implementing low-carbon transition initiatives.Reputation Heightened environmental performance disclosure Operating cost Provide timely and transparent disclosure of the The PV project at Sheyang Liuhe Feed Co. Ltd. was successfully connected to the grid on June 15 2025.requirements have increased compliance costs increase Revenue Company’s climate change response encompassing
associated with maintaining and enhancing corporate decline strategic planning reduction targets concrete actions
reputation. and performance outcomes. The Company has issued and implemented the Energy Conservation and Consumption Reduction
Failure to honor external carbon emission reduction Rigorously review all disclosed information to eliminate Improving Energy Guidelines driving refined energy management across all operations. Through energy-saving technology
commitments may invite greenwashing accusations inaccuracies ensure full alignment with actual operations
from investors and the public causing material and build a prudent and accountable corporate image Efficiency upgrades to facilities and equipment targeted conservation training and a range of complementary
damage to brand reputation and corporate image. through demonstrable actions. initiatives it continues to improve energy efficiency and deliver meaningful energy savings.Sector Indicator 2025 Target 2025 Actual 2026 Target
Feed Business (including that
Transition Opportunities Natural gas (million m3) 72.50 78.79 88.50 of the Feed BU Overseas
Sector and Pig Sector)
Electricity (million kWh) 940.00 970.90 1090.00
Resource The adoption of energy-saving technologies and Revenue growth Broadly apply energy-saving technologies and
Efficiency equipment reduces production energy consumption Operating cost equipment establ ish a comprehensive energy Natural gas (million m3) 37.10 24.02 30.00
lowers operating costs and improves production reduction management process and systematically reduce energy Breeding
efficiency and overall supply capacity. costs. Pig
Develop a robust ecological circular breeding system Breeding Electricity (million kWh) 598.00 662.47 603.00
to minimize waste generation and maximize resource and
recycling and reuse. Slaughtering
Natural gas (million m3) 3.10 1.16 2.70
Fresh Meat
Electricity (million kWh) 54.00 50.46 53.00
Energy Structure The deployment of renewable energy sources (e.g. Operating cost Actively advance the development of distributed PV
distributed PV systems biomass fuels) drives the reduction and wind power projects to increase the proportion of Strengthening Energy Management: The Company has established and brought into stable operation
transformation of the energy mix reduces carbon green electricity in the energy mix.emission intensity and lowers overall energy costs. Progressively scale up the use of clean energy sources a first-level metering monitoring and management platform for water and electricity consumption
including biomass fuel across operations. enabling real-time oversight of energy usage across all operating sites. Ongoing comparative analysis
through this digital platform drives continuous optimization of energy efficiency performance.Energy-Saving Transformations: The Company has systematically replaced conventional lighting systems
with energy-efficient LED fixtures upgrading approximately 22000 units to 12-watt lamps and achieving
a 33.3% reduction in lighting energy consumption. In addition the replacement of high-energy-consuming
Market The crop-livestock circular agriculture model Revenue growth Deepen the circular agriculture model expand carbon sink gas water heaters with ultra-low-temperature air-source heat pump units delivered a further 40% energy
enhances agricultural carbon sequestration capacity potential across farmland soils and crops promote biological
while the development of agricultural carbon sink carbon sequestration and carbon asset development and saving.projects creates both environmental and economic actively participate in the carbon trading market. Enhancing Energy Conservation Awareness: The Company organized three dedicated energy management
value. training sessions covering intelligent platform operation and daily water and electricity conservation
practices with a total of approximately 1000 manager attendances.Addressing Climate Change New Hope Liuhe Co. Ltd.2025 Sustainability Report 56
Integrating technological and institutional innovation New Hope Liuhe leverages the absorption land
Carbon Asset Development associated with its Pig Sector to conduct carbon accounting and emission reduction projects in the
breeding sector in accordance with the Verified Carbon Standard (VCS). The Company actively promotes Ecosystem
biological carbon sequestration and the development of carbon assets delivering triple wins across
ecological environmental and economic dimensions. and Biodiversity
Since signing a Memorandum of Understanding on a GHG emission reduction project with a Volkswagen
Group affiliate in September 2023 the Company has supplied a cumulative total of 282500 tonnes of Conservation
carbon indicators to Volkswagen Group across two phases including 100000 tonnes delivered in 2025.New Hope Liuhe places biodiversity conservation at the heart of its environmental stewardship agenda
actively advancing the model of agricultural-livestock recycling and crop-livestock integration. The
Total carbon emission reduction Total certified carbon Company implements targeted measures to prevent and mitigate the ecological impacts of its operations
development projects signed: emission reduction credits: which contributes to the sustainable development of agricultural ecosystems in the regions where it
10 925100 operates.tonnes Biodiversity ConservationThroughout the planning design construction and day-to-day operation of pig farms the Company
adheres strictly to all applicable laws regulations and policies including the Environmental Protection Law
of the People’s Republic of China the Environmental Impact Assessment Law of the People’s Republic of
To effectively identify assess and manage the potential impacts of climate-related risks and opportunities China the Law of the People’s Republic of China on Prevention and Control of Soil Contamination and
Impact Risk and on its operations New Hope Liuhe has established a structured climate risk and opportunity management the Opinions on Further Strengthening Biodiversity Protection. The Company prioritizes the protection of
Opportunity process conducting regular reviews of both internal and external climate-related factors. native vegetation and habitats within developed areas and implements a comprehensive suite of measures
Management to mitigate the impact of farm construction and operations on local habitats and ecosystems striving to
achieve harmonious coexistence between its business activities and the natural environment. During the
reporting period the Company did not establish new operations in government-designated key ecological
Climate Risk and Opportunity Management Process functional areas or other areas of high biodiversity value nor did any new projects result in significant
impacts on protected or restored habitats.Identification of Climate Risks and Materiality Assessment of Climate Management of Climate Risks and Opportunities
Opportunities Risks and Opportunities
Climate-related risks and opportunities are Internal and external risk management Material climate risks and opportunities are integrated into the Biodiversity Conservation Commitments
identified in alignment with the framework tools are applied to identify climate risks Company’s risk management system subject to regular monitoring
recommendat ions of IFRS S2 Cl imate- and opportunities with material impacts and dynamic strategic adjustment to ensure continued alignment
related Disclosures and the Guidelines No. on the Company’s business evaluated with policy developments and market demands.
3 of Shenzhen Stock Exchange for the Self- on the basis of probability of occurrence To address climate-related challenges the Company refines its Production and Adhere to national requirements governing the spatial layout of livestock and poultry breeding facilities the cultivated land red line and the “threeRegulation of Listed Companies — Preparation and magnitude of potential impact. climate risk emergency response plans pre-positions emergencyof Sustainability Reports. Operations lines and one list” (i.e. ecological protection red line environmental quality baseline resource utilization upper limit and ecological environment access resources and conducts regular drills. Response mechanisms are
continuously optimized to strengthen extreme weather preparedness list) eco-environmental zoning management framework; refrain from conducting operations in World Heritage Sites or no-development zones within
enhance climate resilience and elevate the overall standard of climate ecological red lines prohibit deforestation avoid restricted breeding areas (e.g. nature reserves key ecological functional areas scenic spots) and arid
governance. or water-scarce regions and ensure that local water sources and ecosystems are not damaged.Apply scientific methodologies to assess the impact of pig farm site selection and operational activities on biodiversity implementing appropriate
measures to reduce negative impacts and enhance positive ecological outcomes.Conduct rigorous assessments of potential project impacts on surrounding ecosystems. In response to increasingly frequent extreme weather events
formulate post-emergency protection and restoration plans to safeguard and rehabilitate native vegetation on company-operated land maintain soil
health prevent soil erosion and enhance carbon sink capacity.Guided by its Three-Year Dual Carbon Strategic Plan (2023-2026) New Hope Liuhe has developed a
Indicators and Targets science-based carbon emission reduction roadmap and continuously tracks progress toward its targets.Upstream and Procure and utilize natural resources and raw materials in a sustainable manner minimizing adverse impacts on biodiversity and ecosystems throughout
Downstream the supply chain.Indicator Unit 2025 Management Strengthen communication and collaboration with external stakeholders to jointly advance biodiversity conservation and ecological restoration
initiatives.Gasoline consumption liters 324967.26
Diesel consumption liters 7771617.40 Land Use Improvement
New Hope Liuhe strictly adheres to all applicable land use laws and regulations across its operating regions
Natural gas consumption million kWh 103.97 ensuring full compliance in land development utilization and reclamation. The Company has established
Note: GHG emissions reported herein clear land use objectives centered on soil and water conservation vegetation restoration and soil quality
refer solely to carbon dioxide and exclude Purchased electricity million kWh 1683.83 improvement underpinned by a robust environmental monitoring mechanism. Regular monitoring and
other greenhouse gases (e.g. methane evaluation ensure the consistent achievement of these objectives and the sustained effectiveness of land
nitrous oxide) from other emission Operational PV power generation million kWh 15.60
sources. Scope 1 GHG emissions cover use improvement efforts over time.emissions from fossil fuel combustion
(diesel gasoline natural gas etc.) and PV power consumption million kWh 12.95
industrial processes. Emission factors
are calculated in accordance with the Purchased steam tonnes 593697.91 Soil Improvement The Company consistently advances research into manure treatment technologies and soil improvement models. Production sewage is treated through
national standard GB/T 32151.25-2024 established processes including UASB anaerobic digestion combined with two-stage A/O processing CSTR anaerobic digestion and black membrane
Requirements of the Greenhouse Gas Total energy consumption tce 433021.97 biogas systems while fermented manure is produced via high-temperature aerobic fermentation. Drawing on comprehensive assessments of terrain Emission Accounting and Reporting— soil properties crop types and fertilizer demand cycles the Company has developed standardized field application models to enable the efficient
Par t 25 : Food Tobacco A lcoho l utilization and conversion of liquid fertilizer. These practices enhance soil organic matter content fertility and physical structure; reduce reliance on
Beverage and Refined Tea Enterprise. Energy consumption intensity tce/RMB million revenue 4.05 chemical fertilizers; and deliver measurable improvements to the local ecological environment.Scope 2 GHG emissions cover emissions For further details on soil improvement initiatives please refer to the “Sustainable Agriculture” section of this report.attributable to purchased electricity and
heat. The 2024 electricity emission factor Direct GHG emissions (Scope 1) tCO2e 245682.20
references the national average power
grid emission factor specified in the Indirect GHG emissions (Scope 2) tCO2e 1047041.65
Announcement on the Release of Carbon Soil Reclamation The Company undertakes targeted ecological restoration and soil reclamation at selected sites. Representative examples include the slope protection
Dioxide Emission Factors for Electricity Total GHG emissions tCO e 1292723.85 project at the Datang Town facility in Nanning Guangxi where retaining walls are supplemented by 39115 square meters of vegetation coverage and in 2023 (Announcement No. 47 of 2025) 2 the Haikou Fattening Farm where over 14000 square meters of grassland have been established which collectively strengthens ecosystem stability
jointly issued by the Ministry of Ecology and resilience across these sites.and Environment and the National GHG emission intensity tCO2e/RMB million revenue 12.10
Bureau of Statistics.Ecosystem and Biodiversity Conservation New Hope Liuhe Co. Ltd.2025 Sustainability Report 58
Germplasm Resource Protection C案a例se
The livestock and poultry seed industry serves as the strategic “core” of animal husbandry and represents
a foundational sector critical to safeguarding national food security food safety and ecological security. Indonesia.New Hope Liuhe actively invests in scientific breeding programs making meaningful contributions to the Previously Indonesia relied entirely on imported broiler great-grandparent seeds subject to strict quota controls. Through in-depth cooperation with
protection and development of high-quality germplasm resources. For further details on breeding research local Indonesian partners New Hope has resolved the longstanding industry challenge of breeder introduction and achieved independent control over
and innovation please refer to the “Nutrition and Health R&D” section of this report. its seed supply. This project completes the critical breeding link within the Company’s full poultry industry chain in Indonesia establishing strong strategic
synergy with its existing feed parent generation breeding and commercial generation breeding operations which paves the way for the Company’s
long-term sustainable development in the Indonesian market.Case
Leading the Establishment of the Sichuan Native Pig Breeding Consortium to Advance Local Pig
Germplasm Protection and Precision Breeding
In October 2025 New Hope Liuhe joined forces with leading Sichuan-based breeding enterprises including Sichuan Dekang Agriculture and Animal
Husbandry Food Group Co. Ltd. Sichuan Modern Seed Industry Group and Techlex Group to establish the Sichuan Native Pig Breeding Consortium
taking the lead in mobilizing coordinated breeding efforts across the industry.Sichuan Province is home to 8 local pig genetic resources and 4 newly cultivated pig breeds (including matching lines) providing a solid foundation
for regional seed industry development. All consortium members possess extensive experience in pig performance testing genetic selection and
commercial-scale production. Guided by market demand the Consortium will integrate high-quality local pig germplasm resources across Sichuan builda full-chain R&D system spanning resource conservation through breed cultivation and address the long-standing industry pain point of “high qualitybut low commercial value” through comprehensive industrial chain deployment driving the local pig industry toward greater scale and standardization.In December 2025 New Hope Liuhe’s Breeding Division successfully developed a 60K high-density solid-phase SNP genotyping chip which integrates
key functional loci for early-stage pig selection with distinctive genetic resources of indigenous Chinese pig breeds. As China’s first chip capable of
supporting the identification of commercial local pig breeds it provides robust technical support for advancing the breeding system and strengthening
the protection and utilization of local germplasm resources.In October 2025 the Sichuan Native Pig Breeding Consortium was showcased at the Animal Breeding Forum.Case
New Hope Breaks Through Indonesia’s Great-Grandparent Poultry Seed Bottleneck
New Hope’s great-grandparent chicken farm project in Indonesia was completed in July 2025 with the first batch of great-grandparent chickens
introduced in August. With a total breeding capacity of 21000 sets of great-grandparent broiler breeders the facility is equipped with fully enclosed
standardized housing professional incubation infrastructure and comprehensive production living and environmental protection support systems.Since commissioning all key production indicators have exceeded the local industry average. When fully operational the project is expected to produce
770000 sets of parent generation breeders and 127 million commercial chicks annually fully meeting the Company’s current business requirements inNew Hope Liuhe Co. Ltd. 2025
Sustainability Report
4 Value Co-creation for Common Prosperity
Chapter Content
Enabling Employee Growth 61
Empowering Farmers 73
Caring for Society 74
Contribute to the UN 2030
Sustainable Development Goals (SDGs)
August 28 2025: Villagers raising chicks in Monofiya Governorate Egypt.Photographer: Ahmed GomaaEnabling Employee Growth New Hope Liuhe Co. Ltd.2025 Sustainability Report 62
Human Rights Due Diligence
Enabling New Hope Liuhe has established a comprehensive human rights due diligence mechanism covering its
entire operations and supply chain enabling the systematic identification prevention and mitigation of
Employee potential human rights impacts. The due diligence process follows a structured closed-loop management cycle: assessing actual and potential impacts integrating findings into concrete actionable measures
Growth monitoring implementation effectiveness and communicating approaches and outcomes to relevant Upholding its founding philosophy of “stand firm in belief endure with passion” New Hope Liuhe regards stakeholders. Due diligence is initiated at an early stage whenever the Company expands into new
talent as the core engine of sustainable development. The Company effectively safeguards employees’ business areas or establishes new partnerships. In conducting impact analysis the Company consistently
legitimate rights and interests establishes a comprehensive platform for professional growth and aligns its deepens its understanding of the historical legal social and cultural contexts of its operating regions.talent needs with employees’ personal development aspirations. Through these efforts it seeks to attract It rigorously examines how its business activities may create or contribute to human rights impacts
develop retain and engage a high-caliber workforce — all while sharing the benefits of the Company’s whether actual or potential and incorporates these findings into the Company’s and its operating assets’
development with its people. The Company also actively fosters an inclusive harmonious and supportive major risk frameworks for dynamic monitoring and continuous optimization of preventive measures. In
workplace culture enabling employees’ personal fulfillment and the Company’s long-term growth to terms of stakeholder engagement the Company proactively engages with potentially affected groups
advance in tandem. to understand their perspectives reduce power imbalances and build relationships grounded in mutual
respect trust and transparency which ensures that human rights protection is embedded throughout all
Guided by a people-centric philosophy New Hope Liuhe places the protection of employee rights
Employee Rights aspects of corporate governance and business operations.and interests and the cultivation of harmonious labor relations at the forefront of its human resources
and Well-being Grievance Mechanism and Remediationagenda. The Company continuously refines its management practices to be more systematic precise To ensure that all stakeholders can raise concerns effectively the Company has established a confidential
and responsive to evolving needs striving to create a workplace environment that is fair equitable and 24/7 helpline accessible to employees contractors suppliers and members of the public affected by
respectful for every employee. Recipient of the Approved Employer
designation awarded by the Association its operations. The Company is committed to acknowledging reviewing and documenting all issues
of Chartered Certified Accountants raised through this channel. Once a complaint is verified it will provide or facilitate appropriate remedial
Governance As the company-wide responsible body for employee rights protection the Human Resources Department (ACCA) measures maintain ongoing communication with affected stakeholders regarding outcomes and
consistently strengthens the human resources management system and refines key governing policies reintegrate lessons learned into the due diligence process for continuous improvement. In accordance
including the Human Resource Management Regulations the Rest Leave and Attendance Management with the Company’s code of conduct New Hope Liuhe prohibits any form of punishment disciplinary
Regulations the Employee Resignation Retirement Re-employment and Rehiring Management Measures action or retaliation against individuals who raise concerns or cooperate with investigations effectively
and the Welfare and Allowance Management Measures. The Human Resource Management Regulations upholding the right to redress and ensuring that the Company’s human rights commitments are translated
serve as the Company’s core labor management policy applicable to all employees. By clearly defining into consistent practice across all dimensions of governance and operations.employee codes of conduct attendance and leave talent development compensation and benefits
employee relations and reward and disciplinary mechanisms it comprehensively safeguards the legitimate
rights and interests of both the Company and its workforce. During the reporting period the Company Welfare and Care
revised its New Employee Probation Management Measures further standardizing and refining employee Welfare Protection
management practices through systematic institutional iteration. The Company has built a diversified and multi-tiered employee welfare system. Beyond full compliance
with all statutory benefit requirements the Company continually enriches its supplementary welfare
offerings to strengthen employees’ sense of well-being and organizational belonging enabling them to
Strategy and Labor and Human Rights ManagementThe Company strictly complies with all applicable national laws and regulations including the Labor Law enjoy meaningful work and a high quality of life.Management Approach of the People’s Republic of China and the Labor Contract Law of the People’s Republic of China as well
as international human rights norms such as the UN Universal Declaration of Human Rights and the ILO
Declaration on Fundamental Principles and Rights at Work together with the local laws and regulations
of all regions in which it operates. The Company has formulated a Human Rights Policy Statement that Statutory Benefits Social insurance package housing provident fund contributions and all other statutory benefits are provided in full compliance with applicable laws and
embeds fundamental human rights protections into every aspect of its work environment and labor regulations.management practices which is applicable to both its own operations and its supply chain. During the
reporting period the Company recorded no human rights or labor compliance incidents of any kind Supplementary Provisions include free accommodation and meals annual employee health examinations meal subsidies communication allowances transportation subsidies
including child labor forced labor employee discrimination or workplace harassment. Benefits housing subsidies holiday gifts and bonuses hardship condolence payments welfare leave and Wonderland of New Hope Liuhe surprise box activities.Human Rights Commitments Statutory Leave Employees are entitled to the full range of statutory leave types in accordance with the law including public holidays annual paid leave statutory festival leave
personal leave sick leave marriage leave maternity and parental leave and bereavement leave. Leave entitlements for overseas employees are determined in
Compliant The Company has established a robust and compliant labor management system strictly implementing the labor contract regime and maintaining an compliance with the laws and policies of their respective localities.Employment absolute prohibition on child labor forced labor and human trafficking. The Company respects every employee’s right to free career choice providing
objective and accurate job information during the recruitment process to fully protect candidates’ autonomy in decision-making. In the workplace
employees are never coerced into undertaking work contrary to their intentions and their pursuit of individual career goals and professional development
is actively supported. These commitments form a solid institutional foundation for the cultivation of harmonious labor relations.Hardship Assistance
The Good Mutual Assistance Association is a long-standing care initiative that embodies the Company’s
Anti-discrimination and The Company upholds a strict zero-tolerance policy toward all forms of workplace harassment explicitly prohibiting physical psychological sexual and
Anti-harassment corporate culture of sharing joys and sorrows. Through a company-wide mutual aid model it serves as a verbal harassment as well as abuse of any kind. These prohibited behaviors are clearly defined in the Human Resource Management Regulations and the
Management Measures for Accountability (Trial). Employees found to have engaged in sexual harassment made demands through improper channels vital safety net for employees and their immediate family members facing major illness or accidental risk.disseminated false or damaging information via workplace communication tools or in person or insulted harassed defamed or threatened colleagues In 2025 29459 employees voluntarily enrolled in the Association collectively raising RMB 3.89 million in
are deemed to have committed serious violations and are subject to dismissal in accordance with applicable regulations. mutual aid funds. During the reporting period the Association disbursed a total of RMB 4.21 million in
assistance payments to 453 members and their families.Working Hour Guided by established institutional frameworks the Company standardizes the management of working hours and overtime implementing a scientifically Employee Care
Management designed working hour system and labor intensity standards to fully protect employees’ legitimate rights to rest and leave. Recognizing the distinct business The Company has launched the Wonderland of New Hope Liuhe online platform extending its reach
characteristics of each sector and the requirements of local regulations the Company formulates differentiated shift arrangements working hour policies and to both domestic and overseas employees and serving a community of over 20000 staff members. The
attendance rules for different regions and positions enabling precise and effective labor management. The Company advocates a culture of efficiency actively
controls the duration and frequency of overtime and discourages overtime work except in special or emergency circumstances. Management accountability for platform is designed to cultivate a supportive workplace built on respect anticipation and happiness.operational efficiency is reinforced through institutional mechanisms that promote a healthy work-life balance for all employees. Surprise boxes are offered with a 100% winning rate twice monthly delivering practical gifts and
Good Mutual Assistance Funds being interactive experiences that bring a sense of delight to daily working life. The platform also pioneered a
Freedom of Association The Company respects and protects employees’ freedom of association ensuring that all employees have the right to form and join trade unions presented to employees in need quarterly paid welfare leave entitlement of two hours per employee structured around four dimensions of
and Collective Bargaining in accordance with the law and to safeguard their legitimate rights and interests through collective bargaining. The Company has formulated the care: grievance support care for single employees family bonding and personal growth. Complemented
Implementation Rules for the Workers’ Congress of New Hope Liuhe Co. Ltd. and all subsidiaries have established workers’ congresses and/or trade by the Mood Station a dedicated channel for listening to employees’ voices the platform provides holistic
unions with workers’ congresses serving as the primary representative body. Important matters including revisions and implementations of internal
rules and regulations are publicized through democratic procedures and employees are afforded full opportunity to provide feedback and exercise their support for employees’ physical and mental well-being. Through vibrant online communities connecting
rights to participation and oversight. tens of thousands of employees the platform brings together colleagues across the globe nurturing
cross-regional bonds and a shared sense of belonging. Established in office areas the Employee EnergyEnabling Employee Growth New Hope Liuhe Co. Ltd.2025 Sustainability Report 64
Stations provide refreshments and supplies for employees working overtime ensuring that workplace care rules regulations and announcements are made available to all employees through workers’ congresses
permeates every aspect of work and life. and the OA platform protecting employees’ rights to participation and oversight while deepening their
Diversified Activities engagement in corporate management. The Company further refines mechanisms for transparent
The Company thoughtfully integrates humanistic care into the celebration of traditional festivals which corporate governance and timely employee feedback maintaining the HRSEC hotline and Feishu service
substantially enriches employees’ cultural and spiritual lives. A diverse range of cultural and sporting desk on its employee service platform alongside multiple communication channels including email public
activities (e.g. tug-of-war competitions badminton tournaments) are regularly organized to foster a phone lines and the Mood Station on the Wonderland of New Hope Liuhe platform. These channels
positive and vibrant team atmosphere strengthening collaboration and deepening emotional connections Workers’ congress sessions: 2 enable the efficient collection of and response to employee opinions forming a closed-loop long-term
among colleagues. feedback and communication mechanism that strengthens employees’ sense of ownership and belonging.In the event of labor disputes the Company is committed to sincere dialogue and equal negotiation in
seeking consensus and resolving conflicts amicably with dedicated complaint and reporting channels in
place to effectively protect employees’ legitimate rights and interests.Employee Satisfaction Survey
To drive continuous organizational development and improve both team effectiveness and the overall
employee experience the Company conducts annual organizational climate surveys. These surveys are
designed to assess the prevailing organizational climate capture employees’ authentic work experiences
and provide scientifically grounded measurements of organizational health team vitality and employee
engagement. Results from 2025 indicate that overall employee satisfaction and engagement levels
remained high throughout the reporting period.Impact Risk and The Company regards the protection of employee rights and interests and the cultivation of harmonious labor relations as core corporate responsibilities. Through continuous institutional refinement proactive risk
Opportunity Management prevention and control and ongoing practice optimization it systematically mitigates human rights risks
advances the systematization and precision of employee rights management and fosters a fair healthy
and respectful workplace environment. These efforts enable mutual growth between the Company and its
employees while reinforcing its standing as a responsible employer.Institutional Framework Continuous Improvement: The Company regularly updates its internal systems to
Annual Basketball Game held by New Hope Philippines Region clearly define behavioral red lines including absolute prohibitions on child labor forced labor workplace
discrimination and harassment while refining provisions governing rights protection across working
hours overtime approval salary payment and paid annual leave. This establishes a robust institutional
safeguard against potential risks. A regular risk identification mechanism is maintained to surface potential
risks in business operations (e.g. labor compliance pay equity occupational health) and the specific
challenges inherent in overseas employment contexts including cross-cultural conflicts and compliance
with local regulatory requirements which are addressed through dedicated training programs and cultural
integration initiatives.Democratic Management and Rights Implementation: Leveraging the workers’ congress system the
Company ensures that all revisions to systems and policies are subject to thorough discussion by employee
representatives fully protecting their rights to information and meaningful participation. CompensationInternational Women’s Day Activity “Mid-Autumn Family Reunion & National Day Tug-of-War Competition and benefits are disbursed in strict accordance with institutional provisions with overtime remunerationCelebration” — A Festival of Unity and Patriotism accurately calculated and paid in full. All statutory and supplementary benefits are effectively delivered.Diverse communication channels are maintained to ensure employee feedback on the work environment
Diversity and Inclusion and working conditions is heard and acted upon in a timely and responsive manner.Championing a diverse and inclusive corporate culture New Hope Liuhe upholds the principles of
openness fairness and impartiality to build a collaborative high-performing and multidimensional
workforce. Throughout all stages of employee development including recruitment appointment
training and promotion the Company does not discriminate on the basis of ethnicity race gender age Indicators and Targets Indicator 2025
marital status childbirth status religious belief or any other personal characteristic. It strives to place
Workplace Labor contract signing rate 100%
the right people in the right roles at the right time enabling every employee to realize their full potential. Compliance
The Company also proactively recruits people with disabilities and assigns suitable positions based on Social insurance coverage rate 100%
their physical capabilities which demonstrates its commitment to equal employment opportunities and
development prospects for all job seekers and employees. Parental leave return rate 100%
The Company places particular importance on protecting the rights and interests of female employees
and empowering their professional development. It firmly eliminates all forms of gender discrimination Total employee discrimination or harassment incidents 0
strictly enforces the principle of equal pay for equal work and actively cultivates a fair and inclusive
workplace environment. The Company fully complies with all national policies governing maternity leave Employee suggestions adopted 107
and breastfeeding leave provides dedicated nursing rooms in office areas and regularly organizes care
activities to mark International Women’s Day and enrich the female employees’ cultural lives. Equal Diversity and Proportion of ethnic minority employees 7.44%
access to training resources and promotion pathways is ensured for all female employees with active Inclusion
encouragement and support for women to take on leadership and management roles enabling talented Proportion of employees with disabilities 0.61%
female employees to participate meaningfully in corporate management and to have their value and
contributions fully recognized. Proportion of female employees in junior middle and senior management (combined) 16.07%
Equal Communication
—of which: Junior management 16.93%
Democratic Management
The Company implements a comprehensive suite of measures to promote democratic management
—of which: Middle management 14.67%
including the formulation and enforcement of the Implementation Rules for the Workers’ Congress. All
subsidiaries have established workers’ congresses and/or trade unions to safeguard employees’ legitimate —of which: Senior management 22.22%
rights including the right to information suggestion equal negotiation and the election and recall of
representatives. All revisions and implementations of internal systems and policies undergo thorough P r o p o rt i o n o f f e m a le s i n m a n a g e m e n t r o le s i n r e v e n u e - g e n e r a t i n g d e p a rt m e n t s ( e . g . s a l e s ) 3.53%
discussion by employee representatives to ensure broad and meaningful input is incorporated. CompanyEnabling Employee Growth New Hope Liuhe Co. Ltd.2025 Sustainability Report 66
New Hope Liuhe closely aligns employees’ personal career development with the Company’s overarching pathway that spans the full career lifecycle—from new hires through to core senior executives. The
Talent Attraction business objectives building a robust and dynamic growth platform to continuously stimulate Company also collaborates with external professional institutions to facilitate mutual growth between
and Retention organizational vitality. The Company strives to cultivate core talent competitiveness in support of long- employees and the enterprise as a whole.term sustainable development aiming to achieve mutual empowerment and shared success between its High-Quality Talent Reserve
employees and the organization. To build a structured echelon of operational and management personnel the Company enhances the
Governance The Company consistently refines its human resources management system to ensure deep integration
leadership capabilities and operational proficiency of both current and potential successors. Through a
with and strategic alignment with its overall corporate direction. The Human Resources Department suite of talent development programs including the EMBA Program Mid-level Training Program Global
oversees the planning and implementation of all employee training and development initiatives. A Mid-level Training Program Haina Program Hope Program and New Talent Training Camp the Company
holistic institutional framework has been established spanning career advancement employee training cultivates and reserves outstanding talent across all management levels.performance management and compensation incentives encompassing key governing documents such
as the Post and Rank Management Measures the Learning Platform Management System the Internal
Trainer Management Measures and the Performance Management Measures. During the reporting New New Talent A full-cycle training strategy was implemented combining intensive learning structured follow-up coaching and on-the-job practical experience.period the Company revised its Employee Promotion and Demotion Management System and the Employees Training Camp A total of 625 new employees received offline or online training which helped them develop a comprehensive understanding of the business integrate into the corporate culture establish sound workplace values and shorten their path to full role competency.Executive Points Management Measures further optimizing its talent structure and strengthening core
organizational competitiveness. New Talent 38 high-potential campus recruits were selected for an intensive two-year accelerated development program. Focused on deepening business
Power Camp acumen refining professional capabilities and cultivating leadership potential the program adopts a multi-modal approach that combines online
Strategy and Talent Attraction coursework offline intensive training dual-mentor guidance and customized rotation assignments to facilitate rapid integration and compress
To consistently strengthen its foundational talent management system the Company has established participants’ overall growth cycle.Management Approach a standardized talent audit mechanism to ensure the effective execution of its talent development
Management EMBA Program Targeting high-performing high-potential internal talents the program is designed to enhance academic qualifications and professional
strategies. Drawing on talent inventory results the Company evaluates team capability alignment and capabilities while integrating participants into the Company’s broader leadership development system. During the reporting period 85 middle
core role competence against the requirements of its current strategic phase scientifically forecasts short- and senior managers completed the program achieving a participant satisfaction rate exceeding 92%.and long-term talent gaps and formulates targeted talent allocation plans to maintain a steady talent
pipeline. Mid-level Training The program strengthens the general manager reserve echelon while continuously identifying cultivating and supplying core operational talent to meet
The Company has built a diversified set of recruitment channels encompassing campus recruitment Program business needs. During the reporting period 43 high-potential individuals were selected of whom 41 successfully completed the program.social recruitment internal competition internal referrals university-enterprise cooperation and internship
programs to address talent needs across all types and levels. Through this approach it effectively broads Haina Program Designed to establish a career development and cross-regional exchange platform for both domestic and overseas talent the program received 133
the talent pipeline and enhances the efficiency of person-job matching. Recruitment is conducted in strict applications during the reporting period with 10 participants selected to attend intensive training in Chengdu and undertake study visits in Vietnam.adherence to the principles of fairness and professionalism: all interviewers undergo rigorous screening
dedicated training and competency assessment prior to appointment with regular comprehensive
evaluations conducted thereafter to uphold the integrity and quality of the interview process. The
Company also actively solicits candidate feedback on their interview experiences using these insights to
continuously refine its recruitment services and strengthen its appeal to top-tier talent.Campus Recruitment Guided by the principles of major relevance and competence alignment the Company recruits across hundreds of target universities nationwide. During the
reporting period it organized 35 campus presentations and participated in over 100 job fairs successfully hiring 935 fresh graduates.Talent Reserve The Company jointly established the Sichuan Provincial Key Laboratory of Animal Nutrition and Efficient Feed Utilization with the Animal Nutrition
Institute at Sichuan Agricultural University and maintains active industry-academia-research collaboration with institutions including the Institute of Feed
Research of the Chinese Academy of Agricultural Sciences and the Ocean University of China. By further deepening its partnership with the College of
Veterinary Medicine at Southwest University the Company becomes a designated joint training base for its veterinary professional degree postgraduates
systematically reserving talent for core positions through structured university-enterprise collaboration.Targeted Recruitment The Company recruited 650 fresh graduates majoring in animal medicine animal science feed production and related disciplines from technical and
vocational colleges. For frontline positions filled through social recruitment priority is given to candidates with relevant industry experience to ensure
immediate operational effectiveness.Haina Program Intensive Training in Chengdu
“New Youth New Hope” campus recruitment presentation held at Jilin Agricultural University
Employee Development EMBA Learning Activity Haina Program Study Visit in Vietnam Feed Business Mid-level Training Program (Phase II)
New Hope Liuhe takes a long-term strategic approach to talent development with a focus on providing
customized targeted empowerment for every employee. The Company consistently refines its employee
training system and invests in building an efficient interactive learning and exchange platform. By Professional Capability Enhancement
integrating internal expertise with external industry resources it develops training content that combines The Company continues to advance the development of capability frameworks across key professional
sector-specific knowledge with distinct corporate attributes establishing a systematic hierarchical and tracks. For roles spanning product technology quality control procurement aquatic marketing and
professionally structured talent development framework. A tiered talent development mechanism is in veterinary medicine it designs and delivers targeted training programs drawing on expert knowledge to
place alongside a four-tier management reserve training system and a professional track development develop bespoke professional curricula and build enduring competitive advantage.Enabling Employee Growth New Hope Liuhe Co. Ltd.2025 Sustainability Report 68
Quality Control Designed to cultivate reserve quality control managers for the feed business this program strengthens participants’ technical expertise in quality control Total employee Refined Compensation and Incentive Mechanism
Elite Program while deepening their understanding of professional standards and team management. A total of 41 employees participated during the reporting period The Company designs tailored compensation packages suited to different roles and functions. All
achieving a pass rate of 90%. compensation: employees’ remuneration includes a variable pay component encompassing performance pay bonuses
RMB 6.01 billion and various allowances linked to quarterly performance reviews in accordance with the principle of
Aquatic Elite Built around a “general manager + sales + technology” integrated training model this program facilitates domestic and international exchanges within the merit-based reward. The Company consistently optimizes its differentiated incentive approach utilizing
Training Program aquatic industry and promotes the sharing of best practices driving the ongoing professionalization of aquatic feed. A total of 34 employees attended the
program during the reporting period. equity incentive plans as an important supplement to the compensation of outstanding employees. This
mechanism aligns the interests of employees with those of shareholders strengthening employees’ sense
of belonging and fostering greater team cohesion.Online Training Optimization
The Company has established a robust digital learning platform underpinned by well-developed
management systems. The platform offers over 2000 online courses spanning general competency areas
(e.g. leadership management literacy professional conduct) and business-specific technical courses with Living Wage Benchmarked against the local average social wage and calibrated for local economic conditions consumer
access also available to overseas employees. In 2025 employees collectively completed 47307.93 hours of price indices and housing costs the Company ensures that its living wage meets or exceeds the applicable local
online learning averaging 21.5 hours per employee. minimum standard. For employees with full attendance wages are paid in full and on time with actual average
salaries substantially exceeding the living wage.Internal Trainer Development
The Company places sustained emphasis on building a capable and dedicated internal trainer team.During the reporting period it continued its structured process for identifying and developing internal
trainers who deliver courses closely aligned with the Company’s strategic priorities business needs and
workplace realities. Trainer performance is incorporated into the Company’s broader employee promotion Differentiated Compensation Performance sharing system for operational management and functional employees
assessment and recognition framework. Structure and Incentives Piece-rate wage system for frontline production employees
Talent Support Sales-based remuneration system for marketing personnel
The Company implements mentorship programs and skills certification initiatives to help new employees
Position grade and performance-based wage system for hourly-rated employees
integrate quickly and align effectively with their roles. For high-performing employees with high potential
EMBA programs are offered to support academic advancement and capability development. During
the reporting period leveraging the Group’s platform the Company organized the application defense
and evaluation processes for senior professional and technical titles in animal husbandry and veterinary
medicine resulting in 7 employees obtaining associate senior professional titles.Equity-Based Employee Equity In 2024 the Company launched its 2024 Employee Stock Ownership Plan targeting core management and key
Medium and Incentives personnel with vesting scheduled for June 2026. This initiative ties the interests of core talent directly to the
Long-Term Company’s long-term growth trajectory.Promotion and Incentives Incentives
New Hope Liuhe is committed to providing all employees with fair transparent promotion opportunities
and unobstructed career development pathways. Guided by market-oriented principles the Company
operates a differentiated compensation system with a dynamic adjustment mechanism accounting for
employees’ role attributes performance contributions and overall capabilities. By continuously refining Bonus Pool Mechanism Performance assessment focuses on three core metrics: key financial results operational excellence and red-line
its compensation structure the Company maintains industry-competitive remuneration levels that attract compliance. In years materially affected by market volatility a bonus pool is established for headquarters senior
management and sector BUs assessed on profit accrual enabling more balanced incentive distribution across
retain and motivate top talent. years.Unobstructed Career Development Pathways
In 2025 the Company refined its Employee Promotion and Demotion Management System establishing a
career development platform defined by fairness transparency and predictability. This system effectively
enables merit-based advancement and adjustment ensuring optimal alignment between individuals
and their roles. Reflecting the talent structure of its industry and business segments the Company has
established three distinct career tracks i.e. M (Management) P (Professional) and O (Operational) Performance Management and Grievance Resolution
encompassing 18 sequences and 71 sub-sequences across a diverse range of job types. This architecture The Company’s performance evaluation framework centers on work outcomes supplemented by
empowers employees to chart a career path that best suits their strengths and aspirations. assessments of work attitude and adherence to daily codes of conduct. In 2025 the Company introduced
monthly assessments tied to fully budgeted operating goals which translates annual performance
targets into monthly milestones to enable dynamic tracking and ongoing process evaluation. For core
management structured 360-degree evaluations and feedback sessions are conducted with a one-
vote veto policy applied to red-line violations involving food safety production safety and environmental
protection. Integrating performance communication throughout the evaluation process the Company also
continues to refine its grievance channels and resolution mechanisms.Management
Track Professional Operational
Shareholding Team / Track Track
BG/BU President
Impact Risk and New Hope Liuhe places high priority on human resources risk management recognizing talent attraction Squad President Chief Expert / Chief Engineer and retention as the core pillars of its sustainable development. By integrating employee career
Regional General Manager Opportunity Management development into its overarching strategic framework the Company systematically identifies key risks that
may affect the stability and growth of its talent pool including shortfalls in critical position pipelines core
Regional / Area General Manager Senior Expert / Engineer
talent attrition underdeveloped career progression systems and non-competitive compensation and
incentive structures.Branch and Subsidiary General Advanced Expert / Engineer
Manager / Large Farm Manager Expert / Engineer To mitigate these risks the Company formulates forward-looking talent development plans aligned with
its strategic objectives establishes robust early warning and response mechanisms for talent-related risks
Intermediate Expert / Engineer and continuously strengthens organizational appeal and employee belonging which facilitates employees’ Senior Manager / Manager / Farm Manager
Deputy Manager Junior Expert / Engineer Line Manager / Workshop long-term career advancement.Director / Elite Operator In addition the Company deepens the professional capabilities and risk awareness of its human resources
Supervisor / Senior Technician team standardizes end-to-end processes spanning labor relations payroll disbursement and talent
Advanced Technician management and effectively reduces exposure to labor compliance and talent development risks.Staff Member / Assistant / Associate Specialist Intermediate Technician
Junior Technician Together these efforts sustain a stable high-caliber talent foundation that underpins the Company’s
pursuit of high-quality development.Enabling Employee Growth New Hope Liuhe Co. Ltd.2025 Sustainability Report 70
Indicators and Targets and subsidiaries dedicated full-time and part-time safety managers are in place while the Board of
Directors and senior management participate in work safety decision-making through regular governance
meetings. The Company has formulated and continuously refined systems including the Work Safety
Indicator 2025 Accountability Management Measures and the Confined Space Safety Management Measures. During the
reporting period it revised the Work Safety Management System to incorporate provisions on gas safety
Total number of employees 43753 electrical safety and equipment protection which further consolidates its management foundation. Work
safety is embedded in company-wide performance assessments and internal audits with safety outcomes
Male employees 34090 directly linked to senior management compensation. Annual rigorous reviews of system implementation
Number of employees by gender are conducted to reinforce the primary responsibility of frontline production and operational units.Female employees 9663 During the reporting period the Company advanced work safety informatization by digitizing
management data and piloting online approval workflows for hazardous operations. It also launched a
Employees aged 30 and under 13129
pilot assessment of performance indicators for key responsible persons and safety officers with the aim of
Number of employees by age Employees aged 31-50 24682 strengthening grassroots risk control capabilities.Employees aged 51 and above 5942
Employees with high school diploma or under 15678 Occupational Health and Safety Management Targets 2025 Achievement Status
Employees with associate degree 12122 Revise and implement work safety management systems at all levels Target achieved
Number of employees
Employee by educational level
Composition Employees with bachelor’s degree 13615 Conduct special investigation and rectification of special equipment Target achieved
Employees with master’s degree/ MBA or above 2338 Standardize management of hazardous operations Target achieved
Employees from China (including Hong Kong Macao and Taiwan) 35106 Strengthen safety management for gas storage and use Target achieved
Number of employees by region
Overseas employees 8647 Supervise and guide the implementation of work safety performance indicators Target achieved
Senior management 9 Implement the list-based system for work safety management Target achieved
Middle management 1459 Expand training and certification for safety management personnel Target achievedNumber of Chinese employees by
hierarchical level
Junior management 2316 Enhance training and competency development for special operation personnel Target achieved
Frontline employees 39969 Promote the application of the work safety informatization platform Target achieved
Implement process risk monitoring and early warning mechanisms Target achieved
Employees recruited during the reporting period 7954
Employee Organize safety culture activities Target achievedFresh graduates newly recruited 935
Recruitment
Conduct safety supervision and inspections Target achieved
Employee growth rate(%) 5.87
Refine and improve standard operating procedures Target achieved
Total turnover rate(%) 23.94
Enhance feed safety management in Pig BG Target achieved
Voluntary resignation rate(%) 20.94
Employee
Turnover
Male employees 24.88
Turnover rate by gender(%)
Female employees 20.71 Total work safety investment: RMB 109.51 million
Work-related injury insurance
coverage: Total safety accidents: 6
Total employee training investment (million RMB) 5.78
Work-related fatalities: 6
Total employee training attendances 31077 Work-related fatality rate: 0.01%
Employee Total employee training hours 1163829.8 100 %
Training Total work-related injury rate: 0.40%
Employee training coverage rate(%) 71 Number of work-related injuries: 191
Average training hours per employee 26.6 Lost workdays due to work-related injuries: 2345
Lost time injury frequency rate (LTIFR): 260.31
Work-related injury insurance investment: RMB 24.96 million
New Hope Liuhe strictly adheres to applicable laws and regulations including the Work Safety Law of the
Occupational Work safety liability insurance investment: RMB 2.60 millionPeople’s Republic of China and the Law of the People’s Republic of China on the Prevention and Control of
Health and Safety Occupational Diseases. The Company consistently refines its occupational health and safety management Work safety liability insurance coverage: 36.52%
system raises work safety standards and effectively safeguards the lives of its employees corporate assets
and the stable operation of production facilities. During the reporting period one subsidiary obtained
occupational health management system certification and 49 branches and subsidiaries achieved Level 3 Occupational New Hope Liuhe is committed to safeguarding employees’ occupational health rights and interests. In
Work Safety Standardization certification covering all business operations contractors and suppliers. Health Protection compliance with applicable regulations including the Management Rules for Labor Protection Supplies of Employers the Company standardizes the provision of personal protective equipment for frontline
employees governs work process management and delivers relevant training. Given the distinctive
characteristics of its production operations the Company arranges regular occupational health
Work Safety Management The Company has established a well-defined top-down work safety management structure. At the examinations for employees exposed to toxic or harmful substances or engaged in high-intensity work headquarters level the Safety and Environmental Protection Center under the Engineering Operations performs risk hazard inspections at key positions and promptly eliminates potential occupational health
Department provides overarching work safety leadership. Across all sector headquarters regions branches risks. The Company has also established emergency response mechanisms delivers ongoing occupationalEnabling Employee Growth New Hope Liuhe Co. Ltd.2025 Sustainability Report 72
health publicity and training sessions and has formulated the Employee Injury Incident Handling
Procedures to enhance frontline employees’ self-rescue and mutual rescue capabilities. Hidden dangers Hidden dangers Work safety management
The Fresh Meat Division has developed the Occupational Hazard Emergency Rescue Plan equipped identified: 43761 rectified: 42964 suggestions proposed: 2984
relevant emergency rescue facilities and conducts regular emergency drills. It periodically engages
qualified third-party institutions to conduct occupational disease hazard assessments and issue formal
evaluation reports. Hazardous factors generated during production (e.g. noise dust toxic gases) are
regularly tested across production environments and labor processes to ensure all indicators remain
within prescribed limits. Overseas subsidiaries have also strengthened their occupational health- Emergency Management New Hope Liuhe operates in strict compliance with the Emergency Response Law of the Peoples’ Republic
related systems ensuring compliance with local laws and regulations to protect employee health. These of China and the Measures for the Administration of Contingency Plans for Work Safety Incidents among
subsidiaries conduct labor environment monitoring organize regular employee physical examinations other applicable regulations. The Company has established an Emergency Management Plan and a clear
and hold first-aid training and other relevant activities. accountability framework for work safety incidents alongside either a work safety incident emergency
team or an emergency rescue command center. A comprehensive emergency response system has been
developed covering a wide range of potential accident scenarios. To support operational readiness
Employee occupational disease Pre-employment and annual physical the Company has formed both full-time and part-time emergency rescue teams equipped them with
incidence rate: examination coverage: necessary protective gear and supplies and entered into mutual assistance agreements with neighboring
enterprises to strengthen collective emergency response capacity. Regular emergency drills and practical
0 % 100 % training are conducted to sharpen employees’ self-rescue and mutual rescue capabilities and enhance the overall readiness of rescue teams. The comprehensive emergency plan and all specialized plans are Emergency drills conducted:
1823 required to be rehearsed at least once per year while on-site disposal plans are drilled no fewer than
twice annually driving continuous improvement in the Company’s emergency response capabilities.In accordance with the Safety Risk Classification Guidance the Company has established a dual
Dual Prevention prevention mechanism that embeds hazard identification and assessment risk classification and control Contractor Management
The Company’s Work Safety Management System provides a unified framework for coordinating and
managing work safety across all contracted and leased operations. Prior to commencing any production
Mechanism and hidden danger investigation directly into day-to-day operations. Senior management conducts or operational activity contractors are subject to rigorous qualification and performance verification.regular on-site safety inspections while all branches and subsidiaries perform comprehensive risk Dedicated work safety management agreements are signed to clearly define the safety responsibilities
identification assessment and control tailored to their specific operational profiles with hidden danger and obligations of both parties and safety technical briefings are provided to all contractor personnel
management carried out on an ongoing basis. The Company also encourages affiliated units to establish before work begins. Throughout the course of operations the Company carries out regular on-site
internal safety reporting systems which broadens employee participation in safety oversight. inspections and supervision to monitor contractors’ compliance with safe working practices. Contractors
During the reporting period the Company launched a targeted investigation and rectification campaign Contractor work-related who violate safety regulations and fail to rectify non-conformities are subject to immediate suspension of
focused on special equipment including boilers pressure vessels pressure pipelines elevators and fatalities: 0 operations. In cases where a contractor’s negligence results in a Level 1 or Level 2 work safety accident
forklifts. Risk assessments were conducted and remediation measures benchmarked across equipment the contractor’s information will be disclosed internally as a deterrent and accountability measure.categories with rectification prioritized and rolled out in phases. Where immediate rectification was not
feasible interim control measures were put in place to contain associated risks.Safety Culture and Training The Company places strong emphasis on building a safety-conscious workforce through structured training in work safety legislation safety knowledge and operational skills with the goal of elevating
Safety Risk Classification and Control
employees’ safety awareness sense of responsibility and professional competence. During the reporting
period particular focus was placed on upskilling special operation personnel with dedicated training
Safety Risk Identification Drawing on the operational type and characteristics of each unit the Company develops science-based risk identification procedures and methodologies
conducts comprehensive risk identification exercises and maintains a regularly updated safety risk database. The scope of identification encompasses all courses developed across 10 specialist areas including electrical work and welding and thermal cutting
critical production stages and process links. operations. Thematic safety training was also delivered on high-priority topics including dust explosion
prevention confined space operations fire safety mechanical injury prevention and electrical hazard
Safety Risk Assessment Identified risks are systematically evaluated and classified with due consideration given to root causes potential hazards and modes of harm forming the protection. In 2025 the Company organized 10323 training sessions recording 645048 attendances and
basis for accurate risk categorization. achieving full coverage across the entire workforce.Safety Risk Control Control measures are formulated in response to specific risk profiles spanning engineering controls management systems education and training personal
protective equipment and emergency preparedness. The Company maintains a risk notification system and continuously reinforces safety education and
skills training across its workforce.Work Safety Hidden Danger Investigation
Investigation The Company operates a structured hidden danger investigation accountability system that spans all levels of the organization from senior responsible
Accountability System persons to frontline staff. Adequate funding and technical resources are allocated to support investigation activities with safety managers engineers and
other relevant personnel regularly mobilized to conduct systematic inspections.Investigation Methods The Company employs a comprehensive suite of inspection methods including routine daily checks periodic comprehensive reviews specialist inspections
seasonal assessments peak-period and pre-holiday checks accident-analogy reviews pre-resumption inspections and diagnostic assessments by external
experts.Confined space operation and rescue drills conducted by the Pig and Feed sectors Fire drills and training conducted by the Overseas Sector
Information Disclosure All identified hidden dangers are recorded in a dedicated safety hazard information register and communicated to employees through notice boards or
other appropriate channels ensuring workforce awareness and transparency.Time-Bound Rectification Upon identification hidden dangers are promptly assigned to the relevant departments for rectification within defined timeframes with clear Health and safety training hours: Health and safety training
accountability remediation measures and deadlines established. Root cause analysis is conducted to ensure thorough and lasting resolution. Where 419105 attendances: 645048
immediate rectification is not practicable interim preventive controls are implemented to safeguard against accidents.Reporting and The Company maintains a well-developed hidden danger reporting and reward mechanism combining material incentives with recognition to encourage
Reward Mechanism employees to proactively flag safety concerns and contribute constructive remediation suggestions fostering a culture of shared responsibility and safety
ownership.Empowering Farmers Caring for Society New Hope Liuhe Co. Ltd.2025 Sustainability Report 74
Empowering Caring
Farmers for Society
Guided by its founding mission of “profiting farmers and benefiting food consumers” New Hope Liuhe
draws on its integrated management system and extensive industrial chain resources to develop a
mutually beneficial cooperative farming model with smallholder farmers. By pioneering inclusive financial New Hope Liuhe honors its social responsibilities by turning its values into meaningful action. Through sustained
service channels the Company helps address farmers’ financing challenges and supports the broader branded public welfare programs the Company creates tangible value for communities spreads goodwill at
standardization and modernization of China’s agriculture and animal husbandry industries. home and abroad and nurtures a culture of virtue and mutual support embodying its corporate character
through responsible practice.The Pig Sector’s Breeding Division operates under the “Six Unifications Three Non-Burdens” model a full-
Breeding Service chain service framework designed to improve farmers’ production efficiency through end-to-end standardized Commitment to rural communities and people’s livelihoods has always been central to the Company’s identity.Management management. Under the Six Unifications the Company takes responsibility for pig farm design feed procurement Advancing Rural Anchored in the realities of rural development and the practical needs of farming households New Hope Liuhe
immunization protocols feeding practices technical services and pig offtake ensuring consistent quality and Revitalization continuously increases rural investment innovates its agricultural support models and has evolved from project-
operational standards across all participating farms. The Three Non-Burdens principle means that farmers are based assistance to systemic empowerment across industrial and talent development chains. These efforts
shielded from market risk through a guaranteed floor price and from capital risk through upfront investment have made meaningful contributions to promoting integrated urban-rural development and strengthening the
covered by the Company or government funding — leaving farmers free to focus on what they do best. In 2025 connection between poverty alleviation outcomes and long-term rural revitalization.the Company partnered with 2900 farming households across 21 provinces building a collaborative community
grounded in shared interests and complementary strengths. This model integrates smallholder farmers into the
modern agricultural system unlocks the productive potential of rural communities and fosters a self-reinforcing
cycle of growth. The breeding service team drives continuous improvement through goal-driven management
proactive operational refinement and targeted intervention on identified weaknesses. By delivering professional
technical support and hands-on training the team lowers the barrier to entry for advanced farming techniques
reduces production risks improves farming profitability and meaningfully increases household income.The deep alignment of interests between the Company and its farming partners not only generates diverse
employment opportunities and stabilizes rural incomes but also strengthens the long-term self-sufficiency of
farmers and village collectives alike.Total fostering fees settled during the year: Average profit per household:
over RMB 2.03 billion over 960000
New Hope Liuhe integrates resources from banking insurance and other financial institutions to develop an innovative
Financial Support guarantee-centered supply chain finance model leveraging its comprehensive coverage of the agricultural and animal
for Agriculture husbandry value chain. Through dedicated professional teams operating across 29 provinces and municipalities the
Company provides financing guarantee services for upstream and downstream customers along the industrial chain
directly addressing the financing difficulties and high costs that have long constrained agricultural businesses. By the end
of 2025 the Company had served a cumulative total of 222600 customer engagements with total financing disbursed
reaching RMB 82.9 billion giving tangible effect to its commitment to supporting and benefiting agriculture.Inclusive Guarantee
Deeply committed to inclusive finance the Company actively expands its network of quality banking partnerships
and unlocks the potential of bank-enterprise collaboration. It has established strong working relationships with
state-owned banks joint-stock banks city commercial banks and foreign-funded banks. Underpinned by robust
risk management capabilities the Company has become a trusted strategic partner for major financial institutions in
delivering agricultural financial services through its inclusive guarantee business. By the end of 2025 the Company
had partnered with 18 banks with cumulative credit facilities totaling RMB 10.7 billion.Industrial-Financial Platform
The Company has developed a next-generation supply chain finance service platform. Built on a four-layer Liu Chang Chairman of New Hope Liuhe sharing insights on new-generation farmers with participants of the 5th
architecture spanning data products risk controls and application scenarios the platform establishes an inclusive Rural Revitalization Village Leaders Program
agricultural finance model that broadens service reach and enhances service quality. After the inclusive guarantee
business gained access to the People’s Bank of China’s Second-Generation Credit Reference System in November
2024 and successfully processed its first customer credit inquiry the platform’s online contract signing function was
formally launched in 2025. This advancement has significantly improved the convenience of customer onboarding Talent Revitalization The Company has built a multi-tiered rural talent development system that empowers a wide range of rural accelerated business processing efficiency and strengthened the standardization of contract management. stakeholders from new-generation farmers to grassroots community leaders with the aim of creating a sustainable
replicable talent cultivation model for rural revitalization. Since 2019 the Company has consistently advanced the
Customer-Centric Focus: Meeting Industrial The Company proactively expands funding channels and product offerings to provide tailored financing services for farmers across 100000 Green Collar New Farmer Training Program. Leveraging its premix business platform the Company delivers
Chain Financing Needs the industrial chain. farming lectures and interactive live Q&A sessions through e-commerce channels which strengthens farmers’
The Rural Revitalization capabilities in operational management disease prevention and other critical areas to facilitate rural talent revitalization.Honors Village Leaders Program
One-Stop Service: Enhancing the Financing Direct bank-enterprise connectivity is enabled through API and SDK integration. &Accolades The Company also pioneered the Rural Revitalization Village Leaders Program a flagship initiative designed to cultivate
Experience This approach allows financing customers to complete loan applications entirely online via mobile devices with real-time visibility and was selected into the capable leaders of rural collective economies. In 2025 the 5th cohort of the Village Leaders Program advanced its Seed
management across the full loan lifecycle. inaugural batch of
exemplary cases in Plan bringing national media and industry experts to more than ten villages for on-site research and capacity-buildingWin-Win Cooperation: Building New Hope A three-party transaction structure (linking funders customers and core enterprises) integrates capital demand industry and the national “10000 visits. Through these efforts the program has systematically shifted from short-term intensive training to long-termLiuhe’s Financial Ecosystem financial services. Enterprises Vitalizing ecosystem-based empowerment. By the end of 2025 the initiative had received applications from over 4000 villageIndustrial chain customers can apply for loans calibrated to their specific transaction scenarios and operational scale. 10000 Villages” initiative. cadres nationwide trained more than 500 participants and extended its reach to over 3000 villages infusing vital
Banks are empowered to accurately disburse inclusive loans with the support of the Company’s industrial finance platform. talent capacity into rural governance.Caring for Society New Hope Liuhe Co. Ltd.2025 Sustainability Report 76
Industrial Revitalization Drawing on its industrial strengths New Hope Liuhe has consistently sought to strengthen the foundations Talent Developmentof rural development and unlock the endogenous growth potential of rural economies. Since establishing Committed to developing local talent across its overseas markets New Hope Liuhe offers targeted professional
China’s first Guangcai Program poverty alleviation factory in Xichang City Liangshan Prefecture in 1994 training to build practical skills while prioritizing the development of cross-cultural communication capabilities. The
the Company has invested over RMB 5 billion to build more than 150 such facilities supporting over Company refines its employee incentive structures and humanistic welfare programs to align local employees’
60000 jobs. During the poverty alleviation phase it further launched more than 80 targeted cooperation professional development with the Company’s long-term growth. In 2025 the Company issued the Overseas Local
projects nationwide sustaining both immediate relief and long-term capacity building for underdeveloped Talent Development Guidelines and launched the Global Mid-level Training Program a structured initiative for high-
regions. In 2017 the Company constructed a poverty alleviation pig farm in Tekoujiagu Village Zhaojue potential overseas local employees. Cohorts of local managers are brought to China for one month of intensive
County Liangshan Prefecture Sichuan Province and developed the “4+N” Zhaojue Model a framework training and on-the-job attachments facilitating two-way talent mobility and fostering complementary strengths
that unites low-income households with the Company’s breeding bases into a mutual assistance between domestic and international teams.community generating steady income for village collective economies. The model has been commended
and promoted nationwide by the Ministry of Agriculture and Rural Affairs as a benchmark for poverty
alleviation led by agricultural industrialization enterprises.Recipient of the Star Unit for Serving Rural In December 2025 in response to the national rural revitalization strategy the Company entered into a partnership
Revitalization title at the 2025 Annual with Central SOEs Industrial Investment Fund for Rural Area Co. Ltd. and Poor Areas Industry Development Fund Employee 2025Meeting of the Sichuan Association of Co. Ltd. Under the new framework of “government guidance financial empowerment enterprise operation and NationalityFeed Industry farmer engagement” the Company will actively develop family-suitable industrial projects across 20 designated Number of Employees Percentage of Total Employees Number of Manager Percentage of Total Managers
assistance counties nationwide supporting new-generation farmers in securing employment starting businesses
and achieving sustained income growth. Chinese 35105 80.23% 3673 97.07%
Foreign 8648 19.77% 111 2.93%
In alignment with China’s Belt and Road Initiative New Hope Liuhe pursues a core overseas strategy built on
Promoting deep localization and sustainable development. Driven by technological innovation and grounded in corporate
Development at responsibility the Company has steadily expanded its international footprint to create tangible value and
Operational Locations improve the well-being of local communities a meaningful expression of its responsibilities as a multinational
enterprise.Community Engagement
The Company operates in strict compliance with international standards and the laws of host countries embedding
localization principles throughout the full lifecycle of its overseas projects to foster harmonious integrated
relationships between the enterprise and its host communities. Community impact assessments are conducted at the
project initiation stage and collaborative engagement with local communities is deepened throughout construction
and ongoing operations. These efforts have contributed to improving residents’ living standards and social well-
being building community identification with and a sense of ownership over projects and creating a foundation for
enterprise-community co-development.Industrial Contribution
In the Indonesia Region the Company operates 13 branches and subsidiaries which collaborate with local growers
and feed and poultry breeding companies to support over 100000 jobs. In the Bangladesh Region five factories
have been built and commissioned with operations extending across Bangladesh Sri Lanka and Nepal generating
over 20000 jobs through industrial spillover effects. In the Egypt Region six companies established across Egypt and
Nigeria directly employ over 2000 people and the Company holds the leading market share in Egypt’s feed industry.The Company’s employee localization rate reaches 90% in certain overseas markets with local procurement rates
rising steadily. It introduces advanced Chinese technologies and management practices to drive feed industry New Hope Vietnam recruiting fresh graduates from universities in Hanoi China-Egypt New Hope Breeding Technology Training
upgrades in host countries partners with local universities to develop outstanding veterinary talent and delivers
sustained public breeding technology training in rural communities. Through technological leadership industrial
leverage and talent development the Company actively supports rural poverty reduction and agricultural
modernization across Southeast Asia and Africa.Vietnam North The Company is focused on building a pipeline of local management talent. Chinese managers are required to achieve proficiency in the local language
Region and pass relevant examinations. Through structured mentorship and knowledge transfer outstanding local employees are identified and developed for
advancement fostering genuine integration between Chinese and local teams.Philippines Region A localized talent development program has been established offering Filipino employees a structured career pathway through pre-employment training
skills enhancement courses and management development workshops.Indonesia Region The Company provides systematic technical training spanning key areas including feed application breeding management and disease control. Dedicated
technical teams conduct one-on-one field guidance to help farmers optimize their breeding practices.Bangladesh Region In collaboration with the Asian Development Bank (ADB) the Company launched a public welfare training initiative for female farmers. Across two program
phases completed between 2023 and 2025 a total of 9000 women have been trained equipping them with the knowledge and skills to participate in
farming activities and improve their household incomes.Egypt Region With a local employee rate of 90% the Company places strong emphasis on developing local agricultural talent. Long-term partnerships have been
established with five universities including Cairo University and the University of Sadat City. In collaboration with the Chinese Embassy in Egypt and the
Egyptian National Alliance for Civil Development Actions the Company launched a broiler breeding technology training program for 100 rural women in
New Hope alongside 10 Chinese-funded feed supporting enterprises participated The New Hope Cup Egypt Veterinary Competition a professional event spanning Monofiya Governorate delivering systematic poultry farming instruction and hands-on guidance from a professional veterinary team.in Egypt’s largest agricultural exhibition multiple provinces across central and upper EgyptCaring for Society New Hope Liuhe Co. Ltd.2025 Sustainability Report 78
Case New Hope Liuhe has long been guided by the philosophy of being “rooted in society and dedicated to giving back.” Engaging in Public Public welfare and charitable engagement are embedded in the Company’s corporate DNA transforming what
Welfare and Charity began as occasional volunteer efforts into sustained branded initiatives that consistently deliver warmth and care
to communities in need. When natural disasters strike the Company opens its facilities as rescue command centers
and emergency shelters donates essential supplies and mobilizes volunteer teams to assist affected communities
demonstrating its commitment as a responsible corporate citizen through concrete action. In 2025 the Company’s
public welfare donations totaled RMB 5.77 million.Deepening its commitment to rural and community support the Company sustained two flagship public welfare
Brand Public Welfare programs during the reporting period: the Hope and Wish Plan and the Warm Winter Campaign. Through donations
to disadvantaged college entrance examination candidates scholarships at overseas universities and the construction
of Chinese-language schools it helped young people realize their dreams of higher education — planting seeds of
hope in rural communities at home and abroad.Hope and Wish Plan
Now in its 10th year the Hope and Wish Plan has seen the Company’s volunteers reach 12 provinces across China
including Sichuan Xizang Gansu Guangxi Guizhou Shandong and Inner Mongolia delivering daily necessities and
study materials to over 23000 children in total and brightening their childhoods. In May 2025 volunteers from the 10th
cohort visited six remote schools across Sichuan Guizhou Liaoning Shandong and other regions tailoring support to
the individual wishes of 557 children. Among the highlights volunteers from the Feed Sector established a dedicated
reading room for 196 Yi and Miao children at Poqi Primary School in Nayong County Guizhou creating a learning
space that broadens young horizons and fosters a love of reading.On November 18 2025 the Rural Revitalization Program Forum which drew broad attention from stakeholders in both China and Egypt was held in Cairo Egypt.Reading room established for Poqi Primary School in Nayong County Guizhou The 10th Hope and Wish Plan
Xinhua News Feature | 45 Days: Chinese Experience Takes Root in Egyptian Villages
“I can hardly believe I earned so much in just 45 days” said Egyptian farmer Mahassen Mohamed Said clutching a dark blue certificate of honor with Warm Winter Campaign
gold embossed lettering her eyes radiating a newfound confidence. Reporters recently met this “top breeder” at the Rural Revitalization Program Forum Launched in 2014 the Warm Winter Campaign has now completed its 12th edition. Volunteers have traveled to areas
hosted by New Hope Liuhe in Cairo. Her transformation traces back to the China-Egypt New Hope Breeding Technology Training Program launched in including Ebian County (Leshan) Meigu County (Liangshan) and Jiulong County (Garzê) donating winter clothing
August of this year a joint initiative implemented by the Egyptian National Alliance for Civil Development Actions and New Hope Liuhe with support grain furniture appliances and livestock feed to help local residents through the coldest months. In October 2025 the
from the Chinese Embassy in Egypt and relevant Egyptian authorities. Company partnered with the Sichuan Yong Hao Foundation to visit Sanchahe Town Kindergarten in Zhaojue County
Said’s hometown Subk Al-Ahad in Monofiya Governorate was among the first villages selected for the program. When reporters visited in August the Liangshan Prefecture delivering custom-made down jackets to 254 teachers and students — a tangible gesture of
scene was one of quiet hardship — adobe houses weathered wooden doors and barefoot children playing in dusty winds. Most able-bodied men had care as winter approached.left to do odd jobs in nearby cities often earning below Egypt’s minimum wage even on good days while women stayed behind to care for the elderly
and children.A mother of three Said found that the income she earned from raising chicks over just 45 days covered nearly two months of living expenses for her
family of five. “Veterinarians checked in with me every week guiding me step by step from the very beginning” she recalled of that first batch of chicks
in August. Within 45 days she had mastered the fundamentals of poultry farming and raised her initial 50 chicks to market readiness. She had started
out with no idea how to gauge a chicken’s weight or adjust feed ratios. Today she assesses flock health with confidence articulates feeding essentials
clearly and even mentors her neighbors. All 100 farmers in Monofiya Governorate’s first training cohort reaped tangible results.“This is more than a training program; it is the establishment of a complete industrial chain” said Tarik Hassan Mohamed of the Egyptian Orman
Charity Foundation (MEK) one of New Hope Liuhe’s local partners. The program spans the full value chain: from chick feed and medicine supply to
veterinary and technical support through to product marketing and sales. What struck Mohamed most deeply was the transformation of the women
participants. “They went from knowing nothing to being able to teach others” he observed. Wael Jadd Karim Director of the Central Department of
Egypt’s Decent Life Initiative noted that the program has created sustainable livelihoods for rural residents particularly women and aligns strongly with
Egypt’s flagship national development strategy. “China’s achievements in eradicating absolute poverty are highly inspiring and deeply worthy of study”
he said. Egypt has already sent delegations to China to learn from its experience in poverty alleviation and rural transformation. With next year marking
the 70th anniversary of China-Egypt diplomatic relations Karim shared an ambitious vision: expanding the cooperation to 70 villages bringing China’srural revitalization experience to Egypt at scale. Another top breeder Israa Ali Said spoke with quiet determination about what comes next: “I will keepgoing and one day I will build a much larger poultry farm.” From 50 chicks to a vision of 70 villages from one woman’s self-reliance to the revitalization
of entire rural communities — Chinese experience is steadily taking root in Egypt.By Xinhua News Agency Reporters Dong Xiuzhu and Yao Bing The 12th Warm Winter Campaign Donation of down jackets to Sanchahe Town Kindergarten in Zhaojue County
SichuanCaring for Society New Hope Liuhe Co. Ltd.2025 Sustainability Report 80
lief Acting on its humanitarian responsibility the Company responded to major natural disasters at multiple domestic and Disaster Re overseas sites during the reporting period. It provided post-disaster assistance coordinated material distribution and About This Report
supported home reconstruction efforts to help affected communities recover and rebuild.Case
The New Hope Liuhe Co. Ltd. 2025 Sustainability Report
New Hope Liuhe’s Myanmar Region Mobilizes for Earthquake Relief (hereinafter referred to as “this report”) is the 18th non-financial
report publicly released by New Hope Liuhe Co. Ltd.On March 28 a magnitude 7.7 earthquake struck Mandalay Myanmar causing severe destruction across the city and surrounding areas. The Myanmar Definition of Terms
Region of New Hope Liuhe responded swiftly designating New Hope Mandalay Company (a supervisory unit of the Sichuan-Chongqing Chamber of For ease of expression and reading New Hope Liuhe Co. Ltd. is
Commerce in Myanmar) as the chamber’s temporary disaster relief command center and the on-site coordination hub for the Chinese rescue team. referred to as "New Hope Liuhe" "the Company" or "we" in this
The company allocated office space and ensured the rescue team’s accommodation meals and transportation needs were fully met throughout report. In addition the terms "country" and "government" in the
the operation. The company’s general manager led employees in repairing equipment and restoring production to secure supply chains while report refer to the People's Republic of China and its administrative
simultaneously coordinating the distribution of relief materials across multiple channels. Working alongside the Chinese Embassy and various chambers bodies.of commerce the company mobilized customers and partners to donate and oversaw the collection and logistics of essential supplies including
drinking water food and disinfection materials. It further assisted the chambers in distributing supplies and providing on-site meals to those in need Reporting Scope
standing in solidarity with earthquake-affected communities and demonstrating the compassion and responsibility of a transnational enterprise. Reporting Period: From January 1 2025 to December 31 2025.At the end of 2025 New Hope Mandalay Company donated 2 million Myanmar kyats to earthquake-affected Guoqiang School in Lashio northern Organizational Scope: The scope of this Report is consistent with
Myanmar to support post-disaster teaching improvements and help overseas Chinese children continue accessing quality education. that of the Company’s annual consolidated financial statements.Reporting Frequency: This report is published on an annual basis.Basis of Preparation
This report has been prepared with reference to the GRI
Sustainability Reporting Standards issued by the Global
Sustainability Standards Board (GSSB); Self-Regulatory Guidelines
No. 17 for Companies Listed on Shenzhen Stock Exchange —
Sustainability Report (For Trial Implementation); Self-Regulatory
Guidelines No. 3 for Companies Listed on Shenzhen Stock
Exchange — Preparation of Sustainability Reports (2026 Revision);
the national standard Guidance on Social Responsibility Reporting
(GB/T 36001-2015); and the United Nations Sustainable
Development Goals (SDGs).New Hope Mandalay Company serving as a temporary disaster relief coordination Distribution of food water and essential supplies to
center residents in affected nearby villages
The Myanmar company carried out tree-planting activities in
earthquake-affected areas in response to ASEAN’s initiative.About This Report New Hope Liuhe Co. Ltd.2025 Sustainability Report 82
Reporting Principles Governance Indicators
This report adheres to the principles of materiality balance quantification and consistency.Principle of Materiality: The Company conducts a materiality assessment to identify and evaluate significant ESG issues relevant to the Company's Indicator Unit 2024 2025
operations and both its internal and external stakeholders and highlights these issues in this report. For further details on the materiality assessment
process and results please refer to the “Sustainable Development Management” section of this report. Corporate Shareholders' meetings held times 4 4
Principle of Balance: This report reflects objective facts providing an unbiased disclosure of both positive and negative information related to the Company. Governance
It presents a balanced account of the Company’s efforts across different ESG dimensions. During the reporting period no material negative incidents were Resolutions approved at shareholders’ meetings items 35 21
identified that should have been disclosed but were not. Number of Board meetings held times 15 10
Principle of Quantification: The Company discloses quantitative ESG performance indicators in this report and where applicable sets quantitative
performance targets. The measurement standards methodologies assumptions and/or calculation tools used for key performance indicators in this report Resolutions approved by the Board items 67 48
as well as the sources of conversion factors adopted are explained in the relevant sections where applicable.Principle of Consistency: This report maintains consistency in the statistical and disclosure methods used for the same indicators across different reporting Total number of Board members persons 9 9
periods. Where changes have been made to the statistical or disclosure methods sufficient explanations are provided in the notes to this report to facilitate Proportion of independent directors % 33.33 33.33
meaningful analysis and evaluation by relevant parties.Proportion of female directors % 33.33 44.44
Source of Information
All the information and data used in the report are sourced from the Company's official documents statistical reports and financial reports as well as Average term of office for board members year 7.89 4
information on sustainable development practices of each unit that have been gathered and reviewed by the relevant departments responsible for Board meeting attendance rate % 100 100
sustainability management of the Company. Where discrepancies exist between the financial data in this report and those in the Company’s annual report
the annual report shall prevail. Unless otherwise specified all monetary amounts referred to in this report are denominated in RMB. Cash dividend per share RMB —— 0.024
Periodic reports disclosed pieces 4 5
Assurance of Accuracy
The Company hereby confirms that there are no false records misleading statements or material omissions in this Report and assumes responsibility for Disclosure of temporary announcements pieces 120 126
the authenticity accuracy and completeness of its contents.Number of investor communication events held times 15 10
Report Access Number of participants in investor communication activities attendances 1156 327
This report is published in PDF electronic format. It is available for viewing and download on the Shenzhen Stock Exchange’s designated information
disclosure platform CNINFO (www.cninfo.com.cn) or on the Company’s official website (http://www.newhopeliuhe.com). If you have any questions or
Risk and Performance audits times 27 15
suggestions regarding this report please contact us at 000876@newhope.cn. Compliance
Management Supervisory audits times 29 30
Other special audits times 43 21
Business Signing rate for the Employee Sunshine Commitment Letter % 100 100
Ethics
Total training hours for employee anti-corruption training hours 9.09 6.03
Effective report resolution rate % 100 100
Number of unfair competition incidents cases 0 0
Information Cyberattack and defense drills conducted times — 1
Security
Information security and privacy protection cases 0 0
disputes/customer privacy breaches
Environmental Indicators
Indicator Unit 2024 2025
Environmental Total investment in environmental protection
Management (excluding depreciation) million RMB 152.66 150.60
Eco-circular Fermented manure million tonnes 104800 98800
Key Performance Table Farming Reclaimed water returned to farmland million tonnes 15.75 16.32
Land designated for nutrient recycling mu 79000 12000
Fresh fruits and vegetables produced million kilograms 2.58 1.20
Economic Indicators Incidents of improper use of veterinary drugs cases 0 0
Indicator Unit 2023 2024 2025 Total grain savings million tonnes 0.67 0.75
Operating revenue billion RMB 141.70 103.06 107.11 Energy Diesel consumption liters 11761478.46 7771617.40
Management
Total assets billion RMB 129.61 117.92 114.23 Gasoline consumption liters 1275137.06 324967.26
Feed sales volume million tonnes 28.76 25.96 29.74 Natural gas consumption million cubic meters 106.98 103.97
Pig output million heads 17.68 16.52 17.55 Outsourced steam tonnes 458390.45 593697.91Key Performance Table New Hope Liuhe Co. Ltd.2025 Sustainability Report 84
Environmental Indicators Social Indicators
Indicator Unit 2024 2025 Indicator Unit 2024 2025
Energy Purchased electricity GWh 1527.42 1683.83 Quality Number of participants in quality training attendances 4297 5468
Management and Service
Operational photovoltaic power generation GWh 11.75 15.60 Average customer satisfaction Score 96.46 98.50
Consumption of photovoltaic power generation GWh 9.86 12.95 R&D Total R&D investment million RMB 270.28 191.35
Innovation
Total energy consumption tce 404713.72 433021.97 Number of R&D staff persons 717 743
Energy intensity tce/RMB million revenue 3.93 4.05 Number of newly granted patents cases 116 48
Greenhouse Direct greenhouse gas emissions (Scope 1) tCO2e 264591.66 245682.20 Total number of valid patents cases 1426 1361
Gas Emissions
Indirect greenhouse gas emissions (Scope 2) tCO2e 930406.76 1047041.65 Total number of software copyrights items 45 58
Total greenhouse gas emissions tCO2e 1194998.42 1292723.85 Total number of trademarks items 878 851
Greenhouse gas emission intensity tCO2e/RMB million revenue 11.59 12.10 Supply Total number of suppliers companies 4696 4261
Chain
Water Total water withdrawal million tonnes 25.39 28.77 Management Total number of suppliers that passed the desk review/on-site evaluation companies 4696 3169
Resource
Managemen Water intensity for feed processing liters/tonnes 65 65 Suppliers certified to quality management systems companies 201 1980
Water intensity in pig farming cubic meters/head 2.5 2.43 Number of suppliers participating in integrity and compliance training companies 500 2005
Water intensity for slaughtering meat cubic meters/head 0.35 0.35 Labor Labor contract signing rate % 100 100
Management
Total water discharge tonnes 19.06 21.65 Social insurance coverage rate % 100 100
Packaging Total amount of packaging materials used tonnes 24000 28300 Total number of incidents of employee discrimination or harassment cases 0 0
Management
Amount of paper used tonnes 400 2100 Proportion of ethnic minority employees % 7.71 7.44
Plastic packaging usage tonnes 23600 26200 Proportion of disabled employees % 0.49 0.61
Waste Total wastewater treatment volume million tonnes 18.14 20.72 Percentage of female employees in junior middle and senior management positions % 14.12 16.07
Management
Chemical oxygen demand (COD) emissions tonnes 9811.33 10208.86 Percentage of women holding management positions in revenue-generating % 3.39 3.53
functions (such as sales)
Total ammonia nitrogen emissions tonnes 496.77 538.07
Recycling rate of swine farming wastewater % 93.34 84.9 Human Total number of employees persons 41327 43753
Capital
Development
Non-hazardous waste tonnes 316024.45 140386.23 Male employees persons 31852 34090
Gender structure
Hazardous waste tonnes 5.42 8.01 Female employees persons 9475 9663
Employees aged 30 and under persons 12291 13129
Age structure Employees aged 31-50 persons 23749 24682
Employees over 50 years old persons 5287 5942
Social Indicators Employees with high school education or below persons 13993 15678
Employees with college degree persons 11064 12122
Indicator Unit 2024 2025 Academic
structure Employees with bachelor's degree persons 13710 13615
Production Total investment in production safety million RMB 92.93 109.51
Safety Employees with graduate/MBA degree or above persons 2560 2338
Work safety emergency drills conducted times 1656 1823
Chinese employees (including employees from Hong persons 33912 35106
Amount of work injury insurance payment for employees million RMB 19.1 24.96 Regional Kong Macao and Taiwan)
structure
Work injury insurance coverage rate for employees % 100 100 Overseas employees persons 7415 8647
Amount invested in workers' occupational safety and health liability insurance million RMB — 2.60 Number of people employed during the reporting period persons 6325 7954
Coverage rate of workers' occupational safety and health liability insurance % — 36.52 Number of newly recruited fresh graduates persons 262 935
Employee occupational disease incidence rate % 0 0 Employee turnover rate % — 23.94
Quality Market inspection pass rate % 100 100 Total investment in employee training million RMB 6.76 5.78
and Service
Major product safety and quality accidents cases 0 0 Number of employees participating in training person-times 37600 31077
Product recall incidents cases 0 0 Annual training hours per employee hours 28.65 26.60Key Performance Table ｜ Indicator Index Table New Hope Liuhe Co. Ltd.2025 Sustainability Report 86
Social Indicators
Premium Products for Accessible Nutrition and Health
Indicator Unit 2024 2025
Empowering Contract farming service fees settled billion RMB 3.0 2.03 R&D in Nutrition and Health Article 41 42 and 43 2-27，201-1，203-2，404-2
Farmers
Amount of funding secured billion RMB 75.0 82.9 Advancing Smart Farming —— ——
Rigorous Quality and Safety Control Article 44 and 47 2-27，416-1，416-2
Service Quality Enhancement Article 44 and 47 2-25，2-26，2-27，417-1，417-2，418-1
Supply Chain Management Article 44 45 and 46 2-6，2-27，203-2，308-1，308-2，
414-1，414-2
Green Industry for a Thriving Natural Ecosystem
Sustainable Agriculture Article 31and 37 101-8，301-2
Indicator Index Table
Sustainable Operations Article 30 31 33 2-27，201-1，301-1，301-3，303-1，
Instructions for use: New Hope Liuhe has reported the information referenced in this index table for the period from January 1 2025 to December 31 2025 in and 36 303-2，303-3，303-4，303-5，306-1，
accordance with the Self-Regulatory Guidelines No. 17 for Companies Listed on Shenzhen Stock Exchange— Sustainability Report (For Trial Implementation) 306-2，306-3，306-5
and with reference to the GRI Standards.Addressing Climate Change Article 21 22 23 201-2，302-1，302-2，302-3，302-4，
2425262728302-5，305-1，305-2，305-4，305-5
Reporting Framework Sustainability Reporting Guidelines GRI Standards 2021 (reference)
and 35
Message from the Chair — — 2-11，2-22
About New Hope Liuhe — — 2-1，2-6，201-1 Ecosystem and Article 32 101-1，101-2，101-4，101-7
Susta inab le Deve lopment —— 2-22 Biodiversity Conservation
Strategies and Progress
Value Co-creation for Common Prosperity
Special Feature —— ——
Efficient Governance Strengthening the Foundation for Development Enabling Employee Growth Article 49 and 50 2-7，2-8，2-23，2-25，2-26，2-27，2-30，
201-3，202-1，401-1，401-2，401-3，403-1，
Party Building Efforts —— ——
403-2，403-3，403-4，403-5，403-6，403-7，
Corporate Governance Article 52 2-9，2-10，2-11，2-15，2-16，2-26，2-27， 403-8，403-9，403-10，404-1，404-2，
405-1404-3，405-1，406-1，407-1，408-1，409-1
Sustainable Development Articles 5 9 12 13 2-6，2-9，2-12，2-13，2-14，2-17， 2-24， Empowering Farmers Article 38 and 39 201-1， 203-2
Governance 14 15 17 18 51 52 2-26，2-29，3-1，3-2，3-3
and 53 Caring for Society Articles 38 39 and 40 201-1，203-1，203-2，204-1，413-1，413-2
Risk and Compliance Management Article 52 2-25，2-27 Appendices
Business Ethics Article 55 and 56 2-15，2-25，2-27，205-1，205-2，205- About This Report —— 2-2，2-3，2-4，2-29
3，206-1 Key Performance Table —— 2-6，2-7，201-1，302-1，302-2，302-3，303-
Tax Transparency —— 207-1，207-2，207-3 3，303-4，305-1，305-2，305-4，403-9，404-
1，405-1
Information Security and Privacy Article 48 203-2，418-1
Protection Indicator Index Table Article 57 ——Feedback Form
Dear Reader
We sincerely thank you for reading the New Hope Liuhe Co. Ltd. 2025 Sustainability Report. We highly value your opinions on this report. To help us further
enhance our sustainability management and practices we kindly invite you to share your feedback and suggestions. Your input will enable us to continuously
improve the quality and effectiveness of our reporting. You are welcome to complete the following form and return it to us via email or post.
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