Stock Code: 603195 Stock Name: Goneo Group

公牛集团股份有限公司GONEO GROUP CO., LTD.

Annual Report 2024

Important Notes

1. The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,supervisors and senior management of Goneo Group Co., Ltd. (hereinafter referred to as the“Company”) hereby guarantee that the contents of this Report are true, accurate and completeand free of any misrepresentations, misleading statements or material omissions, and collectivelyand individually accept legal responsibility for such contents.

2. All the directors of the Company attended the board meeting for the review of this Report.

3. Pan-China Certified Public Accountants LLP has issued an independent auditor’s report withunmodified unqualified opinion for the Company.

4. Ruan Liping, the Company’s legal representative, Liu Shengsong, the Company’s ChiefFinancial Officer, and Shen Kewei, head of the Company’s financial department (equivalent tofinancial manager) hereby guarantee that the financial statements carried in this Report are true,accurate and complete.

5. Final dividend plan and bonus issue plan approved by the Board of DirectorsAs audited by Pan-China Certified Public Accountants LLP, net profit attributable to shareholdersof the parent company stood at RMB4,272,204,565.03 for 2024, and the cumulative distributable profitof the parent company was RMB4,871,650,229.62 as at December 31, 2024. The 2024 final dividendplan is as follows: Based on the total share capital (exclusive of the shares in the Company’srepurchased share account) at the record date of the dividend payout, the Company intends to pay a cashdividend of RMB24.00 (tax inclusive) per 10 shares to shareholders, with a bonus issue of 4.0 additionalshares for every 10 shares held by shareholders from capital reserves.According to the total share capital of 1,292,158,890 shares minus the 73 shares in the repurchasedshare account at the date when this Report was authorized for issue, the total cash dividend amount isRMB3,101,181,160.80 (tax inclusive), and the total share capital will increase to 1,809,022,417 sharesupon the bonus issue (share capital subject to the number registered with the Shanghai branch of ChinaSecurities Depository and Clearing Co., Ltd., with tail difference, if any, due to rounding).

Where any change occurs to the total share capital before the record date of the dividend payout,the cash dividend and bonus issue per share shall remain the same while the total payout and bonus issueamount shall be adjusted accordingly.

The final dividend plan is subject to final approval by the 2024 Annual General Meeting ofShareholders.

6. Risk warning regarding forward-looking statements

√ Applicable □ Not applicable

Any plans, development strategies and other forward-looking statements mentioned in this Reportshall not be considered as promises to investors. Investors and those concerned shall be sufficientlyaware of the risks and understand the differences between plans and forecasts and promises.

7. Indicate whether any of the controlling shareholder or other related parties occupied theCompany’s capital for non-operating purpose.N/A

8. Indicate whether the Company provided any guarantee for any external party in violation of theprescribed decision-making procedure.N/A

9. Indicate whether over half of the directors refused to guarantee the truthfulness, accuracy andcompleteness of this Report.N/A

10. Major risk warning

The Company has described the possible risks in this Report. For further information, please referto the contents under the heading “Possible risks” under Item VI iv. in “Part III Management Discussionand Analysis”.

11. Other information

□ Applicable √ Not applicable

Message to Our ShareholdersThirty Years of Growth: Embarking on a New Journey

In 2024, we successfully navigated a highly uncertain and challenging operating environment,achieving robust growth in both operating revenue and net profit. Our total operating revenue reachedRMB16.831 billion, marking a year-on-year increase of 7.24%. Net profit attributable to the parentcompany amounted to RMB4.272 billion, a year-on-year increase of 10.39%. This performance reflectsour continued and steady growth trajectory.

Founded in 1995 as a small family workshop, Goneo has evolved into a leading industry player anda publicly listed company. After thirty years of dedication and hard work, we have reached a significantmilestone. We celebrate our achievements, driven by entrepreneurial spirit and a strong belief in success,as we look forward to the next chapter in our journey.

Building Competitiveness with Craftsmanship

Over the past three decades, we have remained committed to the electrical industry, cultivatinglong-term competitiveness through systematic capabilities and continuous innovation. From the creationof “Durable Power Strips” to becoming an “Expert in Safe Electrical Solutions”, the Goneo brand hasbecome synonymous with “quality” and “safety” in the minds of consumers. This trust is rooted inGoneo's unwavering dedication to craftsmanship.

We are committed to enhancing traditional products, starting with customer needs and deeplyintegrating innovative technologies with real-world applications. Our continued investments in researchand development, along with ongoing product iterations, allow us to set new industry standards forelectrical experiences, bringing warmth and protection to every home. We have optimized our marketingchannels and accelerated digital transformation, making it more convenient for consumers to purchaseour products and enjoy superior service experiences. Our world-class supply chain system leverages theworld’s largest manufacturing base for adaptors and wall switches, creating an end-to-end intelligentsupply chain ecosystem that delivers efficient, high-quality services to users worldwide. By focusing onspecialization, harmonizing capabilities through systematic thinking, and practicing long-term planning,we ensure that Goneo remains strategically agile in an ever-evolving environment, allowing us tonavigate cyclical fluctuations with steady progress.

Illuminating a New Path with Mission

We are currently witnessing unprecedented changes, with the global political and economiclandscape undergoing significant restructuring, and both international trade rules and domesticconsumption patterns rapidly evolving. In this context, the challenge before us is how to seizeopportunities amid uncertainty and sustain both stability and long-term growth. Looking ahead to 2025,Goneo will continue to pursue its vision of “becoming a leader in the international civil electricalindustry”. We will focus on three strategic pillars: a smart ecosystem, new energy, andinternationalization. By leveraging our systematic capabilities and innovative mindset, we aim to seize

opportunities amid changes, and provide global consumers with outstanding products and servicesthrough innovation and branding efforts.

· A Smart Ecosystem: Driving Business Transformation with Lighting and IntelligentTransformation

The rise of smart technology is revolutionizing the way consumers use electrical products at home,with an increasing demand for safety, comfort, health, and intelligence. In response, Goneo willprioritize healthy lighting as a core element, integrating AI-driven smart technology to providecomprehensive and safe electrical solutions for homes. Our goal is to build a safe, comfortable, healthy,and intelligent home electrical ecosystem that meets the evolving needs of consumers.

· New Energy: Leading the Industry through Innovation in Products and Services

As the energy landscape continues to evolve, new energy technologies are reshaping consumerlifestyles. Goneo will focus on the charging business, aiming to lead the domestic market throughtechnological innovation, product development, and service enhancements. In the energy storage sector,we will accelerate business expansion, improve product competitiveness, and seize opportunitiesthroughout the industry cycle to build comprehensive competitiveness.

· Internationalization: Establishing a Global Presence with Localized Strategies

Globalization is not merely a choice for us; it is an imperative. Goneo is actively expanding itsglobal footprint, promoting the localization of electric connection solutions, smart electrical products,and new energy solutions. Through refined channel management and innovative business models, we areensuring that the world recognizes the quality and innovation of Goneo as a Chinese brand.

Regardless of how the landscape evolves, Goneo remains steadfast in its commitment to theprinciples of “taking the long way with professionalism and devotion, and striving for No. 1”. We lookforward to collaborating with our shareholders, employees, and partners to create greater value forsociety as we move forward towards a promising future!

The Board of Directors of Goneo Group Co., Ltd.

April 2025

Contents

Part I Definitions ...... 7

Part II General Information of the Company and Key Financial Indicators ...... 9

Part III Management Discussion and Analysis ...... 15

Part IV Corporate Governance ...... 48

Part V Environmental and Social Responsibility ...... 73

Part VI Significant Events ...... 78

Part VII Changes in Ordinary Shares and Information about Shareholders ...... 97

Part VIII Relevant Information of Preference Shares ...... 107

Part IX Relevant Information of Corporate Bonds ...... 107

Part X Financial Statements ...... 108

Part I Definitions

I DefinitionsThe expressions in the left column in the table below refer to the contents in the right column unlessotherwise specified.

Part II General Information of the Company and Key Financial

IndicatorsI Corporate Information

II Contact Information

III General Company Information

IV Media for Information Disclosure and Place where this Report Is Lodged

V Stock Profile

VI Other Information

VII Key Financial Information for the Past Three Yearsi. Key accounting information

Unit: RMB

ii. Key financial indicators

Explanations about the key accounting and financial information for the past three years:

√ Applicable □ Not applicable

The Company implemented the 2023 final dividend payout on June 6, 2024. Based on the totalshare capital of 891,540,875 shares minus the shares in the repurchased share account at the record date,a bonus issue of 0.45 additional share per existing share was carried out, and the total share capitalincreased to 1,292,734,248 shares upon the bonus issue. To ensure the comparability of basic and dilutedearnings per share, data during 2023 have been adjusted accordingly.

VIII Accounting Data Differences under China’s Accounting Standards for Business Enterprises(CAS) and International Financial Reporting Standards (IFRS) and Foreign AccountingStandardsi. Differences in net profit and equity attributable to the listed company’s shareholders under CASand IFRS

□ Applicable √ Not applicable

ii. Differences in net profit and equity attributable to the listed company’s shareholders underCAS and foreign accounting standards

□ Applicable √ Not applicable

iii. Reasons for accounting data differences above

□ Applicable √ Not applicable

IX Key Financial Information for 2024 by Quarter

Unit: RMB

Indicate whether any of the quarterly financial data in the table above differs from what have beendisclosed in the Company’s past periodic reports.

□ Applicable √ Not applicable

X Exceptional Gains and Losses

√ Applicable □ Not applicable

Unit: RMB

Items unlisted in the Explanatory Announcement No. 1 on Information Disclosure for CompaniesOffering Their Securities to the Public—Exceptional Gain/Loss Items are identified as exceptional andthe items are of a significant amount, and exceptional gain/loss items listed in the ExplanatoryAnnouncement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Exceptional Gain/Loss Items are identified as recurrent.

□ Applicable √ Not applicable

XI Items Measured at Fair Value

√ Applicable □ Not applicable

Unit: RMB

XII Other Information

□ Applicable √ Not applicable

Part III Management Discussion and Analysis

I Discussion and Analysis on OperationsThe year 2024 marks the 30th anniversary of the Company’s founding. Despite the complex andever-evolving external business environment and ongoing industrial transformation, we havestrategically aligned ourselves with prevailing development trends. Through dedicated effort, we haveachieved significant breakthroughs and innovations, leading to stable growth. During the year, our totaloperating revenue reached RMB16.831 billion, marking a year-on-year increase of 7.24%; and net profitattributable to the parent company amounted to RMB4.272 billion, a year-on-year increase of 10.39%.The electric connection business has introduced innovative advancements and made steady progress.The smart electrical lighting business has consistently enhanced its market competitiveness. Meanwhile,the new energy business has experienced rapid growth, and international operations have progressed inan orderly manner. As a result, the Company’s management capabilities and overall competitiveadvantages have been continually strengthened. Furthermore, the Goneo brand image has been furtherrefined, reinforcing its positioning as high-end, trendy and high-tech. During the Reporting Period, theCompany was honored with several prestigious awards, including “National Quality InspectionTrustworthy Product”, “National Consumer Quality- and Reputation-Trustworthy Product”, “QualityLeading Brand of the National Civil Electrical Industry”, and “AAA-Level Famous Trademark BrandEvaluation”. These accolades reflect the continuous improvement of our brand reputation. Additionally,Goneo Group and its wholly-owned subsidiary Goneo Photoelectric both won the second prize ofZhejiang Province Science and Technology Progress Award, further solidifying our leadership intechnological innovation within the industry.In 2024, the Company achieved notable results in the following areas:

i. Electric connection business: Driving product upgrades and innovations, setting the trendfor safe, high-tech and trendy electrical solutionsIn 2024, the electric connection business adhered to its positioning as an “Expert in Safe ElectricalSolutions”, consistently placing consumer needs at the forefront of product innovation and upgrades.This strategic approach has positioned the Company to set the trend for safe, high-tech and trendyelectrical solutions. The business generated revenue of RMB7.683 billion during the year, reflecting ayear-on-year increase of 4.01%.

1. Product side:

In 2024, the Company’s adaptor business continued to enhance its capabilities in high-end, trendyproducts while gaining valuable insights into niche market demands both domestically andinternationally. The business expanded its product offerings and ventured into emerging markets. Inresponse to evolving consumer needs, the introduction of innovative products such as the “SeamlessUltra-Thin Tracks”, touch-control smart screens, and the “Dual-Flat Protection Door” design set a newstandard in the high-end track socket market. The “Generation Z Series” products, known for their high

aesthetics and robust functionality, were launched to cater to the younger demographic, significantlyboosting brand recognition and market share. In specialized segments, the Company developed a rangeof professional products for industries such as engineering construction, including portable leakageprotection devices, construction line reels, and industrial connectors. Additionally, fast-charging globaltravel adaptors were introduced to serve the needs of business travelers, further expanding the PDU andembedded product lines. On the international front, the Company launched regionally tailored productsin key Southeast Asian markets, and in Europe, it made breakthroughs with innovative products liketrack sockets. Furthermore, the Company became the first in the world to receive the prestigious GermanVDE quality certification, further enhancing the high-quality image of the Goneo brand.In 2024, the Company’s digital accessory business emphasized upgrading desktop fast-chargingproducts, reinforcing the brand’s reputation for high-end, technologically advanced solutions. Withinnovations such as intelligent real-time power distribution, smart temperature control, and chargingvisualization, the Company introduced differentiated products like vertical digital sockets, modular“Mini Power Cabin”, 240 W multi-interface GaN chargers, and aesthetically designed mobile portablecharger with integrated cables. These products provide consumers with more efficient and convenientcharging experiences.The power tools division targeted younger, more professional customer segments, focusing oncraftsmen in construction, decoration, and manufacturing industries. In 2024, the power tools productline was further expanded, and a key component development platform was quickly established. TheCompany’s strong product development and quality control capabilities led to rapid market acceptance.Five major product series were introduced: angle grinders, hammers, impact drills, fasteners, and cuttingtools. By deeply understanding user needs and fostering technological innovation, the Company is ontrack to establish itself as an industry benchmark.

2. Channel side:

In 2024, the hardware channel concentrated on expanding incremental channels, further broadeningsales networks in areas such as commercial lighting, engineering construction, and power tools, drivingsubstantial business growth. Electric connection products are primarily sold through the Company’straditional strengths in offline hardware channels, digital channels, and e-commerce. This extensivenetwork of terminal outlets enabled the Company to deliver high-quality products and services toconsumers promptly and efficiently. By continuously strengthening “Distribution, delivery, visit andsales” capabilities, the Company actively guided distributors to enhance their service offerings throughrefined category management and dedicated personnel allocation. Additionally, the marketing teamimplemented a “one-on-one support running mechanism”, optimizing the operational capabilities ofdistributors in underdeveloped markets, ensuring efficient coordination of channel resources, andfostering win-win cooperation with partners. The digital channel continued to expand in 2024,accelerating product penetration into diversified platforms, such as convenience stores, and leveragingdigital marketing to effectively integrate online and offline resources, boosting sales conversions. Thee-commerce channel played a crucial role in promoting trend-setting products like track sockets, the

“Generation Z Sockets”, and “Mini Power Cabin”. This helped reinforce the leadership position oftraditional platforms in the electric connection category while increasing market share on emergingplatforms like Pinduoduo and Tik Tok. By leveraging big data, user insights, and scenario-basedmarketing, the Company continuously optimized its product offerings and promotional strategies,fostering agile responses to market dynamics, enhancing brand-user interaction, and improvingpurchasing decision-making efficiency.

3. Supply chain side:

In 2024, the Company further strengthened automation and digitalization of its adaptor and digitalaccessory factories, as well as the self-manufacturing capability for key components of its power toolfactories, resulting in significant improvements across the entire supply chain. The Company hasestablished a comprehensive, vertically integrated supply chain in the electric connection manufacturingsector. Starting with the processing of raw materials such as copper and plastic particles, we have movedtowards in-house production. With ongoing enhancements in lean supply chain management, automation,and informatization capabilities, the Company has developed significant competitive advantages inquality, cost, and efficiency. The adaptors factory made significant progress toward the long-term goalof becoming a “dark factory”, driving improvements in automation and digitalization. Keyadvancements included the deployment of an automated logistics system represented by AutomatedGuided Vehicles (AGVs), which greatly enhanced delivery efficiency; the development andimplementation of automated production lines; and the integration of AI-driven machine visiontechnology for online inspection. Furthermore, business point inspections and factory operationsmanagement were digitized and optimized, utilizing real-time operation dashboards. The digitalaccessory factory focused on standardizing and digitalizing business processes, implementing a productline platform operation model, and further strengthening quality and cost advantages. Notableachievements included the successful establishment of an independent mobile phone battery productioncapability and the preliminary construction of a collaborative smart delivery system based on the APSsystem, integrating with ERP, WMS, AMS, and other systems to significantly improve operationalefficiency. The power tools factory made substantial improvements in delivery capabilities and quicklyestablished a comprehensive manufacturing, quality control, and cost management system. Byintroducing automation equipment and digital management systems, operational efficiency continued toimprove, and in-house production of key components such as lithium battery packs was initiated, layinga strong foundation for the rapid growth of the business.

4. Brand side:

In 2024, the Company elevated the brand image of electric connection products by moving from afocus on safety to a broader positioning that emphasizes high-end, trendy, and comprehensive solutions.Through a multi-channel communication strategy centered on innovative products such as track socketsand Mini Power Cabin sockets, the Company achieved significant improvements in brand reputation.For its flagship product, the vertical digital “Mini Power Cabin” socket, the Company adopted a“celebrity + influencer recommendation” strategy, promoting the product across popular social media

platforms such as Bilibili, Xiaohongshu, and Tik Tok. This strategy rapidly expanded the product’smarket penetration, creating buzz in a variety of communities, including home, fashion, and technologycircles. This initiative helped lead a new trend in safe, fast-charging, and stylish power solutions acrossthe internet. For core products such as track sockets and global travel adaptors, the Company delved intousers’ diverse interests and specific needs, employing high-quality content creation and targetedplatform promotion to engage with consumers. This approach garnered sustained market interest andconsumer loyalty.ii. Smart electrical lighting business: Leading innovation with high-end and trendy products,continuously enhancing competitive advantage in the smart ecosystem focused on wall switchesand lighting to achieve steady growthThe Company’s smart electrical lighting business was committed to creating an ecosystem of smartpre-decoration electrical products with smart no-main-lamp lighting as the core, and comprehensivepre-decoration products have been covered, including wall switches and sockets, LED lighting,bathroom heaters, circuit breakers, smart door locks, and smart clothes drying racks. In 2024, theCompany adapted to shifting consumer habits and actively promoted the construction of flagship storesacross all categories, implementing a new retail model that enhanced store displays and brand image tobetter meet consumers’ demand for one-stop shopping experiences. The business achieved revenue ofRMB8.331 billion, reflecting a year-on-year increase of 5.42%.

1. Product side:

In 2024, the Company’s wall switch business continued to solidify its leadership in the industry byfocusing on high-end upgrades, product innovation, and the development of solutions for emergingmarkets. In terms of high-end upgrades, the Company introduced products such as the Butterfly WingUltra-Thin Series, LeDong Toggle Series, smart switches, and “Flat Invisible” switch sockets, furtherenhancing its brand reputation. From an innovation perspective, the launch of integrated WiFi6-3000Mproducts and solutions quickly established a strong presence in consumers’ minds, opening new avenuesfor growth. Additionally, the Company focused on developing products tailored to incremental markets,such as the Southeast Asia 118-type and Indonesia 86-type switches and sockets, to meet thedifferentiated demands of overseas markets, laying a strong foundation for future expansion in theseregions.In 2024, the LED lighting business concentrated on producing eye-protecting lighting solutions,with products like the eye-care floor lamp and dual-spectrum children’s lamp setting the standard in themarket. Decorative lighting products also saw significant improvement, with the introduction of newseries such as stair lights, hanging lights, floor lamps, and matching ambient lights. Basic light sourcesexpanded into the commercial lighting sector, while efforts to establish an overseas product system andobtain relevant certifications were strengthened. A strategic new product, the eye-care floor lamp,featuring healthy light, full-range light control technology, and intelligent dimming algorithms, becamea benchmark product that advanced the development of eye-care technology in the lighting industry,securing considerable brand recognition.

In 2024, the smart no-main-lamp lighting business, focused on “integrated healthy light” strategies,created an intelligent, comfortable, and healthy home lighting environment. The Company launchedhealth lighting product solutions that integrated soft lighting hardware, adaptive dimming sensors, andits self-developed, industry-leading distributed AI voice control system. Additionally, the Companyintroduced a digital health lighting design acceptance service, which, by defining lighting parametersand utilizing intelligent terminal devices, effectively addressed consumer cognitive challenges andsupported both sales conversion and customer value enhancement.In 2024, in the household appliances segment, the Company launched innovative products such asthe “Hot Cyclone Bathroom Heaters” and bladeless fan lights designed for dining and bedroom spaces,further enriching the pre-installed product ecosystem. In the bathroom segment, forward-thinkingproducts like the “linear bathroom heaters” and the innovative “hot cyclone bathroom heaters” wereintroduced. In dining and bedroom areas, new ultra-thin fan lights and bladeless fan lights were launched,while the balcony segment saw the introduction of products like the ultra-thin clothes dryer J042,minimalist embedded linear clothes dryers, and quick-drying “Hurricane Clothes Dryer”. In the smartdoor locks category, new products such as the Q25PFPro and Q35PF won the “2024 Smart LockIndustry Product Quality Safety Award” and the “2024 Smart Lock Industry Product TechnologyInnovation Award”. The circuit breaker business strengthened its foundation in home decoration andindustrial construction sectors, making significant innovations in emerging fields such as new energy,contributing to continuous business growth. The home decoration sector saw the enrichment of thenarrow-body circuit breaker product line, while the industrial sector advanced the development of asmart meter product platform and software, with a range of smart meter products being launched. In thenew energy field, the Company developed small narrow-body high-voltage plastic casings and 2,000 VDC high-voltage plastic casings, marking breakthroughs in photovoltaic energy storage applications.

2. Channel side:

In 2024, the decorative channel fully supported the construction of flagship stores across allcategories and new retail, creating a diversified traffic generation and offline experience serviceoperation system. Cooperation with leading home decoration companies was deepened to expandincremental business. The all-category flagship stores, featuring excellent product displays, purchasingexperiences, and enhanced store images, played a crucial role in driving suite sales and fosteringcollaborative growth with related home decoration businesses. The new retail model empowered offlinestores by utilizing multimedia matrices and local life tools to establish local, full-touchpoint customeracquisition capabilities. Furthermore, initiatives such as the “Goneo Home Decoration Festival” andmarket assistance programs significantly improved sales performance in a competitive environment. Thee-commerce channel aligned with the channel transformation trend, completing the upgrade ofall-platform, all-category home decoration flagship stores and standardizing operational capabilitieswithin the new retail business chain. The ultra-thin series drove steady growth in wall switch categorymarket share, while innovative products such as bladeless fan lights and eye-care floor lampsdemonstrated strong growth. The overall smart electrical lighting products business showed healthy

growth, with improved market competitiveness and brand image. In 2024, the Murora no-main-lamplighting professional channel focused on building diversified traffic generation, customer acquisition,and conversion capabilities, significantly enhancing store operational efficiency. By integrating offlinedesigner salons, community group buying, and cross-industry alliances with new retail tools such as livestreaming, precise advertising, and local life platforms, Murora stores successfully completed theirfull-channel customer acquisition system. The integrated healthy light program further strengthened thebrand’s presence, with stores offering a complete solution encompassing brand, scene, product, anddigital services, better meeting consumer expectations. The B2B channel continued to focus ondeveloping engineering projects and embedded business, creating brand benchmarks and drivingincremental business. The Company became an important partner in switches, lighting, and bathroomheaters for construction projects in regions such as the Chengdu-Chongqing Economic Circle,Beijing-Tianjin-Hebei Coordinated Development Area, and the Yangtze River Delta. The Company alsoconcentrated on creating benchmark projects in fields such as affordable housing, education, hospitals,and corporate infrastructure. Strategic partnerships with home and bathroom brands furthered thedevelopment of embedded adaptors, lighting, and other business segments.

3. Supply chain side:

In 2024, the smart electrical lighting business continued to enhance automation, digitalization, andcollaboration within its supply chain system. Breakthroughs in flexible automation assembly and AIvision technology were achieved at the wall switch and lighting factories. The construction of the newsmart lighting manufacturing base—Huizhou Factory—progressed smoothly.Leveraging years of accumulated manufacturing management expertise, the Company hasestablished a deeply integrated supply chain system around various categories of its smart electricallighting business. Wall switches benefit from globally leading manufacturing bases in terms of scale andefficiency. The manufacturing strengths of basic light sources and decorative lighting are increasinglyevident, while other ecosystem businesses focus on in-house research and production, activelypromoting lean, automated, and digital supply chain developments. These initiatives have yieldedsubstantial results in delivery achievement, quality assurance, and cost control. In 2024, the wall switchfactory advanced its digital transformation, integrating flexible automation models that feature feeders,industrial robots, and AI-powered smart vision inspection. The integration of APS4.0, MES systems, andbig data algorithms has enhanced order delivery prediction accuracy and production schedulingefficiency, enabling real-time data sharing across production processes. Meanwhile, the lighting factorycontinued to improve automation, commissioning automated production lines for downlights, ceilinglights, and lamps, while driving changes in production processes such as line production, JIT, andfinished product direct delivery models. The smart lighting factory made progress in self-research andself-manufacture capabilities for smart control products, particularly distributed AI voice controlsystems. The construction of the Huizhou smart lighting industrial base reached its topping-out phase.The household appliances and circuit breaker factories further advanced lean improvements,

incorporating automation equipment and digital management systems to strengthen vertical supply chaincapabilities.

4. Brand side:

In 2024, the Company continued to elevate the high-end, fashionable brand image of its smartelectrical and lighting products. Through the launch of products such as the “Butterfly Wing IIUltra-Thin Switch”, “bladeless fan light” and “eye-care floor lamp”, the Company effectivelycommunicated category leadership to consumers. The multi-channel, long-term communication strategy,involving influencer recommendations, online platforms such as Xiaohongshu, offline flagship stores,and collaborations with initiatives like the “Goneo Home Decoration Festival”, helped drive salesconversion. The “Murora” brand, with its strategic focus on “integrated healthy light”, communicated itsuser value of “comfort, health, and intelligence” across various platforms, significantly enhancing brandawareness and consumer recognition. Initiatives like lighting innovation workshops, the creation of“natural light + human-centric lighting” intelligent office environments, and professional contentpromotions through live streaming platforms such as Xiaohongshu earned Murora the 14th GoldenFinger Award for “Annual Influential Brand”, the China Brand Power List’s “Digital IntelligencePioneer Award”, and “Top Ten Smart Lighting Brands”, which supported the successful expansion ofthe business.iii. New energy business: Continuously strengthening product, channel, supply chain, andbrand capabilities to enhance industry-leading competitive advantagesGoneo’s new energy business is dedicated to providing global users with safe, reliable, andintelligent new energy products and solutions. The Company has adhered to an innovation-drivendevelopment strategy and quickly completed the transition of product lines and channels fromalternating current to direct current, from slow charging to fast charging, from single charging point togroup charging, from charging to energy storage, and from business-to-consumer (ToC) tobusiness-to-business (ToB). These efforts have strengthened the Company’s comprehensive competitiveadvantages. In 2024, the new energy business achieved revenue of RMB777 million, representing ayear-on-year increase of 104.75%, with charging products securing a dominant market share acrossmajor e-commerce platforms.

1. Product side:

In 2024, the Company took significant steps in building its full-stack self-research capabilities forcharging plugs and points, launching products such as the “Infinity” series home charging points,liquid-cooled superchargers, and high-power flexible group charging products. These innovationsprovided safe and reliable solutions for individual consumers and strategic operator customers, furtherenhancing the Company’s industry-leading position. In the home charging sector, the new “Infinity”series home charging points set a new industry standard, combining intelligent innovation, designaesthetics, and high reliability in complex environments. In the fast-charging domain, the Companyfocused on supercharging products and accelerated the development of fast-charging DC point productmatrices. These supercharging products feature an innovative technical architecture, integrating wide

voltage, large current, and high-heat dissipation liquid-cooled charging plugs, along with full-matrixcircuit designs. By collaborating with cloud platforms or mobile terminals, the products enable dynamicand precise power distribution. On the core technology front, the Company further developedself-research capabilities, successfully overcoming technical challenges in critical control componentssuch as Power Distribution Units (PDUs), Charging Control Units (CCUs), and charging modules. Thisachievement ensures full autonomy and control over key components, guaranteeing the stability,reliability, and durability of products, while laying a solid foundation for the overall performanceenhancement of DC points.

In 2024, the energy storage business continued to focus on European residential and domesticindustrial and commercial scenarios, building a multi-level product ecosystem and upgrading the globalproduct matrix. The Company launched single-phase and three-phase home energy storage products andconducted localized verification in the European market. The liquid-cooled energy storage productcluster included industrial and commercial energy storage cabinets (125 kW/230 kWh to 1 MW/2.15MWh) and containerized energy storage systems (2.5 MW/5 MWh), supporting the construction ofintegrated photovoltaic-storage-charging systems. In the area of core technology, the Companyadvanced innovations in energy storage system safety frameworks, with thermal managementtechnology improving system cycle life to industry-leading levels. The self-developed 3S system (PCSpower conversion system, BMS battery management system, and EMS energy management system) wasupgraded, while the AI-driven energy scheduling algorithm, co-developed with Shanghai Jiao TongUniversity, significantly enhanced system performance. Additionally, the Company actively led theformation of industry-academia-research alliances and contributed to the development of safetystandards for energy storage systems, strengthening its long-term core technological capabilities.

2. Channel side:

In 2024, the new energy channel focused on expanding its reach to large operator customers whilemaintaining effective coverage of the C-end market and small-to-medium-sized operators. The Companyalso worked on upgrading its service ecosystem to further increase market share and brand influence. Bythe end of the Reporting Period, the Company had developed over 25,000 terminal outlets in the C-endmarket and over 3,000 operator customers in the B-end market. The Company responded proactively tonational policy guidelines for new energy vehicle charging infrastructure construction in the publicsector, extending its reach to large operators and government projects by building benchmark stationsand supporting national and provincial road projects. As the Company’s industry influence grew,strategic partnerships were established with key players such as PetroChina, Tower Group, State Grid,and Seres in product and technology fields. The Company also actively developed a one-stop serviceplatform and worked on transforming its distributor service system, strengthening the long-termsustainable development of the new energy business. In 2024, the e-commerce channel focused onsecuring market leadership in the charging product category. By rising to competition, optimizingproduct portfolio, and building platform benchmark stores, the Company achieved significant marketshare growth, successfully surpassing competing brands. For C-end home charging points sold online,

the Company leveraged its refined channel management capabilities and professional platform resourcesto establish a “one-stop installation” service system, providing customers with high-quality products andrapid-response after-sales services.

3. Supply chain side:

In 2024, the new energy factory advanced the construction of a vertical supply chain system,improving operational efficiency through lean, digital, and automated transformations. The Companyaccelerated in-house production of key components to provide efficient support for businessdevelopment. At the factory level, the Company received high-level recognition from clients, such asPetroChina, for excellent on-site management, lean production practices, and the application of BBSlean improvement tools. In terms of quality control, the MES system was employed for automaticcalibration of key materials and tool calibration management, enhancing process capabilities andensuring product quality. The Company also focused on enhancing multi-channel logistics services,improving B-end product logistics traceability, and creating an information-based closed-loop systemfrom order production to delivery, resulting in significant improvements in management and operationalefficiency.

4. Brand side:

The demand for new energy products aligns closely with Goneo’s brand image as an “Expert inSafe Electrical Solutions”. The “Goneo Safe Charging Point”, founded on excellent product strength,received high consumer recognition. In 2024, the Company further strengthened its comprehensivebrand communication strategy through celebrity endorsements, platform live streaming, and promotionalcampaigns, accelerating the enhancement of the Goneo Safe Charging Points brand image andeffectively driving sales growth. Goneo’s new energy products were showcased at the ConsumerElectronics Show (CES), significantly raising the Company’s industry profile and attracting mediacoverage from outlets such as the Associated Press and AFP. The Company collaborated with categoryendorsers to creatively demonstrate the excellent performance of the Infinity series, leveraging jointmarketing initiatives, celebrity live streams, and trend pop-up stores to expand brand awareness. Tofurther increase brand visibility and engage consumers, the Company utilized platforms likeXiaohongshu and Douyin for targeted consumer engagement, establishing a precise, efficientcommunication network.

iv. Internationalization: Promoting “high-value customers, product co-creation, and commongrowth” through localization and innovation

In 2024, the Company focused on expanding its presence in emerging markets and Europe,diversifying its product range beyond adaptors to include wall switches, lighting, bladeless fan lights,home energy storage systems, and charging points. The Company placed a high priority on developinghigh-net-worth global customers, promoting product co-creation and channel co-building, whileestablishing localized organizational and operational capabilities. The internationalization process hasentered a stable and well-organized phase of development.

In emerging markets, the Company launched products such as “basic models”, “plugs”, and“high-power products for engineering use” adaptors, along with wall switches such as GG37 inIndonesia, MG25 wall switches in Southeast Asia, light sources, and home improvement products likebladeless fan lights, further enriching its product portfolio. On the channel and organizational front, theCompany’s business expanded from a few countries to encompass the entire Southeast Asian market,with additional growth in emerging markets in the Middle East, South America, and other global regions.By building high-value customer development capabilities, the Company forged strategic partnershipswith leading local enterprises in Thailand, Indonesia, Mexico, South Korea, Saudi Arabia, and otherregions. Over 20 distributors were recruited, and country managers were appointed in key markets,ensuring the localization of the channel system and providing sustained support through overseas salesteams, which significantly enhanced the Company’s sales and service capabilities.In Europe, the Company continued to expand its product offerings in the home energy storage andcharging point sectors, with new energy products co-developed with local partners already launched inthe market. The Company also made significant strides in introducing multi-category products, such astrack sockets, fan lights, and smart lighting. On the channel and organizational front, the Companyfocused on building strong relationships with high-net-worth customers, carried out targeted recruitmentin markets like Germany and Italy, and established a German subsidiary along with several regionaloffices, developing localized sales and technical service capabilities to better serve the European market.On the branding front, in 2024, the Company actively participated in international exhibitions,including the “Canton Fair”, and launched global websites, including versions for Germany and Vietnam,to better connect with overseas consumers. These efforts significantly enhanced the brand’s recognitionand influence internationally, laying a solid foundation for future business development.

v. Corporate operation: Enhancing management efficiency across the entire value chainthrough innovation and transformation, laying the foundation for sustainable development

Through continuous organizational, process, and digital transformation, the Company hasproactively adapted to the rapidly evolving external business environment. While strengthening itsoperational management capabilities across the entire value chain, the Company embraces the industrialrevolution driven by new productivity, leveraging lean, informatized, and digitalized approaches to lay asolid foundation for sustainable, high-quality development in the future.

Focusing on comprehensive value chain management, the Company intensified efforts on processtransformation and digitalization. In 2024, the Company systematically developed a processtransformation management system, focusing on core business processes and data governance toenhance organizational efficiency and foster sustainable growth. In terms of process management,guided by the principle of end-to-end process construction, the Company completed enterprise-levelcore process standardization in eight key areas: procurement, human resources, finance, strategicplanning, BTIT, supply chain, marketing, and R&D innovation. This initiative improved the Company’ssystem operations and management capabilities. In the realm of data management, the Companyanalyzed its current state of data governance and the direction of future digital applications. The

Company implemented a data governance system that includes “one guideline and three strategies”focusing on organization, system, process, and technology platforms. This system was fullyimplemented in the finance and procurement areas, further accelerating the digital transformationprocess.After recent years of continuous enhancement and construction, the Bull Business System (BBS)has evolved into an important operational system driving the Company’s improvement of operationalquality. In 2024, the BBS system played a critical role in driving enhancements across the entire valuechain, with a strong focus on innovation and growth, thereby boosting the Company’s ability to executebusiness transformations. In terms of process construction, the Company emphasized strategic planning(PD), key performance indicators (KPIs), and value stream mapping (VSM) analysis to address corebusiness challenges and empower growth through models such as lean product planning, BPD popularproduct improvement, and lean marketing tools. Additionally, the Company continued to optimize theBBS tool system, improving projects and consolidating best practices across Goneo’s four majorplatforms: growth, lean, leadership, and foundation. Regarding talent development, the Companyaligned its efforts with Goneo’s leadership model and business needs. The Company accelerated thedevelopment and transfer of BBS capabilities across various job functions and management levels. Thisinitiative ensured effective strategy implementation and empowered business growth.In 2024, to better support rapid business development and future strategic initiatives, the Companyfocused on organizational design, talent development, and innovative assessment and incentivemechanisms to deepen organizational and talent transformation, ensuring successful execution ofstrategies. In organizational design, the Company implemented a value-driven, process-closed loop, andefficient management approach. Functional platforms were established based on efficient governanceand professional empowerment, while collaborative platforms centered on innovation and integratedservices were also created. In terms of talent development, the Company further enhanced itsqualification management system and dynamically adjusted job-position matching. By strengthening itstalent base for high-potential employees, leadership teams, experts, skilled workers, and young talents,the Company continued to optimize its talent pipeline. In compensation and performance management,the Company introduced a “job-grade-salary” matching mechanism, designed to align jobresponsibilities with compensation levels. This structure ensures upward mobility and flexibility withinjob positions, supporting organizational performance, process efficiency, and individual achievements,thereby ensuring the successful execution of strategies and the achievement of business goals.

II Principal Operations of the Company during the Reporting Period

1. Principal operations

During the Reporting Period, the Company focused on the three major businesses of electricconnection, smart electrical lighting and new energy towards its strategic objectives. The primaryproducts of electric connection are adaptors (power strips), digital accessories, power tools, etc. Theproducts of smart electrical lighting mainly include wall switches and sockets, LED lights (smartno-main-lamp lighting), safe circuit breakers, smart bathroom heaters, smart clothes drying racks, smartdoor locks, smart curtain machines and so on. The products of new energy mainly include new energyvehicle charging points/plugs, household chargers, industrial and commercial chargers, outdoor portablechargers, etc.

The Company adheres to the vision of “Becoming a Leader in the International Civil ElectricIndustry”, the mission of “providing safe and comfortable electricity experience for customers” and thedevelopment philosophy of “be professional, concentrated and go further”. Since its establishment in1995, the Company has always adhered to the guidance of consumer demand and the base of productquality. The Company started to from the segmentation of power strips, constantly promoting theinnovation of functions, technology and design, and developing batches of new products popular amongconsumers. Focusing on innovation, the Company has the comprehensive advantages of product R&D,marketing, supply chain and branding. After years of developing and expanding, the Company hasformed three major business segments: electric connection, smart electrical lighting and new energy.Besides, it has also formed sustainable business layout in the fields of civil electrical industry andlighting.

2. Business models

(1) Procurement model: The procurement business of the Company mainly includes theprocurement of operating supplies including copper, silver, aluminum, tin, plastic granule, paper pulp,etc., and the procurement of non-operating supplies such as IT materials, administrative supplies and soon. The Company has established a procurement strategy with quality as the core. It has selected themain supplier through the mechanism of strict supplier entrance and regular examination and inspection.

Besides, the Company established strategic cooperating relationships with the main suppliers to ensurethe quality and delivery. The Company has set up a procurement sharing platform with professionalpersonnel at the group level. It improves the ability of negotiating prices, lowers procurement costs, andcontrols the quality of raw materials through centralized procurement, direct procurement from sourcesuppliers, tendering, etc. Furthermore, the Company has optimized and improved the suppliersmanagement system, ERP system, manufacturing and storage system, etc. Meanwhile, it has improvedthe management of procurement and constantly improved the procurement efficiency.The Company has performed centralized procurement of bulk raw materials such as copper, silver,aluminum, tin, plastic granules, paper pulp and so on. In addition, the Company has locked the tradingprice through ways such as forward hedging to reduce the uncertain risk brought by the price fluctuationin spot market of raw materials.

(2) Production model: The Company has adopted the manufacturing model of “Market Forecast +Safe Inventory”. Products are mainly self-made. Some new products and supporting products have beenmade by adopting the OEM manufacturing mode. Every factory is responsible for the production ofcorresponding products and parts. They have ensured product quality, efficient management and on-timedelivery at the same time. Meanwhile, the Company has constantly promoted the innovation ofmanufacturing model. By building a balanced production and sales system, continuously improving lean,automated and digital levels, and insisting on technical process innovation, the Company has graduallyenhanced its "order-driven" flexible production model while ensuring product quality and reducinginventory slow moving losses.

(3) Sales model: The Company has established online and offline integrated sales model throughomnichannel. The offline sales model is mainly based on distribution and partially based on directselling. The Company has promoted the innovative offline sales mode of “distribution, delivery, visitand sales” in the field of civil electrical appliances and implemented refined management of channels.Through efficiently organizing and transferring dealer resources around the country, and long-termaccumulation, the Company has established distribution network with 1.1 million retail stores coveringnational urban and rural areas. The online channel has covered the mainstream e-commerce platformsthrough direct selling + distribution, with which we have made every effort to build the flagship storesinto a brand promotion window. The Company has actively implemented digital marketing to realize“diversion outside the online channel and sales inside the channel” with the help of each traffic inlet.Meanwhile, in terms of the smart electrical lighting products, the Company has beefed up developmentand sales in the B-end channels of decoration and engineering projects; and as for the newenergy-related products, active efforts have been made to develop B-end operator customers.Additionally, the Company has actively explored emerging markets such as Southeast Asia and marketsof developed countries and regions to speed up the global business layout.

III Introduction of the Industry where the Company Operates during the Reporting Period

1. Development stage and periodic characteristics of the industry

According to the Industry Classification of National Economy (GB/T4754--2017) issued by theNational Bureau of Statistics, the main type of the Company's business is assigned to “ManufacturingIndustry of C38 Electric Machine and Equipment”. Among them, adaptors, wall switches and sockets,and digital accessories are all assigned to the specific type of “3899 Other Not Classified Manufacture ofElectric Machine and Equipment”. LED lighting is assigned to the specific type of “3872 Manufactureof Lighting Devices”. And new energy charging plugs/points fall in the specific type of “3829Manufacture of Other Power Distribution and Control Facilities”.With the further improved economic structure as well as the continuous increase of the residentdiscretionary income and consumption level in China, industries such as household appliances,consumer electronics, real estate, home decoration, and new energy vehicles, grow continuously andrapidly, promoting the market demand for products in electric connection, smart electrical lighting andnew energy charging and storage. Nowadays, China is the main producing base of adaptors across theworld. The brands of wall switches and sockets in China’s market are nationally leading as well asinternationally famous. In the field of lighting, China has become the workshop of the world withproducts sold to around 220 countries and regions. In the field of new energy vehicles, China is theworld's largest producer and consumer. In general, traditional electric connection products such asadaptors and digital accessories, as well as wall switches and sockets, LED products, have entered amature period of development, but the sub-categories, such as smart ecosystem household products, andnew energy products are in a growing period with increasing policy support.

Products of electric connection, smart electrical lighting and new energy all have close connectionto people’s lives with no obvious characteristics of industry cycle and regions. Among them, someproducts of electric connection and smart electrical lighting have been affected by some factorsincluding cessation of business in major retail terminal end outlets (such as hardware stores, specializedmarkets and so on) and the reduction of housing fixtures during the Spring Festival. Therefore, the firstquarter always has the fewer sales volume all over the year.

2. The Company’s position in the industry

The Company concentrates on the civil electric industry and always upholds the businessphilosophy of “Be Professional and Concentrated, and Go Further”. Since its establishment in 1995,the Company has gradually formed three main businesses: electric connection, smart electrical lightingand new energy. Relying on excellent product quality and sound word of mouth, the reputation of theGoneo brand has increased constantly and its sales volume has always been leading. During theReporting Period, the Company won honors such as "National Quality Inspection Trustworthy Product","National Consumer Quality- and Reputation-Trustworthy Product", and "Quality Leading Brand of theNational Civil Electrical Industry". The Company and its wholly-owned subsidiary Goneo Photoelectricboth won the second prize of Zhejiang Province Science and Technology Progress Award.

According to the data provided by Info Master, in 2024, the Company’s products such as adaptors,wall switches and sockets, new energy vehicle charging points, and new energy vehicle charging plugshad the No. 1 online sales volume on the e-commerce platform of Tmall.

IV Analysis on Core Competitiveness during the Reporting Period

√ Applicable □ Not applicable

The Company has always adhered to the core values of “Honest, Faithful, Professional andConcentrated”. With forward-looking strategies and the tactics of high-performance operation, it has built upa sustainable business portfolio and comprehensive competitive edges.

i. Product strength

(1) The Company has established an edge of innovative product development based onconsumer demand.

For long, the Company has attached great importance to research on consumer demand and theinnovation of product planning and research. It has always viewed the promotion of consumerexperience as the primary goal in product research. The Company has established an integratedinnovation system and teams of forward research, product planning and research. It has created andapplied all kinds of new technologies, materials and crafts. Through the constant superposition of microinnovation, the Company has promoted a batch of products of electric connection, smart electricallighting and new energy with new and different characteristics in the aspects of design, performance,technology and function, which are popular among consumers. During 2024, the Company was granted5 international design awards. By the end of the Reporting Period, it has cumulatively won 94 domesticand international design awards, including Red Dot (Germany), iF (Germany), G-Mark (Japan), IDEA,Red Star (China), AWE, DIA (China), etc. In addition, it has a National Industrial Design Centrerecognized by the Ministry of Industry and Information Technology of China.

Each year, the Company formulates a three-year technical plan in a rolling manner, leveraging theorganisational structure of the Future Research Institute to plan prospective technologies, keytechnologies, and product application technologies. It has developed a roadmap for achieving technicaldevelopment and leadership goals. Concurrently, the Company has actively integrated internal andexternal resources, collaborating with top-notch universities and consulting firms in areas such as newenergy-based electrical products, digital intelligent control, healthy lighting, and AI industrialapplications. In 2024, the Company experienced a further boost in technological capabilities, achieving441 newly authorised patents and four new software copyrights. By the end of the Reporting Period, theCompany had accumulated a total of 3,029 valid patents and 72 software copyrights, had beenrecognised as a national demonstration enterprise in intellectual property rights, and had been approvedfor establishing a national post-doctoral workstation.

In terms of promoting healthy development of the industry, for years, the Company has participatedin drafting 156 national standards, industry standards and association standards. It is the vice chairmanunit of the Electrical Accessories and Household Controller Branch of the China Electrical EquipmentIndustry Association. It is also the vice chairman unit of the National Technical Committee for

Standardization of Electrical Accessories. What’s more, it is the first electrical enterprise in the industryto draft the “Made in Zhejiang” standard and attain certification.

(2) The Company has always adhered to the philosophy of winning through high quality andput in place an efficient quality control system.

Since its founding, the Company has aimed to manufacture high-quality products. The idea ofwinning through high quality has gained support among all in the Company. The Company hasestablished a good brand image and reputation on the market with reliable product quality.

In the aspects of selecting raw materials, procurement, research and production process control,product testing and after-sales service, the Company has established a comprehensive and perfect qualitymanagement system of product planning -- product design -- procurement -- production in batch quantity-- post-sale strictly in line with the national standards, related laws and regulations, and enterprisestandards. To ensure the efficient operation of the quality management system, the Company hasestablished a domestically leading quality test centre. Covering a building area of 12,189 square metres,the quality test centre is equipped with three nationally accredited laboratories, which have obtainedcertifications such as "UL Witness Laboratory”, "CNAS Laboratory”, "CCC On-site Laboratory","WMT-certified Laboratory”, "DEKRA Cooperative Laboratory”, "HCT Cooperative Laboratory”, and"T?V Rheinland Authorised Laboratory" from professional institutions. Meanwhile, boasting anindependent materials research institute, the Company has conducted pre-research and applicationverification of technologies to bolster material quality, thereby continually enhancing product reliability,durability, and sophistication. Additionally, leveraging information technology systems and softwareplatforms such as the Quality Management System ("QMS"), Manufacturing Execution System ("MES"),System Applications and Products ("SAP"), and Product Lifecycle Management ("PLM"), the Companyhas put in place a comprehensive process monitoring and problem-solving information technology-basedprocess that spans aspects such as customer quality feedback, new product quality risks, internalmanufacturing quality, and supplier quality. This ensures effective implementation and execution of theCompany's quality control system.

With long-term accumulation, the Company has formed an efficient and systematic qualitymanagement and control system. It has achieved the management system certification of IS09001,ISO14001, OHSAS18001, IATF16949, and AS9100D for its relevant business operations. Besides, ithas been successively awarded over 20 prizes related to quality such as “National Qualified Products ofStable Quality”, “Products with Reliable Quality”, “Demonstration Enterprise of Export Quality andSafety in China”, “Famous Brand Products in Zhejiang” and “Ningbo Mayor Quality Award”.

ii. Marketing strength

(1) Always being responsive to changes in consumer demand and habits, the Company hasbeen foresighted in promoting channel reforms.

Supported by the offline marketing network of more than 1.1 million outlets covering urban andrural areas, as well as a professional online marketing network, the Company has established amarketing system featuring coordinative online and offline channels in the civil electrical industry. Over

the years, with an innovative offline sales model featuring “distribution, delivery, visit and sales”, it hasdeveloped in China more than 750,000 hardware channel retailers (including hardware stores, grocerystores, office supplies stores, supermarkets and so on), more than 120,000 specialized decoration andlamp decoration retailers, and more than 250,000 digital accessories channel retailers. These channelshave expanded the selling points to stores, large market places, professional markets in urban and ruralareas, forming an offline marketing network hard to be duplicated. At the same time, the Company hasestablished a professional e-commerce direct selling operational team and an online distributor systemwith strong ability. Nowadays, the Company has comprehensively entered the leading e-commerceplatforms such as Tmall, Taobao, JD.com, Vipshop, Pinduoduo, and so on. It has dozens of authorizedonline distributors. On the basis of maintaining the sales on traditional e-commerce platforms, theCompany also worked on hobby and content-oriented e-commerce channels to strengthen its brandpresence while driving sales. According to the data provided by Info Master, in 2024, the Company’sproducts such as adaptors, wall switches and sockets, new energy vehicle charging points, and newenergy vehicle charging plugs had the No. 1 online sales volume on the e-commerce platform of Tmall.The high quality coordinated development between offline and online channels has helped theCompany establish a comprehensive, multilevel and stereoscopic marketing network, which is theunique channel advantage of the Company to maintain competitiveness. With the changes inconsumption trends and footfall structure, comprehensive flagship stores for the decoration channel andthe new retail model of online and offline integration have been gradually introduced and promoted,which have become important directions for the Company’s channel development and innovation in thefuture. Simultaneously, the Company has always adhered to the refined management of channels foryears, developing established systems in the aspects of development, management, operation, and so on.It has had the advantage of developing new channels swiftly. The systematic channel layout of newenergy and Murora products in a short period of time is an effective manifestation of this underlyingcapability.

(2) With “Goneo” being widely recognized as a safe and reliable brand, the Company is nowstrengthening a high-end, trendy and high-tech brand image.Through a branding model with selling point promotion as the foundation, over the past more than20 years, the Company has made constant efforts to support the distributors to put the Goneo brand inretail stores and put advertising resources such as display inside and outside the stores, in so doing theGoneo brand has been disseminated to cities, towns and counties. It has formed a simple, efficient andunique branding model. Goneo has become a household name. Meanwhile, the Company has constantlyenriched the brand connotation and improved the brand’s penetration and loyalty among differentconsumers with the help of diversified, intelligent and young new products and the Internet new mediapromotion. With the brand upgrading strategy, and based on continuous product innovation, the“Goneo” brand has gradually shifted from “safe and reliable” to “high-end, trendy and high-tech”. Andthe Company’s brand presence and reputation have been further enhanced.

iii. Operational strength

(1) The Company has a highly lean, automated and digitalized supply chain, helping it staycompetitive with respect to quality, efficiency and cost.With products as the core, the Company deeply integrates the upstream supply chain, masters thekey components and core technology, and establishes a vertically integrated supply chain system frombasic raw materials to finished products. It has regarded manufacturing technology as the importantcarrier of core competitiveness in the supply chain. It is equipped with mold, hardware, electronic,spraying and other supporting factories. These factories design, develop and manufacture various highprecision molds for the Company’s diverse products. With automated injection molding and moldingintegration, they have been developing and supplying sufficient precision electronic components for theCompany. Meanwhile, by giving full play to synergies among them, the product quality, productionefficiency and the product innovation competence have been greatly improved.The Company has constantly improved the lean, automated and digitalized manufacturingcapabilities and established an industrial automatic team of integrated research, design andmanufacturing. The independent development and design, and the assembly application capability ofautomatic devices and smart assembly devices have constantly improved. The flexible production modeof “man-machine integration” has been promoted rapidly. With the help of a leading automaticstereoscopic warehouse and smart sorting shipment system, the Company has achieved themechanization and automation of warehouse work, which greatly improves the speed of distribution anddelivery, and the customer response ability. The automatic stereoscopic warehouse has efficientlyconnected the front-end automatic production. The smart manufacturing system for the whole process offeedstock -- production -- storage -- shipment has been established. Meanwhile, by comprehensivelyupgrading the MES system and integrating ERP, QMS, PLM and other hardware and software systems,the Company has achieved digitalized whole-process information monitoring and management of“integrated design and manufacturing, automated production and processing, transparent productionprocess, and precise logistics control”, providing solid support for the sustainable development of theCompany’s business.

(2) The Bull Business System (BBS) has become a powerful engine to drive the Company'sbusiness development.

As management reforms have been deepened over the past few years, BBS has become a pivotalmethodology and operational system driving the Company's improvement of operational quality and arobust catalyst for innovation-driven growth, cost reduction, and efficiency enhancement of theCompany. Focusing on the Company's strategic goals, BBS has fully capitalised on tools and methods toempower the organisation to continuously pursue excellence, consolidate the foundation of itsadvantageous business, and secure breakthroughs in new business, thereby attaining satisfactoryoperating results.

V Major Operations during the Reporting PeriodFor the Reporting Period, operating revenue increased 7.24% year on year to RMB16.831 billionand the net profit attributable to the Company’s shareholders amounted to RMB4.272 billion, up 10.39%from the previous year.i. Analysis of Principal Operations

1. Changes in consolidated income statement and cash flow statement items

Unit: RMB

The change in operating revenue was primarily driven by the increased sales in the year.The change in cost of sales was primarily driven by the fluctuations of bulk material prices and internalcost reduction.The change in selling expense was primarily driven by the increased salaries and marketing expenses.The change in administrative expense was primarily driven by the increased salaries and equity incentiveexpenditures.The change in R&D expense was primarily driven by the increased salaries and direct investments.The change in finance costs was primarily driven by the decreased bank loans in the year.The change in net cash generated from/used in operating activities was primarily driven by the decreasedadvance payments from customers in the year.The change in net cash generated from/used in investing activities was primarily driven by the increasedredeemed amount of financial products that became due in the year.The change in net cash generated from/used in financing activities was primarily driven by the decreasedbank loans and increased dividend payout in the year.

Particulars about any significant change to the Company’s business nature, profit composition or sourcesin the period.

□ Applicable √ Not applicable

2. Revenue and cost analysis

√ Applicable □ Not applicable

In 2024, the electric connection business continued to drive product upgrades, strengthened Goneoas a trendy and high-end brand, and achieved solid growth. The smart electrical lighting business createda trendy and high-end product ecosystem, vigorously promoted the channel reform featuring "flagshipstores + new retail model", and achieved sustained growth across economic cycles. The new energybusiness swiftly enriched product offerings, increased competitiveness across the board, such astechnology, supply chain, and channels, and achieved leapfrog development.

(1) Principal operations by operating division, product category, operating segment and salesmodel

Unit: RMB

Notes:

1) During the year, the electric connection business recorded operating revenue of RMB7.683billion, up 4.01% year on year; and a cost of sales of RMB4.536 billion, up 3.87% year on year. As thecore of the Company, the electric connection business continued to drive product upgrades, strengthenedGoneo as a trendy and high-end brand, and achieved solid growth.

2) During the year, the smart electrical lighting business recorded operating revenue of RMB8.331billion, up 5.42% year on year; and a cost of sales of RMB4.484 billion, up 4.70% year on year. Thesmart electrical lighting business created a trendy and high-end product ecosystem, vigorously promotedthe channel reform featuring "flagship stores + new retail model", and achieved sustained growth acrosseconomic cycles.

3) During the year, the new energy business recorded operating revenue of RMB777 million, up

104.75% year on year; and a cost of sales of RMB507 million, up 102.72% year on year. The newenergy business swiftly enriched product offerings, increased competitiveness across the board, such astechnology, supply chain, and channels, and achieved leapfrog development.

(2) Output and unit sales analysis

√ Applicable □ Not applicable

Notes:

1) The inventory of electric connection products decreased slightly in the period compared with lastyear.

2) The inventory of smart electrical lighting products increased in the period compared with lastyear, primarily driven by the year-end stocking.

3) The unit sales of new energy products showed a significant increase compared with last year,mainly due to the strong sales of these products.

(3) Execution of significant purchase or sales contracts

□ Applicable √ Not applicable

(4) Cost analysis

Unit: RMB

Notes:

The manufacturing expense took up a smaller percentage of the total costs in the period comparedwith last year, primarily driven by the efforts in manufacturing cost reduction.

(5) Changes to the consolidation scope due to changed ownership in principal subsidiaries in theReporting Period

√ Applicable □ Not applicable

For details, please refer to “IX Changes in Consolidation Scope” in “Part X Financial Statements”.

(6) Significant changes to the business scope or product or service range in the Reporting Period

□ Applicable √ Not applicable

(7) Major customers and suppliers

A. Major customers

√ Applicable □ Not applicable

Sales to the top five customers stood at RMB1,404.1508 million, accounting for 8.36% of the totalannual sales. Sales to the related-parties among the top five customers stood at RMB0, accounting for0% of the total annual sales.

Indicate whether sales to a single customer accounted for over 50% of the total sales, there was any newcustomer in the top five customers, or the Company heavily relied on a few number of customers in theReporting Period.

□ Applicable √ Not applicable

B. Major suppliers

√ Applicable □ Not applicable

Purchases from the top five suppliers stood at RMB2,175.3162 million, accounting for 17.00% of thetotal annual purchases. Purchases from the related-parties among the top five suppliers stood at RMB0,accounting for 0% of the total annual purchases.

Indicate whether purchases from a single supplier accounted for over 50% of the total purchases, therewas any new supplier in the top five suppliers, or the Company heavily relied on a few number ofsuppliers in the Reporting Period.

□ Applicable √ Not applicable

3. Expense

√ Applicable □ Not applicable

Unit: RMB

(1) Selling expense increased primarily driven by the increased salaries and marketing expenses.

(2) Administrative expense increased primarily driven by the increased salaries and equity incentiveexpenditures.

(3) R&D expense increased primarily driven by the increased salaries for R&D personnel and directinvestments.

(4) Finance costs decreased primarily driven by the decreased bank loans in the year.

4. R&D investments

(1) R&D investments

√ Applicable □ Not applicable

Unit: RMB

(2) R&D personnel

√ Applicable □ Not applicable

(3) Other information

□ Applicable √ Not applicable

(4) Reasons for any significant change to the composition of R&D personnel and the impact on theCompany

□ Applicable √ Not applicable

5. Cash flows

√ Applicable □ Not applicable

Unit: RMB

(1) Net cash generated from operating activities increased primarily driven by the decreased advancepayments from customers in the year.

(2) Net cash generated from investing activities decreased primarily driven by the increased redeemedamount of financial products that became due in the year.

(3) Net cash generated from financing activities decreased primarily driven by the decreased bank loansand increased dividend payout in the year.

ii. Significant changes in profit incurred by non-core business

□ Applicable √ Not applicable

iii. Analysis of assets and liabilities

√ Applicable □ Not applicable

1. Assets and Liabilities

Unit: RMB

Other notes:

Held-for-trading financial assets decreased primarily driven by the decreased investments in wealthmanagement instruments in the period.Derivative financial assets increased primarily driven by the positive floating returns on futures at theend of the period.Receivables financing increased primarily driven by the increased balance of bank acceptance notesreceivable.Prepayments increased primarily driven by the increased advance expense payments.Other current assets increased primarily driven by the increased prepaid value added tax and corporateincome tax.Construction in progress decreased primarily driven by the transfer of construction in progress to fixedassets in the period.Right-of-use assets increased primarily driven by the increased building space under long-term leases inthe period.Short-term borrowings decreased primarily driven by the repayment of borrowings in the period.Other payables decreased primarily driven by the decreased sales discount accruals.Current portion of non-current liabilities decreased primarily driven by the decreased loans with amaturity of over one year in the period.Deferred income decreased primarily driven by the amortization of government grants in the period.Other non-current liabilities increased primarily driven by the increased over-one-year obligations torepurchase restricted shares.Paid-in capital increased primarily driven by the bonus issue from capital reserves in the period.Other comprehensive income increased primarily driven by the positive floating returns on futures at theend of the period.Surplus reserves increased primarily driven by the surplus reserves established in the period.

2. Overseas assets

√ Applicable □ Not applicable

(1) Value of assets

Of which: overseas assets stood at RMB51,896,986.13, accounting for 0.25% of the total assets.

(2) Explanation for the high proportion of overseas assets

□ Applicable √ Not applicable

3. Major restricted assets as at the period-end

√ Applicable □ Not applicable

For details, please refer to “31. Assets with restricted ownership or right to use” under “VII Notesto the Consolidated Financial Statements” of “Part X Financial Statements”.

4. Other information

□ Applicable √ Not applicable

iv. Industry environment analysis

√ Applicable □ Not applicable

For details, please refer to “i. Industry landscape and trends” under “VI Outlook Discussion andAnalysis” of Part III Management Discussion and Analysis”.v. Investments madeEquity investments in other entities

□ Applicable √ Not applicable

1. Significant equity investments

□ Applicable √ Not applicable

2. Significant non-equity investments

√ Applicable □ Not applicable

For details, please refer to “22. Construction in progress” in “VII Notes to the ConsolidatedFinancial Statements” of “Part X Financial Statements”.

3. Financial assets measured at fair value

√ Applicable □ Not applicable

For details, please refer to “XI Items Measured at Fair Value” in “Part II Corporate Information andKey Financial Information”.

Securities investments:

□ Applicable √ Not applicable

Notes to securities investments:

□ Applicable √ Not applicable

Investments in private equity funds:

□ Applicable √ Not applicable

Derivatives investments:

√ Applicable □ Not applicable

(1) Derivatives investments for hedging purposes in the Reporting Period

□ Applicable √ Not applicable

(2) Derivatives investments for speculation purposes in the Reporting Period

□ Applicable √ Not applicable

Other information:

The Company used commodity future contracts to hedge the expected bulk-purchase of rawmaterials of copper and plastic particles to avoid the risk of fluctuations in the future cash flows causedby the fluctuations in the price of raw materials.

The Company's specific hedging methods are described below:

Both the hedging instruments (commodity futures contracts) and the hedged items (expectedbulk-purchase of raw materials) are based on variables such as copper and plastic prices. The Company,guided by the Group Purchasing Decision Committee and based on actual raw material demand forproduction, conducts hedging to safeguard against price fluctuations effectively. The aforementionedhedging is highly effective. Cash flow hedging is adopted for such hedging activities.

Additionally, the Company, in accordance with its risk management strategy, hedges certain rawmaterials such as silver, aluminium, and tin. However, due to factors such as quantity conversion, the

hedging may not be highly effective after futures closing, resulting in ineffective hedging portions beingincluded in return on investment.

4. Progress on any major asset restructuring in the Reporting Period

□ Applicable √ Not applicable

vi. Sale of significant assets and equity investments

□ Applicable √ Not applicable

vii. Principal subsidiaries

√ Applicable □ Not applicable

Unit: RMB’0,000

New subsidiaries

Unit: RMB’0,000

viii. Structured entities controlled by the Company

□ Applicable √ Not applicable

VI Discussion and Analysis on the Company’s Future Developmenti. Industry landscape and trends

√ Applicable □ Not applicable

According to the National Bureau of Statistics, the national GDP grew by 5.0% year on year in2024; the national per capita disposable income reached RMB41,314 in 2024, up by 5.3% year on year;the national per capita consumption expenditure for the year was RMB28,227, up by 5.3% compared tothe previous year; the urbanization rate of the resident population was 67.00% at the end of the year, upby 0.84 percentage points compared to the end of the previous year. In 2024, China’s real estate marketcontinued to benefit from policy easing, including the relaxation of purchase and loan restrictions andthe implementation of special policies to ensure the timely delivery of homes. These adjustments led tothe stabilization of the real estate market in core cities, with the demand for housing upgrades beinggradually released, effectively stabilizing market expectations.With a stronger focus of consumers on the home light health, light environment and light effect,intelligent no-main-lamp lighting with light quality are gaining more and more popularity and entergradually into the mass market and become a trend from the previous commercial lighting and high-endhome decoration field. Driven by innovations in LED lighting technology, improvements in light sourcequality, and the rapid advancement of AI and IoT technologies, smart, healthy, and integrated

no-main-lamp lighting systems are expected to become the preferred family lighting solutions, offeringenhanced products and experiences. After incubation and cultivation, the Company's no-main-lamplighting business has adopted a dual-brand-driven strategy and initially built up differentiated corecompetencies in hardware and software products, channels, supply chain, etc. In the future, theCompany will continue to promote business synergies, seize the minds of consumers, and achieveground-breaking development.

The integration of AI and IoT technologies is accelerating the development of integrated smartecosystems in China’s smart home industry. According to data from AVC, the market penetration rate ofsmart home systems in China’s refined decoration market reached 29.6% in 2024, reflecting a 9.2%year-on-year increase. The brand pattern of the smart home industry has not yet been formed, and thereis a huge market space behind the rapid development. As the core of the smart home system, the lightingcontrol system has obvious user interaction perception and high usage frequency. The Company makesintelligent no-main-lamp lighting and self-developed control system the entry point, and integrates withsmart door locks, smart curtain machines, smart clothes drying racks and other ecosystem productcategories to provide household solutions of safe electricity use, which will be an importantdevelopment direction and a differentiated competitive edge for the smart electrical lighting business.According to the China Association of Automobile Manufacturers, the production and sales of newenergy vehicles (NEVs) in China reached 12.888 million and 12.866 million, respectively, in 2024,growing by 34.4% and 35.5% year-on-year. The market penetration rate for NEVs reached 40.92%,marking an increase of 9.32 percentage points compared to 2023. By the end of 2024, the number ofnew energy vehicles in China totaled 31.4 million, accounting for 8.90% of the total vehicle population.The rapid development of new energy vehicles necessitates parallel advancements in charginginfrastructure. According to the Guiding Opinions on Further Establishing a High-Quality ChargingInfrastructure System issued by the State Council, a high-quality charging infrastructure systemfeaturing wide coverage, an appropriate scale, a reasonable structure, and well-improved functions isexpected to be preliminarily established by 2030 to support the development of the new energy vehicleindustry. Seizing this momentum, the Company swiftly completed the layout of new energy vehiclecharging plugs and points for both individual consumers and operators, experiencing a business leap.Anticipating the future transformation in energy structures, the Company has entered the emergingenergy storage sector. Leveraging the strengths of domestic supply chains in this sector, the Companyhas taken the lead in promoting household-oriented smart energy systems in Europe, a region with tightenergy supplies and ample future market potential. Domestically, the Company has promoted energystorage systems for industrial and commercial users. Meanwhile, the Company will accelerate productinnovation and technology reserves, proactively explore new business directions, meet the storage andcharging needs of more user groups in a wider variety of scenarios, and seize the historical opportunitiesof the development of the new energy industry.

ii. Development strategies of the Company

√ Applicable □ Not applicable

With the vision of “Becoming a Leader in the International Civil Electrical Industry”, the Companywill grasp every opportunity in the changing times and accelerate the implementation of the smartecosystem, new energy and internationalization strategies. It will continue to build comprehensivecompetitive edges in product, marketing and operational strengths, with an aim to provide consumerswith more and better electrical products and services.

iii. Business plans

√ Applicable □ Not applicable

In order to achieve its operating goals in 2025, the Company will work on the following priorities:

1. Electric connection business: Continuously iterating and innovating products, expandingproduct lines overseas

The adaptor business will focus on meeting new scene demands while promoting iterativeinnovation in products such as track sockets, embedded sockets, and “New Fashion” sockets. The digitalaccessories business will emphasize scene integration and functional integration, further expanding theecosystem for strong and weak current connection services. The power tools business will continue todiversify its product line and accelerate market share growth.

2. Smart electrical lighting business: Driving industry upgrades through high-end fashiontechnology and innovation focused on health and intelligence

The wall switch business will continue innovating products based on ultra-thin, smart, and homedecoration trends to cater to segmented market needs. Products such as “whole-house Wi-Fi sockets”and “toggle switches” will further promote high-end fashion upgrades, enhancing the Company’scompetitive edge. The LED lighting business will continue with the strategy of whole-house healthylighting, with dual-brand operations under the Goneo and Murora brands. The Company will acceleratethe development and innovation of healthy, comfortable lighting, light efficiency, and MOS-homeintelligent control systems to cater to high-end, quality consumer groups, thereby enhancing its positionin the industry. The household appliances, circuit breakers, and other ecosystem businesses will focus oninnovation to differentiate and create unique offerings within traditional categories, providing consumerswith high-quality, one-stop home decoration products. Further marketing innovations will deepen thedevelopment of all-category flagship stores and new retail models, strengthening distributor-drivenmarketing and delivery services to offer consumers richer, smarter, and higher-quality pre-installedhome electrical products.

3. New energy business: Enhancing product innovation and customer service capabilities toconsolidate industry leadership

The new energy charging business will follow industry trends, accelerating the launch of the“Skyline” series products, increasing brand recognition and marketing efforts, and reinforcing Goneo’sleadership in the personal charging point market both online and offline. The Company will continueaccelerating technological breakthroughs and product innovations in ultra-fast charging, fast charging,

and group charging, establishing comprehensive customer service capabilities for delivery, installation,and operation and maintenance. This will provide strategic large clients and operator customers withreliable products and timely services. In the energy storage business, the Company will focus on theEuropean household energy storage market, accelerating localized product, channel, and organizationalinnovation. The Company aims to capitalize on industry cycles and explore differentiated, sustainabledevelopment paths.

4. Focusing on emerging markets, Europe, and cross-border e-commerce markets: Buildinglocalized operational capabilitiesIn 2025, the Company will continue to concentrate on emerging markets, Europe, and cross-bordere-commerce, seeking high-quality global partners. Through product co-creation and co-buildingmarketing networks, the Company will quickly integrate resources to establish localized sales andservice capabilities. The Company will also focus on expanding adaptors, strong and weak currentconnections, power tools, smart lighting, and smart ecosystem products internationally, leveragingGoneo’s strengths in product safety, fashion, and uniqueness to solidify its presence in emerging markets.The Company will aim for breakthroughs in the European household energy storage market andaccelerate the expansion of its charging business.

5. Continuing to promote innovation in BBS, full-value chain digital transformation, andtalent strategy: Improving operational levels

In 2025, BBS will undergo a transformation and upgrade to adopt a three-in-one managementapproach that emphasizes lean growth and leadership innovation. The Company will deependigitalization and AI+ applications across the entire value chain, from production to supply and sales.Additionally, the Company will accelerate talent acquisition to meet strategic needs, improving talentcoverage and satisfaction, providing solid support for business and organizational development.

iv. Possible risks

√ Applicable □ Not applicable

1. Risk associated with the sluggish macroeconomic growth

Domestic and overseas political and economic environments are undergoing profound changes. Themain products of the Company are consumer goods widely used at home, office, and other placesneeding electricity. The cyclical fluctuation of economy will directly influence the actual discretionaryincome of consumers, consumers' income structure, and the consumer confidence index. Then,consumers' demand for consumer goods including electric connection products and smart electricallighting products will be affected. If the growth rate of the domestic macroeconomy is sluggish or slides,it will lead to a decrease in discretionary income and the power of consumption of residents. It will alsodecrease consumers' demand and purchasing capacity for the Company's products. As a result, thebusiness development and the growth of results of the Company.

2. Risk of intensified market competition

The civil electrical industry demonstrates full market competition. There are not only manydomestic enterprises, but also some famous international brands. Meanwhile, adaptors, wall switches

and sockets, and other products, as the main controlled entrance of future smart home, also haveattracted many powerful new enterprises to join in the competition. In the future, the civil electrical andlighting industry is expected to remain its relatively fierce competition. There are uncertainties in thechanges of market competition. If the Company cannot adapt to the new competition situation, intensifyand expand its original competition advantages, it will face the risk of losing market shares.

3. Risk of the new business development failing to reach expectation

At the time of intensifying and expanding the original competition advantages, centering on thescenarios of new energy chargers and home decoration, the Company developed new business such ascharging plugs/points, chargers, no-main-lamp lighting, circuit breakers, bathroom heaters, smart doorlocks, smart clothes drying racks, and smart curtain machines. However, considering uncertain factorsincluding the development trend, market competition, and changes of consumer preferences in relevantfields, the possibility that the development of new businesses will fail to reach expectation cannot beexcluded.

4. Risk of the new channel and market development failing to reach expectation

According to the differences and changes of consumers' purchasing habits, the Company continuedto improve the layout of channels. Regarding channels such as the B-end business with engineeringprojects as the core, the vehicle after-markets for new energy charging plugs/points, and B-end operators,the Company remains in a stage of developing and building capabilities. Meanwhile, the Company is inthe early stage of business expansion in overseas markets and needs to gradually build up its competitiveedges; and the increasing uncertainty in international trade has also posed new challenges to theCompany’s market planning and business development. The possibility that the development of newchannels and markets will fail to reach expectation cannot be excluded.

5. Risk of fluctuations in main material prices

The main materials that the Company needs for production are copper, plastic, assembly, hardware,packaging materials, electronic parts, etc. There is certain relevance between the procurement prices ofraw materials and the prices of bulk commodities such as copper and plastic. The procurement prices ofraw materials have a relatively big impact on the cost of sales of the Company. If the procurement pricesof raw materials rise significantly or fluctuate sharply in the future, it will be harmful to the cost controlof the Company and then influence the Company's results.

v. Other information

□ Applicable √ Not applicable

VII Explanation of circumstances and reasons for non-disclosure by the company inconsiderationof inapplicable regulations, state secrets and commercial secrets.

□ Applicable √ Not applicable

Part IV Corporate Governance

I Overview of Corporate Governance

√ Applicable □ Not applicable

The Company is in strict accordance with the requirements of the Company Law, the SecuritiesLaw and other relevant national laws and regulations, and the China Securities Regulatory Commission'sCode of Corporate Governance for Listed Companies and other standardised documents, and isconstantly improving its corporate governance structure in light of the Company's development. TheCompany has established a governance structure consisting of the General Meeting of Shareholders, theBoard of Directors, the Supervisory Committee and the executives, with distinct responsibilities andpowers at each level, each with its own responsibilities, effective checks and balances, scientificdecision-making and coordinated operation, which builds a solid foundation for the Company's sustained,steady and healthy development.The Board of Directors has set up four specialised committees, namely, Audit and Risk Committee,Nomination Committee, Remuneration and Appraisal Committee and Strategy Committee, of which theindependent directors in the Audit and Risk Committee, Nomination Committee and Remuneration andAppraisal Committee are in the majority and act as the conveners, providing professional and objectiveadvice to the Board of Directors to ensure the professionalism and comprehensiveness of the Board ofDirectors' deliberation and decision-making.The Company has established a sound corporate governance system, forming a "1+3+N"governance system composed of "Articles of Association + Rules of Procedure for Three Meetings +Various Special Governance Systems". During the year, in accordance with the revisions to theCompany Law, the Guidelines for the Articles of Association of Listed Companies, etc., the Companyrevised its Articles of Association in conjunction with the actual operation, as well as issued the Rulesfor the Appointment of Accounting Firm and the Market Value Management Rules, effectivelysafeguarding the standardised operation of the Company's General Meeting of Shareholders, Board ofDirectors, Supervisory Committee, executives and key internal control departments.Meanwhile, the Company has established a relatively sound internal management and controlsystem, and has formulated relevant management systems in the areas of technology research anddevelopment, procurement management, safe production, marketing management, quality control andfinancial accounting. It conducted internal audit and supervision of the organization and management,operating activities, financial revenues and expenditures and economic benefits of its subsidiaries, andregularly inspected and evaluated the establishment and implementation of its internal control system toensure the effectiveness of internal control.

The Company is committed to continuously building modern corporate governance and promotingsystem establishment to effectively improve the quality of development as a public company.

Indicate whether there was any material incompliance with the applicable laws and regulations, as wellas the CSRC’s requirements in corporate governance. If yes, please explain.

□ Applicable √ Not applicable

II Specific Measures Taken by the Controlling Shareholder and Actual Controller to Guaranteethe Asset, Personnel, Financial, Organizational and Business Independence of the Company, aswell as Solutions, Progress and Subsequent Plans when the Company’s Independence IsIntervened

□ Applicable √ Not applicable

Indicate whether the controlling shareholder, the actual controller, or any entity under their control isengaged in the same or similar business with the Company. Please explain the impact of horizontalcompetition or any significant change to horizontal competition on the Company, solutions taken,progress and subsequent plans.

□ Applicable √ Not applicable

III General Meetings of Shareholders

Extraordinary general meetings of shareholders convened at the request of preference shareholders withresumed voting rights:

□ Applicable √ Not applicable

Notes to general meetings of shareholders:

√ Applicable □ Not applicable

For details, please refer to the Announcement on the Resolutions of the First Extraordinary GeneralMeeting of Shareholders in 2024 (Announcement No.: 2024-002), and the Announcement on theResolutions of the 2023 Annual General Meeting of Shareholders (Announcement No.: 2024-037)published by the Company on the website of the Shanghai Stock Exchange (http://www.sse.com.cn).

IV Directors, Supervisors and Senior Managementi. Shareholding changes and remunerations of incumbent directors, supervisors and senior management and those who resigned before the end of theirtenures during the Reporting Period

√ Applicable □ Not applicable

Unit: share

Other information:

□ Applicable √ Not applicable

ii. Offices held by incumbent directors, supervisors and senior management and those whoresigned before the end of their tenures during the Reporting Period

1. Offices held concurrently in shareholding entities

√ Applicable □ Not applicable

2. Offices held concurrently in other entities

√ Applicable □ Not applicable

iii. Remunerations of directors, supervisors and senior management

√ Applicable □ Not applicable

management personnel at theend of the Reporting Period

iv. Changes of directors, supervisors and senior management

√ Applicable □ Not applicable

Notes:

1. On January 3, 2024, He Min was elected as the Employee Supervisor of the Third SupervisoryCommittee at the Seventh Meeting of the Second Workers’ Congress. For further information, seeAnnouncement on the Election Results for Employee Supervisor of the Third Supervisory Committee(announcement No. 2024-001).

2. On January 5, 2024, Ruan Liping, Ruan Xueping, Zhou Wenchuan, Liu Shengsong, ZhouZhenghua and Xie Weiwei were elected as non-independent directors of the Third Board of Directors,Chen Zhen, Li Gang and Li Jianbin were elected as independent directors of the Third Board ofDirectors, and Yu Yingqi and Wei Lingpeng were elected as non-employee supervisors of the ThirdSupervisory Committee, at the First Extraordinary General Meeting of Shareholders in 2024. For furtherinformation, see Announcement on the Resolutions of the First Extraordinary General Meeting ofShareholders in 2024 (announcement No. 2024-002).

3. On January 5, 2024, Liu Shengsong was appointed as Board Secretary and Chief FinancialOfficer at the First Meeting of the Third Board of Directors. For further information, see Announcementon the Resolutions of the First Meeting of the Third Board of Directors (announcement No. 2024-003).

v. Punishments imposed by securities regulators in the past three years

□ Applicable √ Not applicable

vi. Other information

□ Applicable √ Not applicable

V Board Meetings Convened during the Reporting Period

VI Performance of Duty by Directorsi. Attendance of directors at board meetings and general meetings of shareholders during theReporting Period

Explain why any director failed to attend two consecutive board meetings.

□ Applicable √ Not applicable

ii. Objections raised by directors on matters of the Company

□ Applicable √ Not applicable

iii. Other information

□ Applicable √ Not applicable

VII Specialized Committees under the Board of Directors

√ Applicable □ Not applicable

i. Members of the specialized committees

ii. The Audit and Risk Committee held five meetings during the Reporting Period.

iii. The Remuneration and Appraisal Committee held three meetings during the Reporting Period.

iv. The Nomination Committee held one meeting during the Reporting Period.

communication and discussion,all proposals were unanimouslyapproved.

v. Objections

□ Applicable √ Not applicable

VIII Risks Detected by the Supervisory Committee

□ Applicable √ Not applicable

The Supervisory Committee raised no objections during the Reporting Period.

IX Employees of the parent company and Its Principal Subsidiaries at the Period-endi. Employees

ii. Remuneration policy

√ Applicable □ Not applicable

In the deep transformation of human resource management, the Company has carried outcomprehensive and detailed optimization in compensation and performance management. Throughsystematic job analysis and iterative updates of the job grading system, the Company has reorganized itsjob structure to ensure that job settings are more scientifically and reasonably arranged, laying afoundation for future management work. By anchoring key positions to market salary levels, theCompany has reviewed the compensation for each level and category of employees, further improvingthe salary reference lines to ensure that the compensation system is both internally fair and externallycompetitive. The Company has also established rules for salary matching, ensuring the alignment of“job-person-salary”, allowing employees’ efforts and rewards to match, which helps stimulate their workenthusiasm and creativity. In terms of performance evaluation and incentives, the Company hasestablished a logical connection between organizational and individual performance goals, managing

objectives from top to bottom, motivating employees to strive for organizational goals and achieve themtogether.

iii. Training plans

√ Applicable □ Not applicable

The Company continues to deepen its employee development and talent cultivation mechanisms,focusing on the needs of talent at different levels, and implementing targeted empowerment strategies tocomprehensively improve talent echelon construction. For the management team, based on leadershipstandards, the Company has developed a tiered, specialized training plan. Through systematic training,practical exercises, and case studies, the Company aims to enhance the strategic thinking, teammanagement, and decision-making abilities of its leaders. Additionally, the Company has refined thequalification standards for professional teams, providing multi-dimensional specialized courses based onjob requirements to help employees continually improve in technology, innovation, and industry-leadingfields. For the cultivation of young talent, the Company continues to recruit outstanding universitygraduates and helps them quickly integrate and enhance their comprehensive abilities through diversemethods, including cultural immersion training, mentorship programs, and cross-departmental rotations.Furthermore, the Company places great emphasis on the training of blue-collar skilled workers. For keyjob functions, the Company enhances the skills of blue-collar workers through theoretical training,practical teaching, and the “master-apprentice” model.

The Company consistently adheres to the principle of “people-oriented and continuous learning”,creating an open and inclusive learning atmosphere, encouraging employees to constantly break throughtheir limits and providing solid talent support for the sustainable development of the Company.

iv. Labor outsourcing

□ Applicable √ Not applicable

X Final Dividend Plan and Bonus Issue Plani. Formulation, execution and adjustments of the cash dividend policy

√ Applicable □ Not applicable

1. The cash dividend policy

The Articles of Association clarifies the decision-making procedures and mechanism for profitdistribution, the principles of profit distribution, the conditions and proportion of cash dividends, etc.,ensuring the transparency and operability of cash dividends to effectively safeguard the legitimate rightsand interests of small and medium shareholders and investors. The Company's profit distribution plan isstrictly implemented in accordance with the provisions of the Articles of Association and the resolutionsof the Company's General Meeting of Shareholders.

The Company will implement sustaining and stable profit distribution methods in line with theprovisions of the Articles of Association. The Company may distribute dividends by means of cash,stocks, a combination of cash and stocks, or other means permitted by laws and regulations.

Among the profit distribution methods, the Company gives priority to cash dividends over stockdividends; if the Company adopts stock dividends for profit distribution, it shall have taken into accountfactors such as its growth and stock liquidity.

Description of dividends in the Articles of Association: The Board of Directors of the Companyshall comprehensively consider factors such as the Company's industry characteristics, developmentphase, business model, profitability, debt repayment capacity, whether there are arrangements for majorcapital expenditures, and investor returns, distinguish the following circumstances, and proposedifferentiated cash dividend policies according to the procedures set forth in the Articles of Association:

(1) If the Company is in the phase of mature development and there is no arrangement for majorcapital expenditures, cash dividends shall account for at least 80% in the profit distribution;

(2) If the Company is in the phase of mature development and there are arrangements for majorcapital expenditures, cash dividends shall account for at least 40% in the profit distribution;

(3) If the Company is in the growth period and there are arrangements for major capitalexpenditures, cash dividends shall account for at least 20% in the profit distribution; where it is difficultto distinguish the Company's development phase but there are arrangements for major capitalexpenditures, it may be handled in accordance with the provisions of the preceding paragraph.

2. Cash dividend payouts during the Reporting Period

As approved at the 2023 Annual General Meeting of Shareholders on May 20, 2024, the 2023 finaldividend payout was carried out. Based on the total share capital of 891,540,875 shares minus the 46shares in the repurchased share account at the record date of the dividend payout (i.e. June 5, 2024), theCompany paid out a cash dividend of RMB31 (tax inclusive) per 10 share to its shareholders, with abonus issue of 4.5 additional shares for every 10 shares held by shareholders from capital reserves. Thetotal amount of the cash dividend payout was RMB2,763,776,569.90 (tax inclusive), accounting for

71.41% of the net profit attributable to the Company’s ordinary shareholders during 2023. The dividendpayout was completed on June 6, 2024.

ii. Special statement on the cash dividend policy

√ Applicable □ Not applicable

iii. Where the Company fails to put forward a cash dividend proposal despite the facts that theCompany has made profits in the Reporting Period and the profits of the parent companydistributable to shareholders are positive, it shall give a detailed explanation of why, as well as ofthe purpose and use plan for the retained earnings.

□ Applicable √ Not applicable

iv. Final dividend plan and bonus issue plan for the Reporting Period

√ Applicable □ Not applicable

Unit: RMB

v. Cash dividends for the last three accounting years

√ Applicable □ Not applicable

Unit: RMB

Net profit attributable to the listed company’s ordinaryshareholders in the consolidated financial statements ofthe last accounting year

XI Status and Impact of Share Incentive Plans, Employee Shareholding Plan or Other IncentiveMeasures for Employeesi. Relevant incentive matters disclosed in current announcement with no subsequent progress orchange

√ Applicable □ Not applicable

ii. Incentive Plans undisclosed in current announcements or disclosed but with new progressEquity Incentive Plans:

□ Applicable √ Not applicable

Other information:

□ Applicable √ Not applicable

Employee stock ownership plans:

□ Applicable √ Not applicable

Other incentive measures:

□ Applicable √ Not applicable

iii. Equity incentives granted to directors and senior management during the Reporting Period

□ Applicable √ Not applicable

iv. Establishment and formulation of appraisal and incentive mechanisms for senior managementduring the Reporting Period

√ Applicable □ Not applicable

The remuneration of the senior management personnel of the Company is implemented based onthe actual operations and the relevant rules of the Company.

XII Development and implementation of internal control systems during the Reporting Period

√ Applicable □ Not applicable

During the Reporting Period, in strict compliance with the Company Law, Securities Law, Code ofCorporate Governance for Listed Companies, Guidelines for Evaluation of Enterprise Internal Controland other relevant laws and regulations, the Company continuously established and improved its internalcontrol system and enhanced the level of internal control management. The risk and internal controlmanagement organization system, comprising the Audit and Risk Committee, the Internal AuditDepartment, etc., supervises and evaluates the internal control management of the Company. Throughcomprehensive risk identification and management, and sound operation and checking of the internalcontrol system, the Company has effectively prevented various risks in its operation, promoted therealization of internal control objectives, and further strengthened compliance in operation.

Explanation of material weaknesses in internal control during the Reporting Period:

□ Applicable √ Not applicable

XIII Management and control over subsidiaries during the Reporting Period

√ Applicable □ Not applicable

During the Reporting Period, the Company strictly followed the requirements of the ShanghaiStock Exchange and various rules and regulations of the Board of Directors of the Company to regulatethe management and risk control of subsidiaries. Subsidiaries reported significant information such asoperations to the Company, and there were no undisclosed matters that should have been disclosed.

XIV Independent auditor’s report on internal control

√ Applicable □ Not applicable

Upon its audit on the effectiveness of the Company’s internal control over financial reporting for2024, Pan-China Certified Public Accountants LLP is of the opinion that the Company maintained, in allmaterial respects, effective internal control over financial reporting as of December 31, 2024, based onthe Basic Rules on Enterprise Internal Control and other applicable regulations. For further information,see the Independent Auditor’s Report on Internal Control for 2024, which has been disclosed togetherwith this Report on the website of the Shanghai Stock Exchange (www.sse.com.cn).

Whether the Independent Auditor’s Report on Internal Control is disclosed: YesType of the independent auditor’s opinion: Unmodified unqualified opinion

XV Remediation of problems identified by self-inspection in the special action on the governanceof the CompanyNot applicable

XVI Other information

□ Applicable √ Not applicable

Part V Environmental and Social ResponsibilityI Environmental information

i. Description of the environmental protection of the Company and its major subsidiaries that arekey emission units as declared by the environmental protection authorities

√ Applicable □ Not applicable

1. Discharge information

√ Applicable □ Not applicable

During the Reporting Period, according to the public announcement of Ningbo Municipal Bureauof Ecology and Environment [Xin Xi Yong Huan Fa {2024} No. 16], Goneo Group Co., Ltd. isidentified as a key environmental risk control unit. Except for this legal entity, none of the other unitswithin the Group is a key emission unit as declared by the environmental protection authorities.During the Reporting Period, the Company discharged in strict accordance with the requirements ofthe implemented pollutant discharge standards, with no environmental pollution incidents and nopenalties imposed by the environmental protection authorities. The Group-wide commissioned disposalvolume was 787.4 tons of hazardous waste in 2024. The Company's hazardous waste disposal is incompliance with relevant regulations and administrative plans. The concentration and rate of emission ofeach pollutant meet the concentration limits and rate requirements of the emission standards.

2. Construction and operation of pollution control facilities

√ Applicable □ Not applicable

The Company actively implements a green development strategy, adheres to the concept of green,low-carbon, and ecological development, increases investment in safety and environmental protection,applies green technologies such as energy conservation, environmental protection, and resourcerecycling, and promotes innovation and transformation in manufacturing processes and business flows.The Company vigorously carries out energy-saving technological improvements and the elimination ofoutdated, high-energy-consuming equipment, effectively reducing wastewater, waste gas emissions, andnoise pollution, while continuously improving the construction of a green manufacturing system. In2024, the total investment in new environmental protection equipment and operational costs amounted toRMB 13.055 million.

During the reporting period, the Company built new anodizing pollution control facilities.Aluminum anodizing acid mist is filtered through an alkaline spray system and then discharged 15meters away. The exhaust gas from the sewage treatment plant and acid recovery waste gas is filtered bya two-stage alkaline spray system before being discharged 15 meters away. Nickel-containingwastewater from aluminum anodizing is treated in a two-stage reaction and sedimentation process,

followed by pH adjustment, sand filtration, and then enters the integrated wastewater treatment system.The integrated wastewater treatment system includes secondary reaction, pH adjustment, hydrolysisacidification, A/O (anaerobic-aerobic) process, biochemical sedimentation, and reaction sedimentation.The treated water then enters the reclaimed water system, with the produced water returned to thealuminum anodizing line. The concentrated water is discharged after meeting standards, and thereclaimed water usage rate can reach 60%.

3. Assessment of the environmental impact of construction projects and other administrativelicenses of environmental protection

√ Applicable □ Not applicable

All the Company's construction projects have fulfilled the environmental impact evaluation andother environmental protection administrative licensing procedures in accordance with the requirementsof national environmental protection laws and regulations.

4. Contingency plan for environmental emergencies

√ Applicable □ Not applicable

The Company has established an effective emergency response mechanism for environmentalemergencies, and the chemical intermediate warehouse of each base and each plant involving hazardouswaste and hazardous chemicals rehearse the contingency plan at least twice a year. In order to improvethe corporate ability to respond to environmental pollution accidents, the Company has formulated theContingency Plan of Goneo Group Co., Ltd. (File No. 330282-2022-240-L), and the Amendments to theContingency Plan of Goneo Group Co., Ltd. (West Zone of Guanhaiwei Town) for EnvironmentalEmergencies (File No. 330282-2023-004-L) in accordance with relevant legal provisions such as therequirements of the Environmental Protection Law of the People's Republic of China and based on theactual situation, which provide standards and guidance for the Company’s rescue operations forenvironmental pollution emergencies.

5. Environmental self-monitoring plan

√ Applicable □ Not applicable

In accordance with the pollutant discharge permits and the requirements of self-monitoring ofenvironmental protection, the Company has formulated the Management System for Self-monitoring ofPollution Sources and regularly carries out self-monitoring work. It commissioned qualified third-partytesting units to carry out the annual testing, precisely and orderly testing atmospheric pollution factorssuch as spraying exhaust, welding exhaust, and injection molding exhaust, as well as noise at the factoryboundary, domestic sewage, rainwater, etc., and made sure that the monitoring requirements of pollutantdischarge permits were met and that the test reports issued were all within the valid periods.

6. Administrative penalties imposed for environmental issues during the Reporting Period

□ Applicable √ Not applicable

7. Other environmental information that should be disclosed

√ Applicable □ Not applicable

During the Reporting Period, as required by the Department of Ecological Environment of ZhejiangProvince, the Company prepared and disclosed a corporate environmental information report inaccordance with the law. Goneo Group Co., Ltd. was rated A in the environmental credit evaluation ofenterprises in Zhejiang Province.

ii. Environmental protection of companies other than key emission units

√ Applicable □ Not applicable

1. Administrative penalties for environmental problems

□ Applicable √ Not applicable

2. Other environmental information disclosed with reference to key emission units

√ Applicable □ Not applicable

Except for Goneo Group Co., Ltd. as a legal entity, all other units of the Group are not keyemission units and have strictly implemented relevant laws and regulations on environmental protection,installed environmental protection equipment with advanced filtration technology for processes thatgenerate environmental pollution in accordance with the requirements of the environmental creditevaluation, which passed the acceptance and met the discharge standards with emission concentrationsfar below the limits. All three wastes were discharged in accordance with the standard. There was noenvironmental pollution accident and no punishment by the environmental protection authorities.

3. Reasons for not disclosing other environmental information

□ Applicable √ Not applicable

iii. Efforts and results in ecological protection, pollution prevention and environmentalresponsibility performance

√ Applicable □ Not applicable

The Company adheres to the business philosophy of “taking the long way with professionalism anddevotion” and fulfills its environmental responsibilities seriously. To raise employees’ environmentalawareness, the Company organized a knowledge competition for the 2024 “Sixth World EnvironmentDay”, with themes such as “Comprehensively Advancing the Construction of a Beautiful China” and“Reducing Pollution Emissions and Building Green Factories”. The event was conducted in a teamcompetition format, featuring a knowledge contest and environmental protection activities.Award-winning works were displayed, and employees were encouraged.

The newly constructed water reuse system for the anodizing wastewater treatment station has aprocessing capacity of 300m?/day, with a reuse rate of 60%. This reduces wastewater discharge and theresulting pollution to water bodies, turning wastewater into a resource for reuse, achieving the recyclingof water resources and sustainable development.

iv. Measures taken to reduce carbon emissions during the Reporting Period and their effects

Detailed description:

√ Applicable □ Not applicable

For details, please refer to the 2024 Sustainability Report of Goneo Group Co., Ltd. published bythe Company on the website of the Shanghai Stock Exchange (www.sse.com.cn).

II Fulfillment of Social Responsibilityi. Indicate whether a separate social responsibility report, sustainability report or ESG report hasbeen disclosed.

√ Applicable □ Not applicable

For details, please refer to the 2024 Sustainability Report of Goneo Group Co., Ltd. published bythe Company on the website of the Shanghai Stock Exchange (www.sse.com.cn).

ii. Specific efforts in relation to social responsibility

√ Applicable □ Not applicable

Detailed description:

√ Applicable □ Not applicable

For details, please refer to the 2024 Sustainability Report of Goneo Group Co., Ltd. published bythe Company on the website of the Shanghai Stock Exchange (www.sse.com.cn).

III Efforts in Poverty Alleviation, Rural Revitalization, etc.

√ Applicable □ Not applicable

Detailed description:

√ Applicable □ Not applicable

For details, please refer to the 2024 Sustainability Report of Goneo Group Co., Ltd. published bythe Company on the website of the Shanghai Stock Exchange (www.sse.com.cn).

Part VI Significant Events

I Fulfillment of Commitmentsi. Commitments of the Company's actual controller, shareholders, related parties and acquirers, as well as the Company and other entities during theReporting Period or commitments continuing to the Reporting Period

√ Applicable □ Not applicable

ii. Where there had been an earnings forecast for an asset or project and the Reporting Period wasstill within the forecast period, explain why the forecast has or has not been reached for theReporting Period.

□ Forecast reached □ Forecast unreached √ Not applicable

iii. Fulfillment of performance commitments and the impact on goodwill impairment tests

□ Applicable √ Not applicable

II Occupation of the Company’s Capital by the Controlling Shareholder or Other Related Partiesfor Non-Operating Purposes during the Reporting Period

□ Applicable √ Not applicable

III Irregularities in the Provision of Guarantees

□ Applicable √ Not applicable

IV Explanation Given by the Board of Directors Regarding “Independent Auditor’s Report withModified Opinion”

□ Applicable √ Not applicable

V Reasons for Accounting Policy or Estimate Changes or Correction of Material AccountingErrors and the Impacti. Reasons for accounting policy or estimate changes and the impact

□ Applicable √ Not applicable

ii. Reasons for correction of material accounting errors and the impact

□ Applicable √ Not applicable

iii. Communications with the former CPA firm

□ Applicable √ Not applicable

iv. Approval process and other information

□ Applicable √ Not applicable

VI Appointment and Dismissal of CPA Firm

Unit: RMB’0,000

Note: The audit fees of the Company for the year 2024 amounted to RMB2,860,000, of which theaudit fee for the financial statements of the Company for the year 2024 amounted to RMB2,260,000, theinternal control audit fee amounted to RMB500,000 and the raised funds authentication fee amounted toRMB100,000.

Appointment and dismissal of CPA firm:

√ Applicable □ Not applicable

As resolved by the 2023 Annual General Meeting of Shareholders, the Company decided tore-appoint Pan-China Certified Public Accountants LLP as the independent auditor for the financialstatements and internal control of 2024.

Change of the CPA firm during the audit:

□ Applicable √ Not applicable

Indicate whether the audit fee decreased over 20% (inclusive) compared with last year.

□ Applicable √ Not applicable

VII Delisting Riski. Reasons for the delisting risk warning

□ Applicable √ Not applicable

ii. The Company’s response

□ Applicable √ Not applicable

iii. Risk of termination of listing and the reasons

□ Applicable √ Not applicable

VIII Insolvency and Reorganization

□ Applicable √ Not applicable

IX Significant Legal Matters

□ The Company has material litigation and arbitration this year

√ The Company has no material litigation and arbitration this year

X Punishments on the Company as well as Its Directors, Supervisors, Senior Management,Controlling Shareholder and Actual Controller for Violation of Laws or Regulations, as well as theRelevant Rectifications

□ Applicable √ Not applicable

XI Credit Standings of the Company as well as Its Controlling Shareholder and Actual Controller

during the Reporting Period

□ Applicable √ Not applicable

XII Major Related-Party Transactionsi. Continuing related-party transactions

1. Already disclosed in current announcement without new progress or changes

□ Applicable √ Not applicable

2. Disclosed in current announcement but with new progress or changes

√ Applicable □ Not applicable

The Proposal on Estimated Continuing Related-Party Transactions for 2024 was approved at theSecond Meeting of the Third Board of Directors. For details, please refer to the Announcement on

Estimated Continuing Related-Party Transactions for 2024 (Announcement No. 2024-019) disclosed bythe Company on the website of the Shanghai Stock Exchange (www.sse.com.cn). For the actualexecution of the aforesaid estimated related-party transactions, see the Announcement on EstimatedContinuing Related-Party Transactions for 2025 (Announcement No. 2025-014).

3. Undisclosed in current announcement

□ Applicable √ Not applicable

ii. Related-party transactions regarding purchase or sale of assets or equity investments

1. Already disclosed in current announcement without new progress or changes

□ Applicable √ Not applicable

2. Disclosed in current announcement but with new progress or changes

□ Applicable √ Not applicable

3. Undisclosed in current announcement

□ Applicable √ Not applicable

4. Where a performance commitment is involved in such a related-party transaction, theperformance results for the Reporting Period shall be disclosed.

□ Applicable √ Not applicable

iii. Major related-party transactions regarding joint investments in third parties

1. Already disclosed in current announcement without new progress or changes

□ Applicable √ Not applicable

2. Disclosed in current announcement but with new progress or changes

□ Applicable √ Not applicable

3. Undisclosed in current announcement

□ Applicable √ Not applicable

iv. Amounts due to and from related parties

1. Already disclosed in current announcement without new progress or changes

□ Applicable √ Not applicable

2. Disclosed in current announcement but with new progress or changes

□ Applicable √ Not applicable

3. Undisclosed in current announcement

□ Applicable √ Not applicable

v. Financial transactions between the Company and related finance companies, or between financecompanies under the Company’s control and related parties

□ Applicable √ Not applicable

vi. Other information

□ Applicable √ Not applicable

XIII Major Contracts and the Executioni. Entrustment, Contracting and Leases

1. Entrustment

□ Applicable √ Not applicable

2. Contracting

□ Applicable √ Not applicable

3. Leases

□ Applicable √ Not applicable

ii. Guarantees

□ Applicable √ Not applicable

iii. Cash entrusted to other entities for management

1. Cash entrusted for wealth management

(1) Total cash entrusted for wealth management

√ Applicable □ Not applicable

Unit: RMB

Other information:

□ Applicable √ Not applicable

(2) Single Wealth Management Entrustment

□ Applicable √ Not applicable

Other information:

□ Applicable √ Not applicable

(3) Impairment allowances for wealth management entrustment

□ Applicable √ Not applicable

2. Entrustment loans

(1) Total entrustment loans

□ Applicable √ Not applicable

Other information:

□ Applicable √ Not applicable

(2) Single entrustment loans

□ Applicable √ Not applicable

Other information:

□ Applicable √ Not applicable

(3) Impairment allowances for entrustment loans

□ Applicable √ Not applicable

3. Other information

□ Applicable √ Not applicable

iv. Other significant contracts

□ Applicable √ Not applicable

XIV Progress on the Use of Raised Funds

√ Applicable □ Not applicable

i. Overall use of raised funds

√ Applicable □ Not applicable

Unit: RMB’0,000

Other information:

□ Applicable √ Not applicable

ii. Details of raised funds invested projects

√ Applicable □ Not applicable

1. Use of raised funds

√ Applicable □ Not applicable

Unit: RMB’0,000

2. Use of over-subscribed funds

□ Applicable √ Not applicable

iii. Changes in or termination of raised funds invested projects during the Reporting Period

□ Applicable √ Not applicable

iv. Other use of the raised funds during the Reporting Period

1. Early investment and replacement regarding the investment projects with the raised funds

□ Applicable √ Not applicable

2. Temporary replenishment of working capital with the idle raised funds

√ Applicable □ Not applicable

On December 21, 2022, the 16th Meeting of the Second Board of Directors and the 16th Meeting ofthe Second Supervisory Committee of the Company approved the Proposal on the Use of Part of IdleRaised Funds for Temporary Replenishment of Working Capital, agreeing that the Company would useRMB1 billion of temporarily idle raised funds to replenish working capital. The period of use is within12 months from the expiration of the authorisation of the 9th Meeting of the Second Board of Directors,from February 6, 2023 to February 5, 2024. After the expiration, the Company will promptly return thefunds to the dedicated account for raised funds. The independent directors, the Supervisory Committeeand the sponsor expressed their consent to the use of part of idle raised funds for temporaryreplenishment of working capital.On January 5, 2024, the First Meeting of the Third Board of Directors and the First Meeting of theThird Supervisory Committee of the Company approved the Proposal on the Use of Part of Idle RaisedFunds for Temporary Replenishment of Working Capital, agreeing that the Company would useRMB500 million of temporarily idle raised funds to replenish working capital. The period of use iswithin 12 months from the expiration of the authorisation of the 16th Meeting of the Second Board ofDirectors, from February 6, 2023 to February 5, 2024. After the expiration, the Company will promptlyreturn the funds to the dedicated account for raised funds. The Supervisory Committee and the sponsorexpressed their consent to the use of part of idle raised funds for temporary replenishment of workingcapital.As of December 31, 2024, the balance of idle raised funds that had not yet been returned wasRMB123.31 million.

3. Use of idle raised funds for cash management and investment in relevant products

√ Applicable □ Not applicable

Unit: RMB’0,000

4. Other information

□ Applicable √ Not applicable

XV Other Significant Events for Investors’ Judgment of Value and Investment Decision-making

□ Applicable √ Not applicable

Part VII Changes in Ordinary Shares and Information about Shareholders

I Share Changesi. Share changes

1. Share changes

Unit: share

2. Description of changes in shares

√ Applicable □ Not applicable

(1) Capital reserve transfer to share capital

On June 6, 2024, the Company implemented the 2023 annual equity distribution. Based on the total share capital registered on the equity distribution recorddate, minus the shares in the Company’s repurchase special account, the Company proposed to distribute a cash dividend of RMB3.1 per share (before tax) to allshareholders, and to transfer 0.45 shares for every share held to all shareholders from the capital reserve. After this equity distribution, the total share capital of theCompany increased from 891,540,875 shares to 1,292,734,248 shares, with restricted shares in circulation increasing from 3,559,216 shares to 5,160,863 shares, andunrestricted shares in circulation increasing from 887,981,659 shares to 1,287,573,385 shares. For more details, please refer to the Goneo Group Co., Ltd. 2023Annual Equity Distribution Implementation Announcement disclosed on the Shanghai Stock Exchange website www.sse.com.cn on May 31, 2024 (AnnouncementNo: 2024-038).

(2) Repurchase and cancellation of restricted stock under the equity incentive plan

According to the Company’s past restricted stock incentive plans, some incentive recipients lost their eligibility due to reasons such as resignation or becominga supervisor. On June 18, 2024, and December 23, 2024, the Company repurchased and cancelled a total of 575,358 restricted stocks that had been granted but hadnot yet lifted the trading restrictions. For more details, please refer to the Goneo Group Co., Ltd. Repurchase and Cancellation of Certain Restricted Stocks under theStock Incentive Plan announcements disclosed on the Shanghai Stock Exchange website www.sse.com.cn on June 14, 2024, and December 19, 2024(Announcement Nos: 2024-053, 2024-077).

(3) Lifting of restrictions and listing of restricted stocks under the equity incentive plan

In accordance with relevant regulations, the second unlocking period of the 2022 Restricted Stock Incentive Plan has met the lifting conditions, with 559incentive recipients totaling 804,935 shares eligible for this unlocking. The first unlocking period of the 2023 Restricted Stock Incentive Plan has met the conditions,with 705 incentive recipients totaling 1,172,737 shares eligible for this unlocking. Additionally, the third unlocking period of the 2021 Restricted Stock IncentivePlan has met the conditions, with 428 incentive recipients totaling 349,690 shares eligible for unlocking. After these changes, the total share capital of the Company

remains unchanged, but the restricted shares in circulation decreased by 2,327,362 shares, and the unrestricted shares in circulation increased by 2,327,362 shares.For more details, please refer to the announcements disclosed on the Shanghai Stock Exchange website www.sse.com.cn on June 19, 2024, June 26, 2024, and July10, 2024: Announcement on the Lifting of Restrictions and Listing of the Second Unlocking Period of the 2022 Restricted Stock Incentive Plan (Announcement No:

2024-054), Announcement on the Lifting of Restrictions and Listing of the First Unlocking Period of the 2023 Restricted Stock Incentive Plan (Announcement No:

2024-058), and Announcement on the Lifting of Restrictions and Listing of the Third Unlocking Period of the 2021 Restricted Stock Incentive Plan (AnnouncementNo: 2024-061).

(4) Equity incentive grant (shares from company repurchase)

On July 16, 2024, the Company granted 3,439,110 restricted stocks to 750 incentive recipients under the 2024 Restricted Stock Incentive Plan, with the sharessourced from the Company’s repurchased shares. After this change, the total share capital of the Company remains unchanged, but restricted shares in circulationincreased from 2,927,145 shares to 6,366,255 shares, while unrestricted shares in circulation decreased from 1,289,551,057 shares to 1,286,111,947 shares. Formore details, please refer to the announcements disclosed on the Shanghai Stock Exchange website www.sse.com.cn on July 13, 2024, and July 18, 2024:

Announcement on the Change in Share Nature and Progress of the 2024 Restricted Stock Incentive Plan (Announcement No: 2024-063) and Announcement on theGrant Results of the 2024 Restricted Stock Incentive Plan (Announcement No: 2024-064).

3. Impact of share changes on financial indicators such as earnings per share and net asset value per share for the most recent year and the most recentperiod (if any)

□ Applicable √ Not applicable

4. Other information necessary to be disclosed or required to be disclosed

□ Applicable √ Not applicable

ii. Change of restricted shares

√ Applicable □ Not applicable

Unit: Share

II Issuance and Listing of Securitiesi. Securities issued during the Reporting Period

□ Applicable √ Not applicable

Description of securities issued during the Reporting Period (for bonds with different interest rates overthe lifetime, please specify separately):

□ Applicable √ Not applicable

ii. Changes in Total Shares and Shareholder Structure, as well as in Asset and Liability Structures

√ Applicable □ Not applicable

For changes in the shareholder structure, see “i. Share changes” under “I Share Changes” of “PartVII Share in Ordinary Shares and Information about Shareholders”.

For changes in asset and liabilities structures, see “iii. Analysis of assets and liabilities” under “VBusiness Overview for the Reporting Period” of “Part III Management Discussion and Analysis”.

iii. Existing staff-held shares

□ Applicable √ Not applicable

III Shareholders and Actual Controlleri. Total number of shareholders

ii. Top 10 shareholders and public shareholders (or unrestricted shareholders) at the period-end

Unit: share

5% or greater shareholders, top 10 shareholders and top 10 unrestricted public shareholders involved inrefinancing shares lending:

√ Applicable □ Not applicable

Unit: share

Indicate whether there was any change to the top 10 shareholders or top 10 unrestricted publicshareholders due to refinancing shares lending/returning during the Reporting Period compared to thesame period of last year.

□ Applicable √ Not applicable

Shareholdings of the top 10 restricted shareholders and the restrictions:

√ Applicable □ Not applicable

Unit: share

iii. Indicate whether any strategic investor or general corporation has become a top-10shareholder in a rights issue.

□ Applicable √ Not applicable

IV Controlling Shareholder and Actual Controlleri. Controlling shareholder

1. Corporation

√ Applicable □ Not applicable

2. Individual

□ Applicable √ Not applicable

3. Special statement regarding the fact that the Company does not have a controlling shareholder

□ Applicable √ Not applicable

4. Change of the controlling shareholder in the Reporting Period

□ Applicable √ Not applicable

5. Illustration of the controlling shareholder’s ownership in the Company

√ Applicable □ Not applicable

ii. Actual controller

1. Corporation

□ Applicable √ Not applicable

2. Individual

√ Applicable □ Not applicable

Ningbo Liangji Industrial Co., Ltd.Goneo Group Co., Ltd.

Goneo Group Co., Ltd.

53.81%

3. Special statement regarding the fact that the Company does not have an actual controller.

□ Applicable √ Not applicable

4. Change of the actual controller in the Reporting Period

□ Applicable √ Not applicable

5. Illustration of the actual controller’s ownership in the Company

√ Applicable □ Not applicable

14.13%

53.81%

6. Indicate whether the actual controller controls the Company via trust or other ways of assetmanagement.

□ Applicable √ Not applicable

iii. Other information about the controlling shareholder and the actual controller

□ Applicable √ Not applicable

V Indicate whether the cumulative number of shares put in pledge by the Company’s controllingshareholder or the largest shareholder and its acting-in-concert parties accounts for over 80% oftheir shareholdings in the Company.

□ Applicable √ Not applicable

VI Other 10% or Greater Corporate Shareholders

□ Applicable √ Not applicable

VII Restrictions on Shareholding Reduction

□ Applicable √ Not applicable

VIII Share Repurchases during the Reporting Period

√ Applicable □ Not applicable

Unit: RMB

Note: For details, please refer to the Announcement of Goneo Group Co., Ltd. on the Results of ShareRepurchase and Share Changes (Announcement No.: 2024-057)

Part VIII Relevant Information of Preference Shares

□ Applicable √ Not applicable

Part IX Relevant Information of Corporate Bonds

I Corporate Bonds (Including Enterprise Bonds) and Debt Financing Instruments ofNon-financial Enterprise

□ Applicable √ Not applicable

II Convertible Corporate Bonds

□ Applicable √ Not applicable

Part X Financial Statements

I Independent Auditor’s Report

√ Applicable □ Not applicable

Independent Auditor’s ReportPCCPA Audit [2025] No. 7816

To the shareholders of Goneo Group Co., Ltd.:

I OpinionWe have audited the financial statements of Goneo Group Co., Ltd. (“Goneo” or the “Company”),which comprise the consolidated and parent company (the parent company exclusive of subsidiaries)balance sheets as at December 31, 2024, the consolidated and parent company statements of income,cash flows and changes in owners’ equity for the year then ended, as well as the notes to the financialstatements.

In our opinion, the financial statements referred to above present fairly, in all material respects, theconsolidated and parent company financial position of the Company at December 31, 2024, and theconsolidated and parent company operating results and cash flows for the year then ended, in conformitywith the Chinese Accounting Standards (CAS).

II Basis for Opinion

We conducted our audits in accordance with the Audit Standards for Chinese RegisteredAccountants. Our responsibilities under those standards are further described in the Auditor’sResponsibilities for Audit of Financial Statements section of our report. We are independent of theCompany in accordance with the China Code of Ethics for Certified Public Accountants, and we havefulfilled our other ethical responsibilities in accordance with the said Code of Ethics. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

III Key Audit Matters

Key audit matters are matters that, based on our professional judgment, are deemed most importantto the audit of the financial statements of the period. These matters were addressed in the context of ouraudit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide aseparate opinion on these matters.

i. Revenue recognition

1. Description

For relevant information disclosed, please refer to the Notes to the Financial Statements: III xxiv.,V ii. 1, and XV i..

The revenue of Goneo Group is mainly derived from electric connection, smart electrical lightingand new energy products. In 2024, Goneo Group achieved operating revenue of RMB16.831 billion.

Goneo Group has identified different specific methods of revenue recognition for different salesmethods.As operating revenue is one of the key performance indicators of Goneo Group, there may be aninherent risk that Goneo Group's management (hereinafter referred to as the “management”) will achievespecific objectives or expectations through inappropriate revenue recognition. Therefore, we haveidentified revenue recognition as a key audit matter.

2. Audit response

The audit procedures we performed in relation to revenue recognition primarily include:

(1) Understanding the key internal controls relating to revenue recognition, evaluating the design ofthose controls, determining whether they are implemented and testing the effectiveness of the operationof the relevant internal controls;

(2) Examining major sales contracts for major contractual terms and evaluating whether therevenue recognition policy is in line with the provisions of the Accounting Standard for BusinessEnterprises;

(3) Implementing substantive analysis procedures for operating revenue and gross margin on amonthly, product and customer basis to identify any significant or abnormal fluctuations and analyze thecauses of fluctuations;

(4) For domestic sales revenue, conducting sample-check on supporting documents related torevenue recognition, including sales contracts, orders, sales invoices, outbound delivery orders, deliverynotes, transportation orders and customer sign-off sheets; for export revenue, obtaining information fromthe Administration of Foreign Exchange and reconciling it with the carrying records, and checkingsupporting documents such as sales contracts, export customs declarations, freight bills of lading andsales invoices on a sample basis;

(5) Confirming with key customers on a sample basis regarding sales for the period based on theaccounts receivable letter;

(6) Verifying operating revenue recognized around the balance sheet date on a sample basis tosupporting documents such as outbound delivery orders, delivery notes, customer sign-off sheets andfreight bills of lading, and evaluating whether operating revenue is recognized in the appropriate period;

(7) Checking whether the information relating to operating revenue is properly presented in thefinancial statements.

ii. Recognition, measurement and presentation of wealth management products

1. Description

For relevant information disclosed, please refer to the Notes to the Financial Statements: III xi., V i.2, V i. 10, V ii. 8, and X.

As at December 31, 2024, the balance of held-for-trading financial assets of Goneo Group wasRMB9,215 million, and the cumulative return on investment for wealth management products in 2024amounted to RMB541 million. We determined the recognition, measurement and presentation of wealthmanagement products as a key audit matter due to the large amount of wealth management products and

the fact that the return on investment of the relevant products had a significant impact on the net profit ofGoneo Group for 2024.

2. Audit response

The audit procedures we performed in relation to the recognition, measurement and presentation ofwealth management products primarily include:

(1) Understanding the key internal controls relating to investments in wealth management products,evaluating the design of those controls, determining whether they are implemented and testing theeffectiveness of the operation of the relevant internal controls;

(2) Checking whether the classification of wealth management products is correct based on thecontractual cash flow characteristics of the wealth management products and the business model ofGoneo Group in managing the wealth management products;

(3) Obtaining statements of account related to wealth management products, reconciling them withthe carrying amount and writing to banks, securities companies and trust companies to confirm the assetbalance and the existence of balances of wealth management products;

(4) Checking the supporting documents for increase and reduction in wealth management productsduring the period on a sample basis, checking whether they have been authorized and approved, andconfirming that the amounts relating to the purchase, sale and return on investment of wealthmanagement products are correct and fully recorded;

(5) Reviewing the valuation method of wealth management products to check whether the basis forobtaining their fair value, the measurement of their value at the end of the period and the accountingtreatment are correct;

(6) Checking whether information related to the recognition, measurement and presentation ofwealth management products has been properly presented in the financial statements.

IV Other Information

The Company’s management is responsible for the other information. The other informationcomprises all of the information included in the Company’s 2021 Annual Report other than the financialstatements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not expressany form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent with thefinancial statements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

If, based on the work we have performed, we conclude that there is a material misstatement of thisother information, we are required to report that fact. We have nothing to report in this regard.

V Responsibilities of Management and Those Charged with Governance for FinancialStatementsThe Company’s management is responsible for the preparation of the financial statements that givea fair view in accordance with CAS, and for designing, implementing and maintaining such internalcontrol as the management determines is necessary to enable the preparation of financial statements thatare free from material misstatement, whether due to fraud or error.In preparing the financial statements, the management is responsible for assessing the Company’sability to continue as a going concern, disclosing, as applicable, matters related to going concern (ifapplicable) and using the going concern basis of accounting unless the management either intends toliquidate the Company or to cease operations, or have no realistic alternative but to do so.Those charged with governance are responsible for overseeing the Company’s financial reportingprocess.

VI Auditor’s Responsibilities for Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a wholeare free from material misstatement, whether due to fraud or error, and to issue an auditor’s report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with CAS will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with CAS, we exercise professional judgment and maintainprofessional skepticism throughout the audit. We also:

i. Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involvecollusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

ii. Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the management.

iv. Conclude on the appropriateness of the management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Company’s ability to continue as a goingconcern. If we conclude that a material uncertainty exists, we are required by CAS to draw users’attention in our auditor’s report to the related disclosures in the financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence

obtained up to the date of our auditor’s report. However, future events or conditions may cause theCompany to cease to continue as a going concern.v. Evaluate the overall presentation, structure and content of the financial statements, and whetherthe financial statements represent the underlying transactions and events in a manner that achieves fairpresentation.vi. Obtain sufficient appropriate audit evidence regarding the financial information of the entities orbusiness activities within the Company to express an opinion on the financial statements. We areresponsible for the direction, supervision and performance of the Company audit. We remain solelyresponsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any noteworthy deficiencies ininternal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied withrelevant ethical requirements regarding independence, and communicate with them all relationships andother matters that may reasonably be thought to bear on our independence, and where applicable, relatedsafeguards.From the matters communicated with those charged with governance, we determine those mattersthat were of most significance in the audit of the financial statements of the period and are therefore thekey audit matters. We describe these matters in our auditor’s report unless law or regulation precludespublic disclosure about the matter or when, in extremely rare circumstances, we determine that a mattershould not be communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

Pan-China Certified Public Accountants LLP Chinese certified public accountant: Yao Benxia(engagement partner)

Hangzhou·China Chinese certified public accountant: Chen Zhuoyan

April 23, 2025

II Financial Statements

Consolidated Balance Sheet

December 31, 2024Prepared by Goneo Group Co., Ltd.

Unit: RMB

Legal representative: Ruan Liping Chief Financial Officer: Liu ShengsongHead of the financial department: Shen Kewei

Balance Sheet of the Parent Company

December 31, 2024Prepared by Goneo Group Co., Ltd.

Unit: RMB

Legal representative: Ruan Liping Chief Financial Officer: Liu ShengsongHead of the financial department: Shen Kewei

Consolidated Income Statement

January-December 2024

Unit: RMB

Where business combinations involving entities under common control occurred in the period, the netprofit achieved by the acquirees before the combinations was nil, with the amount for last year being nil.Legal representative: Ruan Liping Chief Financial Officer: Liu ShengsongHead of the financial department: Shen Kewei

Income Statement of the Parent Company

January-December 2024

Unit: RMB

Legal representative: Ruan Liping Chief Financial Officer: Liu ShengsongHead of the financial department: Shen Kewei

Consolidated Cash Flow StatementJanuary-December 2024

Unit: RMB

Legal representative: Ruan Liping Chief Financial Officer: Liu ShengsongHead of the financial department: Shen Kewei

Cash Flow Statement of the Parent Company

January-December 2024

Unit: RMB

Legal representative: Ruan Liping Chief Financial Officer: Liu ShengsongHead of the financial department: Shen Kewei

Consolidated Statements of Changes in Owners’ Equity

January-December 2024

Unit: RMB

Legal representative: Ruan Liping Chief Financial Officer: Liu Shengsong Head of the financial department: Shen Kewei

Statements of Changes in Owners’ Equity of the Parent Company

January-December 2024

Unit: RMB