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Chaoyang District, Beijing

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Sustainability Report

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SustainabilityReport

Zhejiang Kan Specialities Material Co., Ltd.Zhejiang Kaifeng New Material Co., Ltd.2025

General Manager’s O?ceZhou Xiaojie, Wu Hui,Yu Tingting, Huang Runwei

Finance Department

He Lifen, Ye Peiling, Ni Tingting, Wu XiangdongInformation Center

Chen Jiahui, He Junjie

Technology DepartmentXue Wenjuan, Jin Yiyun,Liu Jiawen, Lin Jian, Xu Hangjin

Quality Control DepartmentZhang Xinyuan, Zhong Huina,An Tiantian, Wu Meng, Jiang Hao

R&D CenterHan Runrun, Cheng Jinhong, Xu Xiaoli, Zhou Yafen,

Shen Guopin, Wang Weina, Jing Tian

Equipment DepartmentYan Zhongyin, Lin Long,Tang Jian, Jin Zhifeng

Procurement DepartmentHong Lin, Ye Ruiwen,Yu Chen

Overseas Trade DepartmentShu Wenjing, Weng Xianzhang,

Xu Zhifeng, Weng Zehui

Sales Department I

Yan Zhanjun, Xu Zhifeng,Xie Jun, He Bin

Sales Department II

Chen Qunqin, Fang Weibiao,Zhang Zhenbang

Sales Department IIIJi Cuiling, Wang Yan,Yu Ziwei

The names of the above personnel are listed from left to right as shown in the photo

Each team is a “key player” of sustainable development

总经办周小杰、吴辉、俞婷婷、黄润蔚

财务部

何丽芬、叶佩玲、倪婷婷、吴向东数字化中心 陈佳辉、何俊杰

生产技术部薛文娟、金依芸、刘佳文、林剑、徐航进

品管部张馨媛、钟慧娜、安田田、吴萌、姜皓

研发中心韩润润、程金红、徐小丽、周亚芬、沈国频、王维娜、景甜

设备部

严忠殷、林龙、唐坚、金志峰

物资部

洪琳、叶瑞文、余琛

海外贸易部舒文静、翁献璋、徐志峰、翁泽慧

销售一部鄢战军、徐志峰、谢俊、何斌

销售二部陈群钦、方渭标、张振邦

销售三部季翠玲、王焱、俞紫薇

以下人员姓名以照片内从左至右排序

每一支团队都是可持续发展的“关键先生”

The report is the sixth sustainability report released by Zhejiang Kan Specialities Material Co., Ltd., and the second Englishversion is released simultaneously.Following the previous five reports on March 30, 2021, March 29, 2022, March 28, 2023,March 28, 2024 and March 25, 2025 respectively. The Report provides the detailed disclosure of our key environmental, socialand governance practices in 2024, following the principles of objectivity, standardization, transparency and comprehensive-ness.

About the Report

Overview

January 1, 2025 ~ December 31, 2025. For the purpose of better comparability and integrity, some content herein may betraced back to previous years.Time frame

For the convenience of expression and reading, Zhejiang Kan Specialities Material Co., Ltd. is hereinafter referred to as “KAN”,“Company” or “we”. The Report covers KAN and its domestic subsidiary, Zhejiang Kaifeng New Material Co., Ltd. (“KaifengNew Material”).Coverage

Shenzhen Stock Exchange Guidelines for Self-discipline Regulation of Listed Companies No. 1 - Standardized Operation ofMain Board Listed Companies; Shenzhen Stock Exchange Guidelines for Self-discipline Regulation of Listed Companies No.17 - Sustainability Report (Trial); 2030 Sustainable Development Goals of UN (UN SDGs); GRI Standards; ISSB Standards.All data herein come from our statistical reports, official documents and public information, and are subject to the applicableprovisions of the national Accounting Standards for Business Enterprises, and the principles of materiality, quantization,balance and consistency.Due to different statistical methods, some data in the Report differ slightly from historical versions,annual reports, etc. Data in annual reports come from audited financial statements by accounting firms, while data in the Reportcome from verification reports issued by third-party agencies such as carbon emission reports.The Report is released upon the review by the Board of Directors. The Company guarantees that the Report is the objective,accurate and complete disclosure of its ESG practices, and remains free from any false records, misleading statements ormaterial omissions. The Report aims to strengthen communication with stakeholders, enhance the impact of our sustainabilitygovernance, and advance our high-quality and sustainable development.

References

Data

Quality assurance

KAN has its social responsibility information disclosure system including both hardcopy and electronic reporting. The Report isavailable at www.szse.cn, www.cninfo.com.cn, http://www.kangufen.com/social.html, https://002012.ir-online.com.cn/,https://stockpage.10jqka.com.cn/002012/, http://quote.eastmoney.com/sz002012.html, and https://xueqiu.com/snow-man/S/SZ002012.

Access to the Report

Head of ESG TeamDirector

BuildingH, No.A5 Shuguang Xili, Chaoyang District, BeijingAddress

NameYang ZhaoyuDong Chenglong

Tel.Emailadmin@kangufen.com

010-64656586010-64656586

admin@kangufen.com

本报告是凯恩股份正式发布的“第六份”可持续发展报告，同步发布“第二份”英文版可持续发展报告。此前公司分别于????年?月??日、????年?月??日、????年?月??日、????年?月??日、????年?月??日连续发布五份可持续发展类报告。本报告本着客观、规范、透明和全面的原则，详细披露了我们????年在环境、社会、公司治理等领域的实践绩效。

关于本报告

报告简介

????年?月?日至????年??月??日。为增强报告可比性和完整性，部分内容适当溯及以往年份。

时间范围

为了便于表述和阅读，本报告中“浙江凯恩特种材料股份有限公司”也以“凯恩股份”“公司”或“我们”表述。本报告范围为凯恩股份及凯恩股份在中华人民共和国运营的子公司“浙江凯丰新材料股份有限公司”的业务，子公司简称“凯丰新材”。

报告范围

本报告参照《深圳证券交易所上市公司自律监管指引第?号?主板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第??号?可持续发展报告（试行）》、中国企业改革与发展研究会《中国企业可持续发展报告指南》（CASS-ESG?.?）、中国上市公司协会《中国上市公司可持续发展工作指南》等文件要求；参考联合国????可持续发展目标（SDGs）、全球报告倡议组织《可持续发展报告标准》（GRI Standards）、国际可持续准则理事会（ISSB）等标准进行编制。本报告所有数据均来自公司相关统计报告、正式文件或有关公开信息，符合国家颁布的《企业会计准则》等相关规定，遵循重要性、量化、平衡和一致性原则。本报告中部分数据与历史版本、年度报告等存在细微差异，源于统计方法不同。年度报告数据来源于经会计师事务所审计的审计报告，本报告数据来源于碳排放报告等第三方机构出具的核查报告。本报告经公司董事会审核通过后发布，公司保证本报告内容的客观性、准确性和完整性，不存在任何虚假记载、误导性陈述或重大遗漏。希望通过报告的发布，加强利益相关方沟通，提高公司可持续发展治理影响，促进公司高质量可持续发展。

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质量保障

凯恩股份已形成社会责任信息披露体系，除纸质版报告以外，本报告还通过电子版形式发布，您可通过深圳证券交易所网站（www.szse.cn）、巨潮资讯网（www.cninfo.com.cn）、官方网站社会责任专区（http://www.kan-gufen.com/social.html）、凯恩股份投资者关系专区（https://??????.ir-online.com.cn）、同花顺凯恩股份官方号、东方财富凯恩股份官方号、雪球凯恩股份官方号等渠道阅读此报告。

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何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

GovernanceInnovation

KAN Brand

Value

强化责任内核，实现新质越阶

凯恩股份的核心产品“原纸”是特种纸和包装等行业的基础材料，在纸产品的碳链条中属于碳生态底层，对于产业链降碳和产业创新转型有着重要影响。 随着在可持续发展事业中的动态积累和持续学习，我们更加注重对公司业务和利益相关方最为重要的实质性议题，董事会派驻专业团队持续开展了范围更广、程度更深的尽职调查，以财务和气候两个影响因素为核心，动态识别可持续发展领域的风险与机遇。 我们以环境治理成绩为基础，通过以数字孪生和AI协同为抓手，全面完成数字化转型三期项目，实现“透明化”巡厂及实时AI终端调控，从“数字化车间”全面迈向“全链路智能工厂”，在特种纸行业领跑“新质时代”。

董事长致辞

完善价值生态，优化凯恩样本

凯恩股份董事长、总经理

刘溪女士

Ms. Liu Xi,KAN Chairperson and General

Manager

我们从应对气候变化出发，通过科学碳管理推进绿色治理，四年间温室气体排放总量降幅??%，原材料利用率、产品能耗等指标均处于行业领先水平。 可持续发展的竞争一定程度上倾斜了我国特种纸行业原有的竞争平衡。凯恩股份、凯丰新材相继获得“国家级绿色工厂”、浙江省“隐形冠军企业”、浙江省“专精特新中小企业”、浙江省“智能工厂”等荣誉称号；我们连续四年获得中国上市公司协会可持续发展“优秀实践案例”，并作为中小企业样本斩获“最佳实践案例”；在各类机构ESG评级跃升并稳定至A或AA，整体评分高居行业前列，国内和国际间合作伙伴信任度大幅提升，国际市场不断扩大新局面。 如今我们面对的是一个更加相互依赖的世界，我们欢迎更多的伙伴和朋友了解我们、关注我们、与我们建立沟通。凯恩股份将继续当好可持续践行者、环境守护者、社会推动者、治理创新者，全面推进高质量可持续发展，跃马扬鞭、马不停蹄，迈向美好未来！

Fulfill Our Responsibility to Embrace the New Quality EraBase paper, our core product, is the fundamental material for specialty paper and packaging. Playing an underlying role inthe carbon chain of the paper products, our base paper significantly facilitates the carbon reduction of the industrial chainand the innovation-driven industry transformation.With increasing experience and continuous learning of sustainability, we have paid more attention to material topics thatare most important to our businesses and our stakeholders. As a response, the Board of Directors has assigned a profes-sional panel to undertake more extensive and in-depth due diligence, especially on finance and climate change, so as toactively identify risks and opportunities in sustainable development.Built on our environmental governance achievements and using digital twin and AI collaboration as key drivers, we fullycompleted the third phase of digital transformation, achieved “transparent” factory inspections and real-time AI terminalcontrol, and advanced from “digital workshops” to “end-to-end intelligent factories”, leading the specialty paper industry intothe “new-quality era”.

Message from the Chairperson

Build Our Value Ecosystem to Set An Example of SustainabilityTo combat climate change, we have pushed ahead with green governance by scientific carbon management, and havemade great achievements. The total greenhouse gas emissions have reduced by 60% within four years; our utilizationefficiency of raw materials, energy consumption for production and other indicators have remained ahead of industrystandards.The competition in sustainable development has disrupted the existing competitive balance in China’s specialty paperindustry to some extent. Apart from being a “National Green Factory”, KAN has been honored as the “Hidden Champion”,the “Specialized and Sophisticated SME” and the “Smart Factory” in Zhejiang Province. In addition, the Company hasbeen awarded the “Excellent Practice Case” in Sustainable Development by China Association for Public Companies forthree consecutive years, and the “Best Practice Case” as a model SME. In various ESG ratings, our scores rose andstabilized at A or AA, ranking among the top in the industry, significantly enhancing trust from domestic and internationalpartners and continuously expanding new markets internationally.Thanks to our efforts and honors, we have gainedenhancing trust among our domestic and foreign partners, and unlocked new prospects in the international market.In an increasingly interdependent world, we welcome more stakeholders to know us, follow us and engage with us throughthe Report.We will continue to serve as a sustainable practitioner, environmental steward, social promoter, and gover-nance innovator.KAN stays committed to advancing high-quality and sustainable development on all fronts, and joininghands with our partners to usher in a brighter future!

一、凯恩品牌力

二、环境守护力

?.? 公司简介?.? 战略与文化?.? 董事与董事会?.? 业务产品?.? 发展历程?.? 凯恩荣誉?.? 年度经营数据

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

?.? 应对气候变化?.?.? 气候行动 ?.?.? 科学碳管理?.? 污染防治与生态系统保护?.?.? 污染物排放?.?.? 废弃物处理 ?.?.? 生态系统与生物多样性保护?.? 资源利用与循环经济?.?.? 能源利用?.?.? 水资源利用 ?.?.? 循环经济

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

?.? 社会担当?.? 创新驱动?.?.? 科技研发 ?.?.? 智慧生产?.? 供应商与客户?.?.? 客户?.?.? 供应链?.?.? 产品与服务?.? 员工?.?.? 员工权益保障?.?.? 职业健康与安全生产 ?.?.? 职业发展与培训

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

三、社会推动力

?.? 可持续发展?.?.? 可持续治理机制?.?.? 尽职调查 ?.?.? 利益相关方沟通?.? 商业行为?.?.? 反商业贿赂及反贪污 ?.?.? 反不正当竞争?.? 合规运营?.?.? 科学有效管理?.?.? 全面风险管理

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

四、治理创新力

?.? 综合关键绩效表?.? GRI指标索引表

????

五、附录

1. KAN Brand Value

2. Environmental Protection

1.1 Company Profile

1.2 Corporate Culture

1.3 Board of Directors

1.4 Product Lines

1.5 Development Milestones

1.6 KAN Honors

1.7 Annual Operating Data

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

2.1 Response to Climate Change

2.1.1 Climate Actions

2.1.2 Scientific Carbon Management

2.2 Pollution Control and Ecological Conservation

2.2.1 Pollutant Discharge

2.2.2 Waste Disposal

2.2.3 Ecosystem and Biodiversity Conservation

2.3 Resource Utilization and Circular Economy

2.3.1 Energy Utilization

2.3.2 Water Resource Utilization

2.3.3 Circular Economy

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

3.1 Social Responsibility

3.2 Innovation-driven Development

3.2.1 Technology R&D

3.2.2 Smart Production

3.3 Suppliers and Customers

3.3.1 Customers

3.3.2 Supply Chain

3.3.3 Products and Services

3.4. Employees

3.4.1 Protection of Employees’ Rights and Interests

3.4.2 Occupational Health and Work Safety

3.4.3 Career Development and Training

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

3. Social Momentum

4.1 Sustainable Development

4.1.1 Sustainability Governance Mechanism

4.1.2 Due Diligence

4.1.3 Communication with Stakeholders

4.2 Business Practices

4.2.1 Anti-bribery and Anti-corruption

4.2.2 Anti-unfair Competition

4.3 Operational Compliance

4.3.1 Scientific and Effective Management

4.3.2 Comprehensive Risk Management

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

4. Governance Innovation

5.1 Integrated KPI Table

5.2 GRI Index Table

????

5. Appendixes

目 录

Contents

KAN Brand Value

凯恩品牌力

1.1 Company Profile

1.2 Corporate Culture

1.3 Board of Directors

1.4 Product Lines

1.5 Development Milestones

1.6 KAN Honors

1.7 Annual Operating Data

?.?公司简介?.?战略与文化?.?董事与董事会?.?业务产品?.?发展历程?.?凯恩荣誉?.?年度经营数据

何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand

Value

????

何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

GovernanceInnovation

KAN Brand

Value

浙江凯恩特种材料股份有限公司（英文名称：Zhejiang Kan Specialities Material Co., Ltd.；英文简称：KAN）成立于????年，????年登陆深交所（股票代码：??????），系浙江省丽水市第一家上市公司。公司是以高附加值纸基功能材料为主业的国家高新技术企业、国家级绿色工厂。公司总部位于北京市朝阳区，生产基地为浙江凯丰新材料股份有限公司。 凯丰新材成立于????年，地处浙江省衢州市龙游经济开发区，主要为肯德基、麦当劳、星巴克等跨国连锁餐饮巨头提供高端特种食品包装纸，为中国烟草提供烟用配套用纸，为宝武、酒钢、柯达等企业提供工业配套用纸等。 公司先后获得中国电子元件百强企业、浙江省隐形冠军企业、浙江省专精特新中小企业、浙江省智能工厂等荣誉称号。

?.? 公司简介

?.? 战略与文化

企业宗旨

以人为本服务客户回报股东利益员工奉献社会

纸载文明智造未来

事业愿景

成为最具价值的

一流企业

企业精神自强不息传承进取

组织氛围灵活高效真诚包容团结用心

核心价值观

客户第一勇于担当持续改善开放创新

Zhejiang Kan Specialities Material Co., Ltd. (hereinafter referred to as “KAN”) was founded in 1998, and went public onShenzhen Stock Exchange in 2004 (Stock Code: 002012) as the first listed company in Lishui, Zhejiang Province. KAN is aNational High-tech Enterprise and a National Green Factory mainly engaged in high value-added base paper materials. TheCompany is headquartered in Chaoyang District, Beijing, and takes Zhejiang Kaifeng New Material Co., Ltd. as its produc-tion base.Kaifeng New Material was founded at Quzhou Longyou Economic Development Zone in 2003. It mainly supplies food wrap-ping paper to multinational catering giants such as KFC, McDonald’s and Starbucks, rolling paper to China Tobacco, andindustrial paper to multiple enterprises such as Baowu, JISCO, and Kodak. Kaifeng New Material is one of the “Top 100Enterprises of Electronic Components in China”, and has been titled as the “Hidden Champion”, the “Specialized andSophisticated SME” and the “Smart Factory” in Zhejiang Province.

1.1 Company Profile

1.2 Corporate Culture

CorporateMissionsPeople-oriented,Serving Customers,Generating Returnsfor Shareholders,Benefiting Employees,Contributing to Society

Paper Carries CivilizationSmart manufacturingShapes the Future

Business

VisionBecome the Top-tier Enterprise

with the Most Value

Corporate

SpiritStriving for Excellence and

Advancing with Legacy

Organizational

Climate Flexible, Efficient,Sincere, Inclusive,United and dedicated

Core ValuesPrioritizing Customers,Fulfilling Responsibility,Pursuing ContinuousImprovement, andEmbracing Innovation

????

何以凯恩

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value

??

子公司经营负责人

计 皓：

男，生于????年?月，毕业于浙江民丰造纸厂职工大学，高级工程师，凯丰新材创始人，现任凯丰新材董事长、总经理。先后荣获浙江省衢州市、龙游县专业技术拔尖人才，全国轻工系统及浙江省、衢州市、龙游县科技进步奖等荣誉称号；任中国特种纸产业发展战略研究会专家、浙江省造纸学会常务理事。计 磊：

男，毕业于悉尼大学，硕士研究生。曾供职于浙江大学建筑设计研究院，历任凯丰新材市场部经理、总经理。现任凯丰新材战略发展顾问。

1.3 Board of Directors

Management Team of the S

The Tenth Board of Directors consists of 5 directors (1 female director), including 2 independent directors.

ubsidiary

Liu Xi:

female, graduated from Peking University with a bachelor’s degree and from LondonSchool of Economics and Political Science with a master’s degree. Liu used to work forNew Times Securities Co., Ltd. Since 2019, Liu has served as the Chairperson andGeneral Manager of KAN, and a director of Zhejiang Kaifeng New Material.Yang Zhaoyu:

male, graduated from the Chinese University of Hong Kong with a master degree.Mr.Yang used to work for Shenzhen Stock Exchange, China Securities Regulatory Com-mission, and CITIC Securities Co., Ltd. He joined KAN in January 2019, and now servesas a director, Vice General Manager, Secretary of the Board and CFO of KAN.

Wang

Sun Zhichao:

male, born inApril 1983, graduated from Jilin University with a bachelor’s degree in law andfrom Durham University with a master’s degree in law, having the Legal Professional Qualifi-cation Certificate. Sun used to work as the Deputy Director of the Capital Operation Centerin Evergrande Group, and the Business Director in China Telecom Group Investment Co.,Ltd. He is now a director of KAN.

Yuesheng:

male, born in July 1960, a professor and doctoral supervisor. Mr.Wang successively held thepositions of TeachingAssistant, Lecturer andAssociate Professor at the School of Econom-ics, Peking University. Now, he is a professor at the School of Economics, Peking University,an independent director of Zhejiang Kan Specialities Material Co., Ltd., an independentdirector of Huadian Power International Corporation Ltd., and an independent director ofHuanyu Construction Co., Ltd.

Hu Xiaolong:

male, born in July 1957, EMBA of Hunan University, a senior accountant and certified publicaccountant. Mr.Hu used to work as the Chairman and General Manager of HunanState-ownedAssets Investment and Management Co., Ltd., a director of Fortune SecuritiesCo., Ltd. Now, he serves as an independent director of KAN.

Ji Hao:

male,borninApril1961,graduatedfromZhejiangMinfengPaperMillStaffCollege,aseniorengineer.Mr.JiisafounderofKaifengNewMaterial,andusedtoworkastheChairmanandGeneralManagerofKaifengNewMaterial.Now,heservesastheChairmanofKaifengNewMaterial.Hehasbeenlistedintheseniortechnicaltalent poolin Longyou County, Quzhou City. In addition, he won the Science and Technology ProgressAwardsin the nationallightindustry and at county, municipaland provinciallevels. He serves an expert of theStrategic Research Institute for the Development of China’s Specialty Paper Industry, and an executivemember of ZhejiangTechnicalAssociation of Paper Industry.

目前公司主要有烟用配套用纸、特种食品包装纸、工业配套用纸和医用包装材料等产品，产品质量水平高，替代进口同类产品。其中烟用接装纸原纸和高光热敏原纸获得省高新技术产品称号，不锈钢垫纸获得省名牌产品称号，烟用接装纸原纸获得市名牌产品称号。

何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

GovernanceInnovation

KAN Brand

Value

??

普通类

Common class

?.? 业务产品

单面光型

MG product

双面光型

MF product

高不透型

Highly opaqueproduct

自然透气型

Natural breathableproduct

高透气度型

High permeabilityproduct

防渗透型（爆珠）Anti-penetrationproduct(bursting bead)

特殊类

Special class

?.烟用配套用纸

The Company currently offers a diverse range of high-quality products including rolling paper, food wrapping paper, indus-trial paper and medical packaging materials. Notably, the cigarette tipping base paper and high gloss thermal base paperare recognized as provincial high-tech products. In addition, the stainless-steel interleaving paper is recognized as aprovincial famous brand product, while the cigarette tipping base paper is also acknowledged as a municipal famous brandproduct.

The tipping base paper series are mainly used as the outer packaging materials to bond filter tips and cigarette endstogether. The printing ink and coating of products shall be non-toxic, comply with food hygiene standards, and have certainresistance to water and wet strength.The series are divided into common and special classes. The common class includes MG and MF products, while thespecial class includes highly opaque products, natural breathable products, high permeability products, and anti-penetra-tion products. These products boast high tensile strength, certain opaqueness, favorable smoothness, and anti-ink pene-tration for printing adaptability. Thus, they are applicable to printing, overprinting, laser punching, and hot stamping. Theseproducts are widely used by large-scale cigarette factories.

Common class

MG productMF product

Highly opaqueproduct

Natural breathableproduct

High permeabilityproduct

Anti-penetrationproduct(bursting bead)

Special class

1. Cigarette tipping base paper

??

1.4 Product Lines

烟用配套用纸主要是用作滤嘴香烟滤棒外包装的卷烟包装材料，把滤棒粘接到烟条末端，因外观类似松木纹也叫“水松纸”。烟用接装纸的印刷油墨和涂层必须无毒，符合食品卫生标准，并且具备一定的抗水性和湿强度。公司主要产品种类有普通类（单面光型、双面光型），特殊类（高不透型、自然透气型、高透气度型、防渗透型）。产品具有较高的抗张强度、一定的不透明度、较高的平滑度及防油墨渗透等印刷适性，适于印刷、套印及激光打孔，烫金工艺加工，专供大型卷烟企业。

何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value

????

The food wrapping paper series are mainly made of pulp and cardboards, meet non-toxic, oil-resistant, waterproof,moisture-proof and sealing requirements, and comply with food packaging safety standards. We have placed our techno-logical innovation priorities on the functions and new chemicals of packaging materials. The series are classified as packag-ing paper (brown kraft paper, white kraft paper, candy knot paper, and high strength wrapping paper), bakery paper(silicone coated base paper, and steamer paper), oil and water-proof paper (fluorinated oil-proof paper, fluorine-freeoil-proof paper, water-based packaging paper, and waxed base paper), and filter paper (tea bag paper, and desiccant wrap-ping paper). These products are mainly supplied to multinational catering giants.

2. Food Wrapping Paper Series

Food packaging paper

White kraft paperBrown kraft paperCandy knotpaperHigh strength wrapping paperOil and water proof paper

Bakery paper

Filter paper

Fluorinated oil-proofpaper

Fluorine-free oil-proofpaper

Water-based packagingpaper

Heat seal tea bag paperNon heat seal tea bag paper

Baking base paper（Silicone coated paper）

Waxed base paper

Steamer paper

Desiccant wrappingpaper

特种食品包装纸是以纸浆及纸板为主要原料的包装纸品，需要满足无毒、抗油、防水防潮、密封等要求，且符合食品包装安全。公司技术创新主要集中在包装材料的功能化与新型化学品的开发上。公司相关产品种类主要有包装类（本色牛皮纸、白色牛皮纸、糖果纽结纸、高强包装纸），烘焙类（硅油原纸、蒸笼纸），防油防水类（含氟防油型、无氟防油型、水基纸、涂腊原纸），过滤类（茶叶袋纸、干燥剂包装纸）。该品类产品现已实现品类全覆盖，主要下游客户为跨国连锁餐饮巨头。

?.特种食品包装纸

食品包装类Food packaging paper

白色牛皮纸White kraft paper

本色牛皮纸Brown kraft paper

糖果扭结纸

Candy knotpaper

高强包装纸

High strength wrapping paper防油防水类Oil and water proof paper

烘焙类Bakery paper

过滤类Filter paper

含氟防油型Fluorinated oil-proofpaper

无氟防油型

Fluorine-free oil-proofpaper

水基纸

Water-based packagingpaper

热封茶叶袋纸非热封茶叶袋纸Heat seal tea bag paperNon heat seal tea bag paper

烘焙原纸（硅油纸）

Baking base paper

（Silicone coated paper）

涂蜡原纸Waxed base paper

蒸笼纸Steamer paper

干燥剂包装纸

Desiccant wrappingpaper

何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand

Value

????

The medical packaging materials include products for medical packaging , PE self-adhesiveproducts, high-temperature self-adhesive products, and glue-coated products. These productscan meet various requirements related to medical device properties, expected sterilizationmethods, use effects, expiry dates, as well as transportation and storage.

4. Medical Packaging Materials

Medical packagingGlue-coated productsPE self-adhesive productsHing-emperatureself-adhesive product

The series refer to paper products used for industrial purposes, and are widely adopted in machinery manufacturing, indus-trial packaging, as well as scientific research and experiment. The series mainly include stainless steel interleaving paper,CTP interleaving paper, PS interleaving paper, photoelectric glass interleaving paper, and substrate protection paper ofliquid crystal glass. These products are mainly supplied to steel makers.

3. Industrial Paper Series

Interleaving paper

Stainless steel interleavingpaper

PS interleaving paperCTP interleaving paper

Photoelectric glass interleavingpaper/Substrate protection paperof liquid crystal glass

公司主要产品种类有医用包装纸、PE自粘型纸、高温自粘性纸、涂胶型纸等。可以满足医疗器械的特性、预期灭菌方法、使用效果、失效日期以及运输与贮存过程的不同要求。

?.医用包装材料

医用包装纸Medical packaging

涂胶型Glue-coated productsPE自粘型PE self-adhesive products

高温自粘型

Hing-temperature self-adhesive product

工业配套用纸是指应用于工业领域中的各种纸制品，广泛应用于机械制造、工业包装、科研实验等各个领域。公司主要产品种类有不锈钢衬纸、CTP衬纸、PS版衬纸、光电玻璃衬纸、液晶玻璃基板保护纸等产品。该品类产品下游客户为各大钢厂。

?.工业配套用纸

材料间隔类

Interleaving paper

不锈钢垫纸Stainless steel interleavingpaper

PS版衬纸

PS interleaving paper

CTP版衬纸

CTP interleaving paper

光电玻璃垫纸/液晶玻璃基板保护纸

Photoelectric glass interleavingpaper/Substrate protection paperof liquid crystal glass

何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand

Value

公司更名为“浙江凯恩特种材料股份有限公司”沿用至今

2002

2003

子公司凯丰新材成立，落户省级经开区衢州龙游工业园

1月时任浙江省委书记习近平

来公司考察指导

7月公司成功登陆深交所上市（股票代码：002012）

新一届董事会及管理团队带领公司迈入新发展阶段

完成丽水基地资产处置，成功迈出战略过渡历史性一步

完成整厂深度数字化改造，领跑行业智能工厂生产水平

2004

2004

2019

2023

2025

公司升级为国家级绿色工厂，

引领地区绿色转型

2020

?.? 发展历程1.5 Development Milestones

In 2002

Zhejiang Kan Paper Co., Ltd.was renamed Zhejiang KanSpecialities Material Co., Ltd.

In January 2004Xi Jinping, then Secretary of theCPC Zhejiang Provincial Commit-

tee, visited the Company.

In July 2004the Company went public on ShenzhenStock Exchange (Stock Code: 002012).

In 2019 the new Board of Directors and the Manage-ment steered the Company to embark on a new

stage of development.

In 2020the Company was upgraded to a National GreenFactory, leading the regional green transition.

In 2023the Company disposed of some traditional assets,taking a landmark step in strategic transition.

In 2025Kaifeng New Material completed a comprehensive deepdigital transformation of its entire plant, leading theindustry in intelligent factory production capabilities.

In 2003Kaifeng New Material Co., Ltd.,wasestablished at the provincial-levelQuzhou Longyou Economic Develop-

ment Zone.

????

何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand

Value

国家级国家级高新技术企业、国家级绿色工厂等。

省部级

浙江省“隐形冠军”企业、浙江省“专精特新”中小企业、浙江省“智能工厂（整厂）”、浙江省“创新型”中小企业、浙江省制造业“单项冠军”培育企业、浙江省“绿色企业”、浙江省“专利示范”企业、浙江省级高新技术企业“研究开发中心”、浙江省级“企业研究院”、浙江省级“企业技术中心”、浙江省“博士后工作站”等。

其他类中国电子元件“百强”企业、浙商“???强”、中国造纸学会特种纸专业委员会“常务委员单位、副主任单位”、衢州市“政府质量奖”、衢州市工商业联合会“第七届执委单位”、环保纸产业年度创新“产业合作奖”、衢州市“专家工作站”、龙游县五大产业链“链主企业”、南京林业大学“研究生工作站”等。人才类全国五一劳动奖章（全龙游县近十年第一位）、全国轻工行业劳动模范、浙江省青年工匠、龙游县“优秀共产党员”、“浙江工匠”培养人员、浙江省工业领域绿色发展专家库专家、中国特种纸产业发展战略研究会专家、制浆造纸教授级高级工程师、机电制造高级工程师等。

产品类

?.? 凯恩荣誉

?.实业耕耘类

浙江省“优秀工业新产品”（防油型食品级绿色包装纸）、“浙江制造精品”（高精密多功能防护衬纸）、浙江省“工业新产品”（烟用接装原纸高效施胶的关键技术）、特种纸产业链产品创新案例（水基食品包装纸）、特种纸产业链产品创新案例（生物基无氟防油纸）等。

National honors

1.The National High-tech Enterprise

2.The National Green Factory

Product honors

1.The New Excellent Industrial Product” (food-grade oil-proof green packaging paper)

2.The Premium Manufacturing Product” (high-precision multi-functional interleaving paper) in Zhejiang Province

3.Zhejiang Province “Industrial New Product” (Key Technology for Efficient Sizing of Cigarette Tipping Base Paper)

4.Specialty Paper Industry Chain Product Innovation Case (Water-based Food Packaging Paper)

5.Specialty Paper Industry Chain Product Innovation Case (Bio-based Fluorine-free Oil-Resistant Paper), etc.

Other honors

1.Top 100 Enterprises of Electronic Components in China

2.Top 500 Zhejiang Enterprises

3.The Government Quality Prize” in Quzhou City

4.The Postgraduate Workstation” of Nanjing Forestry University

Individual honors

1.The National May 1 Labor Medal (the first medal of this kind in this county over the last decade)

2.The National Light Industry Model Worker

3.The Expert in Green Industry Development of Zhejiang Province

4.The Expert of Strategic Research Institute for the Development of China’s Specialty Paper Industry

5.Professor-level Senior Engineer in Pulp and Paper Making

6.The Senior Engineer in Electromechanical Manufacturing

Provincial and ministerial honors

1.The Hidden Champion

2.The Specialized and Sophisticated SME

3.The Smart Factory

4.The Enterprise Leading an Individual Field of the Manufacturing Industry

5.The Green Enterprise

6.The Patent Demonstration Enterprise

7.The Provincial High-tech Enterprise R&D Center

8.The Provincial Enterprise Research Institute

9.The Provincial Enterprise Technology Center

10.The Postdoctoral Workstation” in Zhejiang Province

1.6 KAN Honors

1. Business

????

何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

Governance

Innovation

KAN Brand Value

?.市场影响类2.Market influence

Compliance honors: including but not limited to

1.The “Exemplary Case for Standard-based Operation” (Top 22 in Zhejiang) awarded by the Listed Company

Association of Zhejiang

2.The 2022 “Excellent ESG Case” awarded by China Association for Public Companies (the only honor of this

kind in the paper sector, and one of the only two honors of this kind in the light industry)

3.2022-2025 Excellent ESG Case awarded by China Association for Public Companies

4.Best ESG Award granted by the 8th China IR Annual Awards

5.One of the 100 Best ESG Companies in the 2nd JDM Prize

6.Included in the 2025 Sino-Securities Index ESG Outstanding Performance list for the papermaking and

packaging industry.IR honors: including but not limited to

1.Ranked among the "Top 20 Best New Media Awards" in the "2020 Annual List" from ROYALFLUSH INFO

2.The "Investor Relations Pioneer Award" in the "2021 Annual List" from ROYALFLUSH INFO

3.The Investor Relations Gold Award issued by Panorama Network in 2021

4.Outstanding ESG Value Communication Award in 2024 Investor Relations Awards organized by

https://rs.p5w.net/

合规方面：

?.浙江上市公司协会“规范运作优秀典型案例”（浙江TOP??）?.中国上市公司协会????年-????年上市公司“ESG优秀实践案例”?.????年“ESG最佳实践案例”（民营企业TOP?%）?.第八届卓越IR年度评选之“最佳ESG奖”?.第二届聚董秘上市公司评选之“百佳ESG公司”?.入选华证指数????年度造纸与包装行业ESG绩效优秀榜单IR方面：

?.同花顺企业号“????年度榜单”之“最佳新媒体奖??强”?.同花顺企业号“????年度榜单”之“投关先锋奖”?.????年度“全景投资者关系金奖”之“中小企业投资者关系互动奖”“IR进取奖”?.????年度“全景投资者关系金奖”之“杰出ESG价值传播奖”

????

何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand

Value

根据Wind ESG数据显示，截至????年??月??日，公司在Wind ESG的评级保持AA、评分稳定在?.?。公司ESG评分在A股上市公司中排名???/????，在民营上市公司中排名???/????；在深市主板中排名??/????，在材料板块中排名??/???，在浙江省上市公司中排名??/???，在??亿元市值以下上市公司中排名??/????，在纸制品行业中排名?/??。

?.ESG评价类

As of December 31, 2025, As shown by Wind ESG data, KAN scored 8.3 atGrade AA, ranked 250/5392 among the listed companies of Class A shares,119/3383 among the listed private companies, 83/1480 among the main-boardcompanies on Shenzhen Stock Exchange, 51/842 among the listed companiesin the material sector, 24/723 among the listed companies of Zhejiang Province,26/2062 among the listed companies with the market value less than RMB 5billion, and 4/23 among the listed companies in the specialty paper industry.

3.ESG rating

Rating agencyInstitutional Profile????????????????????????Boasting the widest domestic market coverage andthe strongest data support, covering all A-share andHong Kong stock listed companies and approximate-ly 8,000+ key bond issuersSpecialized in providing comprehensive index andindex-based investment services, is one of the firstinstitutions to build a localized ESG evaluationsystem

A technology company providing ESG data andanalytical tools services to financial institutions andenterprises, and a signatory member of the UnitedNations Principles for Responsible Investment (UNPRI)A subsidiary of China Chengxin International CreditRating Co., Ltd. (CCXI) specializing in sustainablefinance and ESG services, is one of the earliestthird-party service institutions involved in theconstruction of China’s domestic green financesystemA leading listed company in China’s Internet financialinformation services industry, with clients coveringfinancial participants at all levels including securitiesfirms, fund companies, banks, government agencies,research institutions, listed companies, and individu-al investorsThe first ESG evaluation system released by acentral state-owned enterprise; strategic cooperationwith the Shanghai Stock ExchangeA holding subsidiary of Lianhe Credit InformationService Co., Ltd. (a leading enterprise in China’scredit industry) and a verification and certificationagency registered with the Green Bond StandardCommittee’s market-based evaluationInitiated by Mr. Ma Weihua (former President ofChina Merchants Bank), is a seed unicorn enterprisefocused on quantitative assessment of “dualcarbon/green/ESG”In collaboration with Tsinghua University, theindustry’s first climate risk model targeting Chinesemainland and Hong Kong

The first domestic signatory institution of thePrinciples for Responsible Investment (PRI), and afounding institution of the China SustainableInvestment Forum (China SIF)

WindSino-Securities

IndexSynTao

Green FinanceQuantData

CCXGF

Flush Info

China

ReformHoldings

Lianhe

Equator

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评价机构机构简介????????????????????????

国内市场覆盖最广、数据支撑最多，覆盖全部A股、港股上市公司与重要发债主体约?,???+家专业从事指数与指数化投资综合服务的公司，首批构建本土化ESG评价体系的机构之一

为金融机构及企业提供ESG数据与分析工具服务的科技公司，联合国负责任投资原则UN PRI签署成员中诚信集团旗下专业从事可持续金融与ESG服务子公司，最早参与国内绿色金融体系建设第三方服务机构之一国内排名靠前家互联网金融信息服务业上市公司，客户涵盖券商、基金、银行、政府、科研院所、上市公司、个人投资者等各层次金融参与主体首个央企发布的ESG评价体系,上交所战略合作国内信用行业领军企业“联合信用管理有限公司”的控股子公司，绿色债券标准委员会市场化评议注册的评估认证机构招商银行前行长马蔚华先生牵头成立，以量化评估“双碳/绿色/ESG”为核心的种子独角兽企业清华合作，业界首个针对中国内地及香港地区的气候风险模型

国内首家负责任投资原则（PRI）的签署机构，中国责任投资论坛（ChinaSIF）发起机构

Wind华证商道融绿

秩鼎

中诚信绿金

同花顺

中国国新

联合赤道

盟浪有机数

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何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand

Value

?.? 年度经营数据

总资产

189,869万元

归属于上市公司股东的净利润

3,170万元

归属于上市公司股东的净资产

155,676万元

资产负债率

8.6%

营业收入

62,692万元

经营活动产生的现金流量净额

3,514万元

同比↑??%同比↑??%同比↓??%同比↓??%同比↓?%同比↑???%同比↓?%同比↓??%同比↑??%

环保总投入绿色采购投入节能降耗技术投入技术改造投入研发费用其中：知识产权保护投入数字化转型投入安全生产投入员工福利投入

?????万元?????万元

??万元???万元????万元

??万元???万元???万元???万元

1.7 Annual Operating Data

1899million

million

Net assets attributable toshareholders of the listed companyTotal assets

Net profit attributable toshareholders of the listed company

1557million

Asset-liability ratio

8.6%

Total revenue

million

Net cash flow fromoperating activities

million

Total investment in environmental protectionInvestment in green procurementInvestment in technological transformationInvestment in R&DIncluding: investment in intellectual property protectionInvestment in digital transformationInvestment in work safetyInvestment in employee benefits

RMB 367 millionRMB 358 millionRMB 0.8 millionRMB 8.5 millionRMB 26.4 millionRMB 0.3 millionRMB 1.9 millionRMB 1.0 millionRMB 2.0 million

↑42% from the previous year↑41% from the previous year↓60% from the previous year↓28% from the previous year↓9% from the previous year↑173% from the previous year↓2% from the previous year↓26% from the previous year↑7% from the previous year

Investment in energy conservation and consumption reduction technologies

????

何以凯恩社会推动力治理创新力环境守护力凯恩品牌力何以凯恩

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand

Value

同比↑??%同比↓?%同比↓??%同比↑?%同比↓??%同比↑?%同比↑?%同比↑??%同比↑?pct同比↑?%同比↑?%同比↓?%

年产纸产品总量直接、间接范围总碳排放量每吨纸温室气体排放强度天然气使用量柴油使用量总用电量光伏发电总量外购绿电量清洁绿电使用量占总用电量比例蒸汽消耗量能源消耗总量吨纸能源消耗总量

?????吨 ?????吨 ?.?吨/吨纸 ???万立方米

??吨?????兆瓦时?????兆瓦时 ?????兆瓦时

??%??万吨 ?????吨标煤 ?.??吨标煤/吨

废气（天然气产生）密度二氧化硫排放密度氮氧化物排放密度总用水量每吨纸总用水强度废水（工业废水）密度氨氮排放密度化学需氧量（COD）危险废弃物密度一般废弃物密度

???.?立方米/吨纸

?.?克/吨纸??.?克/吨纸

???.?万吨??.?吨/吨纸??.?吨/吨纸

?.?克/吨纸???.?克/吨纸

?.?克/吨纸??.?千克/吨纸

同比↓?%同比↓?%同比↓?%同比↑??%同比↓?%同比↑?%同比↓?%同比↑??%同比↓??%同比↓??%

Total water consumptionTotal water intensity per ton of paperWaste water (process water) densitySO2 emission intensityNOx emission intensityAmmonia nitrogen emission intensityCOD nitrogen emission intensityHazardous waste densityGeneral waste density

1.43 million tons

20 ton14 ton/ton of paper consumed

1.1 g/ton of paper consumed

44.5 g/ton of paper consumed

5.7 g/ton of paper consumed

504.4 g/ton of paper consumed

7.2 g/ton of paper consumed

13.9 kg/ton of paper consumed

↑12% from the previous year↓0% from the previous year↑8% from the previous year↓6% from the previous year↓6% from the previous year↓6% from the previous year↑11% from the previous year↓44% from the previous year↓54% from the previous year

Annual paper capacityTotal direct and indirect carbon emissionsGHG emission intensity per ton of paperTotal natural gas consumptionDiesel consumptionTotal electricity consumptionTotal photovoltaic power generatedPurchased green electricityProportion of green electricity consumption in total electricity consumptionSteam consumptionTotal energy consumptionTotal energy consumption per ton of paper

69,720 tons68,383 tons

1.0 ton/ton of paper consumed

1.95 million cubic meters

10 tons65,784 MWh11,311 MWh10,483 MWh

33%120,000 tons

20,440 tce

0.29 tce

↑12% from the previous year↓1% from the previous year↓12% from the previous year↑4% from the previous year↓13% from the previous year↑1% from the previous year↑0% from the previous year↑61% from the previous year↑6 pct from the previous year↑9% from the previous year↑4% from the previous year↓7% from the previous year

????

环境守护力

?.?应对气候变化?.?污染防治与生态系统保护?.?资源利用与循环经济

Environmental Protection

社会推动力治理创新力环境守护力凯恩品牌力

Environmental

Protection

Social Momentum

GovernanceInnovationKAN Brand

Value

????

?.? 应对气候变化

?.?.? 气候行动

行动路径：

绿色原材料、绿色产线绿色设计、绿色供应链

绿色资本、绿色服务

行动维度：

生产、 市场、品牌

行动举措：

推进清洁生产、推进产线改造、推进智慧转型坚持周期设计、坚持责任营销、坚持协同转型强化耐心投资、强化品质服务、强化业绩提升

气候行动目标与计划

气候行动战略方案

短期目标

中期目标

远期目标

坚定落实公司“????气候行动战略方案”，????年实现碳中和。

社会推动力治理创新力环境守护力凯恩品牌力

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand

Value

2.1 Response to Climate Change

2.1.1 Climate Actions

Dimensions：

production,market and brandVision:

Strategic Plan for climate actions

Update the Energy Management Plan annually, strive to dropthe comprehensive energy consumption per ton of productsby 0.01 tce/t every year for the core business sectors, anddeliver the technical reform tasks efficiently for the purpose ofenergy consumption and carbon emission reduction

Long-termgoal

Approaches:

green raw materials,green production lines;

green design,

green supply chain;

green capital,green services

Measures:

Advance clean production, upgrade production lines,

and facilitate smart transformation;cling to life cycle design, adhere to responsiblemarketing, and stick to collaborative transformation;reinforce steady capital, promote service quality, and

enhance performanceGoals of climate actions

Medium-term

goal

Short-termgoal

Realize carbon peaking by 2026, we have set a target toachieve a 70% reduction in both total carbon emissions andcarbon emission intensity per tonne of paper products by2035, against a 2021 base year, and complete the overallgreen transition in production and business managementFirmly implement the “Strategic Plan for Climate Actions” ofthe Company (1369: One Vision, Three Dimensions, SixApproaches, and Nine Specific Measures), and achievecarbon neutrality by 2040

????

行动愿景：

打造特种纸绿色标杆引领产业绿色发展

????年实现碳达峰，????年（相较于基准年????年碳排放总量下降??%且每吨纸产品碳排放强度下降??%），公司在业务及生产领域完成全面绿色转型。

Establishing a Green Benchmark

for Specialty Paper, LeadingGreen Development in the

Industry

保持每年度更新设置《能源管理方案》，核心主业能源目标争取实现“吨产品综合能耗每年下降?.??tce/t”，各项降耗减碳技改任务高效完成。

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand

Value

公司主要由“可持续发展与气候行动办公室”牵头，按照TCFD“气候相关风险、机遇和财务影响”框架来进行气候风险的识别和分析，通过资料查阅、外部论坛、内部审计等渠道，结合国内外形势以及各利益相关方的反馈，开展气候风险识别工作。通过研讨会组织凯丰新材和相关职能部门，结合风险因子、政策要求、行业趋势、内控流程、业务动态等多角度分析审查，依照重要性评估结果和模拟情境对气候风险清单进行评估排序，形成有优先排序的气候变化风险清单，确定风险清单并交由董事会进行审核。董事会审核通过后，可持续发展与气候行动办公室将组织各职能部门和业务部门进行气候风险应对，包括建立完备的环境气候风险防控措施、应急管理系统等。

气候风险与机遇识别

自然灾害

短期实体

台风、海啸等自然灾害，导致的生产及纸浆原材料供应受阻

优化数字化生产系统，选择风险控制更好的运

输方案，减少对全球运输造成的影响；成立应

急管理小组，编制气候变化应急预案

气候变化

长期实体

持续性高温、水资源短缺、海

平面上升以及极端天气频发等

趋势，对公司可能造成的影响

在产品创新和生产设计方面，考虑生产属地的

气候变化长期趋势；加强水资源的风险管理，

积极布局前瞻性的取用水策略

市场变化

短期潜在

国际间市场波动和下游需求萎缩导致的行业激烈内卷

提高自身生产效率、提高产品核心竞争力，依靠生产力创新降低成本，多渠道拓展市场

技术变化

中期潜在

时代进步带来生活方式的转

变，智慧化、数字化产品功能

的需求不断改变

紧跟需求变化、积极调整技术，吸引技术人才

品牌声誉

中期潜在

各利益相关方多方面的关注和公司舆情增加，导致声誉风险

积极响应市场和客户对公司发展的期待，踏实稳定现存业务，审慎研判新机遇

合规经营

长期转型

不遵守法律法规而造成的合规

风险及未达生产要求所造成的

罚款损失

严格遵守各项法律法规要求，建立完善的制度

体系及保障机制，确保达到合规运营和安全环

境等合规要求

政策调整

长期转型

造纸行业属于碳排放量大行

业，碳定价机制下，公司可能产生因达到减排目标购买碳排

放配额，导致成本上升的风险

在生产管理过程中，加强技术改造降低能耗，扩大自建绿电规模，加强对温室气体排放控制

The Sustainable Development and Climate Action Office is tasked with climate risk identification and analysis underthe TCFD’s Framework of Climate-Related Risks, Opportunities, and Financial Impacts. To fulfill this task, the Officetakes various measures such as looking up data, attending forums, conducting internal audit, keeping on top ofdomestic and international developments, and collecting insights from stakeholders.

Identification of climate risks and opportunities

Riskfactor

Riskduration

Risktype

InfluencesCountermeasures

Naturaldisaster

Short

term

Physical

risk

Naturaldisasters,suchastyphoonandtsunami,interruptproductionandsupplyofrawmaterialsforpaperand pulp

transportationsolutionsforbettercontrolofriskssoastominimizenegativeinfluenceonglobaltransportation;setupanemergencyresponseteam,andpreparetheclimatechangeemergency

Climatechange

Long

term

Physical

risk

Persistenthightemperature,waterstress,sealevelriseandfrequentextremeweathermayimpairthedevelopmentoftheCompany

Takeintoaccountthelong-termtendencyofclimatechangeintheplacesofproductionduringproductinnovationandproductiondesign;strengthenriskmanagementofwaterresources,andtheforward-lookingstrategiesfor

Marketchange

Short

term

Potential

risk

andshrinkingdownstreamdemandcauseratraceinthe

competitivenessofproducts,striveforproductivityinnovationtoreducecosts,andexpandmarket

Technical

change

Medium

term

Potential

risk

Technologicaladvancementdriveslifestylechangesandever-shiftingdemandsfor

Activelyadjusttechnologiestosatisfychangeddemands,andattracttechnicaltalentsBrandreputation

Medium

term

Potentialrisk

stakeholdersandincreasedpublicopinionsabouttheCompanygiveriseto

ActivelyrespondtoexpectationsofthemarketandcustomersontheCompany,stabilizeexistingbusinessportfolio,andprudentlyassessemergingopportunitiesOperationalcompliance

Long

term

Transition

risk

Violationoflawsandregulationsleadstocompliancerisks,andfailuretomeetproductionrequirements

Strictlyobservelawsandregulations,establishawell-performinginstitutionalsystemandanoversightmechanism

Policyrealignment

Longterm

Transition

risk

Intensifytechnologicalimprovementtodecreaseenergyconsumptionandexpandself-generatedgreenelectricitytocontrolgreenhousegasemissionsintheprocessofproductionmanagement

implement

????

The Company faces the risk ofincreased costs arising fromthe purchase of carbonemission allowances requiredto meet its emission reductiontargets

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value

????

我们根据每年度取得专业资质认证机构的《温室气体排放核查报告》，详细分析自身碳排放的结构和成因。参照科学碳目标 SBTi 的设定方法，模拟未来不同情景下的碳排放趋势，对照《巴黎协定》温室气体排放目标框架，制定了符合经营实际的科学碳目标。根据公司最新制定的“????气候行动战略方案”，我们更新设立了“????年实现碳达峰、????年（相较于基准年????年碳排放总量下降??%且每吨纸产品碳排放强度下降??%）、????年实现碳中和”的碳管理目标。为实现碳目标承诺，我们持续完善全公司的温室气体核查体系，根据减排结果动态调整减碳策略。

????年，我们生产范围内的温室气体排放总排放量同比????年下降?%，每吨纸合计温室气体排放量下降??%，稳步推进了实现科学碳目标的进展。

我们紧抓气候行动工作要求和客户合作升级机遇，全面展开企业和产品的碳足迹盘查。我们参照科学碳目标SBTi的设定方法，模拟未来不同情景下的碳排放趋势，对照《巴黎协定》温室气体排放目标框架，制定了符合经营实际的科学碳目标，配套建立碳管理制度，加强碳排放管理专题培训，全面开展碳盘查工作，通过产品碳足迹在线分析系统（eFootprint）完成申报认证，优化内部生产流程和产品设计，持续制定更务实有效的减排措施。科学碳目标及进展

碳管理体系

????年

????年

????年

????年

????年

直接（范围?）温室气体排放量（吨）

????

????

????

?????

?????

间接（范围?）温室气体排放量（吨）

?????

?????

?????

?????

??????

范围?、范围?合计温室气体排放量（吨）

?????

?????

?????

??????

??????

相较于基准年????年温室气体总排放量下降比例

-??%

-??%

-??%

-?%

?%

年产纸产品总量（吨）

?????

?????

?????

??????

??????

每吨纸产品温室气体排放强度（吨/吨纸）

?.?

?.?

?.?

?.?

?.?

相较于基准年????年每吨纸温室气体排放强度下降比例

-??%

-??%

-??%

-??%

?%

?.?.?科学碳管理

In 2025, the total GHG emissions within the company's production scope decreased by 1% on year-on-year basis, andthe GHG emissions per ton of paper declined by 12%. We steadily advanced progress towards achieving our scientificcarbon targets.

We seized the opportunities presented by climate action requirements and opportunities for enhanced customer collab-oration, we have comprehensively initiated corporate and product carbon footprint inventories. Aligning with the green-house gas emission target framework of the Paris Agreement, the Company has developed scientific carbon targets byreferring to the SBTi target-setting approach and simulating carbon emission trends under various scenarios in thefuture. In addition, the Company has pooled efforts to develop carbon management regulations, arrange more carbonemission management training sessions, carry out an all-round carbon audit, apply for authentication through theonline carbon footprint analysis system eFootprintand continuously formulated more pragmatic and effective emis-sion reduction measures.Based on the annual Greenhouse Gas Emission Verification Report issued by qualified professional certification bodies,we conducted a detailed analysis of the structure and causes of our own carbon emissions. Aligning with the green-house gas emission target framework of the Paris Agreement, the Company has developed scientific carbon targets byreferring to the SBTi target-setting approach and simulating carbon emission trends under various scenarios in thefuture.In accordance with the Company's newly formulated “1369 Climate Action Strategic Plan”, we have updated our carbonmanagement objectives: achieving a carbon peak by 2026, reducing total carbon emissions by 70% and carbon emis-sion intensity per ton of paper products by 70% by 2035 (compared to the base year 2021), and achieving carbonneutrality by 2040. To fulfill our carbon target commitments, we continuously improved the company-wide greenhousegas verification system and dynamically adjusted our carbon reduction strategies based on the results of emissionreduction efforts.

Carbon management system

Science-based carbon targets and progress

2.1.2 Scientific Carbon Management

20252024202320222021Direct(Scope1)GHGemissions(ton)4255403844877505164370Indirect(Scope2)GHGemissions(ton)64129651826221084552102891TotalGHGemissionsofScope1andScope2(ton)

683836922066697159603167261Reductionrateintotalgreenhousegasemissionscomparedtothebaseyear2021

-59%-59%-60%-5%0%Annualoutputofpaperproducts(ton)697206226861681106516100114Greenhousegasemissionintensitypertonofpaper(ton/tonofpaper)

1.01.11.11.51.7Reductionrateingreenhousegasemissionintensitypertonofpapercomparedtothebaseyear2021

-42%-35%-36%-12%0%

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand

Value

????

报告期内，我们整体由“能耗双控”向“碳排放双控”完成转型，我们根据生产能源消耗情况对温室气体排放进行监测，全面展开碳盘查工作，进一步直观了解温室气体排放现状的同时，为今后持续有效减排打下坚实基础。伴随着对生产流程中的碳排放量盘查，我们还同步对产出的主要纸产品进行碳足迹测算，通过产品碳足迹在线分析系统（eFootprint）完成产品碳足迹申报认证，不断扩大碳盘查范围，从而更好完善碳管理体系。

????年，我们将主要产品的碳足迹认证增加至?类，每吨产品碳足迹均保持稳定，进一步为公司优化绿色产品全周期管理提供了依据和信心。

碳足迹排查

产品分类认证碳足迹

????年

????年

????年

同比

水松纸碳足迹（kgCO?eq/吨纸）

????

????

????

?%

防油纸碳足迹（kgCO?eq/吨纸）

????

????

????

-?%

不锈钢衬纸碳足迹（kgCO?eq/吨纸）

????

????

/

-?%

牛皮纸碳足迹（kgCO?eq/吨纸）

????

????

/

?%

烘焙原纸碳足迹（kgCO?eq/吨纸）

????

????

/

?%

CTP衬纸碳足迹（kgCO?eq/吨纸）

????

????

/

?%

无氟防油纸碳足迹（kgCO?eq/吨纸）

????

/

/

/

During the reporting period, the company completed the transformation from "dual control of energy consumption" to"dual control of carbon emissions", measured carbon footprint from major paper products, and reported carbon footprintdata at eFootprint, an online carbon footprint analysis system.

In 2025, we increased the number of products receiving carbon footprint certification to seven, and the carbon footprintper ton of product remains consistently stable. These advances have laid basis and shored up confidence for optimiz-ing our full-cycle management of green products.

Carbon footprint identification

Carbonfootprintbyproductcategories202520242023

Year-on-

yearCarbonfootprintoftippingpaper(kgCO2eq/ton)

2,9842,8843,1413%Carbonfootprintofoil-proofpaper(kgCO2eq/ton)

4,2214,4024,732-4%Carbonfootprintofstainlesssteelinterleavingpaper(kgCO2eq/ton)

3,8353,879/-1%Carbonfootprintofkraftpaper(kgCO2eq/ton)

4,1564,140/0%Carbonfootprintofbakerybasepaper(kgCO2eq/ton)

5,3155,310/0%CarbonfootprintofCTPinterleavingpaper(kgCO2eq/ton)

5,8545,852/0%CarbonfootprintofFluorine-freeoil-proofpaper(kg/ton)

4,415///

2.2 Pollution Control and Ecological Conservation

社会推动力治理创新力环境守护力凯恩品牌力

Environmental

Protection

Social Momentum

GovernanceInnovationKAN Brand

Value

In line with applicable laws and regulations, we have done more to allocate environmental protection facilities, managetheir routine operation, and employ a third-party monitoring agency for discharge of exhaust gas, noise and wastewater on a regular basis.

In 2025, we upgraded waste disposal facilities including bag dust collectors, SNCR and SCR denitrification systemsand wet electrostatic precipitators.We continuously optimized and enhanced our waste gas treatment systems. Ourproduction processes do not use high-pollution raw materials such as coal. Our primary energy sources are steam,natural gas and electricity, resulting in extremely low waste gas generation. All waste gas is treated to meet emissionstandards before release. The Longyou County Environmental Protection Bureau has installed real-time monitoringequipment within our wastewater treatment system. Throughout the year, no instances of pollutant discharge exceedingpermitted standards occurred. All production wastewater is ultimately collected and conveyed to a specialized third-par-ty treatment facility within the local industrial park.

Pollutant discharge performance

The Company and Kaifeng New Material have taken measures to prevent and control pollutants in line with applicablelaws and regulations: allocate environmental protection facilities and manage their routine operation; minimizedischarge of exhaust gas, waste water and solid waste in production; monitor pollutant discharge, and develop annualmonitoring plans; optimize the work flow; employ a third-party monitoring agency to monitor discharge of exhaust gas,noise and waste water on a regular basis. In 2024, the Company had no pollutant discharge beyond limits.

????

????年，我们继续优化布袋除尘装置、SNCR脱硝装置、SCR脱硝处理、湿式电除尘系统等，不断优化提升废气处理系统；我们生产过程中未使用煤炭等高污染原料，以蒸汽、天然气、电力为主要能源，废气产生量极低，经处理后全部达标排放。龙游县环保局在废水系统中分布安装了实时监测设备，全年未出现污染物排放超标情况，生产废水最终全部汇集输送至属地工业园区的第三方专项处理单位。

?.? 污染防治与生态系统保护

污染物排放情况?.?.? 污染物排放

Pollutant discharge reduction measures

The Company and Kaifeng New Material keep refining the ecological monitoring and assessment system and theecological monitoring network, and work with local environmental protection authorities to monitor ecological factorssuch as air, surface water, soil and plants around production and business premises, focusing on the impacts of pollut-ants that should be disclosed on employees and local communities, particularly in terms of personal health, air qualityand water sources. As shown by ecological monitoring results, the ecological functions in business locations were notimpaired by the production and business activities of the Company in 2024.

Monitoring of pollutant discharge risks

吨纸排放指标

????年

????年

????年

同比

废气（天然气产生）密度（立方米/吨纸）

???.??

???.??

???.??

-?%

二氧化硫排放密度（克/吨纸）

?.??

?.??

?.??

-?%

氮氧化物排放密度（克/吨纸）

??.??

??.??

??.??

-?%

废水（工业用水）密度（吨/吨纸）

??.??

??.??

??.??

?%

氨氮排放密度（克/吨纸）

?.??

?.??

?.??

-?%

化学需氧量（COD克/吨纸）

???.??

???.??

???.??

??%

危险废弃物密度（克/吨纸）

?.??

??.??

??.??

-??%

一般废弃物密度（千克/吨纸）

??.??

??.??

??.??

-??%

日常生产过程中，我们降低废气、废水和废弃物排放，认真做好排污监测工作，制定年度监测计划，不断完善优化工作流程，定期委托第三方监测机构开展废气、噪声、污水等排放监测工作。????年，公司未发现污染物排放超标情况。我们在规划设计产线扩能和产业项目时，始终遵循ISO?????环境管理体系要求，并严格依据《中华人民共和国环境保护法》《中华人民共和国环境影响评价法》以及《建设项目环境影响评价分类管理名录》的相关规定执行。按照生态环境主管部门的要求，编制建设专案环境影响报告书、环境影响报告表或环境影响登记表，并获得其认定和批复后实施。严格执行环境保护设施与主体工程同时设计、同时施工、同时投产使用的“三同时”制度。坚决落实环评报告中提出的环境影响防治对策，确保污染物达标排放；在材料选择上，优先考虑使用防火、抗菌、可回收环保建筑材料，以践行我们对环境保护的坚定承诺。

污染物减排及措施

我们持续完善生态监测评估体系和生态监测网络，协同业务所在地环保部门在全部业务运营地开展生态监测，对生产运营地周边区域环境的空气、地表水、土壤、植被等要素进行监测；重点监控应当披露污染物排放对员工、当地社区居民等群体的影响，如是否有可能产生健康影响、导致空气质量下降、水源污染或其他环境问题。生态跟踪监测结果显示，????年，属地生态功能未受到公司生产经营影响。

污染物排放风险监测

2.2 Pollution Control and Ecological Conservation

2.2.1 Pollutant Discharge

Dischargedatapertonofpaper202520242023

Year-on-

yearWastegas(fromnaturalgas)intensity(m3/tonofpaper)280.26297.10337.22-6%Sulfurdioxide(SO?)emissionintensity(g/tonofpaper)1.121.191.35-6%Nitrogenoxides(NO?)emissionintensity(g/tonofpaper)44.4847.1553.52-6%Wastewater(industrialwater)intensity(ton/tonofpaper)13.8812.8114.088%Ammonianitrogenemissionintensity(g/tonofpaper)5.726.073.63-6%ChemicalOxygenDemand(COD)intensity(g/tonofpaper)

504.43456.35504.1711%

Hazardouswasteintensity(g/tonofpaper)7.1712.8523.00-44%Generalwasteintensity(kg/tonofpaper)13.9330.1120.00-54%

Environmental

Protection

Social Momentum

Governance

InnovationKAN Brand Value

我们不断寻求减少废弃物及综合利用的途径。????年，公司已全面完成危险废物管理的标准化建设，实现了标准统一、管理规范、严密覆盖。

根据日常生产经验，我们对各环节产生的大部分无害废弃物?纸产品边角料得以充分回收并二次利用。????年，通过产线调控和工艺升级，纸产品边角料回收再利用比例提升至??%。

废弃物处理情况

我们制定了《废水、废气、噪声管理程序》《固体废弃物管理制度》《环境应急预案》等制度，规范各岗位对废弃物的处置管理工作。对管理员工作开展稽查、考核、排名、评价；大力推行清洁生产，减少一般废弃物与危险废弃物的产生；通过设置分类垃圾收集箱与回收处理程序，妥善处理生产运营中产生的一般固体废弃物；分类处置各项固体废弃物，委托具有处理资质的第三方机构处理危险废弃物，最大限度降低对环境造成的影响，促进公司可持续发展。

废弃物减排及措施

?.?.?废弃物处理

We never stop our pace to explore approaches for waste reduction and comprehensive utilization. In 2025, wecompleted the hazardous waste management system that is based on unified standards and covers all types ofhazardous waste.

We have recycled most of the non-hazardous waste, namely paper scraps, according to regular production experience.In 2025, the recycling rate of paper scraps raised to 96% due to proper production line control and process upgrading.We vigorously promoted paperless office practices. Through software platforms such as Kingsoft WPS and DingTalk, wehave fully implemented cloud-based operations for functional departments. Leveraging our comprehensively built smartfactory, we utilized digital twins and the Manufacturing Execution System (MES) to integrate production operations andoffice functions across the site. In 2025, office paper consumption at our Beijing headquarters was reduced to 110kg, whilecomprehensive office paper consumption at our production bases decreased to 1,716kg, achieving a significant overallreduction.Waste discharge reduction measures

We have developed the Management Procedures of WasteWater, Exhaust Gas and Noise, the Management Regula-tions on Solid Waste and the Environmental EmergencyResponse Plan to regulate waste disposal management. Wevigorously implement cleaner production to reduce thegeneration of both general waste and hazardous waste;equip separate waste bins and formulate waste collection;entrust a qualified third party to dispose of hazardous waste.These efforts can minimize impacts on the environment andpromote the sustainable development of the Company.

????

????年

????年

同比

产生无害废弃物总量（吨）

???

????

-??%

处置无害废弃物总量（吨）

???

????

/

产生有害废弃物总量（吨）

?.?

?.?

-??%

处置有害废弃物总量（吨）

?.?

?.?

/

回收再利用废弃物总量（吨）

???

????

/

Waste disposal performance

2.2.2 Waste Disposal

20252024

Year-on-

yearTotalgeneratednon-hazardouswaste(ton)9711,875-48%Totaldisposednon-hazardouswaste(ton)9711,875/Totalgeneratedhazardouswaste(ton)0.50.8-38%Totaldisposedhazardouswaste(ton)0.50.8/Totalrecycledwaste(ton)9421,802/

Environmental

Protection

Social Momentum

Governance

InnovationKAN Brand Value

When selecting sites for production bases and new projects, we champion red lines for ecological conservation, set bench-marks for environmental quality, impose caps on resource utilization and adopt a negative list for environmental access,keeping away from natural reserves as well as important habitats and migration routes for wildlife. In addition, we havemade proactive efforts to green space restoration in our existing production bases, achieving remarkable progress in landleveling and ecological remediation of 14,500 m2.In 2025, actively responding to the requirements of the Longyou Countygovernment, we returned a portion of land after completing greening renovation and restoration. Future land use will beplanned rationally and efficiently to scientifically realize both environmental and economic benefits.

Recognizing the importance of harmony between humankind and nature, the Company and Kaifeng New Materialstay committed to biodiversity conservation in our practices in line with the Wild Animal Conservation Law of thePeople’s Republic of China, and the Convention on Biological Diversity of the United Nations. To this end, we havetaken combined measures such as phasing out coal energy and discharging no sewage for environment improve-ment, growing grass within the area of self-generated green electricity for revegetation of bare land, making reason-able planning to enhance the use efficiency of production land, demolishing idle warehouses to create big-scaleecological green land, and providing clean water sources for animals and plants, which allow for sound and greenoperation of production bases. Thanks to remarkable environmental renovation efforts, our production bases enjoybeautiful environment, where wild egrets nest and thrive. This is an exemplary practice that boosts development whileprotecting nature.

Biodiversity conservation

????

我们对于生产基地和新项目的选址严格执行生态保护红线、环境质量底线、资源利用上线和环境准入负面清单要求，避让自然保护地及野生动物重要栖息地、迁徙洄游通道等。我们对现有生产基地积极开展绿地恢复工作，陆续完成了前场????平方米、后场?????平方米、办公区域生态环????平方米，共计?????平方米的土地平整及生态修复治理。????年，我们积极响应龙游县政府要求，交还了部分绿化改造修复后的土地，后续将合理高效规划土地使用，科学发挥环境效益和经济效益。

生态系统保护和恢复

“只有守护多样自然才能实现可持续发展，才有企业的基业长青”。我们坚持人与自然和谐共生，严

格遵守《野生动物保护法》等相关法律法规，响应联合国《生物多样性公约》呼吁，将生物多样性保护融入企业实践，积极参与生物多样性保护工作。项目选址执行生态保护红线、环境质量底线、资源利用上线和环境准入负面清单要求，避让自然保护地及野生动物重要栖息地、迁徙洄游通道等，严格开展项目区域内动植物及其栖息地的调查，明确生物多样性保护措施。过去的传统造纸方式不仅存在废水、废气排放等多种环境污染，也会因噪音过大而影响到野生动物的栖息。我们长期坚持环境整治，杜绝煤炭能源使用，水资源实现“零排放”；通过在自建绿电区域植草，实现裸地修复养还；合理规划土地使用，提高生产土地使用效率，清拆多余库房，修复养护大面积生态绿地、着力植树种草，为动植物提供清洁水源，赋予生产基地良性生态运营的更多可能性。当前公司生产基地环境优美、厂区环境治理效果显著，吸引了野生白鹭等生物在厂区内筑巢生活，充分践行了对人与自然和谐发展的理念。

生物多样性保护

?.?.?生态系统与生物多样性保护

Ecosystem conservation and restoration

2.2.3 Ecosystem and Biodiversity Conservation

Environmental

Protection

Social Momentum

Governance

InnovationKAN Brand Value

?

?

??

??

Prioritizing degradable base paper for food packaging, the Company has focused its effortson research and development of world-class specialty paper products featuring cutting-edgetechnology, high added-value and no pollution as substitutes for plastic, actively promotedreplacement of plastic with paper, so as to further improve environmental and economicefficiency for harmonious coexistence between human and nature.We aligning with WWF (World Wildlife Fund) and GFTN-China (Global Forest and TradeNetwork) initiatives. Notably, we import FSC-certified (Forest Stewardship Council) woodpulp as our major raw materials from overseas, with no domestic environmental risks.We have invested substantial human and material resources into technology R&D andintroduction of equipment acquisition to enhance the green attributes of our products,Withthese efforts, noise has been controlled properly; water reuse rate has reached 95%; theshare of self-generated green electricity has increased year by year; the indicators related toutilization efficiency of raw materials and energy consumption for products are both at theleading level of the industry; the habitats of birds and fish have been protected.The Company has used recyclable, light-weighted and degradable product packaging,reduced plastic packaging and avoided excessive packaging, thus cutting down carbonemissions.The Company continues to raise the ratio of transportation by new energy vehicles, railwayand sea as an effort to lower carbon emissions further.The Company has rolled out clean production to scale down the generation of both generalwaste and hazardous waste. We have implemented classified disposal of all solid wastesand entrusted hazardous waste to qualified third-party agencies for treatment.

KAN green management for the whole product life cycle

GreenDesign

Green Raw

Materials

GreenProductionGreenPackaging

Firmly use ofgreen raw materials

Optimization of green production

Replacement of green packaging

Promotion ofgreen transportationStrict implementation

of green recycling

GreenTransportation

GreenRecycling

????

Ecological responsibility throughout the product life cycle产品全周期生态责任

?

?

?

?

?

?

凯恩绿色全周期管理图

绿色设计

绿色原料

绿色生产绿色包装

绿色运输

绿色回用

引领以纸代塑设计

坚决使用绿色原料

坚持优化绿色生产

全面更换绿色包装

持续普及绿色运输

严格实施绿色回用

随着限塑令的不断升级，生态发展上升为“五位一体”战略。我们优先着力在特种食品包装领域研发可降解的环保纸基产品，致力于研究开发技术含量高、附加值高、无污染、具有世界先进水平的特种材料，积极推广以纸代塑产品，进一步提高环境经济效率，将产品对生态环境的影响降到最低，真正实现人与自然和谐共生。木浆是工厂产品的主要原材料，我们严格履行WWF（世界自然基金会）、全球森林贸易网络（中国）（GFTN-China）保护自然环境的社会责任，从国外进口采购经过FSC森林认证的原材料，不存在国内环境风险，最大限度缩减对动植物的生存影响，真正做到品质、品牌和绿色环保的和谐统一。我们在技术研发、设备引进上投入大量人力物力提升产品绿色化水平，生产过程环节进行了大量绿色治理实践，严格进行噪声管理、水回用率达到??%、自建绿电使用比例逐年提升，原材料利用率、产品能耗指标等均处于行业领先水平，重点保护鸟类和鱼类生存环境。我们在产品包装上坚持重复利用性、可回收性、轻量性和可降解性，严格要求产品包装达到可再利用、可再循环、可再回收要求，倡导避免过度包装。消减塑料包装、升级纸箱用纸量工艺、优化产品包装结构，持续减少包装用量、降低碳排放。我们持续提升新能源车、铁路、海洋运输使用占比，降低车辆运输产生的碳排放。积极沟通选择优质的短距离客户，保证商业效率的同时，有效缩短产品运输里程，降低运输过程中能源耗用及碳排放，积极带动区域内产业链优先实现绿色转型。我们推行清洁生产，减少一般废弃物与危险废弃物的产生；分类处置各项固体废弃物，委托具有处理资质的第三方机构处理危险废弃物。我们遵循“节约资源、物尽其用”的原则，不断寻求废物综合利用途径。在内部，我们规范各岗位对废弃物的处置管理工作，落实管理员、安全员责任制，对管理员工作开展稽查、考核、排名、评价，真正让日常管理落地。

Leading the Design of“Paper for Plastic”

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value?.?资源利用与循环经济?.?.?能源利用

2.3.1 Energy Utilization

Our production basically depends on natural gas and purchased steam to replacement of coal. Our electricity sourcesinclude purchased electricity, self-generated and purchased green electricity. By 2025, our energy structure hadprogressively evolved to: “steam 54%, electricity 33%, natural gas 13%, diesel 0.1%”.All these initiatives drive ourlow-carbon and green energy transition to the fullest extent.

We set energy conservation goals and implemented manage-rial and technical energy-saving measures, so as to constant-ly reduce carbon emission and energy consumption. In linewith the Energy Management Program, we set the goal ofdecreasing annual comprehensive energy consumption by

0.01 tce/t per ton of products. In 2025, we achieved a reduc-

tion of 0.03tce/t, exceeding our planned target.

Down ?.?? tce/tDown ?.?? tce/t

???? Completed

????

我们的生产过程中全程规避了煤炭的参与使用，建立了以天然气和外购蒸汽为核心的生产系统，在电的使用方面，我们构建了“电力采购+自有绿电+外购绿电”的清洁用电模式，在????年逐步形成了“蒸汽??%、电力??%、天然气??%、柴油?.?%”的能源结构，最大限度践行低碳绿色能源转型。

我们通过制定节能目标，落实管理节能措施和技术节能措施，持续推进减排降耗。根据《能源管理方案》，我们制定了每吨纸产品综合能耗下降?.??tce/t的能源目标，????年实现下降?.??tce/t，已超额完成目标计划。

吨纸综合能耗

目标下降?.??tce/t实际下降?.??tce/t????已完成

????年????年????年同比天然气使用量（万立方米）??????????%柴油使用量（吨）????/-??%蒸汽消耗量（万吨）???????%总用电量（兆瓦时）????????????????%光伏发电量（兆瓦时）???????????????%外购绿电（兆瓦时）????????????%年产纸产品总量（吨）?????????????????%吨纸天然气使用量（立方米/吨纸）??.????.????.??-??%吨纸柴油使用量（吨/吨纸）?.???.??/?%吨纸蒸汽消耗量（吨/吨纸）?.???.???.??-?%

吨纸总用电量（兆瓦时/吨纸）?.???.???.??-??%

能源消耗总量（百万千焦）???????????????????%

吨纸能源消耗总量（百万千焦/吨纸）?.???.????.??-?%

能源消耗总量（吨标煤）????????????????%

吨纸能源消耗总量（吨标煤/吨纸）?.???.???.??-?%

天然气使用量（万立方米）蒸汽消耗量（万吨）吨纸能源消耗总量（吨标煤/吨纸）

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

???

???

???

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

??

??

??

总用电量（兆瓦时）

????

????

????

?????

?????

?????

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

?.??

?.??

?.??

Natural gasconsumption(10,000 m3)

Steamconsumption(10,000 tons)

Total electricityconsumption(MWh)

otal energy consumptionintensity per ton of paper(ton of coal equivalent/tonof paper)

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

???

???

???

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

??

??

??

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

?????

?????

?????

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

?.??

?.??

?.??

2.3 Resource Utilization and Circular Economy

202520242023

Year-on-yearNaturalgasconsumption(10,000m3)195187206Dieselconsumption(ton)1011/Steamconsumption(10,000tons)121111Totalelectricityconsumption(MWh)657846532456801Solarpowergeneration(MWh)11311113189540Purchasedgreenelectricity(MWh)10483649

4%-13%

9%

1%

0%

5061%Annualoutputofpaperproducts(ton)69720622686168112%Naturalgasconsumptionpertonofpaper(m3/tonofpaper)27.9730.9833.40-10%Dieselconsumptionpertonofpaper(ton/tonofpaper)0.000.00/0%Steamconsumptionpertonofpaper(ton/tonofpaper)1.721.822.00-6%

Totalelectricityconsumptionpertonofpaper(MWh/tonofpaper)

0.941.050.92-10%

Totalenergyconsumption(MkJ)5990425759339202594%Totalenergyconsumptionpertonofpaper(MkJ/tonofpaper)

8.599.2514.92-7%

Totalenergyconsumption(tonofcoalequivalent)2044019651314004%

Totalenergyconsumptionintensitypertonofpaper(tonofcoalequivalent/tonofpaper)

0.290.320.51-7%

Total energy consumption intensity

per ton of paper

We set energy conservation goals and implemented manage-rial and technical energy-saving measures, so as to constant-ly reduce carbon emission and energy consumption. In linewith the Energy Management Program, we set the goal ofdecreasing annual comprehensive energy consumption by

0.01 tce/t per ton of products. In 2025, we achieved a reduc-

tion of 0.03tce/t, exceeding our planned target.

社会推动力治理创新力环境守护力凯恩品牌力

Environmental

Protection

Social Momentum

Governance

InnovationKAN Brand

Value

Clean energy utilizationBetween 2022 and 2025, we increased our existing Phase I solar power generation capacity from 573MWh to11,311MWh, a cumulative increase of 1,874%. Calculated based on the national average grid emission factor of

0.5366t CO/MWh, this equates to an additional reduction of 5,762 tons of carbon emissions.

In 2025, our total solar power generation reached 11,311MWh, and purchased green electricity amounted to10,483MWh, bringing the total consumption of clean green electricity to 21,794MWh. Despite a comprehensive expan-sion in production capacity, clean green electricity accounted for 33% of total electricity consumption, a 6 percentagepoint increase compared to 27% in the previous year.

Energy conservation measures

Regarding the overall energy utilization management, Kaifeng New Material has introduced the workshop responsibilitysystem, and implemented the long-term and medium-term energy conservation and carbon emission reduction strate-gies to minimize energy consumption and carbon emissions while ensuring work safety and product quality. We haveregulated electricity consumption behaviors to achieve energy conservation and emission reduction management.

????

清洁能源应用

在全球推进碳中和的时代背景下，清洁电力已成为实现“双碳”目标的中坚力量。根据国际能源署的算法，未来??%—??%的电力将来自光伏。为降低企业能源成本，提高土地利用率，同时积极响应国家节能降碳号召，助力企业“绿色发展”，我们完成与零碳公司关于光伏发电项目的建设自用工作。我们在????年至????年间，从原有一期光伏发电量???兆瓦时增加至?????兆瓦时，合计增加了????%；按照全国电网平均排放因子?.????t CO?/MWh计算，相当于新增减少????吨碳排放。????年，我们的光伏发电总量为?????兆瓦时，外购绿电为?????兆瓦时，清洁绿电合计使用总量为?????兆瓦时。在全面扩产扩能的情况下，清洁绿电占总用电量的??%，同比去年的??%，提升了?个百分点。

能源节约及措施整体能源节约管治方面，我们设立了车间负责制，制定各车间节能减排中长期发展战略，推进“一线一策”可行性节能减排规划，同时落实“责任组员”，细化协调推进和落实检查具体工作。在保证生产安全、品质安全的前提下，最大限度地节能减排。我们实行区域用电责任制，用电管控情况与责任人薪酬绩效挂钩，并安排人员每天进行巡查。通过技术和管理手段，制定峰谷用电计划，规范用电行为，实现节能减排管理。定期组织开展节能活动、全方面进行节能减排宣传、培训，强化节能意识。

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand Value

For efficient utilization of water resources, our efforts have been sustained to uphold the full-cycle management of waterfootprint, upgrade production technology, and implement the management of water resource consumption and theconcept of water conservation in our daily work.

Water recycling

We cherish water resources, implementing technological upgrades for energy conservation at the source. Within theworkshops, we thoroughly identify and monitor wastewater streams, striving to maximize reuse and multi-stage cascad-ing. The significant reduction in comprehensive water consumption per ton of paper has simultaneously lowered thepulp consumption in the production line and reduced production costs, providing positive feedback for the Company'sgreen development.

In 2025, amidst production expansion and capacity increase, our total water consumption rose by 12%, but we main-tained a constant total water consumption intensity per ton of paper.

????

????年，我们在扩产扩能的情况下，总用水量增加??%，但实现每吨纸总用水强度不变。

我们坚持水足迹全生命周期管理，严格管理生产用水各环节、中水回用环节，持续优化生产工艺，致力于实现水资源的高效利用，将水资源耗用管理与节水理念落实到日常工作中。

我们珍视水资源，从源头开展技改节能，在车间对废水充分识别、检测，力求最大化重复、多级利用；在日常管理中，我们张贴节水标识，宣传节水专刊，更换节水型水龙头，安装水槽限位器，鼓励并倡导员工节约用水；在末端，我们还全面安装了废水在线监测系统、刷卡排污系统、视频监控等系统，不断建设中水回用系统，将生产废水重复深度净化处理，再次回用至生产车间，减少水资源对环境的压力和影响。综合吨纸水耗明显的下降，也同步降低了产线浆耗，缩减了生产成本，为公司绿色发展提供了有利反馈。

?.?.?水资源利用

????年????年????年同比

总用水量（万吨）???????????%每吨纸总用水强度（吨/吨）??????-?%中水用水量（万吨）????????/??%中水回用率（%）??%??%??%/水循环与再利用的总量（万吨）??????-?%工业废水排放总量（万吨）????????%其中：直接排入环境的工业废水量（万吨）????%

?%

排入污水处理厂的废水处理量（万吨）????????%

??%

每吨纸排入污水处理厂的废水量（吨/吨纸）??????

水资源使用

水资源节约及措施

?%

2.3.2 Water Resource Utilization

Water resource utilization performance

20242023

Year-on-yearTotalwaterconsumption(10,000tons)12814212%Totalwaterconsumptionintensitypertonofpaper(ton/tonofpaper)

2123-0%Totalreclaimedwaterconsumption(10,000tons)2432/12%Reuserateofreclaimedwater95%95%/Totalrecycledwatervolume(10,000tons)4443-9%Totalindustrialwastewaterdischarge(10,000tons)

808721%Including:industrialwastewaterdischargeddirectlyintotheenvironment(10,000tons)

2025

271595%

0000%Volumeofwastewaterdischargedtowastewatertreatmentplant(10,000tons)

97808721%Wastewaterdischargepertonofpapertowastewatertreatmentplant(ton/tonofpaper)

1413148%

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand

Value

Green production system establishment

2.3.3 Circular Economy

The Company and Kaifeng New Material have established and refined the environmental protection managementsystem, and passed the certification of the ISO 14001 Environmental Management System for the purpose of betterenvironmental management. We have taken comprehensive environmental treatment measures, combated climatechange actively, optimized the green supply chain, and adopted environmental protection practices. In addition tohighlighting energy efficiency improvement and energy consumption reduction, we have arranged training sessionsrelated to green office, green production and green life for all employees. We are striving to grow into a resource-effi-cient and environmentally-friendly enterprise.Rooted in its operational context, the Company has set ambitious annual goals at the level of circular economy with theoverall goals of climate action and carbon management.. These goals include: maintaining the raw material utilizationrate over 94% and the reclaimed water reuse rate above 95%, and increasing the share of renewable energy to over30% in the energy mix. Building on the existing clean production capacity, the Company endeavors to expand theconstruction of green electricity and other renewal energy facilities, and increase the use proportions of renewalenergies in the energy mix, and resist the risk of rising production costs such as industrial power supply costs throughshort-term fluctuations in engineering costs. This approach aims to pursue medium and long-term benefits of the circu-lar economy.Cleaner productionWe exert strict control over all process from pulp, our main raw material, to finished products, so as to pursue qualityexcellence. We strictly perform the nature conservation responsibility, aligning with WWF and GFTN-China initiatives.Notably, we purchase FSC-certified raw materials; we procure CFCC/PEFC-certified pulp as well as produce and sellCFCC/PEFC-certified food wrapping paper, medical packaging base paper and cigarette tipping base paper in accor-dance with the Forest Certification in China - Chain of Custody (GB/T 28952-2012); and we keep slashing totalpackage consumption and phasing out plastic package. Thus, we strike a balance between our product quality/brandand environmental protection.In 2025, the proportion of FSC-certified pulp in our pulp consumption reached 34%. Our annual packaging materialconsumption substantially decreased by 49% compared to the previous year. Since initiating the vehicle “oil-to-electrici-ty”conversion project in 2022, we have gradually replaced fuel-powered forklifts with electric ones. By 2025, the propor-tion of fuel-powered forklifts in use decreased by 70% compared to 2021. Furthermore, we advocate for our suppliersto utilize new energy trucks for short-distance transportation whenever possible. In 2025, the proportion of incomingand outgoing goods transported using fuel-powered trucks decreased by 30% compared to 2021.

????

我们建立健全环保管理体系，连续通过ISO?????环境管理体系认证证书，并严格依照环境管理体系开展环境管理工作。采取综合治理措施，积极应对气候变化、优化绿色供应链、践行环境保护，在提高能效、降低能耗的同时，加强对全员绿色办公、绿色生产、绿色生活的培训宣导，致力成为资源节约型、环境友好型公司。我们从自身实际出发，以气候行动和碳管理目标为总体目标，在循环经济层面设定了“原材料利用率保持在??%以上、中水回用率保持在??%以上、可再生能源使用比例增加至??%以上”的平均年度目标，旨在保持清洁生产现有水平的基础下，重点增加绿电等可再生能源的建设规模和导入使用比例，以短期工程成本波动抵御工业用电等生产成本上涨风险，最终追求循环经济层面的中长期利益。

?.?.?循环经济绿色生产体系建设

木浆是我们生产纸产品的主要原材料，从生产所需的原材料木浆到成品垂直控制每个环节都极其苛刻，力求品质卓越。我们严格履行WWF(世界自然基金会)、全球森林贸易网络(中国)(GFTN-China)保护自然环境的社会责任，采购经过FSC森林认证的原材料，按照《中国森林认证产销监管链》(GB/T?????-????)的要求采购CFCC/PEFC认证的纸浆、生产和销售CFCC/PEFC认证的食品包装纸、医用包装原纸和烟用接装原纸等，不断减少包装总量和塑料包装的使用，真正做到了品质、品牌和绿色环保的和谐统一。????年，我们使用FSC认证纸浆的占比达到??%。全年包装材料消耗量同比减少??%，包装消耗大幅减少。我们自????年启动车辆“油改电”项目以来，逐步使用电动叉车代替燃油叉车，????年燃油叉车使用占比相较于????年下降??%。另一方面，我们倡导供应商在短途运输过程中尽量使用新能源货车进行运输，????年进出货使用燃油货车运输占比相较于????年下降??%。

清洁生产

社会推动力

?.?社会担当?.?创新驱动?.?供应商与客户?.?员工

Social Momentum

社会推动力治理创新力环境守护力凯恩品牌力

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value

????

??

社会推动力治理创新力环境守护力凯恩品牌力

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand Value

公司历史最早可追溯到????年在浙江省丽水市遂昌县开设的“开成纸厂”。公司除少数专业技术人员外，大部分员工均为当地员工，占比达??%左右。公司来自于人民、发展于人民、回馈于人民，多年来参与解决就业近??万人次，????年以来年均纳税约????万元，始终为地区的生态环境治理和经济发展建设不懈奋进，源源不断贡献着自己的力量。

The Company's history can be traced back to the “Kaicheng Paper Mill”established in Suichang County, Lishui City,Zhejiang Province in 1940.With the exception of a limited number of professional and technical personnel, localemployees comprise up to 90% of our payroll. Since 2021, the Company has paid an average annual tax of approxi-mately RMB 54 million, and played its part in ecological governance and regional economic development unwaver-ingly, demonstrating its commitment to social contribution.

3.1 Social Responsibility?.? 社会担当

As the leading player in the domestic specialty paper industry, KAN and Kaifeng New Material have been long devot-ed to the technology R&D of new base paper materials by leveraging our independent research and testing institu-tions, robust technical capabilities for product development and production, and state-of-the-art paper performancetesting equipment at home. We have established “Zhejiang Postdoctoral Workstation”, and received multiple recogni-tions such as the “Standing Committee Member Unit and Deputy Director Unit”of the Specialty Papers Committee ofthe China Technical Association of Paper Industry (CTAPI)“Provincial High-tech Enterprise R&D Center”, the“Provincial Enterprise Technology Center”, the “Provincial Enterprise Research Institute”, “Undertaking Enterprise forMajor Science and Technology Project in Quzhou City”and the “Undertaking Enterprise for Major Science andTechnology Research Project in Longyou County”.

With years of dedicated focus on the specialty paper field, the Company and Kaifeng New Material have acquiredadvanced technologies for a number of key products. Through long-term collaboration with domestic and internation-al peers as well as academic and research institutes, we have developed dozens of core technologies with indepen-dent intellectual property rights. These technological efforts have spanned multiple business segments, enhancingour core competitiveness and resulted in nearly 30 national patents.We are planning to utilize the existing land within the factory area to construct a new building for our research instituteand supporting facilities. The planned layout includes core foundational R&D and experimentation areas, applieddevelopment and pilot test area, and scientific research collaboration office spaces. This aims to create a comprehen-sive R&D base, further strengthening our technological innovation capabilities and improve the efficiency of ourtechnological R&D.Established in December 2021, the Postdoctoral Workstation of Kaifeng New Material has welcomed 5 doctors forresearch in succession, with 1 doctor currently in residence. Our R&D team consists of experts in paper-making,chemical engineering, quality management, market development, automation control, and machinery management.Their strong R&D capabilities provide a solid foundation for technology R&D.

3.2 Innovation-driven Development

3.2.1 Technology R&D

作为国内特种纸领域的领军企业，我们长期致力于纸基新材料创新技术的研发，建有独立的科研机构和检测机构，并以雄厚的技术力量投入到特种纸及相关产品的生产与开发。我们现已成立“浙江省博士后工作站”，获颁中国造纸学会特种纸专业委员会“常务委员单位、副主任单位”“省级高新技术企业研究开发中心”“省级企业技术中心”“省级企业研究院”“衢州市重大科技攻关（揭榜挂帅）项目承担单位”“龙游县重大科技攻关课题揭榜挂帅项目承担单位”等认可，拥有国内先进的试验设备和纸张性能检测设备。

公司和凯丰新材多年深耕特种纸领域，掌握多类重要产品领先工艺，通过与国内外产、学、研的长期合作，形成拥有自主知识产权的数十项核心技术，在多业务产品板块布局，不断提升核心竞争力，共获国家授权专利近??项。我们筹备利用厂区现有土地，新建一栋建筑研究院及配套工程设施，规划布局核心基础研发与实验区、应用开发与中试区、科研协作办公区等，打造综合性研发基地，旨在进一步加强科技创新能力、提升技术研发效力。凯丰新材博士后工作站于????年??月建站，陆续?名博士进站工作，现有在站博士?名。目前研发团队的核心技术人员来自造纸、化学工程、质量管理、市场开发、自动化控制、设备机械管理等专业领域，具有较强的研发实力，为项目研发提供人才保证。

?.? 创新驱动

?.?.? 科技研发

????

??

社会推动力治理创新力环境守护力凯恩品牌力

Environmental

Protection

Social Momentum

Governance

InnovationKAN Brand Value

新增专利

?

基于纤维素-多巴胺/碳纳米管导电纤维及其制备方法与应用

授权专利

?

一种反应型自交联PVA高阻隔纸基材料的制备方法

授权专利

?

一种真空汽水分离器

授权实用新型专利

?

一种低电导率液晶玻璃基板垫纸的制备方法

发明专利

新增专利申请

?

一种高光泽度烟用接装原纸的生产方法

发明专利

?

一种高柔韧性远红外发射纸的制备方法

发明专利

?

一种多功能斜网中试纸机

发明专利

?

一种高透高强滤棒成型纸的制备方法

发明专利

?

一种高清晰度电子屏幕保护纸的制备方法

发明专利

?

一种节约型低克重高遮蔽上蜡包装纸的制备方法

发明专利

?

一种全降解代塑型高强度食品包装纸的制备方法

发明专利

?

一种生物基无氟高阻隔性食品包装纸的制备方法

发明专利

新增参与标准

?

GB/T?????-????食品包装用淋膜纸和纸板

中国国家标准

?

GB/T?????-????胶带原纸

中国国家标准

?

T/CL???-????质子交换膜燃料电池用碳纸

中国国际科技促进会团体标准

新增科技成果

?

烟用接装原纸高效施胶的关键技术（浙江省工业新产品）

浙江省经济和信息化厅

?

自粘型高温蒸汽消毒医用包装纸（浙江省科学技术成果）

浙江省科技厅

?

水基食品包装纸（浙江省科学技术成果）

浙江省科技厅

????年，我们进一步提升研发能力，积极推动行业进步，新增?项专利、新增?项专利申请，新参与?项行业标准制定，新增?个省级科技成果。

We always devote energy to boosting R&D and industry advancement. In 2025, we have obtained 4 new patents,filed another 8 patent applications, participated in 3 more industry standard formulation projects, added 3 provin-cial-level scientific and technological achievements, and initiated 8 additional R&D projects.

Newpatentapplications

InventionPatents

InventionPatents

InventionPatents

InventionPatents

InventionPatents

InventionPatents

InventionPatents

Amethodforpreparingabio-based,fluorine-free,high-barrierfoodpackagingpaperNewindustrialstandardsinvolved

T/CL876-2025Carbonpaperforprotonexchangemembranefuelcell

InternationalAssociationforPromotionofScienceand

（

）

CIAPSTNewR&Dprojects

tippingbasepaper(NewIndustrialProductofZhejiang

TechnologyDepartmentofZhejiang

high-temperaturesteamsterilization(Scientificand

TechnologyofZhejiangProvince

????

Environmental

Protection

Social Momentum

GovernanceInnovationKAN Brand

Value

?.?.? 智慧生产

????年度，我们整厂喜获“浙江省智能工厂（高档特种纸智能工厂）”，成为浙江省衢州市唯一获评的特种纸企业，系????年度获得“浙江省智能工厂（高档特种纸数字化车间）”之后的跨越性升级，从“数字化车间”全面迈向“全链路智能工厂”。我们积极推动新一代信息技术与制造技术融合发展，公司已全面完成数字化转型三期项目。三期实现数字孪生、虚拟现实交互，介入AI算法，落实“ESG+AI”的生产责任体系，实现了产线布局一体化、产品制造自动化和生产控制云端化，以系统的高度集成与协同，通过MOM+平台打通APS、MES、QMS、WMS及EMS等系统，完成从订单到交付的全链条数据闭环管理，实现工厂生产的自动化、数字化和智能化，优化效率、良率、成本、品质，全面提高核心竞争力。

数字孪生系统入口数字孪生厂区简介数字孪生厂区全景巡游

数字孪生车间巡游数字孪生工艺设备巡视数字孪生夜晚透视巡视

数字孪生原料透视分析数字孪生设备分解检测产线动态实时监测

光伏用电调度分析产线数据采集控制纸品AI识别缺陷

3.2.2 Smart Production

In the fiscal year 2025, our entire plant was honored as a “Zhejiang Smart Factory (High-Grade Specialty PaperSmart Factory)”, making us the sole specialty paper enterprise in Quzhou City to receive this recognition. Thisrepresents a significant upgrade from being named a “Zhejiang Smart Factory (High-Grade Specialty Paper DigitalWorkshop)” in 2022, marking a comprehensive leap from a “digital workshop” to a “fully integrated smart factory”.We are actively promoting the integrated development of next-generation information technology with manufacturingtechnology. The Company has fully completed Phase III of its digital transformation project. Phase III has realizeddigital twin and virtual reality interaction, integrated AI algorithms, and implemented an “ESG+AI” production respon-sibility system. It has achieved integrated production line layouts, automated product manufacturing, andcloud-based production control. Through advanced system integration and collaboration, the MOM+ platformconnects systems including APS, MES, QMS, WMS and EMS, achieving closed-loop data management for the entirechain from order to delivery. This realizes automation, digitization and intelligence in factory operations, optimizingefficiency, yield, costs and quality, thereby comprehensively enhancing our core competitiveness.

Digital Twin System EntryDigital Twin Factory OverviewDigital Twin Factory Panoramic Tour

Digital Twin Workshop TourDigital Twin Process

Equipment Inspection

Digital Twin NighttimeTransparent Inspection

Digital Twin Raw MaterialTransparent Analysis

Digital Twin EquipmentDisassembly and Testing

Real-time ProductionLine Dynamic Monitoring

Photovoltaic PowerUsage Scheduling Analysis

ProductionLine Data Collection and Control

Paper ProductAI-based Defect Recognition????

ESG+

Advanced Production Equipment:

We have successively introduced key production equipmentand online inspection systems of international advancedstandards from Germany, the United States, Italy, Franceand other countries. Examples include BELLMER shakerand Siemens drive control system from Germany, as well asHoneywell Quantitative Moisture Control System (QCS) fromthe USA. This has enabled us to establish a first-classspecialty paper production line with leading technology inChina. We continuously carry out technical transformationand system optimization of main equipment in our existingproduction line. Through sensor technology, the Internet ofThings (IoT), and standard industrial Internet protocols suchas OPC DA, OPC UA and MODBUS, we have achievednetwork access for equipment across all production linesand workshops, supporting real-time edge computing andcloud-based data governance.

Pioneering Intelligence

We have successfully constructed a smart manufacturingoperation system centered on data-driven decision-mak-ing. By integrating software and hardware systems such asMOM+ (Manufacturing Operations Management), APS(Advanced Planning and Scheduling), MES (Manufactur-ing Execution System), QMS (Quality ManagementSystem), EMS (Energy Management System), WMS(Warehouse Management System), EAM (EnterpriseAsset Management), ERP (Enterprise Resource Planning),DCS (Distributed Control System), QCS (Quality ControlSystem),WIS (Workshop Information System) and DigitalTwin, we have achieved digital management across theentire business process from sales order to productiondelivery. APS enables intelligent scheduling, efficiencyimproved by over 90%. The entire production process ismonitored in real-time with transparency and controlthrough MES and digital twin technology. QMS ensuresuniform product quality standards and enables minute-lev-el precision traceability. WMS ensures accuracy andefficiency in warehouse operations. Concurrently, EMSassists us in achieving green and low-carbon operations.

Deep-Rooted Green Concept:

In terms of energy management, we rely on EMS forreal-time monitoring and precise control of plant-wide energyconsumption. Through multi-level digital twin simulationsspanning “plant-workshop-production line-workstation”, andby simulating equipment and production line operationstatus under different timeframes and climatic conditions inreal-time, managers can gain a comprehensive understand-ing of the production process from macro to micro levels.This provides a scientific basis for production plan optimiza-tion, energy consumption control, and emergency responseplanning. By deploying a rooftop distributed photovoltaicpower station, we have significantly increased the self-suffi-ciency rate of green energy. In the production process, wecontinuously reduce unit product energy and materialconsumption through advanced processes and optimizationby digital systems (such as MES, APS), achieving energyconservation and emission reduction at the source. Further-more, we have established a comprehensive wastewatertreatment and recycling system, substantially reducing freshwater intake and wastewater discharge. These technologicalinitiatives have earned us the “National Green Factory”certification, achieving a win-win situation between environ-mental and economic benefits.

Significant Comprehensive Benefits:

According to internal comprehensive estimates, our qualityincident handling costs have been reduced by 20%, theefficiency of responding to customer complaints has beenimproved by 75%, production efficiency has increased by25%, unplanned downtime has decreased by 10-15%, andboth unit production costs and comprehensive energyconsumption for comparable products have achievedmeasurable reductions of over 5%. Scheduling efficiencyhas increased by over 90%, significantly enhancing theCompany's order-taking capacity and production flexibility.Since the commencement of digital transformation, wehave not only built a modern, intelligent manufacturingfacility that is technologically leading, advanced inmanagement, high-quality in service and environmentallyfriendly, but also established a continuously improvabletechnical system. This provides sustainable data assets forprocess optimization, laying a solid foundation for futuresustainable development. With the further application ofnew technologies like 5G and the Industrial Internet, we willcontinue to deepen our smart manufacturing initiatives,propel the factory towards even higher levels of intelli-gence, and set a new benchmark for enhancing newquality productive forces in the industry.

ESG+

生产设备先进：

我们先后从德国、美国、意大利、法国等地区引进了具有国际先进水平的关键生产设备及在线检测设备，如德国BELLMER摇震器、德国西门子传动控制系统、美国霍尼韦尔定量水分控制系统（QCS）等，建成了国内具有领先技术的一流特种纸生产线。对现有生产线主体设备进行技术改造和系统优化，通过传感器技术、物联网技术等，通过标准OPC DA、OPC UA、MODBUS等标准工业互联网协议，完成全产线和全车间设备网络接入，支持边缘端实时分析计算与云端数据治理。

智能程度领先：

我们已成功构建了一个以数据驱动为核心的智能制造运营体系。通过集成MOM+（制造运营管理）、APS（高级计划排程）、MES（制造执行系统）、QMS（质量管理系统）、EMS（能源管理系统）、WMS（仓储管理系统）、EAM（资产管理系统）、ERP（资源计划系统）、DCS（分布控制系统）、QCS（质量控制系统）、WIS（制造管理系统）、Digital Twin（数字孪生）等软硬件配套系统，实现了从销售订单到生产交付的全业务链路数字化管理。APS系统实现智能排产，效率提升??%以上；生产全过程通过MES与数字孪生技术实时监控、透明可控；QMS确保产品质量标准统一，并可实现分钟级精准追溯；WMS实现了仓储作业的精准与高效。同时，EMS助力我们达成绿色低碳运营。

绿色理念深入：

我们在数字化转型之初便将绿色环保理念深度融入智能制造体系，致力于打造可持续发展的行业标杆。在能源管理上，我们依托EMS能源管理系统，对全厂能耗进行实时监测与精准调控，通过“全厂-车间-产线-工位”多层级的数字孪生仿真，实时时间与天气模拟不同时间段和气候条件下的设备和产线运行状态，让管理者可以从宏观到微观全面了解生产过程，为生产计划优化、能耗控制和应急预案提供科学依据。通过部署厂房屋顶分布式光伏电站，显著提升绿色能源自给率。在生产环节，我们通过先进工艺与数字化系统（如MES、APS）的优化，持续降低单位产品能耗与物耗，从源头实现节能减排。同时，我们建有完善的废水处理与循环利用系统，大幅减少新鲜水取用量和废水排放。这一系列技术举措，使我们荣获“国家级绿色工厂”认证，实现了环境效益与经济效益的双赢。

综合效益显著：

根据内部综合估算，我们的质量事故处理成本降低??%，客户投诉响应效率提升??%，生产效率提高??%，非计划停机时间降低??-??%，同产品单位产品生产成本与综合能耗均实现?%以上的可测量下降，排产效率提升??%以上，显著增强企业接单能力与生产柔性。数字化转型至今，我们既打造了一个技术领先、管理先进、服务优质、环境友好的现代化智能制造工厂，又建立了一套可持续改进的技术体系，同时为工艺优化提供了可持续的数据资产，为未来的可持续发展奠定了坚实基础。随着?G、工业互联网等新技术的进一步应用，我们将继续深化智能制造建设，推动工厂向更高水平的智能化迈进，为行业提高新质生产力树立新的标杆。

社会推动力治理创新力环境守护力凯恩品牌力

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand

Value

????

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand Value

全球化布局国外：

美国、日本、印度、马来西亚、泰国、越南、新加坡、意大利、英国、德国、阿联酋、澳大利亚、巴西、南非、乌拉圭、印度尼西亚、比利时、瑞典、芬兰、亚美尼亚、墨西哥、波兰、加拿大、捷克、菲律宾等国家。国内：

云南、安徽、河南、湖南、四川、浙江、上海、北京、广东、甘肃、江苏、广西、山东、湖北、新疆、陕西、黑龙江、吉林、贵州、福建、山西、深圳、天津、重庆等地区。我们销售总部设立在浙江杭州，为全方位满足客户需求，推动品牌全球化战略，我们已形成了立足中国、连接亚太、发力中东、拓展欧美的国际营销网络。积极布局海外，拓展国际市场，一方面探寻全新市场与客户群体，重新链接国际化市场、客户与产品；另一方面，扩大吸纳人才及客户的范围，吸收各国在全球化进程中推出的政策福利，实现行业竞争优势与公司收益的双丰收。稳定的海外客户群和开放的海外布局不但能分散风险，更能填补业务空缺、创造商机、扩充成长空间。

?.?.? 客户

?.? 供应商与客户

A

B

C

D

E

立足中国

连接亚太

发力中东

拓展欧美

依托浙江

3.3.1 Customers

3.3 Suppliers and Customers

A

B

C

D

EChina

Asia Pacific

The Middle East

Europe and America

Zhejiang Province

Global layout

Overseas markets:

US, Japan, India, Malaysia, Thailand, Vietnam, Singapore, Italy, UK, Germany, UAE, Australia, Brazil, South Africa,Uruguay, Indonesia, Belgium, Sweden, Finland, Poland, Canada, Czech Republic, Philippines, etc.Domestic markets:

Yunnan, Anhui, Henan, Hunan, Sichuan, Zhejiang, Shanghai, Beijing, Guangdong, Gansu, Jiangsu, Guangxi, Shan-dong, Hubei, Xinjiang, Shaanxi, Heilongjiang, Jilin, Guizhou, Fujian, Shanxi, Shenzhen, Tianjin, Chongqing, etc.Headquartered in Hangzhou, Zhejiang Province, Kaifeng New Material has forged an international sales networkcovering domestic markets, and overseas markets in Asia Pacific, the Middle East, Europe and America, so as tomeet the needs of customers and to fully bolster the global brand strategy. To expand our global presence, we diginto new markets and customer groups, as well as extend our talent and customer outreach and draw on welfarepolicies released by various countries in the process of globalization. All these efforts will enhance industry competi-tive advantages, and increase corporate earnings.

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EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value

Overseas ExpansionOur marketing channels at home include direct marketing and marketing by dealers, with direct marketing as the core.Facing the export market, we adopt a combination of direct marketing, marketing by dealers and marketing bycommercial agents. Notably, dealers or commercial agents boasting strong financial strength, positive reputation,competitive marketing capacity and diverse marketing channels are employed to help us expand international marketoutreach.The Company enjoys a strong reputation in the market, with product quality and services widely recognizedby customers.Since 2024, we have focused our efforts on high-end product lines and overseas markets. To further seize marketopportunities, we have responded to invitations to go global, participating in major international paper exhibitions suchas the Bangkok Paper Exhibition in Thailand, Inter-Tabac Dortmund in Germany, the Surabaya Tobacco Exhibition inIndonesia, WT Middle Eastand PulpForExpo. In recent years, we have successfully added cooperative customersfrom regions including Malaysia, Indonesia, Vietnam, India, Brazil, Armenia, Mexico, Dubai, Singapore, Poland,Canada, Sweden, the Czech Republic, and the Philippines. This has incrementally increased export volume by tensof millions of RMB, doubled year-on-year in 2025 and marking an initial success in exploring new market growthpoints. In the future, we will continue to expand the international market, tap into the potential of the internationalspecialty paper industry, accumulate and enhance our export strength.

海外拓展我们采用直接销售和经销商销售相结合的销售方式，其中直接销售为主要销售方式。在部分销售区域公司合理选择经销商，充分发挥它们的地域和资金优势，保障对不同细分市场的有力渗透。在出口市场上采取直接销售、经销商销售和代理商销售相结合的销售方式。通过选择资金实力较为雄厚、市场信誉较好、销售能力较强、销售网络较广的经销商或代理商，以加大拓展国外市场的力度。公司在市场上有着良好的口碑，产品质量与服务得到了客户的广泛认可。自????年起，我们积极落实“反内卷”要求，锚定“以纸代塑”领域提质升级，集中向高端产品线和海外销售市场发力。为进一步抢抓市场机遇，我们应邀走出国门，通过参加泰国曼谷纸业展览会、德国多特蒙德国际烟草展会、印尼泗水烟草展览会、阿联酋迪拜国际烟草展会和纸浆及造纸、生活用纸展览会等境外大型纸品展会，近年来成功新增了马来西亚、印尼、越南、印度、巴西、亚美尼亚、墨西哥、迪拜、新加坡、波兰、加拿大、瑞典、捷克、菲律宾等地区的合作客户，陆续增加了数千万元外销额，并在????年度实现外销额同比增长??%，拓展市场新增长点初见成效。未来，我们将持续拓宽国际市场、挖掘国际特种纸产业潜力、积累提升外销实力。

????

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand

Value

?.?.? 供应链

供应商是我们长期的合作伙伴，我们制定《供应商管理程序》《供应商绩效管理规范》等内部制度文件，由生产基地负责人牵头成立“供应链风控委员会”，严格做好供应商的选择、准入资质评估、评审及供应商绩效管理等工作。我们致力于与供应商保持互惠互利、合作共赢的良性关系，共同加强和完善供应链的社会责任管理体系，以实现供应链的可持续发展。????年，我们依照A类（化工原料、贵重器材）、B类（商品木浆）、C类（包装材料）、D类（消防、劳保、吊装）四类物资，按照原辅材料采购标准，经市场调查比较各个生产厂家及供应商的管理、质量、财务状况、交货能力、价格（性价比）定位，最终确定??家合格供应商。其中，合作?年以上的达??家，合作??年以上的达??家。我们积极推行本地化采购模式，优先合作培育浙江省内的供应商伙伴，不断降低远距离运输成本与碳排放浪费。????年，我们在浙江省内的本地化供应商数量占比达??%。

采购控制

我们制定《采购控制程序》，建立量化的评价指标，对供应商进行ABCD四级划分，确定供货比例、付款时间等。按质量、环境及安全生产标准化的要求，形成了一套完善、有效的供应商调查、选择、评价、控制的供方评定体系，与一批稳定、可靠的合格供方建立了稳定的合作关系，确保供方在质量、成本、交期等方面符合公司要求。通过采用灵活的采购策略，有效地控制了木浆的采购成本，也保证了公司产品的质量。受国际市场及地缘因素的综合影响，????年木浆价格整体呈现先涨后跌态势，为调整木浆采购节奏和成本控制提供了机会。我们冷静对市场进行分析、及时预判，优化原料结构、拓展原材料的供应渠道，充分把握灵活的采购策略，多次在低位下行的关键节点，结合市场节奏和生产供需及时增加采购量，全年有效降低了木浆的平均成本，各种原辅材料品质良好、交期正常，确保了公司良好的经营韧性和业绩的稳定。

3.3.2 Supply Chain

To effectively manage suppliers, our long-term partners, the Company and Kaifeng New Material have developedinternal regulations such as the Supplier Management Procedures and the Management Regulations on SupplierPerformance, and set up the Supply Chain Risk Control Committeestrict supplier selection, access qualificationassessment, review, and supplier performance management.We are committed to maintaining mutually beneficial andwin-win relationship with suppliers, and jointly strengthening and refining the social responsibility management systemof the supply chain, so as to achieve sustainable development of the supply chain.In 2025, following the procurement standards for raw and auxiliary materials, we classified materials into four catego-ries: Class A (chemical raw materials, high-value equipment), Class B (commercial wood pulp), Class C (packagingmaterials), and Class D (fire safety, labor protection, hoisting supplies). Through comparison of various manufacturersand suppliers concerning management, quality, financial status, delivery capacity and price (cost-performance ratio),we ultimately identified 87 qualified suppliers. Among these, 77 have been our partners for over 3 years, and 30 for over10 years. We actively promote a localized procurement model, prioritizing collaboration with and nurturing supplierpartners within Zhejiang Province to continuously reduce long-distance transportation costs and carbon emissionswaste. In 2025, the proportion of local suppliers within Zhejiang Province reached 68%.

Procurement control

Our Procurement Control Procedures has outlined measurable evaluation criteria, classified suppliers into A, B and Cgrades, and specified provisions concerning supply proportions and time of payment. Besides, we have developed awell-performing supplier assessment system covering supplier investigation, selection, evaluation and control accord-ing to the quality, environment and work safety standard requirements. As a result, we have forged trustworthy cooper-ation with a series of reliable suppliers meeting our requirements on quality, cost and delivery.Affected by the combined impact of the international market and geopolitical factors, wood pulp prices generally expe-rienced a trend of initial increase followed by a decline in 2025, which provided opportunities to adjust wood pulpprocurement pace and strengthen cost control. We calmly analyzed the market, made timely forecasts, optimized theraw material mix, expanded raw material supply channels, and fully leveraged flexible procurement strategies. Thiseffectively reduced the average cost of wood pulp throughout the year, ensuring the Company's strong operationalresilience and stable performance.

????

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand Value

?.?.? 产品与服务3.3.3 Products and Services

Kaifeng New Material have been made to set up the Quality Management Team led,we formulated such systems asthe Quality Management System, the Raw Material Management System and the Production Management System,establishing a comprehensive process quality management framework centered on Lean 3T Management. The teamof inspection personnel is stable, and quality control construction tasks are rigorous and orderly.. The products havebeen granted a series of system certificates, including ISO9001 Quality Management System, ISO14001 Environ-mental Management System, ISO22000 Food Safety Management System, ISO45001 Occupational Health andSafety Management System, FSC Certification, PEFC (Programme for the Endorsement of Forest Certification)System, BRCGS Global Standards for Food Safety, FDA (Food and Drug Administration) Certification, EnergyManagement System, and Intellectual Property Management System. Kaifeng New Material is able to undertake bulkproduction of customized specialty paper products, and has been well recognized by its partners such as Detpak,Zidan, Baowu and Kodak, laying a solid guarantee for improving product quality.

生产基地负责人牵头组织“质量管理小组”，制定《质量管理制度》《原料管理制度》《生产管理制度》《成品管理制度》《精益管理制度》等制度，形成了以精益?T管理为核心的全过程质量管理体系，检验人员队伍稳定，品管建设任务严密有序，产品持续获得ISO????质量管理体系、ISO?????环境管理体系、ISO?????食品安全管理体系、ISO?????职业健康安全管理体系、FSC森林管理委员会、PEFC森林认证认可计划体系、BRCGS食品安全全球标准、FDA美国食品药品监督管理局、能源管理和知识产权管理等多项体系认证。

????

Communication Phase

After-Sales Phase

Through the formulation of the Service Standard Details, we have established a market-driven, customer-centricservice process that ensures comprehensive support spanning pre-sales, in-sales and after-sales phases.Product Service Process

Timely internal technical reviews are conducted and customerrequirements are analyzed, so as to provide process controlsheets for suitable products and conduct sample simulationtrials and small-batch prototype production.

For products with problems during transit or customer use,causes are promptly investigated, and recalls are processed ifnecessary. Quality risks, complaints and suggestions areaddressed timely and appropriately.

沟通阶段

生产阶段

售后阶段

我们通过专项制定《服务标准细则》，建立起以市场需求为导向，以顾客满意为中心，围绕售前、售中和售后三个阶段为用户提供全程的服务。

产品服务流程

及时开展内部技术评审，通过分析客户的需求条件，提供合适产品的工艺控制书，开展样品模拟试验和小批量产品试制。

设置专岗监测核查原材料品质、实时校准智能化分析数据，生产线主管依照技术指标从手机终端和电脑终端监测管控生产环节数据，生产工和巡检监测设备仪器和纸张运转的连续稳定，技术部负责人根据阶段性数据变化及时调整工艺和物料，质量员依据AI智能扫描识别纸张表面空隙数据严格记录纸张成形状态，对瑕疵纸次品及时讨论寻因、整治返工，确保品质合格才能下线包装，确认产品实现过程和产品特性的贴合度。入库产品严格编码建档，在业务系统及时分配物料运出，跟踪在途产品状态，出厂前做好各项指标检测和使用情况测试，对产品进行留样再观察。

对于已发货在途和客户使用时出现问题的产品，及时调查成因并召回处理，及时妥善处理质量风险和投诉建议，防止类似问题再次发生，实现投诉处理标本兼治，充分保障客户权益。公司坚持全员参与、持续改善，不断借助各种渠道与客户进行沟通和交流，以更好地了解其需求和期望，从而预防和解决潜在问题，持续提升公司竞争力和信用力。

社会推动力治理创新力环境守护力凯恩品牌力

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value

Production Phase

Dedicated positions are set up to monitor and verify the quality of raw material and calibrate intelligentanalysis data in real-time. Production line supervisors monitor and control production process data viamobile and computer terminals according to technical specifications. Production workers and patrolinspectors monitor the continuous operational stability of equipment, instruments and paper operation.The Technical Department head adjusts processes and materials promptly based on periodic datachanges. Quality control personnel strictly record paper formation status using AI-powered intelligentscanning to identify surface void data, promptly discussing causes and rectifying defective paper. Prod-ucts are only approved for packaging after ensuring quality compliance. The alignment betweenproduction process and product characteristics is ensured. Warehoused products are strictly codedand archived, materials are promptly allocated in the business system for dispatch, and the status ofproducts in transit is tracked. Before shipment, various indicator tests and usability assessments areconducted, and product samples are retained for further observation.

????

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value

服务投诉管理

我们开通了客户咨询、投诉、建议提供的便捷渠道，制定了客户投诉管理规定，确保客户投诉信息的快速传递与妥善处理。设定了年度“客户满意度”和“投诉回访度”的考核指标。????年度，产品品质稳定且满足各项标准要求，未发生重大品质争议；保持售后回访度???%，客户满意度达到??%，未收到客户关于质量方面的相关投诉，无产品二次召回事件发生。

Service complaint management

The Company and Kaifeng New Material have opened up convenient channels for customer consultation, complaintsand suggestions, and formulated customer complaint management regulations to communicate and address custom-ers’ concerns, complaints and insights timely and effectively. Besides, we have set annual assessment indicators for“customer satisfaction” and “complaint follow-up”, established a sound after-sales customer service system, andassigned technical and service personnel to visit customers from time to time. In 2025, our product quality was stableand met applicable standards; there were no major quality disputes; the after-sales follow-up rate was maintained at100%, and the customer satisfaction rate reached 99%; no customer complaints about quality were received, and noproducts were recalled.No incidents of secondary product recalls have occurred.

????

员工概况????末公司总计???名员工，雇佣合同覆盖率???%。按性别构成划分：女性??人、男性???人。按专业构成划分：生产人员???人、技术人员??人、行政人员??人、销售人员??人、财务人员?人。

?.?.? 员工权益保障

?.? 员工

合规就业

根据《中华人民共和国劳动法》和各项劳动管理制度等有关规定，制定《招聘任用管理规范》与员工签订劳动合同。建立健全员工社会保险制度、住房公积金制度、补充保险制度，依法为员工缴纳保险费用。????年，公司用人合同、社会保险覆盖率保持???%。我们建立和完善包括薪酬体系、激励机制，制定《薪酬管理办法》《内部晋升、竞聘管理规范》《薪资核算及发放管理规范》等制度，建立工资正常增长机制，保障员工依法劳动、享有权益。????年，公司人均带薪年休假天数超过?天。我们保护童工、保护女工、反对歧视、保障尊严、尊重自愿劳工，????年，公司未发生任何歧视、雇佣童工或强迫劳动的争议事件。

Our payroll

As of the end of 2025, the Company had 281 employees on the payroll, and all of our employees have signed laborcontracts.By gender: 77 females and 204 males.By profession: 171 production workers, 46 technicians, 42 administrative staff, 15 sales persons, and 7 financial staff.

3.4.1 Protection of Employees’ Rights and Interests

3.4 Employees

Employment compliance

In accordance with the Labor Law of the People’s Republic of China and applicable labor management regulations,we have implemented the Good Employment Practice, and signed labor contracts with our employees. In addition,we always bear the due corporate contribution to social insurance, housing provident fund and supplementary insur-ance for our employees in accordance with the law. In 2025, all our employees entered into labor contracts, and hadaccess to the social insurance package.We have established and improved the remuneration system and the incentive mechanism, and formulated a rangeof regulations such as the Management Regulations on Remuneration, the Management Regulations on InternalPromotion and Competition for Jobs and the Management Regulations on Remuneration Accounting and Payment.These actions allow for regular pay increase, and enable our employees to work and enjoy their rights and interestsaccording to law. In 2025, there were over 8 paid leave days per employee.We stay committed to prohibiting child labor, protecting female employees, combating discrimination, safeguardingdignity, and respecting voluntary labor. In 2025, the Company had no incidents of discrimination, child labor or forcedlabor.

社会推动力治理创新力环境守护力凯恩品牌力

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand

Value

????

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand Value

设施配套

我们致力于为员工提供整洁、绿色的园林式生产生活环境。中央空调覆盖各个厂房，为员工提供恒温、恒湿的作业环境，周边各类生活娱乐设施齐全。自建食堂为员工提供温馨舒适的就餐环境和丰富的菜式选择，为员工提供用餐补贴，食品安全有保障。????年，我们对员工食堂重新进行装修、提高食堂饭菜的品质和服务。我们为丰富员工业余生活，在工作场所提供舒适的休息环境，设有健身房、阅览室等活动场所，配套乒乓球室、篮球场、多功能媒体室、茶室等活动场所。为符合条件的员工提供整洁舒适的公寓，配备空调、??小时热水等设施，提供系统化卫生管理。鼓励夫妻共同来司就业，重视吸引和留住人才。

Availability of facilities

We are committed to providing employees with a clean garden-style production and living environment. To this end,central air-conditioning system covers every workshop, providing employees with a working environment of constanttemperature and humidity. Besides, well-established living and recreational facilities are available for employees. Tobe specific, our canteens provide pleasant dining environment and a wide range of safe food options. In 2025, werenovated the employee cafeteria, improved the quality and service of the meals provided.And meal allowance isanother benefit for employees. To enrich the spare-time life of employees, a variety of recreation facilities have beenequipped, including but not limited to fitness centers, reading rooms, table tennis rooms, basketball courts, multi-func-tion media rooms and tea rooms. To attract and keep talents, qualified employees are provided with neat and comfort-able apartments, and married couples are encouraged to both work in the Company.

关爱机构我们坚持“以人为本”，关心关爱员工，设立员工关爱中心，构建了意见箱、邮件、电话、面对面沟通等多种沟通与申诉渠道。同时，人力资源部会同生产部、行政部、工会等部门开展多样化员工关爱活动。

Employee careHighlighting the importance of employees, the Company and Kaifeng New Material have set up an employee carecenter especially for employees with physical disabilities, female employees during their pregnancy and lactation,and employees in need. These three groups enjoy additional allowance, physical examinations free of charge, andaid fund respectively. Moreover, our employees have access to multiple communication and complaining chan-nels, such as suggestion box, email,hotline, and face-to-face communication. To timely identify and address theconcerns of employees, the Human Resources Department works with the Production Department, the Adminis-tration Department and the Labor Union to organize a rich diversity of employee care activities，continuouslyenhancing employee satisfaction.

????

Environmental

Protection

Social Momentum

Governance

InnovationKAN Brand Value

丰富活动我们为员工提供展示和培养兴趣爱好的平台渠道，积极组织开展体育健身、节日活动、关爱女性等各类活动，帮助员工更好平衡工作与生活。日常还组织员工不定期开展读书分享会、美食节、观影教育、诗歌朗诵大赛等活动，丰富员工业余生活，增强团队凝聚力。

????年?月，“年度”北京总部述职????年?月，“年度”北京总部述职

????年?月，“九三”组织观看阅兵????年?月，“中秋”开展精彩盛会

????年?月，“新春”举办动员年会????年?月，“表彰”年度优秀员工

Various activitiesThe Company has provided its employees with various platforms to showcase their talent and develop hobbies,and organized sports competitions, festival events and female care activities to help employees better life.

In February 2025,the Beijing headquarters conducted an annual work report.

In January 2026,the Beijing headquarters conducted an annual work report.

In September 2025,a national military parade viewing was organized.

In September 2025,a Mid-Autumn Festival celebration was held.

In January 2025,a Spring Festival mobilization meeting was held.

In February 2026,outstanding employees of the year were recognized.

????

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand Value

Guarantee of democracy

Freedom of association: Emphasizing the protection of human rights and democracy, the Company observes appli-cable international rules such as the three major international covenants on human rights and the Universal Declara-tion of Human Rights, and has formulated internal regulations including the Freedom of Association and CollectiveBargaining and the Management Regulations on Labor Union. The Labor Union has been set up along with improvedworking systems for employees to communicate with the Company. Employees are allowed to join or withdraw fromthe Labor Union freely, and are encouraged to participate in making decisions and solving problems. In 2025, theLabor Union received 14 suggestions, and studied and put all suggestions into practice. Four meetings including theworkers’ congresses and democratic communications were held. The employee satisfaction was 98%, a 2-percentyear-on-year growth.

民主保障

我们遵守《国际人权公约》《世界人权宣言》等国际准则，重视人权民主，成立工会组织，完善工会各项体系，制定《自由结社和劳资谈判》《工会组织规范》等制度，一直采用自愿加入与自愿退出工会的原则，建立员工与公司之间的沟通枢纽，鼓励员工参与决策制定和问题解决。????年，工会收到员工建议??份，全部完成了研讨及落实；全年开展职代会及民主沟通会?次，公司员工满意度得分为??%，同比提高了?个百分点。

员工满意度得分为

??%

????

????

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand Value

我们认真贯彻和执行《中华人民共和国安全生产法》及安全生产相关的法律法规，建立了ISO ?????职业健康安全管理体系，定期开展EHS审核、要素化检查及班组考评。设立应急领导小组，设置突发事件应急响应程序，以应对突发事故的发生，并每年不定期进行演练。开展危险源的辨识、风险评价和风险控制，建立公司双重预防分级管控表、重大风险源清单等，张贴到每个风险点、每个岗位，实现全员参与、层层管控。????年，公司无重大安全生产事故，未出现承包商安全事件。????年，公司为生产一线岗位近???名员工进行了职业健康体检，职业健康档案覆盖率达???%，严重职业病发生次数保持?次。????年，公司新员工安全教育培训率???%、人均职业健康培训时长??小时；特殊工种持证上岗率???%。我们持续开展职业健康安全管理体系（ISO?????）认证工作和?S评价工作，新主动引入全球合规与道德规范倡议组织（AMFORI）第三方机构开展BSCI现场审计评价，旨在审视认证我们自身的道德生产意识、合规经济实践、尊重人权平等及负责任的供应链。????年，我们在BSCI认证获得“B”评级，评价中在职业健康安全等??个单项获得??个“A”评价。

?.?.?职业健康与安全生产

The Company and Kaifeng New Material always abide by the Law on Work Safety and other applicable work safetylaws and regulations. To ensure people-centered safety work, the following combined measures have been taken:

step up supervision and inspection, identify and wipe out hidden hazards; establish and maintain ISO 45001 Occupa-tional Health and Safety Management System; organize EHS-specific audit, factor-by-factor check. In addition, weset up an emergency response leading group, work out emergency response procedures, and arrange drills everyyear.We conducted hazard identification, risk assessment, and risk control. We established the company’s dual-preven-tion hierarchical control table and major risk source list, posting them at every risk point and each workstation toachieve full participation and multi-level control. In 2025, the Company had no major workplace safety accidents andno contractor safety incidents.In 2025, over 200 front-line employees were provided with occupational health examinations. All employees had theiroccupational health records. There were no occupational disease cases. All new employees received work safetytraining. The average occupational health training hours per employee reached 15; all employees engaged in specialjobs worked with required certificates.We keep working toward Occupational Health and Safety Management (ISO 45001) certification and 6S (SEIRI,SEITON, SEISO, SEIKETSU, SHITSUKE, and SAFETY) assessment. Moreover, we have invited a third-party organto conduct a field audit in line with AMFORI BSCI requirements.In 2025, we achieved a “B” rating in the BSCI certifi-cation, receiving 11 “A” results in 13 individual items, including occupational health and safety.

3.4.2 Occupational Health and Work Safety

????

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value

Employee development system

Taking talent training and development as a top priority, the Company and Kaifeng New Material uphold the princi-ples of “Focus, Research, Innovation”, and strive to build a career development platform friendly to employees’research and growth. Besides, our efforts have been intensified to foster a sustainable and strategic talent pool,attract and cultivate younger, better-educated, more professional and more pragmatic backbone employees withideals and a sense of responsibility, provide various forms of training sessions on posts, skills, management andqualification, and organize knowledge and skill contests, encouraging employees to keep learning.To strengthen university-industry collaboration, we prioritize forming connections with local vocational schools andcolleges. We continuously innovate our employment mechanisms, proactively cultivating and appointing outstand-ing talents from internship programs, thereby forming a distinctive and effective employee development andtraining system.

Career development training

We have successively developed and implemented specialized professional training programs such as the “MiddleManagement Training Camp”, the“Young Cadre Training Class”, the“Foreign Trade Thematic Training”, the“Ad-vanced Papermaker Vocational Skills On-site Theory Training and Examinations”, and the “Digital Smart FactoryTraining”.In 2025, all of our employees received training, and the average training hours measured as 31. Theseachievements demonstrate that our employees have equal access to training and enjoy equal opportunities togrow.

3.4.3 Career Development and Training

员工成长体系

我们高度重视人才培训与发展工作，以“专注、研究、创新”的企业精神与用人理念，为员工打造研究型、成长型职业发展平台。建立可持续发展的战略性人力资源梯队，组织开展多种形式的岗位培训、技能培训、管理培训、资质培训、知识竞赛、技能竞赛等，鼓励员工持续学习。为加强校企合作关系，我们优先与属地职校及大专院校形成链接，不断创新用人机制，大胆培养任用实习岗位优秀人才，形成了特色有效的员工培养与发展体系。

职业成长培训我们陆续制定了“中层管理训练营”“青年干部培训班”“外贸专题培训”“高级造纸工职业技能现场理论培训及考试”“数字化智能工厂培训”等职业专项培训。????年，公司员工培训覆盖率???%、人均培训时长??小时，做到了人人受教育、全体共成长。

?.?.?职业发展与培训

????

Governance Innovation

?.? Sustainable Development?.? Business Practices?.? Operational Compliance

治理创新力

?.?可持续发展?.?商业行为?.?合规运营

社会推动力治理创新力环境守护力凯恩品牌力

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand

Value

????

Environmental

Protection

Social Momentum

GovernanceInnovation

KAN Brand Value

4.1 Sustainable Development

4.1.1 Sustainable Development

1 Dual-carbon Goal

Make contribution to the country, the ecology, society, shareholders, and employees;Drive business to develop for good.“12345” Sustainability Governance System

Five-facetedContribution and

One Drive

Carbon peaking by 2026; reducing total carbon emissions by 70% andcarbon emission intensity per ton of paper products by 70% by 2035(compared to the base year 2021); carbon neutrality by 2040.2 Priorities forTransformation

Fine management and improvement in new quality productiveforces.

3 Pronged PositioningGreen, smart and zero-carbon factory.4 OptimizationApproaches

Green transition of product, energy-intensive structure upgrade, cyclicutilization of resources, and efficiency improvement of process, etc.

5-tier ManagementFramework

The Strategy and Sustainability Committee,ESG Working Group&RiskManagement Team,Green Development Committee, Emergency LeadingGroup, Employee Care Center, etc.

?.? 可持续发展

?.?.? 可持续治理机制

一个双碳目标两个转型抓手三种工厂定位四条优化路径五级治理架构

董事会战略与可持续发展委员会

ESG工作小组、风险管理小组应急领导小组、员工关爱中心等职业健康专职团队、爱心基金委员会等

绿色发展委员会、安全生产领导小组产品绿色转型耗能结构转化资源循环利用工艺效能升级

????年实现碳达峰????年（相较于基准年????年碳排放总量下降??%且每吨纸产品碳排放强度下降??%）????年实现碳中和

精细化管理

绿色工厂智能工厂零碳工厂

提高新质生产力

五回报一助力回报国家 回报生态 回报社会 回报股东 回报员工 助力商业向善

“?????”可持续治理体系

????

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value

可持续战略规划

可持续发展之路是人类共同的旅程，我们以“美好共生、创新发展”为公司可持续发展理念，协同ESG品牌战略，以联合国????可持续发展目标SDGs为指导，识别出??个可持续发展重点目标，对照碳中和目标制定“??年?阶段”的战略规划。通过“文化引领、责任担当、价值提升”，对标最优资源和投入配置，更高效率地助力可持续发展议程的达成。

美好共生

创新发展

????—????建设期????—????转型期????—????突破期????—????重构期

主动开启ESG体系建设，组织学习、培养团队、制定规划、推进目标、反馈整改、开放交互。系统深化ESG业务转型，体系标准化、业务低碳化、管理模块化、信息数据化、交互多元化、经验样本化。聚力实现ESG零碳突破，主业降碳达到极值、自用绿电趋近高值、辅助抵消实现零值、绿色事业增创新值。升维打造ESG战略重构，注入战略发展“活性剂”，维护工作机制“永动机”，巩固治理体系“防火墙”，促生自我修复“基因链”。

Harmonious coexistence

Innovative development

????—????

Building stage

????—????

Transformation stage

????—????Breakthrough stage

????—????Reconstruction stage

Actively build the ESG system, arrange training sessions, set upteams, draw up blueprints, push ahead with goals, collect feedback,fulfill rectification, and remain open for interaction.Systematically deepen the ESG-based business transformation toallow for a standard system, low-carbon business, modularmanagement, information digitization, diversified interactions, andexperience sampling.

Upgrade and reconstruct the ESG strategy. Inject "activators" forstrategic development, maintain the "perpetual motion machine" ofthe work mechanism, strengthen the "firewall" of the governancesystem, and generate the "gene chain" for self - repair.

Gather efforts for breakthrough in realizing the ESG zero-carbonaim, minimizing carbon emissions in main business sectors,maximizing the utilization of green electricity, offsetting remainingcarbon emissions, and creating more value with green business.

Sustainable strategy planning

On the common journey of human sustainable development, we are committed to “Harmonious Coexistence andInnovative Development”, and align our ESG brand strategy with such philosophy. Guided by the UN’s 2030 Agendaand its Sustainable Development Goals (SDGs), we have identified 14 priority sustainable development goals, andformulated a “four stages over twenty years” strategic plan in line with global carbon neutrality targets.

????

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand

Value

可持续实质性议题

我们根据“双重重要性”原则，基于“识别－评估－审定”的流程，参照国内外披露标准、行业宏观政策、相关行业实践，并结合公司实际情况初步识别实质性议题。通过利益相关方实质性议题问卷调查，充分考虑前瞻性、相关性、可行性和关注度，评估议题的重要性。我们从财务重要性和影响重要性双重视角，结合公司实际分析对各议题开展尽职调查，评估每个议题涉及的影响、风险与机遇，确定议题重要性排序。由ESG工作小组牵头，平均每年开展一到两次重要性议题现场调研工作，深入了解各利益相关方面的意见及期望，结合内外部专家评议，最后交由董事会战略与可持续发展委员会审定出??项实质性议题。

非常重要比较重要

一般重要

保障股东权益加强合规管治严格信息披露推进数字化转型

提升产品品质提升技术改造利益相关方沟通推进节能减排

满足消费者需求提供多元化产品推动乡村振兴保护生物多样性组织志愿活动持续社区贡献关注气候变化增强资源回用发展绿色产品

加强风险管理提高研发能力商业诚信履约守护员工健康携手经销商成长协同供应链发展减少废弃物排放降低资源损耗强化安全管理

加强投资者管理

对凯恩股份可持续发展的重要性

双重重要性矩阵

高

高

经济责任类社会责任类环境责任类

保障股东权益

加强合规管治

加强风险管理

提升产品品质推进数字化转型

提高研发能力

满足消费者需求提供多元化产品

提升技术改造携手经销商成长

协同供应链发展

强化安全管理

利益相关方沟通商业诚信履约

严格信息披露加强投资者管理

推动乡村振兴

关注气候变化

守护员工健康

组织志愿活动持续社区贡献

保护生物多样性

推进节能减排减少废弃物排放

降低资源损耗

增强资源回用

使用清洁能源

使用清洁能源

发展绿色产品

低

Low significance

Medium significance

High significanceprotect shareholders’rights and interests

enhance compliancegovernance

practice strict informationdisclosure

strengthen investormanagementstep up riskmanagement

improve productquality

promote digitaltransformationdevelop R&D capabilities

meet consumerneeds

provide diversifiedproducts

bolster rural revitalization

protect biodiversityorganize voluntaryactivitiesdevelop green products

continue contribution

to communities

combat climate changeincrease resource reuse

boost technologicaltransformation

grow together with dealers

collaborate with supply chainfor common development

reduce waste discharge

cut resource consumptionuse clean energy

communicate withstakeholderschampion businessintegrity and contractperformance

reinforce safety]management

facilitate energy conservation and

emission reduction

Protect employee health

Double Materiality Perspective

High

High

Governance topicsSocial topicsEnvironmental topics

protect shareholders’rights and interests

enhance compliancegovernance

step up riskmanagement

improve product qualitypromote digitaltransformation

develop R&Dcapabilitiesmeet consumer needsprovide diversified products

boost technologicaltransformationgrow togetherwith dealers

collaborate with supply chainfor common development

communicate withstakeholderschampion business integrityand contract performance

practice strict informationdisclosure

reinforce safety management

strengthen investormanagement

bolster rural revitalization

combat climate changeorganize voluntary activitiescontinue contribution tocommunities

protect biodiversity

facilitate energy conservationand emission reductionreduce waste discharge

cut resource consumption

increase resource reuse

use clean energydevelop green products

Low

Sustainable material topicsIn line with the Double Materiality principle, and following the process of “identification – assessment – finalization”, the Company preliminarilyidentifies material topics with reference to domestic and international disclosure standards, industry macro-policies, relevant industry practices,and its actual situation. From the dual perspectives of financial materiality and impact materiality and in light of the Company’s actual conditions,we conduct comprehensive due diligence on each identified topic. This involves evaluating the associated impacts, risks and opportunities toestablish a clear prioritization of these topics. Led by the ESG Team, we conduct on-site investigations of material topics on average once or twicea year. These investigations aim to gather in-depth insights into the expectations and concerns of our diverse stakeholder groups. Followingconsultations with internal and external experts, the findings and recommendations are submitted to the Board’s Strategy and SustainabilityCommittee for review, resulting in the identification of 28 material topics.

Sustainability Committee

Importance of stakeholders communication

Protect employee health

????

EnvironmentalProtection

Social Momentum

GovernanceInnovationKAN Brand Value 可持续发展数字化建设

我们是特种纸行业最早把可持续发展和ESG作为主体战略的上市公司之一，及早通过信息化系统作为有效手段和载体，分别在环境端、社会端、治理端、市场端深入布局数字化建设，，建立起“AI（智慧脑）+MOM（运营云）+IoT（工艺桥）”多层级全覆盖的智慧信息管理系统，完成三期智能工厂改造，全面实现数字孪生和实时AI终端调控。在数据采集与整合方面，我们积极与博依特智能合作，持续开展深度智慧化生产建设，实现手机端、云桥端、仪表端“共享”，生产线、仓储线、销售线“协同”，财务层、合规层、披露层“审核”，迈入“AI+T（Technology）”的新质生产工艺时代。博依特作为全球首个专为制浆造纸行业设计的工艺大模型制造者，为我们在数据、工艺和先进AI技术等领域的智能化转型道路上提供了强大助力。在ESG绩效管理系统方面，我们不断降低单位产品的能耗与物耗，成功获得“国家级绿色工厂”“浙江省智能工厂”等认证。我们依托碳足迹申报系统灵活实现碳足迹计算工具和能源管理系统自主协同，实现ESG数据快速分工收集、集中汇总，周期性生成分析报告，后续通过自建的投资者关系生态矩阵实时披露ESG关键指标。

Digital empowerment for sustainable development

We are among the earliest listed companies in the specialty paper industry to integrate sustainability and ESG into our corestrategy. To fulfill the strategy, we have taken information systems as an effective tool and carrier to advance digital devel-opment across the environmental, social, governance and market dimensions. We have set up a multi-layered, compre-hensive intelligent information management system that integrates “AI (Artificial Intelligence, our intelligent brain) + MOM(Manufacturing Operations Management, our operations cloud) + IoT (Internet of Things, our process bridge)”. Throughthree phases of smart factory upgrades, we have achieved full-scale digital twinning and real-time AI-driven terminalcontrol.We actively cooperate with POI-TECH in data acquisition and integration to continuously advance in-depth smart produc-tion construction. This collaboration has enabled seamless “sharing” across mobile, cloud and instrument interfaces,fostered “synergy” among production, warehousing and sales lines, and facilitated “auditing” at financial, compliance anddisclosure levels. This integrated approach marks our entry into the era of new quality productivity driven by “AI+T (Technol-ogy)”. As the world’s first developer of a process large model specifically designed for the pulp and paper industry,POI-TECH has provided strong support for our intelligent transformation in fields of data, processes and advanced AItechnology.Our ongoing efforts to reduce energy and material consumption per unit of product through our ESG performance manage-ment system have earned us prestigious certifications, including “National Green Factory” and “Zhejiang Smart Factory”.Relying on our carbon footprint reporting system, we have realized independent collaboration between the carbon footprintcalculation tool and the energy management system, enabling rapid decentralized collection and centralized aggregationof ESG data, as well as periodic generation of analysis reports. Going forward, key ESG indicators will be disclosed in realtime through our self-built investor relations ecosystem matrix.

????

EnvironmentalProtection

Social Momentum

GovernanceInnovation

KAN Brand

Value

4.1.2 Due Diligence

Due diligence body

The Risk Management Team under the Strategy andSustainability Committee is designated as our standingdue diligence body. The Team is responsible forworking with the ESG Team, the Work Safety LeadingGroup, the Green Development Committee, theFinance Department, the Legal Department andproduction divisions to set up a cross-department duediligence group for regular audits of institutional struc-ture, operation process, routine business activities,management commitments and supply chain. In 2025,we continued to engage a third-party organization ofthe Global Compliance and Ethics Initiative (AMFORI)to conduct an on-site BSCI audit and evaluation. Weachieved a “B” rating, achieving 11 “A” ratings in 13domain indicators, including worker participation andprotection. No non-conformities were identified.

?.?.? 尽职调查

尽职调查机构

我们指定董事会战略与可持续发展委员会下设的风险管理小组为常务尽职调查机构，协同ESG工作小组、安全生产领导小组、绿色发展委员会、财务部、法务部和各生产部门，组建跨部门尽职调查专项小组，对制度架构、运营流程、日常经营活动、管理层承诺、供应链等多方面开展周期性综合审查。????年，我们持续引入全球合规与道德规范倡议组织（AMFORI）第三方机构开展BSCI现场审计评价，获得“B”评级，在工人的参与与保护等??个领域指标获得??个“A”评价，未发现不符合项。

可持续发展风险应对我们根据可持续发展风险矩阵，结合AI利用历史数据模型对未来的综合风险进行预测，编制《可持续发展尽职调查报告》。如原产线的碳排放未达预期值，我们结合自建绿电产用量和纸产品生产特性及时调整，增加峰谷期绿电配比、减少天然气产段用时、提高蒸汽多环节循环使用率、增加FSC绿色认证产品派工量、提高回收纸浆和中水利用率，并对产线的部分高耗电装置进行了替换优化。????年新改进的产线碳排放顺利达标，并且每吨产品耗能指标整体获得下降。综合来看，我们在可持续发展转型提升的过程中，客观增加了环保设备换新、产线更迭升级、厂区数字化建设、员工数字技能培训、自建光伏绿电、开拓海外市场、研发绿色新产品、更换新能源车辆工具等诸多成本。但对标上述可持续发展风险矩阵分析，我们主营业务在????年以来扣除非经常性损益后的净利润表现扭亏为盈；中国烟草、麦当劳、肯德基、星巴克、宝武、酒钢等战略客户合作稳定且有增加为我们整体平稳向好、不断提升公司市场价值打下了坚实基础，整体新质生产竞争力和绿色含金量持续上升。

Response to sustainable development risksWe have pooled efforts to predict combined risks in the future by capitalizing on the sustainable development risk matrixand the AI-empowered historical data model, prepare the Due Diligence Report of Sustainable Development, reportexisting and predicted risk points to the management for analysis and improvement, and propose the alternative techni-cal solutions to high-risk warning incidents. For example, as the carbon emissions of the existing production line fail toreach the preset limits, we timely take targeted measures in consideration of the capacity and consumption of ourself-generated green electricity as well as the production characteristics of paper products. These measures includestepping up the distribution of green electricity during peak and valley periods, shortening the operating time of naturalgas-consuming production sections, enhancing the recycling efficiency of steam in multiple links, intensify the productionscheduling of FSC-certified green products, improving the utilization rate of recycled pulp and reclaimed water, andreplacing and upgrading power-intensive units in production lines. In 2025, the carbon emissions of our upgradedproduction line met emission criteria, and our energy consumption indicators per ton of products were optimized.During the process of enhancing transition towards sustainable development, we objectively experienced cost increaseas greater efforts have been made to add new environmentally-friendly equipment, upgrade production lines, advancedigital transformation in plants, organize digital skill training among employees, install PV panels for green electricity,expand international markets, research and develop green products, and allocate new energy vehicles. Upon analysisover the sustainable development risk matrix, the net profits of our core business excluding non-recurring gains andlosses has turned from loss to profit since 2024.. We not only maintained but also moved forward our cooperation withstrategic customers, such as China Tobacco, McDonald’s, KFC, Starbucks, Baowu and JISCO. All these gains shown inthe matrix have laid a solid foundation for us to pursue fresh progress while ensuring stability in operations, enhance ourmarket value, and achieve a new leap forward in green transition.????

利利益益相相关关方方

沟沟通通渠渠道道

关关注注重重点点

回回应应方方式式

典典型型实实践践

股东与投资者

官方网站报告反馈自媒体矩阵商业往来培训沟通论坛交流客户问询媒体互动业务探讨展会介绍政府调研监管巡查环保收集资质申报协会参观社区活动行业会议股东交互

保障投资者权益

可持续经济增长

组织投资者沟通会

防范经营风险

稳健经营

与投资者召开调研会议

创新发展

研发与产品创新

战略转型

政府与监管机构

引领社会发展

依法合规经营

优化内控治理、加强审计监察

守法合规

及时披露信息

多平台多角度披露信息

客户

产品质量

产品全过程管理

牵头制定多项行业标准

优质服务

满足消费者多元需求

完善客户服务体系

公平定价

坚持自主研发与创新

严控产业链价格不良传导

产业链合作伙伴

遵守商业道德、诚实守信

实施责任采购政策

全生命周期供应链管理

互利共赢、共同成长

加强产业链合作

销售运营能力发展中心

推动产业链健康发展

分析行业领先理念

所属行业委员会核心成员单位

员工

基本权益保障

合理的薪酬福利体系

同工同酬、竞争力薪资、额外福利

职业健康与安全

职业健康安全管理

建立机制、制定政策、开展培训

员工职业发展

员工培训与晋升

晋升通道，职业培训

社会

公众参与

开放透明

接受公众与媒体监督、主动对外宣传

共同富裕

产业支持

产业共富、支持乡村振兴

社区发展与进步

社会活动

志愿者活动、捐赠

媒体沟通

加强信息披露

积极回应舆论

环境

减少污染

发展绿色产业链

碳排查、节能减排改造

应对气候变化

开展减碳行动

企业碳足迹核算

生态保护

开展生态保护项目

生物多样性保护

社会推动力治理创新力环境守护力凯恩品牌力

EnvironmentalProtection

Social Momentum

Governance

InnovationKAN Brand Value

?.?.? 利益相关方沟通

Stakeholders

MajorconcernsResponsesEffectivepractices

Shareholdersandinvestors

OfficialwebsiteReportsWe-media

TrainingForumsInquiriesfrom

customersMediainteraction

Business

discussion

ExhibitionsGovernment

researchInspectionand

oversightEco-friendly

collectionQualificationsEngagementwith

associationsCommunity

activities

IndustryconferencesInteractionwith

shareholders

businessinterations

Protectionofinvestors’rights

Sustainableeconomicgrowth

Holdmeetingstocommunicatewith

investorsPreventionof

Prudentoperation

Conductresearchmeetingswith

Innovative

R&Dandproduct

Launchstrategytransition

Governmentsandregulators

Leadingroleinsocialdevelopment

Operationalcompliance

Optimizeinternalcontrolandgovernance;strengthenauditand

Compliancewith

lawsand

Timelyinformation

disclosure

Discloseinformationatmultiple

platformsCustomers

Productquality

Full-processproduct

Leadtheformulationofseveral

First-rateservices

Responsetothediversifiedneedsof

RefinethecustomerservicesystemFairpricing

IndependentR&D

Curbadversepriceeffecteffectively

Partnersintheindustrychain

Compliancewithbusinessethics,

honestyand

Responsibleprocurementpolicy

Implementthefull-cyclesupply

chainmanagementCooperationformutualbenefits

andcommon

Cooperationfor

commondevelopmentinthe

Developmarketingandoperation

capabilitiesSounddevelopmentof

Analysisofpioneeringconcepts

Jointheassociationoftheindustry

asacoremember

Employees

Protectionofbasicrightsandinterests

Reasonableremunerationand

welfaresystem

Provideemployeeswithequalpay

forequalwork,competitiveremuneration,andadditional

Occupationalhealthandsafety

Occupationalhealth

andsafety

Establishmechanismsandpolicies,

andorganizetrainingsCareer

Employeetraining

Putpromotionchannelsandcareer

Society

Publicengagement

Opennessandtransparency

Receivesupervisionfromthepublic

andthemedia,andcommunicate

Common

Industrysupport

Striveforcommonprosperityand

Community

Publicwelfare

Organizevolunteeractivitiesand

Media

Moreeffective

Respondtopublicopinionsactively

Environment

PollutionreductionGreenindustrychain

Figureoutcarboninventory,andshifttowardsenergyconservation

Responseto

Carbonreduction

Launchcarbonfootprint

Ecologicalconservation

Involvementin

ecological

Conductbiodiversityconservation

4.1.3 Communication with Stakeholders

????

Environmental

Protection

Social Momentum

GovernanceInnovation

KAN Brand

Value

?.?.? 反商业贿赂及反贪污

为了强化廉洁合规意识，我们与包含管理层在内的所有内部员工签订了《廉洁诚信保密协议》，跟进、监督检查新晋管理人员及新入职员工签订合规性。在与供应商等外部伙伴的合作上，我们要求全体供应商遵守商业道德，禁止任何形式的腐败、贿赂等行为，将《廉洁承诺书》作为合同附件，要求供应商遵守《保密协议》《供应商行为准则》等要求，严格执行准入考核和持续管理。报告期内，共组织董事?人、中高层领导??人、基层员工???余人参与商业道德相关培训；因贪腐事件产生的被解雇人数、受处分人数、诉讼案件数量均保持“?”。

?.? 商业行为

?.?.? 反垄断与公平竞争

我们高度重视客户的价值观和权益，明确禁止发布虚假或误导性的广告信息，应当真实、客观地展示产品的性能和优势，不得对商品的性能、功能、质量等内容虚假宣传，欺骗、误导消费者；不得虚假交易；不得编造虚假信息，损害竞争对手信誉；严禁发布任何违反国家法律法规、违背社会公众道德的内容和言论。????年，公司未发生因不正当竞争行为导致诉讼或重大行政处罚的情况。我们充分授权审计监察部有权对公司日常经济活动实施随时的监察、审计，包括合同的最终审核权、材料采购价格的监察审核权、发现异常的调查和处罚建议权等。历年来，通过对公司收支活动的事先预防（招投标）、事中监察（可变价格审核）、事后审计（决算和异常调查）等，基本防止了商业活动中不正当行为发生，也未发现重大商业贿赂事件。

4.2.1 Anti-bribery and Anti-corruption

To enhance the awareness of integrity and compliance, all employees, including the management, are required to signthe Integrity and Confidentiality Agreement. In addition, we follow up and supervise whether new promotions and newemployments comply with applicable regulations.In cooperation with external partners such as suppliers, we require allsuppliers to abide by business ethics, the Non-Disclosure Agreement and the Supplier Code of Conduct, and shouldkeep away from corruption and bribery in any form. Moreover, they should sign the Commitment to Integrity as an attach-ment to the supply contract, and receive access assessment and sustained management.During the reporting period, a total of 5 directors, 20 senior and mid-level managers and over 200 frontline employeesparticipated in business ethics trainings. The number of dismissals, disciplinary actions and litigation cases resulting fromcorruption incidents remained at zero.

4.2 Business Practices

4.2.2 Anti-unfair Competition

Attaching great importance to the values and rights of customers, we strictly prohibit the release of false or misleadingadvertising information, and shall truthfully and objectively present the performance and advantages of our products. Weshall not conduct false publicity on the performance, functions, quality and other contents of products to deceive ormislead consumers; we strictly prohibit sham transactions. We shall not fabricate false information to damage the reputa-tion of competitors; we strictly prohibit the release of any content or remarks that violate national laws and regulations orgo against social public morality. In 2025, the Company did not have any litigation or major administrative penaltiescaused by unfair competition.The Audit and Supervision Department has been fully authorized to supervise and audit the daily economic activities ofthe Company from time to time. The specific duties of the department include contract review, supervision and review ofmaterial procurement prices, investigation of abnormal conditions, and proposal of penalty suggestions. Over the years,efforts have been made to prevention in advance (bidding), in-process supervision (price review) and post-audit (finalaccounting and abnormality investigation) targeting receipts and payments, thus basically putting commercial miscon-ducts to an end.

????

Environmental

Protection

Social Momentum

GovernanceInnovationKAN Brand Value

?.?.? 科学有效管理

合规管理体系

我们严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》及中国证监会、深圳证券交易所发布的有关上市公司治理的规范性文件要求，持续完善公司治理结构，包括股东会、董事会、管理层权责、运作规范等，健全内部控制制度体系，深入开展治理活动，认真完成各项自查工作，公司的规范运作、治理水平进一步得到提升。????年度，公司共召开股东会?次，董事会?次，监事会?次（监事会已于????年??月调整取消，其相关职能由董事会审计委员会承接）。

财务合规认证审计机构连续??年出具标准无保留意见。

?.? 合规经营

Compliance management system

In accordance with the Company Law of the People’s Republic of China, the Securities Law of the People’s Republicof China and regulatory documents over the governance of listed companies released by China Securities RegulatoryCommission and Shenzhen Stock Exchange, we have continued to refine our corporate management framework interms of the shareholders’ meeting, the Board of Directors, the Board of Supervisors, the duties and powers of themanagement, and operation regulations. In 2025, the Company held 3 shareholders’ meetings, 8 meetings of theBoard of Directors, and 6 meetings of the Board of SupervisorsThe Board of Supervisors was dissolved in October2025, with its functions transferred to the Board’s Audit Committee.

Financial compliance certification

The Company has always got unmodified opinions from the auditor in the past 21 years.

4.3.1 Scientific and Effective Management

4.3 Operational Compliance

????

EnvironmentalProtection

Social Momentum

GovernanceInnovation

KAN Brand Value

?.?.?全面风险管理

我们在董事会架构下特别设立了风险管理委员会，采纳廉洁合规定责分工体系作为执行方案，参照ERM框架构建了全面的风险管理架构，并配备专业的风险管理团队。

ESG主题责任月我们自????年便组织开展了ESG主题责任月活动，重点围绕《可持续发展报告》分节宣发、ESG热点政策宣讲、低碳办公竞赛、生活环保知识竞赛、ESG业务板块交叉打分、ESG标杆上市公司参观等专项活动，引导员工及利益相关方了解ESG、增强社会责任和环保担当，从自身小事做起，呼吁身边每一个人共同守护美好家园。

ESG Month Campaign

Since 2023, we have continuously implemented ESG Month Campaigns to encourage our employees and stakehold-ers to know more about ESG, reinforce sense of social and environmental responsibility, and make a difference inprotecting our common communities through small actions. To this end, we have always communicated the Sustain-ability Report by sections and latest ESG policies, organized low-carbon office competitions and daily environmentalprotection knowledge contests, cross-evaluated business segments in ESG performance, and visited ESG-highlight-ed listed companies.

Under the Board of Directors, a Risk Management Committee has been set up with clear division of responsibilitiesrelated to integrity and compliance. Besides, the combination of an ERM-based risk management structure and aprofessional risk management team has been put in place.

4.3.2 Comprehensive Risk Management

全月ESG报告宣传解读组织环保公益徒步组织乡村振兴走访

组织ESG相关主题学习

组织生产基地参观

Monthly Publicity andInterpretation of ESG Report

Charitable Hiking forEnvironmental Protection

Site Visits SupportingRural Revitalization

Thematic LearningSessions on ESG Topics

Tours to Production Bases

????

营业收入（万元）???????????关键绩效项

经济绩效

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

归属于上市公司股东的净利润（万元）????????经营活动产生的现金流量净额（万元）-?????????总资产（亿元）????????????归属于上市公司股东的净资产（亿元）????????????资产负债率??.?%

?????????????????????????.?%??.?%环境绩效环保总投入（万元）

?????绿色采购投入（万元）??????????

???????????????节能降耗技术投入（万元）??????????技术改造投入（万元）????????????直接（范围?）温室气体排放量（吨）?????????????间接（范围?）温室气体排放量（吨）??????????

?????

?????范围?、范围?合计温室气体排放量（吨）???????????相较于基准年????年温室气体总排放量下降比例-??%-??%-?%年产纸产品总量（吨）??????????

??????/

?.?-??%////

//

??????

//??.????.?????

?????

?.??

?????

??????相较于基准年????年每吨纸温室气体排放强度下降比例-??%-??%天然气使用量（万立方米）吨纸天然气使用量（立方米/吨纸）柴油使用量（吨）

每吨纸温室气体排放强度（吨/吨纸）?.??.?

吨纸柴油使用量（吨/吨纸）

电网用电量（兆瓦时）?????吨纸电网用电量（兆瓦时/吨纸）?.??

总用电量（兆瓦时）

?????吨纸总用电量（兆瓦时/吨纸）?.???.??

????

??????????????????????????.?%

??????????

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

-??%????? -??%

???

??.??

??

?

?????

?.??

?????

?.?

?.??

附 录

?.? 综合关键绩效表可持续发展报告中部分数据与历史版本、年度报告等存在细微差异，源于统计方法不同。年度报告数据来源于经会计师事务所审计的审计报告，本报告数据来源于碳排放报告等第三方机构出具的核查报告。注：

Operating revenue (RMB 10,000)Net profit (RMB 10,000)Net cash flow from operating activities (RMB 10,000)Total assets (RMB 10,000)Net assets (RMB 10,000)Asset-liability ratio

???????????

Key Performance Index

Financial Performance

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

????????-?????????????????????????????????

??.?%

?????

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

?.?%??.?%

Environmental Performance

Total environmental protection investment (RMB 10,000)

?????Green procurement investment (RMB 10,000)??????????

???????????????Energy conservation and consumption reduction investment (RMB 10,000)??????????Technological transformation investment (RMB 10,000)????????????Direct (Scope 1) GHG emissions (ton)?????????????Indirect (Scope 2) GHG emissions (ton)??????????

?????

?????Total GHG emissions of Scope 1 and Scope 2 (ton)???????????Reduction rate in total greenhouse gas emissions compared to the base year 2021-??%-??%-?%Annual output of paper products (ton)??????????

??????/

?.?-??%////

//

??????

//??.????.??

??

?

?????

?.??

?????

??????

Reduction rate in greenhouse gas emission intensity per ton of paper compared to the base year 2021-??%-??%

Natural gas consumption (10,000 m3)Natural gas consumption per ton of paper (m3/ton of paper)Diesel consumption (ton)

Greenhouse gas emission intensity per ton of paper (ton/ton of paper)?.??.?

Diesel consumption per ton of paper (ton/ton of paper)

Grid electricity consumption (MWh)?????Grid electricity consumption per ton of paper (MWh/ton of paper)?.??

Total electricity consumption (MWh)

?????

Total electricity consumption per ton of paper (MWh/ton of paper)?.???.??

????

??????????????????????????.?%

?????????????????????????????-??%????? -??%?????.?????

??????.??

?????

?.?

?.??

Appendixes

?.? Integrated KPI TableDue to different statistical methods, some data in the Report differ slightly from historicalversions, annual reports, etc. Data in annual reports comes from audited financial state-ments by accounting firms, while data in the Report comes from verification reports issuedby third-party agencies such as carbon emission reports.Note:

社会推动力治理创新力环境守护力凯恩品牌力

EnvironmentalProtection

Social Momentum

Governance

Innovation

KAN Brand Value

????

EnvironmentalProtection

Social Momentum

Governance

Innovation

KAN Brand

Value

???//?.??/

//??%

??

/????????.????????

光伏发电量（兆瓦时）?????????

?.????????%???.????????

吨纸光伏发电量（兆瓦时/吨纸）外购绿电（兆瓦时）清洁绿电使用量占总用电量比例蒸汽消耗量（万吨）吨纸蒸汽消耗量（吨/吨纸）能源消耗总量（百万千焦）

/??.???.??

?????

?.???????

??%??

?.????????

?.??吨纸能源消耗总量（百万千焦/吨纸）

关键绩效项????????????

能源消耗总量（吨标煤）

?.??吨纸能源消耗总量强度（吨标煤/吨纸）?.??/

???????????????总用水量（万吨）???.????.????.?每吨纸总用水强度（吨/吨纸）??.???.???.?中水用水量（万吨）/????/中水回用率??%??%

??

??%水循环与再利用的总量（万吨）??/工业废水排放总量（万吨）

??

/其中：直接排入环境的工业废水量（万吨）

????

??????//

//////

//

/////?.????.??

//??.??

?.??

/???.??

////

?.?

??%????

????

/??包装材料消耗量（吨）塑料包装消耗量（吨）纸包装消耗量（吨）

排入污水处理厂的废水处理量（万吨）????

危险废弃物（吨）

废弃物回收率/天然气使用产生的废气量（万立方米）????

一般废弃物（吨）/回收再利用废弃物总量（吨）/????废气（天然气产生）密度（立方米/吨纸）???.?????.??

?.????.????.??

?.?????.??

二氧化硫排放密度（克/吨纸）氮氧化物排放密度（克/吨纸）废水（工业用水）密度（吨/吨纸）氨氮排放密度（克/吨纸）化学需氧量（COD）（克/吨纸）

环境绩效

每吨纸排入污水处理厂的废水量（吨/吨纸）

????

?.??????????.?

??.?

????

??%?????

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????.?

??%

????

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???

//?.??

/

//??%

??

/????????.????????

Solar power generation (MWh)?????????

?.????????%

???.????????

Solar power generation per ton of paper (MWh/ton of paper)Purchased green electricity (MWh)Proportion of green electricity consumption in total electricity consumptionSteam consumption (10,000 tons)Steam consumption per ton of paper (ton/ton of paper)Total energy consumption (MkJ)

/??.???.??

?????

?.???????

??%

??

?.????????

?.??Total energy consumption per ton of paper (MkJ/ton of paper)

Key Performance Index????????????

Total energy consumption (ton of coal equivalent)

?.??Total energy consumption intensity per ton of paper (ton of coal equivalent/ton of paper)?.??/???????????????

Total water consumption (10,000 tons)???.????.????.?Total water consumption intensity per ton of paper (ton/ton of paper)??.???.???.?Total reclaimed water consumption (10,000 tons)/????/Reuse rate of reclaimed water??%??%

??

??%

Total recycled water volume (10,000 tons)??/

Total industrial waste water discharge (10,000 tons)

??

/

Including: industrial waste water discharged directly into the environment (10,000 tons)

????

??

????//

//////

//

/////?.????.??

//??.??

?.??

/???.??

////?.?

??%????

????

/??

Packaging consumption (ton)Plastic packaging consumption (ton)Paper packaging consumption (ton)

Volume of wastewater discharged to wastewater treatment plant (10,000 tons)????

Hazardous waste (ton)

Waste recycling rate/

Waste gas volume from natural gas use (10,000 m3)????

General waste (ton)/Total recycled waste (ton)/????Waste gas (from natural gas) intensity (m3/ton of paper)???.?????.??

?.????.????.??

?.?????.??

Sulfur dioxide (SO) emission intensity (g/ton of paper)Nitrogen oxides (NO?) emission intensity (g/ton of paper)Wastewater (industrial water) intensity (ton/ton of paper)Ammonia nitrogen emission intensity (g/ton of paper)Chemical Oxygen Demand (COD) intensity (g/ton of paper)

Environmental Performance

Wastewater discharge per ton of paper to wastewater treatment plant (ton/ton of paper)

????

?.??????????.?

??.?

????

??%?????

?????

????.?

??%

????

???

????

??????.??

?.????.????.??

?.?????.??

????

EnvironmentalProtection

Social Momentum

GovernanceInnovation

KAN Brand

Value

关键绩效项

社会绩效

合规纳税总额（万元）????????????年末股东总数（户）??????????

??%

?????股东分红占归母净利润比例??%??%研发费用（万元）????????????其中：知识产权保护投入（万元）????

?.??.??.?

????

??????.??.??.??.??.??.???%??%???????????????

???%

???%???%???%

???%

???%???%???%

?.??.??.??.??.??.??.???%

??货币资金（万元）??????????应付账款（亿元）应付票据（亿元）长期应付款项（亿元）

数字化转型投入（万元）?????

应付债券（亿元）应收账款（亿元）?.?应收账款周转率（次）?.?前五大供应商比例??%本地化采购比例??%??%安全生产投入（万元）??????

?????????%???%???%???%

员工福利投入（万元）员工总数（人）雇佣合同覆盖率职业健康档案覆盖率新员工安全教育培训率特殊工种持证上岗率

???%

??

??

???%???%

??%??%

???%员工培训覆盖率???%人均培训时长（小时）????人均职业健康培训时长（小时）????

???%??%

?????????

??%

????

??

?.??.??.??.??.??.?

??%

????????

??%????????????%???%???%???%???%

????

?

??%

??%

//BC

重大安全生产事故员工满意度客户满意度

环境绩效

/??.????.??危险废弃物密度（克/吨纸）

/

???.?????.??

??.????.???一般废弃物密度（千克/吨纸）重大环境违规（次）

AAA浙江省企业环境信用评价等级A

BSCI认证评价

????????????????Key Performance Index

Social PerformanceTotal tax (RMB 10,000)????????????Total number of shareholders at year-end (households)??????????

??%

?????

Proportion of shareholder dividend in net profit attributable to parent company??%??%R&D investment (RMB 10,000)????????????Including: intellectual property protection investment (RMB 10,000)????

?.??.??.?

??????????.??.??.??.??.??.???%??%???????????????

???%???%???%???%

???%???%???%???%

?.??.??.??.??.??.??.???%

??

Monetary capital (RMB 10,000)??????????Accounts payable (RMB 10,000)Notes payable (RMB 100 million)Long-term payables (RMB 100 million)

Digital transformation investment (RMB 10,000)?????

Bonds payable (RMB 100 million)Accounts receivable (RMB 100 million)?.?

Accounts receivable turnover rate (times)?.?Proportion of top five suppliers??%Proportion of local procurement??%??%Work safety investment (RMB 10,000)??????

?????????%???%???%???%

Investment in employee benefits (RMB 10,000)Total employeesProportion of employees signing the labor contractsProportion of employees with occupational health recordsProportion of new employees receiving safety trainingProportion of employees engaged in special jobs with required certificates

???%????

???%???%

??%??%

???%Proportion of employees receiving training???%Average hours of training per employee????Average hours of occupational health training per employee????

???%??%

???????????%??????

?.??.??.??.??.??.?

??%

????????

??%????????????%???%???%???%???%

????

?

??%

??%

//BC

Major production safety accidentsEmployee satisfactionCustomer satisfaction

Environmental Performance

/??.????.??Hazardous waste intensity (g/ton of paper)

/

???.??

???.??

??.????.???General waste intensity (kg/ton of paper)Serious environmental violations

AAAEnvironmental credit rating of enterprises in Zhejiang ProvinceA

BSCI certification

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

????

EnvironmentalProtection

Social Momentum

GovernanceInnovation

KAN Brand Value

?.? GRI指标索引表报告内容关于本报告凯恩品牌力环境守护力社会推动力治理创新力

?-?，?-?，?-?

首页?-????-????-????-??

?-?,?-?,???-?,???-?,???-?,???-?

?-?，?-??，?-??,?-??,?-??,?-??,?-??,?-??,?-?,?-?

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GRI Standards ????(参照方案)对应页码

ESG事务分解管理指标??????关键绩效项

公司治理绩效

董事会独立董事占比??%??%董事会女性占比??%??%信息披露数量（份）??????投关管理影响力（万人）?????Wind ESG评级AA

?????%??%??????AA秩鼎 ESG评级AAAAAABBABB华证 ESG评级商道融绿 ESG评级B+/中诚信绿金 ESG评级AA

AA同花顺 ESG评级AA//A/中国国新 ESG评级联合赤道 ESG评级//盟浪 ESG评级//

AAA人均商业道德培训时长（小时）/?.?/???因贪腐事件产生的被解雇人数、受处分人数因贪腐事件产生的诉讼案件数量??因不正当竞争行为导致诉讼情况??

??因不正当竞争行为导致重大行政处罚??

?????%??%?????AAAABBB

A-

AAAAA

A

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

?.? GRI Index Table

ESG breakdown management indicators??????Key Performance Index

Corporate Governance Performance

Proportion of independent director in the Board of Directors??%??%Proportion of female directors in the Board of Directors??%??%Quantity of information disclosed??????Investor relations management influence (10,000 persons)?????Wind ESG ratingAA

?????%??%

???

???

AA

Quantdata ESG ratingAAAAAABBABBSino-Securities Index ESG ratingSynTao Green Finance ESG ratingB+/CCXIGF ESG ratingAA

AAFlush Info ESG ratingAA//A/China Reform ESG ratingLianhe Equator ESG rating//SusallWave ESG rating//

AA

AAverage business ethics training hours per employee/?.?/???Number of employees dismissed or disciplined due to corruption incidentsNumber of litigation cases arising from corruption incidents??Litigation cases resulting from unfair competition practices??

?

?Major administrative penalties imposed due to unfair competition practices??

?????%??%

??

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A-

AAAAAA

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

About the ReportKAN Brand ValueEnvironmental ProtectionSocial MomentumGovernance Innovation

?-?，?-?，?-?

/?-????-????-????-??

?-?,?-?,???-?,???-?,???-?,???-?

?-?，?-??，?-??,?-??,?-??,?-??,?-??,?-??,?-?,?-?

???-?,???-?,???-?,???-?,???-?,???-?,???-?,???-?,???-?,???-?,???-????-?,???-?,???-?,???-?,???-?,???-?，???-?,???-?，???-?，???-??，???-?,???-?,???-?,???-?

GRI Standards ????Page number

????

Harmonious symbiosisInnovative developmentBuildingH, No.A? Shuguang Xili,Chaoyang District, Beijing

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Zhejiang Kan Specialities Material Co., Ltd.Zhejiang Kaifeng New Material Co., Ltd.2025