About This RepoKey Peormance TableIndicator Index Table

CONTENTS

Message from the ChairAbout UsSustainable Development ManagementMateriality Assessment of ESG IssuesStakeholder CommunicationResponsibility? Focus: 30 Years of the Guangcai Program

Empowering EmployeesEmpowering FarmersCommunity Engagement

81 83

Opening

Main body

Closing

Pay Building EosCorporate GovernanceRisk and Compliance ManagementBusiness EthicsSupply Chain Management

Nutrition and Health R&DStringent Quality and Safety ControlImproving Seice QualityDigital Empowerment

Sustainable AgricultureSustainable OperationsAddressing Climate ChangeLand Use and Biodiversity Protection

Building a Strong Foundationfor Growth through EectiveGovernance

Advancing Inclusive Nutritionand Health through PremiumProducts

Nuuring NaturalEcosystems through GreenIndust Practices

Co-creating Value to AchieveCommon Prosperity

New Hope Liuhe’s integrated pig farm constructed and operated in Vietnam

The year 2024 is a pivotal milestone in achieving the goals of China’s 14thFive-Year Plan. The steady development of new quality productive forceshas become a major driver of the country’s economic transformation,helping to steer the national economy toward higher quality, greaterefficiency, enhanced equity, improved sustainability, and strongersecurity. At this pivotal moment, we remain true to our corporate missionof "benefiting farmers and serving consumers." We are committed toembedding sustainability more deeply into every facet of businessdecision-making and operational management, working hand in handwith stakeholders across the value chain to cultivate a resilient ecosystemfor sustainable development and generate integrated economic,environmental, and social value for society.Steady progress is our firm belief in laying a solid foundationfor long-term development.In the face of an increasingly complexexternal environment, we have integrated sustainability into ourcorporate culture, development strategy, and risk managementframework. We continue to explore the development of a sound,eective corporate governance system with New Hope characteristics.We uphold the Board’s overall leadership in ESG and strive to enhancethe independence and professionalism of the Board’s decision-making in accordance with the law, suppoing the Company’s healthydevelopment and high-quality, stable growth through sound corporategovernance. We adhere to business ethics and maintain a fair andtransparent market order. Through collaboration with stakeholders,we strive to create a sustainable future in economic development andbusiness practices.Quality is the solid footprint of our steadfast commitment to ouroriginal mission.We remain focused on technological innovationcentered on our industries and products. In 2024, we wereapproved to establish a postdoctoral research station andactively applied for the establishment of the National Feed GrainTechnology Innovation Center. Our biological breeding effortsachieved key breakthroughs, with multiple core technologiesnow independently developed and fully controllable. Innovationcontinues to be a vital driving force, enabling us to deliversafer, more nutritious, and healthier products. We leveragedigitalization to enhance quality and efficiency, strictly adhereto quality control standards, and steadily expand our antibiotic-free certification. Our shipments of live pigs to Hong Kong are

delivered same-day with high reliability. In 2024, we recordedzero product recalls or adverse product events. With superiorproducts and services, we continually enhance the sense of gain,happiness, and security for our customers and consumers.Lucid waters and lush mountains embody our responsibility tobuild a more beautiful China.We adhere to the development conceptthat "lucid waters and lush mountains are invaluable assets,"and viewthe relationship between economic development and environmentalprotection from a scientic perspective. We vigorously promote a circularagriculture model to reduce the environmental impact of livestockwaste. In 2024, we produced 104,800 tons of fermented organic feilizer,recycled 15.75 million tons of treated water for farmland use, andhaested 2.58 million kilograms of fresh fruits and vegetables, resultingin a carbon sequestration of approximately 94,500 tons of CO

equivalent.We continue to make ecient use of raw grain, feed, and energy throughimproved production management and technological upgrades. Intotal, 667,300 tons of grain were conseed through scientic measures,demonstrating our commitment to safeguarding food security and activelyaddressing climate change. In the process of green transformation, wehave achieved both qualitative and quantitative growth, contributing tothe harmonious coexistence of humanity and nature.Our commitment to people’s well-being reects the essence of oursocial responsibility.As we look back on 30 years of dedication to theGuangcai Program, we continue to see as a trusted force in poveyalleviation. In suppo of China’s rural revitalization strategy, we havepursued a holistic model that combines industrial investment, technicalsupport, talent development, and job creation. In 2024 alone, thisapproach helped contract farmers increase their earnings by over RMB3 billion through pig farming. We also provided seices to more than212,700 small and medium-sized agricultural enterprises, contributingcorporate strength toward the vision of common prosperity. Weplace great impoance on talent development and strive to foster aninclusive, equitable, and harmonious workplace environment for ouremployees. We extend care to our employees through initiatives suchas Wonderland of New Hope Liuhe and the Good Mutual AssistanceFund, and oer training programs for management and professionalroles, including reserve cadres and veterinarians, to support theirgrowth and career development. During the devastation caused bya super typhoon in Southeast Asia, the Company’s branches in thePhilippines, Vietnam, and Bangladesh assisted affected farmers ingetting back to work and rebuilding their lives. Domestically, the Hopeand Wish Plan fullled the wishes of students for the 8th consecutiveyear, and the povey-relief pig farm in the deep mountains celebratedits 6th year of delivering dividends. The Warm Winter Campaignentered its 11th year in Xizang, once again bringing hope and warmthto remote villages on the plateau.Guided by Xi Jinping Thought on Socialism with ChineseCharacteristics for a New Era, New Hope Liuhe will continue to alignits future development with national strategies and actively respondto the evolving industrial landscape shaped by emerging technologiesand new global dynamics. Embracing the wartime spirit of "standrm in belief, endure with passion," we will empower our people andstrengthen collaboration across the entire value chain to build a deeplyintegrated community of shared destiny. With an unwavering mission,remarkable resilience, and a steadfast sense of responsibility cultivatedover the past 43 years, we stand ready to embrace the oppounitiesand challenges of a new era.

New Hope Liuhe Co., Ltd. (SZ.000876), the largest tangible industrial segment of New Hope Group, was listed on the Shenzhen Stock Exchange in1998. Rooted in the agricultural and animal husband sector, the Company focuses on developing feed production, pig breeding, and slaughteringoperations. As a key leader in agricultural industrialization, we harness our inuence to integrate global resources and establish a safe, healthy foodindust value chain. With operations spanning China and 15 other countries, including Vietnam, the Philippines, Indonesia, Singapore, and Egypt, weare committed to fullling people's aspirations for a better life.

Ranked 378th in the 2024 Foune Global 500.Ranked 95th in the 2024 China Top 500 Enterprises.Ranked 19th in the 2024 China Top 500 Private Enterprises.Ranked 2nd in the 2024 China Top 500 AgriculturalEnterprises.Ranked 1st in the 2024 Sichuan Top 100 Enterprises.

Ranked 1st among China's Top 20 Agricultural Enterprisesin the Feed Indust.Ranked 2nd among China's Top 20 Agricultural Enterprisesin the Animal Husband Indust.Recognized as a Leading Enterprise in the Feed Indust.Listed in the Vitality Top 100 of China's Private ListedCompanies Brand Value Ranking.Recipient of 7 second prizes of the National Science andTechnology Progress Award, leading the indust.

Pig output:

16.5249 million heads

About Us

Corporate Culture

Mission

Proting farmers and benetingfood consumers

We aim to become a globally trusted supplier and integrated seice providerof high-quality protein and food by offering safe, reliable, and demand-oriented products and seices.Vision

Becoming a leader in farmingand food industries

We endeavor to leverage our influence as a key leading enterprise inagricultural industrialization, integrate global resources, build a safe andhealthy food indust chain, suppo farmers in increasing their income, andcontinue making greater contributions to meeting consumer demand for safemeat products and promoting social progress and development.Indust Position

New Hope Group Co., Ltd.New Hope Liuhe Co., Ltd.

Operating Peormance

Message from the ChairNew Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Upholding Unwavering Responsibility to Embrace New-Era Challenges

Total assets:

RMB 117.915 billion

Operating revenue:

RMB 103.062 billionFeed sales volume:

25.96 million tons

Message from the Chair

Sustainable Development Management

Sustainable Development GovernanceNew Hope Liuhe has established a comprehensive three-tier sustainable development management structure led by the Board of Directors. Thisstructure encompasses the supeiso, management, and executive bodies to eectively implement the Company's ESG and sustainable developmentinitiatives. During the reporting period, the Company conducted specialized sustainable development training for middle and senior leadership.The training covered the Shenzhen Stock Exchange's sustainability guidelines, ESG rating benchmarking analysis, and ESG management capabilityenhancement. This program aimed to improve leadership's understanding of the Company's ESG management strategies and operations, promotingecient implementation of ESG initiatives. Additionally, the Board of Directors convened special meetings to review and conrm matters related toimpoant ESG issues, materiality assessment of topics, and achievement of ESG objectives.

Sustainable Development Strategy and ProgressRooted in our cultural concept of "stand rm in belief, endure with passion," we have formulated the New Hope Liuhe "Tree of Hope" ESG strategy.This strategy guides the integration of ESG principles throughout our business decisions and operations. By strengthening our foundation and drivingdevelopment, we aim to empower external stakeholders, enhance our risk prevention capabilities and value creation potential, and strive to become atrustwohy force. Our ultimate goal is to collaboratively build, create, and share a hopeful and promising future with all stakeholders.

Honors & Recognitions

Tree of Hope ESG Strategy

ResponsibilitiesOrganizational StructureTheSupeisoBodies

Board of Directors

The Board approves the Company's medium and long-term development plans, corporate strategy,ESG vision and objectives, ESG planning, and major ESG matters. It also assumes responsibility fortheir eectiveness.Strategy andSustainableDevelopmentCommittee

This committee guides and reviews the Company's overall ESG philosophy, management peormancetargets, implementation plans, major projects, and identification and prioritization of ESG issues.It monitors and reviews progress towards goals, provides recommendations for actions needed toachieve objectives, and repos to the Board of Directors.The committee reviews and approves the Company's annual sustainability repo, ensuring alignmentwith expectations and requirements of investors, regulators and other stakeholders.TheManagementBody

ESGManagementand SupeisoGroup

This group is led by the Board Secreta, with members comprising senior management from ESG-related functional depaments.The group formulates ESG strategy, identies and manages ESG oppounities and risks. It determinesthe materiality of ESG matters, incorporates them into operational considerations, sets ESG objectivesand plans, and regularly reviews ESG peormance.TheExecutiveBodies

ESG WorkingGroup

This group suppos the ESG Management and Supeiso Group in executing its responsibilities,including organizing ESG objectives, strategic planning, and annual work plans. It coordinates ESGrisk and oppounity assessments and ESG issue identication, develops action plans with variousfunctional departments, branches, and subsidiaries, monitors their progress, and manages ESG-related information disclosure.FunctionalDepaments/Branches andSubsidiaries

These bodies are composed of relevant personnel from ESG-related functional departments,branches, and subsidiaries.They implement specific ESG-related work, develop ESG-specific plans, manage ESG-relatedindicators, and collect and repo ESG information.

StrategicDimensions

SustainableDevelopment Goals

Key IssuesOur PeormanceDeep Roots -Strengtheningthe Foundation

Human CapitalDevelopment

Total number of employees: 41,327, with 6,325 new hires.Propoion of women in management positions: 14.12%Average training hours per employee: 28.65Corporate Governanceand Business Ethics

Comprehensive audits conducted: 126Coverage rate of anti-corruption training for directors andmiddle and senior management: 100%Sunshine Culture Festival events organized: 24, engaging3,786 paicipants

FlourishingBranches- DrivingDevelopment

Product Responsibility

Attendances in quality training: 4,297Product recall incidents and negative product events: 0Customer complaint handling rate: 100%Digitalization andTechnologicalInnovation

R&D investment: RMB 270.2823 millionScientic and technological innovation platformsmaintained at various levels: 79Cumulative valid patents: 1,426SustainableSupplyChain

Total number of qualied suppliers: 4,696Percentage of suppliers assessed: 100%Number of suppliers that proposed and completedimprovement measures: 21Ecological Farming

Total investment in environmental protection (excludingdepreciation): RMB 152.6553 millionFermented manure feilizer produced: 104,800 tons;Reclaimed water for irrigation: 15.7532 million tonsBiological carbon sequestration through nutrient recyclingland: approximately 94,500 tons of CO

equivalentClimateChangeResponse

Photovoltaic power generation: 11.7468 million kWhPaicipated in carbon asset development, providing182,500 tons of carbon credits, with approximately 160,000tons pending issuance.Greenhouse gas emission intensity: 11.59 tons of CO

equivalent/RMB 1 million revenue

Lush Leaves- ExternalEmpowerment

PromotingNutritionAccessibility

Launched M-NRC animal vitamin and trace element nutritionstandards, introducing the Xiwangxin product series.Received second prize in the Qingdao Science andTechnology Progress Award for the functional ber-regulated intestinal health nutrition program.Secured antibiotic-free ceication for 60% of pigslaughterhouses.CommunityEngagement andDevelopment

Established panerships with over 3,400 family farmsacross 23 provinces, generating RMB 3 billion in incomefor farmers.Conseed 667,300 tons of grain, equivalent to the yieldfrom 1.33 million mu of land.

2024 Most Socially Responsible ListedCompany AwardNational Business Daily

2024 Listed Company ESG Value Transmission AwardEasy-board, Value Online2024 Best Practice Case for Listed Companiesin Sustainable DevelopmentChina Association for Public Companies

2024 Rural Revitalization Leading Brand in SocialResponsibilityChina Agricultural Film and Television Center,Rural Revitalization Empowerment ProgramOrganizing Committee

Sustainable Development ManagementNew Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Product quality and safetyProduction safety and occupational health

Customer seice managementSupply chain managementResponsible marketingRural revitalization andsocial contributions

Employee rights and benets

Community relations

managementIntellectual propey protection

Ensuring Animal Welfare

Information and data security

Employee training and development

Industrial cooperation and development

R&D innovation and technology ethicsBiodiversity conseation

Pollution and waste

managementEnvironmentalmanagement system

Eco-circular farming

Water use and management

Climate change and energy management

Digital transformation

Protection of investorrights and interests

Compliance and risk management

Business ethics and anti-corruption

Corporate governance

②The positive and negative impacts of each issue were integrated into the dimension of impact materiality, and their level of impact was assessed

based on the suey results.

The Company has conducted a comprehensive analysis of its key sustainability topics, reviewing the scope and duration of their impacts, as well asassociated risks and oppounities. Based on the ndings, the Company has developed targeted response strategies to eectively mitigate risks andseize oppounities, thereby advancing its long-term sustainable development.Risk and Oppounity Analysis of Material Issues

Signicance of Impact on the Company's Financial Peormance

Materiality Matrix of New Hope Liuhe

Signicance of Impact on Economic, Environmental, and Social Sustainability

Governance dimensionEnvironmental dimensionSocial dimension

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

low

high

highDouble Materiality analysis

To accurately identify and assess material issues, New Hope Liuhe conducted a double materiality assessment in 2024 based on sustainabilitydisclosure standards, including theSelf-Regulato Guidelines No. 17 for Companies Listed on Shenzhen Stock Exchange— Sustainability Repo (ForTrial Implementation). The assessment incorporated input from various stakeholders to determine key material issues, which are specically disclosedand addressed in this repo. The Company will continue to enhance its sustainability management practices to better meet stakeholder expectationsand concerns.

Materiality Assessment of ESG Issues

Dual Materiality Issues Assessment

Step 1

Identication ofESG Issues

Based on an analysis of internal and external development trends, the Company developed a listof sustainability issues and identied 25 material issues, including both general and indust-specic issues.

Step 2

StakeholderCommunication andMateriality Analysis

Following the principle of double materiality, the Company carried out both impact materialityassessments and nancial materiality assessments. Key stakeholders engaged in this processinclude the Board of Directors, senior management, employees, customers, suppliers, investors,regulato authorities, the media, and the public.

Step 3

Issue Validation andRepoing

Based on the survey results, a materiality matrix was developed using the dual dimensionsof impact materiality and financial materiality. The prioritization of sustainability issues wasnalized through a review and validation process conducted by the Strategy and SustainableDevelopment Committee of the Board of Directors, together with external sustainability expes.Key material issues are prominently disclosed in this repo, with a focus on their governance,strategic alignment, risk and oppounity management, as well as relevant indicators and targets.

①The potential positive impacts of each topic were assessed based on two factors: the likelihood of occurrence and the magnitude of impact,

considering both the scale and scope of the impact. The potential negative impacts were evaluated using two corresponding factors: the likelihood ofoccurrence and the severity of impact, taking into account the scale, scope, and the irreversibility of the impact.

Comparison of Positive and Negative Impacts of New Hope Liuhe’s Material IssuesRural revitalization and social contributions

Positive impactNegative impactCommunity relations managementIndustrial cooperation and developmentEmployee training and development

Employee rights and benetsProduction safety and occupational health

Supply chain management

Information and data securityResponsible marketingCustomer seice managementProduct quality and safetyEnsuring animal welfareIntellectual propey protectionR&D innovation and technology ethics

Biodiversity conseationEco-circular farmingPollution and waste management

Water use and managementClimate change and energy management

Environmental management system

Digital transformationProtection of investor rights and interestsBusiness ethics and anti-corruption

Corporate governanceCompliance and risk management1615141312121314151611111010 9 988776655443322110

Materiality Assessment of ESG Issues

Complianceandriskmanagement

√√

√√√

√√

Shotomediumterm

Shotomediumterm

Non-compliance and inadequate riskmanagement may result in financiallosses, legal disputes, and reputationalrisks for the Company.

Coordinate risk management under the leadershipof the Risk Control Committee under the Boardof Directors, establish a "three lines of defense"framework, strengthen special audits, and enhancethe standardization and effectiveness of riskcontrol.Strengthen the tax management system andcontinuously enhance tax compliance capabilities.For more information, please refer to the "Riskand Compliance Management" section.

Informationanddatasecurity

Information and data breaches mayviolate relevant laws and regulations,resulting in compliance risks, financiallosses such as nes, and infringement ofcustomer rights, thereby underminingcustomer trust in the Company.Ensuring information and data securityhelps strengthen the relationship betweenthe Company and its customers.

Improve the information security managementsystem, and strengthen data control andcybersecurity protection.Standardize information confidentiality practicesand enhance employee awareness of informationsecurity.For more information, please refer to the"Information Security and Privacy Protection"section.

DualMateriality

Issues

Scope of Impact

ImpactDuration

Risks and OppounitiesResponse StrategyCommunitiesUpstreamof the ValueChainCompanyOperationsDownstreamof the ValueChainProductqualityandsafety

√√

√

√√

√√

√

√√

Longterm

Longterm

Establishing a sound quality management

system for feed production and pig

farming processes helps ensure the

delivery of high-quality products to

customers and contributes to expanding

market share.

Quality issues may lead to significant

economic losses, including potential

product recalls.

Develop a comprehensive food safety managementsystem to cover the entire value chain, includingraw material sourcing, production control, qualityinspection, product and sales management, andpersonnel training.Establish a digital quality control platform toenable full-process monitoring and strengthenproduct traceability.For more information, please refer to the"Stringent Quality and Safety Control" section.Customerseicemanagement

Deterioration in customer relationships

may lead to customer attrition, thereby

affecting the Company's market

peormance.

Strong customer relationships support

business growth and create new

commercial?oppounities

Continue to enhance seice quality by enrichingpre-sale, in-sale, and after-sale seice oerings,implement tiered and categorized customermanagement, and ensure smooth communicationchannels.Conduct regular customer satisfaction surveys,establish a complaint handling process, andrespond promptly to customer feedback.For more information, please refer to the"Improving Seice Quality" section.

Supplychainmanagement

Mediumtolongterm

ESG-related risks in the supply chain

may lead to supply chain instability and

disrupt the Company’s production and

operations.

Inadequate sustainability due diligence in

the supply chain may lead to issues such

as human rights violations and negative

environmental impacts, potentially

damaging the Company's social image

and reputation.

Improve supply chain management by incorporatingESG factors into supplier evaluation and selection.Improve the supply chain risk analysis model andevaluation mechanisms, and consistently identifyand monitor risks in the procurement process.Promote sustainable development practicesamong suppliers.For more information, please refer to the "SupplyChain Management" section.Employeerightsandbenets

Shoterm

Violations of employees’ legitimate rights

and human rights may reduce morale

and productivity, ultimately aecting the

Company’s market competitiveness and

economic peormance.

Non-compliance with labor laws and

regulations may expose the Company to

nes and legal proceedings, damaging its

social image.

Continuously improve internal managementsystems to uphold employee rights, covering areassuch as ethical conduct, prevention of violenceand conflict, prohibition of forced labor, fairemployment and diversity, anti-discrimination,working hours, and leave policies.In addition to statutory benefits, provide diversesupplementa benets, a wide range of employeeactivities, and timely care and assistance programsto enhance employee well-being and satisfaction.For more information, please refer to the"Employee Rights and Well-being" section.

Note: Duration of impact is categorized as sho term (1–3 years), medium term (3–5 years), and long term (over 5 years).

Materiality Assessment of ESG Issues

New Hope Liuhe places great impoance on communication with its stakeholders. Based on its daily operations, management practices, material issuecategories, and various inuencing factors, the Company identies and prioritizes internal and external stakeholders with signicant impact. Throughdiverse communication channels, it actively engages to understand stakeholder expectations and concerns, and responds in a timely and proactivemanner to achieve mutual benet and harmonious development with all paies.Stakeholder Communication

Stakeholders Issues of Concern Communication Channels

GovernmentandRegulatoBodies

Compliance and risk managementPollution and waste managementWater use and managementClimate change and energy managementBiodiversity conseationRural revitalization and social contributionsProduction safety and occupational healthProduct quality and safetyCommunity relations management

Government meetingsSpecial reposOn-site visitsInformation delive

Shareholders&Investors

Corporate governanceProtection of investor rights and interestsBusiness ethics and anti-corruptionR&D innovation and technology ethicsCustomer seice management

Information disclosureGeneral meeting of shareholdersResults briengInvestor communication platformInvestor research and communication

Customers

Product quality and safetyIntellectual propey protectionResponsible marketingCustomer seice managementEnvironmental management systemCompliance and risk managementInformation and data security

Daily operational communicationOcial communication channelsAfter-sales seice and feedbackCustomer satisfaction suey

Suppliers&Paners

Supply chain managementDigital transformationBusiness ethics and anti-corruptionCompliance and risk managementIndustrial cooperation and developmentInformation and data security

Strategic cooperationThematic TrainingMarket researchSpecial meetingsIndust exchanges

Employees

Employee training and developmentEmployee rights and benetsProduction safety and occupational healthCompliance and risk managementBusiness ethics and anti-corruption

Ocial WeChat of the CompanyWorkers' CongressEmployee activities

CommunityandPublic

Product quality and safetyEnsuring animal welfarePollution and waste managementEco-circular farmingBiodiversity conseationRural revitalization and social contributionsCommunity relations management

Community communicationMedia interactionIndust forumInformation disclosurePublic welfare volunteer activities

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

From 1994 to 2024, the Guangcai Program, initiated with the paicipation of New Hope Liuhe, has spanned three decades of development. This socialinitiative was launched by private entrepreneurs in response to the National "Eight-Seven Povey Alleviation Plan", bearing the historical mission of"those who become prosperous rst helping those who lag behind." As one of the program’s original initiators, New Hope Group has consistentlyupheld the principle of industrial povey alleviation that balances social responsibility and protability, seamlessly integrating corporate developmentwith national strategies. Keeping pace with the times, the Company has continuously explored and innovated its approaches—shifting from one-oproject-based suppo to integrated assistance across entire industrial chains; from simple investment to a more comprehensive model combininginvestment, branding, talent cultivation, and information-sharing; and from isolated individual eos to joint initiatives with strategic paners. Theseevolving practices have kept the Guangcai Program vibrant and impactful, standing as a testament to the synergy between private enterprise andnational development.

30 Years of the Guangcai Program – SustainedHope for Rural Revitalization

Sowing Hope, Igniting the Guangcai Program

In the inaugural year of the Guangcai Program, New Hope Liuhe invested in and constructed the Xichang Hope Feed Facto in Xichang City, LiangshanPrefecture, Sichuan Province. This initiative brought modern agricultural technology to the impoverished Greater Liangshan area. Over three decades, ithas empowered more than 20,000 farmers to increase their income and achieve prosperity, with an average annual increase exceeding RMB 3,000 perhousehold. Building on this success, the Group invested RMB 2.6 billion to establish over 40 similar povey alleviation factories across regions includingXinjiang, Gansu, Ningxia, Sichuan, Chongqing, Guizhou, Hubei, Hunan, Jiangxi, Hainan, Henan, Shanxi, and Shandong. The Guangcai Program spreadrapidly, inspiring an increasing number of private entrepreneurs to join the movement.

Responsibility Focus

Sustainable Development Assistance, Innovating the Guangcai ProgramAs povey alleviation eos entered a new phase, New Hope Liuhe ocially launched the 1+1 Precision Povey Alleviation Plan in 2017. This marked ashift from single project assistance to comprehensive supply chain suppo. Leveraging the Company's industrial strengths in breeding, feed production,and slaughtering, it developed sophisticated poverty alleviation models such as "3+N" and "4+N." These models fostered collaborative assistancecommunities with multiple stakeholders, aimed at providing stable income streams to impoverished households.

Breeding farm built in Tekoujiagu Village, nestled deep in theLiangshan Mountains at an altitude of 3,000 meters

Preparato meeting of the China Guangcai Program PromotionCommittee

At the 2024 dividend distribution ceremony, 182 villagersreceived dividends totaling RMB 303,500.

The rst facto of China's Guangcai Program - Xichang HopeFeed Facto

Responsibility Focus:

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Preseing the Founding Vision, Perpetuating the Guangcai Program

As China enters its 14th Five-Year Plan period, New Hope Liuhe has proactively embraced the Group's Five-Five Project for rural revitalization. Thiscomprehensive initiative focuses on ve key areas: improving rural infrastructure, constructing community facilities, enhancing village cleanliness,beautifying rural environments, and fostering new developments in agriculture and village economies. In 2021, the Company, in panership with theNational School of Development at Peking University, launched the Village Head Course public welfare training initiative. This project aims to cultivate500 rural grassroots governance leaders over a ve-year span. In the four years since its inception, the program has attracted over 3,000 village headsto paicipate in the selection process, with more than 400 trainees successfully completing the curriculum. Its inuence has rippled through over 3,000villages, establishing a scientic, practical, and replicable model for nuuring rural grassroots management talent.The 30-year milestone of the Guangcai Program not only signifies a remarkable achievement but also heralds a new era of opportunity. Movingforward, New Hope Liuhe is committed to seing as a steadfast practitioner of common prosperity through its unwavering dedication to agriculturaldevelopment. Driven by a deep-seated passion for indust-led national progress, it will act as a catalyst for rural revitalization and function as anambassador of the Guangcai Program, embodying an open and inclusive ethos. These endeavors will continue to uphold the Company's core missionof "beneting farmers and seing consumers."

On November 4, 2024, the 4th iteration of New Hope Liuhe's Village Head Course for rural revitalization commenced inHengkantou Village, Zhejiang. To fuher amplify the spirit of the Guangcai Program and maximize the impact of the VillageHead Course platform, this training session concurrently launched the Seed Plan project. This initiative oers scholarshipfor exceptional action plans and paicipating villages, aiming to establish a robust, long-term follow-up and evaluationmechanism. The program regularly facilitates expe-led guidance and diagnostic sessions, empowering rural developmentpioneers to tackle practical challenges through innovative approaches. Ultimately, it seeks to explore and forge newpathways and models for rural revitalization and development.

Case

Village Head Course Enters Its Fouh Year, Unveiling Seed Plan toIntensively Cultivate Rural Development Pioneers

Group photograph of trainees and instructors in the 4thVillage Head Course

Chairperson Liu Chang delivers a keynote lecture entitled "TheAnswer to Rural Revitalization Lies Beneath Our Feet" to the trainees.

Tekoujiagu Village in Zhaojue County, Liangshan Prefecture, Sichuan Province, stands as an exempla project of New Hope Liuhe's "4+N" precisionpovey alleviation model. In this context, "4" represents the Zhaojue County People's Government, the Sichuan Branch of the People's Bank of China,New Hope Liuhe, and the village collective economy (cooperative). The "N" symbolizes the registered poor households in the village. Under thismodel, the government and bank provide funds and subsidized loans to villagers; the Company oers comprehensive seices including piglets, feed,technology, and sales, while also bearing disease and market risks. Villagers, in turn, receive dividends from their shares and can earn wages throughtheir labor. The project was completed and commenced operations in April 2018, emerging as one of the most advanced breeding bases in ZhaojueCounty and the broader Liangshan Prefecture at that time. By the end of 2024, the project had sent 16,000 pigs to market, disbursed RMB 5.17 millionin contract breeding fees, distributed RMB 1.39 million in dividends, beneted 1,130 villagers, and trained 12 local technicians, constantly drivingeconomic growth and income improvement for the villagers.Building on this successful pilot, New Hope Liuhe has propagated the Zhaojue Model of breeding-based poverty alleviation to its branches andsubsidiaries nationwide. The Company actively explores a multidimensional povey alleviation model that integrates "modern agriculture + precisionpovey alleviation + ecological environmental protection." In economically challenged counties such as Shibing in Guizhou, Xiajin in Shandong, andYijun in Shaanxi, New Hope Liuhe has invested in establishing pig farms integrating breeding and promotion. It adopts innovative organizationalmethods such as "large farms mentoring small farms" and "company + cooperative + family farm" to encourage small and medium-sized specializedcooperatives and family farms within the county to engage in standardized, large-scale, and regulated pig breeding. This approach promotes self-reliance in breeding and contract farming, expanding the scale of operations and achieving mutual benets. Even after fullling its prima poveyalleviation objectives, the initiative continues to generate economic benets for the local communities. In 2024, the Shibing and Nayong projects inGuizhou managed by New Hope Liuhe distributed substantial dividends of RMB 2.48 million and RMB 605,400, respectively.In the contempora era, advancing the Guangcai Program increasingly relies on nuuring multi-skilled sustainable developers, i.e., a new generationof farmers. Since 2018, New Hope Liuhe has spearheaded the 100,000 Green Collar New Farmer Training Plan. This initiative harnesses the Company'sindustrial expeise and commitment to public welfare to cultivate a coho of new-age farmers who love agriculture, understand technology, and excelin management. This eo signicantly contributes to rural talent development and overall rural revitalization.The evolution from the Guangcai industrial poverty alleviation model to the "1+1" precision poverty alleviation model, and further to long-termempowerment through leading indust chains, digital capabilities, and talent cultivation, demonstrates New Hope Liuhe's commitment to transformingpovey alleviation approaches. The Company has shifted from tempora aid provision to sustainable capacity building, emerging as a pivotal force inthe ongoing promotion of rural revitalization.

Eective Governance

Contributing to theUN 2030 SDGs

New Hope Liuhe's Philippines Region conducts lean competition.

Building aStrong Foundationfor Grow throughEective Governance

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Eective Governance

Pay Building EosThe year 2024 was pivotal for implementing the spirit of the 20th CPC National Congress and marked the "Quality Focus" year for New Hope Group'sPay building initiatives. The Pay Committee of New Hope Liuhe diligently implemented new directives for Pay building from higher-level Paycommittees. They conducted in-depth studies to comprehend the spirit of the Third Plena Session of the 20th CPC Central Committee, Xi JinpingThought on Socialism with Chinese Characteristics for a New Era, and Pay discipline education. The committee focused on strengthening branchfoundations, enhancing brand inuence, unifying organizational power, and empowering development in the Group's Pay building actions. Theycollaboratively developed the "New Hope Red" Pay building brand, leveraging high-quality Pay building activities to guide and ensure high-qualitydevelopment.Strengthening Ideological Conviction

The Company consistently prioritized political theo learning. Through paicipation in the Group Pay Committee's study sessions on the Third PlenaSession of the 20th CPC Central Committee, organizing Pay Committee "Three Meetings and One Lecture" (i.e., branch Pay members' congress,branch committee meeting, Pay group meeting, and Pay lecture), and themed Pay days, they guided Pay members and cadres to deeply studyXi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the spirit of the 20th CPC National Congress, and General Secreta XiJinping's series of impoant speeches. This eectively guided Pay members and cadres in strengthening their adherence to key Pay principles.Specically, they aim to reinforce the "Four Consciousnesses," which encompass political awareness, holistic perspective, recognition of core leadership,and alignment with Pay directives. Additionally, these measures seek to bolster the "Four Condences," instilling a deep-rooted faith in China's chosenpath, theoretical foundations, governing system, and cultural heritage. Finally, they emphasize the "Two Upholds," which involve unwavering suppofor General Secreta Xi Jinping's central role within both the Pay Central Committee and the Pay as a whole, as well as steadfast commitment toupholding the authority and unied leadership of the Pay Central Committee.Enhancing Organizational ConstructionNew Hope Liuhe eciently completed the organizational re-election of the Company's Pay Committee and ve directly aliated Pay branches,electing 22 members for the second term. In 2024, adhering strictly to Pay member development guidelines and procedures, the New Hope LiuhePay Committee recruited one new Pay member and cultivated two applicants for Pay membership. They facilitated the transfer and reception of sixPay members and assisted 13 Pay members in successfully transferring their Pay organization relationships, emphasizing a sense of belonging forPay members and addressing practical matters for each individual.Guiding Practice through Pay BuildingIn 2024, New Hope Liuhe persisted in deeply integrating Party building work with business operations, incorporating Party building principlesthroughout the entire business process. They developed outstanding employees into new Pay members, encouraged advanced Pay members totake on Pay building roles, and promoted Pay members and cadres to become business leaders, taking the lead and setting examples in their work,thereby eectively driving high-quality business development.

On October 16, 2024, New Hope Liuhe successfullyheld its Second Congress of Pay Representatives,with 144 Party delegates participating acrossboth online platforms and at the physical venuein Chengdu. The congress conducted electionsin accordance with theRegulations on Electionof Primary-level CPC Organizations. Throughdemocratic voting, seven comrades were electedas members of the Second New Hope Liuhe PayCommittee. Subsequently, the first meeting of thenew committee was held to elect the secretaryand deputy secretaries and clarify the divisionof responsibilities among committee members.Effective Party building translates into enhancedproductivity. The successful convening of thecongress provided strong organizational suppo forNew Hope Liuhe's Pay building work and businessdevelopment, injecting new momentum into the roleof Party building in promoting and safeguardingenterprise development.

Successful Convening of New Hope Liuhe's Second Congress of Pay Representatives

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Corporate Governance

Board EectivenessThe Board of Directors functions as the Company'sprimary decision-making body, supported by fivespecialized committees: the Strategy and SustainableDevelopment Committee, the Audit Committee,the Nomination Committee, the Remunerationand Appraisal Committee, and the Risk ControlCommittee. These committees, leveraging theirprofessional expeise, oversee various aspects of theCompany's operations and management. During therepoing period, the Company expanded its Board byadding one director, bringing the total membershipto nine. This expansion enriches Board discussionsand decision-making with a broader range ofperspectives and more comprehensive analysis,thereby enhancing the quality of decisions andenabling the Board to fulll its responsibilities moreeectively. To enhance the Board's Audit Committee'soversight of annual nancial repo preparation anddisclosure, the Company implemented theWorkingRules for the Annual Financial Repo of the Board'sAudit Committee. This measure ensures the AuditCommittee's diligent fulllment of its responsibilitiesregarding the annual financial report, guaranteeingthe truthfulness, completeness, and accuracy ofthe Company's financial reporting. The Companyconvenes Board and specialized committee meetingsin compliance with legal requirements, strictlyadhering to regulations governing voting mattersand procedures, thus safeguarding the legal rights

General Meetingof Shareholders

Board ofSupeisors

ManagementTeam

Board of Directors

Risk Control CommitteeRemuneration and AppraisalCommittee*Nomination Committee*Audit Committee*Strategy and SustainableDevelopment Committee

*This committee has a majority of independentdirectors and is chaired by an independent director.

Indicator 2024

Numberofresolutionspassed

67 24 35

Corporate Governance SystemNew Hope Liuhe strictly adheres to relevant lawsand regulations, including theCompany Law of thePeople's Republic of China, theSecurities Law of thePeople's Republic of China, theCode of CorporateGovernance for Listed Companies, theRulesGoverning the Listing of Stocks on the ShenzhenStock Exchange, and theShenzhen Stock ExchangeSelf-Regulatory Guidelines No. 1 – StandardizedOperations for Companies Listed on the Main Board.The Company has established and standardizeda three-tier governance structure. The GeneralMeeting of Shareholders, Board of Directors, Boardof Supervisors, and management team rigorouslyexercise their rights and fulfill their obligationsaccording to the responsibilities granted by theArticles of Association, establishing a governancemechanism with clear power structures, coordinatedoperations, and mutual checks and balances amongthe power organ, decision-making body, supeisobody, and executive body. In 2024, the Companyupdated and revised six key governance documents,including theArticles of Association, Rules ofProcedure for the Board of Directors, Detailed Rulesfor Specialized Board Committees, Working Systemfor Independent Directors, Annual Report WorkingSystem for Independent Directors, andWorkingRules for the Annual Financial Repo of the Board'sAudit Committee, fuher enhancing the Company'sgovernance system.

and interests of both the listed company and its shareholders. Detailedinformation on Board composition, peormance of duties, compositionand operational division of specialized committees, shareholder andactual controller status, and related pay transactions is available intheNew Hope Liuhe Co., Ltd. 2024 Annual Report.The Company has established a robust Board peormance evaluationmechanism. The Remuneration and Appraisal Committee is taskedwith reviewing the performance of directors (non-independentdirectors) and senior management, conducting annual performanceappraisals. The evaluation results are linked to various factors includingthe relevant personnel's duty performance, work capabilities, andthe Company's operational status. Furthermore, the Company hasimplemented internal restraint and accountability mechanisms. TheRisk Control Committee is responsible for economic or administrativeaccountability of directors, supervisors, and senior management incases of dereliction of duty.

*Excluding special meetings of independent directors and meetings of specializedBoard committees.

KEYPERFORMANCE

Number of Board of Directors meetings heldthroughout the year15*Number of Board of Supeisors meetings heldthroughout the year

9 4Number of general meetings of shareholdersheld throughout the year

Resolutions passed by Board ofDirectors meetingsResolutions passed by Board ofSupeisors meetingsResolutions passed by generalmeetings of shareholders

Eective Governance

Board IndependenceThe Company fully recognizes the independent director system as a crucial safeguard for promoting standardized operations of listed companies,maintaining their overall interests, and protecting the legal rights of minority investors. New Hope Liuhe strictly adheres to the requirements of theMeasures for the Administration of Independent Directors of Listed Companies,implementing theWorking System for Independent Directorsand theAnnual Repo Working System for Independent Directors. The Company rigorously follows the qualication requirements and appointment proceduresspecied in theWorking System for Independent Directorsto select and appoint qualied expes and authoritative gures as independent directors,fully leveraging their role in corporate governance.The Company currently has three independent directors, comprising 33.33% of the Board. None of these directors hold company shares in any form.Independent directors do not directly participate in company management, thereby reducing potential conflicts of interest and exercising theirbalancing role eectively. Independent directors constitute the majority and see as chairs in the Board's Audit Committee, Nomination Committee, andRemuneration and Appraisal Committee, ensuring objectivity and fairness in Board decision-making. The Company provides independent directors withcomprehensive working conditions and personnel suppo to fulll their responsibilities. It also ensures their right to information by regularly briengthem on company operations and providing necessa materials, ensuring they have sucient resources and access to professional opinions whenpeorming their duties.During their tenure, independent directors have diligently fullled their responsibilities, actively paicipating in various Board activities and eectivelyperforming supervisory and strategic decision-making functions. In 2024, independent directors attended four specialized meetings, focusing onreviewing major nancial matters, compliance of related pay transactions, and internal control mechanisms. They leveraged their professional expeiseto provide independent opinions, eectively safeguarding the interests of minority shareholders. Additionally, they paicipated in three strategic-themed seminars, engaging in in-depth discussions on indust development trends, business transformation and upgrade strategies, and medium- tolong-term development plans, oering forward-looking suggestions for the Board's strategic decision-making. Fuhermore, the independent directorteam conducted on-site visits to the Company's production bases and R&D centers. Through eld research, discussions with management, and analysisof operational data, they gained comprehensive insights into production and operational dynamics. Drawing on their indust experience, they providedconstructive guidance on capacity optimization and technological innovation, eectively promoting continuous improvement in corporate governanceand operational eciency.

Board Skills and DiversityEnhancing Board diversity is a cornerstone of eective corporate governance and is essential for balanced, inclusive decision-making. The Companyactively cultivates a diverse Board. Selection procedures for directors and senior management are clearly outlined in theAicles of Association, Rulesof Procedure for the Board of Directors, andDetailed Rules for Specialized Board Committees. All appointments adhere to meritocratic principles whilemeeting qualication requirements, aiming to optimize Board member diversity.

KEYPERFORMANCE

KEYPERFORMANCE

Board Specialized Committee

Number of Meetings Held

Board Member Attendance RateAudit Committee 4 100%Strategy and Sustainable Development Committee 1 100%Remuneration and Appraisal Committee 2 100%Nomination Committee 3 100%Risk Control Committee 1 100%

Composition of Board Specialized Committees

Note: * indicates that an independent director sees as the committee chair.

Board Specialized

Committee

Number ofIndependent Directors

Number ofNon-Executive Directors

Number ofExecutive DirectorsAudit Committee* 2 1 0Strategy and Sustainable Development Committee 2 2 2Remuneration and Appraisal Committee* 3 1 1Nomination Committee* 2 0 1Risk Control Committee 2 1 2

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

To constantly enhance governance compliance, the Company's directors, supeisors, and senior management actively engage in training on corporategovernance and diligent peormance of duties. These sessions are organized by government depaments, the CSRC, stock exchanges, and relevantassociations. Notable examples include the training on "Strengthening Capital Market Integrity Construction and Cultivating Anti-fraud ComplianceAwareness" for controlling shareholders, actual controllers, directors, supeisors, and senior management of listed companies in Sichuan Province in2024. Additional programs cover independent director reform and follow-up training for listed company independent directors. During the repoingperiod, the Company recorded a cumulative total of 54 attendances in these training sessions by its directors, supeisors, and senior management.

The current Board comprises nine directors, with ages spanning from those born in the 1950s to the 1980s. They bring diverse professionalbackgrounds, oering extensive theoretical knowledge and practical experience in elds such as economics, business administration, accounting, animalhusband, and mechanical manufacturing. This diversity enables them to provide expe guidance and forward-looking advice on nancial decisions,compliance operations, risk prevention and control, and strategic development planning. As the Audit Committee convener, independent director Ms.Cai Manli is a Ceied Public Accountant of China, Ceied Tax Agent of China, and International Ceied Business Valuation Analyst. Her previous roleat the China Securities Regulato Commission (CSRC) involved listed company supeision, where she led the accounting and valuation group in theListed Company Supeision Depament. Her rich nancial background and experience contribute to eective internal nancial management and riskcontrol implementation.

Chairperson

Liu Chang

Female

November 29, 2011

Executive Chairperson, President Zhang Minggui Male September 24, 2020Director Liu Yonghao Male Februa 26, 1998Director Wang Hang Male November 29, 2011Director Li Jianxiong Male May 26, 2016Director Zhou Boping Male May 30, 2024Independent Director Wang Jiafen Female

May 31, 2022Independent Director Peng Long Male May 30, 2024Independent Director Cai Manli Female

June 6, 2019

Name

Gender

Tenure

Professional CapabilitiesIndust Experience

Risk Management

Economics & Law√√√√√√√√√

√√

√√√√√

√√

√√

√

DirectorPositions

DirectorGenderDistribution

DirectorEducationDistribution

DirectorAgeDistribution

DirectorIndependent director

MaleFemale

Doctoral degreeMaster's degreeBachelor's degree and below

33%67%

22%

11%

11%22%22%45%67%

33%67%

Above 65 years60-65 years50-59 years40-49 years

Position

Eective Governance

Director and Senior Management Compensation Policy

Compensation for Board members and senior management is a critical component of corporate governance. The Remuneration and AppraisalCommittee formulates and reviews remuneration policies and plans based on areas of responsibility, prima duties, business innovation capabilities,and work peormance. These align with the Company'sEmployee Compensation Management Trial Measuresand relevant systems and regulationsof the Board's Remuneration and Appraisal Committee. All policies require Board approval and subsequent ratication by the general meetings ofshareholders before implementation, with full transparency through information disclosure.The Company conducts comprehensive evaluations based on annual operating performance, job responsibilities, and the achievement of annualwork objectives. Compensation and peormance bonuses for senior management are determined by these evaluation results, promoting enhancedresponsibility fulllment. The Nomination Committee and the Remuneration and Appraisal Committee oversee senior management nominations andreview their work capabilities, peormance, and goal achievement, determining annual compensation packages and year-end bonuses. Additionally,the Company has implemented a multi-tiered assessment and incentive mechanism to fuher boost managerial enthusiasm and creativity, drivingcontinuous corporate peormance growth.

Investor Rights Protection

New Hope Liuhe places paramount impoance on protecting investor rights. The Company strictly adheres to the CSRC'sRules for General Meetingsof Shareholders of Listed Companiesand internal regulations, including theInformation Disclosure System, Investor Relations Management System,andSignicant Information Internal Repoing System. These measures ensure timely, accurate, and comprehensive information disclosure. Duringthe reporting period, the Company maintained open communication with investors through various channels, including regular reports, ad hocannouncements, on-site research, investor hotlines, and the cninfo.com platform, thereby safeguarding investors' right to information and paicipationin major company events.Safeguarding Minority Investor RightsTo fully protect minority investor rights, New Hope Liuhe's stipulates in itsAicles of Associationthat when the general meetings of shareholdersdeliberate on signicant matters aecting minority investors' interests, their votes should be tallied separately, with results promptly disclosed. TheCompany paicularly emphasizes creating oppounities for minority investor engagement. General meetings of shareholders employ a combinationof on-site and online voting, leveraging modern information technology to facilitate minority investor paicipation. The meeting agenda includes adedicated Q&A session for minority investors, actively soliciting their opinions and suggestions.

Director and Senior Management OwnershipLiu Chang Chairperson 2,155,452Zhang Minggui Executive Chairperson, President 2,000,000Liu Yonghao Director 892,320Wang Hang Director 60,000Li Jianxiong Director 0Zhou Boping Director 100Tao Yuling Executive President 1,312,500Yan Qiubo Vice President 125,000Li Shuang Vice President 900,000Chen Xingyao Vice President, CFO 1,200,000Wang Pusong Investment Development Director 900,000Cai Manli Independent Director 10,000Lan Jia Board Secreta, Chief Strategy Investment Ocer 1,000,000Pang Yundong Supeisor 72,000

Name Position Direct Shareholding (Shares)

New Hope Liuhe Co., Ltd. 2024 Sustainability RepoThe Company explicitly states in itsWorking System for Independent Directorsthat independent directors owe ducia and due diligence duties tothe Company and all shareholders. In addition to the powers conferred by theCompany Law of the People's Republic of Chinaand other relevantlegislation, the Company grants independent directors special authority to express autonomous opinions on matters that may potentially harmthe Company or minority shareholders' interests. Maintaining substantive communication with minority shareholders is also considered one of theindependent directors' key responsibilities.Diversied Communication ChannelsThe Company has established multifaceted communication channels, including general meetings of shareholders, online voting, on-site research,online platform Q&As, telephone inquiries, and peormance briengs. These channels foster investor understanding and recognition of the Company,establish constructive interactions between the Company and investors, enhance corporate governance, and eectively protect investors' legal rights,paicularly those of minority shareholders.

Regular repos and ad hoc announcements disclosed 124Investor communication events held 15Attendance in investor communication events 1,156Total interactions with investors across all channels Over 3,000

Indicator 2024

On-site research of Mianyang New Hope by the China Association for Public Companies

Eective Governance

Risk and Compliance ManagementNew Hope Liuhe has established a comprehensive internal control and risk management system to strengthen and standardize internal management,enhance internal control eectiveness, and create a favorable internal environment for enterprise risk control and ecient operations, thereby ensuringhealthy and sustainable development.

Risk ManagementNew Hope Liuhe rigorously adheres to laws and regulations, including theCompany Law of the People's Republic of China, theSecurities Law ofthe People's Republic of China, theBasic Internal Control Norms for Enterprises, and theApplication Guidelines for Enterprise Internal Control. TheCompany consistently establishes and renes relevant regulato systems, such as theManagement System for Internal ControlsandManagementMeasures for Accountability (Trial). A robust "three lines of defense" risk control system has been implemented to foster a favorable internal environmentfor risk control and ecient operations, providing reliable safeguards for stable, long-term development.Risk Management System

The Board of Directors has established a Risk Control Committee with a subordinate Risk Control Taskforce. This taskforce is responsible for decision-making and oversight of major company-wide risk management matters. It also promotes the establishment of three lines of defense for risk control atthe operational level, eectively preventing and mitigating direct risks that may cause losses to the Company, while creating additional value througheective management of oppounity risks.

Convened

Risk Control Committee meetings.

Governance Strategy and Management Approach

The Board of Directors has established a Risk Control Committee with asubordinate Risk Control Taskforce responsible for decision-making andoversight of major company-wide risk management matters.Multiple relevant systems have been formulated and implemented,includingthe Management System for Internal Controlsand

Management Measures for Accountability (Trial).

Establish a "three lines of defense" risk control system based on theCompany's business realities and external circumstances.Conduct specialized risk management training on key risk areas suchas anti-corruption, production safety, and environmental protection.Promote the development of a digital audit system to enhance internaldata analysis capabilities and strengthen audit inspections.Impact, Risk, and Oppounity Management Indicators and Targets

Develop annual audit work plans and conduct audits of theheadquaers and wholly-owned and controlled subsidiaries, coveringthe Company's core businesses, aairs, and high-risk areas. Incorporateproblem rectication into peormance evaluations to ensure eectivecorrection of issues identied during audits.The Audit and Supervision Department collaborates with risk controlunits across Sectors to compile monthly audit and supeision repos formanagement, reinforcing daily risk control in market, operations, sales,safety, environmental, and other dimensions.

First Line of Defense

Business operating units are responsible for implementing internal risk control measures, identifying, assessing, and responding torisks in daily operations.Second Line of DefenseThird Line of Defense

Risk control depaments of business operating units and functional depaments at the headquaers are responsible for risk internalcontrol design and supeising the work of the rst line of defense.The Audit and Supeision Depament is responsible for post-event audits and internal accountability. Cases involving criminaloenses are referred to judicial authorities, ensuring the eectiveness of the risk management and internal control system.

KEYPERFORMANCE

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Risk Identication and ControlThrough indust benchmarking and in conjunction with the Company's strategic management and operational conditions, we regularly review andanalyze risk points facing the business, conduct risk assessments, and formulate improvement measures based on assessment results to furtherenhance the Company's risk prevention and control capabilities.

Internal Control and Compliance ManagementThe Company has established a comprehensive internal risk control system, clearly dening management responsibilities, authorization, and approvalprocesses for key control points in relevant policies, and specifying implementation procedures for critical business processes.Implementing System Development.The Company constantly establishes and improves its internal regulations such as theFood Safety Red LineManagement Rules, Interim Management Measures for Feed Quality

and Safety Audits, andManagement Measures for Livestock and Poult BreedingQuality and Safety Audits to enhance the standardization and eectiveness of internal control.Improving Audit Efficiency.In 2024, the Audit and Supervision Department was restructured into four centers: the Operations Audit Center, theSupeision Center, the Risk and Data Center, and the Engineering Audit Center. Internal control management manuals were developed for dierentmodules, rening compliance management work. The Audit Data Center has established a prototype for digital auditing, enhancing internal dataanalysis capabilities and providing data suppo for audit practices.Conducting Special Audits.The Company conducts audits on its Pig BG, Feed BU, and Overseas BU, primarily including performance audits,engineering settlement reviews, and special audits. 10% of these engineering audits are completed by external auditors, with the remainder conductedby the Audit and Supeision Depament. In 2024, the Company prevented losses of RMB 85.60 million, recovered losses of RMB 47.86 million, held 56individuals accountable, initiated 7 cases, and took criminal measures against 8 individuals.

Major Risks Risk Description Response Strategies

International Supply Chainand Raw Material PriceFluctuation Risk

China's high import ratio of soybeans and corn maylead to feed shortages and cost surges if internationalgeopolitical tensions rise or trade barriers strengthen,threatening livestock indust prots.

Increase operational eciency and reduce managementcosts to enhance market competitiveness.Diversify raw material procurement channels andexplore domestic alternative solutions (e.g., drought-resistant corn varieties).Exchange Rate andLogistics Risk

Feed export expansion (e.g., Southeast Asian market)may face supply chain disruptions due to exchange rateuctuations, cross-border logistics interruptions, or policyrestrictions.

Develop overseas supply chains to hedge geopoliticalrisks.

Conducted

performance audits,

engineering audits,

supeiso audits, and

other special audits.

Tax ManagementNew Hope Liuhe strictly complies with laws, regulations and relevant systems such as theEnterprise Income Tax Law of the People's Republic of China

and theIndividual Income Tax Law of the People's Republic of China. The Company consistently establishes and improves its tax management system,focusing on tax risk management and fulfilling corporate tax obligations while providing support for market expansion, product R&D, M&As andreorganizations, and other business activities. During the repoing period, the Company did not engage in any signicant tax violations and was notinvolved in any major litigation or arbitration related to taxation.

KEYPERFORMANCE

Prot before tax (million RMB) 483.4706 -681.8108Repoed tax amount (million RMB) 469.8421 541.0741Eective tax rate -79.36%Cash tax paid (million RMB) 758.1318Cash tax rate -111.19%

Eective Governance

Tax Management System and Policies

The Finance Depament has established a dedicated Tax Management Center staed by ve full-time professionals. This center is responsible fordeveloping and implementing a tax strategy focused on compliance management, tax burden optimization, and business suppo. It oversees theCompany's tax-related matters, aligning with the overall business strategy and operational activities to provide robust tax suppo for market expansion,product R&D, M&As and reorganizations, and other business initiatives. This approach ensures that tax management contributes positively to theCompany's business growth and sustainable development. The head of the Tax Management Center is responsible for formulating and executing theoverall tax strategy, as well as coordinating relationships with external tax authorities and internal depaments. Financial personnel at branch andsubsidia companies handle specic tax declarations and tax-related matters on a pa-time basis. The Tax Management Center maintains closecommunication with the nance depaments of branches and subsidiaries, ensuring mutual coordination and suppo for the smooth operation of theGroup's tax activities.The Company maintains open lines of communication with tax authorities to stay informed about tax policy dynamics and changes in regulatorequirements. We constantly refine our tax management systems, including theEnterprise Lifecycle Tax Registration Management System, TaxDeclaration Management System, Invoice Management System, andTax Accounting System. These systems clearly dene the principles, requirements,and processes for tax compliance, regulating corporate tax behavior at various levels and stages. We regularly update tax operation standards inaccordance with domestic and international tax policies to ensure timely and full tax payments by the Company. During the repoing period, weoptimized system templates for enterprise income tax nal settlement and prepayment, stamp duty, water resource tax, and other taxes, improvingform automation rates and enhancing the eciency and accuracy of the Company's tax lings.

We commit to adhering to both the spirit and letter of tax laws and regulations in countries where we operate.

We pledge not to transfer created value to low-tax jurisdictions.We commit to not using tax structures without commercial substance.We promise to conduct transfer pricing in accordance with the arm's length principle.We commit to not using condential jurisdictions or so-called "tax havens" for tax avoidance.

Tax Control and Risk ManagementThe Company consistently monitors its tax risk status based on tax policies and through comprehensive tax management systems. We regularly conductrisk assessments on VAT, enterprise income tax, individual income tax, and other areas. Following a process of risk identication, assessment, andresponse, we implement internal tax self-inspection systems and cross-checks within Sectors. By analyzing corporate tax business processes, nancialdata, and tax policy implementation, we identify potential tax risk points and determine risk levels based on the likelihood of occurrence and potentialimpact. For shared risks across sectors, we respond in a timely and coordinated manner. For high-risk issues, immediate countermeasures are taken; formedium- and low-risk issues, we maintain continuous monitoring and respond as appropriate.

Indicator 2024 2023

Tax Strategy and Commitments

650.1827

134.48%

97.18%

KEYPERFORMANCE

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Risk Type Risk Description Response Strategies

VAT Risk

Primarily related to invoices and declarations.Regarding invoices, risks include obtainingfalsely issued invoices or issuing non-compliant invoices. The Company hasestablished management systems throughtheInvoice Management Measuresandutilizes information technology tools tomitigate these risks.

To reduce issuance risks, the Company promoteselectronic invoices, actively engages with qualifiedvendors, and employs automated invoicing systems.Invoice applications are initiated from the financialaccounting system to ensure comprehensive andauthentic business invoices.To mitigate the risk of obtaining fraudulent invoices, theCompany strengthens policy education, claries directresponsibilities of business personnel, and enhancesaccountability of business leaders and financialmanagers.The shared service center leverages external serviceproviders for automatic invoice verication, improvingeciency in authenticating invoices, intercepting non-compliant invoices at the source, and reducing the riskof accepting problematic invoices.

Enterprise IncomeTax Risk

Primarily related to the authenticity andreasonableness of costs and expenses.

Regarding authenticity, the Company enhancescollaboration with accounting centers and sharedseice centers to standardize cost and expense entvouchers, ensuring consistency from financial tooperational levels, and standardizing pre-tax deductionvouchers across business operations.Regarding reasonableness, the Company providesregular training and ongoing guidance on prepaymentand settlement filing procedures, clarifying easilyconfused items and standardizing declaration filingpractices. It also utilizes a tax management system withbuilt-in policy formulas to enhance compliance in areassuch as deduction standards for business enteainmentexpenses, adveising costs, etc.

Additionally, we regularly conduct tax policy training on individual income tax settlements, enterprise income tax settlements, and other relevant topics.We also provide ad hoc training on invoices, risk operations, new businesses, and new policies. We promptly disseminate new policies and impoanttax matters throughout the Company, constantly improving the tax literacy and risk identication and response capabilities of our nancial personnel. In2024, we organized four specialized tax training sessions, recording 2,120 attendances.

Eective Governance

Business EthicsNew Hope Liuhe conducts its operations with unwavering commitment to compliance, integrity, and honesty. The Company adheres to ethicalstandards of fairness, trust, and transparency in all business activities. It paicipates in market competition in accordance with laws and regulations,resolutely opposing any form of commercial bribery, money laundering, monopolistic practices, or unfair competition. Through these efforts, theCompany strives to foster a sustainable business environment.

Anti-Corruption and Anti-Commercial BribeNew Hope Liuhe steadfastly upholds its anti-corruption standards and systematically promotes integrity governance to foster the Company's robustdevelopment and long-term success. In 2024, ve corruption litigation cases were concluded, with the involved individuals receiving legal sentences.Management MechanismThe Audit Committee, operating under the Board of Directors, is responsible for overseeing business ethics and anti-corruption eos. The Companyhas implemented a "one depament and three centers" structure, led by the Audit and Supeision Depament. This structure creates a comprehensivecollaboration mechanism among the Supeision Center, Audit Center, and Internal Control Center, aiming to build an anti-corruption compliancesystem that deters, prevents, and discourages corrupt practices.During the repoing period, the Company revised and enhanced itsManagement Measures for Accountability (Trial), designating the Risk ControlCommittee as the highest authority for accountability. This committee is tasked with determining the fundamental direction and principles of companyaccountability, clearly defining decision-making bodies, accountability scope, methods, impact periods, and handling degrees, encompassing allemployees.Integrity in Business PracticesOnline Repoing of Integrity Compliance.The Company strictly prohibits employees from accepting any form of commercial bribe. In instanceswhere refusal is not feasible, they must repo and register such occurrences on the Company's internal platform. In 2024, 30,000 potential conicts ofinterest were repoed, with a 75% completion rate for declarations.Enhancing Integrity Awareness.The Company conducts comprehensive training programs related to anti-corruption and business ethics tostrengthen awareness among directors, management, employees, and suppliers. In 2024, New Hope Liuhe continued its Sunshine Culture Festival,featuring 24 online and oine events centered around themes such as Sunshine Six Expenses, Sunshine Procurement, Sunshine Settlement, SunshineCompliance, and Sunshine Public Welfare. These events included integrity warning case exhibitions, sunshine exams, interactive games, cartoonexhibitions, business activities, and legal think tanks. A total of 3,786 people paicipated. Online promotions through the Sunshine New Six subscriptionaccount featured Sunshine Caoons, with 19 aicles published, reaching 11,195 readers and achieving full coverage of internal employees and externalpaners. These initiatives aim to cultivate a clean and fair workplace environment and promote a peasive culture of integrity.

Governance Strategy and Management Approach

The Audit Committee and Risk Control Committee, operating under theBoard of Directors, see as the executive bodies for business ethics andanti-corruption initiatives.The Company has developed comprehensive policy documents,including theEmployee Sunshine Commitment, Code of Conduct forAgents, Six Red Lines of Non-permissible Actions, andManagementMeasures for Accountability (Trial).

Establish and constantly rene anti-corruption mechanisms, includingaudit-supervision collaboration frameworks, supervision BP systems,business-audit communication protocols, government-enterpriseintegrity co-construction initiatives, and case tracking procedures.Launch the Sunshine Action, mandating new employees to sign aSunshine Commitmentto reinforce a culture of integrity.SignSunshine Cooperation Agreementswith suppliers to collectivelybuild an ethical supply chain.Impact, Risk, and Oppounity Management Indicators and TargetsConduct regular audits on business ethics and anti-corruption mattersacross production and operations, ensuring comprehensive reviews of allbusiness areas once eve three years.

Closely monitor key indicators, such as the handling of corruptionlitigation cases and the recove of economic losses.Develop robust digital audit models to enhance supeision and auditcapabilities.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Whistleblowing and Whistleblower Protection

Whistleblowing Management.The Company has developed and rigorously enforces theWhistleblowing Investigation Management Measures,which clearly stipulate that employees at all levels and business paners should repo fraud and illegal activities truthfully and legitimately. The AuditCommittee, operating under the Board of Directors, sees as the governing body for whistleblowing investigations. It is responsible for authorizing,guiding, and constantly overseeing the whistleblowing complaint processes. The Audit and Supeision Depament acts as the prima unit managingwhistleblowing investigations, coordinating and overseeing all related matters.Repoing Channels.The Company has established a variety of public repoing channels, including traditional mail, telephone hotlines, email, Feishuquestionnaires, WeChat repoing, and WeChat ocial account messaging. Dedicated personnel are assigned to maintain these channels and registerall repoed information.Whistleblower Protection.The Company actively encourages the repoing of corruption incidents. TheWhistleblowing Investigation ManagementMeasuresspecify that named whistleblowers employed by the Company may be eligible for rewards if the repoed information is veried as true andreliable and meets specic criteria. Through institutional regulations, the Company ensures strict condentiality of repoed information, case handlingstatus, and whistleblower-related details in daily operations to safeguard the legitimate rights and interests of whistleblowers.

Eective handling rate of valid repos:

%

1. Repoing hotline: 028-85953661

2. Repoing mobile: 13981753661

3. Repoing email: tousu@newhope.cn

4. Repoing WeChat: Sunshine New Six

Anti-Unfair CompetitionNew Hope Liuhe strictly adheres to theAnti-Monopoly Law of the People's Republic of China, theAnti-Unfair Competition Law of the People's Republicof China, theSeveral Provisions on Prohibiting Infringements upon Trade Secrets, and relevant anti-monopoly and fair competition laws and regulationsin countries and regions where it operates. The Company is committed to conducting all business activities in accordance with the principles of fairand free competition. During the repoing period, the Company faced no legal proceedings regarding unfair competition, antitrust, or anti-monopolypractices.

KEYPERFORMANCE

KEYPERFORMANCEREPORTINGCHANNELS:

Coverage rate of anti-corruption training for directors:

%Total attendance in anti-corruption training for directors:

9Total hours of anti-corruption training for directors:

Coverage rate of anti-corruption training for middle and senior management:

%Total attendance in anti-corruption training for middle and senior management:

2,900Total hours of anti-corruption training for middle and senior management:

5,800

Coverage rate of anti-corruption training for employees:

%Total attendance in anti-corruption training for employees:

3,786Total hours of anti-corruption training for employees:

90,864

Eective Governance

Fair Competition

The Company pledges to refrain from making false or misleading statements aboutcompetitors in the market, maliciously defaming competitors, illegally collecting competitors'trade secrets or other condential information, and engaging in illegal activities such asprice collusion with industry peers that disrupt market order. We collaborate with peercompanies to maintain a fair competitive market environment. On October 18, 2024, weactively paicipated in the Anti-Monopoly Compliance Lecture special training organizedby the State Administration for Market Regulation in conjunction with the Bureau ofAnimal Husband and Veterina Seices of the Minist of Agriculture and Rural Aairsand the Competition Policy and Assessment Center of the State Administration for MarketRegulation. This enhanced our understanding of anti-monopoly laws and regulations.Moving forward, we will mitigate risks through regular compliance audits and rapid responsemechanisms, actively promoting healthy corporate development.

Intellectual Propey Protection

The Company strictly complies with thePatent Law of the People's Republic of China,theTrademark Law of the People's Republic of China, theCopyright Law of the People'sRepublic of China, and other relevant laws and regulations. We have established andrened our internal intellectual propey management system, delineating the processesfor application, maintenance, use, and protection of intellectual propey, as well as theresponsibilities and authorities of various depaments in intellectual propey management.In alignment with industry developments, we proactively plan for patent applicationsand protection in areas such as pig breeding and feed grain conservation to bettersafeguard our scientic and technological research outcomes while committing to avoidinginfringement of others' intellectual propey rights.

Trade Secret Protection

In theSix Red Lines of Non-permissible Actions, the Company explicitly prohibits thedisclosure of company trade secrets, including but not limited to salary information,condential information, meeting agenda, training content, and information about criminalcases, civil cases, and administrative accountability. It is strictly forbidden to use companyinformation for personal or others' benet or convenience.

Anti-Money Laundering

The Company adheres to theAnti-Money Laundering Law of the People's Republic ofChina, enhancing internal anti-money laundering compliance management to ensurebusiness compliance and maintain financial security. We actively cooperate with lawenforcement agencies, regulato authorities, and the nancial indust to combat moneylaundering activities. We regularly conduct anti-money laundering training to improveemployees' awareness and understanding of anti-money laundering work, ensuringaccurate implementation of anti-money laundering policies.

KEYPERFORMANCE

Number of unfair competition incidents:

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Supply Chain Management

New Hope Liuhe places significant emphasis on the societal and environmental value and impact of upstream and downstream activities withinits industrial chain. The Company adheres strictly to relevant national laws and regulations, including theLaw of the People's Republic of China onInvitation and Submission of Bidsand its associated implementation regulations. It is committed to fostering a cooperative environment characterizedby respect, equality, and transparency, while actively suppoing supplier growth and collaboratively building a responsible supply chain.

Governance Strategy and Management Approach

Establish a Supplier Management Committee to oversee suppliermanagement, with a dedicated Supplier Management Departmentresponsible for daily execution, coordination, and implementationsupeision.Form a Supplier Certification/Review Team to conduct specificassessments for new supplier admission and existing supplierceication.

Implement a supplier lifecycle management system encompassingsupplier admission, tiered management, performance evaluation,elimination, and replacement. This system integrates environmental andsocial responsibilities into eve aspect of supply chain management tobuild an ecient and reliable supply chain.Regularly conduct supplier communication and exchanges, promptlyand accurately conveying the latest policies and relevant informationthrough supplier interaction platforms. Provide supplier training andempowerment programs to enhance overall supplier capabilities.Develop a comprehensive risk analysis model and risk assessmentmechanism, conducting in-depth analysis on risk identication, potentiallosses, and specic mitigation measures. Formulate response strategiesfor major risks.

Establish annual supplier audit plans and targets, with ongoingtracking of supplier improvement eects.Impact, Risk, and Oppounity Management Indicators and Targets

Supplier Management SystemThe Company has designed and implemented a robust supplier peormance evaluation system based on internal management standards suchas theInternal Supplier Management SystemandSourcing and Price Comparison Management System. This system encompasses work standardsand norms for supplier registration, admission review, peormance assessment, supplier collaboration, supplier exit, and blacklisting. It also clearlydenes the organizational structure and daily operational mechanisms, establishing an ecient and reliable supply chain. The Company highlyprioritizes the protection of supplier rights, treats suppliers with integrity, ensures timely payments to small and medium-sized enterprises, andsafeguards their legitimate interests.Management Structure

The Company has enhanced the structure of its Supplier Management Committee by clearly dening responsibilities at each level, enabling moreecient and professional collaboration and division of labor. This ensures that each area of management is handled by dedicated personnel withspecialized oversight.

The Decision-Making BodyOversee supplier management work, responsible for system planning and design, goal setting, and supeision ofimplementation. Review and decide on major issues related to supplier management.The Management BodySupplier Management CommitteeSupplier Management Depament

Responsible for daily work execution, coordination, and implementation supeision. Organize admission of newsuppliers and ceication of existing suppliers.The Executive BodiesReview and Certification Team/

Procurement Sta

Develop new suppliers, propose admission, execute admission standards, conduct certification of existingsuppliers, car out daily business liaison, and resolve specic issues in the process.

Eective Governance

Enhancing Supply Chain Resilience

Constructing a secure and resilient supply chain is fundamental for a company to navigate steadily through a complex and volatile market environment.New Hope Liuhe has established a comprehensive risk analysis model and risk assessment mechanism, conducting thorough analyses on riskidentication, potential losses, and specic mitigation measures to forge a resilient supply chain.

Supplier Admission

Supplier Classication

Develop eight categories of admission application templates based on characteristics such as business types ofcooperating suppliers, forming the Admission Ceication Template Set V4.0. Establish a bi-weekly supplier reviewmeeting mechanism and provide an emergency admission expedited channel for ceain suppliers due to specicbusiness cooperation needs.

Implement a classified and tiered management system for suppliers, divided into four categories: strategicsuppliers, quality suppliers, general suppliers, and supplementa suppliers. Each catego is fuher subdividedinto four levels: A, B, C, and D.

Conduct performance evaluations of similar suppliers based on supplier level and category, achieving overalloptimization of the supplier resource pool through continuous cycling, upgrading/downgrading, and elimination.

Establish a supplier exit mechanism and introduce supplier status change notifications to allow suppliers tounderstand their own status, facilitating two-way communication with suppliers.

Supplier Management Process

Supplier Evaluation

Supplier Exit

Total number of qualied suppliers / 4,696- Domestic suppliers (including Hong Kong, Macao, and Taiwan) / 3,872- Overseas suppliers / 824Number of suppliers assessed / 4,696Number of suppliers identied as having signicant actual/potential negative impacts / 0Number of suppliers with agreed-upon corrective action plans / 21Number of suppliers that completed improvements / 21Number of suppliers terminated due to signicant actual or potential negative impacts / 0

Key Peormance Unit 2024

Risk Type Response Strategies

Supply Disruption Risk

The Company has forged strategic partnerships with 69 industry-leading enterprises, strategically diversifyingsupplier channels to ensure a stable and secure supply of feed raw materials throughout the year.During periods of resource scarcity and adverse macroeconomic conditions, the Company negotiates with suppliersto establish expedited channels, ensuring uninterrupted access to supplies.Price Risk

The Company has established an indust research center to conduct proactive market analysis and forecasting,guiding various units to adjust raw material resees based on market uctuations.The Company employs nancial instruments strategically, such as futures hedging, to mitigate price volatility risks.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Quality Risk

The Company has implemented comprehensive systems including supplier evaluation and re-evaluation, qualied supplierlistings, raw material procurement management, and acceptance protocols. All raw materials are subject to stringentquality standards and testing methods. The Company ensures that unied quality standards are incorporated into allraw material procurement contracts with suppliers, subject to approval by the supply chain quality management center.Suppliers found engaging in adulteration or posing quality and safety risks are blacklisted by the supply chain qualitymanagement center, prohibiting future procurement from these entities.For detailed information on supply chain quality management, please refer to the "Stringent Quality and SafetyControl" section.Transpoation Risk

The Company leverages suppliers' external warehouses or arranges for advance transfer of goods to its own warehouses,ensuring timely delive for regional companies and conveing long-distance periodic transpoation into more ecientsho-distance transpoation.

Risk Type Response Strategies

Policy Risk

The Company closely monitors shifts in international trade and environmental protection policies, swiftly adjustingprocurement and production strategies. It actively participates in policy seminars organized by industry associations,maintains open communication with government departments, provides timely feedback on policy implementationchallenges, and seeks policy suppo and guidance.

Corruption Risk

The Company mandates suppliers to sign Sunshine Cooperation Agreements, achieving a signing rate exceeding 99%. Itconducts regular inspections through internal control and audit mechanisms and establishes public repoing channelsto encourage suppliers to repo corruption incidents.The Company implements a dedicated complaint and repoing section on the supplier poal and conducts ongoingintegrity promotion. It organizes oine anti-corruption training for procurement personnel and online sessions forsuppliers, engaging over 500 suppliers with a coverage rate exceeding 85% for small suppliers.The Company is currently developing a digital outreach system, which, upon launch, will enable real-time disseminationof supply chain integrity-related policy requirements and promotional content to all suppliers. Pilot implementation isscheduled for Janua 2025.ESG Risk

The Company incorporates environmental protection and social responsibility as key evaluation criteria in the supplierpeormance assessment framework to minimize the environmental and social impact of raw materials.Supply Chain Responsibility Management

New Hope Liuhe is dedicated to fostering sustainable development across the agricultural, animal husband, and food indust chain, enhancingprocurement and supplier management practices, and integrating environmental and social responsibilities throughout the supply chain. As pa ofits global business expansion, the Company is developing comprehensive labor and human rights management policies for suppliers and contractors.These policies will require suppliers to make formal commitments in areas including child labor prevention, forced labor prohibition, occupational safetyand health, fair wages and benets, reasonable working hours, non-discrimination practices, equitable treatment, freedom of association, ethicalconduct, environmental stewardship, anti-corruption measures, conict of interest management, and fair competition practices. The policies will clearlydene breach of contract consequences and remedial measures, seing as crucial dimensions in supplier peormance evaluations. This approach aimsto encourage suppliers to enhance their respect for and protection of fundamental human rights in the workplace, ensuring consistent implementationof human rights policies globally. The Company adheres to sustainable procurement principles, using product quality assessment as a critical criterionin supplier evaluations, while also considering environmental protection and social responsibility as key factors in management assessments.Joint Capability Building with SuppliersNew Hope Liuhe views its suppliers as vital paners, fostering relationships based on integrity and mutual growth to collaboratively build a resilientsupply chain. In 2024, the Company conducted comprehensive quality inspections and evaluations of select domestic suppliers, identifying high-qualitysuppliers and products. The Company aligned testing methodologies with suppliers, providing quality assurance and technical suppo to standardizeproduct quality, thus facilitating mutual growth with its supplier network.

KEYPERFORMANCE

Number of suppliers paicipating in capability building initiatives:

Number of suppliers ceied with quality management systems:

Premium Products

Qianxihe Chilled Meat embodies the principle that "quality pork begins with superior pig farming".

Contributing to theUN 2030 SDGs

Advancing InclusiveNutrition andHealth throughPremium Products

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Nutrition and Health R&DNew Hope Liuhe remains committed to innovation-driven development, addressing critical challenges in breeding technology. By leveraging majorscientic and technological projects, the Company spearheads key technological innovations in the indust, fostering a culture of enterprise-widepaicipation in research and innovation. This approach maximizes the Company's development potential and vitality, propelling its high-quality growthto unprecedented levels.Enhancing R&D FrameworkNew Hope Liuhe has established a globally competitive R&D infrastructure and management system, consistently intensifying its investment inscientic and technological innovation. Through the creation of innovative platforms across various domains, the Company extensively connects withhigh-quality resources in the pig farming and feed sectors. It strengthens collaborations with scientic research institutions, universities, and technicalexpes, promoting deep integration of indust, academia, and research. This strategy accelerates the transformation of scientic research outcomesinto tangible productivity gains.Reinforcing Scientic Research FoundationThe Company has implemented a scientic and technological innovation system with the Science and Technology Management Committee as thehighest decision-making body and the Academic Adviso Committee providing technical guidance. This comprehensive system encompasses forward-looking basic research, applied research results transformation, and promotion of practical applications. Leveraging various research institutes, we haveestablished a broad research pofolio covering biological breeding, animal nutrition, farming technology, disease prevention and control, and foodsafety, contributing signicantly to innovative industrial development.To fuher align business development with innovative talent and strengthen independent R&D capabilities, we have established robust assessment,incentive, and promotion mechanisms for scientic researchers. We have formulated motivational innovation reward measures, including theNewHope Liuhe Co., Ltd. Reward Measures for Encouraging

and Promoting Technological InnovationandNew Hope Liuhe Co., Ltd. Rewards Measures forIntellectual Labor Achievement (Trial). These initiatives aim to stimulate enthusiasm for independent innovation among scientic and technologicalpersonnel. Moreover, as a primary supporting entity, New Hope Liuhe assisted New Hope Group in obtaining approval as a pilot enterprise forautonomous professional title evaluation in Sichuan Province. This initiative enables the Group to independently conduct professional title evaluationsfor senior animal husbandry technicians and senior veterinarians, breaking down regional restrictions on professional assessments. It fostersthe development of more technical talents to lead enterprise growth within the Company and industry, bolstering the support for scientific andtechnological expeise.

Establishing Scientic and Technological Innovation PlatformsNew Hope Liuhe focuses on developing high-level scientific and technological innovation platforms, comprehensively addressing breeding, feedformulation, disease prevention and control, among other critical elds. The Company has established various scientic and technological innovationplatforms, including the National Recognized Enterprise Technology Center, Postdoctoral Research Workstation, Key Laborato of Digital Pig andPoult Breeding Technology Innovation of the Minist of Agriculture and Rural Aairs, and Key Laborato of Feed and Livestock and Poult ProductQuality Safety Control of the Minist of Agriculture and Rural Aairs. These platforms play a pivotal role in driving innovation, constantly elevating themodernization level of the industrial chain.

Educational LevelR&D personnel withdoctoral degrees 25R&D personnel withmaster's degrees 264R&D personnel withbachelor's degrees orunder 428

AgeR&D personnel aged 30and under 247R&D personnel aged 31-40

R&D personnel aged 41 andabove 138

R&D Personnel Structure in 2024

R&D investment amount (million RMB) 270.2823 209.58 302.13 291.89 267.31Percentage of R&D investment (%) 0.26% 0.15% 0.21% 0.23% 0.24%Number of R&D personnel 717 808 1,094 1,191 1,013Percentage of R&D personnel (%) 1.73% 1.66% 1.41% 1.49% 1.06%

Indicator 2024 2023 2022 2021 2020

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In November 2024, New Hope Liuhe ocially inaugurated a postdoctoral research workstation. This facility is equippedwith state-of-the-a professional laboratories, including a feed quality safety testing center, fermentation experimentalplatform, animal health detection center, and GMP diagnostic reagent R&D workshop. Additionally, R&D bases for variouslivestock species, including pigs, poultry, aquaculture, and ruminants, as well as feed, pig breeding, and farming, havebeen established nationwide. These comprehensive facilities provide postdoctoral researchers with extensive pilot anddemonstration bases, facilitating the practical application of scientic research outcomes in the sector.

Case

Establishment of a New Postdoctoral Research Workstation

As a global leader in the feed industry, New Hope Liuhe actively embraces its role in driving industry innovation. TheCompany has collaborated with leading enterprises in the feed indust to establish a joint venture, Zhongnong Feed GrainTechnology Innovation (Shenzhen) Co., Ltd. This entity sees as the operational platform for scientic and technologicaladvancement, successfully applying for the National Feed Grain Technology Innovation Center. The center will focus onthe feed indust, conducting research on key core technologies of national strategic signicance. It aims to promote thetransformation and industrialization of research outcomes, address common indust challenges, and provide continuousinnovative momentum for the high-quality development of China's feed indust.

Case

Participation in the Establishment of National Feed GrainTechnology Innovation Center

Key Technological Breakthroughs

Aligning with national strategic objectives and indust development needs, New Hope Liuhe focuses on biological breeding, disease prevention andcontrol, and feed formulation. The Company persistently addresses technical challenges, targeting pain points and diculties in frontline production,striving to achieve independent control over key core technologies. Several innovations have been granted patents, including "an active capture deviceand detection method for African swine fever aerosols," "a needle-free injector and its trigger," "a method, apparatus, equipment, and medium foridentifying the number of gestational sacs based on aicial intelligence," and "a method, apparatus, equipment, and storage medium for constructinggroup pedigrees." These achievements demonstrate the Company’s solid innovation capabilities and continued R&D success.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

KEYPERFORMANCE

Operate

scientific and technological innovation platforms at various levels,including

national-level and

provincial-level platforms.Maintain

ceied high-tech enterprises.

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New patent applications in 2024 / 70—New invention patent applications / 27—New utility model patent applications / 43New patents granted in 2024 / 116—New invention patents granted / 64—New utility model patents granted / 52Cumulative total patents granted / 1,426—Cumulative invention patents granted / 444—Cumulative utility model patents granted / 900—Cumulative design patents granted / 82New software copyrights obtained in 2024 / 2—Cumulative software copyrights obtained / 45Cumulative trademarks / 878

Indicator Unit 2024

Major R&D Achievements in 2024R&D Projects R&D Achievements

Application ofWhole GenomeEarly SelectionTechnology

Innovation breakthrough:

Addressing the challenge of inaccurate selection and compromised genetic progress whencastrating boars before they reach standard weight, we developed an early selection strategy. This involved using a proprieta10K liquid-phase chip for genetic testing of newborn boars, calculating genomic breeding values and indexes, and selectingbreeding subjects at 14 days of age.

National-level breeding project acceptance

Continues on next page

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

R&D Projects R&D Achievements

Application ofWhole GenomeEarly SelectionTechnology

Eectiveness:

This strategy was applied to 5,356 Duroc, Landrace, and Large White boars in 30 batches across 3 companiesin 2024. It improved selection accuracy by 20% to 30% without compromising genetic progress, resulting in annual cost savingsand increased revenue of approximately RMB 4.84 million. Additionally, the proprieta 10K chip proved more cost-eective forsequencing compared to 50K and 80K chips.Developmentand Applicationof AI-basedBreeding PigPhenotypeDeterminationTechnology

Innovation breakthrough:

Through artificial intelligence technology, we independently developed intramuscular fat livemeasurement software, back fat and eye muscle intelligent measurement software, and poable weight estimation software.This achieved intelligent and automated determination of breeding pigs and localized replacement of determination software,comprehensively enhancing the accuracy, speed, and scale of phenotypic data measurement.Eectiveness:

Through digital and intelligent technology, we facilitated the sma transformation and upgrade of pig farms,replacing manual labor in phenotypic feature measurements. This reduced costs and significantly improved measurementefficiency and genetic evaluation accuracy, thereby enhancing genetic progress, strengthening breed selection and geneticimprovement, and achieving continuous improvement in pig quality.qPCR Methodfor AfricanSwine FeverVirus (ASFV)Genotyping andDifferentiationof Wild-typeand DeletionMutants

Problem:

Most ASFV identification methods are limited to genotype I and II detection or differentiation between gene-deleted strains and wild-type strains, unable to simultaneously and rapidly meet the needs of genotyping and virus virulenceidentication.Innovation breakthrough:

We developed a detection method for ASFV genotyping and dierentiation of wild-type and deletionmutants. Utilizing multiplex TaqMan uorescent quantitative polymerase chain reaction (PCR) technology, it can rapidly distinguishvirus types in a single reaction, eectively improving detection eciency and accuracy.Eectiveness:

The method demonstrates exceptional sensitivity, with a minimum detection limit of 2.29 copies/μL or 4.15 copies/μL, capable of detecting trace amounts of viral DNA, minimizing false negatives. It exhibits good reproducibility with low intra-and inter-group coecient of variation, ensuring reliable detection results. Its application extends beyond laborato research toclinical diagnosis and epidemiological investigations, providing a poweul tool for African swine fever prevention and control.

Cultivation of"Xinxiwang"New BreedLines andMatchingSystems

Case

The Achievement Titled "Key TechnologicalInnovations in the Development and Safe Utilizationof Non-Grain Feed Resources" Won First Prize inthe Heilongjiang Provincial Science and TechnologyProgress Award

Innovation breakthrough:

Integrating the needs of dierent stages in the entire pig indust chain, including breeding, farming,slaughtering, and consumption, we established breeding goals for high reproduction, feed eciency, rapid growth, and superiorquality. We employed proprietary genomic combined breeding algorithms to cultivate specialized breed lines with distinctcharacteristics. The aim is to achieve stable production of dierent breed line hybrid combinations across various market regionsin the future, enhancing commercial pig production eciency and pork quality.Eectiveness:

The proprieta genomic combined breeding algorithm has been successfully implemented within the system.Specialized breed lines have been preliminarily cultivated and are being disseminated within the system. Matching systemcombination trials are currently underway.Expected impact on the Company's future development:

The cultivation of diverse specialized breed lines and matchingsystems is anticipated to reduce production costs across dierent stages of the entire indust chain, optimizing overall economicbenets. Fuhermore, it will enable the Company to meet the dierentiated demands of pig markets and consumers in variousregions, establish product brands, and constantly upgrade and optimize the Company's pig breeding system. This enhancementof comprehensive breeding capabilities will contribute signicantly to the ecient development of the pig indust.

In collaboration with Noheast Agricultural University, New Hope Liuhe carried out theproject "Key Technological Innovations in the Exploration and Safe Utilization of Non-Grain Feed Resources." This initiative developed innovative methods to enhance thequality and eciency of non-grain feed resources, established a robust feed loss controltechnology system, and created effective antibiotic alternatives for feed. The projectachieved comprehensive improvements in feed resource expansion, conseation, andsafety, addressing a critical indust challenge and eectively mitigating feed resourceshoages and pressures on grain impos. In recognition of its contributions, the projectwas awarded First Prize in the 2024 Heilongjiang Provincial Science and TechnologyProgress Award.

Adhering to Breeding Ethics

New Hope Liuhe rigorously adheres to relevant laws and regulations governing breeding research ethics, including theBiosafety Law of the People'sRepublic of China, theAnimal Husband Law of the People's Republic of China, and theMeasures for Scientic and Technological Ethics Review (forTrial Implementation). The Company conducts animal breeding with unwavering commitment to the principles of rigor, authenticity, and transparency.We resolutely avoid involvement in technological research and applications that contravene ethical standards or compromise animal welfare, ensuringthat our technologies and products consistently see sustainable development and societal well-being.We have established a Science and Technology Ethics (Review) Committee to ensure that the Company's innovation activities adhere to ethicalprinciples, mitigating potential threats to the ecological environment, human health, and society. The committee comprises internal personnel withexemplary professional knowledge and ethical standards, including researchers and legal advisors. It is tasked with formulating and constantlyrening internal ethical norms and systems regarding the protection of basic biological rights, privacy, and data security. The committee oversees andreviews the legality and compliance of the Company's scientic and technological innovation projects. Regular dialogues are conducted with relevantdepaments, research teams, and regulato agencies to ensure that ethical practices align with the Company's overarching goals and requirements.Research projects, clinical trials, or other related activities involving ethical considerations undergo rigorous review by the committee, including initialassessment of project materials and formal voting by committee meetings. To maintain the independence and impaiality of the review process,committee members are prohibited from direct paicipation in the R&D of projects under review. External expes are invited to contribute broaderperspectives and expeise, ensuring the scientic validity and fairness of decisions. Fuhermore, the committee conducts ongoing monitoring andcompliance reviews of approved projects, ensuring that the entire implementation process adheres to ethical norms and legal requirements.

Animal Breeding

The selection and application of breeding techniques are grounded in scientic principles and practical needs,rather than personal bias or prot-driven motives.Emphasis is placed on the sustainability of pig breeding, ensuring that breeding activities do not excessivelydeplete the environment and resources.Feed Grain-Saving Technology

When promoting low-protein diet technology, rigorous measures are taken to ensure that the technology doesnot adversely aect the quality and safety of animal products.When developing non-grain feed resources, the Company conducts environmental impact assessments on soiland water sources to prevent damage to the natural environment.

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Qianxihe is dedicated to building its premium black pork brand "Zhichu".

Stringent Quality and Safety ControlFood safety is of paramount impoance. New Hope Liuhe adheres to the concept that "quality control is never trivial, and safety responsibility isparamount." The Company strictly follows the "three concessions, three non-passes" principle, implementing a fully monitored and traceable quality andsafety system from source to end. We consistently enhance the eciency and timeliness of food safety and quality management, contributing to theHealthy China initiative through higher standards of food safety and nutrition.

Enhancing Quality Management SystemNew Hope Liuhe rigorously adheres to theFood Safety Law of the People's Republic of China, theProduct Quality Law of the People's Republic ofChina, theRegulations on Live Pig Slaughter Management, theRegulation on the Administration of Feeds and Feed Additives, and relevant laws andregulations in its operational locations. The Company has established a comprehensive food safety management system covering the entire value chain,based on internal policies such as theFood Safety Evaluation Management Measures of New Hope Liuhe Co., Ltd., Black Pig Product Food Safety andQuality Management System, andFood Crisis Management Measures of New Hope Liuhe Co., Ltd. This system encompasses raw material procurement,production control, quality inspection, product management, sales management, and personnel training. With a craftsman's dedication, we maintainvigilant food safety standards. Notably, no major food safety or quality incidents occurred during the repoing period.Constantly Rening Management SystemsThe Pig Sector has rened itsImplementation Rules for Pre-sale Drug Residue Testing in Live Pigs (Trial)andDetailed Rules for Input Control in Free-range Operations (Trial). These improvements strengthen pre-emptive management of drug residues in pigs and standardize the use of purchased feedand veterina drugs, enhancing proactive risk prevention in food quality and safety. Additionally, the Feed Sector has developed 17 process standardsand operating norms, alongside 18 standard operating procedures (SOP), clearly delineating responsibilities for quality management positions.Advancing Quality System CeicationThe Company actively promotes quality and food safety standardization ceication across its Sectors, branches, and subsidiaries. Regular internalaudits and management reviews of the organization's quality management system are conducted, evaluating its performance, effectiveness, andscientic validity to drive continuous improvement.

Governance Strategy and Management Approach

Establish a Food Safety and Quality Management Department at theheadquaers to oversee food safety aairs. Institute similar depamentsin all branches and subsidiaries, creating a comprehensive top-downsafety management structure.Constantly refine internal management systems in accordance withnational and local laws and regulations.

Conduct quality and food safety standard ceications to constantlyimprove the quality management system.Implement quality and safety management throughout the entireproduction and operation process, forming a closed-loop managementsystem for biosafety control. Leverage digital technologies to enhanceproduct traceability, collaborating closely with farmers and suppliers toelevate quality control standards.Impact, Risk, and Oppounity Management Indicators and TargetsImplement a three-tier quality inspection mechanism, cascading foodsafety responsibilities to prevent quality and safety risks.Strengthen supply chain quality and safety management to ensure thatraw materials from suppliers consistently meet quality standards.

Aim for zero product recall incidents and negative product events,implementing comprehensive quality management measures across alloperations.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

KEYPERFORMANCE

Pig Sector: All Fresh Meat Division companies have secured ISO 9001 Quality Management Systemcertification and Hazard Analysis and Critical Control Points (HACCP) System certification (V1.0). HebeiQianxihe Meat Industry Co., Ltd. has obtained ISO 22000 Food Safety Management System certification,while Shandong Qianxihe Food Co., Ltd. has achieved FSSC 22000 Food Safety System ceication.Feed Sector: 35 companies have attained ISO 9001 Quality Management System certification, with 13securing ISO 22000 Food Safety Management System ceication.Overseas Sector: All companies in the Noh Vietnam Region have obtained ISO 9001 Quality ManagementSystem ceication. The Egyptian company has secured both ISO 9001 and HACCP ceications, while thePhilippines Region has been ceied by the Philippine Bureau of Animal Indust monitoring agency.

Intensifying Quality Inspection EosThe Company has implemented aFood Safety Quality System Audit Formand established a three-tier quality inspection system at the Group, division,and subsidiary levels. This comprehensive approach covers approximately 400 inspection items across 9 modules, including procurement, R&D,warehousing & logistics, production, quality control, and system construction. This robust system promptly identies issues, supeises rectication, andimplements quality and safety responsibilities at all levels. Subsidia depaments and workshops conduct self-inspections, while safety and qualitydepaments peorm routine and specialized checks. Division safety and quality depaments oversee problem rectication and conduct unannouncedinspections. The Group's Safety and Environmental Protection Center peorms at least one food safety system inspection per quaer for each company.Additionally, the Company organizes video inspections involving the Feed Sector's Quality Management Center, Quality Inspection Center, and regionalquality control personnel. These inspections focus on the laboratories, raw material warehouses, and ingredient storage facilities of branches andsubsidiaries, ensuring compliance with warehouse management standards and operating procedures.Elevating Quality Awareness Across the WorkforceThe Fresh Meat Division of the Pig Sector has conducted extensive training for frontline personnel, covering foreign object prevention, productstandards, HACCP implementation, and pest control. This initiative has enhanced employees' awareness and capabilities in product quality management.A total of 4,297 attendances were recorded, with 77.26 hours of training delivered. The Feed Sector has organized a professional skills enhancementprogram for high-potential quality management personnel, resulting in 128 individuals obtaining High-Potential Feed Quality Management ceication.A comprehensive testing capability ceication for inspection and laborato personnel has also been conducted, with a 100% completion rate amonglaborato technicians.

New Hope Liuhe received the Food Safety Management InnovationExcellence Case award from China Food Safety News.Yang Ling Besun Agricultural Industry Group Corporation Limited washonored with the title of National Food Safety Demonstration Unit.Liaoning Qianxihe Food Co., Ltd. was recognized as a 2023-2024 CateringIndust Gold Supplier.Shandong Qianxihe Food Co., Ltd. earned the titles of Best Brand forChinese Group Meal Supply and Food Safety Meat Brand.

Full Life Cycle ManagementNew Hope Liuhe implements comprehensive quality and safety management throughout its entire production and operational processes. TheCompany has established a closed-loop biosafety control system and leverages digital technologies to enhance product traceability. By collaboratingwith farmers and suppliers, the Company aims to elevate overall quality control standards, thereby safeguarding product quality and safety.

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HONORS

The Company's subsidiaries - Guangdong Xinhao Zhenghe Agriculture and AnimalHusband Co., Ltd., Xiangzhou Xinhao Agriculture and Animal Husband Co., Ltd.,and Laibin Xinhao Agriculture and Animal Husbandry Co., Ltd. - have successfullypassed the Minist of Agriculture and Rural Aairs' disease-free zone audit.

Raw Material Quality and Safety ManagementThe Company's Safety and Environmental Protection Center works in tandem with divisions of the Pig Sector to evaluate the product safety and qualitypeormance of raw meat suppliers. This assessment combines initial qualication reviews with on-site evaluations, scrutinizing suppliers' adherence tored-line warnings, legal qualications, food safety and quality management systems, HACCP plans and prerequisites, and processing controls. Throughdynamic management, the Company mitigates supplier-related food safety and quality risks. In 2024, the Feed Sector achieved a 100% sign-up rate forquality commitment letters with raw material suppliers.Biosafety Prevention and ControlBiosafety Governance. The Company has established aBiosafety Management Manualand formed a dedicated biosafety management team.Operating under the direct leadership of the General Manager, the Technical Director is responsible for conducting biosafety risk assessments on pigfarms, promptly developing preventive measures, and constantly rening biosafety plans. In 2024, a new Epidemic Prevention Commissioner role wasintroduced, with senior depament heads overseeing lower levels to suppo and supeise epidemic prevention eos. This initiative has signicantlyenhanced the eciency and intensity of biosafety improvements.Tiered Biosafety Management. Adopting the "great wall - checkpoint - guard" concept, the Company categorizes pig farms and surrounding areasinto four risk levels: red, orange, yellow, and green, based on regional risk assessments. Movement of personnel and materials between dierent risklevels requires specic checkpoint processing, eectively preventing pathogen intrusion through level dierentiation, clear boundaries, checkpointestablishment, and vector interruption.Biosafety Inspections. The Company employs a combination of checklist methods and cross-audits to ensure the eective implementation of preventivemeasures. Detailed inspection guidelines and red-line issues are developed for operations likely to car pathogens in dierent risk-level areas, withclear accountability assigned. Regular and random inspections are conducted using checklists, complemented by cross-audits between regions, toobjectively review biosafety implementation from multiple angles. This cross-inspection process also facilitates mutual learning and work improvementamong inspectors from dierent areas.Disease Prevention and ControlThe Pig Sector has implemented positive pressure ventilation systems and other modications in high-disease-risk areas for self-operated farms.Combined with optimized epidemic prevention processes, these measures have signicantly improved winter epidemic prevention eectiveness.The Feed Sector maintains strict separation between living areas, production areas, dispatch areas, and raw material areas, achieving unidirectional owwith dedicated disinfection channels. Measures include three-level washing and disinfection for feed vehicles entering plants, daily environmental andproduction process sampling and testing, and raw material testing at animal health centers before use. These stringent controls at each productionstage ensure the provision of safe and reliable feed products to farmers.

Implementing positive pressure ventilation upgrades for pig farms

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

HONORS

Slaughter Quality and SafetyThe Company strictly adheres to theRegulations on Live Pig Slaughter Management, reinforcing quality management throughout the entire processfrom pig ent to product dispatch. Each facility conducts individual inspections on slaughtered pigs, ensuring comprehensive coverage. Farms andslaughterhouses collaborate on rigorous washing, disinfection, and verication of pig transpo vehicles. Systematic control of breeding, procurement,production, logistics, and sales ensures consistent meat product quality and safety.Product Traceability ManagementThe Company has established a comprehensive digital quality control platform for food, enhancing product traceability management. Pigs are batch-managed by vehicle and farmer, traceable to their source and slaughter details. Carcasses are individually barcode-managed, traceable to pig sourcebatch and product destination. Cut products and by-products are barcode-managed by production date, traceable to raw material source batch andproduct destination. In 2024, the Company initiated source tracing for issues such as needles and abscesses, enabling feedback of slaughterhousequality information to the breeding operations, eectively enhancing breeding quality control capabilities.Product Recall ManagementThe Company has implemented aProduct Recall Management System, clearly dening recall procedures and depamental responsibilities and divisionof labor. During product recalls, repos are submitted to the Group and local food safety authorities, identifying customer names, locations, producttypes, batch numbers, and quantities of recalled products. Public announcements of recall information are made promptly upon approval from theGroup and the local government. To ensure the eectiveness of the recall system, annual mock recall drills are conducted to guarantee timely responseand proper execution.

Developing Healthy Food ProductsNew Hope Liuhe places a strong emphasis on consumers' growing demand for health and nutrition. The Company enhances animal well-beingand meat nutritional quality through innovative feed formulations and scientic breeding methods, actively addressing the diverse dieta needs ofconsumers.Enhancing Livestock and Poult Nutrition and HealthThe Company has established an integrated "nutrition + health" seice system, tailoring nutritional solutions for various regions, breeding models,and species requirements to improve animal nutrition and overall health. During the repoing period, we introduced theManagement Regulationsfor Standard Use of Class B Feed Raw Materials, revising 62 indicators and incorporating 25 new raw material standards. Leveraging digital systems,we implemented standardized management for over 2,500 feed raw material master data entries, strengthening end-to-end quality control of rawmaterials and suppoing the R&D of customized feed nutrition formulas.

In 2024, no product recall events or negative product incidents occurred.

Swine Nutrition

Addressing the nutritional needs of diverse regions, seasons, and pig breeds, we have integrated research findings oncommercial pig protein, energy, amino acid, and calcium-phosphorus requirements, feed intake regulation, and raw materialutilization. Through multi-stage precision nutrition formulation technology, we provide optimal nutrition for pig herds. In2024, we launched the M-NRC (Micro-Nutrient Requirements Criteria) animal vitamin and trace element nutrition standards,introducing the Xiwangxin series of products to enhance pig nutritional status.Poult Nutrition

For broiler chickens, we have implemented a novel "corn grits + pellet feed" process, resulting in increased market weight, 7-8ggizzard weight gain, signicantly reduced proventriculus inammation rates, and markedly improved intestinal health. For meatducks, we have achieved substantial improvements in intestinal health, and our functional ber-regulated intestinal healthnutrition program was awarded the second prize in the Qingdao Science and Technology Progress Award.Animal HealthProducts

Focusing on intestinal health and immune regulation, we have introduced composite animal health products containingprobiotics, enzymes, and plant extracts. These innovative products improve animal intestinal microecological balance,effectively reducing the incidence of livestock and poultry diarrhea (clinical trials demonstrated a reduction of over 30%),thereby decreasing reliance on antibiotics.

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KEYPERFORMANCE

Delivering Premium Healthy PorkNew Hope Liuhe's Fresh Meat Division of the Pig Sector consistently develops its proprieta Zhichu Black Pork brand, employing an integrated self-breeding and self-slaughtering black pig product supply model with stringent management of breeding environments, feed quality, and veterina druguse. Zhichu black pigs are nourished with specialized black pig feed, featuring reduced energy and increased ber and protein content in the late-stagefeed. With an average breeding period exceeding 260 days, this approach achieves an optimal ratio of lean meat to fat, resulting in superior taste andnutritional prole, meeting consumer demands for high-quality pork products.

Qianxihe's Zhichu Black Pork was honored with the 2024 China InternationalMeat Indust Week Special Recommended Product and the Guangdong-HongKong-Macao Greater Bay Area 2024 Brand Pork Excellence Award.Qianxihe's Pork Belly Series won the Gold Award for Quality Livestock Productsat the 39th (2024) Shandong Animal Husband Expo.

Qianxihe is dedicated to building its premium black pork brand "Zhichu".

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

HONORS

The Company actively develops antibiotic-free meat products, strictly prohibiting the use of antibiotics in water, feed, feed ingredients and additives,and processing materials throughout the breeding process. Beijing Qianxihe Foodstu Co., Ltd., Hebei Qianxihe Meat Indust Co., Ltd., and ShandongQianxihe Food Co., Ltd., all under the Fresh Meat Division, have obtained multiple ceications for various antibiotic-free products, encompassingwhite pigs, black pigs, chilled fresh pork, and edible pig by-products. The Company is committed to promoting and expanding antibiotic-free breedingceication across its entire system, consistently oering consumers a diverse range of antibiotic-free meat products.In December 2024, the depaure of Longhai New Hope's live pig transpo vehicle under customs supeision marked the rst land transpoation ofhigh-quality live pigs from Fujian Province to Hong Kong. This milestone also increased the number of New Hope Liuhe's pig farms qualied to supplyHong Kong and Macao to three, fuher optimizing the Company's sales network in key pork consumption regions. Looking ahead, the Company willcontinue to provide safe, healthy, and premium pork products, contributing to the stable food supply and safety in Hong Kong and Macao.

Antibiotic-free product and farm ceications

Live pig shipment depaure scene to Hong Kong

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Improving Seice Quality

New Hope Liuhe places customer needs at the forefront of its operations, with customer satisfaction as its ultimate goal. The Company is committedto consistently improving seice quality, adhering to responsible marketing practices, and eliminating false adveising. Through eective customercommunication, we aim to gain customer approval and long-term suppo, fostering a mutually benecial relationship with our clients.

Elevating Seice Capabilities

New Hope Liuhe prioritizes customer needs, consistently enhancing seice quality through optimized processes, expanded pre-sale, in-sale, and after-sale seice oerings, tiered customer management, and open communication channels. The Company aims to provide timely responses to customerdemands, delivering professional, high-quality, dierentiated, and attentive seice experiences.Customer Classication ManagementTeams across Sectors implement tiered management based on customer segmentation, oering tailored sales cooperation schemes.

Governance Strategy and Management Approach

Constantly rene the customer seice system by implementing internalmanagement policies such as theEvaluation and Management Measuresfor Marketing PersonnelandRegulations for Customer Management inPig Sales.

Consistently optimize seice processes, expand pre-sale, in-sale, andafter-sale seice oerings, implement tiered customer management,and maintain open communication channels to enhance seice quality.Establish diverse communication channels to ensure seamlessinteractions with customers, promptly addressing and resolvingcustomer inquiries and complaints.

Impact, Risk, and Oppounity Management Indicators and TargetsAddress various customer demands through standardized serviceprocesses and diversied seice oerings.Identify potential risks in the marketing domain, regulate sales personnelbehavior, and conduct responsible marketing with a conscientiousapproach.

Implement performance evaluation metrics, including customeracquisition numbers, customer churn rate, customer satisfaction,customer complaint rate, and sales volume, to assess sales andcustomer seice personnel.Constantly monitor key performance indicators such as customercomplaint handling rate and customer complaint resolution rate.

Local Farmers or Small-scaleDistributors

Oer exible small-batch orders and streamlined purchasing processes. Provide online suppoand breeding technology consultations to assist customers in reducing procurement costs andimproving breeding eciency.Medium-scale Farms orRegional Agents

Deliver standardized feed product solutions. Combine regular follow-ups, market analysis, andpreferential pricing to suppo customers in enhancing breeding eciency and expanding marketshare.Large-scale AquacultureFarms or Distributors

Provide customized feed formulations, dedicated sales representatives, priority supply, andtechnical support to ensure products meet large-scale breeding requirements. Maintainconsistent supply and seice through long-term cooperation agreements.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

New Hope Liuhe consistently enhances its customer feedback and complaintresolution mechanisms, expands diverse communication channels, and regularlyconducts multi-dimensional satisfaction sueys. This approach allows the Companyto promptly address customer needs and provide attentive seice for increasedsatisfaction.

Customer Complaint HandlingThe Company has established a centralized customer seice center with multipleplatforms for consumer interaction, including a dedicated 400 customer servicehotline, WeChat official account, and official online store. It has implementedspecialized seice teams within each Sector, tailored to specic business features,standardizing customer inquiry and complaint processes to ensure efficienthandling of consumer feedback.

The Company has developed an integrated "e-commerce platform + livestream e-commerce" operational modelalongside a F2C (Facto to Consumer) business strategy. We specialize in premix feed to suppo small and medium-sized farmers, addressing critical challenges in farming techniques, cost management, and information access. Weorganized 33 comprehensive farming seminars and 156 product livestreams to enhance farmers' management skills anddisease prevention capabilities. Our eos have assisted small and medium-sized farmers in reducing intermedia costsby 10%-15%.In 2024, we attained 9% of the Premix Feed Division's external sales through online channels, becoming a leadingmerchant on major e-commerce platforms. We have established panerships with nearly 6,640 farmers nationwide,seing approximately 700,000 pigs throughout the year.

PigSector

The Company has implemented online auction sales for premium fattening pigs, retired breeding pigs, and high-qualitypiglets. We update the cnhnb.com platform daily with comprehensive pig source information, including quantity, weight,breed, video footage, and delivery locations, ensuring fairness for all partnering customers. This platform enablesinterested customers to bid and purchase directly online, with sales contracts transitioning from paper to digital formats,streamlining processes and enhancing seice eciency.In 2024, we achieved 89% of our Pig Sector revenue through online sales. Since Februa 2024, we have facilitated theonline sale of 775,000 high-quality piglets, with 785 customers nationwide paicipating in auctions, establishing anexcellent procurement platform for piglet buyers.

FeedSector

Optimizing Seice ExperienceImproving on-site delivery and after-sales service quality. The Company proactively arranges direct delivery to address customers' temporarytranspoation challenges. Additionally, it comprehensively renes on-site deduction types and standards for non-premium pigs to balance qualitydiscrepancies and boost customer satisfaction. At delivery sites, we strictly control the mixing of underweight pigs to ensure consistent averageweight and uniformity. We also swiftly coordinate compensation for veried excessive post-sale losses. To maintain stable panerships, we implementnegotiated compensation for high moality issues within 14 days post-sale for premium piglets supplied to the Group's breeding customers.Establishing in-house animal health testing laboratories. Internally, the Company conducts real-time monitoring of animal diseases to promptlyidentify epidemic trends and provide a scientic basis for eective prevention and control measures. Externally, precise and ecient disease detectionseices are oered to panering farmers, eectively mitigating the impact of diseases on their operations through accurate culling and comprehensivebiosafety measures.Providing professional seices. The Overseas Sector has established specialized seice teams, including an aquaculture seice team, a Green Imprintpig feed specialized team, a veterinary service team, a deep cleaning team, and a farm assessment team. These teams offer a range of services,including health management, animal health testing, farm cleaning and disinfection, water line maintenance, and technical problem-solving assistanceto help customers eectively utilize products.Expanding Online ChannelsGuided by the national "Internet+" initiative and the Company's comprehensive "Three Alls and Four Transformations" digital strategy, New Hope Liuhe isactively expanding its online business operations. To achieve these goals, the Company is fully leveraging cutting-edge technologies, including mobileinternet applications, big data analytics, and cloud computing platforms. This approach aims to provide customers with ecient, transparent, and high-quality seices.

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Customer Complaint and Satisfaction Management

Indicator Unit Feed Sector

Satisfaction Management

To gain a comprehensive understanding of customer satisfaction with New Hope Liuhe's products and seices, we conduct in-depth satisfactionsueys. These assessments focus on multiple key dimensions, including product quality, complaint handling eciency and eectiveness, and deliveaccuracy. Tailored suey questions are added based on dierent sectors and customer types to ensure relevance and precision. Based on the sueyresults, we follow up on identied issues and implement targeted improvements. Customer satisfaction evaluations and suey outcomes see as avital foundation for enhancing customer relationship management.

The Fresh Meat Division of the Pig Sectorachieved an average customer satisfaction rateof 96.46

%, surpassing the target of

%.

PigSector

FeedSector

OverseasSector

The Fresh Meat Division and live pig sales department have implemented dedicated 400 customer complainthotlines, prominently featured on product labels and applets, ensuring customers have clear access to complaintchannels.Sales representatives maintain regular communication with distributors, compiling and analyzing daily marketfeedback. This includes complaint timings, essential customer information, the content of complaints, and specicdetails of the products in question. The safety and quality department at each branch oversees the productiondepament's improvement initiatives based on this feedback. For customer complaints, the production depamentconducts thorough investigations and develops tailored resolution strategies.A specialized 400-telephone customer service team has been established, comprising customer servicerepresentatives and follow-up specialists, to address customer needs promptly.A robust system has been implemented to generate categorized work orders for purchasing requirements, severecomplaints, general complaints, and special incidents. Each catego has dened processing procedures to ensureecient resolution of customer needs.Customer follow-ups are conducted to assess satisfaction levels. If a follow-up reveals dissatisfaction, it is deemedan unsuccessful resolution, triggering an escalated work order and reprocessing until customer satisfaction isachieved and the system work order can be closed.Dedicated channels for receiving customer complaints have been established. Each complaint is meticulously trackedand processed to ensure timely response and resolution within specied timeframes. Resolution outcomes are swiftlycommunicated to customers, with subsequent follow-ups to verify complete problem resolution.

Shandong Qianxihe was recognized as aConsumer Satisfaction Brand.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

KEYPERFORMANCE

KEYPERFORMANCE

HONORS

Number of customer complaints cases 615 83 65Customer complaint handling rate % 100 100 100Customer complaint resolution rate % 82 100 100

Live Pig Sales Fresh Food Business

Pig Sector

Digital Empowerment

New Hope Liuhe is actively advancing the digital transformation and upgrading in the agricultural and animal husbandry industry. The Companyis committed to its "Three Alls and Four Transformations" digital transformation strategy, which is underpinned by the integration of business, data,and management. This approach aims to develop a digital sma breeding ecosystem across the entire indust chain. By implementing digital andintelligent technologies in breeding sites, pig farm management, and corporate control, the Company is making sma pig farming the new standardand leveraging new quality productive forces as a catalyst for growth.Digital TransformationNew Hope Liuhe's digital transformation strategy focuses on achieving intelligent key equipment, digitalized business scenarios, online functionalizationof all data, and proactive management of the entire process. This "Three Alls and Four Transformations" approach, guided by the integration of business,data, and management, involves the extensive application of digital and intelligent technologies throughout all stages of poult and livestock breeding,including feeding, health checks, and disease prevention. This comprehensive approach drives continuous improvements in production managementand biosafety control, resulting in enhanced operational eciency and strengthened core competitiveness.

Governance Strategy and Management Approach

Prioritize digital transformation as a key strategic initiative to explorenew areas of development, foster new drivers of growth, andenhance competitive advantages.

Implement the "Three Alls and Four Transformations" digitaltransformation framework underpinned by the integration ofbusiness, data, and management to build a digital sma breedingecosystem across the entire industry chain, enabling dynamiccontrol and standardization across all production stages.Impact, Risk, and Oppounity Management Indicators and Targets

Consistently identify digital transformation oppounities throughoutthe research, breeding, production, supply, sales, and serviceprocesses to standardize all production stages and optimizeoperational execution.

Establish qualitative goals that promote the seamless integrationof business operations with digital technology, evaluating theprogress and effectiveness of digital transformation initiativesthrough improvements in operational efficiency and corecompetitiveness.

New Hope Liuhe establishes direct system connections with C&D Group.

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Building a Digital Sma Breeding Ecosystem across the Entire Indust Chain

Feed CRM System:

In 2024, 157 complete feed companies fully implemented this system acrossthe Feed Sector. By consolidating extensive customer data, it creates a comprehensive and accuratemap of the Feed Sector's customer base, tracking customer dynamics and business information inreal-time. This robust system provides critical data suppo for managing over 6,500 daily orders,signicantly enhancing the precision and adaptability of sales planning.

PigFarmManagement

FeedingManagement

Feed Silo Weighing Technology:

Implement stable sensors and robust algorithms for remotecalibration of sensor and feed silo operational status monitoring. This system enables centralizedmanagement of feed silo data, ensuring feed traceability, minimizing waste, and preventing fraudulentactivities.Intelligent Precision Feeding System:

Utilize cutting-edge technologies including computer systems,sensor networks, and control mechanisms to achieve precise control and management of animal feeddistribution.

ImmunizationManagement

Networked Needle-free Injection:

Employ needle-free injectors that use controlled pressure toadminister vaccines intradermally to pigs. This technology reduces vaccine usage, increases individualproductivity, eliminates needle consumption, minimizes stress in pigs, prevents cross-infection, andenhances food safety. Integration with IoT functionality and a digital immunization platform enableseective management of the immunization process.

FeedProduction

FeedFormulation

Hongtong · SAT Nutrition Estimation System:

Leverage dynamic model algorithms to combinethe Company's 40-year animal nutrition database with global best practices. This innovative systemprovides a visual decision-making tool, enabling farmers to monitor livestock growth curves,environmental parameters, and nutritional requirements in real-time, facilitating a transition fromexperience-based to data-driven feeding practices.Hongtong · NHF Formula System:

Incorporate 396 nutritional model parameters, including rawmaterial price uctuations, regional nutritional standards, and animal growth stages, into a dynamicoptimization matrix. This system precisely tailors feed formulas to diverse breeding scenarios andintegrates a carbon footprint tracking module, optimizing both nutritional eciency and environmentalsustainability.

SupplyManagement

Plant Logistics Platform:

Seamlessly integrate personnel, vehicles, and business processes to createan ecient, intelligent operational loop. Following customer authorization, drivers can schedule plantarrivals online, utilizing sma recognition, automated weighing, and self-seice documentation. Thisenhancement signicantly improves customer experience and operational eciency while mitigatingAfrican swine fever transmission risks by minimizing direct human contact.Demand Planning Management System:

Employ digital analytics to synthesize market dynamicswith production realities, generating precise and ecient demand forecasts. This system eectivelyprevents overproduction and supply shoages while leveraging big data analytics and other cutting-edge technologies to rene sourcing strategies and mitigate potential risks.In 2024, New Hope Liuhe successfully established direct system connections with Yihai Ker ArawanaHoldings Co., Ltd. and C&D Group, creating a streamlined manufacturer-trader interface. Thisintegration enables real-time data sharing and seamless business operations, signicantly enhancingsupply chain collaboration eciency.

CorporateManagementand Control

DataAnalysis

Third-generation Portable Weight Estimation Equipment Based on Machine Vision:

CombineAI algorithms with big data training and non-contact photographic weight estimation to delivera compact, integrated, and highly efficient solution. This technology enhances weight estimationaccuracy and efficiency while reducing biosafety risks and maintenance costs. Real-time datatraceability via cloud platforms prevents weight discrepancies and fraudulent activities in salesprocesses.

OrderManagement

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

To address longstanding challenges in pig farming, such as the time-consuming and labor-intensive process of herdingpigs to scales, inaccuracies in visual weight estimation, and stress-induced responses in pigs due to handling, New HopeLiuhe has developed a suite of intelligent tools. A standout innovation is the third-generation poable weight estimationdevice. This technology allows for rapid weight calculation of pigs without the need to move them from their pens. With asimple scan, the device can determine a pig's weight in under 5 seconds, boasting an impressive 98% accuracy rate whilesignicantly reducing biosafety risks. Moreover, the precise and real-time data collection and recording capabilities of thistechnology provide crucial insights that suppo advanced farming practices, including precision feeding, optimized feed typeadjustments, strategic pig pen transfers, and pre-sale feed management.

Information Security and Privacy Protection

New Hope Liuhe prioritizes information and network security, strictly adhering to thePersonal Information Protection Law of the People's Republicof China, theData Security Law of the People's Republic of China, and other relevant data protection standards. The Company has implementedcomprehensive guidelines, including theInformation Security Management Measures, Terminal Security Management Measures, Data SecurityManagement Measures, andEmergency Response Plans. These initiatives constantly enhance internal information and network security managementsystems, reinforcing the foundation of data privacy protection and network information security.

Case

AI-Powered Weight Estimation Revolutionizes Sma Pig Farming

Governance Strategy and Management ApproachEstablish a Data Security Management Committee and aCondentiality Committee to oversee New Hope Liuhe's informationsecurity management operations.Designate condentiality coordinators across various depaments,creating a pervasive information security managementorganizational system to constantly enhance the Company'sinformation security management capabilities and standards.

Implement the principle of least privilege, strictly limiting internalaccess to employee and customer privacy information.Rigorously control the application development and deploymentprocess, implementing data anonymization and encryption forpersonally sensitive information during network storage andtransmission, bolstering information security assurance capabilities.Regularly disseminate information security regulations,requirements, and cases through a dedicated WeChat officialaccount, complemented by specialized information security trainingto raise awareness among all employees.

Impact, Risk, and Oppounity Management Indicators and Targets

Identify critical points in business processes susceptible toinformation leakage and formulate clear response procedures.Implement robust protection measures for employees' andcustomers' personal data, including basic information, identitydetails, biometric data, educational and professional records, healthinformation, and nancial data to mitigate information leakage risks.

Monitor key performance indicators, including the number andreadership of articles published on the information securityWeChat ocial account, as well as any information security andprivacy protection disputes/customer privacy leakage incidents,ensuring eective implementation and measurable outcomes ofrelevant initiatives.

Premium Products

Information Security Governance StructureThe Company has established a Data Security Management Committee and a Confidentiality Committee at the operational management levelto coordinate New Hope Liuhe's information security and data management efforts. Confidentiality coordinators are appointed across variousdepartments, creating a comprehensive information security management system that ensures the effectiveness and continuous improvement ofinformation security practices.

Information Technology ProtectionAt the technical level, the Company implements cutting-edge information security protection technologies. By bolstering data control and networksecurity protection, a comprehensive, multi-layered information security defense network has been established, ensuring the thorough safeguarding ofinformation and data integrity.

Information Security ManagementAt the management level, the Company enhances its information security management through regular risk identication and assessment, reinforcedemergency management protocols, and the implementation of comprehensive security training and awareness programs for both employees andsuppliers.

Information security and privacy protection disputes/customer privacy leakage incidents:

Information Security Governance Structure

Data Security ManagementCommittee and CondentialityCommittee

Develop and implement information security strategies, standards, and processes addressing national secrets,corporate trade secrets, and personal privacy information. Regularly assess major information leakage risks in businessprocesses and propose targeted improvement measures.Departmental ConfidentialityCoordinators

Oversee information security management within their respective departments, ensuring the implementation ofinformation security policies and systems.

Information SecurityRisk Assessment

Conduct annual information security level protection to ensure compliance, implementing necessa evaluationsand rectications.Establish a routine vulnerability scanning mechanism, regularly perform system security assessments, andimplement closed-loop management for vulnerability remediation.Information SecurityEmergency Management

Reinforce emergency preparedness, verifying the feasibility of emergency plans and rening practical responseskills through scenario-based simulations.Enhancement of InformationSecurity Awareness

Implement a normalized security education and training mechanism to systematically improve overall securityawareness and protection capabilities across the organization.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Enhanced Data Control

Implement an automated periodic backup mechanism for core business system data, ensuring data integrity androbust disaster recove capabilities.Network Security Protection

Collaborate with network information joint defense mechanisms, maintaining real-time threat IP updates to enhanceproactive defense capabilities.

KEYPERFORMANCE

Green Indust Practices

New Hope Liuhe pig farms in Vietnam operate on an ecological circular farming model.

Contributing to theUN 2030 SDGs

Nuuring NaturalEcosystems throughGreen IndustPractices

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Green Indust Practices

Sustainable Agriculture

New Hope Liuhe is firmly committed to sustainable development, exploring innovative integrated crop-livestock farming models tailored to localconditions. The Company actively promotes animal welfare protection and addresses the dual challenges of resource scarcity and increasing fooddemand through natural solutions and systematic synergies, aiming to achieve both ecological and economic benets.Ecological Circular FarmingNew Hope Liuhe actively responds to the national call for accelerating the development of a circular economy. The Company vigorously promotes theorganic integration of pig farming and crop cultivation, implementing and constantly expanding the "pig - biogas - feilizer - fruit/vegetable/grain"circular agriculture model. This approach involves recycling fermented manure as feilizer and reusing reclaimed water for irrigation, achieving zeropollutant discharge while promoting soil improvement. By sequestering carbon in plants and soil, it signicantly reduces the environmental impact oflivestock farming, driving the development of ecological circular agriculture.

In the context of developing circular agriculture, New Hope Liuhe pioneered an integrated water and feilizer project inXiangzhou, Guangxi. The Company's three pig farms under Xiangzhou Xinhao Agriculture and Animal Husband Co., Ltd.process all waste through stringent standards and advanced technologies to produce high-quality fermented manurefertilizer. This fertilizer is then distributed through an irrigation network to nearly 10,000 mu of sugarcane plantationsin the surrounding area, integrating irrigation and fertilization. This integrated crop-livestock farming approach notonly eectively improves resource utilization eciency in pig farming and reduces the environmental impact of manuredischarge but also increases the annual income of surrounding farmers.

Fermented manure feilizer produced:

104,800

tonsReclaimed water returned to farmland:

15.7532

million tonsLand designated for nutrient recycling:

79,000

mu, including

30,000

mu of open-eld croplandFresh fruits and vegetables produced:

2.5759

million kgBiological carbon sequestration achieved during the year: approximately

94,500

tons of CO

equivalentCase

Guangxi Xiangzhou Integrated Water and Feilizer Project

"This year, I planted over 1,000 mu ofsugarcane, all using integrated water andfeilizer technology. The sugarcane is growingreally well. Yields could go up by 20%, and I'mexpecting more than 7 tons per mu."

- Feng Wei, a large-scale farmer

Stakeholder Voice

KEYPERFORMANCE

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Animal Welfare AssuranceNew Hope Liuhe has established a comprehensive animal welfare management system and standards, exploring new pathways for sustainable farming.The Company focuses on enhancing the professional skills and awareness of its employees to better meet the physiological and psychological needs ofanimals, eectively ensuring animal welfare.The Company conducts annual audits of its animal production operations. In 2024, it peormed 100% comprehensive audits of its live pig slaughterprocessing companies, focusing on procurement and sales aspects, while constantly improving and optimizing animal welfare protection management.Ensuring Animal Welfare

We strictly adhere to the ve basic principles of animal welfare, regulating the use of medications in animal husband, and ensuring animals are well-treated in terms of living environment, feed nutrition, and health management.

Prohibit high-intensity assisted farrowing; use plastic pig paddles instead of iron rods or electric prods when moving or transferringpigs, allowing them to move freely.Ensure gentle and calm handling during group transfers, paying attention to the number of pigs to avoid crowding in passageways.Peorm injections simultaneously in corresponding pig pens on both sides of the same building to oset mutual stimulation.Implement protective measures during injections to reduce immunization stress and psychological trauma.Provide food immediately after injections.Mitigate stress caused by feed restriction during pregnancy by adding dieta ber to the diet, increasing sows' sense of fullness,expanding intestinal capacity, and addressing constipation issues.

BasicWelfare

Provide ample exercise space and comfoable resting environments. Enhance air ltration systems and spray disinfection pipelinesystems to improve the health environment in pig houses.Ensure feed is clean, fresh, and free from mold or contamination, with appropriate nutrition for each growth stage.Ensure sucient water supply during summer heat and adequate ventilation, maintaining overall environmental stability.Conduct regular deworming and y control to ensure pig health and environmental hygiene.Utilize intelligent environmental control to maintain appropriate day-night temperature dierences, avoiding disease uctuationsdue to excessive temperature changes.Place enrichment toys, implement three-point positioning, and regularly clean moldy feed to keep pens clean and d.BreedingProcessWelfare

Maintain optimal temperatures of 15-25°C in boar houses.Minimize noise from environmental equipment operation and human disturbances to avoid stress from excessive noise.Provide back rubbing, sitting suppo, and udder massage for sows during breeding.Use non-irritating disinfection (clean water) and gentle cleaning of sows' reproductive organs to prevent uterine infections andother diseases.Ensure proper feeding and rest after breeding, avoiding large-scale group transfers in early pregnancy.PigletWelfare

Pre-mix groups during fostering to familiarize scents and prevent sows from biting piglets.Supplement appropriate microorganisms, inorganic salts, iron, etc., according to growth stages.Provide at least 1 square meter of space per growing-nishing pig; maintain temperatures of 15-25°C and relative humidity of 60-70%.HealthWelfare

Organize veterina training to improve comprehensive disease management capabilities. Conduct blue ear disease eradication inselected pig farms, use pseudorabies-negative breeding for new herds, and initiate pseudorabies eradication projects in breedingfarms.Implement combined vaccinations in pig farms to reduce the number of injections.Introduce needle-free injection technology to minimize immunization stress.Focus on researching animal nutritional needs and provide balanced, comprehensive feed to meet the nutritional requirements foranimal growth, avoiding reliance on growth-promoting substances.

PsychologicalWelfare

Green Indust Practices

Standardizing Medication UseReducing Preventive Antibiotic Use.The Company is committedto minimizing antibiotic use and residues through enhanced farmingenvironments, technological advancements, and improved managementpractices. We have implemented stringent antibiotic usage managementprotocols and processes, ensuring rigorous control over all medicationadministration. Throughout the farming process, we prioritize diseaseprevention by optimizing living conditions, strengthening husbandrymanagement, and boosting animal immunity to reduce disease risks andminimize antibiotic use and residues. By implementing precise medicationstrategies and robust disease control measures, we ensure more targetedand rational antibiotic use. This approach not only enhances the safetyand quality of our livestock products but also helps mitigate the impactof antibiotic residues on the environment and human health.

Total investment in environmental protection (excluding depreciation): RMB

152.6553

millionImproving Management Frameworks.The Company has established a three-tier environmental management organizational structure: CorporateSafety and Environmental Protection Center of Engineering Operations Department - Pig Sector Safety Operations and Planting EnvironmentalProtection Depament - Squad Planting Environmental Protection Depaments. These three levels provide mutual oversight and suppo, ensuring thesystematic implementation of environmental protection initiatives.

Sustainable OperationsNew Hope Liuhe is dedicated to green development, strictly complying with national environmental protection laws and regulations, including the

Environmental Protection Law of the People's Republic of China and the Environmental Impact Assessment Law of the People's Republic of China.The Company constantly enhances its environmental management system, vigorously promotes clean production, and rigorously controls pollutantemissions, taking concrete actions to contribute to the Beautiful China initiative.

Environmental ManagementNew Hope Liuhe incorporates environmental management as a strategic issue at the Board-level committees. The Company encourages subsidiariesto pursue environmental system ceications, implements rigorous environmental management standards, standardizes environmental operationalmanagement, and establishes long-term environmental protection mechanisms.

Needle-free injectionRegulating Veterina Drug Use.The Company adheres strictly to relevant guidelines and requirements issued by the Minist of Agriculture and RuralAairs. We refrain from adding prohibited veterina drugs to feed products and pledge not to use growth-promoting substances (e.g., hormones) inanimals. When Chinese herbal medicines are permitted in feed, we adhere rigorously to the prescribed dosages in the instructions. Additionally, we areactively developing more environmentally friendly and safer bio-ecological feeds to improve the food safety of animals.In 2024, the Company repoed no incidents of non-compliant veterina drug use.

KEYPERFORMANCE

Safety and Environmental Protection Center ofEngineering Operations Depament

Collate information on environmental protection investments across Sectors as required byfunctional depaments such as the Board Oce.Pig Sector Safety Operations and PlantingEnvironmental Protection Depament

Coordinate the establishment of environmental protection management systems across squads,providing technical suppo and data backing.Squad Planting Environmental ProtectionDepaments

Implement Sector-specific management systems and actions, accurately monitoring theenvironmental management status of each project.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Enhancing Management Systems.The Company has formulated and rigorously implemented theEnvironmental Protection Management System,clearly dening the environmental protection organizational structure and responsibilities. Based on key environmental management tasks in eachSector, it has developed a series of internal management protocols to systematically promote environmental protection and green development.Each branch and subsidia has established anEnvironmental Protection Responsibility System, delineating environmental protection duties for eachposition. In 2024, the Company introduced new environmental protection management systems, including thePig BG Farm Water Use and DisposalAssessment Systemand thePig Sector Environmental Administrative Penalty Accountability Management Measures (Trial), to more eectively raiseemployees' awareness of environmental management and mitigate the Company's environmental risks.Conducting Environmental Performance Assessments.The Company has implemented theEnvironmental Protection Performance Assessmentand Reward & Punishment Management Measures, linking environmental assessments to management's peormance bonuses. It sets "zero pollution"as the environmental assessment target for each sector BU and imposes peormance deductions on relevant management and key personnel forenvironmental pollution incidents.Raising Environmental Awareness.The Company conducts the Pig BG Environmental Station Personnel Technical Ceication, covering topics such aswastewater treatment processes, analysis and resolution of abnormal issues, fermentation tank operation and maintenance, environmental protectionequipment operation and maintenance, and interpretation of environmental management systems. Through online learning, examinations, anddefense, we enhance the environmental management capabilities of frontline employees in the Pig Sector. During the repoing period, 155 employeespaicipated in the training, achieving a pass rate of 87.9%.Environmental Incident Prevention and Response.The Company prioritizes environmental risk management and has formulated the EnvironmentalRisk Warning and Response Mechanism and the Comprehensive Environmental Inspection System to enhance environmental management. Despitethese eos, 19 environmental penalties occurred in 2024. We have thoroughly reected on these incidents and taken them as cautiona examples,treating environmental compliance as an inviolable red line and bottom line. We continue to rene our environmental management system, enhancemanagement capabilities, and focus on key improvements. We are strengthening our coordinated response capabilities for environmental risk events,improving handling efficiency, and clarifying responsibility allocation. For details on administrative penalties and corrective measures imposed byecological and environmental authorities due to environmental incidents, please refer to the "Environment and Social Responsibility" section of theNewHope Liuhe Co., Ltd. 2024 Annual Repo.Water Resource ManagementWater is a crucial resource in pig farming, and its eective management can enhance breeding eciency while mitigating environmental impact. NewHope Liuhe prioritizes the management and ecient use of water resources, strictly adhering to theWater Law of the People's Republic of Chinaandrelated regulations. The Company has implemented clear water usage plans and strives to consee water resources in both production processes anddaily operations, promoting water recycling and reducing consumption. The water resources used in the Company's production and operations primarilycome from municipal water supply, suace water, and groundwater, with no signicant environmental impact in terms of water source selection.

Pig farming water intensity m?/head 2.55 2.5 2.45 Indicator Unit 2024 Target 2024 Peormance 2025 Target

Water Resource Use Planning

Slaughtering and meatprocessing water intensity m?/head 0.41 0.35 0.35

Reducing Water Usage Risks.We conduct comprehensive water quality tests quaerly at key sites. For substandard water quality, root cause analysisis peormed, and measures such as turbidity treatment and disinfection are implemented to ensure that on-site water supply needs are met.Strengthening Water Usage Monitoring.We launch upgrades to sma water meters across all facilities, optimizing water well and storage tankmetering. Water usage is separately measured for sow farms, fattening farms, and environmental protection areas. Monthly data classication andanalysis are conducted at each site to constantly optimize water management. Daily inspections are intensied to eliminate leaks and reduce waterwaste.Conseing Production Water.We adjust pressure reduction valves uniformly in buildings to lower pressure, and reduce water level controller heightsto achieve water savings while improving pipeline durability. Control oats are added to washing buckets to automatically stop water ow when full,reducing ovelow waste during washing. Water cuain operation control is enhanced, with summer water cuain pumps preferably using automaticmode and supply inteals timed to just wet the cuains, improving water use eciency. Dedicated faucets and washing tools are added to corridorsand gestation houses at each site to ensure eective cleaning while reducing water use.Reducing Maintenance Water.We optimize in-stall limited drinking devices to precisely adjust water ow, with a 60% coverage rate among farmers.Independent rainwater and sewage pipeline systems are constructed to strengthen source control and monitoring, reducing wastewater treatment loadand costs, with a current 70% coverage rate among farmers.

Green Indust Practices

Packaging ManagementNew Hope Liuhe adheres to a strategy focused on reduction,reusability, recyclability, renewability, and biodegradability. By selectingenvironmentally friendly packaging materials, avoiding over-packaging,and reducing packaging waste generation, the Company promotessustainable packaging transformation, pursuing both environmental andeconomic benets.Packaging Reduction:

The Fresh Meat Division of the Pig Sector utilizeslarger packaging for B2B customers to reduce overall packaging usage.The Feed Sector incorporates 18,044 tons of recycled plastic, reducesbulk feed woven bag usage, and decreases plastic packaging by 4,305tons compared to the previous year.Packaging Recyclability:

In some relatively impoverished areas ofSoutheast Asia and other countries, reusable feed packaging bags seeas impoant production materials for farmers. Accordingly, the OverseasSector implements a reverse packaging recycling system in certainareas, processing by quality grade: intact packaging enters the second-hand packaging market after quality inspection (priced per piece),while low-quality packaging is sold by weight to recycling channels,promoting closed-loop supply chain management. The Company alsocollaborates with surrounding villages to establish community recyclingco-governance mechanisms, specifying recycling benefit distributionthrough agreements to return circular economy benets to farmers andvillagers.Packaging Reusability:

In chick transpoation scenarios, the OverseasSector prioritizes the use of recyclable plastic crates to reduce relianceon single-use cardboard packaging. A deposit system is implemented toencourage crate returns, suppoing the establishment of a traceable andcircular reuse system.

Municipal network million tonsSuace water million tonsReclaimed water for irrigation million tons

Indicator Unit 2024

Total water withdrawal million tons

Total water discharge million tonsWater withdrawal by source

Tap water/municipal water million tonsSuace water million tonsGroundwater million tonsWater discharge by channel

Pollution Prevention and Control

New Hope Liuhe strictly adheres to and implements various environmental protection laws and regulations, including theLaw of the People's Republicof China on Water Pollution Prevention and Control, theLaw of the People's Republic of China on the Prevention and Control of Atmospheric Pollution,theLaw of the People's Republic of China on the Prevention and Control of Environmental Pollution by Solid Waste, and theNational Hazardous WasteInvento. The Company has established theSolid Waste Management Systemand theHazardous Waste Management Systemto rigorously controlpollutant generation and emissions. Through a multi-faceted approach involving source reduction, classied management, and recycling, the Companystrives to minimize solid waste emissions. Additionally, it has intensied eos in treating and controlling exhaust gas and wastewater, implementingmultiple measures to mitigate the environmental impact of its production and operations.

The Overseas Poult Division promotes the use of recyclable transit crates.

25.3924

20.4514

19.0581

2.2891

1.0158

15.7532

4.9336

0.0074

KEYPERFORMANCE

Total packaging material usage:

23,966.3

tonsPlastic packaging usage:

23,347.71

tons, with the Feed Sector reducing usage by4,305

tons compared to the previous yearPaper material usage:

407.6

tons; foam material usage:

tons

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Establish theSolid Waste Management System, install clearly marked, fixed wastecollection points throughout facility areas, implement waste classication, and strictlyprohibit unauthorized dumping, discarding, buing, or burning.

Total wastewater treated million tons 18.1396Chemical oxygen demand (COD) emissions tons 9,811.33Total ammonia nitrogen emissions tons 496.77Pig farming wastewater recycling rate % 93.34Slaughtering and meat processing wastewater recycling rate % 41.10Total non-hazardous waste generated tons 316,024.45Total hazardous waste generated tons 5.42

Indicator Unit 2024

Wastewater

Solid Waste

Waste Catego Waste Source Disposal MethodExhaust Gas

WastewaterSolid Waste

Odor

Generated from livestock manureand urine, feed residues, anddigestive tract gases.

Implement intelligent program-controlled manure cleaning methods and optimizefrequency in pig houses, coupled with indoor temperature regulation and enhancedventilation systems to minimize odor generation.Utilize deodorizing chambers for spray-based odor removal, effectively capturingodorous gases in liquid form through spraying. Eliminate odor molecules adhering topaiculate matter from the air via wet absorption and oxidation, while reacting odorousgases with emulsifying agents in the solution for ecient removal.Biogas

Generated from livestock manurefermentation.

Harness on-site energy sources for power generation and heating.Breedingwastewater

Comprising animal urine, partialfeces, and cleaning water.

Employ advanced treatment processes including UASB anaerobic + two-stage A/O,

CSTR, and black membrane biogas to conve wastewater into reclaimed water or biogas

slur suitable for eld irrigation.Domesticwastewater

Discharged from company officesand employee canteens.

Perform regular self-inspection and third-party testing of effluent water quality to

ensure compliance with standards before discharge into municipal networks.Hazardouswaste

Comprising medical waste,pesticide and herbicide residuesfrom production processes, andlaboratory-generated wastereagents, acids, and alkalis.

Implement aHazardous Waste Management Systemto standardize collection, storage,

and treatment processes.

Provide designated tempora storage facilities in hazardous waste rooms, maintain

detailed records, and regularly transfer waste to qualied third-pay institutions for

safe and compliant disposal.Deadlivestock andpoult

Animals that perish duringbreeding processes.

Adhere strictly to the Standard for theTreatment of Dead Livestock and Poultryfor

tempora storage and disposal, maintain meticulous record-keeping, and prohibit non-

compliant storage methods and unauthorized burial.Solidmanure

Solid waste separated by manurescrapers or solid-liquid separators.

Apply high-temperature aerobic fermentation treatment in accordance with the

Specication for the Treatment of Solid Manure to produce nutrient-rich feilizer for

eld application.Constructionand domesticwaste

Generated from constructionactivities and daily operations.

KEYPERFORMANCE

Green Indust Practices

Addressing Climate ChangeThe escalating frequency of extreme weather events due to climate change has transformed environmental risks from long-term concerns into urgentrealities. In response, the public increasingly expects companies to assume a proactive leadership role in addressing climate change. As a responsibleenterprise, New Hope Liuhe is actively advancing the development of a robust climate risk governance system. This initiative includes establishing ascientic climate risk assessment mechanism, comprehensively identifying and managing climate risks and oppounities, and evaluating the potentialimpacts of climate change on business operations and the whole industrial chain, thereby enhancing climate resilience and driving green, low-carbondevelopment.Climate Governance

New Hope Liuhe has progressively established a comprehensive climate change governance structure. This framework is spearheaded by the Board ofDirectors and the Strategy and Sustainable Development Committee, with operational management seing as the core. The Safety and EnvironmentalProtection Center, along with the Planting Environmental Protection Depaments, Administrative Depaments, etc. of all sector BUs, function as theprima implementing bodies. This top-down approach ensures the continuous and systematic implementation of climate governance initiatives.

Climate Strategy PlanningBased on the outcomes of climate-related risk and oppounity assessments, New Hope Liuhe has proactively integrated climate change responseand "dual carbon" initiatives into its strategic planning, comprehensive risk management system, and daily operational management. The Companyhas developed a three-year "dual carbon" strategic plan (2023-2026), focusing on ve key areas: green electricity utilization, biogas utilization, waterrecycling, biological carbon sequestration, and carbon trading. These eos aim to vigorously promote energy conseation and carbon emissionreduction. The Company continues to monitor emerging elds and new demands in the transition to a low-carbon economy, emphasizing sustainableagriculture to enhance development resilience and foster sustainable growth.

Board of DirectorsStrategy and Sustainable DevelopmentCommittee

Decide on the Company's climate change-related strategic planning. Provide oversight on climate changerisk and opportunity-related matters. Review climate change-related targets. Evaluate reports fromoperational management on climate change issues and oer strategic recommendations.Operational Management

Orchestrate the development of major policies and strategic plans. Identify climate change-related risks andoppounities and integrate them into operational considerations. Manage climate change-related targets.Spearhead the implementation of climate change response and low-carbon development initiatives.Safety and Environmental ProtectionCenterPlanting Environmental ProtectionDepartments, AdministrativeDepaments, etc. of all sector BUs

Develop action strategies, establish goals, create annual plans, and dene peormance indicators alignedwith the Company's operational context.Execute headquarters' strategies and objectives, driving project implementation and plan execution.Coordinate and deploy energy conseation and carbon emission reduction measures across various sitesand squads. Collate and analyze relevant data to foster closed-loop management of energy conseationand carbon emission reduction eos.

New Hope Liuhe's "Dual Carbon" Three-Year Strategic Plan (2023-2026)Objective

ProgressGreenElectricityUtilization

By 2026, significantly increase the proportion ofgreen electricity usage across all Sectors, achievingfull coverage of photovoltaic projects for all feasibleinstallations throughout the Company's operations(i.e., feed, pig).

Implemented 3.98 MW of newly grid-connected photovoltaic projects, withtotal operational photovoltaic projects reaching 15.22 MW.Operational photovoltaic projects generated 11.7468 million kWh of greenelectricity, reducing greenhouse gas emissions by approximately 6,878.93 tonsof CO

equivalent.WaterRecycling

Vigorously develop water recycling models, includingreclaimed water irrigation and manure fertilization,directly reducing water resource consumption andindirectly decreasing energy consumption in feilizerproduction processes.

Promoted reclaimed water irrigation, with a total of 15.7532 million tons ofreclaimed water used for eld irrigation, signicantly reducing water resourceconsumption.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Impact, Risk, and Oppounity Management

New Hope Liuhe proactively addresses the risks and impacts associated with climate change. The Company has established a comprehensive climatechange risk management process, conducts thorough assessments to identify climate-related risks and oppounities, and formulates strategic actionplans to respond to climate change.

New Hope Liuhe's "Dual Carbon" Three-Year Strategic Plan (2023-2026)Objective

Progress

CarbonTrading

Actively promote carbon sink project certification(GS, VCS, etc.) in the Pig Sector to obtain substantialcarbon emission reductions for offsetting theCompany's carbon emissions.

The Anhui Wuhe Animal Husbandry VCS Project provided Volkswagen with182,500 tons of carbon credits to suppo their net-zero emissions productiongoals.Other carbon emission reduction projects have approximately 90,000 tons ofcarbon credits pending sale and about 160,000 tons awaiting issuance.

BiologicalCarbonSequestration

Steadily advance crop cultivation (wheat, corn, etc.),fruit tree planting (peach, tangerine, apple, etc.), andforest protection on nutrient recycling land for the PigSector (including farmland and forestland) to offsetthe Company's carbon emissions through biologicalcarbon sequestration.

Biological carbon sequestration in 2024 totaled approximately 94,500 tons ofCO

equivalent.

Risk/Oppounity Description Response Measures

Physical

Risks

ExtremeWeather

Increased frequency or intensity of floods,typhoons, and extreme rainfall events adverselyaffect the growth, processing, and transportationof upstream raw materials essential for production.These events also pose significant safety risksto employees and may lead to disruptions infacto operations, impacting business continuity.Furthermore, such incidents can cause damageto tangible assets and construction equipment,resulting in increased expenditure on facilitymaintenance and repairs.

Operating costs↑Revenue↓Asset value↓

Closely monitor extreme weather conditions andconduct comprehensive assessments of their impacton suppliers and their response capabilities; diversifysupplier base to reduce reliance on single-sourcesuppliers.Develop robust emergency plans and secure necessaresources for extreme weather events; conduct regularemergency drills to enhance preparedness and responsecapabilities.Incorporate regional climate risk assessments into theselection and planning processes for new projects.

TemperatureRise

Rising temperatures may adversely affect thehealth of employees and livestock, impactequipment performance, and increase operatingcosts.More frequent or larger-scale power outagesdue to rising temperatures may pose significantproduction stoppage risks for the Company.

Implement effective cooling measures and worktime management strategies for high-temperatureoperations, and provide appropriate protectiveresources to employees.Constantly monitor livestock breeding environments,implement proper cooling measures, and ensuresuitable growth conditions for animals.Improve overall production eciency through energy-saving technology upgrades and optimization of theenergy structure.

PotentialFinancial Impact

Operating costs↑Revenue↓Asset value ↓

Green Indust Practices

Fuher expand the industrial model of circular agricultureto increase carbon sink storage capacity in farmlandsoils and crops. Actively promote biological carbonsequestration initiatives and carbon asset developmentprograms, and paicipate strategically in carbon tradingmarkets.

Risk/Oppounity Description Response MeasuresTransition Risks

Transition Oppounities

PoliciesandRegulations

Increasingly stringent national policy requirementsand accelerated energy structure transitionmay lead to higher energy costs and increasedregulato compliance risks as the Company adaptsto new policy frameworks.The Shenzhen Stock Exchange's evolvingsustainability disclosure requirements willgradually strengthen climate-related informationdisclosure mandates, posing new challenges forthe Company's climate change management andrepoing practices.

Proactively engage with local policy authorities to stayabreast of environmental and carbon-related legislativechanges; conduct timely studies and disseminateinformation on policy updates; anticipate policyadaptability needs and improve internal managementand compliance disclosure practices.

MarketandTechnology

Stricter customer requirements for productcarbon emission reduction and the increasingimportance of green low-carbon technologydeployment will signicantly impact the Company'scompetitiveness, necessitating increasedinvestment in low-carbon transition initiatives.

Operating costs↑Revenue↓

Strengthen the adoption of low-carbon technologies,accelerate agricultural green transformation eos, andsystematically reduce the carbon footprint of products.Conduct comprehensive carbon audits, develop carbonemission reduction pathway plans, and thoroughlyassess the return on investment and feasibility of low-carbon transition projects prior to implementation.

Reputation

Increasingly stringent environmental peormancedisclosure requirements lead to higher compliancecosts associated with maintaining or enhancingthe Company's reputation.Failure to meet publicly stated carbon emissionreduction commitments may expose the Companyto accusations of greenwashing from investorsand the public, potentially causing significantdamage to brand reputation and corporateimage.

Operating costs↑Revenue↓

Ensure timely disclosure of the Company's climatechange mitigation measures, including strategic planning,objectives, actions, and peormance metrics.Implement rigorous controls on the Company'sdisclosures, eliminate any potential for false or misleadinginformation, and ensure consistency between reportedinformation and actual operational practices to build amore credible and responsible corporate image.

ResourceEciency

Adopt cutting-edge energy-saving technologiesand equipment to reduce energy consumption inproduction processes, thereby lowering operatingcosts while improving production eciency andsupply chain capacity.

Revenue↑Operating costs↓

Widely implement energy-saving technologies andequipment across all production processes, and establishcomprehensive energy consumption managementprocedures to reduce energy costs.Develop and enhance ecological circular breeding systemsto maximize resource utilization and minimize wastegeneration.EnergyStructure

Increase utilization of renewable energy sources(e.g., distributed photovoltaic systems andbiomass fuels) to drive energy use structuretransformation, reduce carbon emission intensity,and lower overall energy costs.

Operating costs ↓

Actively promote the development of distributedphotovoltaic and wind power projects to increase thepropoion of green electricity usage.Gradually increase the use of clean energy sources,paicularly biomass fuels.

Market

Enhance agricultural carbon sequestrationcapabilities through innovative crop-livestockintegration models, and develop agriculturalcarbon sink projects to promote synergiesbetween environmental protection and economicbenets.

Revenue ↑

PotentialFinancial Impact

Operating costs ↑

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Low-Carbon Emission Reduction ActionsNew Hope Liuhe strictly adheres to the requirements of laws and regulations such as theEnvironmental Protection Law of the People's Republic ofChinaand theEnergy Conservation Law of the People's Republic of China. The Company integrates green and low-carbon operational conceptsthroughout its production processes, focusing on clean energy transition, equipment energy eciency improvement, and carbon asset developmentand management. These initiatives contribute to the realization of the national "dual carbon" goals.Clean Energy TransitionThe Company actively promotes the utilization of clean energy sources such as photovoltaics and biogas, gradually achieving diversication and acleaner energy structure to reduce greenhouse gas emissions.Promotion of Distributed Photovoltaic ApplicationsWith the goal of achieving full coverage of all feasible photovoltaic projects across all Sectors by 2026, the Company is steadily advancing theirconstruction through a three-step plan. During the repoing period, photovoltaic power generation projects were completed in Guangzhou, Meizhou,and other locations, fully utilizing warehouse roof spaces to constantly increase the propoion of clean energy use. In 2024, 11 photovoltaic projectswere operational, with a total installed capacity of 15.22 MW, covering an area of 141,200 square meters, and generating 11.7468 million kWh ofelectricity. Four additional photovoltaic projects with a total installed capacity of 3.92 MW are under construction or planned for 2025.Biogas ReuseBiogas is a versatile clean energy source that can replace traditional fuels to generate heat and electricity, seing as a gaseous fuel in productionoperations. The Company vigorously promotes biogas reuse projects at various pig farms. At farms equipped with biogas boilers, puried biogas is usedfor internal heating, reducing gas consumption. Additionally, the Company is actively exploring biogas power generation models, using puried biogasto generate electricity for pig farm use, thereby reducing on-site electricity consumption.

Photovoltaic installation on multi-sto pig farms

Green Indust Practices

Boosting Energy EciencyThe Company consistently renes its energy management system, implementing the Energy Saving and Consumption Reduction Guidebook. Based onactual business needs and development, it sets specic energy usage targets, establishes clear energy control measures, and strictly regulates energyconsumption to constantly improve energy eciency and management standards.

Note: In 2024, the Company restructured its main business into two major sectors: i) feed and ii) pig breeding and slaughter. For the first time, energy usepeormance and planning for feed have been consolidated across the Feed BU, the Overseas Sector, and the Pig Sector. The Pig Sector enhanced intelligent energymanagement in breeding facilities in 2024, resulting in signicant electricity and water savings in the latter half of the year. However, increased production linesduring winter led to higher natural gas consumption. Fuhermore, the Company's feed and slaughter capacity targets for 2025 are set to increase compared to2024, leading to substantial changes in energy consumption peormance and next year's targets relative to previously established budget goals.

Sector Indicator 2024 Target 2024 Peormance 2025 Target

Energy Usage Planning

Feed Business (includingthat of the Feed BU,Overseas Sector, and PigSector)

Natural gas (m?) 51,000,000 65,890,866 72,500,000Electricity (kWh) 538,457,098 863,110,000 940,000,000Pig Breedingand Slaughter

Natural gas (m?) 29,050,603 38,214,419 37,100,000Electricity (kWh) 1,046,367,865 615,580,366 598,000,000Natural gas (m?) - 2,875,515 3,000,000Electricity (kWh) - 48,730,000 54,000,000

Diesel consumption liters 11,761,478.46Gasoline consumption liters 1,275,137.06Natural gas consumption million m? 106.9808Purchased electricity million kWh 1,527.4204 million kWh 11.7468Photovoltaic electricity usage million kWh 9.8641Purchased steam tons 458,390.45Comprehensive energy consumption tons of standard coal equivalent 404,713.72 3.93

Indicator Unit 2024

BreedingFresh Meat

Operational Optimization.The lighting schemes are optimized by implementing alternating lighting measures based on actual light intensity across allproduction lines. Farrowing houses employ a "two o, three on" lighting strategy, while fattening houses use either "two o, four on" or "four o, two on"to reduce electricity consumption for lighting. Boiler operation is adjusted by optimizing the sta-stop frequency to minimize natural gas consumption.Sma meters are installed on air conditioners in living area dormitories, implementing intelligent timing control based on production needs to reduceelectricity waste.Equipment Upgrade.The use of solar equipment is expanded to harness abundant solar resources during summer, raising water temperature andreducing energy consumption. Electric water heaters are gradually replaced with air-source heat pumps at all access points, reducing electricityconsumption while improving water supply capacity and stability. Operation timers are added to gas equipment, monitoring heating operation timefor each housing unit based on daily operational data. Units with longer operation times are closely supeised and subject to timely improvementsto reduce gas consumption. Heat recove equipment is increased to improve residual heat recove and boiler thermal eciency, achieving energysavings and increased eciency.Monitoring and Inspection.An environmental monitoring platform is established to visually display overall equipment energy consumption. The squadteam is responsible for monthly analysis and ranking of energy consumption data for each area to ensure timely monitoring and optimization of energymanagement. Regular inspections are conducted at key points such as pigsty doors, windows, openings, wall edges, seconda manure ditches, augerpools, and horizontal ventilation openings. Proper sealing of gas pipelines and facilities is ensured, with prompt implementation of sealing measures toreduce gas waste.Energy-saving Training.Comprehensive energy eciencytraining is conducted, sharingbest practices in electricity andgas conseation and explainingapplication requirements toraise employee awareness ofenergy conservation. Duringthe reporting period, sixenergy management trainingsessions were held, recording24,800 attendances, includingmanagement, production,and safety and environmentalprotection personnel frombranches and subsidiaries ofboth the Pig Sector and the FeedSector.

KEYPERFORMANCE

Operational photovoltaic powergeneration

Comprehensive energy consumptionintensity

tons of standard coal equivalent/RMB 1 million revenue

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Carbon Asset DevelopmentEnhancing the carbon sink function of ecosystems is a nature-based solution to oset carbon dioxide emissions from human activities and a crucialmeans to achieve "dual carbon" goals. Leveraging its corporate strengths, New Hope Liuhe utilizes land for Pig Sector consumption to activelypaicipate in biological carbon sequestration and promote carbon asset development, achieving a synergistic balance of ecological, environmental,and economic benets.

Indicator and Target ManagementGuided by its "Dual Carbon" Three-Year Strategic Plan (2023-2026), New Hope Liuhe meticulously plans its carbon emission reduction roadmap andconsistently monitors goal achievement status.

Direct greenhouse gas emissions (Scope 1) tons of CO

equivalent 264,591.66Indirect greenhouse gas emissions (Scope 2) tons of CO

equivalent 930,406.76Total greenhouse gas emissions tons of CO

equivalent 1,194,998.42Greenhouse gas emission intensity tons of CO

equivalent/RMB 1 million revenue 11.59

Indicator Unit 2024

Note: Greenhouse gas emissions refer exclusively to carbon dioxide emissions and do not encompass other greenhouse gases such as methane and nitrous oxidefrom alternative emission sources. Scope 1 greenhouse gas emissions: Emissions from fossil fuel combustion activities including diesel, gasoline, natural gas, andindustrial production processes. Emission factors are calculated in accordance with the national standard GB/T 32151.25-2024Requirements of the GreenhouseGas Emission Accounting and Repoing—Pa 25: Food, Tobacco, Alcohol, Beverage and Rened Tea Enterprise. Scope 2 greenhouse gas emissions: Emissionsresulting from purchased electricity and heat. The electricity emission factor utilized in 2024 refers to the national average power grid factor in theAnnouncementon the Release of Carbon Dioxide Emission Factors for Electricity in 2022(Announcement No. 33 of 2024) jointly issued by the Minist of Ecology and Environmentand the National Bureau of Statistics.

Case

Developing Carbon Sinks and Trading to Suppo Carbon Neutrality

Cultivating fruits and vegetables on land for pig farm consumption to diversify on-site meals.

In June 2024, the Company entered into a Carbon Asset Development and Trading Seice Entrustment Agreement withSinopec Carbon Industry Technology Co., Ltd. This agreement further advances the Company's strategy in emissionreduction and carbon mitigation, underscoring its role as a leading domestic agricultural and animal husband enterpriseand contributing to the realization of national "dual carbon" goals.In October 2024, the Company's inaugural emission reduction project to reach a carbon credit trading agreement withVolkswagen, the Anhui Wuhe Animal Husband VCS Project, ocially provided Volkswagen with 182,500 tons of carboncredits to suppo their net-zero emissions production goals. Additionally, the Company has approximately 90,000 tonsof carbon credits from other emission reduction projects pending sale and about 160,000 tons of carbon credits awaitingissuance.

Green Indust Practices

Land Use and Biodiversity ProtectionNew Hope Liuhe places signicant emphasis on biodiversity protection, consistently promoting a development model characterized by agricultural andanimal husband circulation and integrated crop-livestock farming. The Company implements preventive measures and restoration work to mitigatethe ecological impact of its production and operational activities, fostering the sustainable development of agricultural ecosystems.Biodiversity ProtectionThroughout the planning, design, construction, and daily operations of pig farm projects, the Company adheres to relevant laws, regulations, andpolicies, including theEnvironmental Protection Law of the People's Republic of China, theEnvironmental Impact Assessment Law of the People'sRepublic of China, theLaw of the People's Republic of China on Prevention and Control of Soil Contamination, and theOpinions on FurtherStrengthening Biodiversity Protection. The Company prioritizes the protection of original natural vegetation and habitats in development areas,implementing multiple measures to minimize the impact of facility construction and operation on habitats and the ecological environment. Thisapproach safeguards the Eah's ecosystem and achieves harmony between development operations and the environment. During the repoing period,the Company refrained from establishing new operating points in government-designated key ecological function areas or regions with signicantbiodiversity value. Fuhermore, no protected or restored habitats were severely impacted due to new projects.

Biodiversity Protection Commitments

We procure and utilize natural resources and raw materials sustainably to minimize damage to biodiversity and ecosystems.We are committed to strengthening communication and collaboration with external stakeholders to jointly promote biodiversityprotection and ecological restoration initiatives.

Productionand Operation

We adhere to national land use guidelines for livestock and poult breeding facilities, respecting arable land preseation limitsand the "Three Lines and One List" (i.e., the ecological protection red line, the environmental quality baseline, the resourceutilization upper limit, and the ecological environment access list) ecological zoning control policy. We commit to refraining fromproduction and operational activities in World Heritage sites and ecologically sensitive areas. We prohibit deforestation andavoid operating in nature resees, key ecological function areas, scenic spots, and other prohibited breeding zones and aridwater-scarce regions, pledging to protect local water sources and ecosystems.We employ scientific methods to assess the biodiversity impact of site selection for livestock and poultry farms and theirproduction activities. We implement appropriate measures to mitigate negative impacts and enhance positive outcomes onlocal biodiversity.We conduct thorough scientic evaluations of potential impacts on surrounding ecosystems for all our projects. In response toincreasingly frequent extreme weather events, we develop comprehensive protection measures and restoration plans for post-disaster scenarios. Our eos focus on protecting and restoring native or indigenous vegetation on our operational lands,maintaining soil health, preventing soil erosion, and increasing carbon sequestration.Upstreamand DownstreamManagement

Land Use ImprovementNew Hope Liuhe strictly adheres to relevant land use laws and regulations in its operational areas to ensure compliance in land development, utilization,and reclamation activities. The Company has established clear objectives for soil and water conseation, vegetation restoration, and soil improvementas pa of its land use strategy. A comprehensive environmental monitoring mechanism has been implemented to ensure the continuous and eectiveexecution of land use improvement initiatives through regular monitoring and assessment.

SoilImprovement

The Company consistently enhances its research on manure treatment technologies and soil improvement models. It employsadvanced processes such as UASB anaerobic + two-stage A/O, CSTR, and black membrane biogas to treat production wastewater.High-temperature aerobic fermentation technology is utilized to produce nutrient-rich fermented manure. Taking into account factorssuch as terrain, soil propeies, crop types, and feilization stages, the Company has developed standardized eld application models.This approach optimizes the utilization and conversion of liquid feilizer, enhancing soil organic matter content and feility, improvingsoil structure, reducing chemical feilizer usage, and signicantly enhancing the local ecological environment.For more information on soil improvement initiatives, please refer to the "Sustainable Agriculture" section of this repo.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

The Company proactively engages in ecological restoration and soil reclamation eos. Grass is strategically planted on exposedsuaces within farm areas to eectively prevent soil erosion while enhancing the aesthetic appeal of the farm environment. A notableexample is the 6,750-sow farm project in Nali Village, Datang Town, Liangqing District, Nanning City, Guangxi, which includes aretaining wall slope protection project with a substantial grass planting area of 39,115 square meters. At the 72,000-head fatteningfarm in Haikou, over 14,000 square meters of grass have been planted within the farm premises, signicantly bolstering the stabilityand resilience of the local ecosystem.LandReclamation

Since 2012, New Hope Liuhe has been at the forefront of duck "chip" technologydevelopment, leveraging its integrated breeding, reproduction, and promotionsystems at farming bases to rapidly establish a robust breeding infrastructure.To accelerate the breeding cycle, the Company has adopted advanced molecularbreeding techniques, seeking genetic-level breakthroughs and expanding poulthybridization experiments to more than 10 times the traditional scale of 100 birds.Through rigorous analysis and statistical evaluation of extensive sample data, theR&D team successfully identified "super genes" that significantly influence duckweight and body shape. The effective utilization of these genetic markers hasbecome a core competitive advantage in the Company's duck breeding program.In 2024, the "Ecient Duck Breeding Technology Creation, New Variety Cultivation,and Industrialization" achievement won the second prize in the National Scienceand Technology Progress Award, marking New Hope Liuhe's sixth and seventhrecognition with this esteemed honor.

Case

"Efficient Duck Breeding Technology Creation, New VarietyCultivation, and Industrialization" Achievement Wins Second Prizein National Science and Technology Progress Award

Germplasm Resource ProtectionThe livestock and poult breeding indust sees as the "chip" of animal husband, representing a strategic and foundational core indust thatsafeguards national food security, food safety, and ecological security. New Hope Liuhe has consistently invested in breeding efforts, achievingbreakthroughs in challenging projects such as pig and duck "chips," thereby making substantial contributions to the protection of superior germplasmresources. For more detailed information on the Company's breeding research initiatives, please refer to the "Nutrition and Health R&D" section of thisrepo.

Retaining wall slope protection project in Datang Town

Co-creating Value

Chairperson Liu Chang visits a broiler farm of Egyptian farmers.

Contributing to theUN 2030 SDGs

Co-creating Valueto AchieveCommon Prosperity

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Co-creating Value

Empowering EmployeesNew Hope Liuhe adheres to a people-centric development philosophy, recognizing diligent workers as its most valuable asset. The Company activelysafeguards employee interests, establishes platforms for employee growth, prioritizes occupational health and safety, and fosters a harmonious andfriendly workplace atmosphere. It strives to attract, develop, and retain talent, share the fruits of its growth with employees, and create a win-winenvironment where corporate success and employee development go hand in hand.

Employee Rights and Well-beingThe Company has integrated human rights protection as a core corporate responsibility. It strictly complies with national laws and regulations, includingtheLabor Law of the People's Republic of Chinaand theLabor Contract Law of the People's Republic of China. The Company endorses and respectstheILO Declaration on Fundamental Principles and Rights at Work, and adheres to local regulations and policies in its operational areas. It eectivelysafeguards employees' legal rights, respects cultural diversity, implements diverse communication mechanisms, and encourages employee paicipationin corporate governance, thereby fostering an equal and inclusive workplace environment.

Rights ProtectionThe Company steadfastly adheres to legal employment practices and consistently updates internal management systems such asHuman ResourceManagement Regulations, New Employee Probation Management Measures, Rest and Leave Attendance Management Regulations, New EmployeeHandbook, andEmployee Code of Conduct. Regular promotional training is conducted to standardize ethical behavior policies, violence and conictpolicies, prevention of forced labor, prohibition of child labor, fair employment and diversity, anti-discrimination, working hours and leave, and otherfundamental rights-related content, thereby safeguarding employees' legal rights.Equal Employment and Freedom of ChoiceIn the recruitment process, the Company adheres to the principles of openness, fairness, justice, and merit-based selection, adopting a two-wayselection approach. It eliminates any form of recruitment discrimination, selects talent based on job requirements, and does not discriminate basedon race, color, gender, age, belief, or other factors, providing equal employment and development oppounities for all employees. The Company hasestablished a comprehensive compliance employment management system, strictly implements the labor contract system, prohibits the use of childlabor and forced labor, and respects employees' rights to freely choose their employment. It commits to publishing objective and truthful recruitmentinformation for job seekers to choose freely, does not restrict employees from engaging in specic work or work that does not align with their wishes,and suppos employees in pursuing their personal career goals and development.Anti-discrimination and Anti-harassmentIn accordance with the requirements related to the protection of female employees and human rights policies, the Company clearly states in itsHumanResource Management Regulationsthat it strongly opposes workplace harassment, including but not limited to physical harassment, psychologicalharassment, sexual harassment, verbal harassment, or abuse, fostering a mutually respectful work environment for employees. We maintain a zero-tolerance policy towards any form of harassment and discrimination, clearly specifying disciplina actions for harassment in our regulations, andexpect eve employee to actively monitor and repo violations. For any behavior that violates our standards, we will conduct a thorough investigationand take serious action against violators. We encourage and suppo good-faith complaints or feedback on violations, and implement whistleblower

Governance Strategy and Management Approach

Impact, Risk, and Oppounity Management Indicators and Targets

Complete the revision of management systems including the

Human Resource Management Regulations, New EmployeeProbation Management Measures, Employee Resignation,Retirement, Re-employment and Rehiring Management Measures,Rest and Leave Attendance Management Regulations, andEmployee Code of Conduct, encompassing prevention of forcedlabor, fair employment, and other peinent content.Establish a workers' congress system to ensure employees' rights topaicipation and oversight.

Consistently promote diverse and equal employment, explicitlyprohibiting any form of workplace discrimination, violence, orconict.Develop reasonable working hour systems and labor intensitystandards, ensuring employees' rights to rest and leave, enhancingemployee benefits, enriching employees' leisure activities, andimplementing employee care and suppo programs.

Mitigate risks such as employment discrimination and forced laborthrough policies, systems, and training initiatives.Regularly conduct training and cultural integration activitiesto address compliance risks and cultural conflicts in overseasemployment, identifying potential issues.

Routinely investigate and evaluate the management of employeerights and benefits, maintain open channels for employeefeedback, and promptly adjust and constantly improve theemployee rights protection and benets management system.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

protection measures to ensure the condentiality of all complaints and respect the privacy rights of those involved. Any retaliato actions will be metwith severe consequences.Working Hours and LeaveTheRest and Leave Attendance Management Regulationsclearly define working hour systems and overtime management norms, establishing ascientific working hour management system and reasonable labor intensity standards, actively ensuring employees' rights to rest and leave. TheCompany provides paid annual leave that exceeds national policy requirements and oers exible working hours. It guarantees maternity leave forwomen as required by the state, and provides marriage leave, bereavement leave, and paternity leave for male employees in accordance with localregulations at various operational locations. During the repoing period, we piloted an additional 2 hours of welfare leave per quaer to enhanceemployee satisfaction.The Company encourages employees to improve work eciency and complete their daily tasks within the specied time. Except for special and urgentsituations, the Company discourages overtime work and strengthens management's responsibility for efficiency oversight, strictly controlling thefrequency of oveime, and establishing a long-term mechanism to balance work and life.

Labor contract signing rate:

%Employee discrimination incidents:

Employee CareWe are deeply committed to addressingemployees' needs and concerns. Ourongoing initiatives, such as the GoodMutual Assistance Association and theWarm Heart Project, demonstrate thecorporate culture of care and responsibility.In 2024, the Company launched theWonderland of New Hope Liuhe employeecare service platform, featuring monthlysurprise box activities, quarterly paidwelfare leave, and interactive Mood Stationspaces. These initiatives are designed toenhance cohesion and vitality across theorganization. From July to August, weimplemented the Frontline Employee CareCampaign, organizing a series of themedactivities including heartwarming care,safety awareness, cultural events, andlearning sharing sessions, all aimed atimproving frontline employees' satisfactionand sense of belonging.

Employee Benets and WelfareThe Company is committed to providing a comprehensive and diverse range of benets and welfare programs for employees. We have implementedmultiple initiatives to safeguard both the physical and mental well-being of our sta, organizing a wide array of cultural activities to promote work-lifebalance and enhance employees' sense of security, achievement, and happiness. These eos aim to foster team cohesion and a sense of belonging,creating a warm and harmonious work environment.

Welfare GuaranteeThe Company oers a multifaceted approach to employee benets, with detailed explanations of various welfare programs and allowance standardsoutlined in theWelfare and Allowance Management Measures. These encompass social insurance and housing provident fund contributions, accidentinsurance coverage, holiday entitlements and paid leave, employee activities, and compassionate assistance programs, all designed to enhanceemployee satisfaction and well-being.Statutory Benefits:

The Company offers social insurance, housing provident fund, paid leave, parental leave (including maternity leave), andbereavement leave, among others.Distinctive Benets:

The Company provides a range of additional benets such as free accommodation and meals, annual health check-ups, mealallowances, communication subsidies, transpoation allowances, housing subsidies, holiday gifts and bonuses, condolence funds, welfare leave, andour Wonderland of New Hope Liuhe surprise box activities. Special benets are also tailored to local customs in various operational areas, such asoering Eid al-Fitr and Eid al-Adha allowances in the Bangladesh company.

KEYPERFORMANCE

Co-creating Value

Since its establishment in 2014, the Good Mutual Assistance Association has assisted2,865

families, with total aid amounting to RMB

28.4127

million.In 2024, the Good Mutual Assistance Fund raised RMB

3.993

million, assisting

families with a total aid of RMB

5.5051

million.Diverse ActivitiesWe enrich employees' lives through a variety of cultural and spos activities, fostering interaction and communication among sta members. Theseinitiatives help create a harmonious team atmosphere and build a united workforce striving towards common goals.

Basketball tournament in the Philippines RegionDiversity and Inclusion

The Company champions a culture of diversity and inclusion, taking into account various factors such as employees' gender, cultural background, andexperience. We have established an equal oppounity framework that spans the entire employee lifecycle, from recruitment and compensation totraining and promotion. This approach fosters a fair and inclusive workplace ecosystem and cultivates a diverse talent pipeline.Suppoing Female Employees' Development.We actively work to eliminate gender discrimination and prioritize the protection of female employees'rights. The Company strictly adheres to national policies on maternity leave, parental leave, and breastfeeding leave, and has installed nursing roomsin all oce locations. We organize a series of activities for International Women's Day to enrich the cultural lives of female employees and reinforce ourcommitment to respect and care. We provide equal training oppounities for female sta, encourage and nuure them for management positions, andensure that capable female employees can fully paicipate in company management, leveraging their unique strengths.Caring for Special Groups.We make accommodations for employees with disabilities by arranging appropriate job positions based on their individualcapabilities. This approach constantly improves workplace inclusivity and contributes to the Company's sustainable development.Respecting Cultural Diversity.We oer specialized suppo and assistance to ethnic minority employees, respect all employees' freedom of religiousbelief, and have established prayer rooms in all our oces. Overseas subsidiaries actively promote equality and diversity, encourage cross-culturalunderstanding, and honor local traditions. During Western holidays such as Valentine's Day and Christmas, they organize celebrato events to helplocal employees feel respected and valued, demonstrating the Company's appreciation for cultural traditions and fostering a workplace atmosphere ofinclusiveness and unity.

KEYPERFORMANCE

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

From August 5-16, 2024, the Company's Qingdao platform organized a two-week special daycare program for employees'children, providing diverse summer camp learning activities for over 30 children.

Propoion of women in management positions:

14.12

%Propoion of women in middle management:

14.08

%Propoion of women in senior management:

%Propoion of women in the resee management talent pool:

26.68

%Propoion of women holding management positions in revenue-generating functions:

3.39

%Propoion of ethnic minority employees:

7.71

%Propoion of employees with disabilities:

0.49

%

Case

Daycare Summer Camp for Employees' Children

Equal CommunicationThe Company remains committed to a people-oriented approach and has taken multiple measures to advance democratic management. It hasformulated theDetailed Rules for the Implementation of the Workers' Congressand ensures the disclosure of company rules, regulations, notices, andannouncements through channels such as the workers' congress and the OA system. These eos fully safeguard employees' rights to information,paicipation, and oversight, while enhancing their involvement in corporate governance. To fuher strengthen corporate transparency, the Companycontinues to improve its open management practices and communication mechanisms, fostering a strong sense of ownership among employees. Thiscontributes to democratic decision-making, fair and just stakeholder relations, and a harmonious, united workforce. In 2024, the Company promotedthe establishment of workers' congresses and trade unions across all business units, forming a structured mechanism for democratic management.All major corporate decisions and policy revisions followed strict democratic procedures, including open disclosure and the solicitation of employeefeedback.

KEYPERFORMANCE

Co-creating Value

The Company holds the rst meeting of the fouh workers' congress.

Talent Attraction and RetentionThe Company adheres to a talent-rst strategy, implementing comprehensive talent management practices. It actively promotes diverse recruitmentchannels, oer competitive indust-level salaries and attractive benets, and has developed a dierentiated, tiered, and classied talent system. It hasalso created a distinctive corporate training program to energize employees at all levels, providing both talent assurance and intellectual suppo forhigh-quality development. This holistic approach aims to achieve optimal person-job t, eective talent identication and utilization, team activation,and organizational unity.

Active Solicitation of Employee Feedback:

The Company actively solicits employee input through multiple channels, including email, open telephonelines, and the "Mood Station" on the Wonderland of New Hope Liuhe platform. We have rened our employee feedback mechanism, maintaining anopen-door policy for suggestions. Our employee seice platform features an HRSEC hotline and a Feishu seice desk to receive employee input,suggestions, or queries, enabling us to address employee concerns promptly and establish a sustainable, eective mechanism.Democratic Supeision:

The Company has established clear channels for complaints and whistleblowing. All repos submitted by employees aresubject to thorough investigation, with strict condentiality maintained throughout the process, safeguarding employees' legal rights and suppoingthe sustainable and healthy development of the Company.

Governance Strategy and Management Approach

Impact, Risk, and Oppounity Management Indicators and Targets

Revise management systems, including theEmployee Promotion/Demotion Management Measures, and introduce new policiessuch as theTrial Measures for Cadre Point ManagementandTrialMeasures for Cadre Probation Management. Ensure standardizedand legally compliant procedures for promotion, incentives, andtraining, thereby providing a fair, transparent, and stable careerdevelopment platform.

Implement a "talent first" strategy, focusing on the full lifecyclemanagement of selection, utilization, cultivation, and retention.Create a differentiated, tiered, and classified talent system topromote person-job t and diverse development oppounities.Enhance the tiered talent cultivation system and key professionalcapability framework. Constantly improve the management ofthe New Hope Academy online platform to foster a learningorganization.Develop differentiated compensation structures and incentivemechanisms tailored to various job types to motivate employeesand nuure an entrepreneurial spirit.Conduct regular talent inventory for key management andprofessional positions. Apply the results to inform promotion,development, and incentive processes, thereby mitigating the riskof skill mismatches in critical roles.Develop well-structured training plans to avoid setting overlyambitious training goals without sucient resources or providingtraining content that is misaligned with indust trends, which couldcompromise the eectiveness of employee skill development.

Constantly monitor and analyze key metrics, including trainingexpenditure, training hours, and training coverage, to eectivelytrack and evaluate progress.Establish specific indicators, such as the reserve rate of maturesuccessors for key positions and the retention rate of high-potential talent. Regularly monitor the achievement status ofthese indicators to strengthen the talent pipeline and retentionstrategies.Implement monthly turnover monitoring and analysis for keypositions. Pay close attention to turnover rates in critical roles andamong frontline production sta.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Talent Pipeline DevelopmentThe Company is committed to developing core operational and professional capabilities, aligning with its business development strategy. It conductsin-depth analyses of both long-term and sho-term strategic objectives to dene clear directions for business expansion and technological innovation.Leveraging the results of talent invento, the Company assesses team capability alignment and core position competencies, forecasts both long- andsho-term talent gaps, and formulates talent allocation plans that meet business development needs, thereby ensuring a sustainable talent supply.The Company adheres to the principles of fairness and professionalism in recruitment processes. To this end, it has established diverse talentacquisition channels, including campus recruitment, social recruitment, employee referrals, school-enterprise panerships, and internship programs.These channels enable us to attract a wide range of exceptional talent and enhance the eciency of matching candidates to suitable positions. Ourinterviewers undergo rigorous selection, training, and assessment before they are cleared to conduct interviews. They are also subject to regularcomprehensive evaluations to maintain fairness and professionalism throughout the inteiew process. Fuhermore, we actively seek feedback fromcandidates regarding their inteiew experiences, allowing us to constantly rene and optimize our procedures.

Key Peormance 2024 (persons)

EmployeeComposition

Total number of employees 41,327Number of employees by gender

Male employees 31,852

Female employees 9,475Number of employees by age

Employees aged 30 and under 12,291

Employees aged 31-50 23,749

Employees aged 51 and above 5,287Number of Chinese employees byhierarchical level

Senior management 10

Middle management 1,428

Frontline employees 39,889Number of employees byeducational level

Employees with high school diplomas or under 13,993

Employees with associate degrees 11,064

Employees with bachelor's degrees 13,710

Employees with graduate/MBA degrees or above 2,560Number of employees by region

Employees from China (including Hong Kong, Macao, and Taiwan) 33,912

Overseas employees 7,415New hires during the repoing period 6,325Newly recruited fresh graduates 262Employee DevelopmentNew Hope Liuhe has established andconstantly refines its employee trainingand growth system. The Company hasimplemented internal policies such as the

Internal Lecturer Management MeasuresandLearning Platform Management System,exploring employee learning and developmentmodels tailored to the organization's uniquecharacteristics. Through a multifaceted,systematic, tiered, and specialized talentdevelopment system, we provide employeeswith extensive opportunities for growth andcareer advancement.

Total employee training expenditure RMB 6.7563 millionTotal training attendance during the year 37,600Total employee training hours 1184,002.38Employee training coverage rate 76%Average training hours per employee 28.65

Key Peormance 2024

KEYPERFORMANCE

KEYPERFORMANCE

Co-creating Value

Tiered Leadership DevelopmentThe Company has established a comprehensive management talent supply chain and enhanced its tiered management talent training system. Throughvarious talent development initiatives such as EMBA, Mid-level Training Program, the Hope Plan, and the New Talent Training Camp, it cultivates andretains outstanding talent for various levels of management. This approach allows us to build a robust pipeline of operational management cadres andenhance the leadership and operational capabilities of both current and future management teams.

Strengthening the "Head"Enhancing the "Shoulders"

Reinforcing the "Waist"

Upgrading the "Foundation"

CoreSeniorExecutives(including BUPresidents)General Manager Level(including current and reseeRegional/Area GeneralManagers and Branch GeneralManagers)Middle Managers(Depament Managers)

Campus Recruits

Leadership TalentVisionaOperational Management TalentStandardized and Execution-OrientedProfessional Management and Operational TalentSpecialized and VersatileFuture Talent ReseeStructured, Competent, High-Potential

Tiered Development System for Management Talent

Tiered Training CoursesNew Employees

New TalentTraining Camp

The Company has implemented a comprehensive new talent development strategy centered on centralizedlearning, follow-up guidance, and on-the-job experience. In 2024, we completed online centralized trainingfor 310 new employees, facilitating their successful transition into their professional careers.

Management

EMBA Program

The Company has launched the EMBA program for high-peorming, high-potential internal talent. Theaim is to complement academic qualications and enhance capabilities, integrating seamlessly into theCompany's leadership development system. The program is designed to cultivate senior managers in theChinese agricultural, animal husbandry, and food industry who possess systemic thinking, outstandingleadership skills, and innovative spirit.In 2024, we conducted 8 course activities across 2 cohorts, training a total of 84 mid to senior-levelmanagers. The program achieved a trainee satisfaction rate exceeding 92%.

Management andLeadership Training

The Company has organized specialized training classes for key personnel in our feed and pig farmingoperations. These classes focus on developing the skills necessa to excel as a general manager, includingcultivating an operational mindset and comprehensive management abilities. The training aims totransform managers of professional tracks and production sites into qualied, well-rounded operationalleaders. In 2024, our feed business Mid-level Training Program selected 45 high-potential talents, while thePig BG Mid-level Training Program identied 41 high-potential individuals for development.Professional System Development

To enhance critical professional roles such as nutrition technology, quality control, and veterinary medicine, the Company has implemented acomprehensive capability system for key professional tracks. We organize specialized training programs to bolster professional competencies in theFeed Sector and the Pig Sector, thereby fostering long-term competitive advantages.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

High-PotentialQuality ControlOfficer Training Camp,Quality Control EliteProgram

Through its High-Potential Quality Control Ocer Training Camp, the Company has implemented regional best practicecourses and tailored professional curricula. This initiative targets 220 high-potential personnel in the quality controltrack, providing them with developmental empowerment. From this coho, we selected 42 outstanding high-potentialquality control officers as reserve quality control managers and enrolled them in the Quality Control Elite Program,ensuring a continuous pipeline of talent for key positions in the quality control track.Nutrition TechnologySpecialized Training

The Company has reinforced talent development in the nutrition technology track to enhance product quality andsupport business operations, facilitating the emergence of exceptional talent. In 2024, we provided empowermenttraining to 40 high-potential quality control and technical personnel.Veterina SpecializedTraining

The Company has implemented a comprehensive career development system for the veterina track, establishing clearprogression pathways and realizing the full implementation of training ceication processes. In 2024, we establishedtraining bases across various squads and organized 15 professional empowerment training sessions for 257 veterinarians,achieving a 93% pass rate in training assessments.

Veterina system advanced studies

Core strength training for the pig farming business

Nutrition technology specialized training

Co-creating Value

Enhancing Online TrainingFocusing on core business areas, the Company has constructed a digital learning system for key talent. It consistently optimizes the New HopeAcademy online platform, fostering the development of a learning organization. In 2024, we integrated our training platform with daily oce systems,empowering 1,700 core sta members. The total online learning time for the year reached 172,918.38 hours, with 13,610 attendances, averaging 12.71hours per employee.Expanding External ResourcesThe Company actively cultivates partnerships with external professional institutions, integrating high-quality educational resources to provideemployees with diverse learning and development opportunities. In 2024, we obtained independent evaluation qualifications for senior animalhusband technicians and senior veterinarians, deeply engaging in the cultivation and ceication of leading talents in the agricultural and animalhusband indust. This initiative promotes continuous improvement in both the quantity and quality of senior talent.Internal Trainer Development

To promote the accumulation and transfer of knowledge and skills, the Company consistently strengthens its internal trainer team. It has formulatedthe Internal Lecturer Management Measuresto standardize ceication and operational management, provide empowerment training, and motivateinternal trainers through annual excellence awards, benchmark promotions, and class hour incentives. These efforts enhance teaching standardsand provide robust faculty suppo for our internal training. During the repoing period, we continued to advance internal trainer ceication anddevelopment, incorporating these into employee development systems such as promotion, assessment, and excellence evaluation.Promotion and IncentivesThe Company places great emphasis on employee development, stimulating potential by constantly rening employee promotion management systemsand compensation incentive mechanisms. We encourage employees to excel in their roles and make signicant contributions, oering comprehensivecareer development suppo and fair, open advancement oppounities.Clear Career Development Paths

Based on the talent structure characteristics of our industries and sectors, the Company has created dierentiated, tiered, and classied talent systemsfor personnel with vaing attributes. We have established three major career tracks: "M" for management and operational talent, "P" for key sequenceprofessional talent, and "O" for vocational skills talent. Each career track is fuher divided into multiple sequences and job types, oering employeesdiverse development paths.The Company conducts regular talent invento for key management and professional positions, comprehensively evaluating the quantity, structure,and competency of talent at all levels, and formulating capability development plans for talent echelons. In 2024, we consistently improved our talentevaluation standard system, establishing competency proles and evaluation criteria for key management position successors. These are applied incritical management processes such as resee talent selection, training, promotion, and assessment. We also optimized qualication standards forprofessional sequences including technical R&D, quality control, and veterina medicine, seing as standard criteria for professional talent selection,promotion, and external recruitment.Based on assessment results, we newly introduced the Trial Measures for Cadre Point Management and Trial Measures for Cadre ProbationManagement, and revised the Employee Promotion/Demotion Management Measures. These clearly dene promotion cycles, qualication conditions,and review processes, providing employees with equitable and transparent promotion channels and development oppounities.

Farm ManagerLine Manager/WorkshopDirector/Elite Operator

Supervisor/Senior

TechnicianAdvanced TechnicianIntermediate TechnicianJunior Technician

Sta Member / Assistant / Associate Specialist

Management Track

Professional TrackSkills TrackShareholding Team,BG/BU PresidentSquad President

Chief Expe/Chief Engineer

Senior Expe/EngineerAdvanced Expe/Engineer

Expe/Engineer

Intermediate Expert/

Engineer

Junior Expert/Engineer

Regional General Manager

Regional/Area General

ManagerBranch and SubsidiaryGeneral Manager/LargeFarm ManagerSenior Manager/Manager/Deputy Manager

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Competitive Compensation and Incentive SystemThe Company prioritizes comprehensive employee remuneration, adhering to the principle of equal pay for equal work. It has developed dierentiatedcompensation strategies and incentive mechanisms tailored to various job roles, encompassing both xed compensation and variable incentives. Thisapproach ensures employees receive fair compensation for their work while motivating them to innovate and contribute to the organization's success.Fixed compensation is disbursed monthly based on predetermined amounts, primarily considering employees' key competencies, including workexperience, educational background, position, and market scarcity. Sho-term incentives, such as special bonuses or annual bonuses, are designed tomotivate the achievement of company, depamental, and individual peormance targets. Medium to long-term incentives comprise equity incentivesand bonus pool incentives, primarily oered to core employees to align the interests of shareholders, the Company, and employees, while retainingkey talent. We regularly monitor and assess market compensation levels and annual sala increases to ensure our remuneration packages remaincompetitive. Additionally, we closely link compensation to the Company's overall operating peormance and individual achievements, maintaininginternal equity.

Total employee compensation: RMB

5,909.9388

million

Bonus Pool Distribution Mechanism:

The Company evaluates performance based on three key indicators: corenancial results, operational excellence, and risk control. It has implemented a bonus resee mechanism for sectorBUs that are assessed using prot-based accrual methods, especially in years with high market volatility. This approachhelps balance incentive intensity across dierent years for both headquaers executives and sector BUs.Rolling Retention Mechanism:

For core personnel, allocated bonuses are subject to a rolling retention mechanism,disbursed only after passing the following year's comprehensive evaluation, discouraging sho-term thinking.

Living Wage

Employees' living wages are determined based on local average salaries, economic conditions, consumer price indices,and housing costs. The living wage is set to be no less than the local minimum wage standard. Under full attendanceconditions, wages are paid in full, with average actual wages signicantly exceeding the living wage.DifferentiatedCompensationStructuresand IncentiveMechanisms

Peormance-sharing system is implemented for management and functional employees.Piece-rate system is implemented for frontline production workers.Commission-based system is implemented for sales personnel.Position-grade sala and a peormance-based wage system is implemented for hourly employees.Equity-based Medium to Long-term Incentives

Equity IncentivesIn accordance with the 2022 Employee Stock Incentive Plan, the Company unlocked the second phase of restrictedshares and employee stock ownership plans, as well as the rst phase of reseed restricted shares granted in 2023.The Company launched the2024 Employee Stock Ownership Plantargeting core personnel, advancing theimplementation of its long-term incentive mechanism to retain and motivate key management and core sta.The equity incentive mechanism includes individual peormance evaluations, with unlocking ratios linked to dierentevaluation levels.Bonus Distribution

Strengthening Peormance Evaluation and IncentivesThe Company has established a comprehensive corporate peormance indicator database based on thePeormance Management Measures. Thissystem incorporates multi-dimensional peormance evaluation criteria, including work achievements, work ethic, and adherence to daily behavioralnorms. We employ an agile peormance management method, conducting dierentiated assessments by level and layer on a quaerly basis to ensurefair and eective peormance evaluations. Throughout the evaluation cycle, we emphasize continuous peormance communication, primarily throughface-to-face inteiews. Depament heads and supeisors regularly assess employees' work progress and address any issues, providing appropriatesuppo. Following the assessment, the employee's direct supeisor provides feedback on the evaluation results, discussing strengths and areas forimprovement, while also outlining the next work plan. For employees rated C or D, we analyze and diagnose problems, propose improvement measures,and collaboratively develop clear improvement goals and pathways.

KEYPERFORMANCE

Co-creating ValueFurthermore, the Company has enhanced its performance feedback mechanism, establishing channels for employee performance feedback andappeals. If employees have objections or concerns regarding their peormance evaluation results, they can submit a written appeal to the HumanResources Department within five working days of completing the assessment, providing relevant supporting documentation. Upon receiving awritten appeal, the Human Resources Depament conducts a thorough investigation of the matter. If the investigation reveals misconduct or seriousdereliction of duty by relevant personnel, or fabrication of facts by the appealing employee, the Company will take appropriate disciplina action.Occupational Health and Safety

The Company strictly adheres to the requirements of laws and regulations such as theWork Safety Law of the People's Republic of Chinaand theLaw of the People's Republic of China on the Prevention and Control of Occupational Diseases. It has improved the production safety managementprotocols and regulations, enhanced production safety management standards, and eectively safeguarded employees' lives, company assets, and thesafe operation of various production facilities, contributing to the Company's stable operation and sustainable development. As of the end of 2024,55 of our branches and subsidiaries have obtained Level 3 Production Safety Standardization ceication, covering all business operations as well ascontractors and suppliers.Production Safety ManagementRening Management MechanismThe Company has intensied its focus on production safety management awareness and rened its internal management systems. These include theProduction Safety Management System, Production Safety Incident Management System, Production Safety Incident Accountability ManagementSystem, andConned Space Safety Management Measures. We constantly enhance our production safety management framework, establishing clearproduction safety objectives and plans while implementing a comprehensive production safety responsibility system. Annually, employees at all levelssign aProduction Safety Responsibility Agreement, with adherence to this agreement incorporated into peormance evaluations. We have also linkedsafety peormance to executive compensation, ensuring that safety responsibilities are clearly delineated down to depamental and individual levels.Moreover, the Company has integrated production safety into its audit process, conducting rigorous annual reviews of the implementation of relevantsystems. When issues are identied, we take swift corrective actions and diligently track their implementation to eectively elevate our productionsafety management standards. In 2024, the Company achieved 100% of its production safety management objectives.Implementation of the production safety information platform AchievedCompletion of the safety ocer ceication training plan AchievedMajor risk control AchievedPilot program for feed mill equipment management and production safety coordination; feed mill inspections AchievedProduction safety management during major holidays Achieved

Production Safety Objectives 2024 Achievement Status

These entities are charged with establishing and maintaining comprehensive production safetymanagement systems and mechanisms within their respective branches and subsidiaries, ensuringalignment with company-wide requirements.

Organizational Structure for Production Safety Management

Safety and EnvironmentalProtection Center of EngineeringOperations Department

This center is tasked with formulating company-wide production safety regulations, providing guidance,supeision, inspection, and evaluation of production safety work across all operational levels, and drivingthe implementation of production safety initiatives.Production Safety ManagementOrganizations at Various Levels

These organizations form the foundation of our production safety management system. They areresponsible for implementing production safety policies and objectives, as well as executing productionsafety management tasks.Branch and Subsidiary ProductionSafety Management Organizations

*LTIFR = (Number of lost time injuries) / (Total working hours in the accounting period) x 1,000,000

KEYPERFORMANCETotal production safety investment: RMB

92.9281

millionMajor production safety Incidents:

Work-related fatalities (including dispatched workers):

Lost time inju frequency rate (LTIFR) *:

73.19

Number of injured employees:

Total inju rate:

0.21

%Employee inju rate per thousand:

2.1

‰Lost workdays due to work-related injuries:

1,036

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Dual Prevention MechanismIn accordance with theSafety Risk Classification Guidance, the Company has instituted a dual prevention mechanism for safety risk hierarchicalcontrol and hidden danger investigation and management. Each subsidia and branch company conducts comprehensive safety risk identication,assessment, and control tailored to their specic types and characteristics. They focus on identifying potential production safety hazards to eectivelyprevent various safety incidents. Fuhermore, subordinate units are encouraged to establish production safety repoing systems, broadening channelsfor employee paicipation in production safety supeision and management, thereby strengthening production safety oversight.

Safety Risk Hierarchical Control

Safety Risk Identication

We develop scientic safety risk identication procedures and methods customized to each unit's types andcharacteristics. We comprehensively conduct safety risk identication, establish a safety risk database, andupdate it regularly. Our safety risk identication process covers eve critical production process and stage.Safety Risk Assessment

We evaluate and categorize identied safety risks, comprehensively considering causal factors, inducingcauses of accidents, harmful substances, and inju modes to determine safety risk categories.We implement eective control measures for safety risks based on their characteristics, addressing aspectssuch as engineering technology, management, education and training, personal protection, and emergencyresponse. We have established a comprehensive safety risk notification system and strengthenedproduction safety education and skills training to ensure that management at all levels and eve employeegrasps the basic situation of safety risks and preventive and emergency measures.

Safety Risk Control

Production Safety Hazard InvestigationHazard InvestigationResponsibility System

We have established and implemented a production safety hazard investigation responsibility system thatextends from key personnel to general employees. We provide necessa funding and technical suppo forproduction safety hazard investigations, ensuring production safety management personnel have sucienttime to paicipate in on-site hazard investigations.Comprehensive HazardInvestigationHazard InformationDisclosure

We have improved various inspection methods for production safety hazards, including daily inspections,comprehensive inspections, professional inspections, seasonal inspections, key period and pre-holidayinspections, accident analogy inspections, pre-resumption inspections, and expe diagnostic inspections.We have established production safety hazard information archives and announce them to employeesthrough information boards or other means.

Time-Limited Rectificationof Hazard Items

For identified production safety hazard items, we promptly require relevant departments to implementtime-limited rectifications, adhering to the "Five Determinations" (i.e., determining the responsibility,measures, time, standards, and personnel) principle and conducting closed-loop management. For majorhazards, we ensure the "Five in Place" (i.e., rectication measures, responsibility, funding, time limits, andcontingency plans) policy.

Branches and subsidiaries covered by safety empowerment and supeision inspections:

Safety hazards identied:

22,968

Safety management suggestions and recommendations proposed:

4,218Safety hazard rectication rate:

99.29

%

KEYPERFORMANCE

Co-creating Value

Fire rescue drills in the summer

Distribution of emergency response cards at production sites to enhancesafety awareness and emergency handling capabilities

Reinforcing Emergency ManagementThe Company rigorously adheres to theEmergency Response Law of the People's Republic of Chinaand theMeasures for the Administration ofContingency Plans for Work Safety Incidents. It has developed a comprehensiveEmergency Management Planand rened the responsibility system forresponding to production safety emergencies. We actively promote the establishment of production safety emergency response teams or emergencyrescue command centers across the organization. For potential safety incidents, we have developed a robust emergency plan system to prevent andmitigate signicant risks. Dedicated or pa-time emergency rescue teams have been formed, equipped with essential protective gear and emergencysupplies. Mutual aid agreements have been established with neighboring enterprises. Regular emergency drills and practical training are conductedannually, aiming to enhance employees' ability to respond to unexpected events and safeguard the lives and propey of our workforce and the public.In 2024, the Company conducted a total of 1,656 emergency drills for production safety.Managing Contractor SafetyThe Company has standardized its contractor management process within theProduction Safety Management System. Prior to contractors engagingin specic activities at our production and operation units, we implement a thorough vetting process, rigorously assessing their production safetyqualications and past peormance. We establish clear production safety requirements and responsibilities by signing safety management agreementswith contractors. Our team regularly inspects contractors' safety conditions, monitors their operations for safety compliance, evaluates theirpeormance, and promptly addresses any issues identied. During operations, if a contractor violates our production safety regulations and refuses torectify the situation, we mandate an immediate cessation of their activities. In the event of a rst or second-level production safety incident caused by acontractor, we internally publicize their information throughout the Company.Handling Safety IncidentsThe Company adheres to the principles of "hierarchical management, seeking truth from facts, respecting science, and the four-no-exemption rule."It has implemented aProduction Safety Incident Management Systemand aProduction Safety Incident Accountability Management Systemtostandardize the approach to managing and handling safety incidents. Following an incident of any scale or type, the responsible unit leader promptlyinitiates emergency rescue eos to minimize casualties and propey damage. We form an incident investigation team to conduct internal inquiries,regularly assess the situation, and implement thorough corrective measures to eliminate safety hazards completely. Our accountability system forproduction safety incidents assigns direct responsibility and leadership accountability based on the severity and nature of the incident. Fuhermore,in cases of work-related injuries, we strictly adhere to relevant laws and policies by providing timely and fair compensation to aected employees andtheir families, while also oering psychological suppo and humanitarian assistance.Promoting Safety AwarenessThe Company embraces a people-centric, education-rst approach to cultivate a distinctive safety culture. We emphasize employee education andtraining on production safety laws, regulations, knowledge, and operational skills. This strategy aims to enhance our workforce's sense of responsibilitytowards production safety, improve their professional capabilities, and rene their operational skills. We guide all employees to prioritize productionsafety at a fundamental level, constantly improving overall safety consciousness and execution.

KEYPERFORMANCEProduction safety training sessions conducted across various levels:

11,827Employee attendance in production safety training:

7,162,135Total hours of production safety training:

505,127

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Occupational Health Protection

The Company prioritizes employee safety during operations, safeguarding their lives, health, and associated rights. It meticulously follows therequirements set foh in theLaw of the People's Republic of China on the Prevention and Control of Occupational Diseasesand theManagement Rulesfor Labor Protection Supplies of Employers. We have enhanced our occupational health management system, standardizing aspects such as frontlineemployee training, provision of personal protective equipment, and operational process management. Our team conducts comprehensive hazard riskassessments for key positions to identify and eliminate potential occupational health risks. We organize regular occupational health examinationsfor employees in toxic and hazardous positions, diligently conduct occupational health awareness campaigns and training, and have established theEmployee Inju Incident Handling Proceduresto boost frontline employees' self-rescue and mutual aid capabilities. As of the end of 2024, 20 of ourbranches and subsidiaries have obtained ISO 45001 Occupational Health Management System ceication, encompassing all business operations aswell as contractors and suppliers.In 2024, the Company established a comprehensive emergency response mechanism. We encouraged various office platforms, branches, andsubsidiaries to form dedicated emergency rescue teams, conducting extensive emergency rescue training and practical drills in oce areas. Additionally,we disseminated rst aid knowledge to all employees through live online broadcasts and recorded sessions, ensuring widespread accessibility.Fresh Meat Division:

The Division has formulated anOccupational Hazard Emergency Rescue Plan, equipped its facilities with emergency rescuedevices, and conducts regular emergency response drills. Eve three years, a qualied third-pay agency is commissioned to conduct an occupationalhazard assessment and provide an evaluation repo. The Division also conducts regular testing of occupational hazard factors related to productionprocesses, workplace environments, and operational activities—including noise, dust, and toxic gases—to ensure all indicators remain within acceptablelimits.Overseas Sector:

The Sector has improved its occupational health-related policies and documentation, in accordance with the laws and regulationsof each host count, to safeguard employee health. Measures include regular monitoring of the working environment, periodic health examinations,and the organization of rst aid training sessions. Among them, the Indonesia Region has progressively optimized positions with occupational diseaserisks and introduces psychological health consultation seices for employees. Throughout the year, dynamic monitoring and continuous improvementare conducted, ensuring a reduction of risk points by over 10% annually. The region achieves 100% coverage of occupational health examinations andincreases employee paicipation in psychological health consultations by 5% each year. The Myanmar Region has procured comprehensive commercialinsurance for employees with a total coverage of 10 million Myanmar Kyat (approximately RMB 34,000) and organizes annual health examinations.

The Mandalay company in the Myanmar Region won the Best Practice Award in the 5th ASEAN Occupational Safety and Health Competition.

KEYPERFORMANCE

Employee occupational health examination coverage rate:

45.34

%; Pre-employmentand annual physical examination coverage rate:

%Investment in occupational inju insurance for employees: RMB

19.155

millionOccupational inju insurance coverage rate for employees:

57.63

%

Co-creating Value

Empowering FarmersNew Hope Liuhe constantly fullls its corporate mission of "beneting farmers and seing consumers." By leveraging its ecient, intensive managementsystem and comprehensive industrial chain resources, the Company collaborates with farmers to explore mutually benecial pig farming models. Ithas innovated inclusive nancial seices to address farmers' nancing challenges, thereby empowering the standardization and modernization ofagriculture and animal husband with nancial "living water."

Financial Suppo for AgricultureThe Company amalgamates resources from banking, insurance, and other sectors, leveraging the agricultural and livestock indust chain to innovatea guarantee-centric supply chain nancial model. This approach constantly enhances our inclusive guarantee seices. Through our specialized teamsoperating across 28 provinces and cities nationwide, we oer nancing guarantee seices to both upstream and downstream clients within the industchain. This initiative addresses the challenges of dicult and costly nancing for agricultural indust chain paicipants, thereby establishing a robustfoundation for advancing indust chain development. By the end of 2024, the Company has seed 212,700 instances cumulatively, facilitating RMB 75billion in nancing, eectively suppoing and beneting the agricultural sector.

Financing Guarantee Seices

Adhering to the principle of "government suppo, bank cooperation, farmer paicipation, and market operation," the Company actively promotesinnovation in business models, operational processes, risk prevention, institutional frameworks, and management systems. We have established a multi-tiered credit guarantee system, oering 35 specialized products across 7 major categories. Additionally, we consistently develop and optimize nancingchannels, eectively reducing nancing costs for farmers.In 2024, the Company delved deeper into bank-enterprise cooperation models, forging panerships with state-owned banks, joint-stock banks, citycommercial banks, and foreign banks. By leveraging our expeise in risk management for farmers, we have collaborated with 22 banks, securing a totalcredit line of RMB 12 billion.

Eight Major Seices of the Assistance Model

Assistance ModelTo help farmers address the challenge of cost competitiveness, the Feed Sector has introduced the innovative "company + farmer" assistance model.Leveraging our extensive resources and capabilities in procurement, nutritional formulation, and market analysis, we provide eight comprehensivesuppoing seices for large-scale pig farm clients. These seices include piglet procurement, nutritional solutions, nancial suppo, African swinefever prevention and control, pig insurance, animal health seices, farming technology, and pig sales seices. This model helps clients achieve low-risk, high-eciency, and wor-free pig farming. Fuhermore, we have integrated the Jianzhubang farm data management software, meeting theproduction data and operational needs of large-scale pig farm owners. This enables them to monitor pig production dynamics in real-time, making pigfarming more manageable and ecient for farmers.Compared to traditional pig farming models, our assistance model offers three core advantages through full integration, full synergy, and fullprofessionalism, comprehensively helping farmers improve their pig farm economic benets.

In 2024, New Hope Liuhe's Pig Sector established panerships withover3,400

family farms across

provinces nationwide.Through the "company + farmer" model,

8.89

million fattened pigswere marketed, generating RMB

3 billion in income for farmers.KEYPERFORMANCE

Piglet Procurement

We assist farms in sourcing high-quality local piglets or New Hope Liuhe's internal piglets, adhering to stringent double-negativestandards.Nutritional Solutions

We provide precise product packages tailored for large-scale pig farms, fully meeting the nutritional needs of pigs at various growthstages.Financing SuppoWe resolve nancing diculties, delays, and high costs through New Hope Liuhe's nancial platform and inclusive guarantees.African Swine FeverPrevention and Control

We strictly adhere to four levels of biosafety classication to ensure environmental and product safety.Pig InsuranceWe help farms purchase comprehensive insurance to secure the pig farming process.Animal Health SeicesWe oer New Hope Fenglan animal health products and over 200 specialized animal health testing seices.Farming SOPsWe provide technical guidance, on-site seices, process control, and farming SOPs to optimize operations.Pig Sales SeicesWe professionally assess market conditions, connect multiple sales channels, and ensure rapid capital turnover for farmers.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Yang Limei, a pig farmer from Pingdu City, Shandong Province, has been engaged in pig farming since 2009. She initiallyconstructed 6 pig houses with a capacity of 1,000 pigs but faced working capital constraints when expanding her operation.The Company promptly provided a working capital loan of RMB 600,000. In 2020, when Yang initiated the construction of amodern farming facility and encountered fuher nancial challenges, we increased her loan limit to RMB 3 million. Throughyears of technological upgrades, Yang's old sheds have been transformed into a standardized fattening farm with 2,000 pigs,reaching a total stock of 6,500 pigs. This has resulted in an average annual income increase of over RMB 2 million, establishingit as a notable modern standardized fattening pig farm in the area.

Before and after comparison of Yang Limei's pig house upgradesWei Kaipeng from Pingyi County began chicken farming in 2015. In 2018, responding to the call for standardizedconstruction, he built 10 modern sheds with a capacity of 300,000 chickens. Facing a capital shoage due to equipmentpurchases, our guarantee company provided an equipment loan of RMB 3 million. Through a value preseation contractwith Liuhe Pingyi Cold Storage Plant, direct supply of chicks, feed, and medicine was achieved, eectively reducing farmingcosts. After the project's implementation, annual revenue exceeded RMB 5 million, enabling Wei to clear all loans withinthree years and expand to a 390,000-chicken capacity. In 2021, when his farm faced an infectious langotracheitis outbreak,the Company proactively issued an RMB 1 million loan for suppo, facilitating rapid production recove and helping Weiovercome operational diculties. He has now become one of the largest direct suppliers of meat chickens in the area.

Before and after comparison of Wei Kaipeng's standardized chicken house renovation

Case

Empowering Agricultural Industry Upgrade through InclusiveGuarantees

Co-creating Value

Customer-Centric Approach,Meeting Industry ChainFinancing Needs

Upstream and downstream clients in our Feed Sector and Pig Sector can access nancing through the platform.We actively expand funding channels and products, allowing clients to choose suitable nancing products based ontheir experience preferences, interest rate preferences, and term preferences.One-Stop Service, EnhancingIndustry Chain ClientFinancing Experience

We have achieved data integration across various internal business systems, including core ERP and cloud farmingsystems, and implemented bank-enterprise direct connections through API, SDK, and other methods.Financing clients can complete loan applications and manage the entire loan lifecycle in real-time using mobileterminals, without leaving their homes.Creating Win-WinCooperation, Building NewHope Liuhe's FinancialPlatform

We have realized the alignment of capital, demand, indust, and ntech information seices through a tripaitetransaction structure involving capital providers, clients, and core enterprises.Indust chain clients can select nancing products and apply for loans based on their transaction scenarios, scale,and nancing preferences, meeting their operational needs.Banks can leverage our industrial ntech seices to precisely target small and micro inclusive loans.

Community Engagement

New Hope Liuhe consistently fullls its social responsibilities and strives to be an amicable investor. The Company is committed to enhancing feed grainreduction and substitution levels, thereby contributing to food conseation eos. Through brand-driven philanthropic activities, we aim to inspirehope, create value for local communities in our operational areas, and foster a positive atmosphere of compassion and social responsibility.Safeguarding Food SecurityThe eradication of povey and the elimination of hunger are critical global challenges. Feed grain conseation is paicularly vital for China's foodsecurity. As a leading feed enterprise, New Hope Liuhe launched the Grain Saving Special Action in 2022. The initiative aims to improve feed eciencyby 1% annually for ve consecutive years, potentially saving 1.5 million tons of grain, equivalent to conseing over 3 million mu of arable land. In 2024,the Company fuher intensied its grain-saving initiatives across multiple sectors, including livestock breeding and farming, feed formulation andproduction, and grain and feed storage and transpoation.

Shandong Feed Industry EfficiencyImprovement and Quantity Reduction Grain-Saving Demonstration Product - Low ProteinAmino Acid Balanced Feed5th Feed Industry Innovation ProductTechnology Selection Event - QualityImprovement and Efficiency EnhancementFeed Demonstration Product

Building an Integrated Indust-Finance PlatformThe Company's supply chain nancing initiative began in 2007, initially oering guarantee loans to downstream farmers in the feed indust throughtraditional oine models with substantial collateral and strong guarantees. In 2021, we completed the construction of our indust-nance platform,focusing on resolving the challenges of dicult nancing and high interest rates for indust chain clients. In 2024, we established an upgraded versionof the supply chain nancial seice platform, forming an inclusive agricultural indust chain nancial model with "data layer + product layer + riskcontrol layer + scenario layer." This enhancement fuher improved loan eciency and better seed our broader agricultural and livestock clientele. Asof the end of 2024, the platform had seed 13,934 indust chain clients cumulatively, with a total loan amount reaching RMB 30.283 billion.

IndustHonors

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

In 2024,

667,300

tons of grain were saved, equivalent to the grainyield from

1.33

million mu of cultivated land.

2024 Grain Saving Peormance

A total of 667,300 tons of grain were saved, equivalent to the grain yield from 1.33 million mu of cultivated land.Of this total:

– 565,000 tons of grain were saved through feed optimization (including 320,000 tons of soybean meal and245,000 tons of corn);– 102,300 tons of grain were saved through farming eciency improvements (including 227,300 tons of feed savedby continuously improving PSY, reducing the feed-to-meat ratio, and shoening the number of days required toreach 115 kg live weight).

Grain Saving Alliance Actionsand Achievements

Collaborated with Northeast Agricultural University on the project "Key Technological Innovations in theExploration and Safe Utilization of Non-Grain Feed Resources," promoting quality and eciency improvement ofnon-grain feed resources, achieving overall feed sourcing - saving - safety eects, and eectively alleviating feedresource shoages and grain impo pressure.Conducted corn-saving initiatives in conjunction with the "Development and Product Creation of New EnergyFeed Resources as Corn Substitutes," a sub-project under the National Key R&D Program for the 14th Five-YearPlan.Implemented soybean-saving measures to reduce impo dependence, in line with the "Frontier Technologies andNew Product Creation for Protein Feed Bioengineering Manufacturing," a sub-project under the National Key R&DProgram for the 14th Five-Year Plan.

New Hope Liuhe has integrated globally leading enzyme hydrolysis technology, microbial fermentation processes, low-protein diets, and precision nutrition formulation systems. By leveraging near-infrared technology, databases, and digitalnutrition systems to improve the utilization of biological raw materials, the Company has established a comprehensivebiological feed product matrix covering all categories of livestock, poult, and aquaculture. This initiative benets 86,000farmers across 29 provinces, helping cooperative farms increase annual income by RMB 23,000 per 100 head of livestock,while promoting the resource utilization of over 450,000 tons of agricultural by-products such as straw annually.To fuher promote bio-environmental feed and consee grain resources, the Company has spearheaded the formulationof four industry standards, including theTechnical Specifications for Fermented Feed, which have been implementednationwide. Related technological achievements have been included in the National Green Low-Carbon Technology Catalog.Additionally, we have increased investment in the R&D and production of bio-environmental feed. In 2024, 6.3 million tonsof bio-environmental feed were produced, with specic targets set for 6.6 million tons in 2025 and 7 million tons in 2026.We innovatively developed and launched the Fulixinmei fermented liquid feed product under the Green Imprint series, whichcan regulate intestinal ora, improve nutrient absorption eciency, and achieve a 3.7% increase in feed conversion eciency,reducing feed waste by 12 kg per fattening pig throughout its lifecycle.By the end of 2024, the Company had promoted a cumulative total of 18 million tons of bio-environmental feed, directlyreducing the use of traditional protein raw materials such as soybean meal by 1.21 million tons, equivalent to conseing 2million mu of arable land resources.

Case

R&D and Promotion of Bio-Environmental Feed

KEYPERFORMANCE

Co-creating Value

Promoting Local Development in Operational Areas

As a pioneering private enterprise that ventured overseas in 1999, the Company has been deeply committed to implementing the national Belt andRoad Initiative (BRI) during its 25 years of international expansion. We have consistently advanced our industrial presence in 14 countries acrossSoutheast Asia and Africa. Through strategic measures such as creating jobs, promoting localization, and suppoing local residents, we have injectedsignicant momentum into the sustainable economic and social development of our host communities. In 2024, during the 10th anniversa celebrationof the BRI, our Bangladesh Region was honored as one of the 16 key Chinese enterprises developing in Bangladesh by the Chinese Embassy inBangladesh, exemplifying the tangible benets of win-win cooperation between China and its international paners through concrete actions.

Considering Community ImpactBefore establishing overseas regions, the Company makes preparations in strict accordance with international standards and the laws and regulationsof the destination country. It conducts comprehensive analyses of target markets, evaluating political stability, economic growth potential, andcompetitive landscapes within the indust. The assessments encompass overseas business prospects, policy suppo, and in-depth market research.Prior to construction and production initiation, we meticulously consider site selection to ensure full compliance of all overseas operations. Duringproduction, we implement environmentally friendly technologies, optimize processes, and carefully schedule construction activities. By establishingecological buer zones or green areas and enforcing stringent biosafety measures, we strive to minimize adverse community impacts, such as noise,dust, and environmental pollution. When necessa, we engage with local residents through site visits and sueys to address potential social impacts,thereby fostering community trust and mitigating operational risks.

Fostering Community Development

The Company implements a localization strategy for overseas development, forging strong panerships with local entities. It prioritizes the localizationof talent and supply chain procurement, eectively contributing to regional economic prosperity and harmonious social development. This approachenhances our corporate social responsibility and strengthens our regional inuence.Suppoing Local EconomiesThe Company actively participates in modernizing local agriculture through close collaboration with host country farmers, cooperatives, and

Long queue of trucks outside New Hope Feed Facto in Ho Chi Minh City, Vietnam

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Local employee hiring ratio in the Overseas Sector:

%Local procurement ratio in the Overseas Sector:

%

As a pioneer in China's agricultural and animal husband indust's global expansion, New Hope Liuhe has steadily grownits presence in Vietnam since 1999. Beginning with its rst company in Ho Chi Minh City, followed by Hanoi in 2000, andBinh Phuoc breeding company in 2018, the Company has established a signicant footprint. By the end of 2024, New HopeLiuhe operated 9 feed companies and 3 breeding companies in Vietnam, with its total feed production ranking among thetop ve in the Vietnamese market, solidifying its position as a major Chinese player in Vietnam's feed indust. Leveragingits superior feed products, the Company has deeply penetrated the Vietnamese market, capitalizing on local raw materials,climate advantages, and competitive pricing to expand into the pig farming indust chain. New Hope Liuhe has become therst Chinese enterprise to venture into pig farming in Vietnam, annually suppoing the prosperity of over 1,200 distributorsand 300,000 farming households.The Company actively integrates into the local culture, providing thousands of job oppounities with a local employmentrate exceeding 95%. Through deep integration of language, lifestyle, and work practices, it has established uniqueadvantages in Vietnam. These include high-quality suppo seices, synergies in upstream and downstream sectors such asseedling and animal health, and robust distribution and direct sales networks. Consequently, the Company has cultivated apositive reputation and substantial inuence in the Vietnamese market. In recognition of its success, the Company's Vietnamexpansion was featured in the Minist of Agriculture and Rural Aairs'Repo on China's Agricultural Foreign InvestmentCooperation in 2024.

Vietnamese media coverage of New Hope Liuhe's environmentally friendly farming model

Case

25 Years in Vietnam: Cultivating Chinese Brand Influence throughLocalization

government agencies. Our eos include conducting technical training sessions and sharing best practices to promote localized farming techniques.We emphasize local raw material procurement by developing localized purchasing norms and standardized procurement processes, thereby stimulatinglocal supply chain development.Since 2016, our Bac Giang branch in the Vietnam Region has collaborated with Bac Giang Agriculture and Forest University to establish the NewHope Bac Giang Animal Health Center. This facility sees livestock and poult farmers across the region. By the end of 2024, it had invested 2.35billion Vietnamese dong (equivalent to RMB 705,000) into relevant projects, constantly elevating local animal health standards.The Philippines Region has implemented a localization operation and development policy, focusing on extensively recruiting local talent and fosteringclose panerships with local communities, logistics providers, and suppliers. This strategy indirectly stimulates related indust growth and enhancescommunity economic vitality. The Myanmar Region has refined its procurement strategy to increase the use of local value-added raw materials,including sh meal, sh llet powder, shrimp shell powder, and soybeans. The Indonesia Region actively promotes collaborations with local suppliers,boosting the localization rate of raw material procurement and eectively reducing transpoation time and costs.

KEYPERFORMANCE

Co-creating Value

Cultivating Local TalentThe Company employs a comprehensive talent development framework to enhance skills and provide professional training for local talent, consistentlyfostering cross-cultural communication. Our focus on employee motivation and welfare contributes to the synergistic development of local employeecapabilities and corporate growth. We have implemented scholarship and internship programs in countries such as Myanmar and Egypt. The EgyptRegion has established panerships with prestigious local institutions, including Cairo University, Alexandria University, and Beni-Suef University, toexpand talent acquisition channels and promote long-term sustainable development.

The Egypt Region initiates strategic cooperation with Cairo University andholds a recruitment fair.

The Pig Sector's overseas squad participates in charitable donations inVietnam.

Vietnam Noh Region:

The region emphasizes the development of a local leadership pipeline. Chinese managers are required to master the locallanguage and pass relevant examinations. Through mentorship by Chinese managers, outstanding local employees are nurtured and promoted,achieving mutual integration. In 2024, local managers constituted 49% of departmental supervisors and above in regional companies, while localemployees lled 80% of key (resee) positions.Philippines Region:

The region has implemented a localized talent development plan, oering career advancement oppounities to Filipino employeesthrough pre-employment training, skill enhancement courses, and management development programs. In 2024, over 50 training activities wereconducted, involving more than 800 attendances, which improved employee skill prociency and established a solid foundation for career growth.Indonesia Region:

The region offers technical training sessions, delivering systematic courses on critical aspects such as feed utilization, farmmanagement, and disease prevention and control. Technical teams are assigned to provide on-site, one-on-one guidance, helping farmers optimizebreeding practices and improve production eciency. In 2024, over 50 training activities were organized, with 2,000 farmer attendances.Bangladesh Region:

In panership with the Asian Development Bank, the region provides free technical and nancial literacy training for femalefarmers. From 2023 to 2024, a total of 4,507 farmers were trained , eectively empowering local women.Caring for Community Residents

New Hope Liuhe actively paicipates in social welfare initiatives in its overseas host countries, engaging deeply with communities and practicingphilanthropy.The Philippines Region has developed a Community Engagement and Sustainable Development Plan, suppoing local community education, health,safety, and post-disaster reconstruction through charitable activities, resource donations, and employee volunteer seices. A robust system has beenestablished for regular follow-ups and long-term suppo. For example, the Bulacan company has organized a Back-to-School Donation Campaign,providing schoolbags and statione to local village prima schools. The Luzon and Davao companies have made multiple food donations to suppounderprivileged children. The Davao company has contributed medical supplies to regional health institutions, organized employee blood drives, anddonated resources to the re depament to enhance community safety.The Bangladesh Region collaborates with local governments to promote balanced rural nutrition and health, with a focus on youth development.The Indonesia Region organizes volunteer teams to paicipate in various projects including community seice, environmental protection initiatives, andpost-disaster reconstruction. In 2024, the Region's employee volunteers contributed a total of 1,000 hours to public seice.

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Engaging in Philanthropy

The Company steadfastly adheres to the principle of "rooted in society and giving back to society," actively engaging in philanthropic endeavors.Through signature charitable initiatives such as the Hope and Wish Plan and the Warm Winter Campaign, we consistently demonstrate our commitmentto social responsibility. In response to natural disasters caused by extreme weather, we ensure that the basic needs of aected populations are met,exemplifying our dedication to corporate citizenship through tangible actions.Brand-driven Philanthropic InitiativesThe Company is committed to suppoing vulnerable groups in society and aiding the development of remote rural areas and children's growth. Wehave established two agship philanthropic programs: the Hope and Wish Plan and the Warm Winter Campaign, which exemplify our dedication tocreating a positive impact through small acts of kindness.Hope and Wish PlanSince 2016, the Company has orchestrated 9 consecutive seasons of the Hope and Wish Plan, mobilizing employees and compassionate individuals todonate gifts to children in impoverished mountainous regions. By the end of 2024, we had fullled the Children's Day wishes of 22,000 children acrossthe count.In May 2024, the Company launched the 9th season of the Hope and Wish Plan. Our volunteers traveled to various locations, including Xide County inthe Liangshan Yi Autonomous Prefecture of Sichuan Province, Longzhou County in the Guangxi Zhuang Autonomous Region, and Luochuan County inShaanxi Province. They delivered festive gifts to 906 prima school students, helping them realize their Children's Day aspirations.

The 9th season of the Hope and Wish Plan reached Xide County inLiangshan.

The 11th season of the Warm Winter Campaign reached Luogan Village in MeiguCounty, Liangshan.

Warm Winter CampaignInitiated in 2014, the Company's Warm Winter Campaign has been conducted for 11 consecutive years, reaching numerous remote, impoverished, andformer revolutiona areas. We have provided winter supplies to local disadvantaged groups and contributed to the construction of schools and nursinghomes. Over the past 11 years, we have witnessed the rapid development of China's mountainous regions. Our eos have evolved from initiallydonating winter clothing to providing production materials, living supplies, and technical suppo, as well as promoting modern lifestyle practices. Thisprogression represents a shift from addressing basic needs to enhancing the overall quality of life.In 2024, for the 11th season of the Warm Winter Campaign, the Company collaborated with the Sichuan Branch of the Agricultural Development Bankof China to donate 634 washing machines, valued at RMB 320,000, to Luogan Village in Jueluo Township, Meigu County, Liangshan Prefecture, SichuanProvince. This initiative aimed to improve living conditions and hygiene for rural households.

Emergency Relief and Disaster RecoveGuided by humanitarian values, the Company actively engages in the rescue, relief, and reconstruction efforts following natural disasters bothdomestically and internationally. We strive to bring comfo and hope to aected populations, demonstrating our social responsibility and commitmentas a multinational enterprise.

Co-creating Value

In 2024, in response to floods and water-related disasters caused by Typhoon Yagi across multiple Southeast Asiancountries, the Company prioritized employee safety and community rebuilding as critical missions. We promptly activatedemergency response protocols and deployed employee volunteer teams to conduct on-site rescue operations.Vietnam RegionThe Region implemented proactive disaster prevention measures, including arranging employee safety leaves andstockpiling ood control supplies. Chinese managers were dispatched to severely aected areas such as Haiphong, QuangNinh, and Nam Dinh to support affected customers. RMB 1 million was allocated in special funds to assist end-usersin resuming production and self-recove eos. The Ho Chi Minh City company donated 10 million Vietnamese dongthrough the Sichuan-Chongqing Enterprises Confederation.Laos RegionIn active response to the government's ood control initiatives, the Region donated 10,000 ood prevention sandbags andprovided essential supplies to local farmers.Myanmar RegionFrom June to October, the Region distributed living necessities to local employees, benefiting approximately 1,290employees and their family members.Philippines RegionFollowing flood disasters, our Bulacan subsidiary donated essential supplies, including clothing and food, to affectedemployees, helping them navigate challenging times and providing robust suppo for rebuilding their homes.

Case

Overseas Subsidiaries Support Local Employees and Customers inDisaster Recove

The Bangladesh Region donates supplies to aected residents.

Chairperson Liu Chang and senior executives visit the Po of Alexandria in Egypt.

About This Repo

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

TheNew Hope Liuhe Co., Ltd. 2024 Sustainability Repo(hereinafter referred to as "thisrepo”) is the 17th non-nancial repo publicly released by New Hope Liuhe Co., Ltd.Denition of TermsFor ease of expression and reading, New Hope Liuhe Co., Ltd. is referred to as "New HopeLiuhe", "the Company" or "we" in this repo. Moreover, the terms "count" and "government"in the repo refer to the People's Republic of China and its administrative bodies.Repoing ScopeTime Range: This repo covers the period from Janua 1, 2024, to December 31, 2024.Organizational Scope: The scope of this repo aligns with that of the annual consolidatednancial statements of the Company.Repoing Period: This repo is an annual repo.Basis of PreparationThis repo has been prepared with reference to the GRI Standards issued by the GlobalSustainability Standards Board (GSSB);Self-Regulato Guidelines No. 17 for CompaniesListed on Shenzhen Stock Exchange — Sustainability Repo (For Trial Implementation);Self-Regulato Guidelines No. 3 for Companies Listed on Shenzhen Stock Exchange —Preparation of Sustainable Development Reports; the national standard Guidance onSocial Responsibility Reporting (GB/T 36001-2015); and the United Nations SustainableDevelopment Goals (SDGs).

Repoing PrinciplesThis repo adheres to the principles of materiality, balance, quantication, and consistency.The Principle of Materiality: The Company conducts a materiality assessment to identify and evaluate signicant ESG issues relevantto the Company's operations and both its internal and external stakeholders, and highlights these issues in this repo. For moredetails on the materiality assessment process and its results, please refer to the "Sustainable Development Management" section ofthis repo.The Principle of Balance: This report reflects objective facts, providing an unbiased disclosure of both positive and negativeinformation related to the Company. It presents a balanced account of Ahwit's endeavors across dierent ESG dimensions. During therepoing period, no signicant negative incidents were found that should have been disclosed but were not.The Principle of Quantification: Where applicable, the Company discloses quantitative ESG performance indicators and setspeormance targets. The measurement criteria, methodologies, assumptions, calculation tools, and conversion factors used for keypeormance metrics are specied where relevant.The Principle of Consistency: This repo maintains consistency in the statistical and disclosure methods for the same indicatorsacross different reporting periods. Should there be any modifications to these approaches, comprehensive explanations will beincluded in the repo's notes to enable relevant paies to conduct meaningful analysis and evaluation.Data DescriptionDue to the divestiture of the poultry and food segments in 2024, the Company's business structure has undergone significantchanges, making previous years' data no longer comparable. As a result, this year's sustainability report does not provideretrospective comparisons with data from previous years. Staing from this repoing year, we will establish a new data baseline toensure the continuity and comparability of future disclosures.Source of InformationAll the information and data used in the repo are sourced from the Company's ocial documents, statistical repos, and nancialstatements, as well as information on sustainable development practices of each unit that have been gathered and reviewed by theresponsibility management depament of the Company. Where discrepancies exist between the nancial data in this repo andthose in the Company’s annual repo, the annual repo shall prevail. Unless otherwise specied, all moneta amounts mentioned inthis repo are measured in RMB.Assurance of AccuracyThe Company assures that there are no false records, misleading statements, or signicant omissions in the contents of this repo,and is responsible for its truthfulness, accuracy, and completeness.Access to the RepoThis repo is published in a PDF electronic format. It is available for viewing and download on the Shenzhen Stock Exchange’sdesignated information disclosure platform, CNINFO (www.cninfo.com.cn), or on the Company’s official website at http://www.newhopeliuhe.com. If you have any questions or suggestions regarding the repo, please reach us via email at 000876@newhope.cn.

Key Peormance TableEconomicIndicators

Operating revenue billion RMB 103.063 141.703 141.508Total assets billion RMB 117.915 129.611 136.679Feed sales volume million tons 25.96 28.76 28.42 million heads 16.5249 17.68 14.6139

Indicator Unit 2024 2023 2022

Key Peormance Table

Number of employeesby hierarchical level

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

EnvironmentalIndicators

Indicator Unit 2024

million RMB 152.6553

Energymanagement

Diesel consumption liters 11,761,478.46Gasoline consumption liters 1,275,137.06Natural gas consumption million cubic meters 106.9808Purchased electricity million kilowatt hours 1,527.4204Outsourced steam tons 458,390.45Total energy consumption tons of standard coal 404,713.72Energy intensity tons of standard coal per RMB 1 million of revenue 3.93

Total wastewater treatment volume million tons 18.1396Chemical oxygen demand tons 9,811.33Total ammonia nitrogen emissions tons 496.77Non-hazardous waste tons 316,024.45Hazardous waste tons 5.42

Greenhousegas emissions

Direct greenhouse gas emissions (Scope 1) tons of CO

equivalent 264,591.66Indirect greenhouse gas emissions (Scope 2) tons of CO

equivalent 930,406.76Total greenhouse gas emissions tons of CO

equivalent 1,194,998.42Greenhouse gas emission intensity tons of CO

equivalent per RMB 1 million of revenue 11.59Water resourcesmanagement

Total water withdrawal million tons 25.3924Water intensity in pig farming cubic meters/head 2.5Water intensity for slaughtering meat cubic meters/head 0.35Total Discharge Volume million tons 19.0581Waste management

SocialIndicators

Indicator Unit 2024

Production safety

Employees

Total investment in production safety million RMB 92.9281Total occupational inju rate % 0.21Total attendance of safety training attendances 7,162,135Customer seice Customer complaint handling rate % 100R&D innovation

Total R&D investment million RMB 270.2823Number of R&D sta persons 717Supply chainmanagement

Total number of suppliers / 4,696 / 3,872Number of suppliers assessed / 4,696Total number of employees persons 41,327Gender structure

Male employees persons 31,852Female employees persons 9,475Age structure

Employees aged 30 and under persons 12,291Employees aged 31-50 persons 23,749Employees over 50 years old persons 5,287

Environmentalmanagement

Total investment in environmentalprotection (excluding depreciation)

Number of domestic suppliers (includingHong Kong, Macao, and Taiwan)

Total investment in employee training million RMB 6.7563Number of employees paicipated in training attendances 37,600Annual training hours per employee hours 1,184,002.38

persons 33,912Overseas employees persons 7,415

Key Peormance Table

Employees with a high school education or below persons 13,993Employees with an associate degree persons 11,064Employees with a bachelor's degree persons 13,710Employees with a graduate degree, MBA, or above persons 2,560

SocialIndicators

Indicator Unit 2024

Repoing Framework Sustainability Repoing Guidelines GRI Standards 2021 (Referenced Framework)

Employees

AcademicstructureRegionalstructure

Instructions for use: New Hope Liuhe has repoed the information referenced in this content index for the period from Janua 1,2024 to December 31, 2024 in accordance with theSelf-Regulato Guidelines No. 17 for Companies Listed on Shenzhen StockExchange— Sustainability Repo (For Trial Implementation) and with reference to the GRI Standards.

Indicator Index Table

Message from the Chair 2-11，2-22About Us 2-1，2-6，201-1Sustainable DevelopmentManagement

Aicle 12, Aicle 13, Aicle 14, Aicle 15,Aicle 17, Aicle 18, Aicle 51

2-9，2-12，2-13，2-14，2-17，2-22，2-24，2-26Materiality Assessmentof ESG Issues

Article 5, Article 9, Article 51,Aicle 52, Aicle 53

2-6，2-16，2-29，3-1，3-2，3-3Responsibility FocusAicle 38, Aicle 39201-1，203-1，203-2Building a Strong Foundation for Growth through Eective Governance

Advancing Inclusive Nutrition and Health through Premium Products

Pay Building Eos——

————

——Corporate GovernanceAicle 52Aicle 52

2-9，2-10,，2-11，2-15，2-16，2-26，2-27，405-1Risk and ComplianceManagement

2-25，2-27，207-1，207-2，207-3Business EthicsAicle 55, Aicle 562-15，2-25，2-27，205-1，205-2，205-3，206-1Supply ChainManagement

Aicle 44, Aicle 45, Aicle 462-6，2-27，203-2，308-1，308-2，414-1，414-2

Chinese employees (including employees fromHong Kong, Macao and Taiwan)

New Hope Liuhe Co., Ltd. 2024 Sustainability Repo

Nuuring Natural Ecosystems through Green Indust Practices

Co-creating Value to Achieve Common Prosperity

Appendix

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Nutrition and HealthR&D

Aicle 41, Aicle 42, Aicle 432-27，201-1，203-2，404-2Stringent Qualityand Safety Control

Aicle 44, Aicle 472-27，416-1，416-2ImprovingSeice Quality

Aicle 44, Aicle 472-25，2-26，2-27，417-1，417-2，418-1Digital EmpowermentAicle 48203-2，418-1Sustainable AgricultureAicle 31, Aicle 37101-8，301-2Sustainable Operations

Article 30, Article 31,Aicle 33, Aicle 36

2-27，201-1，301-1，301-3，303-1，303-2，303-3，303-4，303-5，306-1，306-2，306-3，306-5

AddressingClimate Change

Article 21, Article 22, Article 23,Article 24, Article 25, Article 26,Aicle 27, Aicle 28, Aicle 35

201-2，302-1，302-2，302-3，302-4，302-5，305-1，305-2，305-4，305-5

Land Use andBiodiversity Protection

Aicle 32101-1，101-2，101-4，101-7

EmpoweringEmployees

Aicle 49, Aicle 50

2-7，2-8，2-23，2-25，2-26，2-27，2-30，201-3，202-1，401-1，401-2，401-3，403-1，403-2，403-3，403-4，403-5，403-6，403-7，403-8，403-9，403-10，404-1，404-2，404-3，405-1，406-1，407-1，408-1，409-1Empowering FarmersAicle 38, Aicle 39201-1， 203-2CommunityEngagement

Aicle 38, Aicle 40201-1，203-1，203-2，204-1，413-1，413-2About This Repo2-2，2-3，2-4，2-29Key Peormance Table

2-6，2-7，201-1，302-1，302-2，302-3，303-3，303-4，305-1，305-2，305-4，403-9，404-1，405-1Indicator Index TableAicle 57

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