2025 Semi-Annual Report

Section I Important Notice, Table of Contents, and Interpretation 2

Section II Company Profile and Key Financial Indicators 7

Section III Management Discussion and Analysis 10

1. Financial statements containing the signatures and seals of the person in charge of the Company, the responsible person for accounting work and the person in charge of the accounting agency;

2. The original copies of all company documents and announcements publicly disclosed during the reporting period;

3. Other relevant information

1. Company Profile

   Stock abbreviation of A shares	YONGTAI TECH.	Stock code of A shares	002326
   Stock exchange where A shares are listed	Shenzhen Stock Exchange
   GDR transaction code	YTT
   Stock exchange where GDR is listed	London Stock Exchange
   Chinese name of the Company	Zhejiang Yongtai Technology Co., Ltd.
   Chinese name abbreviation of the Company (if any)	永太科技
   Foreign name of the Company (if any)	Zhejiang Yongtai Technology Co., Ltd.
   Foreign name abbreviation of the Company (if any)	YONGTAI TECH.
   Legal representative of the Company	Wang Yingmei

2. Contact Person and Contact Information

   	Secretary of the Board of Directors	Representative of Securities Affairs
   Name	Zhang Jiangshan	Wang Ying
   Contact address	No. 1 Donghai Fifth Avenue, Linhai Park, Zhejiang Chemical API Base, Zhejiang Province, China	No. 1 Donghai Fifth Avenue, Linhai Park, Zhejiang Chemical API Base, Zhejiang Province, China
   Tel.:	0576-85588006	0576-85588960
   Fax	0576-85588006	0576-85588006
   Email:	jiangshan.zhang@yongtaitech.com	zhengquan@yongtaitech.com

3. Other Matters
   1. Contact information of the Company

      Whether the registered address, office address, postal code, website, and email, etc. of the Company changed during the reporting period

      • Applicable ☑ Not applicable

        There was no change in the registered address, office address, postal code, website, and email, etc. of the Company during the reporting period, with details as shown in the 2024 annual report.

   2. Information disclosure and location of preparation and retention

      Whether the information disclosure and location of preparation and retention changed during the reporting period

      • Applicable ☑ Not applicable

        There was no change in the website, media name and website address of the stock exchange where the Company disclosed its semi-annual report, and the location of preparation and retention of the Company's semi-annual report during the reporting period, with details as shown in the 2024 annual report.

   3. Other relevant information

      Whether other relevant information changed during the reporting period

      • Applicable ☑ Not applicable

4. Major Accounting Data and Financial Indicators

   Whether the Company needs to retroactively adjust or restate the accounting data from previous years.

   • Yes ☑ No

     Item	This reporting period	Same period last year	Increase/decrease in this reporting period over the same period a year earlier
     Operating income (Yuan)	2,609,315,432.03	2,139,223,940.34	21.97%
     Net profit attributable to shareholders of the listed company (Yuan)	58,800,194.22	37,650,314.26	56.17%
     Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses (Yuan)	22,520,447.98	26,519,339.05	-15.08%
     Net cash flow from operating activities (Yuan)	221,270,811.80	-185,589,567.26	219.23%
     Basic earnings per share (Yuan/share)	0.06	0.04	50.00%
     Diluted earnings per share (Yuan/share)	0.06	0.04	50.00%
     Weighted average return on net assets	2.18%	1.18%	Increased by 1.00 percent points
     Item	At the end of this reporting period	At the end of the previous year	Increase or decrease at the end of this reporting period compared to the end of the previous year
     Total assets (Yuan)	11,039,581,013.96	11,190,303,037.06	-1.35%
     Net assets attributable to shareholders of the listed company (Yuan)	2,746,932,752.61	2,671,269,113.39	2.83%

5. Differences in Accounting Data under Domestic and Foreign Accounting Standards
   1. Differences in net profit and net assets in financial reports disclosed in accordance with international accounting standards and Chinese accounting standards

      • Applicable ☑ Not applicable

        There were no differences in net profit and net assets in financial reports disclosed in accordance with international accounting standards and Chinese accounting standards during the reporting period of the Company.

   2. Differences in net profit and net assets in financial reports disclosed in accordance with overseas accounting standards and Chinese accounting standards

      • Applicable ☑ Not applicable

        There were no differences in net profit and net assets in financial reports disclosed in accordance with overseas accounting standards and Chinese accounting standards during the reporting period of the Company.

6. Non-recurring profit and loss items and amounts

   ☑ Applicable □ Not applicable

   Unit: Yuan

   Item	Amount	Explanation:
   Profits and losses from disposal of non-current assets (including the writing-off part of the assets with impairment provision withdrawn)	-731,487.73
   Government subsidies included in the current profits and losses (except for those closely related to the Company's normal business operations, in compliance with national policies and regulations, enjoyed according to the determined standards, and have a continuous impact on the Company's profits and losses)	22,662,110.38
   The profits and losses from changes in fair value arising from the holding of financial assets and financial liabilities as well as the profits and losses arising from the disposal of financial assets and financial liabilities by non-financial enterprises, except for the effective hedging business related to the normal operation of the Company.	2,463,283.26
   Non-operating income and expenses other than those mentioned above	20,224,791.00
   Less: amount impacted of income tax	4,236,856.83
   Amount impacted of minority shareholders' equity (after tax)	4,102,093.84
   Total	36,279,746.24

   Specific situation of other profit and loss items that satisfy the definition of non-recurring profits and losses:

   • Applicable ☑ Not applicable

     The Company does not have any other specific items that meet the definition of non-recurring profits and losses.

     Explanation of defining non-recurring profit and loss items set out in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public - Non-Recurring Profits and Loss as recurring profit and loss items.

   • Applicable ☑ Not applicable

There was no situation of defining non-recurring profit and loss items set out in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public - Non-Recurring Profit and Loss as recurring profit and loss items in the Company.

1. Main businesses engaged by the Company during the reporting period

   1. Industry situation of the Company during the reporting period

      1. Lithium battery industry

         With the continuous development of the industry and the continuous improvement of the market price mechanism, the lithium battery industry chain is gradually moving towards a more stable development stage of "rebalanced supply and demand and a rational return of prices." In the upstream segment, the lithium carbonate market is undergoing structural adjustments driven by capacity expansion, cost control, and supply-chain coordination, with industry concentration and resource-utilization efficiency continuing to rise. In the downstream segment, the growth engine for the new-energy vehicle market is shifting from policy-driven to consumer-demand-led, providing the lithium battery supply chain with stable and sustained demand support. According to statistics from the China Association of Automobile Manufacturers, in first half of 2025, the production and sales of new energy vehicles reached 6.968 million sets and 6.937 million sets, respectively, representing year-on-year growth rates of 41.4% and 40.3%. The market share of new energy vehicles reached 44.3%, the market penetration rate was further consolidated.

         As a midstream enterprise in the lithium battery industry chain, the Company will closely monitor the price fluctuations of raw materials such as lithium carbonate, and adjust supply in a timely manner according to market demand, allocate resources rationally, and improve production and sales efficiency. Meanwhile, leveraging its vertically integrated industry chain advantages from lithium salt raw materials, lithium salts, additives to electrolytes, the Company will optimize its product structure, enhance technological innovation, and strengthen its market competitiveness in the lithium battery materials sector to realize sustainable development.

      2. Pharmaceutical industry

         The pharmaceutical industry is a strategic industry bearing on the national economy and standards of living, economic development, and national security. Against the backdrop of the aging population in China, Chinese people have a growing demand for medicines and medical services with the increasing importance of medical care and the rising income level of the population. However, the continuous adjustment and deepening of healthcare reform, as well as the diversified and international market conditions, pose many challenges to pharmaceutical manufacturing enterprises.

         To promote the high-quality development of the pharmaceutical industry and create an innovative ecosystem with global competitiveness, the national government authorities have issued a number of policy documents. The "14th Five-Year Plan" further encourages pharmaceutical innovation and R&D, and proposes developing high-end preparation production technology, improving the level of industrialization technology, with a focus on promoting the healthy development of innovative medicine and traditional Chinese medicine industry. The Opinions of the General Office of the State Council on Comprehensively Deepening the Reform of Drug and Medical Device Supervision and Promoting the High-Quality Development of the Pharmaceutical Industry not only emphasizes the importance of innovation but also focuses on topics such as optimizing the review and approval of supplementary applications for drugs and promoting the quality improvement of generic drugs. In response to the current situation of the deepening medical reform, the Company will closely monitor policy directions and market demands, and will continue to develop deeply on the basis of its vertically integrated industry chain from intermediates, APIs to finished dosage forms, to build a vertically integrated product chain. Meanwhile, the Company will further expand into the international market, advance its internationalization projects for finished dosage forms, and vigorously promote the approval and consistency

         evaluation of generic drugs in the domestic market, thereby enhancing the profitability, stability, and scalability of its pharmaceutical sector.

      3. Crop science industry

         The crop science industry is the cornerstone underpinning food security and the sustainable development of agriculture. From a fundamentals standpoint, market demand exhibits a dual nature: on one side, the combination of global population growth and the pressure to control pests and diseases renders crop protection products inherently inelastic; on the other, the sector faces structural imbalances. On this background, policy regulation, demand-side upgrading, and technological iteration are jointly accelerating the industry's transformation. On the policy side, the "One Certificate, One Product" regime is raising entry barriers and steering the crop science industry toward greater concentration, scale, and standardization, while ever-stricter environmental mandates are compelling firms to optimize capacity structures and accelerate the development and adoption of green technologies. At the same time, with the widespread adoption of green crop science concepts and the comprehensive promotion of green prevention technologies, China's crop science industry will develop towards environmental protection, multi market, digitalization, intelligence, and other aspects. The integration and optimization of industrial chain has become an inevitable trend.

         The Company has built a vertically integrated industrial chain from intermediates, technical material to formulations in the crop science sector, and will continuously improve its technical capabilities, reduce costs, and leverage the advantages of overseas platforms, to further expand market share and enhance the Company's core competitiveness in the field of crop science.

      4. Liquid Cooling Industry

         At present, the liquid cooling industry is at a strategic opportunity period where technological upgrades intersect with market transformation. From the demand side, the rapid development of artificial intelligence, high-performance computing, and advanced semiconductor processes is driving the cooling needs of data centers and chip manufacturing towards higher density and lower energy consumption. Immersion liquid cooling, with its high-efficiency heat exchange characteristics, is accelerating market penetration, and fluorochemical liquids, as the core cooling medium, are seeing continuous growth in demand. On the policy level, the Special Action Plan for the Green and Low-Carbon Development of Data Centers jointly issued by four ministries, reinforces energy efficiency standards through the construction targets of green data centers, accelerating the large-scale application of liquid cooling technology and further catalyzing market expansion. On the industry supply side, structural gaps have emerged due to strategic adjustments by international giants, prompting a global supply chain restructuring and creating a window of opportunity for the domestic development of fluorochemical liquids. Opportunities and challenges coexist in the liquid cooling industry. High barriers to entry include long validation cycles for material compatibility, high complexity in process integration, and non-uniform standards for cross-field applications. Currently, fluorochemical liquid products are showing a trend of diversification, with different technical routes developing for specific scenarios. In the future, the liquid cooling market will continue to evolve towards specialization and refinement under the combined effects of technological iteration, policy guidance, and ecosystem collaboration, forming a stratified competitive market ecosystem.

         The Company's current layout in the liquid cooling industry includes fluorochemical liquids for phase-change immersion liquid cooling and single-phase immersion liquid cooling. The electronic fluorochemical liquids produced by the Company are environmentally friendly, energy-efficient, safe, and low-noise. They do not contain "forever chemicals" PFOS or PFOA and offer high heat dissipation efficiency, insulation, thermal stability, and chemical stability. Depending on the performance of different product models, they can be applied to specific scenarios such as semiconductor manufacturing, data center cooling, energy storage thermal management, and chip packaging, etc. Currently, this business accounts for a relatively small proportion of the Company's total revenue. However, the Company will follow industry development trends and downstream application demands, continue to advance product iteration and upgrades, actively promote product market expansion, and strive to grow this business to create a new growth curve.

   2. Main business of the Company

      The Company is a fluorinated pharmaceutical, crop science, and new energy materials manufacturer with fluorine-containing technology as the core, technological innovation as the impetus, and intelligent manufacturing as the driving force, with its vertically integrated industrial chain, a flexible and comprehensive production platform, and specialized R&D innovation teams. The Company not only provides customized R&D, production, and technical services to domestic and overseas customers, but also relies on the trading platform of its subsidiary, Shanghai E-Tong, to conduct global sales of crop science products, achieving coordinated development of R&D, production, and trade.

   3. Main products and applications

      The main products of the Company are divided into three categories based on their terminal application fields, including pharmaceutical product business, crop science product business lithium battery materials and other materials. The Company has a very rich range of fluorine-containing fine chemicals, which are mainly used in different terminal markets such as downstream pharmaceuticals, crop science, new energy and electronic materials, and supply diversified important raw materials for the products of domestic and foreign customers. Among them, pharmaceutical products include key fluorinated intermediates, pharmaceutical APIs and finished dosages in the fields of cardiovascular diseases, diabetes, central nervous system, anti-infection and anti-virus; crop science products mainly include intermediates in the fields of fluorine-containing herbicides, fungicides, insecticides, etc., as well as crop science AIs and crop science formulations; lithium battery and other materials products mainly include lithium battery materials, fluoro liquid-crystal intermediates, fluorinated liquid, etc. The main products of the Company's trading business are herbicides, fungicides, insecticides, and other pesticide active ingredients and formulations. the Company also engages in the trade of chemical products such as lithium carbonate.

   4. Business model of the Company

      1. Procurement model

         A qualified supplier access system is adopted by the Company to determine the suppliers of raw materials. The evaluation of qualified suppliers is carried out at regular intervals, and the evaluation criteria mainly include supply price, timely supply status, packaging quality, after-sales service, cooperation, etc. The Company determines qualified suppliers as the objects of annual raw material procurement according to the evaluation results. The Company determines at least two qualified suppliers for each major raw material to ensure a stable supply of raw material.

         The Production Department submits the next month's production and procurement plans to the general manager according to the inventory level and the production capacity of the current month, based on which, in turn, the general manager adjusts the procurement plan according to the market supply and demand, and issue the procurement plan to the Procurement Department after confirmation for implementation.

         The procurement price of the Company's main raw materials is mainly determined through Invitation to Bid and commercial negotiations. The daily procurement of main raw materials is mainly conducted in the form of bidding quotation. A specific bidding department and personnel are responsible for organizing Invitation to Bid and bid opening to standardize the Company's procurement and minimize raw material procurement costs as much as possible. Certain special raw materials are procured at negotiated prices. If the supplier intends to adjust the price, a written request for price increase shall be issued in advance, so that the Company can respond in advance to changes in raw material prices and minimize the impact of cost fluctuations as much as possible.

      2. Production model

         A production model of producing according to sales is adopted by the Company to formulate the next month's production plan based on the sales order volume. In addition, the Company will also prepare corresponding products in advance based on market conditions, while maintaining reasonable inventory levels based on sales forecasts. The sales orders, stocking, and reasonable inventory together constitute the planned production volume for next month.

         The Production Department is responsible for formulating production plans, which prepares monthly production plans and distributes them to each workshop for implementation. The Quality Department supervises the quality issues throughout the production process and takes charge of product quality control. During the production process, centralized control is carried out, and quality inspection is performed before the finished products are put into storage, all of which shall pass the inspection.

      3. Sales model

         A method of direct sales is adopted by the Company, and the Sales Department is responsible for domestic and international sales business. On the one hand, the Company has established a relatively wide customer base in the long-term operation process, with stable sales channels formed to ensure product sales. On the other hand, the Sales Department of the Company timely obtains market information, tracks customer needs, and formulates sales schemes based on market conditions and the actual production situation of the Company by means of network, and exhibitions, etc. The sales price of products is mainly determined based on market prices, and the production of products is also adjusted according to market trends.

   5. Overall operation

   In the first half of 2025, the Company achieved operating revenue of 2,609.32 million Yuan, an increase of 21.97% year-on-year; The net profit attributable to shareholders of the listed company was 58.80 million Yuan, with a year-on-year increase of 56.17%. During the reporting period, the commissioned production capacity of subsidiaries such as Inner Mongolia Yongtai and Yongtai New Energy has continued to ramp up, driving steady year-on-year growth in the production and sales scale of both the crop science and lithium battery materials sectors. Specifically, the operating income of the crop science sector increased by 63.67% year-on-year, while that of the lithium battery and other materials segment rose by 105.74% year-on-year. Meanwhile, as the capacity utilization rate continues to rise steadily, the scale effect has driven corresponding growth in the gross profit of both the crop science and lithium battery and other materials sectors, thereby improving the company's overall profitability.

   The operating income of the company's pharmaceutical sector decreased by 30.83% compared with last year, mainly due to the expiration of patents for some original research drugs of the company's customers, which led to a contraction in market share and consequently affected the demand for the company's supporting products. Coupled with the downward price pressure caused by intensified industry competition, these factors have collectively resulted in phased pressure on the performance of the pharmaceutical sector. Facing the intensified market competition in the pharmaceutical products market, the company will adopt a two-pronged driving strategy: on the one hand, it will continue to enhance the market competitiveness of existing businesses by integrating industrial chain resources and optimizing cost structures; on the other hand, it will actively explore new markets, strengthen the development of sales channels, and focus on fostering new business growth drivers.

2. Analysis of core competitiveness

   1. Covering diversified industries horizontally and running through the entire industrial chain vertically to form a longterm competitive advantage

      With a focus on fluorine-containing technology, the Company operates in the fields of inorganic and organic fluorine chemicals, and its diversified fine chemical industries include new energy lithium battery materials, pharmaceuticals, and crop science. The Company has a rich range of product types throughout the vertically integrated industrial chains upstream, midstream, and downstream vertically by extending the pharmaceutical and crop science industrial chain to the downstream high value-added APIs and formulations, forming a vertically integrated industrial chain from intermediates, APIs to formulations, while extending

      lithium battery material products to raw materials for lithium fluoride upstream and electrolyte solution products downstream, forming a vertically integrated industrial chain from raw materials for lithium salts, lithium salts to electrolyte solutions, which allows for effectively improving the Company's operating efficiency, strengthening business collaboration, guaranteeing supply of raw materials, and enhancing cost advantages, further developing a long-term competitive advantage.

   2. Having several innovative technology platforms, specialized R&D innovation teams and a series of leading technology patents

      As one of the first batch of national "Hi-tech Enterprises" and "Patent Demonstration Enterprises in Zhejiang Province", the Company has R&D innovation platforms such as "National Level Enterprise R&D Center", "Postdoctoral Research Workstation", "Provincial Engineering Research Center", and "CNAS Certified Safety Laboratory", which has won the China Patent Gold Award and Patent Excellence Award, and has won multiple provincial and municipal science and technology awards. Besides, it has also applied for multiple "National Torch Plan Projects". With highly specialized R&D innovation teams, the Company has set up R&D centers in Taizhou, Hangzhou, Shanghai, and maintained good cooperation with several colleges & universities and scientific research institutions, building a perfect, leading and efficient R&D system through the close cooperation with a flurry of colleges & universities and industry experts. Upholding the R&D concept of continuous innovation, the Company has mastered a number of industry-leading comprehensive and innovative technologies, including directional introduction of fluorine atom technology, chiral enzyme-catalyzed reaction technology, micro-channel reaction technology, green reaction technology and other advanced technologies.

   3. Possessing a product structure with complete series and variety, comprehensive production platforms

      Through years of development, the Company has a wide variety of fluorobenzene intermediate products, which falls into several product series with nearly a hundred products, such as difluoro, trifluoro, pentafluoro, hexafluoro, ortho fluoro, and para fluoro. The vast majority of the products in the product chain can be sold as separate products, showing unique market resilience and broad space for adjustment and upgrading of product structure. In terms of lithium battery materials, the Company has operated raw materials for lithium salts, lithium salts, additives, electrolyte solutions and other products, with its business covering solid products, liquid products and other product forms. With comprehensive production platforms, the Company has formed several relatively sound product matrices to provide a variety of products with complete categories, with highly stable product quality, which is conducive to the centralized ordering of various products required by existing customers. The complete product structure is also conducive to attracting new customers for purchasing.

   4. Producing various products from the same starting material, with obvious cost advantages

      Different from other enterprises in the industry that use purchased intermediate chemicals as raw materials for production, the Company has realized the integration of production with its sound product chain. The production starts from the basic raw materials at the source to effectively reduce the production costs, avoid the joint and several effects of purchased intermediate products due to market supply shortage or price fluctuation, further guaranteeing the stable product quality. Meanwhile, the integration of production brings about more complementary products. Therefore, the Company can flexibly adjust the product structure according to the market demand, so as to avoid risks and maximize its interests. With a rich product structure and proprietary cogeneration technology and equipment, the Company has realized the production model of "producing various products from the same starting material", which can comprehensively utilize the by-products generated in the production process to produce other products with higher economic value, thereby reducing the overall production costs.

   5. Accumulating long-term and stable industry-leading partners

      By means of strong technology, production strength and customized service capabilities, the Company has been recognized by many well-known enterprises at home and abroad, and currently has established stable cooperation with internationally

      renowned chemical enterprises such as Merck, BASF, Bayer, Sumitomo, Merck Sharp & Dohme and Syngenta, as well as a number of domestic well-known enterprises such as CATL and BYD. The Company has earned the trust of partners with outstanding product quality, good delivery records and strong technical strength. Moreover, it has successfully passed the audit verification conducted by partners with its stringent environmental protection, safety and quality assurance system, thus ensuring the stable cooperation and enhancing the trust of customers.

   6. Having the ability to flexibly respond to different market demands with multiple production bases nationwide

   The Company has established multiple production bases in Zhejiang, Inner Mongolia, Fujian, Guangdong, and other regions to support the growth of the Company's core business in the future. In reliance on the sound industrial chain and product reserves, the Company can flexibly respond to different market demands through scientific and reasonable allocation of production capacity and synergistic operation of multiple production bases.

3. Analysis of main businesses

   Overview

   Refer to "I. Main businesses engaged by the Company during the reporting period" for relevant information. Year-on-year changes in major financial data

   Unit: Yuan

   Item	This reporting period	Same period last year	Year-on-year increase/ decrease	Reasons result in change
   Operating revenue	2,609,315,432.03	2,139,223,940.34	21.97%	It is mainly due to the significant growth in sales of lithium battery-related and crop science-related products during the reporting period.
   Business costs	2,134,643,802.13	1,690,796,640.32	26.25%	It is mainly due to the simultaneous increase in costs corresponding to the significant growth in sales of lithium battery-related and crop science-related products during the reporting period.
   Marketing expenses	54,067,643.60	47,734,025.37	13.27%	It is mainly due to the increase in salaries resulting from the expansion of the sales team, as well as the growth in business entertainment expenses, travel expenses, and cargo insurance costs during the reporting period.
   Management expenses	257,043,122.28	264,551,019.73	-2.84%	No significant changes;
   Financial expenses	69,412,875.90	56,974,546.22	21.83%	It was mainly due to the decrease in foreign exchange income during the reporting period.
   Income tax expenses	15,911,034.78	28,581,091.76	-44.33%	It is mainly due to the decrease in deferred tax expenses arising from the offset of losses during the reporting period.
   R&D investment	60,266,579.38	49,432,151.95	21.92%	It was mainly due to an increase in salaries of R&D personnel during the reporting period;
   Net cash flows from operating activities	221,270,811.80	-185,589,567.26	219.23%	It is mainly due to the increase in cash inflows from sales and the release of litigation-frozen funds during the reporting period.

   Item	This reporting period	Same period last year	Year-on-year increase/ decrease	Reasons result in change
   Net cash flow from investment activities	-267,282,146.77	-270,365,341.89	1.14%	No significant changes;
   Net cash flow from financing activities	44,710,340.17	268,813,903.63	-83.37%	It is mainly due to the payment for the maturity of some financial leases during the reporting period.
   Net increase in cash and cash equivalents	5,850,871.51	-182,223,057.66	103.21%	It is mainly due to the increase in inflows from operating activities during the reporting period;

   Item	At the end of this reporting period	Opening balance	Year-on-year increase/ decrease	Reasons result in change
   Transaction financial liabilities	18,488.86	11,193,712.61	-99.83%	It is mainly due to the decrease in bank wealth management products at the end of the reporting period;
   Accounts receivable financing	50,556,456.52	35,371,299.21	42.93%	It is mainly due to the increase in settlement of notes receivable at the end of the reporting period;
   Accounts prepaid	143,159,215.78	97,849,701.58	46.31%	It is mainly due to the increase in advance payments to Shanghai E-TONG during the reporting period;
   Other non-current assets:	132,855,749.64	96,232,622.45	38.06%	It is mainly due to the increase in payments for equipment and R&D expenses for medium-and long-duration lithium battery technology at the end of the reporting period;
   Transaction financial liabilities	1,156,167.51	612,182.86	88.86%	It is mainly due to changes in the exchange rate of forward foreign exchange settlement during the reporting period.
   Payable employee compensation	38,728,565.73	75,541,742.23	-48.73%	It is mainly due to the payment of last year's year-end bonuses at the end of the reporting period;
   Taxes payable	20,649,702.56	34,628,129.64	-40.37%	It is mainly due to the payment of income tax and VAT for the fourth quarter of 2024 at the end of the reporting period.
   Other payables	50,789,632.10	157,162,310.51	-67.68%	It is mainly due to the refund of litigation-related advance payments during the reporting period;
   Other income	22,570,910.38	16,124,779.75	39.98%	It is mainly due to the increase in government subsidies received during the reporting period;
   Gains arising from changes in fair value	-758,533.70	311,698.00	-343.36%	It is mainly due to changes in the exchange rate of forward foreign exchange settlement during the reporting period.
   Credit impairment losses	2,400,227.92	24,148,133.10	-90.06%	This is primarily attributable to the provision for substantial bad debt expenses on accounts receivable in the same period last year, while there were no significant changes in the balance of

   				accounts receivable and their aging structure during the reporting period;
   Gain on disposal of assets	-141,488.45	-13,060,593.94	98.92%	It is mainly due to the significant loss incurred from the disposal of a patent in the same period of the previous year.

   Whether there been any significant changes in composition or sources of the Company's profits during the reporting period

   • Applicable ☑ Not applicable

     No significant change in composition or sources of the Company's profits during the reporting period. Composition of operating income

     Unit: Yuan

     Item	This reporting period		Same period last year		Year-on-year increase/ decrease
     	Amount	Proportion in operating income	Amount	Proportion in operating income
     Total operating income	2,609,315,432.03	100%	2,139,223,940.34	100%	21.97%
     By industry
     Industry	1,798,338,441.47	68.92%	1,339,255,966.85	62.60%	34.28%
     Trade	805,468,925.24	30.87%	794,883,984.07	37.16%	1.33%
     Others	5,508,065.32	0.21%	5,083,989.42	0.24%	8.34%
     By product
     Pharmaceutical products	418,468,980.05	16.04%	604,993,381.99	28.28%	-30.83%
     Crop science products	508,945,246.26	19.50%	310,949,279.27	14.53%	63.67%
     Lithium battery and other materials	870,924,215.16	33.38%	423,313,305.59	19.79%	105.74%
     Trade	805,468,925.24	30.87%	794,883,984.07	37.16%	1.33%
     Others	5,508,065.32	0.21%	5,083,989.42	0.24%	8.34%
     By region
     Domestic	1,472,573,553.64	56.44%	1,100,145,113.59	51.43%	33.85%
     Abroad	1,136,741,878.39	43.56%	1,039,078,826.75	48.57%	9.40%

     Industries, products, and regions accounting for more than 10% of the Company's operating income or profit

     ☑ Applicable □ Not applicable

     Unit: Yuan

     Item	Operating revenue	Business costs	Gross margin	Increase or decrease in operating income over the same period a year earlier	Increase or decrease in operating costs over the same period a year earlier	Increase or decrease in gross profit margin over the same period a year earlier
     By industry
     Industry	1,798,338,441.47	1,378,888,911.40	23.32%	34.28%	46.42%	-6.36%
     Trade	805,468,925.24	748,882,950.51	7.03%	1.33%	0.42%	0.85%
     By product
     Pharmaceutic al products	418,468,980.05	255,908,930.55	38.85%	-30.83%	-24.24%	-5.32%
     Crop science products	508,945,246.26	331,257,917.50	34.91%	63.67%	60.64%	1.23%
     Lithium	870,924,215.16	791,722,063.35	9.09%	105.74%	99.04%	3.06%

     Item	Operating revenue	Business costs	Gross margin	Increase or decrease in operating income over the same period a year earlier	Increase or decrease in operating costs over the same period a year earlier	Increase or decrease in gross profit margin over the same period a year earlier
     battery and other materials
     Trade	805,468,925.24	748,882,950.51	7.03%	1.33%	0.42%	0.85%
     By region
     Domestic	1,467,065,488.32	1,287,057,778.78	12.27%	33.35%	43.04%	-5.94%
     Abroad	1,136,741,878.39	840,714,083.13	26.04%	9.40%	6.28%	2.17%

     The Company's main business data for the latest period adjusted according to the caliber at the end of the reporting period if the statistical caliber of the Company's main business data is adjusted during the reporting period.

   • Applicable ☑ Not applicable

4. Analysis of non-main businesses

   ☑ Applicable □ Not applicable

   Unit: Yuan

   Item	Amount	Proportion to total profit	Explanation of the cause	Sustainabl e or not
   Investment income	16,112,977.78	20.36%	It is mainly due to the investment income obtained from the disposal of trading financial liabilities and the investment income accounted for and recognized by equity method during the reporting period;	No
   Profits and losses from changes in fair value	-758,533.70	-0.96%	It is mainly due to the changes in forward locked exchange rates during the reporting period;	No
   Assets impairment losses	5,550,999.97	7.01%	It is mainly due to the reversal of inventory impairment losses during the reporting period;	No
   Non-operating income	23,704,701.23	29.95%	It is mainly due to the clearance and write-off of accounts payable that had been long outstanding beyond the specified period during the reporting period;	No
   Non-operating expenses	3,978,709.51	5.03%	It was mainly due to late payment fees and net losses from the disposal of fixed assets during the reporting period.	No

5. Analysis of assets and liabilities
   1. Significant changes in asset composition

      Unit: Yuan

      Item

      At the end of this reporting period

      At the end of previous year

      Increas

      Explanation of

      	Amount	Proportion to total assets	Amount	Proportio n to total assets	e or decrea se in propor tion	significant changes
      Monetary funds	469,742,934.17	4.26%	739,281,281.26	6.61%	-2.35%	It is mainly due to the payment for goods and the purchase of equipment during the reporting period;
      Accounts receivable	1,260,533,957.26	11.42%	1,275,457,219.97	11.40%	0.02%	No significant changes;
      Inventory	1,142,361,843.87	10.35%	987,727,619.21	8.83%	1.52%	It is mainly due to the increase in inventories corresponding to the growth in sales of crop science products and lithium battery products during the reporting period;
      Real estate for investment purposes	18,054,656.09	0.16%	18,697,548.83	0.17%	-0.01%	No significant changes;
      Long-term equity investment	248,806,359.21	2.25%	239,543,841.46	2.14%	0.11%	No significant changes;
      Fixed assets	3,953,299,716.41	35.81%	4,116,308,693.91	36.78%	-0.97%	No significant changes;
      Construction in process	1,612,222,749.12	14.60%	1,484,952,659.78	13.27%	1.33%	It is mainly due to the increase of Inner Mongolia Yongtai project
      Right of use assets	4,259,309.98	0.04%	5,624,982.82	0.05%	-0.01%	No significant changes;
      Short-term loan	2,055,195,604.91	18.62%	1,744,714,985.76	15.59%	3.03%	It is mainly due to an increase in short-term borrowings during the reporting period;
      Contractual liabilities	139,999,406.32	1.27%	428,776,934.50	3.83%	-2.56%	It is mainly due to a decrease in advance receipts during the reporting period.
      Long-term loan	1,147,528,325.19	10.39%	1,411,479,225.22	12.61%	-2.22%	It is mainly due to repayment of the longterm loan during the reporting period;
      Lease liabilities	1,071,986.14	0.01%	2,733,644.64	0.02%	-0.01%	It is mainly due to the decrease in unpaid lease payments during the reporting period;

   2. Major foreign assets

      • Applicable ☑ Not applicable

   3. Assets and liabilities measured at fair value

      ☑ Applicable □ Not applicable

      Unit: Yuan

      Item	Opening balance	Profits and losses from changes in fair value in the current period	Accumula ted changes in fair value recognize d in equity	Impair ment provis ion for the curren t period	Purchase amount for the current period	Sales amount for the current period	Other changes	Closing Amount of the Period
      Financial assets
      1. Trading financial assets (excluding derivative financial assets)	11,026,941.00				6,230,000.00	17,256,941.00
      2. Derivative financial assets	166,771.61	-30,876.19			98,584.33	215,990.89		18,488.86
      3. Investment in other equity instruments	87,119,654.31							87,119,654.31
      Subtotal of financial assets	98,313,366.92	-30,876.19			6,328,584.33	17,472,931.89		87,138,143.17
      Accounts receivable financing	35,371,299.21				663,296,738.25	648,111,580.94		50,556,456.52
      Total of the above items	133,684,666.13	-30,876.19			669,625,322.58	665,584,512.83		137,694,599.69
      Financial liabilities	612,182.86	-727,657.51				183,672.86		1,156,167.51

      Whether there been any significant changes in the measurement attributes of the Company's main assets during the reporting period

      • Yes ☑ No

   4. Limitation of rights in assets as of the end of the reporting period

Unit: Yuan