Harmonious symbiosis

Innovative development ︶

BuildingH No.A Shuguang Xili

Chaoyang District Beijing

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admin@kangufen.com 2025 Sustainability Report

Zhejiang Kan Specialities Material Co. Ltd.Zhejiang Kaifeng New Material Co. Ltd.S u sta i n a b i l i t y R e p o r t以下人员姓名以照片内从左至右排序 The names of the above personnel are listed from left to right as shown in the photo

销售一部 销售二部 销售三部 Sales Department I Sales Department II Sales Department III

鄢战军、徐志峰、谢俊、何斌 陈群钦、方渭标、张振邦 季翠玲、王焱、俞紫薇 Yan Zhanjun Xu Zhifeng Chen Qunqin Fang Weibiao Ji Cuiling Wang Yan

Xie Jun He Bin Zhang Zhenbang Yu Ziwei

海外贸易部 品管部 研发中心 Overseas Trade Department Quality Control Department R&D Center

舒文静、翁献璋、徐志峰、翁泽慧 张馨媛、钟慧娜、安田田、吴萌、姜皓 韩润润、程金红、徐小丽、周亚芬、 Shu Wenjing Weng Xianzhang Zhang Xinyuan Zhong Huina Han Runrun Cheng Jinhong Xu Xiaoli Zhou Yafen

沈国频、王维娜、景甜 Xu Zhifeng Weng Zehui An Tiantian Wu Meng Jiang Hao Shen Guopin Wang Weina Jing Tian

生产技术部 设备部 总经办 Technology Department Equipment Department General Manager’s Office

薛文娟、金依芸、刘佳文、林剑、徐航进 严忠殷、林龙、唐坚、金志峰 周小杰、吴辉、俞婷婷、黄润蔚 Xue Wenjuan Jin Yiyun Yan Zhongyin Lin Long Zhou Xiaojie Wu Hui

Liu Jiawen Lin Jian Xu Hangjin Tang Jian Jin Zhifeng Yu Tingting Huang Runwei

数字化中心 物资部 财务部 Information Center Procurement Department Finance Department

陈佳辉、何俊杰 洪琳、叶瑞文、余琛 何丽芬、叶佩玲、倪婷婷、吴向东 Chen Jiahui He Junjie Hong Lin Ye Ruiwen He Lifen Ye Peiling

Yu Chen Ni Tingting Wu Xiangdong

每一支团队都是可持续发展的“关键先生” Each team is a“ key player” of sustainable development关于本报告 About the Report

报告简介 Overview

本报告是凯恩股份正式发布的“第六份”可持续发展报告，同步发布“第二份”英文版可持续发展报告。此前公司分别 The report is the sixth sustainability report released by Zhejiang Kan Specialities Material Co. Ltd. and the second English于年月日、年月日、年月日、年月日、年月日连续发布五份可持续发展类 version is released simultaneously.Following the previous five reports on March 30 2021 March 29 2022 March 28 2023报告。本报告本着客观、规范、透明和全面的原则，详细披露了我们年在环境、社会、公司治理等领域的实践绩效。 March 28 2024 and March 25 2025 respectively. The Report provides the detailed disclosure of our key environmental socialand governance practices in 2024 following the principles of objectivity standardization transparency and comprehensive-

时间范围 ness.年月日至年月日。为增强报告可比性和完整性，部分内容适当溯及以往年份。 Time frame报告范围 January 1 2025 ~ December 31 2025. For the purpose of better comparability and integrity some content herein may be

traced back to previous years.为了便于表述和阅读，本报告中“浙江凯恩特种材料股份有限公司”也以“凯恩股份”“公司”或“我们”表述。本报告范围为凯恩股份及凯恩股份在中华人民共和国运营的子公司“浙江凯丰新材料股份有限公司”的业务，子公司 Coverage简称“凯丰新材”。 For the convenience of expression and reading Zhejiang Kan Specialities Material Co. Ltd. is hereinafter referred to as “KAN”“Company” or “we”. The Report covers KAN and its domestic subsidiary Zhejiang Kaifeng New Material Co. Ltd. (“Kaifeng编制依据 New Material”).本报告参照《深圳证券交易所上市公司自律监管指引第号主板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第号可持续发展报告（试行）》、中国企业改革与发展研究会《中国企业可持续发展报告指 ReferencesShenzhen Stock Exchange Guidelines for Self-discipline Regulation of Listed Companies No. 1 - Standardized Operation of南》（CASS-ESG.）、中国上市公司协会《中国上市公司可持续发展工作指南》等文件要求；参考联合国可

Main Board Listed Companies; Shenzhen Stock Exchange Guidelines for Self-discipline Regulation of Listed Companies No.持续发展目标（SDGs）、全球报告倡议组织《可持续发展报告标准》（GRI Standards）、国际可持续准则理事会

17 - Sustainability Report (Trial); 2030 Sustainable Development Goals of UN (UN SDGs); GRI Standards; ISSB Standards.（ISSB）等标准进行编制。

Data

数据保证 All data herein come from our statistical reports official documents and public information and are subject to the applicable

本报告所有数据均来自公司相关统计报告、正式文件或有关公开信息，符合国家颁布的《企业会计准则》等相关 provisions of the national Accounting Standards for Business Enterprises and the principles of materiality quantization规定，遵循重要性、量化、平衡和一致性原则。本报告中部分数据与历史版本、年度报告等存在细微差异，源于统 balance and consistency.Due to different statistical methods some data in the Report differ slightly from historical versions计方法不同。年度报告数据来源于经会计师事务所审计的审计报告，本报告数据来源于碳排放报告等第三方机 annual reports etc. Data in annual reports come from audited financial statements by accounting firms while data in the Report构出具的核查报告。 come from verification reports issued by third-party agencies such as carbon emission reports.质量保障 Quality assurance

本报告经公司董事会审核通过后发布，公司保证本报告内容的客观性、准确性和完整性，不存在任何虚假记载、 The Report is released upon the review by the Board of Directors. The Company guarantees that the Report is the objectiveaccurate and complete disclosure of its ESG practices and remains free from any false records misleading statements or

误导性陈述或重大遗漏。希望通过报告的发布，加强利益相关方沟通，提高公司可持续发展治理影响，促进公司material omissions. The Report aims to strengthen communication with stakeholders enhance the impact of our sustainability高质量可持续发展。

governance and advance our high-quality and sustainable development.阅读延伸 Access to the Report

凯恩股份已形成社会责任信息披露体系，除纸质版报告以外，本报告还通过电子版形式发布，您可通过深圳证券交易 KAN has its social responsibility information disclosure system including both hardcopy and electronic reporting. The Report is所网站（www.szse.cn）、巨潮资讯网（www.cninfo.com.cn）、官方网站社会责任专区（http://www.kan- available at www.szse.cn www.cninfo.com.cn http://www.kangufen.com/social.html https://002012.ir-online.com.cn/gufen.com/social.html）、凯恩股份投资者关系专区（https://.ir-online.com.cn）、同花顺凯恩股份官方号、 https://stockpage.10jqka.com.cn/002012/ http://quote.eastmoney.com/sz002012.html and https://xueqiu.com/snow-

东方财富凯恩股份官方号、雪球凯恩股份官方号等渠道阅读此报告。 man/S/SZ002012.董 事 可持续发展事务总监 Director Head of ESG Team

联系人 杨照宇 董成龙 Name Yang Zhaoyu Dong Chenglong

办公地址 北京市朝阳区曙光西里甲号H座 北京市朝阳区曙光西里甲号H座 Address BuildingH No.A5 Shuguang Xili Chaoyang District Beijing

联系电话 - - Tel. 010-64656586 010-64656586

电子邮箱 admin@kangufen.com admin@kangufen.com Email admin@kangufen.com admin@kangufen.com凯何以恩凯品牌恩力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

董事长致辞 Message from the Chairperson

强化责任内核，实现新质越阶 Fulfill Our Responsibility to Embrace the New Quality EraBase paper our core product is the fundamental material for specialty paper and packaging. Playing an underlying role in

凯恩股份的核心产品“原纸”是特种纸和包装等行业的基础材料，在纸产品的碳链条中属于碳生态底层，对 the carbon chain of the paper products our base paper significantly facilitates the carbon reduction of the industrial chain于产业链降碳和产业创新转型有着重要影响。 and the innovation-driven industry transformation.With increasing experience and continuous learning of sustainability we have paid more attention to material topics that

随着在可持续发展事业中的动态积累和持续学习，我们更加注重对公司业务和利益相关方最为重要的实质 are most important to our businesses and our stakeholders. As a response the Board of Directors has assigned a profes-性议题，董事会派驻专业团队持续开展了范围更广、程度更深的尽职调查，以财务和气候两个影响因素为核心， sional panel to undertake more extensive and in-depth due diligence especially on finance and climate change so as to动态识别可持续发展领域的风险与机遇。 actively identify risks and opportunities in sustainable development.Built on our environmental governance achievements and using digital twin and AI collaboration as key drivers we fully

我们以环境治理成绩为基础，通过以数字孪生和AI协同为抓手，全面完成数字化转型三期项目，实现“透明 completed the third phase of digital transformation achieved “transparent” factory inspections and real-time AI terminal化”巡厂及实时AI终端调控，从“数字化车间”全面迈向“全链路智能工厂”，在特种纸行业领跑“新质时代”。 control and advanced from “digital workshops” to “end-to-end intelligent factories” leading the specialty paper industry intothe “new-quality era”.完善价值生态，优化凯恩样本 Build Our Value Ecosystem to Set An Example of Sustainability我们从应对气候变化出发，通过科学碳管理推进绿色治理，四年间温室气体排放总量降幅%，原材料 To combat climate change we have pushed ahead with green governance by scientific carbon management and havemade great achievements. The total greenhouse gas emissions have reduced by 60% within four years; our utilization

利用率、产品能耗等指标均处于行业领先水平。 efficiency of raw materials energy consumption for production and other indicators have remained ahead of industry可持续发展的竞争一定程度上倾斜了我国特种纸行业原有的竞争平衡。凯恩股份、凯丰新材相继获得“ standards.国家级绿色工厂”、浙江省“隐形冠军企业”、浙江省“专精特新中小企业”、浙江省“智能工厂”等荣誉称号；我 The competition in sustainable development has disrupted the existing competitive balance in China’s specialty paper

industry to some extent. Apart from being a “National Green Factory” KAN has been honored as the “Hidden Champion”

们连续四年获得中国上市公司协会可持续发展“优秀实践案例”，并作为中小企业样本斩获“最佳实践案例” the “Specialized and Sophisticated SME” and the “Smart Factory” in Zhejiang Province. In addition the Company has；在各类机构ESG评级跃升并稳定至A或AA，整体评分高居行业前列，国内和国际间合作伙伴信任度大幅提 been awarded the “Excellent Practice Case” in Sustainable Development by China Association for Public Companies for升，国际市场不断扩大新局面。 three consecutive years and the “Best Practice Case” as a model SME. In various ESG ratings our scores rose andstabilized at A or AA ranking among the top in the industry significantly enhancing trust from domestic and international

如今我们面对的是一个更加相互依赖的世界，我们欢迎更多的伙伴和朋友了解我们、关注我们、与我们 partners and continuously expanding new markets internationally.Thanks to our efforts and honors we have gained建立沟通。凯恩股份将继续当好可持续践行者、环境守护者、社会推动者、治理创新者，全面推进高质量可持 enhancing trust among our domestic and foreign partners and unlocked new prospects in the international market.In an increasingly interdependent world we welcome more stakeholders to know us follow us and engage with us through续发展，跃马扬鞭、马不停蹄，迈向美好未来！ the Report.We will continue to serve as a sustainable practitioner environmental steward social promoter and gover-nance innovator.KAN stays committed to advancing high-quality and sustainable development on all fronts and joining

hands with our partners to usher in a brighter future!

Ms. Liu Xi

凯恩股份董事长、总经理 KAN Chairperson and General

刘溪女士 Manager三、社会推动力 Contents 3. Social Momentum

. 社会担当 3.1 Social Responsibility

. 创新驱动 3.2 Innovation-driven Development

目 录 .. 科技研发 3.2.1 Technology R&D .. 智慧生产 3.2.2 Smart Production

. 供应商与客户 3.3 Suppliers and Customers

.. 客户 3.3.1 Customers

一、凯恩品牌力 .. 供应链 1. KAN Brand Value 3.3.2 Supply Chain

.. 产品与服务 3.3.3 Products and Services

. 公司简介 1.1 Company Profile . 员工 3.4. Employees

. 战略与文化 1.2 Corporate Culture .. 员工权益保障 3.4.1 Protection of Employees’ Rights and Interests

. 董事与董事会 1.3 Board of Directors .. 职业健康与安全生产 3.4.2 Occupational Health and Work Safety

. 业务产品 1.4 Product Lines .. 职业发展与培训 3.4.3 Career Development and Training

. 发展历程 1.5 Development Milestones

. 凯恩荣誉 1.6 KAN Honors 四、治理创新力 4. Governance Innovation. 年度经营数据 1.7 Annual Operating Data

. 可持续发展 4.1 Sustainable Development

.. 可持续治理机制 4.1.1 Sustainability Governance Mechanism

二、环境守护力 .. 尽职调查 2. Environmental Protection 4.1.2 Due Diligence

.. 利益相关方沟通 4.1.3 Communication with Stakeholders

. 应对气候变化 . 商业行为 2.1 Response to Climate Change 4.2 Business Practices

.. 气候行动 .. 反商业贿赂及反贪污 2.1.1 Climate Actions 4.2.1 Anti-bribery and Anti-corruption

.. 科学碳管理 .. 反不正当竞争 2.1.2 Scientific Carbon Management 4.2.2 Anti-unfair Competition

. 污染防治与生态系统保护 . 合规运营 2.2 Pollution Control and Ecological Conservation 4.3 Operational Compliance

.. 污染物排放 .. 科学有效管理 2.2.1 Pollutant Discharge 4.3.1 Scientific and Effective Management

.. 废弃物处理 .. 全面风险管理 2.2.2 Waste Disposal 4.3.2 Comprehensive Risk Management

.. 生态系统与生物多样性保护 2.2.3 Ecosystem and Biodiversity Conservation

. 资源利用与循环经济 五、附录 2.3 Resource Utilization and Circular Economy 5. Appendixes

.. 能源利用 2.3.1 Energy Utilization

.. 水资源利用 . 综合关键绩效表 2.3.2 Water Resource Utilization 5.1 Integrated KPI Table

.. 循环经济 . GRI指标索引表 2.3.3 Circular Economy 5.2 GRI Index Table 凯何以恩品凯牌恩力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

凯恩品牌力 KAN Brand Value

.公司简介 1.1 Company Profile

.战略与文化 1.2 Corporate Culture

.董事与董事会 1.3 Board of Directors

.业务产品 1.4 Product Lines

.发展历程 1.5 Development Milestones

.凯恩荣誉 1.6 KAN Honors

.年度经营数据 1.7 Annual Operating Data

凯何以恩凯品恩牌力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

. 公司简介 1.1 Company Profile

浙江凯恩特种材料股份有限公司（英文名称：Zhejiang Kan Specialities Material Co. Ltd.；英文简称：KAN） Zhejiang Kan Specialities Material Co. Ltd. (hereinafter referred to as “KAN”) was founded in 1998 and went public on

成立于年，年登陆深交所（股票代码：），系浙江省丽水市第一家上市公司。公司是以高附加值纸 Shenzhen Stock Exchange in 2004 (Stock Code: 002012) as the first listed company in Lishui Zhejiang Province. KAN is aNational High-tech Enterprise and a National Green Factory mainly engaged in high value-added base paper materials. The

基功能材料为主业的国家高新技术企业、国家级绿色工厂。公司总部位于北京市朝阳区，生产基地为浙江凯丰新 Company is headquartered in Chaoyang District Beijing and takes Zhejiang Kaifeng New Material Co. Ltd. as its produc-材料股份有限公司。 tion base.凯丰新材成立于年，地处浙江省衢州市龙游经济开发区，主要为肯德基、麦当劳、星巴克等跨国连锁餐饮 Kaifeng New Material was founded at Quzhou Longyou Economic Development Zone in 2003. It mainly supplies food wrap-ping paper to multinational catering giants such as KFC McDonald’s and Starbucks rolling paper to China Tobacco and巨头提供高端特种食品包装纸，为中国烟草提供烟用配套用纸，为宝武、酒钢、柯达等企业提供工业配套用纸等。 industrial paper to multiple enterprises such as Baowu JISCO and Kodak. Kaifeng New Material is one of the “Top 100公司先后获得中国电子元件百强企业、浙江省隐形冠军企业、浙江省专精特新中小企业、浙江省智能工厂等荣 Enterprises of Electronic Components in China” and has been titled as the “Hidden Champion” the “Specialized and誉称号。 Sophisticated SME” and the “Smart Factory” in Zhejiang Province.. 战略与文化 1.2 Corporate Culture

纸载文明 Paper Carries Civilization

智造未来 Smart manufacturing Shapes the Future

企业 Corporate

宗旨 Missions

以人为本 People-oriented Serving Customers

服务客户 Generating Returns for Shareholders

回报股东 核心 Benefiting Employees

价值观 Contributing to Society

Core

利益员工 Values事业 Business

奉献社会 愿景 组织 Vision Organizational 企业 氛围 客户第一 Climate Prioritizing Customers Corporate Fulfilling Responsibility

成为最具价值的 精神 勇于担当 Become the Top-tier Enterprise Spirit Pursuing Continuous

灵活高效 with the Most Value Flexible Efficient

Improvement and

一流企业 Sincere Inclusive Embracing Innovation自强不息 持续改善 Striving for Excellence and真诚包容 United and dedicated开放创新 Advancing with Legacy传承进取 团结用心

何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

1.3 Board of Directors

The Tenth Board of Directors consists of 5 directors (1 female director) including 2 independent directors.Liu Xi:

female graduated from Peking University with a bachelor’s degree and from London

School of Economics and Political Science with a master’s degree. Liu used to work for

New Times Securities Co. Ltd. Since 2019 Liu has served as the Chairperson and

General Manager of KAN and a director of Zhejiang Kaifeng New Material.Yang Zhaoyu:

male graduated from the Chinese University of Hong Kong with a master degree.Mr.Yang used to work for Shenzhen Stock Exchange China Securities Regulatory Com-

mission and CITIC Securities Co. Ltd. He joined KAN in January 2019 and now serves

as a director Vice General Manager Secretary of the Board and CFO of KAN.Sun Zhichao:

male born in April 1983 graduated from Jilin University with a bachelor’s degree in law and

from Durham University with a master’s degree in law having the Legal Professional Qualifi-

cation Certificate. Sun used to work as the Deputy Director of the Capital Operation Center

in Evergrande Group and the Business Director in China Telecom Group Investment Co.Ltd. He is now a director of KAN.Hu Xiaolong:

male born in July 1957 EMBA of Hunan University a senior accountant and certified public

accountant. Mr.Hu used to work as the Chairman and General Manager of Hunan

State-owned Assets Investment and Management Co. Ltd. a director of Fortune Securities

Co. Ltd. Now he serves as an independent director of KAN.Wang Yuesheng:

male born in July 1960 a professor and doctoral supervisor. Mr.Wang successively held the

positions of Teaching Assistant Lecturer and Associate Professor at the School of Econom-

ics Peking University. Now he is a professor at the School of Economics Peking University

an independent director of Zhejiang Kan Specialities Material Co. Ltd. an independent

子公司经营负责人 director of Huadian Power International Corporation Ltd. and an independent director of Huanyu Construction Co. Ltd.计皓：

男，生于年月，毕业于浙江民丰造纸厂职工大学，高级工程师，凯丰新材创始人， Management Team of the Subsidiary现任凯丰新材董事长、总经理。先后荣获浙江省衢州市、龙游县专业技术拔尖人才，全国轻工系统及浙江省、衢州市、龙游县科技进步奖等荣誉称号；任中国特种纸产业发展 Ji Hao:

战略研究会专家、浙江省造纸学会常务理事。 male born inApril 1961 graduated from Zhejiang Minfeng Paper Mill Staff College a senior engineer. Mr.Ji isa founder of Kaifeng New Material and used to work as the Chairman and General Manager of Kaifeng New

Material. Now he serves as the Chairman of Kaifeng New Material. He has been listed in the senior technical

talent pool in Longyou County Quzhou City. In addition he won the Science and Technology Progress

计 磊： Awards in the national light industry and at county municipal and provincial levels. He serves an expert of the男，毕业于悉尼大学，硕士研究生。曾供职于浙江大学建筑设计研究院，历任凯丰新 Strategic Research Institute for the Development of China’s Specialty Paper Industry and an executivemember of Zhejiang TechnicalAssociation of Paper Industry.材市场部经理、总经理。现任凯丰新材战略发展顾问。

何凯以恩品凯恩牌力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

. 业务产品 1.4 Product Lines

目前公司主要有烟用配套用纸、特种食品包装纸、工业配套用纸和医用包装材料等产品，产品质量水平高，替代进 The Company currently offers a diverse range of high-quality products including rolling paper food wrapping paper indus-trial paper and medical packaging materials. Notably the cigarette tipping base paper and high gloss thermal base paper口同类产品。其中烟用接装纸原纸和高光热敏原纸获得省高新技术产品称号，不锈钢垫纸获得省名牌产品称号， are recognized as provincial high-tech products. In addition the stainless-steel interleaving paper is recognized as a烟用接装纸原纸获得市名牌产品称号。 provincial famous brand product while the cigarette tipping base paper is also acknowledged as a municipal famous brandproduct..烟用配套用纸 1. Cigarette tipping base paper

烟用配套用纸主要是用作滤嘴香烟滤棒外包装的卷烟包装材料，把滤棒粘接到烟条末端，因外观类似松木纹也 The tipping base paper series are mainly used as the outer packaging materials to bond filter tips and cigarette ends叫“水松纸”。烟用接装纸的印刷油墨和涂层必须无毒，符合食品卫生标准，并且具备一定的抗水性和湿强度。 together. The printing ink and coating of products shall be non-toxic comply with food hygiene standards and have certainresistance to water and wet strength.公司主要产品种类有普通类（单面光型、双面光型），特殊类（高不透型、自然透气型、高透气度型、防渗透型）。产 The series are divided into common and special classes. The common class includes MG and MF products while the品具有较高的抗张强度、一定的不透明度、较高的平滑度及防油墨渗透等印刷适性，适于印刷、套印及激光打孔， special class includes highly opaque products natural breathable products high permeability products and anti-penetra-烫金工艺加工，专供大型卷烟企业。 tion products. These products boast high tensile strength certain opaqueness favorable smoothness and anti-ink pene-tration for printing adaptability. Thus they are applicable to printing overprinting laser punching and hot stamping. These

普通类 products are widely used by large-scale cigarette factories.Common class Common class单面光型双面光型

MG product MF product MG product MF product特殊类

Special class Special class

高不透型 自然透气型 Highly opaque Natural breathable

Highly opaque Natural breathable

product product product product

高透气度型 防渗透型（爆珠） High permeability Anti-penetration

High permeability Anti-penetration

product product(bursting bead) product product(bursting bead)

凯何以恩凯品牌恩力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

.特种食品包装纸 2. Food Wrapping Paper Series

特种食品包装纸是以纸浆及纸板为主要原料的包装纸品，需要满足无毒、抗油、防水防潮、密封等要求，且符合食 The food wrapping paper series are mainly made of pulp and cardboards meet non-toxic oil-resistant waterproofmoisture-proof and sealing requirements and comply with food packaging safety standards. We have placed our techno-品包装安全。公司技术创新主要集中在包装材料的功能化与新型化学品的开发上。公司相关产品种类主要有包装logical innovation priorities on the functions and new chemicals of packaging materials. The series are classified as packag-类（本色牛皮纸、白色牛皮纸、糖果纽结纸、高强包装纸），烘焙类（硅油原纸、蒸笼纸），防油防水类（含氟防油型、无 ing paper (brown kraft paper white kraft paper candy knot paper and high strength wrapping paper) bakery paper氟防油型、水基纸、涂腊原纸），过滤类（茶叶袋纸、干燥剂包装纸）。该品类产品现已实现品类全覆盖，主要下游客 (silicone coated base paper and steamer paper) oil and water-proof paper (fluorinated oil-proof paper fluorine-free户为跨国连锁餐饮巨头。 oil-proof paper water-based packaging paper and waxed base paper) and filter paper (tea bag paper and desiccant wrap-ping paper). These products are mainly supplied to multinational catering giants.食品包装类 Food packaging paper Food packaging paper

白色牛皮纸 本色牛皮纸 糖果扭结纸 高强包装纸 White kraft paper Brown kraft paper Candy knotpaper High strength wrapping paper

White kraft paper Brown kraft paper Candy knotpaper High strength wrapping paper

防油防水类 Oil and water proof paper Oil and water proof paper

含氟防油型 无氟防油型 Fluorine-free oil-proof

Fluorinated oil-proof Fluorine-free oil-proof Fluorinated oil-proof

paper paper paper paper水基纸

Water-based packaging 涂蜡原纸 Water-based packaging

paper Waxed base paper paper Waxed base paper

烘焙类 Bakery paper Bakery paper

烘焙原纸（硅油纸）

Baking base paper 蒸笼纸 Baking base paper（Silicone coated paper） Steamer paper （Silicone coated paper） Steamer paper

过滤类 Filter paper Filter paper热封茶叶袋纸非热封茶叶袋纸干燥剂包装纸

Heat seal tea bag paper Desiccant wrapping Heat seal tea bag paper Desiccant wrapping

Non heat seal tea bag paper paper Non heat seal tea bag paper paper

何凯以恩凯品恩牌力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

.工业配套用纸 3. Industrial Paper Series

The series refer to paper products used for industrial purposes and are widely adopted in machinery manufacturing indus-

工业配套用纸是指应用于工业领域中的各种纸制品，广泛应用于机械制造、工业包装、科研实验等各个领域。公司trial packaging as well as scientific research and experiment. The series mainly include stainless steel interleaving paper

主要产品种类有不锈钢衬纸、CTP衬纸、PS版衬纸、光电玻璃衬纸、液晶玻璃基板保护纸等产品。该品类产品下游 CTP interleaving paper PS interleaving paper photoelectric glass interleaving paper and substrate protection paper of客户为各大钢厂。 liquid crystal glass. These products are mainly supplied to steel makers.材料间隔类

Interleaving paper Interleaving paper

光电玻璃垫纸/液晶玻璃基板保护纸

不锈钢垫纸 Photoelectric glass interleavingPhotoelectric glass interleaving Stainless steel interleaving

Stainless steel interleaving paper/Substrate protection paper paper paper/Substrate protection paper

paper of liquid crystal glass of liquid crystal glass

PS版衬纸 CTP版衬纸 PS interleaving paper CTP interleaving paper

PS interleaving paper CTP interleaving paper

.医用包装材料 4. Medical Packaging Materials

The medical packaging materials include products for medical packaging PE self-adhesive

公司主要产品种类有医用包装纸、PE自粘型纸、高温自粘性纸、涂胶型纸等。

products high-temperature self-adhesive products and glue-coated products. These products

可以满足医疗器械的特性、预期灭菌方法、使用效果、失效日期以及运输与贮存过程的不同要求。 can meet various requirements related to medical device properties expected sterilizationmethods use effects expiry dates as well as transportation and storage.医用包装纸 PE自粘型 涂胶型 高温自粘型

Medical packaging PE self-adhesive products Glue-coated products Hing-temperature self-adhesive product

Medical packaging PE self-adhesive products Glue-coated products Hing-emperature

self-adhesive product

何凯恩以品凯恩牌力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

. 发展历程 1.5 Development Milestones

2002 In 2002Zhejiang Kan Paper Co. Ltd.公司更名为“浙江凯恩特种材料 was renamed Zhejiang Kan股份有限公司”沿用至今 Specialities Material Co. Ltd.

2003 In 2003Kaifeng New Material Co. Ltd.was

子公司凯丰新材成立， established at the provincial-level落户省级经开区衢州龙游工业园 Quzhou Longyou Economic Develop-

ment Zone.

2004 In January 2004

1月时任浙江省委书记习近平 Xi Jinping then Secretary of the

来公司考察指导 CPC Zhejiang Provincial Commit-

tee visited the Company.

2004 In July 2004

7月公司成功登陆深交所上市 the Company went public on Shenzhen（股票代码：002012） Stock Exchange (Stock Code: 002012).

2019 In 2019

新一届董事会及管理团队 the new Board of Directors and the Manage-

带领公司迈入新发展阶段 ment steered the Company to embark on a new stage of development.

2020

公司升级为国家级绿色工厂， In 2020引领地区绿色转型 the Company was upgraded to a National Green Factory leading the regional green transition.

2023 In 2023

完成丽水基地资产处置， the Company disposed of some traditional assets成功迈出战略过渡历史性一步 taking a landmark step in strategic transition.

2025 In 2025

Kaifeng New Material completed a comprehensive deep

完成整厂深度数字化改造， digital transformation of its entire plant leading the领跑行业智能工厂生产水平 industry in intelligent factory production capabilities. 何凯以恩凯品恩牌力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

. 凯恩荣誉 1.6 KAN Honors

.实业耕耘类 1. Business

National honors

国家级 1.The National High-tech Enterprise

2.The National Green Factory

国家级高新技术企业、国家级绿色工厂等。

Provincial and ministerial honors

1.The Hidden Champion

省部级 2.The Specialized and Sophisticated SME3.The Smart Factory

浙江省“隐形冠军”企业、浙江省“专精特新”中小企业、浙江 4.The Enterprise Leading an Individual Field of the Manufacturing Industry5.The Green Enterprise

省“智能工厂（整厂）”、浙江省“创新型”中小企业、浙江省 6.The Patent Demonstration Enterprise

制造业“单项冠军”培育企业、浙江省“绿色企业”、浙江省“ 7.The Provincial High-tech Enterprise R&D Center专利示范”企业、浙江省级高新技术企业“研究开发中心”、浙 8.The Provincial Enterprise Research Institute

江省级“企业研究院”、浙江省级“企业技术中心”、浙江省“ 9.The Provincial Enterprise Technology Center

10.The Postdoctoral Workstation” in Zhejiang Province博士后工作站”等。

Product honors产品类 1.The New Excellent Industrial Product” (food-grade oil-proof green packaging paper)

浙江省“优秀工业新产品”（防油型食品级绿色包装纸）、 2.The Premium Manufacturing Product” (high-precision multi-functional interleaving paper) in Zhejiang Province

“浙江制造精品”（高精密多功能防护衬纸）、浙江省“工 3.Zhejiang Province “Industrial New Product” (Key Technology for Efficient Sizing of Cigarette Tipping Base Paper)

4.Specialty Paper Industry Chain Product Innovation Case (Water-based Food Packaging Paper)业新产品”（烟用接装原纸高效施胶的关键技术）、特种纸 5.Specialty Paper Industry Chain Product Innovation Case (Bio-based Fluorine-free Oil-Resistant Paper) etc.产业链产品创新案例（水基食品包装纸）、特种纸产业链产

品创新案例（生物基无氟防油纸）等。

Other honors

其他类 1.Top 100 Enterprises of Electronic Components in China2.Top 500 Zhejiang Enterprises

3.The Government Quality Prize” in Quzhou City

中国电子元件“百强”企业、浙商“强”、中国造纸学会特 4.The Postgraduate Workstation” of Nanjing Forestry University

种纸专业委员会“常务委员单位、副主任单位”、衢州市“政府质量奖”、衢州市工商业联合会“第七届执委单位”、环保纸产

业年度创新“产业合作奖”、衢州市“专家工作站”、龙游县五 Individual honors

大产业链“链主企业”、南京林业大学“研究生工作站”等。 1.The National May 1 Labor Medal (the first medal of this kind in this county over the last decade)

2.The National Light Industry Model Worker

3.The Expert in Green Industry Development of Zhejiang Province

人才类 4.The Expert of Strategic Research Institute for the Development of China’s Specialty Paper Industry

5.Professor-level Senior Engineer in Pulp and Paper Making

全国五一劳动奖章（全龙游县近十年第一位）、全国轻工行业劳 6.The Senior Engineer in Electromechanical Manufacturing

动模范、浙江省青年工匠、龙游县“优秀共产党员”、“浙江工匠”培养人员、浙江省工业领域绿色发展专家库专家、中国特种

纸产业发展战略研究会专家、制浆造纸教授级高级工程师、机电制造高级工程师等。

凯何以恩凯品恩牌力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

.市场影响类 2.Market influence

合规方面： Compliance honors: including but not limited to

.浙江上市公司协会“规范运作优秀典型案例”（浙江TOP） 1.The “Exemplary Case for Standard-based Operation” (Top 22 in Zhejiang) awarded by the Listed Company

.中国上市公司协会年-年上市公司“ESG优秀实践案例” Association of Zhejiang

.年“ESG最佳实践案例”（民营企业TOP%） 2.The 2022 “Excellent ESG Case” awarded by China Association for Public Companies (the only honor of this

.第八届卓越IR年度评选之“最佳ESG奖” kind in the paper sector and one of the only two honors of this kind in the light industry)

.第二届聚董秘上市公司评选之“百佳ESG公司” 3.2022-2025 Excellent ESG Case awarded by China Association for Public Companies

.入选华证指数年度造纸与包装行业ESG绩效优秀榜单 4.Best ESG Award granted by the 8th China IR Annual Awards

5.One of the 100 Best ESG Companies in the 2nd JDM Prize

IR方面： 6.Included in the 2025 Sino-Securities Index ESG Outstanding Performance list for the papermaking and

.同花顺企业号“年度榜单”之“最佳新媒体奖强” packaging industry..同花顺企业号“年度榜单”之“投关先锋奖” IR honors: including but not limited to

.年度“全景投资者关系金奖”之“中小企业投资者关系互动奖”“IR进取奖”

1.Ranked among the "Top 20 Best New Media Awards" in the "2020 Annual List" from ROYALFLUSH INFO

.年度“全景投资者关系金奖”之“杰出ESG价值传播奖”

2.The "Investor Relations Pioneer Award" in the "2021 Annual List" from ROYALFLUSH INFO

3.The Investor Relations Gold Award issued by Panorama Network in 2021

4.Outstanding ESG Value Communication Award in 2024 Investor Relations Awards organized by

https://rs.p5w.net/

何凯恩以品凯恩牌力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

.ESG评价类 3.ESG rating

根据Wind ESG数据显示，截至年月日，公司在Wind ESG的评 As of December 31 2025 As shown by Wind ESG data KAN scored 8.3 at级 保 持 A A 、评 分 稳 定 在 . 。公 司 E S G 评 分 在 A 股 上 市 公 司 中 排 名 Grade AA ranked 250/5392 among the listed companies of Class A shares

119/3383 among the listed private companies 83/1480 among the main-board

/ ，在 民 营 上 市 公 司 中 排 名 / ；在 深 市 主 板 中 排 名 companies on Shenzhen Stock Exchange 51/842 among the listed companies/，在材料板块中排名/，在浙江省上市公司中排名/， in the material sector 24/723 among the listed companies of Zhejiang Province在亿元市值以下上市公司中排名/，在纸制品行业中排名/。 26/2062 among the listed companies with the market value less than RMB 5billion and 4/23 among the listed companies in the specialty paper industry.评价机构 机构简介 Rating agency Institutional Profile

国内市场覆盖最广、数据支撑最多， Boasting the widest domestic market coverage andWind 覆盖全部A股、港股上市公司与重要 AA AA A the strongest data support covering all A-share and Wind Hong Kong stock listed companies and approximate- AA AA A

发债主体约+家 ly 8000+ key bond issuers

专业从事指数与指数化投资综合服务 Specialized in providing comprehensive index and

华证 的公司，首批构建本土化ESG评价体 A BBB BB Sino-Securitiesindex-based investment services is one of the first

Index institutions to build a localized ESG evaluation A BBB BB

系的机构之一 system

国内首家负责任投资原则（PRI）的签 The first domestic signatory institution of the SynTao商道融绿 署机构，中国责任投资论坛（China A A- B+ Principles for Responsible Investment (PRI) and a Green founding institution of the China Sustainable A A- B+SIF）发起机构 Finance Investment Forum (China SIF)

为金融机构及企业提供ESG数据与分 A technology company providing ESG data and analytical tools services to financial institutions and

秩鼎 析工具服务的科技公司，联合国负责 AA AA AA QuantData enterprises and a signatory member of the United AA AA AA任投资原则UN PRI签署成员 Nations Principles for Responsible Investment (UN PRI)

A subsidiary of China Chengxin International Credit

中诚信集团旗下专业从事可持续金融 Rating Co. Ltd. (CCXI) specializing in sustainable

中诚信绿金 与ESG服务子公司，最早参与国内绿 A A A finance and ESG services is one of the earliest CCXGF third-party service institutions involved in the A A A色金融体系建设第三方服务机构之一 construction of China’s domestic green finance

system

国内排名靠前家互联网金融信息服务 A leading listed company in China’s Internet financial

业上市公司，客户涵盖券商、基金、 information services industry with clients covering 同花顺 A A A Flush Info financial participants at all levels including securities 银行、政府、科研院所、上市公司、 A A Afirms fund companies banks government agencies个人投资者等各层次金融参与主体 research institutions listed companies and individu-

al investors

首个央企发布的ESG评价体系上交所 China The first ESG evaluation system released by a 中国国新 A A /

战略合作 Reform central state-owned enterprise; strategic cooperation A A /Holdings with the Shanghai Stock Exchange国内信用行业领军企业“联合信用管 A holding subsidiary of Lianhe Credit InformationService Co. Ltd. (a leading enterprise in China’s理有限公司”的控股子公司，绿色债 Lianhe联合赤道 AA AA / Equator credit industry) and a verification and certification AA AA /券标准委员会市场化评议注册的评估 agency registered with the Green Bond Standard

认证机构 Committee’s market-based evaluation

招商银行前行长马蔚华先生牵头成 Initiated by Mr. Ma Weihua (former President of

盟浪 立，以量化评估“双碳/绿色/ESG” A A / China Merchants Bank) is a seed unicorn enterprise SusallWave focused on quantitative assessment of “dual A A /为核心的种子独角兽企业 carbon/green/ESG”

清华合作，业界首个针对中国内地 In collaboration with Tsinghua University the 有机数 A / / YoujiVest industry’s first climate risk model targeting Chinese A / /及香港地区的气候风险模型 mainland and Hong Kong 凯何以恩品凯恩牌力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

. 年度经营数据 1.7 Annual Operating Data

总资产 归属于上市公司股东的净资产 资产负债率 Net assets attributable to Total assets shareholders of the listed company Asset-liability ratio

189869万元 155676万元 8.6% 1899million 1557million 8.6%

Net profit attributable to Net cash flow from

营业收入 归属于上市公司股东的净利润 经营活动产生的现金流量净额 Total revenue shareholders of the listed company operating activities

62692万元 3170万元 3514万元 627million 32million 35million

环保总投入万元同比↑%

Total investment in environmental protection RMB 367 million ↑42% from the previous year

绿色采购投入 万元 同比↑% Investment in green procurement RMB 358 million ↑41% from the previous year

节能降耗技术投入 万元 同比↓% Investment in energy conservation and consumption reduction technologies RMB 0.8 million ↓60% from the previous year

↓ Investment in technological transformation RMB 8.5 million ↓28% from the previous year技术改造投入 万元 同比 %

Investment in R&D RMB 26.4 million ↓9% from the previous year

研发费用 万元 同比↓% Including: investment in intellectual property protection RMB 0.3 million ↑173% from the previous year

其中：知识产权保护投入 万元 同比↑% Investment in digital transformation RMB 1.9 million ↓2% from the previous year

数字化转型投入 万元 同比↓% Investment in work safety RMB 1.0 million ↓26% from the previous year

Investment in employee benefits RMB 2.0 million ↑7% from the previous year

安全生产投入万元同比↓%

员工福利投入万元同比↑%

凯何以恩品凯恩牌力 环境守护力 社会推动力 治理创新力 何KA以N 凯Bra恩nd Environmental Social Governance Value Protection Momentum Innovation

年产纸产品总量吨同比↑%

直接、间接范围总碳排放量吨同比↓%

每吨纸温室气体排放强度.吨/吨纸同比↓%

Annual paper capacity 69720 tons ↑12% from the previous year

天然气使用量 万立方米 同比↑% Total direct and indirect carbon emissions 68383 tons ↓1% from the previous year

柴油使用量 吨 同比↓% GHG emission intensity per ton of paper 1.0 ton/ton of paper consumed ↓12% from the previous year

总用电量 兆瓦时 同比↑% Total natural gas consumption 1.95 million cubic meters ↑4% from the previous year

Diesel consumption 10 tons ↓13% from the previous year

光伏发电总量兆瓦时同比↑%

Total electricity consumption 65784 MWh ↑1% from the previous year

外购绿电量 兆瓦时 同比↑% Total photovoltaic power generated 11311 MWh ↑0% from the previous year

清洁绿电使用量占总用电量比例 % 同比↑pct Purchased green electricity 10483 MWh ↑61% from the previous year

蒸汽消耗量 万吨 同比↑% Proportion of green electricity consumption in total electricity consumption 33% ↑6 pct from the previous year

Steam consumption 120000 tons ↑9% from the previous year

能源消耗总量吨标煤同比↑%

Total energy consumption 20440 tce ↑4% from the previous year

吨纸能源消耗总量 .吨标煤/吨 同比↓% Total energy consumption per ton of paper 0.29 tce ↓7% from the previous year废气（天然气产生）密度 .立方米/吨纸 同比↓% Total water consumption 1.43 million tons ↑12% from the previous year

二氧化硫排放密度 .克/吨纸 同比↓% Total water intensity per ton of paper 20 ton ↓0% from the previous year

氮氧化物排放密度 .克/吨纸 同比↓% Waste water (process water) density 14 ton/ton of paper consumed ↑8% from the previous year

总用水量 .万吨 同比↑% SO2 emission intensity 1.1 g/ton of paper consumed ↓6% from the previous year

每吨纸总用水强度 .吨/吨纸 同比↓% NOx emission intensity 44.5 g/ton of paper consumed ↓6% from the previous year废水（工业废水）密度.吨/吨纸同比↑%

Ammonia nitrogen emission intensity 5.7 g/ton of paper consumed ↓6% from the previous year

氨氮排放密度.克/吨纸同比↓%

COD nitrogen emission intensity 504.4 g/ton of paper consumed

化学需氧量（COD） .克/吨纸 同比↑% ↑11% from the previous year

↓ Hazardous waste density 7.2 g/ton of paper consumed危险废弃物密度 .克/吨纸 同比 % ↓44% from the previous year

同比↓% General waste density 一般废弃物密度 .千克/吨纸 13.9 kg/ton of paper consumed ↓54% from the previous year

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

环境守护力 Environmental Protection

.应对气候变化 2.1 Response to Climate Change

.污染防治与生态系统保护 2.2 Pollution Control and Ecological Conservation

.资源利用与循环经济 2.3 Resource Utilization and Circular Economy

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

. 应对气候变化 2.1 Response to Climate Change

.. 气候行动 2.1.1 Climate Actions

气候行动战略方案 Strategic Plan for climate actions

行动维度： Dimensions：

生产、 市场、品牌 production

market and brand

行动愿景： Vision:Establishing a Green Benchmark

打造特种纸绿色标杆 for Specialty Paper Leading

引领产业绿色发展 Green Development in the

Industry

行动路径： Approaches:

绿色原材料、绿色产线 green raw materials green production lines;

绿色设计、绿色供应链 green design

绿色资本、绿色服务 green supply chain;

Measures: green capital

行动举措： Advance clean production upgrade production lines green services

and facilitate smart transformation;

推进清洁生产、推进产线改造、推进智慧转型 cling to life cycle design adhere to responsible

坚持周期设计、坚持责任营销、坚持协同转型 marketing and stick to collaborative transformation;

强化耐心投资、强化品质服务、强化业绩提升 reinforce steady capital promote service quality and

enhance performance

气候行动目标与计划 Goals of climate actions

Update the Energy Management Plan annually strive to drop

保持每年度更新设置《能源管理方案》，核心主业 the comprehensive energy consumption per ton of products短期目标 能源目标争取实现“吨产品综合能耗每年下降 Short-term by 0.01 tce/t every year for the core business sectors and goal.tce/t”，各项降耗减碳技改任务高效完成。 deliver the technical reform tasks efficiently for the purpose ofenergy consumption and carbon emission reduction

年实现碳达峰， Realize carbon peaking by 2026 we have set a target to年（相较于基准年年碳排放总量下降 achieve a 70% reduction in both total carbon emissions and中期目标 Medium-term carbon emission intensity per tonne of paper products by %且每吨纸产品碳排放强度下降%）， goal 2035 against a 2021 base year and complete the overall公司在业务及生产领域完成全面绿色转型。 green transition in production and business managementFirmly implement the “Strategic Plan for Climate Actions” of

远期目标 坚定落实公司“气候行动战略方案”， Long-termthe Company (1369: One Vision Three Dimensions Six

年实现碳中和。 goal Approaches and Nine Specific Measures) and achievecarbon neutrality by 2040

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

气候风险与机遇识别 Identification of climate risks and opportunities

Risk factor Risk Riskduration type Influences Countermeasures

Optimize the digital production system and adopt

优化数字化生产系统，选择风险控制更好的运 Natural disasters such as transportation solutions for better control of risks自然台风、海啸等自然灾害，导致短期 实体 输方案，减少对全球运输造成的影响；成立应 Natural Short Physical typhoon and tsunami interrupt so as to minimize negative influence on global灾害 的生产及纸浆原材料供应受阻 disaster term risk production and supply of raw transportation; set up an emergency response

急管理小组，编制气候变化应急预案 materials for paper and pulp team and prepare the climate change emergency持续性高温、水资源短缺、海 在产品创新和生产设计方面，考虑生产属地的 response plan气候 Persistent high temperature Take into account the long-term tendency of长期 实体 平面上升以及极端天气频发等 气候变化长期趋势；加强水资源的风险管理，water stress sea level rise and climate change in the places of production during变化趋势，对公司可能造成的影响 积极布局前瞻性的取用水策略 Climate Long Physicalchange term risk frequent extreme weather may

product innovation and production design;

strengthen risk management of water resources

市场 国际间市场波动和下游需求萎 提高自身生产效率、提高产品核心竞争力，依 impair the development of the and implementCompany the forward-looking strategies for短期 潜在变化 缩导致的行业激烈内卷 靠生产力创新降低成本，多渠道拓展市场 water withdrawal and consumptionInternational market volatility Raise production efficiency and core

时代进步带来生活方式的转 Market Short Potential and shrinking downstream competitiveness of products strive for productivity技术

中期 潜在 变，智慧化、数字化产品功能 紧跟需求变化、积极调整技术，吸引技术人才 change term risk demand cause rat race in the innovation to reduce costs and expand market变化 industry channels

的需求不断改变 Technological advancement

品牌 各利益相关方多方面的关注和 积极响应市场和客户对公司发展的期待，踏实 Technical Medium Potential drives lifestyle changes and Actively adjust technologies to satisfy changed中期 潜在 change term risk ever-shifting demands for demands and attract technical talents

声誉 公司舆情增加，导致声誉风险 稳定现存业务，审慎研判新机遇 smart and digital products不遵守法律法规而造成的合规 严格遵守各项法律法规要求，建立完善的制度 Multifaceted concerns of合规 Actively respond to expectations of the market

长期 转型 风险及未达生产要求所造成的 体系及保障机制，确保达到合规运营和安全环 Brand Medium Potentialstakeholders and increased and customers on the Company stabilize existing

经营 reputation term risk public opinions about theCompany give rise to business portfolio and prudently assess罚款损失 境等合规要求

reputation risks emerging opportunities

造纸行业属于碳排放量大行 Violation of laws and

政策 业，碳定价机制下，公司可能 在生产管理过程中，加强技术改造降低能耗， Operational Long Transition regulations leads to complianceStrictly observe laws and regulations establish a

长期 转型 risks and failure to meet well-performing institutional system and an

调整 产生因达到减排目标购买碳排 扩大自建绿电规模，加强对温室气体排放控制 compliance term risk production requirements oversight mechanism放配额，导致成本上升的风险 results in penaltiesThe Company faces the risk of

increased costs arising from Intensify technological improvement to decrease

公司主要由“可持续发展与气候行动办公室”牵头，按照TCFD“气候相关风险、机遇和财务影响”框 Policy Long Transition the purchase of carbon energy consumption and expand self-generatedrealignment term risk emission allowances required green electricity to control greenhouse gas

架来进行气候风险的识别和分析，通过资料查阅、外部论坛、内部审计等渠道，结合国内外形势以 to meet its emission reduction emissions in the process of productiontargets management

及各利益相关方的反馈，开展气候风险识别工作。

通过研讨会组织凯丰新材和相关职能部门，结合风险因子、政策要求、行业趋势、内控流程、业务动态等多角度分析审查，依照重要性评估结果和模拟情境对气候风险清单进行评估排序，形成有优 The Sustainable Development and Climate Action Office is tasked with climate risk identification and analysis underthe TCFD’s Framework of Climate-Related Risks Opportunities and Financial Impacts. To fulfill this task the Office

先排序的气候变化风险清单，确定风险清单并交由董事会进行审核。董事会审核通过后，可持续发 takes various measures such as looking up data attending forums conducting internal audit keeping on top of展与气候行动办公室将组织各职能部门和业务部门进行气候风险应对，包括建立完备的环境气候 domestic and international developments and collecting insights from stakeholders.风险防控措施、应急管理系统等。

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

..科学碳管理 2.1.2 Scientific Carbon Management

碳管理体系 Carbon management system

我们紧抓气候行动工作要求和客户合作升级机遇，全面展开企业和产品的碳足迹盘查。我们参照科学 We seized the opportunities presented by climate action requirements and opportunities for enhanced customer collab-碳目标SBTi的设定方法，模拟未来不同情景下的碳排放趋势，对照《巴黎协定》温室气体排放目标框架， oration we have comprehensively initiated corporate and product carbon footprint inventories. Aligning with the green-制定了符合经营实际的科学碳目标，配套建立碳管理制度，加强碳排放管理专题培训，全面开展碳盘查 house gas emission target framework of the Paris Agreement the Company has developed scientific carbon targets byreferring to the SBTi target-setting approach and simulating carbon emission trends under various scenarios in the工作，通过产品碳足迹在线分析系统（eFootprint）完成申报认证，优化内部生产流程和产品设计，持续 future. In addition the Company has pooled efforts to develop carbon management regulations arrange more carbon制定更务实有效的减排措施。 emission management training sessions carry out an all-round carbon audit apply for authentication through theonline carbon footprint analysis system eFootprint，and continuously formulated more pragmatic and effective emis-科学碳目标及进展 sion reduction measures.我们根据每年度取得专业资质认证机构的《温室气体排放核查报告》，详细分析自身碳排放的结构和成Science-based carbon targets and progress因。参照科学碳目标 SBTi 的设定方法，模拟未来不同情景下的碳排放趋势，对照《巴黎协定》温室气体排放目标框架，制定了符合经营实际的科学碳目标。 Based on the annual Greenhouse Gas Emission Verification Report issued by qualified professional certification bodieswe conducted a detailed analysis of the structure and causes of our own carbon emissions. Aligning with the green-根据公司最新制定的“气候行动战略方案”，我们更新设立了“年实现碳达峰、年（相较于 house gas emission target framework of the Paris Agreement the Company has developed scientific carbon targets by基准年年碳排放总量下降%且每吨纸产品碳排放强度下降%）、年实现碳中和”的碳管理 referring to the SBTi target-setting approach and simulating carbon emission trends under various scenarios in the目标。为实现碳目标承诺，我们持续完善全公司的温室气体核查体系，根据减排结果动态调整减碳策略。 future.In accordance with the Company's newly formulated “1369 Climate Action Strategic Plan” we have updated our carbon

年 年 年 年 年 management objectives: achieving a carbon peak by 2026 reducing total carbon emissions by 70% and carbon emis-

sion intensity per ton of paper products by 70% by 2035 (compared to the base year 2021) and achieving carbon直接（范围）温室气体排放量（吨）

neutrality by 2040. To fulfill our carbon target commitments we continuously improved the company-wide greenhouse间接（范围 ）温室气体排放量（吨） gas verification system and dynamically adjusted our carbon reduction strategies based on the results of emission

范围 、范围 合计温室气体排放量（吨） reduction efforts.相较于基准年年温室气体总排放量下

降比例-%-%-%-%%20252024202320222021年产纸产品总量（吨）

Direct (Scope 1) GHG emissions (ton) 4255 4038 4487 75051 64370

每吨纸产品温室气体排放强度（吨/吨纸）.....

相较于基准年年每吨纸温室气体排放

强度下降比例-%-%-%-%%

Indirect (Scope 2) GHG emissions (ton) 64129 65182 62210 84552 102891

Total GHG emissions of Scope 1 and

683836922066697159603167261

Scope 2 (ton)

年，我们生产范围内的温室气体排放总排放量同比年下降%，每吨纸合计温室气体排放量 Reduction rate in total greenhouse gas下降%，稳步推进了实现科学碳目标的进展。 emissions compared to the base year -59% -59% -60% -5% 0%

2021

Annual output of paper products (ton) 69720 62268 61681 106516 100114

Greenhouse gas emission intensity per

1.01.11.11.51.7

ton of paper (ton/ton of paper)

Reduction rate in greenhouse gas

emission intensity per ton of paper -42% -35% -36% -12% 0%

compared to the base year 2021

In 2025 the total GHG emissions within the company's production scope decreased by 1% on year-on-year basis and

the GHG emissions per ton of paper declined by 12%. We steadily advanced progress towards achieving our scientific

carbon targets. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

碳足迹排查 Carbon footprint identification

报告期内，我们整体由“能耗双控”向“碳排放双控”完成转型，我们根据生产能源消耗情况对温室气 During the reporting period the company completed the transformation from "dual control of energy consumption" to体排放进行监测，全面展开碳盘查工作，进一步直观了解温室气体排放现状的同时，为今后持续有效 "dual control of carbon emissions" measured carbon footprint from major paper products and reported carbon footprint减排打下坚实基础。伴随着对生产流程中的碳排放量盘查，我们还同步对产出的主要纸产品进行碳 data at eFootprint an online carbon footprint analysis system.足迹测算，通过产品碳足迹在线分析系统（eFootprint）完成产品碳足迹申报认证，不断扩大碳盘查范围，从而更好完善碳管理体系。 Carbon footprint by product categories 2025 2024 2023 Year-on-yearCarbon footprint of tipping paper (kg CO2

eq/ton) 2984 2884 3141 3%

产品分类认证碳足迹 年 年 年 同比 Carbon footprint of oil-proof paper (kg CO2

水松纸 碳足迹（kg CO eq/吨纸） % eq/ton) 4221 4402 4732 -4%

防油纸 碳足迹（kg CO eq/吨纸） -% Carbon footprint of stainless steel

interleaving paper (kg CO2 eq/ton) 3835 3879 / -1%

不锈钢衬纸 碳足迹（kg CO eq/吨纸） / -%

Carbon footprint of kraft paper (kg CO2

牛皮纸 碳足迹（kg CO eq/吨纸） / % eq/ton) 4156 4140 / 0%

烘焙原纸 碳足迹（kg CO eq/吨纸） / % Carbon footprint of bakery base paper (kg

CO2 eq/ton) 5315 5310 / 0%

CTP 衬纸 碳足迹（kg CO eq/吨纸） / %

Carbon footprint of CTP interleaving paper

无氟防油纸 碳足迹（kg CO eq/吨纸） / / / (kg CO2 eq/ton) 5854 5852 / 0%

Carbon footprint of Fluorine-free oil-proof

paper(kg/ton) 4415 / / /

年，我们将主要产品的碳足迹认证增加至类，每吨产品碳足迹均保持稳定，进一步为公司优化绿色产品全周期管理提供了依据和信心。 In 2025 we increased the number of products receiving carbon footprint certification to seven and the carbon footprintper ton of product remains consistently stable. These advances have laid basis and shored up confidence for optimiz-

ing our full-cycle management of green products. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

. 污染防治与生态系统保护 22..22 PPoolllluuttiioonn Conttrroll aand Ecollogiicall Conserrvattiion

.. 污染物排放 2.2.1 Pollutant Discharge

Pollutant discharge performance污染物排放情况

In line with applicable laws and regulations we have done more to allocate environmental protection facilities manage

their routine operation and employ a third-party monitoring agency for discharge of exhaust gas noise and waste

吨纸排放指标 年 年 年 同比 water on a regular basis.废气（天然气产生）密度（立方米/吨纸）...-%

Year-on-

二氧化硫排放密度（克/吨纸） . . . -% Discharge data per ton of paper 2025 2024 2023 year

氮氧化物排放密度（克/吨纸） . . . -% Waste gas (from natural gas) intensity (m3/ton of paper) 280.26 297.10 337.22 -6%

Sulfur dioxide (SO) emission intensity (g/ton of paper) 1.12 1.19 1.35 -6%废水（工业用水）密度（吨/吨纸） . . . % Nitrogen oxides (NO) emission intensity (g/ton of paper) 44.48 47.15 53.52 -6%

氨氮排放密度（克/吨纸） . . . -% Wastewater (industrial water) intensity (ton/ton of paper) 13.88 12.81 14.08 8%

Ammonia nitrogen emission intensity (g/ton of paper) 5.72 6.07 3.63 -6%

化学需氧量（COD 克/吨纸） . . . % Chemical Oxygen Demand (COD) intensity (g/ton of

504.43456.35504.1711%

危险废弃物密度（克/吨纸） . . . -% paper)

Hazardous waste intensity (g/ton of paper) 7.17 12.85 23.00 -44%

一般废弃物密度（千克/吨纸） . . . -% General waste intensity (kg/ton of paper) 13.93 30.11 20.00 -54%

年，我们继续优化布袋除尘装置、SNCR脱硝装置、SCR脱硝处理、湿式电除尘系统等，不断优化 In 2025 we upgraded waste disposal facilities including bag dust collectors SNCR and SCR denitrification systems提升废气处理系统；我们生产过程中未使用煤炭等高污染原料，以蒸汽、天然气、电力为主要能源，废 and wet electrostatic precipitators.We continuously optimized and enhanced our waste gas treatment systems. Our气产生量极低，经处理后全部达标排放。龙游县环保局在废水系统中分布安装了实时监测设备，全年 production processes do not use high-pollution raw materials such as coal. Our primary energy sources are steam未出现污染物排放超标情况，生产废水最终全部汇集输送至属地工业园区的第三方专项处理单位。 natural gas and electricity resulting in extremely low waste gas generation. All waste gas is treated to meet emission污染物减排及措施 standards before release. The Longyou County Environmental Protection Bureau has installed real-time monitoring

equipment within our wastewater treatment system. Throughout the year no instances of pollutant discharge exceeding

日常生产过程中，我们降低废气、废水和废弃物排放，认真做好排污监测工作，制定年度监测计划，不 permitted standards occurred. All production wastewater is ultimately collected and conveyed to a specialized third-par-断完善优化工作流程，定期委托第三方监测机构开展废气、噪声、污水等排放监测工作。年，公司 ty treatment facility within the local industrial park.未发现污染物排放超标情况。 Pollutant discharge reduction measures我们在规划设计产线扩能和产业项目时，始终遵循ISO环境管理体系要求，并严格依据《中华The Company and Kaifeng New Material have taken measures to prevent and control pollutants in line with applicable人民共和国环境保护法》《中华人民共和国环境影响评价法》以及《建设项目环境影响评价分类管理 laws and regulations: allocate environmental protection facilities and manage their routine operation; minimize名录》的相关规定执行。按照生态环境主管部门的要求，编制建设专案环境影响报告书、环境影响报 discharge of exhaust gas waste water and solid waste in production; monitor pollutant discharge and develop annual告表或环境影响登记表，并获得其认定和批复后实施。严格执行环境保护设施与主体工程同时设计、 monitoring plans; optimize the work flow; employ a third-party monitoring agency to monitor discharge of exhaust gas同时施工、同时投产使用的“三同时”制度。坚决落实环评报告中提出的环境影响防治对策，确保污染 noise and waste water on a regular basis. In 2024 the Company had no pollutant discharge beyond limits.物达标排放；在材料选择上，优先考虑使用防火、抗菌、可回收环保建筑材料，以践行我们对环境保护 Monitoring of pollutant discharge risks的坚定承诺。

The Company and Kaifeng New Material keep refining the ecological monitoring and assessment system and the

污染物排放风险监测 ecological monitoring network and work with local environmental protection authorities to monitor ecological factors

我们持续完善生态监测评估体系和生态监测网络，协同业务所在地环保部门在全部业务运营地开展 such as air surface water soil and plants around production and business premises focusing on the impacts of pollut-生态监测，对生产运营地周边区域环境的空气、地表水、土壤、植被等要素进行监测；重点监控应当披 ants that should be disclosed on employees and local communities particularly in terms of personal health air qualityand water sources. As shown by ecological monitoring results the ecological functions in business locations were not

露污染物排放对员工、当地社区居民等群体的影响，如是否有可能产生健康影响、导致空气质量下降、impaired by the production and business activities of the Company in 2024.水源污染或其他环境问题。生态跟踪监测结果显示，年，属地生态功能未受到公司生产经营影响。

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

..废弃物处理 2.2.2 Waste Disposal

废弃物处理情况 Waste disposal performance

我们不断寻求减少废弃物及综合利用的途径。年，公司已全面完成危险废物管理的标准化建 We never stop our pace to explore approaches for waste reduction and comprehensive utilization. In 2025 we设，实现了标准统一、管理规范、严密覆盖。 completed the hazardous waste management system that is based on unified standards and covers all types of

hazardous waste. 年 年 同比 2025 2024 Year-on-year

产生无害废弃物总量（吨） -% Total generated non-hazardous waste (ton) 971 1875 -48%

处置无害废弃物总量（吨）/

Total disposed non-hazardous waste (ton) 971 1875 /

产生有害废弃物总量（吨）..-%

处置有害废弃物总量（吨） . . / Total generated hazardous waste (ton) 0.5 0.8 -38%

回收再利用废弃物总量（吨） / Total disposed hazardous waste (ton) 0.5 0.8 /

Total recycled waste (ton) 942 1802 /

We have recycled most of the non-hazardous waste namely paper scraps according to regular production experience.根据日常生产经验，我们对各环节产生的大部分无害废 In 2025 the recycling rate of paper scraps raised to 96% due to proper production line control and process upgrading.弃物纸产品边角料得以充分回收并二次利用。 We vigorously promoted paperless office practices. Through software platforms such as Kingsoft WPS and DingTalk we年，通过产线调控和工艺升级，纸产品边角料回收再利用 have fully implemented cloud-based operations for functional departments. Leveraging our comprehensively built smart比例提升至%。 factory we utilized digital twins and the Manufacturing Execution System (MES) to integrate production operations andoffice functions across the site. In 2025 office paper consumption at our Beijing headquarters was reduced to 110kg while

comprehensive office paper consumption at our production bases decreased to 1716kg achieving a significant overall

reduction.废弃物减排及措施 Waste discharge reduction measures

我们制定了《废水、废气、噪声管理程序》《固体废弃物管 We have developed the Management Procedures of Waste理制度》《环境应急预案》等制度，规范各岗位对废弃物 Water Exhaust Gas and Noise the Management Regula-的处置管理工作。对管理员工作开展稽查、考核、排名、 tions on Solid Waste and the Environmental Emergency评价；大力推行清洁生产，减少一般废弃物与危险废弃 Response Plan to regulate waste disposal management. We物的产生；通过设置分类垃圾收集箱与回收处理程序， vigorously implement cleaner production to reduce thegeneration of both general waste and hazardous waste;妥善处理生产运营中产生的一般固体废弃物；分类处置

equip separate waste bins and formulate waste collection;

各项固体废弃物，委托具有处理资质的第三方机构处理 entrust a qualified third party to dispose of hazardous waste.危险废弃物，最大限度降低对环境造成的影响，促进公 These efforts can minimize impacts on the environment and司可持续发展。 promote the sustainable development of the Company. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

..生态系统与生物多样性保护 2.2.3 Ecosystem and Biodiversity Conservation

生态系统保护和恢复 Ecosystem conservation and restoration

我们对于生产基地和新项目的选址严格执行生态保护红线、环境质量底线、资源利用上线和环境准 When selecting sites for production bases and new projects we champion red lines for ecological conservation set bench-

入负面清单要求，避让自然保护地及野生动物重要栖息地、迁徙洄游通道等。我们对现有生产基地 marks for environmental quality impose caps on resource utilization and adopt a negative list for environmental access积极开展绿地恢复工作，陆续完成了前场平方米、后场平方米、办公区域生态环平 keeping away from natural reserves as well as important habitats and migration routes for wildlife. In addition we have方米，共计平方米的土地平整及生态修复治理。年，我们积极响应龙游县政府要求，交还 made proactive efforts to green space restoration in our existing production bases achieving remarkable progress in landleveling and ecological remediation of 14500 m2.In 2025 actively responding to the requirements of the Longyou County

了部分绿化改造修复后的土地，后续将合理高效规划土地使用，科学发挥环境效益和经济效益。

government we returned a portion of land after completing greening renovation and restoration. Future land use will be

planned rationally and efficiently to scientifically realize both environmental and economic benefits.生物多样性保护 Biodiversity conservation

“只有守护多样自然才能实现可持续发展，才有企业的基业长青”。我们坚持人与自然和谐共生，严 Recognizing the importance of harmony between humankind and nature the Company and Kaifeng New Material格遵守《野生动物保护法》等相关法律法规，响应联合国《生物多样性公约》呼吁，将生物多样性保护 stay committed to biodiversity conservation in our practices in line with the Wild Animal Conservation Law of the融入企业实践，积极参与生物多样性保护工作。项目选址执行生态保护红线、环境质量底线、资源利 People’s Republic of China and the Convention on Biological Diversity of the United Nations. To this end we have用上线和环境准入负面清单要求，避让自然保护地及野生动物重要栖息地、迁徙洄游通道等，严格 taken combined measures such as phasing out coal energy and discharging no sewage for environment improve-ment growing grass within the area of self-generated green electricity for revegetation of bare land making reason-

开展项目区域内动植物及其栖息地的调查，明确生物多样性保护措施。

able planning to enhance the use efficiency of production land demolishing idle warehouses to create big-scale

过去的传统造纸方式不仅存在废水、废气排放等多种环境污染，也会因噪音过大而影响到野生动物 ecological green land and providing clean water sources for animals and plants which allow for sound and green的栖息。我们长期坚持环境整治，杜绝煤炭能源使用，水资源实现“零排放”；通过在自建绿电区域植 operation of production bases. Thanks to remarkable environmental renovation efforts our production bases enjoy草，实现裸地修复养还；合理规划土地使用，提高生产土地使用效率，清拆多余库房，修复养护大面 beautiful environment where wild egrets nest and thrive. This is an exemplary practice that boosts development while积生态绿地、着力植树种草，为动植物提供清洁水源，赋予生产基地良性生态运营的更多可能性。当 protecting nature.前公司生产基地环境优美、厂区环境治理效果显著，吸引了野生白鹭等生物在厂区内筑巢生活，充分践行了对人与自然和谐发展的理念。

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

产品全周期生态责任 Ecological responsibility throughout the product life cycle

Green

绿色 Design

设计 Green Green Raw

Recycling Materials

绿色绿色

回用原料

Green Green

Transportation Production

绿色 Green 绿色 Packaging

运输生产

绿色 KAN green management for the whole product life cycle包装

凯恩绿色全周期管理图 Prioritizing degradable base paper for food packaging the Company has focused its efforts

on research and development of world-class specialty paper products featuring cutting-edge

Leading the Design of

“Paper for Plastic” technology high added-value and no pollution as substitutes for plastic actively promoted

replacement of plastic with paper so as to further improve environmental and economic

随着限塑令的不断升级，生态发展上升为“五位一体”战略。我们优先着力在特种 efficiency for harmonious coexistence between human and nature.引领以纸代塑设计食品包装领域研发可降解的环保纸基产品，致力于研究开发技术含量高、附加值高、无污染、具有世界先进水平的特种材料，积极推广以纸代塑产品，进一步提高环境经济效率，将产品对生态环境的影响降到最低，真正实现人与自然和谐共生。 We aligning with WWF (World Wildlife Fund) and GFTN-China (Global Forest and TradeFirmly use of

木浆是工厂产品的主要原材料，我们严格履行WWF（世界自然基金会）、全球森林 Network) initiatives. Notably we import FSC-certified (Forest Stewardship Council) wood green raw materials贸易网络（中国）（GFTN-China）保护自然环境的社会责任，从国外进口采购经过 pulp as our major raw materials from overseas with no domestic environmental risks.坚决使用绿色原料 FSC森林认证的原材料，不存在国内环境风险，最大限度缩减对动植物的生存影响，真正做到品质、品牌和绿色环保的和谐统一。 We have invested substantial human and material resources into technology R&D and我们在技术研发、设备引进上投入大量人力物力提升产品绿色化水平，生产过程 introduction of equipment acquisition to enhance the green attributes of our productsWith环节进行了大量绿色治理实践，严格进行噪声管理、水回用率达到%、自建绿电 Optimization of these efforts noise has been controlled properly; water reuse rate has reached 95%; the 坚持优化绿色生产使用比例逐年提升，原材料利用率、产品能耗指标等均处于行业领先水平，重点保 green production share of self-generated green electricity has increased year by year; the indicators related to护鸟类和鱼类生存环境。 utilization efficiency of raw materials and energy consumption for products are both at the leading level of the industry; the habitats of birds and fish have been protected.我们在产品包装上坚持重复利用性、可回收性、轻量性和可降解性，严格要求产品 The Company has used recyclable light-weighted and degradable product packaging全面更换绿色包装 包装达到可再利用、可再循环、可再回收要求，倡导避免过度包装。消减塑料包装、 Replacement ofgreen packaging reduced plastic packaging and avoided excessive packaging thus cutting down carbon 升级纸箱用纸量工艺、优化产品包装结构，持续减少包装用量、降低碳排放。 emissions.我们持续提升新能源车、铁路、海洋运输使用占比，降低车辆运输产生的碳排放。 Promotion of The Company continues to raise the ratio of transportation by new energy vehicles railway 持续普及绿色运输 积极沟通选择优质的短距离客户，保证商业效率的同时，有效缩短产品运输里程， green transportation and sea as an effort to lower carbon emissions further.降低运输过程中能源耗用及碳排放，积极带动区域内产业链优先实现绿色转型。

我们推行清洁生产，减少一般废弃物与危险废弃物的产生；分类处置各项固体废弃 The Company has rolled out clean production to scale down the generation of both general物，委托具有处理资质的第三方机构处理危险废弃物。我们遵循“节约资源、物尽其 Strict implementation严格实施绿色回用 waste and hazardous waste. We have implemented classified disposal of all solid wastes 用”的原则，不断寻求废物综合利用途径。在内部，我们规范各岗位对废弃物的处置 of green recycling and entrusted hazardous waste to qualified third-party agencies for treatment.管理工作，落实管理员、安全员责任制，对管理员工作开展稽查、考核、排名、评价，真正让日常管理落地。

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

.资源利用与循环经济 2.3 Resource Utilization and Circular Economy

..能源利用 2.3.1 Energy Utilization

我们的生产过程中全程规避了煤炭的参与使用，建立了以天然气和外购蒸汽为核心的生产系统，在电的使用方 Our production basically depends on natural gas and purchased steam to replacement of coal. Our electricity sources面，我们构建了“电力采购+自有绿电+外购绿电”的清洁用电模式，在年逐步形成了“蒸汽%、电力%、 include purchased electricity self-generated and purchased green electricity. By 2025 our energy structure had天然气%、柴油.%”的能源结构，最大限度践行低碳绿色能源转型。 progressively evolved to: “steam 54% electricity 33% natural gas 13% diesel 0.1%”.All these initiatives drive ourlow-carbon and green energy transition to the fullest extent.年年年同比

Year-o

202520242023

天然气使用量（万立方米） % n-year

Natural gas consumption (10000 m3) 195 187 206 4%

柴油使用量（吨）/-%

Diesel consumption (ton) 10 11 / -13%

蒸汽消耗量（万吨） % Steam consumption (10000 tons) 12 11 11 9%

总用电量（兆瓦时） % Total electricity consumption (MWh) 65784 65324 56801 1%

光伏发电量（兆瓦时） % Solar power generation (MWh) 11311 11318 9540 0%

外购绿电（兆瓦时） % Purchased green electricity (MWh) 10483 6495 0 61%

Annual output of paper products (ton) 69720 62268 61681 12%

年产纸产品总量（吨）%

Natural gas consumption per ton of paper (m3/ton of paper) 27.97 30.98 33.40 -10%

吨纸天然气使用量（立方米/吨纸） . . . -% Diesel consumption per ton of paper (ton/ton of paper) 0.00 0.00 / 0%

吨纸柴油使用量（吨/吨纸） . . / % Steam consumption per ton of paper (ton/ton of paper) 1.72 1.82 2.00 -6%

吨纸蒸汽消耗量（吨/吨纸） . . . -% Total electricity consumption per ton of paper (MWh/ton of paper) 0.94 1.05 0.92 -10%

Total energy consumption (MkJ) 599042 575933 920259 4%

吨纸总用电量（兆瓦时/吨纸）...-%

Total energy consumption per ton of paper (MkJ/ton of paper) 8.59 9.25 14.92 -7%

能源消耗总量（百万千焦） % Total energy consumption (ton of coal equivalent) 20440 19651 31400 4%

吨纸能源消耗总量（百万千焦/吨纸） . . . -% Total energy consumption intensity per ton of paper (ton of coal

0.290.320.51-7%

能源消耗总量（吨标煤） % equivalent/ton of paper)

吨纸能源消耗总量（吨标煤/吨纸）...-%

Steam otal energy consumption Natural gas Total electricity intensity per ton of paper

consumption consumption consumption

(10000 m3) (10000 tons)

(ton of coal equivalent/ton

(MWh) of paper)

.

天然气使用量（万立方米）蒸汽消耗量（万吨）总用电量（兆瓦时）吨纸能源消耗总量（吨标煤/吨纸）

.

.

.

.

. We set energy conservation goals and implemented manage-

rial and technical energy-saving measures so as to constant- Total energy consumption intensity

我们通过制定节能目标，落实管理节能措施和技术节能措施，持续推 吨纸综合能耗 per ton of paper ly reduce carbon emission and energy consumption. In line Down . tce/t进减排降耗。根据《能源管理方案》，我们制定了每吨纸产品综合能耗 目标下降.tce/t with the Energy Management Program we set the goal of下降.tce/t的能源目标，年实现下降.tce/t，已超额完成目 实际下降.tce/t decreasing annual comprehensive energy consumption by Completed标计划。 已完成 0.01 tce/t per ton of products. In 2025 we achieved a reduc- Down . tce/ttion of 0.03tce/t exceeding our planned target. We set energy conservation goals and implemented manage-

rial and technical energy-saving measures so as to constant-

ly reduce carbon emission and energy consumption. In line

with the Energy Management Program we set the goal of

decreasing annual comprehensive energy consumption by

0.01 tce/t per ton of products. In 2025 we achieved a reduc-

tion of 0.03tce/t exceeding our planned target.凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

清洁能源应用 Clean energy utilization

在全球推进碳中和的时代背景下，清洁电力已成为实现“双碳”目标的中坚力量。根据国际能源署的算法， Between 2022 and 2025 we increased our existing Phase I solar power generation capacity from 573MWh to未来%—%的电力将来自光伏。为降低企业能源成本，提高土地利用率，同时积极响应国家节能降碳 11311MWh a cumulative increase of 1874%. Calculated based on the national average grid emission factor of号召，助力企业“绿色发展”，我们完成与零碳公司关于光伏发电项目的建设自用工作。 0.5366t CO2/MWh this equates to an additional reduction of 5762 tons of carbon emissions.我们在年至年间，从原有一期光伏发电量兆瓦时增加至兆瓦时，合计增加了%； In 2025 our total solar power generation reached 11311MWh and purchased green electricity amounted to按照全国电网平均排放因子.t CO/MWh计算，相当于新增减少吨碳排放。 10483MWh bringing the total consumption of clean green electricity to 21794MWh. Despite a comprehensive expan-年，我们的光伏发电总量为兆瓦时，外购绿电为兆瓦时，清洁绿电合计使用总量为 sion in production capacity clean green electricity accounted for 33% of total electricity consumption a 6 percentage兆瓦时。在全面扩产扩能的情况下，清洁绿电占总用电量的%，同比去年的%，提升了个百分点。 point increase compared to 27% in the previous year.能源节约及措施 Energy conservation measures整体能源节约管治方面，我们设立了车间负责制，制定各车间节能减排中长期发展战略，推进“一线 Regarding the overall energy utilization management Kaifeng New Material has introduced the workshop responsibility一策”可行性节能减排规划，同时落实“责任组员”，细化协调推进和落实检查具体工作。在保证生产 system and implemented the long-term and medium-term energy conservation and carbon emission reduction strate-安全、品质安全的前提下，最大限度地节能减排。我们实行区域用电责任制，用电管控情况与责任人 gies to minimize energy consumption and carbon emissions while ensuring work safety and product quality. We have薪酬绩效挂钩，并安排人员每天进行巡查。通过技术和管理手段，制定峰谷用电计划，规范用电行为， regulated electricity consumption behaviors to achieve energy conservation and emission reduction management.实现节能减排管理。定期组织开展节能活动、全方面进行节能减排宣传、培训，强化节能意识。

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

..水资源利用 2.3.2 Water Resource Utilization

水资源使用 Water resource utilization performance

我们坚持水足迹全生命周期管理，严格管理生产用水各环节、中水回用环节，持续优化生产工艺，致 For efficient utilization of water resources our efforts have been sustained to uphold the full-cycle management of water力于实现水资源的高效利用，将水资源耗用管理与节水理念落实到日常工作中。 footprint upgrade production technology and implement the management of water resource consumption and theconcept of water conservation in our daily work.年年年同比

Year-on-

202520242023

总用水量（万吨） % year

Total water consumption (10000 tons) 143 128 142 12%

每吨纸总用水强度（吨/吨）-%

Total water consumption intensity per ton of paper

中水用水量（万吨） / % 21 21 23 -0%(ton/ton of paper)

中水回用率（%） % % % / Total reclaimed water consumption (10000 tons) 2715 2432 / 12%

Reuse rate of reclaimed water 95% 95% 95% /

水循环与再利用的总量（万吨） -% Total recycled water volume (10000 tons) 40 44 43 -9%

工业废水排放总量（万吨） % Total industrial waste water discharge (10000 97 80 87 21%

tons)

其中：直接排入环境的工业废水量（万吨） % Including: industrial waste water discharged

0000%

排入污水处理厂的废水处理量（万吨） % directly into the environment (10000 tons)

Volume of wastewater discharged to wastewater

每吨纸排入污水处理厂的废水量（吨/吨纸） % 97 80 87 21%treatment plant (10000 tons)

Wastewater discharge per ton of paper to

1413148%

wastewater treatment plant (ton/ton of paper)

年，我们在扩产扩能的情况下，总用水量增加%，但实现每吨纸总用水强度不变。

In 2025 amidst production expansion and capacity increase our total water consumption rose by 12% but we main-

tained a constant total water consumption intensity per ton of paper.水资源节约及措施 Water recycling

我们珍视水资源，从源头开展技改节能，在车间对废水充分识别、检测，力求最大化重复、多级利用； We cherish water resources implementing technological upgrades for energy conservation at the source. Within the在日常管理中，我们张贴节水标识，宣传节水专刊，更换节水型水龙头，安装水槽限位器，鼓励并倡 workshops we thoroughly identify and monitor wastewater streams striving to maximize reuse and multi-stage cascad-导员工节约用水；在末端，我们还全面安装了废水在线监测系统、刷卡排污系统、视频监控等系统， ing. The significant reduction in comprehensive water consumption per ton of paper has simultaneously lowered the不断建设中水回用系统，将生产废水重复深度净化处理，再次回用至生产车间，减少水资源对环境 pulp consumption in the production line and reduced production costs providing positive feedback for the Company'sgreen development.的压力和影响。综合吨纸水耗明显的下降，也同步降低了产线浆耗，缩减了生产成本，为公司绿色发展提供了有利反馈。

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

..循环经济 2.3.3 Circular Economy

绿色生产体系建设 Green production system establishment

我们建立健全环保管理体系，连续通过ISO环境管理体系认证证书，并严格依照环境管理体系 The Company and Kaifeng New Material have established and refined the environmental protection management开展环境管理工作。采取综合治理措施，积极应对气候变化、优化绿色供应链、践行环境保护，在提高 system and passed the certification of the ISO 14001 Environmental Management System for the purpose of betterenvironmental management. We have taken comprehensive environmental treatment measures combated climate

能效、降低能耗的同时，加强对全员绿色办公、绿色生产、绿色生活的培训宣导，致力成为资源节约型、 change actively optimized the green supply chain and adopted environmental protection practices. In addition to环境友好型公司。 highlighting energy efficiency improvement and energy consumption reduction we have arranged training sessions我们从自身实际出发，以气候行动和碳管理目标为总体目标，在循环经济层面设定了“原材料利用率 related to green office green production and green life for all employees. We are striving to grow into a resource-effi-保持在%以上、中水回用率保持在%以上、可再生能源使用比例增加至%以上”的平均年度目 cient and environmentally-friendly enterprise.Rooted in its operational context the Company has set ambitious annual goals at the level of circular economy with the标，旨在保持清洁生产现有水平的基础下，重点增加绿电等可再生能源的建设规模和导入使用比例， overall goals of climate action and carbon management.. These goals include: maintaining the raw material utilization以短期工程成本波动抵御工业用电等生产成本上涨风险，最终追求循环经济层面的中长期利益。 rate over 94% and the reclaimed water reuse rate above 95% and increasing the share of renewable energy to over

30% in the energy mix. Building on the existing clean production capacity the Company endeavors to expand the

construction of green electricity and other renewal energy facilities and increase the use proportions of renewal

energies in the energy mix and resist the risk of rising production costs such as industrial power supply costs through

short-term fluctuations in engineering costs. This approach aims to pursue medium and long-term benefits of the circu-

lar economy.清洁生产 Cleaner production

木浆是我们生产纸产品的主要原材料，从生产所需的原材料木浆到成品垂直控制每个环节都极其苛 We exert strict control over all process from pulp our main raw material to finished products so as to pursue qualityexcellence. We strictly perform the nature conservation responsibility aligning with WWF and GFTN-China initiatives.刻，力求品质卓越。我们严格履行WWF(世界自然基金会)、全球森林贸易网络(中国)(GFTN-China)Notably we purchase FSC-certified raw materials; we procure CFCC/PEFC-certified pulp as well as produce and sell

保护自然环境的社会责任，采购经过FSC森林认证的原材料，按照《中国森林认证产销监管链》(GB/T CFCC/PEFC-certified food wrapping paper medical packaging base paper and cigarette tipping base paper in accor--)的要求采购CFCC/PEFC认证的纸浆、生产和销售CFCC/PEFC认证的食品包装纸、医用 dance with the Forest Certification in China - Chain of Custody (GB/T 28952-2012); and we keep slashing total

包装原纸和烟用接装原纸等，不断减少包装总量和塑料包装的使用，真正做到了品质、品牌和绿色环 package consumption and phasing out plastic package. Thus we strike a balance between our product quality/brandand environmental protection.保的和谐统一。

In 2025 the proportion of FSC-certified pulp in our pulp consumption reached 34%. Our annual packaging material年，我们使用FSC认证纸浆的占比达到%。全年包装材料消耗量同比减少%，包装消耗大 consumption substantially decreased by 49% compared to the previous year. Since initiating the vehicle “oil-to-electrici-幅减少。我们自年启动车辆“油改电”项目以来，逐步使用电动叉车代替燃油叉车，年燃油 ty”conversion project in 2022 we have gradually replaced fuel-powered forklifts with electric ones. By 2025 the propor-叉车使用占比相较于年下降%。另一方面，我们倡导供应商在短途运输过程中尽量使用新能 tion of fuel-powered forklifts in use decreased by 70% compared to 2021. Furthermore we advocate for our suppliersto utilize new energy trucks for short-distance transportation whenever possible. In 2025 the proportion of incoming

源货车进行运输，年进出货使用燃油货车运输占比相较于年下降%。 and outgoing goods transported using fuel-powered trucks decreased by 30% compared to 2021. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

社会推动力 Social Momentum

.社会担当 . Social Responsibility

.创新驱动 . Innovation-driven Development

.供应商与客户 . Suppliers and Customers

.员工 .. Employees

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

. 社会担当 3.1 Social Responsibility

公司历史最早可追溯到年在浙江省丽水市遂昌县开设的“开成纸厂”。公司除少数专业技术人员外，大部 The Company's history can be traced back to the “Kaicheng Paper Mill”established in Suichang County Lishui City分员工均为当地员工，占比达%左右。公司来自于人民、发展于人民、回馈于人民，多年来参与解决就业近 Zhejiang Province in 1940.With the exception of a limited number of professional and technical personnel local万人次，年以来年均纳税约万元，始终为地区的生态环境治理和经济发展建设不懈奋进，源源不断 employees comprise up to 90% of our payroll. Since 2021 the Company has paid an average annual tax of approxi-贡献着自己的力量。 mately RMB 54 million and played its part in ecological governance and regional economic development unwaver-ingly demonstrating its commitment to social contribution.. 创新驱动 3.2 Innovation-driven Development

作为国内特种纸领域的领军企业，我们长期致力于纸基新材料创新技术的研发，建有独立的科研机构和检测机 As the leading player in the domestic specialty paper industry KAN and Kaifeng New Material have been long devot-构，并以雄厚的技术力量投入到特种纸及相关产品的生产与开发。我们现已成立“浙江省博士后工作站”，获颁 ed to the technology R&D of new base paper materials by leveraging our independent research and testing institu-中国造纸学会特种纸专业委员会“常务委员单位、副主任单位”“省级高新技术企业研究开发中心”“省级企业技 tions robust technical capabilities for product development and production and state-of-the-art paper performance术中心”“省级企业研究院”“衢州市重大科技攻关（揭榜挂帅）项目承担单位”“龙游县重大科技攻关课题揭榜挂 testing equipment at home. We have established “Zhejiang Postdoctoral Workstation” and received multiple recogni-

tions such as the “Standing Committee Member Unit and Deputy Director Unit”of the Specialty Papers Committee of帅项目承担单位”等认可，拥有国内先进的试验设备和纸张性能检测设备。

the China Technical Association of Paper Industry (CTAPI)，“Provincial High-tech Enterprise R&D Center” the“Provincial Enterprise Technology Center” the “Provincial Enterprise Research Institute” “Undertaking Enterprise forMajor Science and Technology Project in Quzhou City”，and the “Undertaking Enterprise for Major Science andTechnology Research Project in Longyou County”.

3.2.1 Technology R&D

With years of dedicated focus on the specialty paper field the Company and Kaifeng New Material have acquired

advanced technologies for a number of key products. Through long-term collaboration with domestic and internation-

al peers as well as academic and research institutes we have developed dozens of core technologies with indepen-

dent intellectual property rights. These technological efforts have spanned multiple business segments enhancing

.. 科技研发 our core competitiveness and resulted in nearly 30 national patents.We are planning to utilize the existing land within the factory area to construct a new building for our research institute

公司和凯丰新材多年深耕特种纸领域，掌握多类重要产品领先工艺，通过与国内外产、学、研的长期合作，形成and supporting facilities. The planned layout includes core foundational R&D and experimentation areas applied

拥有自主知识产权的数十项核心技术，在多业务产品板块布局，不断提升核心竞争力，共获国家授权专利近development and pilot test area and scientific research collaboration office spaces. This aims to create a comprehen-项。

sive R&D base further strengthening our technological innovation capabilities and improve the efficiency of our

我们筹备利用厂区现有土地，新建一栋建筑研究院及配套工程设施，规划布局核心基础研发与实验区、应用开technological R&D.发与中试区、科研协作办公区等，打造综合性研发基地，旨在进一步加强科技创新能力、提升技术研发效力。 Established in December 2021 the Postdoctoral Workstation of Kaifeng New Material has welcomed 5 doctors for凯丰新材博士后工作站于年月建站，陆续名博士进站工作，现有在站博士名。目前研发团队的核心 research in succession with 1 doctor currently in residence. Our R&D team consists of experts in paper-making技术人员来自造纸、化学工程、质量管理、市场开发、自动化控制、设备机械管理等专业领域，具有较强的研发 chemical engineering quality management market development automation control and machinery management.实力，为项目研发提供人才保证。 Their strong R&D capabilities provide a solid foundation for technology R&D. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

年，我们进一步提升研发能力，积极推动行业进步，新增项专利、新增项专利申请，新参与项行业标准 We always devote energy to boosting R&D and industry advancement. In 2025 we have obtained 4 new patents制定，新增个省级科技成果。 filed another 8 patent applications participated in 3 more industry standard formulation projects added 3 provin-cial-level scientific and technological achievements and initiated 8 additional R&D projects.New patents

新增专利 1 A method for preparing cellulose-dopamine/carbon Authorized Patentsnanotube conductive fibers and their applications

基于纤维素-多巴胺/碳纳米管导电纤维及其制备方法与应用授权专利

2 A method for preparing a reactive self-crosslinking PVA Authorized Patents

一种反应型自交联PVA高阻隔纸基材料的制备方法 授权专利 high-barrier paper-based material

3 A vacuum steam-water separator Authorized Utility Model Patents

一种真空汽水分离器 授权实用新型专利 4 A method for preparing a low-conductivity spacer paper for Invention Patentsliquid crystal display glass substrates

一种低电导率液晶玻璃基板垫纸的制备方法发明专利

New patent applications

1 A method for producing a high-glossy cigarette tipping basepaper Invention Patents新增专利申请

2 A method for preparing a highly flexible far-infrared emitting 一种高光泽度烟用接装原纸的生产方法 发明专利 paper Invention Patents

一种高柔韧性远红外发射纸的制备方法 发明专利 3 A multi-functional inclined-wire pilot paper machine Invention Patents

4 A method for preparing a high-permeability high-strength Invention Patents

一种多功能斜网中试纸机 发明专利 filter plug wrapping paper

5 A method for preparing a high-definition protective paper for 一种高透高强滤棒成型纸的制备方法 发明专利 electronic screens Invention Patents

一种高清晰度电子屏幕保护纸的制备方法 发明专利 6 A method for preparing a resource-efficient low-grammagehigh-opacity waxing wrapping paper Invention Patents

一种节约型低克重高遮蔽上蜡包装纸的制备方法 发明专利 7 A method for preparing a fully degradableplastic-substituting high-strength food packaging paper Invention Patents

一种全降解代塑型高强度食品包装纸的制备方法发明专利

8 A method for preparing a bio-based fluorine-free Invention Patents

一种生物基无氟高阻隔性食品包装纸的制备方法 发明专利 high-barrier food packaging paper

New industrial standards involved

1 GB/T 36392-2025 Coated paper and board for food China National Standard

新增参与标准 packaging2 GB/T 22823-2025 Adhesive tape base paper China National Standard

GB/T - 食品包装用淋膜纸和纸板 中国国家标准 Group Standard of China

3 T/CL876-2025 Carbon paper for proton exchange International Association for GB/T - 胶带原纸 中国国家标准 membrane fuel cell Promotion of Science and

T/CL- 质子交换膜燃料电池用碳纸 中国国际科技促进会团体标准 Technology （CIAPST）

New R&D projects

Key technology for efficient surface sizing of cigarette Economy and Information

1 tipping base paper (New Industrial Product of Zhejiang Technology Department of Zhejiang

新增科技成果 Province) Province

烟用接装原纸高效施胶的关键技术（浙江省工业新产品） 浙江省经济和信息化厅 Self-adhesive medical packaging paper with Department of Science and2 high-temperature steam sterilization (Scientific and Technology of Zhejiang Province

自粘型高温蒸汽消毒医用包装纸（浙江省科学技术成果） 浙江省科技厅 Technological Achievement of Zhejiang Province)

3 Water-based food packaging paper (Scientific and Department of Science and 水基食品包装纸（浙江省科学技术成果） 浙江省科技厅 Technological Achievement of Zhejiang Province) Technology of Zhejiang Province

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

.. 智慧生产 3.2.2 Smart Production

年度，我们整厂喜获“浙江省智能工厂（高档特种纸智能工厂）”，成为浙江省衢州市唯一获评的特种纸 In the fiscal year 2025 our entire plant was honored as a “Zhejiang Smart Factory (High-Grade Specialty Paper企业，系年度获得“浙江省智能工厂（高档特种纸数字化车间）”之后的跨越性升级，从“数字化车间”全 Smart Factory)” making us the sole specialty paper enterprise in Quzhou City to receive this recognition. Thisrepresents a significant upgrade from being named a “Zhejiang Smart Factory (High-Grade Specialty Paper Digital面迈向“全链路智能工厂”。

Workshop)” in 2022 marking a comprehensive leap from a “digital workshop” to a “fully integrated smart factory”.我们积极推动新一代信息技术与制造技术融合发展，公司已全面完成数字化转型三期项目。三期实现数字孪 We are actively promoting the integrated development of next-generation information technology with manufacturing生、虚拟现实交互，介入AI算法，落实“ESG+AI”的生产责任体系，实现了产线布局一体化、产品制造自动化和 technology. The Company has fully completed Phase III of its digital transformation project. Phase III has realized生产控制云端化，以系统的高度集成与协同，通过MOM+平台打通APS、MES、QMS、WMS及EMS等系统，完 digital twin and virtual reality interaction integrated AI algorithms and implemented an “ESG+AI” production respon-成从订单到交付的全链条数据闭环管理，实现工厂生产的自动化、数字化和智能化，优化效率、良率、成本、品 sibility system. It has achieved integrated production line layouts automated product manufacturing and质，全面提高核心竞争力。 cloud-based production control. Through advanced system integration and collaboration the MOM+ platformconnects systems including APS MES QMS WMS and EMS achieving closed-loop data management for the entire

chain from order to delivery. This realizes automation digitization and intelligence in factory operations optimizing

efficiency yield costs and quality thereby comprehensively enhancing our core competitiveness.数字孪生系统入口 数字孪生厂区简介 数字孪生厂区全景巡游 Digital Twin System Entry Digital Twin Factory Overview Digital Twin Factory Panoramic Tour

数字孪生车间巡游 数字孪生工艺设备巡视 数字孪生夜晚透视巡视 Digital Twin Workshop Tour Digital Twin Process Digital Twin Nighttime

Equipment Inspection Transparent Inspection

数字孪生原料透视分析 数字孪生设备分解检测 产线动态实时监测 Digital Twin Raw Material Digital Twin Equipment Real-time Production

Transparent Analysis Disassembly and Testing Line Dynamic Monitoring

光伏用电调度分析 产线数据采集控制 纸品AI识别缺陷 Photovoltaic Power Production Paper Product Usage Scheduling Analysis Line Data Collection and Control AI-based Defect Recognition

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

生产设备先进： 智能程度领先： Advanced Production Equipment: Pioneering Intelligence：

我们先后从德国、美国、意大利、法国等地区引进了具有 我们已成功构建了一个以数据驱动为核心的智能制 We have successively introduced key production equipment We have successfully constructed a smart manufacturing

国际先进水平的关键生产设备及在线检测设备，如德国 造运营体系。通过集成MOM+（制造运营管理）、APS（ and online inspection systems of international advanced operation system centered on data-driven decision-mak-standards from Germany the United States Italy France ing. By integrating software and hardware systems such asBELLMER摇震器、德国西门子传动控制系统、美国霍尼 高级计划排程）、MES（制造执行系统）、QMS（质量管 and other countries. Examples include BELLMER shaker MOM+ (Manufacturing Operations Management) APS韦尔定量水分控制系统（QCS）等，建成了国内具有领先 理系统）、EMS（能源管理系统）、WMS（仓储管理系统 and Siemens drive control system from Germany as well as (Advanced Planning and Scheduling) MES (Manufactur-技术的一流特种纸生产线。对现有生产线主体设备进行 ）、EAM（资产管理系统）、ERP（资源计划系统）、DCS（ Honeywell Quantitative Moisture Control System (QCS) from ing Execution System) QMS (Quality Management技术改造和系统优化，通过传感器技术、物联网技术等， 分布控制系统）、QCS（质量控制系统）、WIS（制造管理 the USA. This has enabled us to establish a first-class System) EMS (Energy Management System) WMSspecialty paper production line with leading technology in (Warehouse Management System) EAM (Enterprise通过标准OPC DA、OPC UA、MODBUS等标准工业互联 系统）、Digital Twin（数字孪生）等软硬件配套系统， China. We continuously carry out technical transformation Asset Management) ERP (Enterprise Resource Planning)网协议，完成全产线和全车间设备网络接入，支持边缘 实现了从销售订单到生产交付的全业务链路数字化 and system optimization of main equipment in our existing DCS (Distributed Control System) QCS (Quality Control端实时分析计算与云端数据治理。 管理。APS系统实现智能排产，效率提升%以上；生 production line. Through sensor technology the Internet of System)WIS (Workshop Information System) and Digital产全过程通过MES与数字孪生技术实时监控、透明可 Things (IoT) and standard industrial Internet protocols such Twin we have achieved digital management across the

as OPC DA OPC UA and MODBUS we have achieved entire business process from sales order to production控；QMS确保产品质量标准统一，并可实现分钟级精 network access for equipment across all production lines delivery. APS enables intelligent scheduling efficiency准追溯；WMS实现了仓储作业的精准与高效。同时， and workshops supporting real-time edge computing and improved by over 90%. The entire production process isEMS助力我们达成绿色低碳运营。 cloud-based data governance. monitored in real-time with transparency and controlthrough MES and digital twin technology. QMS ensures

uniform product quality standards and enables minute-lev-

el precision traceability. WMS ensures accuracy and

efficiency in warehouse operations. Concurrently EMS

assists us in achieving green and low-carbon operations.ESG+ ESG+

绿色理念深入： 综合效益显著： Deep-Rooted Green Concept: Significant Comprehensive Benefits:

我们在数字化转型之初便将绿色环保理念深度融入智 根据内部综合估算，我们的质量事故处理成本降低 In terms of energy management we rely on EMS for According to internal comprehensive estimates our qualityreal-time monitoring and precise control of plant-wide energy incident handling costs have been reduced by 20% the

能制造体系，致力于打造可持续发展的行业标杆。在能 %，客户投诉响应效率提升%，生产效率提高 consumption. Through multi-level digital twin simulations efficiency of responding to customer complaints has been源管理上，我们依托EMS能源管理系统，对全厂能耗进 %，非计划停机时间降低-%，同产品单位产品 spanning “plant-workshop-production line-workstation” and improved by 75% production efficiency has increased by行实时监测与精准调控，通过“全厂-车间-产线-工位” 生产成本与综合能耗均实现%以上的可测量下降，排 by simulating equipment and production line operation 25% unplanned downtime has decreased by 10-15% andstatus under different timeframes and climatic conditions in both unit production costs and comprehensive energy

多层级的数字孪生仿真，实时时间与天气模拟不同时 产效率提升%以上，显著增强企业接单能力与生产 real-time managers can gain a comprehensive understand- consumption for comparable products have achieved间段和气候条件下的设备和产线运行状态，让管理者 柔性。 ing of the production process from macro to micro levels. measurable reductions of over 5%. Scheduling efficiency可以从宏观到微观全面了解生产过程，为生产计划优 数字化转型至今，我们既打造了一个技术领先、管理先 This provides a scientific basis for production plan optimiza- has increased by over 90% significantly enhancing thetion energy consumption control and emergency response Company's order-taking capacity and production flexibility.化、能耗控制和应急预案提供科学依据。通过部署厂房 进、服务优质、环境友好的现代化智能制造工厂，又建 planning. By deploying a rooftop distributed photovoltaic Since the commencement of digital transformation we屋顶分布式光伏电站，显著提升绿色能源自给率。在生 立了一套可持续改进的技术体系，同时为工艺优化提 power station we have significantly increased the self-suffi- have not only built a modern intelligent manufacturing产环节，我们通过先进工艺与数字化系统（如MES、 供了可持续的数据资产，为未来的可持续发展奠定了 ciency rate of green energy. In the production process we facility that is technologically leading advanced incontinuously reduce unit product energy and material management high-quality in service and environmentallyAPS）的优化，持续降低单位产品能耗与物耗，从源头 坚实基础。随着G、工业互联网等新技术的进一步应 consumption through advanced processes and optimization friendly but also established a continuously improvable实现节能减排。同时，我们建有完善的废水处理与循环 用，我们将继续深化智能制造建设，推动工厂向更高水 by digital systems (such as MES APS) achieving energy technical system. This provides sustainable data assets for利用系统，大幅减少新鲜水取用量和废水排放。这一系 平的智能化迈进，为行业提高新质生产力树立新的标 conservation and emission reduction at the source. Further- process optimization laying a solid foundation for futuremore we have established a comprehensive wastewater sustainable development. With the further application of

列技术举措，使我们荣获“国家级绿色工厂”认证，实现 杆。 treatment and recycling system substantially reducing fresh new technologies like 5G and the Industrial Internet we will了环境效益与经济效益的双赢。 water intake and wastewater discharge. These technological continue to deepen our smart manufacturing initiativesinitiatives have earned us the “National Green Factory” propel the factory towards even higher levels of intelli-

certification achieving a win-win situation between environ- gence and set a new benchmark for enhancing new

mental and economic benefits. quality productive forces in the industry. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

. 供应商与客户 3.3 Suppliers and Customers

.. 客户 3.3.1 Customers

发力中东 拓展欧美 The Middle East

Europe and America

D D

立足中国 China

B E B E

C Zhejiang Province C依托浙江

连接亚太 Asia Pacific

A A

全球化布局 Global layout

国外： Overseas markets:

美国、日本、印度、马来西亚、泰国、越南、新加坡、意大利、英国、德国、阿联酋、澳大利亚、巴西、南非、乌拉圭、 US Japan India Malaysia Thailand Vietnam Singapore Italy UK Germany UAE Australia Brazil South Africa

印度尼西亚、比利时、瑞典、芬兰、亚美尼亚、墨西哥、波兰、加拿大、捷克、菲律宾等国家。 Uruguay Indonesia Belgium Sweden Finland Poland Canada Czech Republic Philippines etc.Domestic markets:

国内： Yunnan Anhui Henan Hunan Sichuan Zhejiang Shanghai Beijing Guangdong Gansu Jiangsu Guangxi Shan-

云南、安徽、河南、湖南、四川、浙江、上海、北京、广东、甘肃、江苏、广西、山东、湖北、新疆、陕西、黑龙江、吉林、 dong Hubei Xinjiang Shaanxi Heilongjiang Jilin Guizhou Fujian Shanxi Shenzhen Tianjin Chongqing etc.贵州、福建、山西、深圳、天津、重庆等地区。

Headquartered in Hangzhou Zhejiang Province Kaifeng New Material has forged an international sales network

我们销售总部设立在浙江杭州，为全方位满足客户需求，推动品牌全球化战略，我们已形成了立足中国、连接 covering domestic markets and overseas markets in Asia Pacific the Middle East Europe and America so as to亚太、发力中东、拓展欧美的国际营销网络。积极布局海外，拓展国际市场，一方面探寻全新市场与客户群体， meet the needs of customers and to fully bolster the global brand strategy. To expand our global presence we dig重新链接国际化市场、客户与产品；另一方面，扩大吸纳人才及客户的范围，吸收各国在全球化进程中推出的 into new markets and customer groups as well as extend our talent and customer outreach and draw on welfarepolicies released by various countries in the process of globalization. All these efforts will enhance industry competi-

政策福利，实现行业竞争优势与公司收益的双丰收。稳定的海外客户群和开放的海外布局不但能分散风险，更 tive advantages and increase corporate earnings.能填补业务空缺、创造商机、扩充成长空间。

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

海外拓展 Overseas Expansion

我们采用直接销售和经销商销售相结合的销售方式，其中直接销售为主要销售方式。在部分销售区域公 Our marketing channels at home include direct marketing and marketing by dealers with direct marketing as the core.司合理选择经销商，充分发挥它们的地域和资金优势，保障对不同细分市场的有力渗透。在出口市场上采 Facing the export market we adopt a combination of direct marketing marketing by dealers and marketing bycommercial agents. Notably dealers or commercial agents boasting strong financial strength positive reputation

取直接销售、经销商销售和代理商销售相结合的销售方式。通过选择资金实力较为雄厚、市场信誉较好、competitive marketing capacity and diverse marketing channels are employed to help us expand international market

销售能力较强、销售网络较广的经销商或代理商，以加大拓展国外市场的力度。公司在市场上有着良好的 outreach.The Company enjoys a strong reputation in the market with product quality and services widely recognized口碑，产品质量与服务得到了客户的广泛认可。 by customers.自年起，我们积极落实“反内卷”要求，锚定“以纸代塑”领域提质升级，集中向高端产品线和海外销售 Since 2024 we have focused our efforts on high-end product lines and overseas markets. To further seize market市场发力。为进一步抢抓市场机遇，我们应邀走出国门，通过参加泰国曼谷纸业展览会、德国多特蒙德国 opportunities we have responded to invitations to go global participating in major international paper exhibitions suchas the Bangkok Paper Exhibition in Thailand Inter-Tabac Dortmund in Germany the Surabaya Tobacco Exhibition in

际烟草展会、印尼泗水烟草展览会、阿联酋迪拜国际烟草展会和纸浆及造纸、生活用纸展览会等境外大型

Indonesia WT Middle East，and PulpForExpo. In recent years we have successfully added cooperative customers纸品展会，近年来成功新增了马来西亚、印尼、越南、印度、巴西、亚美尼亚、墨西哥、迪拜、新加坡、波兰、加 from regions including Malaysia Indonesia Vietnam India Brazil Armenia Mexico Dubai Singapore Poland拿大、瑞典、捷克、菲律宾等地区的合作客户，陆续增加了数千万元外销额，并在年度实现外销额同比 Canada Sweden the Czech Republic and the Philippines. This has incrementally increased export volume by tens增长%，拓展市场新增长点初见成效。未来，我们将持续拓宽国际市场、挖掘国际特种纸产业潜力、积累 of millions of RMB doubled year-on-year in 2025 and marking an initial success in exploring new market growth提升外销实力。 points. In the future we will continue to expand the international market tap into the potential of the internationalspecialty paper industry accumulate and enhance our export strength. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

.. 供应链 3.3.2 Supply Chain

供应商是我们长期的合作伙伴，我们制定《供应商管理程序》《供应商绩效管理规范》等内部制度文件，由生产基 To effectively manage suppliers our long-term partners the Company and Kaifeng New Material have developed地负责人牵头成立“供应链风控委员会”，严格做好供应商的选择、准入资质评估、评审及供应商绩效管理等工 internal regulations such as the Supplier Management Procedures and the Management Regulations on SupplierPerformance and set up the Supply Chain Risk Control Committee，strict supplier selection access qualification作。我们致力于与供应商保持互惠互利、合作共赢的良性关系，共同加强和完善供应链的社会责任管理体系，以 assessment review and supplier performance management.We are committed to maintaining mutually beneficial and实现供应链的可持续发展。 win-win relationship with suppliers and jointly strengthening and refining the social responsibility management system年，我们依照A类（化工原料、贵重器材）、B类（商品木浆）、C类（包装材料）、D类（消防、劳保、吊装）四类物 of the supply chain so as to achieve sustainable development of the supply chain.In 2025 following the procurement standards for raw and auxiliary materials we classified materials into four catego-资，按照原辅材料采购标准，经市场调查比较各个生产厂家及供应商的管理、质量、财务状况、交货能力、价格（ ries: Class A (chemical raw materials high-value equipment) Class B (commercial wood pulp) Class C (packaging性价比）定位，最终确定家合格供应商。其中，合作年以上的达家，合作年以上的达家。我们积极推行 materials) and Class D (fire safety labor protection hoisting supplies). Through comparison of various manufacturers本地化采购模式，优先合作培育浙江省内的供应商伙伴，不断降低远距离运输成本与碳排放浪费。年，我们 and suppliers concerning management quality financial status delivery capacity and price (cost-performance ratio)we ultimately identified 87 qualified suppliers. Among these 77 have been our partners for over 3 years and 30 for over

在浙江省内的本地化供应商数量占比达%。

10 years. We actively promote a localized procurement model prioritizing collaboration with and nurturing supplier

partners within Zhejiang Province to continuously reduce long-distance transportation costs and carbon emissions

waste. In 2025 the proportion of local suppliers within Zhejiang Province reached 68%.采购控制 Procurement control

我们制定《采购控制程序》，建立量化的评价指标，对供应商进行ABCD四级划分，确定供货比例、付款时间等。 Our Procurement Control Procedures has outlined measurable evaluation criteria classified suppliers into A B and Cgrades and specified provisions concerning supply proportions and time of payment. Besides we have developed a

按质量、环境及安全生产标准化的要求，形成了一套完善、有效的供应商调查、选择、评价、控制的供方评定体well-performing supplier assessment system covering supplier investigation selection evaluation and control accord-系，与一批稳定、可靠的合格供方建立了稳定的合作关系，确保供方在质量、成本、交期等方面符合公司要求。 ing to the quality environment and work safety standard requirements. As a result we have forged trustworthy cooper-通过采用灵活的采购策略，有效地控制了木浆的采购成本，也保证了公司产品的质量。 ation with a series of reliable suppliers meeting our requirements on quality cost and delivery.受国际市场及地缘因素的综合影响，年木浆价格整体呈现先涨后跌态势，为调整木浆采购节奏和成本控 Affected by the combined impact of the international market and geopolitical factors wood pulp prices generally expe-rienced a trend of initial increase followed by a decline in 2025 which provided opportunities to adjust wood pulp制提供了机会。我们冷静对市场进行分析、及时预判，优化原料结构、拓展原材料的供应渠道，充分把握灵活的 procurement pace and strengthen cost control. We calmly analyzed the market made timely forecasts optimized the采购策略，多次在低位下行的关键节点，结合市场节奏和生产供需及时增加采购量，全年有效降低了木浆的平 raw material mix expanded raw material supply channels and fully leveraged flexible procurement strategies. This均成本，各种原辅材料品质良好、交期正常，确保了公司良好的经营韧性和业绩的稳定。 effectively reduced the average cost of wood pulp throughout the year ensuring the Company's strong operationalresilience and stable performance. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

.. 产品与服务 3.3.3 Products and Services

生产基地负责人牵头组织“质量管理小组”，制定《质量管理制度》《原料管理制度》《生产管理制度》《成品管理 Kaifeng New Material have been made to set up the Quality Management Team ledwe formulated such systems as制度》《精益管理制度》等制度，形成了以精益T管理为核心的全过程质量管理体系，检验人员队伍稳定，品管 the Quality Management System the Raw Material Management System and the Production Management System建设任务严密有序，产品持续获得ISO质量管理体系、ISO环境管理体系、ISO食品安全管理 establishing a comprehensive process quality management framework centered on Lean 3T Management. The teamof inspection personnel is stable and quality control construction tasks are rigorous and orderly.. The products have

体系、ISO职业健康安全管理体系、FSC森林管理委员会、PEFC森林认证认可计划体系、BRCGS食品安 been granted a series of system certificates including ISO9001 Quality Management System ISO14001 Environ-

全全球标准、FDA美国食品药品监督管理局、能源管理和知识产权管理等多项体系认证。 mental Management System ISO22000 Food Safety Management System ISO45001 Occupational Health andSafety Management System FSC Certification PEFC (Programme for the Endorsement of Forest Certification)

System BRCGS Global Standards for Food Safety FDA (Food and Drug Administration) Certification Energy

Management System and Intellectual Property Management System. Kaifeng New Material is able to undertake bulk

production of customized specialty paper products and has been well recognized by its partners such as Detpak

Zidan Baowu and Kodak laying a solid guarantee for improving product quality. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

产品服务流程 Product Service Process

我们通过专项制定《服务标准细则》，建立起以市场需求为导向，以顾客满意为中心，围绕售前、售中和售后 Through the formulation of the Service Standard Details we have established a market-driven customer-centric三个阶段为用户提供全程的服务。 service process that ensures comprehensive support spanning pre-sales in-sales and after-sales phases.沟通阶段 Communication Phase

及时开展内部技术评审，通过分析客户的需求条件，提供 Timely internal technical reviews are conducted and customer合适产品的工艺控制书，开展样品模拟试验和小批量产品 requirements are analyzed so as to provide process control试制。 sheets for suitable products and conduct sample simulationtrials and small-batch prototype production.生产阶段 Production Phase

设置专岗监测核查原材料品质、实时校准智能化分析数据， Dedicated positions are set up to monitor and verify the quality of raw material and calibrate intelligent生产线主管依照技术指标从手机终端和电脑终端监测管控 analysis data in real-time. Production line supervisors monitor and control production process data via

mobile and computer terminals according to technical specifications. Production workers and patrol

生产环节数据，生产工和巡检监测设备仪器和纸张运转的inspectors monitor the continuous operational stability of equipment instruments and paper operation.连续稳定，技术部负责人根据阶段性数据变化及时调整工 The Technical Department head adjusts processes and materials promptly based on periodic data艺和物料，质量员依据AI智能扫描识别纸张表面空隙数据 changes. Quality control personnel strictly record paper formation status using AI-powered intelligent严格记录纸张成形状态，对瑕疵纸次品及时讨论寻因、整治 scanning to identify surface void data promptly discussing causes and rectifying defective paper. Prod-返工，确保品质合格才能下线包装，确认产品实现过程和产 ucts are only approved for packaging after ensuring quality compliance. The alignment between品特性的贴合度。入库产品严格编码建档，在业务系统及时 production process and product characteristics is ensured. Warehoused products are strictly coded分配物料运出，跟踪在途产品状态，出厂前做好各项指标检 and archived materials are promptly allocated in the business system for dispatch and the status of测和使用情况测试，对产品进行留样再观察。 products in transit is tracked. Before shipment various indicator tests and usability assessments areconducted and product samples are retained for further observation.售后阶段 After-Sales Phase

对于已发货在途和客户使用时出现问题的产品，及时调查 For products with problems during transit or customer use成因并召回处理，及时妥善处理质量风险和投诉建议，防止 causes are promptly investigated and recalls are processed if类似问题再次发生，实现投诉处理标本兼治，充分保障客户 necessary. Quality risks complaints and suggestions are权益。公司坚持全员参与、持续改善，不断借助各种渠道与 addressed timely and appropriately.客户进行沟通和交流，以更好地了解其需求和期望，从而预防和解决潜在问题，持续提升公司竞争力和信用力。

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

服务投诉管理 Service complaint management

我们开通了客户咨询、投诉、建议提供的便捷渠道，制定了客户投诉管理规定，确保客户投诉信息的快速传递 The Company and Kaifeng New Material have opened up convenient channels for customer consultation complaints与妥善处理。设定了年度“客户满意度”和“投诉回访度”的考核指标。年度，产品品质稳定且满足各项标 and suggestions and formulated customer complaint management regulations to communicate and address custom-准要求，未发生重大品质争议；保持售后回访度%，客户满意度达到%，未收到客户关于质量方面的相 ers’ concerns complaints and insights timely and effectively. Besides we have set annual assessment indicators for“customer satisfaction” and “complaint follow-up” established a sound after-sales customer service system and关投诉，无产品二次召回事件发生。

assigned technical and service personnel to visit customers from time to time. In 2025 our product quality was stable

and met applicable standards; there were no major quality disputes; the after-sales follow-up rate was maintained at

100% and the customer satisfaction rate reached 99%; no customer complaints about quality were received and no

products were recalled.No incidents of secondary product recalls have occurred. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

. 员工 3.4 Employees

.. 员工权益保障 3.4.1 Protection of Employees’ Rights and Interests

员工概况 Our payroll

末公司总计名员工，雇佣合同覆盖率%。 As of the end of 2025 the Company had 281 employees on the payroll and all of our employees have signed laborcontracts.按性别构成划分：女性人、男性人。

By gender: 77 females and 204 males.按专业构成划分：生产人员人、技术人员人、行政人员人、销售人员人、财务人员人。

By profession: 171 production workers 46 technicians 42 administrative staff 15 sales persons and 7 financial staff.合规就业

根据《中华人民共和国劳动法》和各项劳动管理制度等有关规定，制定《招聘任用管理规范》与员工签订劳动合 Employment compliance同。建立健全员工社会保险制度、住房公积金制度、补充保险制度，依法为员工缴纳保险费用。年，公司用 In accordance with the Labor Law of the People’s Republic of China and applicable labor management regulationswe have implemented the Good Employment Practice and signed labor contracts with our employees. In addition

人合同、社会保险覆盖率保持%。

we always bear the due corporate contribution to social insurance housing provident fund and supplementary insur-

我们建立和完善包括薪酬体系、激励机制，制定《薪酬管理办法》《内部晋升、竞聘管理规范》《薪资核算及发放ance for our employees in accordance with the law. In 2025 all our employees entered into labor contracts and had管理规范》等制度，建立工资正常增长机制，保障员工依法劳动、享有权益。年，公司人均带薪年休假天数 access to the social insurance package.超过天。 We have established and improved the remuneration system and the incentive mechanism and formulated a range我们保护童工、保护女工、反对歧视、保障尊严、尊重自愿劳工，年，公司未发生任何歧视、雇佣童工或强 of regulations such as the Management Regulations on Remuneration the Management Regulations on Internal迫劳动的争议事件。 Promotion and Competition for Jobs and the Management Regulations on Remuneration Accounting and Payment.These actions allow for regular pay increase and enable our employees to work and enjoy their rights and interests

according to law. In 2025 there were over 8 paid leave days per employee.We stay committed to prohibiting child labor protecting female employees combating discrimination safeguarding

dignity and respecting voluntary labor. In 2025 the Company had no incidents of discrimination child labor or forced

labor. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

设施配套 Availability of facilities

我们致力于为员工提供整洁、绿色的园林式生产生活环境。中央空调覆盖各个厂房，为员工提供恒温、恒湿的 We are committed to providing employees with a clean garden-style production and living environment. To this end作业环境，周边各类生活娱乐设施齐全。自建食堂为员工提供温馨舒适的就餐环境和丰富的菜式选择，为员工 central air-conditioning system covers every workshop providing employees with a working environment of constanttemperature and humidity. Besides well-established living and recreational facilities are available for employees. To

提供用餐补贴，食品安全有保障。年，我们对员工食堂重新进行装修、提高食堂饭菜的品质和服务。我们 be specific our canteens provide pleasant dining environment and a wide range of safe food options. In 2025 we为丰富员工业余生活，在工作场所提供舒适的休息环境，设有健身房、阅览室等活动场所，配套乒乓球室、篮球 renovated the employee cafeteria improved the quality and service of the meals provided.And meal allowance is场、多功能媒体室、茶室等活动场所。为符合条件的员工提供整洁舒适的公寓，配备空调、小时热水等设施， another benefit for employees. To enrich the spare-time life of employees a variety of recreation facilities have beenequipped including but not limited to fitness centers reading rooms table tennis rooms basketball courts multi-func-

提供系统化卫生管理。鼓励夫妻共同来司就业，重视吸引和留住人才。 tion media rooms and tea rooms. To attract and keep talents qualified employees are provided with neat and comfort-able apartments and married couples are encouraged to both work in the Company.关爱机构 Employee care

Highlighting the importance of employees the Company and Kaifeng New Material have set up an employee care

我们坚持“以人为本”，关心关爱员工，设立员工关爱中心，构建了意见箱、邮件、电话、面对面沟通等多种沟 center especially for employees with physical disabilities female employees during their pregnancy and lactation通与申诉渠道。同时，人力资源部会同生产部、行政部、工会等部门开展多样化员工关爱活动。 and employees in need. These three groups enjoy additional allowance physical examinations free of charge andaid fund respectively. Moreover our employees have access to multiple communication and complaining chan-

nels such as suggestion box emailhotline and face-to-face communication. To timely identify and address the

concerns of employees the Human Resources Department works with the Production Department the Adminis-

tration Department and the Labor Union to organize a rich diversity of employee care activities，continuouslyenhancing employee satisfaction. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

丰富活动 Various activities

我们为员工提供展示和培养兴趣爱好的平台渠道，积极组织开展体育健身、节日活动、关爱女性等各类活动， The Company has provided its employees with various platforms to showcase their talent and develop hobbies帮助员工更好平衡工作与生活。日常还组织员工不定期开展读书分享会、美食节、观影教育、诗歌朗诵大赛等 and organized sports competitions festival events and female care activities to help employees better life.活动，丰富员工业余生活，增强团队凝聚力。

年月，“新春”举办动员年会 年月，“表彰”年度优秀员工 In January 2025 In February 2026 a Spring Festival mobilization meeting was held. outstanding employees of the year were recognized.年月，“年度”北京总部述职 年月，“年度”北京总部述职 In February 2025 In January 2026 the Beijing headquarters conducted an annual work report. the Beijing headquarters conducted an annual work report.年月，“九三”组织观看阅兵 年月，“中秋”开展精彩盛会 In September 2025 In September 2025 a national military parade viewing was organized. a Mid-Autumn Festival celebration was held. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

民主保障 Guarantee of democracy

我们遵守《国际人权公约》《世界人权宣言》等国际准则，重视人权民主，成立工会组织，完善工会各项体系，制 Freedom of association: Emphasizing the protection of human rights and democracy the Company observes appli-定《自由结社和劳资谈判》《工会组织规范》等制度，一直采用自愿加入与自愿退出工会的原则，建立员工与公 cable international rules such as the three major international covenants on human rights and the Universal Declara-司之间的沟通枢纽，鼓励员工参与决策制定和问题解决。年，工会收到员工建议份，全部完成了研讨及 tion of Human Rights and has formulated internal regulations including the Freedom of Association and Collective落实；全年开展职代会及民主沟通会次，公司员工满意度得分为%，同比提高了个百分点。 Bargaining and the Management Regulations on Labor Union. The Labor Union has been set up along with improvedworking systems for employees to communicate with the Company. Employees are allowed to join or withdraw from

the Labor Union freely and are encouraged to participate in making decisions and solving problems. In 2025 the

Labor Union received 14 suggestions and studied and put all suggestions into practice. Four meetings including the

workers’ congresses and democratic communications were held. The employee satisfaction was 98% a 2-percent

year-on-year growth.员工满意度得分为

%

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

..职业健康与安全生产 3.4.2 Occupational Health and Work Safety

我们认真贯彻和执行《中华人民共和国安全生产法》及安全生产相关的法律法规，建立了ISO 职业健 The Company and Kaifeng New Material always abide by the Law on Work Safety and other applicable work safety康安全管理体系，定期开展EHS审核、要素化检查及班组考评。设立应急领导小组，设置突发事件应急响应 laws and regulations. To ensure people-centered safety work the following combined measures have been taken:程序，以应对突发事故的发生，并每年不定期进行演练。开展危险源的辨识、风险评价和风险控制，建立公司 step up supervision and inspection identify and wipe out hidden hazards; establish and maintain ISO 45001 Occupa-双重预防分级管控表、重大风险源清单等，张贴到每个风险点、每个岗位，实现全员参与、层层管控。年， tional Health and Safety Management System; organize EHS-specific audit factor-by-factor check. In addition weset up an emergency response leading group work out emergency response procedures and arrange drills every

公司无重大安全生产事故，未出现承包商安全事件。

year.年，公司为生产一线岗位近名员工进行了职业健康体检，职业健康档案覆盖率达%，严重职业We conducted hazard identification risk assessment and risk control. We established the company’s dual-preven-

病发生次数保持次。年，公司新员工安全教育培训率%、人均职业健康培训时长小时；特殊工种 tion hierarchical control table and major risk source list posting them at every risk point and each workstation to持证上岗率%。 achieve full participation and multi-level control. In 2025 the Company had no major workplace safety accidents and我们持续开展职业健康安全管理体系（ISO）认证工作和S评价工作，新主动引入全球合规与道德规 no contractor safety incidents.范倡议组织（AMFORI）第三方机构开展BSCI现场审计评价，旨在审视认证我们自身的道德生产意识、合规经 In 2025 over 200 front-line employees were provided with occupational health examinations. All employees had their济实践、尊重人权平等及负责任的供应链。年，我们在BSCI认证获得“B”评级，评价中在职业健康安全 occupational health records. There were no occupational disease cases. All new employees received work safety等个单项获得个“A”评价。 training. The average occupational health training hours per employee reached 15; all employees engaged in specialjobs worked with required certificates.We keep working toward Occupational Health and Safety Management (ISO 45001) certification and 6S (SEIRI

SEITON SEISO SEIKETSU SHITSUKE and SAFETY) assessment. Moreover we have invited a third-party organ

to conduct a field audit in line with AMFORI BSCI requirements.In 2025 we achieved a “B” rating in the BSCI certifi-

cation receiving 11 “A” results in 13 individual items including occupational health and safety. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

..职业发展与培训 3.4.3 Career Development and Training

员工成长体系 Employee development system

我们高度重视人才培训与发展工作，以“专注、研究、创新”的企业精神与用人理念，为员工打造研究型、成长 Taking talent training and development as a top priority the Company and Kaifeng New Material uphold the princi-型职业发展平台。建立可持续发展的战略性人力资源梯队，组织开展多种形式的岗位培训、技能培训、管理 ples of “Focus Research Innovation” and strive to build a career development platform friendly to employees’培训、资质培训、知识竞赛、技能竞赛等，鼓励员工持续学习。为加强校企合作关系，我们优先与属地职校及 research and growth. Besides our efforts have been intensified to foster a sustainable and strategic talent poolattract and cultivate younger better-educated more professional and more pragmatic backbone employees with

大专院校形成链接，不断创新用人机制，大胆培养任用实习岗位优秀人才，形成了特色有效的员工培养与发ideals and a sense of responsibility provide various forms of training sessions on posts skills management and展体系。

qualification and organize knowledge and skill contests encouraging employees to keep learning.To strengthen university-industry collaboration we prioritize forming connections with local vocational schools and

colleges. We continuously innovate our employment mechanisms proactively cultivating and appointing outstand-

ing talents from internship programs thereby forming a distinctive and effective employee development and

training system.职业成长培训 Career development training

我们陆续制定了“中层管理训练营”“青年干部培训班”“外贸专题培训”“高级造纸工职业技能现场理论培训 We have successively developed and implemented specialized professional training programs such as the “Middle及考试”“数字化智能工厂培训”等职业专项培训。年，公司员工培训覆盖率%、人均培训时长小 Management Training Camp” the“Young Cadre Training Class” the“Foreign Trade Thematic Training” the“Ad-时，做到了人人受教育、全体共成长。 vanced Papermaker Vocational Skills On-site Theory Training and Examinations” and the “Digital Smart FactoryTraining”.In 2025 all of our employees received training and the average training hours measured as 31. These

achievements demonstrate that our employees have equal access to training and enjoy equal opportunities to

grow. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

治理创新力 Governance Innovation

.可持续发展 . Sustainable Development

.商业行为 . Business Practices

.合规运营 . Operational Compliance

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

. 可持续发展 4.1 Sustainable Development

.. 可持续治理机制 4.1.1 Sustainable Development

“”可持续治理体系 “12345” Sustainability Governance System

Five-faceted

五回报一助力 回报国家 回报生态 回报社会 回报股东 回报员工 助力商业向善 Contribution and Make contribution to the country the ecology society shareholders and employees;

One Drive Drive business to develop for good.一个双碳目标 两个转型抓手 三种工厂定位 四条优化路径 五级治理架构 Carbon peaking by 2026; reducing total carbon emissions by 70% and

年 董事会战略与可持续发展委员会 1 Dual-carbon Goal carbon emission intensity per ton of paper products by 70% by 2035 绿色工厂 产品绿色转型实现碳达峰 精细化管理 (compared to the base year 2021); carbon neutrality by 2040.年 ESG工作小组、风险管理小组

（相较于基准年耗能结构转化年碳排放总 智能工厂 绿色发展委员会、安全生产领导小组 2 Priorities for Fine management and improvement in new quality productive

量下降%且每 资源循环利用 Transformation forces. 吨 纸 产 品 碳 排 放 应急领导小组、员工关爱中心等强度下降%）提高新质生产力

年零碳工厂工艺效能升级职业健康专职团队、爱心基金委员会等实现碳中和

3 Pronged Positioning Green smart and zero-carbon factory.

4 Optimization Green transition of product energy-intensive structure upgrade cyclic

Approaches utilization of resources and efficiency improvement of process etc.The Strategy and Sustainability CommitteeESG Working Group&Risk

5-tier Management Management TeamGreen Development Committee Emergency Leading

Framework Group Employee Care Center etc. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

可持续战略规划 Sustainable strategy planning

可持续发展之路是人类共同的旅程，我们以“美好共生、创新发展”为公司可持续发展理念，协同ESG品牌战略， On the common journey of human sustainable development we are committed to “Harmonious Coexistence andInnovative Development” and align our ESG brand strategy with such philosophy. Guided by the UN’s 2030 Agenda以联合国可持续发展目标SDGs为指导，识别出个可持续发展重点目标，对照碳中和目标制定“年阶and its Sustainable Development Goals (SDGs) we have identified 14 priority sustainable development goals and段”的战略规划。通过“文化引领、责任担当、价值提升”，对标最优资源和投入配置，更高效率地助力可持续发展 formulated a “four stages over twenty years” strategic plan in line with global carbon neutrality targets.议程的达成。

Harmonious coexistence美好共生

创新发展 Innovative development

Actively build the ESG system arrange training sessions set up

— teams draw up blueprints push ahead with goals collect feedback

— 主动开启ESG体系建设，组织学习、培养团队、制定规划、推进 Building stage fulfill rectification and remain open for interaction.建设期目标、反馈整改、开放交互。

Systematically deepen the ESG-based business transformation to

— allow for a standard system low-carbon business modular

— 系统深化ESG业务转型，体系标准化、业务低碳化、管理模块 Transformation stage management information digitization diversified interactions and转型期 化、信息数据化、交互多元化、经验样本化。 experience sampling.Gather efforts for breakthrough in realizing the ESG zero-carbon

— 聚力实现ESG零碳突破，主业降碳达到极值、自用绿电趋近高 — aim minimizing carbon emissions in main business sectorsBreakthrough stage maximizing the utilization of green electricity offsetting remaining

突破期 值、辅助抵消实现零值、绿色事业增创新值。 carbon emissions and creating more value with green business.— 升维打造ESG战略重构，注入战略发展“活性剂”，维护工作机 Upgrade and reconstruct the ESG strategy. Inject "activators" for — strategic development maintain the "perpetual motion machine" of重构期 制“永动机”，巩固治理体系“防火墙”，促生自我修复“基因链”。 Reconstruction stage the work mechanism strengthen the "firewall" of the governancesystem and generate the "gene chain" for self - repair. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

可持续实质性议题 Sustainable material topics

我们根据“双重重要性”原则，基于“识别－评估－审定”的流程，参照国内外披露标准、行业宏观政策、相关行业 In line with the Double Materiality principle and following the process of “identification – assessment – finalization” the Company preliminarily identifies material topics with reference to domestic and international disclosure standards industry macro-policies relevant industry practices实践，并结合公司实际情况初步识别实质性议题。通过利益相关方实质性议题问卷调查，充分考虑前瞻性、相关 and its actual situation. From the dual perspectives of financial materiality and impact materiality and in light of the Company’s actual conditionswe conduct comprehensive due diligence on each identified topic. This involves evaluating the associated impacts risks and opportunities to

性、可行性和关注度，评估议题的重要性。我们从财务重要性和影响重要性双重视角，结合公司实际分析对各议 establish a clear prioritization of these topics. Led by the ESG Team we conduct on-site investigations of material topics on average once or twicea year. These investigations aim to gather in-depth insights into the expectations and concerns of our diverse stakeholder groups. Following

题开展尽职调查，评估每个议题涉及的影响、风险与机遇，确定议题重要性排序。由ESG工作小组牵头，平均每年 consultations with internal and external experts the findings and recommendations are submitted to the Board’s Strategy and SustainabilityCommittee for review resulting in the identification of 28 material topics.开展一到两次重要性议题现场调研工作，深入了解各利益相关方面的意见及期望，结合内外部专家评议，最后交由董事会战略与可持续发展委员会审定出项实质性议题。 Double Materiality PerspectiveGovernance topics Social topics Environmental topics

双重重要性矩阵 High protect shareholders’ rights and interests

经济责任类 社会责任类 环境责任类 enhance compliance

communicate with governance

stakeholders

高 保障股东权益 practice strict information

加强合规管治 strengthen investor disclosure

利益相关方沟通 management champion business integrity

加强投资者管理 严格信息披露 and contract performance

improve product quality

collaborate with supply chain

商业诚信履约 for common development

promote digital

step up risk transformation提升产品品质 grow together

with dealers management reinforce safety management

协同供应链发展 推进数字化转型 boost technological

加强风险管理 reduce waste discharge transformation

强化安全管理 Protect employee health携手经销商成长 facilitate energy conservation

提升技术改造 and emission reduction守护员工健康 cut resource consumption减少废弃物排放推进节能减排

降低资源损耗 provide diversified products develop green products

develop R&D

capabilities

提高研发能力 combat climate change提供多元化产品发展绿色产品

关注气候变化 continue contribution to

use clean energy

meet consumer needs

communities

使用清洁能源 organize voluntary activities持续社区贡献 满足消费者需求 increase resource reuse

bolster rural revitalization

组织志愿活动 增强资源回用 protect biodiversity推动乡村振兴

保护生物多样性 Low Sustainability Committee High

High significance protect shareholders’ enhance compliance practice strict information

rights and interests governance disclosure

improve product promote digital boost technological

低 对凯恩股份可持续发展的重要性 高 quality transformation transformation

communicate with facilitate energy conservation and

非常重要 保障股东权益 加强合规管治 严格信息披露 提升产品品质 stakeholders emission reduction

推进数字化转型 提升技术改造 利益相关方沟通 推进节能减排 Medium significance step up risk develop R&D capabilities strengthen investor

management management

champion business Protect employee health collaborate with supply chain

比较重要 加强风险管理 提高研发能力 加强投资者管理 商业诚信履约 integrity and contract grow together with dealers for common development

守护员工健康 携手经销商成长 协同供应链发展 减少废弃物排放 performance

降低资源损耗 强化安全管理 使用清洁能源 cut resource consumption reinforce safety]management use clean energy

Low significance meet consumer provide diversified bolster rural revitalization一般重要 满足消费者需求 提供多元化产品 推动乡村振兴 保护生物多样性 needs products

组织志愿活动 持续社区贡献 关注气候变化 增强资源回用 organize voluntary continue contribution combat climate change

发展绿色产品 activities to communities reduce waste discharge

develop green products protect biodiversity increase resource reuse

Importance of stakeholders communication凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

可持续发展数字化建设 Digital empowerment for sustainable development

我们是特种纸行业最早把可持续发展和ESG作为主体战略的上市公司之一，及早通过信息化系统作为有效 We are among the earliest listed companies in the specialty paper industry to integrate sustainability and ESG into our core手段和载体，分别在环境端、社会端、治理端、市场端深入布局数字化建设，，建立起“A（I 智慧脑）+MOM（运营 strategy. To fulfill the strategy we have taken information systems as an effective tool and carrier to advance digital devel-opment across the environmental social governance and market dimensions. We have set up a multi-layered compre-云）+IoT（工艺桥）”多层级全覆盖的智慧信息管理系统，完成三期智能工厂改造，全面实现数字孪生和实时AIhensive intelligent information management system that integrates “AI (Artificial Intelligence our intelligent brain) + MOM终端调控。 (Manufacturing Operations Management our operations cloud) + IoT (Internet of Things our process bridge)”. Through在数据采集与整合方面，我们积极与博依特智能合作，持续开展深度智慧化生产建设，实现手机端、云桥端、 three phases of smart factory upgrades we have achieved full-scale digital twinning and real-time AI-driven terminal仪表端“共享”，生产线、仓储线、销售线“协同”，财务层、合规层、披露层“审核”，迈入“AI+T（Technology）”的 control.新质生产工艺时代。博依特作为全球首个专为制浆造纸行业设计的工艺大模型制造者，为我们在数据、工艺 We actively cooperate with POI-TECH in data acquisition and integration to continuously advance in-depth smart produc-和先进AI技术等领域的智能化转型道路上提供了强大助力。 tion construction. This collaboration has enabled seamless “sharing” across mobile cloud and instrument interfacesfostered “synergy” among production warehousing and sales lines and facilitated “auditing” at financial compliance and

在ESG绩效管理系统方面，我们不断降低单位产品的能耗与物耗，成功获得“国家级绿色工厂”“浙江省智能disclosure levels. This integrated approach marks our entry into the era of new quality productivity driven by “AI+T (Technol-工厂”等认证。我们依托碳足迹申报系统灵活实现碳足迹计算工具和能源管理系统自主协同，实现ESG数据 ogy)”. As the world’s first developer of a process large model specifically designed for the pulp and paper industry快速分工收集、集中汇总，周期性生成分析报告，后续通过自建的投资者关系生态矩阵实时披露ESG关键指 POI-TECH has provided strong support for our intelligent transformation in fields of data processes and advanced AI标。 technology.Our ongoing efforts to reduce energy and material consumption per unit of product through our ESG performance manage-

ment system have earned us prestigious certifications including “National Green Factory” and “Zhejiang Smart Factory”.Relying on our carbon footprint reporting system we have realized independent collaboration between the carbon footprint

calculation tool and the energy management system enabling rapid decentralized collection and centralized aggregation

of ESG data as well as periodic generation of analysis reports. Going forward key ESG indicators will be disclosed in real

time through our self-built investor relations ecosystem matrix. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

.. 尽职调查 4.1.2 Due Diligence

尽职调查机构 Due diligence body

我们指定董事会战略与可持续发展委员会下 The Risk Management Team under the Strategy and

设的风险管理小组为常务尽职调查机构，协同 Sustainability Committee is designated as our standingdue diligence body. The Team is responsible for

ESG工作小组、安全生产领导小组、绿色发展

working with the ESG Team the Work Safety Leading

委员会、财务部、法务部和各生产部门，组建跨 Group the Green Development Committee the部门尽职调查专项小组，对制度架构、运营流 Finance Department the Legal Department and程、日常经营活动、管理层承诺、供应链等多方 production divisions to set up a cross-department due

面开展周期性综合审查。年，我们持续引 diligence group for regular audits of institutional struc-入全球合规与道德规范倡议组织（AMFORI）第 ture operation process routine business activities

management commitments and supply chain. In 2025

三方机构开展BSCI现场审计评价，获得“B”评we continued to engage a third-party organization of级，在工人的参与与保护等个领域指标获得 the Global Compliance and Ethics Initiative (AMFORI)个“A”评价，未发现不符合项。 to conduct an on-site BSCI audit and evaluation. Weachieved a “B” rating achieving 11 “A” ratings in 13

domain indicators including worker participation and

protection. No non-conformities were identified.Response to sustainable development risks

We have pooled efforts to predict combined risks in the future by capitalizing on the sustainable development risk matrix

可持续发展风险应对 and the AI-empowered historical data model prepare the Due Diligence Report of Sustainable Development report我们根据可持续发展风险矩阵，结合AI利用历史数据模型对未来的综合风险进行预测，编制《可持续发展尽职调 existing and predicted risk points to the management for analysis and improvement and propose the alternative techni-cal solutions to high-risk warning incidents. For example as the carbon emissions of the existing production line fail to查报告》。如原产线的碳排放未达预期值，我们结合自建绿电产用量和纸产品生产特性及时调整，增加峰谷期绿reach the preset limits we timely take targeted measures in consideration of the capacity and consumption of our

电配比、减少天然气产段用时、提高蒸汽多环节循环使用率、增加FSC绿色认证产品派工量、提高回收纸浆和中

self-generated green electricity as well as the production characteristics of paper products. These measures include

水利用率，并对产线的部分高耗电装置进行了替换优化。年新改进的产线碳排放顺利达标，并且每吨产品stepping up the distribution of green electricity during peak and valley periods shortening the operating time of natural

耗能指标整体获得下降。 gas-consuming production sections enhancing the recycling efficiency of steam in multiple links intensify the production综合来看，我们在可持续发展转型提升的过程中，客观增加了环保设备换新、产线更迭升级、厂区数字化建设、 scheduling of FSC-certified green products improving the utilization rate of recycled pulp and reclaimed water and员工数字技能培训、自建光伏绿电、开拓海外市场、研发绿色新产品、更换新能源车辆工具等诸多成本。但对标 replacing and upgrading power-intensive units in production lines. In 2025 the carbon emissions of our upgraded上述可持续发展风险矩阵分析，我们主营业务在年以来扣除非经常性损益后的净利润表现扭亏为盈；中国 production line met emission criteria and our energy consumption indicators per ton of products were optimized.烟草、麦当劳、肯德基、星巴克、宝武、酒钢等战略客户合作稳定且有增加为我们整体平稳向好、不断提升公司市 During the process of enhancing transition towards sustainable development we objectively experienced cost increase

场价值打下了坚实基础，整体新质生产竞争力和绿色含金量持续上升。 as greater efforts have been made to add new environmentally-friendly equipment upgrade production lines advancedigital transformation in plants organize digital skill training among employees install PV panels for green electricity

expand international markets research and develop green products and allocate new energy vehicles. Upon analysis

over the sustainable development risk matrix the net profits of our core business excluding non-recurring gains and

losses has turned from loss to profit since 2024.. We not only maintained but also moved forward our cooperation with

strategic customers such as China Tobacco McDonald’s KFC Starbucks Baowu and JISCO. All these gains shown in

the matrix have laid a solid foundation for us to pursue fresh progress while ensuring stability in operations enhance our

market value and achieve a new leap forward in green transition. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

.. 利益相关方沟通 4.1.3 Communication with Stakeholders

Stakeholders Communicationchannels Major concerns Responses Effective practices

Protection of

investors’ rights Sustainable Hold meetings to communicate with

and interests economic growth investors

Shareholders

and investors Prevention ofoperating risks Prudent operation

Conduct research meetings with

investors

Innovative R&D and product

development innovation Launch strategy transition

Leading role in Operational Optimize internal control and

social development compliance governance; strengthen audit and

Governments supervision

and regulators Compliance with

laws and Timely information Disclose information at multiple

regulations disclosure platforms

Product quality Full-process product Lead the formulation of severalmanagement industrial standards

Official website Response to the

Customers Reports First-rate services diversified needs of Refine the customer service system

We-media consumers

business

Fair pricing Independent R&D Curb adverse price effect effectivelyinterations and innovation in the industry chain

Training Compliance with

Forums business ethics Responsible Implement the full-cycle supply

利益相关方 沟通渠道 关注重点 回应方式 典型实践 Inquiries from honesty and procurement policy chain management

customers trustworthiness

保障投资者权益 可持续经济增长 组织投资者沟通会 Media interaction

Partners in the Cooperation for Cooperation forBusiness

股东与投资者 防范经营风险 稳健经营 与投资者召开调研会议 industry chain mutual benefits common Develop marketing and operationdiscussion and common development in the capabilities

创新发展 研发与产品创新 战略转型 Exhibitions官方网站 growth industry chainGovernment

research Sound Analysis of政府 报告反馈 引领社会发展 依法合规经营 优化内控治理、加强审计监察

Inspection and development of pioneering concepts

Join the association of the industry

industry chain in the industry as a core member与监管机构 自媒体矩阵 守法合规 及时披露信息 多平台多角度披露信息 oversight

Eco-friendly Reasonable Provide employees with equal pay商业往来 产品质量 产品全过程管理 牵头制定多项行业标准

collection Protection of basic remuneration and for equal work competitive

客户 培训沟通 优质服务 满足消费者多元需求 完善客户服务体系 Qualifications rights and interests welfare system remuneration and additional

论坛交流 公平定价 坚持自主研发与创新 严控产业链价格不良传导 Engagement with

benefits

Employees associations

客户问询 Occupational

Occupational health

遵守商业道德、诚实守信 实施责任采购政策 全生命周期供应链管理 Community health and safety and safety

Establish mechanisms and policies

management and organize trainings产业链 媒体互动 activities互利共赢、共同成长 加强产业链合作 销售运营能力发展中心 Industry Career Employee training Put promotion channels and career合作伙伴 业务探讨 development and promotion trainings in place

推动产业链健康发展 分析行业领先理念 所属行业委员会核心成员单位 conferences

展会介绍 Interaction with Public engagement Openness and

Receive supervision from the public

基本权益保障 合理的薪酬福利体系 同工同酬、竞争力薪资、额外福利 shareholders transparency and the media and communicate政府调研 with external parties

员工 监管巡查 职业健康与安全 职业健康安全管理 建立机制、制定政策、开展培训 Common Industry support Strive for common prosperity and

Society prosperity rural revitalization

环保收集 员工职业发展 员工培训与晋升 晋升通道，职业培训 Community Public welfare Organize volunteer activities and资质申报 公众参与 开放透明 接受公众与媒体监督、主动对外宣传 development activities donations

Media More effective

协会参观 共同富裕 产业支持 产业共富、支持乡村振兴 communication information disclosure Respond to public opinions actively社会

社区活动 社区发展与进步 社会活动 志愿者活动、捐赠 Figure out carbon inventory and

Pollution reduction Green industry chain shift towards energy conservation

行业会议 媒体沟通 加强信息披露 积极回应舆论 and carbon emission reduction

股东交互 减少污染 发展绿色产业链 碳排查、节能减排改造 Environment Response to Carbon reduction Launch carbon footprintclimate change actions assessment环境应对气候变化开展减碳行动企业碳足迹核算

Ecological Involvement in

生态保护 开展生态保护项目 生物多样性保护 conservation ecological Conduct biodiversity conservationconservation projects

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

. 商业行为 4.2 Business Practices

.. 反商业贿赂及反贪污 4.2.1 Anti-bribery and Anti-corruption

为了强化廉洁合规意识，我们与包含管理层在内的所有内部员工签订了《廉洁诚信保密协议》，跟进、监督检查 To enhance the awareness of integrity and compliance all employees including the management are required to sign新晋管理人员及新入职员工签订合规性。在与供应商等外部伙伴的合作上，我们要求全体供应商遵守商业道 the Integrity and Confidentiality Agreement. In addition we follow up and supervise whether new promotions and new德，禁止任何形式的腐败、贿赂等行为，将《廉洁承诺书》作为合同附件，要求供应商遵守《保密协议》《供应商行 employments comply with applicable regulations.In cooperation with external partners such as suppliers we require all为准则》等要求，严格执行准入考核和持续管理。 suppliers to abide by business ethics the Non-Disclosure Agreement and the Supplier Code of Conduct and should报告期内，共组织董事人、中高层领导人、基层员工余人参与商业道德相关培训；因贪腐事件产生的被 keep away from corruption and bribery in any form. Moreover they should sign the Commitment to Integrity as an attach-解雇人数、受处分人数、诉讼案件数量均保持“”。 ment to the supply contract and receive access assessment and sustained management.During the reporting period a total of 5 directors 20 senior and mid-level managers and over 200 frontline employees

participated in business ethics trainings. The number of dismissals disciplinary actions and litigation cases resulting from

corruption incidents remained at zero.

4.2.2 Anti-unfair Competition

..反垄断与公平竞争

Attaching great importance to the values and rights of customers we strictly prohibit the release of false or misleading

我们高度重视客户的价值观和权益，明确禁止发布虚假或误导性的广告信息，应当真实、客观地展示产品的性 advertising information and shall truthfully and objectively present the performance and advantages of our products. We能和优势，不得对商品的性能、功能、质量等内容虚假宣传，欺骗、误导消费者；不得虚假交易；不得编造虚假信 shall not conduct false publicity on the performance functions quality and other contents of products to deceive or息，损害竞争对手信誉；严禁发布任何违反国家法律法规、违背社会公众道德的内容和言论。年，公司未发 mislead consumers; we strictly prohibit sham transactions. We shall not fabricate false information to damage the reputa-生因不正当竞争行为导致诉讼或重大行政处罚的情况。 tion of competitors; we strictly prohibit the release of any content or remarks that violate national laws and regulations or我们充分授权审计监察部有权对公司日常经济活动实施随时的监察、审计，包括合同的最终审核权、材料采购 go against social public morality. In 2025 the Company did not have any litigation or major administrative penalties价格的监察审核权、发现异常的调查和处罚建议权等。历年来，通过对公司收支活动的事先预防（招投标）、事中 caused by unfair competition.监察（可变价格审核）、事后审计（决算和异常调查）等，基本防止了商业活动中不正当行为发生，也未发现重大 The Audit and Supervision Department has been fully authorized to supervise and audit the daily economic activities of商业贿赂事件。 the Company from time to time. The specific duties of the department include contract review supervision and review ofmaterial procurement prices investigation of abnormal conditions and proposal of penalty suggestions. Over the years

efforts have been made to prevention in advance (bidding) in-process supervision (price review) and post-audit (final

accounting and abnormality investigation) targeting receipts and payments thus basically putting commercial miscon-

ducts to an end. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

. 合规经营 4.3 Operational Compliance

.. 科学有效管理 4.3.1 Scientific and Effective Management

合规管理体系 Compliance management system

我们严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》及中国证监会、深圳证 In accordance with the Company Law of the People’s Republic of China the Securities Law of the People’s Republic

券交易所发布的有关上市公司治理的规范性文件要求，持续完善公司治理结构，包括股东会、董事会、管理层 of China and regulatory documents over the governance of listed companies released by China Securities RegulatoryCommission and Shenzhen Stock Exchange we have continued to refine our corporate management framework in

权责、运作规范等，健全内部控制制度体系，深入开展治理活动，认真完成各项自查工作，公司的规范运作、治terms of the shareholders’ meeting the Board of Directors the Board of Supervisors the duties and powers of the理水平进一步得到提升。年度，公司共召开股东会次，董事会次，监事会次（监事会已于年月调 management and operation regulations. In 2025 the Company held 3 shareholders’ meetings 8 meetings of the整取消，其相关职能由董事会审计委员会承接）。 Board of Directors and 6 meetings of the Board of Supervisors（The Board of Supervisors was dissolved in October

2025 with its functions transferred to the Board’s Audit Committee）.

财务合规认证 Financial compliance certification

审计机构连续年出具标准无保留意见。 The Company has always got unmodified opinions from the auditor in the past 21 years. 凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

..全面风险管理 4.3.2 Comprehensive Risk Management

我们在董事会架构下特别设立了风险管理委员会，采纳廉洁合规定责分工体系作为执行方案，参照ERM框架 Under the Board of Directors a Risk Management Committee has been set up with clear division of responsibilities构建了全面的风险管理架构，并配备专业的风险管理团队。 related to integrity and compliance. Besides the combination of an ERM-based risk management structure and aprofessional risk management team has been put in place.ESG主题责任月 ESG Month Campaign

我们自年便组织开展了ESG主题责任月活动，重点围绕《可持续发展报告》分节宣发、ESG热点政策宣讲、 Since 2023 we have continuously implemented ESG Month Campaigns to encourage our employees and stakehold-低碳办公竞赛、生活环保知识竞赛、ESG业务板块交叉打分、ESG标杆上市公司参观等专项活动，引导员工及利 ers to know more about ESG reinforce sense of social and environmental responsibility and make a difference inprotecting our common communities through small actions. To this end we have always communicated the Sustain-

益相关方了解ESG、增强社会责任和环保担当，从自身小事做起，呼吁身边每一个人共同守护美好家园。 ability Report by sections and latest ESG policies organized low-carbon office competitions and daily environmentalprotection knowledge contests cross-evaluated business segments in ESG performance and visited ESG-highlight-

ed listed companies.组织ESG相关主题学习 Thematic Learning Sessions on ESG Topics

Monthly Publicity and Charitable Hiking for Site Visits Supporting

全月ESG报告宣传解读 组织环保公益徒步 组织乡村振兴走访 组织生产基地参观 Interpretation of ESG Report Environmental Protection Rural Revitalization Tours to Production Bases

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

附 录 Appendixes

. 综合关键绩效表 . Integrated KPI Table

注： 可持续发展报告中部分数据与历史版本、年度报告等存在细微差异，源于 Note: Due to different statistical methods some data in the Report differ slightly from historical统计方法不同。年度报告数据来源于经会计师事务所审计的审计报告，本 versions annual reports etc. Data in annual reports comes from audited financial state-ments by accounting firms while data in the Report comes from verification reports issued

报告数据来源于碳排放报告等第三方机构出具的核查报告。 by third-party agencies such as carbon emission reports.关键绩效项 Key Performance Index

经济绩效 Financial Performance

营业收入（万元） Operating revenue (RMB 10000)

归属于上市公司股东的净利润（万元） Net profit (RMB 10000)

经营活动产生的现金流量净额（万元） - Net cash flow from operating activities (RMB 10000) -

总资产（亿元） Total assets (RMB 10000)

归属于上市公司股东的净资产（亿元） Net assets (RMB 10000)

资产负债率 .% .% .% .% Asset-liability ratio .% .% .% .%

环境绩效 Environmental Performance

环保总投入（万元） Total environmental protection investment (RMB 10000)

绿色采购投入（万元） Green procurement investment (RMB 10000)

节能降耗技术投入（万元） Energy conservation and consumption reduction investment (RMB 10000)

技术改造投入（万元） Technological transformation investment (RMB 10000) 直接（范围）温室气体排放量（吨） Direct (Scope 1) GHG emissions (ton) 间接（范围）温室气体排放量（吨） Indirect (Scope 2) GHG emissions (ton)

范围、范围合计温室气体排放量（吨） Total GHG emissions of Scope 1 and Scope 2 (ton)

相较于基准年年温室气体总排放量下降比例 -% -% -% -% Reduction rate in total greenhouse gas emissions compared to the base year 2021 -% -% -% -%

年产纸产品总量（吨） Annual output of paper products (ton)

每吨纸温室气体排放强度（吨/吨纸） . . . . Greenhouse gas emission intensity per ton of paper (ton/ton of paper) . . . .

相较于基准年年每吨纸温室气体排放强度下降比例 -% - % -% -% Reduction rate in greenhouse gas emission intensity per ton of paper compared to the base year 2021 -% - % -% -%

天然气使用量（万立方米） / Natural gas consumption (10000 m3) /

吨纸天然气使用量（立方米/吨纸） . . . / Natural gas consumption per ton of paper (m3/ton of paper) . . . /

柴油使用量（吨） / / Diesel consumption (ton) / /

吨纸柴油使用量（吨/吨纸） / / Diesel consumption per ton of paper (ton/ton of paper) / /

总用电量（兆瓦时） Total electricity consumption (MWh)

吨纸总用电量（兆瓦时/吨纸） . . . / Total electricity consumption per ton of paper (MWh/ton of paper) . . . /

电网用电量（兆瓦时） / Grid electricity consumption (MWh) /

吨纸电网用电量（兆瓦时/吨纸） . . . / Grid electricity consumption per ton of paper (MWh/ton of paper) . . . /

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

关键绩效项 Key Performance Index

环境绩效 Environmental Performance

光伏发电量（兆瓦时） Solar power generation (MWh)

吨纸光伏发电量（兆瓦时/吨纸） . . . / Solar power generation per ton of paper (MWh/ton of paper) . . . /

外购绿电（兆瓦时） / / Purchased green electricity (MWh) / /

清洁绿电使用量占总用电量比例 % % % / Proportion of green electricity consumption in total electricity consumption % % % /

蒸汽消耗量（万吨） / Steam consumption (10000 tons) /

吨纸蒸汽消耗量（吨/吨纸） . . . / Steam consumption per ton of paper (ton/ton of paper) . . . /

能源消耗总量（百万千焦） Total energy consumption (MkJ)

吨纸能源消耗总量（百万千焦/吨纸） . . . / Total energy consumption per ton of paper (MkJ/ton of paper) . . . /

能源消耗总量（吨标煤） Total energy consumption (ton of coal equivalent)

吨纸能源消耗总量强度（吨标煤/吨纸） . . . / Total energy consumption intensity per ton of paper (ton of coal equivalent/ton of paper) . . . /

总用水量（万吨） . . . . Total water consumption (10000 tons) . . . .

每吨纸总用水强度（吨/吨纸） . . . . Total water consumption intensity per ton of paper (ton/ton of paper) . . . .

中水用水量（万吨） / / Total reclaimed water consumption (10000 tons) / /

中水回用率 % % % % Reuse rate of reclaimed water % % % %

水循环与再利用的总量（万吨） / Total recycled water volume (10000 tons) /

工业废水排放总量（万吨） / Total industrial waste water discharge (10000 tons) /

其中：直接排入环境的工业废水量（万吨） / Including: industrial waste water discharged directly into the environment (10000 tons) /

排入污水处理厂的废水处理量（万吨） / Volume of wastewater discharged to wastewater treatment plant (10000 tons) /

每吨纸排入污水处理厂的废水量（吨/吨纸） / Wastewater discharge per ton of paper to wastewater treatment plant (ton/ton of paper) /

包装材料消耗量（吨） / / Packaging consumption (ton) / /

塑料包装消耗量（吨） / / / Plastic packaging consumption (ton) / / /

纸包装消耗量（吨） / / / Paper packaging consumption (ton) / / /

危险废弃物（吨） . . / / Hazardous waste (ton) . . / /

一般废弃物（吨） / / General waste (ton) / /

回收再利用废弃物总量（吨） / / Total recycled waste (ton) / /

废弃物回收率 % % / / Waste recycling rate % % / /

天然气使用产生的废气量（万立方米） / Waste gas volume from natural gas use (10000 m3) /废气（天然气产生）密度（立方米/吨纸） . . . / Waste gas (from natural gas) intensity (m3/ton of paper) . . . /

二氧化硫排放密度（克/吨纸） . . . / Sulfur dioxide (SO) emission intensity (g/ton of paper) . . . /

氮氧化物排放密度（克/吨纸） . . . / Nitrogen oxides (NO) emission intensity (g/ton of paper) . . . /废水（工业用水）密度（吨/吨纸） . . . / Wastewater (industrial water) intensity (ton/ton of paper) . . . /

氨氮排放密度（克/吨纸） . . . / Ammonia nitrogen emission intensity (g/ton of paper) . . . /

化学需氧量（COD）（克/吨纸） . . . / Chemical Oxygen Demand (COD) intensity (g/ton of paper) . . . /

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

关键绩效项 Key Performance Index

环境绩效 Environmental Performance

危险废弃物密度（克/吨纸） . . . / Hazardous waste intensity (g/ton of paper) . . . /

一般废弃物密度（千克/吨纸） . . . / General waste intensity (kg/ton of paper) . . . /

重大环境违规（次） Serious environmental violations

浙江省企业环境信用评价等级 A A A A Environmental credit rating of enterprises in Zhejiang Province A A A A

社会绩效 Social Performance

合规纳税总额（万元） Total tax (RMB 10000)

年末股东总数（户） Total number of shareholders at year-end (households)

股东分红占归母净利润比例 % % % % Proportion of shareholder dividend in net profit attributable to parent company % % % %

研发费用（万元） R&D investment (RMB 10000)

其中：知识产权保护投入（万元） Including: intellectual property protection investment (RMB 10000)

数字化转型投入（万元） Digital transformation investment (RMB 10000)

货币资金（万元） Monetary capital (RMB 10000)

应付账款（亿元） . . . . Accounts payable (RMB 10000) . . . .

应付票据（亿元） . . . . Notes payable (RMB 100 million) . . . .

长期应付款项（亿元） . . . . Long-term payables (RMB 100 million) . . . .

应付债券（亿元） . . . . Bonds payable (RMB 100 million) . . . .

应收账款（亿元） . . . . Accounts receivable (RMB 100 million) . . . .

应收账款周转率（次） . . . . Accounts receivable turnover rate (times) . . . .

前五大供应商比例 % % % % Proportion of top five suppliers % % % %

本地化采购比例 % % % % Proportion of local procurement % % % %

安全生产投入（万元） Work safety investment (RMB 10000)

员工福利投入（万元） Investment in employee benefits (RMB 10000)

员工总数（人） Total employees

雇佣合同覆盖率 % % % % Proportion of employees signing the labor contracts % % % %

职业健康档案覆盖率 % % % % Proportion of employees with occupational health records % % % %

新员工安全教育培训率 % % % % Proportion of new employees receiving safety training % % % %

特殊工种持证上岗率 % % % % Proportion of employees engaged in special jobs with required certificates % % % %

员工培训覆盖率 % % % % Proportion of employees receiving training % % % %

人均培训时长（小时） Average hours of training per employee

人均职业健康培训时长（小时） Average hours of occupational health training per employee

重大安全生产事故 Major production safety accidents

员工满意度 % % % % Employee satisfaction % % % %

客户满意度 % % % % Customer satisfaction % % % %

BSCI认证评价 B C / / BSCI certification B C / /

凯恩品牌力 环境守护力 社会推动力 治理创新力 KAN Brand Environmental Social Governance Value Protection Momentum Innovation

关键绩效项 Key Performance Index

公司治理绩效 Corporate Governance Performance

ESG事务分解管理指标 ESG breakdown management indicators

董事会独立董事占比 % % % % Proportion of independent director in the Board of Directors % % % %

董事会女性占比 % % % % Proportion of female directors in the Board of Directors % % % %

信息披露数量（份） Quantity of information disclosed

投关管理影响力（万人） Investor relations management influence (10000 persons)

Wind ESG评级 AA AA A A Wind ESG rating AA AA A A

秩鼎 ESG评级 AA AA AA AA Quantdata ESG rating AA AA AA AA

华证 ESG评级 A BBB BB BB Sino-Securities Index ESG rating A BBB BB BB

商道融绿 ESG评级 A A- B+ / SynTao Green Finance ESG rating A A- B+ /

中诚信绿金 ESG评级 A A A A CCXIGF ESG rating A A A A

同花顺 ESG评级 A A A / Flush Info ESG rating A A A /

中国国新 ESG评级 A A / / China Reform ESG rating A A / /

联合赤道 ESG评级 AA AA / / Lianhe Equator ESG rating AA AA / /

盟浪 ESG评级 A A / / SusallWave ESG rating A A / /

人均商业道德培训时长（小时） . . / / Average business ethics training hours per employee . . / /

因贪腐事件产生的被解雇人数、受处分人数 Number of employees dismissed or disciplined due to corruption incidents

因贪腐事件产生的诉讼案件数量 Number of litigation cases arising from corruption incidents

因不正当竞争行为导致诉讼情况 Litigation cases resulting from unfair competition practices

因不正当竞争行为导致重大行政处罚 Major administrative penalties imposed due to unfair competition practices

. GRI指标索引表 . GRI Index Table

报告内容 GRI Standards (参照方案) 对应页码 GRI Standards Page number

关于本报告 -，-，- 首页 About the Report -，-，- /凯恩品牌力 ------ - KAN Brand Value ------ -

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环境守护力 - ----------- Environmental Protection ------

------，------，社会推动力 --，-，-，- - Social Momentum --，-，-，- -------

治理创新力 -，-，-------- - Governance Innovation -，-，-------- -

Harmonious symbiosis

Innovative development ︶

BuildingH No.A Shuguang Xili

Chaoyang District Beijing

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