Stock Code

2024 SUSTAINABILITY REPORTShenzhen Manst Technology Co. Ltd.

Factory Building 3 Unit C No. 101~201 Third Industrial Zone Zhukeng Community

Longtian Street Pingshan District Shenzhen

0755-89369630

www.manst.comTable of Contents

Preface to This Report 01 Corporate Governance Industry Value

About This Report 01

Governance System 19 Innovation-Driven Development 47 Indexes 99

Message from the Chairman 03

Compliant Operation 22 Product Safety and Quality 56 Reader Feedback 101

Business Conduct 24 Sustainable Supply Chains 62

About Manst 05

Investor Protection 26 Protection of Customers’ Rights and Interests 69

About Us 05 Information Security 70

Performance in 2024 09

Employees and

Social Contributions

Sustainable Development Management 11 Environment

Sustainable Development Governance System 11 Protection of Employees’ Rights and Interests 73

Response to Sustainable Development Goals 12 Environmental Management 31 Employee Training & Development 83

Communication with Stakeholders 14 Resource Management 37 Occupational Health and Safety 92

Identification of Material Topics 15 Response to Climate Change 40 Social Contribution 97Preface to This Report

Preface to This Report

About This Report

Stock Code

2024 SUSTAINABILITY REPORTShenzhen Manst Technology Co. Ltd.

Introduction Data Sources

This is the first sustainability report released by Shenzhen Manst Technology Co. The data in this report is sourced from the internal original ledgers internal documents audit reports and other materials of Manst

Ltd. In the principles of objectivity standardization transparency and comprehen- with some financial data from the Company’s 2024 Annual Report. Unless otherwise specified all amounts in this report are

siveness this Report details the sustainability practices and achievements of Manst expressed in RMB.and its holding subsidiaries in 2024.Factory Building 3 Unit C No. 101~201 Third Industrial Zone Zhukeng Community

Longtian Street Pingshan District Shenzhen

0755-89369630

www.manst.com Appellation Description

Reporting Scope

For the convenience of expression and reading“ Shenzhen Manst Technology Co. Ltd.” is also referred to as“ Manst”“ the Compa-ny” or“ We”. Please refer to the detailed names of its subsidiaries in the“ Interpretation” column of the table below.Reporting Period: This report covers the period from January 1 2024 to December

31 2024 (hereinafter referred to as the“ Reporting Period”). To improve the compa- Term Interpretation

rability and completeness some sections of this report may be appropriately

referred to previous years or contain forward-looking statements.Anhui Manst Anhui Manst Technology Co. Ltd.Scope of Organization: This report focuses on Shenzhen Manst Technology Co.Ltd. and its subsidiaries and branches etc. The scope of this Report is consistent Chongqing Manst Chongqing Manst New Materials Technology Co. Ltd.with the scope of the Company’s annual consolidated financial statements unless

otherwise stated. Suzhou Manst Suzhou Manst Hydrogen Energy Technology Co. Ltd.Hunan AC AC New Energy (Hunan) Co. Ltd.AC NEWENERGY AC New Energy (Shenzhen) Co. Ltd.Preparation Basis Dongguan AC AC New Energy (Dongguan) Co. Ltd.This report has been prepared in accordance with the

??

 ?  ??  and the

-? Access to This Report

?    
In addition the preparation of this report

has drawn reference from the 

 ?   ?-?-    

?

? Initiative (GRI Standards) as well as the Sustainable Develop- This report is available in both Simplified Chinese and English versions for readers’ reference and can be viewed and downloaded

ment Goal (SDGs). at www.manst.com www.szse.cn and www.cninfo.com.cn.

01 02Message from the Chairman

Message from the Chairman

Reaching new heights via innovation creating outstanding Looking ahead to 2025 Manst will continue to deepen its

achievements with excellent quality. We adhere to an ESG practices and through unwavering efforts advance

innovation-driven development strategy fostering continu- toward a new stage of sustainable and high-quality develop-

ous technological breakthroughs and upgrades through a ment. We will remain employee-centered customer-orient-

The year 2024 marks the tenth anniversary of Manst’s founding—a decade of perseverance and achievement and well-established innovation incentive system and a robust ed and community-driven working together to create a

a journey of continuous progress and growth. Over the past ten years Manst has remained deeply committed to the intellectual property protection framework. Guided by our brighter future for all. Let us unite our efforts to embrace

field of coating technology staying true to its original aspiration and mission: Committed to becoming the Chinese quality policy—“Let quality build reputation”—we have new challenges and write an even more remarkable chapter

force that changes the coating ecology. With a pragmatic and resilient spirit we have overcome numerous challeng- established a comprehensive quality management system ahead!

es and established a strong brand presence within the industry growing into a leading enterprise in China. At the to ensure that every product is safe reliable and aligned

same time we place great importance on sustainable development. In 2024 we published our first sustainability with customer expectations. In supply chain management

report taking a solid step forward in the areas of environment society and corporate governance. we implement a sustainable supply chain strategy enforce

strict oversight of our suppliers optimize procurement Tang Xuejiao

processes and mitigate supply chain risks. By practicing

responsible sourcing we strive to set a benchmark for the Chairwoman of Shenzhen Manst Technology Co. Ltd.industry.Ensuring employee well-being to foster collective strength

promoting community progress to open new opportunities.Laying cornerstone with refined governance safeguarding Strengthening our foundation through energy conservation We have always regarded our employees as the most

shareholder interests together. We have established a and carbon reduction driving extraordinary progress on the valuable asset of the Company. We are committed to provid-

sound and comprehensive governance framework to path of green development. We have always regarded ing fair recruitment and employment opportunities along

ensure the efficient operation of the General Meeting of environmental protection as a core corporate responsibility. with a comprehensive compensation and benefits system.Shareholders Board of Directors and Board of Supervisors By strictly enforcing environmental compliance controlling Through diverse employee engagement activities and care

providing a solid foundation for the Company’s steady pollutant emissions and managing waste responsibly we initiatives we have created a warm and harmonious

development. In terms of compliant operations we have are committed to building a green and clean production working environment. We pay special attention to the

strengthened internal controls enhanced our risk manage- environment. In resource management we continuously protection of women’s rights and actively promote

ment system and strictly regulated related-party transac- optimize the efficiency of energy and water usage actively workplace equality. In terms of training and development

tions and tax compliance to ensure that all business promote a circular economy and strive to minimize we offer employees diverse career development pathways

activities operate within the bounds of legality and compli- resource consumption. In response to the global challenge and support their growth through a structured and system-

ance. We uphold business ethics firmly oppose commercial of climate change we are taking proactive steps to reduce atic training system. Occupational health and safety remain

bribery corruption and unfair competition and are carbon emissions. We have integrated climate-related a top priority in our operations. We have established a

committed to integrity and fairness in the marketplace. To responsibilities into our governance framework and adopt- comprehensive safety management system and imple-

protect the rights and interests of our investors we have ed new processes technologies and equipment to improve mented rigorous measures for work safety risk manage-

diversified communication channels continuously or replace high-energy-consuming systems—contributing ment and health management to ensure the well-being of

improved the quality of information disclosure actively to a sustainable and greener future. all employees.listened to investor feedback and earnestly safeguarded

shareholder interests.

03 04About Manst

About Manst

About Us Corporate Culture

Shenzhen Manst Technology Co. Ltd. (hereinafter referred Brand Interpretation

to as the“ Company” or“ Manst”) was founded in 2014 and

was listed on the Shenzhen Stock Exchange in May 2023 Dare to break through

(Stock Code: 301325). Manst is a nationally recognized

Keep moving forward

high-tech enterprise specializing in the research and

application of coating technologies. It is also a national-level Become a world-class leader in coating technology

specialized and sophisticated“ Little Giant” enterprise. The

Company operates a number of research platforms includ-

ing a CNAS-accredited national testing laboratory the Vision

Guangdong Provincial Engineering Technology Research

Center and a Shenzhen Postdoctoral Innovation Practice Make coating simple

Base. Through years of continuous investment in R&D

Manst has successfully broken foreign monopolies in

lithium-ion battery application technologies achieving Mission

domestic substitution for previously imported technologies. Committed to becoming the Chinese force that

The Company has ranked first in domestic market share for changes the coating ecology

several consecutive years.Leveraging a well-established mechanism that integrates Values

process leadership with equipment development along Business philosophy: Precision in planning

with extensive experience in the industrial application of execution research and improvement

coating technologies the Company is steadily advancing its

strategic positioning as a platform-based technology Talent management philosophy: Recognizing

enterprise. Manst has already made breakthrough progress people’s abilities utilizing their strengths

in emerging markets such as solid-state/dry-process cherishing talents

lithium-ion batteries perovskite solar cells display panels Management policy: Built on integrity centered on

and energy storage systems. Looking ahead Manst will uniqueness; Thriving with technology triumphing

continue to rely on its advanced engineering capabilities in with quality

coating technology as a foundational strength to build adual-engine strategy focused on“ new energy + pan-semi-conductor.” This approach will further drive the localization

of high-end intelligent equipment in China.Business Overview Coating Applications Energy Systems

As a technology-driven enterprise deeply rooted in the new Core Components Series:Coating die heads ceramic Energy Storage System Solutions:Centralized energy

energy sector the Company’s business is primarily divided into components measurement systems sensors screw storage commercial & industrial energy storage

two segments: Coating Applications and Energy Systems. The pumps miniature linear actuators dexterous robotic home energy storage systems etc.Coating Applications segment mainly includes lithium-ion hands etc.battery and pan-semiconductor businesses with products Intelligent Equipment Series:Insulation coating Hydrogen Energy System Solutions:PEM water

covering core components and intelligent equipment. The systems slurry delivery systems intelligent slurry electrolysis membrane electrodes PEM electrolysis

Energy Systems segment primarily includes energy storage and preparation systems planar coating systems cells skid-mounted hydrogen generation systems via

hydrogen energy businesses offering solutions such as energy dry-process film-making systems full-line intelligent water electrolysis etc.storage system solutions and hydrogen energy system factory solutions etc.solutions.

05 06About Manst

Development History

201820212023Industrialization of scientific and technological achievements Continuously high R&D investment to promote Listed on ChiNext Market; honored as a “Manufacturingstepping into the ranks of national high-tech enterprises high-quality development Single Champion Enterprise”

Awarded “National High-tech Enterprise” Submitted materials for listing on the ChiNext Market Listed on the Shenzhen ChiNext Market officially entering

the capital market

2014 Awarded “Shenzhen High-tech Enterprise” Establishment of Roll-to-Roll coating engineering technology center and production center National Intellectual Property Advantage EnterpriseIncluded in the list of “Enterprise Above Designated Size”

Establishment Introduced high-level talents to promote rapid iteration

Guangdong Province Manufacturing Single Champion

of technology Demonstration Enterprise

With the aim of making coating simple 2019 Won the 2021 Advanced Science and Technological 2023 Outstanding Industrial Enterprise by the People’s and opening up a journey of coating Government of Pingshan District Shenzhen

technology research development Innovation Unit Award

Continuous product innovation to achieve qualitative leap

production and sales

2021 Fast-growing enterprise Established a joint laboratory for perovskite technology with

Output value of over RMB 100 million the Shenzhen Institute of Advanced Technology Chinese

Academy of SciencesWon the “Golden Ball Award for Innovative TechnologyProducts in the Electric Industry in 2019” by Gao Gong Li Acquired Hunan AC expanding into the energy storage

Dian 2022 sector2015—2017 Supported by Shenzhen Industrial and Information Bureau’s Emerging Industry Support Plan - Key Link EnhancementAdhere to independent innovation and grow into a “little 2024Projectgiant” enterprise

Down-to-earth efforts to overcome Diversified development building a technological

difficulties focus on scientific

research and forge ahead 2020 Awarded “National Specialized and Sophisticated “Little innovation moatGiants” Enterprise”.Guangdong Provincial Engineering Technology ResearchBuilt an R&D team to explore coating Awarded “2022 Pingshan District Output Value Rapid Growth Center for Intelligent and High-Precision Coatingtechnology Shareholding system reform fully implement standard- Enterprise” Equipment in the New Energy Sector

ized management system

Broke foreign monopolies and opened up Awarded “Shenzhen Famous Brand” Approved to establish the “Shenzhen Postdoctorala new process of domestic substitution Certified with “Intellectual Property Management System” Innovation Practice Base”

“Quality Management System” “Occupational Health and 2022 Guangdong Province’s Famous and High-tech ProductsSafety Management System” “Environmental Management Achieved Level 3 Certification in Intelligent ManufacturingSystem” 2022 Shenzhen Enterprise Innovation (China) Record Capability Maturity

Awarded the title of “Guangdong Province Contract-abiding 2022 China Battery Industry “Li Xiang Award” Innovative Successfully awarded the contract for the first GW-leveland Credit-worthy Enterprise” Company (2.4 m) perovskite coating system

2022 Innovative Products Successfully awarded the contract for the first large-size

mass production line for panel coating systems

2022 The Benchmark Enterprise for Independent Innovation

Successfully awarded the contract for a 1.2 GWh grid-side

Listed on the High-growth Innovation List of Guang- standalone energy storage power station project

dong-Hong Kong-Macao Greater Bay Area in 2022

Formulated a group-level development strategy marking a

new stage of advanced development

07 08About Manst

Performance in 2024 Society

Percentage of R&D Personnel Total Number of Authorized Patents Cumulative Number of Authorized

Invention Patents

Governance 30.70% 412 49

Operating Income Net Profit Attributable to Sharehold- Total Taxes Cumulative Number of Authorized Cumulative Number of Granted Cumulative Number of Software

ers of the Listed Company Utility Model Patents Design Patents Copyrights

1698962500RMB 30699200RMB 113764700RMB 329 34 82

Percentage of Female Directors Percentage of Independent Directors Number of Penalties for Violations Specialized and Sophisticated National High-Tech Enterprise Number of Product Quality Training

in Information Disclosure Enterprise that Produces Novel and Sessions

33.34 33.34 0 Unique Products% % time 2 7 48times

Number of Interactions with Investors at Number of Investor Calls Received Number of Research Visits Received Total Hours of Product Quality Training Total Participants in Product Quality Total Number of Suppliers

Hudongyi(irm.cninfo.com.cn) Training

213 times Over 300times 16times 56 hours 864person-times 601

Number of Suppliers Certified under Number of Suppliers Certified under Number of Suppliers Certified

Quality Management Systems Environmental Management Systems under Occupational Health and

Safety Management Systems

33622799

Proportion of Procurement Social Insurance Coverage Rate Percentage of Employees Under-

Expenditure from Local Suppliers went Regular Performance and

Career Development Assessments

Environment 60% 100% 100%

Return-to-work Rate for Employees Return Rate from Parental Leave Investment in Employee Training

Annual Environmental Target Achievement Rate Incidents of Violation of Laws and Regulations in the on Maternity Leave

Environmental Field

100 0 100% 100% 1141700RMB%

Compliance Rate for Wastewater Treatment Compliant Disposal Rate of Hazardous Waste Employee Training Coverage Investment in Work-related Injury Number of Work Safety Accidents

Insurance

100% 100% 96% 388800RMB 0case

Number of Female Employees Number of Employees of Minority Nationalities

372persons 106persons

09 10Sustainable Development Management

Sustainable Development Management Response to Sustainable Development Goals

Manst actively responds to the United Nations Sustainable Development Goals (SDGs) and is committed to realizing the mission of

Sustainable Development Governance System “becoming the Chinese force that changes the coating ecology” creating greater value for both customers and society. The Compa-

ny consistently prioritizes green low-carbon and high-quality development actively exploring new paths for a green circular

economy continuously improving its sustainable development management practices and contributing to the achievement of the

United Nations Sustainable Development Goals.Manst has consistently prioritized green low-carbon and high-quality development. The Company continuously

promotes the improvement of its environmental social and corporate governance system strengthens the super- SDGs Content of SDGs Manst’s Actions

vision and participation of the Board of Directors in sustainable development affairs and integrates sustainable

development management into its overall risk assessment and management framework. Additionally the

Company actively shares its theoretical achievements and practical experi-

ences in sustainable development with the public. End poverty in all its forms everywhere Participating in social welfare initiatives

To further improve its corporate governance structure enhance the opera-

tional level of sustainable development management and better align with

strategic development needs Manst has formulated the

 ???

? ? established a sustainable development manage-

ment organizational structure and issued appointment letters for sustain- Ensure healthy lives and promote Implementing safety production

able development management personnel. The Company fully considers well-being for all at all ages Guarding occupational health

the impacts risks and opportunities related to sustainable development in

the processes of strategy implementation risk management and major

decision-making. Furthermore sustainable development performance has

been incorporated into the performance appraisal and compensation Ensure inclusive and equitable Offering clear career development channels

evaluation of all departments. The Company’s sustainable development quality education and promote

management system is as follows: lifelong learning opportunities for all Improving employee training mechanisms

Achieve gender equality and Opposing gender discrimination

empower all women and girls Caring for female employees

1. The Board of Directors serves as the leading the Board of Directors;

and decision-making body for sustainable

development management; 3. The Company has established a Sustainable

Development Management Working Group

2. The Strategic and Sustainable Development composed of department heads and relevant Ensure availability and Promote water conservation

Committee under the Board of Directors liaison personnel from the Company and its sustainable management of

functions as the research and advisory body for subsidiaries. This group is responsible for water and sanitation for all Comply with wastewater treatment regulations

the Company’s sustainable development providing support and professional expertise

management. It is responsible for supervising to ensure the effective fulfillment of responsi-

and guiding the effective implementation of bilities related to strategy and sustainable Ensure access to affordable Taking actions for energy conservation and

the Company’s work in environmental protec- development. The Board Office serves as the reliable sustainable and modern emission reduction

tion and climate-related matters social lead unit of the working group; energy for all

responsibility and standardized governance. Using clean energy

The committee promotes the advancement of 4. All departments of the Company and its

the Company’s environmental social and subsidiaries act as the implementing bodies for

governance practices and reports directly to sustainable development management. Promote sustained inclusive and

sustainable economic growth Upholding equal employment

full and productive employment

and decent work for all Protecting the rights and interests of employees

11 12Sustainable Development Management

SDGs Content of SDGs Manst’s Actions Communication with Stakeholders

The Company always places the expectations and demands of stakeholders in an important position. During the reporting period

Build resilient infrastructure promote Encouraging R&D and innovation the Company continuously communicated with stakeholders by means such as questionnaire surveys and field interviews to

inclusive and sustainable industrialization understand and respond to stakeholders’ concerns and demands. The concerns and demands of stakeholders were considered

and foster innovation Protecting intellectual property rights important factors in the decision-making process helping the Company continuously improve the management of sustainable

development efforts and achieve win-win cooperation.Focus on product quality management Stakeholders Expectations and Demands Countermeasure

Ensure sustainable consumption and

production patterns Protecting the rights and interests of

customers Maintaining sustained and prudent

operation

Continuous and stable returns

Promoting energy efficiency and carbon Enhancing investor communication

reduction Transparent and open information

Take urgent action to combat Shareholders and investors Conducting transparent informa-

climate change and its impacts Advocating for green offices tion disclosure

Identify climate-related risks and opportunities

Compliant operation Corporate governance enhancement

Promote peaceful and inclusive societies for Corporate Governance Compliance Support for local development Accepting regulatory audits

sustainable development provide access to Government and

justice for all and build effective accountable Upholding compliant operations Regulatory Agencies Environmental protection

Commitment to environmental

and inclusive institutions at all levels protectionAdherence to business ethics

Product quality and safety Provide high-quality products

Strengthen the means of implementa- Building sustainable supply chains

tion and revitalize the Global Partnership Optimization of customer service Supplying high-quality service

for Sustainable Development Adhering to responsible procurement Customers Privacy and information security Responding to customer demands

Adherence to business ethics Establishment of a responsible

supply chain

Integrity and cooperation

Partners Adherence to business ethics

Conducting internal training

Training and development

Protecting compensation and

Protecting basic rights and interests benefits

Health and safety Practicing occupational health

Employees management

Humanistic care

Employee care measures

Public welfare and charity

Conducting public welfare activities

Community public welfare

Participating in volunteer services

Communities Promoting regional development

13 14Sustainable Development Management

Matrix of Material Topics of Manst

Identification of Material Topics Protection of Employees’ Environmental Compliance Management

Legal Rights and Interests

Corporate Governance

Pollutant Emissions

Anti-commercial Bribery and Energy Utilization

Product Safety and Quality

With reference to the

??

 ?????   Anti-corruption

(hereinafter referred to as the“ the Guidelines”) and based on the characteristics of the industry and the business realities of the Waste Disposal Water Resource Utilization

Company as well as the requirements of internationally recognized sustainability report standards we conducted a comprehensive Employee Training & Development Data Security and Privacy Protection Innovation-driven Development

assessment of the Company’s performance on various relevant topics to see whether they will have a material impact (i.e. impact Protection of Customers’ Rights and Interests Sustainable Supply Chains

materiality) on the economic social and environmental aspects. We also evaluated whether each topic will have a material effect Anti-unfair Competition

(i.e. financial materiality) on the business model operations development strategy financial situation cash flow financing Communications with Stakeholders

methods and costs value chain of the Company. Circular Economy Occupational Health and Safety Response to Climate Change

Rural Revitalization

Contribution to Society Due Diligence

Assessment Process

of Material Topics Assessment Method

Step 1: Learn Analyze the background of the Company based on global macro trends China’s industry develop-

about company ment trends the industry in which the Company operates and the Company’s business model and Ecosystem and Biodiversity Protection

background identify the Company’s stakeholders and the impacts risks and opportunities the Company faces.Equal Treatment of Small and Medium-Sized Enterprises

Technology Ethics

Use the 21 issues outlined in the Guidelines as the foundation for the issue list refer to international

Step 2: Conduct

preliminary topic mainstream sustainability reporting standards and consider related topics from the same industry

screening align with the Sustainable Development Goals (SDGs) of the United Nations establish 2024 ESG Materiality to Corporate Finance

topic library consisting of a total of 25 topics.Both Financial Materiality and Impact Materiality Impact Materiality but Not Financial Materiality

Financial Materiality but Not Impact Materiality Neither Financial Materiality nor Impact Materiality

Material Topic Identification List

Assess the impact materiality Topics

Statement of Materiality

Identify the potential or actual positive and negative impacts of each topic on the external environ- Environmental Dimension Social Dimension Governance Dimension

ment society and the economy. Conduct stakeholder surveys in the form of questionnaires and

Step 3: combine the results with expert judgment to determine the topics with impact materiality. Topics with Both Financial

Assess the Innovation-driven DevelopmentMateriality and Impact

materiality Response to Climate Change Product Safety and Quality /

of topics Assess the financial materiality

Materiality Sustainable Supply Chains

Through the analysis of impacts dependencies and other factors in combination with expert Protection of Employees’ Legal Rights

Environmental Compliance and Interests Corporate Governance

judgment and risk identification and evaluation lists from departments identify and assess risks and Management Employee Training & Development Anti-commercial Bribery and

opportunities under each relevant topic to recognize topics with financial materiality. Topics with Impact Materiality Energy Utilization Occupational Health and Safety Anti-corruption

but Not Financial Materiality Circular Economy Protection of Customers’ Rights and Anti-unfair Competition

Water Resource Utilization Interests Due Diligence

Pollutant Emissions Data Security and Privacy Protection Communications with

Waste Disposal Contribution to Society Stakeholders

Rural Revitalization

Topics with Financial Materiality but

Not Impact Materiality / / /

Step 4: Identify Form a topic list based on impact materiality and financial materiality and ensure that the relevant

and approve topics are transparently fairly and comprehensively disclosed in the report. Topics with Neither Financial Ecosystem and Biodiversity Technology Ethicsmaterial issues Materiality nor Impact Materiality /Protection Equal Treatment of Small and

Medium-Sized Enterprises

1516

Importance to Economic Social and Environmental Impacts01

Corporate

Governance

17 18Corporate Governance

Governance System Governance through the General Meeting of Shareholders

Board of Directors and Board of Supervisors

Governance Framework General Meeting of Shareholders

Manst complies with the ???

?   (hereinafter referred to as the ???) the 

 ? The General Meeting of Shareholders is the highest authority of the Company and holds decision-making power over major matters

??

?   (hereinafter referred to as the?

 ??) the

?  ?and the  such as operations investments and profit distribution. In accordance with the ?? the 

 ?? the

?

-?  ?        
The Company   ?and other relevant laws regulations as well as the ? ?  ?the Company has formulated the

clearly defines the roles and responsibilities of its management decision-making supervisory bodies and executive team. ?

? 
These rules regulate the procedures for convening holding and voting at the General

Through a collaborative working model it ensures standardized and efficient operations promoting steady development and the Meeting of Shareholders to ensure the legality of deliberation processes and resolutions and to maintain fairness justice and

realization of its strategic objectives. efficiency in the operation of the General Meeting of Shareholders.key performance

Organizational Structure of Shenzhen Manst Technology Co. Ltd.During the reporting period the Company convened 5 General Meetings of Shareholders including 1 annual general

meeting and 4 extraordinary general meetings and deliberated a total of 21 proposals.General Meeting of Strategy and Sustainable

Shareholders Development Committee

Board of Supervisors

Nomination Committee

Board of Directors

Remuneration and

Office of the Board Assessment Committee

of Directors Board of Directors

General Manager Audit Committee

The Company’s Board of Directors has established four specialized committees: the Strategic and Sustainable Development

Committee the Nomination Committee the Audit Committee and the Remuneration and Appraisal Committee. Each committee

operates under defined rules of procedure to ensure the efficient and standardized governance of the Company and to fully protect

the interests of shareholders. Board members perform their duties diligently and responsibly in strict accordance with the Rules of

Procedure for the Board of Directors the System of Work of Independent Directors and the rules governing each committee. These

efforts ensure the effective operation of the Board of Directors and support informed science-based decision-making.key performance

During the reporting period the Company convened a total of seven Board of Directors meetings at which 37 resolu-

tions were reviewed and approved. The attendance rate of Board members was 100%.

1920

Audit and Supervision Department

General Manager’s Office

Administration Department

Legal and Compliance Department

Human Resources Department

Finance Department

Quality Operations and Process

IT Department

Strategic Planning Department

Procurement Management

Department

Asset Operations Department

Manufacturing and Supply

Management Department

Product and Solutions Department

Market and Sales Service

DepartmentCorporate Governance

Diversity

Compliant Operation

The Company takes into full consideration the age gender educational background

professional knowledge and skills and industry experience of the board members to

ensure the diversity in the composition of the Board of Directors. This improves the Percentage of

Board’s decision-making level and execution capability while meeting various Female Directors:

business needs. As of the end of the reporting period the Company’s Board of 33.34 Internal Control%.Directors comprised a total of 9 members including 3 female directors. The current

Board members have professional backgrounds spanning sectors such as specialized In accordance with relevant laws regulations and the provisions of the ? ?  ? the Company clarifies the fundamental

industries financial management and corporate governance and bring with them a requirements for internal control to promote standardized operations improve the quality of information disclosure and achieve

wealth of expertise. corporate governance objectives. The responsibilities of the Company’s internal control-related bodies are clearly defined: the

Board of Directors is responsible for establishing improving and effectively implementing the internal control system; the Board of

Supervisors supervises the Board of Directors in establishing and implementing internal controls; and the management is responsi-

Independence ble for organizing and carrying out the Company’s daily internal control activities.Percentage of The Company has established a comprehensive internal

To ensure the independence of the Board of Directors’ decision-making the Compa-

Independent audit system and formulated the ? ?

  
The

ny has in accordance with the law appointed 3 independent directors. Among them

Directors: audit department strictly complies with laws regulations

one is a professional in accounting and another is a legal expert meeting the require- and professional standards of internal auditing exercising

ments set out in the ?

?   ??   33.34%. the rights of informed decision-making supervision and

by the China Securities Regulatory Commission (CSRC). recommendation in accordance with the law. In addition

the Company engages an accounting firm to conduct a

Board of Supervisors specialized audit on the design and operational effective-

ness of internal controls leveraging professional expertise

to achieve comprehensive internal and external supervision.The Company’s Board of Supervisors consists of 3 supervisors including 1 employee representative. Each supervisor performs their The Company’s internal control is sound and control

duties diligently in accordance with the 

?

?

? 
They are responsible for overseeing major corpo- measures are effective. During the reporting period the

rate matters related-party transactions financial conditions and the compliance of directors and senior management in the perfor- Company prepared and timely disclosed the -?-? ?

mance of their duties. Supervisors also issue special review opinions to safeguard the lawful rights and interests of the Company  ?

  
As of the reference date of the

and its shareholders. internal control evaluation report no significant deficien-

cies in internal control were identified and effective internal

controls were maintained across all key areas.key performance

During the reporting period the Company convened a total of 5 meetings of the Board of Supervisors during which 21 Risk Management

proposals were deliberated and adopted.To strengthen the management of risks and opportunities the Company has established the    ?

  ?

?


Through operational requirements including risk response measures risk avoidance risk reduction and risk accep-

tance the Company has built a comprehensive risk and opportunity management system to enhance its risk resilience. The Compa-

ny implements corresponding control measures for internal and external uncertainties that may threaten the Company’s interests

during operations ensuring timely identification and effective management of various risks faced by the Company.Remuneration Management of Directors Supervisors and Officers

The Company has established a remuneration management system for directors supervisors and senior management. Directors’

remuneration is preliminarily reviewed by the Remuneration and Appraisal Committee under the Board of Directors then submitted

to the Board of Directors for deliberation and approved by the General Meeting of Shareholders. Supervisors’ remuneration is

reviewed by the Board of Supervisors and approved by the General Meeting of Shareholders. Senior management remuneration is

also subject to preliminary review by the Remuneration and Appraisal Committee under the Board of Directors and then submitted

to the Board of Directors for approval. Directors supervisors and senior management who hold other positions within the Company

are compensated in accordance with the Company’s current salary system and performance-based incentive scheme. Independent

directors receive a fixed stipend of RMB 120000 per person per year (pre-tax) paid on a monthly basis. Non-independent directors

and supervisors who do not hold any position within the Company do not receive remuneration.

21 22Corporate Governance

Tax Management

Risk Management Team

To clarify the Company’s tax management responsibilities strengthen daily tax

The management representative organizes the establishment of a risk assessment team. Team members possess organi- management reasonably control tax risks and fulfill tax obligations in accordance with

zational and coordination skills and are familiar with departmental processes and relevant standards to effectively plan the law Manst has formulated the ?? based on national tax laws and During the reporting period the

and execute risk analysis and evaluation. regulations and the Company’s actual situation. The Company comprehensively Company paid taxes amounting

systematically and continuously collects relevant internal and external information to RMB 113.7647 million

and based on actual circumstances identifies tax risks in its business activities and in accordance with the law.processes through risk identification risk analysis and risk evaluation. Based on the

results of tax risk assessment and the cost and benefits of risk management the

Finance Management Department formulates tax risk response strategies within the

overall management and control system establish an effective internal control mecha-

Risk Identification and Assessment nism and reasonably design tax management processes and control methods to achieve comprehensive control of tax risks.Each department comprehensively identifies and addresses risks and opportunities encountered during the Company’s

operations in accordance with the  ?

 ??


The risk assessment team evaluates the Business Conduct

severity and frequency of identified risks based on the risk severity evaluation criteria and risk occurrence frequency

criteria to determine the risk coefficient and accordingly decides the measures to be taken for the risks.Anti-commercial Bribery and Anti-corruption

The Company strictly complies with the 

?  ???

?  ? the? ??  ? ?

? ??and other relevant laws and regulations firmly preventing illegal acts such as corruption and bribery. To prevent and

combat fraud and malpractice strengthen internal controls and reduce operational risks the Company has formulated the

Anti-Fraud System in accordance with relevant laws regulations normative documents and the Company’s actual situation. The

Risk Response Measures Audit and Supervision Department is the designated department responsible for anti-fraud efforts. It is tasked with reviewing and

assessing the establishment and effectiveness of the Company’s anti-fraud control procedures handling fraud reports organizing

investigations of fraud cases in an orderly manner issuing audit opinions and promptly reporting to management and the Audit

When potential risks can be effectively avoided a risk avoidance plan is developed and the avoidance measures are Committee to ensure that fraud risks are effectively prevented and addressed.confirmed and implemented until the risk is partially or completely eliminated. When no feasible avoidance plan is In addition the Company has established and implemented the  ?? ?  and the

?

available effective measures are taken to reduce the risk in order to mitigate the impact of potential risks. ? ?  ? incorporating conflict of interest matters into daily supervision to prevent employees from obtaining

For high risks immediate measures are taken to avoid or reduce the risk; for general risks measures should be taken to improper benefits and to prevent and reduce internal corporate corruption. In 2024 the Company conducted 2 legal training

reduce the risk; for low risks the risk is accepted if the cost of taking measures to eliminate the risk exceeds the potential sessions.loss caused by the risk itself.Whistleblowing Management Mechanism

The Company has established and improved the whistleblowing mechanism by formulating the 

?  ? ?? ?

which specifies the scope of reports handling procedures whistleblower protection and rewards standardizing the reporting

Management of Connected Transactions process to ensure that every report is handled fairly and efficiently.Confidentiality requirements are upheld throughout all stages of handling reports. The Company strictly keeps confidential the

In accordance with the ??

 ??the

?

??and whistleblower’s name organization department home address and the content of the report with all whistleblowing materials

other relevant laws regulations as well as the provisions of the ? ?  ?and based on the Company’s actual situation classified as confidential documents. When accepting reports from whistleblowers or verifying information with them confidential-

the Company has formulated the ? ? to regulate related party transactions. This ensures that ity is maintained and the whistleblower’s identity is not disclosed. If any retaliation against whistleblowers occurs and is verified

such transactions comply with the principles of fairness impartiality and transparency as well as regulatory requirements thereby the Company will deal with it seriously in accordance with relevant regulations hold responsible parties accountable economically

safeguarding the interests of the Company and all shareholders. During the reporting period the Company did not engage in any and administratively and transfer criminal cases to judicial authorities for legal handling.significant related party transactions.

23 24Corporate Governance

The Company has established comprehensive and

independent reporting channels including a

Whistleblowing Work Flowchart Anti-monopoly and Anti-unfair Competitionwhistleblowing email complaint hotline WeChat

reporting account and mailing address. The Audit

and Supervision Department is responsible for

Letters visits accepting complaints or reports from the Company’s Manst strictly complies with the ? ?     ?

and calls employees partners (customers suppliers etc.) and ??

?  ?? ????

?

the public regarding suspected violations or illegal  ?and the relevant anti-monopoly and anti-unfair competition

activities. These reporting channels are published on laws and regulations applicable in the countries and regions where

the Company’s official website and communicated its business operates. The Company adheres to fair trading and legal

Registration to all employees through internal emails training compliance to maintain market fairness protect customer interests and filing

sessions bulletin boards and other means. and the public interest and oppose prevent and stop monopolistic

behaviors. During the Reporting Period no incident of vicious

Preliminary competition occurred in the Company.review and

verification Complaint Hotline

18123929137

Is it an Transfer for

integrity-re- handling Investor Protection

lated report WeChat

Integrity-related Not integrity-related

mst_iad

Company Investor Relations Management

leadership

approval Email

The Company attaches great importance to investor relations

IAD@sz-manst.com management and has formulated the ?? ?

Internal case ? which clearly defines the basic principles objectives target

investigation End audience content and methods of investor relations manage-Address ment. This system aims to ensure good interactive relationships

Factory Building 3 Unit C No. 101~201 with investors and establish the Company’s standardized image in

Third Industrial Zone Zhukeng Commu- the capital market. During the reporting period the Company

Close nity Longtian Street Pingshan District strictly implemented the ??   ? ?

Shenzhen continuously strengthened the protection of investors’ rights and

interests further regulated corporate governance improved the

Rewards Acceptance Departmen quality of information disclosure enhanced disclosure transparen-Archiving

cy and maximized meeting investors’ information needs for

Audit and Supervision Department investment decision-making.Shenzhen Manst Technology Co. Ltd.The Company values communication with investors and has

established diverse channels for investor communication and

feedback. Investors can better understand the Company’s

development strategy goals and implementation path through

various means such as the investor hotline investor relations

email Shenzhen Stock Exchange’s Hudongyi(irm.cninfo.com.cn)

Metric Unit 2024 performance briefings investor reception days and General

Meeting of Shareholders. This enhances investors’ understanding

Number of Employees Who Participated in and recognition of the Company and helps build a positive image

Anti-Commercial Bribery and Anti-Corruption Training Person 1335 of the Company in the capital market. During the reporting period

the Company actively responded to regulatory authorities’ calls by

Percentage of Employees Participating in Training on

% 81.80 conducting investor education activities as part of the “5.15 Anti-commercial Bribery and Anti-Corruption National Investor Protection Publicity Day.” It also actively utilized

Average Duration of Employee Training on long-format posters on the Company’s official WeChat public

Anti-Commercial Bribery and Anti-Corruption hours/person 0.5 account to promote and guide investors in protecting their rights

and interests.

25 26Corporate Governance

key performance

During the reporting period the Company organized 16 research activities combining online and offline formats 2023 Profit Distribution

including 1 performance briefing and 1 investor reception day. Through the Hudongyi(irm.cninfo.com.cn) the

On May 15 2024 the Company held its 2023 Annual General Meeting of Shareholders and reviewed and

Company responded to 213 inquiries and handled over 300 investor calls. approved the proposal on the -?-?? ?  ?

 ?
The equity distribution plan for 2023 is as follows: From

the date of disclosure to the implementation period the number of shares held in the Company’s special

account for share repurchase increased to 536700 shares. Based on the total share capital of 120000000

shares excluding the repurchased shares the effective base for distribution was 119463300 shares. The

Information Disclosure Company will distribute a cash dividend of RMB 5 (tax included) for every 10 shares to all shareholders totaling

RMB 59731650 (tax included). Additionally 2 bonus shares will be issued for every 10 shares from the capital

reserve resulting in a total of 23892660 new shares. No stock dividends will be issued.The Company strictly complies with the requirements of the Company Law the Rules Governing the Listing of Shares on the GEM of

Shenzhen Stock Exchange the Measures for the Administration of Information Disclosure by Listed Companies and other relevant

laws and regulations. It has formulated the Information Disclosure Management System to fulfill its information disclosure obliga-

tions. The Company ensures that all disclosed announcements and documents are truthful accurate timely and complete and

that information is made publicly available to all investors. This enables investors to fully understand the Company’s operational

performance financial status risk profile and development prospects. The Company continuously improves its information

disclosure practices to ensure transparency and regulatory compliance.

2024 Interim Profit Distribution

key performance

On September 13 2024 the Company held its second extraordinary General Meeting of Shareholders for the

year and reviewed and approved the proposal on the -?-? ?  ?  ?  ?

  ?
The interim equity

During the reporting period the Company disclosed a total of 146 announcements and related documents. distribution plan for 2024 is as follows: From the date of disclosure to the implementation period the Compa-

ny’s special securities account for share repurchase held 680100 shares. Based on the total share capital at that

time of 143892660 shares excluding the repurchased shares the distribution was calculated based on

143212560 shares. The Company distributed a cash dividend of RMB 2.10 (tax included) for every 10 shares to

Protection of Shareholders’ Rights and Interests all shareholders totaling RMB 30074637.60 (tax included). No bonus shares were issued and no capital reserve was converted into share capital.The Company was listed on the ChiNext Market of the Shenzhen Stock Exchange on May 12 2023. In 2022 the Company was in the

registration stage after passing the listing review. To safeguard the overall interests of both new and existing shareholders after the

listing no cash dividend or profit distribution was carried out in 2022. Going forward the Company will in accordance with applica-

ble laws regulations normative documents and the ? ?  ?and while maintaining the continuity and stability of its

profit distribution policy gradually consider distributing dividends by means such as cash dividends and converting capital

reserves into share capital with a priority given to cash distribution.

272802

Environment

29 30Environment

Environmental Management Responsibilities of the Environmental Sustainability Administrator

Environmental Compliance Management Identifies potential environmental risks in the Company’s operations assesses their severity

Risk Manage- and likelihood of occurrence and formulates corresponding risk response strategies and

ment and preventive measures to mitigate the impact of environmental risks on the Company. Continu-

Improvement:

Environmental Management System ously improves the environmental management system to enhance the Company’s overall environmental performance.Manst strictly complies with the? ? ???

?  ? the? ???

?? 

?    ? and other relevant laws and regulations. In accordance with ISO 9001:2015 ISO 14001:2015 and ISO Monitors updates in national and local environmental policies and regulations and promptly

45001:2018 standards the Company has developed the ???

????????
This manual Regulation and updates the Company’s internal environmental knowledge base. Organizes training and Knowledge

clearly defines the responsible departments and their respective authorities for the Company’s quality environmental and Dissemination: awareness campaigns on environmental regulations to enhance employees’ environmental

occupational health and safety management systems. A responsibility allocation table has also been established to assign depart- awareness and compliance capabilities.mental responsibilities for all elements of the management systems. In addition the Company has formulated and released its

? ?? ? and appointed an Environmental Sustainability Administrator who is responsible for

the overall coordination and management of environmental sustainability efforts.Project Manage- Responsible for the initiation implementation monitoring and acceptance of environmental

Responsibilities of the Environmental ment and projects. Ensures that projects are completed on time with the required quality and quantity

Sustainability Administrator Acceptance: and achieve the expected environmental outcomes.Establishes good relationships with governmental environmental protection departments

Responsible for overseeing whether the Company’s various operational activities comply with External

Environmental industry associations and non-governmental organizations to gain policy support and

Compliance national and local environmental laws and regulations industry standards and internal

Collaboration

and Commu- resource allocation. Strengthens communication with stakeholders such as suppliers and

Supervision: environmental policies. Conducts regular inspections of the Company’s environmental nication: customers to promote environmental awareness and foster collaboration.protection facilities to ensure their effectiveness and compliance.Based on the Company’s overall development strategy and environmental objectives

Strategy

and formulates environmental sustainability strategies and concrete action plans. Sets clear

Planning: environmental protection indicators and goals and develops implementation roadmaps and

timelines. Environmental Management Policy

Resource Integrates internal Company resources including human material and financial resources to

Integration

and Coordina- provide necessary support for environmental protection projects. Coordinates work among

tion: departments to ensure smooth implementation of environmental strategies and plans.Continuously improve achieve zero pollution

Environmental Organizes or participates in environmental monitoring activities collects and analyzes practice energy conservation and

Monitoring environmental data and evaluates the Company’s environmental performance. Regularly consumption reduction efforts

and Reporting: prepares environmental reports to disclose the Company’s environmental achievements and

existing issues to management and stakeholders.

31 32Environment

Management of Environmental Risks

As of the end of the reporting period Manst To prevent and control the occurrence of environmental incidents or emergencies and ensure timely response to minimize environ-

Anhui Manst Chongqing Manst AC NEWEN- mental impact the Company has formulated the ??


This procedure outlines the

ERGY and Hunan AC have all obtained ISO prevention and handling of potential environmental incidents and emergencies and includes the development of emergency

14001:2015 Environmental Management response plans. The Company identifies and evaluates environmental aspects through regular internal environmental inspections

System Certification. and third-party commissioned testing enabling the timely rectification of potential environmental hazards. During the reporting

period the Company did not incur any environmental penalties and violations.The Company conducts regular annual testing of wastewater exhaust gas and noise to ensure that all emissions meet applicable

regulatory standards. Pollution control facilities are managed by the Administration Department which designates dedicated

personnel to oversee their proper functioning. These facilities are operated strictly in accordance with established procedures by

trained and certified operators. In addition the Administration Department is responsible for the routine maintenance and servicing

of environmental protection equipment. In the event of potential environmental pollution due to equipment failure or other factors

immediate emergency response measures must be implemented.Stakeholder Management

To influence the environmental behavior of stakeholders ensure their understanding of the Company’s environmental policies and

Manst Environmental Management System Certification enhance their environmental awareness to promote conscious efforts in environmental protection and improvement the Company

has formulated the ?

?


This procedure evaluates the environmental performance of stakeholders

and gives priority to selecting suppliers recyclers and construction contractors who have obtained ISO 14001 Environmental

Management System certification.Green Technology

Environmental Targets Achievements in 2024

The dry process is a technology that involves material treatment and processing with little to no use of water or solvents. In

electrode manufacturing it utilizes mechanical force or other physical methods to mix and shape electrode materials avoiding the

100% Compliant Discharge of Domestic Sewage Achieved use of solvents and the subsequent steps required in traditional wet processes such as solvent recovery and drying. This approach

enhances production efficiency while reducing energy consumption and environmental pollution.

100% Compliant Discharge of Boundary Noise Achieved

For the specific characteristics of solid-state battery production the dry process on the pilot production line needs to address key

100% Compliant Discharge of Industrial Exhaust Gas Achieved issues such as process stability material compatibility and equipment adaptability. Currently Manst has developed related equip-

ment for various stages of the dry process and has preliminarily completed the layout of coating technology for the front end of the

100% Safe Disposal of Hazardous Waste Achieved dry process production line. This includes a series of equipment such as high-power mixers VC high-efficiency mixers ceramic

twin-screw extruders granulators and integrated film pressing and laminating machines all aimed at supporting the industrial

application of solid-state batteries.Special Environmental Protection Training

Special Environmental Protection Training Environmental Awareness Poster

33 34Environment

Pollutant Emissions

Waste Management Departments and Their Responsibilities

Manst strictly complies with the ???

?  ?? ??

 ? the???

?       ??     ?  ?

 ?and other relevant laws and regulations. The Company has

established internal management systems for wastewater exhaust gas and other emissions generated during production and

operation. It regularly commissions third-party professional agencies to conduct testing of wastewater and exhaust gas to ensure Responsible for the classifica- Responsible for the classifica-

the proper functioning of environmental protection facilities and the compliant discharge and treatment of pollutants. During the tion collection storage and tion collection storage and

reporting period neither the Company nor its subsidiaries were classified as key pollutant discharge units by the environmental daily cleaning of domestic transport of waste materials

protection authorities and no penalties or violations related to pollutant emissions occurred. waste generated in daily office generated during workshop

operations; processes such as scraps steel

To address the issues of low automation level low filtration accuracy high investment and maintenance costs and product quality iron slag aluminum foil and

risks associated with the grinding fluid equipment the Company plans to launch a technical upgrade project for a fully automated responsible for the outsourcing Produc- waste packaging materials to

centralized fluid supply system. This system will feature fully automatic collection high-precision filtration automatic mixing and and final disposal of all waste; Administration tion-related designated locations;

constant temperature/pressure centralized supply functions. Through this equipment upgrade the production line’s automation audits the qualifications of Department Departments

and intelligence levels will be enhanced improving product processing quality and yield rates; the grinding fluid will be recycled for waste recycling and disposal involved in the scrapping and

long-term use reducing hazardous waste discharge and lowering the Company’s environmental risk; additionally the system vendors and signs disposal disposal process of defective

requires minimal manual intervention which will improve the workshop working environment benefit employees’ health and agreements with them. products and waste.enhance job satisfaction.Participates in the scrapping Finance Audit and

Organic Exhaust Gas: Filtration cores are installed inside the pipes. Exhaust gas passes through the Supervision Audits the scrapping and sales and disposal processes of Department

exhaust pipeline and is filtered to meet discharge standards before release. Department processes of defective products defective products and waste;

The Administrative Management Department commissions an environmental and waste; has the right to supervises the accounting of

monitoring agency with relevant qualifications to conduct annual testing of conduct on-site supervision at waste sales proceeds.Waste Gas exhaust gas emissions in the areas where exhaust gases are generated. The

any time.Treatment testing results are reported and uploaded to the regulatory system as

Method required by environmental authorities.Other Exhaust Gases: Emissions comply with the secondary standards of the second period specified

in the        ?  ?

 (DB44/27-2001). After treatment The Company’s solid waste mainly comes from household waste generated during living production and office processes as well

and meeting the standards the gases are discharged at elevated heights. as production and office waste. Household waste is uniformly collected by the Company’s cleaning staff and transferred to

designated temporary garbage collection points within the industrial park after which it is handled by the park’s or municipal

sanitation departments. Production and office waste are categorized into general solid waste and hazardous waste. The Company

adheres to the principles of classified collection comprehensive utilization and proper disposal for waste management. It strictly

manages and audits the qualifications of waste recycling vendors requiring them to provide business licenses and government-ap-

Domestic Sewage: Connected to the municipal sewage network and directed to the correspond- proved special qualification certificates. Additionally the Company regularly inspects the treatment capacity and equipment of

ing sewage treatment plant. Discharge complies with the ?      hazardous waste recyclers to ensure safe handling of toxic and hazardous waste.??


Wastewater

Treatment

Industrial Sewage: Sewage treatment facilities have been established to collect and recycle Methods

wastewater generated from cleaning processes at various production stages. Waste Categories Waste Item Disposal Method

The treated wastewater is ultimately handed over to qualified recycling

companies for further processing.Recyclable Scrap iron waste film waste paper etc. Sold to scrap recycling companies

General Solid Waste

Waste Disposal Recycled and treated by Non-recyclable Packaging bags plastic films etc. qualified recyclers

To standardize the management of the Company’s solid waste reduce the generation of solid waste and minimize environmental Recyclable Waste oil empty paint cans etc.pollution the Company in accordance with the ???

?  ?? ? ?

 ?

Recycled and treated by

???

???   ? and other relevant laws regulations and standards Hazardous waste qualified recyclers

has formulated the ??
This system specifies the classification and disposal of waste generated from office

production transportation storage and other operational activities as well as the division of responsibilities among departments Non-recyclable Chemically contaminated waste (rags gloves)

involved in waste management.

35 36Environment

Noise Management Energy Policy

The Company’s noise mainly originates from equipment operation and tool use in various workshops.Lawful cientific echnological continuous

Noise Control Measures energy use management innovation improvement

Regular maintenance of equipment to ensure good operating condition.The Company integrates the concept of sustain- To ensure the reasonable and efficient use and

able development into its production and opera- conservation of energy resources such as water

tions striving to reduce energy consumption and electricity and paper within the Company the

Preferential use of low-noise tools adoption of noise reduction work methods or reduction in work environmental costs throughout its processes

Administrative Management Department monitors

energy consumption across departments and

frequency; provision of protective earplugs. while improving energy efficiency. It actively

responds to various environmental directives records usage data in the Energy Resource

issued by regulatory authorities and cooperates Consumption Statistics Sheet. When abnormalities

fully with their instructions. Regular training and are detected the responsible department is

publicity campaigns are conducted to enhance required to analyze and implement corrective

For noisier equipment (e.g. air compressors) use of dedicated isolation zones to minimize health and employees’ awareness of environmental protec- measures. In 2024 the Company’s total electricity

safety impacts. The Company complies with the?    ?

   tion and energy conservation. The Administrative consumption reached 13472486.99 kWh with a

?

 III: daytime noise ≤ 65 dB nighttime noise ≤ 55 dB. Management Department is responsible for total energy consumption of 1655.77 tce.promoting energy-saving initiatives and conduct-

ing related training with all departments imple-

menting these measures.The Administrative Management Department conducts annual noise monitoring of production activities

within the plant area.No one is allowed to install electrical equipment on power supply lines without authorization.Resource Management

Under normal conditions (except on rainy or cloudy days) lighting in each department’s

Energy Utilization responsibility area must be strictly managed to ensure lights are turned off when no one is

Electricity present.Energy management is the key for enterprises to achieve operational carbon reduction and green development. To save energy and Use

reduce consumption while ensuring efficient energy use the Company actively promotes the construction of an energy manage- Regulations

ment system and has established the ? ? and ? ? ? ? Strengthen air conditioning management and control the usage amount of air conditioners.The Administrative Management Department is responsible for the daily management of electricity consumption conducts

monthly electricity consumption statistics and regularly analyzes the overall energy management performance.To establish and continuously improve the Company’s energy management system reduce energy consumption enhance energy The Production Management Department should analyze the relationship between energy

utilization efficiency and achieve efficient and low-consumption production the Company has developed the ? supply and usage to match supply capacity; based on the production plan arrange production

?

based on the ??

?

? (ISO 50001:2018) and tailored to its actual situation. reasonably and reduce machine idle time to save electricity consumption.An energy management representative has been appointed to ensure the effective implementation maintenance and continuous

improvement of the management system.

37 38Environment

Water Resource Utilization

To effectively promote materials management and achieve optimal use of materials and

Manst strictly complies with the ????

?   and other relevant laws and regulations and continuously rational allocation of resources the Company has formulated several policies including

promotes comprehensive water resource management. The Company regularly inspects all equipment and facilities ensuring the ?  ?  ?

  ? ? ?    ??

timely repairs of any that exhibit leakage dripping or seepage issues in order to prevent water waste. The water consumed by the ?? ?? ??and ?

? ? ?

Company mainly comes from municipal water supply. During the reporting period the Company continuously strengthened the

whole-process water-saving management from water intake to water use and achieved the recycling of water resources. In 2024 the

Company’s total water consumption reached 75228.17 tons.Materials Based on key data such as the master production schedule bill of materials (BOM)

Manage- inventory status and order information the Company calculates and analyzes material

ment needs to determine the type and timing of required materials thereby generating

Strengthen employees’ environmental awareness regarding water conservation and improve procurement suggestions and production plans.water use efficiency.Conduct timely inspection and maintenance of water pipelines to prevent leakage dripping Idle materials are handled using six methods: scrapping (requires a scrapping applica-

and other forms of water loss. tion) reuse (recycling) return to supplier exchange sale and transfer to idle inventory.Reuse includes reallocation to other orders or projects or for R&D testing.Water Use Eliminate running taps; always turn off faucets after use. Report any pipe or valve leaks to the

Regulations maintenance department immediately.Response to Climate Change

Reduce resource waste and promote water recycling wherever possible.Governance

Enhance employees’ awareness of water conservation through training programs. Against the backdrop of global climate governance energy conservation emission reduction and carbon footprint minimization

have become inevitable trends. Manst proactively addresses climate change by actively responding to both international and

domestic requirements. With an open and positive attitude the Company embraces the industry’s shift toward low-carbon

development. It is committed to establishing a green and environmentally friendly management system across the entire industry

chain striving to become a practitioner promoter and contributor to green development and to advance the realization of sustain-

able development.Circular Economy The Company has integrated climate-related functions into its governance structure clearly defining the responsibilities of the

Board of Directors and the management team to establish a top-down management system. The Board of Directors oversees the

management and progress of climate-related topics while the Strategic and Sustainable Development Committee under the Board

of Directors serves as the central coordinating body for sustainability efforts. This committee leads senior sustainability executives

environmental sustainability officers and sustainability risk and human rights supervisors in the formulation of relevant strategies

Post signs near printers that read“ Save Paper Protect the Environment.” and action plans as well as the development supervision and management of related policies and regulations. All relevant

functional departments and subsidiaries take effective measures to implement the Company’s carbon reduction efforts.Paper-Sav-

ing Manage- Reuse paper that can still be utilized; encourage double-sided printing for internal documents. Strategy

ment

Measures

Climate change is having profound impacts on human health supply chain stability and global trade. To accurately identify the

potential effects of climate change on its business Manst conducts a comprehensive analysis of climate-related risks. The Company

Recycle and reuse packaging materials in production workshops whenever possible. evaluates both physical risks and transition risks to assess how climate change may affect its operations. At the same time it identi-

fies opportunities arising from climate change and actively implements response measures to address these challenges and seize

potential benefits.

39 40Environment

Type of Description of Impact

Risk/Opportunity Description of Risk/Opportunity Financial Impact Duration1 Response Measures Impact Risk and Opportunity Management

Decline in production

capacity leading to Develop alternative suppliers Manst integrates climate change risks into the Company’s risk assessment and control system systematically identifying and

Increased frequency and reduced revenue; facility and logistics channels to reduce analyzing the climate-related risks and opportunities faced by its business and operations. The Company proactively develops

Acute intensity of extreme weather repairs operational Short- to supply chain disruption risks;

Physical formulate and implement policies and measures to address these issues and seize value-creating opportunities.events such as typhoons disruptions and increased medium-term

Risks floods heavy rainfall costs; interruptions in detailed disaster emergency

heatwaves and cold spells. production or services response plans to ensure rapid

Physical causing revenue loss. operational recovery. Climate Change Risk Management Process

Risks

Increased operational

Ongoing sea level rise rising costs; facility damage

Chronic average temperatures and Medium

Strengthen flood emergency In cooperation with a third-party professional organization Manst identifies physical risks transfor-

leading to higher and management to reduce the mation risks and opportunities faced by the Company based on national laws regulations and Physical extreme changes in precipita- expenses; decreased long-term likelihood of business Risk policies as well as domestic and international sustainable development trends and the realities of Risks tion and weather patterns. sales/output resulting in interruptions. Identification the Company laying the foundation for the subsequent risk assessment and risk management.lower revenue.Increase investment in R&D

research new technologies to

meet higher environmental

Costs associated with Upfront R&D expenditures Medium requirements and carry out According to the Company’s actual operations a comprehensive evaluation is conducted on poten-

Technologi- transitioning to low-emission for new and alternative and technical exchanges and Risk tial climate-related risks and opportunities. The assessment covers the impact timeframes and the

cal Risks technologies. technologies. long-term cooperation to improve the Assessment main potential financial effects of climate change risks and opportunities.Company’s capability in

Trans- environmental technology

forma- research.tion

Risks Increased production According to the results of the risk assessment the Company develops targeted risk response strate-

Establish a firm commitment to

costs due to raw material Medium gies and measures to effectively reduce the adverse impacts of climate change risks on its operations

Changes in customer behavior green development and price fluctuations and and actively promote the Compa- Risk Response and financial conditions. The Company also continuously monitors the risk situation and evaluates Market Risks uncertain market signals rising emission requirements; long-term ny’s energy conservation and management measures to ensure the effectiveness of climate change risk management.raw material costs. sudden and unexpected

carbon reduction efforts.changes in energy costs.Short Improve production efficiency Adoption of more efficient Reduction in operating

Resource enhance resource recycling transportation methods; use of costs; increased capacity medium and

Efficiency long terms and vigorously promote the recycling technologies. and revenue.circular economy.Apply energy-saving and

Oppor- Short carbon-reduction technologies

tunities Energy Adoption of low-emission Reduced operating costs medium and or use clean energy in

Alternatives energy sources. long terms production processes to reduce

greenhouse gas emissions.Products Development of new products Short Continuously invest in R&D and

and or services through R&D and Augmented operating medium and innovation to develop green

Services innovation. income. long terms and low-carbon products.Impact Duration Definition: Short-term: within 1 year; Medium-term: 1?5 years; Long-term: over 5 years.

41 42Environment

Metrics and Targets

The Company continuously improves its climate change management system setting a target for a year-on-year reduction in carbon

dioxide emissions per RMB 10000 of output value. It has also formulated a series of energy-saving and consumption-reduction

measures implementing them throughout production and operations.Metric Goals Achievement

CO2 Emissions per RMB 10000 of Output Value Year-on-year reduction In progress

Liquid-cooled Containerized Energy Storage Series Air-cooled Commercial and Industrial Energy Storage Series

Metric Unit 2024

Total GHG Emissions tCO2e 7229.34

Direct Emissions (Scope 1) tCO2e /

Indirect Emissions (Scope 2) tCO2e 7229.34

Stacked Residential Energy Storage Series

Green Products

Manst complies with energy-saving laws regulations and standards and implements energy management standards internally.The Company has established a scientific and systematic lean production management system to fully empower sustainable

development. By adopting new processes technologies and equipment to technically upgrade or replace high-energy-consuming Perovskite solar cells as a third-generation photovoltaic technology offer a range of advantages including high

machinery and processes Manst achieves energy conservation and emission reduction comprehensive resource utilization photoelectric conversion efficiency simple structure low cost and diverse application scenarios. They carry theimproved energy efficiency cost reduction and enhanced benefits jointly creating a green and low-carbon enterprise. critical mission of further reducing the cost per kilowatt-hour of photovoltaic power and achieving the“ dualcarbon” goals. However the industrialization process still faces many challenges with the large-area low-cost

Driven by the global energy revolution and the dual“ carbon peak and carbon neutrality” goals energy storage technology has and high-efficiency fabrication of perovskite films being the core difficulty at present.become a core pillar in building a new power system. Leveraging deep insights into industry trends and strategic product deploy-

ment Manst has launched integrated energy storage solutions aimed at providing users with efficient intelligent and sustainable Through proprietary key technologies such as customized

technical services to support the green energy transition. coating heads and high-precision injection pumps Manst

has developed the capability for collaborative research

and development of“ formulation?process?equipment”

for large-size perovskite industrialization. The Company

has completed the integrated layout of large-area uniform

solution coating and crystallization. Its product range now

covers single-junction and tandem coating equipment for

Manst’s subsidiary Hunan AC is committed to providing extremely safe highly efficient and intelligent integrated GW-scale mass production pilot testing and laboratory

solutions for wind power photovoltaics and energy storage. It has carried out in-depth industrial deployment and use. Manst can quickly respond to different customer GW-scale Mass Production planar

established a multi-level product matrix centered on centralized energy storage as its core business with commercial requirements by providing customized coating produc- Coating System Delivery Site

and industrial energy storage and user-side energy storage products as its main focus. These solutions are applied tion line solutions including glove boxes and automation.across diverse scenarios including integrated energy utilization new energy consumption peak shaving and valley

filling demand response and emergency backup power.

434403

Industry Value

45 46Industry Value

Innovation-Driven Development

Governance

The Company consistently implements a long-term mechanism for innovation-driven development adhering to a research and

development model led by process technology. It has established coating engineering centers and various laboratories across

different application fields actively forming industry-academia-research collaborations with domestic and international research

institutes. The Company continuously attracts professional research talents and industry elites creating a mature and reliable

integrated independent R&D mechanism covering demand conception structural design product prototyping and product perfor-

mance verification. At the same time it integrates automation and intelligent technologies enabling capabilities in multiple ‘Little Giant’ Specialized and Sophisticated Enterprise

application scenarios to collaboratively address key issues such as high-quality high-efficiency and low-cost production of end High-tech Enterprise that Produces Novel and Unique Products

products with customers. Moreover the Company has set up a scientifically effective R&D organizational structure with clear

division of responsibilities. It has also formulated a series of R&D regulations including the ????????

? ????   ????? ??and the?  ?

? ???    ? ? ?
These systems standardize processes

such as R&D project initiation and submission strengthen management throughout the entire R&D process promote the transfor-

mation and effective utilization of R&D results and continuously enhance the Company’s independent innovation capability.The Company has obtained the national High-Tech Enterprise certification and has been recognized as a national-level specialized

and sophisticated“ Little Giant” as well as a National Intellectual Property Advantage Enterprise. It possesses key research

platforms such as the Guangdong Provincial Engineering Technology Research Center for New Energy Intelligent High-Precision

Coating Equipment and the Shenzhen Postdoctoral Innovation Practice Base. The Company has also received numerous honors

including the Excellent Brand of Auxiliary Equipment for China’s Power Lithium-ion Batteries Guangdong Province Manufacturing

Single Champion Demonstration Enterprise and Guangdong Province Famous and Excellent High-Tech Product.Guangdong Manufacturing Single Champion

National Intellectual Property Advantage Enterprise Demonstration Enterprise

Guangdong Provincial Engineering Technology

Research Center for Intelligent and High-Precision Shenzhen Postdoctoral Innovation Practice Base

Coating Equipment in the New Energy Sector

47 48Industry Value

Strategy

Impact Risk and Opportunity Management

Type of

Risk/Opportunity Description of Risk/Opportunity

Description of Impact Response Measures

Financial Impact Duration2

The Company’s products are non-stan- Enhance the Company’s

dard equipment with strong customiza- technical R&D capabilities by 01 02

tion attributes. Various product increasing R&D investment Risk Analysis

parameters must meet customers’ Risk Identificationrecruiting and cultivating

dynamic demands. Due to the rapid high-quality R&D talent and

iteration of downstream customers’ establishing an efficient R&D

Techno- products and manufacturing processes if Cost Medium system. Actively seek

logical the Company misjudges future market increase and cooperation with domestic The Company comprehensively identifies risks related A“ Risk and Opportunity Assessment Team” is formed

Risks demand directions or fails in product long-term and international research to R&D innovation based on systems such as the Risk by management representatives responsible for

R&D it will result in difficulties recovering institutions universities and Opportunity Management Procedure and the R&D risk-related tasks. The team quantitatively evaluates

R&D investments reduced profitability and peers through Project Management System. This covers all stages of the degree of risk impact from multiple perspectives

inability to expand market share or even technology introduction and R&D project management including demand applying a strict principle for risk determination.market squeeze causing significant joint development to reduce introduction project initiation design and production

adverse effects on the Company’s the difficulty and risk of assembly and commissioning and project completion

sustained profitability. technology development. and release.Risks

Optimize the compensation

The Company operates in the new energy and benefits system to

high-end equipment intelligent ensure core technical

manufacturing industry which is a personnel’s salaries are Management

technology-intensive sector. A stable R&D competitive in the market. Process

team is the foundation for maintaining Conduct talent assessments

Organi- the Company’s core competitiveness and Medium to identify and cultivate

zational a key guarantee for long-term technologi-

Increased

and successors for key positions

cal progress and business development. operating Risks long-term forming a talent pipeline.Key monitoring points at each stage of R&D projects: During the project initiation phase a risk management

Although the Company has taken costs Establish industry-aca- Risk monitoring is conducted throughout the R&D plan is developed covering aspects such as scope

multiple measures to stabilize the core demia-research cooperation process including demand introduction project schedule quality cost resources risk and change

technical team it cannot rule out the with universities and initiation design and production assembly and control. Initial risks are identified and corresponding

possibility of future core personnel research institutions to commissioning and project completion and release. response measures are formulated. Throughout project

turnover. A large-scale loss of core introduce external The R&D Management Department organizes reviews to execution appropriate actions are taken based on the risk

technical talent in the future would affect intellectual resources and assess from multiple perspectives whether the project conditions. For example key technology verifications are

the Company’s sustained profitability. compensate for internal meets expectations and monitors the overall project carried out when facing technical bottlenecks; design

talent shortages.status. solutions are optimized through multiple rounds of

review; design plans are updated based on the results of

Daily monitoring mechanism: prototype verification reviews; and small-scale trial

The Company consistently production reviews are conducted to confirm whether the

adheres to an innova- By regulating the use of standard documents comput- product meets requirements. Experience is continuously

tion-driven development ers printers and communication tools the Company summarized throughout the project lifecycle to improve

Techno- The Company’s high-precision coating strategy actively promoting monitors document management information management processes.logical technology products meet the current Increased

revenue and Short the R&D and industrializa-

security and confidentiality system implementation

Opportuni- Break- mainstream lithium-ion battery during the R&D process promptly identifying and

through manufacturers’ requirements for stronger

medium tion of forward-looking

ties technology projects through addressing risks of information leakage.and and long lithium-ion battery electrode coating market

competitive- terms continuous R&D investment Market processes. The Company has the

ness attracting scientific talent Leader- capability to compete with leading and strengthening external Risk Monitoring Risk Management

ship foreign brands achieving import cooperation maintaining its

substitution. industry-leading position.

0304

2Impact Duration Definition: Short-term: within 1 year; Medium-term: 1?5 years; Long-term: over 5 years.

49 50Industry Value

Metrics and Targets Enterprise Innovation Capability Certification

Metrics Specialized and Sophisticated

Enterprise that Produces Novel Units 1 1 2

and Unique Products

Metric Unit 2022 2023 2024 National High-Tech Enterprise Units 3 3 7

Investment in R&D RMB 10000 4013.36 7013.87 12009.33

Percentage of R&D Investment

in Operating Income % 8.22 8.82 7.07

R&D Team Targets

Total R&D Team Members Person 177 442 501

Goals Achievement

Changes in R&D Personnel % 33.97 34.03 30.70

By Academic Qualification Continuously improve the R&D and innovation system increase R&D

investment and accelerate the transformation and application of R&D In steady progress

achievements to inject new vitality into products and services.Below Bachelor’s Degree Person 66 158 166

Bachelor’s Degree Person 100 251 285

Master’s Degree Person 10 32 48

Doctoral Degree Person 1 1 2

By Gender R&D Innovation Practices

Male Person 144 357 430

Innovation Incentive Measures

Female Person 33 85 71

Innovations The Company has established the ????? ???

 and the ?

?? ?? to encourage

technological innovation standardize the management of scientific and technological achievement transformation and stimulate

Total Number of Authorized the enthusiasm initiative and creativity of personnel at all levels to engage in such transformation.Patents Item 147 271 412

Patents by Type

Cumulative Number of Autho-

rized Invention Patents Item 18 30 49

Cumulative Number of Autho-

rized Utility Model Patents Item 122 217 329

Cumulative Number of Laboratory Capacity Building

Granted Design Patents Item 7 24 34

Other Intellectual Property As the core hub of Manst’ technological R&D the laboratory continuously breaks through technical barriers through sustained

scientific investment and experimental exploration. It serves as a continuous source of technological innovation enhancing the

Cumulative Number of performance and efficiency of coating technology expanding its application fields and ensuring Manst’ competitiveness and

Software Copyrights Item 12 29 82 sustainable growth in the global market.

51 52Industry Value

Roll-to-Roll Coating Laboratory Participation in Standard Development

In promoting industry development the Company not only leads industry trends through technological innovation but also active-

The roll-to-roll coating laboratory is equipped ly participates in the drafting and formulation of various standards. This contributes to the continuous improvement and upgrading

with experimental devices for mixing coating of relevant technical standards providing strong support for the healthy and orderly development of the industry. As of the end of

and roller pressing. It is a leading coating the reporting period the Company had participated in the development of 21 standards 9 of which have been officially released

laboratory in the industry capable of including 1 national standard.conducting various coating experiments such

as micro-concave coating extrusion coating

transfer coating and dip coating.S/N Category Item Status

1 National Standard Die Casting Dies - Components - Part 14: Limit Pins Released

Materials Laboratory 2 Industrial Standard Slot Coating Die Pending approval

3 Industrial Standard Method for Measuring the Coating Uniformity of Lithium-ion The material laboratory is an important Battery Electrodes Pending approval

professional basic laboratory mainly responsi-

ble for the process development of slurry the 4 Industrial Standard Lithium-ion Battery Slurry Mixer Pending approval

production and performance testing of slurry

5 Group Standard Technology Requirements for Recycling of Cathode Materials from the sintering preparation of positive and Used lithium-ion Batteries Released

negative electrode main material powders of Guidelines for the Evaluation of Advanced Equipment in

batteries and providing strong data support and 6 Group Standard Recyeling Used lithium-ion Batteries Released

optimization solutions for the production

coating line. 7 Group Standard

Technical Specification for Optical Storage and

Charging Integrated Power Station Released

Power Quality Testing Regulations for Photovoltaic

8 Group Standard Energy Storage Systems Released

Technical Specification for Energy Storage Battery

Planar Coating Laboratory 9 Group Standard Integrated Cooling System Released

Technical Specification for Performance Testing of Photovoltaic

The planar coating laboratory mainly conducts 10 Group Standard Systems Equipped with Electrochemical Energy Storage Released

experiments in the fields of new energy Technical Requirements and Test Method of Energy Storage

advanced board-level packaging and 11 Group Standard System for Telecommunications Station Released

panel-level coating. At present the key

12 Group Standard Specification of Applied Technology for Large Capacity research directions of the laboratory are: Cascaded Electric Storage Energy System Released

process development testing new material Evaluation Method for Carbon Emission Reduction in Retired

testing equipment development and commis- 13 Group Standard Power Battery Recycling Industry Pending approval

sioning and other series of research and

14 Group Standard Technical Guidelines for Energy Storage Planning and Configuration development work. on Distribution Network Transformer Area Side Pending approval

Technical Guideline for Grid-Forming Electrochemical Energy

15 Group Standard Storage System Interconnecting with Distribution Network Pending approval

Safety and Acceptance Specification for Cabinet-Type Lithium-ion Iron

Fluid Simulation Laboratory 16 Group Standard Phosphate Battery Energy Storage Systems Pending approval

Safety Rating Specification for Cabinet-Type

17 Group Standard Electrochemical Energy Storage Systems Pending approval

The fluid simulation laboratory is mainly

responsible for the metallographic Safety Operation and Maintenance Regulations for Cabinet-Type 18 Group Standard Electrochemical Energy Storage Systems Pending approval

hardness and corrosion resistance of the

core component materials; evaluating the 19 Group Standard Fire Control Devices for Power Energy Storage Stations Pending approval

morphology adhesion and thickness of

the surface coating; and the analysis of the 20 Group Standard Technical Specifications for Wires and Cables Used in Power Energy Storage Systems Pending approval

rheological properties surface tension

and density of the slurry. 21 Group Standard Technical Specifications for Connectors for Electric Energy Storage Systems Pending approval

53 54Industry Value

Protection of Intellectual Property Rights Ethics in Science and Technology

The Company adheres to a principle centered on innovation-driven development and strategic guidance deeply integrating its In its daily operations—spanning product research and development design manufacturing market sales and after-sales

intellectual property (IP) strategy with its overall business objectives. Manst has actively established a comprehensive efficient and services—the Company has not engaged in any activities directly related to issues of ethics in science and technology. The Company

distinctive IP protection system. The Company has issued and implemented a series of detailed management regulations such as adheres strictly to applicable laws regulations and industry standards and there are no potential risks arising from concerns

the ?

? ??

??

???

  ??

? and I

?? ? regarding ethics in science and technology.?? covering all stages from R&D to sales and forming a complete procedural framework. The R&D Management Department

includes a dedicated IP team with multiple IP engineers who have clearly defined responsibilities and a well-structured division of

labor working collaboratively to safeguard the Company’s intellectual property endeavors.The Company implements a full-process management mechanism within its intellectual property (IP) protection system. During the Product Safety and Quality

product development phase the IP management team and Legal Department are involved throughout the entire process to ensure

the timely and orderly filing of IP applications embedding IP protection into the entire R&D workflow. During production and

business operations the Company has established a comprehensive IP infringement early warning and risk monitoring mechanism.It regularly conducts legal risk assessments related to IP and has built a rights protection mechanism. For innovation outcomes from Governance

R&D projects the Company promptly applies for patents and software copyrights while also maintaining annual renewals for IP

rights. The Company has passed the GB/T 29490-2013 certification for enterprise intellectual property management systems and Manst adheres to the quality policy of“ Let quality build our reputation” treating quality as the lifeline of the enterprise. The Compa-

has been recognized as a National Intellectual Property Advantage Enterprise. As of the end of the reporting period the Company ny continuously improves its quality management system drives technological innovation optimizes processes and enhances

held a total of 412 granted patents including 49 invention patents and 329 utility model patents (including 7 German patents) as product quality to meet and exceed customer expectations. During the reporting period no major quality incidents occurred.well as 82 software copyrights and several proprietary technologies.The Company strictly complies with the ???

?  ?

?

  and other relevant laws and regulations.It has formulated and implemented a series of quality management systems including the?????

????????????????

?

?  ?

?


These systems cover every key stage from material intake production and

quality inspection to finished product delivery enabling comprehensive and full-process control over product quality. Manst has

established a Quality Management Department that in accordance with national laws regulations and industry standards enforc-

es strict quality control procedures and inspection standards to ensure products meet or exceed customer expectations. During the

reporting period the Quality Management Department conducted project-based quality risk assessments on production materials

and finished products promptly identifying risks and implementing corrective actions. The Company has achieved a steady

increase in product pass rates and a continuous decrease in customer complaint rates for several consecutive years. Additionally a

qualified supplier list has been established with strengthened training and quality management for suppliers to further improve the

acceptance rate of incoming materials.The Company continuously improves its

quality management system. As of the end

of the reporting period Manst along with its

subsidiaries—Anhui Manst Chongqing

Manst and Suzhou Manst—has successfully

The Company actively organizes internal training related to intellectual property and encourages employees to participate in obtained ISO 9001:2015 Quality Manage-

external professional training programs with reimbursement offered for relevant expenses. This initiative aims to cultivate profes- ment System certification.sional IP management personnel and develop well-rounded multidisciplinary talent. At the same time the Company has formulat-

ed a comprehensive plan for the independent implementation of patents with careful planning across various stages such as setting

patent goals and strategies technical implementation market research IP protection confidentiality measures product promo-

tion and maintenance and updates.In terms of external cooperation the Company clearly defines the ownership and usage rights of intellectual property in its

contracts. It maintains effective communication with suppliers and partners to avoid IP disputes during the course of collaboration. Manst Quality Management System Certification

55 56Industry Value

Strategy

When anomalies or nonconforming products are identified the Quality Management Department

Type of Description of Impact coordinates with relevant departments to conduct root cause analysis. A comprehensive assess-

Risk/Opportunity Description of Risk/Opportunity Response MeasuresFinancial Impact Duration3 ment is carried out to determine the nature scope and potential impact of the issue helping to

evaluate the severity and urgency of the associated risk.Risk

Increase R&D invest- Analysis

The Company’s products are highly ment actively explore

customized and must be tailored to the application of new

meet specific customer require- Short technologies and

Techno- ments. If current technologies Cost medium

processes and concen-

Risks logical cannot satisfy these demands increase and long

trate resources to

Risks additional resources may be terms overcome technical

required for procurement design or challenges to ensure

production to fulfill customer product quality meets or By conducting inspections on incoming materials in-process products finished products and

expectations. exceeds customer pre-shipment items the Company monitors and measures the quality characteristics of its products

expectations. to promptly identify potential quality issues and risks. In addition the Quality Management Depart-

ment performs statistical analysis on inspection data to uncover latent quality risks.Risk

As an internationally advanced Monitoring

enterprise in coating technology

Oppor- applications the Company has Enhanced Continuously improve

tunities leveraged years of R&D experience product Short product quality meet

in and numerous successful industry competitive- medium

Opportuni- customer needs and Market applications to achieve import ness and and long

ties maintain a leading increased terms For minor nonconforming products the responsible department conducts internal reviews and Leader- substitution for its core products in position in the industry. handles the issue independently. For general nonconforming products the responsible department

ship the lithium-ion battery sector while revenue conducts an internal review and then submits the issue to the Quality Management Department for

also maintaining a strong domestic confirmation and processing. In cases of major nonconformities the evaluation conclusion is

and international customer base. drawn based on inputs from all relevant departments and the issue is addressed accordingly. The

Quality Management Department also issues a  ??? ?? based on the risk

assessment requiring the responsible department to implement improvements and follow up on Risk

Impact Duration Definition: Short-term: within 1 year; Medium-term: 1?5 years; Long-term: over 5 years. their effectiveness aiming to continuously reduce risk levels and enhance product quality. Management

Metrics and Targets

Impact Risk and Opportunity Management Metrics

Quality Indicator Unit Achievement

Product Pass Rate: 100% % Achieved

The Company follows the  ?

 ??

?along with other systems such as

the ?

 ?? ? ?? ?

?

? and ?

?  ?

?

?to comprehensively identify risks and opportunities in all Targets

stages of product manufacturing. During process implementation potential quality issues or abnor-

malities—such as technical operational environmental material equipment and quality

anomalies—are identified through in-process inspections finished product inspections and pre-ship- Goals Achievement

Risk ment inspections. Nonconforming products are also classified to identify different levels of risk.Identification Continuously maintain zero major quality liability incidents and keep

optimizing the quality management system. In steady progress

57 58Industry Value

Product Safety and Quality Management

Intelligent Manufacturing Maturity Management

Whole-life-cycle Management of Products

The Company has established a product monitoring and measurement control procedure. By monitoring and measuring products Intelligent Manufacturing System Certification

at various stages—such as raw materials semi-finished products finished products and outgoing shipments—the Company

ensures that products at each stage meet quality environmental and customer requirements.In December 2024 Manst successfully obtained the Level 3 Certification

for Intelligent Manufacturing Capability Maturity marking the Compa-

ny’s industry-leading standardization level in intelligent manufacturing

Incoming Inspection: processes technology applications and management systems. By

In-Process Inspection: integrating multiple systems Manst has established an efficient and

After the raw materials arrive warehouse personnel collaborative production management system. The Company has

conduct a preliminary inspection and label the During product realization the Quality Manage- achieved digital and intelligent management of its design and produc-

product or its inspection status. The Quality ment Department and the Production Depart- tion processes significantly improving production efficiency product

Management Department is then notified to carry ment monitor and measure product characteris- Manst Level 3 Certification for Intelligent quality and resource utilization.out incoming inspections. The department Manufacturing Capability Maturitytics in accordance with the product process card

conducts inspections in accordance with relevant relevant technical documents and quality

regulations and determines the results based on the management documentation to verify that During the reporting period on-site assessment experts from the China National Accreditation Service for Conformity Assessment

AQL value of the materials. Warehouse personnel product requirements are being met. (CNAS) visited Manst Testing Center to provide guidance and conduct accreditation assessments for the Materials Laboratory

will proceed with warehousing or return operations Universal Testing Machine Laboratory and Coordinate Measuring Machine Laboratory. Following evaluations of equipment

according to the inspection results provided by the capabilities and assessments of personnel technical competence all laboratories successfully passed the on-site assessments. The

Quality Management Department. testing items have since been approved and officially announced by CNAS.Outgoing Inspection:

Finished Product Inspection: Manst Testing Center has successfully obtained CNAS laboratory accredita-

tion marking a significant milestone in the Company’s testing capabilities.Once all specified verification activities are complet-

The Quality Management Department conducts This certification signifies that Manst is now equipped to provide more ed and the product meets quality standards

final product inspections (or submits products for professional and comprehensive testing services. Looking ahead Manst will shipments are arranged according to customer

inspection) and determines product release in continue to enhance the technical strength and testing standards of its requirements. The Quality Management Department

accordance with the ?  ?

? ? laboratories delivering higher-quality and more specialized services to carries out pre-shipment inspections in accordance

?

 ?while maintaining relevant records. customers and contributing to the high-quality development of the coating with the ?

? ??

  and industry.includes the inspection report with the shipment.Production Equipment Management

The Company has established the ?

?  ??

 to manage the allocation maintenance and

upkeep of equipment and facilities. This ensures their safe usage and stable operation preventing abnormalities that could pose

risks to product quality or safety.Intelligent Manufacturing Solutions

Non-conforming Product Management

Manst centers its innovation on coating technology leveraging independently developed core products such as coating heads

The Company has established internal policies such as the ?

?

and the ?

 ?? ?  ceramic components and measurement systems to achieve intelligent and high-precision control of the coating process.? to standardize the management of nonconforming products. Effective controls are implemented through the

determination identification documentation evaluation isolation handling and notification of non-conforming items in order to The Manst technical team has developed a fully automated coating technology system solution that addresses traditional coating

prevent them from entering subsequent processes or being delivered to customers. The Company’s products are custom-designed process limitations in width speed and intelligence. Through precise control and intelligent adjustment the solution optimizes the

and manufactured as non-standard equipment according to specific customer requirements thereby avoiding batch quality issues coating process to the highest level enhancing uniformity in coating density while reducing reliance on manual operation and

typically associated with mass production. Given the nature of non-standard equipment the products manufactured by the Compa- enabling efficient human-machine collaboration. This advancement supports the Company’s goals of cost reduction and efficiency

ny are not subject to product recall risks caused by quality issues. improvement.

59 60Industry Value

Manst’s fully automatic coating system solution consists of a high-precision feeding device a fully automatic Sustainable Supply Chains

coating head a weight measurement device a control system and dimensional inspection hardware and

software. The specific configuration can be adjusted according to the actual working conditions of the user

accommodating the needs of both new production line designs and existing line upgrades. Currently Manst Governance

offers four specific implementation solutions for its fully automatic coating technology system: TD weight

closed-loop regulation MD weight closed-loop regulation coating film dimension closed-loop regulation

and coating film front-back alignment closed-loop control. Manst is committed to building a green and efficient supply chain system. To strengthen supplier management optimize procure-

ment resources and mitigate procurement risks Manst based on the 

 ?? clearly defines the requirements

for supplier development and onboarding processes and implements a tiered management approach for suppliers. The supplier

review process is standardized. The Procurement Management Department leads core activities such as supplier development

onboarding daily management and performance evaluation.Development and Onboarding of New Suppliers

When new materials are required for R&D or production and existing qualified suppliers cannot provide

them; when there are fewer than 2 qualified suppliers for a single material and supply security must be

Taking the TD weight closed-loop regulation as an example this solution involves three main components: ensured; when an original supplier is disqualified; when new technologies need to be introduced or

Demand

the coating head body the electric actuator control system and the closed-loop control system. The coating product quality needs improvement; or when there are strategic company demands the Procurement Trigger

head body combined with the electric actuator control system addresses customer pain points and process Management Department will take the lead in developing new suppliers.innovations. Manst has successively developed a variety of coating head products that better match custom-

er needs offering a personalized selection of mature fully automated closed-loop coating solutions. The

closed-loop control system as the“ intelligent core” of the system can receive and analyze various data in The Procurement Management Department based on product realization planning searches for and

real-time and through proprietary algorithms output specific adjustment strategies to achieve fully contacts suppliers sending them the 

  ?  ?  

? ?? requesting suppliers to

automatic closed-loop coating. complete and return it truthfully. At the same time relevant supplier qualification documents are collect-

ed including business licenses tax registration certificates organization code certificates (or business

Information license after the“ three-in-one” reform) ISO system certifications for manufacturing enterprises organiza-

Collection

and Contact tional charts copies of legal representatives’ ID cards invoicing information relevant test reports techni-

cal agreements or agency qualifications.The Procurement Management Department leads the process working together with the Quality System

and Process departments to form an audit team. The review methods are diverse including sample

testing quality system assessments on-site inspections and document reviews (such as quality system

certification product test reports product certification etc.). Each step is reviewed through the DingTalk

Organizational new supplier onboarding process with the final assessment result determined by the procurement lead.Coating Head Body Review

Qualified suppliers: The supplier is added to the qualified supplier list. The Quality Management Depart-

ment issues a list of issues identified during the review and the supplier is required to respond with

corrective actions within one week. The Quality Management Department tracks and closes the issues (if

any).Unqualified suppliers: The Quality Management Department issues a list of problems and the supplier

Handling of must undertake rectification. A second on-site review can be applied for after 6 months. If the review is

Review

Electric Actuator Control System Closed-Loop Control System passed the supplier is classified as a Level II supplier; if not the supplier cannot become qualified. New Results suppliers in the R&D stage and agency-type suppliers are exempt from on-site reviews. After providing

product agency qualification certificates the Procurement Management Department completes and

organizes the onboarding documentation and submits it for approval through the DingTalk process.

61 62Industry Value

Graded Management of Suppliers Strategy

Manst implements tiered supplier management to better optimize

supplier resources and enhance the stability and efficiency of the Type of Description of Risk/Opportunity Description of Impact Response Measures

supply chain. Suppliers are classified into four categories: general Risk/Opportunity Financial Impact Duration4

suppliers important suppliers key suppliers and strategic suppliers.The review frequency for each category is as follows: annual

document review for general suppliers biannual on-site inspection

for important suppliers monthly on-site inspection for key suppliers The Company establishes

and annual on-site inspection for strategic suppliers. In cases of Key suppliers may halt supply due to Short partnerships with multiple

significant issues related to quality delivery pricing or service Supplier financial or production issues medium suppliers evaluates

supplier audits can be conducted at any time. Audits are conducted Disrup- potentially causing production line Cost increase and long suppliers’ financial

according to the 

 ?

  
The Procurement Manage- tion shutdowns delivery delays and terms stability and conducts

ment Department collects data monthly on suppliers’ quality decreased customer satisfaction. regular performance

delivery and cooperation levels and completes the 

 ? reviews.???

The monthly supplier evaluation results are divided into 4 levels Risk Type

based on the scores and the annual evaluation score of a supplier is

determined by the average of the scores throughout the year. The Company develops

disaster recovery plans

Natural disasters such as earthquakes selects multiple logistics

Level Category Supplier Evaluation Score Range Reward and Punishment Measures (Annually) floods and typhoons may cause facility Short- to routes coordinates with Natural damage potentially leading to Cost increase medi- backup logistics providers

Disasters disrupted logistics and production um-term and repairs damaged

production halts and delivery delays. facilities to ensure disaster

Granted priority to participate in the Company’s new resilience of production

Grade I Excellent Supplier > 95 project development preferential treatment in orders facilities.and payments.By integrating advanced

information technologies

Emerging technologies such as big data

the Company’s supply

Digital artificial intelligence and the Internet of Medium chain management

Opportunity Transforma- Things continue to develop. The Reduction in and

Grade Ⅱ Approved Supplier 81?95 Maintains normal status. becomes more intelligent

Type tion of the Company can leverage these technolo- cost long-term and automated improving

Supply gies to achieve digital transformation of response speed and

Chain the supply chain enhancing transparen- decision accuracy and

cy and controllability.strengthening adaptability

to market changes.Grade Ⅲ Supplier Needing

May face order reduction increased guidance efforts

61?81

Improvement or more frequent on-site reviews. 4Impact Duration Definition: Short-term: within 1 year; Medium-term: 1?5 years; Long-term: over 5 years.Subject to special project guidance; if unable to Impact Risk and Opportunity Management

improve to Grade III within three months qualification

Grade Ⅳ Supplier Not 61 or Below will be revoked. Suppliers losing qualification must

Approved undergo re-evaluation according to related To ensure supply chain security prevent potential risks and safeguard business continuity and compliance the Company has

assessments before resuming supply. established the 

  ?
The Supply Chain Management Department is responsible for implementation and

supervision conducting risk assessments and responses across all supply chain links of the Company and its subsidiaries including

but not limited to suppliers transportation warehousing and procurement.

63 64Industry Value

Supply Chain Risk Management Objectives Identification of Supply Chain Risks

The Company places great importance on supply chain risk management and is committed to establishing a comprehensive and

detailed risk identification system to ensure the robustness and sustainability of the supply chain. The Company primarily employs

the following multidimensional risk identification methods:

01 Identify and assess potential risks across all links in the supply chain.

● Internal Audits and Market and Environmental Assessments ● Expert Consultation ● Monitoring

Conduct regular audits of all Regularly invite supply chain Monitor market trends

02 Develop and implement effective risk response plans. supply chain segments to experts or consultants to changes in laws and

identify potential risk points. conduct professional regulations and environmen-

Utilize tools such as SWOT evaluations and obtain tal factors to evaluate their

analysis and FMEA for risk cutting-edge industry risk

03 impact on the supply chain.Ensure the stability and continuity of supply chain operations. evaluation. information.

04 Comply with relevant laws regulations and industry standards.

05 Enhance the risk awareness and response capabilities of supply chain management personnel. 01 02 03 04 05

● Data Analysis ● Supplier Evaluation

To achieve the supply chain risk management objectives the Company has developed the following specific plans:

Collect and analyze historical Periodically assess suppliers’

data employing data mining financial health compliance

techniques to predict future and operational capabilities

risks. Focus on key data through on-site audits and

Regular Establishment Risk

Review and indicators and trend changes questionnaires.Risk of Risk Monitor- Employee

Assess Response ing Training Improve- within the supply chain.ment Measures System ment

Supply Chain Risk Assessment

The Company has established the ? 

  ??

 to conduct comprehensive risk evaluations of suppliers.This assessment covers fundamental elements such as qualifications and reputation as well as key business aspects including

Conduct a Develop specific Implement a Conduct regular Perform an annual quality cost and delivery. It also takes into account ESG indicators like environmental protection safety and human rights. Risks

comprehensive response measures real-time monitoring training on supply policy review to are classified into three levels—high medium and low—based on likelihood and severity. Differentiated emergency response

supply chain risk for identified risks system to track key chain security evaluate implemen- strategies are formulated for each risk level to ensure supply chain stability and sustainable development.assessment including emergency risk indicators management and tation effectiveness

quarterly to identify plans backup promptly detect risk response to and make necessary

new risk points and solutions and potential issues and enhance risk adjustments and

update the risk transfer strategies. take preventive awareness and improvements.Supply Chain Risk Response

management plan. actions. handling capabili-

ties across all staff. The Company has formulated the ?? ??

? 

  ??     ? to address

potential risks such as supplier disruptions natural disasters and transportation interruptions. Defensive measures and emergency

response actions are established with the relevant responsible departments tasked with monitoring the implementation progress

of these measures.

65 66Industry Value

Metrics and Targets Department Responsibilities

Procurement Manage- Process Engineering Quality Management

Metrics ment Department Department Department

Responsible for organizing the Responsible for providing standards Responsible for verifying procured

evaluation selection and control of and related documentation such as products and participating in theMetric Unit 2024 suppliers; providing the“ List ofdrawings technical requirements selection and evaluation of suppliers.Approved Suppliers”; and formulat- and technical agreements for

ing and implementing procurement outsourced and purchased products;

Total Number of Suppliers Units 601 plans. also participates in supplier

evaluation and process validation.Domestic Supplier Distribution by Region Units 598

Overseas Supplier Distribution by Region Units 3

Integrity Management in the Supply Chain

A sound supplier integrity management system ensures the legality and compliance of business conduct between the Company and

its suppliers helps foster a fair and just competitive environment prevents bribery and improper benefit transfers and promotes

Metric Unit 2024 the sustainable development of the supply chain. During the reporting period the Company achieved a 90% signing rate for the

Integrity Agreement with suppliers. Additionally the Company regularly conducts integrity training for procurement personnel to

Number of Suppliers Certified under Quality strengthen their professional ethics enhance anti-corruption awareness and ensure that the procurement process remains fair

Management Systems Units 336 transparent and compliant.Number of Suppliers Certified under Environmental

Management Systems Units 227 Supplier ESG Management

Number of Suppliers Certified under Occupational Health

and Safety Management Systems Units 99

Manst emphasizes the ESG responsibilities of its suppliers. The Company has established the 

 

 and requires

Number of Suppliers Suspended due to Non-compliance Units 3 all suppliers to sign a 

 

 
This code mandates that suppliers provide a safe working environ-

ment treat workers with respect and dignity operate fairly and in accordance with established standards and act responsibly

toward the environment when providing products or services to Manst and its subsidiaries under any circumstances. To support

sustainable development and social responsibility the Company conducts supplier audits and gives priority to collaborating with

suppliers that are certified under quality management systems environmental management systems and occupational health

Targets and safety management systems.In 2024 the Company has clearly communicated ESG management requirements to its suppliers. Moving forward it will gradually

enhance the ESG assessment framework conduct comprehensive evaluations of supplier performance and reinforce suppliers’

Goals Implementation Status responsibilities in ESG management.Ensure continuous operation of the supply chain without major incidents;

implement sustainable development management for suppliers and promote In steady progress Responsible Management of Conflict Minerals

the concept of sustainability.Manst complies with relevant laws and guidelines including the

?? 

 ?

?     and

the ???

?

?

 ?  ???  ?
The Company is commit-

ted to adopting the requirements related to conflict minerals outlined in these documents and has established a  ?

Responsible Procurement Management  ? 
Mannst solemnly pledges to take active measures to ensure that its supply chain is free from conflict minerals. In addition the Company adheres to internationally recognized ethical standards human rights principles and environmental

protection requirements firmly refusing to purchase or use mineral resources originating from conflict-affected areas. It also strives

The Company exercises control over key stages that affect procurement quality to ensure that the quality performance delivery to promote a conflict-free and sustainable supply chain.time and service of procured products meet the requirements of customers applicable laws and regulations occupational health

and safety and environmental standards. These efforts also support the Company’s production and management needs. To this Manst gives priority to suppliers that have implemented or committed to implementing a conflict-free mineral sourcing policy. The

end the Company has established the ?

?


Company explicitly incorporates conflict-free mineral clauses into its procurement contracts requiring suppliers to provide compli-

ant raw materials and to commit to adhering to Manst’s Conflict Minerals Policy.

67 68Industry Value

Protection of Customers’ Rights and Interests Customer Privacy Protection

The Company places great importance on protecting customer information strictly implementing confidentiality management

Customer Service System systems and measures to prevent any leakage or unauthorized disclosure of customer data thereby safeguarding customers’ legitimate rights and interests. During the reporting period the Company experienced no incidents of customer information

leakage.Upholding the service philosophy of“ customer first service foremost” Manst has established a global service network with over

100 after-sales service centers. The Company is committed to providing high-quality and prompt after-sales support starting from Responsible Marketing

customer needs creating value for clients growing together with them and making every effort to safeguard their rights and

interests.The Company upholds the concept of responsible marketing strictly complying with the ??  ???

?

The Company continuously improves its customer service management mechanisms across pre-sale in-sale and after-sale stages. and other national laws regulations and industry standards. It standardizes information management and promotional activities

To respond more promptly to customer needs on-site services can be provided to meet emergency demands. Additionally relevant strictly prohibits all forms of false advertising and fully protects the legitimate rights and interests of customers.employees receive systematic and professional training to effectively enhance the quality of customer service. The Company’s

after-sales service guarantees a response within 8 hours with service teams reaching problem sites within 24 hours in the Pearl

River Delta region and within 48 hours in other areas.Information Security

Handling of Customer Complaints

Information Security System

Customer Communication ChannelsGuided by the principle of“ implementing risk management ensuring information security and safeguarding sustainable businessdevelopment” the Company places great emphasis on information security management. It has established a comprehensive

The Company offers customers multiple communication channels including after-sales hotlines email social media platforms information security management system in accordance with ISO/IEC 27001:2022 ?  

? ?

  ? ?

and offline after-sales service centers. Customers can choose the most convenient method to contact the after-sales service team ? ? 

??


Referencing the requirements of ? 

??

?

according to their needs. ? ?? ? 

? the Company has developed a series of policies and procedures including the ?

??

?? 

? ? and? 

? ??


This forms a robust

information security management system covering multiple areas such as supplier security data security and personal informa-

Customer Complaint Response Mechanism tion protection.To ensure product and service quality and protect customer rights the Company has established a timely and effective customer Information

complaint handling mechanism. When the Marketing and Sales Service Department receives a complaint from a customer it Security Certification

promptly forwards the information to the relevant departments for resolution according to the customer’s needs. These depart-

ments are required to continuously follow up on the implementation and effectiveness of corrective measures to ensure the issue

is fundamentally resolved.The Company actively builds and continuously optimizes its informa-

tion security management system providing a solid foundation for

the Company’s sustainable and healthy development. The Company

Customer Satisfaction Survey has proactively pursued certification and has obtained the ISO/IEC

27001:2022 Information Security Management System certification.

The Marketing and Sales Service Department conducts regular annual customer satisfaction surveys. For any areas where custom- Information Security Management System Certification

ers express dissatisfaction in the survey results the department organizes relevant personnel to evaluate and verify the issues

directs the responsible departments to make improvements and formulates continuous improvement plans to enhance customer

satisfaction. Information Security Training

The Company places great emphasis on cultivating employees’ awareness of information security. To strengthen employees’

Specialized Training on Customer Complaint Response understanding of information and privacy protection as well as security awareness in their daily work the Company organizes

multiple training sessions on information security. These include training on information security management approaches and

The Company continuously strengthens the professional skills of its service teams by actively conducting specialized training on methods for protecting sensitive information and information security policies and implementation practices. Training assess-

customer complaint handling. This ensures that customer service personnel manage complaints in a friendly patient and profes- ments are conducted to evaluate the effectiveness of the programs thereby reinforcing the Company’s first line of defense in

sional manner improving both the efficiency and quality of complaint resolution. information security protection.

697004

Employees

and

Social

Contribu-

tions

71 72Employees and Social Contributions

Protection of Employees’ Rights and Interests Employee Structure

Metric Unit 2022 2023 2024

Employee Recruitment and Employment Total Number of Employees Person 521 1299 1632

To fulfill corporate social responsibility safeguard employees’ lawful rights and interests and support the Company’s sustainable Number of Dispatched Workers Person 6 8 17

development the Company strictly complies with relevant laws and regulations such as the ????

?  ?

the????

?  ? and the? ???

?  
The Company has

Person 0 3 4

established a recruitment and employment management system centered on the and the Number of Part-time Employees??

?? ?comprehensively standardizing the recruitment and hiring process and continuously optimizing the talent

selection mechanism. Through scientifically rigorous system design the Company ensures fairness impartiality and transparency Female Person 109 291 372

in talent selection precisely matching the Company’s strategic development needs. This provides a solid talent and intellectual Number of

foundation for the Company’s sustainable stable and rapid development while actively fostering an inclusive and diverse employ- Employees

ment environment to help every employee realize their personal value and career growth. (by Gender) Male Person 412 1008 1260

Under 30 Years Old Person 252 608 644

Employee Recruitment

30-39 Years Old Person 185 465 696

The Company adheres to the principles of“ fairness justice and openness” widely attracting talent through diversified recruitment Number of

channels. Externally it posts recruitment information on various job websites and the Company’s official website and participates Employees (by Age)

in various social and campus job fairs to attract candidates from diverse backgrounds. Internally the Company conducts internal 40-49 Years Old Person 72 195 245

talent selection establishes a talent reserve pool promotes internal talent mobility and optimized allocation thereby stimulating

team vitality.

50 Years Old or Above Person 12 31 47

Chinese Mainland Person 521 1295 1629

Number of

Employees Hong Kong Macao and Taiwan Person 0 0 0

by Region

Overseas Person 0 4 3

Doctoral Degree Person 0 2 3

Number of Master’s Degree Person 13 53 79

Employees

(by Academic

Qualification) Bachelor’s Degree Person 161 484 612

Below Bachelor’s Degree Person 347 760 938

Number of Employees of Minority Nationalities Person 40 92 106

Percentage of Employees of Minority Nationalities % 7.68 7.08 6.50

73 74Employees and Social Contributions

Diversity Equality and Inclusion

key performance

The Company consistently regards the protection of labor human rights as a core responsibility strictly adhering to the Internation-

al Labour Organization (ILO) Core Conventions international human rights standards and the Responsible Business Alliance (RBA) During the reporting period:

Code of Conduct. Based on relevant laws and regulations the Company has formulated the ? ? ? 
By regularly

conducting human rights awareness training and compliance audits we ensure that the rights of all employees are fully respected The Company recorded 0 incidents of labor discrimination.and safeguarded. The Company recorded 0 incidents of child labor employment.In employment practices the Company upholds the principle of equality and adopts a zero-tolerance policy toward any form of The Company recorded 0 incidents of forced labor.discrimination. The ?? explicitly prohibits all harassment and discrimination committing to providing fair competi-

tion opportunities and career development support for employees and job applicants of different ethnicities genders ages

religious beliefs sexual orientations and disability statuses. During the recruitment process the Company implements a banned

questions list and a standardized evaluation system through the 

??  to ensure that the

interview process is fair and transparent effectively eliminating any form of bias or discrimination. Employee Compensation and Benefits

To build a safe and inclusive work environment the Company encourages employees and applicants to report any illegal harass-

ment or discrimination through the Human Resources Department’s complaint channels. We commit to conducting timely and

impartial investigations of all complaints while strictly protecting the privacy and safety of whistleblowers. At the same time the

Company strictly prohibits any retaliation against complainants or those involved in investigations and violators will be subject to Compensation and Benefits

severe disciplinary actions.We believe that diversity equality and inclusion are not only moral obligations but also the foundation of sustainable corporate The Company strictly complies with laws and regulations such as the

development. The Company will continuously optimize related policies and practices to create an environment where employees ? ?   ?? 

?     and the ?  ??

feel a stronger sense of belonging and greater opportunities for growth. establishing a scientific fair and market-competitive compensation Compensation Design Principles:

and benefits system. The Company adheres to the principles of

remuneration based on work and equal pay for equal work ensuring Adhere to the principles of legality and Lawful and Compliant Employment

that compensation corresponds to job value individual capability and compliance fairness competitiveness

performance contribution. The Human Resources Department regular- and incentivization.The Company strictly abides by national labor laws and regulations adhering to the principles of“ fair competition transparency ly conducts industry and regional salary surveys and dynamicallyand merit-based selection” to ensure that the entire recruitment process is standardized and transparent. All job vacancy informa- adjusts compensation standards to ensure the Company’s overall pay

tion is publicly released through official channels clearly specifying job responsibilities and qualification requirements to guaran- level remains competitive with the market providing employees with

tee equal employment opportunities for all candidates. competitive remuneration guarantees.The Company lawfully signs written labor contracts with employees standardizing the management of contract formation perfor-

mance and modification to effectively protect the legitimate rights and interests of both employers and employees. It strictly

enforces the principle of equal pay for equal work and establishes a market-competitive compensation and benefits system provid- Compensation Structure

ing employees with a fair and lawful working environment.The Company implements a comprehensive compensation system where employee salaries consist of base salary performance

bonuses special incentives various allowances and statutory benefits. Including:

Opposition to Child Labor Opposition to Forced Labor

The Company strictly complies with the ? The Company strictly prohibits any form of

Base salary

???

?  ?the ??   forced labor debt bondage or contract labor. It Determined based on job value qualifications and market level;

? ?   ??and other relevant lawfully establishes a standardized working

laws and regulations. Adopting a zero-tolerance hours management system to ensure

attitude it firmly prohibits any form of child employees enjoy their statutory rights to rest

labor employment. During the recruitment and leave protect the legitimate rights and Performance Directly linked to individual and team performance reflecting differences in contribution;

process the Company strictly implements interests of workers and create a fair and bonuses

identity verification procedures verifying voluntary employment environment.applicants’ age through valid documents to

ensure legal employment and eliminate child

labor from the source. Special Including project bonuses technological innovation awards and other special rewards;

incentives

75 76Employees and Social Contributions

Employee Incentives

Allowances

and benefits Covering living support subsidies such as meal and accommodation allowances; To fully motivate all employees the Company has established and continuously improved a comprehensive incentive mechanism

covering short- medium- and long-term dimensions. Through various means such as salary adjustments special incentives

year-end bonuses and excellence awards the Company attracts and retains top talent. To further encourage core employees to

commit to the Company for the long term the Company approved the?

?during the reporting

Overtime

Calculated and paid according to national regulations. period. The Company plans to use its own funds to repurchase a portion of its shares which will be allocated to an employee stock pay ownership plan or equity incentive scheme. The Company will continue to advance its equity incentive program working hand in

hand with all employees to jointly promote the Company’s sustainable prosperity and long-term development.This compensation structure ensures employees’ basic income while applying differentiated incentives that embody the principle Employee Democratic Governance

of“ more work more pay; better performance better rewards” comprehensively reflecting employees’ job value capability contri-

butions and market competitiveness. Democratic Management Mechanism

Welfare System The Company complies with the ?? ???

?   and other relevant laws and regulations and has

established a ??  to actively promote democratic management and foster employees’ sense of ownership. A Labor

The Company has established a comprehensive and multi-tiered employee benefits system covering three main dimensions: Union Committee has been formed within the Company along with the appointment of a fund review commissioner and a female

statutory benefits supplementary benefits and special care effectively enhancing employees’ sense of belonging and well-being. employee commissioner to ensure that the trade union can fully perform its functions. These efforts aim to protect employees’

rights and interests mobilize their enthusiasm and creativity and promote a harmonious relationship between the Company and

In terms of social security the Company legally contributes to pension insurance medical insurance work-related injury insurance

its workforce thereby supporting the Company’s sustainable and healthy development.unemployment insurance maternity insurance and housing provident fund for all employees while also providing supplementary

commercial insurance forming a“ 6+1” protection system. During the reporting period the coverage rate reached 100% ensuring

no employee rights are overlooked. Trade Union Honors:

In terms of leave benefits in addition to the statutory paid holidays mandated by the state each year employees are also entitled

by law to various types of leave including sick leave marriage leave bereavement leave maternity leave leave for birth control Xu Yushan was awarded the“ May 1st Labor Medal of Shenzhen”

procedures parental leave annual leave and Women’s Day leave.In terms of living support the Company provides all employees with nutritious and well-balanced free meals during working hours Peng Jianlin was nominated and recognized as an“ Outstanding Communist Party Member” in Pingshan District

and offers accommodation support—such as talent apartments and housing subsidies—for employees with specific needs.In terms of distinctive care the Company has established a“ full-cycle multi-scenario” employee care mechanism combining The Xu Yushan Innovation Studio was designated as a“ Pingshan District-Level Craftsman Talent Innovation Studio” in 2024

institutional safeguards with human-centered initiatives to ensure that employees genuinely feel the warmth of the organization.For example the Company distributes care gifts to employees during traditional holidays and on their birthdays. In cases such as

childbirth or hospitalization due to illness the Company organizes care and support activities to express concern and solidarity. Chen Guishan received a district-level award in Pingshan for his contributions to the“ Five Small Innovations” initiative

Performance Management

The Company continuously refines its performance management mechanism by promoting a full PDCA (Plan-Do-Check-Act) cycle

that covers performance planning process coaching result evaluation and performance improvement. Regular performance

appraisals are conducted for employees and the results directly impact bonus distribution salary adjustments position changes

and training and development opportunities. During the reporting period the proportion of employees who regularly receive

performance assessments in the Company is 100%.Performance Feedback and Appeals

The Company places great importance on performance feedback. After each assessment the immediate supervisor of the assessed Employee Communication and Appeal Channels

employee provides feedback and communicates the performance evaluation results. If the employee has any objections to the

results they may first discuss the matter with the department head. If disagreement remains after this communication the The Company is committed to fostering an open inclusive and transparent communication environment by establishing diverse

employee may submit a written appeal directly to the Human Resources Department. Upon receiving the written appeal the channels for employee interaction. It values every employee’s voice responds promptly to feedback and suggestions and actively

Human Resources Department will review the materials within five working days and coordinate with department leaders to adopts feasible proposals. To gain deeper insights into employees’ needs and concerns the Company regularly organizes employ-

conduct an investigation and issue a resolution. If coordination is not possible the matter will be escalated to the General Manager ee forums creating a platform for direct face-to-face communication. Additionally an“ Employee Complaints and Appeals”

in accordance with the authority for handling such issues. The General Manager will review the appeal and inform the employee of channel has been set up within the OA system encouraging employees to submit reasonable requests and suggestions for

the final decision. improvement.

77 78Employees and Social Contributions

Labor Dispute Resolution

The Company strictly complies with national labor laws and regulations and lawfully safeguards employees’ legitimate rights and

interests. In the event of a labor dispute employees may seek resolution through internal communication mediation procedures

or legal channels. The Company is committed to handling each dispute fairly promptly and appropriately with the aim of

maintaining harmonious labor relations.Employee Activities and Care

The Company adheres to a people-oriented approach valuing employees’ spiritual needs by enhancing their sense of belonging

through a variety of engaging activities and thoughtful care thereby supporting mutual growth between employees and the

enterprise.The Company’s Labor Union Committee regularly organizes monthly employee birthday celebrations basketball competitions

Baduanjin exercise sessions and other activities to provide platforms for communication and interaction enrich employees’ Table Tennis Competitions Celebration of the Lantern Festival

leisure life and foster a harmonious corporate culture. At the same time the Company continuously optimizes its employee care

mechanism focusing on employees’ physical and mental health as well as career development conveying the warmth of the

enterprise through concrete actions and improving employees’ happiness and sense of identification.Mid-Autumn Festival Events Dragon Boat Festival Activity

Baduanjin Exercise Activities Trade Union Cooling Tea Distribution Activities

Birthday Celebrations Basketball Competitions Spring Festival Haircut Services Craftsman Innovation Exchange Meetings

79 80Employees and Social Contributions

Protection of the Rights and Interests of Female Employees Employee Structure

Manst deeply recognizes that female employees are a vital force in the Compa- Metric Unit 2022 2023 2024

ny’s development playing an irreplaceable role in driving business innovation

enhancing organizational vitality and enriching corporate culture. The Company

pays close attention to safeguarding the rights and interests of female employ- Number of Employees on Person 2 5 11

ees actively fostering an inclusive equal caring and friendly work environment. Maternity Leave

It is firmly committed to advancing the protection of women’s rights continu-

ously improving relevant policies and systems increasing resource investment

and creating broader development opportunities for female employees. Return Rate from Maternity

Leave % 100 100 100

The Company firmly opposes any form of employment discrimination and

provides female employees with equal opportunities to compete in all aspects

including recruitment promotion and training. By establishing clear recruitment

policies and procedures the Company ensures that selection criteria are fair Number of Employees Who

Took Parental Leave Person / / 22

impartial and transparent allowing every capable and ambitious woman to find

her own stage within the organization. In 2024 women accounted for 15.7% of

managers at level P3 and above within the Company.Return Rate from Parental

We strengthen protections for female employees during pregnancy maternity and breastfeeding periods by providing paid leave Leave % / / 100

such as prenatal check-up leave maternity leave and nursing leave. A“ Mother and Baby Room” is available in the office building to

offer a safe and comfortable environment for breastfeeding employees. We strictly comply with the 

 ??

???prohibiting the assignment of work unsuitable for female employees. Dismissal of female employees on the grounds

of marriage pregnancy maternity leave or breastfeeding is strictly forbidden.International Women’s Day Activities

81 82Employees and Social Contributions

Employee Training and Development Career Development Pathways

Talent Development Philosophy Parallel Dual Tracks and Multi-Dimensional Growth

We uphold a“ People Orientation” foundation valuing the individualized needs and growth potential of talent. Through scientific Based on functional divisions the Company classifies positions into 6 major categories: management sales technical professional

assessment and career planning we tailor development paths for each employee fostering a culture of respect inclusiveness and administrative and skilled roles. These are further subdivided into 46 specific job types offering employees diversified career

empowerment that stimulates intrinsic motivation and innovative vitality. development paths.We adhere to the principle of“ Value Creation” as our guiding direction actively building a learning organization and practical

platforms. We encourage employees to continuously improve their professional skills cross-disciplinary collaboration and

forward-looking vision transforming knowledge into the core driving force for the Company’s technological innovation and service

upgrades thereby achieving simultaneous growth in personal value and the Company’s competitiveness. Management Sequence: Focused on cultivating leadership and coordination capabilities this sequence is designed

for employees skilled in team management resource integration and business decision-making. The progression

Relying on a collaborative ecosystem of“ Common Development” we establish multi-level talent pipelines and job rotation mecha- path is structured as“ Junior Supervisor → Middle Manager → Senior Director → Executive Leadership” emphasizing

nisms to break down departmental barriers promote experience sharing and foster cross-field integration. Through diverse core competencies such as goal management cross-department collaboration strategic execution and organization-

training approaches such as mentorship programs and project-based learning we drive deep alignment between employees and al development.the Company’s strategic goals forming a mutually reinforcing growth cycle.We uphold the long-term commitment of“ Shearing Achievements” by establishing knowledge-sharing platforms that transform the

benefits of talent development into tangible gains for all employees. Through promotion pathways honor recognition and knowl-

edge-sharing initiatives we enable dedicated individuals to achieve career success and consolidate the core strength for sustain- Professional Sequence:Focused on deepening technical expertise and fostering professional innovation thisable development. sequence targets core talents such as technical backbones and business experts. The career ladder is set as“ JuniorEngineer → Intermediate Engineer → Senior Engineer → Principal Engineer → Technical Expert.” Through tackling

By building a systematic talent development program we aim to make talent the engine value the bond and win-win the vision

technical challenges accumulating knowledge and enhancing industry influence it aims to cultivate top-tier profes-

shaping the Company into a learning organization that grows symbiotically with its people.sional benchmarks.The dual-track mechanism enables employees to advance their careers either through the management path or by continuously

refining their expertise in their professional field achieving a win-win for both personal growth and the Company’s development.n

nta

tio Valu

rie

e C Precise Talent-Job Matching and Value Realization

Competency Profiling and

● ● Two-Way Assessment and Job Modeling Dynamic Adjustment

HarmonyThe Company establishes a dynamic“ compe- Through annual competency assessments andtency-to-job” matching model based on the development potential evaluations combined

core responsibilities and business objectives of with employees’ career plans and the Compa-

each position. It clearly defines the knowledge ny’s strategic needs the Company regularly

skills and competency standards required at conducts job suitability analyses. This supports

h each job level to ensure a precise fit between lateral transfers vertical promotions or iev mCo lo employee capabilities and job demands. cross-track transitions enabling employees to eme ev

e

D fully utilize their talents and maximize their nts contributions.

8384

People O

m

p om nent

atio

n

re

g A

c

Shar

inEmployees and Social Contributions

Supporting Systems

Personalized development plans Mentorship and job rotation Regular talent review mechanism 2024 Training Performance

Tailored learning roadmaps are High-potential employees are

paired with experienced Conduct core talent reviews by created based on employees’ Metric Unit 2024

career goals providing resourc- mentors and given opportuni-

integrating performance data

es such as management ties for cross-departmental job

360-degree assessment

results and project experience

training technical certifications rotations and key project Total Investment in Employee Training RMB 10000 114.17

and hands-on project experi- assignments to broaden their

to extract key attributes of core

ence to accelerate skill advance- professional horizons and

talents and create dynamic

ment. strengthen their interdisciplin-

competency profiles. Employee Training Coverage % 96

ary capabilities.Through a scientific evaluation system those“ strong in management” are empowered to lead teams and explore new frontiers Number of Employee Training Sessions Session 322

while those“ skilled in expertise” are encouraged to deepen their specialization and become experts—ultimately achieving synchro-

nized growth between employees and the Company.Total Number of Persons Trained Person 1566

Employee Training System

Person-times of Employees Trained in Total Person-times 6438

Driven by both the Company’s strategic goals and employee development we have established a full lifecycle training manage-

ment framework encompassing“ demands analysis ? resource integration ? digital enablement ? feedback loop.” The“ 721” blend-

ed learning model (70% practical experience + 20% coaching + 10% formal training) is employed to strengthen business scenar- Total Training Hours Hour 9216

io-based learning. Leveraging the online learning platform“ ManE Classroom” and an internal-external pool of instructors courses

are precisely delivered to meet employee needs. Aligned with the dual-track promotion system and dynamic competency assess-

ments this ensures talent-job matching in both management and professional sequences. A four-level evaluation system combined Average Training Hours per Employee per Year hours/person 9

with a credit-based incentive mechanism tracks behavior transformation and performance improvement creating an integrated

“learn-practice-apply-evaluate” ecosystem that continuously enhances organizational capabilities and maximizes employees’

career value. Senior Management hours/person 8.59

Training System Planning Average Training Mid-level Management hours/person 11.05

Duration (by Job Level)

The Company is comprehensively building its training system based on the“ ManE Classroom” platform supported by the ?

? and the Instructor Management Committee. Guided by four categories of training programs—Leadership

(Management) Sequence Professional Sequence Technical Sequence and General Sequence—the system fully covers training Frontline Employees hours/person 9.24

management across employees’ onboarding growth development and leadership stages.ManE Training System Panorama Production hours/person 7.92

Classroom Cultivating Talents with the Manst DNA

Technology hours/person 6.67

New Energy New Energy Business Management

Engine Leader Enterprise-wide Operations from a Financial

Beacons Perspective / Strategic Planning / Delegation

New Energy New Energy and Motivation / Talent Management /

Momentum Acceleration Core Innovation and Change Leadership /

Competencies Managerial Awareness Strategic Influence etc.Management Trainee ? YOUNG Power Management Readiness / Decision-Making /

Delegation / Employee Development / Sales hours/person 15.41

Coaching / Project Management / Problem

M: Leadership Development Job Qualification Analysis and Resolution / Innovative

Skill Identification / Professional Thinking and Methods / Communication & Average Training

Onboarding Program: Cultural Development / Job Competency / Effective Influence etc. Leadership Phase

Mechanical Sales Delivery Integration / Professionalism / Job Communication / Performance

Specialization Specialization Specialization Skills / Efficient Work / Results Improvement (Goal Setting Plan Execution Development Phase Duration (by Function)

Orientation / Structured Thinking / Performance Achievement) etc.Problem Solving / Interpersonal Finance hours/person 4.88

Project Process Other

Specialization Specialization Specializations Communication etc. Growth Phase

New Energy New Energy Beacons New Energy New Energy

Onboarding Phase Momentum Acceleration 90-Day Engine Leader

P: Professional/T: Technical Programs Programs Transition Programs Programs

Category B Job Qualification Specialized Skills Focused on Targeting Key Program Focused on Key Centered on

Manst Rising Young Power Programs Professional Skill Training Foundational Activities and Focused on Managerial Strategy

Star 180-Day Department New Enhancement Differentiated Managerial Behaviors in Managerial Role Activities and Decoding and

General Public New Sales Mentorship Employee & Projects Based Talent Courses Knowledge and Business Awareness Behaviors at the Execution Administration hours/person 4.07

Experienced Campus New Staff Program for On-the-Job on Role Development Skills Based on Management New Director Level Senior

Hire Series Recruitment New Campus Professional Competency Programs

Category B Series Management In-Service Management Potential Management

Programs Employees Recruits Skills Training Models Awareness Supervisors Managers Successors

Programs Business Pillars Growth

Cycle

G: General System New Employee In-Service Professional & Frontline Management Middle and Senior Onboarding Sequence Technical Sequence Sequence Management Sequence

Instructor Management Committee Others hours/person 6.99

Training Credit Management System

85 86Employees and Social Contributions

Instructor Team Development Key Project Training

The Company strengthens the instructor team by focusing on“ tiered certification dynamic empowerment and value co-creation”

establishing a full-cycle management system for instructors and course development covering selection training motivation and

evaluation: Leadership Sequence

* Strict selection and certification through a tiered instructor pool (internal experts / certified instructors / external instructors)

supported by Train-the-Trainer (TTT) programs course design workshops and mentorship to enhance teaching capabilities;* Establish an instructor selection mechanism that tightly links course development teaching hours and instructor level promo- The Company places great emphasis on building management capabilities and has systematically developed a“ Lead-tion. An annual“ Gold Instructor” award is set up to recognize outstanding instructors. Teaching satisfaction and learner behavior ership Sequence” training system covering modules such as New Energy Momentum New Energy Acceleration New

improvement data are continuously tracked with dynamic annual assessments used to adjust instructor levels and allocate Energy Engine Organizational Change and Company Law. This system innovatively adopts the“ 721” blended training

resources accordingly; model integrating“ theoretical learning + action learning + practical assessment + innovation workshops” to compre-

hensively enhance the strategic thinking change leadership and organizational management skills of high-potential

* Form an Instructor Management Committee responsible for reviewing course development quality and evaluating instructor talents and managers at all levels. This system not only focuses on systematic delivery of management knowledge but

promotions to ensure the quality of course delivery and teaching thereby further guaranteeing the effectiveness of training also emphasizes the application of skills in real business scenarios continuously cultivating leaders who can meet the

programs; Company’s future development needs.* Concurrently build the“ Manst Knowledge Base” sharing platform to facilitate cross-departmental utilization of instructor

resources and knowledge accumulation creating a reciprocal ecosystem of talent cultivation and organizational intelligence.During the reporting period the Company had 105 instructors who conducted over 300 training sessions.Instructor Management Committee

Instructor Empowerment Team Instructor Certification Team Instructor Incentive Team

Online Training

The Company has established two major online learning platforms the“ Manst Knowledge Base” and“ ManE Classroom” which are

continuously optimized and upgraded to integrate diverse learning resources enhancing employee learning efficiency and knowl-

edge management.The “Manst Knowledge Base” systematically consolidates training resources from various business departments providing

efficient storage sharing and access control functions. While ensuring internal information security it enables convenient sharing

and precise distribution of knowledge resources meeting the personalized learning needs of different positions.The“ ManE Classroom” focuses on systematic learning covering modules such as industry knowledge competency development

for various job stages (onboarding sequence in-service sequence and advanced in-service sequence) and leadership develop-

ment. It offers a rich library of video courses to support employees’ full-cycle career growth.These two platforms complement each other jointly building the Company’s digital learning ecosystem to facilitate employee skill

enhancement and organizational knowledge accumulation.

87 88Employees and Social Contributions

Professional Technical Sequence General Skills Sequence

The Company places great importance on the continuous enhancement of employees’ professional capabilities and The Company has systematically built a general skills development system focused on business needs offering practi-

has established a business-demand-oriented skills development system. Departments regularly conduct targeted cal training in PMP project management process optimization The 7 Habits of Highly Effective People time manage-

training sessions innovatively applying the“ Four-Step Learning Transformation Method” (goal alignment → on-the-job ment 7S awareness workplace etiquette and more. Utilizing a dual-track model of “online platform + offlinepractice → review and optimization → results validation) while leveraging digital learning platforms to monitor training face-to-face” training the Company creates a closed-loop cultivation system of“ learning ? testing ? practicing ?effectiveness in real time. Through a three-dimensional evaluation mechanism—average learning hours behavioral competing ? evaluating.” Additionally a“ Learning Champion” incentive program is established to continuously

improvement and performance enhancement—the Company ensures that training content aligns closely with enhance employees’ professional skills and work efficiency supporting high-quality business development.business development effectively supporting the rapid growth of talent demand. This system not only emphasizes

systematic knowledge delivery but also stresses the transformation of learning outcomes into business results provid-

ing strong support for employees’ career development.Skill Level Certification

To strengthen the talent pipeline for key positions during

the reporting period the Company carried out skill level

certification for the mechanical design installation and

commissioning and production processing (grinding

machine) positions. Through systematic competency

assessment and certification the Company promotes

continuous skill enhancement among employees in their

respective roles.

89 90Employees and Social Contributions

Induction Training Occupational Health and Safety

The Company has established a“ dual-track” new employee training system. The Human Resources Department central-

ly organizes company-wide training covering corporate culture policies and regulations code of conduct information Occupational Health and Safety Management System

security etc. while each employing department is responsible for job-specific training including skill practice process

standards safety education and more. This ensures that new employees quickly integrate and become competent intheir roles achieving seamless alignment between organizational requirements and business needs. The Company adheres to the occupational health and safety management policy of“ full participation safety first achieving zeroharm.” It strictly complies with laws and regulations such as the ????

?   and the ?

??

?  ?? ?

 ? 
The Company has formulated internal management systems

including the ?

  ?   ? ? ?  ? ? ?

  ? ?

?? ??and  ?to prevent control and eliminate occupational hazards arising

from production and operation processes thereby ensuring the health and safety of employees.The Company has established an Occupational Health and Safety Management Committee (hereinafter referred to as the“ SafetyCommittee”) with senior management serving as the top leadership of the committee. Its members include heads of various

departments and safety experts. The Safety Committee is responsible for formulating safety policies and strategic plans as well as

overseeing their implementation. In addition each department has a dedicated safety management team responsible for daily

safety management and hazard inspections ensuring that safety responsibilities are clearly assigned and implemented at all levels.The Company has established and continuously improved its occupational health and safety management system. As of the end of

the reporting period Manst Anhui Manst Chongqing Manst AC NEWENERGY and Hunan AC have all obtained certification for the

ISO 45001:2018 Occupational Health and Safety Management System.Young Power Training

The Company has launched the“ Young Power” management trainee special program which accelerates new employ-

ees’ cultural integration and capability enhancement through systematic training. This initiative aims to cultivate a

diverse talent pool with both professional depth and managerial potential reserving future new forces to support the

Company’s strategic development and core business growth.Manst’s Certificate of Occupational Health and Safety

Management System Certification

91 92Employees and Social Contributions

Primary Responsibility System for Safety Production Emergency Plans and Drills

The Company implements a full-staff responsibility system for work safety in its workshops. The workshop director serves as the In accordance with the ????

?  ?the ? ???

?  ? and other

primary person responsible for work safety and bears overall responsibility for safety within the workshop. Functional personnel at relevant laws and regulations the Company has developed the ??? ?the ?

all levels are responsible for work safety within their respective areas of responsibility and employees are accountable for safety at ?? and other contingency plans to enhance employees’ safety awareness and self-protection capabilities. During the

their individual posts. During the reporting period all workshops strictly complied with various rules and regulations and no major reporting period the Company conducted two emergency response drills to ensure timely containment of work safety incidents

safety incidents occurred. and to minimize injuries losses and impacts resulting from such incidents.Overall Objective of Work Safety

The Company strives to minimize the occurrence of all types of safety incidents avoid harm to human health and prevent damage

to the ecological environment. It is committed to promoting standardized work safety management practices adhering to the Case: Comprehensive Fire Emergency Drill

people-oriented principle strengthening employee safety awareness training and enhancing the overall safety competence of the

workforce. The Company aims to establish a comprehensive and standardized long-term work safety management mechanismacross all levels of the organization. On November 21 2024 the Company conducted a fire drill activity under the theme“ Fire Safety for All Life ComesFirst.” The drill included emergency evacuation rescue operations and fire extinguishing exercises. This initiative

Safety Production Risk Management aimed to strengthen the Company’s fire safety management improve employees’ skills in self-rescue and mutual aid during fire incidents and enhance overall safety awareness in disaster prevention and mitigation. The exercise was

designed to minimize harm caused by accidents and to protect lives and property to the greatest extent possible. In

Risk Identification and Assessment addition it served to test the feasibility and reliability of the Company’s emergency response plans and to build practi-

cal capabilities for handling emergencies.The Company has established procedures for hazard identification and risk assessment to ensure thorough identification of poten-

tial hazards in all operational activities. Based on actual operational conditions the Company evaluates and controls these hazards

to eliminate safety risks and effectively reduce the occurrence of accidents.Safety Management Measures

Identification of Hazard Sources

Within the scope of the occupational health and safety management system the Company conducts hazard identifica-

tion by considering three time dimensions three operational states four key aspects and six typical types of hazards. Safety Management for Related Parties

Identification methods include on-site observation review of relevant documentation interviews questionnaires

safety inspections and workflow analysis. Hazards are also identified by referencing applicable occupational health The Company integrates the requirements of the ISO 45001 Occupational Health and Safety Management System and relevant

and safety laws regulations and other requirements and standards in conjunction with the characteristics of the occupational health and safety laws and regulations into its supplier and partner qualification and routine evaluation processes.Company’s products activities and services to determine those that may impact personal safety and health. Contractual agreements explicitly state the Company’s occupational health and safety requirements for suppliers and partners

thereby promoting their compliance with relevant obligations and encouraging them to uphold the health and rights of their

employees.Risk Evaluation

The Company conducts risk assessments of identified hazards using either the LEC method (Likelihood-Expo- Fire Safety Management

sure-Consequences) a job condition-based hazard evaluation approach or direct expert judgment.The Company implements the principle of“ prevention first combining prevention and firefighting” and has established the?

?
It strengthens fire safety inspections regularly maintains fire safety facilities and equipment to prevent

fire incidents reduce casualties and property losses and ensure the smooth operation of the Company’s production and business

activities.Safety Hazard Assessment

To strengthen work safety management the Company has formulated the ? ? which mandates regular safety

inspections to promptly identify and rectify potential safety hazards. A Work Safety Leading Group has been established responsi- Chemical Management

ble for conducting comprehensive inspections special inspections seasonal inspections and holiday-specific inspections across

the Company. Each department is responsible for conducting routine inspections of safety hazards within its own unit and organiz- The Company has formulated the ? to regulate the procurement storage use and emergency handling

ing company-wide self-inspection activities to enhance safety awareness and risk prevention. of hazardous chemicals. These measures aim to prevent disasters such as fires explosions and environmental pollution.

93 94Employees and Social Contributions

2024 Work Safety Performance

Safety Education and Training Metric Unit 2024

The Company places great emphasis on employee safety training and education implementing a safety training

program that involves all employees. It actively conducts various forms of educational activities such as safety

knowledge competitions and emergency drills to strengthen employees’ sense of safety responsibility and Investment in Work-related Injury Insurance RMB 10000 38.88

enhance their self-protection abilities.New employees are required to undergo systematic safety education and training before onboarding to understand

the Company’s safety policies operational safety standards and emergency response skills. Current employees Coverage Rate of Work-Related Injury Insurance % 100

must participate regularly in safety refresher training and specialized skills training to continuously improve theirsafety awareness and operational skills. For special workers in addition to the Company’s“ three-level safetyeducation” (covering the stages of onboarding departmental entry and team assignment) and specialized skills Total Investment in Safety Training RMB 10000 2.2

safety training they must also pass assessments conducted by relevant government authorities and obtain valid

certification before being allowed to work.Number of Safety Training Sessions Sessions 125

Fire Safety Training

The Company regularly organizes fire safety training and awareness campaigns. New employees (including Number of Participants in Safety Training Person-times 2736

temporary workers) receive fire safety education upon joining. Special fire safety training is provided for

personnel working in key fire prevention areas and those in critical job roles.Total Training Hours Hour 88

Hazardous Chemical Safety Training Average Production Safety Training Hours per Employee hours/person 6

Departments using hazardous chemicals are required to provide necessary training on hazardous chemi-

cal knowledge to users and custodians. Personnel handling hazardous chemicals must complete relevant Employee Coverage Rate in Safety Training % 100

training and pass assessments before being authorized to perform their duties.Coverage Rate of Safety Risk Protection Training % 100

Occupational Health Management Measures Occupational Disease Prevention Measures

Occupational Disease Hazard Detection Equipping with Protective Tools for Occupa- Occupational Disease Hazard Warning

tional Diseases

The Company annually commissions qualified occupational health inspection and evaluation organizations to conduct monitoring The Company strictly implements relevant regulations Warning signs are posted in workplaces where

of occupational disease hazard factors in the workplace. The results are disclosed to employees and monitoring records are proper- such as the ???

?  ??  occupational disease hazards exist.ly maintained.    ?

  ? ? the

????

Occupational Health Checkups ??and the 

 

?  ?

? ? ? ?


It equips positions with

occupational disease hazards with an adequate quantity

To promptly monitor employees’ health status and identify potential occupational disease risks the Company arranges pre-em- of effective protective facilities and personal protective

ployment on-the-job and pre-departure health examinations for employees exposed to occupational disease hazards. During the equipment.reporting period the Company achieved a 100% employee health checkup coverage rate.

95 96Employees and Social Contributions

Social Contribution

The Company actively responds to and stronglysupports the“ Ten-Year Tree Planting and EcologicalCivilization Practice Plan” initiated by the Alxa Tree

The Company continuously strengthens its capacity to fulfill social responsibilities by integrating social responsibility Planting and Ecological Civilization Education Center

requirements into its development strategy and corporate culture. It emphasizes achieving a win-win balance (Base). Since 2023 the Company has committed to

between economic performance and social benefits pursuing harmonious development between the enterprise and planting 100 acres of forestland annually. During the

society creating employment opportunities actively paying taxes and supporting local economic growth. reporting period the Company successfully complet-

ed its second year of this commitment continuously

contributing to the national goals of carbon peaking

and carbon neutrality.

97 98Indexes

Indexes

Global Reporting Initiative“ Sustainability Shenzhen Stock Exchange Self-Regulatory Shenzhen Stock Exchange Self-Regulatory Table of Contents Guidelines for Listed Companies No. 17 - Table of Contents Global Reporting Initiative“ Sustainability Guidelines for Listed Companies No. 17 - Reporting Standards” (GRI Standards) Sustainability Report (Trial) Reporting Standards” (GRI Standards) Sustainability Report (Trial)

About This Report 2-1/2-2/2-3 / Innovation-driven Development 3-3 Article 42/Article 43Preface

to this

Report Message from the Product Safety and

Chairman 2-11/2-22/2-23 / Quality 3-3/416-1/416-2/417-1 Article 47

Indus- Sustainable Supply

About Us 2-1/2-2/2-6/2-9/2-10/2-26 / try Chains 2-8/3-3/308-1/308-2/414-1/414-2 Article 45About Value

Manst 2024 Performance

Highlights 201-1

Protection of Customers’

Article 19 Rights and Interests 2-25/3-3/416-1/416-2/417-1/418-1 Article 47/Article 48

Sustainable Development

Governance System 2-14/2-22 Article 51 Information Security 3-3/417-1/418-1 Article 48

Sustain-

able Sustainable

Devel- Development Goals / / Protection of Employees’

2-7/3-3/201-3/401-1/401-2/405-1

opment Rights and Interests /406-1/408-1/409-1

Article 49/Article 50

Man- Communications with 2-12/2-16/2-27/2-29/413-1

age- Stakeholders Article 53 Em-

ployees Employee Training ment and Development 3-3/404-1/404-2 Article 49/Article 50

Identification of and

Important Topics 3-1/3-2/3-3 / Social

Contri- Occupational 3-3/403-1/403-2/403-3/403-5/40

butions Health and Safety 3-6/403-7/403-8/403-9/403-10 Article 49/Article 502-9/2-10/2-11/2-12/2-13/2-16/2-18/2-19/2

Governance System -20/3-3 Article 51

Contribution to Society 3-3/203-1 Article 38/Article 40

Corpo-

rate Compliant Operations 2-19/2-20/3-3/205-1/205-2/205-3/206-1 Article 53

Gover- Indexes / /

nance

Business Conduct 2-27/3-3/207-1 Article 54/Article 55/Article 56 Reader Feedback / /

Investor Protection 2-12/2-16/3-3 Article 53

Environmental 3-3/303-2/303-4/305-7/306-1/306-2/306-3

Management Articles 29?31/Article 33/306-4/306-5/413-1

Envi-

ron- 3-3/301-1/302-1/302-2/302-3/302-4/302-5Resource Management Articles 34?37

ment /303-1/303-2/303-3/303-5

Response to

Climate Change 3-3/201-2/305-1/305-2/305-4/305-5 Articles 21?28

99 100Reader Feedback

Reader Feedback

Which of the following stakeholders is most relevant to you in relation to Manst

Thank you for taking the time to read the -?-?

 ?  ??
?
We

greatly value and eagerly anticipate your opinions and suggestions on the Company’s sustainable manage-

ment practice and management. Your feedback is essential for the continuous improvement of sustainable □Shareholder or Investor □Government & Regulatory Authority □Client □Partner □Employee □Industrymanagement practice and management. We sincerely invite you to complete the questions in the“ Reader Association and Organization □Community Public & Media □Others________ (please specify)Feedback” section and share your responses with us through the modes provided below. Once again thank

you for your strong support of our sustainable development work. 1. Your overall assessment of this year’s sustainability report:

□ Excellent □ Good □ Average □ Below Average □ Poor

Tel.: 0755-89369620 2. Do you think the information disclosed in the report is accurate clear and complete

□ Excellent □ Good □ Average □ Below Average □ Poor

Fax: 0755-89369869 3. Do you find the report readable

□ Excellent □ Good □ Average □ Below Average □ Poor

Email address: manst-ir@manst.cn 4. Do you think the report comprehensively reflects the Company’s significant impacts on the economy

society and environment

□ Excellent □ Good □ Average □ Below Average □ Poor

Address: Factory Building 3 Unit C No. 101~201 Third Industrial Zone Zhukeng Community

Longtian Street Pingshan District Shenzhen 5. What is your evaluation of the report’s logical reasoning structural arrangement and layout design

□ Excellent □ Good □ Average □ Below Average □ Poor

6. Which topics in this year’s sustainability report most captured your attention

___________________________________________________________________

7. What additional information would you like to see in the report

___________________________________________________________________

8. Do you have any other comments regarding our sustainability report sustainability work or sustainable

development management

___________________________________________________________________

101102