Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.New Hope Liuhe Co. Ltd.2025 Annual Report
[April 29 2026]
1Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2025 Annual Report
Section 1 Important Note Table of Contents and Definitions
The Board of Directors directors and senior management of the Company
warrant that the contents hereof are true accurate and complete and free of
any false recordings misleading statements or significant omissions and that
they will be jointly and severally liable for the legal consequences.As declared by Liu Chang (Chairman) Shi Han (Chief Financial Officer)
and Su Xiaodan (Head of Accounting Unit & Accounting Supervisor): the
financial report herein is true accurate and complete.All directors of the Company attended the board meeting deliberating this
report.I. Animal disease and natural disaster risks
Animal disease is the main risk faced in the development of livestock
industry. There are two kinds of risks arising out of the occurrence of epidemic
disease. First the occurrence of epidemic disease is likely to result in death of
livestock directly resulting in reduced yield increased costs and lower prices.Second the occurrence and prevalence of animal disease on a large scale easily
influence the consumer psychology leading to a contraction in market demand
and also affecting the feed production and operation. For example the
outbreak of the major swine disease in China in 2018 caused a huge shock to
the whole industry. The major swine disease experienced a weakened mutation
at the end of 2020 and beginning of 2021 making it more spread channels
2Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
longer incubation time and more difficult to detect and eliminate. In recent
years major swine diseases have gradually become normal. Especially during
the winter and early spring when the temperature is low they have caused
particularly severe impacts in the northern regions of China. As the density of
livestock farming in the South increases the risk of swine diseases also rises.In terms of the natural disaster risk the feed and slaughter are closely
related to planting and livestock farming industry. Therefore the natural
disasters such as temperature anomalies drought flood earthquake hail and
snow disaster will all adversely affect the industry operation and development.Natural disasters occurring in and around the Company's production facilities
may result in substantial damages to production infrastructure or equipment.Furthermore natural disasters and extreme weather events can also drive up
prices for certain feed ingredients and meat. For instance in the summer of
2023 and the autumn of 2025 central China experienced a wide range of
persistent rainy weather causing a large range of crop disasters which also
had an impact on the price of feed raw materials and affected the quality of
raw materials. The extensive heavy rain caused by a typhoon in southern
China also brought adverse effect on disease prevention and control of pig
farming.Risk countermeasures: facing animal disease the farms constructed by the
Company that are normalized and standardized ones staffed with professional
breeding technologists and equipped with strict anti-epidemic measures
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effectively prevent and control the occurrence of common diseases. The
Company has also summarized a series of approaches and measures
responding to major animal diseases through years of experience accumulation
to eliminate the impact of various animal diseases The Company has been
guiding technicians to better serve self-owned farms and external farmers by
establishing animal healthcare laboratories in various areas creating
nationwide animal healthcare system and conducting the monitoring and
warning of animal diseases in real time. In particular in response to the major
swine disease that broke out in 2018 the Company formulated comprehensive
prevention and control measures covering multiple aspects including its own
pig farms collaborative finishing farms swine feed production plants and
internal veterinary laboratories. The prevention and control measures start
from the source of animal nutrition and ensure a comprehensive prevention
and control strategy. As a result the Company's biosafety prevention system
and pig production indicators have reached the industry-leading level. In
response to the new round of attenuated swine disease that occurred at the end
of 2020 and the beginning of 2021 the Company summarized its experience
and upgraded prevention and control and eradication methods including dual
antibody and dual screening in the whole group serum application of thermal
imaging devices and safe storage and disinfection of materials and
continuously optimized the prevention and control process to ensure quicker
resumption of production and reduce unnecessary prevention and control
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investment. From the end of 2023 to the beginning of 2024 the Company
focused on upgrading and renovating the epidemic prevention facilities and
equipment of some long-term affected farms significantly enhancing their
ability to prevent the impact of diseases. Since the winter of 2024 good
epidemic prevention results have been achieved helping to continuously
reduce the cost of pig farming.In response to natural disasters the Company’s extensive domestic and
international business presence ensure that specific regions experiencing
natural disasters do not have a significant impact on the overall operations of
the Company. Especially concerning the frequent rainstorm and flooding in
southern China the Company has accumulated a large wealth of experience in
recent years. It has established mature emergency response plans and
maintains sufficient flood prevention supplies in stock year-round which
enable the Company to flexibly guide farmers through production plan
adjustments when the flood season begins in preparation for disaster relief
together. In addition the Company can also take the advantage of its
nationwide presence to allocate funds feed ingredients equipment and staff
timely and effectively to resume production as soon as possible and reduce the
losses caused by natural disasters.II. Risk of price fluctuations of feed ingredients
The cost of main feed ingredients for feed production accounts for more
than 90% of total cost of feed production. In the past the feed business
5Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
accounted for a significant proportion of the Company's operating income but
as the feed industry generally adopts the cost-plus pricing method the
fluctuations in prices of feed ingredients can be partly transmitted to the
downstream breeding operations to relieve the pressure from the rising prices
of feed ingredients. However as the pig farming business accounts for a
relatively large proportion of the Company's revenue the impact of rising feed
ingredient prices on the Company's overall operating costs has increased.Since 2020 due to factors such as the macroeconomic situation at home and
abroad international trade relations and crop yield in main grain-producing
areas of various countries the prices of main feed ingredients such as corn and
soybean meal continuously rose. Since 2023 the prices of agricultural products
have started to fluctuate and decline. In 2024 they experienced a rapid drop.In the beginning of 2025 and the beginning of 2026 there were two rebounds
respectively due to international trade disputes and geopolitical conflicts.However overall they remained at historically low levels (as shown in the
figure below).
6Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Soybean meal and corn spot prices since 2020 (yuan/ton)
6000
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
2020-01-022021-01-022022-01-022023-01-022024-01-022025-01-022026-01-02
豆Spo粕t p现ric货e o价f so（yb元ean/吨 me）al 玉Spo米t p现ric货e o价f co（rn元 (yu/吨an/）ton)
(yuan/ton)
Risk countermeasures: the Company is one of the largest feed enterprises in
China with scale advantages and a considerable bargaining power in
ingredient procurement. Starting from 2021 the Company gradually
reinforced centralized management of feed ingredient procurement across the
industry and reduced feed consumption cost through processing in bonded
zones and other methods. In 2025 the Company continued to actively purchase
imported low-price ingredients and alternative ingredients such as wheat
sorghum and brown rice to continually optimize ingredient costs. So far the
Company has established strategic partnerships with many domestic and
overseas best-run feed ingredient suppliers while actively exploring domestic
and foreign high-quality and safe local feed ingredients and opening up the
feed ingredient supply network at home and abroad to secure supply chain
financing of various forms actively and optimize its purchasing cost and
related financial expenses.
7Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
III. Risk of price fluctuations of livestock and poultry
As feeds produced by the Company are sold to the downstream livestock
and poultry breeding industry the price fluctuation of livestock and poultry
affects the profit of the breeding segment and gradually spreads to the
upstream affecting the sales volume and profit margin of the feed segment.With the rapid development of the pig farming business in recent years it
contributes more to the overall revenue and profits of the Company and the
hog prices will affect the revenue and profit level of the Company even more
directly and significantly.The excess capacity reduction in 2023 pushed the price upward after
entering 2024 and reached a peak of around 20 yuan/kg in August. However
the market improvement and the general profitability of the industry curbed
further capacity reduction and supply also recovered accordingly. With the
recovery of the production capacity of breeding sows and the rapid
improvement of production efficiency domestic hog prices began to decline
continuously after September. The average price of hogs for the entire year of
2025 also reached the lowest level in recent years at 13.77 yuan/kg. In the first
quarter of 2026 due to the decline in consumption after the Spring Festival
domestic hog prices further dropped. By late March they fell to 9.5 yuan/kg
the lowest point since 2018 (as shown in the figure below).
8Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
External three-way crossbred hog price since 2020 (yuan/kg)
40
35
30
25
20
15
10
5
Risk countermeasures: the process of livestock and poultry prices going
down is also the process of survival of the fittest and withdrawal of some
participants in the industry. As some participants withdraw the total supply
declines and the prices rise again survived businesses are likely to gain a
greater market share and a higher return on investment than before. In recent
years the Company has fully entered the stage of robust operation in pig
business and is gradually improving its business operation efficiency reducing
farming costs and restoring its original competitiveness by enhancing its
internal management capabilities in many ways. On the other hand unlike
most agricultural and livestock companies the Company has slaughtering and
food processing business in the downstream and feed business in the upstream
of breeding precisely offsetting the impact of the breeding process. The
declining prices of livestock and poultry mean that the cost of raw meat in the
slaughtering and processing businesses falls too with increased profit margin;
9
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2026-03-10Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
the declining prices of livestock and poultry also mean the farming volume of
livestock and poultry is at high levels which also help increase the profitability
of feed business. Such an industry chain presence can moderately mitigate the
effects of declining prices of livestock and poultry on the Company.IV. Impact of environmental protection policies
In recent years the government and society have increasingly attached
importance to environmental protection and relevant laws and regulations
have been continuously introduced. In 2014 China began to implement the
Regulations on Pollution Prevention and Control of Large-scale Livestock and
Poultry Farming. In 2015 the new Environmental Protection Law came into
effect. In 2020 in the context of the sharp shortage of domestic pig supply
caused by major swine diseases local governments gradually relaxed the
environmental protection requirements for farm construction to promote the
resumption of pig production and ensure supply. However since 2021 as the
pig production capacity has gradually recovered to the normal range the
environmental protection policies related to breeding has returned to a more
stringent situation. These environmental protection policies will force some
livestock and poultry farms that fail to meet environmental standards to
withdraw from the market resulting in a reduction in the scale of livestock
breeding. This will have certain impacts on the Company’s feed business
growth and its acquisition of pigs for slaughter and will also increase the cost
for the Company's construction and operation of the pig farming business. In
10Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
the long run however the withdrawal of backward production capacity that
does not meet the environmental standards will allow the qualified producers
that remain in the industry to acquire higher profitability which is still of a
positive significance to the entire industry.Risk countermeasures: from the perspective of the pig farming business the
Company adheres to the path of ecological priority and green development
vigorously promoting integrated agriculture combining breeding and farming.From the development and construction stage to the production and operation
stage the Company attaches great importance to the implementation of
corresponding environmental protection measures. By utilizing advanced
technologies it achieves harmless treatment and resource utilization of manure
and sewage achieving a win-win situation of economic benefits and
environmental benefits. From the perspective of the feed business on the one
hand the Company fully controls the existing scale. By transforming the feed
marketing model it fully leverages the advantages of industrialization
integration and comprehensive services strengthens cooperation with large
and medium-sized farms and farmers that meet environmental protection
standards prioritizes ecology environmental protection efficiency and safety
in project design helps farmers renovate and build sheds that meet higher
environmental protection standards improves breeding efficiency and actively
promotes the healthy development of the domestic livestock and poultry
breeding industry; on the other hand the Company actively develops new
11Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
scale. By leveraging its balanced national layout of feed business it cultivates
new livestock and poultry breeding bases in suitable environmental areas
through various forms ensuring the stability of its breeding resources.V. Risk of exchange rate fluctuations
At present more and more raw materials for feed production rely on global
procurement and the purchase of feed ingredients such as soybean meal corn
whey meal fish meal DDGS and other foreign supplies is increasingly affected
by the exchange rate. As the Company expands its presence abroad in foreign
investment and overseas operations the cross-border capital transactions and
settlement quotas involved are also growing thus making the Company more
vulnerable to exchange rate fluctuations. In recent years due to factors such as
geopolitics and adjustments in foreign exchange policies the currencies of
some host countries where the Company conducts overseas business saw
extraordinary fluctuations. In 2025 the US dollar index continued to decline
recording the worst annual performance in recent years which posed certain
challenges to the Company's foreign exchange management and operations.Risk countermeasures: to cope with the ever-expanding needs of overseas
feed ingredient procurement and investment and operation the Company has
built an overseas commercial and trading center and investment and financing
center based on the Singapore branch and actively carried out international
centralized feed ingredient procurement foreign direct financing supply chain
finance foreign exchange risk management capital management and feed
12Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
ingredient procurement risk management so as to reduce the impact of
exchange rate fluctuations on its cash flow in overseas operations. In the
context of the increasing uncertainty in the macro environment and sharp
exchange rate fluctuations in recent years the Company has reinforced efforts
to improve the ability of exchange rate forecasting and fund management and
guaranteed the value of funds through hedging and other means and tools. The
Company has also further strengthened its close contact and communication
with foreign financial institutions Chinese government agencies stationed
abroad and the host government to dynamically analyze the trend of the host
country's local currency exchange rate make financial arrangements and
alleviate the adverse impact of exchange rate fluctuations.The Company does not plan to distribute cash dividends or allot bonus
shares or increase its share capital with provident fund.
13Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
TABLE OF CONTENTS
Section 1 Important Note Table of Contents and Def... 2
Section 2 Company Profile and Key Financial Indica.. 17
Section 3 Management Discussion and Analysis........ 22
Section 4 Evironmental Social and Corporate Govern.. 69
Section 5 Important Matters ........................ 99
Section 6 Changes in Shares and Information of Sha. 165
Section 7 Bonds ................................... 176
Section 8 Financial Report......................... 185
14Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
List of Reference Documents
(I) Financial statements bearing the signatures and seals of the chairman the chief accountant and the person in charge of
accounting organization & accountant in charge.(II) Original auditor’s report bearing the seal of the accounting firm and signatures and seals of CPAs.(III) Originals of all corporate documents and manuscripts of announcements publicly disclosed on China Securities Journal
Securities Times Shanghai Securities News Securities Daily and www.cninfo.com.cn during the reporting period.
15Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Definitions
Term Refers to Definition
The Group the Company company the listed
Refers to New Hope Liuhe Co. Ltd.company New Hope
CSRC Refers to China Securities Regulatory Commission
Sichuan Office of the China Securities Regulatory
CSRC Sichuan Refers to
Commission
SZSE Refers to Shenzhen Stock Exchange
CSDC Refers to China Securities Depository and Clearing Co. Ltd.National Association of Financial Market Institutional
NAFMII Refers to
Investors
Company Law Refers to Company Law of the People’s Republic of China
Securities Law Refers to Securities Law of the People’s Republic of China
New Hope Group Refers to New Hope Group Co. Ltd.Nanfang Hope Refers to Nanfang Hope Industry Co. Ltd.Minsheng Bank Refers to China Minsheng Banking Corporation Limited
New Hope Chemical Refers to New Hope Chemical Investment Co. Ltd.Finance Company Refers to New Hope Finance Co. Ltd.Polaris Bay Refers to Polaris Bay Group Co. Ltd.Huarong Chemical Refers to Huarong Chemical Co. Ltd.Xingyuan Environment Refers to Xingyuan Environment Technology Co. Ltd.Feima International Refers to Shenzhen Feima International Supply Chain Co. Ltd.New Hope Dairy Refers to New Hope Dairy Co. Ltd.New Hope Service Refers to New Hope Service Holdings Limited
Zhongxin Food Refers to Shandong Zhongxin Food Group Co. Ltd.Incentive Plan 2022 Refers to Restricted Stock Incentive Plan 2022
16Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Section 2 Company Profile and Key Financial Indicators
I. Company Information
Stock name New Hope Stock code 000876
Listed on Shenzhen Stock Exchange
Company name in Chinese 新希望六和股份有限公司
Abbreviation in Chinese 新希望
Company name in English (if any) NEW HOPE LIUHE CO.LTD.Abbreviation in English (if any) NEW HOPE
Legal representative Liu Chang
Registered address High-tech Industrial Development Zone Mianyang Sichuan Province
Postal code of the registered address 621006
Record of registered address changes None
Office address 376 Jinshi Road Jinjiang Industrial Park Chengdu Sichuan Province
Postal code of the office address 610063
Website http://www.newhopeagri.com
Email 000876@newhope.cn
II. Contact information
Board secretary Securities affairs representative
Name Zhao Liang Bai Xubo
11F Block T3B Wangjing SOHO 11F Block T3B Wangjing SOHO
Address Center No. 10 Wangjing Street Center No. 10 Wangjing Street
Chaoyang District Beijing Chaoyang District Beijing
(010)53299899-7666
Tel. (010) 53299899-7666
(028)85950011
Fax (010) 53299898 (010) 53299898
Email 000876@newhope.cn baixb@newhope.cn
III. Information disclosure and filing place
Website of the stock exchange where the annual
http://www.szse.cn http://www.cninfo.com.cn
report is disclosed
Name and website the media where the annual China Securities Journal Securities Times Shanghai Securities News
report is disclosed Securities Daily and www.cninfo.com.cn
Place of filing of the annual report Office of the Board of Directors
IV. Registration changes
Unified social credit code 91510000709151981F
Changes in main business of the Company since The Company completed overall listing of its major assets reorganization of
its listing (if any) agricultural and animal husbandry businesses within its system in 2011. The
17Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.Company substituted and sold all of shares held by it in “Chengdu New HopeIndustrial” “Sichuan New Hope Industrial” and “New Hope Dairy” and
purchased agricultural and animal husbandry assets with substituted and
issued shares. After the major asset restructuring the Company's production
scale profitability industry competitiveness and anti-risk ability have been
greatly improved with an integrated business pattern of collaboration among“feed production livestock and poultry farming slaughtering and meatproduct processing” industries formed to effectively level out fluctuations of
livestock and poultry farming operations forming a more complete
controllable and traceable intra-industry circulation system to ensure feed and
food safety.At the end of 2023 the Company taking into account the characteristics of
industrial development the stage of the pig cycle the overall layout and long-
term planning once again made major strategic adjustments introducing
strategic investors for the white feather meat and poultry industry and food
deep processing sector with controlling shares transferred and making full
use of external industrial resources to promote development. In the future the
Company will focus on the two major industries feed and pig farming and
slaughtering helping enhance the competitiveness of the Company in the two
core businesses and further grow bigger and stronger.Changes in historical controlling shareholders (if
None
any)
V. Other related information
Accounting firm engaged by the Company
Sichuan Huaxin (Group) Certified Public Accountants (Special General
Name of accounting firm
Partnership)
Office address of the accounting firm 28/F Jinmao Lidu South Building #18 Ximianqiao Street Chengdu
Name of signing accountant Tang Hui Gu Li
Sponsor institution engaged by the Company that performed ongoing supervision responsibilities during the reporting period
□Applicable □Not applicable
Name Office address Representative Period of ongoing supervision
No. 111 Fuhua First Road
China Merchants Securities November 29 2021 to
Futian Sub-district Futian Zhang Yinbo Wang Huimin
Co. Ltd. December 31 2022
District Shenzhen
Financial advisor engaged by the Company that performed ongoing supervision responsibilities during the reporting period
□Applicable □Not applicable
VI. Key accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
□Yes □No
2025 2024 Increase/decrease 2023
Operating income (yuan) 106856298720.47 103062962254.34 3.68% 141703248931.32
Net profit attributable to
shareholders of the listed -1784352202.18 473599068.10 -476.76% 249195333.87
company (yuan)
Net profit attributable to
-1473654768.30614433937.76-339.84%-4608338751.75
shareholders of the listed
18Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
company after deducting
non-recurring gains and
losses (yuan)
Net cash flows from
operating activities 9377940842.22 9126553532.87 2.75% 13904015800.54
(yuan)
Basic earnings per share
-0.410.09-555.56%0.04
(yuan/share)
Diluted earnings per
-0.410.09-555.56%0.04
share (yuan/share)
A drop of 10.58
Weighted average ROE -8.85% 1.73% 0.71%
percentage points
By the end of 2025 By the end of 2024 Increase/decrease By the end of 2023
Total assets (yuan) 114232592818.92 117913645385.32 -3.12% 129610605533.07
Net assets attributable to
shareholders of the listed 22200230306.09 25657330263.70 -13.47% 24776054606.40
company (yuan)
The lower of net profit of the Company before and after deducting non-recurring gains and losses in the most recent three
accounting years was negative and the most recent year’s audit report shows that the Company’s ability as a going concern is
uncertain
□Yes □No
During the reporting period the lowest value among the audited total profit net profit and net profit after deducting non-recurring
gains and losses was negative.□Yes □No
Item 2025 2024 Note
Operating income (yuan) 106856298720.47 103062962254.34 N/A
Revenue from sale of materials sale of
Operating income unrelated
obsolete supplies leasing planting 380134031.32 342734481.12
to main business
business and warehousing service fee etc.Mainly revenues from sale of
materials sale of obsolete
Deduction from the operating revenue
380134031.32 342734481.12 supplies leasing planting
(yuan)
operations and storage
service fees etc.Operating income after
deducting the revenues from
sale of materials sale of
Operating income after deduction (yuan) 106476164689.15 102720227773.22
obsolete supplies leasing
planting operations and
storage service fees etc.VII. Accounting data difference under Chinese and foreign accounting standards
1. Difference in net profits and net assets in financial reports disclosed under both international
accounting standards and Chinese accounting standards
□Applicable □Not applicable
The Company had no difference in net profits and net assets in financial reports disclosed under either international accounting
standards and Chinese accounting standards during the reporting period.
19Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2. Difference in net profits and net assets in financial reports disclosed under both overseas accounting
standards and Chinese accounting standards
□Applicable □Not applicable
The Company had no difference in net profits and net assets in financial reports disclosed under either overseas accounting
standards and Chinese accounting standards during the reporting period.VIII. Quarterly key financial data
Unit: yuan
Q1 Q2 Q3 Q4
Operating income 24417096879.71 27207483625.67 28879052022.92 26352666192.17
Net profits attributable
to shareholders of the 444687554.65 310176374.18 5125510.15 -2544341641.16
listed company
Net profit attributable
to shareholders of the
listed company after
434823830.27266337568.0116303638.71-2191119805.29
deducting non-
recurring gains and
losses
Net cash flows from
966674184.894186813024.702681869694.581542583938.05
operating activities
Whether the aforesaid financial indicators or their sums are materially different from related financial indicators in quarterly
reports and semiannual reports disclosed by the Company
□Yes □No
IX. Non-recurring items and their amounts
□Applicable □Not applicable
Unit: yuan
Item Amount in 2025 Amount in 2024 Amount in 2023
Gain or loss on disposal of non-
current assets (including the charged-
-495646636.75-331554931.584279662499.12
off portion of the accrued provision
for asset impairment)
Government grants included in the
current profit or loss (excluding
government grants that are closely
related to the business operations of
the Company and granted under 76781850.90 71770654.45 189001484.92
defined standards in compliance with
national policies and have a
continuous impact on the profit and
loss of the Company)
Gain or loss from changes in fair
value of financial assets and financial
liabilities held by non-financial 23206669.89 36075893.84 21910534.56
enterprises and gain or loss on
disposal of financial assets and
20Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
financial liabilities except for the
effective hedging transactions related
to normal business operations of the
Company
Charge on the use of funds from non-
financial business included in the 3978937.06 5813636.13 0.00
current profit or loss
Reversal of impairment provision for
receivables subject to separate 75888212.63 57038413.66 36331996.87
impairment test
Income generated by the share of the
fair value of identifiable net assets of
the investee at the time of acquisition
0.000.003575.79
of investment higher than the cost of
acquisition of subsidiaries
associates and joint ventures
Gain or loss from debt restructuring 1197312.80 1916532.45 0.00
Other non-operating income and
expenses other than those described -20977836.65 6634350.76 70794124.48
above
Less: impacted income tax 9587036.84 36241450.18 33208152.69
Impacted minority equity (after
-34461093.08-47712030.81-293038022.57
tax)
Total -310697433.88 -140834869.66 4857534085.62
Details of other gain and loss items that meet the definition of non-recurring gains and losses:
□Applicable □Not applicable
The Company had no other gain and loss items that meet the definition of non-recurring gains and losses.Notes on the circumstances under which the non-recurring items listed in the Explanatory Announcement on Information
Disclosure by Companies Offering Securities to the Public No. 1 - Non-recurring Gains and Losses are defined as recurring gains
and losses.□Applicable □Not applicable
The Company has no non-recurring items listed in the Explanatory Announcement on Information Disclosure by Companies
Offering Securities to the Public No. 1 - Non-recurring Gains and Losses defined as recurring gains or losses.
21Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Section 3 Management Discussion and Analysis
I. Main businesses of the Company during the reporting period
The Company is required to comply with the disclosure requirements set forth in the Self-Regulatory Guidelines No. 3 for
Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure regarding listed companies engaged in livestock
poultry and aquaculture husbandry businesses.In 2025 the Company focused on two major businesses: feed and pig farming and slaughtering.(I) Feed business
In feed business there are premixed feed concentrated feed as well as compound feed by nutrient. Among them premixed
feed and concentrated feed are both supplied to internal compound feed plants and sold to external markets directly. External
customers include other feed enterprises or dealers with certain feed ingredient procurement formulation and production capacity
who produce compound feed on the basis of the Company's premixed feed and then resell them to other farmers with their own
brands or no brands; large farms that have the above capabilities but produce the compound feed for their own use. By animal the
Company’s products include almost all types of feed products such as poultry feed swine feed aquatic feed and ruminant feed.As the Company also has pig farming business downstream the swine feed produced is supplied to downstream collaborative
farmers and company-run farms in addition to sales to external markets. Poultry feed aquatic feed and ruminant feed produced by
the Company are mainly sold to external markets. In the downstream sales the Company has seized the opportunity of increasing
the scale of farming in recent years to increase the direct sales for large-scale farms and breeding enterprises but also attaches
great importance to dealers to maintain full coverage of the majority of small and medium-sized farmers (as shown in the figure
below).Premixed feed/ Other feed
External sales
concentrated feed enterprises/dealers/large
production farms
Internal sales Company-run pig farms/
contract farmers
Feed ingredient
Internal sales
procurement
External sales - Direct supply Breeding enterprises/
large farms
Compound feed
External sales - Distribution
production
Small and medium-sized
Dealers
farmers
The Company’s feed business has maintained a leading position in the domestic feed industry in terms of scale for many
years. In 2025 the total domestic and international feed sales volume of the Company reached 29.74 million tons accounting for
8.7% of the national total output. Due to the recovery of downstream breeding volume the total sales volume increased from 2024.
Among them there were 16.87 million tons of poultry feed 10.2 million tons of swine feed 1.97 million tons of aquatic feed and
0.53 million tons of ruminant feed. The sales volumes of the main feed products were all among the top in the industry.
In addition to maintaining a leading position in the domestic feed industry for a long time the Company also took the lead in
“going global” on behalf of Chinese feed enterprises in 1999 by establishing the first overseas feed company in Vietnam which
22Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
has been deeply involved in the overseas market for a quarter of a century operating over 60 branches and subsidiaries in 15
countries and regions. Through long-term overseas operations the Company has obtained a deep understanding of and integrated
into overseas cultures replicated the advanced domestic formula procurement capabilities to overseas markets and also improved
labor efficiency and reduced labor cost by utilizing local personnel in production sales and other links. Especially in the feed
market in Southeast Asia the Company has become an important Chinese force. In core overseas countries where the Company
has key business layout such as Indonesia Vietnam Egypt and other countries the feed sales of the Company have entered the
top four in these countries. In 2025 the Company's overseas feed sales volume recorded 6.38 million tons.(II) Pig farming and slaughtering business
The Company started to vigorously develop its pig farming business in 2016. From 2019 to 2020 in the wake of major swine
disease outbreak the Company invested heavily in pig farming business in response to the call of the state to stabilize production
and ensure supply resulting in a rapid growth in the pig farming capacity and hog sales. In 2021 the Company's pig farming
business entered a stage of stable operation. By 2025 the number of pigs in stock reached 17.55 million ranking third among
domestic listed companies.
1. The Company's business model in pig farming
In the breeding process the Company has established a two-line "pyramid" breeding system centered on three-way cross and
PIC five-way cross to select pig breeds suitable for regional markets according to the differences between the markets in north and
south China. In the context of the recent surge in pig disease outbreaks the Company has also established a certain proportion of
backcross breeding system to increase the supply and regulation capacity of breeding pigs and enhance its operational stability
and rapid response capabilities when dealing with pig diseases and extreme market conditions. After stable operation since 2021
the Company gradually reversed the phased regression following the rapid expansion in the previous years and the production
indicators in all aspects gradually improved. By the end of 2025 the average PSY of the Company's sow production recovered to
about 26 which was in the leading level in the industry.In terms of commercial pig finishing the Company has gradually built finishing farms according to the specific conditions of
different projects in different regions. At present the Company remains its focus on the "company + farmer" collaborative
breeding supported by integrated company-run breeding. By the end of 2025 the ratio of integrated company-run breeding to
collaborative breeding was about 38:62 and the proportion of company-run breeding increased compared to the end of 2024. With
the improvement of the Company's finishing farm management and talent training the proportion of integrated company-run
breeding will gradually increase in the future and the Company will realize a more balanced development layout of "company +
farmer" collaborative breeding and integrated company-run breeding.
2. Division of duties in collaborative finishing
In collaborative finishing the Company and farmers respectively invest different production factors assume different duties
and share different earnings and risks. In terms of input of production factors the Company is responsible for the input of piglets
feed veterinary drugs vaccines etc. while farmers provide the input of property plant and equipment such as pigpen. In addition
farmers need to pay a breeding deposit and bear the costs of labor water electricity and fuel on finishing farms. In terms of
division of duties the Company is responsible for piglet supply feed supply epidemic disease prevention and treatment breeding
technology guidance collection and sales and other process while farmers are responsible for daily feeding cleaning and
biosafety control. In terms of earnings and risks the Company bears the market price risk and enjoys the opportunity profit while
farmers neither bear the market risk nor enjoy the opportunity profit. The farmers’ returns are relatively stable and not directly
related to the market prices but closely related to the breeding results. In addition the Company is exposed to risks that farmers
don’t abide by the contract or the Company’s guidance and sell pigs or use medication without authorization. However as the
scale of collaborative farming has been growing and the collaboration period has become longer in recent years in case of the
aforesaid breaches farmers will bear huge risk of dishonesty and the Company will confiscate the breeding deposit and sue the
farmers for breach of contract. Therefore such breaches are becoming less frequent.
3. Pricing and settlement of collaborative finishing
23Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
When the Company signs the contract of collaborative finishing with farmers a basic unit price is first formed according to
the market conditions at that time which would change appropriately according to the latest market changes at the time of pig
recycling and settlement. When finished pigs reach the marketable weight they are weighed and the basic price is formed by the
base unit price multiplying the average weight before the settlement price is adjusted according to the specific weight of each pig
that exceeds or fails to reach the ideal weight range marketing rate (i.e. the survival rate) rate of conforming products feeding
days total weight gain whole-process feed conversion ratio daily average weight gain excessive consumption of feed and the
other production indicators thus deriving the final commission payable to contract farmers.
4. Number and structure of contract farmers and their changes
As of the end of December 2025 the number of cooperative free-range farmers who had signed contracts with the Company
to raise finishing hogs was 1418 basically the same as that at the end of December 2024. The average size of contract farmers
increased by 12% from the end of December 2024. By structure of the stock scale the number of farmers each with less than 1000
pigs accounted for 6% down 1.8 percentage points from a year earlier; farmers each with 1001 to 3000 pigs accounted for about
53% down 5.0 percentage points from a year earlier; farmers each with 3001 to 5000 pigs accounted for about 26% up 2.9
percentage points from a year earlier; and farmers each with more than 5001 pigs accounted for 15% up 3.9 percentage points
from a year earlier.By structure of the farmers' regional distribution according to the five regions defined by the Ministry of Agriculture for the
prevention and control of major swine diseases the number of farmers in the northern region accounted for about 13% up 2.5
percentage points from a year earlier; farmers in the eastern region accounted for 26% up 4.3 percentage points from a year earlier;
farmers in the northwestern region accounted for about 13% up 1.8 percentage points from a year earlier; farmers in the
southwestern region accounted for about 15% up 2.9 percentage points from a year earlier; and farmers in the south central region
accounted for about 33% down 11.5 percentage points from a year earlier.
5. The Company's business model in pig slaughtering
In terms of pig slaughtering the Company has established some slaughter supporting facilities in Beijing Liaoning Hebei
Shandong Shaanxi and other places according to the layout and scale of the upstream breeding in different regions. In terms of
breeding in the region with slaughter facilities the Company gives priority to the internal slaughterhouse for slaughter and in
other regions with no slaughter facilities pigs are sold externally. In recent years the Company has enhanced the direct marketing
between breeding and external slaughtering enterprises. However with the current development of the industry pigs are still need
to be sold to pig traders in many regions. In terms of slaughtering about 70% of the pigs the Company slaughters every year are
finished at company-run farms and the rest are pigs from other farms acquired in the market.The complete business model of the Company's pig farming and slaughtering business is shown in the figure below.Outsourcing
External pig farms
Internal swine Internal sales Company-run
feed production slaughterhouses
Company-run
finishing farms
Replacement gilts from Weaned piglets External
supplied by parent
the breeding system farms slaughterhouses
Farmer-run
finishing farms/ External sales
free-range farms
Pig traders
24Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
II. The industry in which the Company operates
(I) Feed business
1. Domestic feed industry
Feed can be classified into premixed feed concentrated feed and compound feed (or complete feed) according to the scope of
nutritional ingredients contained. Premixed feed is the mixture of various nutritional additives such as vitamin mineral substance
and amino acid; the concentrated feed is formed after adding various animal and vegetable proteins into the premixed feed; the
compound feed is formed after further adding various energy raw materials into the concentrated feed. In terms of the final
nutritional needs the number of nutritional additives used is small but with high unit value and the energy raw materials have a
low unit value but with large amount used while the protein raw materials are between both. In 2025 the total industrial feed
production across the country was 342.25 million tons an increase of 8.6% compared with the previous year. Among them the
production of compound feed was 319.46 million tons (accounting for approximately 93.3%) the production of concentrated feed
was 13.38 million tons (accounting for approximately 3.9%) and the production of additive premix feed was 7.53 million tons
(accounting for approximately 2.2%). The vast majority of feed enterprises produces compound feed. Large enterprises have large
demands for premixed feed and concentrated feed due to their large outputs of compound feed so they usually produce premixed
feed and concentrated feed themselves. The small and medium-sized enterprises only produce compound feed due to their small
scale and purchase premixed or concentrated feed as needed from premixed feed business unit of large enterprises or other
independent premixed feed enterprises. Some farmers of considerable scale also purchase premixed or concentrated feed directly
before blending the protein and energy ingredients into them for use. Feed can be classified according to the type of animals it is
fed to such as swine feed poultry feed aquatic feed and ruminant feed. In 2025 the total national feed production consisted of
166.39 million tons of swine feed (accounting for approximately 48.6%) 32.82 million tons of layer feed (accounting for
approximately 9.6%) 100.98 million tons of meat-poultry feed (accounting for approximately 29.5%) 23.23 million tons of
aquatic feed (accounting for approximately 6.8%) and 14.76 million tons of ruminant feed (accounting for approximately 4.3%).Since the beginning of the 21st century the domestic feed industry has generally maintained a steady growth trend with an
average annual compound growth rate of approximately 6.5% from 2001 to 2025. The gross national production slowed in the
mid-2010s and even declined in 2019 due to the major swine disease. However since the beginning of 2020 due to the recovery
of pig production capacity on the one hand and the further improvement of downstream livestock and poultry farming on the other
hand the industrial feed segment ushered in new growth with the total national output exceeding 300 million tons for the first
time in 2022. In 2025 due to the partial recovery of the breeding volume in the downstream livestock and aquatic farming sectors
the total industrial feed production across the country reached 342.253 million tons a year-on-year increase of 8.6% (as shown in
the figure below).
25Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Feed output nationwide (10000 tons)
With the steadily growing total output the feeds for different animal species would show different growth trends due to
different impacts of long intermediate and short cycles. The long cycle refers to the cycle of industrial upgrading and
technological progress such as the slow changes in the degree of downstream large-scale farming technological maturity
penetration of compounding materials and consumption habits. The intermediate cycle refers to the cycle of supply-demand
relation and price changes of livestock and poultry products as the periodic increase and decrease in breeding quantity of a
particular type of animal downstream will affect the increase and decrease of sales volume of the corresponding feed type
upstream. The short cycle refers to the natural disasters and animal diseases that affect specific animals such as H7N9 flu that
affected the poultry feed in the first half year of 2017 rainstorms and floods in the south China that affected the aquatic feed in
2017 and the major swine disease that greatly affected the swine feed from the mid-2018 to 2019. The most typical trend of
change in recent years is swine feed. Its output declined significantly in 2019 and 2020 due to major swine diseases but has
continuously increased significantly since 2021 due to the large-scale and centralized pig farming in the downstream areas. Meat
and poultry feed output has also increased significantly in recent years with the scale and centralized downstream breeding. From
2001 to 2025 from the perspective of the average annual compound growth rate of all types of products the growth rates of swine
feed (7.3%) meat and poultry feed (7.3%) and ruminant feed (9.6%) were all higher than the growth rate of total output (6.5%)
while the growth rates of aquatic feed (5.6%) and egg-laying poultry feed (3.0%) were lower than the total output growth rate (as
shown in the figure below).
26Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Feed output nationwide by variety (10000 tons)
Swine feed
Meat
poultry feed
Egg poultry
feed
Aquatic
feed
Ruminant
feed
Others
With the steady growth of the industry's total volume the single-plant scale of enterprises the overall scale of enterprise
groups and the concentration degree of leading enterprises have all increased. For instance in 2018 when the major swine disease
broke out there were only 656 large-scale mills with annual output of more than 100000 tons nationwide and their combined feed
output accounted for 49.7% of the total national output; by 2025 the number increased to 1127 and their combined feed output
accounted for 65.2% of the total national output. There are now 17 feed mills with annual output of more than 500000 tons an
increase of 6 mills from the previous year. There are currently 7 enterprise groups with an annual output exceeding 10 million tons.In 2025 the total sales of the top 20 feed enterprises in China accounted for approximately 65% of the total national output.Among them the total sales of the top 7 leading feed enterprises accounted for approximately 46% of the total national output.Small and medium-sized feed enterprises with insufficient competitive advantages and poor management either reorganized or
exited the market while large enterprises due to their stronger comprehensive strength become increasingly dominant in the
competition.The main operational aspects of the feed business include technology R&D raw material procurement production and
processing as well as sales and services usually simply referred to as “technology procurement production and sales”. Among
them the interaction between technology and procurement is the closest. This is because that raw material costs of feed products
account for 80-90% of the selling price. Purchasing cheap raw materials is one of the key factors for success. However the raw
material procurement should take the nutritional needs into account rather than only considering the cost. There are hundreds of
raw material types resulting in thousands of formula combinations. Companies need to design the lowest-cost formula that meets
the specific nutritional needs according to the nutrient contents and costs of different raw materials at a given time thereby making
appropriate procurement decisions. The production and processing parts mainly focus on production efficiency and product quality.The sales service part mainly focuses on customer development and maintenance sells the products that meet different needs to
different customer groups helps farmers enhance the breeding performance through additional services optimizes the cost and
efficiency of the distribution process feeds back the customer needs and product problems to the technology research and
development department in time to form good interactions. It should be noted that the customers include both the feed-using farms
and farmers and feed dealers as distribution channels; in reality there are also some big farmers who are engaged in breeding and
feed distribution as part of their business. On the whole with the improvement of the scale of downstream farming links feed
companies have more direct access to farms and farmers and the proportion of direct sales in the industry has gradually increased.However since feed dealers can still play a role in the transfer of funds storage and distribution of feed products other supporting
animal healthcare products providing simple technical services placing farming contracts and organizing the recovery of live
poultry and livestock dealers still play an important role in the feed industry.
27Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
With the increasingly fierce competition in the industry various enterprises continue to study in all aspects of the existing
business and strive to improve and innovate. In terms of technology R&D microbial fermentation technology has given rise to the
development of biological environment-friendly feed. In the field of aquatic feed there has been an upgrade from sinking pellet
feed to floating puffed feed. In other categories there have also emerged increasingly specialized feed types based on feeding
stages. Especially in recent years against the backdrop of rising prices of feed ingredients imported ones in particular the feed
formulas have undergone significant adjustments such as reducing the consumption of soybean meal and increasing the
consumption of corn etc. In terms of raw materials procurement companies continuously explore more diversified new-type raw
materials while for the conventional bulk raw materials the upstream important raw materials bases are secured by means of
strategic partnership agreement equity participation or self-run operation with the accuracy of bulk purchasing enhanced by using
big data futures and other financial instruments. In terms of production and processing more efficient and convenient logistics can
support the transportation of a larger radius thus giving rise to more and more feed plants with larger capacities. Companies
improve efficiency through more centralized large-scale production while at the same time enhancing the quality through
specialized workshops or production lines. In terms of sales service in addition to selling feed products companies also provide
multiple forms of value-added services to farmers by leveraging downstream dealer resources such as technical guidance animal
healthcare veterinarian financing support information service and livestock and poultry marketing etc. to enhance customer
stickiness shorten the distribution process improve the proportion of direct supply help farmers improve breeding efficiency and
increase income.Besides improvement of their own business links feed companies also actively explore the upstream and downstream of the
industrial chain by extending to raw material planting and trade upstream and reaching out to the breeding slaughter and deep
processing downstream. Among them poultry feed producers extend their business to the downstream segment of poultry farming
and slaughtering earlier and more frequently; while for swine feed enterprises they extend to pig farming and slaughtering
relatively late and infrequently. However in the most recent two rounds of pig cycle especially after the outbreak of major swine
diseases such extension has been becoming more and more common. Such extension to the downstream reflects the desire of feed
producers to control the downstream breeding and consumer needs so that they can gain the profits from the downstream while
ensuring the upstream feed capacities can be fully utilized. The reason behind this lies in shift of supply-demand relation across the
industry and gradual scale-up of the downstream breeding operations as the focus of industry value is gradually changing from the
feed operations in the past to the downstream breeding and food production.
2. Overseas feed industry
Due to the increasingly fierce domestic competition more and more overseas markets have been noticed by Chinese feed
companies and become important opportunities for further growth in the future. In terms of production mode and core
competitiveness it has certain similarities with other industries. That is beginning from developed and mature European and
American countries first spreading to China and then spreading to emerging markets such as Asia and Africa. The driving force
behind this is on the one hand the transfer of feed and farming technology on the other hand and more importantly the
macroeconomic development of countries in different regions the growth of population and the growth of animal protein
consumption demand. However due to the low gross profit margin of the feed industry as a whole and the large weight of the main
products feed products are mostly produced and sold locally and are rarely exported. Regardless of foreign feed companies
entering China thirty years ago or Chinese feed companies going overseas today they rely more on their years of technical and
management experience accumulated in the home market and the relative advantage relative to the overall level of the host
country with new production capacity developed in the host country to serve the breeding needs of the host country.In 2025 the feed industry in regions outside China gradually developed. Domestic feed enterprises relying on their excellent
capabilities in formula cost and procurement continued to expand into overseas regions. According to Alltech data in 2025 the
ranking of the world's top ten feed-producing countries remained unchanged from 2024 collectively accounting for 65.2% of
global feed production with China the United States and Brazil together contributing nearly 48% of global total output. By feed
category broiler feed remained the largest category at 400 million tons up 3.7% year-on-year; swine feed reached 380 million tons
28Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
a 3.0% increase year-on-year; layer feed totaled 180 million tons up 3.2% year-on-year; and aquatic feed amounted to 60 million
tons growing by 4.7% year-on-year. By region Asia maintained its position as the global feed production hub with an output of
560 million tons. Latin America produced 200 million tons while Africa and the Middle East combined for 100 million tons
showing divergent trends. Africa experienced strong expansion whereas growth in the Middle East was modest. The Asia-Pacific
region (excluding China) saw robust market development driven by rising protein demand due to economic and population growth.The Company is one of the earliest Chinese feed enterprises to enter the overseas market. It established its first overseas feed
mill in Vietnam in 1999. After more than 20 years of expansion and optimization the Company has formed a clear hierarchical
market structure overseas with Indonesia Vietnam and Egypt as the core countries and Bangladesh the Philippines and Myanmar
as the key countries. The feed market size of the 6 core countries and key countries has reached over 71 million tons. However
their total population is approximately 826 million and the per capita feed yield is only equivalent to 38% of China's current level.In the future as the economies populations and product penetration rates of these countries further improve there will still be
significant growth potential in the feed market.(II) Pig farming and slaughtering business
Unlike the feed industry which has witnessed continuous increase in product penetration and market size due to industrial
upgrading and technological progress pig farming as the largest source of meat consumption in China has basically stabilized its
overall scale in recent years. Over the past 15 years with the impact of major swine diseases nationwide such as the major swine
disease in 2019 and 2020 eliminated the annual output of hogs has fluctuated basically around 700 million and the pork
production has also fluctuated around 55 million tons. However behind this is the long-term improvement of the production
efficiency of the whole industry and the gradual decline in the stock size of breeding sows as the core capacity. For instance in
2025 annual output of hogs increased by 12% from 2009 but the stock of breeding sows at the end of the year decreased by 17%.
According to data from the Ministry of Agriculture and Rural Affairs the number of breeding sows in stock nationwide in 2025
gradually and slowly declined from 40.62 million since January. However the number remained above 40 million for the first nine
months. The Company began to accelerate the process of excess capacity reduction in October with the number saw a cumulative
reduction of 740000 from October to December. By the end of 2025 the number of breeding sows in stock nationwide reached
39.61 million (101.6% of the normal level). Although it is within the green area of production capacity due to factors such as the
improvement of industry production efficiency and the weakening of the pig disease in the winter of 2025 it is expected that the
supply of hogs will still be relatively abundant in 2026.Hog output and stock of breeding sows since 2009
Yearly hog output (in 10000 left) Year-end stock of breeding sows (in 10000 right)
Therefore the core driving force for the development of the pig farming industry lies in in the face of a basically stable
market demand achieving the replacement of inefficient production capacity with efficient production capacity through gradually
29Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
improving production efficiency. In terms of organizational form it will first be reflected in the upgrade from individual and
concurrent scattered pig farming in the traditional small-scale peasant economy to enterprise-oriented and specialized large-scale
pig farming. It will also be reflected in the competition among enterprises and the survival of the fittest among efficient
enterprises and inefficient ones. During this process the scale of farming entities at all levels and the concentration of leading
enterprises will continue to increase. In 2016 the combined output of hogs of the top 20 domestic pig farming enterprises was
merely 41.33 million accounting for 6% of the national total that year. By 2025 the number had reached 253.35 million a
substantial increase of 5 times and its proportion in the national total of 719.73 million that year also rose to 32.5%.Pig farming involves breeding pig propagation and commercial pig finishing. The improvement of technology and production
efficiency as well as the upgrade from small-scale farmers to large-scale enterprise-oriented breeding are first and more
prominently reflected in the breeding pig propagation process. The breeding pig propagation can be subdivided into breeding and
breeding pig farming. Breeding specifically refers to selection and breeding of high intergenerational good stock while breeding
pig farming refers to further expanding propagation of original breeding pigs and output of boar semen sows and commercial
piglets. The breeding of pigs requires long-term research and development accumulation due to very high technological
complexity. At present it is mostly controlled by foreign professional breeding pig companies although some leading companies
in China have made breakthroughs in recent years. However most domestic enterprises have not yet ventured into the upstream
breeding process and still need to introduce GGP pigs or higher-generation breeding pigs from foreign suppliers every few years
for GP and parent generation expansion in China. In this regard some of them are specialized breeding pig companies who
directly sell the breeding pigs and piglets to other companies after expanding propagation of great grandparent pigs introduced
abroad without setting foot in the commodity generation breeding. Some other cases are extension made by large commercial pig
companies towards the breeding pig cultivation operations upstream in order to ensure the availability of their own breeding pigs
and piglets with the parental breeding pigs and commercial piglets produced for their own use. To ensure availability of piglets to
themselves some farmers would also participate in the parental breeding operations i.e. they purchase the parental sows and boar
semen from companies and then propagate piglets themselves. Even so more and more farmers are exiting from the parental
breeding operations gradually. It is mainly because that with the development of breeding technology large-scale and intensive
piglet production by large enterprises has obvious efficiency differences compared with farmers’ piglet breeding. This is reflected
in PSY the most commonly-used indicator in the industry. In the years before the major swine disease outbreak the average PSY
of the entire industry was about 17 that of large companies was generally over 20 and that of farmers’ propagation and breeding
was about 15. After the major swine disease outbreak due to the impact of animal diseases and the rapid repopulation that led to
the extensive use of three-way crossbred sows the PSY of the entire industry generally declined. In the past three years with the
stabilization of production the elimination of inefficient sows the improvement of epidemic prevention and control effects and
the increase in the proportion of large enterprises' operations the production indicators of the entire industry have gradually
improved. According to wepig.cn the PSY of the entire industry increased significantly in 2025 reaching 24.34 but there is still
room for improvement compared with 27.56 in the United States in 2025. In this regard large enterprises will lead the industry in
the future promoting the improvement and independent selection of breeding pigs and promoting intelligent farming. While
driving the entire industry to further increase the overall PSY they may also continue to maintain their technical and efficiency
advantages over farmers in pig breeding.In the finishing process of commercial pigs the ratio of company-run farms to farmer-run farms is not as high as the breeding
process. It is mainly because that the difference between companies and farmers in technology and efficiency is not as large as it is
in the breeding process of breeding pigs. In addition companies require additional huge investments of property plant and
equipment to build finishing farms. It will be hard for the companies to utilize asset-light expansion model to build finishing farms
and building finishing farms affects investment income as well. As a result in recent years when enterprises increase investments
in pig farming industry especially at the early stage of competition for market shares most companies choose to invest in
developing the production capacity of breeding pigs first and choose “company + farmer” collaborative breeding for the
commercial pig finishing link. Specifically this kind of cooperative breeding mainly takes the form of entrusted rearing. That is
30Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
the enterprise raises sows to produce piglets and provides the piglets to farmers along with feed veterinary drugs and technical
services. After the farmers finish finishing the pigs the enterprise will reclaim the finished pigs and sell them. During this process
the ownership of both the piglets and the finished pigs belongs to the enterprise. In recent years there are also some companies in
some areas sell piglets feed and veterinary drugs to farmers (usually at a higher price than the market price to ensure that farmers
do not illegally resell the above production materials) and buy back the pigs and sell them after they are finished. At last there are
a few companies directly sell commercial piglets to farmers but are not responsible for recycling or buying the pigs back.The outbreak and evolution of major swine diseases in recent years affect numerous companies’ judgments and decisions
about company-run commercial pig finishing practices. In the first two or three years after the outbreak farmers found it relatively
difficult to achieve good containment results due to inadequate technologies and experiences in major swine disease containment
and limited access to equipment and facilities thus posing a higher biosafety risk. Some outstanding companies in the industry
using the integrated company-run farming model realized major swine disease containment better than farmer-run farming to a
certain extent through fine management of the company-run finishing operations. It made numerous companies start considering
increasing the proportion of company-run finishing in the medium and long run. However starting from 2021 the considerable
improvement made by farmers in technology experience equipment and facilities used for major swine disease containment
narrowed their gap with company-run finishing farms; meanwhile due to continuous mutation of major swine virus that made the
latency longer and harder to be detected company-run finishing farms that are individually large in stock of pigs faced greater
pressure in the prevention and control of major swine diseases while farmer-run finishing farms that usually have two to three
thousands of pigs in their herds are more flexible and have stronger competitiveness in terms of finishing costs. Moreover after the
rapid development of many enterprises in the past two or three years they still have deficiencies in terms of capital reserves talent
capacity reserves especially in finishing talent capacity reserves. Therefore the "company + farmer" collaborative breeding mode
will remain prevalent in the industry in the next three to five years. On this basis a "specialized free-range farming company"
business model that initially emerged in 2022 and became significantly popular in 2024 has to a certain extent strengthened the
collaborative breeding model. This business model was initially manifested as "secondary finishing" that emerged in the second
half of 2022. Subsequently some practitioners noticed that if they only engaged in the downstream finishing process they could
flexibly participate in short-term "secondary finishing" during the upward and high periods of the market and also slow down to
carry out full-process finishing during the downward and low periods of the market. This way does not involve too many
production rhythm issues in the upstream pig breeding process and is more flexible. So on the one hand they adopt a light-asset
model for the downstream integrating a large number of farmers' finishing farm resources. On the other hand relying on the
centralized finishing resources they negotiate entrusted breeding contracts with the upstream pig breeding farms in a centralized
manner. This can also help the pig breeding farms solve the efficiency problem of decentralized development and management of
numerous farmers. Eventually an upgraded model of "breeding pig enterprise + specialized free-range farming company + farmer"
is formed.Of course while the "company + farmer" mode is being upgraded as enterprises gradually recover and accumulate in terms
of funds and talent capabilities and in the longer term more and more automated and information-based equipment that helps
enterprises reduce costs is being popularized in the industry especially as these new devices and technologies are being promoted
and implemented more quickly and widely in company-run finishing farms large enterprises will still continue to increase the
scale of their company-run finishing farms to a certain extent.Pig slaughtering is the downstream part of breeding. Slaughterhouses buy commercial pigs from farmers slaughter them and
then sell raw pork or cut meat to downstream industries. In the early development stage of the domestic pig industry small
slaughtering workshops were sufficient for the industry due to the low scale of pig farms and the small number of single batches
therefore there was no strong incentive for pig farmers to go hand in hand with large-scale industrial slaughterhouses. On the one
hand it inhibited the further scale development of pig slaughtering. For example the number of pigs slaughtered annually of
domestic pig slaughtering enterprises representing large-scale slaughterhouses fluctuated around 220 million for a long time before
2018; on the other hand pig traders have long played an important role in centralizing the scale and scheduling the supply and
31Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
demand between farming and slaughtering.Major swine diseases not only brought great changes in the pig farming link but also greatly promoted the scale and
centralized development of the slaughtering link because of the scale and centralized development of the breeding link. After the
downturn of no pigs to be slaughtered in 2019 and 2020 the number of pigs slaughtered annually by designated pig
slaughterhouses began to recover and grow rapidly in 2021 and increased to 340 million in 2023 an increase of more than 50%
compared to the level of 220 million in previous years. In 2025 the total slaughter volume of large-scale designated pig
slaughterhouses was 410 million a year-on-year increase of 18.3% but still at a relatively high level. The joint improvement of the
scale of farming and slaughtering increased the opportunity for direct sourcing and direct marketing between the two to bypass pig
traders. Of course in a certain period of time the aforementioned direct sourcing and direct marketing are not a perfect match and
pig trader-involved transactions still occupy a large proportion because the annual production scale of individual farm is mostly
300000-500000 pigs relatively lower than the annual slaughter capacity of at least 1 million pigs of large-scale slaughterhouses
and the pig production batches are not evenly distributed in each month and week within a year while the slaughterhouses pursue
daily balanced production. However more and more large companies are building their own slaughterhouses in areas where their
breeding is concentrated and the scale of production is large.Hog output and slaughter volume at designated slaughterhouses since 2009
Slaughter volume at designated slaughterhouses
Yearly hog output (in 10000)
(in 10000)
The pig farming industry has long been characterized by distinct cyclical features with a "pig cycle" typically lasting 3 to 5
years. However this law has changed with the rapid scale upgrade of the industry and the substantial increase of industrial
concentration after the outbreak of the major swine disease. In 2020 the significant reduction in production and high hog prices in
the industry caused by a major swine disease stimulated a round of large investment in pig production capacity. Coupled with the
improvement of the major swine disease prevention and control level in the whole industry the production capacity and supply
quickly recovered. Since the investment and construction of new production capacity has a certain cycle and after the completion
of new production capacity enterprises often desire to increase the production load rate as soon as possible to reduce the cost so
although the hog prices have experienced a sharp decline since 2021 the pig production capacity has remained at a high level for a
long time after the decline in hog prices. The number of breeding sows in stock nationwide remained above 40 million for more
than three years from the end of 2020 to the end of February 2024. The long-term overcapacity also kept the hog prices at a
relatively low level for a long time. During that period due to the mutation of major swine diseases from the end of 2021 to thebeginning of 2022 coupled with the newly emerged "secondary finishing” in the industry the hog price experienced a short-term
rebound in the second half of 2022. However it dropped again at the end of 2022 and continued to fluctuate at a low level in 2023
causing the industry as a whole to face the pressure of losses for a relatively long time. In 2024 the industry experienced a phased
reduction in production capacity. The number of breeding sows in stock nationwide dropped briefly below 40 million from March
32Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
to May. Coupled with market disturbances such as "secondary finishing" the hog prices after the Spring Festival in 2025 showed a
situation of remaining high even in the off-season leading to an excessive optimistic expectation for the market in the second half
of the year. The number of breeding sows in stock nationwide remained above 40 million and slightly increased. Against the
backdrop of industry scale expansion and increased concentration the production efficiency of pig farms has significantly
improved. With the same scale of breeding sows the supply capacity of pigs has increased and the pressure on the supply side has
continued to rise. After peaking at 20 yuan/kg in August 2024 hog prices entered a downward trend. The average price for the
entire year in 2025 dropped to 13.77 yuan/kg reaching a new low since 2020. By the end of 2025 the pig stock nationwide was
430 million up 0.5% year-on-year; the number of breeding sows in stock was 36.91 million down 2.9% year-on-year but still
exceeding the normal stock of 39 million as determined in the Pig Production Capacity Regulation Implementation Plan (2024
Revision) released by the Ministry of Agriculture and Rural Affairs in early March 2024.Looking back at the pig market situation and capacity changes from 2024 to date although from the perspective of hog prices
the high price of around 20 yuan/kg is not as high as the one over 25 yuan/kg in the second half of 2022 under the background of"secondary finishing” hardly implying the arrival of a new cycle. However from the perspective of the number of breeding sows
in stock the low stock of 39.86 million at the end of April 2024 is indeed the lowest number following the 19.13 million one
caused by major swine diseases at the end of September 2019 and before the end of 2025 and it can also be regarded as the sign of
a new cycle. From both perspectives the new characteristics generally presented by the "pig cycle" in recent years include: an
extended cycle duration; in the absence of major epidemic disturbances the price will not be extremely high and since the
production capacity can recover relatively quickly when there is a slight increase in price the fluctuations in hog prices will also
become more stable; although the low price period within the cycle is longer than the high rice period with the continuous
development of industrial scale the significant increase in industry concentration especially the share of large enterprises and the
continuous decline in costs large enterprises as a whole will also achieve more substantial profits than five years ago. The
competition focus between pig enterprises will also shift from absolute output and market share to relatively stable scale and lower
costs for more sustainable profits. In the future with the further optimization of the efficiency of the upstream farming link and the
reduction of the cost difference between enterprises the focus of competition may shift to the downstream slaughtering and pork
sales link seeking the differentiated development of sales channels and brands and the slaughtering link will also usher in new
development opportunities.III. Analysis of core competitiveness
(I) Core competitiveness in feed business
Domestic feed business：
1. Strong bargaining power and resource integration capabilities brought by large-scale operation. Scale is one of the most
essential competitive factors in the feed industry. The feed yield of the Company ranks among the top in the country with feed
production and sales covering 29 provinces municipalities and autonomous regions at present. The industry-leading production
and sales volume and the extensive market coverage enable the Company to reach domestic and foreign grain business giants and
large channels of the same magnitude leading companies in other related industries and local governments at all levels thus
leveraging the strong bargaining power by virtue of its scale advantage to conduct cooperation of various forms and exploit its
advantages of resource integration.
2. Leading ingredient cost brought by supply chain management capabilities. In recent years the ingredient market has
fluctuated sharply. The Company has accelerated the turnover of inventory with inventory turnover days dropping from a peak of
over 20 days to 12 days and the turnover has continued to accelerate. In terms of ingredient procurement each major ingredient
procurement team of the Company has a regional BP to focus on the corresponding category and undertake regional market
research procurement business operation support and other work. Through centralized management of feed ingredient
33Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
procurement business and logistics business across the industry chain and by releasing resource integration capabilities brought by
scale advantage the Company has built the core competitiveness featuring leading ingredient cost and efficient operation.
3. Comprehensive customer service capability integrating upstream and downstream resources of the industrial chain. The
Company actively matches its customers with baby animals for farming and animal healthcare resources in each species with
several animal healthcare testing labs built in place to provide support to customers in terms of biosafety and comprehensive
animal nutrition. In terms of financing relying on its powerful platform the Company actively matches its customers with various
financing products effectively alleviating financial stresses of farmers and providing customers with more facilities while keeping
risks controllable. Especially in recent years with the improvement of the scale and centralization of the domestic pig farming
industry downstream group breeding enterprises have also generated more comprehensive demands for products and services and
the customer service ability has become more important. The Company's farming business has also helped strengthen the service
capacity of the feed business. The pig business of the Company fully supports the feed business from three aspects: talent training
scale farm service and breeding SOP sharing.
4. Continuously improved fine technology R&D capabilities. With a well-established R&D system the Company conducts
detailed research and development considering regional breeding differences and growth-phase nutritional differences of all
varieties continuously iterating and launching products that meet differentiated needs of breeding customers. Meanwhile the
Company keeps researching alternative ingredient technologies and optimizing its formula costs to increase profitability. In
particular in the context of the escalating international trade disputes since 2025 the Company has also fully accumulated
technologies and solutions for reducing the use of soybean meal in feed over the past several years. The Company has successively
participated in a number of key national R&D programs and international cooperation projects under the "14th Five-Year Plan"
creating new non-grain protein feed products and new energy products to replace corn. It has evaluated the nutritional value of
various feed resources such as bacterial protein black gadfly ash and other new proteins cottonseed meal rapeseed meal palm
meal and other miscellaneous meals distiller's grains vinegar grains and other residues as well as cassava barley and sorghum
and the appropriate addition amount of the corresponding ingredients in livestock and poultry and the high-value application
technology forming a series of technical achievements and application schemes. The "Diversified Feed Application Technology
for Pigs and Poultry" developed by the Company has been selected as a "Typical Case of Reducing and Replacing Soybean Meal
in Feed" by the Ministry of Agriculture and Rural Affairs. It has been widely promoted and applied in the industry and will play a
significant role in alleviating the shortage of protein feed resources in China.Overseas feed business：
1. The advantages of global capacity layout and localized operation. The Company has established a dense production
capacity network in emerging markets such as Southeast Asia and South Asia with over 60 subsidiaries and branches in 15
countries and regions. Feed factories have been opened in countries such as Indonesia Vietnam Egypt Bangladesh the
Philippines and Myanmar directly utilizing local agricultural resources to reduce procurement and transportation costs and avoid
trade barriers. The localized production mode enables the Company to respond quickly to changes in market demand and
formulate different production and operation strategies for different countries forming a flexible production and operation system
overseas.
2. Full industrial chain collaboration capability. Relying on its domestic mature industrial chain experience of the "feed -farming - slaughtering and processing” the Company provides customized feed products and technical services to overseas
customers and drives customer retention with its outstanding feed product capabilities high-quality supporting services and the
synergy in the fields of seedlings and animal health in the upstream and downstream of the industry.
3. Technology R&D and product innovation capabilities. The Company introduces the domestic formula technology
advantages to overseas develops differentiated formulas for different regional breeding varieties and optimizes the cost structure
based on the local raw material supply characteristics so as to keep the overall production cost leading.
4. Brand and channel resource barriers. Relying on its leading position in domestic agriculture and animal husbandry and 40
years of industry accumulation the Company enjoys a certain brand recognition in overseas markets especially in areas with a
34Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
high concentration of overseas Chinese. Small and medium-sized farmers and large-scale farms are covered in a dual-channel
network of "distributors + direct sellers". The Company has also long been involved in the investment of agricultural projects in
BRI countries and has received recognition and policy support from the host governments further consolidating its channel
advantages in the host countries.
5. Risk management and compliance capabilities. Facing risks such as exchange rate fluctuations and geopolitics in overseas
markets the Company adopts a hedging mechanism combining overseas localized teams and financial tools to reduce the impact
of exchange rate fluctuations on net profits by locking in costs through foreign exchange futures and ingredient futures.(II) Core competitiveness in pig farming and slaughtering business
1. Overall balanced capacity distribution close to main sales areas. According to the regional division by the Ministry of
Agriculture for major swine disease containment the Company’s pig farming capacity is more evenly distributed in the five
regions with 1 or 2 provinces as the focus of layout in each region and all these provinces being or surrounding core areas of
population economy and consumption in respective region. The balanced production capacity layout can help the Company
decentralize risks and avoid considerable losses to the Company as a whole due to animal diseases natural disasters and extreme
market conditions in particular regions during certain period of time. In 2024 the Company renovated epidemic prevention
facilities and equipment of some company-run farms in the north that were significantly affected by major swine diseases as well
as some free-range farms with special attention paid to the transformation of positive pressure ventilation. Since the winter of
2024 the epidemic prevention situation has been greatly improved making up for the shortcomings that the Company had in the
northern market during the past few years where it had production capacity but couldn't fully utilize it. This also enables the
Company to fully exert its advantage of balanced production capacity across the country in the future.
2. Gradually improved "pyramid + backcross" dual-breeding system. The Company mainly relied on the "pyramid" breeding
system in the past. Now most of the pig farms in operation have built GP lines and established GP pig herds in accordance with
the pyramid configuration requirements. Other independent parental pig farms also have GP farms within the system responsible
for the supply of replacement parental pigs. The gradual ramp-up of these GP lines and gradual optimization of the pyramid
system will help these pig farms achieve stable full-load operation in the future. In view of the frequent occurrence of animal
diseases in the industry in recent years the Company also actively draws on the best practices of the industry and has stepped up
efforts to establish a backcross pig production and management system for unified management and deployment of the pig
business from the middle of 2023 to increase the supply capacity and adjustment capacity of the production of breeding pigs
enhancing its stability and flexibility in business adjustment when dealing with animal diseases and extreme market shocks.
3. Consistently strengthened core population cultivation capability based on based on independent intellectual property
selection algorithm intelligent measurement technologies and biological breeding techniques. For the core breeding pigs such as
GP pigs and GGP pigs the Company continuously upgrades its proprietary breeding and production management software
HUGE-HOPE integrating the independently developed Huge BLUP multi-trait one-step calculation engine. This enables efficient
parallel computing of multiple economic traits with superior computing scale speed and resource efficiency compared to foreign
commercial software. In addition the Company has further upgraded its intelligent selection and intelligent pre-selection systems
to replace manual operations and achieve optimal selection for the entire herd. The selection accuracy and efficiency have been
significantly improved. In terms of whole-genome selection technology and its application the Company has cumulatively built a
database of tens of thousands of genetic chips. Pedigree correction variety identification and early selection have been fully
implemented. The accuracy of selection has significantly improved and the generation interval has been effectively shortened
creating considerable economic benefits for the industry. In the field of phenotypic measurement of breeding pigs the Company
has completed the domestication of the AI + machine vision + intelligent equipment entire system. Systems for in vivo
determination of intramuscular fat intelligent determination of backfat and eye muscle and portable intelligent weight estimation
have fully covered the core breeding farms achieving non-destructive high-throughput and automated precise measurement. This
effectively retains excellent breeding pig individuals and significantly improves measurement efficiency and data accuracy
providing solid support for precise breeding. The above-mentioned technological advancements will significantly promote the
35Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Company's independent selection and breeding of higher-quality core herd pigs thereby helping to enhance the production
efficiency and growth performance of downstream parental and commercial pigs and strengthening the overall competitiveness of
the pig business.
4. Ingredient procurement and formulation development capability in collaboration with feed business For feed ingredient
procurement the Feed Supply Department of Pig BG and the Supply Chain Management Department of Feed BU jointly formed
the procurement model of “centralized procurement at headquarters + regional independent procurement”. The bulk and key
ingredients are centrally sourced and purchased by the Supply Chain Management Department of Feed BU. Leveraging the scale
advantage they reduce costs and ensure supply through online sourcing and price comparison. Each subsidiary in the industry
focuses on the procurement of local ingredients reaching local suppliers based on regional resources shortening the cycle and
reducing logistics costs while ensuring the freshness and compatibility of ingredients forming a "headquarters coordination and
regional supplementation" pattern. In terms of nutrition formula R&D and application the Company has recently closely
coordinated and integrated the nutritional research and technical application systems of the pig business and the feed business.Relying on the digitalized formula management system it integrates real-time data from the farming end raw material nutritional
composition data and growth demand data and uses algorithm models to precisely match formula parameters promoting the
precise connection between formula and nutritional needs of breeding effectively improving the efficiency of nutritional
conversion.
5. Ever-strengthening whole industrial chain system of "digital farming". In terms of production management the planning
and operation control system launched by the Company in 2021 has been gradually improved which works in three parts: farming
site (farming tasks environmental control management video surveillance and site patrolling management) pig farm management
(abnormity warning task reminder feed management drug management and death and culling compliance) and corporate control
(real-time monitoring and alert full traceability plan management data analysis performance assessment etc.) to dynamically
control the whole process from the breeding pig end to the finishing end realizing the unification of the standards of each
production process and promoting the effective execution of production actions. In terms of digital training relying on the online
platform of "New Hope Academy" the Company developed and launched SOP short videos and micro-lessons on pig production
biosafety and veterinary skills with job certification programs matched to improve the job matching degree and stability of
frontline workers and improve production efficiency.
6. Strong ability to link breeding and slaughtering and a high brand recognition of fresh pork in multiple regions: the
Company currently has pig farming and slaughtering capacity in Beijing Liaoning Hebei Shandong Shaanxi and other places. In
some areas the Company has matched and customized special pig herd breeding such as black pigs and antibiotic-free pigs in
upstream breeding based on the emerging consumer demand facing the downstream slaughtering link. The slaughtering process
also represents market demand to manage the pig quality and process of the breeding process and feedback improvement
suggestions in a timely manner to help the upstream breeding process to improve the product quality. In terms of pork brand
"Kinghey" is the designated supplier for the Beijing 2008 Olympic Games and the Company launched the high-end fresh black
pig pork brand "Zhichu" in 2022 which has now been highly recognized by customers and partners in the industry.(III) Anti-risk capabilities based on integrated industry chain layout and overall credibility
The integrated industry chain layout from upstream feed to midstream pig farming and then to downstream pig slaughtering
can help the Company decentralize operational pressure and hedge against risks of market to a certain extent. For example when
the hog price is low it usually means that the breeding scale is larger which can bring greater sales of feed in the upstream and
also reduce the purchase price of pig slaughter in the downstream leading to high production load rate which is conducive to
reducing the cost. The high-turnover characteristics of feed business can also provide the Company with stable cash flow supply.In addition the Company has maintained steady operation for more than 40 years enjoying good social reputation and word
of mouth. At present the Company has sufficient capital reserves with support from many large financial institutions unreduced.The Company currently has a total credit line of nearly 80 billion yuan granted by financial institutions and the overall credit
utilization ratio is around 60% leaving considerable room for further withdrawals. The Company has long been maintaining high
36Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
levels of credit ratings. The high corporate credibility market recognition and strong financing capacity provided the Company
with stable and low-cost refinancing support during the tough periods of the industry playing an anchoring role for the Company
to achieve stable development through cycles.IV. Analysis of main businesses
1. Overview
In 2025 the domestic agriculture and animal husbandry sector moved from the cyclical recovery seen in 2024 into a
consolidation phase characterized by low-level operation. In the pig market a year-on-year increase in pig stock in the first half of
the year led to ample supply keeping hog prices at relatively low levels overall. In the second half due to multiple factors such as
production capacity transmission from earlier periods and concentrated output from secondary finishing operations hog prices
experienced a sharp decline. The industry-wide loss amplitude continued to widen accelerating capacity reduction. In the feed
market the total inventory of pigs meat poultry and egg poultry remained at a high level providing rigid support for feed demand.Meanwhile the prices of bulk raw materials such as corn and soybean meal fluctuated upward posing certain challenges to
industry cost control.During the reporting period the Company continued to focus comprehensively on its two core business sectors - feed and pig
farming/slaughtering seizing opportunities presented by industry cycles and resolutely advancing the implementation of a variety
of operational strategies. For feed business it adhered to the core concept of "scaling up adjusting structure and enhancingefficiency” in the feed business. In the domestic market the Company continuously strengthened competitiveness and optimized
operational efficiency. In the overseas market it accelerated capacity layout and market expansion achieving year-round growth
in both volume and profit with sales volume reaching a record high. For pig farming business it resolutely promoted the strategicupgrade from "raising pigs well" to "raising quality pigs” continuously strengthening disease prevention and control refined
production management and breeding genetic improvement achieving a steady decline in farming costs throughout the year and
continuous optimization of core production indicators. While focusing on production and operations the Company also optimized
fund management and financing channels steadily reduced financial expenses and maintained stable and ample operating cash
flow. It also progressed steadily in revitalizing existing assets and disposing of inefficient assets continuously optimized its
organizational system and team incentives and activated front-line operational vitality.During the reporting period the Company reported operating revenue of 106.856 billion yuan representing a slight year-on-
year increase. However due to one-off factors including a sharper-than-expected decline in hog prices in the fourth quarter
provisions for biological assets and the write-off of property plant and equipment the Company's full-year performance turned
from profit to loss. Excluding the impact of these one-off factors the Company's core operations remained stable with the feed
business steadily increasing its profit contribution and the pig farming business significantly improving costs. This provides a solid
foundation and strong confidence to weather the bottom of the cycle.(I) Feed business
In 2025 the Company's feed business resolutely implemented a specialized development strategy focused on scaling up
effectively. It closely followed changes in market demand and continuously deepened the core measures of "scaling up adjusting
structure and enhancing efficiency". The growth in sales volume in the domestic market consistently outperformed the industry
average while overseas markets achieved rapid breakthroughs. Overall the business achieved growth in both volume and profit
with continuously improving profit quality.
1. In-depth strategy implementation pushing steady scale growth
The Company continued to base its efforts on scale growth guided by improvements in operational efficiency. Adapting to
the trend of scaled farming it increased efforts to develop large-scale farms and key customers. By deeply integrating products
and services supplemented by supply chain and financial empowerment the Company optimized customer cooperation models
achieving rapid growth in sales to core customers. By feed type: it continued to consolidate its traditional advantage in poultry
37Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
feed with poultry feed sales volume maintaining steady growth. Seizing the opportunity presented by the restored pig herd
numbers it increased efforts to develop grower-finisher feed customers resulting in a significant increase in external swine feed
sales volume. It also strengthened specialized operations in aquatic feed and ruminant feed. In terms of aquatic feed it focused on
the specialty aquatic feed segment achieving organizational and product upgrades and sales breakthroughs in core markets. In
terms of ruminant feed it achieved counter-trend growth amidst industry capacity reduction.
2. Procurement system optimization enhancing cost control capabilities
Facing a market environment of fluctuating upward prices for bulk raw materials in 2025 the Company quickly responded to
market changes by establishing a full-chain procurement control system. For cereal raw materials it accelerated inventory turnover
flexibly applied alternative raw materials and actively expanded import procurement channels. For protein raw materials it
accurately seized spread procurement opportunities in the short term and deepened the application of futures tools in the long term.The Company continuously optimized its online sourcing and price comparison system maintaining a high usage rate throughout
the year significantly improving sourcing matching efficiency and supplier participation compared to the previous year. It also
deepened long-term cooperation with strategic suppliers adding a number of new core strategic suppliers expanding supplier
credit cooperation and achieving direct system connections for procurement and supply further enhancing procurement stability
and bargaining power. In overseas markets relying on its Singapore platform the Company leveraged the advantages of global
procurement coordination strengthened strategic cooperation with international grain traders and continuously optimized its
global procurement layout.
3. Lean operations management continuously promoting cost reduction and efficiency improvement
Aiming to build a feed enterprise with optimized cost and the highest efficiency the Company promoted operational
optimization and cost control across the entire chain. On the production sided it advanced the technical transformation of outdated
equipment and the intelligent upgrading of plants. Adapting to the needs of large customers it increased the production and sale of
bulk feed. The annual feed cost per ton decreased by over 30 yuan. For low-efficiency branches and subsidiaries with low capacity
utilization it assigned special assistance teams for on-site guidance leading to a significant year-on-year increase in sales volume
for these low-efficiency companies and a continued reduction in the number of loss-making entities. On the logistics side it issued
and implemented measures for logistics cost reduction. Through a series of initiatives such as optimizing bidding and negotiation
connecting with third-party logistics platforms and optimizing transportation routes and modes it continuously reduced overall
logistics costs and improved distribution efficiency. It also continuously deepened digital empowerment connecting the entire
digital management process of sales forecasting procurement planning production scheduling and logistics distribution to
enhance overall operational efficiency.
4. Increasing overseas investment achieving breakthrough growth in business
The Company continued to regard its overseas feed business as the third growth driver increasing resource investment and
capacity layout to drive rapid growth in overseas operations. During the reporting period the Company advanced overseas
capacity construction through multiple means including expanding existing plant production lines and building new plants
continuously increasing overseas feed production capacity. Simultaneously it focused on key core countries such as Indonesia
Vietnam Egypt the Philippines and Bangladesh continuously increasing local market share. In most of the core countries its
market share has already ranked among the top three. In terms of talent development it transferred domestic experienced
management and technical personnel through the Inclusion Program and issued a development plan for cultivating local talent. It
provided special training programs such as Global Backbone Force and Aquaculture Elite to promote the dual improvement of
Chinese and local talent capabilities building a sustainable localized operation system. During the reporting period the overseas
feed sales volume increased by 21% year-on-year with all regions achieving double-digit growth laying a solid foundation for
subsequent medium- to long-term growth.During the reporting period the Company's total feed sales volume reached 29.74 million tons a year-on-year increase of
15% of which external feed sales volume was 24.51 million tons a year-on-year increase of 16%. Among external feed sales:
poultry feed sales volume was 16.57 million tons a year-on-year increase of 13%; swine feed sales volume was 5.33 million tons
38Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
a year-on-year increase of 26%; aquatic feed sales volume was 1.97 million tons a year-on-year increase of 17%; ruminant feed
sales volume was 530000 tons a year-on-year increase of 20%. Overseas feed sales volume was 6.38 million tons a year-on-year
increase of 21%. The feed business reported operating income of 76.019 billion yuan a year-on-year increase of 10.66%.(II) Pig farming and slaughtering business
In 2025 supply in the domestic hog market was ample with hog prices showing a general downward trend throughout the
year leading to deep losses across the industry. The Company resolutely committed to promoting the refined management of its
farming business taking disease prevention and control as the bottom line optimization of production indicators as the core and
breeding/genetic improvement as the key lever. It continuously drove a steady decline in farming costs continuously optimized
core production indicators demonstrating strong operational resilience during the industry downturn. Normal operating farms
achieved cost reductions throughout the year.
1. Comprehensive upgrade of the disease prevention system with remarkable health management effectiveness
The Company continued to strengthen its biosafety defense. Building on the farm line prevention upgrades in 2024 it further
optimized the whole-process disease prevention management system and strengthened the normalized prevention and control of
major epidemic diseases in winter and spring. During the reporting period through multiple measures including continuous
optimization of hardware facilities environmental monitoring and early warning biosafety process upgrades and improvement of
emergency response mechanisms the Company achieved a reduction in the incidence of major swine diseases by more than half
compared to the previous year. The incidence of other key diseases such as PED (Porcine Epidemic Diarrhea) and PRRS (Porcine
Reproductive and Respiratory Syndrome) also decreased significantly substantially reducing losses from death and culling
effectively stabilizing the production rhythm and laying a foundation for optimizing production indicators and reducing costs.
2. Intensive production management with core indicators continuously improving
The Company continued to deepen full-process refined production management and promoted the continuous improvement
of production indicators at all stages. In the breeding pig stage it focused on optimizing the selection and mating management of
gilts improving the enrollment rate of gilts reducing the abnormal culling of sows with low parity and optimizing the precise
feeding management for pregnant sows thereby effectively reducing piglet weaning costs. In the finishing stage it focused on
strengthening management during the empty barn period controlling mortality in medium and large pigs and continuously
increasing the proportion of self-finishing. By the end of the year the self-finishing ratio increased to nearly 40% further
improving the efficiency of asset utilization in the finishing stage.Through full-process management optimization the Company achieved continuous improvement in several core production
indicators: the annual average number of weaned pigs per litter reached 11.4 an increase of 0.6 from the previous year; the annual
average PSY reached nearly 26 an increase of 1.2 from the previous year; the annual average weaning cost was 251 yuan per head
a decrease of 40 yuan per head from the previous year; the annual average finishing survival rate reached 94% an increase of 2
percentage points from the previous year; the annual average daily gain reached 698g an increase of 23g from the previous year;
the annual average feed conversion ratio continued to optimize. On the cost side the total cost of finishing hogs for normal
operations on the Company's farms declined steadily throughout the year dropping to 12.2 yuan/kg by December a significant
decrease compared to the same period last year.Continuously improved breeding system with genetic improvement accelerated.The Company resolutely advanced its strategy upgrading from "raising pigs well" to “raising "quality pigs" continuouslyimproving its "pyramid + backcross" dual-breeding system to accelerate the genetic trait improvement process. On the boar side it
completed the comprehensive replacement of high-performance terminal boars. Currently terminal boars with a daily gain of over
1000g have achieved full coverage within the system and the coverage rate of high-performance terminal boars reached 99% a
significant increase from the previous year. On the sow side it promoted the high-quality replacement of purebred sows in GP
farms and improved the reproductive performance in parent farms achieving a steady year-on-year increase in the annual average
number of live piglets born per litter. It also optimized the layout and operational efficiency of boar stations continuously
39Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
reducing the cost of breeding pig cultivation providing core support for subsequent improvements in farming efficiency and
continued cost reduction.
4. Digital intelligence-driven empowerment with steady improvement in operational efficiency
The Company continued to promote digital and intelligent construction across the entire farming process empowering refined
management with technology. During the reporting period the coverage rate of intelligent equipment such as silo weighing
systems for free-range finishing farms needle-free injection devices and smart ultrasound machines continued to increase
effectively improving the precision of data control and operational efficiency in the farming process. On finishing farms it
introduced a Pig Farming AI Assistant covering multiple functional modules such as veterinary consultation real-time query and
analysis of production indicators providing intelligent decision support for front-line production management. Additionally the
Company continuously optimized its hog sales strategy flexibly adjusting the sales mix of piglets and finished pigs according to
market conditions to maximize sales value amidst market fluctuations while continuing to promote the synergistic effect of the
industrial chain between slaughtering and farming operations.During the reporting period the Company sold a total of 3.7552 million piglets and 13.7902 million finished hogs totaling
17.5455 million recording operating income of 20.992 billion yuan (slightly less than the cumulative sales proceeds listed in the
monthly sales briefings due to offsets from sales to internal slaughterhouses). It slaughtered a total of 3.68 million hogs recording
operating income of 7.537 billion yuan. The pig business as a whole reported an operating income of 28.529 billion yuan.
2. Revenue and cost
(1) Composition of operating income
Unit: yuan
20252024
Share in Share in
YoY
Amount operating Amount operating increase/decrease
income income
Total operating
106856298720.47100%103062962254.34100%3.68%
income
By sector
Feed 76018681424.51 71.14% 68698174673.48 66.66% 10.66%
Pig business 28528575460.41 26.70% 30397998558.87 29.49% -6.15%
Others 2309041835.55 2.16% 3966789021.99 3.85% -41.79%
By product
Feed 76018681424.51 71.14% 68698174673.48 66.66% 10.66%
Pig business 28528575460.41 26.70% 30397998558.87 29.49% -6.15%
Others 2309041835.55 2.16% 3966789021.99 3.85% -41.79%
By region
Overseas 22347349312.72 20.91% 20034393987.98 19.44% 11.54%
Domestic 84508949407.75 79.09% 83028568266.36 80.56% 1.78%
By sales model
(2) Industries products regions and sales models that account for more than 10% of the Company’s operating income or
operating profit
□Applicable □Not applicable
Unit: yuan
40Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
YoY
YoY YoY
increase/dec
Gross increase/decreas increase/decreas
Operating income Operating costs rease in
margin e in operating e in operating
gross
income costs
margin
By sector
Feed 76018681424.51 72141515312.79 5.10% 10.66% 10.43% 0.20%
Pig
28528575460.4126201274738.578.16%-6.15%-4.26%-1.81%
business
By product
Feed 76018681424.51 72141515312.79 5.10% 10.66% 10.43% 0.20%
Pig
28528575460.4126201274738.578.16%-6.15%-4.26%-1.81%
business
By region
Overseas 22347349312.72 20069108022.32 10.19% 11.54% 10.72% 0.67%
Domestic 84508949407.75 80073920449.11 5.25% 1.78% 2.63% -0.78%
By sales model
The Company’s adjusted main business data for the past year as of the end of the reporting period if the statistical standards of the
Company's main business data is adjusted during the reporting period
□Applicable □Not applicable
(3) Whether the Company’s physical sales revenue exceeded the labor service revenue
□Yes □No
YoY
Industry category Item Unit 2025 2024
increase/decrease
Sales volume 10000t 2974.26 2595.77 14.58%
Feed Production output 10000t 2997.94 2580.60 16.17%
Inventory 10000t 32.88 9.20 257.39%
Sales volume 10000t 49.06 40.42 21.38%
Livestock
Production output 10000t 49.34 38.07 29.60%
slaughtering
Inventory 10000t 1.42 1.14 24.56%
Sales volume 10000 1754.55 1652.49 6.18%
Hog
Production output 10000 1754.55 1652.49 6.18%
Notes on causes behind the 30% or greater year-on-year changes in the relevant data
□Applicable □Not applicable
The year-on-year increase in feed inventory is mainly due to the fact that based on the steady growth of feed sales and in response
to fluctuations in ingredient prices the Company appropriately increased its safety inventory at the end of the period.
(4) Performance of major sales contracts and major procurement contracts executed by the Company as at this reporting
period
□Applicable □Not applicable
(5) Composition of operating costs
Industry category
41Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Industry category
Unit: yuan
20252024
YoY
Industry
Item Percentage Percentage increase/decr
category Amount in operating Amount in operating ease
costs costs
Main
Feed 62092202229.72 86.07% 56242644214.08 86.09% -0.02%
materials
Auxiliary
Feed 7372862864.97 10.22% 6644066577.50 10.17% 0.05%
materials
Packaging
Feed 440063243.41 0.61% 385447323.57 0.59% 0.02%
materials
Employee
Feed 360707576.56 0.50% 333183279.70 0.51% -0.01%
compensation
Manufacturin
Feed 981124608.25 1.36% 940752789.73 1.44% -0.08%
g costs
Fuel and
Feed 894554789.88 1.24% 783960658.11 1.20% 0.04%
power
Livestock Main
7045899661.0397.52%6293227626.9297.27%0.25%
slaughtering materials
Livestock Packaging
20952736.890.29%18115593.050.28%0.01%
slaughtering materials
Livestock Employee
67915767.860.94%65345532.061.01%-0.07%
slaughtering compensation
Livestock Manufacturin
70083292.360.97%64698546.591.00%-0.03%
slaughtering g costs
Livestock Fuel and
20230228.720.28%28467360.500.44%-0.16%
slaughtering power
Pig farming Feed 12305112378.66 64.84% 13493507365.98 64.56% 0.28%
Employee
Pig farming 3580265138.77 18.87% 3675191922.50 17.59% 1.28%
compensation
Pig farming Depreciation 1142804238.04 6.02% 1378729517.40 6.60% -0.58%
Cost of
Pig farming medicines and 625278380.79 3.30% 752908149.49 3.60% -0.30%
vaccines
Fuel and
Pig farming 431624271.49 2.27% 528803949.37 2.53% -0.26%
power
Material
Pig farming 151394704.44 0.80% 185402920.81 0.89% -0.09%
consumption
Pig farming Other fees 739713939.52 3.90% 883893100.69 4.23% -0.33%
Notes
None
(6) Whether the scope of consolidation changed during the reporting period
□Yes □No
1. The entities added to the consolidated statements of this year include:
Hubei Xinsheng Houpu Technology Co. Ltd. Guang’an New Hope Liuhe Livestock Development Co. Ltd. Qingdao Xinjiali
Farming Technology Co. Ltd. Hainan New Hope Liuhe Farming Technology Co. Ltd. New Hope Tongnai Nutrition
Technology Co. Ltd. PT NHSP Animal Nutrition Indonesia PT New Hope Animal Technology Indonesia Linyi New Hope
42Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Hengli Farming Co. Ltd. Xiantao New Hope Liuhe Feed Co. Ltd. Fengcheng New Hope Haofeng Feed Co. Ltd. Lianyungang
New Hope Liuhe Feed Co. Ltd. Sheyang New Hope Biotechnology Co. Ltd. Xinliu Chuanyi (Fujian) Farming Development Co.Ltd. Lingbao New Hope Feed Co. Ltd. Emeishan New Hope Feed Co. Ltd. Taizhou New Hope Biotechnology Co. Ltd. and
Xinhe Lanka International Trading Pte. Ltd. all established in 2025 and included in the consolidated financial statements as of the
date of their establishment.
2. The entities removed from the consolidated statements this year include:
Chaoyang New Hope Farming Technology Co. Ltd. Handan Henong Livestock and Poultry Breeding Co. Ltd. Wei County
New Hope Feed Co. Ltd. Fuxin Liuhe Breeding Service Co. Ltd. Sichuan New Hope Liuhe Xueyu Tianlu Supply Chain
Management Co. Ltd. Xuzhou Jinfeng Liuhe Feed Co. Ltd. Guangyuan New Hope Liuhe Farming Technology Co. Ltd.Bayannur New Hope Liuhe Feed Technology Co. Ltd. Meitan New Hope Agricultural Technology Co. Ltd. Laoling Liuhe
Yuexin Feed Co. Ltd. Changzhi Shuanglong Food Co. Ltd. Shenyang New Hope Kinghey Food Co. Ltd. Wulian Xinhao
Breeding Co. Ltd. Zhucheng Xinhao Farming Technology Co. Ltd. Quyang Xinhao Farming Co. Ltd. Nanhe County Xinhao
Farming Technology Co. Ltd. Zhangwu New Hope Liuhe Farming Co. Ltd. Liaoning Jinguan Farming Co. Ltd. Kangping
Xinwang Liuhe Farming Co. Ltd. Yi County Jinguan Farming Co. Ltd. Heishan County Jincheng Farming Co. Ltd. Sishui
New Hope Yuwang Technology Co. Ltd. Shaoguan Xinyue Farming Technology Co. Ltd. Shanghe Liuhe Feed Co. Ltd.Shandong Xiang'an Livestock and Poultry Breeding Co. Ltd. Chaoyang Xinwang Farming Co. Ltd. Anqiu New Hope Liuhe
Farming Co. Ltd. Tianjin Yunling Enterprise Management Consulting Partnership (LP) Liaoning Xinwang Food Co. Ltd.Shaanxi Xinliu Farming Technology Co. Ltd. Dongguang County Xinhao Farming Co. Ltd. Huazhou Xinchi Animal Husbandry
Co. Ltd. Lu'an Xinxi Food Co. Ltd. Yanwei Information Technology (Shanghai) Co. Ltd. Tai'an Liuhe Jili Feed Co. Ltd.Sichuan Qinrun New Material Technology Co. Ltd. Linyi Hengli Feed Co. Ltd. and Langxi Huaren Feed Co. Ltd. Among them
Tai'an Liuhe Jili Feed Co. Ltd. Sichuan Qinrun New Material Technology Co. Ltd. Linyi Hengli Feed Co. Ltd. and Langxi
Huaren Feed Co. Ltd. were removed from the consolidated financial statements due to the disposal of the equity in these 4
companies this year; the remaining companies were all deregistered in 2025 and excluded in the consolidated financial statements.
(7) Significant changes or adjustments to businesses products or services of the Company within the reporting period
□Applicable □Not applicable
(8) Major customers and suppliers
Major customers
Combined sales to the top five customers (yuan) 8730665477.68
Percentage of the combined sales to the top five customers in
8.17%
annual total sales
Percentage of the RPT sales included in the combined sales to
6.07%
the top five customers in annual total sales
Top five customers
Percentage in annual total
S/N Name Sales (yuan)
sales
1 Customer 1 5755311570.26 5.39%
2 Customer 2 925301977.25 0.87%
3 Customer 3 912953079.45 0.85%
4 Customer 4 731013913.53 0.68%
43Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
5 Customer 5 406084937.19 0.38%
Total -- 8730665477.68 8.17%
Notes on other information of major customers
□Applicable □Not applicable
Major suppliers
Combined purchase amount of the top five suppliers (yuan) 14696403401.90
Percentage of the combined purchase amount of the top five
16.13%
suppliers in annual total purchase amount
Percentage of RPT amount included in the combined purchase
amount of the top five suppliers in annual total purchase 3.14%
amount
Top five suppliers
Percentage in annual total
S/N Name Purchase amount (yuan)
purchase amount
1 Supplier 1 5649420208.89 6.20%
2 Supplier 2 3495461293.19 3.84%
3 Supplier 3 2738756669.19 3.01%
4 Supplier 4 1506894095.72 1.65%
5 Supplier 5 1305871134.91 1.43%
Total -- 14696403401.90 16.13%
Notes on other information of major suppliers
□Applicable □Not applicable
During the reporting period the Company's trade business income accounted for more than 10% of the total operating income
□Applicable □Not applicable
3. Expenses
Unit: yuan
2025 2024 YoY increase/decrease
Selling expenses 1287958392.02 1260107740.33 2.21%
General and
administrative 3762292288.67 3756267104.57 0.16%
expenses
Financial expenses 1971954038.78 1804175384.46 9.30%
R&D expenses 191347185.05 249645874.91 -23.35%
4. R&D investment
□Applicable □Not applicable
Expected impact on the
Major R&D project Purpose Progress Intended objectives Company's future
development
Conventional Product development Align the performance The application of
Design and research of
immunization methods has been completed accuracy and reliability needle-free injectors
a needle-free injection
involve high vaccine with stable realization of the devices with can significantly
system
consumption low of core functions such front-line production reduce the
44Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
immunization as immunization needs fully covering consumption of
efficiency high labor injection cleaning the immunization of vaccines and needles
intensity high risk of injection and alarm for pigs at all stages. Carry lower labor costs and
needle-borne cross- abnormal situations. out large-scale pilot labor intensity
infection and potential The device has been projects from decrease production
food safety hazards. deployed in production individual cases losses caused by cross-
Needle-free injectors testing and can cover broader areas to infection and stress
use high-pressure jets different types of pigs advance immunization reactions in pigs and
to penetrate the skin for across age groups. cost reduction. eliminate food safety
intradermal drug hazards such asdelivery significantly "needles left in meat”
reducing labor safeguarding consumer
intensity saving health.vaccines lowering
farming costs and
eliminating food safety
risks.The device offers high
In pig farming pig Based on actual
Meet the functional accuracy and provides
count and weight are production needs
requirements of pigs at objective impartial
critical indicators. development of a piglet
different stages and in data. It not only
Currently pig counting counting device and a
different production substantially reduces
and weight estimation finishing hog weight
scenarios such as labor input but also
are mainly done estimation device has
routine weight enables real-time
manually which is been completed with
estimation pre-sale precise monitoring of
inefficient. The channel initial productization
weight estimation and pig body condition
Design and research of estimation system uses achieved. The piglet
piglet counting. allowing timely weight
a channel estimation cameras to capture counting device has
Facilitate convenient adjustments and
system information on pigs been promoted at the
access to the count and improving sales
passing through a theater (regional) level
weight information to accuracy. In addition
defined area enabling with applications in
provide corresponding the device has a strong
real-time counting and over ten demonstration
support for daily alert function
weight estimation farms; the finishing
production effectively reducing the
reducing manual hog weight estimation
management hog risk of fraud and
workload and device has completed
sales and other disputes thereby
improving work theater-level
activities. supporting farming and
efficiency. application testing.sales operations.All 2025 assessment
Benchmark against Strengthen independent
Develop a synthetic indicators have been
Development of a international standards advantages in
line that combines met with significant
synthetic line for the to optimize germplasm resources
advantages of feed improvements in
Chinese Quality Fast- performance and enhance industrial
efficiency fast growth performance traits such
Growth II complete third-party competitiveness and
and high quality as intramuscular fat-
testing market share
lean meat ratio
National key science Improve the self-
Develop a localized Core herd performance
and technology project Achieve the sufficiency and
matrilineal paternal targets have been
for agricultural predetermined controllability of
line that combines achieved; 2250
biological breeding – selection targets for germplasm resources
advantages of high genomic tests have
development of the meat quality empower the entire
fecundity fast growth been completed; large-
New Hope High- reproductive capacity industrial chain and
feed efficiency and scale promotion has
quality High-fecundity and growth traits enhance industry
excellent meat quality been carried out
L1 line competitiveness
Most projects have Strengthen the
Pig breeding Develop new local pig Develop one new breed
completed site independent
innovation capability breeds and synthetic and two synthetic lines
selection and land use controllability of
improvement project of lines to enhance and promote high-
confirmation with germplasm resources
New Hope Liuhe Co. breeding innovation quality commercial
some ready for and enhance industrial
Ltd. capabilities pigs
construction competitiveness and
45Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
market share
Strengthen the
Encapsulate efficient System prototype Company's core
Yazhou Bay genomic
breeding methods to development and data Improve breeding competitiveness in
breeding prototype
automate selection and interface integration quality and efficiency breeding technology
middle platform system
mating have been completed and empower industrial
development
Collect multi- Multi-farm line data Solidify the foundation
Complete as planned
dimensional data on uploads have been of breeding data and
all measurement tasks
Full-chain breeding breeding stock and completed with core enhance the
and data uploads for
pilot project commercial pigs to indicator competitiveness of
each segment of the
support breeding measurements breeding stock and
2026 cycle
optimization exceeding targets products
Demonstration project
for the transformation This project has been
Improve the genetic Achieve a lean meat
and promotion of concluded with all Reduce breeding costs
quality and production percentage of 63%
scientific and indicators achieved enhance the
performance of establish one enterprise
technological including chip competitiveness of
breeding pigs to meet standard and promote
achievements in production and breeding stock and
the demand for high- the breeding of
Sichuan– genomic application across expand market share
quality stock 100000 piglets
technology for lean- breeding farms
type breeding pigs
Sichuan science and
technology plan project
Enhance sow Reduce costs and
in collaboration with This project has been
productive Achieve a piglet improve efficiency
provincial institutions concluded with all
performance reduce mortality and culling support the
and universities – indicators achieved
piglet mortality and rate of <10% and a construction of smart
research and including system R&D
culling rates and relevant detection pig farms and enhance
application of key integration and pilot-
promote smart pig farm accuracy of over 90% competitiveness in
technologies for the scale promotion
technologies farming technology
intelligent farrowing
crate system
Strengthen
Development and Development of
Improve the accuracy Produce a deep technological
application of a genetic multiple software
and efficiency of learning breeding value advantages in breeding
evaluation system systems and chips has
breeding value calculation algorithm and support the quality
combining multi-trait been completed with
selection while and promote related improvement of
BLUP with single-step numerous outcomes
reducing breeding costs technologies breeding stock and
genomic method put into use
industrial upgrading
In response to the
current pattern of ASF
Continuously monitor prevention and control
Research the diversity and in China a Establish an ASF early
Continuously upgrade
demonstration and transmission comprehensive warning mechanism
key technologies for
application of key characteristics of ASF framework covering develop comprehensive
ASF prevention and
technologies for ASF strains to guide ASF "early warning – diagnostic
control improve farm-
early warning prevention and control monitoring – blocking technologies and
level disease control
comprehensive and develop or upgrade – eradication – achieve rapid
capabilities and reduce
diagnosis eradication key technologies for repopulation" has been eradication and
losses caused by ASF.and repopulation early clinical diagnosis established providing repopulation.and eradication. key core technologies
and control measures
for pig farming.Demonstration of key Carry out development A technology system Improve the ASF Establish a technical
technologies for and application of encompassing ASF prevention and control system and evaluation
eradication of major technologies for the monitoring and early system shorten the standards for the
pig diseases and prevention control and warning rapid time required for eradication of major
46Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
efficient and healthy eradication of major diagnosis eradication pseudorabies diseases enhance
breeding swine diseases and repopulation has eradication and farm-level disease
efficient and healthy been established along achieve efficient and prevention control and
breeding technologies with promotion of healthy farming eradication capabilities
and smart pig farm ASF-free compartment and increase
technologies. construction. application scenarios
Pseudorabies for smart farm
eradication is being technologies.progressively advanced
through an
"immunization +
culling" approach.Production indicators
such as PSY and
finishing index have
been improved.Development and
application of smart
equipment in pig
houses have been
advanced.Evaluate the nutritional R&D promote and
value of alternative apply grain-saving
Improve the utilization
ingredients to corn and More than ten efficient compound
R&D and application rate of corn substitute
explore their efficient alternative ingredients feed and total mixed
of a new energy feed ingredients and explore
application to corn have been ration (TMR)
nutrition database and their appropriate
technologies in swine developed achieving formulation
diversified corn inclusion levels in
poultry and ruminant an overall corn technologies for swine
substitution compound feeds and
feed production to substitution rate of poultry and ruminants
technologies TMR for swine
achieve effective corn over 20%. to achieve effective
poultry and ruminants.substitution to save corn substitution and
feed resources. reduction.Maximize the value
Build a dynamic utilization of substitute
Achieve precise
nutritional value Energy prediction ingredients alleviate
Digital control and utilization of
database for imported models for over ten the challenge of import
database construction alternative ingredients
feed ingredient alternative energy and dependence for feed
for imported feed raw with a digital database
substitutes and develop protein ingredients grains and lead the
material substitutes for precision nutrition
alternative technology have been established. industry-wide
systems.solutions. reduction in the use of
corn and soybean meal.Enhance the value and
tap the potential of
Research on feed traditional
Multi-formulation Reduce the use of corn
ingredient efficiency unconventional feed Develop multiple
systems have been and soybean meal and
enhancement ingredients and novel technology solutions
developed and mitigate cost
technologies and feed ingredients to for enhancing the
promoted for fluctuations arising
upgrading/optimization achieve precise efficiency of swine and
application at branch from price volatility of
of the proprietary formulation based on poultry feeds.companies. ingredients
formulation system the dynamic database
and multi-formulation
systems.Integration innovation Integrate and innovate Construct a dynamic Drive collaborative
Research on energy
and demonstration of achievements in green database of poultry development of the
and protein
achievements in green grain-saving and feed ingredients of industrial chain
requirements for new
grain-saving and efficient livestock and Chinese characteristic through the integration
domestic duck breeds
efficient livestock and poultry breeding systematically study of grain-saving
has been conducted
poultry feeding technology; establish the precise nutritional technologies for
47Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
technology demonstration models requirements of poultry.for integrated green domestic breeds and
grain-saving and develop a technology
efficient industry system for
chains; and address regionalized
industrial needs such as diversified ration
soybean meal formulation
substitution and the demonstration and
promotion of grain- application
saving livestock and
poultry breeding
technologies
Through the guiding
role of demonstration
Conduct whole-batch
and application drive
temperature-controlled
enterprises to achieve
fermentation of Nine types of
product category
R&D and complete pellet feed to fermented soft-pellet
expansion value
industrialization of key produce fermented functional feed have Promote over 10000
increase and efficiency
technologies for moist soft-pellet been developed along tons of fermented
improvement thereby
fermentation of complete feed with five case studies complete pellet feed.promoting
complete pellet feed injecting new for yellow-head catfish
technological progress
productive forces into feed
and sustainable
the feed and livestock
development in the
industries
feed and livestock
farming industries
R&D personnel
2025 2024 Percentage of change
R&D personnel (persons) 743 717 3.63%
Proportion of R&D personnel 1.70% 1.73% -0.03%
Educational background structure
Bachelor 294 282 4.26%
Master 266 264 0.76%
Doctor 25 25 0.00%
Age structure
Below 30 300 247 21.46%
30~40291332-12.35%
R&D investment
2025 2024 Percentage of change
Amount of R&D investment
191347185.05270282343.04-29.20%
(yuan)
Proportion of R&D investment in
0.18%0.26%-0.08%
operating income
Capitalized amount of R&D
0.0020072154.52-100.00%
investment (yuan)
Proportion of capitalized R&D
0.00%7.43%-7.43%
investment in R&D investment
Reasons for significant changes in composition of R&D personnel of the Company and their effects
□Applicable □Not applicable
Reasons for significant changes in the percentage of total R&D investment in operating income compared to the previous year
48Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
□Applicable □Not applicable
Notes on causes of substantial changes in the capitalization rate of R&D investment and their justifications
□Applicable □Not applicable
The capitalization rate of R&D investment decreased by 100% compared to the same period. This is mainly due to the fact that the
Company's previous investment in R&D efforts enhanced its digitalization level in breeding promoting efficient breeding and risk
warning. This R&D project has been completed and recorded in intangible assets resulting in a decrease in the amount of R&D
capitalization compared to the same period.
5. Cash flows
Unit: yuan
Item 2025 2024 YoY increase/decrease
Subtotal of cash inflows from
109732594953.04107471916124.962.10%
operating activities
Subtotal of cash outflows from
100354654110.8298345362592.092.04%
operating activities
Net cash flows from operating
9377940842.229126553532.872.75%
activities
Subtotal of cash inflows from
1172075756.095489334829.11-78.65%
investing activities
Subtotal of cash outflows from
2722916512.466576814149.06-58.60%
investing activities
Net cash flows from investing
-1550840756.37-1087479319.95-42.61%
activities
Subtotal of cash inflows from
50629646754.9747240133088.477.18%
financing activities
Subtotal of cash outflows from
58888842304.7456607703068.114.03%
financing activities
Net cash flows from financing
-8259195549.77-9367569979.6411.83%
activities
Net increase in cash and cash
-474164869.41-1385375801.4365.77%
equivalents
Notes on major influencing factors for significant YoY changes in related data
□Applicable □Not applicable
The net cash flows from investing activities decreased by 42.61% mainly due to the large-amount time deposits maturing during
the same period and the substantial dividends received from equity investments.Notes on reasons for significant difference between the net cash flows from operating activities within the reporting period and net
profit of this year
□Applicable □Not applicable
V. Analysis of non-main business
□Applicable □Not applicable
Unit: yuan
Amount Percentage in total Notes on reason for Whether sustainable or
49Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
profits formation not
Mainly consisting of
investment income
from the equity of
Investment income 944442979.76 -81.72% China Minsheng Bank Yes
held by the Company
and recognized using
the equity method
Gain or loss from
15213233.76-1.32%
change in fair value
Asset impairment -939557416.95 81.30%
Non-operating income 93849377.35 -8.12%
Non-operating
312456265.32-27.04%
expenditure
VI. Analysis of assets and liabilities
1. Significant changes in asset composition
Unit: yuan
By the end of 2025 At the beginning of 2025 Percentage
Percentage in total Percentage in increase/decre
Amount Amount
assets total assets ase
Cash and cash
8626581608.137.55%8699013033.457.38%0.17%
equivalents
Accounts
1045981872.030.92%971988850.190.82%0.10%
receivable
Contract assets 0.00% 0.00% 0.00%
Inventory 10092765562.52 8.84% 10732155456.76 9.10% -0.26%
Investment
1530229164.031.34%859994829.040.73%0.61%
property
Long-term equity
31598869415.3627.66%30453419222.3625.83%1.83%
investments
Property plant and
46843954113.4041.01%43476435665.4636.87%4.14%
equipment
Construction in
3200071507.982.80%8896445286.647.54%-4.74%
progress
Right-of-use assets 3346150256.96 2.93% 3832981994.07 3.25% -0.32%
Short-term
14940098338.4813.08%17741515610.0915.05%-1.97%
borrowings
Contract liabilities 2153198586.92 1.88% 2029782235.35 1.72% 0.16%
Long-term
23344470055.8520.44%20763830174.5317.61%2.83%
borrowings
Lease liabilities 2818194244.76 2.47% 3080565121.54 2.61% -0.14%
Productive
2122105471.011.86%3330266005.052.82%-0.96%
biological assets
Overseas assets hold a large proportion
□Applicable □Not applicable
50Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2. Assets and liabilities measured at fair value
□Applicable □Not applicable
Unit: yuan
Current
Cumulative Current
gains or Other
Opening changes in fair provision Current Current Closing
Item losses from chang
amount value included for purchase sale amount
changes in es
in equity impairment
fair value
Financial assets
1. Trading
financial assets
4273616.34035054.4310815554871014950972.
(excluding
17311.131.6308
derivative
financial assets)
4. Other equity -
4834315148932763.945418159
instrument 29250000.
90.2800.28
investments 00
Subtotal of 4877052 4785054.3 148932763.9 4310815 5548710 46913256
0.00
financial assets 06.45 1 0 1.13 1.63 2.36
Aggregate of 4877052 4785054.3 148932763.9 4310815 5548710 46913256
the above 06.45 1 0 1.13 1.63 2.36
-
Financial 935134.2 7568770.7
17612384.
liabilities 5 7
42
Other changes
Whether the measurement attributes of the Company’s major assets changed significantly during the reporting period
□Yes □No
3. Restrictions on asset rights as at the end of the reporting period
As at the end of the period
Item
Book balance Book value Type of restriction Description
Purchase of futures margins of
Cash and cash guarantee companies note
1830141070.66 1830141070.66 Margin
equivalents margins reclamation margins
etc.Used as reserve meat under the
Inventory 77887327.91 77887327.91 Reserve meat
agreement with the government
Used as collateral for long-term
Property plant and and short-term borrowings and
2024965257.50 1278091548.64 Mortgage
equipment for financing-based sale and
leaseback
Used as collateral for long-term
Intangible assets 58349802.60 38669856.31 Mortgage
and short-term borrowings
Total 3991343458.67 3224789803.52
51Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
VII. Analysis of investments
1. General condition
□Applicable □Not applicable
Current investments(yuan) Previous investments (yuan) Amount of variation
32074154637.1830973309981.813.55%
2. Significant equity investments acquired during the reporting period
□Applicable □Not applicable
3. Ongoing significant non-equity investments during the reporting period
□Applicable □Not applicable
4. Investments in financial assets
(1) Investments in securities
□Applicable □Not applicable
Unit: yuan
Curre
Cumu
nt
lative
gains
chang Curre
Initial Openi or Curre Closi Sour
Abbre Accou es in nt
Variet invest ng losses nt Curre ng Account ce of
Code viatio nting fair gains
ies ment book from purch nt sale book ing item fundi
n model value or
cost value chang ase value ng
includ losses
es in
ed in
fair
equity
value
Dome
stic Aono Self-
3439 At 2166 1156 1211 1156 453 Trading
and 60336 ng own
024.8 fair 303.0 492.4 0.00 526.8 0.00 492.4 432 financial
foreig 3 Biolo ed
4 value 0 0 4 0 2.24 assets
n gical Fund
stocks
34392166115612111156453
Total 024.8 -- 303.0 492.4 0.00 526.8 0.00 492.4 432 -- --
400402.24
(2) Investments in derivatives
□Applicable □Not applicable
1) Derivatives investments for hedging purposes during the reporting period
□Applicable □Not applicable
52Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Unit: 10000 yuan
Percentage
of closing
investment
Current Cumulative amount in
Initial Purchase Sale during
Type of gains or changes in the
investm Opening during the the Closing
derivatives losses from fair value Company’s
ent amount reporting reporting amount
investment changes in included in net assets
amount period period
fair value equity at the end
of the
reporting
period
Futures and
00287.040386.16988.95-315.75-0.01%
options contracts
Interest rate swap
and foreign
0117.221239.5803803.54559.76600.540.02%
exchange forward
contracts
Total 0 117.22 1526.62 0 4189.66 5548.71 284.79 0.01%
Notes on the
accounting
policies and
specific
accounting
principles of
The accounting policies and accounting principles related to the Company’s derivatives transactions are in
hedging business
accordance with the relevant provisions of the Accounting Standards for Business Enterprises - Recognition
during the
and Measurement of Financial Instruments and the Accounting Standards for Business Enterprises - Hedging
reporting period
issued by the Ministry of Finance of the People’s Republic of China without any changes.and whether there
are significant
changes
compared with
the previous
reporting period
Notes on actual
gains or losses During the reporting period the Company reported gain/loss on futures and options contracts of 2.8704
during the million yuan and that on interest rate swap and foreign exchange forward contracts of 1.23958 million yuan.reporting period
Through derivative investment business the Company effectively reduced the risk of foreign exchange
fluctuations and achieved the business management results with operation objectives as the center and
Notes on the
preservation as the purpose. By using the hog futures hedging plan to sell hogs the Company prevented the
hedging effect
cost and profit of hog sales from the risk of falling market price and improved the performance of spot hog
sales.Source of funding
for derivatives Self-pooled
investment
Notes on risk I. Risk analysis
analysis and Commodity futures hedging operations can effectively manage the price risks associated with raw material
control measures purchases. They can particularly reduce the impact of significant price drops in raw materials on the
of derivatives Company's inventory value depreciation losses. However there are also certain risks involved:
positions during 1. Risk of abnormal price fluctuations: in theory the futures market prices and the spot market prices of all
the reporting the trade categories at the closing date will return to the same level. In the rare cases of irrational market the
period (including futures prices and spot prices might still not return at the closing date thus giving rise to a systemic risk
but not limited to event which in turn affects hedging operation scheme of the Company even causing losses.market risk 2. Capital risk: if the amount of investment in futures trading is too large according to the operating
53Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
liquidity risk instructions issued by the Company it may lead to capital liquidity risk or even result in actual losses caused
credit risk by forced liquidation due to insufficient time to supplement the margin.operational risk 3. Technical risk: technical risk may be caused by incomplete computer systems.and legal risk) To prevent the adverse impact of exchange rate and interest rate fluctuations on the Company’s profits and
shareholders' equity the Company needs to conduct capital transaction business of value-preserved exchange
rate and interest rate to reduce the risk exposure of foreign exchange and interest rate but there are also
certain risks:
1. Market risk. The difference between the contract exchange rate/interest rate and the actual exchange
rate/interest rate at maturity date will generate investment gains and losses in the hedging-type capital trading
business; during the duration of the hedging-type capital trading business there will be revaluation gains and
losses in each accounting period and the cumulative value of the revaluation gains and losses at maturity
date is equal to the gains and losses on investment.
2. Liquidity risk. The value-preserved foreign exchange capital transaction business is based on the
Company’s foreign exchange revenue and expenditure budget and matches the actual foreign exchange
revenue and expenditure to ensure that the Company has sufficient capital for clearing at the time of closing
or selects the derivatives for close-out netting to reduce the cash flow requirements at maturity date; The
value-preserved interest rate capital transaction business will all be closed based on the net amount of interest
rate difference.
3. Performance risk. The counter-parties of the Company in hedging-type capital trading business are all
banks with good credit standing and maintaining long-term business relations with the Company for which
there is substantially no performance risk.
4. Other risks. When conducting business if the operators fail to follow the prescribed procedures for the
operation of hedging-type capital trading business or to fully understand the derivatives information the
operational risks will occur; If the terms of the transaction contract are not clear the legal risks will be likely
to occur.II. Risk management strategies for commodity futures hedging:
1. Match the hedging business with the Company’s production and operation and strictly control the futures
position.
2. Strictly control the capital scale of hedging reasonably plan and use the margins issue operating
instructions in strict accordance with the Company’s policies on futures trading management and conduct
operations only after approval according to the regulations.
3. The Company has established the Derivatives Investment Management Policies and the Futures
Management Policies making clear provisions for hedging business and set up a dedicated futures operation
team dedicated futures operation monitoring team and corresponding business processes for control through
implementation of authorization and post constraints internal audit and other measures.
4. The warning mechanism for medium and long-term trends of major varieties has been established.
According to the monitoring mechanism of market price trends the futures operation and monitoring team of
the Company regularly predicts the future trends of major varieties in a certain period so as to ensure timely
judgment and disposition of futures varieties in case of abnormal fluctuations.Risk management strategies for hedging-type capital trading business
1. The Company conducts hedging-type capital trading business for the purpose of reducing the impact of
exchange rate fluctuations on the Company and prohibits any risky speculations; the amount of the
Company’s hedging-type capital trading business may not exceed the upper limit of the authorized amount
approved by the Board of Directors or the general meeting; the Company may not engage in any leveraged
capital transactions.
2. The business working group of the Company shall conduct risk analysis on transactions before carrying
out the capital transaction business and formulate and submit the transaction plans (including capital
transaction variety term amount and trading bank) and feasibility analysis reports to the business leadership
group.
3. The hedging-type capital trading business contracts of the Company shall be executed after the business
working group submits them to and obtain approval from the chief financial officer president and chairman.
4. The Company shall sign contracts with trading banks with accurate and clear terms and strictly implement
the risk management system to prevent legal risks.
5. The finance department of the Company shall timely track the changes in open market prices or fair value
of capital transaction contracts timely assess the changes in risk exposure of the traded contracts and
regularly report to the risk control committee of the Board of Directors; if any abnormal situation is found it
shall be reported to the risk control committee of the Board of Directors to prompt the business working
group to implement emergency measures.
54Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
6. The Company’s internal audit department shall conduct compliance audit on capital transaction contracts
on a regular basis.Changes in
market prices or
product fair value
of derivatives that
the Company has
invested in during
the reporting
The hedging transaction variety of the Company is the hedging-type capital trading business for the prevalent
period with the
varieties in the domestic futures markets for which the market transparency is high and the transactions are
analysis of fair
active and the transaction prices and the intra-day settlement unit price fully reflect the fair value of
value of
derivatives.derivatives to
disclose the
specific methods
used and setting
of related
assumptions and
parameters.Involvement in
litigations (if N/A
applicable)
Date on which
the board
approval of
derivatives
August 30 2025
investment is
announced and
disclosed (ifany）
2) Derivatives investments for speculative purposes during the reporting period
□Applicable □Not applicable
The Company had no derivatives investments for speculative purposes during the reporting period.VIII. Sale of major assets and equities
1. Sale of major assets
□Applicable □Not applicable
The Company did not sell any major assets during the reporting period.
2. Sale of major equities
□Applicable □Not applicable
IX. Analysis of major majority-owned and minority-owned subsidiaries
□Applicable □Not applicable
Major subsidiaries and minority-owned subsidiaries that have an impact on the Company’s net profit of more than 10%
55Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Unit: yuan
Com Register
Company Total Operating Operating
pany Main business ed Net assets Net profit
name assets income profit
type Capital
Technical exchange and
technology promotion;
technology
development;
agricultural scientific
research and
experimental
development; feed
sales; import and export
of goods and
technology; import and
export agency. (The
market entity chooses
Beijing business items at its
New sole discretion and
Hope conducts business
Liuhe Subs activities according to - - -
500000584919022538974
Biotechno idiar law; for import and 12392904 2223621 2227920
000.004806.34248.62
logy y export of goods and 678.43 847.22 497.62
Industry technology import and
Group export agency and
Co. Ltd. business items subject
to approval according to
law business activities
shall be conducted with
the approval of
competent authorities
and according to
approved contents; no
business activities of
items prohibited or
restricted by national
and local industry
policies may be
conducted).Venture capital
investment (no
engagement in
guarantee or real estate
business; no
participation in
New initiation or
Hope management of public
Subs
Liuhe or private securities 576555 2593733 25934642 1145439 1145350
idiar
Investme investment funds or 600.00 4122.10 219.52 777.38 039.88
y
nt Co. invest in financial
Ltd. derivatives) investment
management(excluding
financial and brokerage
business. Shall not
raise sell or transfer
private placement
products or private
56Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
placement product
earning rights from or
to unqualified
investors). (If the
aforesaid businesses are
conducted the market
entity may not raise
funds publicly take
public deposits or issue
loans; may not publicly
traded securities
investment products or
financial derivatives;
may not deal in
financial products
wealth management
products or related
derivative businesses);
financial advisory
(excluding finance
company business);
wealth management
consulting and
enterprise
reorganization
consulting; market
survey (excluding state
secrets and personal
privacy); credit
investigation
technology
development and
transfer technical
consulting services [for
business items subject
to approval according to
law no business
activities may be
conducted without
approval of competent
authorities].Import and export
business (subject to the
catalogue of import and
export commodities
approved by the
Ministry of Foreign
Shandong
Trade and Economic
New
Subs Cooperation of the - -
Hope 407544 2561268 89434875 48899644
idiar People’s Republic of 6227688 79374585
Liuhe 9931.82 3367.19 21.01 153.53
y China); feed and drug 20.62 9.76
Group
additive sales; feed
Co. Ltd.ingredient management;
enterprise management
consulting services;
agricultural products
procurement; crop
planting and sale of
57Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
agricultural products;
lease of plant and
equipment; operations
limited to branches:
meat processing and
sales; production
processing and sales of
feed ingredients
veterinary medicine and
chicken auxiliary
materials; livestock and
poultry compound feed
concentrated feed;
processing hatching
production and
management of
breeding birds; breeding
chicken breeding
technology advisory
services; technical
inspection of quality of
poultry meat products;
grain purchase; animal
breeding and rearing;
veterinary consultation;
catering chain
operation; warehousing
services (excluding
dangerous goods and
prohibited goods);
enterprise management
education and training;
and food operation. [No
business activities of
items subject to
approval in accordance
with the law until so
approved by relevant
authorities].Licensed items: food
production; production
of grain-processed food;
food operation (sale of
prepackaged foods);
food operation (sale of
bulk foods); food
Sichuan
import and export;
New
Subs dealing in veterinary -
Hope 520251 1837958 83258373 24693155 5717986
idiar drugs; import and 11686072
Liuhe 0000.00 5004.14 24.28 971.50 5.12
y export of goods; import .45
Farming
and export of
Co. Ltd.technology (for
business items subject
to approval according to
law no business
activities may be
conducted without
approval of competent
58Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
authorities with
specific business items
subject to approval
documents or permits
from related
department)general
items: biological feed
research and
development; sale of
feed ingredients; sale of
feed additives; sale of
livestock and fishery
feed; cereal sales; sale
of agricultural and
sideline products;
corporate headquarters
management; enterprise
management; technical
services technology
development technical
consulting technical
exchange technology
transfer and technology
promotion (except for
business items subject
to approval according to
law business activities
are to be conducted at
its sole discretion
according to law by
virtue of business
license.Acquisition and disposal of subsidiaries during the reporting period
□Applicable □Not applicable
Way of acquisition or disposal of
Impact on overall production
Company name subsidiaries during the reporting
management and performance
period
Hainan New Hope Liuhe Farming
Invested and established Loss of 3417993.52 yuan
Technology Co. Ltd.Xinliu Chuanyi (Fujian) Farming
Invested and established Loss of 470.00 yuan
Development Co. Ltd.New Hope Tongnai Nutrition Technology
Invested and established No impact
Co. Ltd.Qingdao Xinjiali Farming Technology Co.Invested and established Profit of 8787.00 yuan
Ltd.Linyi New Hope Hengli Farming Co. Ltd. Invested and established Loss of 6013374.55 yuan
Hubei Xinsheng Houpu Technology Co. Ltd. Invested and established Loss of 60947.56 yuan
Fengcheng New Hope Haofeng Feed Co.Invested and established Profit of 327.13 yuan
Ltd.Guang’an New Hope Liuhe Livestock
Invested and established Loss of 247027.68 yuan
Development Co. Ltd.Lianyungang New Hope Liuhe Feed Co.Invested and established Loss of 897739.91 yuan
Ltd.PT. NHSP Animal Nutrition Indonesia Invested and established No impact
PT New Hope Animal Technology Indonesia Invested and established No impact
Xinhe Lanka International Trading Pte. Ltd. Invested and established No impact
59Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Taizhou New Hope Biotechnology Co. Ltd. Invested and established No impact
Xiantao New Hope Liuhe Feed Co. Ltd. Invested and established No impact
Lingbao New Hope Feed Co. Ltd. Invested and established No impact
Sheyang New Hope Biotechnology Co. Ltd. Invested and established No impact
Emeishan New Hope Feed Co. Ltd. Invested and established No impact
Chaoyang New Hope Farming Technology
Deregistered Profit of 104.89 yuan
Co. Ltd.Handan Henong Livestock and Poultry
Deregistered Loss of 1740.00 yuan
Breeding Co. Ltd.Wei County New Hope Feed Co. Ltd. Deregistered No impact
Fuxin Liuhe Breeding Service Co. Ltd. Deregistered Loss of 3.47 yuan
Sichuan New Hope Liuhe Xueyu Tianlu
Deregistered No impact
Supply Chain Management Co. Ltd.Xuzhou Jinfeng Liuhe Feed Co. Ltd. Deregistered Profit of 232135.00 yuan
Guangyuan New Hope Liuhe Farming
Deregistered No impact
Technology Co. Ltd.Bayannur New Hope Liuhe Feed Technology
Deregistered Loss of 7134.85 yuan
Co. Ltd.Meitan New Hope Agricultural Technology
Deregistered Loss of 58758.04 yuan
Co. Ltd.Laoling Liuhe Yuexin Feed Co. Ltd. Deregistered No impact
Changzhi Shuanglong Food Co. Ltd. Deregistered Profit of 1175203.42 yuan
Shenyang New Hope Kinghey Food Co.Deregistered Profit of 0.03 yuan
Ltd.Wulian Xinhao Breeding Co. Ltd. Deregistered No impact
Zhucheng Xinhao Farming Technology Co.Deregistered No impact
Ltd.Quyang Xinhao Farming Co. Ltd. Deregistered No impact
Nanhe County Xinhao Farming Technology
Deregistered Loss of 288337.41 yuan
Co. Ltd.Zhangwu New Hope Liuhe Farming Co.Deregistered Profit of 851.77 yuan
Ltd.Liaoning Jinguan Farming Co. Ltd. Deregistered Profit of 3668.40 yuan
Kangping Xinwang Liuhe Farming Co. Ltd. Deregistered Profit of 3003.02 yuan
Yi County Jinguan Farming Co. Ltd. Deregistered Loss of 99.06 yuan
Heishan County Jincheng Farming Co. Ltd. Deregistered Profit of 124.12 yuan
Sishui New Hope Yuwang Technology Co.Deregistered Profit of 178885.46 yuan
Ltd.Shaoguan Xinyue Farming Technology Co.Deregistered Loss of 2842157.76 yuan
Ltd.Shanghe Liuhe Feed Co. Ltd. Deregistered Loss of 2438736.61 yuan
Shandong Xianghe Livestock and Poultry
Deregistered Loss of 4962.91 yuan
Breeding Co. Ltd.Chaoyang Xinwang Farming Co. Ltd. Deregistered No impact
Anqiu New Hope Liuhe Farming Co. Ltd. Deregistered Loss of 310068.52 yuan
Tianjin Yunling Enterprise Management
Deregistered Loss of 10061.98 yuan
Consulting Partnership (LP)
Liaoning Xinwang Food Co. Ltd. Deregistered Loss of 7236038.64 yuan
Shaanxi Xinliu Farming Technology Co.Deregistered Profit of 5655.28 yuan
Ltd.Dongguang County Xinhao Farming Co.Deregistered Loss of 59748.78 yuan
Ltd.Huazhou Xinchi Animal Husbandry Co. Ltd. Deregistered Profit of 177357.90 yuan
Lu’an Xinxi Food Co. Ltd. Deregistered Profit of 78.68 yuan
Yanwei Information Technology (Shanghai)
Deregistered Loss of 8741.48 yuan
Co. Ltd.Tai’an Liuhe Jili Feed Co. Ltd. Transferred Profit of 23459.42 yuan
60Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Sichuan Qinrun New Material Technology
Transferred Loss of 601390.62 yuan
Co. Ltd.Linyi Hengli Feed Co. Ltd. Transferred Profit of 6900919.24 yuan
Langxi Huaren Feed Co. Ltd. Transferred Profit of 87475.39 yuan
Notes on major majority-owned and minority-owned subsidiaries
X. Structured entities controlled by the Company
□Applicable □Not applicable
XI. Outlook for the Company’s future development
(I) The Company’s development strategy
As an industry practitioner with over 40 years of experience in the agriculture and animal husbandry sector the Company has
always adhered to a long-term value philosophy upheld the fundamental livelihood value of the industry remained customer-
centric and committed itself to providing safe reliable and high-quality animal protein to its customers. It strives to become an
internationally leading full-chain service provider for the breeding industry achieve win-win development with upstream and
downstream partners promote green environmentally friendly and sustainable development of the industry and ensure the
stability of the food supply for the people.In 2025 the Company continued to focus on its two core business segments: feed production and pig farming & slaughtering
while operating in both domestic and international markets. Through the coordinated efforts of its three major business units: Feed
BU Overseas BU and Pig BG the operational quality of its core businesses has been continuously optimized. Looking ahead the
Company will remain committed to its established strategic direction align with industry development trends and national
industrial policies and drive steady growth in its feed business breakthrough growth in its overseas business and quality and
efficiency improvements in its swine business. This will be achieved on the basis of scale growth with a focus on efficiency
enhancement and professional competence thereby continuously strengthening the Company’s core competitiveness and
resilience against market cycles and achieving long-term sustainable development.(II) Business plan for the next year and possible operational risks
1. Feed business
The strategic goal of the feed business is steady growth continuously restoring and strengthening its industry-leadingcompetitiveness. The guiding principle is to unwaveringly adhere to the approach of “expanding scale optimizing structure andimproving efficiency”. On the basis of sustained scale growth the Company will deepen specialized operations focusing on four
core paths: “scale expansion structure optimization efficiency improvement & cost reduction and team activation”.Scale expansion: the Company will continue to consolidate its traditional advantages in the poultry feed sector driving
capacity utilization improvements at individual plants through scale growth in poultry feed thereby maintaining its leading
position in overall market share; it will seize the development opportunities arising from the scaling of breeding operations and
intensify efforts to develop core customers such as large-scale pig farms and leading free-range farming groups thereby driving
continuous growth in swine feed sales.Structure optimization: the Company will closely monitor the new demands of large-scale breeding customers strengthen its
capabilities in developing and servicing small and medium-sized pig farms in the swine feed segment focus on the specialty feed
track in the aquatic feed segment and continue to expand the specialized market in the ruminant feed segment; by introducing
specialized talent and building professional service systems it will continuously optimize its product mix and enhance overall
profitability.
61Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Efficiency improvement & cost reduction: the Company will continue to deepen the optimization of its procurement system
enhance its global procurement and supply chain management capabilities and strictly control raw material costs; with the goal of
achieving full-capacity operation at individual plants it will implement one-on-one supervision and improvement for under-
performing plants with capacity utilization below 80% continuously reducing loss-making entities; it will also advance the smart
transformation of plants and full-process digital management continuously optimize logistics systems and drive down per-ton
costs.Team activation: the Company will continue to improve its process-based assessment red-blue flag ranking and elimination
mechanisms while selecting and cultivating emerging talent to fully energize front-line teams; it will strengthen coordination
between domestic and overseas operations and encourage domestic talent to explore overseas markets thereby achieving mutual
synergy and capability enhancement.
2. Overseas business
The strategic goal of the overseas business is breakthrough growth positioning it as the third driver of scale and profit growth
for the Company. The guiding principle is to rapidly build strong professional operational capabilities and drive businessexpansion and strengthening focusing on three core paths: “focus on core markets capability breakthroughs and steady capacityexpansion”.Focus on core markets: the Company will continue to focus on key core countries such as Indonesia Vietnam Egypt
Bangladesh and the Philippines deeply cultivating local markets with the priority goal of increasing market share while
maintaining profitability; it will also concentrate on its core feed business and appropriately develop supporting industry chains to
build regional competitive advantages by taking into account the characteristics of each country's market.Capability breakthroughs: the Company will establish deep coordination with domestic product capability development to
rapidly enhance the product competitiveness of overseas feed with particular focus on breaking through technical and market
barriers in high-end feed types such as aquatic feed; it will continue to deepen localized operations improve local talent
development systems enhance local management and service capabilities and build a sustainable overseas business model.Steady capacity expansion: adhering to the development approach of “full capacity → expansion → full capacity again” the
Company will first drive continuous improvement in capacity utilization at existing plants and lines while steadily expanding
production capacity in core countries through various means including greenfield construction mergers and acquisitions and
light-asset leasing cooperation so as to ensure that new capacity projects are delivered according to schedule and quality standards
quickly translating into actual sales volume and profit contributions.Overall the Company aims to achieve a million-ton-level increase in overseas feed sales in 2026 steadily advancing toward
its medium-to-long-term goal of reaching 10 million tons in overseas feed sales by 2030.
3. Pig business
The strategic goal of the pig business is quality and efficiency improvement establishing it as a core pillar of the Company’s
profitability. The guiding principle is to fully achieve an upgrade from “raising pigs well” to “raising quality pigs”. The Companywill focus on four core paths: “health management continuous cost reduction breeding improvement and efficiency and profitenhancement” while actively responding to national policies to reasonably plan production scale and promote the healthy and
orderly development of the industry.Health management: the Company will continue to strengthen its biosafety defenses further improve its system for the
regular prevention and control of major epidemics continuously reduce the incidence of major diseases such as ASF and steadily
advance the pseudorabies eradication of more farms thereby establishing a solid foundation for stable production and cost
reduction.Continuous cost reduction: in the short term the Company will continuously strengthen basic management across all
segments. In the sow segment the focus will be on increasing the number of weaned piglets per litter the replacement gilt entry
rate and the farrowing rate. In the finishing segment the focus will be on improving survival rates reducing feed conversion
ratios increasing turnover efficiency and steadily increasing the proportion of self-finishing hogs thereby continuously reducing
62Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
unit growth costs. In the medium to long term the Company will leverage the results of breeding improvements to further unlock
the potential for cost reduction.Breeding improvement: the Company will continue to improve its dual breeding system (“pyramid + backcross”) and carry
out internal and external genetic exchanges and foreign introductions so as to introduce high-quality breeding stock and semen
and continue to promote the full coverage and high-quality replacement of high-performance boars and purebred sows. This will
accelerate the realization of genetic trait improvements enhancing breeding efficiency and profitability at the genetic source.Efficiency and profit enhancement: the Company will continuously optimize its operating strategies shifting from a purely
production-oriented mindset to a comprehensive business approach. It will flexibly adjust the sales mix of piglets and finishing
hogs in response to cyclical fluctuations seizing market opportunities to maximize sales value. The Company will also continue to
build digital and intelligent breeding systems optimize full-process operational efficiency and improve per capita productivity.Additionally it will steadily advance the development of its slaughtering business and specialty breeding operations optimize
product mix and enhance the synergistic effects of the industrial chain and overall profitability levels.For possible operating risks please refer to the section "risk warning regarding forward-looking statements such as futureplans in the annual report” in Section 1 of this report.XII. Surveys communications interviews and other events during the reporting period
□Applicable □Not applicable
Type of Main content of discussion and
Date Venue Manner Visitor Index
visitor information provided
Production
Beijin Individu Individual Inquiries about the Company's
January 21 2025 By phone and
g al investor business operations in 2024
management
Inquiry about the impact of
rising feed ingredient prices on
Production
Cheng Individu Individual the feed business as well as the
February 11 2025 By phone and
du al investor Company's basic production
management
and operating situation in the
first quarter
Inquiry about the progress of
Progress of
Cheng Individu Individual the Company's private
February 17 2025 By phone private
du al investor placement issuance and the
placement
subsequent issuance process
Inquiry about the disposal of
Beijin Individu Individual idle farms and facilities in the
February 19 2025 By phone Pig business
g al investor Company's pig business
segment
Inquiry about the Company's
Cheng Individu Individual full cost of hogs in January and
February 21 2025 By phone Pig business
du al investor the potential for future cost
reduction
Inquiry about the Company's
Cheng Individu Individual views on the No. 1 Central Industry
February 24 2025 By phone
du al investor Document and the forecast for situation
hog prices next year
Inquiry about the operation of
Beijin Individu Individual the Company's convertible Convertible
February 25 2025 By phone
g al investor bonds and subsequent plans bonds
regarding the bonds
Inquiry about the production Production
Cheng Individu Individual
February 27 2025 By phone and management of the and
du al investor
Company's feed and pig management
63Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
businesses
Inquiry about the impact of
Beijin Individu Individual Industry
March 6 2025 By phone increased U.S. tariffs on the
g al investor situation
prices of feed ingredients
Inquiry about the production
Cheng Individu Individual
March 12 2025 By phone and management of the Pig business
du al investor
Company’s pig business
Inquiry about the transportation Production
Cheng Individu Individual
March 12 2025 By phone of the Company's hog and feed and
du al investor
sales management
Inquiry about the Company's Production
Cheng Individu Individual
March 13 2025 By phone pig business and overseas feed and
du al investor
business management
Inquiry about the Company’s
Beijin Individu Individual
March 13 2025 By phone pig farming models costs and Pig business
g al investor
raw material hedging practices
Verification of online rumors
Cheng Individu Individual Online
March 13 2025 By phone concerning the Company's
du al investor rumors
former food business
Inquiry about the Company's
Production
Cheng Individu Individual operating situation and the
March 13 2025 By phone and
du al investor latest progress of the private
management
placement
Inquiry about the Company's
Cheng Individu Individual
March 17 2025 By phone pig business and the progress of Pig business
du al investor
the private placement
Cheng Individu Individual Inquiry about the Company's
March 18 2025 By phone Pig business
du al investor full cost of hogs in February
Inquiry about the latest progress Progress of
Beijin Individu Individual
April 9 2025 By phone of the Company's private private
g al investor
placement placement
Cheng Individu Individual Inquiry about the Company's
April 10 2025 By phone Pig business
du al investor hog sales in March
Cheng Individu Individual Inquiry about the Company's Feed
April 11 2025 By phone
du al investor feed business business
Inquiry about all aspects of
Production
Beijin Individu Individual production and management of
April 14 2025 By phone and
g al investor the Company's feed and pig
management
businesses
Inquiry about the operational
Beijin Individu Individual
April 21 2025 By phone status of the Company's pig Pig business
g al investor
business
Beijin Individu Individual Inquiry about the Company's Convertible
April 23 2025 By phone
g al investor convertible bonds bonds
Cheng Individu Individual Inquiry about the Company's
April 25 2025 By phone Pig business
du al investor hog costs and related matters
Inquiry about the Company's
Cheng Individu Individual Feed
April 28 2025 By phone feed formulation substitution
du al investor business
and soybean meal usage
Exchange of views on the
Online performance and operations of Production
Beijin Instituti Institutional
April 29 2025 communicat all business segments for the and
g on investor
ion full year of 2024 and the first management
quarter of 2025
Inquiry about the Company's
Cheng Individu Individual
March 6 2025 By phone hog sales volume and operating Pig business
du al investor
situation in the first quarter
64Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Inquiry about the Company's
Cheng Individu Individual
March 6 2025 By phone hog breeding varieties and Pig business
du al investor
marketing communications
Inquiry about the Company's Production
Cheng Individu Individual
May 7 2025 By phone feed ingredients overseas and
du al investor
business and pig business management
Online
Beijin Individu Individual P5W.net Performance Performance
May 15 2025 communicat
g al investor presentation presentation
ion
Cheng Individu Individual Inquiry about attendance at the General
May 20 2025 By phone
du al investor 2024 AGM meeting
Cheng Individu Individual Inquiry about attendance at the General
May 30 2025 By phone
du al investor 2024 AGM meeting
Cheng Individu Individual Inquiry about attendance at the General
May 30 2025 By phone
du al investor 2024 AGM meeting
Cheng Individu Individual Inquiry about recent industry Industry
May 30 2025 By phone
du al investor policies policies
Cheng Individu Individual Inquiry about attendance at the General
June 3 2025 By phone
du al investor 2024 AGM meeting
Cheng Individu Individual Inquiry about recent industry Industry
June 4 2025 By phone
du al investor policies policies
Cheng Individu Individual Inquiry about the Company's
June 4 2025 By phone Pig business
du al investor pig business etc.Cheng Individu Individual Inquiry about recent industry Industry
June 5 2025 By phone
du al investor policies policies
Cheng Individu Individual Inquiry about the Company's
June 9 2025 By phone Pig business
du al investor hog sales in May
Cheng Individu Individual Inquiry about the Company's
June 9 2025 By phone Pig business
du al investor hog sales in May
Inquiry about the proposed
Cheng Individu Individual share sale by the Company's
June 10 2025 By phone Share sale
du al investor directors supervisors and
senior management
Cheng Individu Individual Inquiry about the Company's
June 11 2025 By phone Pig business
du al investor hog sales in May
Cheng Individu Individual Inquiry about attendance at the General
June 16 2025 By phone
du al investor 2024 AGM meeting
Cheng Individu Individual Inquiry about attendance at the General
June 16 2025 By phone
du al investor 2024 AGM meeting
Cheng Individu Individual Inquiry about attendance at the General
June 16 2025 By phone
du al investor 2024 AGM meeting
Cheng Individu Individual Inquiry about recent industry Industry
June 17 2025 By phone
du al investor policies policies
Inquiry about the subsequent
Cheng Individu Individual redemption plan for the New Convertible
June 18 2025 By phone
du al investor Hope-CB and pig business- bonds
related matters
Online Operating performance for the Production
Beijin Instituti Institutional
June 18 2025 communicat full year of 2024 and the recent and
g on investor
ion period management
Inquiry about the Company's
Production
Cheng Individu Individual hog sales secondary market
July 4 2025 By phone and
du al investor share price and semi-annual
management
report forecast
Inquiry about the impact of
Cheng Individu Individual Industry
July 7 2025 By phone China-U.S. trade frictions on
du al investor situation
the Company's raw material
65Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
procurement and the projected
hog price trends for the year
Inquiry about the Company's Pig business
Cheng Individu Individual
July 10 2025 By phone pig business and market market value
du al investor
capitalization management management
Inquiry about the Company's
equity investment in China
Exchangeabl
Minsheng Bank the Group's
Cheng Individu Individual e bonds
July 25 2025 By phone exchangeable bonds and
du al investor shareholders
attendance at the second
’ meeting
extraordinary shareholders’
meeting in 2025
Inquiry about the Company's
Cheng Individu Individual
August 18 2025 By phone pig business and the operation Pig business
du al investor
of black pig breeds
Cheng Individu Individual Inquiry about the Company's Feed
August 19 2025 By phone
du al investor domestic feed sales business business
Inquiry about the operation of
Cheng Individu Individual Convertible
August 19 2025 By phone the Company's convertible
du al investor bonds
bonds
Inquiry about the Company's
Production
Cheng Individu Individual stock price performance and the
August 28 2025 By phone and
du al investor operational status of its
management
businesses
Cheng Individu Individual Inquiry about the disposal of the Disposal of
August 28 2025 By phone
du al investor Company's idle assets idle assets
Inquiry about the Company's
Cheng Individu Individual Convertible
August 29 2025 By phone convertible bonds and liability
du al investor bonds
optimization
Exchange of views on the
Production
Company's operating
Online and
Beijin Instituti Institutional performance in the first half of
September 10 2025 communicat management
g on investor the year progress of private
ion industry
placement and industry
policies
policies etc.Inquiry about the performance
Cheng Individu Individual
September 17 2025 By phone of the Company's stock on the Stock trend
du al investor
secondary market
Inquiry about the recent
Cheng Individu Individual
September 29 2025 By phone operation and management of Pig business
du al investor
the Company's pig business
Inquiry about the performance
Stock
of the Company's stock on the
Cheng Individu Individual performance
September 30 2025 By phone secondary market and recent
du al investor pig
production and operation of its
business
pig business
Inquiry about the Company's
Cheng Individu Individual recent hog costs and production
October 17 2025 By phone Pig business
du al investor and management of its pig
business
Inquiry about all aspects of
Production
Cheng Individu Individual recent production and
October 30 2025 By phone and
du al investor management of the Company's
management
feed and pig businesses
Inquiry about the operation of
Cheng Individu Individual Convertible
October 31 2025 By phone the Company's convertible
du al investor bonds
bonds on the market and
66Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
subsequent redemption plan
Cheng Individu Individual Inquiry about the Company's Slaughtering
November 5 2025 By phone
du al investor slaughtering business business
Convertible
Inquiry about the redemption of
bonds
Cheng Individu Individual the New Hope-CB and the
November 6 2025 By phone production
du al investor Company's recent production
and
and management
management
Inquiry about the recent cost of
Cheng Individu Individual hogs sold and the main ways to
November 6 2025 By phone Pig business
du al investor reduce costs in the fourth
quarter
Exchange of views on the
Production
Beijin Instituti Institutional Company's operating
November 7 2025 Field survey and
g on investor performance in the first three
management
quarters
Inquiry about the performance
Cheng Individu Individual
November 13 2025 By phone of the Company's stock on the Stock trend
du al investor
secondary market
Inquiry about the impact of idle
Cheng Individu Individual production capacity on the Disposal of
November 13 2025 By phone
du al investor Company's profits and idle assets
subsequent handling plans
Convertible
Inquiry about the redemption of
bonds
Cheng Individu Individual the New Hope-CB and the
November 18 2025 By phone production
du al investor Company's recent production
and
and management
management
Inquiry about the performance
Cheng Individu Individual
November 19 2025 By phone of the Company's stock on the Stock trend
du al investor
secondary market
Inquiry about the progress of
Progress of
the Company's private
Cheng Individu Individual private
November 19 2025 By phone placement and the recent
du al investor placement
production and management of
pig business
its pig business
Inquiry about the Company's
Cheng Individu Individual
November 24 2025 By phone hog slaughtering capacity and Pig business
du al investor
capacity utilization rate
Inquiry about the holding of the
Cheng Individu Individual Periodic
November 28 2025 By phone Company's Q3 business
du al investor report
performance presentation
Cheng Individu Individual Inquiry about market rumors Market
December 1 2025 By phone
du al investor concerning the Company rumors
Inquiry about the maturity and
Cheng Individu Individual Convertible
December 3 2025 By phone redemption of the Company's
du al investor bonds
New Hope-CB
Inquiry about the Company's
Production
Cheng Individu Individual production and management
December 4 2025 By phone and
du al investor and the performance of its stock
management
on the secondary market
Inquiry about the maturity and
Cheng Individu Individual Convertible
December 4 2025 By phone redemption of the Company's
du al investor bonds
New Hope-CB
Inquiry about the performance
Cheng Individu Individual
December 10 2025 By phone of the Company’s stock on the Stock trend
du al investor
secondary market
67Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Inquiry about the Company's
Cheng Individu Individual
December 10 2025 By phone participation in hog hedging Hedging
du al investor
activities
Inquiry about the maturity and
Cheng Individu Individual Convertible
December 29 2025 By phone redemption of the Company's
du al investor bonds
New Hope-CB
XIII. Development and implementation of market value management system and valuation
enhancement plan
Whether the Company developed market value management system.□Yes □No
Whether the Company disclosed valuation enhancement plan
□Yes □No
To enhance the investment value of the Company increase investor returns standardize the Company's market value
management activities ensure the compliance scientificity and effectiveness of the Company's market value management
activities and maximize the Company's value and shareholders' interests in response to the call in the Several Opinions of the
State Council on Strengthening Supervision Preventing Risks and Promoting High-Quality Development of the Capital Market to
encourage listed companies to establish a market value management system the Company in accordance with the Company Law
of the People's Republic of China the Securities Law of the People's Republic of China the Regulatory Guidelines for Listed
Companies No. 10 - Market Value Management the Shenzhen Stock Exchange Listing Rules Self-Regulatory Guidelines No. 1 for
Companies Listed on Shenzhen Stock Exchange - Standardized Operations of Main Board Listed Companies and such other laws
regulations and normative documents as well as the Articles of Association has formulated the Market Value Management System
which was approved at the first meeting of the 10th Board of Directors held on April 3 2025.XIV. Implementation of the "Quality & Return Dual Improvement" action plan
Whether the Company disclosed the "Quality & Return Dual Improvement" action plan.□Yes □No
68Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Section 4 Environmental Social and Corporate Governance
I. Basic information on corporate governance
The Company established a standard corporate governance structure formulated rules and policies in line with its business
development defined duties and authorities in terms of decision making execution and supervision and formed effective division
of duties and check and balance mechanisms according to the Company Law of the People’s Republic of China the Securities Law
of the People’s Republic of China the Code of Corporate Governance for Listed Companies and the Shenzhen Stock Exchange
Listing Rules.During the reporting period shareholders’ meetings meetings of the Board of Directors and meetings of the Board of
Supervisors were all held in strict in accordance with relevant laws regulations and bylaws. The resolutions were legal and valid.The directors supervisors and the management team were diligent and responsible and fulfilled their relevant duties well.Adhering to relevant laws regulations and normative documents the Company also continuously strengthened the construction of
the internal control system to improve the level of internal control governance effectively promoting its standardized and
compliant operation earnestly ensuring the integrity of its assets and the security of its property and safeguarding the interests of
the Company and its shareholders.Whether there is any significant difference between actual condition of corporate governance and laws regulations and provisions
enacted by CSRC regarding corporate governance of listed companies.□Yes □No
There was no significant difference between actual condition of corporate governance and laws regulations and provisions enacted
by China Securities Regulatory Commission regarding corporate governance of listed companies.II. Independence of the Company from its controlling shareholder and actual controller in
terms of assets personnel finance organization and other aspects
The Company is completely separated from its controlling shareholder New Hope Group in terms of business personnel
assets organization finance and other aspects and has independent and complete business and independent management ability.
1. Business independence: the Company conducts its business operations independently and has no dependence on the
controlling shareholder or other affiliates. The Company has independent systems for raw materials procurement and products
production and sales and its raw materials procurement and products production and sales are not dependent upon the controlling
shareholder or other affiliates.
2. Personnel separation: the Company has HR department dedicated to its labor personnel and wage management and has
formulated a series of rules and regulations for staff assessment. The Company’s President and other senior management do not
hold dual position in the Company or any shareholder entity and all receive compensation from the Company.
3. Asset integrity: the Company has independent and complete production system auxiliary production system and
supporting facilities as well as other assets such as land use rights industrial property rights and non-patented technologies. The
controlling shareholder has not illegally occupied the Company’s funds assets or other resources of the Company in any manner
or form.
4. Organizational independence: the Company is completely separated from its controlling shareholder and other affiliates in
terms of office and production and business sites without mixed operation or co-office. All departments of the Company have no
subordinate or affiliated relationships with any organization of the controlling shareholder or affiliates nor did the controlling
shareholder intervene in business activities of the Company in any form or manner.
69Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
5. Financial independence: the Company has set up an independent finance department as its financial management
organization established independent accounting systems and financial management policies and makes independent financial
decisions and implements vertical management of financial affairs of its branches and subsidiaries according to the requirement of
the accounting system of listed companies. The Company opened and maintains independent accounts with banks and pays taxes
independently according to law.III. Horizontal competition
□Applicable □Not applicable
IV. Directors and senior management
1. Basic information
Curre Curre
nt nt Closin
Other Reasons
G Status Opening increa decrea g
chang for
en A of sharehol se in se in shareh
Name Position From To es changes in
de ge incum ding shareh shareh olding
(share shareholdi
r bency (shares) olding olding (share
s) ng
(share (share s)
s) s)
Fe
Liu m Chairma Incum May 22 April 2 215545 2155
46000
Chang al n bent 2013 2028 2 452
e
Repurchas
e for
Zhang M Septemb -
Incum April 2 200000 4000 cancellatio
Minggu al 44 Director er 24 0 0 1600
bent 2028 0 00 n of
i e 2020 000
restricted
stock
Li M
Incum May 26 April 2
Jianxio al 49 Director 0 0 0 0 0
bent 2016 2028
ng e
Fe
Yang m Incum April 3 April 2
55 Director 0 0 0 0 0
Fang al bent 2025 2028
e
Repurchas
Director e for
M -
Tao Incum April 3 April 2 131250 5925 cancellatio
al 52 0 0 7200
Yuling Presiden bent 2025 2028 0 00 n of
e 00
t restricted
stock
Personal
financial
needs and
Pang M Decemb - - repurchase
Incum April 2 1080
Yundon al 61 Director er 27 72000 0 1800 4320 for
bent 2028 0
g e 2025 0 0 cancellatio
n of
restricted
stock
70Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Fe
Indepen
Wang m Incum May 31 April 2
75 dent 0 0 0 0 0
Jiafen al bent 2022 2028
Director
e
Fe
Indepen
Xie m Incum April 3 April 2
64 dent 0 0 0 0 0
Jiayang al bent 2025 2028
Director
e
Fe
Indepen
Li m Incum July 31 April 2
47 dent 0 0 0 0 0
Tiantian al bent 2025 2028
Director
e
Repurchas
e for
M Vice -
Yan Incum March April 2 3800 cancellatio
al 47 Presiden 125000 0 0 8700
Qiubo bent 11 2024 2028 0 n of
e t 0
restricted
stock
Vice
Presiden
Wang M t Decemb
Incum April 3
Weiyon al 52 Human er 2 0 0 0 0 0
bent 2028
g e Resourc 2024
es
Director
Vice
Presiden Personal
t financial
Director needs and
M of - - repurchase
Li Incum March April 2 1350
al 47 Enginee 900000 0 2250 5400 for
Shuang bent 11 2024 2028 00
e ring and 00 00 cancellatio
Equipm n of
ent restricted
Operatio stock
ns
Fe
m Incum April April 2
Shi Han 46 CFO 0 0 0 0 0
al bent 24 2025 2028
e
M Board
Zhao Incum April 3 April 2
al 48 secretar 0 0 0 0 0
Liang bent 2025 2028
e y
Director Repurchas
of e for
M -
Wang Investm Incum January April 2 3600 cancellatio
al 56 900000 0 0 5400
Pusong ent bent 23 2018 2028 00 n of
e 00
Develop restricted
ment stock
Liu M
Resig May 22 April 3 8923
Yongha al 75 Director 892320 0 0 0
ned 2013 2025 20
o e
M Novemb
Wang Resig April 3 6000
al 55 Director er 29 60000 0 0 0
Hang ned 2025 0
e 2011
Zhou M Resig May 30 Decemb
46 Director 100 0 0 0 100
Boping al ned 2024 er 27
71Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
e 2025
M Indepen
Peng Remo May 30 July 31
al 62 dent 0 0 0 0 0
Long ved 2024 2025
e Director
Fe
Indepen Novemb
Cai m Resig April 3 1000
53 dent er 6 10000 0 0 0
Manli al ned 2025 0
Director 2019
e
Personal
financial
needs and
Chen M Vice - - repurchase
Resig January April 120000
Xingya al 52 Presiden 0 2400 9600 0 for
ned 11 2021 24 2025 0
o e t & CFO 00 00 cancellatio
n of
restricted
stock
Secretar
y to the
Board
of Repurchas
Director e for
M -
s & Resig January April 3 100000 2000 cancellatio
Lan Jia al 46 0 0 8000
Chief ned 25 2021 2025 0 00 n of
e 00
Strategi restricted
c stock
Investm
ent
Officer
--
1062734854
Total -- -- -- -- -- -- 0 4830 5290 --
72172
00200
Whether any directors or senior management resigned during the reporting period
□Yes □No
Mr. Liu Yonghao and Mr. Wang Hang stepped down as directors and Ms. Cai Manli stepped down as an independent
director each due to the Board of Directors’ re-election. Mr. Peng Long was removed from the position of independent director
for personal reasons while Mr. Zhou Boping resigned as a director also for personal reasons. Mr. Zhang Minggui stepped down as
President Mr. Chen Xingyao stepped down as Vice President & Chief Financial Officer and Mr. Lan Jia stepped down as the
Secretary to the Board of Directors & Chief Strategic Investment Officer all due to the Board of Directors’ re-election.Changes in directors and senior management of the Company
□Applicable □Not applicable
Name Position Type Date Reason
Yang Fang Director Elected April 3 2025 Re-election
Tao Yuling Director President Elected April 3 2025 Re-election
Pang Yundong Director Elected December 27 2025 Job transfer
Xie Jiayang Independent Director Elected April 3 2025 Re-election
Li Tiantian Independent Director Elected July 31 2025 Job transfer
Shi Han CFO Appointed April 24 2025 Re-election
Zhao Liang Board secretary Appointed April 3 2025 Re-election
Separation at
Liu Yonghao Director April 3 2025 Re-election
expiration of office
72Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
term
Separation at
Wang Hang Director expiration of office April 3 2025 Re-election
term
Zhou Boping Director Resigned December 27 2025 Personal reason
Peng Long Independent Director Resigned July 31 2025 Personal reason
Separation at
Cai Manli Independent Director expiration of office April 3 2025 Re-election
term
Separation at
Zhang Minggui President expiration of office April 3 2025 Re-election
term
Separation at
Chen Xingyao Vice President & CFO expiration of office April 24 2025 Re-election
term
Secretary to the Board
Separation at
of Directors & Chief
Lan Jia expiration of office April 3 2025 Re-election
Strategic Investment
term
Officer
2. Incumbencies
Professional background main work experience and current main duties in the Company of current directors and senior
management
Directors:
Liu Chang female holds an Executive Master of Business Administration (EMBA). She previously served as Office Director
of Sichuan New Hope Agriculture Co. Ltd. Office Director of New Hope Dairy Co. Ltd. and Director of New Hope Liuhe Co.Ltd. She currently serves as Chairman of the Company Director of New Hope Group Co. Ltd. Director of Nanfang Hope
Industry Co. Ltd. and Director of New Hope Dairy Co. Ltd.Zhang Minggui male graduated from China University of Geosciences (Beijing) with a Bachelor’s degree in Accounting and
a Master’s degree in Management. He previously served as Secretary of the Youth League Committee and Office Director of New
Hope Group Co. Ltd. President of New Hope Real Estate Division Non-executive Director and Chairman of New Hope Service
Holdings Limited Chairman of New Hope Group Sichuan Headquarters Vice President of New Hope Group Co. Ltd. and
Executive Chairman and President of the Company. He currently serves as Director of the Company Secretary of the Party
Committee and Vice Chairman of New Hope Group Co. Ltd. Director of Huarong Chemical Co. Ltd. and Director of Sichuan
Xinwang Bank Co. Ltd. He is also a Deputy to the 14th Sichuan Provincial People's Congress a member of the Economic Affairs
Committee of the Provincial People's Congress Secretary of the Party Committee and Secretary-General of the General
Association of Sichuan Entrepreneurs Vice President of the China Youth Entrepreneurs Association and President of the Sichuan
Youth Entrepreneurs Association.Li Jianxiong male holds the title of Senior Economist. He is Vice Chairman of the Agriculture and Forestry Committee and
Vice Chairman of the Youth Working Committee of the Jiusan Society Central Committee. He holds an EMBA from Peking
University a PhD in Economics from the Chinese Academy of Social Sciences and completed postdoctoral research at Renmin
University of China. He currently serves as Director of the Company Executive Vice President and Chief Operating Officer of
New Hope Group Co. Ltd. Chairman of Nanfang Hope Industry Co. Ltd. Director of Huarong Chemical Co. Ltd. Director of
Xingyuan Environment Technology Co. Ltd. and Director of Shenzhen Feima International Supply Chain Co. Ltd. He has
received numerous awards including the 25th Qiu Shi Outstanding Young Talent Achievement Award for Technological
Transformation from the China Association for Science and Technology the Special Prize of the National Science and
Technology Progress Award for Commerce from the China General Chamber of Commerce the Sichuan Innovative EntrepreneurAward and was recognized as a High-level Innovative Talent under the “Chengdu Drifter Program" and honored with the "Zhuge
73Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Elite" title. He also serves as Vice President of the China Association of Agricultural and Rural Law Director of the Beijing
Jingwa Agricultural Science and Technology Innovation Center and Expert of the Beijing Pinggu District Agricultural Science
and Technology Innovation Demonstration Zone.Yang Fang female Chinese nationality holds no permanent residency abroad. She is a member of the China National
Democratic Construction Association. She holds a Bachelor's degree in Financial Accounting and a Master's degree in Business
Administration and is a Chinese CPA a Chinese CTA and holds a non-practicing membership with CPA Australia. She currently
serves as Director of the Company Member of the Leadership Team and Chief Financial Officer of New Hope Group Co. Ltd.Chairman of New Hope Finance Co. Ltd. and Director of New Hope Wuxin Industrial Group Co. Ltd. Previously she served as
Partner at KPMG Huazhen Certified Public Accountants (Special General Partnership) Chief Accountant of China National
BlueStar (Group) Co. Ltd. Director of Bluestar Adisseo Co. Ltd. Supervisor of New Hope Liuhe Co. Ltd. Chair of the Board of
Supervisors of New Hope Dairy Co. Ltd. and Director of Xingyuan Environment Technology Co. Ltd. She is a member of the
China Finance 30 Forum an Industry Mentor for the Master of Accounting (CFO Track) program at Tsinghua University and has
received the 15th "China CFO of the Year 2019" award from the Ministry of Finance the 9th "China International Financial
Leader of the Year 2018" award etc.Tao Yuling male holds a Bachelor's degree in Freshwater Fisheries from Huazhong Agricultural University and an EMBA.He previously served as General Manager of the Beijing-Tianjin-Hebei Region President of the North China Regional
Corporation President of the Shandong Operational Special Zone President of the Poultry BU President of the Pig Business
Xinhai Division President of the Pig BG and Vice President of the Company. He currently serves as Director and President of the
Company.Pang Yundong male holds an EMBA. He previously served in various financial roles including Regional Financial Manager
Financial Director for the Feed Business Region Deputy General Manager of the Finance Department of Shandong Liuhe Group
Financial Director of the North Central Center Financial Director of the North China Regional Corporation Deputy General
Manager of the Finance Department of the Company and General Manager of the Rural Financial Guarantee Division. He also
previously served as Supervisor of the Company. He currently serves as Director of the Company General Manager of the Supply
Chain Management Department of Feed BU and General Manager of Internal Control of Feed BU.Independent directors:
Wang Jiafen female Chinese nationality holds no permanent residency abroad. She has a Master's degree and is a member
of the Communist Party of China. She holds the title of Senior Economist and is a recipient of the National "May 1st" Labor
Medal the Shanghai "March 8th" Red Banner Pacesetter and the Shanghai Model Worker. She previously served as Chairman
and General Manager of Bright Dairy Co. Ltd. Chairman and General Manager of Shanghai Dairy (Group) Co. Ltd. Partner of
GGV Capital Vice Chairman of Ping An Trust and Chairman of Shanghai Oriental Women's Leadership Development Center.She currently serves as an Independent Director of the Company Supervisor of Shanghai Guanjie Enterprise Management
Consulting Co. Ltd. Director of Bondex Supply Chain Management Co. Ltd. and Director of Bestore Co. Ltd.Xie Jiayang female Chinese nationality graduated from Zhongnan University of Economics and Law in 1984. She is a
Chinese CPA a Chinese CTA and a Senior Accountant. With over 38 years of experience in financial auditing and management
consulting she has led professional services for more than 100 enterprises and multiple government projects. She previously
served as General Manager Assistant of Zhonghua Certified Public Accountants Managing Partner of Pan-China Certified Public
Accountants Managing Partner of Deloitte Touche Tohmatsu Certified Public Accountants and Managing Partner of Ernst &
Young Hua Ming Certified Public Accountants. She currently serves as an Independent Director of the Company.Li Tiantian female Chinese nationality has over 20 years of professional experience in corporate management. She
previously served as General Manager of Beijing Renhuite Zhiye Consulting Co. Ltd. and General Manager of Beijing
Zhongruanyan Management Consulting Co. Ltd. She currently serves as an Independent Director of the Company and Director &
General Manager of Beijing Siwei Zaowu Information Technology Co. Ltd.
74Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Senior management:
Yan Qiubo male holds a Bachelor's degree in Veterinary Medicine from China Agricultural University and an EMBA from
West Coast University. He previously served as General Manager of the Guizhou Region of Feed BU Commander of the Hubei
Theater of Pig BU Xinliu Division and Head of Feed BU. He currently serves as Vice President of the Company and Chairman of
the Guizhou Feed Industry Association.Wang Weiyong male holds a Bachelor's degree from Renmin University of China. He previously served as Human
Resources Director for Lenovo Group's China region Human Resources Director of New Hope Group Vice President and Human
Resources Director of the Company and Senior Vice President of Joyvio Group. He currently serves as Vice President and Human
Resources Director of the Company.Li Shuang male holds a Bachelor's degree from Sichuan University. He previously served as General Manager of Ningbo
Company of New Hope Group's Real Estate Division General Manager of the Operations Management Center of the Real Estate
Division and Director of Engineering and Equipment Operations of the Company. He currently serves as Vice President and
Director of Engineering and Equipment Operations of the Company.Shi Han female of Han ethnicity graduated from Peking University. She previously worked at KPMG and the Finance
Department of China Investment Corporation. She served as Deputy Director of the Finance Department of New Hope Group
Chief Financial Officer and Chief Operating Officer of Caogen Zhiben Group and Senior Assistant to the Chairman and Director
of the Strategy and Operations Department of the Company. She currently serves as Chief Financial Officer of the Company.Zhao Liang male holds a Bachelor's degree in Economics in National Economic Management from Renmin University of
China and a Master's degree in Finance from Sun Yat-sen University. He previously served as Secretary to the President's Office
Public Relations Manager and Intermediate Manager of the Corporate Banking Department of Bank of China Guangdong Branch;
Senior Financing Manager of the Treasury Department of Ping An Insurance (Group) Company of China Ltd. and Director of the
Capital Management Office of Ping An Trust Co. Ltd.; General Manager of the Treasury Department of China Qinfa Group
Limited; General Manager of Shenzhen Branch of Dongxing Securities Co. Ltd.; and Managing Director of Guangzhou City
Development Investment Fund Management Co. Ltd. He currently serves as Secretary to the Board of Directors of the Company
and General Manager of Guangdong New Hope New Agriculture Equity Investment Fund Management Co. Ltd.Wang Pusong male holds a Bachelor's degree in Economics from Wuhan University a Master's degree in Economics from
Xiamen University and a Doctorate in Management from Xiamen University. He previously worked at the Tax Policy Division of
Ezhou Municipal Taxation Bureau in Hubei province and the Investment Banking Department of China Eagle Securities. He also
served as Finance Manager of China Silk Shenzhen Import & Export Corporation Financial Director of the Breeding Division
of Shandong New Hope Liuhe Group and General Manager of the Finance Department and Chief Accountant of the Company.He currently serves as Director of Investment Development of the Company.Notes on the situation where the controlling shareholder and the actual controller also serve as Chairman and General Manager of
the listed company
□Applicable □Not applicable
Incumbencies with shareholder entities
□Applicable □Not applicable
Whether receive
Name
compensations or
of
Name of shareholder entity Position held From To allowances from
incumb
shareholder
ent
entities
Liu
New Hope Group Co. Ltd. Director January 1 1997 No
Chang
Liu Nanfang Hope Industry Co.Director December 1 2004 No
Chang Ltd.
75Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Zhang
Minggu New Hope Group Co. Ltd. Vice chairman March 14 2025 Yes
i
Li Executive Vice
Jianxio New Hope Group Co. Ltd. President Chief February 14 2016 Yes
ng Operating Officer
Li
Nanfang Hope Industry Co. Chairman General
Jianxio May 1 2016 Yes
Ltd. Manager
ng
Yang
New Hope Group Co. Ltd. CFO December 18 2023 Yes
Fang
Incumbencies with other entities
□Applicable □Not applicable
Whether
Name receiving
of Position held in compensations
Name of other entities From To
incumb other entities or allowances
ent from the other
entities
Liu
New Hope Dairy Co. Ltd. Director December 15 2016 No
Chang
Zhang
Minggu Huarong Chemical Co. Ltd. Director May 22 2020 No
i
Zhang Chengdu Xiaokang Zhijia
Minggu Enterprise Management Managing Partner April 29 2019 March 10 2025 No
i Consulting Center (LP)
Zhang Executive
Xizang Zhonghui Trading
Minggu Director General March 17 2017 No
Co. Ltd.i Manager
Zhang Chengdu Yunjing Guanlan Executive
Minggu Enterprise Management Co. Director General November 4 2019 No
i Ltd. Manager
Zhang
Sichuan Youkang Healthcare
Minggu Chairman June 4 2018 No
Management Co. Ltd.i
Zhang Chengdu New Hope Executive
Minggu Financial Information Co. Director General March 27 2019 No
i Ltd. Manager
Zhang
Chengdu New Partner
Minggu Manager December 10 2018 No
Business Consulting Co. Ltd.i
Zhang Executive
Chengdu New Hope Fintech
Minggu Director General May 10 2018 No
Co. Ltd.i Manager
Zhang
Zhejiang Zhongao Modern
Minggu Director January 13 2020 No
Industrial Park Co. Ltd.i
Zhang
Chengdu Xinjin Hope Feed
Minggu Director November 26 2018 No
Mill
i
Zhang Chengdu Chuanshang
Minggu Xinchuang Equity Investment Chairman August 28 2018 No
i Fund Management Co. Ltd.Zhang Chengdu Chuanshang Xingye
Chairman September 1 2017 No
Minggu Equity Investment Fund
76Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
i Management Co. Ltd.Zhang
Minggu Sichuan XW Bank Co. Ltd. Director October 20 2020 No
i
Zhang Wenzhou New Hope Deheng
Minggu Healthcare Investment Co. Vice chairman November 10 2015 No
i Ltd.Zhang Beijing New Hope Liuhe
Minggu Biotechnology Industry Director December 18 2020 No
i Group Co. Ltd.Zhang Sichuan Hope Enterprise
Minggu Management Service Co. Director February 6 2026 No
i Ltd.Li
Caogen Zhiben Group Co.Jianxio Supervisor May 1 2016 No
Ltd.ng
Li
New Hope Chemical
Jianxio Director May 1 2016 No
Investment Co. Ltd.ng
Li New Hope Asia Pacific
Jianxio Investment Holdings Co. Supervisor June 1 2016 No
ng Ltd.Li
Shenzhen Feima International
Jianxio Director January 22 2021 No
Supply Chain Co. Ltd.ng
Li
Jianxio Huarong Chemical Co. Ltd. Director May 22 2020 No
ng
Li
New Hope International (HK)
Jianxio Director December 21 2018 No
Co. Ltd.ng
Li
Sichuan Yonghao Charity
Jianxio Director November 26 2018 No
Foundation
ng
Li
Jianxio InnovHope Inc. Director July 4 2018 No
ng
Li
Jianxio New Hope Finance Co. Ltd. Director December 26 2017 No
ng
Li
Xingyuan Environment
Jianxio Chairman May 21 2019 January 22 2025 Yes
Technology Co. Ltd.ng
Li
Xingyuan Environment
Jianxio Director May 21 2019 Yes
Technology Co. Ltd.ng
Li
Zintech Network Technology
Jianxio Director December 18 2019 No
Co. Ltd.ng
Li Executive
Lhasa New Hope Industrial
Jianxio Director General April 26 2016 No
Co. Ltd.ng Manager
Li Executive
Beijing Baiqian Technology
Jianxio Director General March 5 2019 December 5 2025 No
Co. Ltd.ng Manager
Li New Hope Wuxin Industrial
Director October 17 2023 No
Jianxio Group Co. Ltd.
77Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
ng
Li New Hope Investment
Jianxio Development (Guangdong) Chairman September 23 2019 September 22 2025 No
ng Co. Ltd.Li Guangdong Yuanxi
Jianxio Management Consulting Co. Executive director October 23 2018 No
ng Ltd.Li
New Hope Digital Chairman General
Jianxio December 4 2020 No
Technology Co. Ltd. Manager
ng
Li Executive
Hainan Shengchen
Jianxio Director General February 1 2020 No
Investment Co. Ltd.ng Manager
Li
Sichuan Qingwang Nano
Jianxio Chairman October 12 2022 No
Technology Co. Ltd.ng
Yang
New Hope Finance Co. Ltd. Director August 23 2024 No
Fang
Yang
New Hope Finance Co. Ltd. Chairman November 5 2024 No
Fang
Yang New Hope Wuxin Industrial
Director August 26 2025 No
Fang Group Co. Ltd.Tao Shandong Zhongxin Food
Director August 14 2023 September 13 2025 No
Yuling Group Co. Ltd.Pang
Shanghai New Hope Supply
Yundon Executive director May 24 2024 No
Chain Technology Co. Ltd.g
Pang Sichuan New Hope Animal Executive
Yundon Nutrition Technology Co. Director General May 11 2024 No
g Ltd. Manager
Pang Xiamen New Hope Liuhe Executive
Yundon Agricultural Supply Chain Director General April 1 2024 No
g Co. Ltd. Manager
Pang Hainan New Hope Liuhe Executive director
Yundon Supply Chain Technology and general July 12 2024 No
g Co. Ltd. manager
Pang
Shandong Zhongxin Animal
Yundon Director July 23 2024 No
Feed Co. Ltd.g
Pang Executive director
Qingdao New Hope Liuhe
Yundon and general May 13 2024 No
Trade Co. Ltd.g manager
Pang
Hebei Liuhe Xingda Feed
Yundon Director May 31 2011 No
Co. Ltd.g
Pang
Panjin Puhui Financing
Yundon Chairman October 26 2016 No
Guarantee Co. Ltd.g
Pang
Beijing New Hope Liuhe
Yundon Supervisor October 26 2015 March 2 2025 No
Food Co. Ltd.g
Shanghai Guanjie Enterprise
Wang
Management Consulting Co. Supervisor May 27 2016 No
Jiafen
Ltd.Wang Shanghai Rotai Health
Director October 17 2022 October 17 2025 Yes
Jiafen Technology Co. Ltd.Wang Bestore Co. Ltd. Director September 15 2022 May 26 2026 Yes
78Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Jiafen
Wang Zhende Medical Supplies
Director July 24 2022 July 24 2025 Yes
Jiafen Co. Ltd.Wang Bondex Supply Chain
Director May 26 2022 May 26 2026 Yes
Jiafen Management Co. Ltd.Xie Enviro Energy International Independent Non-
April 22 2025 April 21 2026 Yes
Jiayang Holdings Limited executive Director
Beijing Siwei Zaowu
Li General Manager
Information Technology Co. June 17 2014 Yes
Tiantian Directors
Ltd.Beijing Xiaosai Xiaoke
Li
Cultural Communication Co. Director December 11 2015 No
Tiantian
Ltd.Beijing Siwei Zaowu
Li
Investment Management Co. Executive director November 30 2015 No
Tiantian
Ltd.Li Beijing Dedao Information
Director manager December 18 2015 No
Tiantian Technology Co. Ltd.Beijing Dedao Vocational
Li
Skills Training Chaoyang Vice chairman May 17 2022 No
Tiantian
School Co. Ltd.Beijing Letian Wuzhu
Li
Management Consulting Co. Director August 18 2021 No
Tiantian
Ltd.Li Independent
Shoucheng Holdings Limited April 20 2026 December 31 2026 Yes
Tiantian Director
Guiyang New Hope Liuhe
Yan
Agricultural Technology Co. Director May 20 2022 No
Qiubo
Ltd.Nayong New Hope
Yan
Yuansheng Agriculture Co. Finance Head July 8 2019 No
Qiubo
Ltd.Wang
Shandong Zhongxin Food
Weiyon Director May 20 2025 No
Group Co. Ltd.g
Shandong New Hope Liuhe
Shi Han Manager May 20 2025 No
Group Co. Ltd.Shi Han New Hope Finance Co. Ltd. Director November 15 2024 No
Sichuan New Hope Flavor
Shi Han Supervisor June 13 2018 December 19 2025 No
Industry Co. Ltd.Fresh Life Style Cold-chain
Shi Han Supervisor April 22 2022 No
Logistics Co. Ltd.Maoning Pet Control
Shi Han Director November 19 2021 No
Technology Co. Ltd.Sichuan New Hope
Shi Han Supervisor February 14 2019 No
Nutritional Products Co. Ltd.Sichuan Zhiai Maternal and
Shi Han Supervisor November 5 2019 No
Child Products Co. Ltd.Beijing Caogen Wuxian
Shi Han Investment Management Co. Supervisor March 27 2019 No
Ltd.Hainan Fresh Life Style
Shi Han Cold-chain Logistics Co. Chairman August 5 2021 No
Ltd.Chateland (Shanghai) Food
Shi Han Supervisor September 4 2018 No
Technology Co. Ltd.Shi Han Beijing Mengzhua Director January 13 2020 No
79Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Technology Co. Ltd.Shenzhen Mengtian Trading
Shi Han Supervisor December 11 2020 No
Co. Ltd.Chengdu Guoniang Food Co.Shi Han Director April 18 2023 January 30 2026 No
Ltd.Sichuan Chuanwazi Food
Shi Han Supervisor June 18 2021 January 14 2026 No
Co. Ltd.Syncho International Health
Shi Han Supervisor April 9 2019 December 24 2025 No
Management Co. Ltd.Xiaocao Infinite Technology
Shi Han Director March 16 2022 December 23 2025 No
(Sichuan) Co. Ltd.Sichuan Natural Institute of
Shi Han Supervisor July 25 2019 December 29 2025 No
Pharmacy
Wang New Hope Liuhe Investment Chairman and
March 21 2018 No
Pusong Co. Ltd. general manager
Chengdu Tianfu Xingxinxin
Wang
Farming Technology Co. Director November 21 2022 No
Pusong
Ltd.Wang Fuxin Hehui Livestock
Supervisor November 20 2008 June 23 2025 No
Pusong Breeding Co. Ltd.Wang Xinzhi Huide Machinery
Director March 29 2021 No
Pusong Technology Co. Ltd.Guangdong New Hope New
Zhao Agriculture Equity
Director manager July 5 2018 Yes
Liang Investment Fund
Management Co. Ltd.Guangdong Agricultural
Zhao Supply-Side Structural
Director November 27 2020 No
Liang Reform Fund Management
Co. Ltd.Zhao Qingdao Xinmu Zhihe
Director March 28 2024 No
Liang Technology Co. Ltd.Zhao Laixi New Hope Liuhe
Director March 22 2024 No
Liang Farming Co. Ltd.Zhao Nanning Xinhao Farming
Director March 18 2025 No
Liang Co. Ltd.Zhao Laibin Xinhao Farming Co.Director January 13 2025 No
Liang Ltd.Zhao Ningming Xinhao Farming
Director April 26 2024 No
Liang Co. Ltd.Zhao Xiangzhou Xinhao Farming
Director January 6 2025 No
Liang Co. Ltd.Zhao Hezhou Xinhao Farming Co.Director August 26 2024 No
Liang Ltd.Laibin New Hope Liuhe
Zhao
Farming Technology Co. Director June 4 2024 No
Liang
Ltd.Zhao Wuzhou New Hope Liuhe
Director November 29 2024 No
Liang Feed Co. Ltd.Zhao Nanning New Hope Farming
Director May 28 2024 No
Liang Technology Co. Ltd.Zhao Yulin Guoxiong Feed Co.Director June 7 2024 No
Liang Ltd.Shandong New Hope Executive director
Zhao
Agricultural Investment Co. and general September 29 2020 No
Liang
Ltd. manager
Zhao Shandong New Hope Executive director September 29 2020 No
80Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Liang Agricultural Development and general
Co. Ltd. manager
Shenyang New Hope
Zhao Executive director
Agricultural Investment October 17 2019 No
Liang and manager
Consulting Co. Ltd.Penalties imposed by securities regulators in the past three years on incumbent directors and senior management of the Company
and those separated within the reporting period
□Applicable □Not applicable
Mr. Li Jianxiong a Director of the Company was subject to warning letters issued by the Zhejiang Regulatory Bureau of the
China Securities Regulatory Commission in October 2023 for matters not related to the Company and was also subject to public
criticism by the Shenzhen Stock Exchange in April 2024.
3. Compensation of directors and senior management
Decision-making process determination basis and actual payment of compensations for directors and senior management
The Compensation and Evaluation Committee determines the remuneration of the Company's senior management based on
their respective areas of responsibility main duties business innovation capabilities work performance as well as the Company's
Administrative Measures for Employee Compensation and relevant regulations and provisions of the Compensation and Evaluation
Committee.As of December 31 2025 the total amount of pretax remuneration received by directors and senior management from the
Company was 12.2243 million yuan. Ms. Liu Chang Chairman of the Company voluntarily gave up a portion of her salary in
2024 and only received a pretax remuneration of 192300 yuan. This resulted in a growth in her remuneration in 2025 compared
to 2024 but it still remained within the normal salary range for personnel of the same industry and type.Compensation for directors and senior management of the Company within the reporting period
Unit: 10000 yuan
Whether
Total amount of
receiving
pretax
Status of compensation
Name Gender Age Position compensation
incumbency from related
received from
parties of the
the Company
Company
Liu Chang Female 46 Chairman Incumbent 162 No
Zhang
Male 44 Director Incumbent 54 Yes
Minggui
Li
Male 49 Director Incumbent 0 Yes
Jianxiong
Yang Fang Female 55 Director Incumbent 0 Yes
Tao Yuling Male 52 Director President Incumbent 142.65 No
Pang
Male 61 Director Incumbent 105.27 No
Yundong
Wang
Female 75 Independent Director Incumbent 20 No
Jiafen
Xie Jiayang Female 64 Independent Director Incumbent 13.33 No
Li Tiantian Female 47 Independent Director Incumbent 6.67 No
Yan Qiubo Male 47 Vice President Incumbent 73.5 No
Wang Vice President Human
Male 52 Incumbent 120.1 No
Weiyong Resources Director
Vice President Director of
Li Shuang Male 47 Incumbent 119.92 No
Engineering and Equipment
81Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Operations
Shi Han Female 46 CFO Incumbent 114 No
Zhao Liang Male 48 Board secretary Incumbent 91.83 No
Wang Director of Investment
Male 56 Incumbent 73.5 No
Pusong Development
Liu
Male 75 Director Resigned 13.29 Yes
Yonghao
Wang Hang Male 55 Director Resigned 0 No
Zhou
Male 46 Director Resigned 20 No
Boping
Peng Long Male 62 Independent Director Resigned 13.26 No
Cai Manli Female 53 Independent Director Resigned 6.67 No
Chen
Male 52 Vice President & CFO Resigned 41.4 No
Xingyao
Secretary to the Board of
Lan Jia Male 46 Directors & Chief Strategic Resigned 31.04 No
Investment Officer
Total -- -- -- -- 1222.43 --
Assessment basis for the remuneration actually received by all
Corporate-level performance individual performance and
directors and senior management at the end of the reporting
KPIs compliance and risk control
period.Progress of the assessment for the remuneration actually
The corporate-level performance targets have not been fully
received by all directors and senior management at the end of
achieved
the reporting period.Deferred payment arrangements for the remuneration actually Part of the performance-based compensation for senior
received by all directors and senior management at the end of management was paid out after the performance audit in the
the reporting period. following year
Claw back and stop-payment for the remuneration actually
received by all directors and senior management at the end of None
the reporting period.Other notes
□Applicable □Not applicable
V. Performance of duties by directors within the reporting period
1. Attendance of directors at board meetings and shareholders’ meetings
Attendance of directors at board meetings and shareholders’ meetings
Number of Whether failing
Number of Number of Number of Number of
board Number of to attend board
board board board shareholde
Name of meeting board meetings in
meetings meetings meetings rs’
director attended via meetings person for
required to attended in attended by meetings
communicati absent from consecutive two
be attended person proxy attended
on means times
Liu Chang 10 1 9 0 0 No 3
Zhang
10 1 9 0 0 No 4
Minggui
Liu Yonghao 1 0 1 0 0 No 0
Wang Hang 1 0 1 0 0 No 0
Li Jianxiong 10 1 9 0 0 No 4
Yang Fang 9 1 8 0 0 No 4
82Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Tao Yuling 9 1 8 0 0 No 4
Zhou Boping 10 1 9 0 0 No 4
Wang Jiafen 10 0 10 0 0 No 4
Peng Long 5 1 3 0 1 No 2
Cai Manli 1 0 1 0 0 No 0
Xie Jiayang 9 1 8 0 0 No 4
Li Tiantian 5 0 5 0 0 No 2
Notes on failure to attend board meetings in person for consecutive two times
N/A
2. Objections raised by directors to matters related to the Company
Whether directors raised objections to matters related to the Company
□Yes □No
Directors did not raise any objections to matters related to the Company within the reporting period.
3. Other notes on the performance of duties by directors
Whether directors’ suggestions regarding the Company were adopted
□Yes □No
Notes on directors’ suggestions regarding the Company adopted or not adopted
During the reporting period directors of the Company acted dutifully and diligently offered advices and suggestions actively
participated in meetings of specialized committees of the Board of Directors board meetings and shareholders’ meetings
performed their rights duties and obligations conferred by the Company Law the Securities Law the Shenzhen Stock Exchange
Listing Rules and the Articles of Association of the Company strictly complied with national laws regulations decrees
ordinances and rules and raised numerous specialized and constructive opinions in terms of business operations development
strategy and major decisions all of which were adopted by the Company.VI. Specialized committees of the Board of Directors within the reporting period
Number
Committe of Date of Important opinions and suggestions
Member Content of meeting
e meeting meeting raised
s held
The Nomination Committee decided
Deliberation of the to nominate Ms. Liu Chang Mr.“Proposal on Nominating Zhang Minggui Mr. Tao Yuling Ms.Nominati Candidates for Non- Yang Fang Mr. Li Jianxiong and Mr.on independent Directors of Zhou Boping as candidates for
Wang Jiafen
Committe the 10th Board of directors of the 10th Board of
(Chairperson) March 17e of the 1 Directors” and the Directors and Ms. Wang Jiafen Mr.Liu Chang Cai 2025
9th Board “Proposal on Nominating Peng Long and Ms. Xie Jiayang asManli
of Candidates for candidates for independent directors
Directors Independent Directors of of the 10th Board of Directors and
the 10th Board of submitted the proposals to the 41stDirectors” meeting of the 9th Board of Directors
for deliberation.Nominati Wang Jiafen 1 April 3 Deliberation of the The Nomination Committee decided
83Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.on (Chairperson) 2025 “Proposal on Nominating to nominate Mr. Tao Yuling as aCommitte Liu Chang Candidates for the candidate for President and Mr. Zhao
e of the Peng Long Xie Company's President" and Liang as a candidate for Board
10th Jiayang Li the “Proposal on Secretary of the Company andBoard of Jianxiong Nominating Candidates submitted the proposals to the 1st
Directors for the Company's Board meeting of the 10th Board ofSecretary” Directors for deliberation.The Nomination Committee decided
to nominate Mr. Yan Qiubo as Vice
President Mr. Wang Weiyong as Vice
Nominati President & Human Resources
Wang Jiafen
on Deliberation of the Director Mr. Li Shuang as Vice
(Chairperson)Committe “Proposal on Nominating President & Director of EngineeringLiu Chang April 14
e of the 1 Candidates for Senior and Equipment Operations Ms. Shi
Peng Long Xie 2025
10th Management of the Han as CFO and Mr. Wang Pusong
Jiayang LiBoard of Company” as Director of Investment
Jianxiong
Directors Development and submitted the
proposal to the 2nd meeting of the
10th Board of Directors for
deliberation.Deliberation of the
The Nomination Committee decided
"Proposal on Removing
Nominati to remove Mr. Peng Long from his
Mr. Peng Long from His
on Wang Jiafen position as an Independent Director
Position as an
Committe (Chairperson) and nominate Ms. Li Tiantian as a
July 12 Independent Director"
e of the Liu Chang Xie 1 candidate for independent director of
2025 and the "Proposal on
10th Jiayang Li the 10th Board of Directors and
Nominating Candidates
Board of Jianxiong submitted the proposals to the 4th
for Independent Directors
Directors meeting of the 10th Board of
of the 10th Board of
Directors for deliberation.Directors”
Remunera
Deliberation of the
tion and Wang Jiafen“Proposal onAppraisal (Chairperson)
Repurchasing and The proposal was submitted to the
Committe Liu Chang Cai March 17
1 Canceling Some 41st meeting of the 9th Board of
e of the Manli Peng 2025
Restricted Stocks under Directors for deliberation
9th Board Long Li
the Restricted Stock
of JianxiongIncentive Plan 2022”
DirectorsDeliberation of the “FullText and Summary of the
2024 Annual Report” the“2024 Annual Internal The proposals were submitted to theControl Evaluation 2nd meeting of the 10th Board ofReport” the “Proposal on Directors for deliberation. Yang FangProvision for Asset a related committee memberAudit Impairment” the abstained from voting on theCommitte Xie Jiayang “Proposal on Retaining “Proposal on Estimating thee of the (Chairperson) April 14 Sichuan Huaxin (Group) Company's Financing Guarantee
1
10th Wang Jiafen 2025 Certified Public Quota for the Year 2025” theBoard of Yang Fang Accountants (Special “Proposal on the Ongoing RiskDirectors General Partnership) as Assessment Report of New HopeAuditor of the Company’s Finance Co. Ltd.” and the “Proposal
2025 Financial Report” on Signing Daily RPT Frameworkthe “Proposal on Agreement and Forecasting DailyEstimating the Company's RPTs in 2025”.Financing GuaranteeQuota for the Year 2025”the “Proposal on the
84Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Ongoing Risk Assessment
Report of New HopeFinance Co. Ltd.” the“Proposal on SigningDaily RPT Framework
Agreement and
Forecasting Daily RPTs in
2025” and the “Proposalon Appointing Ms. ShiHan as the CFO”
Audit
Committe Xie Jiayang
Deliberation of the The proposal was submitted to the 3rd
e of the (Chairperson) April 26
1 Company’s “Q1 Report of meeting of the 10th Board of
10th Wang Jiafen 2025
2025” Directors for deliberation
Board of Yang Fang
DirectorsDeliberation of the “FullText and Summary of The proposals were submitted to the
2025 Semiannual 5th meeting of the 10th Board ofReport” the “Proposal on Directors for deliberation. Yang FangAudit
the Ongoing Risk a related committee member
Committe Xie Jiayang
Assessment Report of abstained from voting on the
e of the (Chairperson) August 21
1 New Hope Finance Co. “Proposal on the Ongoing Risk
10th Wang Jiafen 2025Ltd.” and the “Proposal Assessment Report of New HopeBoard of Yang Fangon Increasing the Finance Co. Ltd.” and the “ProposalDirectors
Estimated Quota for Daily on Increasing the Estimated Quota for
RPTs in 2025 and Signing Daily RPTs in 2025 and SigningSupplementary RPT Supplementary RPT Agreements”.Agreements”
Audit
Committe Xie Jiayang
Deliberation of the The proposal was submitted to the 7th
e of the (Chairperson) October 26
1 Company’s “Q3 Report of meeting of the 10th Board of
10th Wang Jiafen 2025
2025” Directors for deliberation
Board of Yang Fang
Directors
Deliberation of the“Proposal on Estimatingthe Company's Financing
Independ
Guarantee Quota for the
entYear 2025” the “Proposaldirectors’
Xie Jiayang on the Ongoing Risk The proposals were submitted to the
meeting April 14
Wang Jiafen 1 Assessment Report of 2nd meeting of the 10th Board of
of the 2025
Peng Long New Hope Finance Co. Directors for deliberation
10thLtd.” and the “ProposalBoard of
on Signing Daily RPT
Directors
Framework Agreement
and Forecasting DailyRPTs in 2025”
Deliberation of theIndepend “Proposal on the Ongoingent Risk Assessment Report
directors’ of New Hope Finance
Xie Jiayang The proposals were submitted to themeeting August 21 Co. Ltd.” and the
Wang Jiafen Li 1 5th meeting of the 10th Board ofof the 2025 “Proposal on IncreasingTiantian Directors for deliberation
10th the Estimated Quota for
Board of Daily RPTs in 2025 and
Directors Signing SupplementaryRPT Agreements”
85Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Deliberation of the“Proposal on the LaunchRisk of Hedging-type
Liu Chang
Control Exchange Rate and
(Chairperson)
Committe Interest Rate Capital The proposals were submitted to the
Yang Fang Tao August 21e of the 1 Trading Business” and the 5th meeting of the 10th Board of
Yuling Xie 2025
10th “Feasibility Report on the Directors for deliberationJiayang Li
Board of Launch of Hedging-type
Tiantian
Directors Exchange Rate and
Interest Rate CapitalTrading Business”
VII. Performance of the Audit Committee
Whether the Audit Committee found any risks to the Company in its supervisory activities during the reporting period
□Yes □No
The Audit Committee had no objections to supervised matters within the reporting period.VIII. Employees
1. Number composition of specialties and educational background of employees
Number of active employees of the parent company at the end
283
of the reporting period (persons)
Number of active employees of major subsidiaries at the end of
43470
the reporting period (persons)
Combined number of active employees at the end of the
43753
reporting period (persons)
Number of employees receiving salaries in the current period
43753
(persons)
Number of retired employees for which the parent company
0
and major subsidiaries need to bear costs (persons)
Composition of specialties
Category of specialty composition Number of persons of each specialty (persons)
Production personnel 26223
Sales personnel 7864
Technical personnel 2258
Financial personnel 1397
Administrative personnel 670
Others 5341
Total 43753
Educational background
Category of educational background Number (persons)
Above bachelor’s degree 2338
Bachelor 13615
College 12122
College or below 15678
Total 43753
86Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2. Pay policy
(1) Front-line production personnel follows the piece-rate work system marketing personnel follows the sales-linked
compensation system and hourly workers follow the job grade wage and performance appraisal wage system.
(2) Employee compensation is adjusted by first determining the overall ratio of compensation adjustment of the Company and
total amount of compensation adjustment based on the net profit growth and per capita efficiency growth of the Company and
employee compensation levels of peer companies government wage guidelines and consumer price rise index published by the
statistical department and then appraising each business unit and individual employee level by level.
(3) Overtime pay and various holiday pays are subject to the national regulations.
(4) The Company procures and pays corresponding insurance coverage for its employees according to the Labor Contract
Law of the People’s Republic of China and its related rules and regulations.
3. Training programs
In 2025 adhering to the long-termism concept of talent cultivation and with the goal of demand-based customization and
precise empowerment the Company improved its employee training system. Staff training and development efforts were focused
on the following three aspects.First build a management and operation cadre team to enhance the leadership and operation capabilities of on-the-job and
reserve cadres and cultivate and reserve outstanding talents for cadres at all levels of the Company through talent cultivation
programs such as EMBA Program the Key Force Training Program the Global Key Force Training Program the Inclusion
Program the Hope Program and the New Bee Training Camp.Second build a key professional line capability system to organize and carry out specialized training classes for key
professional positions such as product technology quality control procurement aquatic product marketing and veterinary
medicine and develop professional courses and conduct training based on expert experiences gathered to enhance professional
capabilities and build long-term competitiveness.At last organize culture and experience inheritance to step up efforts on strengthening the construction of the talent
cultivation foundation based on digital platforms and internal trainer resources including the establishment of the curriculum
system the training of internal trainers the construction of digital platforms and the knowledge and skills database to create a
learning organization atmosphere similar to that of a school.New Bee Training Camp: in 2025 the Company continued to implement the full-cycle New Bee training strategy focused on
intensive learning + tracking and coaching + job experience completing offline or online training for 625 new employees by
August. This helped new employees understand the overall business situation integrate into the corporate culture accelerate the
establishment of professional values and shorten their competency cycle. Through training the corporate culture and spiritual
concepts were conveyed and the belief that employees are willing to develop with the organization for the long term was
established. Through regional training organization new employees' understanding of regional strategic business was deepened
and their sense of collective belonging and organizational atmosphere of peer assistance were strengthened enabling them to take
on the "first baton" of the workplace successfully.New Bee Momentum Camp: in August 2025 the Company selected 38 high-potential graduates to participate in a two-year
accelerated training program. The program adopts the core training strategy of "online courses + offline training + dual mentors'
guidance + customized rotation" focusing on deepening business cognition honing professional capabilities and shaping
leadership potential. The aim is to help trainees quickly integrate and shorten their growth cycle laying a solid foundation for their
future growth into business backbone or middle-level managers.Key Force Training Program: in 2025 the Company continued to organize training courses for key forces in the feed business
and pig farming business. Focusing on "how to be a good general manager with the mindset and comprehensive management
capabilities as a head" the program aimed to help professional line managers become qualified comprehensive business managers.
87Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
The program strengthens the construction of a general manager talent pool continuously reserving cultivating and delivering core
business talents for the Company's operations.Through two offline training sessions online courses practical tasks and benchmarking studies of the Key Force Training
Program for Feed BU (Batch 2) a total of 43 high-potential talents were selected globally and they completed a 6-month
empowerment program. The overall graduation rate reached 34.9% (15 participants). Through mentor coaching offline training
business case studies and practical tasks of the Key Force Training Program for Pig BG (Batch 1) 41 participants completed an 8-
month empowerment program. The overall graduation rate reached 75.6% (31 participants).Quality Control Manager Elite Program: this is a talent development program for reserve feed quality control managers.Through online expert courses offline experiential teaching (including practical tasks and on-site mentoring) multi-scenario
management seminars and stage-based assessments the program enhances participants' professional quality control capabilities
while strengthening their awareness of professional and team management building long-term competitiveness. The program had
41 participants with a pass rate of 90%.
Inclusion Program: in September 2025 the Company launched the Inclusion Program. The program is dedicated to building a
career development and exchange platform for domestic and international talents. Through open recruitment and selection across
all channels it attracted 133 employee applicants. After interviews and evaluations 10 participants were finally selected for the
first session. The program organized a one-day intensive training in Chengdu and a three-day field research study in Vietnam.Through classroom lectures company visits market and customer visits and executive interactions the program helped
participants broaden their horizons and enhance their thinking. During the program participants interested in overseas
development were matched with corresponding positions continuously strengthening internal promotion and influence building
and promoting the orderly flow of talents domestically and internationally.Aquatic Elite Special Training Class: in June 2025 the Overseas Aquatic Elite Special Training Class was officially launched
in Vinh Long Vietnam with 34 participants. More than ten experts from overseas operations feed business and relevant fields
were invited to give on-site lectures. Sessions also included excellent case study sharing thematic discussions and on-site
observations. The program developed and accumulated 13 courses. It has established a cultivation and improvement mechanism
centered on the "general manager + sales + technology" model enabling mutual learning promoting exchange between domestic
and international aquatic feed operations and disseminating excellent practices continuously driving the specialization of the
aquatic feed business.EMBA Program:
Targeting the Company's high-performing high-potential talent pool the EMBA Program aims to supplement academic
credentials and enhance capabilities and is integrated into the Company's leadership development system. It systematically builds
mid-to-senior level managers' understanding of the essential principles of business acumen and leadership elevating their thinking
broadening their perspectives and serving business needs. Its goal is to be an EMBA program that best understands the
agricultural and animal husbandry industry cultivating senior managers for China's agricultural and food industry who possess
systematic thinking outstanding leadership and an innovative spirit.In 2025 the program delivered two sessions. Through classroom training benchmarking study tours and team building
activities two learning sessions were conducted. The two cohorts engaged in practical thesis research and writing as well as thesis
defense and degree application work. A total of 85 mid-to-senior level managers were cultivated with a participant satisfaction
rate exceeding 92%.
4. Labor service outsourcing
□Applicable □Not applicable
88Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
IX. Profit distribution and share capital increase with capital reserve
Profit distribution policy within the reporting period especially the formulation execution or adjustment of cash dividend policy
□Applicable □Not applicable
The Company made profits within the reporting period and profit of the parent company available for distribution to shareholders
was positive but no plan for cash dividend distribution was brought forward.□Applicable □Not applicable
Profit distribution and share capital increase through capital reserve conversion within this reporting period
□Applicable □Not applicable
The Company plans not to distribute cash dividends or allot bonus shares or increase its share capital with capital reserve in the
year.X. Implementation of equity incentive plans employee stock ownership plans or other
employee incentives
□Applicable □Not applicable
1. Equity incentives
(1) At the 1st extraordinary general meeting of 2025 the Proposal on Terminating the Restricted Stock Incentive Plan 2022 was
approved. The Company taking into account the current industry and market conditions and other factors found that continuing to
implement the Restricted Stock Incentive Plan 2022 was no longer able to achieve the expected incentive goals and effects. To
fully implement effective incentives for employees and in light of the willingness of the incentive recipients and the Company's
future development plan the Board of Directors after careful deliberation decided to terminate the Restricted Stock Incentive
Plan 2022.
(2) The 41st meeting of the 9th Board of Directors the 27th meeting of the 9th Board of Supervisors and the 1st extraordinary
general meeting deliberated and approved the Proposal on Repurchasing and Canceling Some Restricted Stocks under the
Restricted Stock Incentive Plan 2022. As the conditions for lifting sales restrictions in the second lifting period for the initial grant
and the first lifting period for the reserved grant of restricted stocks under the Restricted Stock Incentive Plan 2022 have been
fulfilled the total number of shares that can be released from sales restrictions is 7.7828 million. The Company should repurchase
and cancel a total of 4.1492 million restricted stocks that have been granted to the incentive recipients but have not been released
from the sales restrictions; due to the resignation of 55 incentive recipients 2.149 million restricted stocks that they have been
granted but have not yet been released from sales restrictions should be repurchased and canceled; furthermore as the Company
terminated the Restricted Stock Incentive Plan 2022 11.932 million restricted stocks should be repurchased and canceled. In
summary a total of 18.2302 million restricted stocks should be repurchased and canceled. The Company repurchased and canceled
23.3722 million restricted stocks on July 3 2025.
Equity incentives granted to directors and senior management
□Applicable □Not applicable
Assessment mechanism and incentives for senior management
According to the policies related to performance assessment and compensation incentive systems for senior management
the performance assessment of senior management consists of short-term contribution assessment and long-term contribution
89Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
assessment. Directors and senior management of the Company present their reports to the Remuneration and Appraisal Committee
and conduct self-evaluations. The Remuneration and Appraisal Committee conducts performance evaluations of the directors and
senior management based on the following dimensions:
(1) Short-term contributions:
* The achievement of the Company's key financial indicators and business goals;
* The performance and achievement of KPIs of the units under the charge of senior management personnel.
(2) Long-term contributions:
* Construction of organizational cultural competence improvement of the Company undertaken by senior management;
* Construction of the Company's governance and internal control system;
* Senior management personnel’s innovation ability and leadership skills .
2. Implementation of employee stock ownership plans
□Applicable □Not applicable
Any and all ESOPs valid within the reporting period
Percentage in the
Employees Number of Total shareholding
Record of change total capital stock of Source of funds
covered employees (shares)
the listed company
Core employees of
the Company A-share common
(including its stocks repurchased by
subsidiaries) 179 8838617 None 0.20% the Company using
involved in the securities account
overseas business for repurchase
operations
Shareholding of directors and senior management under the ESOP within the reporting period
Percentage in the total
Opening shareholding Closing shareholding
Name Position capital stock of the
(shares) (shares)
listed company
None None 0 0 0.00%
Change of asset management organization within the reporting period
□Applicable □Not applicable
Change in equity within the reporting period due to holder’s disposal of the shares
□Applicable □Not applicable
Exercise of shareholders’ rights within the reporting period
No exercise of shareholders’ rights under the ESOP within the reporting period.Other circumstances and notes to the ESOP within the reporting period
□Applicable □Not applicable
Change of members of ESOP Management Committee
□Applicable □Not applicable
Financial impact of the ESOPs on the listed company within the reporting period and relevant accounting treatment
□Applicable □Not applicable
90Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
The ESOP granted by the Company in 2024 and existing in the current period was accounted for in accordance with the
Accounting Standards for Business Enterprises No. 18 - Share-based Payment The financial impact of the ESOP on the Companyis detailed in "Section 8 Financial Report (XV) Share-based payments”. The accounting policies and accounting treatments are
detailed in "Section 8 Financial Report (V) Significant accounting policies and accounting estimates 31. Share-based payment".Termination of ESOPs within the reporting period
□Applicable □Not applicable
Other notes:
None
3. Other employee incentives
□Applicable □Not applicable
XI. Construction and implementation of internal control system within the reporting period
1. Construction and implementation of internal control system
Within the reporting period the Company updated and improved its internal control system from time to time in accordance
with the Company Law the Corporate Governance Standards for Listed Companies the Basic Standards for Internal Control of
Enterprises and other laws and regulations and rules in light of its reality industry characteristics and management needs
formulating a system of internal control policies that runs through all levels and parts of its business operations and constantly
supplemented modified and improved them for strict execution. The Audit Committee expresses evaluation opinions on the
Company’s internal control. The Company has established a rather comprehensive system of internal control polices and could
effectively execute them. The Company’s self-evaluation report on internal control truly and objectively reflects the construction
and operation of its internal control policies.
2. Details of significant defects in internal control found during the reporting period
□Yes □No
XII. Management and control of the Company over its subsidiaries within the reporting
period
Integration Problem Resolution Subsequent
Company name Integration plan Solution taken
progress encountered progress plan
N/A N/A N/A N/A N/A N/A N/A
Whether there are abnormal circumstances in the management and control of the subsidiaries.□Yes □No
XIII. Internal control evaluation report and internal control audit report
1. Internal control evaluation report
Date of disclosure of the full text of April 29 2026
91Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
internal control evaluation report
Disclosure index of the full text of Refer to the 2025 Internal Control Evaluation Report published by the Company on
internal control evaluation report www.cninfo.com.cn on April 29 2026 for details.Ratio of total assets of entities
included in the scope of evaluation
to the total assets indicated on the 12.14%
Company’s consolidated financial
statements
Ratio of operating income of
entities included in the scope of
evaluation to the audit committee 30.35%
indicated on the Company’s
consolidated financial statements
Standards for defect determination
Category Financial report Non-financial report
Fatal defect: refers to a combination of one
or more control defects which might result
Fatal defect: occurrence of any act of gross
in a significant deviation from the control
malpractice involving disclosure of
targets. For instance the Company lacks
financial information; any material
democratic decision-making procedures or
misstatements existing in the financial
has unscientific decision-making
reports are discovered by external
procedures resulting in serious mistakes;
regulatory authorities or audit agencies but
the Company violates national laws
not identified in corresponding internal
regulations or normative documents and is
control of the Company; the financial report
subjected to penalties; frequent and wide-
preparation and presentation control
ranging negative media coverage;
procedures contain fatal loopholes which
malpractices of its directors supervisors and
Qualitative standards might result in material misstatements.senior management; the Company’s
Material defect: the financial report
business operations lack proper system
preparation and presentation control
control or the system fails etc.procedures contain control loopholes
Material defect: the Company fails to
which should draw great attention of the
comply with established internal control
Board of Directors and management for
procedures or there are design defects in
improvement although they will not result
internal control itself the impacts of which
in material misstatements.might result in deviation from the control
General defect: internal control defects in
targets although it does not meet the criteria
financial reporting other than fatal defects
for a material defect.and material defects.General defect: refers to defects other than
fatal defects and material defects.Fatal defect: the misstated amount is greater Fatal defect: the direct property loss is
than 3% of the total assets 1% of the total greater than 3% of the total assets 1% of the
operating income and 5% of the total total operating income and 5% of the total
profit; the Company has been punished by profit; the Company has been punished by
competent national authorities and the competent national authorities and the
relevant situation has been officially relevant situation has been officially
disclosed externally causing negative disclosed externally causing negative
impacts on its periodic report disclosure impacts on its periodic report disclosure
Quantitative standards serious turnover of the personnel in key serious turnover of the personnel in key jobs
jobs and frequent media coverage. and frequent media coverage.Material defect: the misstated amount is Material defect: the direct property loss is
between 0.5% and 0.3% of the total assets between 0.5% and 3% of the total assets
0.5% and 1% of the total operating income 0.5% and 1% of the total operating income
and 3% and 5% of the total profit; the and 3% and 5% of the total profit; the
Company has been punished by the local Company has been punished by the local
government and exposed by media causing government and exposed by the media
considerable negative impact on its periodic causing considerable negative impact on its
92Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
report disclosure. periodic report disclosure
General defect: the misstated amount is less General defect: the direct property loss is
than 0.5% of the total assets 0.5% of the less than 0.5% of total assets 0.5% of the
total operating income and 3% of the total total operating income and 3% of the total
profit; the Company has been punished by profit; the Company has been punished by
local government departments without local government departments without
causing negative impacts on its periodic causing negative impacts on its periodic
report disclosure. report disclosure
Number of fatal defects in financial
0
report (number)
Number of fatal defects in non-
0
financial report (number)
Number of material defects in
0
financial report (number)
Number of material defects in non-
0
financial report (number)
2. Internal control audit report
□Applicable □Not applicable
Audit opinion paragraph in the internal control audit report
Sichuan Huaxin (Group) Certified Public Accountants (Special General Partnership) believed that the Company maintained
effective internal control of financial reporting in all material aspects according to the Basic Standards for Internal Control of
Enterprises and related provisions as at December 31 2025.Disclosure of internal control audit report Disclosed
Date of disclosure of the full text of internal control audit report April 29 2026
Refer to the 2025 Internal Control Audit Report published by
Disclosure index of the full text of internal control audit report the Company on www.cninfo.com.cn on April 29 2026 for
details.Type of opinion in internal control audit report Standard unqualified opinion
Whether there were fatal defects in non-financial report No
Whether the accounting firm issued any non-standard opinion internal control audit report
□Yes □No
Whether the internal control audit report issued by the accounting firm is consistent with the opinion in the self-evaluation report
of the Board of Directors
□Yes □No
Whether there is/was modified audit opinions regarding internal control during the reporting period or in the previous year
□Yes □No
XIV. Rectification of issues identified in self-examination under the Special Action for
Corporate Governance of Listed Companies
In accordance with the Notice on Special Action for Corporate Governance (CZJGS (2020) No. 33) issued by Sichuan
Regulatory Bureau of the CSRC the Company completed the self-examination under the special action for corporate governance
of listed companies in 2021 and rectified the issues identified during self-examination. In recent years the Company has
continued to implement and improve all respects of internal control in accordance with relevant regulations and requirements of
regulatory authorities and has continuously enhanced its level of corporate governance.
93Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
XV. Environmental information disclosure.Whether the listed company and its major subsidiaries fall within the list of enterprises that are legally required to disclose
environmental information
□Yes □No
Number of enterprises included the list of
enterprises that are legally required to 16
disclose environmental information
S/N Company name Index for the report on the legal disclosure of environmental information
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Changxing Huatong Livestock Co.
1 morecode=91330522MA2B7XM849&uniqueCode=1c754e3a5861ee7d&date=2
Ltd.
025&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Changxing Heping Huatong
2 morecode=91330522MA2D1UB771&uniqueCode=8df6d617d53b884b&date=2
Livestock Co. Ltd.
025&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Ningbo New Hope Liuhe Farming
3 morecode=91330283MA2GW90K8L&uniqueCode=719e5c05c00fdf9c&date=2
Co. Ltd.
025&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Rui'an New Hope Liuhe Farming
4 morecode=91330381MA2HBN404G&uniqueCode=d68b4f4fd8bbc41e&date=2
Co. Ltd.
025&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Zhejiang Xindongwan Agricultural
5 morecode=91330100563025041U&uniqueCode=69b82e3d17ccb826&date=202
Development Co. Ltd.
5&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Hangzhou Guanglv Breeding Co.
6 morecode=91330100673956664C&uniqueCode=5f98b172cdc8ea60&date=202
Ltd.
5&type=true&isSearch=true
Hengyang Xinhao Farming Co. https://yfpl.sthjt.hunan.gov.cn:8181/hnyfpl/frontal/index.html#/home/fillingHistor
7
Ltd. y
Tianjin Xinliu Farming Technology https://hjxxpl.sthj.tj.gov.cn:10800/#/gkwz/ndpl/indexsearch=%E5%A4%A9%E6
8
Co. Ltd. %B4%A5%E6%96%B0%E5%85%AD%E5%86%9C%E7%89%A7
Yingtan Xinliu Technology Co.
9 http://qyhjxxyfpl.sthjt.jiangxi.gov.cn:15004/information
Ltd.Longhai New Hope Liuhe Farming
10 http://220.160.52.213:10053/idp-province/#/multiple-query
Co. Ltd.http://221.214.62.226:8090/EnvironmentDisclosure/enterpriseRoster/openEnterpr
11 Shandong Kinghey Food Co. Ltd.
iseDetailscomDetailFrom=0&id=91371427MA3RH2YL3A
https://sthj.deing.cn:8180/Public/Enter/b0daf6a9-7206-4c76-9204-
12 Liaoning Kinghey Food Co. Ltd.
c12cfc279189/Annual/650585951608837
Hebei Kinghey Meat Industry Co. http://121.29.48.71:8080/#/fill/detailenpId=5425B374-A2B8-4C91-8EA3-
13
Ltd. 10598668653C&year=2024
Yangling Besun Agricultural https://www.ylq.gov.cn/zfxxgk/bmxxgk/zfbm/sthjj/wryhjjg/19072790017632460
14
Industry Group Co. Ltd. 81.html
Jiangxi New Hope Farming
15 http://111.75.227.203:15001/dome
Technology Co. Ltd.New Hope Liuhe Feed Co. Ltd.
16 http://221.214.62.226:8090/EnvironmentDisclosure/
Rushan Branch
XVI. Social responsibilities
Refer to the 2025 Sustainability Report published by the Company on www.cninfo.com.cn on April 29 2026 for details. This
report was compiled in accordance with the Self-Regulatory Guidelines No. 17 for Companies Listed on Shenzhen Stock Exchange
- Sustainability Report and with reference to the GRI Standards 2021. Relevant indexes are as follows:
Topic Relevant page in the 2025 Sustainability Report
94Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Report Framework
Message from the Chairman 01
About Us 02
Sustainability Strategy and Progress 03
Special Responsibility Feature: Embracing AI to
05
Activate New Quality Productivity in Agriculture
Main Report
Efficient Governance: Strengthening the Foundation
for Development
Party Building 09
Corporate Governance 10
Sustainability Governance and Management 14
Risk and Compliance Management 18
Business Ethics 20
Tax Transparency 23
Information Security and Privacy Protection 24
Excellent Products: Promoting Nutritious and Healthy
Food for All
Nutrition and Health R&D 29
Smart Breeding Solutions 32
Strict Quality and Safety Control 34
Enhanced Service Quality 38
Supply Chain Management 40
Green Industry: Giving Back to Nature and Ecosystems
Sustainable Agriculture 45
Sustainable Operations 48
Climate Change Response 51
Ecosystem and Biodiversity Conservation 56
Shared Value: Achieving Common Prosperity
Empowering Employees 61
Enabling Farmers 73
Committed to Society 74
Post-Report Section
About This Report 80
Key Performance Table 81
Index Table 85
XVII. Details about consolidating and expanding the achievements of poverty alleviation
and rural revitalization
(I) Rural revitalization
The Company has always embedded the principle of “serving rural communities and caring for people’s livelihoods” into its
corporate DNA. Remaining true to its original aspirations in the agriculture and animal husbandry industry and grounded in the
realities of rural development and the core needs of farmers the Company has increased investment in rural areas and innovated
models and measures to support and benefit agriculture. The focus has shifted from individual project assistance to empowering
the entire industrial chain and talent development making positive contributions to promoting coordinated urban-rural and
regional development consolidating poverty alleviation achievements and effectively linking them to rural revitalization.During the reporting period the Company was honored by the Sichuan Association of Feed Industry as a “Model Unit inPromoting Rural Revitalization” and an “Outstanding Unit in Reducing Grain Consumption for Feed Production”. Its rural
revitalization cases were included in the China Association for Public Companies’ Sustainable Development Best Practice Cases
the China Animal Agriculture Association’s Outstanding Cases of Corporate Social Responsibility Performance in the Animal
Husbandry Industry and the China Non-staple Food Circulation Association’s 2025 Excellent Cases of Corporate Social
Responsibility Performance.
95Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(1) Cultivating new agricultural talent with online technical services reaching over 100000 persons
Based on the Group’s 100000 Green Collar New Farmers Training Program the Company offered a number of high-quality
training programs through a variety of online and offline teaching scenarios tailored to farmers’ needs and different agricultural
development stages. To contribute to cultivating leaders of rural collective economies the fifth session of the Rural Revitalization
“Village Head Program” deepened its “Seed Plan” partnering with central media and industry experts to conduct in-depth fieldresearch and empowerment activities in over ten participant villages. This systematically deepens the shift from “short-termintensive learning” to “long-term ecosystem empowerment”. By the end of 2025 the Village Head Program had received
applications from over 4000 village officials nationwide trained more than 500 village leaders and positively influenced over
3000 villages injecting significant talent vitality into rural governance.
In 2025 the Company’s pig business free-range management team provided professional technical support and training to
over 2900 contract farmers and family farm owners lowering technical barriers and production risks in breeding enhancing
farming efficiency and effectively helping farmers increase income. The feed business leveraging its premix business and
cooperation with breeding technology experts and benchmark farmers used live streaming on e-commerce platforms to deliver
technical explanations and case study sharing helping farmers improve their comprehensive management and disease prevention
capabilities. During the reporting period a total of 6920 farmers were newly enrolled in the service and the cumulative number of
registered users on the online platform exceeded 100000.
(2) Supporting micro and small enterprise growth and serving the financing needs of industrial chain clients
The Company integrates resources from banks insurance companies and other parties. Leveraging its advantages across the
agricultural and pastoral industry chain it has innovated a supply chain finance model centered on guarantees. With a specialized
team covering 29 provinces and cities nationwide it provides financing guarantee services to upstream and downstream clients on
the industrial chain addressing the difficulties and high costs of financing for agriculture-related clients. By the end of 2025 the
Company had served 222600 clients cumulatively facilitating financing amounting to 82.9 billion yuan demonstrating tangible
effectiveness in supporting agriculture and benefiting farmers.Inclusive guarantee
The Company is deeply engaged in the inclusive guarantee sector actively expanding relationships with high-quality banking
partners and exploring potential for bank-enterprise cooperation. It has established strong partnerships with state-owned banks
joint-stock banks city commercial banks and foreign banks. Leveraging its professional risk management strengths the inclusive
guarantee unit has become a strategic partner for major banks in agricultural finance. By the end of 2025 the Company had
partnered with 18 banks securing a cumulative credit line of 10.7 billion yuan.Industry-finance platform
The Company built a 2.0 supply chain financial services platform establishing an inclusive agricultural industry chain
finance model based on “data layer + product layer + risk control layer + scenario layer” further expanding service coverage and
improving service quality. After the inclusive guarantee unit gained access to the People’s Bank of China’s second-generation
credit reference system and successfully queried its first client credit report in November 2024 the online contract signing
function was officially launched in 2025. This has significantly improved client convenience in signing enhanced business
processing efficiency and strengthened the standardization of contract management.
(3) Boosting industrial revitalization with total contracted farming fees of over 2.03 billion yuan annually
Adhering to its mission “to benefit producers and bring well-being to consumers” and relying on its efficient and intensive
management system and comprehensive industrial chain resources the Company collaborates with farmers to explore a mutually
beneficial and win-win cooperative pig farming model and build a community of shared future across the entire industrial chain.The Company’s pig business free-range management division adopts a model of “six unifications by the Company three no-burdens for the farm” to establish a full industrial chain service system enhancing farmer productivity through standardized
whole-process management. During the reporting period the Company partnered with 2900 farmers across 21 provinces
nationwide forming collaborative development communities that achieve deep complementary advantages and facilitate the
96Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
integration of smallholder farmers into modern agricultural development patterns. Through this tightly-knit benefit-sharing
mechanism the Company not only creates diverse employment opportunities and increases stable income for farmers but also
strengthens the self-development capacity (“blood-producing” ability) of farmers and village collectives. In 2025 the total
contracted farming fee settled for finished hogs under the “company + farmer” model exceeded 2.03 billion yuan with an average
profit of over 960000 yuan per farmer household.From its participation in the “Guangcai Cause” in 1994 to joining the fight against poverty in 2017 and participating in
targeted support for underdeveloped counties in 2023 the Company has consistently leveraged its industrial characteristics and
advantages to continuously provides assistance and promotes development for underdeveloped regions. In December 2025 the
Company entered into partnerships with the Central SOEs Industrial Investment Fund for Rural Area Co. Ltd. and the
Underdeveloped Region Industrial Development Fund Co. Ltd. It will actively cultivate industrial projects suitable for family
operations in 20 designated targeted poverty alleviation counties nationwide continuously nurturing and enabling new farmers to
find employment start businesses and achieve sustained income growth.
(4) Overseas poverty alleviation training contributing Chinese solutions to the global poverty reduction initiative
China has lifted all 800 million of its poor population out of poverty historically solving absolute poverty and providing a
reference and impetus for global poverty reduction efforts. As a multinational agricultural enterprise the Company has also
brought its accumulated experience in poverty alleviation to several host countries overseas.In Bangladesh the Company partnered with the Asian Development Bank to implement a public welfare training program for
female farmers. Two phases have been completed from 2023 to 2025 cumulatively training over 9000 female housewives
effectively promoting local women’s employment helping them develop farming and improving their incomes. In Egypt the
Company together with the Chinese Embassy in Egypt and the Egyptian National Alliance for Civil Development Work launched
the Sino-Egyptian “New Hope” breeding technology training in Al Minūfīyah in 2025. This program provided systematic
technical training and professional guidance to 100 rural women from two villages achieving significant economic and social
benefits.(II) Sustainable development and environmental protection practices
The Company actively responds to the national "dual carbon" goals vigorously promoting energy conservation and carbon
reduction through several initiatives including the transition to clean energy implementing grain-saving programs promoting
biological carbon sequestration and facilitating carbon trading. It also continuously focuses on emerging areas within the low-
carbon economic transition develops and pilots new technologies concentrates on sustainable agriculture enhances resilience
and promotes sustainable growth.
(1) Transition to clean energy
The Company actively promotes the diversified utilization of clean energy sources such as photovoltaic and biogas
optimizing the energy mix reducing fossil fuel use and fulfilling emission reduction responsibilities. In 2025 the Company added
4.42 megawatts of grid-connected photovoltaic capacity 0.26 megawatt-hours of energy storage capacity and a total of 19.64
megawatts of operational photovoltaic projects. Additionally there were 27.57 megawatts of photovoltaic capacity under
construction and 4.20 megawatt-hours of energy storage capacity. In 2025 a total of 15.6028 million kilowatt-hours of clean
electricity was provided reducing GHG emissions by 8278.85 tons of CO2 equivalent. At the same time all areas of Pig BG
vigorously developed water resource recycling models such as recycling of wastewater using reclaimed water for irrigation and
returning manure to the fields. The total amount of reclaimed water for irrigation in 2025 was 16.322 million tons.
(2) Implementing grain-saving programs
Closely following the national strategies for food security and leveraging its advantages as a globally leading feed enterprise
the Company collaborated with multiple research entities to develop comprehensive grain-saving and efficiency-enhancing
solutions. Through industrial application these solutions effectively save grain and reduce farming costs contributing to national
food security and promoting sustainable agricultural development.
97Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
During the reporting period the Company continuously developed new grain-saving technologies and solutions. Notably its
project “Technology and Application of Porcine Intestinal Microbial Function and Targeted Nutritional Regulation” won the FirstPrize for Scientific and Technological Progress in Sichuan Province; the project “Key Technology Innovation and Application forHigh-Value Utilization of Feed Resources” won the Second Prize for Scientific and Technological Progress in Qingdao City.During the reporting period the application of the “liquid fermented swine feed” in multiple pig farms significantly improved
feed intake daily weight gain and the feed conversion ratio saving a cumulative equivalent of 611000 tons of soybeans. Through
breeding improvements that shortened the days to market the pig business saved 37400 tons of grain. Optimization of self-use
finishing feed formulas reduced soybean meal consumption to 5.3% saving a total of 100000 tons of feed grain across the sector.Overall through formula optimization and scientific feeding the Company saved a total of 748400 tons of grain across all sectors
in 2025.
(3) Promoting biological carbon sequestration
The Pig BG has planted winter wheat corn and other grain crops on 120000 mu of land designated for waste absorption
(including 50000 mu of farmland). On the remaining forest land it has planted apples mandarin oranges and other fruit trees. It
also ferments and returns the manure to the fields achieving carbon sequestration in plants and carbon storage in soil. Innovating
in biogas slurry/reclaimed water return technology the Company piloted high-ridge planting methods in parts of North China in
2025. The 400-mu pilot project in Pizhou yielded 432.5kg/mu of wheat the 300-mu Zhuyu pilot project yielded 493.5kg/mu and
the Qianhuayuan project using a mixed high-ridge and flat planting method achieved a yield of 622.7kg/mu on high ridges.During the reporting period through the integrated crop-livestock farming model the Company produced 98800 tons of
fermented manure and harvested 1.2 million kilograms of fresh fruits and vegetables. The annual biological carbon sequestration
amounted to approximately 157500t of CO2 equivalent.
(4) Facilitating carbon trading
By combining technological and institutional innovation and leveraging the land designated for waste absorption from its pig
operations the Company conducts carbon accounting and emission reduction projects in the breeding industry following the
Verified Carbon Standard (VCS). It actively promotes biological carbon sequestration and carbon asset development achieving
ecological environmental and economic benefits simultaneously.Since signing a Memorandum of Understanding for a GHG emission reduction project with a Volkswagen Group subsidiary
in September 2023 the Company has cumulatively provided Volkswagen with carbon credits for two phases totaling 282500 tons.In 2025 alone 100000 tons of carbon credits were provided. By the end of 2025 the Company had signed agreements for 10
carbon emission reduction development projects resulting in the issuance of a total of 925100 tons of carbon credits of which
590500 tons have been sold.
98Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Section 5 Important Matters
I. Fulfillment of commitments
1. Commitments fulfilled within the reporting period and not yet fulfilled beyond the time limit as at the
end of the reporting period by actual controller shareholder related party acquirer and corporate and
other commitment-related parties of the Company
□Applicable □Not applicable
Period
Fulfi
Cause of Party Type of Time of of
Content of commitment llme
commitment concerned commitment commitment comm
nt
itment
New Hope Group Co. Ltd. will not list
for trading or transfer its shares within
36 months of acquisition of the
circulation right. Upon the expiration
of the aforesaid lockup period the
formerly non-tradable shares may be
listed for sale at a price of no less than
6.8 yuan only when the Company’s Com
stock closing price exceeds 6.8 yuan mitm
Share reform New Hope Share reduction January 19
for any consecutive 5 trading days. The None ents
commitments Group Co. Ltd. commitments 2026
prices of the aforesaid shares offered hono
for sale may be adjusted accordingly red
when the Company implements profit
distribution conversion of capital
reserve additional issue of new shares
shares allotment conversion of
convertible bonds into shares or
shareholding reduction in the same
ratio by all shareholders.Commitments
made in
acquisition Non
None None None None None
reports or e
equity change
reports
In order to preserve the legitimate
rights and interests of the Company
after significant asset reorganization
the aforesaid shareholders undertake
Commitments
that the covenanters currently are not
New Hope regarding
directly or indirectly engaged in any Com
Commitment Group Co. horizontal
business activities that constitute mitm
made at the Ltd.; Nanfang competition December
horizontal competition with the None ents
time of asset Hope Industry related-party 31 2010
business conducted by the listed hono
reorganization Co. Ltd.; Liu transactions
company; while the covenanters red
Yonghao and occupation
actually control the listed company the
of funds
covenanters and other companies
(except for listed companies)
controlled by them will not directly or
indirectly engage in any business
99Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
activities that constitute horizontal
competition with the business
conducted by the listed company nor
engage in any activities that might
damage the interests of the listed
company.To reduce and regulate the possible
related-party transactions of the
Company after significant asset
reorganization the aforesaid
shareholders undertake that they will
avoid or reduce related-party
transactions with the listed company
and its subsidiaries whenever possible;
execute standard-compliant related-
party transaction agreements with the
listed company with respect to related-
party transactions that cannot be
avoided or have reason to exist and
perform approval procedure according
Commitments to the applicable laws regulations
regarding rules and other normative documents
New Hope Com
Commitment horizontal and the articles of association whereby
Group Co. mitm
made at the competition the prices of related-party transactions December
Ltd.; Nanfang None ents
time of asset related-party will be determined according to the 31 2010
Hope Industry hono
reorganization transactions prices when the same or similar
Co. Ltd. red
and occupation transactions are conducted with
of funds independent third parties without
related-party relationship in order to
ensure prices of related-party
transactions are fair; undertake to
perform the information disclosure
obligations for related-party
transactions according to applicable
laws regulations and articles of
association; undertake not to illegally
transfer funds or profits of the listed
company through related-party
transactions or jeopardize the interests
of the listed company and its non-
related shareholders through related-
party transactions.After the significant asset organization
of the Company Nanfang Hope will
become a shareholder of the Company
the shares controlled by New Hope
Group in the Company will further
increase and New Hope Group and
New Hope Com
Commitment Nanfang Hope undertake as follows to
Group Co. mitm
made at the Other ensure the independence of the December
Ltd.; Nanfang None ents
time of asset commitments Company: 1. ensure the independence 31 2010
Hope Industry hono
reorganization of assets of the listed company; 2.Co. Ltd. red
ensure the financial independence of
the listed company; 3. ensure the
organizational independence of the
listed company; 4. ensure the business
independence of the listed company; 5.ensure the relative independence of
100Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
employees of the listed company.Commitments
made at the Non
None None None None None
time of IPO or e
refinancing
Equity
Non
incentive None None None None None
e
commitments
Other
commitments
made to Non
None None None None None
minority e
shareholders of
the Company
Other Non
None None None None None
commitments e
Whether the
commitments
Yes
were performed
on time
If commitments
were not
performed and
completed
within the time
limit specify
N/A
the reasons for
the failure to
complete
performance
and the next
work plan
Notes on the achievement of the original profit forecast for the assets or projects and the reasons behind it
If the Company's assets or projects have a profit forecast and the reporting period is still within the
period of the profit forecast
□Applicable □Not applicable
3. The Company's commitments related to performance
□Applicable □Not applicable
II. Occupation of non-operating funds of the listed company by the controlling shareholder
or its related parties
□Applicable □Not applicable
The Company had no occupation of non-operating funds of the listed company by the controlling shareholder or its related parties
during the reporting period.
101Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
III. Illegal external guarantees
□Applicable □Not applicable
The Company had no illegal external guarantees during the reporting period.VI. Notes of the Board of Directors on details related to the most recent “modified auditreport”
□Applicable □Not applicableV. Notes of the Board of Directors and independent directors (if any) on the “modified auditreport” issued by the accounting firm for this reporting period
□Applicable □Not applicable
VI. Notes on changes in accounting policies or accounting estimates or correction of major
accounting error compared with the financial report of the previous year
□Applicable □Not applicable
The company had no change in accounting policies or accounting estimates or correction of major accounting error within the
reporting period.VII. Notes on changes in the scope of consolidated statements compared with the financial
report of the previous year
□Applicable □Not applicable
1. The entities added to the consolidated statements of this year include:
Hubei Xinsheng Houpu Technology Co. Ltd. Guang’an New Hope Liuhe Livestock Development Co. Ltd. Qingdao Xinjiali
Farming Technology Co. Ltd. Hainan New Hope Liuhe Farming Technology Co. Ltd. New Hope Tongnai Nutrition
Technology Co. Ltd. PT NHSP Animal Nutrition Indonesia PT New Hope Animal Technology Indonesia Linyi New Hope
Hengli Farming Co. Ltd. Xiantao New Hope Liuhe Feed Co. Ltd. Fengcheng New Hope Haofeng Feed Co. Ltd. Lianyungang
New Hope Liuhe Feed Co. Ltd. Sheyang New Hope Biotechnology Co. Ltd. Xinliu Chuanyi (Fujian) Farming Development Co.Ltd. Lingbao New Hope Feed Co. Ltd. Emeishan New Hope Feed Co. Ltd. Taizhou New Hope Biotechnology Co. Ltd. and
Xinhe Lanka International Trading Pte. Ltd. all established in 2025 and included in the consolidated financial statements as of the
date of their establishment.
2. The entities removed from the consolidated statements this year include:
Chaoyang New Hope Farming Technology Co. Ltd. Handan Henong Livestock and Poultry Breeding Co. Ltd. Wei County
New Hope Feed Co. Ltd. Fuxin Liuhe Breeding Service Co. Ltd. Sichuan New Hope Liuhe Xueyu Tianlu Supply Chain
Management Co. Ltd. Xuzhou Jinfeng Liuhe Feed Co. Ltd. Guangyuan New Hope Liuhe Farming Technology Co. Ltd.Bayannur New Hope Liuhe Feed Technology Co. Ltd. Meitan New Hope Agricultural Technology Co. Ltd. Laoling Liuhe
Yuexin Feed Co. Ltd. Changzhi Shuanglong Food Co. Ltd. Shenyang New Hope Kinghey Food Co. Ltd. Wulian Xinhao
Breeding Co. Ltd. Zhucheng Xinhao Farming Technology Co. Ltd. Quyang Xinhao Farming Co. Ltd. Nanhe County Xinhao
102Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Farming Technology Co. Ltd. Zhangwu New Hope Liuhe Farming Co. Ltd. Liaoning Jinguan Farming Co. Ltd. Kangping
Xinwang Liuhe Farming Co. Ltd. Yi County Jinguan Farming Co. Ltd. Heishan County Jincheng Farming Co. Ltd. Sishui
New Hope Yuwang Technology Co. Ltd. Shaoguan Xinyue Farming Technology Co. Ltd. Shanghe Liuhe Feed Co. Ltd.Shandong Xiang'an Livestock and Poultry Breeding Co. Ltd. Chaoyang Xinwang Farming Co. Ltd. Anqiu New Hope Liuhe
Farming Co. Ltd. Tianjin Yunling Enterprise Management Consulting Partnership (LP) Liaoning Xinwang Food Co. Ltd.Shaanxi Xinliu Farming Technology Co. Ltd. Dongguang County Xinhao Farming Co. Ltd. Huazhou Xinchi Animal Husbandry
Co. Ltd. Lu'an Xinxi Food Co. Ltd. Yanwei Information Technology (Shanghai) Co. Ltd. Tai'an Liuhe Jili Feed Co. Ltd.Sichuan Qinrun New Material Technology Co. Ltd. Linyi Hengli Feed Co. Ltd. and Langxi Huaren Feed Co. Ltd. Among them
Tai'an Liuhe Jili Feed Co. Ltd. Sichuan Qinrun New Material Technology Co. Ltd. Linyi Hengli Feed Co. Ltd. and Langxi
Huaren Feed Co. Ltd. were removed from the consolidated financial statements due to the disposal of the equity in these 4
companies this year; the remaining companies were all deregistered in 2025 and excluded in the consolidated financial statements.VIII. Appointment and dismissal of accounting firm
Incumbent accounting firm
Sichuan Huaxin (Group) Certified Public Accountants (Special
Name of the domestic accounting firm
General Partnership)
Compensation of the domestic accounting firm (10000 yuan) 540
Continuous period of audit services provided by the domestic
28
accounting firm
Name of CPA of the domestic accounting firm Tang Hui Gu Li
Continuous period of audit services provided by CPA of the
Tang Hui (1 year) Gu Li (4 years)
domestic accounting firm
Whether another accounting firm is appointed instead in the current period
□Yes □No
Appointment of accounting firm financial advisor or sponsor for internal control audit
□Applicable □Not applicable
IX. Delisting faced after disclosure of annual report
□Applicable □Not applicable
X. Events related to bankruptcy reorganization
□Applicable □Not applicable
No bankruptcy reorganization matters occurred in the Company during the reporting period.XI. Major litigations and arbitrations
□Applicable □Not applicable
The Company was not involved in major litigations or arbitrations during the reporting period.XII. Penalties and rectifications
□Applicable □Not applicable
103Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
The Company had no penalties or rectification during the reporting period.XIII. Status of integrity of the Company and its controlling shareholder and actual
controller
□Applicable □Not applicable
XIV. Significant related-party transactions
1. Related-party transactions related to daily operations
□Applicable □Not applicable
Perce Availa
Trans Whet
ntage ble
Amou action her
Relate Pricin in marke
nt of limit excee Date
Relate d- Type Detail g Price simila RPT t price Disclo
RPT appro ding of
d party of s of princi of r settle of sure
(1000 ved the disclo
party relatio RPT RPT pal of RPT transa ment simila index
0 (1000 appro sure
nship RPT ction r
yuan) 0 ved
amou transa
yuan) limit
nt ctions
Shand
ong
Zhong
Paym
xin
ent
Food
within
Group Cninf
15
Co. Feed o.com
days/c April
Ltd. Assoc Relate feed Marke 3010. 5755 6260 2981. .cn
6.37% No learan 26and iate d sale ingred t price 64 31 00 21 （202ce at 2025
its ients 5-
themajori 42）
end of
ty-
the
owne
month
d
subsid
iaries
Comp Cash
Sichu anies on
Cninf
an contro delive
Relate o.com
New lled ry/cle April
d Marke 2428. 5197 9406 2317. .cn
Hope by the Corn 2.62% No arance 26purch t price 4 6 5 47 （202Trade same at the 2025
ase 5-
Co. actual end of
42）
Ltd. contro the
ller month
Comp Cash
Sichu
anies on Cninf
an
contro Relate delive o.com
New Soybe April
lled d Marke 3050. 2802 5072 ry/cle 3117. .cn
Hope an 2.16% No 26by the purch t price 58 7 2 arance 20 （202Trade meal 2025
same ase at the 5-
Co.actual end of 42）
Ltd.contro the
104Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
ller month
Comp Cash
Sichu anies on
Cninf
an contro delive
Relate o.com
New lled ry/cle April
d Other Marke Marke 5813 1052 Marke .cn
Hope by the No arance 26purch s t price t price 7 13 t price （202Trade same at the 2025
ase 5-
Co. actual end of
42）
Ltd. contro the
ller month
71368760
Total -- -- -- -- -- -- -- --
7100
Particulars of large-scale sales
N/A
returns
The actual performance (if any)
The actual number of related-party sales accounted for 91.94% of the approved transaction
during the reporting period if the
quota within the approved transaction quota.total amount of proposed daily
The actual number of related-party purchases accounted for 55.26% of the approved
RPTs during the current period is
transaction quota within the approved transaction quota.estimated by category
The reasons for the significant
difference between the transaction
N/A
price and the market reference
price (if applicable)
2. Related-party transactions arising from acquisition or sale of assets or equity
□Applicable □Not applicable
The Company had no related-party transactions arising from acquisition or sale of assets or equity during the reporting period.
3. Related-party transactions arising from joint external investment
□Applicable □Not applicable
The Company had no related-party transactions arising from joint external investment during the reporting period.
4. Dealings of financial claims and debts with related parties
□Applicable □Not applicable
The Company had no dealings of financial claims or debts with related parties during the reporting period.
5. Dealings with related finance companies
□Applicable □Not applicable
Deposit business
Relate Daily Current amount
Opening Closing
d- maximum Range of
balance Total current
Related party party deposit limit deposit Total current
balance
(10000 withdrawn
relatio (10000 interest rate deposited amount
(10000
yuan) amount (10000 yuan)
nship yuan) (10000 yuan) yuan)
New Hope
Associ
Finance Co. 1000000 0.3%-2.25% 350155.55 96396663.61 96390992.9 355826.26
ate
Ltd.
105Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Loan business
Current amount
Opening Total current Closing Loan limit Range of
Related-party balance Total current balance
Related party (10000 loan interest repaid
relationship (10000 loan amount amount (10000 yuan) rate
yuan) (10000 (10000 yuan)
yuan)
yuan)
New Hope
Finance Co. Associate 100795 1.08%-4% 129120 100795 129120 100795
Ltd.Credit or other financial business
Related-party Total amount (10000 Incurred amount
Related party Business type
relationship yuan) (10000 yuan)
New Hope Finance Other financial
Associate 316443.06 696687.82
Co. Ltd. business
6. Dealings between finance companies controlled by the Company and related parties
□Applicable □Not applicable
There was no deposit loan credit or other financial business between finance companies controlled by the Company and related
parties.
7. Other significant related-party transactions
□Applicable □Not applicable
The Company had no other significant related-party transactions during the reporting period.XV. Significant contracts and their performance
1. Trusteeship contracting and leasing matters
(1) Trusteeship
□Applicable □Not applicable
The Company had no trusteeship during the reporting period.
(2) Contracting
□Applicable □Not applicable
The Company had no contracting during the reporting period.
(3) Leasing
□Applicable □Not applicable
The Company had no leasing during the reporting period.
106Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2. Significant guarantees
□Applicable □Not applicable
Unit: 10000 yuan
External guarantees provided by the Company and its subsidiaries (excluding guarantees provided for subsidiaries)
Date of Whe
disclosure Count Wheth ther
Amount Coll
Name of of related Guarant Date Type of er Guarant er relat
actually atera
guarantee announceme eed actually guarante guaran ee fully ed-
guarantee ls(if
beneficiary nt of amount incurred e tee (if period perfor party
d any)
guaranteed any) med guar
amount antee
Joint
Anyue
and
Xingxinxin
April 29 May 19 several Non 2191
Farming 2000 1064.76 None No Yes
2020 2021 liability e days
Technology
guarante
Co. Ltd.e
Chengdu Joint
Tianfu and
Xingxinxin June 19 September several Non 365
8951 4000 None No Yes
Farming 2025 19 2025 liability e days
Technology guarante
Co. Ltd. e
Chengdu Joint
Tianfu and
Xingxinxin January 17 several Non 2557
June 1 2022 49499 22120 None No Yes
Farming 2023 liability e days
Technology guarante
Co. Ltd. e
Joint
and
Lezhi Xinmu
April 29 March 5 several Non 2912
Farming Co. 17550 13500 None No Yes
2020 2021 liability e days
Ltd.guarante
e
Joint
Rong County and
Xinmu May 29 June 28 several Non 2702
17500 12800 None No Yes
Farming Co. 2021 2021 liability e days
Ltd. guarante
e
Joint
Yanyuan
and
Xinliu
May 29 June 15 several Non 3604
Farming 17500 16500 None No Yes
2021 2021 liability e days
Technology
guarante
Co. Ltd.e
Total amount of
Total amount of external external guarantee
guarantee approved during 8951 actually incurred 4000
the reporting period (A1) during the reporting
period (A2)
Total amount of external Total balance of
11300069984.76
guarantee approved as at the actual external
107Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
end of the reporting period guarantee at the end
(A3) of the reporting period
(A4)
Guarantees provided by the Company for its subsidiaries
Date of Whe
disclosure Count Wheth ther
Amount Coll
Name of of related Guarant Date Type of er Guarant er relat
actually atera
guarantee announceme eed actually guarante guaran ee fully ed-
guarantee ls(if
beneficiary nt of amount incurred e tee (if period perfor party
d any)
guaranteed any) med guar
amount antee
Joint
and
Anhui New
June 19 October 13 several Non 352
Hope Feed 2000 2000 None No Yes
2025 2025 liability e days
Co. Ltd.guarante
e
Joint
Baoji New and
Hope June 19 October 31 several Non 1093
4800 4500 None No Yes
Farming Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
Baoji New and
Hope June 19 October 21 several Non 1098
3200 3000 None No Yes
Farming Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
Beijing and
Kinghey May 30 May 30 several Non 365
10000 5000 None No Yes
Food Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
Beijing and
Kinghey May 30 June 11 several Non 364
10000 5000 None No Yes
Food Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
Beijing and
Kinghey May 30 February several Non 365
10000 5000 None No Yes
Food Co. 2024 20 2025 liability e days
Ltd. guarante
e
Joint
and
Bijie Xinliu
April 29 May 19 several Non 3286
Farming Co. 7400 4752 None No Yes
2020 2020 liability e days
Ltd.guarante
e
Chenzhou Joint
Xinhao October 25 25581.7 April 15 and Non 3285
18037.5 None No Yes
Farming Co. 2019 5 2020 several e days
Ltd. liability
108Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
guarante
e
Joint
Chengdu and
Century May 30 13679.5 February several Non 369
10000 None No Yes
Investment 2024 2 12 2025 liability e days
Co. Ltd. guarante
e
Joint
Chengdu and
Century June 19 27359.0 December several Non 364
20000 None No Yes
Investment 2025 4 25 2025 liability e days
Co. Ltd. guarante
e
Joint
Chengdu and
Century May 30 41033.0 October 12 several Non 1161
29996 None No Yes
Investment 2024 9 2024 liability e days
Co. Ltd. guarante
e
Joint
Chengdu and
Century May 30 25991.0 April 22 several Non 1096
19000 None No Yes
Investment 2024 9 2025 liability e days
Co. Ltd. guarante
e
Joint
Chengdu
and
Xinjin
December several Non 2915
Xinhao June 1 2022 35500 8041.5 None No Yes
28 2022 liability e days
Farming Co.guarante
Ltd.e
Joint
Dacheng and
Xinhao May 29 July 23 several Non 3223
4700 3860 None No Yes
Technology 2021 2021 liability e days
Co. Ltd. guarante
e
Joint
and
Daqing Liuhe
May 30 November several Non 545
Feed Co. 20000 980 None No Yes
2024 27 2024 liability e days
Ltd.guarante
e
Joint
Emeishan and
New Hope June 19 December several Non 365
1000 1000 None No Yes
Liuhe Feed 2025 16 2025 liability e days
Co. Ltd. guarante
e
Joint
Guang’an and
Xinhao April 29 April 23 several Non 3232
26000 14288.57 None No Yes
Farming Co. 2020 2021 liability e days
Ltd. guarante
e
Guangdong May 30 19072.8 March 7 9600 Joint Non None 1096 No Yes
109Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Jiahao 2024 5 2025 and e days
Agricultural several
Products Co. liability
Ltd. guarante
e
Joint
Guangdong
and
Jiahao
May 30 23721.8 December several Non 735
Agricultural 11940 None No Yes
2024 5 18 2024 liability e days
Products Co.guarante
Ltd.e
Joint
Guangdong
and
Jiahao
June 19 November several Non 1124
Agricultural 39735.1 20000 None No Yes
2025 11 2025 liability e days
Products Co.guarante
Ltd.e
Joint
Guangdong
and
Jiahao
May 30 January 1 several Non 1094
Agricultural 79470.2 40000 None No Yes
2024 2025 liability e days
Products Co.guarante
Ltd.e
Joint
Guanghan and
Guoxiong June 19 October 24 several Non 729
6934.62 7000 None No Yes
Feed Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
Guangyuan
and
Xinhao
April 29 37355.0 June 30 several Non 3650
Agricultural 21800 None No Yes
2020 1 2020 liability e days
Development
guarante
Co. Ltd.e
Joint
and
Guangzhou
May 30 December several Non 729
Hope Feed 15637 2800 None No Yes
2024 26 2024 liability e days
Co. Ltd.guarante
e
Joint
Guigang
and
Xinliu
April 29 March 12 several Non 3501
Farming 16000 8955 None No Yes
2020 2021 liability e days
Technology
guarante
Co. Ltd.e
Joint
Guiyang New
and
Hope
June 19 December several Non 363
Agricultural 25000 3000 None No Yes
2025 3 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Guilin New
June 19 December and Non 365
Hope Feed 6000 1000 None No Yes
2025 17 2025 several e days
Co. Ltd.liability
110Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
guarante
e
Joint
Hainan
and
Changjiang
June 19 several Non 710
Xinliu 14900 July 9 2025 2900 None No Yes
2025 liability e days
Breeding Co.guarante
Ltd.e
Joint
Hainan
and
Chengmai
May 30 39310.2 August 26 several Non 514
New Hope 5600 None No Yes
2024 6 2024 liability e days
Farming Co.guarante
Ltd.e
Joint
Hainan
and
Chengmai
May 23 30184.6 November several Non 1095
New Hope 4300 None No Yes
2023 6 8 2023 liability e days
Farming Co.guarante
Ltd.e
Joint
Hainan and
Lingao Xinliu June 19 several Non 710
6000 July 9 2025 2900 None No Yes
Breeding Co. 2025 liability e days
Ltd. guarante
e
Joint
Hebei and
Kinghey June 19 19751.8 September several Non 1060
19750 None No Yes
Meat Industry 2025 4 23 2025 liability e days
Co. Ltd. guarante
e
Joint
Hebei and
Kinghey June 19 30002.7 December several Non 1091
30000 None No Yes
Meat Industry 2025 9 17 2025 liability e days
Co. Ltd. guarante
e
Joint
Hebei Xinhao
and
Fucheng
April 29 June 30 several Non 2922
Agricultural 12500 8346 None No Yes
2020 2020 liability e days
Technology
guarante
Co. Ltd.e
Joint
and
Hebei New
May 30 April 23 several Non 546
Hope Feed 5108.4 1980 None No Yes
2024 2025 liability e days
Co. Ltd.guarante
e
Joint
Hezhou and
Xinhao October 25 April 15 several Non 3650
36000 15750 None No Yes
Farming Co. 2019 2020 liability e days
Ltd. guarante
e
Hengshui May 29 8000 January 20 5580 Joint Non None 2703 No Yes
111Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Jizhou 2021 2022 and e days
District several
Xinhao liability
Farming Co. guarante
Ltd. e
Joint
and
Hubei Xinhao
April 29 26231.7 October 9 several Non 2905
Farming Co. 18517.5 None No Yes
2020 1 2020 liability e days
Ltd.guarante
e
Joint
and
Hubei Xinhao
April 29 May 28 several Non 2555
Farming Co. 9479.74 6691.94 None No Yes
2020 2020 liability e days
Ltd.guarante
e
Joint
Huzhou and
Haihuang May 30 18361.4 March 21 several Non 364
1800 None No Yes
Biotechnolog 2024 6 2025 liability e days
y Co. Ltd. guarante
e
Joint
Huzhou and
Haihuang June 19 10200.8 June 26 several Non 364
1000 None No Yes
Biotechnolog 2025 1 2025 liability e days
y Co. Ltd. guarante
e
Joint
Huanggang
and
New Hope
June 19 December several Non 364
Feed 500 500 None No Yes
2025 18 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Huanggang
and
New Hope
May 30 June 12 several Non 365
Feed 1000 1000 None No Yes
2024 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
and
Jiangsu Liuhe
May 30 November several Non 545
Feed Co. 2708.54 980 None No Yes
2024 27 2024 liability e days
Ltd.guarante
e
Joint
and
Jiangsu Liuhe
June 19 October 24 several Non 363
Feed Co. 8291.46 3000 None No Yes
2025 2025 liability e days
Ltd.guarante
e
Jingzhou Joint
New Hope June 19 July 25 and Non 356
1000 1000 None No Yes
Feed Co. 2025 2025 several e days
Ltd. liability
112Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
guarante
e
Kunming Joint
New Hope and
Animal June 19 December several Non 546
7580.86 1000 None No Yes
Nutritious 2025 12 2025 liability e days
Food Co. guarante
Ltd. e
Kunming Joint
New Hope and
Animal June 19 July 31 several Non 1096
3790.43 500 None No Yes
Nutritious 2025 2025 liability e days
Food Co. guarante
Ltd. e
Kunming Joint
New Hope and
Animal June 19 15161.7 December several Non 364
2000 None No Yes
Nutritious 2025 2 10 2025 liability e days
Food Co. guarante
Ltd. e
Joint
Kunming
and
New Hope
June 19 December several Non 546
Agricultural 10000 1000 None No Yes
2025 12 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Kunming
and
New Hope
June 19 July 31 several Non 1096
Agricultural 5000 500 None No Yes
2025 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Laixi New and
Hope Liuhe October 25 April 17 several Non 3644
80000 36052.91 None No Yes
Farming Co. 2019 2020 liability e days
Ltd. guarante
e
Joint
Laiyang and
Xinmu May 29 August 12 several Non 1815
6500 2000 None No Yes
Breeding Co. 2021 2021 liability e days
Ltd. guarante
e
Joint
Liquan New and
Hope Liuhe April 29 March 26 several Non 2246
10875 3480 None No Yes
Farming Co. 2020 2021 liability e days
Ltd. guarante
e
Joint
Lipu Xinhao and
Farming May 30 May 19 several Non 364
16000 8000 None No Yes
Technology 2024 2025 liability e days
Co. Ltd. guarante
e
Liaoning May 30 9739.77 April 10 4999 Joint Non None 1093 No Yes
113Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Kinghey 2024 2025 and e days
Food Co. several
Ltd. liability
guarante
e
Joint
Liaoning and
Kinghey May 23 17535.0 March 26 several Non 1094
9000 None No Yes
Food Co. 2023 9 2024 liability e days
Ltd. guarante
e
Joint
Liaoning and
Kinghey June 19 19483.4 July 16 several Non 1095
10000 None No Yes
Food Co. 2025 3 2025 liability e days
Ltd. guarante
e
Joint
Liaoning and
Xinwang October 25 37608.3 March 27 several Non 3994
32395.13 None No Yes
Technology 2019 8 2020 liability e days
Co. Ltd. guarante
e
Joint
Liaoning and
Xinwang June 19 July 18 several Non 1060
9403.51 8100 None No Yes
Technology 2025 2025 liability e days
Co. Ltd. guarante
e
Joint
Liaoning and
Xinwang 27688.1 February several Non 1944
June 1 2022 23850 None No Yes
Technology 1 22 2023 liability e days
Co. Ltd. guarante
e
Joint
Liaocheng
and
Development
June 19 October 21 several Non 363
Zone Liuhe 5405.61 2000 None No Yes
2025 2025 liability e days
Feed Co.guarante
Ltd.e
Joint
Liuzhou
and
Xinliu
April 29 11891.1 October 27 several Non 2905
Farming 3825 None No Yes
2020 9 2020 liability e days
Technology
guarante
Co. Ltd.e
Joint
Longhai New and
Hope Liuhe June 19 32998.4 August 11 several Non 429
8000 None No Yes
Farming Co. 2025 4 2025 liability e days
Ltd. guarante
e
Joint
Luzhou New
June 19 September and Non 365
Hope Feed 4400.78 2000 None No Yes
2025 29 2025 several e days
Co. Ltd.liability
114Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
guarante
e
Joint
Luoyang New
and
Hope
June 19 November several Non 359
Farming 7727.27 2500 None No Yes
2025 5 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Luoyang New
and
Hope
June 19 November several Non 365
Farming 9272.73 3000 None No Yes
2025 12 2025 liability e days
Technology
guarante
Co. Ltd.e
Mianyang Joint
New Hope and
Liuhe June 19 November several Non 140
1638.69 990 None No Yes
Farming 2025 3 2025 liability e days
Technology guarante
Co. Ltd. e
Mianyang Joint
New Hope and
Liuhe June 19 June 27 several Non 729
4965.72 3000 None No Yes
Farming 2025 2025 liability e days
Technology guarante
Co. Ltd. e
Joint
Nanchong and
New Hope June 19 November several Non 140
7206.29 990 None No Yes
Feed Co. 2025 3 2025 liability e days
Ltd. guarante
e
Joint
Nanchong and
New Hope June 19 November several Non 728
5823.27 800 None No Yes
Feed Co. 2025 25 2025 liability e days
Ltd. guarante
e
Joint
Nanjing and
Xinmu May 30 February several Non 1091
5000 2550 None No Yes
Farming Co. 2024 22 2025 liability e days
Ltd. guarante
e
Joint
Nanning and
Xinhao June 19 December several Non 729
6650.6 3000 None No Yes
Farming Co. 2025 16 2025 liability e days
Ltd. guarante
e
Joint
Nanning and
Xinhao October 25 27932.5 April 16 several Non 3284
12600 None No Yes
Farming Co. 2019 3 2020 liability e days
Ltd. guarante
e
Nanning October 25 16981.1 April 15 5625 Joint Non None 2920 No Yes
115Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Xinliu 2019 3 2020 and e days
Farming several
Technology liability
Co. Ltd. guarante
e
Joint
and
Nantong New
June 19 November several Non 578
Hope Feed 2500 1000 None No Yes
2025 14 2025 liability e days
Co. Ltd.guarante
e
Joint
and
Nantong New
June 19 June 26 several Non 364
Hope Feed 2500 1000 None No Yes
2025 2025 liability e days
Co. Ltd.guarante
e
Joint
Neiqiu Xinliu and
Farming April 29 July 20 several Non 3286
21000 18001.02 None No Yes
Technology 2020 2020 liability e days
Co. Ltd. guarante
e
Joint
Ningbo New and
Hope Liuhe September several Non 3514
June 1 2022 4500 3800 None No Yes
Feed Co. 21 2022 liability e days
Ltd. guarante
e
Joint
Ningming and
Xinhao October 25 April 15 several Non 3650
39000 18000 None No Yes
Farming Co. 2019 2020 liability e days
Ltd. guarante
e
Ningxia New
Joint
Hope
and
Ruminant
June 19 November several Non 394
Animal 3663.46 3000 None No Yes
2025 13 2025 liability e days
Nutritious
guarante
Food Co.e
Ltd.Ningxia New
Joint
Hope
and
Ruminant
June 19 November several Non 361
Animal 9769.23 8000 None No Yes
2025 3 2025 liability e days
Nutritious
guarante
Food Co.e
Ltd.Joint
Panjin New
and
Hope Liuhe
June 19 October 21 several Non 297
Farming 7692.31 4000 None No Yes
2025 2025 liability e days
Technology
guarante
Co. Ltd.e
Panjin New May 30 17307.6 August 20 Joint Non 1094
9000 None No Yes
Hope Liuhe 2024 9 2024 and e days
116Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Farming several
Technology liability
Co. Ltd. guarante
e
Joint
Pengshan and
New Hope June 19 November several Non 140
5000 990 None No Yes
Feed Co. 2025 3 2025 liability e days
Ltd. guarante
e
Joint
Pucheng New
and
Hope
June 19 November several Non 1095
Farming 4491.8 2500 None No Yes
2025 7 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Qiandongnan
and
New Hope
June 19 October 23 several Non 358
Farming 15000 2500 None No Yes
2025 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
and
Qingdao
May 30 January 27 several Non 365
Liuhe Feed 7000 1000 None No Yes
2024 2025 liability e days
Co. Ltd.guarante
e
Joint
Qingdao and
Xinmu June 19 December several Non 1095
21000 10000 None No Yes
Yihong Trade 2025 26 2025 liability e days
Co. Ltd. guarante
e
Joint
Santai New
and
Hope
May 23 26445.1 September several Non 1602
Farming 14774.3 None No Yes
2023 7 6 2023 liability e days
Technology
guarante
Co. Ltd.e
Joint
Shandong and
Kinghey June 19 November several Non 364
9044.23 3000 None No Yes
Food Co. 2025 14 2025 liability e days
Ltd. guarante
e
Joint
Shandong and
Kinghey May 29 25955.7 July 13 several Non 2545
8609.62 None No Yes
Food Co. 2021 7 2021 liability e days
Ltd. guarante
e
Joint
Shandong
and
New Hope May 30 147784. May 30 Non 2007
20946 several None No Yes
Liuhe Group 2024 13 2025 e days
liability
Co. Ltd.guarante
117Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
Shandong and
New Hope June 19 35982.9 June 26 several Non 266
5100 None No Yes
Liuhe Group 2025 6 2025 liability e days
Co. Ltd. guarante
e
Joint
Shaoyang and
Xinmu May 29 July 30 several Non 2457
2800 1982 None No Yes
Farming Co. 2021 2021 liability e days
Ltd. guarante
e
Joint
Shenyang
and
New Hope
May 30 November several Non 545
Farming 25000 980 None No Yes
2024 27 2024 liability e days
Technology
guarante
Co. Ltd.e
Joint
Shiyan
and
Xinyue
April 29 April 15 several Non 2918
Farming 10000 3630 None No Yes
2020 2021 liability e days
Technology
guarante
Co. Ltd.e
Joint
Sichuan New
and
Hope Animal
June 19 64330.6 July 11 several Non 1096
Nutrition 20000 None No Yes
2025 4 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Sichuan New
and
Hope Animal
June 19 32165.3 October 16 several Non 372
Nutrition 10000 None No Yes
2025 2 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Sichuan New
and
Hope Animal
May 30 45031.4 August 15 several Non 623
Nutrition 14000 None No Yes
2024 5 2024 liability e days
Technology
guarante
Co. Ltd.e
Joint
Sichuan New and
Hope Liuhe May 30 271468. October 16 several Non 784
111940 None No Yes
Farming Co. 2024 41 2024 liability e days
Ltd. guarante
e
Joint
Sichuan New and
Hope Liuhe October 25 28531.5 December several Non 2551
11765 None No Yes
Farming Co. 2019 9 31 2019 liability e days
Ltd. guarante
e
Sichuan New June 19 June 27 Joint Non 730
20000 3000 None No Yes
Hope Liuhe 2025 2025 and e days
118Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Pig Breeding several
Technology liability
Co. Ltd. guarante
e
Joint
Taizhou New and
Hope June 19 several Non 405
5011.69 July 9 2025 3000 None No Yes
Agriculture 2025 liability e days
Co. Ltd. guarante
e
Joint
Taizhou New and
Hope May 23 January 29 several Non 1076
1637.15 980 None No Yes
Agriculture 2023 2024 liability e days
Co. Ltd. guarante
e
Joint
Taizhou New and
Hope June 19 November several Non 364
5011.69 3000 None No Yes
Agriculture 2025 28 2025 liability e days
Co. Ltd. guarante
e
Joint
Tangshan and
Xinhao April 29 several Non 2911
25800 May 8 2020 22575 None No Yes
Farming Co. 2020 liability e days
Ltd. guarante
e
Joint
Tangshan and
New Hope June 19 December several Non 545
4235.29 2400 None No Yes
Liuhe Feed 2025 4 2025 liability e days
Co. Ltd. guarante
e
Joint
Tangshan and
New Hope June 19 September several Non 365
1764.71 1000 None No Yes
Liuhe Feed 2025 3 2025 liability e days
Co. Ltd. guarante
e
Joint
Tianjin Xinliu and
Farming April 29 17203.6 February 5 several Non 3259
6797.49 None No Yes
Technology 2020 7 2021 liability e days
Co. Ltd. guarante
e
Joint
Tianjin Xinliu and
Farming June 19 December several Non 729
1265.44 500 None No Yes
Technology 2025 8 2025 liability e days
Co. Ltd. guarante
e
Tongcheng Joint
Xinliu and
April 29 February Non 2431
Farming 11000 6659.6 several None No Yes
2020 23 2021 e days
Technology liability
Co. Ltd. guarante
119Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
Tongling and
New Hope June 19 September several Non 365
5000 1000 None No Yes
Liuhe Feed 2025 15 2025 liability e days
Co. Ltd. guarante
e
Joint
and
Weifang
June 19 57987.5 December several Non 182
Liuhe Feed 2000 None No Yes
2025 6 12 2025 liability e days
Co. Ltd.guarante
e
Joint
Weifang New
and
Hope Liuhe
May 30 58375.0 November several Non 875
Feed 9980 None No Yes
2024 8 27 2024 liability e days
Technology
guarante
Co. Ltd.e
Joint
Weinan and
Xinliu October 25 34126.6 January 2 several Non 4373
26600 None No Yes
Technology 2019 9 2020 liability e days
Co. Ltd. guarante
e
Joint
Weinan and
Xinliu May 23 March 29 several Non 1094
4490.35 3500 None No Yes
Technology 2023 2024 liability e days
Co. Ltd. guarante
e
Joint
and
Wuqi Xinliu
April 29 September several Non 2622
Technology 7159.09 3500 None No Yes
2020 15 2020 liability e days
Co. Ltd.guarante
e
Joint
Wuzhou New and
Hope Liuhe June 19 December several Non 547
9559.45 5000 None No Yes
Feed Co. 2025 12 2025 liability e days
Ltd. guarante
e
Joint
Wuzhou New and
Hope Liuhe June 19 October 31 several Non 365
1911.89 1000 None No Yes
Feed Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
Wuhe New
and
Hope Liuhe
June 19 December several Non 364
Animal 5580.15 3000 None No Yes
2025 15 2025 liability e days
Husbandry
guarante
Co. Ltd.e
Wuhe New April 29 22196.5 September Joint Non 2916
11933.33 None No Yes
Hope Liuhe 2020 8 29 2020 and e days
120Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Animal several
Husbandry liability
Co. Ltd. guarante
e
Joint
Wuhe New
and
Hope Liuhe
April 29 May 20 several Non 2550
Animal 25086.9 13487.23 None No Yes
2020 2020 liability e days
Husbandry
guarante
Co. Ltd.e
Joint
Wuhe New
and
Hope Liuhe
April 29 14136.3 March 24 several Non 2557
Animal 7600 None No Yes
2020 7 2021 liability e days
Husbandry
guarante
Co. Ltd.e
Joint
Wuhan
and
Guoxiong
June 19 November several Non 364
Feed 4000 1000 None No Yes
2025 28 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Wuhan
and
Guoxiong
June 19 July 25 several Non 355
Feed 4000 1000 None No Yes
2025 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Wulong New and
Hope Liuhe June 19 December several Non 355
4685.84 2000 None No Yes
Feed Co. 2025 18 2025 liability e days
Ltd. guarante
e
Joint
Wulong New and
Hope Liuhe May 30 March 29 several Non 1094
2331.2 995 None No Yes
Feed Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
Wulong New and
Hope Liuhe May 30 June 26 several Non 1094
2225.77 950 None No Yes
Feed Co. 2024 2024 liability e days
Ltd. guarante
e
Joint
Wulong New and
Hope Liuhe June 19 October 17 several Non 1096
1757.19 750 None No Yes
Feed Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
Wuwei New
and
Hope Liuhe January 20 Non 1979
June 1 2022 10000 2556.3 several None No Yes
Feed Co. 2023 e days
liability
Ltd.guarante
121Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
Xiangyang and
New Hope June 19 November several Non 729
7441.17 1000 None No Yes
Liuhe Feed 2025 7 2025 liability e days
Co. Ltd. guarante
e
Joint
Xiangzhou and
Xinhao June 19 October 31 several Non 546
13126.1 5000 None No Yes
Farming Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
and
Xintai New
June 19 September several Non 417
Hope Feed 4000 1908 None No Yes
2025 22 2025 liability e days
Co. Ltd.guarante
e
New Hope Joint
Liuhe (Zibo) and
Agricultural May 29 April 10 several Non 2518
20000 3979.43 None No Yes
Technology 2021 2022 liability e days
Development guarante
Co. Ltd. e
New Hope Joint
Feed and
(Tangshan June 19 June 20 several Non 355
6000 2000 None No Yes
Caofeidian 2025 2025 liability e days
District) Co. guarante
Ltd. e
Joint
and
New Hope
June 19 205143. December several Non
Singapore 1402.72 None 7 days No Yes
2025 89 30 2025 liability e
Pte. Ltd.guarante
e
Joint
and
New Hope
June 19 494856. December several Non
Singapore 3383.71 None 29 days No Yes
2025 11 18 2025 liability e
Pte. Ltd.guarante
e
Joint
Xingren
and
Xinliu
April 29 13971.5 September several Non 2914
Farming 4950 None No Yes
2020 5 30 2020 liability e days
Technology
guarante
Co. Ltd.e
Joint
Xuzhou and
Haikuo Liuhe June 19 October 24 several Non 362
8000 5000 None No Yes
Feed Co. 2025 2025 liability e days
Ltd. guarante
e
Yan’an May 30 December Joint Non 1088
3782.3 2700 None No Yes
Benyuan 2024 28 2024 and e days
122Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Agricultural several
Technology liability
Development guarante
Co. Ltd. e
Joint
Yanting and
Xinhao May 23 57343.2 September several Non 1848
36900 None No Yes
Farming Co. 2023 1 2 2023 liability e days
Ltd. guarante
e
Yangling Joint
Besun and
Agricultural May 30 71458.9 several Non 415
May 8 2025 5999 None No Yes
Industry 2024 9 liability e days
Group Co. guarante
Ltd. e
Joint
and
Yijun Xinliu
October 25 November several Non 4382
Technology 11900 10250 None No Yes
2019 15 2019 liability e days
Co. Ltd.guarante
e
Joint
Zaozhuang and
New Hope June 19 September several Non 364
5000 2000 None No Yes
Liuhe Feed 2025 23 2025 liability e days
Co. Ltd. guarante
e
Joint
Zhangwu and
Xinwang May 29 January 4 several Non 3272
9500 7900 None No Yes
Farming Co. 2021 2022 liability e days
Ltd. guarante
e
Joint
Zhaoqing and
Xinhao April 29 13532.0 February several Non 2555
9892 None No Yes
Farming Co. 2020 2 10 2021 liability e days
Ltd. guarante
e
Joint
Zhejiang
and
Yihai
April 29 November several Non 2846
Agricultural 5568.22 2365.13 None No Yes
2020 9 2020 liability e days
Development
guarante
Co. Ltd.e
Joint
Zhejiang
and
Yihai
May 30 February several Non 365
Agricultural 6356.62 2700 None No Yes
2024 28 2025 liability e days
Development
guarante
Co. Ltd.e
Chongqing Joint
Tongliang and
May 30 March 28 Non 1095
New Hope 3881.66 995 several None No Yes
2024 2025 e days
Liuhe liability
Farming guarante
123Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Technology e
Co. Ltd.Chongqing
Joint
Tongliang
and
New Hope
May 30 June 26 several Non 1094
Liuhe 3706.11 950 None No Yes
2024 2024 liability e days
Farming
guarante
Technology
e
Co. Ltd.Chongqing
Joint
Tongliang
and
New Hope
June 19 October 17 several Non 1096
Liuhe 3511.05 900 None No Yes
2025 2025 liability e days
Farming
guarante
Technology
e
Co. Ltd.Joint
Chongqing and
New Hope June 19 July 14 several Non 1095
2487.03 1000 None No Yes
Feed Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
Chongqing and
New Hope May 30 32082.6 June 18 several Non 1088
12900 None No Yes
Feed Co. 2024 7 2024 liability e days
Ltd. guarante
e
Joint
and
Zibo Xinhao
several Non 2789
Farming Co. June 1 2022 5600 July 6 2022 1334.19 None No Yes
liability e days
Ltd.guarante
e
Joint
and
Zunyi Jiahao
June 19 December several Non 362
Feed Co. 7000 1000 None No Yes
2025 4 2025 liability e days
Ltd.guarante
e
Joint
Taizhou New and
Hope May 30 March 7 several Non 726
3339.46 1999 None No Yes
Agriculture 2024 2025 liability e days
Co. Ltd. guarante
e
Joint
Sichuan New
and
Hope Animal
June 19 June 19 several Non One
Nutrition 9287.58 9287.58 None No Yes
2025 2025 liability e year
Technology
guarante
Co. Ltd.e
Hainan Joint
Chengmai and
June 19 June 19 Non One
New Hope 311.9 311.9 several None No Yes
2025 2025 e year
Farming Co. liability
Ltd. guarante
124Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
Chengdu and
Century June 19 June 19 several Non One
10.5 10.5 None No Yes
Investment 2025 2025 liability e year
Co. Ltd. guarante
e
Joint
and
Guangzhou
June 19 June 19 several Non One
Hope Feed 89.92 89.92 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
Guangdong
and
Jiahao
June 19 June 19 several Non One
Agricultural 1283.65 1283.65 None No Yes
2025 2025 liability e year
Products Co.guarante
Ltd.e
Joint
Chongqing and
New Hope June 19 June 19 several Non One
1.72 1.72 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
and
Nantong New
June 19 June 19 several Non One
Hope Feed 51.61 51.61 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
Jingzhou and
New Hope June 19 June 19 several Non One
28.34 28.34 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
Luoyang New
and
Hope
June 19 June 19 several Non One
Farming 7.76 7.76 None No Yes
2025 2025 liability e year
Technology
guarante
Co. Ltd.e
Joint
Guiyang New
and
Hope
June 19 June 19 several Non One
Agricultural 28.48 28.48 None No Yes
2025 2025 liability e year
Technology
guarante
Co. Ltd.e
Joint
and
Guilin New
June 19 June 19 several Non One
Hope Feed 10.21 10.21 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Weifang June 19 June 19 Joint Non One
43.73 43.73 None No Yes
Liuhe Feed 2025 2025 and e year
125Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Co. Ltd. several
liability
guarante
e
Joint
Shandong and
New Hope June 19 June 19 several Non One
7734.9 7734.9 None No Yes
Liuhe Group 2025 2025 liability e year
Co. Ltd. guarante
e
Joint
Nanning New
and
Hope
June 19 June 19 several Non One
Farming 80.05 80.05 None No Yes
2025 2025 liability e year
Technology
guarante
Co. Ltd.e
Joint
Zhangzhou and
Hongshan June 19 June 19 several Non One
510.8 510.8 None No Yes
Biotechnolog 2025 2025 liability e year
y Co. Ltd. guarante
e
Joint
and
Maoming
June 19 June 19 several Non One
Liuhe Feed 46.39 46.39 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
Zhanjiang and
Guoxiong June 19 June 19 several Non One
835.56 835.56 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
and
Ganzhou
June 19 June 19 several Non One
Hope Feed 10.83 10.83 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
Jiangxi New
and
Hope
June 19 June 19 several Non One
Farming 2.08 2.08 None No Yes
2025 2025 liability e year
Technology
guarante
Co. Ltd.e
Joint
Linyi New and
Hope Liuhe June 19 June 19 several Non One
210.23 210.23 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Guangshui Joint
Guanghe and
June 19 June 19 Non One
Farming 35.51 35.51 several None No Yes
2025 2025 e year
Development liability
Co. Ltd. guarante
126Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
and
Dong’e Liuhe
June 19 June 19 several Non One
Lyvjia Feed 210.18 210.18 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
New Hope
and
Liuhe Feed
June 19 June 19 several Non One
Co. Ltd. 177.95 177.95 None No Yes
2025 2025 liability e year
Dezhou Liuhe
guarante
Banch
e
Joint
and
Dezhou Liuhe
June 19 June 19 several Non One
Tianhe Feed 95.37 95.37 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
Yanggu New and
Hope Liuhe June 19 June 19 several Non One
209.93 209.93 None No Yes
Luxin Feed 2025 2025 liability e year
Co. Ltd. guarante
e
Joint
and
Liaocheng
June 19 June 19 several Non One
Liuhe Feed 19.72 19.72 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
and
Yulin New
June 19 June 19 several Non One
Hope Feed 110.13 110.13 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
and
Yingtan New
June 19 June 19 several Non One
Hope Feed 17.68 17.68 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
Anyang New and
Hope Liuhe June 19 June 19 several Non One
8.28 8.28 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
and
Henan Liuhe
June 19 June 19 several Non One
Beixu Feed 2.39 2.39 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Gushi Liuhe June 19 June 19 Joint Non One
0.47 0.47 None No Yes
Co. Ltd. 2025 2025 and e year
127Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
several
liability
guarante
e
Joint
Henan Liuhe
and
Feed Co.June 19 June 19 several Non One
Ltd. 22.57 22.57 None No Yes
2025 2025 liability e year
Dengzhou
guarante
Branch
e
Joint
and
Xinxiang
June 19 June 19 several Non One
Liuhe Feed 6.98 6.98 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
and
Xuancheng
June 19 June 19 several Non One
Liuhe Feed 5.1 5.1 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
Chengdu and
Fenglan June 19 June 19 several Non One
146.82 146.82 None No Yes
Technology 2025 2025 liability e year
Co. Ltd. guarante
e
Joint
Weifang
and
Liuhe Feed
June 19 June 19 several Non One
Co. Ltd. 0.11 0.11 None No Yes
2025 2025 liability e year
Shouguang
guarante
Branch
e
Joint
Shouguang and
Liuhe Dingtai June 19 June 19 several Non One
1.26 1.26 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
Pingxiang and
New Hope June 19 June 19 several Non One
9.84 9.84 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
Haiyang New and
Hope Liuhe June 19 June 19 several Non One
66.31 66.31 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
New Hope Joint
Liuhe Feed and
June 19 June 19 Non One
Co. Ltd. 155.86 155.86 several None No Yes
2025 2025 e year
Laizhou liability
Banch guarante
128Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
and
Laiyang
June 19 June 19 several Non One
Liuhe Feed 73.88 73.88 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
Laiyang New and
Hope Liuhe June 19 June 19 several Non One
0.17 0.17 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
and
Jiangmen
June 19 June 19 several Non One
Liuhe Feed 255.04 255.04 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
and
Guangzhou
June 19 June 19 several Non One
Liuhe Feed 84.31 84.31 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
Jieyang and
Guoxiong June 19 June 19 several Non One
466.39 466.39 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
New Hope and
Liuhe Feed June 19 June 19 several Non One
0.8 0.8 None No Yes
Co. Ltd. 2025 2025 liability e year
Yutai Banch guarante
e
Joint
Zoucheng and
New Hope June 19 June 19 several Non One
2.56 2.56 None No Yes
Liuhe Feed 2025 2025 liability e year
Co. Ltd. guarante
e
Joint
and
Liuhe Feed
June 19 June 19 several Non One
(Huai'an) Co. 212.62 212.62 None No Yes
2025 2025 liability e year
Ltd.guarante
e
Joint
and
Sheyang
June 19 June 19 several Non One
Liuhe Feed 101.2 101.2 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Yichun New June 19 June 19 Joint Non One
3.02 3.02 None No Yes
Hope 2025 2025 and e year
129Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Farming several
Technology liability
Co. Ltd. guarante
e
Joint
and
Anqiu Liuhe
June 19 June 19 several Non One
Feed Co. 0.45 0.45 None No Yes
2025 2025 liability e year
Ltd.guarante
e
Joint
and
Shan County
June 19 June 19 several Non One
Liuhe Feed 210.2 210.2 None No Yes
2025 2025 liability e year
Co. Ltd.guarante
e
Joint
Weifang and
Liuhe Jutian June 19 June 19 several Non One
198.89 198.89 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
Ju County and
Liuhe June 19 June 19 several Non One
0.45 0.45 None No Yes
Xingrun Feed 2025 2025 liability e year
Co. Ltd. guarante
e
Joint
Zhucheng and
New Hope June 19 June 19 several Non One
0.07 0.07 None No Yes
Liuhe Feed 2025 2025 liability e year
Co. Ltd. guarante
e
Joint
Yinan Liuhe and
Zhengzhuang June 19 June 19 several Non One
209.53 209.53 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
Tai’an Liuhe and
Jingwei June 19 June 19 several Non One
208.25 208.25 None No Yes
Farming Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
and
Pingdu Liuhe
June 19 June 19 several Non One
Feed Co. 0.02 0.02 None No Yes
2025 2025 liability e year
Ltd.guarante
e
Chengdu Joint
Fenglan and
June 19 June 19 Non One
Animal 7.6 7.6 several None No Yes
2025 2025 e year
Nutrition liability
Technology guarante
130Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Co. Ltd. e
Joint
and
Heze Xinhao
June 19 June 19 several Non One
Feed Co. 9.43 9.43 None No Yes
2025 2025 liability e year
Ltd.guarante
e
Yangling Joint
Besun and
Agricultural June 19 June 19 several Non One
70.3 70.3 None No Yes
Industry 2025 2025 liability e year
Group Co. guarante
Ltd. e
Joint
Longzhou and
Xinhao June 19 June 19 several Non One
62.72 62.72 None No Yes
Farming Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
Hezhou New
and
Hope Liuhe
June 19 June 19 several Non One
Farming 10.28 10.28 None No Yes
2025 2025 liability e year
Technology
guarante
Co. Ltd.e
Joint
Jiangxi New
and
Hope Liuhe
June 19 June 19 several Non One
Farming 2.52 2.52 None No Yes
2025 2025 liability e year
Technology
guarante
Co. Ltd.e
Wuhan Joint
Fenglan and
Animal June 19 June 19 several Non One
17.61 17.61 None No Yes
Nutrition 2025 2025 liability e year
Technology guarante
Co. Ltd. e
Joint
Pingyi and
Zhongxin June 19 June 19 several Non One
326.45 326.45 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
Guantao and
Zhongxin June 19 June 19 several Non One
5.62 5.62 None No Yes
Feed Co. 2025 2025 liability e year
Ltd. guarante
e
Joint
and
Anhui New
May 30 October 21 several Non 1095
Hope Feed 542.52 542.52 None No Yes
2024 2024 liability e days
Co. Ltd.guarante
e
Chenzhou May 30 June 27 Joint Non 1814
20000 2294.23 None No Yes
New Hope 2024 2024 and e days
131Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Agricultural several
Technology liability
Co. Ltd. guarante
e
Joint
Chengdu and
Century June 19 November several Non 1096
1937.26 1416.18 None No Yes
Investment 2025 18 2025 liability e days
Co. Ltd. guarante
e
Joint
and
Ganzhou
June 19 November several Non 1095
Hope Feed 8000 3436.11 None No Yes
2025 20 2025 liability e days
Co. Ltd.guarante
e
Joint
Guanghan and
Guoxiong May 30 June 27 several Non 1814
1796.2 1813.14 None No Yes
Feed Co. 2024 2024 liability e days
Ltd. guarante
e
Joint
and
Guangzhou
June 19 November several Non 1095
Hope Feed 14363 2571.87 None No Yes
2025 20 2025 liability e days
Co. Ltd.guarante
e
Joint
Hebei and
Kinghey April 14 several Non 1096
June 1 2022 245.38 245.35 None No Yes
Meat Industry 2023 liability e days
Co. Ltd. guarante
e
Joint
and
Hebei New
June 19 November several Non 1095
Hope Feed 3008.78 1166.19 None No Yes
2025 20 2025 liability e days
Co. Ltd.guarante
e
Joint
and
Henan Liuhe
May 30 June 27 several Non 1814
Feed Co. 22000 990.86 None No Yes
2024 2024 liability e days
Ltd.guarante
e
Joint
Heishan
and
Xinliu
June 19 December several Non 1825
Farming 20000 21417.97 None No Yes
2025 11 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Huzhou
and
Haihuang 11437.7 April 14 Non 2046
June 1 2022 1121.26 several None No Yes
Biotechnolog 3 2023 e days
liability
y Co. Ltd.guarante
132Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
Huanggang
and
New Hope
May 30 July 31 several Non 1095
Feed 621.38 621.38 None No Yes
2024 2024 liability e days
Technology
guarante
Co. Ltd.e
Joint
Jiangxi New
and
Hope
June 19 November several Non 1095
Farming 15000 5799.73 None No Yes
2025 20 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Jingzhou and
New Hope April 14 several Non 1095
June 1 2022 480.83 480.83 None No Yes
Feed Co. 2023 liability e days
Ltd. guarante
e
Kunming Joint
New Hope and
Animal May 30 August 8 several Non 1095
3466.99 457.33 None No Yes
Nutritious 2024 2024 liability e days
Food Co. guarante
Ltd. e
Joint
Liaocheng
and
Development
June 19 November several Non 1095
Zone Liuhe 2594.39 959.89 None No Yes
2025 20 2025 liability e days
Feed Co.guarante
Ltd.e
Joint
and
Luzhou New
May 30 August 14 several Non 1095
Hope Feed 599.22 272.32 None No Yes
2024 2024 liability e days
Co. Ltd.guarante
e
Joint
Luochuan and
Xinliu May 30 June 27 several Non 1814
4600 3975.95 None No Yes
Technology 2024 2024 liability e days
Co. Ltd. guarante
e
Joint
and
Maoming
May 30 August 5 several Non 1095
Liuhe Feed 10000 1257.05 None No Yes
2024 2024 liability e days
Co. Ltd.guarante
e
Joint
Nanchong and
New Hope May 30 August 22 several Non 1095
5970.44 820.22 None No Yes
Feed Co. 2024 2024 liability e days
Ltd. guarante
e
Nanning New April 14 Joint Non 2045
June 1 2022 30000 2320.91 None No Yes
Hope 2023 and e days
133Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Farming several
Technology liability
Co. Ltd. guarante
e
Ningxia New
Joint
Hope
and
Ruminant
May 30 August 5 several Non 1095
Animal 1007.68 825.19 None No Yes
2024 2024 liability e days
Nutritious
guarante
Food Co.e
Ltd.Joint
Pucheng New
and
Hope
May 30 June 27 several Non 1814
Farming 508.2 282.85 None No Yes
2024 2024 liability e days
Technology
guarante
Co. Ltd.e
Joint
and
Qingyun
May 30 August 14 several Non 1095
Liuhe Feed 1056.34 1056.34 None No Yes
2024 2024 liability e days
Co. Ltd.guarante
e
Joint
Tongliao and
Xinhao May 30 August 30 several Non 1446
16000 7376.51 None No Yes
Farming Co. 2024 2024 liability e days
Ltd. guarante
e
Joint
and
Weifang
22012.4 April 14 several Non 1100
Liuhe Feed June 1 2022 759.21 None No Yes
4 2023 liability e days
Co. Ltd.guarante
e
Joint
Weifang New
and
Hope Liuhe
April 14 several Non 1096
Feed June 1 2022 1624.92 277.8 None No Yes
2023 liability e days
Technology
guarante
Co. Ltd.e
Joint
Wuzhou New and
Hope Liuhe May 30 August 8 several Non 1095
528.66 276.51 None No Yes
Feed Co. 2024 2024 liability e days
Ltd. guarante
e
Joint
Xiangyang and
New Hope May 30 June 27 several Non 1814
7558.83 1015.81 None No Yes
Liuhe Feed 2024 2024 liability e days
Co. Ltd. guarante
e
Xiangzhou Joint
Xinhao May 30 December and Non 1095
20873.9 7951.29 None No Yes
Farming Co. 2024 13 2024 several e days
Ltd. liability
134Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
guarante
e
Yan’an Joint
Benyuan and
Agricultural May 30 June 27 several Non 1814
4217.7 3010.81 None No Yes
Technology 2024 2024 liability e days
Development guarante
Co. Ltd. e
Yangling Joint
Besun and
Agricultural April 14 several Non 1095
June 1 2022 8541.01 717.02 None No Yes
Industry 2023 liability e days
Group Co. guarante
Ltd. e
Joint
and
Yiyang New
June 19 November several Non 1096
Hope Feed 12000 1447.42 None No Yes
2025 18 2025 liability e days
Co. Ltd.guarante
e
Joint
Yulin and
Guoxiong June 19 November several Non 1096
26000 1666.09 None No Yes
Feed Co. 2025 18 2025 liability e days
Ltd. guarante
e
Joint
Zhanjiang and
Guoxiong May 30 August 9 several Non 1095
26000 1824.99 None No Yes
Feed Co. 2024 2024 liability e days
Ltd. guarante
e
Joint
Zhangjiakou and
Xinwang May 23 February several Non 1827
5249.3 5996.81 None No Yes
Farming Co. 2023 28 2024 liability e days
Ltd. guarante
e
Joint
Zhangzhou and
Hongshan May 30 June 27 several Non 1814
5000 942.72 None No Yes
Biotechnolog 2024 2024 liability e days
y Co. Ltd. guarante
e
Joint
Chongqing and
New Hope May 30 June 27 several Non 1814
5430.3 2183.45 None No Yes
Feed Co. 2024 2024 liability e days
Ltd. guarante
e
Joint
Qingdao
and
Xinhang
May 30 January 6 several Non 718
Engineering 7017.96 7017.96 None No Yes
2024 2025 liability e days
Management
guarante
Co. Ltd.e
New Hope May 30 17.7 January 14 17.7 Joint Non None 365 No Yes
135Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Liuhe (Zibo) 2024 2025 and e days
Agricultural several
Technology liability
Development guarante
Co. Ltd. e
Xiangzhou Joint
New Hope and
Liuhe May 30 January 20 several Non 480
234.08 234.08 None No Yes
Farming 2024 2025 liability e days
Technology guarante
Co. Ltd. e
Joint
Shiyan
and
Xinyue
May 30 January 16 several Non 701
Farming 223.06 223.06 None No Yes
2024 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Shandong and
New Hope May 30 January 8 several Non 518
7666.52 7666.52 None No Yes
Liuhe Group 2024 2025 liability e days
Co. Ltd. guarante
e
Joint
Sichuan New
and
Hope Animal
May 30 February 7 several Non 425
Nutrition 2634.07 2634.07 None No Yes
2024 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
and
Hebei New
May 30 February several Non 372
Hope Feed 342.18 342.18 None No Yes
2024 20 2025 liability e days
Co. Ltd.guarante
e
Joint
Weifang
and
Liuhe Feed
May 30 March 22 several Non 445
Co. Ltd. 4300 4300 None No Yes
2024 2025 liability e days
Changyi
guarante
Branch
e
Mianyang Joint
New Hope and
Liuhe May 30 March 21 several Non 578
10717.7 10717.7 None No Yes
Farming 2024 2025 liability e days
Technology guarante
Co. Ltd. e
Joint
Weifang and
Liuhe Feed May 30 March 21 several Non 446
5800 5800 None No Yes
Co. Ltd. 2024 2025 liability e days
Linqu Branch guarante
e
Guanghan Joint
Guoxiong May 30 June 11 and Non 496
2000 2000 None No Yes
Feed Co. 2024 2025 several e days
Ltd. liability
136Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
guarante
e
Joint
Ziyang Jiahao and
Feed May 30 June 11 several Non 496
2000 2000 None No Yes
Technology 2024 2025 liability e days
Co. Ltd. guarante
e
Joint
Hainan
and
Chengmai
June 19 December several Non 180
New Hope 71.95 71.95 None No Yes
2025 25 2025 liability e days
Farming Co.guarante
Ltd.e
Joint
Yanting and
Xinhao May 30 January 22 several Non 541
2224.42 2224.42 None No Yes
Farming Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
and
Hubei Xinhao
May 30 January 9 several Non 432
Farming Co. 58.28 58.28 None No Yes
2024 2025 liability e days
Ltd.guarante
e
Joint
Shibing
and
County New
June 19 December several Non 365
Hope Liuhe 3.73 3.73 None No Yes
2025 26 2025 liability e days
Breeding Co.guarante
Ltd.e
Joint
Liaoning and
Kinghey May 30 January 7 several Non 412
5000 5000 None No Yes
Food Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
Beijing and
Kinghey June 19 August 5 several Non 365
10000 10000 None No Yes
Food Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
Longhai New and
Hope Liuhe May 30 January 9 several Non 462
121.6 121.6 None No Yes
Farming Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
Yingtan and
Xinliu May 30 January 10 several Non 374
33.31 33.31 None No Yes
Technology 2024 2025 liability e days
Co. Ltd. guarante
e
Zhejiang May 30 31.93 March 17 31.93 Joint Non None 407 No Yes
137Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Yihai 2024 2025 and e days
Agricultural several
Development liability
Co. Ltd. guarante
e
Joint
Ningbo New and
Hope Liuhe May 30 February 5 several Non 355
14.2 14.2 None No Yes
Farming Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
Kangping and
Xinwang May 30 January 20 several Non 396
141.69 141.69 None No Yes
Farming Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
Xingren
and
Xinliu
May 30 January 6 several Non 704
Farming 243.08 243.08 None No Yes
2024 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Shandong and
New Hope June 19 60315.6 several Non 537
July 3 2025 60315.64 None No Yes
Liuhe Group 2025 4 liability e days
Co. Ltd. guarante
e
Joint
Sichuan New and
Hope Liuhe June 19 109262. September 109262.9 several Non 466
None No Yes
Farming Co. 2025 99 12 2025 9 liability e days
Ltd. guarante
e
Joint
and
Weifang
June 19 November several Non 385
Liuhe Feed 1098.01 1098.01 None No Yes
2025 1 2025 liability e days
Co. Ltd.guarante
e
Joint
and
New Hope
June 19 October 24 several Non
Liuhe Feed 2.56 2.56 None 96 days No Yes
2025 2025 liability e
Co. Ltd.guarante
e
Combined guarantee
Combined guarantee
actually incurred for
provided for subsidiaries
1772748.6 subsidiaries during 741714.62
approved within the reporting
the reporting period
period (B1)
(B2)
Combined actual
Combined guarantee
guarantee for
provided for subsidiaries
4108334.55 subsidiaries at the end 1541190.97
approved as of the end of the
of reporting period
reporting period (B3)
(B4)
138Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Guarantees provided by subsidiaries for subsidiaries
Date of Whe
disclosure Count Wheth ther
Amount Coll
Name of of related Guarant Date Type of er Guarant er relat
actually atera
guarantee announceme eed actually guarante guaran ee fully ed-
guarantee ls(if
beneficiary nt of amount incurred e tee (if period perfor party
d any)
guaranteed any) med guar
amount antee
Joint
and
Anhui New
May 30 May 30 several Non 364
Hope Feed 1000 1000 None No Yes
2024 2025 liability e days
Co. Ltd.guarante
e
Joint
Anyang New and
Hope Liuhe June 19 October 29 several Non 364
1000 1000 None No Yes
Feed Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
and
Cao County
June 19 October 29 several Non 364
Liuhe Feed 1000 1000 None No Yes
2025 2025 liability e days
Co. Ltd.guarante
e
Joint
and
Dazhou
June 19 July 17 several Non 365
Jiahao Feed 1000 1000 None No Yes
2025 2025 liability e days
Co. Ltd.guarante
e
Joint
Datong New and
Hope Liuhe June 19 July 16 several Non 364
1000 1000 None No Yes
Feed Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
Dongying and
New Hope June 19 October 29 several Non 364
1000 1000 None No Yes
Liuhe Feed 2025 2025 liability e days
Co. Ltd. guarante
e
Joint
Dongying and
New Hope June 19 July 17 several Non 365
1000 1000 None No Yes
Liuhe Feed 2025 2025 liability e days
Co. Ltd. guarante
e
Joint
Emeishan and
New Hope June 19 June 30 several Non 485
1000 1000 None No Yes
Liuhe Feed 2025 2025 liability e days
Co. Ltd. guarante
e
Gushi Liuhe June 19 1000 July 21 1000 Joint Non None 360 No Yes
139Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Co. Ltd. 2025 2025 and e days
several
liability
guarante
e
Joint
Guanghan and
Guoxiong June 19 July 30 several Non 364
500 500 None No Yes
Feed Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
Guiyang New
and
Hope
June 19 October 29 several Non 364
Agricultural 1000 1000 None No Yes
2025 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Haiyang New and
Hope Liuhe May 30 May 30 several Non 365
1000 1000 None No Yes
Feed Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
Huaihua New and
Hope Liuhe June 19 July 21 several Non 361
1000 1000 None No Yes
Feed Co. 2025 2025 liability e days
Ltd. guarante
e
Joint
Huanggang
and
New Hope
June 19 June 30 several Non 364
Feed 500 500 None No Yes
2025 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
and
Jiangsu Liuhe
June 19 October 29 several Non 364
Feed Co. 1000 1000 None No Yes
2025 2025 liability e days
Ltd.guarante
e
Joint
Jingzhou and
New Hope May 30 May 30 several Non 365
1000 1000 None No Yes
Feed Co. 2024 2025 liability e days
Ltd. guarante
e
Kunming Joint
New Hope and
Animal June 19 July 17 several Non 364
1000 1000 None No Yes
Nutritious 2025 2025 liability e days
Food Co. guarante
Ltd. e
Joint
Laiyang
June 19 July 21 and Non 359
Liuhe Feed 1000 1000 None No Yes
2025 2025 several e days
Co. Ltd.liability
140Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
guarante
e
Joint
and
Laiyang
June 19 November several Non 365
Liuhe Feed 1000 1000 None No Yes
2025 25 2025 liability e days
Co. Ltd.guarante
e
Joint
Luoyang New
and
Hope
May 30 May 28 several Non 365
Farming 1000 1000 None No Yes
2024 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Mangshi New
and
Hope
May 30 May 30 several Non 364
Farming 1000 1000 None No Yes
2024 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Pengshan and
New Hope May 30 February 8 several Non 355
1000 1000 None No Yes
Feed Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
Qiandongnan
and
New Hope
June 19 July 21 several Non 359
Farming 1000 1000 None No Yes
2025 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Shandong and
Kinghey May 30 February several Non 357
1000 1000 None No Yes
Food Co. 2024 20 2025 liability e days
Ltd. guarante
e
Joint
and
Shanxi New
May 30 May 29 several Non 364
Hope Feed 1000 1000 None No Yes
2024 2025 liability e days
Co. Ltd.guarante
e
Joint
and
Sheyang
May 30 May 30 several Non 364
Liuhe Feed 1000 1000 None No Yes
2024 2025 liability e days
Co. Ltd.guarante
e
Joint
and
Sichuan Xinle
June 19 July 17 several Non 360
Plastics Co. 1000 1000 None No Yes
2025 2025 liability e days
Ltd.guarante
e
Weifang May 30 1000 May 30 1000 Joint Non None 364 No Yes
141Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Liuhe Feed 2024 2025 and e days
Co. Ltd. several
liability
guarante
e
Joint
Weifang and
Liuhe Feed June 19 July 17 several Non 365
1000 1000 None No Yes
Co. Ltd. 2025 2025 liability e days
Linqu Branch guarante
e
Joint
and
Wendeng
June 19 December several Non 364
Liuhe Feed 500 500 None No Yes
2025 11 2025 liability e days
Co. Ltd.guarante
e
Joint
Xiaoyi New
and
Hope Liuhe
May 30 May 30 several Non 365
Food Co. 1000 1000 None No Yes
2024 2025 liability e days
Ltd. Feed
guarante
Branch
e
Joint
and
Xintai New
June 19 July 18 several Non 364
Hope Feed 1000 1000 None No Yes
2025 2025 liability e days
Co. Ltd.guarante
e
Joint
and
New Hope
June 19 November several Non 363
Laos Co. 258.06 258.06 None No Yes
2025 28 2025 liability e days
Ltd.guarante
e
Joint
Xuzhou and
Haikuo Liuhe May 30 May 30 several Non 364
1000 1000 None No Yes
Feed Co. 2024 2025 liability e days
Ltd. guarante
e
Joint
and
Yantai Liuhe
June 19 July 21 several Non 359
Feed Co. 1000 1000 None No Yes
2025 2025 liability e days
Ltd.guarante
e
Joint
Yichun New
and
Hope
May 30 February several Non 365
Farming 1000 1000 None No Yes
2024 20 2025 liability e days
Technology
guarante
Co. Ltd.e
Joint
Yiyang New
June 19 July 18 and Non 362
Hope Feed 1000 1000 None No Yes
2025 2025 several e days
Co. Ltd.liability
142Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
guarante
e
Joint
and
Yuncheng
May 30 February several Non 347
Dingtai Feed 1000 1000 None No Yes
2024 10 2025 liability e days
Co. Ltd.guarante
e
Joint
Zoucheng and
New Hope June 19 July 17 several Non 363
1000 1000 None No Yes
Liuhe Feed 2025 2025 liability e days
Co. Ltd. guarante
e
Joint
and
Zunyi Jiahao
June 19 several Non 358
Feed Co. 500 July 7 2025 500 None No Yes
2025 liability e days
Ltd.guarante
e
Joint
and
Zunyi Jiahao
May 30 February several Non 357
Feed Co. 1000 1000 None No Yes
2024 20 2025 liability e days
Ltd.guarante
e
Combined guarantee
Combined guarantee
actually incurred for
provided for subsidiaries
23258.06 subsidiaries during 38258.06
approved within the reporting
the reporting period
period (C1)
(C2)
Combined actual
Combined guarantee
guarantee for
provided for subsidiaries
38258.06 subsidiaries at the end 38258.06
approved as of the end of the
of reporting period
reporting period (C3)
(C4)
Combined guarantee provided by the Company (i.e. the aggregate of the above three)
Combined guarantee
Combined guarantee
actually incurred
approved within the reporting 1804957.66 783972.68
during the reporting
period (A1+B1+C1)
period (A2+B2+C2)
Combined guarantee Combined balance of
approved at the end of the actual guarantee at the
4259592.611649433.79
reporting period end of the reporting
(A3+B3+C3) period (A4+B4+C4)
Percentage of combined actual guarantee (i.e.
74.30%
A4+B4+C4) in the Company’s net assets
Incl.:
Balance of guarantee provided to
shareholders actual controllers and their 69984.76
associates (D)
Balance of debt guarantee provided directly
or indirectly for the guaranteed subjects each 634976.64
with asset-liability ratio of over 70% (E)
143Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Amount of total guarantee in excess of 50%
539422.27
of net assets (F)
Total amount of the above three guarantees
1244383.67
(D+E+F)
Notes on details of guarantees provided in the composite form
3. Entrusted cash asset management
(1) Entrusted wealth management
□Applicable □Not applicable
The Company had no entrusted wealth management during the reporting period.
(2) Entrusted loans
□Applicable □Not applicable
The Company had no entrusted loans during the reporting period.
4. Other significant contracts
□Applicable □Not applicable
The Company had no other significant contracts during the reporting period.XVI. Use of raised funds
□Applicable □Not applicable
1. Overall use of raised funds
□Applicable □Not applicable
Unit: 10000 yuan
Perce
ntage
Total Perce Amou
of
raised Total ntage nt of
Total Total raised Purpos
funds raised of Total raised
raised raised funds e and
Listin Total re- funds total raise funds
Year Way Net funds funds used destina
g date amou purpo re- raised d left
of of funds used used at the tion of
of nt of sed purpo funds fund idle
raisin raisin raised in the accum end of raised
securi funds during sed repurp s not for
g g (1) curren ulativ the fund
ties raised the accu osed yet more
t ely report not yet
report mulati accum used than
period (2) ing used
ing vely ulativ two
period
period ely years
(3)=(2
)/(1)
Conve Febru The
400039824002100.4
2020 rtible ary 4 0.24 0 0 0.00% 0 remain 0
0082.928.689%
bonds 2020 ing
144Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
public raised
ly funds
issued of 2.10
yuan
not yet
used is
all
deposit
ed in
the
dedicat
ed
accoun
t for
raised
funds.The
raised
funds
not yet
used
was
118.14
06
million
yuan
includi
ng
8.1406
million
yuan in
the
Non-
dedicat
public Octob 118
4000 3994 3886 97.29 ed
2020 issuan er 29 0 0 0.00% 14.0 0
00 75.05 55.59 % accoun
ce of 2020 6
t for
stocks
raised
funds
and the
remain
ing 110
million
yuan
for
tempor
ary
supple
mentati
on of
workin
g
capital.Conve The
rtible Nove raised
391
bonds mber 8150 8133 1240. 7751 95.30 funds
2021000.00%01.70
public 29 00 09.64 63 09.85 % not yet
1
ly 2021 used
issued was
145Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
391.01
71
million
yuan
includi
ng
6.0171
million
yuan in
the
dedicat
ed
accoun
t for
raised
funds
and the
remain
ing 385
million
yuan
for
tempor
ary
supple
mentati
on of
workin
g
capital.
16111563509
16151240.97.08
Total -- -- 067.5 994.1 0 0 0.00% 15.7 -- 0
00087%
927
Notes on overall use of raised funds：
In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd. (CSRC
Approval [2019] No.1902) issued by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) the
Company publicly issued 4 billion yuan of convertible corporate bonds with par value of 100 yuan a total of 40 million bonds for
a period of 6 years. The total amount raised was 4 billion yuan less issuance expense of 17.1710 million yuan the actual net
amount raised was 3982.8290 million yuan.In accordance with the Approval on the Non-public Offering of Shares by New Hope Liuhe Co. Ltd. (CSRC Approval [2020]
No.1961) issued by the CSRC the Company privately placed 177147918 shares of common stocks denominated in RMB to two
particular shareholders (Nanfang Hope Industry Co. Ltd. and New Hope Group Co. Ltd.) with the issue price of 22.58 yuan per
share. The total amount raised was 4 billion yuan less issuance expense of 5.2495 million yuan the actual net amount raised was
3994.7505 million yuan.
In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd. (CSRC
Approval [2021] No.1351) issued by the CSRC the Company publicly issued 8.15 billion yuan of convertible corporate bonds
with par value of 100 yuan a total of 81.5 million bonds for a period of 6 years. The total amount raised was 8.15 billion yuan
less issuance expense of 16.9036 million yuan the actual net amount raised was 8133.0964 million yuan.
146Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
In accordance with relevant provisions of the Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for
the Management and Use of Offering Proceeds by Listed Companies of CSRC Shenzhen Stock Exchange Guidelines for Standard
Operation of Listed Companies and the Administrative Measures of New Hope Liuhe Co. Ltd. for Use of Raised Funds in light of
the actual requirements of the Company for use and management of raised funds the Company’s entities responsible for
implementation of investment projects using raised funds signed Tripartite Supervision Agreement on Raised Funds with the
sponsor institutions and supervising banks respectively whereby various project entities open dedicated accounts for raised funds
with corresponding organizations of the supervising bank.
147Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2. Projects to which raised funds are committed
□Applicable □Not applicable
Unit: 10000 yuan
Whethe
Date
r the Amoun Investme Whethe Whether
Committed when Benefits
project t nt r the
investment Total Total Accumulativ the Benefits realized
Listing has investe progress estimat project
projects and committed investmen ely invested project realized accumulativ
Financin date of Project been d in as at the ed feasibility
investment investmen t after amount as of reaches in this ely as of the
g project securitie nature changed this end of benefits has
destinations t of raised adjustmen the end of the reportin end of the
s (includi reporti period have changed
of over-raised funds t (1) period (2) intended g period reporting
ng ng (3)=(2)/( been significan
funds usable period
partial period 1) reached tly
state
change)
Committed investment projects
New
Public
500000/a
issuance
commercial
of Februar Pig farm -
pigs cluster October
converti y 4 constructi No 50000 50000 49074.15 98.15% 4896.7 -35699.24 No No
project in 31 2021
ble 2020 on 6
Ningjin
bonds in
Dezhou
2020
Shandong
700000/a
Public commercial
issuance pigs project
of Februar of Huanghua Pig farm -
October
converti y 4 Xinhao constructi No 70000 70000 68899.05 98.43% 4821.7 -47767.88 No No
312021
ble 2020 Technology on 2
bonds in Co. Ltd. in
2020 Liguanzhuan
g Village
Public 6000/a pigs
issuance Februar standardized Pig farm
July 31
of y 4 farm project constructi No 10000 10000 10000 100.00% -980.63 -4657.03 No No
2020
converti 2020 of Yucheng on
ble New Hope
148Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
bonds in Liuhe Swine
2020 Breeding Co.
Ltd.Public
300000/a
issuance
pigs cluster
of Februar Pig farm -
development October
converti y 4 constructi No 20000 20000 20000 100.00% 9252.6 -38736.17 No No
project in 31 2020
ble 2020 on 9
Yangyuan
bonds in
County
2020
1 million/a
Public pigs breeding
issuance project of
of Februar Tongliao Pig farm -
October
converti y 4 Xinhao constructi No 115782.9 115782.9 103902.77 89.74% 1234.7 -35320.38 No No
312021
ble 2020 Farming Co. on 8
bonds in Ltd. at
2020 Sanyitang
Farm
1 million/a
Public
pigs breeding
issuance
project of
of Februar Pig farm -
Tongliao October
converti y 4 constructi No 117500 117500 114677.05 97.60% 8176.0 -80365.71 No No
Xinhao 31 2021
ble 2020 on 8
Farming Co.bonds in
Ltd. at
2020
Zhenan Farm
Jinfeng
Public breeding pig
issuance farm project
of Februar of Leshan Pig farm Novemb
converti y 4 New Hope constructi No 5000 5000 5000 100.00% er 30 -138.45 7121.91 No No
ble 2020 Farming Co. on 2019
bonds in Ltd. in
2020 Jingyan
County
Public Februar 150000/a Pig farm
January
issuance y 4 piglets constructi No 10000 10000 10000 100.00% 3868.2 -9843.69 No No
312020
of 2020 breeding and on
149Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
converti farming
ble integrated
bonds in eco-industrial
2020 park in
Lingbao
Henan
Non-
700000/a
public Pig farm Novemb -
October pigs farming
issuance constructi No 92000 92000 88212.85 95.88% er 30 2970.4 -36818.8 No No
29 2020 project in
of stocks on 2021 5
Shuozhou
in 2020
Livestock
Non- farm No. 1
public project of Pig farm Novemb -
October
issuance Gansu New constructi No 24000 24000 21702.37 90.43% er 30 1626.3 -20453.59 No No
292020
of stocks Hope in on 2021 3
in 2020 Pingxian
Village
Livestock
Non- farm No. 2
public project of Pig farm Novemb -
October
issuance Gansu New constructi No 24000 24000 23304.92 97.10% er 30 1562.7 -17762.21 No No
292020
of stocks Hope in on 2021 5
in 2020 Pingxian
Village
New
Non- 700000/a
public pigs project Pig farm Septemb -
October
issuance in Xicha constructi No 25000 25000 25000 100.00% er 30 1782.3 -57168.61 No No
292020
of stocks Town on 2020 4
in 2020 Lanzhou New
District
Tonghe
Non- finishing
public farm project Pig farm Novemb
October
issuance in Beihu constructi No 20000 20000 20005.23 100.03% er 30 -410.78 3256.99 No No
292020
of stocks District on 2021
in 2020 Chenzhou
City
150Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
13500/a
breeding pigs
farm
Non-
construction
public Pig farm -
October project of July 31
issuance constructi No 16000 16000 15110.95 94.44% 1536.7 -14125.53 No No
29 2020 Ruzhou 2021
of stocks on 6
Quansheng
in 2020
Farming
Technology
Co. Ltd.
13500/a
sows
building-
based
Non- breeding and
public farming Pig farm Decemb -
October
issuance integrated constructi No 10000 10000 10000 100.00% er 31 3006.8 -32661.39 No No
292020
of stocks project in on 2020 7
in 2020 Nanxiang
Village
Chengguo
Town
Laizhou City
New
300000/a
commercial
Non- pigs breeding
public phase I Pig farm -
October October
issuance breeding pig constructi No 20000 20000 20000 100.00% 2796.6 -20735.3 No No
292020312020
of stocks farm project on 2
in 2020 of Dingzhou
Xinhao
Farming Co.Ltd.Non- New
public 300000/a Pig farm
October January
issuance commercial constructi No 12000 12000 12000 100.00% -178.51 -12483.84 No No
292020312021
of stocks pigs breeding on
in 2020 phase II
151Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
conservation
and finishing
farm project
of Dingzhou
Xinhao
Farming Co.Ltd.
13500/a
breeding pigs
Non- feeding
public project of Pig farm -
October April
issuance Qingfeng constructi No 21000 21000 19803.87 94.30% 1890.1 -17464.93 No No
292020302021
of stocks Xinliu on 2
in 2020 Farming
Technology
Co. Ltd.
13500 sows
farm project
of Wuhe New
Non-
Hope Liuhe
public Pig farm -
October Animal July 31
issuance constructi No 20000 20000 19928 99.64% 5007.3 -10092.83 No No
29 2020 Husbandry 2021
of stocks on 4
Co. Ltd. in
in 2020
Huojia
Village
Xiaoxi Town
180000/a
pigs
(breeding and
Non-
farming
public Pig farm Novemb
October cycle) project
issuance constructi No 23475.05 23475.05 21899.7 93.29% er 30 354.13 -924.64 No No
29 2020 in Chenliu
of stocks on 2021
Village
in 2020
Shiling Town
Laibin
Guangxi
Non- 100000/a Pig farm Septemb -
October
public commercial constructi No 6000 6000 5834.83 97.25% er 30 1849.7 -6008.66 No No
292020
issuance pigs project on 2021 8
152Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
of stocks of Heze
in 2020 Xinhao
Farming Co.Ltd. in
Liangtang
72000/a pigs
Non-
finishing
public Pig farm
October farm October
issuance constructi No 6000 6000 5852.87 97.55% -717.1 -5163.55 No No
29 2020 construction 31 2021
of stocks on
project in
in 2020
Laizhou
Public
issuance
of Novemb Gansu Xinliu Pig farm
August
converti er 29 pig farming constructi No 43500 43500 450.96 35094.29 80.68% 97.55 -4132.38 No No
312022
ble 2021 project on
bonds in
2021
Public
issuance
Yiliang
of Novemb Pig farm
Xinliu pig
converti er 29 constructi No 32000 32000 1582.04 4.94% 0 No No
farming
ble 2021 on
project
bonds in
2021
Public
issuance
Luding
of Novemb Pig farm
Xinyue pig
converti er 29 constructi No 27500 27500 11720.39 42.62% 0 No No
farming
ble 2021 on
project
bonds in
2021
Public
issuance
Luocheng
of Novemb Pig farm
Xinhao pig August
converti er 29 constructi No 31000 31000 66.46 25668.27 82.80% -819.81 -2042.07 No No
farming 31 2022
ble 2021 on
project
bonds in
2021
153Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Public
issuance
of Novemb Lezhi Xinmu Pig farm
converti er 29 pig farming constructi No 28500 28500 28500 100.00% 98.04 No No
ble 2021 project on
bonds in
2021
Public
issuance
Guigang
of Novemb Pig farm -
Xinliu pig August
converti er 29 constructi No 53000 53000 52921.48 99.85% 2782.0 2545.02 No No
farming 31 2022
ble 2021 on 1
project
bonds in
2021
Public
issuance
Pizhou New
of Novemb Pig farm
Hope pig August
converti er 29 constructi No 53500 53500 43271.45 80.88% -999.66 -334.09 No No
farming 31 2022
ble 2021 on
project
bonds in
2021
Public
issuance
Liuzhou
of Novemb Pig farm
Xinliu pig August
converti er 29 constructi No 22000 22000 155.97 19579.23 89.00% 599.75 2922.61 No No
farming 31 2022
ble 2021 on
project
bonds in
2021
Public
issuance
of Novemb Lipu Xinhao Pig farm
August
converti er 29 pig farming constructi No 13500 13500 11527.98 85.39% -434.53 -679.26 No No
312022
ble 2021 project on
bonds in
2021
Public Meishan
Novemb Pig farm -
issuance Xinmu pig May 31
er 29 constructi No 21500 21500 21500 100.00% 1457.0 -6099.2 No No
of farming 2021
2021 on 2
converti project
154Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
ble
bonds in
2021
Public 300000/a
issuance pigs project
of Novemb in Xiangshan Pig farm
August
converti er 29 Village constructi No 18174.57 18174.57 18174.57 100.00% -1716.9 -5697.19 No No
312022
ble 2021 Xindu Town on
bonds in Tongcheng
2021 City
72000/a pigs
Public finishing
issuance project in
of Novemb Qipanling Pig farm -
August
converti er 29 Village constructi No 15635.07 15635.07 142.72 15635.07 100.00% 1404.7 -3071.8 No No
312022
ble 2021 Fangang on 4
bonds in Town
2021 Tongcheng
City
Public
issuance
Xinliu pig
of Novemb Pig farm -
farming August
converti er 29 constructi No 18500 18500 16351.82 88.39% 1000.5 -586.22 No No
project in Yi 31 2022
ble 2021 on 2
County
bonds in
2021
13500 sows
farm project
Public in Ciyu
issuance Village
of Novemb Xinxing Pig farm
August
converti er 29 Town constructi No 19000 19000 378.92 18821.4 99.06% -527.43 -16508.37 No No
312022
ble 2021 Heishan on
bonds in County
2021 Jinzhou City
Liaoning
Province
Public Novemb 72000/a pigs Pig farm August
No 16500 16500 12050 73.03% -1185.5 -5648.73 No No
issuance er 29 finishing constructi 31 2022
155Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
of 2021 farm project on
converti in Liuhe
ble Village
bonds in Yingchengzi
2021 Township
Jinzhou City
Liaoning
Province
400000/a
Public pigs breeding
issuance and farming
of Novemb integrated Pig farm -
August
converti er 29 eco-cycle constructi No 17500 17500 16943 96.82% 3050.0 -6263.11 No No
312022
ble 2021 agricultural on 5
bonds in construction
2021 project of
Juye Xinhao
Public
issuance
72000/a pigs
of Novemb Pig farm
finishing August
converti er 29 constructi No 9000 9000 8384.42 93.16% 94.78 -2957.26 No No
project of 31 2022
ble 2021 on
Juye Xinhao
bonds in
2021
Public
Breeding pig
issuance
farm project
of Novemb Pig farm -
of Yantai August
converti er 29 constructi No 16500 16500 16500 100.00% 1920.9 -14655.44 No No
Xinhao 31 2022
ble 2021 on 7
Farming Co.bonds in
Ltd.
2021
Company-run
Public
pig breeding
issuance
and finishing
of Novemb Pig farm
base project August
converti er 29 constructi No 15000 15000 13704.88 91.37% -1345.4 -12025.36 No No
of Yantai 31 2022
ble 2021 on
Xinhao
bonds in
Farming Co.
2021
Ltd.
156Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
200000/a
pigs breeding
Public
project of
issuance
Puyang
of Novemb Pig farm
Xinliu August
converti er 29 constructi No 17000 17000 17000 100.00% -260.81 -1964.66 No No
Farming 31 2022
ble 2021 on
Technology
bonds in
Co. Ltd. in
2021
Dongdingzha
i Village
200000/a
pigs breeding
Public
project of
issuance
Puyang
of Novemb Pig farm
Xinliu August
converti er 29 constructi No 16500 16500 16500.71 100.00% -977.79 -6445.22 No No
Farming 31 2022
ble 2021 on
Technology
bonds in
Co. Ltd. in
2021
Huoying
Village
100000/a
Public
pigs breeding
issuance
project of
of Novemb Pig farm
Puyang August
converti er 29 constructi No 8000 8000 7480.77 93.51% -390.91 -3005.67 No No
Xinliu 31 2022
ble 2021 on
Farming
bonds in
Technology
2021
Co. Ltd.Public 180000/a
issuance commercial
of Novemb pigs project Pig farm Septemb
converti er 29 in Niuzhuang constructi No 10500 10500 10500 100.00% er 30 -517.2 -22684.59 No No
ble 2021 Town on 2021
bonds in Dongying
2021 District
Public 180000/a
Novemb Pig farm Septemb -
issuance commercial
er 29 constructi No 9500 9500 9500 100.00% er 30 1518.5 -9014.15 No No
of pigs project
2021 on 2021 3
converti in Longju
157Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
ble Town
bonds in Dongying
2021 District
Public
issuance
Pig farming
of Novemb Pig farm
project of August
converti er 29 constructi No 35500 35500 45.6 35500.62 100.00% 569.39 4982.32 No No
Shibing New 31 2022
ble 2021 on
Hope
bonds in
2021
Public
issuance
of Novemb
Repayment of
converti er 29 N/A No 244500 244500 244500 100.00% 0 0 N/A No
bank loans
ble 2021
bonds in
2021
Non-
Supplementat
public
October ion of
issuance N/A No 80000 80000 80000 100.00% 0 N/A No
29 2020 working
of stocks
capital
in 2020
Public
issuance
Supplementat
of Februar
ion of
converti y 4 N/A No 0.24 18675.66 N/A No
working
ble 2020
capital
bonds in
2020
Public
issuance
Supplementat
of Novemb
ion of
converti er 29 N/A No 46197.46 N/A No
working
ble 2021
capital
bonds in
2021
-
1611067.1611067.1240.8
Subtotal of committed investment projects -- 1563994.12 -- -- 71562. -607141.86 -- --
59597
84
158Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Investment destinations of over-raised funds
None None None No N/A No
-
1611067.1611067.1240.8
Total -- 1563994.12 -- -- 71562. -607141.86 -- --
59597
84
Explain the
circumstances and
reasons for failing to
achieve the planned
progress and
estimated income by Due to the influence of animal diseases such as ASF and the periodic fluctuations in hog prices as well as the Company's proactive control of the pace of market entry
project (including the actual returns on investment did not reach the expected benefits.the reasons why
"Whether estimated
benefits have been
reached" is selected
as "Not applicable")
Notes on significant
changes in project N/A
feasibility
Amount purpose
and use progress of N/A
over-raised funds
There are cases of
unauthorized
alteration of the use
of the raised funds N/A
and illegal
occupation of the
raised funds
Changes in places of
implementation of
N/A
investment projects
using raised funds
Adjustments to
manner of N/A
implementation of
159Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
investment projects
using raised funds
Applicable
On January 22 2020 the 10th meeting of the 8th Board of Directors deliberated and approved the Proposal on Replacing Self-pooled Funds Previously Invested with
Funds Raised from Convertible Corporate Bonds agreeing to use the raised funds to replace the pre-invested self-pooled funds of 1250.4220 million yuan. Sichuan
Huaxin (Group) CPA Firm (Special General Partnership) conducted a special audit on this matter and issued the Verification Report on the Advance Investment in
Projects Requiring Raised Funds with Self-pooled Funds (CHXZ (2020) No. 0007).Preliminary On September 28 2020 the 23rd meeting of the 8th Board of Directors deliberated and approved the Proposal on Replacing Self-pooled Funds Previously Invested and
investments and Part of Issuance Costs with Funds Raised from Non-public Issuance of Stocks agreeing to use the raised funds to replace the self-pooled funds of 1866.1513 million
replacements of yuan that have been invested in fund-raising projects and used to pay part of the issuance expenses. Sichuan Huaxin (Group) CPA Firm (Special General Partnership)
investment projects conducted a special audit on this matter and issued the Verification Report on the Advance Investment in Projects Requiring Raised Funds with Self-pooled Funds and
using raised funds Partial Payment of Issuance Costs (CHXZ (2020) No. 0696).On November 10 2021 the 47th meeting of the 8th Board of Directors deliberated and approved the Proposal on Replacing Self-pooled Funds Previously Invested with
Funds Raised from Convertible Corporate Bonds agreeing to use the raised funds to replace the self-pooled funds of 3360.5204 million yuan that have been invested in
fund-raising projects and used to pay part of the issuance expenses. Sichuan Huaxin (Group) CPA Firm (Special General Partnership) conducted a special audit on this
matter and issued the Verification Report on the Advance Investment in Projects Requiring Raised Funds with Self-pooled Funds and Partial Payment of Issuance Costs
(CHXZ (2020) No. 0760).
Applicable
On September 5 2024 the 33rd meeting of the 9th Board of Directors and the 22nd meeting of the 9th Board of Supervisors deliberated and approved the Proposal on
Using Part of the Idle Raised Funds to Temporarily Supplement Working Capital agreeing that the Company can use no more than 110 million yuan of idle raised funds
to supplement its working capital on a temporary basis for a period of no more than 12 months from the date of deliberation and approval by the Board of Directors. As
at September 2 2025 the Company had fully returned the raised funds for temporary supplementation of working capital to the dedicated account for raised funds. On
September 5 2025 the 6th meeting of the 10th Board of Directors deliberated and approved the Proposal on Using Part of the Idle Raised Funds to Temporarily
Supplement Working Capital agreeing that the Company can use no more than 110 million yuan of idle raised funds to supplement its working capital on a temporary
Use of idle raised
basis for a period of no more than 12 months from the date of deliberation and approval by the Board of Directors. As at December 31 2025 the balance of idle raised
funds for temporary
funds for the Company to temporarily supplement its working capital was 110 million yuan.supplementation of
On November 7 2024 the 38th meeting of the 9th Board of Directors and the 25th meeting of the 9th Board of Supervisors deliberated and approved the Proposal on
working capital
Using Part of the Idle Raised Funds to Temporarily Supplement Working Capital agreeing that the Company can use no more than 110 million yuan of idle raised funds
to supplement its working capital on a temporary basis for a period of no more than 12 months from the date of consideration and approval by the Board of Directors. As
at November 3 2025 the Company had fully returned the raised funds for temporary supplementation of working capital to the dedicated account for raised funds. On
November 5 2025 the 8th meeting of the 10th Board of Directors and the 8th meeting of the 10th Board of Supervisors deliberated and approved the Proposal on Using
Part of the Idle Raised Funds to Temporarily Supplement Working Capital agreeing that the Company can use no more than 387 million yuan of idle raised funds to
supplement its working capital on a temporary basis for a period of no more than 12 months from the date of deliberation and approval by the Board of Directors. As at
December 31 2025 the balance of idle raised funds for the Company to temporarily supplement its working capital was 385 million yuan.Balance of idle Applicable
funds in project
implementation and As at December 31 2025 the balance of raised funds was 509.1577 million yuan which included some unused raised funds and interest income savings.reasons
Purpose and As at December 31 2025 the raised funds not yet used was 509.1577 million yuan including 14.1577 million yuan in the dedicated account for raised funds and the
160Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
destination of raised remaining 495 million yuan for temporary supplementation of working capital.funds not yet used
At the 11th meeting of the 9th Board of Directors held on April 19 2023 the Proposal on Closing the New Hope-CB Fund Raising Project and Permanently
Supplementing the Working Capital with the Remaining Raised Funds was deliberated proposing the completion of the fund raising project and the permanent
supplementation of working capital with the remaining raised funds of 184.4698 million yuan (excluding interest income the specific amount is subject to the actual
balance in the dedicated account on the day of funds transfer). This proposal was reviewed and approved at the 2022 annual general meeting. The actual permanent
supplementary flow in 2024 was 186.7542 million yuan. In 2025 due to the completion of the project the Company canceled the dedicated account for raised funds and
transferred the balance of 2400 yuan out as the permanent supplementary flow. As of December 31 2025 the actual permanent supplementary flow amount was
186.7566 million yuan.
The investment progress of the “Tonghe finishing farm project in Beihu District Chenzhou City” the “200000/a Hogs Breeding Project of Puyang Xinliu FarmingTechnology Co. Ltd. in Huoying Village” and the “Shibing New Hope hog breeding project” is greater than 100% which is due to the inclusion of interest income
generated from part of the raised funds of the projects in the projects.In the account of the “700000/a pigs farming project in Shuozhou” 7727.00 yuan was forcibly transferred and paid by the court due to economic disputes related to
Issues or other other projects.circumstances
existing in the use At the 11th meeting of the 9th Board of Directors held on April 19 2023 and the 2022 annual general meeting held on May 22 2023 the Proposal on Partially Closing
and disclosure of and Terminating the New Hope-CB2 Fund Raising Project and Permanently Supplementing the Working Capital with the Remaining Raised Funds was deliberatedraised funds proposing to close the “pig farm project in Huilongsi Village Shuanghechang Township of Lezhi County Xinmu Farming Co. Ltd. and the New Hope 13500 breedingpigs project in Wansheng Town Meishan” terminate the “construction project of 8250 breeding pigs and 90000 commercial pigs in Detuo Town Luding County” and
the “150000 pigs project in Yiliang County” and permanently supplement the working capital with the remaining raised funds of 462.0627 million yuan (excluding
interest income the specific amount is subject to the actual balance in the special bank account on the day of funds transfer). This proposal was reviewed and approved
at the 2022 annual general meeting. The said Yiliang and Luding projects were terminated in advance due to the changes in the construction environment caused by
natural disasters that made the projects impossible to continue and the remaining raised funds were not used for new projects. As of December 31 2025 the amount
actually used to permanently supplement working capital was 461.9746 million yuan.At the 11th meeting of the 9th Board of Directors held on April 19 2023 the Proposal on Selling Assets to Minority-Owned Subsidiaries and RPTs was deliberated
proposing to sell the equity in 7 pig farm projects in Sichuan and Chongqing region to Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. including the equity
in Lezhi County Xinmu Farming Co. Ltd. Luding Xinyue Farming Technology Co. Ltd. and Meishan Xinmu Farming Co. Ltd. the three of which were respectively
the operators of Lezhi Xinmu pig farming project Luding Xinyue pig farming project and Meishan Xinmu pig farming project of “New Hope-CB2” Fund Raising
Project. This proposal was reviewed and approved at the 2022 annual general meeting. Lezhi Xinmu Farming Co. Ltd. was transferred to Chengdu Tianfu Xingxinxin
Farming Technology Co. Ltd. in 2023.
161Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
3. Use of raised funds for different projects
□Applicable □Not applicable
During the reporting period the Company did not have any changes in the use of raised funds for different projects.
4. Verification opinion of an intermediary agency regarding the storage and usage of the raised funds
□Applicable □Not applicable
Sichuan Huaxin (Group) Certified Public Accountants (Special General Partnership) conducted a special audit on this matter and
issued the Audit Report on the Placement and Utilization of Funds in 2025 by New Hope Liuhe Co. Ltd. (CHXZ 2026 No
0312000) stating that the Special Report on the Placement and Utilization of Funds in 2025 by New Hope Liuhe Co. Ltd. as at
December 31 2025 prepared by the management complies with the relevant regulations such as the Regulatory Rules for Funds
Raised by Listed Companies (CSRC Announcement [2025] No. 10) the Self-Regulatory Guidelines No. 2 for Companies Listed on
Shenzhen Stock Exchange - Format of Announcements (Revised in 2025) and the Self-Regulatory Guidelines No. 1 for Companies
Listed on Shenzhen Stock Exchange - Standardized Operations of Main Board Listed Companies(Revised in 2025) and has
truthfully reflected the Company's placement and utilization of funds in 2025 in all significant aspects.XVII. Notes on other significant matters
□Applicable □Not applicable
1. At the 1st extraordinary general meeting of 2025 Ms. Liu Chang Mr. Zhang Minggui Mr. Li Jianxiong Ms. Yang Fang
Mr. Tao Yuling and Mr. Zhou Boping were elected as non-independent directors of the 10th Board of Directors; Ms. Wang Jiafen
Mr. Peng Long and Ms. Xie Jiayang were elected as independent directors of the 10th Board of Directors with their terms of
office starting from the date of approval by the general meeting of shareholders and ending on the date when the term of the 10th
Board of Directors expires.
2. At the 1st meeting of the 10th Board of Directors Ms. Liu Chang was elected as the Chairman of the 10th Board of
Directors. Her term of office is three years starting from the date when the 1st meeting of 10th Board of Directors approves it and
ending on the date when the term of the 10th Board of Directors expires.
3. At the 1st meeting of the 10th Board of Directors Mr. Tao Yuling was appointed as the President of the Company Mr.
Zhao Liang as the Secretary to the Board of Directors and Mr. Bai Xubo as the representative for securities affairs. Their terms of
office are all three years starting from the date when the 1st meeting of 10th Board of Directors approves them and ending on the
date when the term of the 10th Board of Directors expires.
4. At the 2nd meeting of the 10th Board of Directors Mr. Yan Qiubo was appointed as Vice President of the Company Mr.
Wang Weiyong as the Vice President & Director of Human Resources Mr. Li Shuang as the Vice President & Director of
Engineering and Equipment Operations Ms. Shi Han as the CFO and Mr. Wang Pusong as the Director of Investment
Development. Their terms of office are all three years starting from the date when the 2nd meeting of the 10th Board of Directors
approved them and ending on the date when the term of the 10th Board of Directors expires.
5. To enhance strategic cooperation with major raw material suppliers based on the actual needs of the procurement business
the Company has provided a maximum guarantee of no more than 8.5487 billion yuan for raw material purchase and sales
contracts signed between 203 subsidiaries and 109 feed ingredient suppliers (including COFCO Trade Co. Ltd) within the
authorization period. This guarantee accounts for 33.32% of the Company's most recently audited (2024 ) net assets attributable to
shareholders of the listed company which is 25657.3303 million yuan. This matter has been deliberated and approved at the 2024
annual general meeting.
162Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
6. To enhance work efficiency and carry out financing activities in a planned manner the Company based on the actual
situation of its production and operation estimated that the total financing guarantee amount provided by the Company and its
majority-owned subsidiaries for subordinate companies in 2025 would be 62.6300 million yuan representing 244.10% of its most
recently audited (2024) net assets attributable to shareholders of the listed company of 25657.3303 million yuan. Including 56
billion yuan for majority-owned subsidiaries (including up to 6 billion yuan reserved for majority-owned subordinate companies)
1.13 billion yuan for minority-owned subsidiaries and 5.5 billion yuan for farms (farmers) feed factories distributors etc. This
matter has been deliberated and approved at the 2024 annual general meeting.
7. New Hope Dairy Co. Ltd. is an enterprise controlled by Liu Chang the Chairman of the Company; Caogen Zhiben Group
Co. Ltd. and its majority-owned subsidiaries New Hope Wuxin Industrial Group Co. Ltd. Deyang New Hope Liuhe Food Co.Ltd. and its majority-owned subsidiaries are enterprises controlled by the same actual controller as the Company; Xingyuan
Environmental Technology Co. Ltd. is an enterprise where the Company's directors serve as directors; Shandong Zhongxin Food
Group Co. Ltd. and its majority-owned subsidiaries as well as Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. and its
majority-owned subsidiaries are associated enterprises of the Company with the Company's senior management serving as their
directors. In accordance with the Shenzhen Stock Exchange Listing Rules the purchase and sale of products between the Company
and the above mentioned related parties and their subordinate companies constitute related party transaction. The Company
estimated that in 2025 the total amount for purchasing products such as meat products breeding equipment and feed ingredients
from each related party and their subordinate enterprises would not exceed 3.736 billion yuan; the total amount for accepting
services provided by each related party and their subordinate enterprises would not exceed 1.065 billion yuan; the total amount for
leasing assets from related parties would not exceed 10 million yuan; the total amount for renting assets to related parties would
not exceed 25 million yuan; and the total amount for selling products such as feed meat products packaging materials and
accessories to each related party and their subordinate enterprises would not exceed 7.414 billion yuan. This matter has been
deliberated and approved at the 2024 annual general meeting.
8. Due to the Company’s removal of Mr. Peng Long from the position of independent director and from his positions on
various committees of the Board of Directors the 2nd extraordinary shareholders’ meeting in 2025 elected Ms. Li Tiantian as an
independent director of the 10th Board of Directors. Ms. Li Tiantian concurrently serves as a member of the Nomination
Committee the Remuneration and Appraisal Committee and the Risk Control Committee of the 10th Board of Directors. Her
term of office commenced on the date of approval by the shareholders’ meeting and will expire on the date when the term of the
10th Board of Directors expires.
9. At the 2nd extraordinary shareholders’ meeting in 2025 the Proposal on Extending the Validity Period of the Resolution of
the Shareholders’ Meeting on the Issue of A-Shares to Specific Objects was deliberated and approved. The Company resolved to
extend the validity period for matters relating to the proposed issue of A-shares to specific objects by 12 months from the original
expiration date i.e. to extend such validity period to August 27 2026.
10. Pursuant to the Shenzhen Stock Exchange Listing Rules the RPT Management Measures of New Hope Liuhe Co. Ltd.
and other relevant regulations in light of the actual needs of the daily operations of the Company and its subsidiaries the
Company added new regular transactions with related parties in 2025. It is estimated that purchases of meat products from the
related party Chengdu Hope Food Co. Ltd. and its majority-owned subsidiaries would increase by approximately 70 million; and
sales of hogs and meat products to the related party Sichuan Jixian Digital Intelligence Supply Chain Technology Co. Ltd. and its
majority-owned subsidiaries would increase by approximately 360 million. This matter has been deliberated and approved at the
5th meeting of the 10th Board of Directors.
11. At the 10th meeting of the 10th Board of Directors the Proposal on Adjusting the Company's Plan for Issuing A-share
Stocks to Specific Objects and other proposals related to the issuance were deliberated and approved. The total amount of proceeds
to be raised from the issuance of A-shares to specific objects has been adjusted from not exceeding 3.8 billion (inclusive) to not
exceeding 3.337 billion (inclusive). Simultaneously both the investment amount for each fund-raising project and the amount of
proceeds to be invested therein have been adjusted accordingly.
163Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
12. Mr. Zhou Boping resigned from his positions as a director and as a member of a specialized committee of the Board of
Directors due to personal reasons. In accordance with the Company Law the Shenzhen Stock Exchange Listing Rules and other
applicable laws regulations normative documents as well as the Articles of Association the 5th meeting of the 4th Employee
Representative Assembly elected Mr. Pang Yundong as an employee representative director of the 10th Board of Directors. Mr.Pang Yundong will join the other incumbent directors to form the 10th Board of Directors with a term expiring on the date when
the term of the 10th Board of Directors expires.XVIII. Significant matters related to subsidiaries
□Applicable □Not applicable
164Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Section 6 Changes in Shares and Information of Shareholders
I. Changes in shares
1. Changes in shares
Unit: share
Before Increase/decrease (+ -) After
Pr
ov
B id
o en
n t
u fu
s nd
New Percenta co Percenta
Quantity shares Others Subtotal Quantity
ge s nv ge
issued
h ert
a ed
r int
e o
s sh
ar
es
I.Restricted 26262529 0.58% -24093915 -24093915 2168614 0.05%
stocks
1.
Shares
held by
the state
2.
Shares
held by
state-
owned
legal
persons
3.
Shares
held by
other 23904940 0.53% -23487915 -23487915 417025 0.01%
domestic-
funded
entities
Incl.:
Shares
held by
domestic
legal
persons
165Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Shar
es held by
domestic 23904940 0.53% -23487915 -23487915 417025 0.01%
natural
persons
4.
Shares
held by 2357589 0.05% -606000 -606000 1751589 0.04%
foreign
capital
Incl.:
Shares
held by
overseas
legal
persons
Shar
es held by
overseas 2357589 0.05% -606000 -606000 1751589 0.04%
natural
persons
II.Unrestrict 4499676119 99.42% 207858 721715 929573 4500605692 99.95%
ed stocks
1.
Renminbi
449967611999.42%207858721715929573450060569299.95%
common
shares
2.
Foreign
shares
listed at
home
3.
Foreign
shares
listed
abroad
4.
Others
III. Total 100.00 100.00
4525938648207858-23372200-231643424502774306
shares % %
Reasons for changes in shares
□Applicable □Not applicable
(1) Reasons for new share change:* During this reporting period due to the conversion of a total of 207858 shares of “New Hope-CB" and "New Hope-CB2"the total share capital of the Company increased by 207858 shares.
(2) Reasons for other changes in shares:
166Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
* On July 3 2025 the Company repurchased and canceled the 23372200 restricted stocks which had not been lifted from the
lock-up period held by 526 incentive recipients under the Incentive Plan 2022.* Former directors Mr. Liu Yonghao and Mr. Wang Hang and the former independent director Ms. Cai Manli whose lock-up
period had expired after leaving the position had their combined 721740 shares released from restrictions.* Former director Mr. Zhou Boping resigned from the position of director and the 25 unrestricted tradable shares held by him
were locked up.Approval of changes in shares
□Applicable □Not applicable
(1) The repurchase and cancellation of restricted stocks under the Incentive Plan 2022 has been approved at the 16th meeting
of the 9th Board of Directors the 12th meeting of the 9th Board of Supervisors the 20th meeting of the 9th Board of Directors the
15th meeting of the 9th Board of Supervisors the 41st meeting of the 9th Board of Directors the 27th meeting of the 9th Board of
Supervisors the 2nd extraordinary general meeting of 2023 and the 1st extraordinary general meeting of 2025.
(2) Other changes in shares were in accordance with laws regulations and normative documents such as the Shenzhen Stock
Exchange Listing Rules and the Self-Regulatory Guidelines No. 1 for Companies Listed on Shenzhen Stock Exchange -
Standardized Operations of Main Board Listed Companies as well as relevant requirements of the Management Rules for the
Shares of the Company Held by Directors Supervisors or Senior management of Listed Companies and Their Changes.Title transfer of changes in shares
□Applicable □Not applicable
(1) On July 3 2025 the Company completed the repurchase and cancellation of the restricted stocks under the Incentive Plan
2022 with CSDC Shenzhen repurchasing and canceling a total of 23372200 restricted stocks.
The impact of changes in shares on financial indicators such as basic earnings per share diluted earnings per share and net assets
per share attributable to ordinary shareholders of the Company in the most recent year and the most recent period
□Applicable □Not applicable
Other information deemed necessary by the Company or required to be disclosed by securities regulators
□Applicable □Not applicable
2. Changes in restricted stocks
□Applicable □Not applicable
Unit: share
Restricted Restricted
Opening Closing
stocks stocks
Sharehold number of number of Reasons for
increased in released for Date of release
er restricted restricted restriction on sales
the current sale in the
stocks stocks
period current period
Released in phases
Liu Executive lock-up according to SZSE rules
1616589001616589
Chang shares and incumbency of
senior management
Liu Executive lock-up
669240 0 -669240 0 November 28 2025
Yonghao shares
167Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Wang Executive lock-up
45000 0 -45000 0 November 28 2025
Hang shares
Executive lock-up
Cai Manli 7500 0 -7500 0 November 28 2025
shares
Zhang Restricted stocks of
1600000 0 -1600000 0 July 03 2025
Minggui equity incentives
Released in phases
Zhou Executive lock-up according to SZSE rules
75250100
Boping shares and incumbency of
senior management
Executive restricted
Pang stocks restricted
54000 0 -43200 10800 July 03 2025
Yundong stocks for equity
incentives
Executive restricted
Tao stocks restricted
984375 0 -720000 264375 July 03 2025
Yuling stocks for equity
incentives
Chen Restricted stocks of
960000 0 -960000 0 November 28 2025
Xingyao equity incentives
Executive restricted
Li stocks restricted
675000 0 -540000 135000 July 03 2025
Shuang stocks for equity
incentives
Executive restricted
Yan stocks restricted
93750 0 -87000 6750 July 03 2025
Qiubo stocks for equity
incentives
Restricted stocks of
Lan Jia 800000 0 -800000 0 November 28 2025
equity incentives
Executive restricted
Wang stocks restricted
675000 0 -540000 135000 July 03 2025
Pusong stocks for equity
incentives
Other
equity Restricted stocks of
18082000 0 -18082000 0 July 03 2025
incentive equity incentives
recipients
Total 26262529 25 -24093940 2168614 -- --
II. Issuance and listing of securities
1. Issuance of securities (excluding preferred stocks) within the reporting period
□Applicable □Not applicable
2. Notes on changes in the Company’s total shares and shareholding structure and changes in the
Company’s asset-liability structure
□Applicable □Not applicable
(1) During the reporting period the Company’s total share capital increased by 207858 shares through conversion of 207858
convertible corporate bonds.
(2) During the reporting period the Company repurchased and canceled 23372200 restricted stocks resulting in a decrease of
23372200 shares in the Company's total share capital and a reduction of 163137956.00 yuan in capital reserves.
168Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(3) The above changes in shares have no significant impact on the Company’s asset-liability structure.
3. Existing internal employee stock
□Applicable □Not applicable
III. Shareholders and the actual controller
1. Number of shareholders of the Company and their shareholdings
Unit: share
Total Total
number of number of
ordinary preferred
Total number of
Total shareholder shareholder
preferred shareholders
number of s at the end s with
with resumed voting
ordinary of the resumed
power at the end of the
shareholder month voting
197752 219121 0 month immediately 0
s at the end immediatel power at
preceding the date of
of the y preceding the end of
disclosure of the annual
reporting the date of the
report (if any) (see Note
period disclosure reporting
8)
of the period (if
annual any) (see
report Note 8)
Shareholdings of shareholders each holding over 5% shares or the top 10 shareholders (excluding refinancing shares lent)
Pledge
marking or
freezing
Number
Shareho Shareholding at Increase/decreas of Number of Q
Nature of
Shareholder lding the end the e within the restricted unrestricted u
shareholder
ratio period reporting period shares shares held aShare
held nstatus
ti
t
y
Nanfang Domestic
Hope non-state-
29.51% 1328957185 0 0 1328957185 N/A 0
Industry Co. owned legal
Ltd. person
New Hope -
Topsperity
Securities -23 Domestic
Hope E1 non-state-
14.55% 655113517 -278494974 0 655113517 N/A 0
Guarantee owned legal
and Trust person
Property
Account
Domestic
New Hope
non-state-
Group Co. 10.54% 474766175 278494974 0 474766175 N/A 0
owned legal
Ltd.person
China Domestic 2.79% 125602591 0 0 125602591 N/A 0
169Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Securities non-state-
Finance owned legal
Corporation person
Ltd.Xizang
Domestic
Sizhuang
non-state-
Investment 2.24% 100769426 -4000000 0 100769426 N/A 0
owned legal
Consulting
person
Co. Ltd.Xizang
Domestic
Shancheng
non-state-
Investment 1.97% 88704034 -5000000 0 88704034 N/A 0
owned legal
Consulting
person
Co. Ltd.Hong Kong
Securities
Overseas
Clearing 1.82% 81929588 -3909668 0 81929588 N/A 0
legal person
Company
Limited
Lhasa
Development Domestic
Area non-state-
1.11% 50046892 -1096700 0 50046892 N/A 0
Hezhiwang owned legal
Industrial person
Co. Ltd.One-one-
eight
portfolio of
Others 1.11% 49910602 46566302 0 49910602 N/A 0
National
Social
Security Fund
Zheshang
Bank Co.Ltd. - Cathay
China
Securities
Animal
Husbandry Others 0.97% 43670223 12576625 0 43670223 N/A 0
Trading
Open-ended
Index
Securities
Investment
Fund
Strategic investors or general
legal persons included the top
10 shareholders due to None
placement of new shares (if
any)(see Note 3)
Notes on related-party
New Hope Group is the controlling shareholder of Nanfang Hope and they are persons acting in
relationships among the
concert with each other. Apart from that the Company is not aware of whether its top ten
aforesaid shareholders or
shareholders have other related-party relationships or actions in concert.actions in concertNew Hope Group the controlling shareholder of the Company appointed “Topsperity SecuritiesNotes on entrusted/fiduciaryCo. Ltd.” as the trustee of the “New Hope - Topsperity Securities -23 Hope E1 Guarantee andvoting rights and waiver ofTrust Property Account” to exercise the voting rights on behalf of New Hope Group during the
voting rights involving the
existence period of the exchangeable corporate bonds of New Hope Group。
170Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
aforesaid shareholders
Special note on the existence
of repurchase dedicated
accounts among the top 10 None
shareholders (if any)(see
Note 10)
Shareholding of the top 10 unrestricted shareholders (excluding shares lent through refinancing or executive restricted stocks)
Number of unrestricted stocks Share category
Shareholder held at the end of the reporting
period Share category Quantity
Nanfang Hope Industry Co. Ltd. 1328957185 RMB common stock 1328957185
New Hope - Topsperity Securities -
23 Hope E1 Guarantee and Trust 655113517 RMB common stock 655113517
Property Account
New Hope Group Co. Ltd. 474766175 RMB common stock 474766175
China Securities Finance
125602591 RMB common stock 125602591
Corporation Ltd.Xizang Sizhuang Investment
100769426 RMB common stock 100769426
Consulting Co. Ltd.Xizang Shancheng Investment
88704034 RMB common stock 88704034
Consulting Co. Ltd.Hong Kong Securities Clearing
81929588 RMB common stock 81929588
Company Limited
Lhasa Development Area
50046892 RMB common stock 50046892
Hezhiwang Industrial Co. Ltd.One-one-eight portfolio of National
49910602 RMB common stock 49910602
Social Security Fund
Zheshang Bank Co. Ltd. - Cathay
China Securities Animal
43670223 RMB common stock 43670223
Husbandry Trading Open-ended
Index Securities Investment Fund
Notes on the related-party
relationships or actions in concert
among the top 10 unrestricted New Hope Group is the controlling shareholder of Nanfang Hope and they are persons
outstanding shareholders and acting in concert with each other. Apart from that the Company is not aware of whether its
between the top 10 unrestricted top ten shareholders have other related-party relationships or actions in concert.outstanding shareholders and the
top 10 shareholders
Notes on participation of top 10
ordinary shareholders in securities
None
margin trading business (if
any)(see Note 4)
Refinancing shares lent by shareholders holding more than 5% shares the top 10 shareholders and the top 10 unrestricted public
shareholders
□Applicable □Not applicable
Changes in the top 10 shareholders and the top 10 unrestricted public shareholders due to refinancing lending/restitution compared
with the previous period
□Applicable □Not applicable
Whether the top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders of the Company conducted agreed
repurchase transactions within the reporting period
□Yes □No
The top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders of the Company did not conduct any agreed
repurchase transactions within the reporting period。
171Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2. Controlling shareholder of the Company
Nature of the controlling shareholder: natural person holding
Type of the controlling shareholder: legal person
Legal
Representative
Name of the Date of
/ person in Organization code Main business
controlling shareholder establishment
charge of the
organization
Development and construction of
agricultural forestry animal
husbandry sideline and fishery
industry bases; development of
ecological resources; construction of
vegetable production bases;
processing warehousing and sale of
feeds and agricultural and sideline
products (except for cotton tobacco
silkworm cocoon and cereals and
oils); development of high and new
technologies; sale of chemical raw
materials and products construction
materials (the aforesaid items
exclude hazardous chemicals)
ordinary machinery electrical
machinery electronic products
New Hope Group Co.Liu Yonghao January 9 1997 915100002018938457 hardware and electrical appliances
Ltd.knitwear and textiles and cultural
and office supplies; export of self-
made products and related
technologies and import of raw and
auxiliary materials instruments
mechanical equipment components
and accessories and related
technologies required for production
and scientific research processing
with supplied materials and the
three-processing and one
compensation business; and
commercial services. (No business
activities of items subject to
approval in accordance with the law
until so approved by relevant
authorities)
South Hope New Hope Chemical and Beishuo Investment three subsidiaries of New Hope Group are
shareholders of Polaris Bay Group Co. Ltd. (stock abbreviation: Polaris Bay stock code: 600155)
The controlling
holding 269.6425 million shares with a shareholding ratio of 12.18%.shareholder's equities
New Hope Chemical a subsidiary of New Hope Group is the controlling shareholder of Huarong
in other majority-
Chemical Co. Ltd. (stock abbreviation: Huarong Chemical stock code: 301256) holding 343.80
owned and minority-
million shares with a shareholding ratio of 71.63%.owned domestic and
Nanfang Hope and New Hope Chemical two subsidiaries of New Hope Group are shareholders of
overseas listed
China Minsheng Banking Corporation Limited (stock abbreviation: Minsheng Bank stock code: A-
companies during the
share 600016 H-share 01988). Nanfang Hope holds 405.1773 million A-shares and H-shares with a
reporting period
shareholding ratio of 0.93%; New Hope Chemical holds 68 million H-shares with a shareholding ratio
of 0.16%.Change in the controlling shareholder during the reporting period
172Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
□Applicable □Not applicable
The controlling shareholder of the Company did not change during the reporting period.
3. Actual controller of the Company and the persons acting in concert therewith
Nature of the actual controller: domestic natural person
Type of the actual controller: natural person
Relationship with the actual Whether with residence status
Name of the actual controller Nationality
controller in other countries or regions
Liu Yonghao Himself Chinese No
Mr. Liu Yonghao is the board chairman of New Hope Group vice board chairman of China
Minsheng Banking Corporation Limited president of the Global General Association of Sichuan
Entrepreneurs member of the 14th National Committee of the CPPCC and vice president of
China Association for Public Companies. Mr. Liu Yonghao was vice president of National
Main occupation and position Glorious Cause Promotion Association member of the 8th national committee of the CPPCC
member of the 9th standing committee of the CPPCC member of the 10th standing committee of
the CPPCC and deputy director of economic committee member of the 11th national committee
of the CPPCC and deputy director of economic committee deputy to the 12th National People’s
Congress and member of the 13th national committee of the CPPCC.Domestic and overseas listed
Mr. Liu Yonghao controls Huarong Chemical (301256.SZ) and Feima International (002210.SZ);
companies that was controlled
jointly controls New Hope Dairy (002946.SZ) and New Hope Service (3658.HK) with Liu
by shareholdings in the past
Chang; and controlled Polaris Bay (600155. SH) and Xingyuan Environment (300266.SZ)
10 years
Change of the actual controller during the reporting period
□Applicable □Not applicable
The actual controller of the Company did not change during the reporting period.Block diagram of property rights and controlling relationship between the Company and the actual controller
Liu
Yongha 100.00%
o
Lhasa ETDZ
New Hope Investment Co. Ltd.
99.25%
New Hope Asia Pacific Investment Holdings Co. Ltd.
100.00%
New Hope Holding Group Co. Ltd.
14.602%75.00%
New Hope Group Co. Ltd.
51.00%100.00%
0.02% Nanfang Hope Industry Co. LNtde.w Hope - Topsperity Securities -23 Hope E1 10.54%
Guarantee and Trust Property Account
29.51%14.55%
New Hope Liuhe Co. Ltd.
173Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
The actual controller controls the Company through trust or other means of asset management.□Applicable □Not applicable
4. Shares cumulatively pledged by the Company’s controlling shareholder or largest shareholder and
person acting in concert therewith account for 80% of shares held by them in the Company
□Applicable □Not applicable
5. Other corporate shareholders with shareholding ratio of over 10%
□Applicable □Not applicable
Legal
Representativ
Name of corporate Date of Main business and management
e/ person in Registered Capital
shareholder establishment activities
charge of the
organization
Feed research and development;
wholesale and retail of electronics
hardware and electrical equipment
general merchandise knitwear and
textiles cultural and office supplies
(excluding color photocopiers)
building materials (excluding
hazardous chemicals and timbers)
agricultural sideline and native
Nanfang Hope Industry products (except for varieties
Li Jianxiong November 21 2002 1034313725 yuan
Co. Ltd. specifically stipulated by the state)
chemical products (except for
hazardous chemicals) mechanical
equipment; investment and
consulting services (except for
intermediary services) (No business
activities of items subject to
approval in accordance with the law
until so approved by relevant
authorities)
6. Restrictions on shareholding reduction of the controlling shareholder actual controller reorganization
related parties and other committing entities
□Applicable □Not applicable
IV. Implementation of share repurchase within the reporting period
Progress of share repurchase
□Applicable □Not applicable
Progress of reduced holding of share repurchased by centralized bidding
□Applicable □Not applicable
174Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
V. Preferred stocks
□Applicable □Not applicable
The Company had no preferred stocks during the reporting period.
175Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Section 7 Bonds
□Applicable □Not applicable
I. Enterprise bonds
□Applicable □Not applicable
The Company had no enterprise bonds during the reporting period.II. Corporate bonds
□Applicable □Not applicable
The Company had no corporate bonds during the reporting period.III. Debt financing instruments for non-financial enterprises
□Applicable □Not applicable
1. Basic information on debt financing instruments for non-financial enterprises
Unit: 10000 yuan
Method of
principal
Bond
Date Value Due Bond Interest repayment Trading
Bond abbreviati Bond code
issued date date balance rate and place
on
interest
payment
New Hope Interest
Liuhe Co. paid
21 Hope
Ltd. 2021 annually
Liuhe
First Tranche and Interban
MTN001 March 17 March March
Medium-term 102100490 14000 3.00% principal k bond
(for Rural 2021 19 2021 19 2026
Note (for repaid in market
Revitaliza
Rural lump sum
tion)
Revitalization upon
) maturity
Interest
New Hope paid
Liuhe Co. annually
Ltd. 2024 24 Hope and Interban
August August August
First Tranche Liuhe 032480959 50000 3.10% principal k bond
282024302024302029
Targeted Debt PPN001 repaid in market
Financing lump sum
Instrument upon
maturity
New Hope 25 Hope Lump sum
Liuhe Co. Liuhe principal
Interban
Ltd. 2025 SCP001 April 22 April October repayment
012581001 50000 2.10% k bond
First Tranche (for Rural 2025 23 2025 20 2025 and
market
Super Short- Revitaliza interest
term tion) payment
176Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Commercial upon
Paper (for maturity
Rural
Revitalization
)
New Hope
Liuhe Co.
25 Hope
Ltd. 2025 Lump sum
Liuhe
Second principal
SCP002
Tranche repayment
(Science Interban
Science and June 19 June 20 March and
and 012581437 50000 1.85% k bond
Technology 2025 2025 17 2026 interest
Technolog market
Innovation payment
y
Bond (for upon
Innovatio
Rural maturity
n Bond)
Revitalization
)
New Hope
Liuhe Co.
25 Hope Interest
Ltd. 2025
Liuhe paid
First Tranche
MTN001 annually
Green
(Science and Interban
Science and August August August
and 102583523 50000 1.95% principal k bond
Technology 18 2025 19 2025 19 2028
Technolog repaid in market
Innovation
y lump sum
Bond (for
Innovatio upon
Rural
n Bond) maturity
Revitalization
)
New Hope
Liuhe Co. 25 Hope
Lump sum
Ltd. 2025 Liuhe
principal
Third Tranche SCP003
repayment
Science and (Science Interban
October October July 21 and
Technology and 012582566 50000 1.80% k bond
23 2025 24 2025 2026 interest
Innovation Technolog market
payment
Bond (for y
upon
Rural Innovatio
maturity
Revitalization n Bond)
)
New Hope
Liuhe Co.
26 Hope Interest
Ltd. 2026
Liuhe paid
First Tranche
MTN001 annually
Green
(Science and Interban
Science and January January January
and 102680266 100000 2.10% principal k bond
Technology 22 2026 22 2026 22 2029
Technolog repaid in market
Innovation
y lump sum
Bond (for
Innovatio upon
Rural
n Bond) maturity
Revitalization
)
Bonds that are overdue
□Applicable □Not applicable
177Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2. Trigger and enforcement of issuer or investor option clauses and investor protection clauses
□Applicable □Not applicable
3. Intermediary agencies
Name of
Intermediar
Bond project name Intermediary name Office address signing Contact number
y contact
accountant
Sichuan Huaxin
New Hope Liuhe Co. 28/F Jinmao Lidu
(Group) Certified
Ltd. 2021 First Tranche South Building #18 Tang Hui Gu
Public Accountants Gu Li 028-85560449
Medium-term Note (for Ximianqiao Street Li
(Special General
Rural Revitalization) Chengdu
Partnership)
Sichuan Huaxin
New Hope Liuhe Co. 28/F Jinmao Lidu
(Group) Certified
Ltd. 2024 First Tranche South Building #18 Tang Hui Gu
Public Accountants Gu Li 028-85560449
Targeted Debt Ximianqiao Street Li
(Special General
Financing Instrument Chengdu
Partnership)
New Hope Liuhe Co. Sichuan Huaxin
28/F Jinmao Lidu
Ltd. 2025 First Tranche (Group) Certified
South Building #18 Tang Hui Gu
Super Short-term Public Accountants Gu Li 028-85560449
Ximianqiao Street Li
Commercial Paper (for (Special General
Chengdu
Rural Revitalization) Partnership)
New Hope Liuhe Co.Sichuan Huaxin
Ltd. 2025 Second 28/F Jinmao Lidu
(Group) Certified
Tranche Science and South Building #18 Tang Hui Gu
Public Accountants Gu Li 028-85560449
Technology Innovation Ximianqiao Street Li
(Special General
Bond (for Rural Chengdu
Partnership)
Revitalization)
New Hope Liuhe Co.Sichuan Huaxin
Ltd. 2025 First Tranche 28/F Jinmao Lidu
(Group) Certified
Green Science and South Building #18 Tang Hui Gu
Public Accountants Gu Li 028-85560449
Technology Innovation Ximianqiao Street Li
(Special General
Bond (for Rural Chengdu
Partnership)
Revitalization)
New Hope Liuhe Co.Sichuan Huaxin
Ltd. 2025 Third 28/F Jinmao Lidu
(Group) Certified
Tranche Science and South Building #18 Tang Hui Gu
Public Accountants Gu Li 028-85560449
Technology Innovation Ximianqiao Street Li
(Special General
Bond (for Rural Chengdu
Partnership)
Revitalization)
New Hope Liuhe Co.Sichuan Huaxin
Ltd. 2026 First Tranche 28/F Jinmao Lidu
(Group) Certified
Green Science and South Building #18 Tang Hui Gu
Public Accountants Gu Li 028-85560449
Technology Innovation Ximianqiao Street Li
(Special General
Bond (for Rural Chengdu
Partnership)
Revitalization)
Whether the aforesaid organizations changed during the reporting period
□Yes □No
4. Use of raised funds
Unit: 10000 yuan
178Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Whether
consistent with
Operation Rectificatio
the purpose
Total Agreed use of fund- n of illegal
Amount Amount use plan and
Bond project name amount of raised raising use of raised
used unused other
raised funds account (if funds (if
covenants as
any) any)
promised in
the prospectus
New Hope Liuhe Co. Ltd.
2021 First Tranche
200000 200000 200000 0 None None Yes
Medium-term Note (for
Rural Revitalization)
New Hope Liuhe Co. Ltd.
2024 First Tranche
50000 50000 50000 0 None None Yes
Targeted Debt Financing
Instrument
New Hope Liuhe Co. Ltd.
2025 First Tranche Super
Short-term Commercial 50000 50000 50000 0 None None Yes
Paper (for Rural
Revitalization)
New Hope Liuhe Co. Ltd.
2025 Second Tranche
Science and Technology 50000 50000 50000 0 None None Yes
Innovation Bond (for Rural
Revitalization)
New Hope Liuhe Co. Ltd.
2025 First Tranche Green
Science and Technology 50000 50000 50000 0 None None Yes
Innovation Bond (for Rural
Revitalization)
New Hope Liuhe Co. Ltd.
2025 Third Tranche
Science and Technology 50000 50000 50000 0 None None Yes
Innovation Bond (for Rural
Revitalization)
New Hope Liuhe Co. Ltd.
2026 First Tranche Green
Science and Technology 100000 100000 100000 0 None None Yes
Innovation Bond (for Rural
Revitalization)
Use of raised funds for construction projects
□Applicable □Not applicable
Any change to the purpose of funds raised by the aforesaid bonds during the reporting period
□Applicable □Not applicable
5. Adjustment to credit rating results during the reporting period
□Applicable □Not applicable
6. Performance and changes of guarantee debt repayment plan and other debt repayment protection
measures during the reporting period and the impact on the rights and interests of bond investors
□Applicable □Not applicable
179Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
IV. Convertible corporate bonds
□Applicable □Not applicable
1. Issuance of convertible bonds
In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd.
(CSRC Approval [2019] No.1902) issued by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”)
the Company publicly issued 40 million convertible corporate bonds on January 3 2020 each having a par value of 100 yuan fora total amount of 4 billion yuan. These bonds began trading on SZSE as of February 4 2020 under the bond abbreviation “NewHope-CB” and bond code “127015.” In accordance with the Prospectus for the Public Offering of A-Share Convertible Corporate
Bonds of New Hope Liuhe Co. Ltd. the conversion period for the convertible bonds issued commences on the first trading day
(July 9 2020) that is six months after the issue closing date (January 9 2020) and ends on the bond maturity date (January 2
2026).
In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd.
(CSRC Approval [2021] No. 1351) issued by the CSRC the Company publicly issued 81.50 million convertible corporate bonds
on November 2 2021 each having a par value of 100 yuan for a total amount of 8.15 billion yuan. These bonds began trading on
SZSE as of November 29 2021 under the bond abbreviation “New Hope-CB2” and bond code “127049”. In accordance with the
Prospectus for the Public Offering of Convertible Corporate Bonds of New Hope Liuhe Co. Ltd. the conversion period for the
convertible bonds issued commences on the first trading day (May 9 2022) that is six months after the issue closing date
(November 8 2021) and ends on the bond maturity date (November 1 2027 or the next trading day if such date falls on a holiday).
2. Breakdown of the guarantors and the top ten holders of the convertible bonds within the reporting
period
Convertible corporate bond name Publicly Offered A-Share Convertible Corporate Bonds of New Hope Liuhe Co. Ltd.Closing number of convertible corporate
4358
bond holders
Guarantor of the convertible bonds None
Significant changes in profitability asset
condition and credit standing of None
guarantors
Details of the top 10 convertible bond holders are as follows:
Percentage of
Nature of convertible
Closing number of Closing amount of
Convertible corporate bond convertible corporate bonds
S/N convertible corporate convertible corporate
holder corporate held at the end
bonds held (pieces) bonds held (yuan)
bond holder of reporting
period
Shanghai Haichu Asset
Management Co. Ltd. -
1 Haichu Diversified Stable Others 386880 38688000.00 4.08%
Growth Private Securities
Investment Fund
Wuxi Rongjin Investment
Fund Management Co. Ltd. -
2 Others 357179 35717900.00 3.77%
Wuxi Rongjin Shanli Private
Securities Investment Fund
180Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Guoyuan Securities -
Industrial and Commercial
Bank of China - Guoyuan
3 Others 259000 25900000.00 2.73%
Securities Yuanying Private
Wealth No. 1 Collective Asset
Management Plan
Aegon-Industrial Fund -
China Citic Bank - Aegon
4 Global Fund Stable Bond No. Others 194720 19472000.00 2.06%
2 Collective Asset
Management Plan
China Citic Bank Corporation
5 Limited - Xin’ao Credit Bond Others 175000 17500000.00 1.85%
Securities Investment Fund
China Re Asset Management
- Industrial Bank - China Re
6 Others 166539 16653900.00 1.76%
Asset - Ruiqi No. 6 Asset
Management Product
Shanghai Yingshui
Investment Management Co.
7 Ltd. - Yingshui Fangyuan Others 166240 16624000.00 1.75%
Multi-Strategy No. 1 Private
Securities Investment Fund
China Re Asset Management
- China Everbright Bank -
8 China Re Asset - Ruicheng Others 160372 16037200.00 1.69%
No. 6 Asset Management
Product
Gaozhi (Shanghai)
Investment Management Co.
9 Others 150127 15012700.00 1.58%
Ltd. - Gaozhi Longcheng No.
1 Private Fund
Overseas legal
10 UBS AG 150005 15000500.00 1.58%
person
Convertible corporate bond name Publicly Offered Convertible Corporate Bonds of New Hope Liuhe Co. Ltd.Closing number of convertible corporate
22038
bond holders
Guarantor of the convertible bonds None
Significant changes in profitability asset
condition and credit standing of None
guarantors
Details of the top 10 convertible bond holders are as follows:
Percentage of
Nature of Closing amount of convertible
Closing number of
Convertible corporate bond convertible convertible corporate bonds
S/N convertible corporate
holder corporate bond corporate bonds held at the end
bonds held (pieces)
holder held (yuan) of reporting
period
China Merchants Bank
Company Limited - Bosera
1 Others 5614443 561444300.00 6.89%
CSI Convertible and
Exchangeable Bond ETF
Domestic non-
2 Minsheng Securities Co. Ltd. 2778043 277804300.00 3.41%
state-owned legal
181Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
person
Bank of Beijing Co. Ltd. -
Invesco Great Wall Jingyi
3 Others 1991800 199180000.00 2.45%
Fengli Bond Securities
Investment Fund
State-owned legal-
4 Guosen Securities Co. Ltd. 1979691 197969100.00 2.43%
person
China Minsheng Banking
Corporation Limited -
5 Everbright Pramerica Credit Others 1857622 185762200.00 2.28%
Tianyi Bond Securities
Investment Fund
Bank of Beijing Co. Ltd. -
Penghua Dual Bond Jiali
6 Others 1778547 177854700.00 2.18%
Bond Securities Investment
Fund
China Construction Bank
Corporation - Everbright
7 Pramerica Incremental Others 1463423 146342300.00 1.80%
Income Bond Securities
Investment Fund
Shanghai Ruijun Asset
Management Co. Ltd. -
8 Ruijun Juxiang Privately Others 1403742 140374200.00 1.72%
Offered Securities Investment
Fund
Industrial and Commercial
Bank of China Limited -
9 Fullgoal Xingli Enhanced Others 1182219 118221900.00 1.45%
Bond Initiated Securities
Investment Fund
Agricultural Bank of China
Limited - Penghua
10 Others 1151955 115195500.00 1.41%
Convertible Bond Securities
Investment Fund
3. Movement in convertible bonds within the reporting period
□Applicable □Not applicable
Unit: yuan
Current movement
Convertible corporate bond name Before Rede Put After
Conversion mptio
option
n
Publicly Offered A-Share
Convertible Corporate Bonds of 949414600.00 201559.00 947278100.00
New Hope Liuhe Co. Ltd.Publicly Offered Convertible
Corporate Bonds of New Hope 8143504800.00 6299.00 8143437900.00
Liuhe Co. Ltd.
4. Accumulated conversion into shares
□Applicable □Not applicable
182Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Percentage
of the
Percentage
number of
of the
shares
amount
Convert Accumulated converted in Amount yet
Conversion Total Total Accumulate that has
ible number of the total to be
period (start issuance issuance d amount of not been
corporat shares amount of converted
and end quantity amount conversion converted
e bond converted shares into shares
dates) (pieces) (yuan) (yuan) into shares
name (shares) issued prior (yuan)
in the total
to the
issuance
conversion
amount
commence
ment date
New
Jul. 9 2020- 400000 40000000 30527219 947278100
Hope- 155338098 3.68% 23.68%
Jan. 2 2026 00 00.00 00.00 .00
CB
May 9
New
2022-815000815000006562100.081434379
Hope- 456966 0.01% 99.92%
November 00 00.00 0 00.00
CB2
12027
5. Previous adjustment and correction of share conversion price
Latest
Conversion conversion
Convertible
Conversion price price after Note on conversion price price as of the
corporate Date of disclosure
adjustment date adjustment adjustment end of this
bond name
(yuan) report period
(yuan)
The Company implemented the
New Hope-
June 19 2020 19.63 June 12 2020 2019 annual equity distribution 19.63
CB
plan
The Company issued non-
New Hope-
October 29 2020 19.75 October 27 2020 publicly traded stocks to two 19.75
CB
specific investors
The Company granted 2022
New Hope- restricted stocks to 199
September 15 2022 19.66 September 14 2022 19.66
CB incentive recipients for the first
time
The Company granted 2022
New Hope- restricted stocks to 199
September 15 2022 14.40 September 14 2022 14.40
CB2 incentive recipients for the first
time
The Company reserved and
New Hope-
July 25 2023 19.64 July 24 2023 granted 2022 restricted stocks 19.64
CB
to 370 incentive recipients
The Company reserved and
New Hope-
July 25 2023 14.39 July 24 2023 granted 2022 restricted stocks 14.39
CB2
to 370 incentive recipients
New Hope-
CB New December 28 2023 10.60 December 28 2023 Downward adjustment 10.60
Hope-CB2
New Hope-
Repurchase and cancellation of
CB New July 7 2025 10.61 July 5 2025 10.61
2022 restricted stocks
Hope-CB2
New Hope- July 25 2025 10.59 July 18 2025 The Company implemented the 10.59
183Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
CB New 2024 annual equity distribution
Hope-CB2 plan
V. Losses within the scope of consolidated statements exceeding 10% of the net assets as at
the end of the previous year during the reporting period
□Applicable □Not applicable
VI. Interest-bearing debts overdue other than bonds at the end of the reporting period
□Applicable □Not applicable
VII. Whether there were violations of rules and regulations within the reporting period
□Yes □No
VIII. Key accounting data and financial indicators of the Company in the past two years as
at the end of the reporting period
Unit: 10000 yuan
By the end of current By the end of previous
Item Increase/decrease
reporting period reporting period
Liquidity ratio 0.4876 0.4732 3.04%
Asset-liability ratio 69.89% 69.01% 0.88%
Quick ratio 0.2566 0.2455 4.52%
Current reporting period Previous reporting period YoY increase/decrease
Net profit after deduction
non-recurring gains and -147365.48 61443.39 -339.84%
losses
EBITDA total debt ratio 8.39% 10.69% -2.30%
Interest coverage ratio 0.43 0.96 -55.21%
Cash interest coverage ratio 6.04 4.25 42.12%
EBITDA interest coverage
2.272.40-5.42%
ratio
Loan repayment rate 100.00% 100.00% 0.00%
Interest coverage 100.00% 100.00% 0.00%
184Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Section 8 Financial Report
I. Auditor’s Report
Type of auditor’s opinions Standard unqualified opinion
Report signing date April 28 2026
Sichuan Huaxin (Group) Certified Public Accountants (Special
Auditor
General Partnership)
Report No. CHXS (2026) No. 0033000
Name of CPA Tang Hui Gu Li
Text of the Auditor's Report
To all shareholders of New Hope Liuhe Co. Ltd.:
I. Auditor's opinion
We have audited the financial statements of New Hope Liuhe Co. Ltd. (hereinafter referred to as “New Hope”) including
the consolidated and the parent company's balance sheets as at December 31 2025 consolidated and the parent company's income
statements consolidated and the parent company's cash flow statements consolidated and the parent company's statements of
changes in shareholders’ equity for 2025 and the notes to the financial statements.In our opinion the attached financial statements were prepared in accordance with the Accounting Standards for Business
Enterprises in all material aspects and give a fair view of the consolidated and the parent company’s financial status as at
December 31 2025 and of the consolidated and the parent company’s business results and cash flows for 2024
II. Basis for auditor’s opinion
We conducted our audit in accordance with the Auditing Standards for China Certified Public Accountants. Ourresponsibilities under these standards are further described in the section “CPA’s responsibilities for the audit of the financialstatements” of this audit report. We are independent of New Hope in accordance with the Independence Standards for Chinese
Certified Public Accountants and the China Code of Ethics for Certified Public Accountants. We have adhered to the independence
requirements for auditing public interest entities and fulfilled other responsibilities related to professional ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.III. Key audit matters
Key audit matters are matters that we believe most important for the audit of the current financial statements according to
our professional judgment. The response to these matters was made against the background of audit of the financial statements as a
whole and formation of audit opinion and we don’t express any opinion on these matters separately. We have identified the
following matters as key audit matters:
(I) Revenue recognition
Please refer to notes “V. (35) Revenue” and “VIII. (46) Operating income and operating costs” to the financial statements.Key audit matters How the matter is responded to in the audit
In 2025 the main business revenue of New Hope The audit procedures we performed for revenue recognition mainly include:
was 106.476 billion yuan mainly derived from (1) Testing and evaluating the effectiveness of internal controls related to
feed production and sales as well as pig farming revenue recognition;
and sales. The sales revenue of New Hope's (2) Selecting significant sales contracts reviewing key contract terms and
commodities is recognized when the customers evaluating the reasonableness of accounting policies related to revenue
obtain control over the relevant goods. Since recognition;
185Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
revenue is one of the key performance indicators of (3) Selecting major and significant new customers conducting inquiries
the Company and the inherent risk of generating through public channels to obtain relevant information understanding the
misstatements is high we have identified revenue commercial background of the cooperation with the Company evaluating the
recognition as a key audit matter. commercial rationality of the transactions and checking for any unidentified
related party relationships and unusual transaction indications;
(4) Performing analytical review procedures analyzing the reasonableness of
changes in revenue and gross margin and comparing them with figures from
the same period of the prior year;
(5) Examining supporting documents for revenue recognition including sales
orders delivery notes and weighbridge tickets;
(6) Performing cut-off testing on sales prior to and after the balance sheet date
to assess whether the related revenue was recorded in the appropriate
accounting period; and
(7) Selecting specific customers to confirm transaction amounts and
outstanding balances through confirmation letters.(II) Impairment of biological assets
Please refer to the notes "V. (23) Biological assets" "VII. (7) Inventory" and "VII. (14) Productive biological assets" to the
financial statements.Key audit matters How the matter is responded to in the audit
As at December 31 2025 the book value of New The audit procedures we performed for impairment of biological assets mainly
Hope's biological assets was 7238.9186 million include:
yuan accounting for 6.34% of the total assets. The (1) Testing and evaluating the effectiveness of internal controls related to
market prices of biological assets are greatly impairment of biological assets;
affected by cyclical fluctuations and epidemics (2) Supervising the inventory sampling of biological assets and examining the
therefore we regard impairment of biological quantities and status of biological assets;
assets as a key audit matter given the fact that the (3) Communicating with the management to understand and assess the
biological assets have material impacts on financial precautions and risk response strategies for safety of biological assets in day-
statements and New Hope’s management needs to to-day business process;
exercise material judgments when determining the (4) Evaluating the important assumptions used by the management in
net realizable value or recoverable amount of calculating the net realizable value or recoverable amount of biological assets
biological assets. including examining the selling prices death rates cost per unit and cost of
sales;
(5) Inquiring about the changes in prices of biological assets such as pigs in
recent years understanding the patterns of periodic price fluctuations of
products like pigs and examining and analyzing the effects of management’s
consideration of these factors on impairment risk of biological assets; and
(6) Acquiring the statement of impairment provision calculation for biological
assets of New Hope examining and analyzing the rationality of the net
realizable values or recoverable amounts and assessing the accuracy of the
impairment provision for biological assets.IV. Other information
The management of New Hope is responsible for other information. Other information includes information in the 2025
Annual Report other than the financial statements and this auditor's report.Our opinion on the financial statements does not cover the other information nor do we express any form of assurance
conclusion thereon.In connection with our audit of the financial statements our responsibility is to read other information and in doing so
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatement of this other information we are
required to report that fact. We have nothing to report in this regard.V. Responsibilities of the management and governance layer for the financial statements
186Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
The management of New Hope is responsible for the preparation of the financial statements that give a fair view in
accordance with the Accounting Standards for Business Enterprises and for design implementation and maintenance of necessary
internal control to ensure that the financial statements are free from material misstatement due to fraud or error.When preparing the financial statements the management is responsible for evaluating New Hope’s ability to continue as a
going concern disclosing matters related to going concern (if applicable) and applying the going concern assumption unless the
management plans to liquidate New Hope ceases to operate or has no other realistic options.The governance layer is responsible for supervising the financial reporting process of New Hope.VI. CPA’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement whether due to fraud or error and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance but is not a guarantee that an audit conducted in accordance with the auditing standards will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or
in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial
statements.As part of an audit in accordance with the auditing standards we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design
and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the management.
(4) Conclude on the appropriateness of the management’s use of going concern basis of accounting And based on the audit
evidence obtained conclude on whether a material uncertainty exists related to events or conditions that may cast significant doubt
on New Hope's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or if such disclosures are inadequate to
express unqualified opinions. Our conclusions are based on the information available up to the date of our auditor’s report.However future events or conditions may cause New Hope to cease to continue as a going concern.
(5) evaluate the overall presentation structure and content of the financial statements and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
(6) Obtained sufficient and appropriate audit evidence with respect to the financial information on New Hope entities or their
business activities in order to express audit opinion on financial statements. We are responsible for guiding supervising and
executing the group audit and assume full responsibility for the audit opinions.We communicate with the governance layer regarding among other matters the planned scope and timing of the audit and
significant audit findings including any significant deficiencies in internal control that we identify during our audit.
187Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
We also provide the governance layer with a statement that we have complied with the professional ethics requirements
related to independence and communicated with them about all relations and other matters that might be reasonably deemed to
have affected our independence as well as related precautions (if applicable).Among the matters we communicate with the governance layer we determine which matters are the most important to the
current financial statements thereby constituting key audit matters. We describe these matters in the auditor’s reports unless public
disclosure is prohibited by law or regulation or in rare circumstances we determine that we should not communicate a matter in
the auditor’s report if the negative consequences of communicating the matter in the auditor’s report can reasonably be expected to
outweigh the benefits in the public interest.Sichuan Huaxin (Group) Certified Public Accountants Chinese CPA: Tang Hui
(Special General Partnership) (Project Partner)
Chengdu China Chinese CPA: Gu Li
April 28 2026
188Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
II. Financial statements
The monetary unit in notes to financial statements is yuan.
1. Consolidated balance sheet
Prepared by: New Hope Liuhe Co. Ltd.Unit: yuan
Item Closing balance Opening balance
Current assets:
Cash and cash equivalents 8626581608.13 8699013033.45
Settlement reserve
Loans to other banks
Trading financial assets 14950972.08 4273616.17
Derivative financial assets
Notes receivable 263751157.36 146857514.96
Accounts receivable 1045981872.03 971988850.19
Receivables financing
Prepayments 534426431.53 564992430.37
Insurance premiums receivable
Reinsurance accounts receivable
Provision for cession receivable
Other receivables 543507571.88 982553531.32
Incl.: Interest receivable
Dividends receivable 5610000.00 21610000.00
Financial assets purchased for resale
Inventory 10092765562.52 10732155456.76
Incl.: Data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 185948140.06 203720115.91
Total current assets 21307913315.59 22305554549.13
Non-current assets:
Loans and advances made
Debt investments
Other debt investment
Long-term receivables
Long-term equity investments 31598869415.36 30453419222.36
Investments in other equity
454181590.28483431590.28
instruments
Other non-current financial assets
189Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Investment property 1530229164.03 859994829.04
Property plant and equipment 46843954113.40 43476435665.46
Construction in progress 3200071507.98 8896445286.64
Productive biological assets 2122105471.01 3330266005.05
Oil and gas properties
Right-of-use assets 3346150256.96 3832981994.07
Intangible assets 1467106189.79 1540025403.26
Incl.: Data resources 3289259.07 4416276.52
Development expenditure
Incl.: Data resources
Goodwill 1127461873.92 1127461873.92
Long-term deferred expenses 64143371.64 81113668.06
Deferred income tax assets 676802720.90 865773083.23
Other non-current assets 493603828.06 660742214.82
Total non-current assets 92924679503.33 95608090836.19
Total Assets 114232592818.92 117913645385.32
Current Liabilities:
Short-term borrowings 14940098338.48 17741515610.09
Borrowings from center bank
Loans from other banks
Trading financial liabilities 7568770.77 935134.25
Derivative financial liabilities
Notes payable 5585041628.12 4184134254.11
Accounts payable 6628283430.15 7525367316.95
Advance collections 57047756.18 208500000.00
Contract liabilities 2153198586.92 2029782235.35
Financial assets sold for repurchase
Deposits taken and interbank deposits
Proceeds from vicariously traded
securities
Proceeds from vicariously
underwritten securities
Employee compensations payable 793526058.30 741665468.67
Taxes and surcharges payable 397545490.88 410408836.77
Other payables 3606342252.41 3404800534.73
Incl.: Interest payable
Dividends payable 29020258.82 36182732.53
Handling fee and commission payable
Cession insurance premiums payable
Held-for-sale liabilities
Non-current liabilities due within one
8471651483.5510855285683.68
year
Other current liabilities 1061548758.80 32667937.34
190Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Total current liabilities 43701852554.56 47135063011.94
Non-current liabilities:
Provision for insurance contracts 173742515.38 174624264.23
Long-term borrowings 23344470055.85 20763830174.53
Bonds payable 8631984643.37 8967992637.77
Incl.: Preferred stocks
Perpetual bonds
Lease liabilities 2818194244.76 3080565121.54
Long-term payables 562935593.21 811568597.90
Long-term payroll payable
Estimated liabilities
Deferred income 438408145.58 382448834.39
Deferred income tax liabilities 170960748.39 52117781.00
Other non-current liabilities
Total Non-current Liabilities 36140695946.54 34233147411.36
Total liabilities 79842548501.10 81368210423.30
Owner’s Equity:
Share capital 4502774306.00 4525938648.00
Other equity instruments 2210204463.61 3489866171.97
Incl.: Preferred stocks
Perpetual bonds 600000000.00 1500000000.00
Capital reserve 5241596146.97 5202954312.75
Less: Treasury stock 42513747.76 229023903.76
Other comprehensive income -1243526462.90 -825972041.60
Appropriative reserve
Surplus reserve 3297606935.84 3382138257.13
General risk reserve
Retained earnings 8234088664.33 10111428819.21
Total owner’s equity attributable to the
22200230306.0925657330263.70
parent company
Minority equity 12189814011.73 10888104698.32
Total owner’s equity 34390044317.82 36545434962.02
Total Liabilities and Owner’s Equity 114232592818.92 117913645385.32
Legal Representative: Liu Chang CFO: Shi Han Head of Accounting Unit & Accounting Supervisor: Su Xiaodan
2. Balance sheet of the parent company
Unit: yuan
Item Closing balance Opening balance
Current assets:
Cash and cash equivalents 3603593186.30 3726341810.29
Trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable
Receivables financing
191Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Prepayments 49793057.95 9526072.19
Other receivables 81192413767.01 78300194632.45
Incl.: Interest receivable
Dividends receivable 101183728.40 111954814.90
Inventory 4697636.53 5054051.71
Incl.: Data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 3413214.81 3438921.31
Total current assets 84853910862.60 82044555487.95
Non-current assets:
Debt investments
Other debt investment
Long-term receivables
Long-term equity investments 25435542385.04 20318767292.82
Investments in other equity
417000000.00417000000.00
instruments
Other non-current financial assets
Investment property
Property plant and equipment 17408705.54 20530273.00
Construction in progress
Productive biological assets
Oil and gas properties
Right-of-use assets 2730500.40 6284178.60
Intangible assets 2990221.31 3417934.02
Incl.: Data resources 211491.30 284002.60
Development expenditure
Incl.: Data resources
Goodwill
Long-term deferred expenses 214942.46 503168.29
Deferred income tax assets 0.00 2291597.58
Other non-current assets 29714847.46 27239977.46
Total non-current assets 25905601602.21 20796034421.77
Total Assets 110759512464.81 102840589909.72
Current Liabilities:
Short-term borrowings 5396442336.30 5736405636.49
Trading financial liabilities
Derivative financial liabilities
Notes payable 119140407.52 19159212.01
Accounts payable 2044983.40 2203598.30
Advance collections 208500000.00
192Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Contract liabilities 22784676.62 21672399.91
Employee compensations payable 5292520.86 6462323.82
Taxes and surcharges payable 35302315.94 20721092.02
Other payables 56250276654.61 50790202189.32
Incl.: Interest payable
Dividends payable 214528.52
Held-for-sale liabilities
Non-current liabilities due within one
4009960824.794640258334.02
year
Other current liabilities 1006604166.67
Total current liabilities 66847848886.71 61445584785.89
Non-current liabilities:
Long-term borrowings 14318625000.00 9668000721.42
Bonds payable 8631984643.37 8967992637.77
Incl.: Preferred stocks
Perpetual bonds
Lease liabilities 281333.90 3137740.83
Long-term payables
Long-term payroll payable
Estimated liabilities
Deferred income 27469779.21 15230511.67
Deferred income tax liabilities 119617705.67
Other non-current liabilities
Total Non-current Liabilities 23097978462.15 18654361611.69
Total liabilities 89945827348.86 80099946397.58
Owner’s Equity:
Share capital 4502774306.00 4525938648.00
Other equity instruments 2210204463.61 3489866171.97
Incl.: Preferred stocks
Perpetual bonds 600000000.00 1500000000.00
Capital reserve 11137119375.17 11079815398.81
Less: Treasury stock 42513747.76 229023903.76
Other comprehensive income 205804000.00 205804000.00
Appropriative reserve
Surplus reserve 1147599491.62 1147599491.62
Retained earnings 1652697227.31 2520643705.50
Total owner’s equity 20813685115.95 22740643512.14
Total Liabilities and Owner’s Equity 110759512464.81 102840589909.72
3. Consolidated statement of income
Unit: yuan
Item 2025 2024
I. Total operating income 106856298720.47 103062962254.34
Incl.: Operating income 106856298720.47 103062962254.34
193Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Interest income
Earned premiums
Revenue from handling fee and
commission
II. Total operating costs 107646094921.77 103498302881.15
Incl.: Operating costs 100143028471.43 96150529715.97
Interest expenditure
Expenditure on handling fee
and commission
Surrender value
Net indemnities paid
Net provision for insurance
97517151.57105120404.54
liabilities accrued
Policy dividend payout
Reinsurance costs
Taxes and surcharges 191997394.25 172456656.37
Selling expenses 1287958392.02 1260107740.33
General and administrative
3762292288.673756267104.57
expenses
R&D expenses 191347185.05 249645874.91
Financial expenses 1971954038.78 1804175384.46
Incl.: Interest expenses 2051072120.51 2027921959.83
Interest income 121628586.15 370394801.60
Add: Other income 125802925.02 127989680.08
Investment income (“-” for loss) 944442979.76 1617918713.06
Incl.: Income from
investment in associates and joint 940042403.78 1271176911.52
ventures
Income from de-
recognition of financial assets measured
at amortized cost
Exchange gains (“-” for loss)
Income on net exposure hedging
(“-” for loss)
Income from change in fair value
15213233.76312272.39
(“-” for loss)
Credit impairment loss (“-” for
-76547986.83-170296927.80
loss)
Asset impairment loss (“-” for
-863009430.12-23130309.95
loss)
Income from asset disposal (“-”
-293227412.48-117684265.88
for loss)
III. Operating profits (“-” for loss) -937121892.19 999768535.09
Add: Non-operating income 93849377.35 112869133.16
Less: Non-operating expenses 312456265.32 629167095.74
IV. Total profits (“-” for total loss) -1155728780.16 483470572.51
194Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Less: Income tax expenses 598516219.24 281848010.14
V. Net profits (“-” for net loss) -1754244999.40 201622562.37
(I) Classified by business continuity
1. Net profits from continuous
-1754244999.40201622562.37
operations (“-” for net loss)
2. Net profits from discontinued
operations (“-” for net loss)
(II) Classified by ownership
1. Net profits attributable to
-1784352202.18473599068.10
shareholders of the parent company
2. Minority interest income 30107202.78 -271976505.73
VI. Other comprehensive income net of
-440877586.40149204070.72
tax
Other comprehensive income net of
tax attributable to the owner of the parent -419684130.30 95133447.70
company
(I) Other comprehensive income
that cannot be reclassified into profit or -15093699.00 207374394.50
loss
1. Change in defined benefit plan
re-measured
2. Other comprehensive income
that cannot be converted to profit or loss 14156301.00 3570394.50
under the equity method
3. Changes in the fair value of
-29250000.00203804000.00
other equity instrument investment
4. Changes in the fair value of
credit risk to the Company
5. Others
(II) Other comprehensive income to
-404590431.30-112240946.80
be reclassified into profit or loss
1. Other comprehensive income
that can be converted to profit or loss -77266408.52 158192562.10
under the equity method
2. Change in the fair value of
other debt investments
3. Amount of financial assets
reclassified into other comprehensive
income
4. Provisions for credit
impairment of other debt investments
5. Cash flow hedging reserve
6. Translation difference of
-327324022.78-270433508.90
foreign currency financial statements
7. Others
Other comprehensive income net of
-21193456.1054070623.02
tax attributable to minority shareholders
VII. Total comprehensive income -2195122585.80 350826633.09
Total comprehensive income
attributable to owners of the parent -2204036332.48 568732515.80
company
Total comprehensive income
8913746.68-217905882.71
attributable to minority shareholders
VIII. Earnings per share
195Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(I) Basic earnings per share -0.41 0.09
(II) Diluted earnings per share -0.41 0.09
In case of business combination under the common control during this period the net profits reported by the combined party
before consolidation was 0.00 yuan and the net profits reported by the combined party in the previous period was 0.00 yuan.Legal representative: Liu Chang Chief accounting officer: Shi Han Head of accounting unit & accounting supervisor: Su
Xiaodan
4. Statement of income of the parent company
Unit: yuan
Item 2025 2024
I. Operating income 450206956.50 404692427.73
Less: Operating costs 421468267.10 395028025.58
Taxes and surcharges 3157342.40 3670307.23
Selling expenses 5470284.42 5681817.01
General and administrative
92127202.2050445831.03
expenses
R&D expenses 32909023.16 75132399.97
Financial expenses 517312335.48 -69486680.53
Incl.: Interest expenses 1223156735.78 1400546922.39
Interest income 707649856.23 1472540830.45
Add: Other income 8936357.51 13060763.52
Investment income (“-” for loss) 32138369.68 140805429.33
Incl.: Income from investment
442786.72-21255235.79
in associates and joint ventures
Income from de-
recognition of financial assets measured
at amortized cost (“-” for loss)
Income on net exposure hedging
(“-” for loss)
Income from change in fair value
(“-” for loss)
Credit impairment loss (“-” for
-172922547.1810470582.18
loss)
Asset impairment loss (“-” for
loss)
Income from asset disposal (“-”
-660986.4436459043.51
for loss)
II. Operating profits (“-” for loss) -754746304.69 145016545.98
Add: Non-operating income 406051.80 191247.19
Less: Non-operating expenses 3833342.16 12342.24
III. Total profits (“-” for total loss) -758173595.05 145195450.93
Less: Income tax expenses -65616681.85 2441660.56
IV. Net profits (“-” for net loss) -692556913.20 142753790.37
(I) Net profits from continuous
-692556913.20142753790.37
operations (“-” for net loss)
(II) Net profits from discontinued
operations (“-” for net loss)
196Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
V. Other comprehensive income net of
205789909.22
tax
(I) Other comprehensive income
that cannot be reclassified into profit or 205804000.00
loss
1. Change in defined benefit plan
re-measured
2. Other comprehensive income
that cannot be converted to profit or loss
under the equity method
3. Changes in the fair value of
205804000.00
other equity instrument investment
4. Changes in the fair value of
credit risk to the Company
5. Others
(II) Other comprehensive income to
-14090.78
be reclassified into profit or loss
1. Other comprehensive income
that can be converted to profit or loss -14090.78
under the equity method
2. Change in the fair value of
other debt investments
3. Amount of financial assets
reclassified into other comprehensive
income
4. Provisions for credit
impairment of other debt investments
5. Cash flow hedging reserve
6. Translation difference of
foreign currency financial statements
7. Others
VI. Total comprehensive income -692556913.20 348543699.59
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated statement of cash flows
Unit: yuan
Item 2025 2024
I. Cash flows from operating activities:
Cash received from sale of gods and
107703820528.00104528174518.87
provision of services
Net increase in customer’s deposits
and interbank deposits
Net increase in borrowings from
center bank
Net increase in borrowings from other
financial institutions
Cash received from premium of
original insurance contract
Net amount of cash from reinsurance
business
197Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Net increase in policyholder’s deposits
and investments
Cash received as interest handling fee
or commission
Net increase in borrowing funds
Net increase in funds for repurchase
Net amount of cash from vicariously
traded securities
Tax rebates received 26087776.50 16298119.76
Other cash received in connection with
2002686648.542927443486.33
operating activities
Subtotal of cash inflows from operating
109732594953.04107471916124.96
activities
Cash used to pay for goods or services 90560916123.66 87621704088.73
Net increase in customer’s loans and
advances
Net increase in deposits with central
bank and interbank deposits
Cash paid as premium of original
insurance contract
Net increase in lending funds
Cash paid as interest handling fee or
commission
Cash paid as policyholder’s dividends
Cash paid to and for employees 5944575875.10 5881963712.69
Taxes and fees paid 829112716.40 650182667.74
Other cash paid in connection with
3020049395.664191512122.93
operating activities
Subtotal of cash outflows from operating
100354654110.8298345362592.09
activities
Net cash flows from operating activities 9377940842.22 9126553532.87
II. Cash flows from investing activities:
Cash received from recovery of
322159573.811325602592.50
investments
Cash received from investment
407699692.591239749673.77
income
Net cash recovered from disposal of
property plant and equipment intangible 211276512.90 277831588.81
assets and other long-term assets
Net cash received from disposal of
144590044.892114447165.79
subsidiaries and other business units
Other cash received in connection with
86349931.90531703808.24
investing activities
Subtotal of cash inflows from investing
1172075756.095489334829.11
activities
Cash paid for purchase and
construction of property plant and
2131718034.432184088833.21
equipment intangible assets and other
long-term assets
Cash paid for investment 500487468.27 7647907.44
Net increase in pledge loan
Net cash paid for acquisition of
8241961.39600000.00
subsidiaries and other business units
198Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Other cash paid in connection with
82469048.374384477408.41
investing activities
Subtotal of cash outflows from investing
2722916512.466576814149.06
activities
Net cash flows from investing activities -1550840756.37 -1087479319.95
III. Cash flows from financing activities:
Cash received from acquisition of
3731892500.002316460000.00
investments
Incl.: Cash received from minority
3131892500.00816460000.00
shareholders’ investment in subsidiaries
Cash received from borrowing 46449092979.44 43504746452.57
Other cash received in connection with
448661275.531418926635.90
financing activities
Subtotal of cash inflows from financing
50629646754.9747240133088.47
activities
Cash paid for debt repayment 51893759308.02 51047341770.17
Cash paid for distribution of dividends
2238263779.442588394922.25
and profits or payment of interest
Incl. Dividends and profits paid by
487028631.31349557463.26
subsidiaries to minority shareholders
Other cash paid in connection with
4756819217.282971966375.69
financing activities
Subtotal of cash outflows from financing
58888842304.7456607703068.11
activities
Net cash flows from financing activities -8259195549.77 -9367569979.64
IV. Effect of exchange rate fluctuation on
-42069405.49-56880034.71
cash and cash equivalents
V. Net increase in cash and cash
-474164869.41-1385375801.43
equivalents
Add: Opening balance of cash and
7270605406.888655981208.31
cash equivalents
VI. Closing balance of cash and cash
6796440537.477270605406.88
equivalents
6. Statement of cash flows of the parent company
Unit: yuan
Item 2025 2024
I. Cash flows from operating activities:
Cash received from sale of gods and
451319233.21447923650.17
provision of services
Tax rebates received 26396.60 19500.00
Other cash received in connection with
2715461755.891908721814.22
operating activities
Subtotal of cash inflows from operating
3166807385.702356664964.39
activities
Cash used to pay for goods or services 356901480.93 394835510.96
Cash paid to and for employees 44681362.61 72307524.17
Taxes and fees paid 4936977.06 6676891.54
Other cash paid in connection with
150420721.52205554770.78
operating activities
Subtotal of cash outflows from operating
556940542.12679374697.45
activities
Net cash flows from operating activities 2609866843.58 1677290266.94
199Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
II. Cash flows from investing activities:
Cash received from recovery of
248246582.361736743504.98
investments
Cash received from investment
49647524.90396553525.10
income
Net cash recovered from disposal of
property plant and equipment intangible 51764.54 34057636.53
assets and other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received in connection with
231973646.90
investing activities
Subtotal of cash inflows from investing
297945871.802399328313.51
activities
Cash paid for purchase and
construction of property plant and
2007428.802898525.51
equipment intangible assets and other
long-term assets
Cash paid for investment 5360000000.00 532975000.00
Net cash paid for acquisition of
subsidiaries and other business units
Other cash paid in connection with
34880994.384092180324.88
investing activities
Subtotal of cash outflows from investing
5396888423.184628053850.39
activities
Net cash flows from investing activities -5098942551.38 -2228725536.88
III. Cash flows from financing activities:
Cash received from acquisition of
600000000.001500000000.00
investments
Cash received from borrowing 26360100000.00 18946389399.60
Other cash received in connection with
422044082.231727385565.30
financing activities
Subtotal of cash inflows from financing
27382144082.2322173774964.90
activities
Cash paid for debt repayment 22313353976.08 20559144198.06
Cash paid for distribution of dividends
1089188103.881219832902.15
and profits or payment of interest
Other cash paid in connection with
1637336255.171277832648.79
financing activities
Subtotal of cash outflows from financing
25039878335.1323056809749.00
activities
Net cash flows from financing activities 2342265747.10 -883034784.10
IV. Effect of exchange rate fluctuation on
-1634381.591068935.64
cash and cash equivalents
V. Net increase in cash and cash
-148444342.29-1433401118.40
equivalents
Add: Opening balance of cash and
3726341810.295159742928.69
cash equivalents
VI. Closing balance of cash and cash
3577897468.003726341810.29
equivalents
7. Consolidated statement of changes in equity
Current amount
200Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Unit: yuan
2025
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e Prefe Perp tal Trea preh lus ned Othe Subt
er’s
tive risk equit
capit rred etual Othe reser sury ensiv reser earni rs otal y
equit
reser reser
al stock bond rs ve stock e ve ngs
y
ve ve
s s inco
me
I.Previ - 101 256 108 365
452150198520229338
ous 825 114 573 881 454
593000986295023213
closi 972 288 302 046 349
864000617431903.825
ng 041. 19.2 63.7 98.3 62.0
8.000.001.972.75767.13
bala 60 1 0 2 2
nce
A
dd:
Chan
ges
in
acco
untin
g
polic
ies
C
orrec
tion
of
previ
ous
error
s
O
thers
II.Curr - 101 256 108 365
452150198520229338
ent 825 114 573 881 454
593000986295023213
open 972 288 302 046 349
864000617431903.825
ing 041. 19.2 63.7 98.3 62.0
8.000.001.972.75767.13
bala 60 1 0 2 2
nce
III.Curr
ent - - - - - - - - -
386130
incre 231 900 379 186 417 845 187 345 215
418170
ase/d 643 000 661 510 554 313 734 709 539
34.2931
ecrea 42.0 000. 708. 156. 421. 21.2 015 995 064
23.41
se 0 00 36 00 30 9 4.88 7.61 4.20
(“-”
for
201Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2025
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e tal Trea preh lus ned Othe Subt er’s Prefe Perp tive risk equit
capit rred etual Othe reser sury ensiv reser earni rs otal y
equit
reser reser
al stock bond rs ve stock e ve ngs
y
ve ve
s s inco
me
decr
ease)
(I)
Total
----
com
419178220891219
preh
684435403374512
ensiv
130.2206336.68258
e
302.182.485.80
inco
me
(II)
Capi
tal
inves - - - - - -
177589
ted 231 900 191 254 186 118
236807
or 643 000 753 153 510 256
907341.
redu 42.0 000. 552. 991. 156. 173
1.8344
ced 0 00 47 92 00 0.39
by
own
ers
1.
Ordi
nary
---
share 312 294
233163186
s 864 212
722137510
inves 000 984
00.0956.156.
ted 0.00 4.00
00000
by
own
ers
2.
Capi
tal
contr
ibuti
----
on 193
207900191898898
from 336
858.000753208208
other 840.
00000.552.854.854.
equit 20
00472727
y
instr
ume
nt
hold
202Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2025
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e Prefe Perp tal Trea preh lus ned Othe Subt
er’s
tive risk equit
capit rred etual Othe reser sury ensiv reser earni rs otal y
equit
reser reser
al stock bond rs ve stock e ve ngs
y
ve ve
s s inco
me
ers
3.
Amo
unt
of
share
-
base -
271213213
d 186
050615615
pay 510
92.1248.248.
ment 156.
61616
inclu 00
ded
in
own
er’s
equit
y
----
4.311311135166
Othe 457 457 627 772
rs 968. 968. 092 889
28288.176.45
(III)
----
Profi 139
314175479655
t 248
638389651041
distri 895.
460.564.629.194.
butio 80
79990807
n
1.
Appr
opria -
139
tion 139
248
of 248
895.
surpl 895.
80
us 80
reser
ve
2.
Appr
opria
tion
of
gene
ral
203Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2025
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e Prefe Perp tal Trea preh lus ned Othe Subt
er’s
tive risk equit
capit rred etual Othe reser sury ensiv reser earni rs otal y
equit
reser reser
al stock bond rs ve stock e ve ngs
y
ve ve
s s inco
me
risk
reser
ve
3.
Distr
ibuti
----
on to
108108479588
own
622622651274
ers
565.565.629.194.
(or
69690877
share
hold
ers)
---
4.667667667
Othe 669 669 669
rs 99.3 99.3 99.3
000
(IV)
Inter
nal
-
carry 221
212223
over 650
970780
of 508.
9.00217.
own 09
09
er’s
equit
y
1.
Capi
tal
reser
ve
conv
erted
into
capit
al (or
share
capit
al)
2.
Surp
lus
reser
204Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2025
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e Prefe Perp tal Trea preh lus ned Othe Subt
er’s
tive risk equit
capit equitrred etual Othe reser sury ensiv reser earni rs otal y reser reser
al stock bond rs ve stock e ve ngs
y
ve ve
s s inco
me
ve
conv
erted
into
capit
al (or
share
capit
al)
3.
Loss
cove -
212
red 212
339
by 339
893.
surpl 893.
50
us 50
reser
ve
4.
Chan
ge in
defin
ed
bene
fit
plan
carri
ed
forw
ard
to
retai
ned
earni
ngs
5.
Othe
r
com
-
preh 212
212
ensiv 970
970
e 9.00
9.00
inco
me
carri
ed
205Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2025
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e Prefe Perp tal Trea preh lus ned Othe Subt
er’s
tive risk equit
capit rred etual Othe reser sury ensiv reser earni rs otal y
equit
reser reser
al stock bond rs ve stock e ve ngs
y
ve ve
s s inco
me
forw
ard
to
retai
ned
earni
ngs
-
114
6.114
403
Othe 403
23.5
rs 23.5
9
9
(V)
Appr
opria
tive
reser
ve
1.
Curr
ent
appr
opria
tion
2.
Curr
ent
appli
catio
n
-
292104104
(VI) 187 781
795887965
Othe 908 23.9
826.670.794.
rs 155. 8
142523
89
IV.Closi
ng
-222121343
bala 450 600 161 524 425 329 823
124002898900
nce 277 000 020 159 137 760 408
352303140443
of 430 000. 446 614 47.7 693 866
64606.011.717.8
curre 6.00 00 3.61 6.97 6 5.84 4.33
2.90932
nt
perio
d
206Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Previous amount
Unit: yuan
2024
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e Prefe Perp tal Trea preh lus ned Othe Subt
er’s
tive risk equit
capit reser sury ensiv reser earni rs otal equitrred etual Othe reser reser y
al y stock bond rs ve stock e ve ngs ve ve
s s inco
me
I.Previ - 247 111 359
454103198597927338969
ous 921 760 543 303
577000988423097955481
closi 105 546 216 762
590000264175599.316422
ng 489. 06.4 81.4 87.8
1.000.000.826.19447.169.97
bala 30 0 5 5
nce
A
dd:
Chan
ges
in
acco
untin
g
polic
ies
C
orrec
tion
of
previ
ous
error
s
O
thers
II.Curr - 247 111 359
454103198597927338969
ent 921 760 543 303
577000988423097955481
open 105 546 216 762
590000264175599.316422
ing 489. 06.4 81.4 87.8
1.000.000.826.19447.169.97
bala 30 0 5 5
nce
III.Curr
----
ent 470 - 951 - 416 881 615
198771698266
incre 000 164 334 741 614 275 058
372277073216
ase/d 000. 68.8 47.7 491 589. 657. 674.
53.0443.695.983.
ecrea 00 5 0 0.03 24 30 17
0446813
se
(“-”
207Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2024
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e er’s Prefe Perp tal Trea preh lus ned Othe Subttive risk equit
capit rred etual Othe reser sury ensiv reser earni rs otal
equit
reser reser y
al y stock bond rs ve stock e ve ngs ve ve
s s inco
me
for
decr
ease)
(I)
Total
-
com 951 473 568 350
217
preh 334 599 732 826
905
ensiv 47.7 068. 515. 633.
882.
e 0 10 80 09
71
inco
me
(II)
Capi
tal
inves - - -
470-372309681
ted 198 775 698
000164554210764
or 372 665 073
000.68.8175.076.252.
redu 53.0 798. 695.
005407010
ced 0 43 68
by
own
ers
1.
Ordi
nary
--
share 575 282
293293
s 652 298
354354
inves 817. 134.
683.683.
ted 82 80
0202
by
own
ers
2.
Capi
tal
contr
ibuti
470--470470
on 390
523000164337061061
from 34.1
4.00000.68.879.9579.579.
other 3
00572525
equit
y
instr
ume
nt
208Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2024
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e er’s Prefe Perp tal Trea preh lus ned Othe Subttive risk equit
capit equitrred etual Othe reser sury ensiv reser earni rs otal reser reser y
al stock bond rs ve stock e ve ngs
y
ve ve
s s inco
me
hold
ers
3.
Amo
unt
of
share
-
base - -
d 163 359
847104804
pay 325 172
279.260675.
ment 719. 998.
173.5364
inclu 69 86
ded
in
own
er’s
equit
y
-----
4.198319338265265
Othe 424 024 866 400 400
rs 87.0 429. 916. 137. 137.
085855959
(III)
----
Profi 134
778643365429
t 994
988993181581
distri 33.8
22.788.8913.302.
butio 8
792716
n
1.
Appr
opria -
134
tion 134
994
of 994
33.8
surpl 33.8
8
us 8
reser
ve
2.
Appr
opria
tion
of
gene
209Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2024
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e er’s Prefe Perp tal Trea preh lus ned Othe Subttive risk equit
capit rred etual Othe reser sury ensiv reser earni rs otal
equit
reser reser y
al stock bond rs ve stock e ve ngs
y
ve ve
s s inco
me
ral
risk
reser
ve
3.
Distr
ibuti
--
on to
365365
own
181181
ers
913.913.
(or
2727
share
hold
ers)
---
4.643643643
Othe 993 993 993
rs 88.8 88.8 88.8
999
(IV)
Inter
nal
-
carry 209
209
over 143
143
of 43.9
43.9
own 1
1
er’s
equit
y
1.
Capi
tal
reser
ve
conv
erted
into
capit
al (or
share
capit
al)
2.
Surp
lus
210Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2024
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e tal Trea preh lus ned Othe Subt er’s Prefe Perp tive risk equit
capit rred etual Othe reser sury ensiv reser earni rs otal
equit
reser reser y
al y stock bond rs ve stock e ve ngs ve ve
s s inco
me
reser
ve
conv
erted
into
capit
al (or
share
capit
al)
3.
Loss
cove
red
by
surpl
us
reser
ve
4.
Chan
ge in
defin
ed
bene
fit
plan
carri
ed
forw
ard
to
retai
ned
earni
ngs
5.
Othe
r
com
preh
ensiv
e
inco
me
carri
211Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2024
Owner’s equity attributable to the parent company
Other equity Othe
instruments r Total
Appr Gene Min
Item Shar Capi Less: com Surp Retai own
opria ral ority
e Prefe Perp tal Trea preh lus ned Othe Subt
er’s
tive risk equit
capit reser sury ensiv reser earni rs otal equitrred etual Othe reser reser y
al y stock bond rs ve stock e ve ngs ve ve
s s inco
me
ed
forw
ard
to
retai
ned
earni
ngs
-
209
6.209
143
Othe 143
43.9
rs 43.9
1
1
(V)
Appr
opria
tive
reser
ve
1.
Curr
ent
appr
opria
tion
2.
Curr
ent
appli
catio
n
120
(VI) 438 438 766
490
Othe 835 835 073
91.1
rs 4.99 4.99 6.15
4
IV.Closi
ng
-101256108365
bala 452 150 198 520 229 338
825114573881454
nce 593 000 986 295 023 213
972288302046349
of 864 000 617 431 903. 825
041.19.263.798.362.0
curre 8.00 0.00 1.97 2.75 76 7.13
601022
nt
perio
d
212Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
8. Statement of changes in equity of the parent company
Current amount
Unit: yuan
2025
Other equity instruments Other
Less: compr Appro Retain Total
Item SurpluShare Preferr Perpet Capital Treasu ehensi priativ ed owner’s Others
capital ed ual Others reserve ry ve e earnin s reserve
stocks bonds stock incom reserve gs equity
e
I.Previo
4525150019891107922902205801147252022740
us
93864000008661781533903.4000.59949643706435
closing
8.000.001.9798.8176001.625.5012.14
balanc
e
A
dd:
Chang
es in
accoun
ting
policie
s
C
orrecti
on of
previo
us
errors
O
thers
II.Curren
t 4525 1500 1989 11079 22902 20580 1147 2520 22740
openin 93864 00000 86617 8153 3903. 4000. 59949 64370 6435
g 8.00 0.00 1.97 98.81 76 00 1.62 5.50 12.14
balanc
e
III.Curren
t
------
increas 57303
23164900003796618651867941926
e/decre 976.3
342.00000.1708.0156.6478.95839ase (“- 6
0003600196.19
” for
decrea
se)
(I) - -
Total 69255 69255
compr 6913. 6913.ehensi 20 20
213Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2025
Other equity instruments Other
Less: compr Appro Retain Total
Item SurpluShare Preferr Perpet Capital Treasu ehensi priativ ed owner’s Others
capital ed ual Others reserve ry ve e earnin s reserve
stocks bonds stock incom reserve gs equity
e
ve
incom
e
(II)
Capital
-----
investe 57303
2316490000191751865187110
d or 976.3
342.00000.3552.0156.3762.
reduce 6
000470011
d by
owners
1.
Ordina
---
ry
233721631318651
shares
200.07956.0156.
investe
00000
d by
owners
2.
Capital
contrib
ution
---
from 19333
20785900001917589820
other 6840.
8.000000.3552.8854.
equity 20
004727
instru
ment
holder
s
3.
Amou
nt of
share-
based -
2710521361
payme 18651
092.15248.
nt 0156.
616
includ 00
ed in
owner’
s
equity
4.
Others
(III) - -
Profit 17538 17538
distrib 9564. 9564.ution 99 99
1.
214Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2025
Other equity instruments Other
Less: compr Appro Retain Total
Item SurpluShare Preferr Perpet Capital Treasu ehensi priativ ed owner’s Others
capital ed ual Others reserve ry ve e earnin s reserve
stocks bonds stock incom reserve gs equity
e
Appro
priatio
n of
surplus
reserve
2.
Distrib
ution - -
to 10862 10862
owners 2565. 2565.(or 69 69
shareh
olders)
--
3.6676666766
Others 999.3 999.3
00
(IV)
Interna
l
carryo
ver of
owner’
s
equity
1.
Capital
reserve
conver
ted
into
capital
(or
share
capital
)
2.
Surplu
s
reserve
conver
ted
into
capital
(or
share
capital
)
215Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2025
Other equity instruments Other
Less: compr Appro Retain Total
Item SurpluShare Preferr Perpet Capital Treasu ehensi priativ ed owner’s Others
capital ed ual Others reserve ry ve e earnin s reserve
stocks bonds stock incom reserve gs equity
e
3. Loss
covere
d by
surplus
reserve
4.
Chang
e in
define
d
benefit
plan
carried
forwar
d to
retaine
d
earnin
gs
5.
Other
compr
ehensi
ve
incom
e
carried
forwar
d to
retaine
d
earnin
gs
6.
Others
(V)
Appro
priativ
e
reserve
1.
Curren
t
approp
riation
2.
Curren
t
216Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2025
Other equity instruments Other
Less: compr Appro Retain Total
Item SurpluShare Preferr Perpet Capital Treasu ehensi priativ ed owner’s Others
capital ed ual Others reserve ry ve e earnin s reserve
stocks bonds stock incom reserve gs equity
e
applica
tion
--
(VI) 18790 18790
Others 8155. 8155.
8989
IV.Closin
g 4502 60000 1610 11137 42513 20580 1147 1652 20813
balanc 77430 0000. 20446 1193 747.7 4000. 59949 69722 6851
e of 6.00 00 3.61 75.17 6 00 1.62 7.31 15.95
current
period
Previous amount
Unit: yuan
2024
Other equity instruments Other
Less: compr Appro Retain Total
Item SurpluShare Preferr Perpet Capital Treasu ehensi priativ ed owner’s Others
capital ed ual Others reserve ry ve e earnin s reserve
stocks bonds stock incom reserve gs equity
e
I.Previo
45451030198911536927091147244221764
us 14090
77590000008826447317599.59949289309369
closing .78
1.000.000.8261.98441.624.0290.78
balanc
e
A
dd:
Chang
es in
accoun
ting
policie
s
C
orrecti
on of
previo
us
errors
O
thers
II. 4545 1030 1989 11536 92709 14090 1147 2442 21764
Curren 77590 00000 88264 4731 7599. .78 59949 28930 9369
217Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2024
Other equity instruments Other
Less: compr Appro Retain Total
Item SurpluShare Preferr Perpet Capital Treasu ehensi priativ ed owner’s Others
capital ed ual Others reserve ry ve e earnin s reserve
stocks bonds stock incom reserve gs equity
e
t 1.00 0.00 0.82 61.98 44 1.62 4.02 90.78
openin
g
balanc
e
III.Curren
t
---
increas 47000 - 20578 78354 97570
198374566569807
e/decre 0000. 16468 9909. 401.4 6521.
253.07763.3695.ase (“- 00 .85 22 8 36
01768
” for
decrea
se)
(I)
Total
compr 20578 14275 34854
ehensi 9909. 3790. 3699.ve 22 37 59
incom
e
(II)
Capital
---
investe 47000 - 69156
198374566569807
d or 0000. 16468 2210.
253.07763.3695.
reduce 00 .85 66
01768
d by
owners
1.
Ordina
ry 26695 26695
shares 955.7 955.7
investe 7 7
d by
owners
2.
Capital
contrib
ution
from 47000 - - 47006
5234.39034
other 0000. 16468 33779 1579.
00.13
equity 00 .85 .97 25
instru
ment
holder
s
3.--19480
Amou 16436 35917 4675.
218Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2024
Other equity instruments Other
Less: compr Appro Retain Total
Item SurpluShare Preferr Perpet Capital Treasu ehensi priativ ed owner’s Others
capital ed ual Others reserve ry ve e earnin s reserve
stocks bonds stock incom reserve gs equity
e
nt of 8323. 2998. 64
share- 22 86
based
payme
nt
includ
ed in
owner’
s
equity
---
4.198423190233886
Others 487.0 4429. 6916.
08585
(III) - -
Profit 64399 64399
distrib 388.8 388.8
ution 9 9
1.
Appro
priatio
n of
surplus
reserve
2.
Distrib
ution
to
owners
(or
shareh
olders)
--
3.6439964399
Others 388.8 388.8
99
(IV)
Interna
l
carryo
ver of
owner’
s
equity
1.
Capital
reserve
conver
219Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2024
Other equity instruments Other
Less: compr Appro Retain Total
Item SurpluShare Preferr Perpet Capital Treasu ehensi priativ ed owner’s Others
capital ed ual Others reserve ry ve e earnin s reserve
stocks bonds stock incom reserve gs equity
e
ted
into
capital
(or
share
capital
)
2.
Surplu
s
reserve
conver
ted
into
capital
(or
share
capital
)
3. Loss
covere
d by
surplus
reserve
4.
Chang
e in
define
d
benefit
plan
carried
forwar
d to
retaine
d
earnin
gs
5.
Other
compr
ehensi
ve
incom
e
carried
forwar
d to
retaine
220Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2024
Other equity instruments Other
Less: compr Appro Retain Total
Item SurpluShare Preferr Perpet Capital Treasu ehensi priativ ed owner’s Others
capital ed ual Others reserve ry ve e earnin s reserve
stocks bonds stock incom reserve gs equity
e
d
earnin
gs
6.
Others
(V)
Appro
priativ
e
reserve
1.
Curren
t
approp
riation
2.
Curren
t
applica
tion
(VI)
Others
IV.Closin
g 4525 1500 1989 11079 22902 20580 1147 2520 22740
balanc 93864 00000 86617 8153 3903. 4000. 59949 64370 6435
e of 8.00 0.00 1.97 98.81 76 00 1.62 5.50 12.14
current
period
III. Company profile
(I) Development history
New Hope Liuhe Co. Ltd. (formerly Sichuan New Hope Agriculture Co. Ltd.) (hereinafter referred to as the “Company” or
“Company”) was established on March 4 1998 with the approval of Sichuan Provincial People’s Government in Document CFH
(1997) No. 260 based on an overall change to the former Mianyang Hope Feed Co. Ltd. with a registered capital of
140020000.00 yuan. Respectively on March 11 1998 and September 15 1998 the Company publicly issued 36000000 public
shares to the public and 4000000 internal employee shares to its employees which were respectively listed for trading on
Shenzhen Stock Exchange with stock code: 000876. After the listing of stocks transfer of shares in May 2000 allotment of shares
in March 2001 transfer of shares in July 2002 October 2002 June 2008 and May 2010 implementation of the Equity Division
Reform Plan in August 2006 completion of material assets reorganization in October 2011 implementation of the profit
compensation scheme for material assets reorganization in July 2014 private offering in August 2014 capital increase by
221Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
conversion in June 2016 and issuance of shares and purchase of assets in January 2017 the Company’s total share capital has
been changed to 4216015009 shares.In accordance with the resolution of the 2018 annual general meeting and the Approval on the Public Offering of Convertible
Corporate Bonds by New Hope Liuhe Co. Ltd. (CSRC Approval [2019] No. 1902) issued by the CSRC the Company publicly
issued 40 million convertible corporate bonds on January 3 2020 each having a par value of 100 yuan for a total amount of 4
billion yuan. Duration of the convertible bonds is from January 3 2020 to January 2 2026 convertible from July 9 2020 to
January 2 2026. In 2020 the share capital was increased by 111119860 shares by conversion of convertible bonds into shares.In accordance with the resolution of the first extraordinary general meeting in 2019 held on June 6 2019 the Proposal
regarding the ‘Restricted Stock and Stock Option Incentive Plan 2019 (Draft) of New Hope Liuhe Co. Ltd.’ and its Summary was
approved whereby the Company completed the registration of the 3.60 million shares of restricted stock and 8.40 million stock
options granted to 24 incentive recipients on July 29 2019 increasing its share capital by 2166055 shares due to exercise of stock
options as at December 31 2022. In accordance with the resolutions of the first extraordinary general meeting in 2020 the first
extraordinary general meeting in 2021 and the first extraordinary general meeting in 2022 the Proposal on Partially Canceling
Stock Options and Partially Repurchasing Restricted Stocks for Cancellation was approved and the Company repurchased
1406250 shares of restricted stocks for cancellation as at December 31 2022.
In accordance with the resolution of the 2019 annual general meeting and the Approval on the Non-public Offering of Shares
by New Hope Liuhe Co. Ltd. (CSRC Approval [2020] No.1961) issued by the CSRC the Company privately placed 177147918
shares of common stocks denominated in RMB to two particular shareholders (Nanfang Hope Industry Co. Ltd. and New Hope
Group Co. Ltd.) against capital contributions by each shareholder in cash. The private placement was completed on September 18
2020.
In accordance with the resolution of the second extraordinary general meeting in 2020 and approval of CSRC in the Approval
on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd. (CSRC Approval [2021] No. 1351) the
Company publicly issued 81.50 million convertible corporate bonds on November 2 2021 each having a par value of 100 yuan
for a total amount of 8.15 billion yuan and a duration from November 2 2021 to November 1 2027 convertible from May 9 2022
to November 1 2027. In 2022 the capital stock was increased by 440503 shares due to conversion of convertible bonds into
shares.According to the Proposal regarding the ‘Restricted Stock Incentive Plan 2022 (Draft) of New Hope Liuhe Co. Ltd.’ and its
Summary deliberated and approved at the 52nd meeting of the 8th Board of Directors and the 2021 annual general meeting and
the Proposal on Adjusting Matters Related to the Restricted Stock Incentive Plan 2022 deliberated and approved at the 3rd meeting
of the 9th Board of Directors the Company granted 41.37 million restricted shares to incentive recipients including 33.2750
million restricted shares granted for the first time and 8.0950 million restricted shares reserved for grant. The source of shares for
this restricted stock incentive plan is the RMB A-share common stocks issued by the Company to the incentive recipients. The
initial grant date of this incentive plan is July 25 2022.The conversion of convertible corporate bonds increased the share capital by 5306 shares during the period.At the second extraordinary general meeting in 2022 the Company considered and approved the Proposal regarding the
Failure in Meeting the Lifting Conditions in the Third Lifting Period under the Restricted Stock and Stock Option Incentive Plan
2019 and Repurchase and Cancellation of Restricted Stocks agreeing to repurchase and cancel a total of 438750 restricted stocks
held by 15 incentive recipients that were not released for sale under the Restricted Stock and Stock Option Incentive Plan 2019
and completed the cancellation procedure in 2023.At the 2022 annual general meeting held on May 22 2023 the Company considered and approved the Proposal regarding the
Failure in Meeting the Lifting Conditions in the Fourth Lifting Period under the Restricted Stock and Stock Option Incentive Plan
2019 and Repurchase and Cancellation of Restricted Stocks to repurchase and cancel a total of 438750 restricted stocks held by
15 incentive recipients that were not released for sale and completed the cancellation procedure in 2023.
222Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
At the 15th meeting of the 9th Board of Directors and the 11th meeting of the 9th Board of Supervisors the Company
considered and approved the Proposal on Granting Reserved Restricted Stock to Incentive Recipients granting a total of 7.89
million restricted shares to 370 incentive recipients. The source of shares is the RMB A-share common stocks issued by the
Company to the incentive recipients. The initial grant date of this incentive plan was May 30 2023. The Company completed the
registration formalities for the 7.89 million reserved restricted shares granted to 370 incentive recipients on July 25 2023 with a
grant price of 7.98 yuan/share.In 2024 the Company increased its share capital by 5234 shares due to the conversion of convertible bonds and reduced its
share capital by 19842487 shares due to the cancellation of treasury stock.In 2025 the Company increased its share capital by 207858 shares due to the conversion of convertible bonds. Additionally
23372200 restricted stocks were canceled due to the failure to meet the conditions of the previous equity incentive plan and the
unlocking conditions of restricted stocks.As at December 31 2025 the total share capital of the Company was 4502774306.00 shares including 2168614.00
outstanding restricted stocks and 4500605692.00 outstanding unrestricted stocks.(II) Business situation
After years of development by December 31 2025 the Company and its subsidiaries (hereinafter referred to as the “Group”)
had successively possessed 610 directly or indirectly controlled subsidiaries 17 associates and 6 joint ventures in 30 Chinese
provinces municipalities autonomous regions and special administrative regions (including Sichuan Yunnan Guizhou Beijing
Shanghai Chongqing Guangdong Hainan Hebei Henan Shandong Shanxi Jiangsu Anhui Zhejiang Jiangxi Hubei Hunan
Shaanxi Liaoning Jilin Heilongjiang Gansu Inner Mongolia Xizang Guangxi Ningxia Tianjin Hong Kong and Fujian) and
14 foreign countries (including Vietnam Cambodia the Philippines Bangladesh Indonesia Sri Lanka Singapore Myanmar Laos
Nepal Egypt South Africa India and Nigeria) through investment M&A and other means becoming an industrial conglomerate
with feed and breeding as its core competitiveness.(III) Address business scope and other information
The Company’s unified social credit code is 91510000709151981F legal representative is Liu Chang and registered address
is National High-tech Industry Development Zone Mianyang City Sichuan Province. It is headquartered at No. 376 Jinshi Road
Jinjiang Industrial Park Chengdu City Sichuan Province.Business scope: production and processing of compound feed concentrated feed and concentrate supplements (by branches
only) (the above business items and term of business are subject to the business license). General business items (the following
scope does not include business items subject to pre-registration approval while business items subject to post-registration
approval are to be conducted by virtue of license or approval document): planting of cereals and other crops; raising of livestock;
raising of pigs; poultry raising; wholesale and retail sale of goods; import and export business; project investment and management;
scientific and technological exchange and promotion services.(IV) Main products
The Group's main products of feed business include swine feed poultry feed and fish feed; and that of pig business include
breeding pigs commercial pigs and livestock slaughtering.(V) Financial report approval date
The financial statements for 2025 of the Group were approved by the Board of Directors on April 28 2026.IV. Preparation basis of the financial statements
1. Preparation basis
The financial statements of the Group were prepared on a going concern basis based on the accrual system and actual
transactions and events in accordance with the Accounting Standards for Business Enterprises – Basic Principles and specific
accounting standards Guidelines for Application of the Accounting Standards for Business Enterprises interpretations of the
223Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Accounting Standards for Business Enterprises and other relevant rules (hereinafter collectively referred to as “ASBE”) of the
Ministry of Finance as well as the disclosure rules set forth in the Rules for the Preparation of Information Disclosure by
Companies Offering Securities to the Public No. 15 – General Provisions for Financial Reporting issued by the CSRC.
2. Going concern
These financial statements have been prepared on a going concern basis. The Group has the ability to continue operations for at
least 12 months after the end of the reporting period and there are no major events that affect its ability as a going concern.V. Significant accounting policies and accounting estimates
Reminder about specific accounting policies and accounting estimates:
1. Statement on compliance with ASBE
The financial statements are in compliance with the ASBE and give a true and fair view of the consolidated and the Group’s
financial position as at December 31 2025 and of the consolidated and the parent company’s business performance and cash flows
in 2025.
2. Accounting period
The fiscal year is from January 1 to December 31 every calendar year.
3. Operating cycle
The Group regards the period from acquisition of assets used for processing to realization of cash or cash equivalents as the
normal operating cycle and the operating cycle of the Group's principal businesses is generally less than 12 months.
4. Functional currency
The Company and its domestic subsidiaries use RMB as accounting currency; its overseas subsidiaries use currencies in the
primary economic environments in which they operate as accounting currencies and they need to prepare financial statements in
accounting currencies and financial statements converted into RMB.
5. Determination and selection of significance criterion
□Applicable □Not applicable
Item Significance standards
Significant accounts receivable with provision for bad debts on With a single amount accounting for more than 5% of the
an individual basis accounts receivable or greater than 10 million yuan
Significant accounts receivable written off during the period With a single amount greater than 10 million yuan
With a single amount older than one year accounting for more
Significant prepayments older than one year
than 5% of the prepayments or greater than 10 million yuan
Significant other receivables with provision for bad debts on an With a single amount accounting for more than 5% of the other
individual basis receivables or greater than 10 million yuan
224Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Significant other receivables written off during the period With a single amount greater than 10 million yuan
With a closing amount greater than 0.5% of the most recent
Significant construction in progress
audited consolidated total assets
With a single amount older than one year accounting for more
Significant accounts payable older than one year than 5% of the accounts payable or greater than 10 million
yuan
With a single amount older than one year accounting for more
Significant advance collections older than one year than 5% of the advance collections or greater than 10 million
yuan
With a single amount older than one year accounting for more
Significant contract liabilities older than one year than 5% of the contract liabilities or greater than 10 million
yuan
With a single amount older than one year accounting for more
Significant other payables older than one year
than 5% of the other payables or greater than 10 million yuan
An investment in which the cash flow from a single investing
Significant investing activities
activity exceeds 10% of the total assets
With closing balance of a single project accounting for more
Significant capitalized items (development expenditure) than 10% of the closing balance of development expenditure
and greater than 100 million yuan
Significant transactions in which the share of owner’s equity in
a subsidiary changes but the control over the subsidiary With a change of net assets of more than 10 million yuan
remains
With net assets accounting for more than 10% of the Group's
Significant non-wholly-owned subsidiaries
net assets and of an amount greater than 2 billion yuan
With the book value of long-term equity investment in a single
Significant associates and joint ventures investee accounting for more than 5% of the Group's net assets
and of an amount greater than 1 billion yuan
Significant contingencies are those with an impact of more than
Significant contingencies
0.1% of the total assets
The Group considers the profit distribution and the
Material events after the balance sheet date postponement of equity investment project after the balance
sheet date as material events
With the transfer proceeds of individual assets exceeding 10%
of the total profits and of an amount greater than R1 billion
Significant asset transfer and sale yuan or the net assets of the transferred subsidiaries accounting
for more than 5% of the Group's net assets and of an amount
greater than 1 billion yuan
6. Accounting for business combination under common control and not under common control
(1) Business combination under common control
A business combination in which companies participating in combination are all ultimately controlled by the same one or
more parties before and after combination and such control is not temporary is a business combination under common control.Assets and liabilities acquired by the combing party in a business combination are measured at book value thereof in the
consolidated financial statements of the ultimate controlling party at the combination date. The share capital premium in the capital
reserve is adjusted by the difference between the book value of net assets acquired and the book value of combination
consideration paid (or total par value of shares issued); the retained earnings are adjusted if the share capital premium in capital
reserve is insufficient for offsetting. The combination date is the date when the combining party actually acquires the control of the
combined party.
(2) Business combination not under common control
A business combination in which all parties participating in combination are not ultimately controlled by the same one or
more parties before and after combination is a business combination not under common control. .The sum of assets paid out by the
acquiring party to acquire the control of the acquired party (including equities held in the acquired party before the purchase date)
225Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
liabilities incurred or assumed and fair value of equity securities issued at the purchase date minus the share of identifiable net
assets of the acquired party at the purchase date that are acquired in combination is recognized as goodwill if positive or included
in the current non-operating income if negative. The purchase date is the date when the acquiring party actually acquires the
control of the acquired party.For a business combination not under common control that is realized step by step through multiple transactions equities of
the acquired party held prior to the purchase date are re-measured at the fair value of such equities as of the purchase date and the
difference between fair value and their book value is included in the current investment income. Other comprehensive income
involved in equities held in the acquired party prior to the purchase date that can be subsequently re-classified into profit or loss
under the equity method and other changes in owner’s equity are transferred to current investment income at the purchase date;
where the equities held in the acquired party prior to the purchase date are equity instrument investments at fair value through
other comprehensive income other comprehensive income recognized prior to the purchase date is transferred to the retained
earnings at the purchase date.
(3) Treatment of related transaction costs in business combination
The audit legal service appraisal consulting and other intermediary fees and other related management expenses incurred by the
Company for business combination are included in the current profit or loss as and when incurred. The transaction costs of equity
securities or debt securities issued by the Company as the consideration for combination are included in the initially recognized
amount of the equity securities or debt securities.
7. Criteria of control and preparation of the consolidated financial statements
(1) Criteria of control
Control means that the Group has power over the invested entity to enjoy variable returns by participating in the related
activities of the invested entity and has the ability to exert its power over the invested entity to influence the amount of its return.
(2) Preparation of the consolidated financial statements
* General principles
The scope of consolidation of the consolidated financial statements is determined based on control which covers the
Company and subsidiaries controlled by the Company. The inclusion of a subsidiary begins when the Group obtains actual control
of the subsidiary and ceases when the Group loses actual control of the subsidiary.The equities profit or loss and total comprehensive income attributable to minority shareholders of subsidiaries are separately
presented in the shareholder equities of the consolidated balance sheet and after the items of net profit and total comprehensive
income on the consolidated income statement respectively. If the current loss shared by minority shareholders of a subsidiary
exceeds the share of minority shareholders in the beginning owner's equity of the subsidiary its balance is still offset against the
minority interests.Where the accounting period or accounting policy applied by a subsidiary is inconsistent with that applied by the Group
necessary adjustments have been made to the financial statements of such subsidiary according to accounting period or accounting
policy applied by the Group upon consolidation. All significant internal transactions internal current accounts and unrealized
profit or loss on internal transactions within the scope of consolidation have been offset when preparing the consolidated financial
statements.* Acquisition of a subsidiary through business combination
For a subsidiary acquired through business combination under common control when preparing the consolidated current
financial statements based on the book value of all assets and liabilities of the combined subsidiary in the financial statements of
the ultimate controlling party the combined subsidiary is regarded as if it has been included in the scope of consolidation of the
Group when the ultimate controlling party of the Group begins exercising control over it and corresponding adjustments are made
to the opening amounts of the consolidated financial statements and previous comparative statements.
226Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
For a subsidiary acquired through business combination not under common control when preparing the consolidated current
financial statements based on the fair value of various identifiable assets and liabilities of the acquired subsidiary as determined at
the purchase date the acquired subsidiary is included in the scope of consolidation of the Gorup as of the purchase date.* Disposal of a subsidiary
When the Group loses its control over an existing subsidiary the resulting gains or losses from disposal are included in the
investment income in the period during which the control is lost. Where the control over an existing subsidiary is lost due to
disposal of part of equity investment or otherwise in the consolidated financial statements the remaining equities are re-measured
at the fair value thereof at the date of loss of control; the sum of the consideration acquired by disposal of equities and the fair
value of remaining equities minus the share of the net assets continuously calculated by the existing subsidiary from the date of
purchase as calculated at the original shareholding ratio and goodwill is included in the investment income during the period in
which the control is lost. Moreover other comprehensive income etc. related to the equity investment in the existing subsidiary
are included in the current investment income at the time of loss of control except for other comprehensive income resulting from
changes in net liabilities or net assets of the defined benefit plan re-measured by such existing subsidiary.Where the Company disposes of its equity investment in a subsidiary step by step through multiple transactions until loss of
control distinction needs to be made as to whether all such transactions constitute a package deal:
A. These transactions are entered into simultaneously or taking into account the mutual effect;
B. These transactions can only achieve a complete commercial result if made together;
C. The occurrence of a particular transaction depends upon occurrence of at least one other transaction;
D. A particular transaction is uneconomical if looked at individually but is economical if considered together with other
transactions.Where the individual transactions do not constitute a package transaction each of the transactions before loss of control over
the subsidiary is handled in accordance with the accounting policy for partial disposal of the equity investment in the subsidiary
under the condition of not losing control as detailed in “Note V. 7(2)* ”.Where various transactions constitute a package deal the various transactions are accounted for as a single transaction of
disposal of subsidiary and loss of control; however the difference between each disposal price before loss of control and the share
of net assets of such subsidiary corresponding to disposal of investment as continuously calculated as from the purchase date is
included in other comprehensive income in the consolidated financial statements and transferred to the profit or loss in the period
of loss of control all together at the time of loss of control.* Changes in minority interest
The capital reserve in the consolidated financial statements is adjusted by both the difference between the long-term equity
investment newly acquired by the Group due to purchase of minority interest and the share of net assets of the subsidiary as
calculated at the newly-added shareholding ratio and the difference between the disposal price acquired from partial disposal of
equity investments in subsidiaries without loss of control and the share of net assets of the subsidiaries corresponding to disposal
of long-term equity investments with the retained earnings to be adjusted if the capital reserve is sufficient for offsetting purposes.
8. Classification of joint venture arrangements and accounting treatment of joint operation
A joint arrangement refers to the arrangement where two or more parties have joint control. Joint arrangements are divided
into joint operation and joint venture based on the rights and obligations of the Group in such joint arrangements. Joint operation
refers to a joint arrangement where the Group holds the relevant assets and assumes the relevant liabilities of the arrangement. A
joint venture refers to a joint arrangement where the Group only has rights to relevant net assets.As a party to joint operation the Group recognizes assets separately held and liability separately assumed by the Group and
assets held jointly and liabilities assumed jointly by the Group according to its share; recognizes the income from joint operation
due to sale of products according to its share; recognizes the expenses incurred separately by the Group and recognizes the
expenses incurred by joint operation according to its share.
227Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Investment in a joint venture is accounted for using the equity method and subject to the accounting policies stated in "NoteV. (18) Long-term equity investment”.
9. Criteria for determination of cash and cash equivalents
Cash and cash equivalents of the Group include cash on hand bank deposits available for payment at any time and investment of
short term (generally due within 3 months since purchase date) and strong liquidity easy to be converted into known amount with
small risk of value variation.
10. Foreign currency transactions and translation of foreign currency statements
(1) Foreign currency transactions
Foreign currency transactions of the Group are translated into the functional currency using the spot exchange rates prevailing
at the transaction date but foreign exchanges or transactions involving foreign exchange are translated into the functional currency
using actually adopted exchange rates.On the balance sheet date the foreign-currency monetary items are converted at the spot exchange rate on the balance sheet
date with the resulting exchange difference generally included in the current profit or loss except that: * the exchange difference
resulting from foreign-currency special borrowings related to acquisition of assets that meet the capitalization conditions is
accounted for according to the principles for capitalization of borrowing costs; * the exchange difference from hedging
instruments used for effective hedging of net investments in overseas operations is included in other comprehensive income and
will not be recognized as current profit or loss until disposal of the net investments; * the exchange difference resulting from
changes in book balances of foreign-currency monetary items available for sale other than amortized costs is included in other
comprehensive income.Foreign currency non-monetary items measured at their historical costs are measured at the amount in accounting currency
converted at the spot exchange rate when the transaction occurs. Foreign currency non-monetary items measured at fair value are
converted at the spot exchange rate at the date of determination of fair value with the difference included in the current profit or
loss or other comprehensive income.
(2) Translation of foreign currency statements
If the consolidated financial statements involve an overseas business for foreign currency monetary items substantially
constituting net investment in the overseas business the exchange difference arising from change in exchange rate is included in
other comprehensive income as “foreign currency statements translation difference”; and recorded into profit or loss of the period
when the overseas business is disposed.The method for foreign currency statement translation of overseas operations is as follows:
The items of assets and liabilities in the balance sheet are converted at the spot exchange rate at the date of balance sheet; all
items of owner's equity other than “retained earnings” are converted at the spot exchange rate when incurred and “retainedearnings” are calculated and presented according to items of net profit and profit distribution; the difference in the combined
amount of items of assets liabilities and owner's equity after conversion is recognized as other comprehensive income after being
recorded as the foreign currency statement translation difference. When an overseas operation is disposed of and the control
thereof is lost the foreign currency statement translation difference presented under the item of other comprehensive income in the
balance sheet and related to such overseas operation is transferred to the current profit or loss from disposal in entirety or
according to the ratio of such overseas operation disposed of.The items of income cost and expense and others in the income statement are converted at the exchange rate approximate to
the spot exchange rate when the transaction occurs.
228Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
The items in the cash flow statement that reflect the incurred amounts are converted to the exchange rate approximate to the
spot exchange rate when the transaction occurs with the effects of exchange rate changes on cash presented separately in the cash
flow statement.
11. Financial instruments
Financial instruments refer to the instruments that form financial assets of a party and form the financial liabilities or equities
of other parties.
(1) Financial instruments by category
Financial instruments include financial assets and financial liabilities. Financial assets are classified into the following three
categories at initial recognition: * financial assets measured at amortized cost; * financial assets at fair value through other
comprehensive income; * financial assets at fair value through profit or loss.Financial liabilities are classified into the following four categories at initial recognition: * financial liabilities at fair value
through profit or loss; * financial liabilities formed by the transfer of financial assets which does not meet the conditions for
derecognition or by the continued involvement of the transferred financial assets; * financial guarantee contracts that do not fall
under * or * above and loan commitments that do not fall under * above and lent at below-market rates; * financial
liabilities measured at amortized cost.
(2) Recognition measurement and derecognition of financial assets and financial liabilities
* Financial assets measured at amortized cost
Financial assets measured at amortized cost including notes receivable accounts receivable other receivables long-term
receivables and debt investments are initially measured at fair value with related transaction costs included in the initial
recognized amount; accounts receivable that do not contain a significant financing component and accounts receivable that the
Group decides not to take into account a financing component that is less than one year old are initially measured at the contract
transaction price.Interest calculated using the effective interest method during the holding period is included in the current profit or loss.Upon recovery or disposal the difference between the price obtained and the book value of the financial asset is included in
the current profit or loss.* Financial assets at fair value through other comprehensive income (debt instruments)
Financial assets at fair value through other comprehensive income (debt instruments) including receivables financing and
other debt investments are initially measured at fair value with related transaction costs included in the initial recognized amount.Such financial assets are subsequently measured at fair value with changes in the fair value such as the interest impairment loss
or gain and exchange gain or loss calculated using the effective interest rate method included in the current profit or loss and other
gains or losses included in other comprehensive income.Upon derecognition the accumulated gains or losses previously included in other comprehensive income are transferred out
of other comprehensive income and included in current profit or loss.* Financial assets at fair value through other comprehensive income (equity instruments)
Financial assets at fair value through other comprehensive income (equity instruments) including investment in other equity
instruments are initially measured at fair value with related transaction costs included in the initial recognized amount. Such
financial assets are subsequently measured at fair value with dividends received (except those that are part of the recovery of
investment costs) included in the current profit or loss and other gains or losses included in other comprehensive income.Upon derecognition the accumulated gains or losses previously included in other comprehensive income are transferred out
of other comprehensive income and included in the retained earnings.* Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss including trading financial assets derivative financial assets and other
non-current financial assets are initially measured at fair value with related transaction costs included in the current profit or loss.
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Such financial assets are subsequently measured at fair value with the resulting gains or losses (including interest and dividend
revenue) included in the current profit or loss unless such financial assets are part of hedging relationship.* Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss including trading financial liabilities and derivative financial liabilities
are initially measured at fair value with related transaction costs included in the current profit or loss. Such financial liabilities are
subsequently measured at fair value with changes in fair value included in the current profit or loss.Upon derecognition the difference between the book value and the consideration paid are included in the current profit or
loss.* Financial liabilities measured at amortized cost
Financial liabilities measured at amortized cost including short-term borrowings notes payable accounts payable other
payables long-term borrowings bonds payable long-term payables are initially measured at fair value with related transaction
costs included in the initial recognized amount.Interest calculated using the effective interest method during the holding period is included in the current profit or loss.Upon derecognition the difference between the consideration paid and the book value of such financial liabilities are
included in the current profit or loss.
(3) Derecognition and transfer of financial assets
The Group terminates the recognition of a financial asset when any of the following conditions is met:
* The contractual right to receive the cash flows from such financial asset terminates;
* Such financial asset has been transferred and almost all risk and reward in the ownership of such financial asset has been
transferred to the transferee;
* Such financial asset has been transferred and the Group does not retain control of such financial asset although the Group
neither transfers nor retains virtually all of the risks and rewards of ownership of such financial asset.When a financial asset is transferred if almost all the risks and rewards in the ownership of the financial asset are retained
the recognition of the financial asset is not terminated.When judging whether the transfer of a financial asset satisfies the above-mentioned conditions for derecognition the
principle of substance over form is used.The Group distinguishes the transfer of financial assets into overall transfer and partial transfer. If the overall transfer of a
financial asset satisfies the conditions for derecognition the difference between the following two amounts is included in the
current profit or loss:
* The book value of the financial asset transferred;
* The consideration received due to the transfer plus the accumulated changes in fair value originally directly included in
owner’s equity (where the financial asset transferred is a financial asset at fair value through other comprehensive income (debt
instrument)).If the partial transfer of a financial asset meets the conditions for derecognition the overall book value of the transferred
financial asset is apportioned between the derecognized part and the not derecognized part according to their relative fair value
and the difference between the following two amounts is included in the current profit or loss:
* The book value of the derecognized part;
* The consideration for the derecognized portion together with the corresponding amount in the cumulative amount of fair
value changes directly credited to owners' equity (in the case where the transferred financial assets are financial assets (debt
instruments) at fair value through other comprehensive income).If the transfer of a financial asset does not meet the conditions for derecognition the financial asset continues to be
recognized with the consideration received recognized as a financial liability.
(4) Derecognition of financial liabilities
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If the present obligation of a financial liability has been discharged in whole or in part the financial liability or part thereof is
derecognized; if the Group has an agreement with creditor to replace the existing financial liability by assuming a new one and the
terms and conditions of the new one are substantially different from that of the existing one the existing financial liability is
derecognized and the new financial liability is recognized.If all or part of the contract terms of the existing financial liability are materially modified the existing financial liability or
part thereof is derecognized with the financial liability after the modification recognized as a new financial liability.For financial liabilities fully or partially terminated recognition the difference between book value of the derecognized part
and the consideration paid (including non-cash assets transferred or the new financial liability assumed) is recognized in the
current profit or loss.If the Group repurchases part of a financial liability the book value of the whole financial liability is allocated on the
repurchase date according to the relative fair value of the continued recognition part and the derecognized part. The difference
between the book value allocated to the derecognized part and the consideration paid (including non-cash assets transferred out or
new financial liabilities assumed) is included in the profit or loss.
(5) Determination of the fair value of financial assets and financial liabilities
For financial instruments with active market their fair value is determined by the quotation in the active market. Fair value of
financial instruments with no active markets is determined using valuation techniques. In valuation the Group determines the fair
value of the relevant financial assets and financial liabilities using valuation techniques that are applicable in the current
circumstances and supported by sufficient available data and other information. The Group divides the input values used by the
valuation technology into the following levels and uses them successively:
* Level 1 input value is the unadjusted quotation of the same asset or liability available on the active market at the
measurement date;
* Level 2 input value is the directly or indirectly observable input value of related asset or liability other than the Level 1
input value including: quotation of similar assets or liabilities in an active market; quotation of the same or similar assets or
liabilities in inactive markets; observable input values other than quotes such as interest rates and yield curves that are observable
during normal quotation intervals; input values for market validation; and
* Level 3 input value is the unobservable input value of the underlying asset or liability including interest rates that cannot
be directly observed or verified by observable market data stock volatility future cash flows from the disposal obligations
undertaken in a business merger and financial projections made using one's own data.
(6) Testing and accounting for impairment of financial assets
Impairment accounting for financial assets measured at amortized cost debt investment at fair value through other
comprehensive income contract assets lease receivables loan commitments that are not financial liabilities at fair value through
profit or loss financial liabilities not at fair value through profit or loss or financial guarantee contracts for financial liabilities
formed by the transfer of financial assets which does not meet the conditions for derecognition or by the continued involvement of
the transferred financial assets is performed by the Group on the basis of expected credit loss with provision for impairment loss
recognized.Expected credit loss refers to the weighted average of credit loss from financial instruments with the risk of default as weight.Credit loss refers to the difference between the aggregate contractual cash flows discounted at the original effective interest rate
and collectible under the contract and the aggregate cash flows expected to be collected which is the present value of all cash
shortages. Among them credit-impaired financial assets purchased or originated are discounted at the credit-adjusted effective
interest rate of the financial assets.For credit-impaired financial assets purchased or originated only the cumulative change in expected credit loss during the
entire duration since initial recognition is recognized as loss provision on the balance sheet date.
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Loss provision for lease receivables as well as accounts receivable and contract assets arising from transactions regulated by
the Accounting Standards for Business Enterprises No. 14 - Revenue are measured using simplified measurement method and
based on an amount equivalent to the expected credit loss throughout the duration.For financial assets other than those measured above the Group assesses at each balance sheet date whether their credit risk
has increased significantly since their initial recognition. If the credit risk has increased significantly since the initial recognition
the loss reserve is measured based on the amount of the expected credit loss throughout the duration; if the credit risk does not
increase significantly since the initial recognition the loss provision is measured based on the amount of the expected credit loss
on the financial instrument over the next 12 months.The Group uses available reasonable and evidence-based information including forward-looking information to determine
whether the credit risk of a financial instrument has significantly increased since initial recognition by comparing the risk of
default of the financial instrument on the balance sheet date with the risk of default on the date of initial recognition.On the balance sheet date if the Group determines that a financial instrument has only a low credit risk it is assumed that the
credit risk of the financial instrument has not increased significantly since its initial recognition.The Group assesses expected credit risk and measures expected credit loss on the basis of individual financial instruments or
combinations of financial instruments. On a combination basis the financial instruments are divided into different combinations
based on common risk characteristics.The Group remeasures expected credit loss at each balance sheet date with the resulting increase or reversal of the loss
provision included in the current profit or loss as an impairment loss or gain. For a financial asset measured at amortized cost the
loss provision is credited against the book value of such financial asset indicated in the balance sheet; for a debt investment that is
measured at fair value through other comprehensive income its loss provision is recognized in other comprehensive income
without charging against the book value of such financial asset.
(7) Offset of financial assets and financial liabilities
Financial assets and financial liabilities are separately presented in the balance sheet without offsetting. However where the
following conditions are all met they are presented in the balance sheet at the net amount after offsetting:
* The Group has the legal right to offset the recognized amounts and such legal right is currently enforceable; and
* The Group plans to make net settlement or realize such financial assets and repay such financial liabilities at the same
time.For transfer of financial assets not meeting the conditions for derecognition the Group does not offset the transferred
financial assets with related liabilities.
12. Notes receivable
Notes receivable of the Group include bank acceptance bills commercial acceptance bills and letters of credit. According to the
management the risks of this item are very small and the term is short. Considering that the historical default rate is zero the
Group determines that the expected credit loss rate of notes receivable is zero.
13. Accounts receivable
The Group's provision for bad debts only covers accounts receivable that are not within the scope of the consolidated financial
statements. No provision for bad debts is made for accounts receivable within the scope of the consolidated financial statements.Simplified model of expected credit loss is used for accounts receivable regardless of whether there is a significant financing
component that is the loss provision is ultimately based on the amount of expected credit loss throughout the duration and the
resulting increase or reversal of the loss provision is recognized in the current profit or loss as impairment loss or gain.
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If there is no objective evidence that an account receivable requires individual identification of the provision for bad debts and
recognition of expected credit loss expected credit loss is measured on an aging combination basis.
(1) Accounts receivable with provision for credit loss on a combination basis
Risk characteristic Basis of the Provision for expected credit loss
combination
Risk free With bank guarantee Accounts receivable guaranteed by banks are risk-free and the provision ratio
is zero
Age group at Aging By referring to the historical credit loss experience and considering the
home and abroad forecast of future economic conditions the possibility of default risk is
analyzed and the credit loss rate of the whole duration is calculated to
estimate the expected credit loss.
(2) The loss rate of bad debt provision for accounts receivable calculated by aging analysis is as follows:
Territory Aging Expected credit loss rate (%)
Domestic Within 6 months (inclusive) 1.31
6-12 months (inclusive) 6.78
Older than 1 year 100
Overseas Within 3 months (inclusive) 2.75
3-6 months (inclusive) 19.39
Older than 6 months 100
Note: accounts receivable are aged on a FIFO basis from the month in which they are actually incurred.
(2) If there is objective evidence that a certain account receivable has suffered credit impairment the Group makes a single
provision for bad debts and recognize expected credit loss for the account receivable.Provision for bad debts on an individual basis：
Reason for making individual provisions for bad debts How to make individual provisions for bad debts
Accounts receivable where there is objective evidence The ratio of provision for bad debts is determined by analyzing
that a single amount has suffered credit impairment are the current situation
subject to an individual impairment test
14. Other receivables
The Group's provision for bad debts only covers other receivables outside the scope of the consolidated financial statements.No provision for bad debts is made for other receivables within the scope of the consolidated financial statements.Impairment loss of other receivables is measured at an amount equivalent to expected credit loss over the next 12 months or
over the duration depending on whether the credit risk of such other receivables has increased significantly since initial
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recognition. In addition to other receivables with credit risk evaluated on an individual basis they are divided into different
combinations based on their credit risk characteristics by aging.
(1) The loss rate of the bad debt provision for other receivables calculated by aging analysis is as follows:
Aging Expected credit loss rate (%)
Less than 1 year (inclusive) 5.05
1-2 years (inclusive) 13.49
2-3 years (inclusive) 38.35
Older than 3 years 100
Aging based combination of credit risk characteristics: calculated on a FIFO basis from the month in which they are actually
incurred.
(2) Provision for bad debts on an individual basis
Reason for making individual provisions for bad debts How to make individual provisions for bad debts
Accounts receivable where there is objective evidence The ratio of provision for bad debts is determined by analyzing
that a single amount has suffered credit impairment are the current situation
subject to an individual impairment test
Accounts receivable with a single amount of more than The provision for impairment is calculated considering the time
100 million yuan or formed due to special reasons with value of the recovery of funds in light of the current situation.
recovery time determined are subject to an individual
impairment test
15. Inventory
The Company is required to comply with the disclosure requirements set forth in the Self-Regulatory Guidelines No. 3 for
Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure regarding listed companies engaged in livestock
poultry and aquaculture husbandry businesses.
(1) Inventory by category
Inventory is classified into raw materials packaging materials work in progress goods in stock low-value consumables
goods in transit materials outsourced for processing consumptive biological assets and revolving materials.The specific accounting policy for consumptive biological assets is detailed in “Note V. (23) Biological assets”.
(2) Inventory cost and method of determining cost
Inventory is initially measured at its actual cost upon acquisition. Inventory costs include purchase cost processing cost and
other expenses incurred in bringing the inventory to its current location and condition. For inventory shipped the cost is carried
over using the one-off weighted average method at the end of month.
(3) Basis for determining the net realizable value of inventory and the method for calculating the reserve for inventory
decline
At the end of period when the inventory cost is lower than the net realizable value the inventory is measured at cost; when
the inventory cost is higher than the net realizable value the inventory is measured at net realizable value and the inventory
revaluation reserve accrues by the difference of the cost over the net realizable value and is included in the current profit or loss.
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The net realizable value refers to the amount of the estimated selling price of inventory minus the costs estimated to incur up to the
time of completion the estimated selling costs and related taxes and charges in the daily activities.For a large quantity of inventory with low unit prices provisions are made based on inventory categories; for inventory that is
related to product series with similar purposes or final uses and is produced and sold in the same region and is difficult to
distinguish from other items of the same product series for valuation purposes provisions are made in a consolidated manner; for
the remaining inventory provisions for inventory impairment are made based on the difference between the cost of individual
inventory items and their net realizable value.On the balance sheet date if the factors affecting the previously written-down inventory value have disappeared the written-
down amount is restored and reversed to the extent of amount of previously accrued inventory revaluation reserve with the
reversed amount included in the current profit or loss.
(4) Inventory system
The inventory follows the perpetual inventory system.
(5) Amortization of low-value consumables and packaging materials
Low-value consumables and packaging materials are amortized using the one-off amortization method when requisitioned.Revolving materials that have large sums and a relatively long service life are amortized using the stage-wise average amortization
method.
16. Contract assets and contract liabilities
Contract assets and contract liabilities are stated in the balance sheet according to the relationship between obligation
performance and payment from customers. The contract assets and contract liabilities under the same contract are set off and
shown in net terms.The Group presents as receivables its right to receive consideration from the customer unconditionally (that is depending
only on the passage of time) and as contractual assets its right to receive consideration for goods transferred to the customer
(which depends on factors other than the passage of time).The obligation of the Group to transfer goods or services to customers for consideration received or receivable from its
customers is presented as a contract liability.
17. Held-for-sale assets
(1) Held for sale
Where the Group recovers the book value of a non-current asset or disposal group mainly by selling rather than continuously
using it such non-current asset or disposal group is classified as a held-for-sale component.The non-current assets mentioned above do not include financial assets deferred income tax assets investment property that
are subsequently measured at fair value biological assets that are measured at fair value minus selling costs assets formed from
employee compensation and rights arising from insurance contracts.Disposal group refers to a group of assets that are disposed of through sale or otherwise as a whole in a single transaction and
the liabilities transferred in such transaction that directly related to these assets.The Group classifies a non-current asset or disposal group that meets both of the following conditions as a held-for-sale
component:
* Such non-current asset or disposal group is readily available for sale under the current conditions according to the
customary practices of sale of such type of assets or disposal groups in similar transactions; and
* The sale is highly likely to occur i.e. the Group has made a resolution on a sale plan has executed legally binding
purchase agreement with other parties and expects that the sale will be completed within a year;
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The Group initially and subsequently measures non-current assets or disposal groups held for sale at the book value and the
net amount of fair value minus the selling costs whichever is lower and recognizes the difference of book value higher than the
net amount of fair value minus selling costs as the asset impairment loss and charges it to the current profit or loss.
(2) Discontinued operations
The Group defines discontinued operations as a separate component that meets one of the following conditions and has been
disposed of by the Group or classified as held-for-sale component:
* Such component represents an independent main business or a separate main operating region;
* Such component is part of a related plan for proposed disposal of an independent main business or a separate main
operating region; and/or
* Such component is a subsidiary acquired specifically for resale.For discontinued operations reported in the current period the Group presents profit or loss from continuing operations and
profit or loss from discontinued operations respectively in the current income statement and presents data previously presented as
profit or loss from continuing operations in the income statement of comparative period as profit or loss from discontinued
operations during the comparable accounting period again.
18. Long-term equity investments
Long-term equity investments refer to equity investments that have control common control or significant influence over the
investee including investments in subsidiaries associates and joint ventures. The equity investments whereby the Group has no
control common control or significant influence over the investee are accounted for as financial assets at fair value through other
comprehensive income or financial assets at fair value through profit or loss with respect to which the accounting policies are
detailed in the note “V. (11) Financial instruments”.
(1) Judgment criteria for common control and significant influence
Common control refers to the control shared over a particular arrangement according to applicable covenants and the
relevant activities of the arrangement must be unanimously agreed upon by the parties who share the control. Judging whether
there is common control disregards the protective rights enjoyed by a participating party. Where the Group and other joint venture
parties jointly exert common control over the investee and enjoy the right to the net assets of the investee the investee is deemed a
joint venture of the Group.Significant influence refers to the power to participate in decision making regarding the financial and business policies of an
enterprise but not enough to control or jointly control the formulation of these policies with other parties. Where the Group is able
to exert significant influence on the investee the investee is deemed an associate of the Group. When the Company directly or
indirectly through subsidiaries holds more than 20% but less than 50% of the voting shares in the investee the Company is
generally considered as having significant influence over the investee unless there is conclusive evidence that the Company
cannot participate in the production and business decisions of the investee. When the Company holds less than 20% of the voting
shares in the investee but one or several of the following circumstances exist the Company will give overall consideration to all
facts and circumstances and make judgments about whether it has significant influence or not:
* Representation of the Company on the Board of Directors or similar governing body of the investee;
* Participation in the financial and business policy making process of the investee;
* Material transactions between the Company and the investee;
* Assignment of managers to the investee; and/or
* Provision of key technical data to the investee.
(2) Determination of initial investment cost
* Long-term equity investment resulting from business combination
For a long-term equity investment resulting from business combination under common control the share of the book value of
owner's equity of the combined party in the consolidated financial statements of the ultimate controlling party at the date of
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combination is recorded as the initial investment cost of the long-term equity investment. The share capital premium in the capital
reserve is adjusted by the difference between the initial investment cost of a long-term equity investment and the book value of
consideration paid; the retained earnings are adjusted if the share capital premium in the capital reserve is insufficient for offsetting
purposes.For a long-term equity investment resulting from business combination not under common control the fair values of assets
paid out liabilities incurred or assumed and equity securities issued by the Group to acquire the control over the acquired party at
the purchase date is recorded as the initial investment cost of such investment.* Long-term equity investments acquired otherwise than business combination
With respect to long-term equity investments acquired otherwise than business combination at the time of initial recognition
for a long-term equity investment acquired by payment in cash the Group records the purchase price actually paid as the initial
investment cost; for a long-term equity investment acquired by issuance of equity securities the Group records the fair value of
equity securities issued as the initial investment cost.
(3) Subsequent measurement and profit or loss recognition
Long-term equity investments whereby the Company exerts control over the investee are accounted for using the cost method;
a long-term equity investment in associates and joint ventures is accounted for using the equity method unless such investment
meets the conditions for being held for sale.* Long-term equity investment accounted for using cost method
Under the cost method the long-term equity investments are valuated at the initial investment cost with the costs of long-
term equity investments adjusted by the additional or recovered investments. Except for the price actually paid at the time of
acquisition of investment or cash dividends or profits included in the consideration that have already been declared but not yet
distributed the current investment income is recognized at the cash dividends or profits declared and distributed by the investee
that the Group is entitled to.* Long-term equity investment accounted for using equity method
Under the equity method the initial investment cost of long-term equity investment is not adjusted if the investment cost of a
long-term equity investment is higher than the share of fair value of identifiable net assets of the investee at the time of investment;
if the investment cost of long-term equity investment is less than the share of fair value of identifiable net assets of the investee at
the time of investment the resulting difference is included in the current non-operating income while adjusting the cost of long-
term equity investment.When using the equity method and during the period of holding of a long-term equity investment the Group recognizes the
investment income and other comprehensive income respectively at the share of net gains and losses and other comprehensive
income realized by the investee while the book value of long-term equity investment is also adjusted; the share is calculated at the
profits or cash dividends declared and distributed by the investee and the book value of the long-term equity investment is
reduced accordingly; for changes in owner's equity of the investee other than net profit or loss other comprehensive income and
profit distribution the Group records its share of them to the capital reserve while adjusting the book value of the long-term equity
investment.When recognizing the share of changes in net profit or loss other comprehensive income and other owner's equity realized by
the investee the Group based on the fair value of identifiable net assets of the investee at the time of acquisition of investment
recognizes investment income and other comprehensive income after making necessary adjustments according to its accounting
policies or accounting period; the aforesaid adjustments to the financial statements of the investee shall follow the principle of
materiality. The portion of unrealized profit or loss attributable to the Group that arises from internal transactions between the
Group and its associates and joint ventures is calculated at the ratio that the Group is entitled to and then offset at the time of
accounting under the equity method. The unrealized loss from internal transactions where there is evidence that such loss is
related asset impairment loss is recognized in full and is not offset.
237Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
When recognizing the net losses incurred by the investee that the Company shall share the Company recognizes such net
losses until the book value of long-term equity investment and other long-term equities that substantially constitute the net
investment in the investee are written down to zero. In addition if the Group has the obligation to assume additional loss of the
investee estimated liabilities are determined at expected obligations and recognized in current investment loss. Where the investee
realizes net profit in the subsequent periods the Group resumes recognition of the revenue share after the revenue share covers the
unrecognized share of losses.
(4) Conversion of accounting method for long-term equity investments
* Conversion from fair value measurement to equity method accounting
Where an equity investment originally held in an investee (without control common control or significant influence) is
accounted for in accordance with the accounting standards for financial instruments and the shareholding ratio is increased due to
additional investment or otherwise thus allowing the Company to exert common control or significant influence over the investee
when accounting for using the equity method instead the Group records the fair value of original equity investment determined
according to the financial instrument recognition and measurement standards plus the fair value of consideration paid to acquire
additional investment as the initial investment cost accounted for using the equity method instead. Where the originally held equity
investment is classified as investment in other equity instruments the accumulated fair value change originally included in other
comprehensive income shall be transferred to the retained earnings. Then the initial investment cost derived by the aforesaid
calculation is compared with the share of fair value of identifiable net assets of the investee at the date of additional investment as
calculated and determined at the whole new shareholding ratio after additional investment with no adjustments to the book value
of the long-term equity investment if the former is larger than the latter; if the former is less than the latter the difference shall
adjust the book value of long-term equity investment and be included in the current non-operating income.* Conversion from fair value measurement or equity method accounting to cost method accounting
For an equity investment originally held in the investee without control common control or significance and accounted for in
accordance with the accounting standards for financial instruments or long-term equity investments originally held in associates
or joint ventures where they become able to exert control over the investee due to additional investments or otherwise they are
recorded as long-term equity investments formed from business combination.* Conversion from equity method accounting to fair value measurement
Where a long-term equity investment originally held in the investee with common control or significant influence becomes
unable to exert common control or significant influence over the investee due to decreased shareholding ratio as a result of partial
disposal or otherwise the remaining equity investments are accounted for in accordance with the accounting standards for
financial instruments instead and the difference between the fair value and book value at the date of loss of common control or
significant influence is included in the current profit or loss. Other comprehensive income originally accounted for using the
equity method should be accounted for on the same basis as the investee directly disposes of related assets or liabilities when
ceasing to be accounted for using the equity method while owner's equity recognized due to changes in owner's equity of the
investee other than net profit or loss other comprehensive income and profit distribution is transferred in full to the current
investment income when ceasing to be accounted for using the equity method.* Conversion from cost method to equity method or fair value measurement
Where control over an investee is lost due to disposal of part of equity investments or otherwise when preparing individual
financial statements the remaining equities after disposal if able to exert common control or significant influence over the
investee are accounted for using the equity method instead and such remaining equities are adjusted as if they have been
accounted for using the equity method as of the time of acquisition. Where the remaining equities after disposal cannot exert
common control or significant influence over the investee they are measured at fair value according to the financial instrument
recognition and measurement standards and the difference between their fair value and book value at the time of loss of control is
included in the current investment income.
(5) Impairment of long-term equity investments
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The Group judges on the balance sheet date whether there is any indication of impairment of long-term equity investments
and if yes conducts impairment test as if they are individual long-term investments. If the results of impairment test indicate the
recoverable amount of a long-term equity investment is lower than its book value the impairment provision is made at the
difference and included in the profit or loss.
(6) Disposal of long-term equity investments
Upon disposal of a long-term equity investment the difference between its book value and price actually acquired is included
in the current profit or loss. For a long-term equity investment accounted for using the equity method when disposing such
investment in full related other comprehensive income originally accounted for under the equity method should be accounted for
on the same basis as the investee directly disposes of related assets or liabilities and owner's equity recognized due to changes in
owner's equity of the investee other than net profit or loss other comprehensive income and profit distribution should be
transferred in full to the current investment income when ceasing to be accounted for using the equity method; in case of partial
disposal and remaining equities still accounted for using the equity method the other comprehensive income originally recognized
should be accounted for on the same basis as the investee directly disposes of related assets or liabilities and carried over pro rata
while owner's equity recognized due to changes in owner's equity of the investee other than net profit or loss other comprehensive
income and profit distribution should be carried over to the current investment income pro rata.When the enterprise partially disposes of long-term equity investments held and conversion of accounting method occurs
related accounting treatment is as shown in the aforesaid provisions regarding conversion of accounting methods for long-term
equity investments.
19. Investment property
Measurement model for investment property
Measurement using the cost method
Depreciation or amortization method
(1) Investment property by category
Investment property refers to real property held to earn rent or for capital appreciation or both including leased land use right
land use right held for transfer after appreciation and leased buildings.
(2) Measurement of investment property
Purchased investment property is initially measured at the cost at the time of acquisition which consists of the purchase price
related taxes and expenses directly attributable to such asset; the costs of investment property built by the Company consist of the
expenditures required to bring the investment property to the intended state of usability. The subsequent expenditures related to
investment property are included in the costs of investment property if the economic benefits related to such asset are highly likely
to flow to the Company and its costs can be reliably measured. Other subsequent expenditures are included in the current profit or
loss as and when incurred.The Group measures investment property using the cost model i.e. presenting it in the balance sheet at the cost less
accumulated depreciation amortization and impairment provisions. The costs of investment property are depreciated or amortized
using the straight-line method over the service life after deduction of the estimated net residual value and accumulated impairment
provision unless the investment property meet the conditions for being held for sale. The depreciation policy for leased buildings
is the same as that for buildings in the property plant and equipment and the amortization policy for leased land is the same as
that for land use right in the intangible assets.
(3) Impairment of investment property
On the balance sheet date the Group examines whether there are any impairment indications for investment property. When such
indications exist an impairment test is conducted. A provision for impairment is made based on the difference between the
239Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
recoverable amount and the book value. Once impairment losses are recognized they cannot be reversed in subsequent accounting
periods.
20. Property plant and equipment
(1) Conditions for recognition
Property plant and equipment refer to tangible assets held by the Group for production of commodities provision of services
leasing or business management that have a service life of more than one accounting year. Property plant and equipment are
recognized when the economic benefits related thereto are highly likely to flow to the Company and the cost can be reliably
measured.Property plant and equipment are initially measured at actual cost at the time of acquisition. The initial cost of purchased
property plant and equipment includes purchase price related taxes and expenditures incurred to bring such asset to the intended
usable state and attributable to such asset. The initial cost of a self-constructed property plant and equipment is determined by the
necessary expenditures incurred to bring such asset to the intended usable state.The subsequent expenditures related to property plant and equipment including expenditures related to replacement of a
particular component are capitalized and included in the costs if the economic benefits related to such asset are highly likely to
flow to the Company and the costs can be reliably measured while deducting the book value of the replaced portion; expenditures
related to daily maintenance of property plant and equipment are included in current profit or loss as and when incurred.
(2) Depreciation method
Annual depreciation
Category Depreciation method Depreciation period Residual value ratio
rate
Buildings and
Straight-line method 5-40 years 5.00% 2.38%－19.00%
structures
Machinery and
Straight-line method 3-15 years 5.00% 6.33%－31.67%
equipment
Transport equipment Straight-line method 3-10 years 5.00% 9.50%－31.67%
Others Straight-line method 3-5 years 5.00% 19.00%－31.67%
Property plant and equipment are depreciated using the straight-line method based on their book value less estimated
residual value over their estimated service life. For property plant and equipment that have been impaired depreciation is
calculated in future periods based on the book value after deducting the impairment provision and the remaining service life. The
service lives estimated net residual value rates and annual depreciation rates of property plant and equipment are shown in the
above table.The Group determines the service life and estimated net residual value of property plant and equipment based on their nature
and usage. It also conducts a review of the useful life estimated net residual value and depreciation method of property plant and
equipment at least once at the end of each year.
(3) Impairment of property plant and equipment
On the balance sheet date if the recoverable amount of a property plant or equipment falls below its carrying amount due to
reasons such as a continuous decline in market price technological obsolescence damage or long-term idleness an impairment
provision is recognized for the difference between the recoverable amount and the book value and is recorded in the current profit
or loss. Once the impairment loss of property plant and equipment is recognized it will not be reversed in subsequent accounting
periods.
240Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(4) Disposal of property plant and equipment
The Group derecognizes property plant and equipment if they are in a disposal state or when it is expected that the property plant
and equipment will not generate economic benefits through use or disposal. The difference between the net amount obtained from
the disposal or scrapping of property plant and equipment and their book value is recorded in the profit and loss account on the
date of disposal or scrapping.
21. Construction in progress
(1) Valuation of construction in progress
The cost of construction in progress is recognized at actual expenses including various necessary expenses in the course of
construction borrowing costs required to be capitalized prior to meeting the expected conditions for use and other related
expenses.From the date when reaching the predetermined usable state construction in progress is recognized as property plant and
equipment at the estimated value according to the project budget cost or actual cost of the project etc. Depreciation is started from
the following month and the difference in the original value of property plant and equipment is adjusted after the completion of
the final accounting procedures.Construction in progress is recognized as property plant and equipment when it is ready for predetermined use according to
the following standards：
Item Criteria for recognition of property plant and equipment
Buildings Buildings and factory facilities are recognized as property plant and equipment after approval according to
the procedures when they are put into use with the Fixed Asset Acceptance Form filled by engineering
department administrative department and financial department.Machinery and The user department equipment department finance department and equipment manufacturer are jointly
equipment responsible for equipment installation and debugging including equipment hardware debugging and process
condition debugging. Equipment is recognized as property plant and equipment after approval according to
the procedures when they are put into use with the Fixed Asset Acceptance Form filled.
(2) Impairment of construction in progress
On the balance sheet date the Group inspects the construction in progress and makes a provision for its impairment at the
difference between the recoverable amount at the end of the period and the book value if it is involved in one or more of the
following circumstances. The impairment loss of construction in progress once recognized is not reversed in subsequent
accounting periods.* The construction has been suspended for a long time and will not be resumed within the next three years;
* The project is not only lagging behind in terms of performance but also in terms of technology with quite uncertain
economic benefits for the Company; and
* Other circumstances in which there are sufficient proof of impairment in the construction in progress.
22. Borrowing costs
Borrowing costs refer to interest and other related costs incurred by the Group due to borrowings including loan interest
amortization of premium or discount auxiliary expenses and exchange difference resulting from foreign-currency borrowings.
(1) Principles for capitalization of borrowing costs
The borrowing costs incurred by the Group that can be directly attributed to the acquisition or production of assets eligible for
capitalization are capitalized and included in the related asset cost and other borrowing costs are all recognized as financial
expenses as and when incurred. Assets that meet the conditions for capitalization refer to property plant and equipment inventory
and other assets that can reach the intended usable or marketable state only after a considerably long period of acquisition or
production activities.
241Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(2) Capitalization period of borrowing costs
The capitalization period refers to the period from the commencement time of capitalization of borrowing costs to the time of
cessation of capitalization excluding the period during which the capitalization of borrowing costs is suspended. The borrowing
costs begin being capitalized when the capital expenditure and the borrowing costs have been incurred and the acquisition or
production activities required for the assets to reach the intended usable or marketable state have commenced. When the assets
acquired or produced that meet the conditions for capitalization reach the intended usable or marketable state the borrowing costs
cease to be capitalized.Where an asset that meets the conditions for capitalization is abnormally interrupted in the process of acquisition or
production and the period of interruption continues for more than 3 months the capitalization of borrowing costs is suspended
until after the asset acquisition or production activities recommence.
(3) Calculation method for capitalized amount of borrowing costs
For the special borrowings borrowed to acquire or produce an asset that meets the conditions for capitalization the
capitalized amount of the borrowing costs is determined based on the interest expense actually incurred in the period of special
borrowing minus the interest income acquired from depositing of the unused borrowed funds in the bank or the amount of
investment income acquired on temporary investment.For general borrowings used to acquire or produce an asset that meets the conditions for capitalization the interest amount on
the general borrowings to be capitalized is calculated and determined based on the capital expenditure weighted average of the
portion of accumulated asset expense in excess of the special borrowing multiplied by the capitalization rate of the general
borrowings used. The capitalization rate is calculated based on the weighted average interest rate of general borrowing.
23. Biological assets
(1) Conditions for recognition of biological assets
Biological assets refer to living animals and plants. A biological asset is recognized when all of the following conditions are
met:
* The Company owns or controls such biological asset due to past transactions or events;
* Economic benefits or service potential related to such biological asset are highly likely to flow to the Company; and
* The costs of such biological assets can be reliably measured.
(2) Classification and cost accounting of biological assets
The Group’s biological assets include consumptive biological assets and productive biological assets. Biological assets are all
measured at actual cost and are subjected to cost accounting by distinguishing categories and batches. Costs of a biological asset
refer to necessary expenditures attributable to such asset and incurred to bring such asset to the marketable stage (refers to
consumptive biological assets) or intended purpose of production and operations such as seedling cost feed cost drug cost labor
cost fuel and power cost depreciation charges lease expenses other agricultural manufacturing costs including borrowing costs
eligible for capitalization.* Consumptive biological assets
Consumptive biological assets refer to biological assets held for sale and the Group’s consumptive biological assets mainly
include suckling piglets nursery piglets finishing hogs and commercial broilers .A. Suckling piglets refer to piglets from the birth date to the weaning date and the cost of suckling piglets mainly includes
the depreciation expense of the breeding pigs and the feeding costs during this period.B. Nursery piglets refer to the piglets from the weaning date to date of transfer out of the nursery and the cost of piglets in the
nursery mainly includes the cost of suckling piglets and the feeding cost during the nursery stage.C. Finishing hogs refer to the hogs that are transferred to the finishing barn and until they are culled and the cost of finishing
hogs includes the cost of the weaned piglets and feeding costs during the finishing stage.D. Commercial broilers: costs of commercial broilers include costs of baby chicks and feeding costs of commercial broilers.
242Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
* Productive biological assets
Productive biological assets refer to the biological assets held for production of agricultural products including immature
productive biological assets and mature productive biological assets. The productive biological assets of the Group mainly include
breeding pigs and breeding chickens.A. Breeding pigs: divided into immature breeding pigs and mature breeding pigs based on whether the intended production
and operation purposes are achieved. Achieving the intended production and operation purposes means breeding pigs enter the
normal production period and can continuously and stably produce conforming piglets. Costs of immature breeding pigs include
seedling costs and feeding costs at the growth stage. After they become mature they are transferred to the mating pigpen for
production of piglets and transferred in accounting terms to the category of mature breeding pigs before being accounted for using
asset card established for individual pigs. The subsequent expenditures incurred after achieving the intended production and
operation purposes such as feeding costs are all included in the costs of piglets or semen but no longer included in costs of
breeding pigs.B. Breeding chickens: comprise immature breeding chickens and mature breeding chickens based on whether intended
production and operation purposes are achieved. Achieving the intended production and operation purposes means that the
breeding hens enter the normal production period and can continuously and stably produce conforming hatching eggs. Costs of
immature breeding hens include seedling costs and feeding costs at the growth stage. After they become mature they are
transferred to the egg-laying hen house for production of hatching eggs and transferred in accounting terms to the category of
mature breeding hens (ducks) before being accounted for using asset card established for individual batches. The subsequent
expenditures incurred after achieving the intended production and operation purposes such as feeding costs are included in the
costs of hatching eggs but no longer in the costs of breeding hens.* Conversion of biological assets
In case of conversion of biological assets such as consumptive biological assets re-purposed as productive biological assets
or productive biological assets re-purposed as consumptive biological assets the costs after change of use are determined at the
book value at the time of change of use.
(3) Depreciation of biological assets
For productive biological assets that have achieved the predefined purpose of production and operation (i.e. mature
productive biological assets) the Group determines their service life estimated net residual value and depreciation methods
(depreciation methods including straight-line method and units-of production method) based on their nature usage and expected
way of realization of related economic benefits and reviews the service life estimated net residual value and depreciation methods
of productive biological assets at least at the end of year such that any difference with the original estimates is records as
accounting estimate change. The service lives estimated net residual values and depreciation methods of the Group's mature
productive biological assets are as follows:
Category Estimated service life (or production Estimated net residual value
output)
Breeding sows of generations other than 36 months 1400 yuan/head
three-way crossbred sows
Three-way crossbred sows 24 months 1400 yuan/head
Breeding boars 18 months 1400 yuan/head
Breeding hens 155 eggs/90 eggs (molting) 25 yuan/hen
(4) Impairment of biological assets
Consumptive biological assets are measured at the lower of book value and net realizable value and productive biological
assets are measured at the lower of book value or recoverable amount. At least at the end of each year the Group examines its
biological assets for any indication of impairment and accrues the revaluation reserve for consumptive biological assets or
impairment provision for productive biological assets by the difference of the net realizable value or recoverable amount lower
than book value and charges it to the current profit or loss if there is conclusive evidence that the net realizable value of
consumptive biological assets or recoverable amount of productive biological assets is lower than its book value.
243Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
If the factors affecting the impairment of consumptive biological assets have disappeared the written-down amount should be
restored and reversed to the extent of amount of previously accrued revaluation reserve with the reversed amount included in the
current profit or loss. The impairment provision for productive biological assets once accrued will not be reversed in subsequent
accounting periods.The Company is required to comply with the disclosure requirements set forth in the Self-Regulatory Guidelines No. 3 for
Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure regarding listed companies engaged in livestock
poultry and aquaculture husbandry businesses.
24. Right-of-use assets
The categories of the Group’s right-of-use assets mainly include total leasing land buildings and structures machinery and
equipment transport equipment and others.At the commencement date of lease term the Group recognizes its right to use leased assets within the lease term as right-of-
use asset and the initial cost of right-of-use asset includes the initially measured amount of lease liabilities lease payments paid on
or before the commencement date of lease term net of amounts related to lease incentives already enjoyed if lease incentives exist;
initial direct costs incurred by the lessee; and the costs expected to be incurred by the lessee to dismantle and remove leased assets
restore the site of leased assets or restore the leased assets to the state agreed in the lease terms.The Group depreciates the right-of-use assets using the straight-line method. Where it can be reasonably determined that the
ownership of a leased asset can be acquired upon expiration of the lease term the Group depreciates the leased asset over its
remaining service life. Otherwise the leased asset is depreciated over the lease period or its remaining service life whichever isshorter. Impairment provision for right-of-use assets is recognized in accordance with the accounting policy described in “Note V.
(26) Impairment of long-term assets”.
25. Intangible assets
(1) Service life and its determination basis estimation amortization method or review procedure
Intangible assets refer to identifiable non-monetary assets without physical form owned or controlled by the Group.* Valuation of intangible assets
The Group’s intangible assets mainly include land use rights trademark use rights patent rights software and data resources.An intangible asset is recognized only when economic benefits related to it is highly likely to flow to the Group and its cost can be
reliably measured.Intangible assets are measured initially at cost with their service life analyzed and judged upon acquisition. An intangible
asset with a limited service life is amortized using the straight-line method; intangible assets with uncertain service life are not
amortized.* Determination and amortization of service life of an intangible asset
The service life of an intangible assets is determined by the period specified by laws and regulations if any; or by the period
of benefit specified in the related contract if there is no period specified by laws and regulations; or by the reasonably estimated
service life if there is no period specified by laws and regulations or contracts and the economic service life can be reasonably
estimated. The estimated service lives and amortization methods of intangible assets of the Group are presented as follows:
Item Estimated service Basis Amortization method
life
Land use right 40-50 years Service life prescribed by law Straight-line method
Patents 10 or 20 years Service life prescribed by law Straight-line method
Trademark 10 Service life prescribed by law Straight-line method
244Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Data resource 3 Reasonable estimation Straight-line method
Other office 3 Reasonable estimation Straight-line method
software
* Judgment criteria for intangible assets with uncertain service life
The Group judges land use rights held by overseas subsidiaries as intangible assets with uncertain service life.* Impairment of intangible assets
On balance sheet date the Group examines its intangible assets for any indication of impairment and should conduct
impairment tests when there is any indication of impairment and makes impairment provision at the difference of the recoverable
amount lower than the book value with the recoverable amount determined at the higher of fair value of intangible asset minus
disposal costs and the present value of the estimated future cash flows from the intangible asset; the impairment loss once accrued
will not be reversed in subsequent accounting periods.
(2) Scope of R&D expenditure and related accounting treatment
* Scope of R&D expenditure
A. Personnel labor costs
Personnel labor costs include the wages and salaries basic endowment insurance premiums basic medical insurance
premiums unemployment insurance premiums work-related injury insurance premiums maternity insurance premiums and
housing provident funds of internal R&D personnel as well as labor costs of external R&D personnel.If a R&D personnel member serves multiple R&D projects at the same time the labor cost is recognized according to the
time record of the R&D personnel of each R&D project provided by the management department and allocated among different
R&D projects in proportion.If internal personnel directly engaged in R&D activities and external R&D personnel are engaged in non-R&D activities at
the same time the allocates the actual personnel labor costs between R&D expenses and production and operating expenses
according to the time records of the R&D personnel in different positions using reasonable methods such as the proportion of
actual working hours.B. Direct expenses
Direct expenses refer to the related expenses actually incurred by the Group to implement R&D activities. They include: a.cost of materials fuel and power consumed directly; b. development and manufacturing expenses of mold and process equipment
for intermediate tests and trial production and inspection fees for trial products; c. expenses for operation maintenance
adjustment inspection testing and repair of instruments and equipment used in R&D activities.C. Depreciation expenses and long-term deferred expenses
Depreciation expense refers to those of instruments equipment and buildings in use for R&D activities.If instruments equipment and buildings in use for R&D activities are also used for non-R&D activities necessary records
shall be made of the use of such instruments equipment and buildings in use with the depreciation expenses actually incurred
allocated between R&D expenses and production and operating expenses in a reasonable way according to the actual working
hours and use area and other factors.Long-term deferred expenses refer to the long-term prepaid expenses incurred during the renovation modification decoration
and repair of R&D facilities. These expenses are accumulated based on actual expenditures and are amortized evenly over the
prescribed period.D. Amortization expense of intangible assets
The amortization expense of intangible assets refers to the amortization expense of software intellectual property non-
patented technology (know-how licenses designs calculation methods etc.) used in R&D activities.E. Other fees
Other expenses refer to those directly related to R&D activities in addition to the above expenses.
245Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
* Accounting for internal R&D expenditure
The Group divides its R&D projects into the research stage and the development stage. The specific criteria for this division
are as follows: the stage where original and planned investigation and research activities are conducted to obtain and understand
new scientific or technical knowledge etc. is classified as the research stage. This stage is characterized by its planning and
exploratory nature. The stage where the research results or other knowledge are applied to a certain plan or design to produce new
or materially improved materials devices or products before commercial production or use is classified as the development stage.This stage is characterized by its specificity and greater possibility of achieving results.Expenses at the research stage are included in the current profit or loss as and when incurred. The expenditures at the
development phase can be capitalized only when all of the following conditions are met. Otherwise they are included in the
current profit or loss as and when incurred.A. The completion of such intangible asset to make it usable or sellable is technically feasible;
B. There is an intention to complete use or sell such intangible asset;
C. The way the intangible asset generates economic benefits consists of the ability to prove there is a market for products
produced using such intangible asset or a market for the intangible asset itself provided that if the intangible asset is to be used
internally its usefulness should be demonstrated;
D. There are sufficient technical financial and other supports to complete the development of such intangible asset and there
is ability to use or sell such intangible asset; and
E. The expenditure attributable to the development phase of such intangible asset can be reliably measured.
26. Impairment of long-term assets
With respect to property plant and equipment construction in progress intangible assets productive biological assets and
investment properties measured using cost model long-term equity investments right-of-use assets goodwill and other assets
(except for inventories deferred income tax assets and financial assets) the Group determines at the balance sheet date whether
there is any indication of impairment based on internal and external information.The Group conducts impairment tests on assets for which there is indication of impairment to estimate the recoverable
amount of the assets. In addition regardless of indication of impairment the Group conducts impairment costs for goodwill
formed from business combinations intangible assets not yet reaching the usable state and intangible assets with uncertain service
life at least at the end of each year. For goodwill the Group allocates the book value of goodwill according to how related asset
groups or combination of asset groups can benefit from synergistic effects of business combinations on which basis it conducts
goodwill impairment tests.The recoverable amount is the fair value of an asset (or asset group or combination of asset groups the same below) minus
the disposal costs and the present value of anticipated future cash flow from the asset whichever is higher. An asset group
comprises assets related to creation of cash inflows and is the determinable smallest asset portfolio cash inflows from which are
basically independent from other assets or asset groups. Fair value of the asset is determined by price of a sales agreement in fair
trade; if there is no sales agreement but an active market of assets the fair value is determined by the buyer’s offer; if there is no
sales agreement or active market of assets the fair value is estimated on the basis of the best information available. Disposal
expenses of the asset include legal costs related taxes and handling costs related to asset disposal and direct costs incurred to bring
the asset to the marketable state. The present value of estimated future cash flows from an asset is determined according to the
estimated future cash flows generated during the continuous use of the asset and at the time of final disposal as discounted using
an appropriate pretax discounting rate.If the results of impairment test indicate that the recoverable amount of an asset is lower than its book value the asset
impairment provision is made and included in the current profit or loss. The impairment loss related to an asset group or
combination of asset groups is first offset against the book value of goodwill allocated to such asset group or combination of asset
groups before being offset against the book value of other assets pro rata according to the percentage of book value of other assets
246Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
in the asset group or combination of asset groups other than goodwill but the book value of various assets after offsetting may not
be lower than the highest of the fair value of such asset minus disposal costs the present value of estimated future cash flows from
such asset and zero.The aforesaid asset impairment loss once recognized will not be reversed in the subsequent accounting periods.
27. Long-term deferred expenses
Long-term deferred expenses refer to various costs that have occurred and have an amortization period of more than 1 year
(exclusive) The long-term deferred expenses are recorded at the actually incurred amount and are amortized averagely over the
period of benefit using the straight-line method and presented at the net amount of actual expenditure minus accumulated
amortization. If a long-term unamortized expense item cannot benefit the subsequent accounting periods the amortized value of
such item that has not yet been amortized is transferred in full to the current profit or loss.
28. Employee compensation
(1) Accounting for short-term compensation
Short-term compensation comprises wage bonus allowance and subsidy employee benefits medical insurance costs maternity
insurance costs industrial injury insurance costs housing fund trade union outlays employee education expenditure non-
monetary benefits etc. The Group recognizes short-term employee compensation actually incurred as liabilities during the
accounting period in which the employees provide services and charges it to the current profit or loss or related asset cost. Non-
monetary benefits are measured at fair value.
(2) Accounting for post-employment benefits
Post-employment benefit plans consist of defined contribution plan and defined benefit plan of which the defined
contribution plan is a post-employment benefit plan under which the Group no longer assumes any further payment obligations
after contributing fixed fees to independent funds; the defined benefit plan is post-employment benefit plan other than the defined
contribution plan.* Defined contribution plan
The Group’s defined contribution plan mainly comprises basic endowment insurance unemployment insurance etc. which
are recognized as liabilities at the payable amount during the accounting period in which the employees provide services to the
Group and included in related asset costs or the current profit or loss.* Defined benefit plan
Based on the expected accumulated benefit unit method the Company estimates related demographic variables and financial
variables using unbiased and mutually consistent actuarial assumptions and measures obligations resulting from the defined
benefit plan before recognizing the present value after discounting as a defined benefit plan liability.The Company attributes the benefit obligations arising from defined benefit plan to the period in which employees provide
services and charges the interest expenses that are service cost and defined benefit plan liabilities to the current profit or loss or
related asset cost; charges the changes arising from the defined benefit plan liabilities re-measured to other comprehensive income
which are not allowed to reverse to profit or loss in subsequent accounting periods but these amounts recognized in other
comprehensive income can be transferred to the extent of equities.
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(3) Accounting for termination benefits
If the employment relationship with any employee is terminated before the expiration of the employment contract or a suggestion
concerning compensation is provided to encourage the employees to voluntarily accept the job displacement the liabilities
resulting from compensation for termination of employment relationship with employees are recognized and included in the
current profit or loss when the Group cannot unilaterally revoke the termination benefits provided due to the employment
relationship termination plan or the separation suggestion or when the Group recognizes the costs related to the reorganization
involving payment of termination benefits whichever occurs earlier.
(4) Accounting for other long-term employee benefits
Other long-term employee benefits provided by the Group to employees which meet the defined contribution plan are accounted
for in accordance with the relevant provisions of the defined contribution plan; in addition to this other long-term benefits are
accounted for in accordance with the relevant provisions of the defined benefit plan. To simplify the relevant accounting treatment
the total net of components such as the cost of services the net interest of other long-term employee benefit net liabilities or net
assets and the changes resulting from the remeasurement of other long-term employee benefit net liabilities or net assets are
recognized in the current profit or loss or the cost of related assets.
29. Lease liabilities
Apart from short-term leases and leases of low-value assets the Group initially measures the lease liability at the lease
commencement date based on the present value of the lease payments that have not been paid as of that date using the interest rate
implicit in lease as the discounting rate. Where it’s impossible to determine the inherent interest rate the incremental loan interest
rate is used as the discounting rate. The Group calculates the interest expense on lease liabilities in various periods of the lease
term at the fixed cyclic interest rate and includes them in current profit or loss or related asset cost. Variable lease payments not
included in the measurement of lease liabilities are included in the current profit or loss or related asset cost when actually incurred.After the commencement of the lease term the Group remeasures the lease liabilities at the present value of the changed lease
payment if:
* the substantial fixed payment changes;
* the payable amount estimated based on residual value of guarantee changes;
* the index or ratio used to determine the lease payment changes; and/or
* the Company’s assessment of option to purchase option to renew lease or option to terminate lease changes or the actual
exercise of option to renew or option to terminate lease is inconsistent with the original assessment results.In re-measuring the lease liabilities the Group adjusts the book value of right-of-use assets accordingly. When the book value
of a right-of-use asset has been adjusted downward to zero but the lease liabilities still need to be further adjusted downward the
Group includes the remaining amount in current profit or loss.
30. Estimated liabilities
Estimated liabilities are liabilities that might result from contingencies including anticipated liabilities resulting from
provision of external guarantees pending litigations product quality assurance and reorganization obligation.
(1) Recognition of estimated liabilities
Except for contingent liabilities assumed in business combination not under common control if an obligation incurred by the
Group is related to contingencies and meets all of the following conditions the Group recognizes such obligation as estimated
liability:
248Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
* Such obligation is a present obligation of the Company;
* The performance of such obligation is highly likely to result in outflow of economic benefits from the Company; and
* The amount of such obligation can be reliably measured.
(2) Measurement of estimated liabilities
Estimated liabilities are initially measured at the best estimate of expenditure required to perform the related present
obligations. Where the impact of the time value of money is significant the estimated liability is determined at an amount after
discounting the estimated future cash flows. When determining the best estimate the Group considers the risks related to
contingencies uncertainty and time value of currency and other factors. Where there is a continuous range for the required
expenditure and the possibility of occurrence of various results within such range is the same the best estimate is determined at the
median of such range; in other cases the best estimate is recorded as follows:
* Determined by the most possible incurred amount if contingencies involve a single item; or
* Determined by calculating according to various possible results and related probabilities if contingencies involve multiple
items.The Group reviews book value of the estimated liabilities on the balance sheet date and adjusts such book value according to
the current best estimate.
31. Share-based payment
The share-based payment is a transaction in which the Company grants equity instruments or assumes liabilities determined
based on equity instruments in exchange for services provided by its employees or other parties.
(1) Share-based payment by category
Share-based payment consists of share-based payment settled in equities and share-based payment settled in cash.
(2) Related accounting treatment for implantation of share-based payment plan
* Share-based payment settled in equities
Share-based payment transactions in exchange for employee services immediately after the vesting of a viable right are
included in related costs or expenses at the fair value of the equity instruments at the grant date with capital reserve adjusted
accordingly. For share-based payment settled in equities in exchange for employee service that are exercisable only after the
completion of the service within the waiting period or the fulfillment of specified performance conditions the service acquired
during the period is credited to the relevant costs or expenses at the fair value on the grant date of the equity instruments at each
balance sheet date of the waiting period based on the best estimate of the number of available equity instruments with capital
reserves adjusted accordingly.For equity-settled share-based payment in exchange for the services of other parties if the fair value of the services of other
parties can be measured reliably at the fair value of the services of other parties on the date of acquisition; if the fair value of the
services of other parties cannot be reliably measured but the fair value of the equity instruments can be reliably measured it is
measured at the fair value of the equity instrument at the date of acquisition of services and included in the relevant costs or
expenses with the owner's equity increased accordingly.* Share-based payment settled in cash
Share-based payment settled in cash in exchange for the services of an employee immediately after the vesting of the option
are included in related costs or expenses at the fair value of the liabilities assumed by the Group at the grant date with liabilities
increased accordingly. For share-based payment settled in cash in exchange for employee service that are exercisable only after the
completion of the service within the waiting period or the fulfillment of specified performance conditions the service acquired
during the period is credited to the relevant costs or expenses and relevant liabilities at the fair value of the liabilities assumed by
the Group at each balance sheet date of the waiting period based on the best estimate of the exercise circumstance.* Modification and termination of the share-based payment plan
249Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
If the modification increases the fair value of the equity instrument granted the Group recognizes the increase in the services
obtained in accordance with the increase in the fair value of the equity instrument; if the modification increases the number of
equity instruments granted the fair value of the increased equity instruments is recognized accordingly as an increase in the
services obtained; if the vesting conditions are modified in a way that is beneficial to the employee the revised vesting conditions
are taken into consideration when dealing with the vesting conditions.If the modification reduces the fair value of the equity instrument granted the Group continues to recognize the amount of
services received on the basis of the fair value of the equity instrument at the grant date without regard to the reduction in the fair
value of the equity instrument; if the modification reduces the number of equity instruments granted the reduction is regarded as a
cancellation of the equity instruments granted; if the vesting conditions are modified to the detriment of the employee the
modified vesting conditions are not taken into account when dealing with the vesting conditions.If the Group cancels the granted equity instrument or settles the granted equity instrument during the waiting period (unless
the cancellation is due to non-satisfaction of the vesting conditions) the cancellation or settlement is treated as an accelerated
vesting with the amount originally to be recognized during the remaining waiting period recognized immediately.
32. Unearned premium reserve
Unearned premium reserve refers to a reserve accrued by financing guarantee companies for financing liabilities not yet
terminated.The financing guarantee company subordinate to the Group accrues unearned premium reserve at 50% of the guarantee fee
revenue of the year in the period of recognition of premium revenue.Financing guarantee companies on the balance sheet date recalculate and determine the difference between the amount of
unearned premium reserve and the balance of accrued unearned premium reserve according to the aforesaid provisions and adjust
the balance of unearned premium reserve.
33. Guarantee indemnity reserve
Guarantee indemnity reserve refers to a reserve accrued by financing guarantee company for its liability to pay indemnities to
beneficiaries when the guaranteed person is unable to repay debts when due under a financing guarantee contract not yet
terminated.Financing guarantee companies of the Group provide guarantee indemnity reserve at 1% of the balance of guarantee liability
at the end of the year in the period of recognition of financing guarantee contract revenue. When the accumulated amount of
guarantee indemnity reserve reaches 10% of the balance of guarantee liability in the year the reserve accrues at difference while
recognizing the accrued guarantee indemnity reserve as liabilities.The accumulation of guarantee indemnity reserve is based on the financial condition production or living environment of the
guaranteed person to conduct adequacy test of the balance of accrued guarantee indemnity reserve with additional accrual to be
made at the difference in case of insufficiency but the guarantee indemnity reserve is not adjusted if the balance of related
insurance liability reserve recognized through recalculation under the financing guarantee contract is lower than the balance of
related insurance liability reserve already recognized at the date of adequacy test.
34. Preferred stocks perpetual bonds and other financial instruments
The Group based on the contractual terms of preferred stocks and perpetual bonds issued and the economic substance
reflected by them and in light of the definitions of financial assets financial liabilities and equity instruments classifies these
financial instruments or their components into financial assets financial liabilities or equity instruments at the time of initial
recognition.
250Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
The Group records preferred stocks and perpetual bonds issued by it and containing both equity component and liability
component according to the same accounting policies as convertible instruments containing equity component. Preferred stocks
and perpetual bonds issued by it and containing no equity component are recorded according to the same accounting policies as
other convertible instruments containing no equity component.The Group includes preferred stocks and perpetual bonds issued by it that can be classified as equity instruments in equities
based on the amount actually received. Where dividends or interest are distributed during the period of existence they are recorded
as profit distribution. Where preferred stocks and perpetual bonds are redeemed according to contractual terms they are charged
against equities at the redemption price.
35. Revenue
Accounting policies used for revenue recognition and measurement by business type
(1) General principles for revenue recognition
Revenue is recognized by the Group at the transaction price apportioned to the performance obligation when the obligations
under a contract has been fulfilled i.e. when the customer has obtained the control over relevant goods or services.Performance obligation refers to the commitment of the Group in the contract to transfer clearly distinguishable goods or
services to the customer.Control over relevant goods means being able to dominate the use of the goods and obtain almost all economic benefits from
it.The Group evaluates the contract on the commencement date identifies each individual performance obligation contained
therein and determines whether each individual performance obligation will be performed within a certain period of time or at a
certain point in time.When meeting one of the following conditions a performance obligation is one that should be performed within a particular
period. Otherwise it is a performance obligation that should be performed at a particular point in time:
* The customer has acquired and consumed the economic benefits brought about by performance of the Group when the
Group performs the contract;
* The customer can control the goods in process during the performance of the Group;
The goods produced in the course of the Group's performance have irreplaceable uses and the Group is entitled to receive
payment throughout the contract period for the cumulative part of the performance completed to date.For an obligation performed within a particular period of time the Group recognizes revenue according to the performance
progress within such period of time. When the performance progress is uncertain provided that the costs incurred are expected to
be compensated the revenue is recognized at the amount of costs already incurred until the performance progress can be
reasonably determined.For an obligation performed at a certain point in time the Group recognizes revenue at the point in time when the customer
acquires the control of related goods or services. In judging whether a customer has acquired the control of goods or services the
Group takes into account the following indications:
* The Group has a current right of collection in respect of the goods or services;
* The Group has transferred the physical goods to the customer;
The Group has transferred the legal ownership of the goods or the principal risks and rewards of ownership to the customer;
* The customer has accepted such goods or services etc.
(2) Specific methods for the Group's revenue recognition
Production and sale of feed and hogs are the main business of the Group. The performance obligations of the Group in these
sales businesses are the performance obligations fulfilled at a certain point in time.If the contract stipulates that the goods shall be delivered to the place where the buyer is located the sales revenue of the
products is recognized after the goods are delivered to the designated place and signed by the customer.
251Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
If the contract provides for self-pickup the sales revenue of the products is recognized when the goods are shipped.The use of different business models involving different revenue recognition methods and measurement methods of similar
businesses
36. Contract costs
(1) Categories and recognition of contract costs
Contract costs include incremental costs incurred to obtain a contract and the costs associated with contract performance.Incremental costs incurred to obtain a contract refer to costs that would not have occurred if the Group did not enter into the
contract (such as sales commissions). If such cost is expected to be recovered the Group recognizes it as an asset by recording it
as contract acquisition cost. Other expenses incurred by the Group in obtaining a contract other than incremental costs expected to
be recovered are included in current profit or loss when incurred.Where the cost incurred to perform a contract that is outside the scope of other business accounting standards such as
inventory and meets all of the following conditions the Group recognizes it as an asset by recording it as contract performance
cost:
* Such cost is directly related to a contract currently acquired or expected to be acquired including direct labor direct
materials manufacturing costs (or similar costs) costs specified to be borne by customers and other costs incurred solely due to
such contract;
* Such cost has increased the resources to be used by the Group for performing its performance obligations in the future;
* Such cost is expected to be recovered.
(2) Amortization and impairment of contract costs
The assets recognized for contract acquisition costs and the assets recognized for contract performance costs (hereinafter
referred to as “assets related to contract costs”) are amortized on the same basis as recognition of revenue from goods or services
related to such assets and included in the current profit or loss. They are included in current profit or loss as and when incurred if
the amortization period does not exceed one year.Where the book value of an asset related to contract costs is higher than the difference between the following two items the
Group makes impairment provision for the excess portion and recognizes it as asset impairment loss:
* The remaining consideration that the Group expects to receive due to transfer of goods or services related to such asset;
* The cost estimated to be incurred to transfer such related goods or services.After making the impairment provision if the factors causing the impairment in the previous period change such that the
difference between * and * is higher than the book value of the asset the previously made impairment provision for the asset is
reversed and recorded as an expense for the current period. However the book value of the asset after the reversal shall not exceed
the book value of the asset on the reversal date assuming no impairment provision had been made.
37. Government grants
(1) Definition of government grants
Government grants refer to the monetary and non-momentary assets received by the Group from government without
compensation excluding capital invested by government as an investor.
(2) Types and classification criteria of government grants
Government grants consist of asset-related government grants and income-related government grants. The Group defines the
government grants acquired by it and used for acquisition or otherwise formation of long-term assets as asset-related government
grants; other government grants acquired otherwise related to assets are defined as income-related government grants.
252Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
For comprehensive project government grants containing both asset-related parts and income-related parts they are
accounted for respectively by distinguishing different parts; where it is difficult to distinguish they are classified in entirety as
income-related government grants.
(3) Recognition of government grants
A government grant is recognized when it can be received and the conditions attached to it can be met. A government grant is
measured at the amount actually received or receivable if it is a monetary asset. A government grant that is a non-monetary asset is
measured at fair value.Asset-related government grants are recognized by the Group as deferred income and included in profit or loss in a
reasonable and systematic manner over the service life of the related asset by phases; where related assets are sold transferred
scrapped or destroyed before the end of service life the balance of related deferred income not yet allocated is transferred to the
current profit or loss from asset disposal. Income-related government grants if used for compensating relevant expenses and losses
of the Group in future periods are recognized as deferred income and are included in profit or loss in the period when relevant
costs and expenses or losses are recognized; otherwise they are directly included in profit or loss.Government grants related to daily business activities are included in other income according to the essence of economic
business; government grants unrelated to daily activities are included in non-operating income.The policy-related preferential subsidized loans acquired by the Group are accounted for by distinguishing between fiscal
authorities appropriating the proceeds of subsidized loans to the lending bank and the fiscal authorities appropriating the proceeds
of subsidized loans directly to the Group. Where the fiscal authorities appropriate the proceeds of subsidized loans to the lending
bank for provision of loans to the Group at a policy-related preferential interest rate the loans are reported at the loan amount
actually received with the related borrowing costs calculated based on the loan principal and such policy-related preferential
interest rate. Where the fiscal authorities appropriate the proceeds of subsidized loans directly to the Group the discount interest is
offset against the relevant borrowing costs.
38. Deferred income tax assets/ deferred income tax liabilities
The Group's deferred income tax assets or deferred income tax liabilities are calculated based on the difference between the
book value of the assets or liabilities and their tax basis (the difference between the tax basis and the carrying amount if the tax
basis of the item not recognized as an asset or liability can be determined in accordance with the tax law) using the applicable tax
rate during the expected recovery of the assets or settlement of the liabilities.
(1) Recognition of deferred income tax assets
The Group recognizes related deferred income tax assets to the limit of the taxable income that is highly likely to be received
by the Company in future period to deduct the deductible temporary difference; but if such transaction is not business combination
and the transaction neither affects the accounting profits nor affects the taxable income (or deductible loss) when incurred the
related deferred income tax assets are not recognized.For related deductible temporary difference resulting from the investments of the Group in its subsidiaries associates and
joint ventures if such temporary difference is highly likely not to be reversed in foreseeable future and the taxable income is
highly likely not to be obtained to deduct the deductible temporary difference in the future the corresponding deferred income tax
assets are recognized.On the balance sheet date the book value of deferred income tax assets is reviewed. If it is highly likely not to obtain taxable
income sufficient to deduct the benefits of deferred income tax assets in the future the book value of deferred income tax assets is
written down. The amount written down is reversed when sufficient taxable income is highly likely to be obtained.The deductible losses and tax credit which can be carried forward in future years are recorded as if they are deductible
temporary difference. The corresponding deferred income tax assets are recognized to the extent of the amount of future income
taxable which is highly likely to be obtained to deduct the deductible losses and tax credit.
(2) Recognition of deferred income tax liabilities
253Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Apart from initial recognition of goodwill or taxable temporary difference arising in a transaction that is not business
combination and affects neither accounting profits nor taxable income (or deductible loss) when occurring the Group recognizes
deferred income tax liabilities arising from all taxable temporary differences.For related taxable temporary difference resulting from the investments of the Group in its subsidiaries associates and joint
ventures if the Group can control the time to reverse the temporary difference and the temporary difference is highly likely not to
be reversed in foreseeable future the related deferred income tax liabilities are not recognized.
(3) Income tax expense
Income tax expense consists of current income tax and deferred income tax. The current income tax is the expected payable
tax calculated based on the taxable income of this year at the tax rate stipulated by tax laws. The Group includes current income
tax and deferred income tax in current profit or loss except for the income tax arising from business combinations and transactions
or events directly included in owner’s equity (including other comprehensive income).
(4) The basis for presenting deferred income tax assets and deferred income tax liabilities on a net basis
On the balance sheet date deferred income tax assets and deferred income tax liabilities are presented at a net amount after
offset when all of the following conditions are met:
* The taxpayer has the legal right to netting of current income tax assets and current income tax liabilities; and
* Deferred income tax assets and deferred income tax liabilities are related either to the same tax authority's collection of
income tax for the same taxpayer or to different taxpayers. However in each period when a significant deferred income tax asset
or liability is to be reversed in the future the taxpayers involved intend to settle the current income tax assets and liabilities net or
to simultaneously acquire assets and discharge liabilities.
39. Lease
(1) Identification and splitting of lease
On the commencement of the contract the Group assesses whether a contract is a lease or contains a lease. A contract is or
contains a lease if a party to a contract transfers its right to control the use of one or more identified assets for a period of time in
exchange for consideration.To determine whether a contract assigns the right to control the use of identified assets within a certain period the Group
performs the following assessments:
* Whether the contract involves use of identified assets. An identified asset may be designated expressly in contract or
designated implicitly when the asset is available to the customer and such asset can be distinguished physically or if a part of
capacity or other part of the asset cannot be physically distinguished but substantially represents the total capacity of the asset thus
allowing the customer to acquire almost all economic benefits arising from use of the asset. If the supplier of the asset has the right
to substantially replace the asset during the entire period of use such asset is not an identified asset;
* Whether the lessee has the right to acquire almost all economic benefits arising from use of the asset during the period of
use;
* Whether the lessee has the right to direct the use of the identified asset during such period of use.Where a contract contains multiple separate leases the lessee and the lessor split the contract up and perform accounting
treatment of each individual lease respectively. Where a contract contains lease and non-lease components the lessee and the
lessor split the lease component from none-lease component. When splitting the lease component and non-lease component
contained in a contract the lessee allocates the consideration for contract according to the relative proportions of the sum of
separate prices of lease components and the sum of separate prices of non-lease components; the lessor allocates the consideration
for contract according to the accounting policy described in note “V. (35) Revenue” regarding allocation of transaction price.
254Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(2) Assessment of lease term
The lease term is the period during which the Group has the right to use the leased asset and is irrevocable. Where the Group has
the option to renew i.e. the right to choose to renew the lease of the asset and reasonably determines that it will exercise such
option the lease term also includes the period covered by the option to renew the lease. Where the Group has the option to
terminate a lease i.e. the right to choose to terminate the lease of the asset and reasonably determines that it will not exercise
such option the lease term includes the period covered by the option to terminate lease. Where a significant event or change
occurs within the scope controllable by the Group and affects whether the Group reasonably determines to exercise the applicable
option the Group reassesses whether it reasonably determines to exercise the option to renew option to purchase or not to exercise
the option to terminate the lease.
(3) As a lessee
The general accounting treatment where the Group acts as the lessee is detailed in “Note V. (27) Right-of-use assets” and
“Note V. (29) Lease liabilities”.* Lease change
Lease change refers to any change to lease scope lease consideration or lease term outside the original contractual terms
including addition or termination of the right to use one or more leased assets and extension or shortening of contractually
specified lease term.When a lease changes and meets all of the following conditions the Group regards such lease change as one separate lease
for accounting purposes:
A. The lease change expands the lease scope by adding the right to use one or more leased assets;
B. The increased consideration is equivalent to the amount of separate price of the expanded portion of the lease scope as
adjusted according to the circumstances of the contract.Where a lease change is not regarded as one separate lease for accounting purposes at the effective date of lease change the
Group re-determines the lease term and discounts the changed lease payments at a revised discounting rate to re-measure the lease
liabilities. When calculating the present value of the changed lease payment the Group uses the interest rate implicit in lease over
the remaining lease period as the discounting rate; where the interest rate implicit in lease over the remaining lease period cannot
be determined the incremental loan interest rate as at the effective date of lease change is used the discounting rate.With respect to the effects of the aforesaid adjustment to lease liabilities the Group performs accounting treatment by
distinguishing the following circumstances:
A. Where the lease change results in narrowed scope of lease or shortened lease term the book value of right-of-use asset is
adjusted downward to reflect the partial or total termination of the lease. The relevant gains or losses on the partial or total
termination of the lease are included into the current profit or loss.B. As for other lease changes the Group adjusts the book value of right-of-use asset accordingly.* Short-term lease and low-value asset lease
Where the Group has chosen not to recognize right-of-use assets or lease liabilities for short-term lease (any lease with a term
of no more than 12 months) and low-value asset lease at the commencement date of lease they are included in the related asset
cost or current profit or loss using the straight-line method over each period of the lease term.
(4) As a lessor
A lease that substantially transfers almost all risk and reward related to the ownership of a leased asset at the commencement
date of lease is financing lease apart from which all leases are operating leases.* As a lessor under financing lease
255Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
On the commencement of the lease term the Group recognizes receivable financing lease receivables for financing leases and
derecognizes financing lease assets. In the initial measurement of financial lease receivables the net lease investment is stated as
the recorded value of financial lease receivables. The net lease investment is the sum of the unsecured residual value and the
present value of the lease receipts not yet received at the commencement date of the lease that is discounted at the interest rate
implicit in lease.Interest income for each period of the lease term is calculated and recognized by the Group based on a fixed cyclic interest
rate. The variable lease payments acquired and not included in the measurement of net lease investment are included in the current
profit or loss when actually incurred.* As a lessor under operating lease
The rental revenue from operating lease is recognized as current profit or loss using the straight-line method over each period
of the lease term while contingent rental is included in the current profit or loss when actually incurred.
(5) Sale-and-leaseback transactionThe Group determines whether the asset transfer in a sale-and-leaseback transaction is considered a sale based on “Note V.
(35) Revenue”.
* The Group as a lessee
Where the asset transfer in the sale-and-leaseback transaction constitutes a sale the Group as the lessee measures the right-
of-use asset formed from the sale-and-leaseback at the portion of the book value of the original asset related to the right of use
acquired through leaseback and recognizes related gains or losses only with respect to the rights transferred to the lessor; where
the asset transfer in the sale-and-leaseback transaction does not constitute a sale the Group as the lessee continues recognizing
asset being transferred while recognizing a financial liability equivalent to the revenue from the transfer and performs accounting
treatment of the financial liability according to “Note V. (11) Financial instruments”.* The Group as a lessor
Where the asset transfer in the sale-and-leaseback transaction constitutes a sale the Group as the lessor performs accounting
treatment for the asset purchase and performs accounting treatment of the asset renting according to the aforesaid provisions;
where the asset transfer in the sale-and-leaseback transaction does not constitute a sale the Group as the lessor does not recognize
the asset transferred but recognizes a financial asset equivalent to the revenue from the transfer and performs accounting
treatment of the financial asset according to “Note V. (11) Financial instruments”.
40. Changes in significant accounting policies and accounting estimates
(1) Changes in significant accounting policies
□Applicable □Not applicable
(2) Changes to important accounting estimates
□Applicable □Not applicable
(3) Adjustment of relevant items of the financial statements at the beginning of the year upon the first implementation of
the new accounting standards from 2025
□Applicable □Not applicable
256Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
VI. Taxes
1. Main taxes and rates
Category Tax basis Tax rate
VAT Taxable sales 18%-1%
Urban maintenance and construction tax Turnover tax actually paid 7% 5% 1%
Corporate income tax Taxable income 30%-1%
Notes on disclosure where there are different taxpayers subject to different corporate income tax rates
Name of taxpayer Income tax rate
General Hero Limited 16.50%
Hong Kong New Hope Liuhe International Trading Co.
16.50%
Limited
New Hope Egypt Poultry Ltd. Tax free (as detailed in the following Section 2. (III) (7))
New Hope Egypt Ltd. 22.50% (as detailed in the following Section 2. (III) (7))
New Hope Egypt Aquatic Technology Ltd. 22.50% (as detailed in the following Section 2. (III) (7))
New Hope Agriculture (Egypt) Ltd. 22.50% (as detailed in the following Section 2. (III) (7))
New Hope Alexander Ltd. 22.50% (as detailed in the following Section 2. (III) (7))
New Hope Davao Agriculture Ltd. Tax free (as detailed in the following Section 2. (III) (7))
New Hope Philippines Livestock Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Central Luzon Agriculture Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Tarlac Agriculture Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Bulacan Agriculture Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Isabela Agriculture Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Pampanga Agriculture Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Philippines Animal Healthcare Services Inc. 1% and 20% (as detailed in the following Section 2. (III) (7))
Sichuan New Hope Agriculture (Cambodia) Co. Ltd. 1% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Laos Co. Ltd. 8%
0.6% 3% 10% 15% and 27.5% (as detailed in the following
New Hope Bangladesh Ltd.Section 2. (III) (7))
0.6% 3% 10% 15% and 27.5% (as detailed in the following
New Hope Agrotech Bangladesh Ltd.Section 2. (III) (7))
0.6% 3% 10% 15% and 27.5% (as detailed in the following
New Hope Animal Nutrition Bangladesh Ltd.Section 2. (III) (7))
Tax exempted 0.6% 5% 10% 15% and 27.5% (as detailed in
New Hope Farms Bangladesh Ltd.the following Section 2. (III) (7))
Myanmar New Hope Farms Co. Ltd. 22%
Xinhe Myanmar Agro-technology Co. Ltd. 22%
Myanmar New Hope Agro-Technology Co. Ltd. 22%
New Hope Mandalay Co. Ltd. Tax free (as detailed in the following Section 2. (III) (7))
New Hope South Africa Ltd. 27%
New Hope Agro Business Nepal Pvt. Ltd. 18%
New Hope Agro-technology Nigeria Ltd. 30%
New Hope Lanka (Pvt) Limited 20%
8% 10% 10.5% and 17% (as detailed in the following Section
New Hope Singapore Pte. Ltd.
2. (III) (7))
New Hope Singapore Premix Pte. Ltd. 17%
NHCS Investment Pte. Ltd. 17%
New Hope Singapore Biotechnology Pte. Ltd. 17%
New Hope Asia Investment Pte. Ltd. 17%
New Hope International Holdings (Pte.) Ltd. 17%
New Hope Global Investment Pte. Ltd. 17%
New Hope Kolkata Animal Feed Private Ltd. 25%
257Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
PT New Hope Medan 22%
PT New Hope Farms Indonesia 22%
PT New Hope Jawa Timur 22%
PT New Hope Indonesia 22%
PT New Hope Poultry Trade Indonesia 22%
PT New Hope Food Indonesia 22%
PT New Hope Aqua Feed Indonesia 22%
PT Corn Drying Indonesia 22%
New Hope Hanoi LLC 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Hanoi LLC Haiphong Branch 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Hanoi LLC Bac Giang Branch 20%
New Hope Hanoi LLC Thanh Hoa Branch 20%
Than Hoa New Hope Livestock Services Co. Ltd. 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Binh Dinh Breeding Co. Ltd. 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Vietnam Technological Livestock Services Co. Ltd. 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Ho Chi Minh City Co. Ltd. 15% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Vinh Long Co. Ltd. 5.00% (as detailed in the following Section 2. (III) (7))
New Hope Dong Thap Aquatic Feed Co. Ltd. 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Binh Phuoc Breeding Co. Ltd. 7.5% and 15% (as detailed in the following Section 2. (III) (7))
New Hope Binh Dinh Co. Ltd. 20%
2. Tax preferences
(I) VAT
(1) In accordance with the Announcement of the Ministry of Finance the State Taxation Administration and the General
Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax (Announcement [2019] No. 39 of
MoF STA and GAC) feed products produced and sold by domestic feed manufacturers of the Group are subject to a tax rate of
9%. In addition in accordance with the Notice of the Ministry of Finance and the State Taxation Administration on the Exemption
of Value-Added Tax for Feed Products (C.S.[2001] No.121) feed products produced and sold by feed manufacturers that meet its
provisions are exempt from VAT. Taxable goods sold by feed manufacturers other than feeds are subject to a VAT rate of 3% (small
taxpayers) or 9% or 13% (general taxpayers).
(2) In accordance with the Announcement of the Ministry of Finance the State Taxation Administration and the General
Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax (Announcement [2019] No. 39 of
MoF STA and GAC) primary agricultural products produced by domestic slaughtering and meat processing enterprises of the
Group are subject to a tax rate of 9% and the cooked food and highly processed products are subject to a tax rate of 13%.
(3) In accordance with Article 15 “Self-made agricultural products sold by agricultural producers are exempted from VAT” of
the Interim Regulations of the People’s Republic of China on Value-added Tax domestic farming enterprises of the Group are
exempt from VAT.
(4) In accordance with the Announcement of the Ministry of Finance the State Taxation Administration and the General
Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax (Announcement [2019] No. 39 of
MoF STA and GAC) feed ingredients sold by domestic trading entities of the Group are exempted from VAT while other
products are subject to a tax rate of 13% or 9%.
(5) In accordance with the Announcement of the Ministry of Finance the State Taxation Administration and the General
Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax (Announcement [2019] No. 39 of
MoF STA and GAC) starting from April 1 2019 subsidiary Sichuan Xinle Plastics Co. Ltd. is subject to a tax rate of 13% and
subsidiaries Chengdu Fenglan Technology Co. Ltd. and Zibo Huide Feed Machinery Co. Ltd. are subject to a tax rate of 9% and
13%.
(6) In accordance with the Announcement of the Ministry of Finance and the State Taxation Administration on Reducing or
Exempting VAT for Small-scale Taxpayers (Announcement [2023] No. 19 of MoF & SAT) from January 1 2023 to December 31
258Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2027 small-scale VAT taxpayers with monthly sales of less than 100000 yuan (inclusive) are exempt from VAT; the taxable sales
income of small-scale VAT taxpayers subject to a tax rate of 3% is subject to VAT at a reduced rate of 1%; and the VAT pre-paid
items subject to a 3% pre-collection rate are subject to 1% advance payment of VAT.In accordance with the Announcement of the Ministry of Finance and the State Taxation Administration on Continuing to
Implement the VAT Policy for Financing Guarantees by Farmers Small and Micro Enterprises and Individual Business Operators
(Announcement [2023] No. 18 of MoF & SAT) from August 1 2023 to December 31 2027 the guarantee fees income obtained
by taxpayers from providing financing guarantees for farmers small and micro enterprises and individual business operators as
well as the re-guarantee fees income obtained by providing re-guarantees for the aforementioned financing guarantees (hereinafter
referred to as the "original guarantees") are exempt from VAT.
(8) Among overseas subsidiaries the sales of feed products and sales of self-produced agricultural products of breeding
business by subsidiaries operating in Vietnam are exempt from VAT and the VAT rate for the disposal of waste materials and
property plant and equipment is 10%; New Hope Lanka (Pvt) Limited is subject to a VAT rate of 18%; GST (VAT) at 9% on goods
and services sold locally by New Hope Singapore Pte. Ltd. and New Hope Singapore Premix Pte. Ltd.; feed sales exempt from
VAT and VAT rate at 15% for other taxable items of New Hope South Africa Ltd.; feed products sold by subsidiaries operating in
Indonesia Bangladesh the Philippines Cambodia Egypt and other countries are exempt from VAT.(II) Urban maintenance and construction tax and education surcharge
The Company and its domestic subsidiaries are subject to: (1) urban maintenance and construction tax calculated and paid at
7% 5% or 1% of the turnover tax payable by region; (2) education surcharge paid at 3% of the turnover tax payable and local
education surcharge paid at 2% of the turnover tax payable.In accordance with the Announcement of the Ministry of Finance and the State Taxation Administration on Relevant Tax and
Fee Policies to Further Support the Development of Small and Micro Enterprises and Individual Business Operators
(Announcement [2023] No. 12 of MoF & SAT) from January 1 2023 to December 31 2027 the resource tax (excluding water
resource tax) urban maintenance and construction tax property tax urban land use tax stamp duty (excluding stamp duty on
securities transactions) farmland occupation tax education surcharge and local education surcharge are halved for small-scale
taxpayers of value-added tax small and low-profit enterprises and individual business operators.(III) Corporate income tax
(1) In accordance with the Announcement on Continuing the Enterprise Income Tax Policy for the Western Development
Initiative (MoF Announcement [2020] No. 23) jointly issued by the Ministry of Finance the State Taxation Administration andNDRC “from January 1 2021 to December 31 2030 enterprises established in west China that operate in encouraged industriesare subject to corporate income tax at a reduced rate of 15%.” Subsidiaries of the Group established in the western region
including Ningxia New Hope Ruminant Animal Nutritious Food Co. Ltd. Qiandongnan New Hope Farming Technology Co. Ltd.Qujing Guoxiong Feed Co. Ltd. Guiyang New Hope Agricultural Technology Co. Ltd. Chongqing New Hope Feed Co. Ltd.Kai County New Hope Feed Co. Ltd. Luzhou New Hope Feed Co. Ltd. Chengdu Fenglan Technology Co. Ltd. Chengdu
Century Investment Co. Ltd. Yulin New Hope Feed Co. Ltd. Ziyang Jiahao Feed Technology Co. Ltd. Zigong Hengbo Feed
Technology Co. Ltd. Lanzhou New Hope Feed Co. Ltd. Wuwei Hope Feed Co. Ltd. Guilin New Hope Feed Co. Ltd.Pengshan New Hope Feed Co. Ltd. Wulong New Hope Liuhe Feed Co. Ltd. Pucheng New Hope Farming Technology Co. Ltd.Ganzhou Hope Feed Co. Ltd. and Baoji New Hope Farming Co. Ltd. are subject to income tax rate of 15%. The headquarters
and all branches operating across regions aggregate and settle their income tax with the tax authority governing the head office atthe end of year following the principles of “unified calculation level-by-level management local prepayment aggregate clearingand fiscal allocation”.
(2) In accordance with Article 27(1) of the Enterprise Income Tax Law of the People’s Republic of China Article 86 of the
Regulations for the Implementation of the Enterprise Income Tax Law of the People's Republic of China and Document CS [2008]
No. 149 meat primary processing operations of the Group’s subsidiaries in the meat processing industry are exempt from
corporate income tax; the deep processing operations are subject to income tax rate of 25%.
259Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(3) In accordance with Article 27(1) of the Enterprise Income Tax Law of the People’s Republic of China and Article 86 of the
Regulations for the Implementation of the Enterprise Income Tax Law of the People's Republic of China livestock breeding
operations of the Group’s subsidiaries in the breeding industry are exempt from income tax.
(4) In accordance with Article 28 of the Enterprise Income Tax Law of the People’s Republic of China corporate income tax
for high-tech enterprises that need key support from the state is levied at a reduced preferential rate of 15%. Subsidiaries Hefei
Huameng Biotechnology Co. Ltd. Weifang New Hope Liuhe Feed Technology Co. Ltd. and Anhui Xinhua Animal Husbandry
Technology Co. Ltd. are identified as high-tech enterprises subject to income tax rate of 15%.
(5) General Hero Limited and Hong Kong New Hope Liuhe International Trading Co. Limited both registered in Hong
Kong are subject to the income tax rate of 16.5%.
(6) In accordance with the Notice of the Ministry of Finance and the State Taxation Administration on Corporate Income Tax
Preferential Policies for the Hainan Free Trade Port (CS [2020] No. 31) companies in encouraged industries that are registered in
the Hainan Free Trade Port and substantially operate are subject to a reduced corporate income tax rate of 15% to which Hainan
New Hope Liuhe Supply Chain Technology Co. Ltd. is applicable.
(7) Corporate income tax policies for overseas subsidiaries of the Group
* Egypt
Exemption from corporate income tax within 10 years from the date of commencement of production activities with respect
to income derived from activities related to animal husbandry fishery poultry farming and honey production according to the local
tax preferential policies. New Hope Egypt Poultry Ltd. started production in December 2020 and was tax-exempt in 2025.According to the local tax policies New Hope Egypt Ltd. New Hope Egypt Aquatic Technology Ltd. New Hope Agriculture
(Egypt) Ltd. and New Hope Alexander Ltd. were subject to income tax rate of 22.5% in 2025.
* The Philippines
According to the local tax policies New Hope Davao Agriculture Ltd. Is exempt from corporate income tax until May 2027.According to the local tax policies New Hope Philippines Livestock Inc. New Hope Central Luzon Agriculture Inc. New
Hope Tarlac Agriculture Inc. New Hope Bulacan Agriculture Inc. New Hope Isabela Agriculture Inc. and New Hope Pampanga
Agriculture Inc. are levied at the higher rate of 2% of their gross profit or 25% of their total profit.According to the local tax policies New Hope Philippines Animal Healthcare Services Inc. is levied at the higher rate of 1%
of its gross profit or 20% of its total profit.* Cambodia
According to the local tax policies Sichuan New Hope Agriculture (Cambodia) Co. Ltd. was levied at the higher rate of 1%
of its gross profit or 20% of its total profit in 2025.* Laos
According to the local tax policies Hope Laos Co. Ltd. was subject to income tax rate of 8% in 2025.* Bangladesh
According to the local tax policies from January to June 2025 New Hope Bangladesh Ltd. New Hope Agrotech Bangladesh
Ltd. and New Hope Animal Nutrition Bangladesh Ltd. were subject to income tax levied at 27.5% for their bank deposit interest
income in their total profits (10% withheld by banks) 27.5% for their net non-operating income and expenditure and segmented
rates for their total profits net of interest and non-operating income and expenditure: 3% for the portion less than 1 million taka
(inclusive); 10% for the portion between 1-2 million taka (inclusive); and 15% for the portion exceeding 2 million taka.According to the local tax policies from January to June 2025 New Hope Farms Bangladesh Ltd. was subject to income tax
levied at 27.5% for its bank deposit interest income in total profits (10% withheld by banks) 27.5% for its net non-operating
income and expenditure and segmented rates for its total profits net of interest and non-operating income and expenditure: during
profit period: 0% for the portion less than 1 million taka (inclusive); 5% for the portion between 1-2 million taka (inclusive); 10%
for the portion between 2-3 million taka (inclusive);and 15% for the portion exceeding 3 million taka. During loss period: 0.60%
of the operating income.
260Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Starting from July 2025 New Hope Bangladesh Ltd. New Hope Agrotech Bangladesh Ltd. New Hope Animal Nutrition
Bangladesh Ltd. and New Hope Farms Bangladesh Ltd. all pay taxes at the higher rate between 27.5% of the total profit and 0.6%
of the operating revenue.* Myanmar
According to the local tax policies Myanmar New Hope Farms Co. Ltd. Xinhe Myanmar Agro-technology Co. Ltd. and
Myanmar New Hope Agro-Technology Co. Ltd. were subject to income tax rate of 22% in 2025.According to the local tax policies New Hope Mandalay Co. Ltd. is exempt from corporate income tax for 5 years starting
from official commencement of production and sales for formal operations. This company was put into operation on January 2
2021 and its tax holiday (from January 2 2021 to December 31 2025) covers the year 2025.
* South Africa
According to the local tax policies New Hope South Africa Ltd. was subject to income tax rate of 27% in 2025.* Nepal
According to the local tax policies companies that employ more than 100 Nepalese citizens in a given year enjoy a 10%
reduction on their income tax in addition to the basic tax rate of 20%. New Hope Agro Business Nepal Pvt. Ltd. was subject to
income tax rate of 18% in 2025.* Nigeria
According to the local tax policies New Hope Agro-technology Nigeria Ltd. was subject to income tax rate of 30% in 2025.* Sri Lanka
According to the local tax policies New Hope Lanka (Pvt) Limited was subject to income tax rate of 20% in 2025.* Singapore
According to the local tax policies the corporate income tax for New Hope Singapore Pte. Ltd. involving interest and
management fee income is subject to an income tax rate of 8% (FTC) with a preferential period of 5 years (July 1 2022 to June
30 2027) and it is exempt from withholding tax (withholding income tax on interest) in Singapore when paying interest expenses
to overseas banking institutions and affiliates; the remaining related income is not entitled to the aforesaid preferences and is
subject to an income tax rate of 17%. In the calculation the first 10000 Singapore dollars (inclusive) of taxable income are 75%
exempt from income tax the subsequent 20000 to 200000 Singapore dollars (inclusive) thereof are 50% exempt from income tax
and the portion in excess of 200000 Singapore dollars is not entitled to tax reduction or exemption. the corporate income tax on
trade income of New Hope Singapore Pte. Ltd. is subject to three periods 5% (DEI) for 5 years (July 1 2015 to June 30 2020) +3
years (July 1 2020 to June 30 2023) 10% for 2 years (July 1 2023 to June 30 2025) 10.5% for 3 years (July 1 2025 to June 30
2028).
According to the local tax policies New Hope Singapore Premix Pte. Ltd. NHCS Investment Pte. Ltd. New Hope Singapore
Biotechnology Pte. Ltd. New Hope Asia Investment Pte. Ltd. New Hope International Holdings (Pte.) Ltd. and New Hope Global
Investment Pte. Ltd. were subject to income tax rate of 17% in 2025.* India
According to the local tax policies New Hope Kolkata Animal Feed Private Ltd. was subject to income tax rate of 25% in
2025.
? Indonesia
According to the local tax policies PT New Hope Medan PT New Hope Farms Indonesia PT New Hope Jawa Timur PT
New Hope Indonesia PT New Hope Poultry Trade Indonesia PT New Hope Food Indonesia PT New Hope Aqua Feed and PT
Corn Drying Indonesia were subject to income tax rate of 22% in 2025.? Vietnam
According to the local tax preferential policies New Hope Hanoi Co. Ltd. Than Hoa New Hope Livestock Services Co.Ltd. New Hope Binh Dinh Breeding Co. Ltd. and New Hope Vietnam Technological Livestock Services Co. Ltd. were subject to
261Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
income tax rate of 10% for their main business income while income from other businesses was not entitled to the income tax
preference and was subject to income tax rate of 20% in 2025.According to the local tax preferential policies New Hope Ho Chi Minh City Co. Ltd. is subject to income tax rate of 15%
for its Phase I investment and 20% for its Phase II and Phase III investments. Phase II account for 25.78% and Phase II and Phase
III account for 74.22%.According to the local tax preferential policies New Hope Vinh Long Co. Ltd. is subject to the policy of "three-year tax
exemption nine-year tax reduction by half" for 15 years since its opening in 2015 so it was subject to corporate income tax rate of
5% in 2025.
According to the local tax preferential policies New Hope Hanoi Co. Ltd. Haiphong Branch is subject to income tax rate of
10% with respect to 40% of taxable income from its main business while income from other businesses is not entitled to income
tax preference and is subject to the normal income tax rate of 20%.According to the local tax preferential policies New Hope Dong Thap Aquatic Feed Co. Ltd. is subject to income tax rate of
20% for its Phase I and Phase II projects; exempted for 2 years (2021 to 2022) since 2021 halved at 10% for 4 years (2023 to
2026) and 20% since 2027 for its Phase III project so tax rate at 10% applied in 2025; exempted for 2 years (2022 to 2023) since
2022 halved at 10% for 4 years (2024 to 2027) and 20% since 2028 for its Phase IV project so tax rate at 10% applied in 2025.
The four phases account for 42% 33% 16% and 9% respectively.According to the local tax preferential policies New Hope Binh Phuoc Breeding Co. Ltd. is subject to income tax rate of 7.5%
for its main business while income from other businesses is not entitled to the income tax preference and is subject to the normal
income tax rate of 15%.According to the local tax policies New Hope Binh Dinh Co. Ltd. New Hope Hanoi LLC Bac Giang Branch and New
Hope Hanoi LLC Thanh Hoa Branch were subject to income tax rate of 20% in 2025.
(8) Apart from the companies listed above and those eligible for the preferential income tax policies for small and micro
enterprises the remaining domestic subsidiaries are subject to income tax rate of 25%.
3. Others
VII. Notes to items in consolidated financial statements
1. Cash and cash equivalents
Unit: yuan
Item Closing balance Opening balance
Cash on hand 34317375.04 21575051.80
Cash in bank 3304869763.02 3172174832.45
Other cash and cash equivalents 1729131897.81 2003707691.97
Deposits with finance company 3558262572.26 3501555457.23
Total 8626581608.13 8699013033.45
Incl.: Total overseas deposits 1259246175.89 1761454100.98
Other notes:
As at December 31 2025 the Group utilized restricted cash and cash equivalents amounting to 1830141070.66 mainly
including margin for purchase of futures margins of guarantee companies note margins and reclamation margins.
262Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
As at December 31 2025 the Group had no cash and cash equivalents deposited abroad and with restrictions on the remittance of
funds back home.
2. Trading financial assets
Unit: yuan
Item Closing balance Opening balance
Financial assets at fair value through
14950972.084273616.17
profit or loss
Incl.:
Equity instruments investment 4534322.24 2166303.00
Derivative financial assets 10416649.84 2107313.17
Incl.:
Total 14950972.08 4273616.17
Other notes:
(1) Equity instrument investment in trading financial assets refers to the stocks that the received from debtors for debt settlement;
derivative financial assets are mainly futures contracts and foreign exchange hedging arrangements.
(2) There were no significant restrictions on sale or realization of various financial assets at fair value through profit or loss at the
end of the period.
3. Notes receivable
(1) Notes receivable presented by category
Unit: yuan
Item Closing balance Opening balance
Bank acceptance bills 115560937.49 123203318.96
Commercial acceptance bills 120258202.67 23654196.00
L/C 27932017.20
Total 263751157.36 146857514.96
(2) Notes receivable already endorsed or discounted by the Company at the end of period and not yet
expired on the balance sheet date
Unit: yuan
Amount derecognized at the end of the Amount not derecognized at the end of
Item
period the period
Bank acceptance bills 304673201.90 66769386.16
Commercial acceptance bills 97083352.44
L/C 27932017.20
Total 304673201.90 191784755.80
263Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
4. Accounts receivable
(1) Disclosure by aging
Unit: yuan
Aging Closing book balance Opening book balance
Less than 1 year (inclusive) 1159955953.75 1108558624.17
Incl.: Within 6 months 1107249240.77 1050661052.00
7-12 months 52706712.98 57897572.17
1-2 years 56278785.89 163325722.03
2-3 years 125163891.09 66124601.36
Older than 3 years 27608871.21 40251542.66
3-4 years 10161375.65 19241769.57
4-5 years 7519363.79 8396615.99
Older than 5 years 9928131.77 12613157.10
Total 1369007501.94 1378260490.22
(2) Disclosure by bad debt provision method
Unit: yuan
Closing balance Opening balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Category Book Book
Proporti value ProportiPercenta Percenta value
Amount Amount on of Amount Amount on of
ge ge
accrual accrual
Account
s
receivabl
e with
provisio 137817 125275 125426 158367 148702 966478
10.07%90.90%11.49%93.90%
n for bad 810.06 122.48 87.58 415.47 634.48 0.99
debts on
an
individu
al basis
Incl.:
Account
s
receivabl
e with
provisio 123118 197750 103343 121989 257569 962324
89.93%16.06%88.51%21.11%
n for bad 9691.88 507.43 9184.45 3074.75 005.55 069.20
debts on
a
portfolio
basis
Incl.:
264Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
136900323025104598137826406271971988
Total 100.00% 23.60% 100.00% 29.48%
7501.94629.911872.030490.22640.03850.19
Provision for bad debts on an individual basis: there was no significant accounts receivable with provision for bad debts on an
individual basis.Provision for bad debts by portfolio: overseas accounts receivable with provision for bad debts by portfolio
Unit: yuan
Closing balance
Name
Book balance Provision for bad debts Proportion of accrual
Risk free 106752219.34
Within 3 months (inclusive) 390124287.81 10728418.41 2.75%
3-6 months (inclusive) 33170478.30 6431755.93 19.39%
Older than 6 months 59233942.18 59233942.18 100.00%
Total 589280927.63 76394116.52
Notes on basis for determination of this portfolio:
Refer to “Note V. (13) Accounts receivable”.Provision for bad debts by portfolio: domestic accounts receivable with provision for bad debts by portfolio
Unit: yuan
Closing balance
Name
Book balance Provision for bad debts Proportion of accrual
Within 6 months (inclusive) 506521890.95 6635439.18 1.31%
6-12 months (inclusive) 22168979.16 1503057.59 6.78%
Older than 1 year 113217894.14 113217894.14 100.00%
Total 641908764.25 121356390.91
Notes on basis for determination of this portfolio:
Refer to “Note V. (13) Accounts receivable”.Whether it is provision for accounts receivable bad debts made according to the general model of expected credit loss:
□Applicable □Not applicable
(3) Breakdown of bad debt provision accrued recovered or reversed in the current period
Bad debt provision accrued during this period:
Unit: yuan
Current change
Opening
Category Recovered or Closing balance balance Accrued Write-off Others
reversed
Bad debt
provision for
406271640.039565201.9980434422.46-12376789.65323025629.91
account
receivables
Total 406271640.03 9565201.99 80434422.46 -12376789.65 323025629.91
Significant recovered or reversed amounts of bad debt provision in this period:
265Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
The Group had no significant recovered or reversed bad debt provision during this year.
(4) Breakdown of accounts receivable actually written off in the current period
Unit: yuan
Item Amount written off
Accounts receivable actually written off 80434422.46
Significant written-off of accounts receivable:
No significant written-off of accounts receivable in this year
For receivables that are indeed unrecoverable individual written-off amount of <0.5 million yuan is submitted to the CFO Vice
President and President of the Group for approval after being approved by the tier-2 business unit; individual written-off amount of
≥ 0.5 million yuan is submitted to the Chairman for approval.
(5) Top five accounts receivable and contract assets in closing balance by debtor
Unit: yuan
Closing balance of
Percentage in the
bad debt provision
Closing balance of total closing
Closing balance of for account
Closing balance of accounts balance of
Entity name accounts receivables and
contract assets receivable and accounts
receivable provision for
contract assets receivable and
impairment of
contract assets
contract assets
No. 1 71622483.54 0.00 71622483.54 5.23% 2455262.56
No. 2 45032023.11 0.00 45032023.11 3.29% 589919.56
No. 3 34609749.96 0.00 34609749.96 2.53% 453387.72
No. 4 27105454.34 0.00 27105454.34 1.98% 355081.47
No. 5 26497774.54 0.00 26497774.54 1.94% 347120.84
Total 204867485.49 0.00 204867485.49 14.97% 4200772.15
5. Other receivables
Unit: yuan
Item Closing balance Opening balance
Dividends receivable 5610000.00 21610000.00
Other receivables 537897571.88 960943531.32
Total 543507571.88 982553531.32
(1) Dividends receivable
(1) Dividends receivable by category
Unit: yuan
Project (or investee) Closing balance Opening balance
Zibo Xinmu Machinery Technology Co. 6000000.00
266Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Ltd.Yan’an Xinyongxiang Technology Co.
5610000.005610000.00
Ltd.Hainan New Hope Agriculture Co. Ltd. 10000000.00
Total 5610000.00 21610000.00
2) Disclosure by bad debt provision method
□Applicable □Not applicable
(2) Other receivables
1) Other receivables categorized by nature of amount
Unit: yuan
Nature Closing book balance Opening book balance
Petty cash 9623562.52 9056528.08
Margin 143033259.37 140437970.73
Deposit 71667318.10 83947024.47
Current accounts 303760998.57 315230162.96
Advances 114542468.54 205284014.57
Payments for share transfer 164039404.17 462292874.17
Others 32887058.58 35134966.77
Total 839554069.85 1251383541.75
2) Disclosure by age
Unit: yuan
Aging Closing book balance Opening book balance
Less than 1 year (inclusive) 314567994.55 699602861.91
1-2 years 112976621.06 278613018.64
2-3 years 229498078.23 54791973.16
Older than 3 years 182511376.01 218375688.04
3-4 years 29868128.55 56976114.36
4-5 years 47356657.67 38751037.66
Older than 5 years 105286589.79 122648536.02
Total 839554069.85 1251383541.75
3) Disclosure by bad debt provision method
□Applicable □Not applicable
Unit: yuan
Closing balance Opening balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Category Book Book
Proporti value ProportiPercenta Percenta value
Amount Amount on of Amount Amount on of
ge ge
accrual accrual
267Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Provisio
n for bad
debts on 200511 200511 437707 263602 411346
2.39%100.00%34.98%6.02%
an 08.96 08.96 089.71 60.45 829.26
individu
al basis
Incl.:
Provisio
n for bad
debts on 819502 281605 537897 813676 264079 549596
97.61%34.36%65.02%32.46%
a 960.89 389.01 571.88 452.04 749.98 702.06
portfolio
basis
Incl.:
839554301656537897125138290440960943
Total 100.00% 35.93% 100.00% 23.21%
069.85497.97571.883541.75010.43531.32
Provision for bad debts on an individual basis: significant other receivables with provision for bad debts on an individual basis
Unit: yuan
Opening balance Closing balance
Name Provision for Provision for Proportion of Reason for
Book balance Book balance
bad debts bad debts accrual provision
Entity 1 121520250.00 1822803.75
Entity 2 97090744.17 1456361.16
Unit 3 199000000.00 2985000.00
Total 417610994.17 6264164.91
Provision for bad debts on a portfolio basis: other receivable with provision for bad debts on a portfolio basis
Unit: yuan
Closing balance
Name
Book balance Provision for bad debts Proportion of accrual
Less than 1 year (inclusive) 314567994.54 15885683.91 5.05%
1-2 years 112976621.06 15240546.08 13.49%
2-3 years 229487731.23 88008544.96 38.35%
Older than 3 years 162470614.06 162470614.06 100.00%
Total 819502960.89 281605389.01
Notes on basis for determination of this portfolio:
Refer to “Note V. (14) Other receivables”.Provision for bad debts according to the general model of expected credit loss:
Unit: yuan
Stage 1 Stage 2 Stage 3
Expected credit loss
Provision for bad debts Expected credit loss Expected credit loss in throughout the duration Total
throughout the duration
the coming 12 months (with credit
(no credit impairment)
impairment)
Balance as at January
66852749.50223587260.93290440010.43
12025
268Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Balance as at January
12025
- into Stage 3 -14160333.43 14160333.43
Current accrual 66982784.84 66982784.84
Current written-off 84371099.00 84371099.00
Other changes -540425.96 29145227.66 28604801.70
Balance as at
119134774.95182521723.02301656497.97
December 31 2025
The basis for the division of each stage and the ratio of provisions for bad debts
Refer to “Note V. (14) Other receivables”.Changes in book balance with respect to which current changes in the loss provision are significant
□Applicable □Not applicable
4) Bad debt provision accrued recovered or reversed within this period
Bad debt provision accrued during this period:
Unit: yuan
Current change
Opening
Category
balance Recovered or Resold or
Closing balance
Accrued Others
reversed written off
Bad debt
provision for
290440010.4366982784.8484371099.0028604801.70301656497.97
other
receivables
Total 290440010.43 66982784.84 84371099.00 28604801.70 301656497.97
Other changes include exchange rate fluctuations changes in the scope of consolidation and the recovery of outstanding debts
previously written off during this year.
5) Other receivables actually charged off in the current period
Unit: yuan
Item Amount written off
Other receivables actually charged off 84371099.00
Significant charge-off of other receivables:
Unit: yuan
Whether the
Charge-off amounts were
Nature of other Amount written
Entity name Cause of write-off procedure incurred by
receivables off
performed related-party
transaction
Long time
Approval step-by-
Entity 1 Current accounts 21676924.84 overdue No
step
irrecoverable
Entity 2 Current accounts 13883076.52 Long time Approval step-by- No
269Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
overdue step
irrecoverable
Total 35560001.36
Notes on other receivables charged off:
6) Top five other receivables in closing balance by debtor
Unit: yuan
Percentage in the
combined closing Closing balance of
Entity name Nature of amount Closing balance Aging
balance of other bad debt provision
receivables
China Animal
Payments for share
Husbandry Group 121520250.00 2-3 years 14.47% 46603015.88
transfer
Co. Ltd.Beijing
Meihaomei Deling Current accounts 103691433.60 0-2 years 12.35% 5365890.56
Food Co. Ltd.Chengdu Tianfu
Xingxinxin
Farming Current accounts 37281161.63 Within 1 year 4.44% 1882698.66
Technology Co.Ltd.Qingdao
Hetoudian Rural
Payments for share
Revitalization 32500000.00 1-2 years 3.87% 4384250.00
transfer
Development Co.Ltd.Guangdong Hope
No.1 Equity 0-5 years and older
Current accounts 31118014.14 3.71% 11943539.87
Investment than 5 years
Partnership (LP)
Total 326110859.37 38.84% 70179394.97
7) Reported as other receivables due to centralized fund management
The Group had no items presented in other receivables due to centralized management of funds during this period.
6. Prepayments
(1) Prepayments presented by age
Unit: yuan
Closing balance Opening balance
Aging
Amount Percentage Amount Percentage
Within 1 year 522722029.91 97.81% 542343104.85 95.99%
1-2 years 11316841.39 2.12% 14735942.00 2.61%
2-3 years 387560.23 0.07% 7913383.52 1.40%
Total 534426431.53 564992430.37
270Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Notes on causes of high-value prepayments older than one year and not yet settled in time:
As at December 31 2025 the Group had no significant prepayments older than one year.
(2) Top five prepayments in closing balance by payee
The aggregate amount of top five prepayments in closing balance by payee is 155687653.12 yuan accounting for 29.13% of the
total closing balance of prepayments.
7. Inventory
Whether the Company is required to comply with disclosure requirements for real estate industry
No
(1) Inventory by category
Unit: yuan
Closing balance Opening balance
Inventory Inventory
revaluation revaluation
reserve or reserve or
Item contract contract
Book balance Book value Book balance Book value
performance performance
cost cost
impairment impairment
provision provision
3242667951.3242667951.4083309242.4083309242.
Raw materials
63631010
Work in
143902445.01143902445.0184137914.5084137914.50
progress
1478039134.1463249224.1633999726.1622326336.
Goods in stock 14789910.21 11673390.08
62418274
Revolving
67509527.8767509527.8761094953.5761094953.57
materials
Consumptive
5390477611.5116813079.4817454874.4817454874.
biological 273664531.59
49909999
assets
Packaging
55879643.9155879643.9156748487.9356748487.93
materials
Low-value
2743689.792743689.795761009.025761009.02
consumables
Materials for
outsourced 1322637.91 1322637.91
processing
10381220004100927655621074382884610732155456
Total 288454441.80 11673390.08.32.52.84.76
(2) Inventory revaluation reserve or contract performance cost impairment provision
Unit: yuan
Item Opening Current increase Current decrease Closing balance
271Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
balance Reversed or
Accrued Others Others
written off
Goods in stock 11673390.08 47715323.28 44598803.15 14789910.21
Consumptive
biological 273691719.03 27187.44 273664531.59
assets
Total 11673390.08 321407042.31 44598803.15 27187.44 288454441.80
“Others” under “Current decrease” are due to exchange rate fluctuations.Specific basis for accrual of inventory Reasons for current
Item Reasons for current write-off
revaluation reserve reversal
Net realizable value lower than book
Goods in stock Sold in the current period
value Price rebound
Consumptive biological Net realizable value lower than book
assets value —— ——
8. Other current assets
Unit: yuan
Item Closing balance Opening balance
VAT input tax to be deducted 20384544.06 33488061.03
Taxes prepaid 161452534.89 167223999.33
Interest receivable on deposits 4111061.11 3008055.55
Total 185948140.06 203720115.91
Other notes:
9. Other equity instrument investments
Unit: yuan
Reaso
ns for
Gains design
recogn ation
Loss
ized in to be
recogniz Gains
other measu
ed in accrued to Loss accrued Dividend
compr red at
other other to other income
ehensi fair
Opening compreh comprehe comprehensiv recognized
Item Closing balance ve value
balance ensive nsive e income at in the
incom throug
income income at the end of the current
e in h
in the the end of period period
the other
current the period
curren compr
period
t ehensi
period ve
incom
e
272Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Reaso
ns for
Gains design
recogn ation
Loss
ized in to be
recogniz Gains
other measu
ed in accrued to Loss accrued Dividend
compr red at
other other to other income
ehensi fair
Opening compreh comprehe comprehensiv recognized
Item Closing balance ve value
balance ensive nsive e income at in the
incom throug
income income at the end of the current
e in h
in the the end of period period
the other
current the period
curren compr
period
t ehensi
period ve
incom
e
Minsheng
Life 2058040 6784000.0
417000000.00417000000.00
Insurance 00.00 0
Co. Ltd.Ziyang
Agricultura
l
Industrializ 4500000.00 4500000.00
ation Credit
Guarantee
Co. Ltd.Beijing
Baiyitong 219700
21970000.0021970000.00
Technology 00.00
Co. Ltd.Hecom
(Beijing)
10596503.8410596503.84
Technology
Co. Ltd.Shaanxi
Yangling
Rural
7020000.007020000.00
Commercia
l Bank Co.Ltd.Hebei
Xingda 728000
7280000.0032901236.10
Feed Group 0.00
Co. Ltd.Guobao
Life
15000000.0015000000.00
Insurance
Co. Ltd.Fengshun
New Hope
Biotechnol 65086.44 65086.44
ogy Co.Ltd.Meigu
2000000.00
Arsha
273Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Reaso
ns for
Gains design
recogn ation
Loss
ized in to be
recogniz Gains
other measu
ed in accrued to Loss accrued Dividend
compr red at
other other to other income
ehensi fair
Opening compreh comprehe comprehensiv recognized
Item Closing balance ve value
balance ensive nsive e income at in the
incom throug
income income at the end of the current
e in h
in the the end of period period
the other
current the period
curren compr
period
t ehensi
period ve
incom
e
Planting &
Farming
Specialized
Cooperativ
es
29250020580406784000.0
Total 454181590.28 483431590.28 56871236.10
00.0000.000
Current non-trading equity instrument investments disclosed by item
Unit: yuan
Amount of Reasons for Reasons for
other designation to transferring
Dividend comprehensive be measured at other
Accumulated Accumulated
Item income income fair value comprehensive
earnings losses
recognized transferred to through other income to
retained comprehensive retained
earnings income earnings
Minsheng Life
Insurance Co. 6784000.00 327916000.00
Ltd.Ziyang
Agricultural
Industrializatio
n Credit
Guarantee Co.Ltd.Beijing
Baiyitong
21970000.00
Technology
Co. Ltd.Hecom
(Beijing)
Technology
Co. Ltd.Shaanxi
Yangling Rural
1050000.00
Commercial
Bank Co. Ltd.Hebei Xingda 32901236.10
274Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Feed Group
Co. Ltd.Guobao Life
Insurance Co.Ltd.Fengshun New
Hope
Biotechnology
Co. Ltd.Meigu Arsha
Planting &
Farming 2000000.00
Specialized
Cooperatives
Total 6784000.00 328966000.00 56871236.10
Other notes:
10. Long-term equity investments
Unit: yuan
Current increase/decrease
Openi Gains Closin
Openi ng or Cash Adjust Closin g
ng balanc losses dividend Provment g balanc
Investe balanc e of Additi Reduc on Other s or ision for balanc e of
e e impair onal ed invest equity profits for other Others e impair
(book ment invest invest ment chang declared impacompre (book ment
value) provisi ment ment under es for irmehensive value) provisi
on equity distributi nt income on
metho on
d
I. Joint ventures
Taisha
n
Jiaxin
Logisti
cs Co.Ltd.Beijin
g
Meiha
omei
Deling
Food
Co.Ltd.Yan’an
Xinyo
ngxian -
21517
g 11538 9979
956.9
Techn 252.1 704.82
ology 1
Co.Ltd.Guang 58177 32578 61435
275Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Current increase/decrease
Openi Gains Closin
Openi ng or Cash Adjust Closin g
ng balanc losses dividend Provment g balanc
Investe balanc e of Additi Reduc on Other s or ision for balanc e of
e e impair onal ed invest equity profits for other Others e impair
(book ment invest invest ment chang declared impacompre (book ment
value) provisi ment ment under es for irmehensive value) provisi
on equity distributi nt income on
metho on
d
dong 9990. 645.1 8635.Hope 73 0 83
No.1
Equity
Invest
ment
Partner
ship
(LP)
Sheny
ang
New
Hope
New
6781911758-55872
Agricu
0815.3200.18861141.
ltural
1000473.4565
Industr
y Fund
Partner
ship
(LP)
Hainan
Nongk
en
New
Hope 10552 11206
6543
Farmin 5538. 9306.
767.10
g 93 03
Techn
ology
Co.Ltd.Shand
ong
Gongr
ong
New
Hope
10301030
Equity
883.31883.31
Invest
ment
Fund
Partner
ship
(LP)
Subtot 1388 11861 25697 1295
276Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Current increase/decrease
Openi Gains Closin
Openi ng or Cash Adjust Closin g
ng balanc losses dividend Provment g balanc
Investe balanc e of Additi Reduc on Other s or ision for balanc e of
e e impair onal ed invest equity profits for other Others e impair
(book ment invest invest ment chang declared impacompre (book ment
value) provisi ment ment under es for irmehensive value) provisi
on equity distributi nt income on
metho on
d
al 04518 4083. 686.6 12878
5.003148.33
II. Associates
China
Minsh
eng
Bankin 23442 1146 - - 24143
4593362008
g 6423 32630 81304 2839 2748
95.67817.67
Corpor 77.98 9.00 773.00 612.00 79.98
ation
Limite
d
Guang
zhou
27312731
Chimi
095.58095.58
an Co.Ltd.NHE
(Beijin
g) 10202
997922332
Techn 936.8
612.404.49
ology 9
Co.Ltd.Hebei
Kingh
ey
-
Sausag 1582
1582
e 280.66
280.66
Casing
s Co.Ltd.New
Hope 1351 37432 1388
Financ 39442 037.8 82645
e Co. 1.86 0 9.66
Ltd.Nanjin
g Heda
Food
Co.Ltd.Anhui
27322732
Xinhu
474.04474.04
a
277Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Current increase/decrease
Openi Gains Closin
Openi ng or Cash Adjust Closin g
ng balanc losses dividend Provment g balanc
Investe balanc e of Additi Reduc on Other s or ision for balanc e of
e e impair onal ed invest equity profits for other Others e impair
(book ment invest invest ment chang declared impacompre (book ment
value) provisi ment ment under es for irmehensive value) provisi
on equity distributi nt income on
metho on
d
Ducks
Co.Ltd.Shang
hai
Liuhe
5049750822
Qinqia 32408
994.6075.4
ng 0.82
13
Food
Co.Ltd.Beijin
g
CERE
S
Agricu 40000 40000
ltural 0.00 0.00
Develo
pment
Co.Ltd.Xinzhi
Huide
Machi
47695--47148
nery
264.2356811902249.6
Techn
41.9902.605
ology
Co.Ltd.Anhui
Antai
Agricu
14412-13090
ltural
463.31322162.5
Develo
1300.801
pment
Co.Ltd.Cheng
du
Tianfu
-
Xingxi 36025 32888
31367
nxin 1524. 4173.
351.3
Farmin 52 15
7
g
Techn
ology
278Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Current increase/decrease
Openi Gains Closin
Openi ng or Cash Adjust Closin g
ng balanc losses dividend Provment g balanc
Investe balanc e of Additi Reduc on Other s or ision for balanc e of
e e impair onal ed invest equity profits for other Others e impair
(book ment invest invest ment chang declared impacompre (book ment
value) provisi ment ment under es for irmehensive value) provisi
on equity distributi nt income on
metho on
d
Co.Ltd.Jiaohui
Dongf
ang
New
Hope
(Suzho
4524650000-92716
u) 226988
8678.0000.26009332.
Private 74.92
6300470.9972
Equity
Invest
ment
Fund
Co.Ltd.Nanto
ng
Yunfan
Netwo 15381 15381
rk 369.0 369.0
Techn 6 6
ology
Co.Ltd.New
Hope
Turkey
Feed
and
Farmin
g Food
Import
&
Export
and
Industr
y Ltd.Deyan
g New
Hope 74234 66345 80868
Liuhe 2114. 491.4 7605.Food 35 3 78
Co.Ltd.Shand 2587 - 2926 2580
279Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Current increase/decrease
Openi Gains Closin
Openi ng or Cash Adjust Closin g
ng balanc losses dividend Provment g balanc
Investe balanc e of Additi Reduc on Other s or ision for balanc e of
e e impair onal ed invest equity profits for other Others e impair
(book ment invest invest ment chang declared impacompre (book ment
value) provisi ment ment under es for irmehensive value) provisi
on equity distributi nt income on
metho on
d
ong 12828 29907 0475 66282
Zhong 2.46 0216. 7.05 2.96
xin 55
Food
Group
Co.Ltd.CNA
MPGC
Feed
Grain
Techn
-
ology 4979 4971
7094.
Innova 022.34 928.30
04
tion
(Shenz
hen)
Co.Ltd.
29065212445000091434-2928-3030321244
Subtot 384707
3740938.60000.0.004717.8130473950.0028397406938.6
al 692.59
37.3680014773.000.12612.0027.038
3045321244500001186194004-2928-3159821244
384707
Total 4192 938.6 0000. 4083. 2403. 81304 7395 0.00 2839 8694 938.6
692.59
22.368003178773.000.12612.0015.368
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
The reason for the discrepancy between the foregoing information and the information used in the previous year's impairment test
or external information
Other notes:
1. As the net assets of Nanjing Heda Food Co. Ltd. Taishan Jiaxin Logistics Co. Ltd. and Beijing Meihaomei Deling Food Co.
Ltd. were negative the Group wrote the investment cost down to 0 using the equity method.
2. The equity in New Hope Turkey Feed and Farming Food Import & Export and Industry Ltd. has been disposed of this year.
280Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
11. Investment property
(1) Investment property measured at cost
□Applicable □Not applicable
Unit: yuan
Buildings and Construction in
Item Land use right Total
structures progress
I. Original book value
1. Opening
1023565332.081023565332.08
balance
2. Current
782097711.17782097711.17
increase
(1)
Outsourced
(2)
Transferred from
inventory/property
782097711.17782097711.17
plant and
equipment/construction
in progress
(3) Increase
due to business
combination
3. Current
688807.40688807.40
decrease
(1) Disposal 688807.40 688807.40
(2) Other
transfer-out
4. Closing balance 1804974235.85 1804974235.85
II. Accumulated
depreciation and
accumulated
amortization
1. Opening
163570503.04163570503.04
balance
2. Current
111671631.85111671631.85
increase
(1)
Depreciated or 50375775.56 50375775.56
amortized
(2) Transfer from
property plant and 61295856.29 61295856.29
equipment
3. Current 497063.07 497063.07
281Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Buildings and Construction in
Item Land use right Total
structures progress
decrease
(1) Disposal 497063.07 497063.07
(2) Other
transfer-out
4. Closing balance 274745071.82 274745071.82
III. Impairment
provision
1. Opening
balance
2. Current
increase
(1) Accrued
3. Current
decrease
(1) Disposal
(2) Other
transfer-out
4. Closing balance
IV. Book value
1. Closing book
1530229164.031530229164.03
value
2. Opening book
859994829.04859994829.04
value
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
(2) Investment property measured at fair value
□Applicable □Not applicable
(3) Investment property without title certificate
Unit: yuan
Item Book value Reason for absence of title certificate
Filling and completion formalities to be
Self-built houses on self-owned land 77207831.14
perfected
Total 77207831.14
282Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
12. Property plant and equipment
Unit: yuan
Item Closing balance Opening balance
Property plant and equipment 46843954113.40 43476435665.46
Disposal of property plant and
equipment
Total 46843954113.40 43476435665.46
(1) Breakdown of property plant and equipment
Unit: yuan
Buildings and Machinery and Transportation
Item Others Total
structures equipment equipment
I. Original book
value:
1. Opening
35681235358.3418535995593.661106930667.711419811254.8856743972874.59
balance
2. Current
4876083407.652162113626.7440611551.27134273367.307213081952.96
increase
(1)
13765975.48189615796.3939412423.7684238058.91327032254.54
Purchased
(2)
Transferred from
4856455440.941968372846.26639851.7149639709.976875107848.88
construction in
progress
(3)
Increase due to
business
combination
(4) Exchange rate
5861991.234124984.09559275.80395598.4210941849.54
changes
3. Current
1069508204.86293690242.1960515771.4068149417.201491863635.65
decrease
(1)
Disposed or 155589432.70 194914981.33 53944316.08 63496654.71 467945384.82
scrapped
(2) Decrease in
11916792.3813065109.24861200.00882643.0026725744.62
subsidiaries
(3) Exchange rate
119904268.6185710151.625710255.323770119.49215094795.04
changes
(4) Transferred to
investment 782097711.17 782097711.17
property
4. Closing
39487810561.1320404418978.211087026447.581485935204.9862465191191.90
balance
II. Accumulated
depreciation
1. Opening
5384664708.076266064601.26518566613.991073903732.1313243199655.45
balance
2. Current 1299712463.54 1266961977.89 92897868.29 142209226.66 2801781536.38
283Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Buildings and Machinery and Transportation
Item Others Total
structures equipment equipment
increase
(1)
1298241471.501265037191.4092752782.64141916162.032797947607.57
Accrued
(2) Exchange rate
1470992.041924786.49145085.65293064.633833928.81
changes
3. Current
161667645.44164995025.1945496914.9958133152.50430292738.12
decrease
(1)
Disposed or 65036276.52 117380087.95 41748163.72 54585558.08 278750086.27
scrapped
(2) Decrease in
5428345.259638010.38477740.30812686.5516356782.48
subsidiaries
(3) Exchange rate
29907167.3837976926.863271010.972734907.8773890013.08
changes
(4) Transferred to
investment 61295856.29 61295856.29
property
4. Closing
6522709526.177368031553.96565967567.291157979806.2915614688453.71
balance
III. Impairment
provision
1. Opening
14003944.379803148.5810053.38520407.3524337553.68
balance
2. Current
increase
(1)
Accrued
3. Current
11917572.855784095.4687260.5817788928.89
decrease
(1)
Disposed or 11917572.85 5784095.46 87260.58 17788928.89
scrapped
4. Closing
2086371.524019053.1210053.38433146.776548624.79
balance
IV. Book value
1. Closing
32963014663.4413032368371.13521048826.91327522251.9246843954113.40
book value
2. Opening
30282566705.9012260127843.82588354000.34345387115.4043476435665.46
book value
(2) Breakdown of temporarily idle property plant and equipment
Unit: yuan
Original book Accumulated Impairment
Item Book value Note
value depreciation provision
Buildings 39630274.71 24982779.29 14647495.42
Machinery and 33918900.18 31430025.71 2488874.47
284Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
equipment
Other equipment 1211511.22 1125353.51 86157.71
Total 74760686.11 57538158.51 17222527.60
(3) Property plant and equipment leased under operating lease
Unit: yuan
Item Closing book value
Buildings and production equipment 902637163.43
(4) Breakdown of property plant and equipment without title certificate
Unit: yuan
Item Book value Reason for absence of title certificate
Filling and completion formalities to be
Self-built houses on self-owned land 764522282.22
perfected
Others 1123165.28 Dilapidated houses
Total 765645447.50
(5) Impairment test of property plant and equipment
□Applicable □Not applicable
13. Construction in progress
Unit: yuan
Item Closing balance Opening balance
Construction in progress 3200071507.98 8896445286.64
Total 3200071507.98 8896445286.64
(1) Construction in progress
Unit: yuan
Closing balance Opening balance
Imp
Item airmImpairment
Book balance Book value Book balance ent Book value
provision
prov
ision
Pig business
reconstruction
2961357755.20221418177.862739939577.348225635713.728225635713.72
and expansion
project
Feed mill
reconstruction
431920741.09431920741.09540686027.45540686027.45
and expansion
project
Others 28211189.55 28211189.55 130123545.47 130123545.47
Total 3421489685.84 221418177.86 3200071507.98 8896445286.64 8896445286.64
285Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(2) Current provision for impairment of construction in progress
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance Reason
Pig business Recoverable
reconstruction and 221418177.86 221418177.86 amount lower than
expansion project book value
Total 221418177.86 221418177.86 --
(3) Impairment test of construction in progress
□Applicable □Not applicable
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
Unit: yuan
Determination
Determination
Recoverable Impairment of fair value
Item Book value Key parameters basis of the key
amount amount and disposal
parameters
expenses
The project
plan no longer
involves
Pig business construction
reconstruction investment. It is
221418177.86 221418177.86 N/A N/A
and expansion expected that
project the initial
investment
funds cannot be
recovered.Total 221418177.86 221418177.86
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
14. Productive biological assets
(1) Productive biological assets measured at cost
□Applicable □Not applicable
Unit: yuan
Planting Aquatic
Livestock breeding business Forestry
Item business business Total
Immature Matured
I. Original book
value:
1. Opening 1583773909. 2445123922. 4028897831.
balance 25 34 59
2. Current 1733908980. 1958554322. 3692463302.
286Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Planting Aquatic
Livestock breeding business Forestry
Item business business Total
Immature Matured
increase 75 22 97
(1)
115476150.28172735.63115648885.91
Outsourced
(2) In-
1614480742.1957669095.3572149837.
house
600060
cultivation
(3) Molting 3663719.99 3663719.99
(4) Exchange
288367.88712491.591000859.47
rate changes
3. Current 2933461130. 1687405002. 4620866133.
decrease 55 74 29
(1)1662472420.2634544934.
972072513.44
Disposal 98 42
(2)
Others
(3) Herd
1957669095.1974844788.
transfer and 17175693.99
0099
molting
(4) Exchange
3719522.117756887.7711476409.88
rate changes
4. Closing 2716273241. 3100495001.
384221759.45
balance 82 27
II. Accumulated
depreciation
1. Opening
698631826.54698631826.54
balance
2. Current
536839731.78536839731.78
increase
(1)
536574259.80536574259.80
Accrued
(2) Exchange
265471.98265471.98
rate changes
3. Current
618246720.85618246720.85
decrease
(1)
602163663.96602163663.96
Disposal
(2)
Others
(3) Herd
transfer and 13511974.00 13511974.00
molting
(4) Exchange
2571082.892571082.89
rate changes
4. Closing
617224837.47617224837.47
balance
III. Impairment
provision
1. Opening
287Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Planting Aquatic
Livestock breeding business Forestry
Item business business Total
Immature Matured
balance
2. Current
361164692.79361164692.79
increase
(1)
361164692.79361164692.79
Accrued
3. Current
decrease
(1)
Disposal
(2)
Others
4. Closing
361164692.79361164692.79
balance
IV. Book value
1. Closing 1737883711. 2122105471.
384221759.45
book value 56 01
2. Opening 1583773909. 1746492095. 3330266005.
book value 25 80 05
(2) Impairment test of productive biological assets measured at cost
□Applicable □Not applicable
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
Unit: yuan
Determination
Determination
Recoverable Impairment of fair value
Item Book value Key parameters basis of the key
amount amount and disposal
parameters
expenses
Based on the
market disposal
price of the
current batch of
commercial
Mature Estimated
477293353.83 116128661.04 361164692.79 pigs and Market price
breeding pigs selling price
adjusted in
accordance
with the actual
sales of
breeding pigs
Total 477293353.83 116128661.04 361164692.79
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
288Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(3) Productive biological assets measured at fair value
□Applicable □Not applicable
15. Right-of-use assets
(1) Right-of-use assets
Unit: yuan
Buildings Machinery
Transport
Item and and Land Overall lease Others Total
equipment
structures equipment
I. Original
book value
1.
161082155.37048098611964625110227502.9508812094
Opening 7924623.55 7614290.67
031.502.1825.85
balance
2.
14311769.286843941.161451014.4168052431.
Current 3116048.83 2146513.12 183144.62
41436
increase
(1) New 13964948.8 86669497.0 61451014.4 165845838.
1430720.412146513.12183144.62
contracts 0 0 4 39
(2) Contract
346820.441685328.422032148.86
alteration
(3) Exchange
174444.11174444.11
rate changes
3.
19944442.3320862018.347092785.694309729.
Current 4509143.16 1901339.53
4477020
decrease
(1) Contract 19861649.3 222815369. 298057787. 547145288.
4509143.161901339.53
termination 1 75 04 79
(2) Contract 97766704.0 45287993.7 143054697.
alteration 3 6 79
(3) Exchange
82793.03279944.693747004.904109742.62
rate changes
4.
155449481.11040672.3347079178910820740.456186364
Closing 5251660.63 8509308.01
9384.14928.01
balance
II.Accumulated
depreciation
1.
102839515.643178861.500454170.125513895
Opening 3630649.99 3087987.81 1947766.53
0097481.78
balance
2.
23722681.5188135093.150696443.366770156.
Current 1707503.10 2040265.10 468169.68
4923771
increase
(1)23722681.5188108309.150696443.366743372.
1707503.102040265.10468169.68
Accrued 4 54 37 33
(2) Exchange
26784.3826784.38
rate changes
13693223.5118117499.269791247.406195717.
3.2743518.071850229.12
5115944
289Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Buildings Machinery
Transport
Item and and Land Overall lease Others Total
equipment
structures equipment
Current
decrease
(1)13627972.649266466.8217485929.284974116.
2743518.071850229.12
Disposal 6 7 99 71
(2) Exchange
65250.8950262.741479269.341594782.97
rate changes
(3) Contract 68800769.5 50826048.2 119626817.
alteration 0 6 76
4.
112868972.713196456.381359366.121571339
Closing 5338153.09 2384734.84 565707.09
9978261.05
balance
III.Impairment
provision
1.
Opening
balance
2.
Current
increase
(1)
Accrued
3.
Current
decrease
(1)
Disposal
4.
Closing
balance
IV. Book
value
1.
42580508.9275759532529461374.334615025
Closing book 5702519.29 2866925.79 7943600.92
47.36666.96
value
2.
58242640.0306163099696008341.383298199
Opening 4293973.56 4526302.86 8279736.39
39.53704.07
book value
(2) Impairment test of right-of-use assets
□Applicable □Not applicable
290Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
16. Intangible assets
(1) Details of intangible assets
Unit: yuan
Non-patented
Item Land use right Patents Others Total
technology
I. Original book
value
1. Opening
1503416635.084506777.06723340210.322231263622.46
balance
2. Current
37915215.67100000.001769891.8639785107.53
increase
(1)
36730973.68100000.001769758.4238600732.10
Purchased
(2)
Internal R&D
(3)
Increase due to
business
combination
(4) Exchange rate
1184241.99133.441184375.43
changes
3. Current
38574733.933450.001674577.5040252761.43
decrease
(1)
15759021.333450.001644217.2117406688.54
Disposal
(2) Decrease in
4671182.6021350.004692532.60
subsidiaries
(3) Exchange rate
18144530.009010.2918153540.29
changes
4. Closing
1502757116.824603327.06723435524.682230795968.56
balance
II. Accumulated
amortization
1. Opening
311376686.844410714.52375450817.84691238219.20
balance
2. Current
29323911.36160843.1348685360.4078170114.89
increase
(1)
29120300.61160843.1348685226.9177966370.65
Accrued
(2) Exchange rate
203610.75133.49203744.24
changes
3. Current
5223766.282328.75492460.295718555.32
decrease
(1)
2295503.612328.75462100.002759932.36
Disposal
(2) Decrease in
1655604.1521350.001676954.15
subsidiaries
(3) Exchange rate
1272658.529010.291281668.81
changes
291Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Non-patented
Item Land use right Patents Others Total
technology
4. Closing
335476831.924569228.90423643717.95763689778.77
balance
III. Impairment
provision
1. Opening
balance
2. Current
increase
(1)
Accrued
3. Current
decrease
(1)
Disposal
4. Closing
balance
IV. Book value
1. Closing
1167280284.9034098.16299791806.731467106189.79
book value
2. Opening
1192039948.2496062.54347889392.481540025403.26
book value
Percentage of intangible assets formed through internal R&D in the balance of intangible assets at the end of this period is 6.36%.
(2) Data resources recognized as intangible assets
□Applicable □Not applicable
Unit: yuan
Intangible assets of Intangible assets of
Intangible assets of self-
Item purchased data data resources obtained Total
developed data resources
resources through other means
I. Original book value
1. Opening balance 4510239.54 4510239.54
2. Current increase
Internal R&D
3. Current decrease
4. Closing balance 4510239.54 4510239.54
II. Accumulated
amortization
1. Opening balance 93963.02 93963.02
2. Current increase 1127017.45 1127017.45
3. Current decrease
292Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
1220980.471220980.47
4. Closing balance
III. Book value
1. Closing book value 3289259.07 3289259.07
2. Opening book value 4416276.52 4416276.52
(3) Breakdown of land use rights without title certificates
Unit: yuan
Item Book value Reason for absence of title certificate
New Hope Philippines Livestock Inc. 14889298.77 In progress due to incomplete paperwork
PT New Hope Farms Indonesia 5666358.61 In progress due to incomplete paperwork
Liuhe Feed (Huai'an) Co. Ltd. 3724725.16 In progress due to incomplete paperwork
New Hope Bulacan Agriculture Inc. 3454081.90 In progress due to incomplete paperwork
Linshu Liuhe Feed Co. Ltd. 1497588.53 In progress due to incomplete paperwork
Yiyang New Hope Feed Co. Ltd. 452400.00 In progress due to incomplete paperwork
Total 29684452.97
(4) Impairment test of intangible assets
□Applicable □Not applicable
17. Goodwill
(1) Original book value of goodwill
Unit: yuan
Name of Current increase Current decrease
invested
Opening
entities or event Formed due to Closing balance
balance
forming business Disposal
goodwill combination
Chengdu
Century
398573665.34398573665.34
Investment Co.Ltd.Yangling Besun
Agricultural
280514799.76280514799.76
Industry Group
Co. Ltd.Laiyang Xinmu
Breeding Co. 251371600.00 251371600.00
Ltd.Zhengzhou
Quansheng
Farming 98349399.05 98349399.05
Technology
Co. Ltd.New Hope 58567474.80 58567474.80
293Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Liuhe
Investment Co.Ltd.Chengdu
Fenglan
36276456.4836276456.48
Technology
Co. Ltd.Heyang Xinliu
Farming
19920121.9719920121.97
Technology
Co. Ltd.Beijing
Kinghey Food 19091431.45 19091431.45
Co. Ltd.Sheyang Liuhe
2194351.612194351.61
Feed Co. Ltd.Hefei Huaren
Farming Group 6118302.82 6118302.82
Co. Ltd.Xingtai New
Hope Farming
3535449.753535449.75
Technology
Co. Ltd.Anhui Wanxi
White Goose
1958093.801958093.80
Stock Seed
Farm Co. Ltd.Xiantao Liuhe
422276.77422276.77
Feed Co. Ltd.
1176893423.1176893423.
Total
6060
(2) Provision for goodwill impairment
Unit: yuan
Name of Current increase Current decrease
invested
Opening
entities or event Closing balance
balance
forming Accrued Disposal
goodwill
Laiyang Xinmu
Breeding Co. 24784849.84 24784849.84
Ltd.Beijing
Kinghey Food 10418225.09 10418225.09
Co. Ltd.Hefei Huaren
Farming Group 6118302.82 6118302.82
Co. Ltd.Xingtai New
Hope Farming
3535449.753535449.75
Technology
Co. Ltd.Sheyang Liuhe
2194351.612194351.61
Feed Co. Ltd.Anhui Wanxi 1958093.80 1958093.80
294Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
White Goose
Stock Seed
Farm Co. Ltd.Xiantao Liuhe
422276.77422276.77
Feed Co. Ltd.Total 49431549.68 49431549.68
(3) Particulars of asset group or combination of asset groups containing goodwill
Composition and basis of the Whether it is consistent with
Name Affiliated division and basis
asset group or combination previous years
The asset group is identified
Chengdu Century Investment according to the assets owned Classified into feed business
Yes
Co. Ltd. by the purchaser at the time of by nature
acquisition
The asset group is identified
Yangling Besun Agricultural according to the assets owned Classified into pig business
Yes
Industry Group Co. Ltd. by the purchaser at the time of by nature
acquisition
The asset group is identified
Laiyang Xinmu Breeding Co. according to the assets owned Classified into pig business
Yes
Ltd. by the purchaser at the time of by nature
acquisition
The asset group is identified
Zhengzhou Quansheng according to the assets owned Classified into pig business
Yes
Farming Technology Co. Ltd. by the purchaser at the time of by nature
acquisition
The asset group is identified
New Hope Liuhe Investment according to the assets owned Divided into others by
Yes
Co. Ltd. by the purchaser at the time of business nature
acquisition
The asset group is identified
Chengdu Fenglan Technology according to the assets owned Divided into others by
Yes
Co. Ltd. by the purchaser at the time of business nature
acquisition
The asset group is identified
Heyang Xinliu Farming according to the assets owned Classified into pig business
Yes
Technology Co. Ltd. by the purchaser at the time of by nature
acquisition
The asset group is identified
Beijing Kinghey Food Co. according to the assets owned Classified into pig business
Yes
Ltd. by the purchaser at the time of by nature
acquisition
The asset group is identified
according to the assets owned Classified into feed business
Sheyang Liuhe Feed Co. Ltd. Yes
by the purchaser at the time of by nature
acquisition
The asset group is identified
Hefei Huaren Farming Group according to the assets owned Classified into feed business
Yes
Co. Ltd. by the purchaser at the time of by nature
acquisition
The asset group is identified
Xingtai New Hope Farming according to the assets owned Classified into feed business
Yes
Technology Co. Ltd. by the purchaser at the time of by nature
acquisition
Anhui Wanxi White Goose The asset group is identified Divided into others by Yes
295Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Stock Seed Farm Co. Ltd. according to the assets owned business nature
by the purchaser at the time of
acquisition
The asset group is identified
according to the assets owned Classified into feed business
Xiantao Liuhe Feed Co. Ltd. Yes
by the purchaser at the time of by nature
acquisition
(4) Specific method for determining the recoverable amount
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
Unit: yuan
Determinatio
Imp
Key Key n basis of the
airm Duration of
Recoverable parameters of parameters of key
Item Book value ent the forecast
amount the forecast the stable parameters of
amo period
period period the stable
unt
period
The profit
rate is
calculated in
the last year
of the five-
year period
and the
discount rate
Chengdu Revenue Revenue
is determined
Century 2026-2030 growth rate growth rate
982957087.99 3259130964.79 according to
Investment (5 years) Profit margin Profit margin
the current
Co. Ltd. Discount rate Discount rate
risk-free rate
of return
market risk
premium
firm-specific
risk
premium
etc.The profit
rate is
calculated in
the last year
Yangling
of the five-
Besun Revenue Revenue
year period
Agricultural 2026-2030 growth rate growth rate
4375703992.14 4534422086.79 and the
Industry (5 years) Profit margin Profit margin
discount rate
Group Co. Discount rate Discount rate
is determined
Ltd.according to
the current
risk-free rate
of return
296Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Determinatio
Imp
Key Key n basis of the
airm Duration of
Recoverable parameters of parameters of key
Item Book value ent the forecast
amount the forecast the stable parameters of
amo period
period period the stable
unt
period
market risk
premium
firm-specific
risk
premium
etc.The profit
rate is
calculated in
the last year
of the five-
year period
and the
discount rate
Laiyang Revenue Revenue
is determined
Xinmu 2026-2030 growth rate growth rate
211782005.83 739827946.72 according to
Breeding (5 years) Profit margin Profit margin
the current
Co. Ltd. Discount rate Discount rate
risk-free rate
of return
market risk
premium
firm-specific
risk
premium
etc.The profit
rate is
calculated in
the last year
of the five-
year period
and the
Zhengzhou discount rate
Revenue Revenue
Quansheng is determined
2026-2030 growth rate growth rate
Farming 111739400.79 394740937.40 according to
(5 years) Profit margin Profit margin
Technology the current
Discount rate Discount rate
Co. Ltd. risk-free rate
of return
market risk
premium
firm-specific
risk
premium
etc.Average Average The amount
dividend dividend of common
New Hope
distribution distribution stock
Liuhe 26012732185.9 30476461010.6 Indefinite
amount in the amount in the dividend
Investment 2 6 duration
past 5 years past 5 years distribution
Co. Ltd.sustainable sustainable and the
growth rate growth rate sustainable
297Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Determinatio
Imp
Key Key n basis of the
airm Duration of
Recoverable parameters of parameters of key
Item Book value ent the forecast
amount the forecast the stable parameters of
amo period
period period the stable
unt
period
discount rate discount rate growth rate
are
determined
based on the
average
figures of the
Company
over the past
5 years; the
discount rate
is determined
according to
the current
risk-free rate
of return
market risk
premium
etc.The profit
rate is
calculated in
the last year
of the five-
year period
and the
discount rate
Chengdu Revenue Revenue
2026-2030 is determined
Fenglan growth rate growth rate
182838114.40 389176686.05 years according to
Technology Profit margin Profit margin
(5 years) the current
Co. Ltd. Discount rate Discount rate
risk-free rate
of return
market risk
premium
firm-specific
risk
premium
etc.The profit
rate is
calculated in
the last year
of the five-
Heyang
Revenue Revenue year period
Xinliu 2026-2030
growth rate growth rate and the
Farming 104503181.45 111505619.35 years
Profit margin Profit margin discount rate
Technology (5 years)
Discount rate Discount rate is determined
Co. Ltd.according to
the current
risk-free rate
of return
market risk
298Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Determinatio
Imp
Key Key n basis of the
airm Duration of
Recoverable parameters of parameters of key
Item Book value ent the forecast
amount the forecast the stable parameters of
amo period
period period the stable
unt
period
premium
firm-specific
risk
premium
etc.The profit
rate is
calculated in
the last year
of the five-
year period
and the
discount rate
Beijing Revenue Revenue
2026-2030 is determined
Kinghey growth rate growth rate
410475004.12 689349218.79 years according to
Food Co. Profit margin Profit margin
(5 years) the current
Ltd. Discount rate Discount rate
risk-free rate
of return
market risk
premium
firm-specific
risk
premium
etc.
32392730972.640594614470.5
Total
45
(5) Performance commitments fulfilled and corresponding goodwill impairment status
There is a performance commitment when goodwill is formed and the reporting period or the period preceding the reporting
period is within the performance commitment period
□Applicable □Not applicable
18. Long-term deferred expenses
Unit: yuan
Current amount
Item Opening balance Current increase Other decreases Closing balance
amortized
Expenditure on
improvement of
43488056.451593182.514638898.7123500.0040418840.25
property plant and
equipment
Rental expenses of
factory buildings 476356.42 68764.89 222824.36 6342.75 315954.20
and equipment
Others 37149255.19 17504047.03 30066791.96 1177933.07 23408577.19
Total 81113668.06 19165994.43 34928515.03 1207775.82 64143371.64
299Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
19. Deferred income tax assets/ deferred income tax liabilities
(1) Deferred income tax assets not offset
Unit: yuan
Closing balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Provision for asset
381697281.2692007190.34431815320.2798312648.08
impairment
Unrealized profit of
89099919.8522228084.31112389446.3528086372.52
internal transactions
Deductible loss 2347928509.42 551080047.91 3024194254.72 725066296.69
Change in fair value of
7515970.771293841.40996329.25111480.85
trading financial assets
Guarantee indemnity
reserve deferred 66998454.74 15070163.16 56359127.40 12905392.88
income etc.Lease liabilities 192505413.53 47619158.59 256117766.97 63176565.63
Total 3085745549.57 729298485.71 3881872244.96 927658756.65
(2) Deferred income tax liabilities not offset
Unit: yuan
Closing balance Opening balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
difference liabilities difference liabilities
Asset appraisal
appreciation of
business combination 203921207.71 50231213.48 211279458.64 52046887.61
not under common
control
Change in fair value of
10030485.301801725.492107313.17210731.32
trading financial assets
Right-of-use assets 183415062.94 45729125.35 250570555.03 61745835.49
Convertible bond
502587869.80125646967.45
conversion difference
One-off deduction of
property plant and 189925.72 47481.43
equipment before tax
Total 900144551.47 223456513.20 463957326.84 114003454.42
(3) Deferred income tax assets or liabilities presented by net amount after offset
Unit: yuan
Closing offset amount Closing balance of Opening offset amount Opening balance of
Item between deferred deferred income tax between deferred deferred income tax
income tax assets and assets or liabilities after income tax assets and assets or liabilities after
300Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
liabilities offset liabilities offset
Deferred income tax
52495764.81676802720.9061885673.42865773083.23
assets
Deferred income tax
52495764.81170960748.3961885673.4252117781.00
liabilities
(4) Details of unrecognized deferred income tax assets
Unit: yuan
Item Closing balance Opening balance
Deductible temporary difference 126049587.82 53951534.22
Deductible loss 5520757364.66 3835011273.92
Total 5646806952.48 3888962808.14
(5) Deductible losses on unrecognized deferred income tax assets will become due in the following years
Unit: yuan
Year Closing amount Opening amount Note
20250.00192935395.19
2026838275218.43540236279.37
20271005925146.731112858843.41
2028791060703.15712357870.48
20291293343696.781276622885.47
20301592152599.570.00
Total 5520757364.66 3835011273.92
20. Other non-current assets
Unit: yuan
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Amounts
prepaid for
165539118.26165539118.26287035979.87287035979.87
long-term
assets
VAT input tax
328064709.80328064709.80373706234.95373706234.95
to be deducted
Total 493603828.06 493603828.06 660742214.82 660742214.82
Other notes:
21. Assets with restricted ownership or use right
Unit: yuan
Item As at the end of the period Opening
301Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Book Type of Book Type of
Book value Description Book value Description
balance restriction balance restriction
Purchase of Purchase of
futures futures
margins of margins of
guarantee guarantee
Cash and
18301410 18301410 companies 14284076 14284076 companies
cash Margin Margin
70.66 70.66 note 26.57 26.57 note
equivalents
margins margins
reclamation reclamation
margins margins
etc. etc.Reserve
Used as meat used
reserve as short-
meat under term
77887327. 77887327. Reserve the 66316036. 66316036. Mortgage/r collateral
Inventory
91 91 meat agreement 48 48 eserve meat and as
with the agreed by
governmen the
t governmen
t
Used as Used as
collateral collateral
for long- for long-
term and term and
Property short-term short-term
20249652127809153041497821489773
plant and Mortgage borrowings Mortgage borrowings
57.5048.6415.2182.57
equipment and for and for
financing- financing-
based sale based sale
and and
leaseback leaseback
Used as Used as
collateral collateral
Intangible 58349802. 38669856. for long- 66007442. 47016482. for long-
Mortgage Mortgage
assets 60 31 term and 79 28 term and
short-term short-term
borrowings borrowings
Used as
Constructio collateral
31969394.31969394.
n in Mortgage for long-
1414
progress term
borrowings
39913434322478984634198337226869
Total
58.6703.5215.1922.04
Other notes:
Note 1: The Group took the land and properties of Luzhou New Hope Feed Co. Ltd. land and properties of Wuwei Hope
Feed Co. Ltd. land and properties of Huai'an New Hope Feed Co. Ltd. land of Anhui Xinhua Animal Husbandry Technology Co.Ltd. land and properties of Anhui Baixin Feed Co. Ltd. land and properties of Taizhou New Hope Agriculture Co. Ltd. land and
properties of New Hope Singapore Biotechnology Pte. Ltd. land and properties of Beijing Kinghey Food Co. Ltd. and land and
properties of Hanzhong New Hope Liuhe Farming Technology Co. Ltd. as collaterals for long and short-term borrowings of a
total amount of 173.7107 million yuan.
302Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Note 2: Subsidiaries of the Group signed contracts with financing lease companies to partially transfer their buildings and
structures as well as machinery and equipment to the financing lease companies and leased them back. Upon the expiration of the
lease term they acquired the ownership of the buildings and structures as well as machinery and equipment at a nominal amount
ranging from 1 to 10000 yuan. As such sale-and-leaseback transactions are not sales the relevant assets are not derecognized
with the long-term payables equal to the transfer price recognized. As at December 31 2025 the book value of the property plant
and equipment related to the above sale-and-leaseback transactions was 1096.3619 million yuan and the corresponding long-term
payables (including those due within 1 year) was 867.9788 million yuan.Note 3: In addition to the above as at December 31 2025 the Group’s subsidiary Beijing New Hope Liuhe Biotechnology
Industry Group Co. Ltd. used its 100% equity stakes in subsidiaries namely Gaomi Xinliu Farming Technology Co. Ltd. Baiyin
New Hope Farming Technology Co. Ltd. Kangping Xinwang Farming Co. Ltd. And Zhucheng Xinliu Farming Technology Co.Ltd. as collaterals to provide pledge guarantee for the Company’s 416.0500 million yuan long-term borrowings.
22. Short-term borrowings
(1) Short-term borrowings by category
Unit: yuan
Item Closing balance Opening balance
Mortgage borrowings 37500000.00 94500000.00
Guaranteed borrowings 2124214945.08 3398758904.35
Credit loans 5404901592.85 6048409221.67
Borrowings against bill discounting 3420121511.58 3443150560.65
Borrowings against L/C discounting 374275942.83 499434827.58
Factoring of accounts receivable 1457299874.30 2118392574.94
Reverse factoring 2112957471.66 2124969650.07
Add: Accrued interest 8827000.18 13899870.83
Total 14940098338.48 17741515610.09
Notes on the classification of short-term borrowings:
* As at December 31 2025 the mortgage borrowings of the Group were 37.5 million yuan which was secured by property plant
and equipment and intangible assets with a total book value of approximately 49.8579 million yuan.* As at December 31 2025 the guaranteed borrowings of the Group were 2124.2149 million yuan. Among them the Company
provided guarantees for its subsidiaries of 1737.6343 million yuan guarantees between subsidiaries of 382.5806 million yuan
and guarantees provided by non-related parties for subsidiaries of 4 million yuan.* Among borrowings against bill discounting the Group used internal inter-company bills for discounting. The closing balance
of internal notes receivable and notes payable has been deducted in this report.
23. Trading financial liabilities
Unit: yuan
Item Closing balance Opening balance
Trading financial liabilities 7568770.77 935134.25
Incl.:
303Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Derivative financial liabilities 7568770.77 935134.25
Incl.:
Total 7568770.77 935134.25
Other note: Derivative financial liabilities are futures contracts and interest rate swaps purchased.
24. Notes payable
Unit: yuan
Pollutants Closing balance Opening balance
Commercial acceptance bills 1473164487.75 1008874137.72
Bank acceptance bills 4035675437.23 3014963606.81
L/C 76201703.14 160296509.58
Total 5585041628.12 4184134254.11
The notes payable overdue but unpaid at the end of this period totaled 0.00 yuan.
25. Accounts payable
(1) Breakdown of accounts payable
Unit: yuan
Item Closing balance Opening balance
Goods payment to suppliers 5441483542.96 6208837763.23
Amounts prepaid for long-term assets 1186008398.51 1315158503.90
Others 791488.68 1371049.82
Total 6628283430.15 7525367316.95
(2) Significant accounts payable older than one year or overdue
As at December 31 2025 there were no significant accounts payable older than one year.
(3) Whether there is any outstanding payments owed to small and medium-sized enterprises
Whether it is a large enterprise
□Yes □No
Whether there is any outstanding payments owed to small and medium-sized enterprises
□Yes □No
26. Other payables
Unit: yuan
Item Closing balance Opening balance
Dividends payable 29020258.82 36182732.53
Other payables 3577321993.59 3368617802.20
Total 3606342252.41 3404800534.73
304Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(1) Dividends payable
Unit: yuan
Item Closing balance Opening balance
Dividends on ordinary shares 29020258.82 36182732.53
Total 29020258.82 36182732.53
Other notes including those on significant outstanding dividends that have not been paid for more than one year and the reason of
non-payment:
Item Closing balance Reasons for non-payment
Entity 1 10430125.81 Already declared but not yet claimed
Entity 2 10000000.00 Already declared but not yet claimed
Total 20430125.81
(2) Other payables
1) Other payables presented by nature of amount
Unit: yuan
Item Closing balance Opening balance
Current accounts 955360953.73 786821431.09
Various deposits and margins temporarily
2279095006.142021032251.79
retained
Managed secured funds 4479158.50 40774382.45
Accrued expenses 64687902.58 81592746.44
Payments for share transfer 20671606.42 28913567.81
Payments for right-of-use assets 209000622.90 237374732.59
Restricted stock repurchase obligation 42513747.76 171894948.20
Others 1512995.56 213741.83
Total 3577321993.59 3368617802.20
2) Significant other payables older than one year or overdue
Unit: yuan
Item Closing balance Why not repaid or carried forward
Entity 1 208500000.00 Current accounts
Not carried forward due to pending
Entity 2 104563704.00
paperwork for equities and title
Unit 3 35527815.00 Special funding
Equity transfer price and current
Unit 4 33950697.05 accounts payable that do not meet the
payment terms
Unit 5 20014777.00 Current accounts
Entity 6 13980000.00 Margin
Entity 7 10946870.00 Current accounts
Entity 8 10044700.00 Current accounts
Total 437528563.05
305Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
27. Advance collections
(1) Presentation of advance collections
Unit: yuan
Item Closing balance Opening balance
Rental 37642436.02
Advance from equity transferees 638512.21 208500000.00
Proceeds from disposal of non-current
18766807.95
assets
Total 57047756.18 208500000.00
As at December 31 2025 there were no significant advance collections older than one year.
28. Contract liabilities
Unit: yuan
Item Closing balance Opening balance
Goods payment 2153198586.92 2029782235.35
Total 2153198586.92 2029782235.35
29. Employee benefits payable
(1) Breakdown of employee benefits payable
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
I. Short-term
734430299.895630344493.665578971802.22785802991.33
compensation
II. Post-employment
benefits-defined 1909848.78 361776090.28 361288192.09 2397746.97
contribution plan
III. Termination
5325320.0019948485.7519948485.755325320.00
benefits
Total 741665468.67 6012069069.69 5960208480.06 793526058.30
(2) Breakdown of short-term compensation
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
1. Wage bonus
531571034.355023122933.654964144366.91590549601.09
allowance and subsidy
2. Employee benefits 354971423.15 354971423.15
3. Social insurance
529404.75190318457.15190023204.53824657.37
premium
Incl.: Medical
454204.64171112757.94170841150.02725812.56
insurance premium
Work- 49288.05 17163479.55 17139923.89 72843.71
306Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Item Opening balance Current increase Current decrease Closing balance
related injury insurance
premium
Maternity
25912.062042219.662042130.6226001.10
insurance premium
4. Housing provident
141991.0420232687.7520239991.27134687.52
fund
5. Trade union fees and
employee education 202187869.75 32001315.89 39895140.29 194294045.35
funds
6. Short-term paid
9697676.079697676.07
leaves
Total 734430299.89 5630344493.66 5578971802.22 785802991.33
(3) Breakdown of defined contribution plan
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
1. Basic endowment
1416563.23344257131.69343797495.151876199.77
insurance
2. Unemployment
460722.4413224680.8813193999.56491403.76
insurance
3. Comprehensive
32563.114294277.714296697.3830143.44
insurance
Total 1909848.78 361776090.28 361288192.09 2397746.97
Other notes:
The Group participates in endowment insurance and unemployment insurance programs established by the government
according to provisions whereby the Group pays contributions each month according to the rules of social security bureau; apart
from the aforesaid monthly contributions the Group no longer assumes further payment obligation and the corresponding
expenditures are included in the current profit or loss or costs of related assets as and when incurred.There was no amount in arrears in the employment benefits payable; the wage bonus allowance and subsidy are expected to
be fully paid from January to February 2026 and the social insurance contributions will be paid to the social security bureau in
January 2026.
30. Taxes and surcharges payable
Unit: yuan
Item Closing balance Opening balance
VAT 44558561.15 42780716.24
Corporate income tax 234323934.17 240231191.49
Individual income tax 31895438.19 16662427.58
Urban maintenance and construction tax 543581.89 2789559.86
Education surcharge 248494.68 1212796.62
Local education surcharge 160428.18 804039.10
Water conservancy fund 582618.01 529649.21
307Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Land use tax 7677744.74 7786941.17
Property tax 11279063.17 8107379.31
Stamp duty 24260743.42 22354922.62
Taxes withheld 23440711.23 54298939.95
Health coverage tax 12657373.88 7824558.03
Others 5916798.17 5025715.59
Total 397545490.88 410408836.77
31. Non-current liabilities due within one year
Unit: yuan
Item Closing balance Opening balance
Long-term borrowings due within one
7819797697.949988404919.92
year
Bonds payable due within one year 173919403.81 24776346.26
Long-term payables due within one year 306410611.83 469720201.78
Lease liabilities due within one year 171523769.97 372384215.72
Total 8471651483.55 10855285683.68
Other notes:
Note 1: Long-term borrowings due within one year are detailed in “Note VII. (34) Long-term borrowings”.Note 2: Bonds payable due within one year are detailed in “Note VII. (35) Bonds payable”.Note 3: Long-term payables due within one year are detailed in “Note VII. (37) Long-term payables”.Note 4: lease liabilities due within one year are detailed in “Note VII. (36) Lease liabilities”.
(1) Long-term borrowings due within one year:
Item Closing balance Opening balance
Pledge loans 130000000.00 215734000.00
Mortgage borrowings 26320690.40 61478560.00
Guaranteed borrowings 3492043113.87 3907158680.05
Credit loans 4143185833.00 5767240863.66
Add: Interest payable on long-term borrowings 28248060.67 36792816.21
Total 7819797697.94 9988404919.92
(2) Bonds payable due within one year:
Item Closing balance Opening balance
21 Hope Liuhe MTN001 (for Rural
140000000.00
Revitalization)
Add: Interest payable on bonds payable 33919403.81 24776346.26
Total 173919403.81 24776346.26
308Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
32. Other current liabilities
Unit: yuan
Item Closing balance Opening balance
Short-term bonds payable 1006604166.67
Notes endorsed but not yet derecognized 22268845.11
Output tax to be reversed 32675747.02 32667937.34
Total 1061548758.80 32667937.34
Increase/decrease in short-term bonds payable
Unit: yuan
O
p
e
n
i Amorti
n zation
Interest Viola
Distri Bond g of
Issuing Issue Current accrued at Current Closing tion
Bond Face value butio duratio premiu
date amount issuance nominal repayment balance or
n rate n b m and
value not
a discoun
l t
a
n
c
e
25
Hope
Liuhe
April
SCP00 500000000. 2.10 180 4998250 4998250 5178082 175000 5051780
22 0.00 No
1 (for 00 % days 00.00 00.00 .19 .00 82.19
2025
Rural
Revital
ization)
25
Hope
Liuhe
SCP00
2
June
(Scienc 500000000. 1.85 270 4997375 4997375 5010416 262500 505010416
19 No
e and 00 % days 00.00 00.00 .67 .00 .67
2025
Techno
logy
Innovat
ion
Bond)
25
Hope
Liuhe October
500000000.1.80270499737549973751725000131250501593750
SCP00 23 No
00 % days 00.00 00.00 .00 .00 .00
32025
(Scienc
e and
309Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
O
p
e
n
i Amorti
n zation
Interest Viola
Distri Bond g of
Issuing Issue Current accrued at Current Closing tion
Bond Face value butio duratio premiu
date amount issuance nominal repayment balance or
n rate n b m and
value not
a discoun
l t
a
n
c
e
Techno
logy
Innovat
ion
Bond)
149930014993001191349568750505178010066041
Total
000.00000.008.86.0082.1966.67
33. Reserve for insurance contract
Item Closing balance Opening balance
Unearned premium reserve 75729135.88 84407693.09
Guarantee compensation reserve 98013379.50 90216571.14
Total 173742515.38 174624264.23
34. Long-term borrowings
(1) Long-term borrowings by category
Unit: yuan
Item Closing balance Opening balance
Pledge loans 416050000.00 707384000.00
Mortgage borrowings 136210690.40 148429789.60
Guaranteed borrowings 10239543523.04 13569636903.56
Credit loans 20344215479.68 16289991585.08
Add: Accrued interest 28248060.67 36792816.21
Less: Long-term borrowings due within
-7819797697.94-9988404919.92
one year
Total 23344470055.85 20763830174.53
Notes on classification of long-term borrowings:
* As at December 31 2025 the Group's pledged borrowings of 416.0500 million yuan was secured by the equity of its
subsidiaries.
310Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
* As at December 31 2025 the Group's mortgaged borrowings of 136.21 million yuan was secured by property plant and
equipment and intangible assets with a total book value of approximately 313.7962 million yuan. Among them 19.9900 million
yuan was also guaranteed by the Company.* As of December 31 2025 the Group's guaranteed borrowings were 10239.5435 million yuan. Among them the Company
guaranteed 10178.3068 million yuan for the subsidiaries and non-affiliated parties guaranteed 61.2367 million yuan for the
subsidiaries.Other notes including on the interest rate range covered:
The interest rate range of the Group's long-term borrowings at the end of the year was 2.24% - 5.20%.
35. Bonds payable
(1) Bonds payable
Unit: yuan
Item Closing balance Opening balance
New Hope-CB 0.00 939467701.50
21 Hope Liuhe MTN001 (for Rural
143371666.67143313972.61
Revitalization)
New Hope-CB2 7662575850.71 7418114781.90
24 Hope Liuhe PPN001 496855906.20 491872528.02
25 Hope Liuhe MTN001 (Science and
503100623.60
Technology Innovation Bond)
Less: Bonds payable due within one year -140000000.00
Less: Interest due within one year -33919403.81 -24776346.26
Total 8631984643.37 8967992637.77
(2) Increase/decrease in bonds payable (excluding preferred stocks perpetual bonds and other financial
instruments classified as financial liabilities)
Unit: yuan
Conv
Less:
Amor erted
Intere Bond
tizati into
st s
Open Curre on of Curre share Closi
Distri Issui Bond Issue accru paya Viola
Face ing nt premi nt s in ng
Bond butio ng durati amou ed at ble tion
value balan issua um repay the balan
n rate date on nt nomi due or not
ce nce and ment curre ce
nal withi
disco nt
value n one
unt perio
year
d
400039861004
New Janua 9394 1898 4783 2136
000 Note 6 000 156
Hope ry 3 6770 7579 7979 457. 0.00 0.00 No
000.0 1. years 000.0 803.5
-CB 2020 1.50 .53 .95 45
003
21
20001994
Hope Marc 1433 4257 4200 1433
0003.003+2000
Liuhe h 17 1397 694. 000. 7166 0.00 No
000.0 % years 000.0
MTN 2021 2.61 06 00 6.67
00
001
311Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Conv
Less:
Amor erted
Intere Bond
tizati into
st s
Open Curre on of Curre share Closi
Distri Issui Bond Issue accru paya Viola
Face ing nt premi nt s in ng
Bond butio ng durati amou ed at ble tion
value balan issua um repay the balan
n rate date on nt nomi due or not
ce nce and ment curre ce
nal withi
disco nt
value n one
unt perio
year
d
(for
Rural
Revit
alizat
ion)
8150 Nove 8136 7418 7640
New 1031 2390 9772 2172
000 Note mber 6 000 114 6681 851
Hope 5081 9877 1698 4820 No
000.0 2. 2 years 000.0 781.9 9.15 030.2
-CB2 2.29 4.47 .80 .46
02021005
24
Hope 5000 Augu 4850 4918 1550 4983 1550 5166 4916
3.103+2
Liuhe 0000 st 28 4500 7252 0000 378. 0000 666. 8923 No
% years
PPN0 0.00 2024 0.00 8.02 .00 18 .00 68 9.52
01
25
Hope
Liuhe
MTN
001
(Scie
nce 5000 Augu 4993 4993 3656 3656 4994
1.952+11443
and 0000 st 18 0000 0000 250. 250. 4437 No
% years 73.60
Tech 0.00 2025 0.00 0.00 00 00 3.60
nolog
y
Innov
ation
Bond
)
1510899211218631
49931455292022031739
0345768578984
Total —— 0000 5233 6450 276. 1940 ——
000.984.0502.3643.3
0.005.886.20603.81
00337
(3) Notes on convertible corporate bonds
1. In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd.
(CSRC Approval [2019] No. 1902) issued by the CSRC the Company publicly issued 40 million convertible corporate bonds on
January 3 2020 each having a par value of 100 yuan for a total amount of 4 billion yuan and a duration of 6 years.The nominal rate of convertible corporate bonds issued that time was 0.20% for the first year 0.40% for the second year 0.80%
for the third year 1.20% for the fourth year 1.60% for the fifty year and 2.00% for the sixth year with interest payable per year
and convertible from the first trading day (July 9 2020) after six months of the end of this issue of convertible bonds (January 9
312Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2020 T+4 days) to the expiry date of the convertible bonds (January 2 2026). The bond holders may request for share conversion
during the conversion period.The initial conversion price of convertible corporate bonds issued this time is 19.78 yuan/share which is not lower than the
average trading price of A-share stocks of the Company in 20 trading days prior to the date of announcement of the Prospectus (if
share price adjustments occurred due to ex-right and ex-dividend within such 20 trading days the average trading price of trading
days before adjustment is calculated by the price after corresponding ex-right and ex-dividend adjustments) and the average
trading price of A-share stocks of the Company on the immediately preceding trading day.At the 2019 annual general meeting held on April 28 2020 the 2019 Annual Profit Distribution Plan was approved to
distribute cash dividend of 1.50 yuan (tax-inclusive) per 10 shares to all shareholders based on the total number of shares specified
in the 2019 annual profit distribution implementation announcement net of the repurchased shares that do not participate in the
distribution. After the implementation of this plan the conversion price was adjusted from 19.78 yuan/share to 19.63 yuan/share
effective as of June 19 2020.On September 18 2020 in accordance with the Approval on the Non-public Offering of Stocks by New Hope Liuhe Co. Ltd.
(CSRC Approval [2020] No.1961) issued by the CSRC the Company issued 177147918 shares of common stocks (A-share)
denominated in RMB to two particular investors in a non-public manner with the newly issued shares registered with CSDC
Shenzhen and listed on Shenzhen Stock Exchange on October 29 2020 at an issue price of 22.58 yuan/share. The convertible
bonds issued that time became convertible on July 9 2020 and the total share capital of the Company after the issuance was
increased to 4504101656 shares calculated on the basis of the total share capital of 4326953738 shares of the Company as of
September 18 2020. According to the relevant terms of the convertible corporate bonds the conversion price of "New Hope-CB"
was adjusted from 19.63 yuan/share to 19.75 yuan/share as of October 29 2020. The adjusted conversion price took effect as of
October 29 2020.On April 26 2022 and May 31 2022 the 52nd meeting of the 8th Board of Directors and the 2021 annual general meeting
were respectively held to deliberate and approve the Proposal regarding the ‘Restricted Stock Incentive Plan 2022 (Draft) of New
Hope Liuhe Co. Ltd.’ and its Summary; on July 25 2022 the 3rd meeting of the 9th Board of Directors was held to deliberate and
approve the Proposal on Adjusting Matters Related to the Restricted Stock Incentive Plan 2022 and the Proposal on the Initial
Grant of Restricted Stocks to Incentive Recipients. The Company granted 33.2750 million restricted stocks to 199 incentive
recipients at the price of 7.98 yuan/share on the first grant date of July 25 2022. The source of the stocks is the A-share common
stocks denominated in RMB issued by the Company to the incentive recipients in a targeted manner with the newly issued shares
registered with CSDC Shenzhen. According to the relevant terms of the convertible corporate bonds the conversion price of "New
Hope-CB" was adjusted from 19.75 yuan/share to 19.66 yuan/share as of September 15 2022.Due to the implementation of the Restricted Stock Incentive Plan 2022 the Company reserved restricted stocks for 377
incentive recipients and the initial grant price was 7.98 yuan/share. The source of the stocks is the A-share common stocks
denominated in RMB issued by the Company to the incentive recipients in a targeted manner with the newly issued shares
registered with CSDC Shenzhen and listed on Shenzhen Stock Exchange on July 25 2023. According to the relevant terms of theconvertible corporate bonds the conversion price of "New Hope-CB” was adjusted from 19.66 yuan/share to 19.64 yuan/share as
of July 25 2023.From November 16 2023 to December 6 2023 the closing price of the Company's stocks was lower than 80% of the current
conversion price for 15 trading days triggering the condition of downward revision of the conversion price. On December 27
313Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2023 the 25th meeting of the 9th Board of Directors considered and approved the Proposal on Downward Revision of the
Conversion Price of New Hope-CB. In accordance with the Prospectus and the authorization of the 3rd extraordinary generalmeeting in 2023 the Board of Directors decided to revise the conversion price of "New Hope-CB” from 19.64 yuan/share to 10.6
yuan/share. The conversion price after revision took effect as of December 28 2023.By the end of 2025 the Company had fully repaid all principal and interest.
2. In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd.
(CSRC Approval [2021] No. 1351) issued by the CSRC the Company publicly issued 81.5 million convertible corporate bonds on
November 2 2021 each having a par value of 100 yuan for a total amount of 8.15 billion yuan and a duration of 6 years.The nominal rate of convertible corporate bonds issued that time was 0.20% for the first year 0.40% for the second year 0.80%
for the third year 1.20% for the fourth year 1.60% for the fifty year and 2.00% for the sixth year with interest payable per year
and convertible from the first trading day (May 9 2022) after six months of the end of this issue of convertible bonds (November 8
2021 T+4 days) to the expiry date of the convertible bonds (November 1 2027). The bond holders may request for share
conversion during the conversion period.The initial conversion price of convertible corporate bonds issued this time is 14.45 yuan/share which is not lower than the
average trading price of A-share stocks of the Company in 20 trading days prior to the date of announcement of the Prospectus (if
share price adjustments occurred due to ex-right and ex-dividend within such 20 trading days the average trading price of trading
days before adjustment is calculated by the price after corresponding ex-right and ex-dividend adjustments) and the average
trading price of A-share stocks of the Company on the immediately preceding trading day.On April 26 2022 and May 31 2022 the 52nd meeting of the 8th Board of Directors and the 2021 annual general meeting
were respectively held to deliberate and approve the Proposal regarding the ‘Restricted Stock Incentive Plan 2022 (Draft) of New
Hope Liuhe Co. Ltd.’ and its Summary; on July 25 2022 the 3rd meeting of the 9th Board of Directors was held to deliberate and
approve the Proposal on Adjusting Matters Related to the Restricted Stock Incentive Plan 2022 and the Proposal on the Initial
Grant of Restricted Stocks to Incentive Recipients. The Company granted 33.2750 million restricted stocks to 199 incentive
recipients at the price of 7.98 yuan/share on the first grant date of July 25 2022. The source of the stocks is the A-share common
stocks denominated in RMB issued by the Company to the incentive recipients in a targeted manner with the newly issued shares
registered with CSDC Shenzhen. According to the relevant terms of the convertible corporate bonds the conversion price of "New
Hope-CB2" was adjusted from 14.45 yuan/share to 14.40 yuan/share as of September 15 2022.Due to the implementation of the Restricted Stock Incentive Plan 2022 the Company reserved restricted stocks for 377
incentive recipients and the initial grant price was 7.98 yuan/share. The source of shares is the RMB A-share ordinary shares
issued by the Company to the incentive recipients and the relevant shares registration have been completed with CSDC Shenzhen
and were listed on the Shenzhen Stock Exchange on July 25 2023. According to the relevant terms of the convertible corporatebonds the conversion price of "New Hope-CB2” was adjusted from 14.40 yuan/share to 14.39 yuan/share as of July 25 2023.From November 16 2023 to December 6 2023 the closing price of the Company's shares was lower than 80% of the current
conversion price for 15 trading days triggering the condition of downward revision of the conversion price. On December 27
2023 the 25th meeting of the 9th Board of Directors considered and approved the Proposal on Downward Revision of the
Conversion Price of New Hope-CB2. In accordance with the relevant provisions of the Prospectus and the authorization of the 3rd
314Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
extraordinary general meeting in 2023 the Board of Directors decided to revise the conversion price of “New Hope-CB2” from
14.39 yuan/share to 10.6 yuan/share. The conversion price after revision took effect as of December 28 2023.
36. Lease liabilities
Unit: yuan
Item Closing balance Opening balance
Lease payment 4764274778.52 5475758415.02
Unrecognized financing cost -1774556763.79 -2022809077.76
Less: Lease liabilities due within one
-171523769.97-372384215.72
year
Total 2818194244.76 3080565121.54
37. Long-term payables
Unit: yuan
Item Closing balance Opening balance
Long-term payables 562935593.21 811568597.90
Total 562935593.21 811568597.90
(1) Presentation of long-term payables by nature
Unit: yuan
Item Closing balance Opening balance
Sale-and-leaseback financing lease
915921318.981375964345.08
payable
Other payables 1485000.00 1567500.00
Unrecognized financing cost -48060113.94 -96243045.40
Less: Long-term payables due within one
-306410611.83-469720201.78
year
Total 562935593.21 811568597.90
Other notes:
1. Subsidiaries of the Group partially transferred machinery and equipment as well as buildings and structures to lease
companies and then leased them back. Upon the expiration of the lease term they acquired the ownership of such machinery and
equipment at a nominal amount ranging from 1 to 10000 yuan. As such sale-and-leaseback transactions are not sales the relevant
assets are not derecognized with the long-term payables equal to the transfer price recognized. For details please refer to "Note
VII. (21) Assets with restricted ownership or use right".
2. Hainan Xinliu Agricultural Reclamation Farming Technology Co. Ltd. a subsidiary of the Group has obtained a special
project fund from Haikou Lizhilang Village Group Agricultural Development Co. Ltd. According to their agreement the said
company does not need to repay the principal upon the expiration of the term of the agreement except that the project cannot be
implemented due to force majeure factors or there is a breach of contract leading to the termination of the agreement where the
said company has to fully repay the principal. The Group believes that the force majeure factors cannot be predicted and the said
company does not expect any breach of contract so this special fund is accounted for in long-term payables.
315Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
38. Deferred income
Unit: yuan
Reason for
Item Opening balance Current increase Current decrease Closing balance
formation
Government grants 382448834.39 111033528.57 59703459.12 433778903.84
VAT for internal
176392094.32171762852.584629241.74
sales
Total 382448834.39 287425622.89 231466311.70 438408145.58 --
Other note: Government grants are detailed in “Note XI. Government grants”.
39. Share capital
Unit: yuan
Current increase/decrease (+ -)
Opening
Provident Closing
balance New shares fund Bonus shares Others Subtotal balance
issued converted
into shares
--
452593864450277430
Total shares 207858.00 23372200.0 23164342.0
8.006.00
00
Other notes:
In accordance with the resolution of the 2018 annual general meeting and the Approval on the Public Offering of Convertible
Corporate Bonds by New Hope Liuhe Co. Ltd. (CSRC Approval [2019] No. 1902) issued by the CSRC the Company publicly
issued 40 million convertible corporate bonds (“New Hope-CB”) on January 3 2020 each having a par value of 100 yuan for a
total amount of 4 billion yuan convertible from July 9 2020 to January 2 2026; in accordance with the resolution of the second
extraordinary general meeting in 2020 and the Approval on the Public Offering of Convertible Corporate Bonds by New Hope
Liuhe Co. Ltd. (CSRC Approval [2021] No. 1351) issued by the CSRC the Company publicly issued 81.5 million convertible
corporate bonds on November 2 2021 each having a par value of 100 yuan for a total amount of 8.15 billion yuan convertible
from May 9 2022 to November 1 2027. The conversion of convertible corporate bonds in this period increased the share capital
by 207858 shares. The cancellation of treasury stock decreased the share capital by 23372200 shares.
40. Other equity instruments
(1) Basic information on other financial instruments such as preferred stocks and perpetual bonds outstanding at the end
of the period
(a) Convertible corporate bonds
Convertible corporate bonds 1: as approved by the CSRC in the document “CSRC Approval [2019] No. 1902” the Company
publicly issued 40 million convertible corporate bonds each having a par value of 100 yuan on January 3 2020 for a total amount
of 4 billion yuan With the consent from SZSE in Document “SZS [2020] No. 60” the convertible corporate bonds of 4 billion
yuan of the Company were listed for trading on SZSE as of February 4 2020 with the abbreviation “New Hope-CB” and code
“127015”. The duration of these convertible corporate bonds is from January 3 2020 to January 2 2026 convertible from July 9
2020 to January 2 2026.
316Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Convertible corporate bonds 2: as approved by the CSRC in the document “CSRC Approval [2021] No. 1351” the Company
publicly issued 81.5 million convertible corporate bonds each having a par value of 100 yuan on November 2 2021 for a total
amount of 8.15 billion yuan. With the consent from SZSE the convertible corporate bonds of 8.15 billion yuan of the Company
were listed for trading on SZSE as of November 29 2021 with the abbreviation “New Hope-CB2” and code “127049”. The
duration of these convertible bonds is from November 2 2021 to November 1 2027 convertible from May 9 2022 to November 1
2027.
(b) Perpetual bonds
In July 2025 Zhongyuan Trust Co. Ltd. granted the Company a renewable loan of 400 million yuan. This loan has no fixed
term and the Company has the right to defer the payment of principal and interest.In December 2025 Guolian Trust Co. Ltd. granted the Company a renewable loan of 200 million yuan. This loan also has no
fixed term and the Company has the right to defer the payment of principal and interest.The combined renewable loan of 1.5 billion yuan from Northern International Trust Co. Ltd. and Zhongyuan Trust Co. Ltd.that was outstanding at the beginning of the year has been fully redeemed by the Company this year.
(2) Breakdown of movements in financial instruments such as preferred stocks and perpetual bonds outstanding at the end
of the period
Unit: yuan
Outstandin Opening Current increase Current decrease As at the end of the period
g financial
instruments Quantity Book value Quantity Book value Quantity Book value Quantity Book value
New Hope- 9494146.0 19173857 9494146.0 19173857
CB 0 9.31 0 9.31
New Hope- 81435048. 17981275 18792312 81434379. 16102044
669.00
CB2 00 92.66 9.05 00 63.61
Perpetual 15000000 60000000 15000000 60000000
bonds 00.00 0.00 00.00 0.00
90929194.34898661600000009494815.01879661781434379.22102044
Total
0071.970.00008.360063.61
41. Capital reserve
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
Capital premium -
(share capital 3526861770.99 262086173.98 543345258.06 3245602686.91
premium)
Other capital reserves 1676092541.76 319900918.30 1995993460.06
Incl.: Other equity
1673548417.17292795826.141966344243.31
changes of investees
Share-based payment 27105092.16 27105092.16
Others 2544124.59 2544124.59
Total 5202954312.75 581987092.28 543345258.06 5241596146.97
Other notes including those on the increase/decrease and the cause of changes:
317Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Current increase in the share premium: some holders of the "New Hope-CB" increased the share premium by 2029728.16
yuan by converting their bonds this period; as some holders did not exercise their conversion rights upon expiration of "New
Hope-CB" and the original embedded conversion rights were terminated the "other equity instruments" (convertible bond equity
component) previously recognized were not required to be returned to the holders and this portion of the equity component of
191307112.04 yuan was transferred to the share premium for this period; the change in the minority equity of subsidiaries
increased the share premium by 68749333.78 yuan.Current decrease in the share premium: the equity incentive plan and the unlocking conditions of restricted stocks were not
met and the stocks were canceled reducing the share premium by 163137956.00 yuan; the change in the minority equity of
subsidiaries reduced the share premium by 380207302.06 yuan.Current increase in other capital reserves: for long-term equity investment accounted for by using the equity method the
share of other equity changes of the investee recognized was increased increasing other capital reserves by 292795826.14 yuan;
the share-based payment settled in equities granted by the Company was recognized as expenses during the waiting period and
increased other capital reserves by 27105092.16 yuan.
42. Treasury stocks
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
Treasury stock 229023903.76 186510156.00 42513747.76
Total 229023903.76 186510156.00 42513747.76
Other notes including those on the increase/decrease and the cause of changes:
Current decrease in treasury stock is due to the cancellation of 23372200 shares of capital stock resulting from the failure to
meet the conditions for equity incentive plans and restricted stock unlocking in the previous period which led to a corresponding
reduction of 186510156.00 yuan in inventory stocks.
43. Other comprehensive income
Unit: yuan
Current amount
Less: Less:
amount amount
recognized recognized
in profit or in retained
Attributabl Attributabl
Opening Current loss from earnings
Item Less: e to the e to
Closing
balance amount other from other Income tax parent minority balance
before comprehen comprehen
expenses company shareholder
income tax sive sive
after tax s after tax
income in income in
the the
previous previous
period period
I. Other
comprehen - - -
249273144718767.023630915
sive 10374932. 2129709.0 12963990.
1.4001.40
income that 00 0 00
cannot be
318Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Current amount
Less: Less:
amount amount
recognized recognized
in profit or in retained
Attributabl Attributabl
Opening Current loss from earnings Less: e to the e to Closing Item
balance amount other from other Income tax parent minority balance
before comprehen comprehen
expenses company shareholder
income tax sive sive
after tax s after tax
income in income in
the the
previous previous
period period
reclassified
into profit
or loss
Other
comprehen
sive
income that
-
cannot be 71090377. 18875068. 16286010. 4718767.0 87376387.
2129709.0
transferred 50 00 00 0 50
0
to profit or
loss under
the equity
method
Chang
e in fair
value of - -
1781827614893276
investment 29250000. 29250000.
3.903.90
s in other 00 00
equity
instruments
II. Other
comprehen
sive
-----
income to
10752451430502654045904325912223.14798356
be
83.004.401.301014.30
reclassified
into profit
or loss
Incl.: Other
comprehen
sive
income that
---
can be 14617644 68910033.
1030194577266408.25753044.
transferred 2.13 61
3.005248
to profit or
loss under
the equity
method
Foreig
----
n currency -
12214216327483203273240215487456
statement 159178.62
25.131.402.7847.91
translation
319Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Current amount
Less: Less:
amount amount
recognized recognized
in profit or in retained
Attributabl Attributabl
Opening Current loss from earnings
Item Less: e to the e to
Closing
balance amount other from other Income tax parent minority balance
before comprehen comprehen
expenses company shareholder
income tax sive sive
after tax s after tax
income in income in
the the
previous previous
period period
difference
Total other
------
comprehen
82597204440877582129709.04175544221193456.12435264
sive
1.606.4001.301062.90
income
44. Surplus reserve
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
Statutory surplus
3382138257.13139248895.80223780217.093297606935.84
reserve
Total 3382138257.13 139248895.80 223780217.09 3297606935.84
Notes on surplus reserve including those on the current increase/decrease and causes of change:
Current increase in surplus reserve is due to the portion that the parent company is entitled to from the 10% of net profits
allocated by each subsidiary. Current decrease in surplus reserves in the current period comprises the portion of the Company's
share that was reduced as a result of the disposal of some subsidiaries as well as the portion that the subsidiaries used the surplus
reserve to cover losses.
45. Retained earnings
Unit: yuan
Item Current amount Amount of the previous period
Previous closing retained earnings before
10111428819.219694814229.97
adjustment
Opening retained earnings after
10111428819.219694814229.97
adjustment
Add: Current net profit attributable to the
-1784352202.18473599068.10
owner of the parent company
Less: appropriation of legal surplus
139248895.8013499433.88
reserve
Ordinary share dividends payable 108622565.69
Payment of interest on perpetual bonds 66766999.30 64399388.89
Internal carryover of shareholders’ equity -221650508.09 -20914343.91
320Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Closing retained earnings 8234088664.33 10111428819.21
Breakdown of adjustment to opening retained earnings:
1) The effect of retrospective adjustments under the Accounting Standards for Business Enterprises and related new regulations on
the opening retained earnings was 0.00 yuan.
2) The effect of changes in accounting policies on the opening retained earnings was 0.00 yuan.
3) The effect of corrections of significant accounting errors on the opening retained earnings was 0.00 yuan.
4) The effect of changes in the cope of consolidation due to common control on the opening retained earnings was 0.00 yuan.
5) The combined effect of other adjustments on the opening retained earnings was 0.00 yuan.
Notes on using capital reserves to cover losses:
46. Operating income and operating costs
Unit: yuan
Current amount Previous amount
Item
Income Cost Income Cost
Main business 106476164689.15 99870092124.23 102720227773.22 95894449242.91
Other businesses 380134031.32 272936347.20 342734481.12 256080473.06
Total 106856298720.47 100143028471.43 103062962254.34 96150529715.97
During the reporting period the lowest value among the audited total profit net profit and net profit after deducting non-recurring
gains and losses was negative.□Yes □No
Unit: yuan
Item This year Specific deduction Previous year Specific deduction
Operating income 106856298720.47 N/A 103062962254.34 N/A
Mainly revenues from Mainly revenues from
sale of materials sale sale of materials sale
Total deductions from of obsolete supplies of obsolete supplies
380134031.32342734481.12
operating income leasing planting leasing planting
operations and storage operations and storage
service fees etc. service fees etc.Percentage of total
deductions from
0.36%0.33%
operating income in
operating income
I. Business income
unrelated to main
business
1. Other business
income beyond normal
operations. Such as Mainly revenues from Mainly revenues from
revenue from leasing sale of materials sale sale of materials sale
of property plant and of obsolete supplies of obsolete supplies
380134031.32342734481.12
equipment intangible leasing planting leasing planting
assets and packaging operations and storage operations and storage
materials sale of service fees etc. service fees etc.materials exchange of
materials for non-
321Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
monetary assets and
operation of entrusted
management business
as well as revenue
beyond normal
operations of the listed
company although
included in main
business income.Mainly revenues from Mainly revenues from
sale of materials sale sale of materials sale
Subtotal of operating
of obsolete supplies of obsolete supplies
income unrelated to 380134031.32 342734481.12
leasing planting leasing planting
main business
operations and storage operations and storage
service fees etc. service fees etc.II. Revenue without
commercial substance
Subtotal of revenue
without commercial 0.00 N/A 0.00 N/A
substance
Operating income after Operating income after
deducting the revenues deducting the revenues
from sale of materials from sale of materials
Operating income after sale of obsolete sale of obsolete
106476164689.15102720227773.22
deduction supplies leasing supplies leasing
planting operations planting operations
and storage service and storage service
fees etc. fees etc.Breakdown of operating income and operating costs:
Unit: yuan
Current amount YoY amount
Contract classification
Operating income Operating costs Operating income Operating costs
Business type
Incl.:
Feed 76018681424.51 72141515312.79 68698174673.48 65330054842.69
Pig business 28528575460.41 26201274738.57 30397998558.87 27368291585.36
Others 2309041835.55 1800238420.07 3966789021.99 3452183287.92
By region of operation
Incl.:
Domestic 84508949407.75 80073920449.11 83028568266.36 78024081970.98
Overseas 22347349312.72 20069108022.32 20034393987.98 18126447744.99
Total 106856298720.47 100143028471.43 103062962254.34 96150529715.97
Information related to transaction prices allocated to remaining performance obligations:
The amount of revenue corresponding to performance obligations already contracted but not yet performed or completed at the end
of this reporting period is 2153198586.92 yuan of which 2153198586.92 yuan is expected to be recognized in 2026.
322Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
47. Net provision for insurance liabilities accrued
Item Current amount Previous amount
Reserve for guarantee contracts 97517151.57 105120404.54
Total 97517151.57 105120404.54
48. Taxes and surcharges
Unit: yuan
Item Current amount Previous amount
Urban maintenance and construction tax 1428260.13 1231264.08
Education surcharge 771675.07 680778.60
Resource tax 2806015.53 1351330.02
Property tax 52351156.80 43590997.90
Land use tax 34590193.46 36450482.44
Vehicle and vessel use tax 556920.50 942514.47
Stamp duty 82014805.23 78308907.31
Local education surcharge 513798.10 453928.75
Water conservancy fund 1847164.95 2877173.26
Health coverage tax 12606850.05 4109638.53
Others 2510554.43 2459641.01
Total 191997394.25 172456656.37
49. General and administrative expenses
Unit: yuan
Item Current amount Previous amount
Employee compensations 1642943874.22 1735982845.75
Office expenses 25889829.56 30231999.19
Travel expenses 47276271.33 54545274.54
Post and telecommunication expenses 16992891.00 19193963.36
Machine and materials consumption 50676441.94 44005807.66
Amortization of low-value consumables 7225437.92 4532555.71
Depreciation expenses 1014621956.16 920231598.35
Right-of-use asset depreciation cost 145265742.15 212573208.11
Labor protection expenses 8753733.07 7168791.72
Rental expenses 20991801.13 33297154.99
Repair costs 38807498.53 39622967.03
Property insurance expenses 212655305.53 191059126.86
Traveling expenses 21026001.23 23875744.70
Membership dues and conference
5405118.817874659.48
expenses
Water and electricity expenses 71663623.57 78276265.54
Business entertainment expenses 55668938.28 60887628.74
Intermediary fees 162928671.55 165441536.66
Inventory loss destruction and scrapping 8177647.26 6316495.27
Environmental protection fee 18199757.32 31466110.99
Amortization of intangible assets 72440628.08 63370040.22
323Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Amortization of long-term unamortized
19757714.8727110818.59
expenses
Inspection and test fees 26062630.26 26608212.65
Taxes and charges 12326024.66 15537353.80
Heating expenses 6038107.32 11843344.66
Equity incentive expenses 27105092.16 -72586494.22
Others 23391550.76 17800094.22
Total 3762292288.67 3756267104.57
50. Selling expenses
Unit: yuan
Item Current amount Previous amount
Employee compensations 1101985913.69 1062688126.38
Travel expenses 23958037.64 36133218.66
Machine and materials consumption 3979738.94 4058237.23
Amortization of low-value consumables 233236.90 246044.70
Depreciation expenses 3936415.19 4163136.08
Depreciation of right-of-use assets 830097.47 741089.94
Rental expenses 7379418.75 6342631.88
Traveling expenses 5478735.36 6317386.60
Inspection and quarantine expenses 10044382.39 10142100.33
Advertising expenses 2639279.75 1672952.88
Publicity expenses 46394187.03 42827888.01
Service charge 12387536.65 15763115.49
Handling expenses 21131326.99 20925212.02
Warehousing expenses 4421399.18 5026927.09
Market management expenses 33417329.54 30094944.15
Amortization of revolving materials 2346269.93 2570063.55
Others 7395086.62 10394665.34
Total 1287958392.02 1260107740.33
51. R&D expenses
Unit: yuan
Item Current amount Previous amount
Employee compensations 94163433.91 98223976.52
Travel expenses 4171094.91 5001978.70
Direct materials 62987781.31 101851560.35
Inspection and test fees 5267415.73 7415092.87
Labor cost 141241.62 2047171.37
Expert consulting fee 241875.00 1011113.50
Cooperative development costs 668452.00 49410.07
IP affairs expenses 517495.02 894116.63
Depreciation expenses 9905133.28 8373083.37
Right-of-use asset depreciation cost 3889212.30 2869038.73
Rental expenses 223972.56 2668332.90
Amortization of intangible assets 1195096.28 2345377.48
Equity incentive expenses -1218742.34
Amortization of long-term unamortized
2150386.382361872.43
expenses
324Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Water electricity and fuel expenses 1185486.45 1428738.12
Technology service charge 2345021.66 10469889.09
Others 2294086.64 3853865.12
Total 191347185.05 249645874.91
52. Financial expenses
Unit: yuan
Item Current amount Previous amount
Interest expenditure 2051072120.51 2027921959.83
Less: Interest income -121628586.15 -370394801.60
Exchange losses 283638299.49 450464805.55
Less: Exchange gains -264663199.95 -347142416.26
Others 23535404.88 43325836.94
Total 1971954038.78 1804175384.46
53. Other revenue
Unit: yuan
Source of other income Current amount Previous amount
Amortization of deferred income - assets 35941951.28 43381472.87
Amortization of deferred income -
19622375.5417967941.63
income
Rebate of handling fee on withheld
1920052.345129751.13
personal income tax
Government grants related to daily
68318545.8661510514.45
business operations
Total 125802925.02 127989680.08
54. Income from change in fair value
Unit: yuan
Source of income from change in fair
Current amount Previous amount
value
Trading financial assets 32825618.18 61813411.14
Incl.: Income from changes in the
31669125.7861874606.14
fair value of derivative instruments
Trading financial liabilities -17612384.42 -61501138.75
Total 15213233.76 312272.39
55. Investment income
Unit: yuan
Item Current amount Previous amount
Long-term equity investment income
940042403.781271176911.52
under equity method
325Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Investment income from disposal of
-4790172.95309061647.64
long-term equity investments
Investment income from disposal of
1209436.1328489621.45
trading financial assets
Dividend income from investments in
other equity instruments during the 6784000.00 7274000.00
holding period
Gains from debt restructuring 1197312.80 1916532.45
Total 944442979.76 1617918713.06
56. Credit impairment loss
Unit: yuan
Item Current amount Previous amount
Bad debt loss on accounts receivable -9565201.99 -176356415.59
Bad debt loss on other receivables -66982784.84 6059487.79
Total -76547986.83 -170296927.80
57. Asset impairment loss
Unit: yuan
Item Current amount Previous amount
I. Loss on inventory revaluation and
impairment loss of contract performance -280426559.47 2459433.47
cost
II. Impairment loss of long-term equity
-21244938.68
investment
IV. Impairment loss of property plant
-2150453.13
and equipment
VI. Impairment loss of construction in
-221418177.86
progress
VII. Productive biological assets
-361164692.79
impairment loss
X. Goodwill impairment loss -2194351.61
Total -863009430.12 -23130309.95
58. Income from asset disposal
Unit: yuan
Source of income from asset disposal Current amount Previous amount
Income from disposal of property plant
-52423978.9911436972.84
and equipment
Income from disposal of construction in
-330937684.33-294293395.89
progress
326Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Income from disposal of productive
57120812.97101737364.07
biological assets
Income from disposal of intangible assets -7847128.85 -636946.18
Income from disposal of right-of-use
40860566.7264071739.28
assets
Total -293227412.48 -117684265.88
59. Non-operating income
Unit: yuan
Amount included in current
Item Current amount Previous amount
non-recurring gains and losses
Income from fines 7570656.03 12921655.18 7570656.03
Payables that cannot be paid 53739253.97 64323992.96 53739253.97
Revenue from insurance
23817372.9032059000.7623817372.90
indemnities
Others 8722094.45 3564484.26 8722094.45
Total 93849377.35 112869133.16 93849377.35
60. Non-operating expenses
Unit: yuan
Amount included in current
Item Current amount Previous amount
non-recurring gains and losses
External donations 5771427.29 3511080.98 5771427.29
Combined loss from
scrapping and destruction of 197629051.32 522932313.34 197629051.32
non-current assets
Incl.: Loss from scrapping
and destruction of property 20420872.99 23372553.47 20420872.99
plant and equipment
Loss from scrapping and
destruction of productive 130533112.49 483601923.19 130533112.49
biological assets
Loss from destruction and
scrapping of construction in 46675065.84 15957836.68 46675065.84
progress
Penalty expenses 4350332.87 5861608.50 4350332.87
Indemnities/liquidated
92026929.6294425429.9492026929.62
damages
Extraordinary losses 9842328.99 1242167.59 9842328.99
Others 2836195.23 1194495.39 2836195.23
Total 312456265.32 629167095.74 312456265.32
61. Income tax expenses
(1) Breakdown of income tax expenses
Unit: yuan
327Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Item Current amount Previous amount
Current income tax expenses 485451310.37 393039869.57
Deferred income tax expenses 113064908.87 -111191859.43
Total 598516219.24 281848010.14
(2) Process of adjustment to accounting profits and income tax expenses
Unit: yuan
Item Current amount
Total profits -1155728780.16
Income tax expenses calculated at statutory/applicable tax rates -288932195.04
Impact of different tax rates applied to subsidiaries -177247942.03
Impact of adjustment to income tax in previous periods 37765326.67
Impact of nontaxable income 664253511.51
Impact of non-deductible costs expenses and losses 21568639.17
Impact of using deductible losses on deferred income tax assets
-16919409.86
not recognized in the prior period
Impact of deductible temporary difference or deductible loss of
595188862.31
deferred income tax assets not recognized in the current period
Impact of profit or loss of joint ventures and associates
-235010600.95
accounted for using equity method
Effect of tax rate changes on opening deferred income tax
-235837.91
balance
Impact of additional R&D cost deduction -1914134.63
Income tax expense 598516219.24
62. Other comprehensive income
Refer to Note VII. 43 “Other comprehensive income” for details.
63. Items in cash flow statement
(1) Other cash in connection with operating activities
Other cash received in connection with operating activities
Unit: yuan
Item Current amount Previous amount
Various temporary receipts received 1662407050.58 2369986328.12
Various subsidies received 185988269.55 125543324.21
Interest revenue from bank deposits 120525580.59 383439940.49
Penalty revenue 7570656.03 12921655.18
Others 26195091.79 35552238.33
Total 2002686648.54 2927443486.33
Other cash paid in connection with operating activities
Unit: yuan
Item Current amount Previous amount
328Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Various provisional payment paid 1936915187.44 3024416397.58
Selling expenses 174646719.90 185641042.45
General and administrative expenses 765859444.45 799517768.73
R&D expenses 16939869.21 34812957.81
Bank commission etc. 23535404.88 43325836.94
Penalty expenses 4350332.87 5861608.50
Others 97802436.91 97936510.92
Total 3020049395.66 4191512122.93
(2) Cash paid in connection with investing activities
Other cash received in connection with investing activities
Unit: yuan
Item Current amount Previous amount
Futures margin recovered and interest
86349931.90266646139.57
rate swap collections
Funds received for asset disposal 208500000.00
Money received for disposal of
56557668.67
subsidiaries in the previous year
Total 86349931.90 531703808.24
Other cash paid in connection with investing activities
Unit: yuan
Item Current amount Previous amount
Funds paid to affiliates 34880994.38 4127588880.16
Futures margin paid and interest rate
47588053.99256888528.25
swaps
Total 82469048.37 4384477408.41
(3) Other cash in connection with financing activities
Other cash received in connection with financing activities
Unit: yuan
Item Current amount Previous amount
Cash received from sale-and-leaseback 401200000.00 1130587499.80
Withdraw of pledged time deposit 25167875.53
Cash received from disposal of minority
21620000.00
equities
Equity incentive collection 673400.00 42513747.77
Funds received from the unrestricted
240025388.33
circulation of shares under ESOP
Recovery of bond margin 4300000.00
Funds for Haikou engineering project
1500000.00
received
Total 448661275.53 1418926635.90
Other cash paid in connection with financing activities
Unit: yuan
Item Current amount Previous amount
Cash paid for acquisition of minority
1739845250.00500360000.00
equities
Repayment of perpetual bonds 1500000000.00 1030000000.00
329Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Payment for financing lease 834934405.11 481577707.56
Payment of rental and interest on right-
520226493.77403994582.06
of-use assets
Equity incentive refund 130054600.44 153854230.38
Pledged time deposit 24750967.96
Issue fee due diligence fee 4925000.00 6705000.00
Refunding to minority shareholders due
2000000.00311321355.55
to company deregistration
Interest paid on funds for Haikou
82500.0082500.00
engineering project
Funds paid for the unrestricted
82071000.14
circulation of shares under ESOP
Margin for financing 2000000.00
Total 4756819217.28 2971966375.69
Change in various liabilities arising from financing activities
□Applicable □Not applicable
Unit: yuan
Current increase Current decrease
Opening
Item Closing balance
balance Cash Non-cash Cash Non-cash
movement movement movement movement
Short-term 17741515610 26111138510. 4051438402. 32953024823 14940098338
10969360.88
borrowings .09 18 48 .39 .48
Other current
liabilities - 1499300000. 1006604166.
12482248.86505178082.19
short-term 00 67
bonds payable
Long-term
borrowings
(including 30752235094 18339354469 18890317853 31164267753
962996044.02
those due .45 .26 .94 .79
within one
year)
Bonds payable
(including
8992768984.1121578502.8805904047.
those due 499300000.00 437616842.08 2203276.60
033318
within one
year)
Long-term
payables
(including 1281288799.
401200000.0034649310.47835016905.1112775000.00869346205.04
those due 68
within one
year)
Lease liabilities
(including
3452949337.2989718014.
those due 324210627.15 520226493.77 267215455.91
2673
within one
year)
62220757825468502929795823393475.5482534266059775938525
Total 293163093.39.51.4406.73.89
330Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
64. Supplementary cash flow statement information
(1) Supplementary cash flow statement information
Unit: yuan
Supplementary information Current amount Previous amount
1. Adjustment of net profit to cash flow
from operating activities
Net profit -1754244999.40 201622562.37
Add: Provision for asset impairment 939557416.95 193427237.75
Depreciation of property plant
and equipment depletion of oil and gas
3384897642.933197300112.50
assets and depreciation of productive
biological assets
Depreciation of right-of-use
366743372.33442322348.29
assets
Amortization of intangible assets 77966370.65 70699213.51
Amortization of long-term
34928515.0354128596.58
unamortized expenses
Losses from disposal of property
plant and equipment intangible assets 293227412.48 117684265.88
and other long-term assets (“-” for gains)
Losses from retirement of
property plant and equipment (“-” for 197629051.32 522932313.34
gains)
Losses from changes in fair value
-15213233.76-312272.39
(“-” for gains)
Financial expenses (“-” for gains) 2078898415.13 2124856710.23
Investment losses (“-” for gains) -944442979.76 -1617918713.06
Decrease in deferred income tax
188962081.56-105225065.20
assets (“-” for increase)
Increase in deferred income tax
-69065407.65-3372195.27
liabilities (“-” for decrease)
Decrease in inventory (“-” for
353188827.283112588252.36
increase)
Decrease in operating receivables
-497454190.701542941039.88
(“-” for increase)Increase in operating payables (“-
4742362547.83-727120873.90
” for decrease)
Others
Net cash flows from operating
9377940842.229126553532.87
activities
2. Significant investment and financing
activities involving no cash receipt or
expenditure
Debts converted to capital
Convertible corporate bonds due
within one year
331Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Property plant and equipment under
financing lease
3. Net change in cash and cash
equivalents:
Closing balance of cash 6796440537.47 7270605406.88
Less: Opening balance of cash 7270605406.88 8655981208.31
Add: Closing balance of cash
equivalents
Less: Opening balance of cash
equivalents
Net increase in cash and cash
-474164869.41-1385375801.43
equivalents
(2) Net cash paid for acquisition of subsidiaries in the current period
Unit: yuan
Amount
Add: Cash or cash equivalents paid in the current period for
8241961.39
business combinations occurred in the previous periods
Incl.:
Changxing Heping Huatong Livestock Co. Ltd. 3000000.00
Changxing Huatong Livestock Co. Ltd. 3016447.03
Zhejiang Yihai Agricultural Development Co. Ltd. 2225514.36
Net cash paid for acquisition of subsidiaries 8241961.39
(3) Net cash received from disposal of subsidiaries in the current period
Unit: yuan
Amount
Cash or cash equivalents received in the current period for
46429360.29
disposal of subsidiaries in current period
Incl.:
Linyi Hengli Feed Co. Ltd. 16396404.19
Langxi Huaren Feed Co. Ltd. 1762956.10
Sichuan Qinrun New Material Technology Co. Ltd. 28270000.00
Less: Cash and cash equivalents held by subsidiaries at the date
1092785.40
of losing control
Incl.:
Tai’an Liuhe Jili Feed Co. Ltd. 582651.13
Linyi Hengli Feed Co. Ltd. 45062.14
Langxi Huaren Feed Co. Ltd. 436980.44
Sichuan Qinrun New Material Technology Co. Ltd. 28091.69
Add: Cash or cash equivalents received in current period for
99253470.00
previous disposal of subsidiaries
Incl.:
Shanghai Shihe Commercial Co. Ltd. 4500000.00
332Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Nanjing Guoxiong Technology Co. Ltd. 10211105.92
Chenzhou Hope Feed Co. Ltd. 22255800.47
Chongqing Guoxiong Feed Co. Ltd. 18563943.39
Chongqing Hope Feed Co. Ltd. 25405996.93
Hainan New Hope Agriculture Co. Ltd. 10634743.29
Qingdao Hengtai Datong Park Operation & Management Co.
5000000.00
Ltd.Sichuan New Hope Liuhe Food Co. Ltd. 2681880.00
Net cash received from disposal of subsidiaries 144590044.89
(4) Composition of cash and cash equivalents
Unit: yuan
Item Closing balance Opening balance
I. Cash 6796440537.47 7270605406.88
Incl.: Cash on hand 34317375.04 21575051.80
Bank deposits readily available
6677789417.596673730289.68
for payment
Other cash and cash equivalents
84333744.84575300065.40
readily available for payment
III. Closing balance of cash and cash
6796440537.477270605406.88
equivalents
(5) Representation of cash and cash equivalents
with limited scope of use
Unit: yuan
Reason for classification into
Item Current amount Previous amount
cash and cash equivalents
Purchase of futures margins
Restricted cash and cash of guarantee companies note
1830141070.661428407626.57
equivalents margins reclamation margins
etc.Total 1830141070.66 1428407626.57
(6) Information on supplier financing arrangements
As at December 31 2025 the amount of supply chain financing in the short-term borrowings of the Group was
2112957471.66 yuan. The Group have signed reverse factoring and other agreements with several banks and the suppliers have
transferred the accounts receivable from the Group to the supply chain financial service platform. According to the agreements the
Group has obtained deferred credit for the invoice amount payable to suppliers. The Group will settle the payment with the banks
on the agreed payment date (30 to 366 days after the payment date) and pay interests.
65. Foreign-currency monetary items
(1) Foreign-currency monetary items
Unit: yuan
333Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Closing balance in foreign-
Item Exchange rate for translation Closing balance in RMB
currency
Cash and cash equivalents 1277699816.86
Incl.: USD 56080651.63 7.02880000 394179684.18
EUR
HKD 7132615.71 0.90322000 6442321.16
SGD 914161.96 5.45860000 4990044.47
VND 461284312580.42 0.00027980 129067350.66
PHP 461304561.88 0.11953144 55140398.56
BDT 2015592624.27 0.05721708 115326324.43
LKR 251052566.12 0.02260848 5675916.92
IDR 258887036811.14 0.00041808 108235492.35
MMK 39456867543.06 0.00334705 132064108.51
EGP 1607252390.45 0.14724749 236663880.29
ZAR 460624.88 0.42244001 194586.38
LAK 125196933907.87 0.00032258 40386026.94
THB 642066.59 0.22251891 142871.96
NPR 283579096.78 0.04856727 13772662.56
INR 88298894.02 0.07795900 6883693.48
NGN 5895012438.95 0.00484044 28534454.01
Accounts receivable 528886083.97
Incl.: USD 811956.28 7.02880000 5707078.30
EUR
HKD 3893385.62 0.90322000 3516583.76
VND 458519404360.26 0.00027980 128293729.34
PHP 526176406.14 0.11953144 62894623.52
BDT 433255624.72 0.05721708 24789621.74
LKR 56083558.03 0.02260848 1267964.00
IDR 469715902267.51 0.00041808 196378824.42
MMK 2915390708.24 0.00334705 9757958.47
EGP 523713750.64 0.14724749 77115535.26
NPR 350588285.91 0.04856727 17027115.94
INR 18249380.18 0.07795900 1422703.43
LAK 2214476377.95 0.00032258 714345.79
Other receivables 14253434.77
Incl.: USD 183409.38 7.02880000 1289147.85
SGD 16391.43 5.45860000 89474.26
VND 8715445854.18 0.00027980 2438581.75
PHP 22418763.80 0.11953144 2679747.12
BDT 56632122.96 0.05721708 3240324.71
LKR 7279548.20 0.02260848 164579.52
IDR 1274794536.93 0.00041808 532966.10
EGP 4442117.55 0.14724749 654090.66
ZAR 6337094.77 0.42244001 2677042.38
NGN 40119732.92 0.00484044 194197.16
MMK 2373750.02 0.00334705 7945.06
INR 3660105.95 0.07795900 285338.20
Short-term borrowings 212286537.30
Incl.: USD 6817988.09 7.02880000 47922274.69
VND 270168140207.29 0.00027980 75593045.63
IDR 198558916738.42 0.00041808 83013511.91
EGP 21576361.47 0.14724749 3177065.07
334Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
LAK 8000000000.00 0.00032258 2580640.00
Accounts payable 773448849.70
Incl.: USD 10471532.06 7.02880000 73602304.54
HKD 131690.14 0.90322000 118945.17
SGD 303194.36 5.45860000 1655016.73
VND 383032082094.35 0.00027980 107172376.57
PHP 1061856170.31 0.11953144 126925197.11
BDT 731732051.86 0.05721708 41867571.35
LKR 97623798.68 0.02260848 2207125.70
IDR 473938148440.49 0.00041808 198144061.10
MMK 27367434382.52 0.00334705 91600171.25
EGP 689253422.04 0.14724749 101490836.37
ZAR 35290.38 0.42244001 14908.07
LAK 9561980934.96 0.00032258 3084503.81
NPR 415121567.68 0.04856727 20161321.26
INR 9129924.06 0.07795900 711759.75
NGN 969488501.05 0.00484044 4692750.92
Other payables 38712596.08
Incl.: USD 292942.76 7.02880000 2059036.07
SGD 795227.36 5.45860000 4340828.07
VND 26954486490.35 0.00027980 7541865.32
PHP 119605176.85 0.11953144 14296579.02
BDT 5985955.07 0.05721708 342498.87
HKD 93725.50 0.90322000 84654.75
IDR 14601997201.49 0.00041808 6104802.99
MMK 318801705.98 0.00334705 1067045.25
EGP 12570855.10 0.14724749 1851026.86
ZAR 30892.76 0.42244001 13050.34
LAK 1159986204.97 0.00032258 374188.35
NPR 2033423.31 0.04856727 98757.82
INR 4302486.95 0.07795900 335417.58
NGN 41906270.92 0.00484044 202844.79
Long-term borrowings due
10720690.40
within one year
Incl.: SGD 1964000.00 5.45860000 10720690.40
(2) Notes on overseas operating entities including disclosure of principal place of business accounting
currency and selection basis for important overseas operating entities as well as the reasons for
disclosure of changes to accounting currency if any.□Applicable □Not applicable
Principal place Accounting Basis for selection of
Entity name
of business currency accounting currency
New Hope Egypt Ltd. Egypt EGP Local principal currency
New Hope Egypt Aquatic Technology Ltd. Egypt EGP Local principal currency
New Hope Agriculture (Egypt) Ltd. Egypt EGP Local principal currency
New Hope Alexander Ltd. Egypt EGP Local principal currency
New Hope Egypt Poultry Ltd. Egypt EGP Local principal currency
New Hope Tarlac Agriculture Inc. Philippines PHP Local principal currency
New Hope Isabela Agriculture Inc. Philippines PHP Local principal currency
New Hope Central Luzon Agriculture Inc. Philippines PHP Local principal currency
New Hope Pampanga Agriculture Inc. Philippines PHP Local principal currency
New Hope Bulacan Agriculture Inc. Philippines PHP Local principal currency
335Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
New Hope Philippines Animal Healthcare Services Inc. Philippines PHP Local principal currency
New Hope Davao Agriculture Ltd. Philippines PHP Local principal currency
New Hope Philippines Livestock Inc. Philippines PHP Local principal currency
Sichuan New Hope Agriculture (Cambodia) Co. Ltd. Cambodia USD Local principal currency
New Hope Laos Co. Ltd. Laos LAK Local principal currency
New Hope Farms Bangladesh Ltd. Bangladesh BDT Local principal currency
New Hope Bangladesh Ltd. Bangladesh BDT Local principal currency
New Hope Agrotech Bangladesh Ltd. Bangladesh BDT Local principal currency
New Hope Animal Nutrition Bangladesh Ltd. Bangladesh BDT Local principal currency
Myanmar New Hope Farms Co. Ltd. Myanmar MMK Local principal currency
Xinhe Myanmar Agro-technology Co. Ltd. Myanmar MMK Local principal currency
Myanmar New Hope Agro-Technology Co. Ltd. Myanmar MMK Local principal currency
New Hope Mandalay Co. Ltd. Myanmar MMK Local principal currency
New Hope South Africa Ltd. South Africa ZAR Local principal currency
New Hope Agro Business Nepal Pvt. Ltd. Nepal NPR Local principal currency
New Hope Agro-technology Nigeria Ltd. Nigeria NGN Local principal currency
New Hope Lanka (Pvt) Limited Sri Lanka LKR Local principal currency
Xinhe Lanka International Trading Pte. Ltd. Sri Lanka LKR Local principal currency
New Hope Singapore Pte. Ltd. Singapore USD Local principal currency
New Hope Singapore Premix Pte. Ltd. Singapore SGD Local principal currency
NHCS Investment Pte. Ltd. Singapore SGD Local principal currency
New Hope Singapore Biotechnology Pte. Ltd. Singapore SGD Local principal currency
New Hope Asia Investment Pte. Ltd. Singapore SGD Local principal currency
New Hope International Holdings (Pte.) Ltd. Singapore USD Local principal currency
New Hope Global Investment Pte. Ltd. Singapore SGD Local principal currency
New Hope Kolkata Animal Feed Private Ltd. India INR Local principal currency
PT New Hope Medan Indonesia IDR Local principal currency
PT New Hope Farms Indonesia Indonesia IDR Local principal currency
PT New Hope Jawa Timur Indonesia IDR Local principal currency
PT New Hope Indonesia Indonesia IDR Local principal currency
PT New Hope Poultry Trade Indonesia Indonesia IDR Local principal currency
PT New Hope Food Indonesia Indonesia IDR Local principal currency
PT New Hope Aqua Feed Indonesia Indonesia IDR Local principal currency
PT Corn Drying Indonesia Indonesia IDR Local principal currency
PT. NHSP Animal Nutrition Indonesia Indonesia IDR Local principal currency
PT New Hope Animal Technology Indonesia Indonesia IDR Local principal currency
New Hope Ho Chi Minh City Co. Ltd. Vietnam VND Local principal currency
New Hope Binh Dinh Co. Ltd. Vietnam VND Local principal currency
New Hope Hanoi LLC Vietnam VND Local principal currency
New Hope Dong Thap Aquatic Feed Co. Ltd. Vietnam VND Local principal currency
Than Hoa New Hope Livestock Services Co. Ltd. Vietnam VND Local principal currency
New Hope Binh Dinh Breeding Co. Ltd. Vietnam VND Local principal currency
New Hope Binh Phuoc Breeding Co. Ltd. Vietnam VND Local principal currency
New Hope Vinh Long Co. Ltd. Vietnam VND Local principal currency
New Hope Vietnam Technological Livestock Services
Vietnam VND Local principal currency
Co. Ltd.New Hope Tongnai Nutrition Technology Co. Ltd. Vietnam VND Local principal currency
336Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Note: As detailed in “Note V. (X) Foreign currency transactions and translation of foreign currency statements” the “retainedearnings” in the owner’s equity is calculated and presented based on the items of net profits and profit distribution after translation;
other items of owner’s equity other than retained earnings are converted at the spot exchange rate when occurring. The difference
between the sum of assets and liabilities after translation and the sum of items of owner’s equity is recognized as other
comprehensive income by virtue of foreign currency statement translation difference.Each of the overseas operating entities of the Group uses the currency of the main economic environment in which it operates
as its functional currency for accounting purposes. None of the overseas operating entities changed their functional currency
during the current period.
66. Lease
(1) The Company as lessee:
□Applicable □Not applicable
Variable lease payments not included in measurement of lease liabilities
□Applicable □Not applicable
Cost of leasing short-term or low-value assets for simplified processing
□Applicable □Not applicable
Item 2025 2024
Interest expense on lease liabilities
173316558.30191097487.69
Short-term leases and low-value leases that have
been simplified for processing 78314038.05 89029695.82
Variable lease payments not included in
measurement of lease liabilities
Revenue acquired from subletting of right-of-use
assets 34068175.60 18206513.82
Total cash outflows related to lease
1433474936.93974601985.44
Leased assets of the Group include land use right pig farms buildings and structures machinery and equipment transport
equipment etc.; the lease term of land use right is generally 8 to 30 years 5 to 20 years for pig farms 5 to 30 years for buildings
and structures 5 to 7 years for machinery and equipment and 3 to 4 years for transport equipment. Some of lease contracts contain
renewal option and the Group has reasonably estimated the exercise of renewal options when measuring lease liabilities and
determining lease terms.Sale-and-leaseback transaction involved situation
Refer to “37. Long-term payables” in "VII. Notes to the consolidated financial statements” of “Section 8 Financial Report”
for details on the Group’s post-sale financing leaseback.
(2) The Company as lessor:
Operating lease as lessor
□Applicable □Not applicable
Unit: yuan
337Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Incl.: Revenue related to variable lease
Item Income from lease
payments not included in lease proceeds
Income from lease 136863454.24 0.00
Total 136863454.24 0.00
Financing lease as lessor
□Applicable □Not applicable
Undiscounted lease receipts for each of the next five years
□Applicable □Not applicable
Unit: yuan
Annual undiscounted lease receipts
Item
Closing amount Opening amount
Year 1 121493190.74 76328611.51
Year 2 102697919.61 61601065.51
Year 3 96125667.22 50434785.65
Year 4 79869565.74 46729367.34
Year 5 90820444.85 41218145.61
Total undiscounted lease receipts after
396416387.56333364698.62
five years
67. Data resourceThe Group had no data resources that have a significant impact on the financial statements this year. Refer to “VII. Notes to itemsin consolidated financial statements 16. Intangible assets” for data resource related disclosure.VIII. R&D expenditure
Unit: yuan
Item Current amount Previous amount
Employee compensations 94163433.91 118296131.04
Direct materials 62987781.31 101851560.35
Technology service charge 2345021.66 10469889.09
Depreciation and amortization of long-
17139828.2415988155.44
term assets
Travel expenses 4171094.91 5001978.70
Equity incentive expenses -1218742.34
Inspection and test fees 5267415.73 7415092.87
Rental expenses 223972.56 2668332.90
Water electricity and fuel expenses 1185486.45 1428738.12
Others 3863150.28 7816893.26
Total 191347185.05 269718029.43
Incl.: Expensed R&D expenditure 191347185.05 249645874.91
Capitalized R&D expenditure 0.00 20072154.52
338Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
IX. Changes in the scope of consolidation
1. Disposal of subsidiaries
Whether there were any transactions or events during the period in which control of a subsidiary was lost
□Yes □No
Unit: yuan
Amou
nt of
Metho
other
Differe d and
compr
nce main
ehensi
betwee assum
ve
n the ptions
Book Fair incom
dispos for
value value e
al determ
of of Earnin transfe
price ination
remain remain gs or rred to
and the of the
ing ing losses invest
share Ratio fair
Propor Dispos Basis equitie equitie from ment
Dispos of net of value
tion of al for s at s at re- profit
al assets remain of
dispos metho Time determ consoli consoli measur or loss
price of the ing remain
Subsid al at d at of loss ination dated dated ement or
at the subsidi equitie ing
iary the the of of the financi financi of retaine
time of ary at s at the equitie
time of time of control time of al al remain d
loss of the date of s at
loss of loss of loss of statem statem ing earnin
control consoli loss of consoli
control control control ent ent equitie gs in
dated control dated
level at level at s at connec
level financi
the the fair tion
corres al
date of date of value with
pondin statem
loss of loss of origina
g to ent
control control l
dispos level at
equity
al of the
invest
invest date of
ment
ment loss of
in
control
subsidi
ary
Tai’an
Liuhe
April Transf
Jili 7044 96.00 Transf 23459
30 er of
Feed 784.87 % erred .42
2025 control
Co.Ltd.Sichua
n
Qinrun
New
28270 May Transf -
Materi 100.00 Transf
000.0 31 er of 60139
al % erred
0 2025 control 0.62
Techn
ology
Co.Ltd.Linyi 16396 71.00 Transf July Transf 6900
Hengli 404.1 % erred 31 er of 919.24
339Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Feed 9 2025 control
Co.Ltd.Langxi
Huare August Transf
1762 100.00 Transf 87475
n Feed 31 er of
956.10 % erred .39
Co. 2025 control
Ltd.Whether there was any circumstances in which the investment in a subsidiary was disposed of step by step through multiple
transactions and the control was lost in the current period
□Yes □No
2. Changes in the scope of consolidation for other reasons
Notes on changes in the scope of consolidation caused by other reasons (for example establishment of new subsidiaries and
liquidation of subsidiaries) and related information:
(1) New subsidiaries established in the current period
Name Closing net assets Current net profit
Hainan New Hope Liuhe Farming Technology 5596582006.48 -3417993.52
Co. Ltd.Xinliu Chuanyi (Fujian) Farming Development 2869999530.00 -470.00
Co. Ltd.New Hope Tongnai Nutrition Technology Co. 15463482.76 -
Ltd.Qingdao Xinjiali Farming Technology Co. Ltd. 14408787.00 8787.00
Linyi New Hope Hengli Farming Co. Ltd. 13986625.45 -6013374.55
Hubei Xinsheng Houpu Technology Co. Ltd. 9939052.44 -60947.56
Fengcheng New Hope Haofeng Feed Co. Ltd. 5000327.13 327.13
Guang’an New Hope Liuhe Livestock 752972.32 -247027.68
Development Co. Ltd.Lianyungang New Hope Liuhe Feed Co. Ltd. -897739.91 -897739.91
PT. NHSP Animal Nutrition Indonesia 4180800.00 -
PT New Hope Animal Technology Indonesia - -
Xinhe Lanka International Trading Pte. Ltd. - -
Taizhou New Hope Biotechnology Co. Ltd. - -
Xiantao New Hope Liuhe Feed Co. Ltd. - -
Lingbao New Hope Feed Co. Ltd. - -
Sheyang New Hope Biotechnology Co. Ltd. - -
Emeishan New Hope Feed Co. Ltd. - -
(2) Subsidiaries deregistered in the current period
Name Net assets as at the deregistration Net profit from the beginning of the
date period to the deregistration date
Chaoyang New Hope Farming Technology Co. 1946922.80 104.89
Ltd.Handan Henong Livestock and Poultry Breeding -1164693.58 -1740.00
Co. Ltd.Wei County New Hope Feed Co. Ltd. - -
Fuxin Liuhe Breeding Service Co. Ltd. -1276649.59 -3.47
Sichuan New Hope Liuhe Xueyu Tianlu Supply - -
Chain Management Co. Ltd.
340Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Xuzhou Jinfeng Liuhe Feed Co. Ltd. -337618.36 232135.00
Guangyuan New Hope Liuhe Farming 5116360.42 -
Technology Co. Ltd.Bayannur New Hope Liuhe Feed Technology 4284696.34 -7134.85
Co. Ltd.Meitan New Hope Agricultural Technology Co. 8300353.12 -58758.04
Ltd.Laoling Liuhe Yuexin Feed Co. Ltd. -4591639.32 -
Changzhi Shuanglong Food Co. Ltd. -901972.08 1175203.42
Shenyang New Hope Kinghey Food Co. Ltd. 0.05 0.03
Wulian Xinhao Breeding Co. Ltd. - -
Zhucheng Xinhao Farming Technology Co. Ltd. - -
Quyang Xinhao Farming Co. Ltd. - -
Nanhe County Xinhao Farming Technology Co. 3392489.57 -288337.41
Ltd.Zhangwu New Hope Liuhe Farming Co. Ltd. -1685616.62 851.77
Liaoning Jinguan Farming Co. Ltd. -5105735.67 3668.40
Kangping Xinwang Liuhe Farming Co. Ltd. -2008345.96 3003.02
Yi County Jinguan Farming Co. Ltd. -523948.28 -99.06
Heishan County Jincheng Farming Co. Ltd. -476478.93 124.12
Sishui New Hope Yuwang Technology Co. Ltd. -9855924.28 178885.46
Shaoguan Xinyue Farming Technology Co. Ltd. -3357022.64 -2842157.76
Shanghe Liuhe Feed Co. Ltd. -7553160.38 -2438736.61
Shandong Xianghe Livestock and Poultry -704361.06 -4962.91
Breeding Co. Ltd.Chaoyang Xinwang Farming Co. Ltd. - -
Anqiu New Hope Liuhe Farming Co. Ltd. -48666108.85 -310068.52
Tianjin Yunling Enterprise Management 91629.26 -10061.98
Consulting Partnership (LP)
Liaoning Xinwang Food Co. Ltd. -150094023.03 -7236038.64
Shaanxi Xinliu Farming Technology Co. Ltd. 7690278.79 5655.28
Dongguang County Xinhao Farming Co. Ltd. -3138563.77 -59748.78
Huazhou Xinchi Animal Husbandry Co. Ltd. -440523.04 177357.90
Lu’an Xinxi Food Co. Ltd. 121854.52 78.68
Yanwei Information Technology (Shanghai) Co. 469834.93 -8741.48
Ltd.X. Equities in other entities
1. Equities in subsidiaries
(1) Composition of the business conglomerate
Unit: yuan
Principal Shareholding ratio
Place of Nature of Way of
Name Registered Capital place of
registration business Direct Indirect acquisition business
Shandong Qingdao Qingdao Feeds Business
4075449931.82100.00%
New Hope Shandong Shandong veterinary drugs combination
341Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Principal Shareholding ratio
Place of Nature of Way of
Name Registered Capital place of
registration business
business Direct Indirect
acquisition
Liuhe Group under
Co. Ltd. common
control
Business
New Hope combination
Qingdao Qingdao Feed production
Liuhe Feed 1080100000.00 24.00% 76.00% under
Shandong Shandong and sales
Co. Ltd. common
control
Business
Sichuan New
combination
Hope Liuhe Chengdu Chengdu Feed sale
5202510000.00 57.66% 14.16% under
Farming Co. Sichuan Sichuan investment
common
Ltd.control
New Hope
Trade Invested and
Singapore 1049702602.80 Singapore Singapore 100.00%
investment established
Pte. Ltd.Beijing New
Hope Liuhe
Livestock
Biotechnolog Invested and
500000000.00 Beijing Beijing breeding 99.00% 1.00%
y Industry established
investment
Group Co.Ltd.New Hope
Liuhe Food Chengdu Investment Invested and
100000000.00 Lhasa Xizang 100.00%
Holdings Sichuan R&D established
Co. Ltd.Yangling
Business
Besun
Livestock combination
Agricultural Xianyang Xianyang
662142626.00 breeding 74.44% not under
Industry Shaanxi Shaanxi
slaughtering common
Group Co.control
Ltd.Guanghan
Guoxiong Guanghan Guanghan Feed production Invested and
370500000.00100.00%
Feed Co. Sichuan Sichuan and sales established
Ltd.Emeishan
New Hope Leshan Leshan Feed production Invested and
270000000.00100.00%
Liuhe Feed Sichuan Sichuan and sales established
Co. Ltd.Mianyang
New Hope
Liuhe Mianyang Mianyang Feed production Invested and
320000000.00100.00%
Farming Sichuan Sichuan and sales established
Technology
Co. Ltd.Chongqing
Tongliang
New Hope
Tongliang Tongliang Feed production Invested and
Liuhe 70000000.00 28.57% 71.43%
Chongqing Chongqing and sales established
Farming
Technology
Co. Ltd.Wulong New 10000000.00 Wulong Wulong Feed production 100.00% Invested and
342Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Principal Shareholding ratio
Place of Nature of Way of
Name Registered Capital place of
registration business
business Direct Indirect
acquisition
Hope Liuhe Chongqing Chongqing and sales established
Feed Co.Ltd.Kunming
New Hope
Kunming Kunming Feed production Invested and
Agricultural 10000000.00 100.00%
Yunan Yunan and sales established
Technology
Co. Ltd.Business
Qujing
combination
Guoxiong Qujing Qujing Feed production
3000000.00 90.00% 10.00% under
Feed Co. Yunnan Yunnan and sales
common
Ltd.control
Mangshi
New Hope Dehong Dehong
Feed production Invested and
Farming 10000000.00 Prefecture Prefecture 100.00%
and sales established
Technology Yunnan Yunnan
Co. Ltd.Kunming
New Hope
Animal Kunming Kunming Feed production Invested and
100000000.00100.00%
Nutritious Yunan Yunan and sales established
Food Co.Ltd.Business
Zunyi Jiahao combination
Zunyi Zunyi Feed production
Feed Co. 2000000.00 100.00% under
Guizhou Guizhou and sales
Ltd. common
control
Zunyi New
Hope Liuhe
Zunyi Zunyi Feed production Invested and
Agricultural 10000000.00 100.00%
Guizhou Guizhou and sales established
Technology
Co. Ltd.Taizhou New
Hope Taizhou Taizhou Feed production Invested and
91975000.00100.00%
Agriculture Jiangshu Jiangshu and sales established
Co. Ltd.Lhasa New
Hope Lhasa Feed production Invested and
40000000.00 Lhasa Xizang 55.00%
Industrial Xizang and sales established
Co. Ltd.Baoji New
Hope Baoji Feed production Invested and
100000000.00 Baoji Shaanxi 100.00%
Farming Co. Shaanxi and sales established
Ltd.Sanyuan
New Hope Xianyang Xianyang Feed production Invested and
20000000.00100.00%
Feed Co. Shaanxi Shaanxi and sales established
Ltd.Wuzhou New
Hope Liuhe Wuzhou Wuzhou Feed production Invested and
71264261.7470.16%29.84%
Feed Co. Guangxi Guangxi and sales established
Ltd.
343Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Principal Shareholding ratio
Place of Nature of Way of
Name Registered Capital place of
registration business Direct Indirect acquisition business
Huaihua
New Hope Huaihua Huaihua Feed production Invested and
20000000.00100.00%
Liuhe Feed Hunan Hunan and sales established
Co. Ltd.Huanggang
New Hope
Huanggang Huanggang Feed production Invested and
Feed 20000000.00 100.00%
Hubei Hubei and sales established
Technology
Co. Ltd.Yingtan New Yingtan Yingtan City
Feed production Invested and
Hope Feed 20000000.00 City Jiangxi Jiangxi 100.00%
and sales established
Co. Ltd. Province Province
Ningxia New
Hope
Ruminant
Qingtongxia Qingtongxia Feed production Invested and
Animal 20000000.00 100.00%
Ningxia Ningxia and sales established
Nutritious
Food Co.Ltd.Xiangyang
New Hope Xiangyang Xiangyang Feed production Invested and
20000000.00100.00%
Liuhe Feed Hubei Hubei and sales established
Co. Ltd.Guangzhou
Guangzhou Guangzhou Feed production Invested and
Liuhe Feed 80000000.00 61.00%
Guangdong Guangdong and sales established
Co. Ltd.Sichuan
Production and
Xinle Leshan Leshan Invested and
4000000.00 sale of woven 100.00%
Plastics Co. Sichuan Sichuan established
bags
Ltd.Jiangsu
Tiancheng
Hai’an Hai’an Production and Invested and
Healthcare 80000000.00 51.00%
Jiangsu Jiangsu sale of additives established
Products Co.Ltd.Yunnan New
Hope Liuhe Kunming Kunming Livestock Invested and
2000000.00100.00%
Breeding Yunan Yunan breeding established
Co. Ltd.Xizang
Linzhi New
Linzhi Linzhi Livestock Invested and
Hope Liuhe 20581000.00 60.00%
Xizang Xizang breeding established
Breeding
Co. Ltd.Qingdao
Xinhang Engineering
Qingdao Qingdao Invested and
Engineering 50000000.00 project 99.00% 1.00%
Shandong Shandong established
Management management
Co. Ltd.Golden Oak
Investment
Invested and
Holdings 300000000.00 Tianjin Tianjin Trade 100.00%
established
(Tianjin) Co.Ltd.
344Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Principal Shareholding ratio
Place of Nature of Way of
Name Registered Capital place of
registration business
business Direct Indirect
acquisition
Tianjin
Dingcheng
Invested and
Zhizi 100000000.00 Tianjin Tianjin Investment 100.00%
established
Investment
Co. Ltd.New Hope
Liuhe Invested and
576555600.00 Shanghai Lhasa Xizang Investment 75.00%
Investment established
Co. Ltd.Business
Chengdu
combination
Fenglan Chengdu Chengdu Production and
5000000.00 75.00% not under
Technology Sichuan Sichuan sale of additives
common
Co. Ltd.control
Sichuan New
Hope Liuhe
Chengdu Chengdu Testing Invested and
Technologica 18000000.00 100.00%
Sichuan Sichuan consulting established
l Innovation
Co. Ltd.Sichuan New
Hope Animal Purchase and
Chengdu Chengdu Invested and
Nutrition 1000000000.00 sale of feed 100.00%
Sichuan Sichuan established
Technology ingredients
Co. Ltd.Qingdao
Manufacture
Xinmu Zhihe Qingdao Qingdao Invested and
750000000.00 and sale of 20.00% 80.00%
Technology Shandong Shandong established
machinery
Co. Ltd.Xintai New
Tai’an Tai’an Feed production Invested and
Hope Feed 20000000.00 24.00% 76.00%
Shandong Shandong and sales established
Co. Ltd.Xiamen New Wholesale of
Hope Liuhe agricultural
Xiamen Xiamen Invested and
Agricultural 500000000.00 products import 80.00% 20.00%
Fujian Fujian established
Supply Chain and export of
Co. Ltd. goods
Ju County
New Hope Rizhao Rizhao Feed production Invested and
10000000.0024.00%76.00%
Liuhe Feed Shandong Shandong and sales established
Co. Ltd.Emeishan
New Hope Leshan Leshan Feed production Invested and
20000000.00100.00%
Feed Co. Sichuan Sichuan and sales established
Ltd.Xinliu
Chuanyi
Livestock
(Fujian) Longyan Longyan Invested and
2870000000.00 breeding 73.17%
Farming Fujian Fujian established
investment
Development
Co. Ltd.Notes on shareholding ratio in subsidiary different from the ratio of voting power:
345Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Note: Apart from the subsidiaries listed above the Group has 564 subsidiaries under its indirect control which are mainly located
in 30 Chinese provinces and municipalities and countries in Southeast Asian and South Africa engaging in feed production
breeding and slaughtering etc.
(2) Major non-wholly owned subsidiaries
Unit: yuan
Current dividends
Current profit or loss
Shareholding ratio of declared and Closing balance of
Name attributable to minority
minority shareholders distributed to minority minority interests
shareholders
shareholders
New Hope Liuhe
25.00%286337509.986483660554.88
Investment Co. Ltd.Sichuan New Hope
Liuhe Farming Co. 21.10% 44819187.82 386209129.82 2622105972.14
Ltd.
(3) Key financial information of major non-wholly owned subsidiaries
Unit: yuan
Closing balance Opening balance
Curren Non- Curren Non-
Name Curren Non- Total Curren Non- Total Total t current Total t current
t current liabiliti t current liabiliti
assets liabiliti liabiliti assets liabiliti liabiliti
Assets assets es Assets assets es
es es es es
New
Hope
Liuhe 1779 24158 25937 1415 23457 24873
269126911744617446
Invest 01911 3150 3341 0.00 48143 6701 1516
902.58902.580.650.65
ment 0.90 11.20 22.10 3.37 96.25 29.62
Co.Ltd.Sichua
n New
Hope 13964 4415 18379 7696 2356 10053 13468 4588 18056 7786 2258 10044
Liuhe 2188 36614 5850 76350 98417 7476 0216 11727 1389 35283 19585 5486
Farmin 61.22 2.92 04.14 0.32 9.54 79.86 75.58 5.98 51.56 9.58 9.29 98.87
g Co.Ltd.Unit: yuan
Current amount Previous amount
Total Cash flows Total Cash flows
Name Operating comprehen from Operating comprehen from
Net profit Net profit
income sive operating income sive operating
income activities income activities
New Hope
--
Liuhe 11453500 10612056 11670256 13827108
0.003207500.32872780.5
Investment 39.88 54.88 40.21 75.21
92
Co. Ltd.Sichuan 24693155 - - 94594097 24228137 22300002 22300002 13097287
New Hope 971.50 11686072. 11686072. 2.42 628.46 5.89 5.89 92.22
346Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Liuhe 45 45
Farming
Co. Ltd.Other notes:
Note 1: Sichuan New Hope Liuhe Farming Co. Ltd. saw a business combination under common control this year. The presented
financial data represent the current figures and the comparative figures after the business combination under common control.
2. Transactions in which the share of owner’s equity in a subsidiary changes but the Company still
controls the subsidiary
(1) Notes on changes in the share of owner’s equity in subsidiaries
Shareholding before Shareholding after change
Whether the
change (%) (%)
shareholding
Date of equity
Name change resulted
Direct Indirect Direct Indirect change
in loss of control
shareholdin shareholdin shareholdin shareholdin
of the Company g g g g
Significant transaction
Yangling Besun Agricultural 58.06 13.01 100 No July 31 2025
Industry Group Co. Ltd.Shandong New Hope Liuhe 93.53 100 No October 31
Group Co. Ltd. 2025
Kangping Xinwang Farming 76.92 100 No November 30
Co. Ltd. 2025
Guangdong Jiahao Agricultural 100 71.34 No December 31
Products Co. Ltd. 2025
Yangling Besun Agricultural 100 74.44 No December 31
Industry Group Co. Ltd. 2025
Other insignificant transactions
- several
Impact of such transaction on minority equity and owner's equity attributable to the parent company
Unit: yuan
Yangling Besun Yangling Besun
Shandong New Kangping Guangdong Jiahao
Agricultural Agricultural
Hope Liuhe Group Xinwang Farming Agricultural
Industry Group Industry Group
Co. Ltd. Co. Ltd. Products Co. Ltd.Co. Ltd. Co. Ltd.Purchase
cost/disposal -1000000000.00 -500000000.00 -168000000.00 700000000.00 1000000000.00
consideration
--Cash -1000000000.00 -500000000.00 -168000000.00 700000000.00 1000000000.00
--Fair value of
non-cash assets
Total of purchase -1000000000.00 -500000000.00 -168000000.00 700000000.00 1000000000.00
347Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
cost/disposal
consideration
Less: share of net
assets in subsidiary
calculated at the
-802632627.90-486874014.54-15279237.80663194581.761016288857.48
shareholding
acquired/disposed
of
Difference -197367372.10 -13125985.46 -152720762.20 36805418.24 -16288857.48
Incl.: Adjustment
-197367372.10-13125985.46-152720762.2036805418.24-16288857.48
to capital reserve
Adjustment
to surplus reserve
Adjustment
to retained
earnings
Other notes:
Note 1: For the purchase cost/disposal consideration a positive number indicates the acceptance of investment while a negative
number indicates the purchase expenses for equity.Note 2: In addition to the aforementioned transactions the Group also had other non-significant equity transactions during the year
resulting in a total adjustment to capital reserve of 31239590.72 yuan.
3. Equity in joint ventures or associates
(1) Important joint ventures or associates
Shareholding ratio Accounting
Name of joint treatment for
Principal place Place of Nature of
venture or investments in
of business registration business
associate Direct Indirect joint ventures
or associates
China
Minsheng
Banking Beijing Beijing Finance 4.18% Equity method
Corporation
Limited
Poultry
Shandong
Jinan Jinan breeding food
Zhongxin Food 49.00% Equity method
Shandong Shandong production and
Group Co. Ltd.processing
Notes on shareholding ratio in joint ventures or associates different from voting power:
None
Basis for holding less than 20% voting power but with significant influence or holding 20% or more voting power but without
significant influence:
348Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
New Hope Liuhe Investment Co. Ltd. a majority-owned subsidiary of the Company holds 1828327362 shares in China
Minsheng Bank or a shareholding ratio of 4.1759% in which Mr. Liu Yonghao the actual controller of the Company acts as
Director and Deputy Chairman. The Group has the power to participate in financial and business decision making of China
Minsheng Bank and this investment is accounted for using the equity method since the Company has significant influence over
China Minsheng Bank.
(2) Key financial information of important associates
Unit: yuan
Closing balance/current amount Opening balance/amount of the previous period
China Minsheng China Minsheng
Shandong Zhongxin Shandong Zhongxin
Banking Corporation Banking Corporation
Food Group Co. Ltd. Food Group Co. Ltd.Limited Limited
Current Assets 1121760000000.00 1945544685.35 1105470000000.00 1534367656.75
Non-current assets 6710807000000.00 2916887104.12 6709499000000.00 3130728768.29
Total assets 7832567000000.00 4862431789.47 7814969000000.00 4665096425.04
Current liabilities 6040068000000.00 2424077369.41 6127087000000.00 2085471671.59
Non-current liabilities 1089302000000.00 535416566.04 1031314000000.00 689307768.34
Total liabilities 7129370000000.00 2959493935.45 7158401000000.00 2774779439.93
Minority equity 138560000000.00 94141319.25 108709000000.00 181279423.61
Shareholder equity
attributable to the 564637000000.00 1808796534.77 547859000000.00 1709037561.50
parent company
Share of net assets
calculated at 23578676483.00 886310302.04 22878043981.00 837428405.14
shareholding ratio
Adjustments 0.00
--Goodwill 668688098.79 668688098.79
--Profits unrealized
through internal 0.00
transactions
--Others 1025664422.13 1081011778.53
Book value of equity
investments in 24143274879.98 2580662822.96 23442642377.98 2587128282.46
associates
Fair value of equity
investments in
7002493796.460.007550992005.06
associates for which
there are public offers
Operating income 142865000000.00 20198233448.41 136290000000.00 22163507168.23
Net profit 30582000000.00 -574914185.09 32722000000.00 130192366.93
Net profit from
discontinued 0.00
operations
Other comprehensive
-2127000000.000.005251000000.00
income
349Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Total comprehensive
28455000000.00-574914185.0937973000000.00130192366.93
income
Dividends received
from associates in this 362008817.67 632601267.25
year
(3) Summary financial information of unimportant joint ventures and associates
Unit: yuan
Opening balance/amount of the previous
Closing balance/current amount
period
Joint ventures:
Total book value of investments 1295128788.33 1388045185.00
Total amount of each of the following
items calculated by shareholding ratio
--Net profits 25697686.64 59610388.37
--Total comprehensive income 25697686.64 59610388.37
Associates:
Total book value of investments 3579802924.09 3035603376.92
Total amount of each of the following
items calculated by shareholding ratio
--Net profits 67088624.69 58398900.41
--Other comprehensive income 0.00 -969.65
--Total comprehensive income 67088624.69 58397930.76
(4) Excess losses incurred by joint ventures or associates
Unit: yuan
Accumulation of Losses unrecognized in this
Name of joint venture or Accumulated unrecognized
unrecognized prior period (or net profits shared in
associate losses at the end of this period
accumulated losses this period)
Nanjing Heda Food Co. Ltd. -1636440.11 -1636440.11
Taishan Jiaxin Logistics Co.-2425154.27-101598.89-2526753.16
Ltd.Beijing Meihaomei Deling
-66908721.65-29123879.13-96032600.78
Food Co. Ltd.Hebei Kinghey Sausage
-2723213.64-2723213.64
Casings Co. Ltd.XI. Government grants
1. Government grants recognized at the end of the reporting period in the amount receivable
□Applicable □Not applicable
350Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Reasons for not receiving the expected amount of government grants at the expected time
□Applicable □Not applicable
2. Liabilities involving government grants
□Applicable □Not applicable
Unit: yuan
Amou
nt
includ
ed in
non- Amount
Other Asset-
New grants operat included in
Accounting Opening changes in related/inc
added in the ing other income in Closing balance
item balance the current ome-
current period incom the current
period related
e in period
the
curren
t
period
Deferred Asset-
352830313.7572837833.2235941951.28389726195.69
income related
Deferred Income-
29618520.6438195695.3519622375.544139132.3044052708.15
income related
Total 382448834.39 111033528.57 55564326.82 4139132.30 433778903.84
3. Government grants included in the current profit or loss
□Applicable □Not applicable
Unit: yuan
Accounting item Current amount Previous amount
Government grants for financial
8851195.0815510911.37
expenses
Other income 123882872.68 122859928.95
Total 132734067.76 138370840.32
XII. Risks related to financial instruments
1. Various risks arising from financial instruments
The Group's main financial instruments include cash and cash equivalents accounts receivable notes receivable other
receivables trading financial assets accounts payable notes payable other payables lease liabilities short-term borrowings
trading financial liabilities non-current liabilities due within one year long-term borrowings long-term payables and bonds
payable. Details of all financial instruments have been disclosed in related notes. The Group has formulated corresponding risk
management policies and established relevant positions or functional departments to reduce the risks associated with financial
instruments in order to ensure that the risk management goals and policies can be effectively implemented. The management
manages and monitors these risk exposures to ensure that the aforementioned risks are controlled within the prescribed limits.
351Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(I) Credit risk
Credit risk refers to the risk that the other party to the contract fails to fulfill its obligations resulting in losses for financial
assets. The credit risk of the Group mainly arises from cash and cash equivalents receivables etc.To reduce credit risk the Group controls credit limits conducts credit approvals and implements other monitoring procedures
to ensure that necessary measures are taken to recover overdue debts. In addition on each balance sheet date sufficient expected
credit loss provisions are made based on the collection of accounts receivable. Therefore the management believes that the credit
risk to the Group has been significantly reduced.Cash and cash equivalents of the Group other than cash are mainly deposited with state-owned banks or other medium and
large-sized listed banks or other financial institutions with good credit standing. It is considered that there is no significant credit
risk and it is expected that the Group will not suffer losses due to default of the counterparty.(II) Market risk
The market risk of financial instruments refer to the risk that the fair value or future cash flow of financial instruments might
fluctuate as a result of changing market prices including exchange rate risk and interest rate risk.
1. Interest rate risk
Interest rate risk refers to the risk that fair value of financial instruments or future cash flow might fluctuate due to changing
market interest rates. Fixed-rate and floating-rate interest-bearing financial instruments pose fair value interest rate risk and cash
flow interest rate risk to the Group respectively. The Group determines the ratios of fixed-rate and floating-rate instruments based
on market environment and maintains an appropriate portfolio of fixed-rate and floating-rate instruments through regular review
and monitoring. The Group mainly faces cash flow interest rate risk resulting from floating-rate financial liabilities.
(1) Interest-bearing financial instruments held by the Group as of December 31 were as follows:
2025
Item
Effective interest rate Amount
Financial liabilities
Fixed interest rate
2.10%-10.80%10430229968
Incl.: Short-term borrowings.15
Long-term borrowings (including those due within 2.24%-3.22% 2658754646.one year) 68
Long-term payables (including those due within 5.50%-6.50% 56165734.65
one year)
13145150349
Total.48
Floating interest rate:
Floating interest rate based on the LPR and SOFR 4501041370.Incl.: Short-term borrowings
benchmark rates 15
Long-term borrowings (including those due within Floating interest rate based on the LPR and SOFR 28477265046
one year) benchmark rates .44
352Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Long-term payables (including those due within Floating interest rate based on the LPR benchmark rate 813180470.39
one year)
Total
33791486886.98
(2) Sensitivity analysis
As at December 31 2025 with all other variables held constant a 25bp increase in interest rate will result in a decrease of
83908913.50 yuan (2024: 74185947.08 yuan) in the Group’s net profit and shareholders' equity.
For non-derivative instruments with floating rate held on the balance sheet date that expose the Group to cash flow interest
rate risk the effect of net profit and shareholders' equity in the sensitivity analysis above is the after-tax effect of the above
interest rate changes on the interest expense or income estimated on an annual basis. The analysis of the previous year was
based on the same assumptions and method.
2. Foreign exchange risk
The Group invests and operates in several Asian and African countries with revenues all denominated in local currencies.The fluctuations of the exchange rates between these currencies and RMB will affect the figures of overseas revenue and
profits of the Group. For cash and cash equivalents receivables and payables long-term and short-term borrowings and other
foreign-currency assets and liabilities that are not denominated in accounting currency if short-term imbalance occurs the
Group will purchase and sell foreign currencies at market rates when necessary so as to ensure the net risk exposure is kept at
an acceptable level.The items of foreign-currency assets and liabilities of the Group as at December 31 were as follows. For presentation purpose
the total amount of risk exposure is presented in RMB converted from foreign currencies at the spot exchange rate on the
balance sheet date. The foreign currency statement translation difference is not included.
20252024
Item Balance in foreign Balance in foreign Balance in
Balance in Renminbi
currency currency Renminbi
Cash and cash
equivalents
Incl.: USD 8164923.66 57389615.42 6361024.91 45725591.46
SGD 538028.37 2936881.66 297857.47 1585018.74
THB 642066.59 142871.96 1724997.38 366802.20
IDR 1633804446.35 683060.96 1989484567.35 898530.81
Other receivables
Incl.: USD 183409.38 1289147.85 70814.93 509046.04
SGD 8380.63 45746.51 6873.76 36578.03
Accounts payable
Incl.: USD 1950728.84 13711282.87 4333017.23 31147461.06
SGD 303194.36 1655016.73 504286.94 2683512.52
Other payables
Incl.: USD 44392.51 312026.07 42603.72 306252.58
SGD 432023.36 2358242.71 19649.65 104563.65
Net amount of foreign-
currency items in balance
sheet
Incl.: USD 6353211.69 44655454.33 2056218.89 14780923.86
353Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
SGD -188808.72 -1030631.27 -219205.36 -1166479.40
THB 642066.59 142871.96 1724997.38 366802.20
IDR 1633804446.35 683060.96 1989484567.35 898530.81
(1) The analysis of RMB/foreign currency exchange rate applicable to the Group is as follows:
Average exchange rate in the reporting period Closing central parity rate
Item
2025202420252024
USD 7.14166667 7.11225417 7.02880000 7.18840000
SGD 5.47253333 5.33829167 5.45860000 5.32140000
THB 0.21816917 0.20303417 0.22251891 0.21263928
IDR 0.00043593 0.00045329 0.00041808 0.00045164
(2) Sensitivity analysis
Assuming that all other risk variables except the exchange rate remain unchanged a 5% appreciation of the RMB due to
changes in exchange rates of RMB and accounting currencies of overseas operating entities versus USD SGD THB and IDR
would result in increase (decrease) of the owner's equity and net profit as follows. This effect is presented in RMB converted at the
spot exchange rate on the balance sheet date:
Item Owner's equity Net profit
December 31 2025
USD -2030497.09 -2030497.09
SGD 45492.06 45492.06
THB -6572.11 -6572.11
IDR -28347.03 -28347.03
Total -2019924.17 -2019924.17
December 31 2024
USD -554284.64 -554284.64
SGD 43742.98 43742.98
THB -13755.08 -13755.08
IDR -33694.91 -33694.91
Total -557991.65 -557991.65
As at December 31 assuming other variables remain unchanged a 5% depreciation of the RMB due to changes in exchange
rates of RMB and accounting currencies of overseas operating entities versus USD SGD THB and IDR would result in changes
in shareholders' equity and net profit in the same amount as those presented in the above table but in the opposite direction.The aforesaid sensitivity analysis is based on re-measurement of financial instruments held by the Group exposed to
exchange rate risk on the balance sheet date with the changed exchange rate assuming the exchange rate changes on the balance
sheet date. The aforesaid analysis does not include foreign currency statement translation difference. The analysis of the previous
year was based on the same assumptions and method.
3. Liquidity risk
Liquidity risk refers to the risk that a company might incur shortage of funds when performing its obligation to settle accounts
by delivering cash or other financial assets. The policy of the Group is to ensure that there is sufficient cash to repay the due debts.The liquidity risk is centrally controlled by the finance department of the Group. The finance department ensures that there are
354Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
sufficient funds to repay debts in all reasonably predicted circumstances by monitoring the cash balance and readily realizable
valuable securities and through rolling forecast of cash flow in the next 12 months.The remaining contract terms and the earliest dates of required payment of financial liabilities of the Group on the balance
sheet date by the undiscounted contractual cash flows (including interest calculated at contract interest rate (or at the prevailing
interest rate on December 31 in case of floating interest rate)) are as follows:
Balance sheet
Undiscounted contractual cash flows at the end of 2025
date
Item
Due within one year or on Older than 5
1-2 years 2-5 years Total Book value
demand years
Short- 15032085697.96 1503208569 1494009833
term 7.96 8.48
borrowin
gs
Notes 5585041628.12 5585041628. 5585041628.payable 12 12
Accounts 6628283430.15 6628283430. 6628283430.payable 15 15
Other 3577321993.59 3577321993. 3577321993.payables 59 59
(excludin
g
dividend
s
payable)
Long- 8597940124.22 1210741209 11739426307 269569357.3 3271434788 3116426775
term 2.67 .78 5 2.02 3.79
borrowin
gs
(includin
g long-
term
borrowin
gs due
within
one year)
Bonds 269831254.80 155545006.4 9347056658. 9772432919. 8805904047.payable 0 00 20 18
(includin
g bonds
payable
due
within
one year)
Long- 328736834.96 300958812.7 286638171.3 1072500.00 917406318.9 869346205.0
term 0 2 8 4
payables
(includin
g long-
term
payables
due
within
one year)
Lease 300749652.79 308050580.4 972730520.5 3182744024. 4764274778. 2989718014.
355Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Balance sheet
Undiscounted contractual cash flows at the end of 2025
date
Item
Due within one year or on Older than 5
1-2 years 2-5 years Total Book value
demand years
liabilities 0 7 76 52 73
(includin
g lease
liabilities
due
within
one year)
Other 1035956345.11 1035956345. 1028873011.current 11 78
liabilities
(excludin
g output
tax to be
reversed)
41355946961.70128719664922345851653453385882.80027150997558885442
Total
2.177.67113.652.86
Continued
Balance sheet
Undiscounted contractual cash flows at the end of 2024
date
Item
Due within one year or on Older than 5
1-2 years 2-5 years Total Book value
demand years
Short-
term 1788090452 1774151561
17880904524.37
borrowin 4.37 0.09
gs
Notes 4184134254. 4184134254.
4184134254.11
payable 11 11
Accounts 7525367316. 7525367316.
7525367316.95
payable 95 95
Other
payables
(excludin
3368617802.3368617802.
g 3368617802.20
2020
dividend
s
payable)
Long-
term
borrowin
gs
(includin
12879289298234417186.542767852.132633071493075223509
g long- 10976597167.25
2.822798.534.45
term
borrowin
gs due
within
one year)
Bonds
payable
(includin 1261058968. 8821874896. 1022200421 8992768984.
139070349.60
g bonds 80 00 4.40 03
payable
due
356Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
within
one year)
Long-
term
payables
(includin
g long- 423906698.1 434286952.2 1377531845. 1281288799.
518135521.851202672.80
term 4 9 08 68
payables
due
within
one year)
Lease
liabilities
(includin
g lease 320216441.4 952689150.6 3711690458. 5475758415. 3452949337.
491162364.57
liabilities 0 4 41 02 26
due
within
one year)
148844714018443268184255660983.82667389877729887719
Total 45083989300.90
1.165.20400.668.77
Note: the convertible corporate bonds in the bonds payable are deemed as held to maturity without conversion into shares halfway.
2. Financial assets
(1) By transfer method
□Applicable □Not applicable
Unit: yuan
Nature of financial Amount of financial
Transfer method Derecognition Basis for derecognition
assets transferred assets transferred
Bank acceptance bills
transferred were
guaranteed by banks
with high credit
Endorsement or ratings and the Group
Bank acceptance bills 304673201.90 Derecognized
discount has transferred almost
all the risks and
rewards of the
ownership of financial
assets to the transferee
Endorsement or
Bank acceptance bills 66769386.16 Not derecognized
discount
Endorsement or Commercial
97083352.44 Not derecognized
discount acceptance bills
Endorsement or
L/C 27932017.20 Not derecognized
discount
Total 496457957.70
357Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
(2) Financial assets derecognized due to transfer
□Applicable □Not applicable
Unit: yuan
Gains or losses associated
Item Transfer method Amount derecognized
with derecognition
Notes receivable Endorsement or discount 304673201.90 334354.38
Total 304673201.90 334354.38
(3) Transferred financial assets that are continuously involved
□Applicable □Not applicable
XIII. Disclosure of fair value
1. Closing fair value of assets and liabilities measured at fair value
Unit: yuan
Closing fair value
Item Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
I. Continuous
measurement of fair -- -- -- --
value
(I) Trading financial
14950972.0814950972.08
assets
1. Financial assets at
fair value through 14950972.08 14950972.08
profit or loss
(2) Investments in
4534322.244534322.24
equity instruments
(3) Derivative financial
10416649.8410416649.84
assets
(III) Investments in
other equity 454181590.28 454181590.28
instruments
Total assets measured
at fair value on an 14950972.08 454181590.28 469132562.36
ongoing basis
(VI) Trading financial
7568770.777568770.77
liabilities
Derivative
7568770.777568770.77
financial liabilities
Total liabilities
measured at fair value 7568770.77 7568770.77
on an ongoing basis
358Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
II. Non-continuous
measurement of fair -- -- -- --
value
2. Basis for determination of market prices of ongoing and non-ongoing level-1 fair value measurement
items
Stocks and foreign exchange hedging in trading financial assets are recognized based on the closing prices of stocks in the publicly
active market and the closing quotations provided by the trading center etc. Futures contracts and interest rate swaps in trading
financial liabilities are recognized based on the closing quotations provided by the trading center etc.
3. Qualitative and quantitative information on valuation techniques and important parameters used for
ongoing and non-ongoing level-2 fair value measurement items
None
4. Qualitative and quantitative information on valuation techniques and important parameters used for
ongoing and non-ongoing level-3 fair value measurement items
The other equity instrument investments of the Group involved in Level 3 fair value measurement are equities held by the Group
in unlisted companies. There were no significant changes in the operating environments business condition and financial
condition of investees so the measurement was based on the book value as a reasonable estimate of the fair value.
5. Adjustment between the opening and closing book values as well as sensitivity analysis of
unobservable parameters for ongoing level-3 fair value measurement items
None
Reasons for transition (if any) between different levels during the current period and policies used to
determine the transition point of time for ongoing fair value measurement items
None
7. Current changes in valuation techniques and reasons for those changes
None
8. Fair value of financial assets and financial liabilities not measured at fair value
None
9. Others
None
359Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
XIV. Related parties and RPTs
1. The parent company of the Company
Shareholding of Ratio of voting
Name of the parent Place of the parent power held by the
Nature of business Registered Capital
company registration company in the parent company in
Company the Company
New Hope Group
Chengdu Sichuan Management 3200000000 10.54% 25.09%
Co. Ltd.Nanfang Hope R&D wholesale
Lhasa Xizang 1034313725 29.51% 29.51%
Industry Co. Ltd. and retail
Notes on the parent company
New Hope Group Co. Ltd. (the “New Hope Group”) used part of the A-shares of the Company as the subject for the issuance
of the "Private Offering of Exchangeable Corporate Bonds for Professional Investors of New Hope Group Co. Ltd. (Phase I)"
transferring the underlying 635816404 148639009 and 149153078 stocks into the "New Hope - Topsperity Securities -23
Hope E1 Guarantee and Trust Property Account" in phases in 2023 with the guarantee and trust registration of underlying stocks
completed with CSDC Shenzhen. The trustee of the account is Topsperity Securities Co. Ltd. and the registration period of the
stock trust is the term of the current exchangeable bonds. As at December 31 2025 the number of stocks deposited into the "New
Hope - Topsperity Securities -23 Hope E1 Guarantee and Trust Property Account" was 655113517.00 shares. Within the duration
of the above-mentioned exchangeable corporate bonds without affecting the interests of the bondholders New Hope Group
entrusted Topsperity Securities as the trustee manager to exercise the voting rights on its behalf in accordance with its will.Therefore the voting rights of New Hope Group to the Company were not affected.The controlling shareholder of Nanfang Hope Industry Co. Ltd the largest shareholder of the Company is New Hope Group
so the controlling shareholder of the Company is New Hope Group; as the actual controller of New Hope Group is Liu Yonghao
therefore the ultimate actual controller of the Company is Liu Yonghao.The ultimate controlling party of the Company is New Hope Group Co. Ltd.
2. Subsidiaries
Subsidiaries of the Company are detailed in “Note X. 1. (1) Composition of the business conglomerate”.
3. Joint ventures and associates of the Company
The important joint ventures and associates of the Company are detailed in “Note VII. 10. Long-term equity investments”.Other joint ventures or associates which have balance in related party transactions with the Company during the current period or
in the previous period are detailed as follows:
Name of joint venture or associate Relationship with the Company
Beijing Meihaomei Deling Food Co. Ltd. Joint venture
Guangdong Hope No.1 Equity Investment Partnership (LP) Joint venture
Hainan Nongken New Hope Farming Technology Co. Ltd. Joint venture
Shenyang New Hope New Agricultural Industry Fund
Joint venture
Partnership (LP)
Yan’an Xinyongxiang Technology Co. Ltd. Joint venture
360Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Anhui Antai Agricultural Development Co. Ltd. Associate
Anhui Xinhua Ducks Co. Ltd. Associate
Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. Associate
Deyang New Hope Liuhe Food Co. Ltd. Associate
Hebei Kinghey Sausage Casings Co. Ltd. Associate
Nanjing Heda Food Co. Ltd. Associate
Shandong Zhongxin Food Group Co. Ltd. Associate
Shanghai Liuhe Qinqiang Food Co. Ltd. Associate
New Hope Finance Co. Ltd. Associate
NHE (Beijing) Technology Co. Ltd. Associate
Xinzhi Huide Machinery Technology Co. Ltd. Associate
China Minsheng Banking Corporation Limited Associate
Anshan Liuhe Jiahao Food Co. Ltd. Subsidiary of an associate
Bengbu Hope Food Co. Ltd. Subsidiary of an associate
Chengdu Hope Food Co. Ltd. Subsidiary of an associate
Junan New Hope Liuhe Food Co. Ltd. Subsidiary of an associate
Lezhi Xinmu Farming Co. Ltd. Subsidiary of an associate
Nangong Hope Food Co. Ltd. Subsidiary of an associate
Puyang Hope Food Co. Ltd. Subsidiary of an associate
Rong County Xinmu Farming Co. Ltd. Subsidiary of an associate
Anshan Liuhe Food Co. Ltd. Subsidiary of an associate
Guantao Liuhe Food Co. Ltd. Subsidiary of an associate
Panjin Liuhe Farming Co. Ltd. Subsidiary of an associate
Qingdao Liuhe Changlong Food Co. Ltd. Subsidiary of an associate
Xiajin Hope Food Co. Ltd. Subsidiary of an associate
Yanggu Liuhe Luxin Food Co. Ltd. Subsidiary of an associate
Taiqian New Hope Liuhe Luxin Food Co. Ltd. Subsidiary of an associate
Yanyuan Xinliu Farming Technology Co. Ltd. Subsidiary of an associate
Anyue Xingxinxin Farming Technology Co. Ltd. Subsidiary of an associate
Qingdao Liuhe Wanfu Food Co. Ltd. Subsidiary of an associate
Qingdao Tianrun Food Co. Ltd. Subsidiary of an associate
4. Other related parties
Name Relationship with the Company
Xingyuan Environment Technology Co. Ltd. and other
Associates of New Hope Holding Group Co. Ltd.majority-owned subsidiaries
Hangzhou Zhongyi Eco-Environmental Engineering Co. Ltd. An associate of New Hope Holding Group Co. Ltd.Qingdao Big Herdsman Machinery Co. Ltd. and its majority-
Associates of New Hope Holding Group Co. Ltd.owned subsidiaries
Sichuan XW Bank Co. Ltd. An associate of New Hope Holding Group Co. Ltd.A company controlled by persons acting in concert with the
Shilin New Hope Xuelan Animal Husbandry Co. Ltd.ultimate controller
A company controlled by persons acting in concert with the
Luliang New Hope Xuelan Cow Breeding Co. Ltd.ultimate controller
A company controlled by persons acting in concert with the
Yunnan New Hope Diequan Animal Husbandry Co. Ltd.ultimate controller
New Hope Ecological Animal Husbandry Co. Ltd. and its Companies controlled by persons acting in concert with the
majority-owned subsidiaries ultimate controller
New Hope Dairy Co. Ltd. and other majority-owned Companies controlled by persons acting in concert with the
subsidiaries ultimate controller
A company controlled by persons acting in concert with the
Sichuan New Huaxi Dairy Co. Ltd.ultimate controller
Sichuan Jixian Digital Intelligence Supply Chain Technology Companies controlled by the same actual controller
361Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Co. Ltd. and its majority-owned subsidiaries
Caogen Zhiben Group Co. Ltd. and other majority-owned
Companies controlled by the same actual controller
subsidiaries
New Hope Chemical Investment Co. Ltd. and its majority-
Companies controlled by the same actual controller
owned subsidiaries
Other subsidiaries controlled by New Hope Holding Group
Companies controlled by the same actual controller
Co. Ltd.Chengdu New Hope Industrial Investment Co. Ltd. A company controlled by the same actual controller
Chengdu Yunlizhi Technology Co. Ltd. and its majority-owned
Companies controlled by the same actual controller
subsidiaries
Qingdao Fresh Life Technology Service Co. Ltd. A company controlled by the same actual controller
Sichuan Xingong Shengfei Construction Engineering Co. Ltd. A company controlled by the same actual controller
Sichuan New Hope Trade Co. Ltd. A company controlled by the same actual controller
Tianjin Xinrong Supply Chain Service Co. Ltd. and its
Companies controlled by the same actual controller
majority-owned subsidiaries
Xinchuang Yunlian Industry Development Co. Ltd. A company controlled by the same actual controller
New Hope Property Service Group Co. Ltd. and its majority-
Companies controlled by the same actual controller
owned subsidiaries
Yunnan Xinlong Mineral Feed Co. Ltd. A company controlled by the same actual controller
Sichuan Mingxian Supply Chain Technology Co. Ltd. and its
Companies controlled by the same actual controller
majority-owned subsidiaries
Sichuan Niukou Lexuan Trade Co. Ltd. A company controlled by the same actual controller
Lhasa ETDZ Xinlu Industrial Co. Ltd. A company controlled by the same actual controller
Sichuan Huaxi Guoxing Real Estate Co. Ltd. A company controlled by the same actual controller
Chengdu Win Choice Technology Service Co. Ltd. and its
Companies controlled by the actual controller
subsidiaries
Company for which the controlling shareholder can exert
Beijing Porridge Jiahe Restaurant Management Co. Ltd.significant influence
Sichuan Yonghao Charity Foundation A non-profit organization established by the actual controller
New Hope Turkey Feed and Farming Food Import & Export
A former associate (with all equity disposed of in 2025)
and Industry Ltd.
5. Related-party transactions
(1) Related-party transactions involving purchase and sale of goods and provision and receipt of services
Breakdown of purchase of goods/receipt of services
Unit: yuan
Whether the
Transaction limit
Related party Details of RPT Current amount transaction limit Previous amount
approved
was exceeded
Beijing
Meihaomei Deling Purchase of goods 34299.00 393115.06
Food Co. Ltd.Caogen Zhiben
Group Co. Ltd.Purchase of goods 90338798.57 56000000.00 Yes 36647699.90
and other majority-
owned subsidiaries
Caogen Zhiben
Group Co. Ltd. Cold chain
7742083.44 20000000.00 No 1097214.89
and other majority- transport services
owned subsidiaries
Chengdu Tianfu Purchase of goods 754.55
362Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Whether the
Transaction limit
Related party Details of RPT Current amount transaction limit Previous amount
approved
was exceeded
Xingxinxin
Farming
Technology Co.Ltd. and its
majority-owned
subsidiaries
Chengdu Hope
Food Co. Ltd. and
Purchase of goods 155249611.66 170000000.00 No 87701904.14
its majority-owned
subsidiaries
Chengdu New
Hope Industrial
Service charge 31100.00
Investment Co.Ltd.Chengdu Yunlizhi
Technology Co.Cold chain
Ltd. and its 6088161.32 60000000.00 No 453052598.77
transport services
majority-owned
subsidiaries
Deyang New Hope
Liuhe Food Co.Ltd. and other Purchase of goods 3133274.46 20000000.00 No 16020043.78
majority-owned
subsidiaries
Guangdong Hope
No.1 Equity
Investment
Purchase of goods 211560694.34 43077481.36
Partnership (LP)
and its majority-
owned subsidiaries
Hangzhou
Zhongyi Eco- Engineering
Environmental construction 4702024.26 10000000.00 No 624034.90
Engineering Co. services
Ltd.Qingdao Big
Herdsman
Purchase of
Machinery Co.breeding 21699341.30 33321551.89
Ltd. and its
equipment
majority-owned
subsidiaries
Qingdao Liuhe
Changlong Food Purchase of goods 7138057.10 10000000.00 No 48162697.63
Co. Ltd.Qingdao Fresh
Cold chain
Life Technology 1098150.43 5000000.00 No 337493.69
transport services
Service Co. Ltd.Shandong
Zhongxin Food
Group Co. Ltd. Purchase of goods 115474757.80 20000000.00 Yes 75422426.45
and other majority-
owned subsidiaries
Shanghai Liuhe
Purchase of goods 1009840.18
Qinqiang Food
363Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Whether the
Transaction limit
Related party Details of RPT Current amount transaction limit Previous amount
approved
was exceeded
Co. Ltd.Sichuan Jixian
Digital
Intelligence
Purchase of goods 378693779.33 450000000.00 No 658332599.48
Supply Chain
Technology Co.Ltd.Sichuan Xingong
Shengfei Engineering
Construction construction 783848.22 20000000.00 No 20020290.04
Engineering Co. services
Ltd.Sichuan New
Hope Trade Co. Purchase of goods 1381397219.26 2500000000.00 No 1879535925.15
Ltd.Tianjin Xinrong
Supply Chain
Service Co. Ltd. Purchase of goods 142194550.13 250000000.00 No 308796307.85
and its majority-
owned subsidiaries
Xinchuang Yunlian
Industry
Purchase of goods 48455619.12 20000000.00 Yes 156941659.86
Development Co.Ltd.Other subsidiaries
controlled by New
Purchase of goods 840114.14 10000000.00 No 2055583.05
Hope Holding
Group Co. Ltd.New Hope Dairy
Co. Ltd. and its
Purchase of goods 105876.83 514102.15
majority-owned
subsidiaries
New Hope Dairy
Co. Ltd. and its Water electricity
282845.01259484.12
majority-owned and service
subsidiaries
New Hope Property
Property Service management
Group Co. Ltd. catering services 7675534.45 10000000.00 No 2816396.65
and its majority- and purchase of
owned subsidiaries goods
Xinzhi Huide
Mechanical
Purchase of
Technology Co.breeding 104220016.96 150000000.00 No 94447766.61
Ltd. and its
equipment
majority-owned
subsidiaries
Xingyuan
Environment
Purchase of
Technology Co.breeding 368412.14 20000000.00 No
Ltd. and other
equipment
majority-owned
subsidiaries
Xingyuan Engineering 11525948.56 20000000.00 No
364Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Whether the
Transaction limit
Related party Details of RPT Current amount transaction limit Previous amount
approved
was exceeded
Environment construction
Technology Co. services
Ltd. and other
majority-owned
subsidiaries
Yan’an
Xinyongxiang
Purchase of goods 8800853.11
Technology Co.Ltd.Yunnan Xinlong
Mineral Feed Co. Purchase of goods 47714284.76 50000000.00 No 46765422.95
Ltd.Sichuan Mingxian
Supply Chain
Technology Co. Cold chain
426297023.84 920000000.00 No 28487598.00
Ltd. and its transport services
majority-owned
subsidiaries
Anhui Antai
Agricultural
Purchase of goods 103849.51
Development Co.Ltd.Sichuan Niukou
Lexuan Trade Co. Purchase of goods 41054616.06 80000000.00 No 3236.00
Ltd.Total 3224774399.66 4871000000.00 3995875574.55
Statement of sale of goods/provision of services
Unit: yuan
Related party Details of RPT Current amount Previous amount
Shilin New Hope Xuelan
Sale of goods 11375088.26 23019684.14
Animal Husbandry Co. Ltd.Luliang New Hope Xuelan
Sale of goods 29852383.88 31275211.49
Cow Breeding Co. Ltd.Yunnan New Hope Diequan
Sale of goods 17688348.92 31006334.35
Animal Husbandry Co. Ltd.New Hope Ecological Animal
Husbandry Co. Ltd. and its Sale of goods 87419919.98 62806033.74
majority-owned subsidiaries
New Hope Dairy Co. Ltd.and other majority-owned Sale of goods 12803917.67 15788022.77
subsidiaries
Sichuan Jixian Digital
Intelligence Supply Chain
Sale of goods 524189236.73 259389552.16
Technology Co. Ltd. and its
majority-owned subsidiaries
Caogen Zhiben Group Co.Ltd. and other majority- Sale of goods 14448327.02 7157117.57
owned subsidiaries
New Hope Chemical
Investment Co. Ltd. and its Sale of goods 3368671.22
majority-owned subsidiaries
Other subsidiaries controlled Sale of goods 2621978.97 1262954.81
365Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Related party Details of RPT Current amount Previous amount
by New Hope Holding Group
Co. Ltd.Beijing Meihaomei Deling
Sale of goods 8712789.03 10643938.68
Food Co. Ltd.Hebei Kinghey Sausage
Sale of goods 14774.10 6524260.68
Casings Co. Ltd.Anhui Antai Agricultural
Sale of goods 35185412.29 40207243.80
Development Co. Ltd.Beijing Porridge Jiahe
Restaurant Management Co. Sale of goods 63904.59
Ltd.Shanghai Liuhe Qinqiang
Sale of goods 9218515.00 25146034.53
Food Co. Ltd.Xinzhi Huide Mechanical
Technology Co. Ltd. and its Sale of goods 1513873.15 1410155.94
majority-owned subsidiaries
Hainan Nongken New Hope
Sale of goods 211312.68 12111820.54
Farming Technology Co. Ltd.Lezhi Xinmu Farming Co.Sale of goods 93370588.65 167086836.48
Ltd.Rong County Xinmu Farming
Sale of goods 74417198.93
Co. Ltd.Chengdu Tianfu Xingxinxin
Farming Technology Co. Ltd.Sale of goods 93954972.93 58411945.69
and its majority-owned
subsidiaries
Yanggu Liuhe Luxin Food
Sale of goods 373394638.74 440065343.27
Co. Ltd.Guantao Liuhe Food Co. Ltd. Sale of goods 308513919.14 344853669.74
Panjin Liuhe Farming Co.Sale of goods 284668066.39 316748089.25
Ltd.Anshan Liuhe Food Co. Ltd. Sale of goods 259842124.32 305959687.73
Taiqian New Hope Liuhe
Sale of goods 371272502.80 391370997.22
Luxin Food Co. Ltd.Shandong Zhongxin Food
Group Co. Ltd. and other Sale of goods 4157620318.87 5013653522.35
majority-owned subsidiaries
Junan New Hope Liuhe Food
Sale of goods 3762232.31 12033922.29
Co. Ltd.Puyang Hope Food Co. Ltd. Sale of goods 3265578.79 10878855.87
Bengbu Hope Food Co. Ltd. Sale of goods 7938660.33 14733017.90
Anshan Liuhe Jiahao Food
Sale of goods 5554973.01 18538938.31
Co. Ltd.Nangong Hope Food Co. Ltd. Sale of goods 5656842.04 33680923.79
Xiajin Hope Food Co. Ltd. Sale of goods 7084302.68 30788522.14
Deyang New Hope Liuhe
Sale of goods 9383720.77 51749766.20
Food Co. Ltd.Chengdu Hope Food Co. Ltd.and its majority-owned Sale of goods 98925532.30 256911616.69
subsidiaries
Deyang New Hope Liuhe
Food Co. Ltd. and its Sale of goods 48106793.39 58659381.87
majority-owned subsidiaries
Xingyuan Environment
Technology Co. Ltd. and Sale of goods 2374320.25 3720888.00
other majority-owned
366Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Related party Details of RPT Current amount Previous amount
subsidiaries
Guangdong Hope No.1
Equity Investment Partnership
Sale of goods 256847826.49 316514001.95
(LP) and its majority-owned
subsidiaries
New Hope Turkey Feed and
Farming Food Import & Sale of goods 612919.53
Export and Industry Ltd.Anhui Antai Agricultural
Provision of services 83850.00 185059.43
Development Co. Ltd.Caogen Zhiben Group Co.Ltd. and other majority- Provision of services 325447.59
owned subsidiaries
Chengdu Win Choice
Technology Service Co. Ltd. Provision of services 171807.20
and its subsidiaries
Xinzhi Huide Mechanical
Technology Co. Ltd. and its Provision of services 71902.76
majority-owned subsidiaries
New Hope Property Service
Group Co. Ltd. and its Water electricity and service 75735.19 66877.28
majority-owned subsidiaries
Total 7147566296.60 8452779160.94
(2) Related-party leases
The Company as lessor:
Unit: yuan
Rental revenue recognized in Rental revenue recognized in
Name of lessee Type of leased assets
the current period the prior period
Beijing Meihaomei Deling Buildings and structures
11431843.6113354824.17
Food Co. Ltd. machinery and equipment
Yan’an Xinyongxiang
Pig farm 17334091.08 17334091.08
Technology Co. Ltd.Caogen Zhiben Group Co.Ltd. and other majority- Office building vehicles 2745364.87 1853870.53
owned subsidiaries
Other subsidiaries controlled
by New Hope Holding Group Office building 110476.22 110476.22
Co. Ltd.Chengdu Hope Food Co. Ltd.and its majority-owned Plant and equipment 2265549.28 2406192.53
subsidiaries
Deyang New Hope Liuhe
Food Co. Ltd. and its Plant and equipment 8855767.08 5165864.12
majority-owned subsidiaries
Nangong Hope Food Co. Ltd. Plant and equipment 1661826.06 976979.66
Xiajin Hope Food Co. Ltd. Plant and equipment 1380975.03 793251.11
Shandong Zhongxin Food
Group Co. Ltd. and other Plant and equipment 4372306.64 3543368.29
majority-owned subsidiaries
Total 50158199.87 45538917.71
367Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
The Company as lessee:
Unit: yuan
Rental charges of
Variable lease
short-term leases
payments not
and leases of low-
included in the Interest expenses Right-of-use assets
value assets for Rental paid
Name Type of measurement of on lease liabilities added simplified
of leased lease liabilities (if processing (if
lessor assets applicable) applicable)
Previou Previou Previou Previou Previou
Current Current Current Current Current
s s s s s
amount amount amount amount amount
amount amount amount amount amount
Sichuan
Huaxi
Guoxin Office
101273699969210.15539827432
g Real buildin
13.0029.7076.6146.19
Estate g
Co.Ltd.Grass
Green
Group
Co.Ltd.Wareho 339306 190032 376171 562645 2436.5 145158 113366 32247
and its
uses .72 .07 .80 .00 9 .38 .17 51.20
majorit
y-
owned
subsidi
aries
Sichuan
Niukou
Lexuan Equipm 34500. 34500.Trade ent 00 00
Co.Ltd.Shando
ng
Zhongx
in Food
Group Plant
Co. land
26758152561905055322842279.1337199469
Ltd. and
91.1636.2083.33.878835.9139.78
and its equipm
majorit ent
y-
owned
subsidi
aries
Chengd
u
Yunlizh
651340651340
i Car.83.83
Technol
ogy
Co.
368Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Ltd.and its
majorit
y-
owned
subsidi
aries
Sichuan
New
Office
Huaxi 11859 10880 37161. 45382. 20563
buildin
Dairy 43.20 21.28 24 86 37.22
g
Co.Ltd.
3738063517241349790706620373882196250013171
Total.7264.0664.2020.14.46.7385.49690.98
Notes on related-party leases
(3) Related-party guarantees
The Company as guarantor
Unit: yuan
Commencement date Expiry date of Whether the security
Secured party Amount guaranteed
of guarantee guarantee has been fulfilled
Anyue Xingxinxin
Farming Technology 10647616.35 May 19 2021 May 19 2027 No
Co. Ltd.Chengdu Tianfu
Xingxinxin Farming 261200000.00 January 17 2023 January 17 2030 No
Technology Co. Ltd.Lezhi Xinmu Farming
135000000.00 March 5 2021 February 23 2029 No
Co. Ltd.Rong County Xinmu
128000000.00 June 28 2021 November 20 2028 No
Farming Co. Ltd.Yanyuan Xinliu
Farming Technology 165000000.00 June 15 2021 April 28 2031 No
Co. Ltd.Total 699847616.35
(4) Remuneration of key management
Unit: yuan
Item Current amount Previous amount
Total compensation of key management 12224300.00 13006700.00
(5) Related-party financial services
1. Notes
Discounting at New Hope Finance by subsidiaries of the Group for purchase and sale business is as follows:
Name of related party Closing balance Opening balance Current interest
369Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
expenses
New Hope Finance Co. Ltd. 1835345279.96 2095579907.17 43946983.78
2. Deposits
Name of related party Closing balance Opening balance Current interest revenue
New Hope Finance Co. Ltd. 3558262572.26 3501555457.23 70641202.59
China Minsheng Banking Corporation 231221.26 231055.63 165.63
Limited
Sichuan XW Bank Co. Ltd. 96674.73 96660.71 391.83
Total 3558590468.25 3501883173.57 70641760.05
3. Loans
Name of related party Closing balance Opening balance Current interest
expenses
New Hope Finance Co. Ltd. 1007950000.00 1291200000.00 10460289.69
4. Bond financing
Name of related party Closing balance Opening balance Current interest
expenses
New Hope Finance Co. Ltd. 310000000.00 140000000.00 5119791.67
5. Acceptance of notes
As at December 31 2025 the balance of notes payable issued by the Group and accepted by New Hope Finance Co. Ltd.amounted to 1019085279.07 yuan.
(6) Other RPTs
1. In 2025 the Group donated a total of 10000 yuan through the Yonghao Foundation for educational charity-related work.
2. Interest income and expenditure of related parties
Item Transaction Current amount Previous amount
particular
Beijing Meihaomei Deling Food Co. Ltd. Interest
2318293.772176623.69
income
Anhui Antai Agricultural Development Co. Ltd. Interest
1152263.231376603.77
income
Deyang New Hope Liuhe Food Co. Ltd. and its majority- Interest
500963.431509385.21
owned subsidiaries income
Chengdu Tianfu Xingxinxin Farming Technology Co. Interest
7416.63
Ltd. income
Shandong Zhongxin Food Group Co. Ltd. and its Interest
188666.05
majority-owned subsidiaries income
Total 3978937.06 5251278.72
Guangdong Hope No.1 Equity Investment Partnership Interest
902022.12753210.23
(LP) and its majority-owned subsidiaries expenditure
Deyang New Hope Liuhe Food Co. Ltd. and its majority- Interest
594228.3129521236.13
owned subsidiaries expenditure
Shandong Zhongxin Food Group Co. Ltd. and its Interest
18282635.41
majority-owned subsidiaries expenditure
Total 1496250.43 48557081.77
Notes: Beijing Meihaomei Deling Food Co. Ltd. is a joint venture of the Group. Shareholders funded Beijing Meihaomei
Deling Food Co. Ltd. in proportion to their shareholdings with interest charged.Anhui Antai Agricultural Development Co. Ltd. is an associate of the Group. The Group agreed to credit the outstanding
dividend payable by Anhui Antai Agricultural Development Co. Ltd. as loan lent to it with interest accrued.Deyang New Hope Liuhe Food Co. Ltd. was a subsidiary of the Group. After the control over it was transferred in 2023 it
was accounted for using the equity method as it still had a significant impact on the Group. Interest income for the current year is
370Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
the interest accrued on the outstanding borrowings of the aforementioned companies as of 2025; interest expenditure represents the
deposit interest given for the bank deposits that have not been paid by the aforementioned companies as of 2025.Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. is an associate of the Group. Shareholders funded Chengdu Tianfu
Xingxinxin Farming Technology Co. Ltd. in proportion to their shareholdings with interest charged.Guangdong Hope No.1 Equity Investment Partnership (LP) and its majority-owned subsidiaries are joint ventures of the
Group. Interest expenditure represents the interest on their receivables and payables.
6. Receivables from and payables to related parties
(1) Receivables
Unit: yuan
Closing balance Opening balance
Item Related party Provision for bad Provision for bad
Book balance Book balance
debts debts
Anhui Antai
Agricultural
Notes receivable 5000000.00
Development Co.Ltd.Yanggu Liuhe
Notes receivable Luxin Food Co. 6548706.60
Ltd.Taiqian New Hope
Notes receivable Liuhe Luxin Food 8071243.80
Co. Ltd.Guantao Liuhe
Notes receivable 614074.23
Food Co. Ltd.Shandong
Zhongxin Food
Notes receivable Group Co. Ltd. 20000000.00 8318328.63
and other majority-
owned subsidiaries
Caogen Zhiben
Group Co. Ltd.Notes receivable 2168675.35 455411.75
and other majority-
owned subsidiaries
Chengdu Hope
Food Co. Ltd. and
Notes receivable 14170313.63 41241752.23
its majority-owned
subsidiaries
Deyang New Hope
Notes receivable Liuhe Food Co. 3551609.63
Ltd.Xinzhi Huide
Mechanical
Technology Co.Notes receivable 1098850.23
Ltd. and its
majority-owned
subsidiaries
Accounts Nanjing Heda
2539568.662539568.664120588.664120588.66
receivable Food Co. Ltd.Caogen Zhiben
Accounts
Group Co. Ltd. 4886259.71 64010.01 2768244.64 37923.50
receivable
and other majority-
371Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Closing balance Opening balance
Item Related party Provision for bad Provision for bad
Book balance Book balance
debts debts
owned subsidiaries
New Hope
Ecological Animal
Accounts Husbandry Co.
207440.002717.47100071.201310.93
receivable Ltd. and its
majority-owned
subsidiaries
New Hope Dairy
Accounts Co. Ltd. and other
555045.527271.0976000.00995.60
receivable majority-owned
subsidiaries
Beijing
Accounts
Meihaomei Deling 34609749.96 453387.72 23380993.12 306291.01
receivable
Food Co. Ltd.Xinzhi Huide
Mechanical
Accounts Technology Co.
22838095.2119315503.32
receivable Ltd. and its
majority-owned
subsidiaries
Other subsidiaries
Accounts controlled by New
730554.779570.26123061.231612.10
receivable Hope Holding
Group Co. Ltd.Shenyang New
Hope New
Accounts
Agricultural 3570679.87 3570679.87 3570679.87 3570679.87
receivable
Industry Fund
Partnership (LP)
Hainan Nongken
New Hope
Accounts
Farming 234061.12 234061.12 234061.12 234061.12
receivable
Technology Co.Ltd.Accounts Lezhi Xinmu
10884970.23143278.706557979.09122533.98
receivable Farming Co. Ltd.Chengdu Tianfu
Xingxinxin
Farming
Accounts
Technology Co. 15952558.19 7053113.02 12352477.86 7005951.95
receivable
Ltd. and its
majority-owned
subsidiaries
Yanggu Liuhe
Accounts
Luxin Food Co. 26307.00 344.63
receivable
Ltd.Taiqian New Hope
Accounts
Liuhe Luxin Food 18451091.80 241709.40 25474356.90 333762.30
receivable
Co. Ltd.Accounts Guantao Liuhe
22963.2722963.27
receivable Food Co. Ltd.Accounts Panjin Liuhe
10427.50136.605120.0067.07
receivable Farming Co. Ltd.Accounts Anshan Liuhe 94745.00 1241.15 60025.00 786.36
372Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Closing balance Opening balance
Item Related party Provision for bad Provision for bad
Book balance Book balance
debts debts
receivable Food Co. Ltd.Shandong
Zhongxin Food
Accounts
Group Co. Ltd. 74761393.84 1869802.70 79608090.75 2076805.42
receivable
and other majority-
owned subsidiaries
Accounts Bengbu Hope
452923.075933.29343715.044502.66
receivable Food Co. Ltd.Accounts Xiajin Hope Food
168928.702212.96199173.162609.16
receivable Co. Ltd.Junan New Hope
Accounts
Liuhe Food Co. 419947.84 5501.33 87781.32 1149.94
receivable
Ltd.Accounts Puyang Hope Food
108321.001419.0061380.00804.08
receivable Co. Ltd.Anshan Liuhe
Accounts
Jiahao Food Co. 266335.45 3488.99 192922.36 2527.29
receivable
Ltd.Chengdu Hope
Accounts Food Co. Ltd. and
14684171.08192362.652266989.9829697.57
receivable its majority-owned
subsidiaries
Deyang New Hope
Accounts
Liuhe Food Co. 3906465.83 51174.71 452295.41 5925.07
receivable
Ltd.Deyang New Hope
Liuhe Food Co.Accounts
Ltd. and its 1264822.43 16569.16 1387365.62 18174.50
receivable
majority-owned
subsidiaries
Xingyuan
Environment
Accounts Technology Co.
160000.0010848.00
receivable Ltd. and other
majority-owned
subsidiaries
Hebei Kinghey
Accounts
Sausage Casings 187110.69 172243.50 171162.19 2242.25
receivable
Co. Ltd.Guangdong Hope
No.1 Equity
Accounts Investment
71156.46932.15660638.008654.36
receivable Partnership (LP)
and its majority-
owned subsidiaries
Accounts Nangong Hope
20742.65271.73
receivable Food Co. Ltd.New Hope
Property Service
Accounts
Group Co. Ltd. 6600.00 86.46 6600.00 86.46
receivable
and its majority-
owned subsidiaries
New Hope Finance
Prepayments 6164343.08 10775735.35
Co. Ltd.
373Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Closing balance Opening balance
Item Related party Provision for bad Provision for bad
Book balance Book balance
debts debts
Qingdao Big
Herdsman
Machinery Co.Prepayments 81373.30 4560747.88
Ltd. and its
majority-owned
subsidiaries
New Hope
Property Service
Prepayments Group Co. Ltd. 13.30 81038.90
and its majority-
owned subsidiaries
Xinzhi Huide
Mechanical
Technology Co.Prepayments 3746565.37 6521878.05
Ltd. and its
majority-owned
subsidiaries
Caogen Zhiben
Group Co. Ltd.Prepayments 1986304.61
and other majority-
owned subsidiaries
Chengdu Yunlizhi
Technology Co.Prepayments Ltd. and its 33712.12
majority-owned
subsidiaries
Shandong
Zhongxin Food
Prepayments Group Co. Ltd. 84895.13 67162.16
and other majority-
owned subsidiaries
Guangdong Hope
No.1 Equity
Investment
Prepayments 513690.26
Partnership (LP)
and its majority-
owned subsidiaries
Chengdu Hope
Food Co. Ltd. and
Prepayments 46308.60
its majority-owned
subsidiaries
Sichuan Jixian
Digital
Intelligence
Prepayments 288922.00
Supply Chain
Technology Co.Ltd.Sichuan Niukou
Prepayments Lexuan Trade Co. 872.30
Ltd.Tianjin Xinrong
Supply Chain
Prepayments 17483.72
Service Co. Ltd.and its majority-
374Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Closing balance Opening balance
Item Related party Provision for bad Provision for bad
Book balance Book balance
debts debts
owned subsidiaries
Xinzhi Huide
Mechanical
Dividends Technology Co.
6000000.00
receivable Ltd. and its
majority-owned
subsidiaries
Yan’an
Dividends Xinyongxiang
5610000.005610000.00
receivable Technology Co.Ltd.Other subsidiaries
Dividends controlled by New
10000000.00
receivable Hope Holding
Group Co. Ltd.Beijing
Other receivables Meihaomei Deling 103691433.60 5365890.56 85534042.22 4363932.88
Food Co. Ltd.Caogen Zhiben
Group Co. Ltd.Other receivables 389999.99 147944.99 200000.00 113490.00
and other majority-
owned subsidiaries
Guangdong Hope
No.1 Equity
Investment
Other receivables 31133458.80 11947693.70 34444897.46 4664568.67
Partnership (LP)
and its majority-
owned subsidiaries
Shenyang New
Hope New
Other receivables Agricultural 15020.00 2864.50 10020.00 934.67
Industry Fund
Partnership (LP)
Lezhi Xinmu
Other receivables 1553914.92 122121.56 1553914.92 78472.70
Farming Co. Ltd.Chengdu Tianfu
Xingxinxin
Farming
Other receivables Technology Co. 45807529.72 3033461.34 8553868.09 434479.97
Ltd. and its
majority-owned
subsidiaries
Shandong
Zhongxin Food
Other receivables Group Co. Ltd. 500000.00 25250.00 534253.78 27042.13
and other majority-
owned subsidiaries
Anhui Antai
Agricultural
Other receivables 13985061.29 1864728.35 26919200.00 1359419.60
Development Co.Ltd.Chengdu Hope
Other receivables Food Co. Ltd. and 20006741.26 6694655.02 19505394.43 1474649.63
its majority-owned
375Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Closing balance Opening balance
Item Related party Provision for bad Provision for bad
Book balance Book balance
debts debts
subsidiaries
Deyang New Hope
Other receivables Liuhe Food Co. 58.23 2.94
Ltd.Xinzhi Huide
Mechanical
Technology Co.Other receivables 5023069.69 5023069.69 5023069.69 5023069.69
Ltd. and its
majority-owned
subsidiaries
Other subsidiaries
controlled by New
Other receivables 10069154.17 1358328.90 300640744.17 6169636.16
Hope Holding
Group Co. Ltd.Anshan Liuhe
Other receivables Jiahao Food Co. 7604.00 384.00
Ltd.New Hope Dairy
Co. Ltd. and other
Other receivables 50000.00 2525.00
majority-owned
subsidiaries
New Hope
Property Service
Other receivables Group Co. Ltd. 40000.00 40000.00 40000.00 40000.00
and its majority-
owned subsidiaries
Other current New Hope Finance
4111061.113008055.55
assets Co. Ltd.Xinzhi Huide
Mechanical
Other non-current Technology Co.
30640190.5138754128.91
assets Ltd. and its
majority-owned
subsidiaries
Xingyuan
Environment
Other non-current Technology Co.
20373056.5742306839.20
assets Ltd. and other
majority-owned
subsidiaries
Qingdao Big
Herdsman
Other non-current Machinery Co.
14370641.7114509893.98
assets Ltd. and its
majority-owned
subsidiaries
Chengdu Tianfu
Xingxinxin
Farming
Other non-current
Technology Co. 830993.56 830993.56
assets
Ltd. and its
majority-owned
subsidiaries
Other non-current Sichuan Xingong 164169.99
376Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Closing balance Opening balance
Item Related party Provision for bad Provision for bad
Book balance Book balance
debts debts
assets Shengfei
Construction
Engineering Co.Ltd.
(2) Payables
Unit: yuan
Item Related party Closing book balance Opening book balance
Qingdao Big Herdsman Machinery Co.Notes payable 5558627.10 15357773.75
Ltd. and its majority-owned subsidiaries
Notes payable Sichuan New Hope Trade Co. Ltd. 703967850.18 325406824.11
Sichuan Xingong Shengfei Construction
Notes payable 252869.11 1300000.00
Engineering Co. Ltd.Xinzhi Huide Mechanical Technology Co.Notes payable 28877043.64 27235188.54
Ltd. and its majority-owned subsidiaries
Shandong Zhongxin Food Group Co. Ltd.Notes payable 6896160.03
and other majority-owned subsidiaries
Hangzhou Zhongyi Eco-Environmental
Notes payable 2556212.04
Engineering Co. Ltd.Xinchuang Yunlian Industry Development
Notes payable 53197948.99
Co. Ltd.Other subsidiaries controlled by New Hope
Notes payable 155200.00
Holding Group Co. Ltd.Guangdong Hope No.1 Equity Investment
Notes payable Partnership (LP) and its majority-owned 44305.45
subsidiaries
Xingyuan Environment Technology Co.Notes payable 1245087.27
Ltd. and other majority-owned subsidiaries
Accounts
Beijing Meihaomei Deling Food Co. Ltd. 12126.27 12126.27
payable
Accounts Qingdao Big Herdsman Machinery Co.
36100897.6938161421.75
payable Ltd. and its majority-owned subsidiaries
Accounts Qingdao Fresh Life Technology Service
24512.9741250.57
payable Co. Ltd.Accounts Chengdu Yunlizhi Technology Co. Ltd. and
760658.3060065461.99
payable its majority-owned subsidiaries
Accounts Tianjin Xinrong Supply Chain Service Co.
8660160.54
payable Ltd. and its majority-owned subsidiaries
Accounts Caogen Zhiben Group Co. Ltd. and other
6800572.5421879722.05
payable majority-owned subsidiaries
Accounts New Hope Property Service Group Co.
296280.283095.15
payable Ltd. and its majority-owned subsidiaries
Accounts New Hope Dairy Co. Ltd. and its majority-
23735.001806.37
payable owned subsidiaries
Accounts Hangzhou Zhongyi Eco-Environmental
9419877.0412936360.66
payable Engineering Co. Ltd.Accounts Xinzhi Huide Mechanical Technology Co.
29259295.4565867747.05
payable Ltd. and its majority-owned subsidiaries
Accounts Xingyuan Environment Technology Co.
21255593.1235428669.88
payable Ltd. and other majority-owned subsidiaries
Accounts Xinchuang Yunlian Industry Development 2808290.20
377Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Item Related party Closing book balance Opening book balance
payable Co. Ltd.Accounts
Yunnan Xinlong Mineral Feed Co. Ltd. 2958276.12 1835979.14
payable
Accounts Other subsidiaries controlled by New Hope
29753.45108654.10
payable Holding Group Co. Ltd.Chengdu Tianfu Xingxinxin Farming
Accounts
Technology Co. Ltd. and its majority- 104261.35 136606.57
payable
owned subsidiaries
Accounts Shandong Zhongxin Food Group Co. Ltd.
36643254.6819225.67
payable and other majority-owned subsidiaries
Accounts Sichuan Xingong Shengfei Construction
327658.093204743.13
payable Engineering Co. Ltd.Accounts
Shanghai Liuhe Qinqiang Food Co. Ltd. 1000000.00
payable
Accounts Chengdu Hope Food Co. Ltd. and its
12068496.677539907.64
payable majority-owned subsidiaries
Accounts Deyang New Hope Liuhe Food Co. Ltd.
183978.40243542.29
payable and other majority-owned subsidiaries
Guangdong Hope No.1 Equity Investment
Accounts
Partnership (LP) and its majority-owned 7306112.06 2921680.16
payable
subsidiaries
Accounts Sichuan Jixian Digital Intelligence Supply
797370.00
payable Chain Technology Co. Ltd.Sichuan Mingxian Supply Chain
Accounts
Technology Co. Ltd. and its majority- 45854268.96
payable
owned subsidiaries
Accounts
Sichuan Niukou Lexuan Trade Co. Ltd. 4513070.55 600.00
payable
Accounts
Qingdao Liuhe Changlong Food Co. Ltd. 1833899.91
payable
Advance
Lhasa ETDZ Xinlu Industrial Co. Ltd. 208500000.00
collections
Advance Caogen Zhiben Group Co. Ltd. and other
19885.00
collections majority-owned subsidiaries
Advance Shandong Zhongxin Food Group Co. Ltd.
1019250.00
collections and other majority-owned subsidiaries
Advance
Xiajin Hope Food Co. Ltd. 226356.44
collections
Contract Luliang New Hope Xuelan Cow Breeding
867395.2033234.35
liabilities Co. Ltd.New Hope Ecological Animal Husbandry
Contract
Co. Ltd. and its majority-owned 490372.79 9035.01
liabilities
subsidiaries
Sichuan Jixian Digital Intelligence Supply
Contract
Chain Technology Co. Ltd. and its 2701464.31 566021.71
liabilities
majority-owned subsidiaries
Contract Caogen Zhiben Group Co. Ltd. and other
207207.46115494.99
liabilities majority-owned subsidiaries
Contract Anhui Antai Agricultural Development Co.
362.25190100.00
liabilities Ltd.Contract
Shanghai Liuhe Qinqiang Food Co. Ltd. 11561571.15 10544840.98
liabilities
Contract
Yan’an Xinyongxiang Technology Co. Ltd. 3191.42
liabilities
Contract
Beijing Meihaomei Deling Food Co. Ltd. 350.00 21030.66
liabilities
378Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Item Related party Closing book balance Opening book balance
Contract Other subsidiaries controlled by New Hope
1512857.434118204.75
liabilities Holding Group Co. Ltd.Contract Chengdu Win Choice Technology Service
12049.0012049.00
liabilities Co. Ltd. and its subsidiaries
Contract
Lezhi Xinmu Farming Co. Ltd. 10611137.13 12180306.73
liabilities
Contract
Rong County Xinmu Farming Co. Ltd. 850407.60 850409.91
liabilities
Chengdu Tianfu Xingxinxin Farming
Contract
Technology Co. Ltd. and its majority- 337729.65 337729.65
liabilities
owned subsidiaries
Contract
New Hope Finance Co. Ltd. 788.00 788.11
liabilities
Contract Yunnan New Hope Diequan Animal
300322.54
liabilities Husbandry Co. Ltd.Contract Shandong Zhongxin Food Group Co. Ltd.
20534785.4538300339.59
liabilities and other majority-owned subsidiaries
Contract
Junan New Hope Liuhe Food Co. Ltd. 8000.05
liabilities
Contract
Bengbu Hope Food Co. Ltd. 4385.00
liabilities
Contract
Anshan Liuhe Jiahao Food Co. Ltd. 21412.00
liabilities
Contract
Nangong Hope Food Co. Ltd. 16191.10
liabilities
Contract
Xiajin Hope Food Co. Ltd. 176324.97
liabilities
Contract
Deyang New Hope Liuhe Food Co. Ltd. 2022684.63 134365.03
liabilities
Contract Chengdu Hope Food Co. Ltd. and its
27478.08245807.52
liabilities majority-owned subsidiaries
Contract Deyang New Hope Liuhe Food Co. Ltd.
162677.80
liabilities and its majority-owned subsidiaries
Contract New Hope Turkey Feed and Farming Food
184193.76
liabilities Import & Export and Industry Ltd.Guangdong Hope No.1 Equity Investment
Contract
Partnership (LP) and its majority-owned 5686157.52 4184057.07
liabilities
subsidiaries
Contract Shilin New Hope Xuelan Animal
480803.40
liabilities Husbandry Co. Ltd.Contract New Hope Property Service Group Co.
102615.0066740.00
liabilities Ltd. and its majority-owned subsidiaries
Contract
Guantao Liuhe Food Co. Ltd. 1005025.70
liabilities
Other payables Shanghai Liuhe Qinqiang Food Co. Ltd. 64800.00 64800.00
Qingdao Big Herdsman Machinery Co.Other payables 359886.51 124278.11
Ltd. and its majority-owned subsidiaries
Other payables Anhui Xinhua Ducks Co. Ltd. 9071000.00 9071000.00
Other payables Beijing Meihaomei Deling Food Co. Ltd. 13351481.05 6547116.05
Other payables Yan’an Xinyongxiang Technology Co. Ltd. 1500000.00 1500000.00
Other payables NHE (Beijing) Technology Co. Ltd. 609910.31 609910.31
Qingdao Fresh Life Technology Service
Other payables 11.00 11.00
Co. Ltd.Chengdu Yunlizhi Technology Co. Ltd. and
Other payables 2330667.18 4582917.86
its majority-owned subsidiaries
Other payables Sichuan Jixian Digital Intelligence Supply 100000.00 100000.00
379Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Item Related party Closing book balance Opening book balance
Chain Technology Co. Ltd.Caogen Zhiben Group Co. Ltd. and other
Other payables 483601.31 51000.00
majority-owned subsidiaries
Xinzhi Huide Mechanical Technology Co.Other payables 262000.00 364120.00
Ltd. and its majority-owned subsidiaries
Other subsidiaries controlled by New Hope
Other payables 313660063.45 140033295.95
Holding Group Co. Ltd.Sichuan Xingong Shengfei Construction
Other payables 5000.00
Engineering Co. Ltd.Chengdu Tianfu Xingxinxin Farming
Other payables Technology Co. Ltd. and its majority- 43894.22 576103.45
owned subsidiaries
Shandong Zhongxin Food Group Co. Ltd.Other payables 34472.43 65142.80
and its majority-owned subsidiaries
Chengdu Hope Food Co. Ltd. and its
Other payables 20645099.55 19352934.34
majority-owned subsidiaries
Deyang New Hope Liuhe Food Co. Ltd.Other payables 279137.05 279137.05
and its majority-owned subsidiaries
Guangdong Hope No.1 Equity Investment
Other payables Partnership (LP) and its majority-owned 408685745.66 366477008.68
subsidiaries
Hangzhou Zhongyi Eco-Environmental
Other payables 50000.00 50000.00
Engineering Co. Ltd.Sichuan Mingxian Supply Chain
Other payables Technology Co. Ltd. and its majority- 12479967.63 1378948.84
owned subsidiaries
Other payables Sichuan Niukou Lexuan Trade Co. Ltd. 884600.25
XV. Share-based payments
1. Overview of share-based payments
□Applicable □Not applicable
Unit: yuan
Recipient Current grant Current exercise Current unlocking Current lapse
by category Quantity Amount Quantity Amount Quantity Amount Quantity Amount
Employee
Stock
00.0000.0000.0000.00
Ownership
Plan 2024
Total 0 0.00 0 0.00 0 0.00 0 0.00
Stock options or other equity instruments outstanding at the end of the period
□Applicable □Not applicable
Other equity instruments outstanding at the end of
Stock options outstanding at the end of the period
the period
Recipient by category
Range of exercise Remaining term of Range of exercise Remaining term of
prices contract prices contract
Employee Stock
4.81 yuan 6 month
Ownership Plan 2024
380Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2. Share-based payments settled in equities
□Applicable □Not applicable
Unit: yuan
Determination of fair value of equity instruments at the grant
Closing price per share at the grant date
date
Key parameters of fair value of equity instruments at the grant
Closing price per share at the grant date
date
Basis of determination of the number of vested equity Best estimate at the end of each period based on the
instruments performance of the assessment and non-market conditions
Causes of significant difference between the current estimates
None
and prior-period estimates
Accumulated amount of share-based payment settled in equities
332966493.30
included in capital reserve
Total expenses recognized for share-based payment settled in
27105092.16
equities in the current period
Other notes:
Employee Stock Ownership Plan 2024
The source of stocks for this ESOP is A-share common stocks of New Hope repurchased through the Company's account for
repurchase The total number of employees included in the ESOP at the time of its establishment was 180 at most including
overseas business related core employees of the Group; the grant price is 4.81 yuan per share for 18 months from the day when the
Company announces the transfer of the last target stock to the employee stock ownership plan. The exercise price is 4.81 yuan per
share for 18 months from the day when the Company announces the transfer of the last target stock to the employee stock
ownership plan. On December 25 2024 the stocks in the Company’s account for repurchase were transferred to the "New Hope
Liuhe Co. Ltd. - Employee Stock Ownership Plan 2024" account through a non-trading transfer.As at December 31 2025 the cumulative amount of equity-settled share-based payments recognized in capital reserve was
332966493.30 yuan. Total expense recognized for equity-settled share-based payment in the current period amounts to
27105092.16 yuan.
3. Sash-settled share-based payments
□Applicable □Not applicable
4. Current share-based payments
□Applicable □Not applicable
Unit: yuan
Recipient by category Equity-settled share-based payment Cash-settled share-based payment
Key management personnel 27105092.16 0.00
R&D personnel 0.00 0.00
Total 27105092.16 0.00
381Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
XVI. Commitments and contingencies
1. Material commitments
Material commitments existing on the balance sheet date
None
2. Contingencies
(1) Material contingencies existing on the balance sheet date
None
(2) Specify any material contingencies that the Company is not required to disclose
The Company had no material contingencies to disclose.
3. Others
None
XVII. Events after the balance sheet date
1. Material non-adjusting events
Unit: yuan
Amount of effect on financial Reasons for inability to
Item Content
position and business results estimate the amount of effect
At the second extraordinary
general meeting of 2024 held
on September 26 2024 the
Proposal on Issuing Medium-
Term Notes was approved
agreeing to apply to the
National Association of
Financial Market Institutional
Investors for registration to
issue medium-term notes not
Issuance of stocks and bonds -63000000.00
exceeding 3 billion
(inclusive) with the
Acceptance of Registration
Notice (ZSXZ [2024]
MTN1300) issued by the
NAFMII obtained. On
January 22 2026 the
Company issued 2026 First
Tranche Green Innovation
and Technology Bond (for
382Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Rural Revitalization) with an
issuance amount of 1 billion
yuan an issuance interest rate
of 2.1% and a term of 3
years.Significant outbound
None
investment
Significant debt restructuring None
Natural disasters None
Significant changes in foreign
None
exchange rate
2. Profit distribution
At the 13th meeting of the 10th Board of Directorsy the
Company's 2025 annual distribution plan was proposed as
Profit distribution plan follows: no cash dividend for 2025 no bonus shares no
conversion of surplus fund into additional capital and carrying
forward of retained earnings to the next year.
3. Sales return
None
4. Notes on other events after the balance sheet date
No other events after the balance sheet date that need to be disclosed.XVIII. Other important matters
1. Segments
(1) Basis of determination of reporting segments and their accounting policies
The Group determines its operating segments based on its internal organizational structure management requirements and internal
reporting system. The operating segments of the Group refer to the components that meet all of the following conditions:
1) Such components can generate revenue and incur expenses in day-to-day activities;
2) The company management can evaluate the business results of such components on a regular basis to determine allocation of
resources to them and evaluate their performance;
3) The financial condition business results cash flow and other related accounting information about such components are
available. The Group categorizes its segments by region and industry.
(2) Financial information of reporting segments
Unit: yuan
383Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Item Domestic Overseas Total Inter-segment offset Total
Operating
84508949407.7522347349312.72106856298720.47106856298720.47
income
Operating
80073920449.1120069108022.32100143028471.43100143028471.43
costs
Total
358156493551.7713686214919.80371842708471.57257610115652.65114232592818.92
assets
Total
252244478335.895379188818.11257623667154.00177781118652.9079842548501.10
liabilities
(3) Specify the reason why the Company has no reporting segments or cannot disclose total assets or total
liabilities of each reporting segment
Segment information determined to be reported based on industry distribution
Item Operating income Operating costs Total assets Total liabilities
Feed 76018681424.51 72141515312.79 32873879819.02 22340834867.35
Pig business 28528575460.41 26201274738.57 108692965064.92 91204963805.28
Others 2309041835.55 1800238420.07 230275863587.63 144077868481.37
Total 106856298720.47 100143028471.43 371842708471.57 257623667154.00
Less: Internal offset - - 257610115652.65 177781118652.90
Total after offset 106856298720.47 100143028471.43 114232592818.92 79842548501.10
2. Others
No other matters to be disclosed.XIX. Notes to key items of financial statements of the parent company
1. Accounts receivable
(1) Disclosure by aging
Unit: yuan
Aging Closing book balance Opening book balance
1-2 years 571109.99
2-3 years 571109.99
Total 571109.99 571109.99
(2) Disclosure by bad debt provision method
Unit: yuan
Closing balance Opening balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Category Book Book
Proporti
Percenta value
Proporti
Percenta value
Amount Amount on of Amount Amount on of
ge ge
accrual accrual
384Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Incl.:
Account
s
receivabl
e with
provisio 571109. 571109. 571109. 571109.
100.00%100.00%0.00100.00%100.00%0.00
n for bad 99 99 99 99
debts on
a
portfolio
basis
Incl.:
571109.571109.571109.571109.
Total 100.00% 100.00% 100.00% 100.00%
99999999
Whether it is provision for accounts receivable bad debts made according to the general model of expected credit loss:
□Applicable □Not applicable
(3) Breakdown of bad debt provision accrued recovered or reversed in the current period
Bad debt provision accrued during this period:
Unit: yuan
Current change
Opening
Category Recovered or Closing balance balance Accrued Write-off Others
reversed
Bad debt
provision for
571109.99571109.99
account
receivables
Total 571109.99 571109.99
(4) Breakdown of accounts receivable actually written off in the current period
None.
(5) Top five accounts receivable and contract assets in closing balance by debtor
Unit: yuan
Closing balance of
Percentage in the
bad debt provision
Closing balance of total closing
Closing balance of for account
Closing balance of accounts balance of
Entity name accounts receivables and
contract assets receivable and accounts
receivable provision for
contract assets receivable and
impairment of
contract assets
contract assets
No. 1 571109.99 571109.99 100.00% 571109.99
Total 571109.99 571109.99 100.00% 571109.99
385Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
2. Other receivables
Unit: yuan
Item Closing balance Opening balance
Dividends receivable 101183728.40 111954814.90
Other receivables 81091230038.61 78188239817.55
Total 81192413767.01 78300194632.45
(1) Dividends receivable
(1) Dividends receivable by category
Unit: yuan
Project (or investee) Closing balance Opening balance
Yunnan New Hope Liuhe Breeding Co.
70996006.9770996006.97
Ltd.Mianyang New Hope Liuhe Farming
12988618.3212988618.32
Technology Co. Ltd.Guanghan Guoxiong Feed Co. Ltd. 17199103.11 17199103.11
Hainan New Hope Agriculture Co. Ltd. 10000000.00
Sichuan Xinle Plastics Co. Ltd. 771086.50
Total 101183728.40 111954814.90
2) Significant dividends receivable older than one year
Unit: yuan
Whether there is
Cause for not
Project (or investee) Closing balance Aging impairment and the
recovered
basis of judgment
Yunnan New Hope
Declared but not yet
Liuhe Breeding Co. 70996006.97 4-5 years No
paid
Ltd.Mianyang New Hope
Declared but not yet
Liuhe Farming 12988618.32 1-2 years No
paid
Technology Co. Ltd.Guanghan Guoxiong Declared but not yet
17199103.11 1-2 years No
Feed Co. Ltd. paid
Total 101183728.40
(2) Other receivables
1) Other receivables categorized by nature of amount
Unit: yuan
Nature Closing book balance Opening book balance
Receivables within the scope of
80908117436.3378018407274.58
consolidated statements
Petty cash 154765.09 203941.83
Margins and deposits 10358158.18 17145886.18
Current accounts 162665184.56 109129757.97
386Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Payments for share transfer 47655000.00 59414743.30
Total 81128950544.16 78204301603.86
2) Disclosure by age
Unit: yuan
Aging Closing book balance Opening book balance
Less than 1 year (inclusive) 81054721930.13 78140230000.95
1-2 years 5204172.74 54006675.03
2-3 years 63924583.24 2188680.99
Older than 3 years 5099858.05 7876246.89
3-4 years 1063680.99 3994738.01
4-5 years 190859.96 786190.54
Older than 5 years 3845317.10 3095318.34
Total 81128950544.16 78204301603.86
3) Disclosure by bad debt provision method
Unit: yuan
Closing balance Opening balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Category Book Book
Proporti Proporti
Percenta value Percenta value
Amount Amount on of Amount Amount on of
ge ge
accrual accrual
Provisio
n for bad
debts on 582897 874346. 574153
0.07%1.50%
an 43.30 15 97.15
individu
al basis
Incl.:
Provisio
n for bad
811289810912781460781308
debts on 377205 151874
50544.1100.00%0.05%30038.611860.599.93%0.02%24420.4
a 05.55 40.16
6160
portfolio
basis
Incl.:
811289810912782043781882
377205160617
Total 50544.1 100.00% 0.05% 30038.6 01603.8 100.00% 0.02% 39817.5
05.5586.31
6165
Provision for bad debts on an individual basis: significant other receivables with provision for bad debts on an individual basis
Unit: yuan
Opening balance Closing balance
Name Provision for Provision for Proportion of Reason for
Book balance Book balance
bad debts bad debts accrual provision
Entity 1 47655000.00 714825.00
387Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Entity 2 10634743.30 159521.15
Total 58289743.30 874346.15
Provision for bad debts on a portfolio basis: other receivable with provision for bad debts on a portfolio basis
Unit: yuan
Closing balance
Name
Book balance Provision for bad debts Proportion of accrual
Subsidiaries within the scope
80908117436.33
of consolidation
Less than 1 year (inclusive) 146604493.80 7403526.94 5.05%
1-2 years 5204172.74 702042.89 13.49%
2-3 years 63924583.24 24515077.67 38.35%
Older than 3 years 5099858.05 5099858.05 100.00%
Total 81128950544.16 37720505.55
Notes on basis for determination of this portfolio:
Refer to “Note V. (14) Other receivables”.Provision for bad debts according to the general model of expected credit loss:
Unit: yuan
Stage 1 Stage 2 Stage 3
Expected credit loss
Provision for bad debts Expected credit loss Expected credit loss in throughout the duration Total
throughout the duration
the coming 12 months (with credit
(no credit impairment)
impairment)
Balance as at January
8185539.427876246.8916061786.31
12025
Balance as at January
12025
- into Stage 3 -148487439.10 148487439.10
Current accrual 172922547.18 172922547.18
Current written-off 151263827.94 151263827.94
Balance as at
32620647.505099858.0537720505.55
December 31 2025
The basis for the division of each stage and the ratio of provisions for bad debts
Refer to “Note V. (14) Other receivables”.Changes in book balance with respect to which current changes in the loss provision are significant
□Applicable □Not applicable
4) Bad debt provision accrued recovered or reversed within this period
Bad debt provision accrued during this period:
Unit: yuan
Current change
Opening
Category Recovered or Resold or Closing balance balance Accrued Others
reversed written off
388Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Bad debt
provision for
16061786.31172922547.18151263827.9437720505.55
other
receivables
Total 16061786.31 172922547.18 151263827.94 37720505.55
5) Other receivables actually charged off in the current period
Unit: yuan
Item Amount written off
Other receivables actually charged off 151263827.94
Significant charge-off of other receivables:
Unit: yuan
Whether the
Charge-off amounts were
Nature of other Amount written
Entity name Cause of write-off procedure incurred by
receivables off
performed related-party
transaction
Approval step-by-
Entity 1 Current accounts 149999972.80 Deregistration Yes
step
Total 149999972.80
6) Top five other receivables in closing balance by debtor
Unit: yuan
Percentage in the
combined closing Closing balance of
Entity name Nature of amount Closing balance Aging
balance of other bad debt provision
receivables
Beijing New Hope
Liuhe
Internal current
Biotechnology 23517694038.61 Within 1 year 28.99% 0.00
accounts
Industry Group
Co. Ltd.Golden Oak
Investment Internal current
8625351500.00 Within 1 year 10.63% 0.00
Holdings (Tianjin) accounts
Co. Ltd.Tongliao Xinhao Internal current
2090031015.00 Within 1 year 2.58% 0.00
Farming Co. Ltd. accounts
Dongying Xinhao
Internal current
Modern Farming 1549766105.29 Within 1 year 1.91% 0.00
accounts
Co. Ltd.Kangping
Internal current
Xinwang Farming 1228515811.46 Within 1 year 1.51% 0.00
accounts
Co. Ltd.Total 37011358470.36 45.62% 0.00
7) Reported as other receivables due to centralized fund management
The Company had no items reported as other receivables due to centralized fund management during this period.
389Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
3. Long-term equity investments
Unit: yuan
Closing balance Opening balance
Impairm Impairm
Item ent ent
Book balance Book value Book balance Book value
provisio provisio
n n
Investment in
23921183792.8823921183792.8818804851487.3818804851487.38
subsidiaries
Investment in
associates and 1514358592.16 1514358592.16 1513915805.44 1513915805.44
joint ventures
Total 25435542385.04 25435542385.04 20318767292.82 20318767292.82
(1) Investment in subsidiaries
Unit: yuan
Openi Current increase/decrease Closin
ng g
balan balanc
Opening balance ce of Provis Closing balance e of
Investee
(book value) impai Additional Reduced ion for Other (book value) impair
rment investment investment impair s ment
provi ment provis
sion ion
Mianyang
New Hope
Liuhe
20000000.00300000000.00320000000.00
Farming
Technology
Co. Ltd.Guanghan
Guoxiong
12554935.80360000000.00372554935.80
Feed Co.Ltd.Kunming
New Hope
Agricultura
9966510.039966510.03
l
Technology
Co. Ltd.Zunyi
Jiahao Feed 6995416.81 6995416.81
Co. Ltd.Qujing
Guoxiong
3943229.083943229.08
Feed Co.Ltd.Beijing
46500000.0046500000.00
New Hope
390Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Openi Current increase/decrease Closin
ng g
balan balanc
Opening balance ce of Provis Closing balance e of
Investee
(book value) impai Additional Reduced ion for Other (book value) impair
rment investment investment impair s ment
provi ment provis
sion ion
Farming
Technology
Co. Ltd.Hebei New
Hope Feed 100000000.00 100000000.00
Co. Ltd.Taizhou
New Hope
92845459.1792845459.17
Agriculture
Co. Ltd.Lhasa New
Hope
22000000.0022000000.00
Industrial
Co. Ltd.Mangshi
New Hope
Farming 10000000.00 10000000.00
Technology
Co. Ltd.Kunming
New Hope
Animal
100480253.33100480253.33
Nutritious
Food Co.Ltd.Emeishan
New Hope
10000000.00260000000.00270000000.00
Liuhe Feed
Co. Ltd.Wulong
New Hope
10000000.0010000000.00
Liuhe Feed
Co. Ltd.Baoji New
Hope
100420221.67100420221.67
Farming
Co. Ltd.Sanyuan
New Hope
20000000.0020000000.00
Feed Co.Ltd.Wuzhou
New Hope
50000000.0050000000.00
Liuhe Feed
Co. Ltd.Huanggang
New Hope
20000000.0020000000.00
Feed
Technology
391Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Openi Current increase/decrease Closin
ng g
balan balanc
Opening balance ce of Provis Closing balance e of
Investee
(book value) impai Additional Reduced ion for Other (book value) impair
rment investment investment impair s ment
provi ment provis
sion ion
Co. Ltd.Huaihua
New Hope
20000000.0020000000.00
Liuhe Feed
Co. Ltd.Yingtan
New Hope
20000000.0020000000.00
Feed Co.Ltd.Ningxia
New Hope
Ruminant
Animal 20308781.67 20308781.67
Nutritious
Food Co.Ltd.Xiangyang
New Hope
20000000.0020000000.00
Liuhe Feed
Co. Ltd.Zunyi New
Hope Liuhe
Agricultura
10000000.0010000000.00
l
Technology
Co. Ltd.Guangzhou
Liuhe Feed 49280253.33 49280253.33
Co. Ltd.Sichuan
Xinle
4023039.624023039.62
Plastics
Co. Ltd.Jiangsu
Tiancheng
Healthcare 40800000.00 40800000.00
Products
Co. Ltd.New Hope
Liuhe
503191958.85503191958.85
Investment
Co. Ltd.Sichuan
New Hope
Liuhe
Technologi 19380728.33 19380728.33
cal
Innovation
Co. Ltd.
392Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Openi Current increase/decrease Closin
ng g
balan balanc
Opening balance ce of Provis Closing balance e of
Investee
(book value) impai Additional Reduced ion for Other (book value) impair
rment investment investment impair s ment
provi ment provis
sion ion
New Hope
Liuhe Food
100000000.00100000000.00
Holdings
Co. Ltd.Yunnan
New Hope
Liuhe 3073273.33 3073273.33
Breeding
Co. Ltd.Xizang
Linzhi New
Hope Liuhe 12081000.00 12081000.00
Breeding
Co. Ltd.Chengdu
Fenglan
50713650.0050713650.00
Technology
Co. Ltd.Guangyuan
New Hope
Liuhe
3000000.003000000.00
Farming
Technology
Co. Ltd.Tianjin
Dingcheng
Zhizi 100000000.00 100000000.00
Investment
Co. Ltd.Golden
Oak
Investment
300000000.00300000000.00
Holdings
(Tianjin)
Co. Ltd.Yangling
Besun
Agricultura 1500000000.0 3736936585.7
2236936585.75
l Industry 0 5
Group Co.Ltd.Chongqing
Tongliang
New Hope
Liuhe 20000000.00 20000000.00
Farming
Technology
Co. Ltd.Qingdao 50000000.00 50000000.00
393Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Openi Current increase/decrease Closin
ng g
balan balanc
Opening balance ce of Provis Closing balance e of
Investee
(book value) impai Additional Reduced ion for Other (book value) impair
rment investment investment impair s ment
provi ment provis
sion ion
Xinhang
Engineerin
g
Manageme
nt Co. Ltd.Beijing
New Hope
Liuhe
Biotechnol
497678173.17497678173.17
ogy
Industry
Group Co.Ltd.New Hope
1049702602.8
Singapore 1049702602.80
0
Pte. Ltd.New Hope
Internation
94167694.5094167694.50
al Holdings
(Pte.) Ltd.Sichuan
New Hope
3252335894.9
Liuhe 3252335894.98
8
Farming
Co. Ltd.Shandong
New Hope
8786464881.5
Liuhe 8286464881.57 500000000.00
7
Group Co.Ltd.New Hope
Liuhe Feed 478711323.70 240000000.00 718711323.70
Co. Ltd.Xintai New
Hope Feed 4800000.00 4800000.00
Co. Ltd.Sichuan
New Hope
Animal
782097862.23100000000.00882097862.23
Nutrition
Technology
Co. Ltd.Qingdao
Xinmu
Zhihe 11200000.00 11200000.00
Technology
Co. Ltd.Xiamen
100000000.00100000000.00
New Hope
394Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Openi Current increase/decrease Closin
ng g
balan balanc
Opening balance ce of Provis Closing balance e of
Investee
(book value) impai Additional Reduced ion for Other (book value) impair
rment investment investment impair s ment
provi ment provis
sion ion
Liuhe
Agricultura
l Supply
Chain Co.Ltd.Ju County
New Hope
2400000.002400000.00
Liuhe Feed
Co. Ltd.Xinliu
Chuanyi
(Fujian) 2100000000.0 2100000000.0
Farming 0 0
Developme
nt Co. Ltd.Emeishan
New Hope
Feed Co.Ltd.Others 26797757.66 26797757.66
18804851487.35360000000.023921183792.
Total 243667694.50
8088
(2) Investments in associates and joint ventures
Unit: yuan
395Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Current increase/decrease
Cash
Opening Gains or dividends Closing
Opening balance balance of Adjustment Other Provision
Investee Additional Reduced losses on or profits
Closing balance balance of
(book value) impairmen for other equity for Otherinvestmen investmen investment declared (book value) impairmen
t provision comprehensiv change impairmen s t t under equity for t provision
e income s t
method distributio
n
I. Joint ventures
Beijing
Meihaomei
Deling
Food Co.Ltd.II. Associates
New Hope
1148685258.531817232.11180502490.7
Finance
831
Co. Ltd.Chengdu
Tianfu
-
Xingxinxin
360251524.5231367351.3328884173.15
Farming
7
Technology
Co. Ltd.CNAMPG
C Feed
Grain
Technology 4979022.34 -7094.04 4971928.30
Innovation
(Shenzhen)
Co. Ltd.
1513915805.41514358592.1
Subtotal 442786.72
46
1513915805.41514358592.1
Total 442786.72
46
396Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
(3) Other notes
Note: as the net assets of Beijing Meihaomei Deling Food Co. Ltd. were negative the Company wrote the investment cost down
to 0 using the equity method.
4. Operating income and operating costs
Unit: yuan
Current amount Previous amount
Item
Income Cost Income Cost
Main business 435375068.94 421468191.21 394217392.55 395028025.58
Other businesses 14831887.56 75.89 10475035.18
Total 450206956.50 421468267.10 404692427.73 395028025.58
Breakdown of operating income and operating costs:
Unit: yuan
Current amount Aggregate of the same period last year
Contract classification
Operating income Operating costs Operating income Operating costs
Business type
Incl.:
Feed 435375068.94 421468191.21 394217392.55 395028025.58
Others 14831887.56 75.89 10475035.18
By region of operation
Incl.:
Domestic 450206956.50 421468267.10 404692427.73 395028025.58
Total 450206956.50 421468267.10 404692427.73 395028025.58
Information related to transaction prices allocated to remaining performance obligations:
The amount of revenue corresponding to performance obligations already contracted but not yet performed or completed at the end
of this reporting period is 22784676.62 yuan of which 22784676.62 yuan is expected to be recognized in 2026.
5. Investment income
Unit: yuan
Item Current amount Previous amount
Income on long-term equity investments
29092438.40179211445.69
accounted for under the cost method
Long-term equity investment income
442786.72-21255235.79
under equity method
397Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Investment income from disposal of
-4180855.44-23934780.57
long-term equity investments
Dividend income from investments in
other equity instruments during the 6784000.00 6784000.00
holding period
Total 32138369.68 140805429.33
XX. Additional information
1. Breakdown of current non-recurring gains and losses
□Applicable □Not applicable
Unit: yuan
Item Amount Notes
Gain or loss on disposal of non-current
-495646636.75
assets
Government grants included in the
current profit or loss (excluding
government grants that are closely
related to the business operations of the
76781850.90
Company and granted under defined
standards in compliance with national
policies and have a continuous impact
on the profit and loss of the Company)
Gain or loss from changes in fair value
of financial assets and financial liabilities
held by non-financial enterprises and
gain or loss on disposal of financial
23206669.89
assets and financial liabilities except for
the effective hedging transactions related
to normal business operations of the
Company
Charge on the use of funds from non-
financial business included in the current 3978937.06
profit or loss
Reversal of impairment provision for
receivables subject to separate 75888212.63
impairment test
Income generated by the share of the fair
value of identifiable net assets of the
investee at the time of acquisition of
0.00
investment higher than the cost of
acquisition of subsidiaries associates
and joint ventures
Gain or loss from debt restructuring 1197312.80
Other non-operating income and
expenses other than those described -20977836.65
above
Less: impacted income tax 9587036.84
398Full text of the 2025 Annual Report of New Hope Liuhe Co. Ltd.
Impacted minority equity (after tax) -34461093.08
Total -310697433.88 --
Details of other gain and loss items that meet the definition of non-recurring gains and losses:
□Applicable □Not applicable
The Company had no other gain and loss items that meet the definition of non-recurring gains and losses.Notes on the circumstances under which the non-recurring items listed in the Explanatory Announcement on Information
Disclosure by Companies Offering Securities to the Public No. 1 - Non-recurring Gains and Losses are defined as recurring gains
and losses.□Applicable □Not applicable
2. Return on equity and earnings per share
Earnings per share
Profits during the reporting
Weighted average ROE
period Basic earnings per share Diluted earnings per share
(yuan/share) (yuan/share)
Net profit attributable to
-8.85%-0.41-0.41
ordinary shareholders
Net profit attributable to
ordinary shareholders after
-7.31%-0.34-0.34
deducting non-recurring gains
and losses
3. Accounting data difference under domestic and foreign accounting standards
(1) Difference in net profits and net assets in financial reports disclosed under both international
accounting standards and Chinese accounting standards
□Applicable □Not applicable
(2) Difference in net profits and net assets in financial reports disclosed under both overseas accounting
standards and Chinese accounting standards
□Applicable □Not applicable
(3) Notes on the reasons for accounting data difference under domestic and overseas accounting
standards and where difference adjustments have been made to the data audited by an overseas audit
agency specify the name of such overseas agency
4. Others
New Hope Liuhe Co. Ltd.Legal Representative: Liu Chang
April 29 2026
399
沪公网安备31011802005267号
