Securities Code:002001 Securities Abbr: NHU

Zhejiang NHU Company Ltd.Q1 2025 Report

The Company and whole members of the BOD guarantee that the information disclosed is

authentic accurate complete and free from any false records misleading statements or significant

omissions.Important Content Reminder:

1. The Board of Directors Board of Supervisors directors supervisors and senior executives of

Zhejiang NHU Company Ltd. (hereinafter referred to as the “Company”) hereby guarantee that

the information presented in this report is authentic accurate complete and free of any false

records misleading statements or material omissions and they will bear joint and several

liabilities for such information.

2. The Company’s legal representative the officer in charge of accounting and the head of

accounting department hereby declare and warrant that the financial information in this report is

authentic accurate and complete.

3. Whether the First Quarterly Report has been audited or not

□ Yes √ No

This Q1 2025 Report is an English translation of the Chinese Q1 2025 Report. In case the English version does

not conform to the Chinese version the Chinese version prevails.

1Securities Code:002001 Securities Abbr: NHU

2Securities Code:002001 Securities Abbr: NHU

Section I Key Accounting Data

I. Key accounting data and financial indicators

Whether the Company needs to perform retroactive adjustment or restatement on financial data of prior years

□Yes √No

Increase/decrease of the current

Items Q1 2025 Q1 2024 reporting period compared with the

same period of the previous year

Operating revenue (yuan) 5439577817.97 4498764263.04 20.91%

Net profit attributable to

shareholders of listed company 1879910462.58 869622923.96 116.18%

(yuan)

Net profit attributable to

shareholders of listed company

1879705376.85857468937.91119.22%

after deducting non-recurring profit

or loss (yuan)

Net cash flows from operating

1595982605.81480895414.07231.88%

activities (yuan)

Basic EPS (yuan/share) 0.61 0.28 117.86%

Diluted EPS (yuan/share) 0.61 0.28 117.86%

Weighted average ROE 6.29% 3.44% Increased by 2.85 percentage points

Increase/decrease of the current

Items Mar. 31 2025 Dec. 31 2024 reporting period compared with the

end of the previous year

Total assets (yuan) 43777419398.69 42989132470.97 1.83%

Net assets attributable to

shareholders of listed company 30623998663.95 29324997728.95 4.43%

(yuan)

II Non-recurring Profit or Loss for this Period

√ Applicable □ Not applicable

Unit: RMB yuan

Items Q1 2025 Remarks

Gains or losses on disposal of non-current assets including write-off of

-370793.75

provision for impairment

Government grants included in profit or loss (excluding those closely related to

operating activities of the Company satisfying government policies and

29799115.64

regulations and continuously enjoyed with certain quantity or quota based on

certain standards)

Gains or losses on changes in fair value of held-for-trading financial assets and

held-for-trading financial liabilities and investment income from disposal of

-26004821.17

held-for-trading financial assets and held-for-trading financial liabilities

excluding those arising from hedging business related to operating activities

Gains or losses on assets consigned to the third party for investment or

1288030.11

management

3Securities Code:002001 Securities Abbr: NHU

Items Q1 2025 Remarks

Other profit and loss items that meet the definition of non-recurring profit or

-354382.29

loss

Less: Enterprise income tax affected 4172538.67

Non-controlling interest affected (after tax) -20475.86

Total 205085.73 --

Details of other profit and loss items that meet the definition of non-recurring profit and loss

□ Applicable √ Not applicable

The Company does not have any other profit and loss items that meet the definition of non-recurring profit and loss.Explanation on defining the non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on Information

Disclosure for Companies Offering Their Securities to Public-Non-recurring Profit and loss as non-recurring profit and loss items.□ Applicable √ Not applicable

The Company does not define the non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on

Information Disclosure for Companies Offering Their Securities to Public-Non-recurring Profit and loss as recurring profit and

loss items.III Major Changes of Main Items in Financial Statements and Financial Indicators within the Reporting

Period as well as the Reasons for the Changes

√ Applicable □Not applicable

1. Balance Sheet Position

（1）The closing balance of Held-for-trading financial assets increased by 167662.20% compared to the closing balance at the

beginning of the year. It was mainly due to the increase in the purchase of financial products during the reporting period.

（2）The closing balance of Advances paid increased by 33.79% compared to the closing balance at the beginning of the year. It

was mainly due to the increase in prepayments to suppliers during the reporting period.

（3）The closing balance of Deferred tax assets increased by 124.21% compared to the closing balance at the beginning of the

year. It was mainly due to the increase in the provision for deferred income tax as a result of the increase in unrealized gains and

losses during the reporting period.

（4）The closing balance of Held-for-trading financial liabilities increased by 113.99% compared to the closing balance at the

beginning of the year. It was mainly due to changes in exchange rates of forward exchange products during the reporting period.

（5）The closing balance of Contract liabilities increased by 38.87% compared to the closing balance at the beginning of the year.

It was mainly due to the increase in advance receipts received from customers during the reporting period.

（6）The closing balance of Employee benefits payable decreased by 54.56% compared to the closing balance at the beginning

of the year. It was mainly due to the payment of year-end efficiency awards during the reporting period.

4Securities Code:002001 Securities Abbr: NHU

（7）The closing balance of Other current liabilities decreased by 32.09% compared to the closing balance at the beginning of

the year. It was mainly due to the decrease in withholding of rebates during the reporting period.

2. Consolidated Income Statement Position

（1）Financial expenses in the current Q1 period decreased by 246.21% compared to the same period of last year. It was mainly

due to the increase in foreign exchange gains during the reporting period.

（2）Investment income in the current Q1 period increased by 583.44% compared to the same period of last year. It was mainly

due to the increase in investment income from associates during the reporting period.

（3）Gains on changes in fair value in the current Q1 period decreased by 31.96% compared to the same period of last year. It

was mainly due to the decrease in fair value as a result of exchange rate fluctuations during the reporting period.

（4）Credit impairment loss in the current Q1 period decreased by 103.99% compared to the same period of last year. It was

mainly due to the increase in credit impairment losses provided for changes in accounts receivable during the reporting period.

（5）Gains on asset disposal in the current Q1 period increased by 82.57% compared to the same period of last year. It was

mainly due to the decrease in losses on assets disposed of during the reporting period.

3.Cash Flow Statement Position

（1）Net cash flows from operating activities in the current Q1 period increased by 231.88% compared to the same period of last

year. It was mainly due to the increase in operating revenue and accelerated customer receivables collection during the reporting

period.

（2）Net cash flows from investing activities in the current Q1 period decreased by 232.33% compared to the same period of last

year. It was mainly due to the increase in expenditure on the purchase of bank financial products during the reporting period.

（3）Net cash flows from financing activities in the current Q1 period decreased by 1061.13% compared to the same period of

last year. It was mainly due to the increase in special dividend payments during the reporting period.

（4）Net increase in cash and cash equivalents in the current Q1 period decreased by 411.30% compared to the same period of

last year. It was mainly due to the increase in expenditure on the purchase of bank financial products and special dividend

payments during the reporting period.

5Securities Code:002001 Securities Abbr: NHU

Section Ⅱ Shareholders Information

Ⅰ Total Number of Common Shareholders and Number of Preferred Shareholders with Voting Rights

Recovered and Information about Top 10 Shareholders

Unit: share

Total number of preferred shareholders whose voting

Total number of common shareholders at the end of

77933 rights have been recovered at the end of the reporting 0

the reporting period

period

Information about top 10 shareholders（Excluding shares lent through refinancing）

Holding Shares pledged marked or frozen

Nature of Quantity of Quantity of

Shareholders proportion

shareholders shares restricted shares

（10%） Condition Quantity

Domestic non-

NHU Holding Group Co. Ltd. state-owned 50.08% 1539232431 0 N/A 0

legal person

Hong Kong Securities Clearing Overseas legal

5.59% 171739506 0 N/A 0

Company Limited person

National Social Security Fund

Others 1.17% 36000000 0 N/A 0

No.503 Portfolio

The Company－Employee stock

Others 0.96% 29528181 0 N/A 0

ownership plan phase IV

China Construction Bank

Corporation - E Fund Shanghai

and Shenzhen 300 Medical and Others 0.89% 27412782 0 N/A 0

Health Trading Open-end Index

Fund

Shanghai Chongyang Strategic

Investment Co. Ltd.－ Others 0.88% 26930663 0 N/A 0

Chongyang Strategic Huizhi Fund

Industrial and Commercial Bank

of China Limited-Huatai Berry Others 0.82% 25181341 0 N/A 0

CSI 300 Open-ended Index Fund

Shanghai Chongyang Strategic

Investment Co. Ltd.－ Others 0.62% 19150780 0 N/A 0

Chongyang Strategic Caizhi Fund

China Construction Bank

Corporation - Efounda CSI 300 Others 0.57% 17658431 0 N/A 0

Open-End Index Initiated Fund

Shanghai Chongyang Strategic

Investment Co. Ltd. － Others 0.49% 15096694 0 N/A 0

Chongyang Strategic Juzhi Fund

Information about top 10 shareholders without trading restrictions

(excluding shares lent through transfer facility and shares locked up by executives)

Category of shares

Shareholders Quantity of non-restricted shares

Category Quantity

RMB ordinary

NHU Holding Group Co. Ltd. 1539232431 1539232431

shares

RMB ordinary

Hong Kong Securities Clearing Company Limited 171739506 171739506

shares

RMB ordinary

National Social Security Fund No.503 Portfolio 36000000 36000000

shares

The Company－Employee stock ownership plan RMB ordinary

2952818129528181

phase IV shares

China Construction Bank Corporation - E Fund

RMB ordinary

Shanghai and Shenzhen 300 Medical and Health 27412782 27412782

shares

Trading Open-end Index Fund

6Securities Code:002001 Securities Abbr: NHU

Shanghai Chongyang Strategic Investment Co. Ltd. RMB ordinary

－ 26930663 26930663 Chongyang Strategic Huizhi Fund shares

Industrial and Commercial Bank of China Limited- RMB ordinary

2518134125181341

Huatai Berry CSI 300 Open-ended Index Fund shares

Shanghai Chongyang Strategic Investment Co. Ltd. RMB ordinary

－ 19150780 19150780 Chongyang Strategic Caizhi Fund shares

China Construction Bank Corporation - Efounda RMB ordinary

1765843117658431

CSI 300 Open-End Index Initiated Fund shares

Shanghai Chongyang Strategic Investment Co. Ltd. RMB ordinary

－ 15096694 15096694 Chongyang Strategic Juzhi Fund shares

The Company does not know whether other shareholders have relationships and

Explanation on associated relationship or concerted

whether they are persons acting in concert as defined in Administration of the Takeover

actions among above shareholders

of Listed Companies Procedures.Shanghai Chongyang Strategic Investment Co. Ltd. － Chongyang Strategic Huizhi

Fund holds 26930563 shares through a client account of collateral securities for

margin trading of Guotai Junan Securities Co. Ltd.; Shanghai Chongyang Strategic

Explanation on top 10 shareholders’ participating in Investment Co. Ltd - Chongyang Strategic Caizhi Fund holds 19150780 shares

securities margin trading through a client credit transaction guarantee securities account at China Merchants

Securities Co; Shanghai Chongyang Strategic Investment Co. Ltd - Chongyang

Strategic Juzhi Fund held 15096694 shares through a client credit transaction

guarantee securities account of China Merchants Securities Co.Shareholders holding more than 5% of shares top 10 shareholders and top 10 shareholders with unlimited shares in circulation

participating in the lending of shares in the transfer and financing business.□ Applicable √Not applicable

The top 10 shareholders and the top 10 holders of unlimited shares have experienced changes due to participating in the lending of

shares in the transfer and financing business compared to the previous period.□ Applicable √Not applicable

II Total Number of Preferred Shareholders and Information about Top 10 Preferred Shareholders

□ Applicable √Not applicable

Section III Other Significant Events

√Applicable □Not applicable

Absorption Merger Between Wholly Owned Subsidiaries

The Company’s wholly owned subsidiary Shandong NHU Fine Chemical Science and Technology Co. Ltd. has completed the

absorption and merger of another wholly owned subsidiary Shandong NHU Vitamins Co. Ltd. Post-merger Shandong NHU Fine

Chemical Science and Technology Co. Ltd. continues operations with its registered capital increased from RMB 400 million to

RMB 900 million while Shandong NHU Vitamins Co. Ltd. has been dissolved with all its assets liabilities and obligations

transferred to the surviving entity. The relevant industrial and commercial registration procedures were finalized in February 2025.This transaction does not constitute a connected transaction under the Administrative Measures for Major Asset Restructuring of

Listed Companies nor a material asset reorganization. Pursuant to the relevant provisions of the Shenzhen Stock Exchange Listing

Rules this absorption merger qualifies for exemption from standard procedural requirements as it constitutes a transaction

between entities under the Company's consolidated financial reporting scope.

7Securities Code:002001 Securities Abbr: NHU

Section Ⅳ Quarterly Financial Statements

Ⅰ Financial statements

1. Consolidated Balance Statement

Prepared by Zhejiang NHU Co. Ltd.Mar 31 2025

Unit: RMB Yuan

Items Mar 31 2025 Jan 1 2025

Current assets:

Cash and bank balances 7464811535.54 7936504805.65

Settlement funds

Loans to other banks

Held-for-trading financial assets 1251197865.07 745816.34

Derivative financial assets

Notes receivable 360517506.80 292562093.90

Accounts receivable 3560605307.15 3653676104.37

Receivables financing 652023235.23 523913135.22

Advances paid 218366131.60 163216512.08

Premiums receivable

Reinsurance accounts receivable

Reinsurance reserve receivable

Other receivables 199061381.94 225516143.49

Including: Interest receivable

Dividend receivable

Financial assets under reverse

repo

Inventories: 4295350210.62 4090096841.96

Including: data resources

Contract assets

Assets held for sale

Non-current assets due within

one year

Other current assets 32089190.48 35969632.09

Total current assets 18034022364.43 16922201085.10

Non-current assets:

Loans and advances

Debt investments

Other debt investments

Long-term receivables

Long-term equity investments 874725248.22 865262148.36

8Securities Code:002001 Securities Abbr: NHU

Items Mar 31 2025 Jan 1 2025

Other equity instrument investments 19498147.55 19498147.55

Other non-current financial assets

Investment property

Fixed assets 21521895871.62 21915984823.43

Construction in progress 607231518.50 571610643.68

Productive biological assets

Oil & gas assets

Right-of-use assets 12472592.87 13222869.09

Intangible assets 2467866277.53 2482899966.19

Including: data resources

Development expenditures

Including: data resources

Goodwill 3622704.97 3622704.97

Long-term prepayments 29657883.91 33059580.89

Deferred tax assets 4721896.42 2106046.31

Other non-current assets 201704892.67 159664455.40

Total non-current assets 25743397034.26 26066931385.87

Total assets 43777419398.69 42989132470.97

Current liabilities:

Short-term borrowings 1073844241.72 1162512239.04

Central bank loans

Loans from other banks

Held-for-trading financial liabilities 23862828.50 11151258.46

Derivative financial liabilities

Notes payable 161800877.70 159164822.28

Accounts payable 1425621453.25 1685979157.55

Advances received

Contract liabilities 329149090.44 237013669.77

Financial liabilities under repo

Absorbing deposit and interbank

deposit

Deposit for agency security

transaction

Deposit for agency security

underwriting

Employee benefits payable 214969257.00 473107111.45

Taxes and rates payable 458992414.65 538903915.30

Other payables 139808156.34 122424090.50

Including: Interest payable

Dividend payable

Handling fee and commission

9Securities Code:002001 Securities Abbr: NHU

Items Mar 31 2025 Jan 1 2025

payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one

3045774972.382465378913.94

year

Other current liabilities 36378032.05 53564334.90

Total current liabilities 6910201324.03 6909199513.19

Non-current liabilities:

Insurance policy reserve

Long-term borrowings 4816405638.69 5327243721.25

Bonds payable

Including: Preferred shares

Perpetual bonds

Lease liabilities 3591496.31 3584791.02

Long-term payables

Long-term employee benefits

payable

Provisions

Deferred income 1005206202.76 1025834591.04

Deferred tax liabilities 284763599.78 277719591.54

Other non-current liabilities

Total non-current liabilities 6109966937.54 6634382694.85

Total liabilities 13020168261.57 13543582208.04

Equity:

Share capital 3073421680.00 3073421680.00

Other equity instruments

Including: Preferred shares

Perpetual bonds

Capital reserve 3132519968.42 3132519968.42

Less: Treasury shares

Other comprehensive income 106432313.64 91513343.50

Special reserve 125204703.19 106348864.91

Surplus reserve 1545453678.00 1545453678.00

General risk reserve

Undistributed profit 22640966320.70 21375740194.12

Total equity attributable to the parent

30623998663.9529324997728.95

company

Non-controlling interest 133252473.17 120552533.98

Total equity 30757251137.12 29445550262.93

Total liabilities & equity 43777419398.69 42989132470.97

Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: Zhang Lijin

10Securities Code:002001 Securities Abbr: NHU

2. Consolidated Income Statement

Unit: RMB Yuan

Items Q1 2025 Q1 2024

I. Total operating revenue 5439577817.97 4498764263.04

Including: Operating revenue 5439577817.97 4498764263.04

Interest income

Premiums earned

Revenue from handling

charges and commission

II. Total operating cost 3332670522.53 3392556624.48

Including: Operating cost 2899276314.75 2922577257.11

Interest expenses

Handling charges and

commission expenditures

Surrender value

Net payment of insurance

claims

Net provision of insurance

policy reserve

Premium bonus expenditures

Reinsurance expenses

Taxes and surcharges 50448500.49 43193641.03

Selling expenses 34003560.61 34861758.30

Administrative expenses 154462169.44 146255149.81

R&D expenses 256931534.29 202953832.19

Financial expenses -62451557.05 42714986.04

Including: Interest expenses 58365389.70 70961212.48

Interest income 17375893.08 31276387.97

Add: Other income 63862670.45 64347613.41

Investment income (or less:

2318161.95-479516.61

losses)

Including: Investment

income from associates and joint 10902603.70 7648201.42

ventures

Gains from

derecognition of financial assets at

amortized cost

Gains on foreign exchange (or

less: losses)

Gains on net exposure to hedging

risk (or less: losses)

Gains on changes in fair value (or

-16132349.31-12225180.80

less: losses)

Credit impairment loss 2691018.23 -67492764.39

11Securities Code:002001 Securities Abbr: NHU

Items Q1 2025 Q1 2024

Assets impairment loss -15398773.86 -15697068.06

Gains on asset disposal (or less:

-370793.75-2126754.10

losses)

III. Operating profit (or less: losses) 2143877229.15 1072533968.01

Add: Non-operating revenue 886224.27 771057.25

Less: Non-operating expenditures 1240606.56 1195649.13

IV. Profit before tax (or less: total loss) 2143522846.86 1072109376.13

Less: Income tax 255791673.71 199137194.36

V. Net profit (or less: net loss) 1887731173.15 872972181.77

(I) Categorized by the continuity of

operations

1. Net profit from continuing

1887731173.15872972181.77

operations (or less: net loss)

2. Net profit from discontinued

operations (or less: net loss)

(II) Categorized by the portion of

equity ownership

1. Net profit attributable to owners

1879910462.58869622923.96

of parent company

2. Net profit attributable to non-

7820710.573349257.81

controlling shareholders

VI. Other comprehensive income after

19798198.76-4580345.66

tax

Items attributable to the owners of the

14918970.14-2054048.56

parent company

(I) Not to be reclassified

subsequently to profit or loss

1. Changes in remeasurement on

the net defined benefit plan

2. Items under equity method that

will not be reclassified to profit or loss

3. Changes in fair value of other

equity instrument investments

4. Changes in fair value of own

credit risk

5. Others

(II) To be reclassified subsequently

14918970.14-2054048.56

to profit or loss

1. Items under equity method that

may be reclassified to profit or loss

2. Changes in fair value of other

debt investments

3. Profit or loss from

reclassification of financial assets into

other comprehensive income

4. Provision for credit impairment

of other debt investments

5. Cash flow hedging reserve

6. Translation reserve 14918970.14 -2054048.56

7. Others

Items attributable to non-controlling 4879228.62 -2526297.10

12Securities Code:002001 Securities Abbr: NHU

Items Q1 2025 Q1 2024

shareholders

VII. Total comprehensive income 1907529371.91 868391836.11

Items attributable to the owners of the

1894829432.72867568875.40

parent company

Items attributable to non-controlling

12699939.19822960.71

shareholders

VIII. Earnings per share (EPS):

(I) Basic EPS (yuan per share) 0.61 0.28

(II) Diluted EPS (yuan per share) 0.61 0.28

Net profit realized by the combined party in business combination under common control before the business combination in the

current period was 0.00 yuan and net profit realized by the combined party in the previous period was 0.00 yuan.Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: Zhang Lijin

3. Consolidated Cash Flow Statement

Unit: RMB Yuan

Items Q1 2025 Q1 2024

I. Cash flows from operating

activities:

Cash receipts from sale of goods

5397200390.453763652141.20

or rendering of services

Net increase of client deposit and

interbank deposit

Net increase of central bank loans

Net increase of loans from other

financial institutions

Cash receipts from original

insurance contract premium

Net cash receipts from reinsurance

Net increase of policy-holder

deposit and investment

Cash receipts from interest

handling charges and commission

Net increase of loans from others

Net increase of repurchase

Net cash receipts from agency

security transaction

Receipts of tax refund 248726554.32 178547741.15

Other cash receipts related to

69361541.8167259965.09

operating activities

Subtotal of cash inflows from

5715288486.584009459847.44

operating activities

Cash payments for goods

2592984352.172383984430.92

purchased and services received

Net increase of loans and

advances to clients

13Securities Code:002001 Securities Abbr: NHU

Items Q1 2025 Q1 2024

Net increase of central bank

deposit and interbank deposit

Cash payments for insurance

indemnities of original insurance

contracts

Net increase of loans to others

Cash payments for interest

handling charges and commission

Cash payments for policy bonus

Cash paid to and on behalf of

808057616.28734169746.31

employees

Cash payments for taxes and rates 577767837.08 320977109.62

Other cash payments related to

140496075.2489433146.52

operating activities

Subtotal of cash outflows from

4119305880.773528564433.37

operating activities

Net cash flows from operating

1595982605.81480895414.07

activities

II. Cash flows from investing

activities:

Cash receipts from withdrawal of

investments

Cash receipts from investment

1296518.971616.44

income

Net cash receipts from the

disposal of fixed assets intangible 159744.56

assets and other long-term assets

Net cash receipts from the

disposal of subsidiaries & other

business units

Other cash receipts related to

800000000.00145000000.00

investing activities

Subtotal of cash inflows from

801296518.97145161361.00

investing activities

Cash payments for the acquisition

of fixed assets intangible assets and 295693688.24 579790051.36

other long-term assets

Cash payments for investments

Net increase of pledged

borrowings

Net cash payments for the

acquisition of subsidiaries & other

business units

Other cash payments related to

1950000000.00

investing activities

Subtotal of cash outflows from

2245693688.24579790051.36

investing activities

Net cash flows from investing

-1444397169.27-434628690.36

activities

III. Cash flows from financing

activities:

Cash receipts from absorbing

investments

14Securities Code:002001 Securities Abbr: NHU

Items Q1 2025 Q1 2024

Including: Cash received by

subsidiaries from non-controlling

shareholders as investments

Cash receipts from borrowings 572494106.93 1130900749.27

Other cash receipts related to

financing activities

Subtotal of cash inflows from

572494106.931130900749.27

financing activities

Cash payments for the repayment

443917925.631003043623.32

of borrowings

Cash payments for distribution of

dividends or profits and for interest 673702768.85 70968509.51

expenses

Including: Cash paid by

subsidiaries to non-controlling

shareholders as dividend or profit

Other cash payments related to

50079.00165927.89

financing activities

Subtotal of cash outflows from

1117670773.481074178060.72

financing activities

Net cash flows from financing

-545176666.5556722688.55

activities

IV. Effect of foreign exchange rate

8968800.1320565791.82

changes on cash & cash equivalents

V. Net increase in cash and cash

-384622429.88123555204.08

equivalents

Add: Opening balance of cash and

5521452666.474446570415.30

cash equivalents

VI. Closing balance of cash and cash

5136830236.594570125619.38

equivalents

Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: Zhang Lijin

II Adjustments to financial statements at the beginning of the year of first implementation of new

accounting standards for the first time from 2025 onwards

□ Applicable √Not applicable

III Independent Auditor’s Report

Whether the First Quarterly Report above have been audited.□Yes √ No

The First Quarterly Report has not been audited.Board of Directors of Zhejiang NHU Company Ltd.April 29 2025

15