安道麦B:2025年三季度报告（英文版）

ADAMA Ltd. Third Quarter Report 2025

Stock Code: 000553(200553) Stock Abbreviation: ADAMA A(B) Announcement No.2025-33

The Company and all members of its board of directors hereby confirm that all

information disclosed herein is true accurate and complete with no false or misleading

statement or material omission.ADAMA LTD.THIRD QUARTER REPORT 2025

ADAMA Ltd. (hereinafter referred to as “the Company”) is a global leader in crop protection

providing solutions to farmers across the world to combat weeds insects and disease.ADAMA has one of the widest and most diverse portfolios of active ingredients in the world

state-of-the art R&D manufacturing and formulation facilities together with a culture that

empowers our people in markets around the world to listen to farmers and ideate from the

field. This uniquely positions ADAMA to offer a vast array of distinctive mixtures formulations

and high-quality differentiated products delivering solutions that meet local farmer and

customer needs in dozens of countries globally with direct presence in all top 20 markets.Please see important additional information and further details included in the Annex.October 2025

1ADAMA Ltd. Third Quarter Report 2025

Important Notice

The Company’s Board of Directors Board of Supervisors directors supervisors and

senior managers confirm that the content of the Report is true accurate and complete

and contains no false statements misleading presentations or material omissions

and assume joint and several legal liability arising therefrom.Ga?l Hili the person leading the Company (President and Chief Executive Officer) as

well as its legal representative and Efrat Nagar the person leading the accounting

function (Chief Financial Officer) hereby assert and confirm the truthfulness

accuracy and completeness of the Financial Report.The Third Quarter Report has not been audited.This Report has been prepared in both Chinese and English. Should there be any

discrepancy between the two versions the Chinese version shall prevail.

2ADAMA Ltd. Third Quarter Report 2025

I. Main accounting and financial results

1. Whether the Company performs any retroactive adjustments to or restatements of its accounting data of last year due

to change in accounting policies or correction of accounting errors

□ Yes √ No

July - September January -

+/-(%)+/-(%)

2025 September 2025

Operating revenues (RMB’000) 6654225 0.62% 21678425 0.72%

Net loss attributable to shareholders of the Company

(342454)63.69%(422806)77.00%

(RMB’000)

Net loss attributable to shareholders of the Company

(372499)61.92%(522256)72.87%

excluding non-recurring profit and loss (RMB’000)

Net cash flow from operating activities (RMB’000) 635282 -43.84% 2373860 -17.06%

Basic EPS (RMB/share) (0.1470) 63.69% (0.1815) 77.00%

Diluted EPS (RMB/share) N/A N/A N/A N/A

Weighted average return on net assets (1.82%) 2.71 pp (2.26%) 6.46 pp

End of Reporting End of last

+/-(%)

Period year

Total assets (RMB’000) 49930633 50059777 -0.26%

Net assets attributable to shareholders (RMB’000) 18453345 18991094 -2.83%

2. Non-Recurring profit/loss

√ Applicable □ Not applicable

Unit: RMB’000

July - January -

Item September September Note

20252025

Gains/losses on the disposal of non-current assets

954514599-

(including the offset part of asset impairment provisions)

Government grants recognized through profit or loss

(excluding government grants closely related to

business of the Company and given at a fixed quota or 7827 12938 -

amount in accordance with government’s uniform

standards)

Custodian fees earned from entrusted operation 2574 2574 -

Recovery or reversal of provision for bad debts which is

829846445-

assessed individually during the years

Post vesting fair value revaluation of cash-settled share

441411992-

based payment

Gains or losses arising from the holding or disposal of

financial assets or financial liabilities by non-financial

corporations except for effective hedging related to the

normal operating of the Company

Other non-operating income and expenses other than

21603980-

the above

Less: Income tax effects 4773 23792 -

Total 30045 99450 -

Explanation of other profit or loss that meets the definition of non-recurring profit or loss

□ Applicable √ Not applicable

No such cases in the Reporting Period.

3ADAMA Ltd. Third Quarter Report 2025

Explanation of why the Company classified an item as non-recurring profit/loss according to the definition in the Explanatory

Announcement No. 1 on Information Disclosure for Companies Offering their Securities to the Public. Non-recurring Profit

and Loss and reclassified any non-recurring profit/loss items are given as examples in the said explanatory announcement

to recurrent profit/loss

□ Applicable √ Not applicable

No such cases in the Reporting Period.

3. Changes in main accounting statement items and financial indicators in the Reporting Period as well as reasons for

the changes

√ Applicable □ Not applicable

General Crop Protection (CP) Market Environment1

Through the first nine months of 2025 channel inventory returned to pre-pandemic levels in most countries allowing crop

protection demand recovery. Pricing pressure remains high driven by production over-capacity of active ingredients. Crop

commodity prices remain stably low and coupled with the high-interest rate environment farmer profitability remains tight

leading to just-in-time purchasing patterns.Geopolitical Situation

ADAMA is headquartered and has three manufacturing sites in Israel. The regional tensions which escalated on October

7 2023 continued to have no material impact to-date on the Company's ability to support its markets or its consolidated

financial results.ADAMA is a global company with manufacturing and formulation facilities in several locations around the world principally

in Israel China and Brazil. The Company’s management appointed a dedicated task force to analyze implications of US

tariff policies and to closely monitor and manage the situation and its potential impact on its global network. Despite the

uncertainty regarding the US tariff policies the Company currently expects that the impact on its operations and business

results will be immaterial.January - January -

Same period Same period

September September

last year +/-% last year +/-%

20252025

(000’RMB) (000’USD)

Operating income

21678425215232930.72%30247423027945-0.11%

(Revenues)

Cost of goods sold 16004956 16748146 -4.44% 2233171 2356131 -5.22%

Sales & Marketing

29503753408333-13.44%411737479481-14.13%

expenses

General & Administrative

108951081717233.33%15204111495532.26%

expenses

R&D expenses 307417 319977 -3.93% 42890 45014 -4.72%

Financial Expenses 1544466 1220073 26.59% 215373 171629 25.49%

1 Sources: AgbioInvestor Quarterly report (September 2025) peer quarterly financial results internal sources.

4ADAMA Ltd. Third Quarter Report 2025

January - January -

Same period Same period

September September

last year +/-% last year +/-%

20252025

(000’RMB) (000’USD)

Gain (Loss) from

4781(235775)102.03%574(33184)101.73%

Changes in Fair Value

Total Net Financial

153968514558485.76%2147992048134.88%

Expenses

Total loss (417446) (1442604) 71.06% (58307) (202873) 71.26%

Income tax expenses 5360 395508 -98.64% 801 55643 -98.56%

Net loss attributable to

shareholders of the (422806) (1838112) 77.00% (59108) (258516) 77.14%

Company

EBITDA 2706104 1790580 51.13% 377526 251953 49.84%

Q3 2025 Q3 2024 Q3 2025 Q3 2024

+/-%+/-%

(000’RMB) (000’RMB) (000’USD) (000’USD)

Operating income

665422566130040.62%9334119294510.43%

(Revenues)

Cost of goods sold 4974783 5274072 -5.67% 697816 741264 -5.86%

Sales & Marketing

9747071044957-6.72%136724146867-6.91%

expenses

General & Administrative

35464328090626.25%497393948025.99%

expenses

R&D expenses 90624 101870 -11.04% 12713 14319 -11.22%

Financial Expenses 520126 596427 -12.79% 72943 83826 -12.98%

Gain (Loss) from

11274(39283)128.70%1581(5525)128.62%

Changes in Fair Value

Total Net Financial

508852635710-19.96%7136289351-20.13%

Expenses

Total loss (291867) (871175) 66.50% (40903) (122441) 66.59%

Income tax expenses 50587 72072 -29.81% 7096 10129 -29.94%

Net loss attributable to

shareholders of the (342454) (943246) 63.69% (47999) (132570) 63.79%

Company

EBITDA 741865 395826 87.42% 104087 55636 87.09%

Note: Since the functional currency of main overseas subsidiaries is the USD and the Company’s management review of

the Company’s performance is based on the USD results following explanations and analysis are based on USD-

denominated numbers as listed above.

5ADAMA Ltd. Third Quarter Report 2025

Analysis of Financial Highlights

(1) Revenues

Revenues in the third quarter were stable (1% in RMB; 0% in CER) reaching $933 million mainly reflecting the

combined results of a 1% increase in volume and a 1% decrease in prices. The higher volumes reflected the gradual

recovery of market demands and improvement of channel inventories in most regions. Prices remained weak mainly

due to low prices of active ingredients in light of overcapacity as well as a high-interest rate environment and low

commodity prices which put pressure on distributors and farmers.Revenues in the first nine months were also stable (1% in RMB; 1% in CER) reaching $3025 million. The

stabilization of revenues in the first nine months was driven by volume growth of 3% offsetting a decrease in prices

of 3%.Regional Sales Performance

Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change

$m $m USD $m $m USD

Europe Africa & Middle East (EAME)2 233 216 8% 903 911 -1%

North America 164 158 4% 659 572 15%

Latin America 312 287 9% 675 687 -2%

Asia Pacific3 225 269 -16% 789 859 -8%

Of which China 91 109 -17% 400 384 4%

Total 933 929 0% 3025 3028 0%

Note: the numbers in this table may not sum due to rounding.Europe Africa & Middle East (EAME): Volumes and revenue in EAME increased in the third quarter though significant

declines in Turkey in the first quarter impacted the year-to-date results. Pricing continued to decline in light of intense

competition. Foreign exchange rates had positive impact in the third quarter.North America: In the US Ag market though slightly down in the third quarter was significantly up in the first nine months

following improvements in volumes and prices. Similarly in Canada while the third quarter was flat with an increase in

volume offset by a decrease by prices for the nine months volumes are significantly up. Consumer & Professional

Solutions experienced increased volumes and flat prices for both the third quarter and year-to-date.Latin America: In Brazil revenues were significantly up in the third quarter resulting in higher revenues also for the first

nine months compared to the previous year. Growth was driven by increased volumes while the third quarter also

experienced modest pricing increases. In the rest of LATAM lower volumes prices and revenues were reported in the

third quarter and the first nine months primarily in Paraguay and Argentina due to channel destocking and just-in-time

purchasing behavior.Asia-Pacific: India experienced significant declines in the third quarter revenues primarily due to lower volumes driven

by extreme weather conditions and lower prices. In the rest of APAC (excluding India and China) sales and volumes were

2 As part of ADAMA’s business optimization program on January 1 2025 South Africa was reclassified from the APAC region to EAME.

To enable meaningful comparisons the 2024 data presented here includes South Africa under EAME.

6ADAMA Ltd. Third Quarter Report 2025

slightly up for the quarter despite ongoing pricing pressures.In China sales in the third quarter mainly reflected the impacts of lower non-ag sales partially compensated by the

increase of AI sales. Non-ag sales declined following implementation of the Company’s strategic decision to pivot away

from manufacturing some basic chemical products and weaker market demands. Higher AI sales were driven by volume

growth due to the expansion of new distribution channels and supported by the recovery of global demand. Sales of the

formulations business stabilized still reflecting relatively high channel inventories and severe market competition.Supported by the growth in the first half sales in China in the first nine months increased compared to last year.

(2) Cost of Goods and Gross Profit

The higher gross profit and margin in the third quarter and first nine months mainly reflected the positive impacts of

lower costs due to improved operational efficiency and lower costs of inventory sold as well as higher volume more

than compensating for lower prices.

(3) Operating Expenses:

Operating expenses include Sales and Marketing General and Administration and R&D.The operating expenses in both the third quarter and first nine months were lower mainly because last year there

were one-off expenses related to a legal claim of product liabilities which offset the higher restructuring and advisory

costs in 2025. In the third quarter the benefits were offset by the increase in expenses attributed to company

success-based employee compensation due to improved 2025 results to-date. In the first nine months the positive

impacts following implementation of the Fight Forward plan in 2025 and that in H1 last year an update of registration

amortization was recorded contributed to the decrease in operating expenses.In addition to that for Q3 and 9M of both 2024 and 2025 the Company continued recording following charges in its

sales and marketing expenses at a similar amount which incurred due to mergers and acquisitions in recent years

mainly: (i) non-cash amortization charges in respect of transfer assets received from Syngenta related to the 2017

ChemChina-Syngenta acquisition; and (ii) non-cash amortization net charges related to intangible assets created

as part of the Purchase Price Allocation (PPA) on acquisitions with no impact on the ongoing performance of the

companies acquired.Non-operational charges affected the Company’s reported operating expenses amounting to RMB 176 million ($25

million) in Q3 2025 in comparison to RMB 167 million ($23 million) in Q3 2024 and RMB 519 million ($73 million)

in 9M 2025 in comparison to RMB 639 million ($90 million) in 9M 2024. For details of the non-operational charges

please refer to the Annex to the Report.

(4) Financial Expenses

“Financial Expenses” alone mainly reflect interest payments on corporate bonds and bank loans as well as foreign

exchange gains/losses on the bonds and other monetary assets and liabilities before the Company carries out any

hedging. The impact of Financial Expenses (before hedging) is an expense of RMB 1544 million ($215 million) for

the nine months of 2025 compared with an expense of RMB 1220 million ($172 million) for the corresponding

period in 2024.Given the global nature of its operational activities and the composition of its assets and liabilities the Company in

the ordinary course of its business uses foreign currency derivatives (forwards and options) to hedge the cash flow

risks associated with existing monetary assets and liabilities that may be affected by exchange rate fluctuations.“Gains/Losses from Changes in Fair Value” which recorded the hedging costs and impacts among others amounted

to a net gain of RMB 5 million ($0.6 million) in the first nine months of 2025 compared with a net loss of RMB 236

million ($33 million) in the corresponding period in 2024.

7ADAMA Ltd. Third Quarter Report 2025The aggregate of Financial Expenses and Gains/Losses from Changes in Fair Value (hereinafter as “Total NetFinancial Expenses”) which more comprehensively reflects the financial expenses of the Company in supporting

its main business and protecting its monetary assets/liabilities amounts to RMB 1540 million ($215 million) in the

nine months of 2025 compared with RMB 1456 million ($205 million) in the corresponding period in 2024.In the first nine months Total Net Financial Expenses increased mainly because in 2024 there was a RMB 239

million ($34 million) income from revaluation of the put options attributed to minority stakes in controlled subsidiaries.Excluding this one-time gain last year Total Net Financial Expenses were lower in the first nine months primarily

positively impacted by a bond buyback that was executed in late Q2 by a fully-controlled subsidiary of the Company

as well as the lower hedging costs related to the Israeli Shekel.

(5) Income Tax Expenses

The Company recorded tax expenses mainly because losses that were primarily incurred by subsidiaries with

relatively lower tax rates while some of them did not create deferred tax assets on the losses. On the other hand

the subsidiaries that generated profit have a higher tax rate.The tax expenses in first nine months of 2025 are lower compared to the first nine months of 2024 due to (1) lower

losses in subsidiaries that did not create deferred tax assets; (2) tax income raised by the accounting method of

calculation of tax assets related to unrealized profits; and (3) foreign exchange impact of the stronger BRL in 2025

compared with tax expenses due to the weakness of the BRL in the first nine month of 2024.Changes in main assets and liabilities

Unit: RMB’000

End of

End of last

Assets and liabilities Reporting +/- (%) Explanation

year

Period

Derivative financial Change due to realization and revaluation of

334747483822-30.81%

assets derivatives

Mainly decrease in receivables in respect of

Other receivables 640870 1147469 -44.15%

securitization transaction

Bills payable 647860 439495 47.41% Increase in the procurement of goods

Mainly increase in liabilities in respect of

Other payables 1872012 1417319 32.08% securitization transaction and accrued

expenses

Short-term loans 6394069 4748720 34.65% Debt replacement

Long-term loans 1442948 2166625 -33.40% Repaid loans

II. Use of Raised Funds

□ Applicable √ Not applicable

No such cases in the Reporting Period.III. Information regarding the Shareholders

1. Total number of ordinary shareholders and preference shareholders who had resumed their voting

rights and shareholdings of top 10 shareholders at the period-end

Unit: share

Total Number of Common 36215 (the number of ordinary A Total Number of Preference

Shareholders as of the End of the share shareholders is 24837; the Shareholders with Vote Right

8ADAMA Ltd. Third Quarter Report 2025

Reporting Period number of B share shareholders is Restored (if any) as of the End

11378) of the Reporting Period

Shareholding of Top 10 Shareholders (Excluding the Shares Lent through Refinancing)

Number of Number of Common Pledged Marked or

Name of Nature of Holding Percentage Shareholding at Shares Held Frozen Shares

Shareholder Shareholder (%) the End of the Subject to Trading Status of Status of

Reporting Period Moratorium Shares Shares

Syngenta Group State-owned

78.47%1828137961------

Co. Ltd. Legal Person

China Structural State-owned

1.44%33557046------

Reform Fund Legal Person

China Cinda Asset

State-owned

Management Co. 1.34% 31115916 -- -- --

Legal Person

Ltd.Hong Kong

Securities Clearing Overseas

0.62%14414719------

Company Ltd. Legal Person

(HKSCC)

Domestic

Wu Feng Natural 0.34% 7863412 -- -- --

Person

Domestic

Zhu Shenglan Natural 0.32% 7350000 -- -- --

Person

Qichun County

State-owned

State-owned 0.18% 4169266

Legal Person

Assets Center

Domestic

Liu Minqin Natural 0.16% 3832446 -- -- --

Person

Domestic

Zhang Jianwei Natural 0.13% 3109701 -- -- --

Person

GUOTAI JUNAN

SECURITIES Overseas

0.13%3006597------

(HONG KONG) Legal Person

LIMITED

Shares Held by Top 10 Shareholders Not Subject to Trading Moratorium

(Excluding the Shares Lent through Refinancing and Restricted Shares of Executives)

Number of Shares Held Not Subject Type of Shares

Name of Shareholders to Trading Moratorium at the End of

Type of Shares Amount

the Period

Syngenta Group Co. Ltd. 1828137961 RMB Ordinary Share 1828137961

China Structural Reform

33557046 RMB Ordinary Share 33557046

Fund

China Cinda Asset

31115916 RMB Ordinary Share 31115916

Management Co. Ltd.Hong Kong Securities

Clearing Company Ltd. 14414719 RMB Ordinary Share 14414719

(HKSCC)

Wu Feng 7863412 RMB Ordinary Share 7863412

Zhu Shenglan 7350000 RMB Ordinary Share 7350000

Qichun County State-

4169266 RMB Ordinary Share 4169266

owned Assets Center

Liu Minqin 3832446 RMB Ordinary Share 3832446

Zhang Jianwei 3109701 RMB Ordinary Share 3109701

GUOTAI JUNAN

Domestically Listed Shares in

SECURTIES (HONG 3006597 3006597

Foreign Currencies

KONG) LIMITED

Explanation on associated Syngenta Group Co. Ltd. is neither a related party to any other shareholders listed above

relationship among the nor any acting-in-concert party as prescribed in the Administrative Methods for Acquisition of

above-mentioned Listed Companies. It is unknown whether the other shareholders are related parties or

shareholders or acting-in-concert parties as prescribed in the Administrative Methods for Acquisition of Listed

9ADAMA Ltd. Third Quarter Report 2025

explanation on acting-in- Companies.concert

Shareholder Wu Feng held 4882586 shares of the Company through a common securities

Particular about the top

account and 2980826 shares of the Company through a credit collateral securities trading

ten shareholder

account altogether 7863412 shares. Shareholder Liu Minqin held 403746 shares of the

participating in the

Company through a common securities account of the Company and 3428700 shares of

securities financing

the Company through a credit collateral securities trading account altogether 3832446

business (if any)

shares.Shareholders holding more than 5% of shares top ten shareholders and top ten shareholders with unlimited shares in

circulation participating in the shares lending through refinancing arrangement

□Applicable √ Not applicable

Change of top ten shareholders and top ten shareholders with unlimited shares in circulation from the previous period

due to the shares lending/returning through refinancing arrangement

□ Applicable √ Not applicable

2. Total number of preference shareholders and shareholdings of the top 10 of such at the period-end

□ Applicable √ Not applicable

IV. Other Significant Events

□ Applicable √ Not applicable

10ADAMA Ltd. Third Quarter Report 2025

V. Financial Statements

i. Financial Statements

1. Consolidated balance sheet

Prepared by ADAMA Ltd.

30 September 2025

Unit: RMB’000

September 30 December 31 September 30 December 31

Item Item

2025202420252024

Current assets: Current liabilities:

Cash at bank and on hand 3734324 3630608 Short-term loans 6394069 4748720

Financial assets held for

12641 1035 Derivative financial liabilities 291732 278580

trading

Derivative financial assets 334747 483822 Bills payable 647860 439495

Bills receivable 147568 65565 Accounts payable 5309492 4934865

Accounts receivable 7804471 7977830 Contract liabilities 1493561 1810764

Receivables financing 96351 144763 Employee benefits payable 808113 851784

Prepayments 342295 313542 Taxes payable 449404 516761

Other receivables 640870 1147469 Other payables 1872012 1417319

Non-current liabilities due

Inventories 11968957 11164663 1998547 2230713

within one year

Other current assets 1180676 988093 Other current liabilities 1203799 784456

Total current assets 26262900 25917390 Total current liabilities 20468589 18013457

Non-current assets: Non-current liabilities:

Long-term receivables 351126 159813 Long-term loans 1442948 2166625

Long-term equity investments 38839 30227 Debentures payable 5281141 6320157

Other equity investments 130606 131473 Lease liabilities 628209 610415

Investment properties 19280 20509 Long-term accounts payable 176635 191103

Long-term employee benefits

Fixed assets 9547158 9762895 536835 543855

payables

Construction in progress 1822558 1996892 Provisions 391690 316490

Right-of-use assets 547539 557159 Deferred tax liabilities 204862 283081

Intangible assets 4389981 4796655 Other non-current liabilities 2346379 2623500

Goodwill 5017236 5074283 Total non-current liabilities 11008699 13055226

Deferred tax assets 1452771 1291654 Total liabilities 31477288 31068683

Other non-current assets 350639 320827 Shareholders’ equity:

Total non-current assets 23667733 24142387 Share capital 2329812 2329812

Total assets 49930633 50059777 Capital reserves 12950464 12950464

Other comprehensive

16874201721028

income

Special reserves 3576 10798

Surplus reserves 298610 298610

Retained earnings 1183463 1680382

Total equity attributed to the

1845334518991094

shareholders of the company

Non-controlling interests - -

Total equity 18453345 18991094

Total liabilities and equity 49930633 50059777

Gael Hili Efrat Nagar Efrat Nagar

Legal representative Chief of the accounting work Chief of the accounting organ

11ADAMA Ltd. Third Quarter Report 2025

2. Consolidated income statement for the period from the year-beginning to the end of the Reporting Period

Unit: RMB’000

January-September January-September

Item

20252024

1. Total operating Income 21678425 21523293

Less: Cost of sales 16004956 16748146

Taxes and surcharges 72462 71856

Selling and Distribution expenses 2950375 3408333

General and Administrative expenses 1089510 817172

Research and Development expenses 307417 319977

Financial expenses 1544466 1220073

Including: Interest expense 527096 792488

Interest income 101281 181974

Add: Investment income net 7464 8386

Including: Income from investment in associates

74646062

and joint ventures

Gain (Loss) from changes in fair value 4781 (235775)

Credit impairment losses (108746) (85475)

Asset Impairment losses (63997) (157247)

Gain from disposal of assets 14599 39823

2. Operating loss (436660) (1492552)

Add: Non-operating income 38793 69143

Less: Non-operating expense 19579 19195

3. Total loss (417446) (1442604)

Less: income tax expense (income) 5360 395508

4. Net loss (422806) (1838112)

4.1 Classified by nature of operations

4.1.1 Continuing operations (422806) (1838112)

4.2 Classified by ownership

4.2.1 Shareholders of the Company (422806) (1838112)

4.2.2 Non-controlling interests - -

5. Other comprehensive income (loss) net of tax (33608) (229757)

Other comprehensive income (loss) net of tax attributable to

(33608)(229757)

shareholders of the Company

5.1 Items that will not be reclassified into profit/loss (2882) 4545

5.1.1 Re-measurement of defined benefit plan liability (2882) 4545

5.2 Items that were or will be reclassified to profit or loss (30726) (234302)

5.2.1 Effective portion of gains or loss of cash flow hedge (35542) (7805)

5.2.2 Translation differences of foreign financial statements 4816 (226497)

Other comprehensive income net of tax attributable to Non-controlling

interests

6. Total comprehensive loss for the period (456414) (2067869)

Total comprehensive loss attributable to shareholders

(456414)(2067869)

of the Company

Total comprehensive income attributable to Non-controlling interests - -

7. Earnings (loss) per share

7.1 Basic earnings (loss) per share (RMB/ share) (0.1815) (0.7890)

7.2 Diluted earnings per share (RMB/ share) N/A N/A

Gael Hili Efrat Nagar Efrat Nagar

Legal representative Chief of the accounting work Chief of the accounting organ

12ADAMA Ltd. Third Quarter Report 2025

3. Consolidated cash flow statement for the period from the year-beginning to the end of the Reporting

Period

Unit: RMB’000

January-September January-September

Item

20252024

1. Cash flows from operating activities:

Cash received from sale of goods and rendering of services 22008090 20852442

Refund of taxes and surcharges 167870 165239

Cash received relating to other operating activities 105894 343229

Sub-total of cash inflows from operating activities 22281854 21360910

Cash paid for goods and services 14138110 12964858

Cash paid to and on behalf of employees 2906459 2997725

Payments of taxes and surcharges 435698 428866

Cash paid relating to other operating activities 2427727 2107229

Sub-total of cash outflows from operating activities 19907994 18498678

Net cash flows from operating activities 2373860 2862232

2. Cash flows from investing activities:

Cash receipts from disposal of investments 55050 83249

Cash received from investment income 3301 -

Net cash received from disposal of fixed assets intangible assets

46283242278

and other long-term assets

Cash received for other investing activities - 2325

Sub-total of cash inflows from investing activities 104634 327852

Cash paid to acquire fixed assets intangible assets and other

8657201074140

long-term assets

Net cash paid to acquire subsidiaries or other

56272-

business units

Cash paid for other investing activities 124725 120132

Sub-total of cash outflows from investing activities 1046717 1194272

Net cash flows from investing activities (942083) (866420)

3. Cash flows from financing activities:

Cash received from borrowings 1835663 1311257

Cash received relating to other financing activities 1652577 805600

Sub-total of cash inflows from financing activities 3488240 2116857

Cash repayment of borrowings 3664529 3588782

Cash payment for dividends profit distributions or interest 698885 788921

Including: dividends paid to non-controlling interest 74113 69512

Cash paid relating to other financing activities 533136 442213

Sub-total of cash outflows from financing activities 4896550 4819916

Net cash flows from financing activities (1408310) (2703059)

4. Effect of foreign exchange rate changes on cash and cash

(27731)(21111)

equivalents

5. Net increase (decrease) in cash and cash equivalents (4264) (728358)

Add: Cash and cash equivalents at the beginning of the period 3583963 4857358

6. Cash and cash equivalents at the end of the period 3579699 4129000

13ADAMA Ltd. Third Quarter Report 2025

ii. Impact of initial application of new accounting standards on the opening balances of

行情