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HAINAN JINGLIANG HOLDINGS CO., LTD. SEMI-ANNUAL REPORT 2026 August, 2026 HAINAN JINGLIANG HOLDINGS CO., LTD. SEMI-ANNUAL REPORT 2026I Important Notes This report is based on the full Annual Report of Hainan Jingliang Holdings Co., Ltd. (together with itsconsolidated subsidiaries, the "Company", except where the context otherwise requires). To gain a comprehensiveunderstanding of the Company"s operating results, financial position, and future development plans, investors areadvised to carefully review the full Annual Report on the designated media specified by the China SecuritiesRegulatory Commission (the "CSRC"). This report has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the Chinese and English versions, the Chinese version shall prevail. All the Company"s directors have attended the board meeting for the review of this report. Independent auditor"s modified opinion ? Applicable ? Not applicable Board-approved profit distribution plan or proposal on capitalizing capital reserve into share capital for thereporting period ? Applicable ? Not applicable The Company proposes not to distribute any cash dividends, issue any bonus shares, or convert any capitalreserve into share capital. Board-approved profit distribution plan for preferred shares for the reporting period ? Applicable ? Not applicableII Key Corporate InformationStock name JLKG, JL-B Stock code 000505, 200505Stock exchange for stock listing Shenzhen Stock ExchangeContact information Board Secretary Securities RepresentativeName Guan Ying Gao Deqiu and Innovation Mansion, Building No.1,Office address Innovation Mansion, Building No.1, Community Community No.8, Xinning Street, Daxing No.8, Xinning Street, Daxing District, Beijing District, BeijingFaxTel. 010-81219989 010-81219989E-mail address guanying@bjjlkg.cn gaodeqiu@bjjlkg.cn Whether the Company needs to retrospectively adjust or restate the accounting data of previous years: □ Yes ? No Same period of the Reporting period YoY change (%) previous yearOperating revenue (RMB) 3,114,926,721.51 4,208,146,255.86 -25.98%Net profit attributable to shareholders of the listedcompany (RMB)Net profit attributable to shareholders of the listedcompany excluding non-recurring gains and losses 6,729,666.28 16,746,547.20 -59.81%(RMB)Net cash flows from operatingactivities (RMB)Basic EPS (RMB/share) 0.01 0.02 -50.00%Diluted EPS (RMB/share) 0.01 0.02 -50.00%Weighted average ROE (%) 0.28% 0.57% -0.29% At the end of the At the end of the Change (%) reporting period previous yearTotal assets (RMB) 5,700,173,158.01 6,118,282,221.45 -6.83%Net assets attributable to the listed company"sshareholders (RMB) Unit: Share Number of preferredNumber of ordinary shareholders at the end of the shareholders with restoredreporting period voting rights at the end of the reporting period (if any) Shareholdings of the top 10 shareholders (excluding shares lent through securities lending and borrowing) Shares in pledge, marked or Type of Shareholding Number of Restricted frozen Name of shareholder shareholder percentage shares held shares held Status NumberBEIJING GRAIN GROUP State-ownedCO., LTD. legal personBEIJING STATE-OWNED State-ownedCAPITAL OPERATION AND 6.67% 48,510,460 0 Not applicable 0 legal personMANAGEMENT CO., LTD. DomesticWANG YUECHENG 4.74% 34,459,887 0 Not applicable 0 natural person DomesticLUO TAIXIANG 0.40% 2,933,100 0 Not applicable 0 natural person DomesticWU XIN 0.37% 2,721,800 0 Not applicable 0 natural personCHINA MINSHENG BANKCO., LTD. – JINYUANSHUN"AN YUANQI Other 0.32% 2,302,100 0 Not applicable 0FLEXIBLE ALLOCATIONMIXED SECURITIESINVESTMENT FUND DomesticFAN WEIHONG 0.27% 1,955,400 0 Not applicable 0 natural person DomesticZHANG XIAOXIA 0.27% 1,949,250 0 Not applicable 0 natural person DomesticJIANG XUE 0.23% 1,654,100 0 Not applicable 0 natural person Overseas LegalGoldman Sachs & Co. LLC 0.22% 1,612,601 0 Not applicable 0 Person Beijing State-owned Capital indirectly holds 100% of Beijing Jingliang GroupDisclosure of affiliations or concerted action Co., Ltd. Except for the above shareholder relationships, the Company is notamong the above shareholders aware of any related-party relationships or acting in concert among the top ten shareholders. Shareholder Jiang Xue holds 1,654,100 shares of the Company through aDisclosure on shareholders involved in securities customer credit transaction guarantee securities account with Shenwanmargin trading (if any) Hongyuan Securities Co., Ltd. Shareholders holding more than 5%, the top 10 shareholders and the top 10 unrestricted public shareholdersparticipated in the securities lending and borrowing business. □Applicable ? Not applicable The top 10 shareholders and the top 10 unrestricted public shareholders experienced changes from theprevious period due to securities lending and borrowing business. □Applicable ? Not applicable Change of controlling shareholder during the reporting period □ Applicable ? Not applicable The Company"s controlling shareholder remained unchanged during the reporting period. Change of actual controller during the reporting period □ Applicable ? Not applicable The Company"s actual controller remained unchanged during the reporting period. □ Applicable ? Not applicable The Company had no preferred shareholdings during the reporting period. ? Applicable ? Not applicable (1)Bond information Bond Balance (in Abbreviation BondName of Bond Issue Date Maturity Date ten thousands Interest of Bonds code Yuan)Hainan Jingliang Holdings Co.,Ltd. 2023 public issuance of 21-22 Augcorporate bonds for qualified 2023investors (1st issue) (2)Financial indicators as of the reporting period end Item At the end of the reporting period At the end of the previous yearAsset-liability ratio 43.50% 47.51% Item the current reporting period Same period of the previous yearEBITDA interest coverage ratio 4.21 3.91III Significant Events During the reporting period, the Company did not experience any significant changes in its operatingconditions. For detailed matters during the reporting period. HAINAN JINGLIANG HOLDINGS CO., LTD. SEMI-ANNUAL FINANCIAL REPORT 2026 This report has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chinese version shall prevail.I Financial Report Independent auditor’s modified opinion: □ Applicable ? Not applicable The 2026 Semi-Annual Financial Report is not audited by Independent auditor.II Financial Statement The unit of financial statements in the financial notes is: Yuan Editor: Hainan Jingliang Holdings Co., Ltd. June 30, 2026Prepared by: Hainan Jingliang Holdings Co., Ltd. Monetary Unit: RMB Yuan Items 30 June 2026 31 December 2025Current Assets: Monetary capital 1,690,131,184.91 1,821,722,517.08 Deposit reservation for balance Lending funds Transactional financial assets Derivative financial assets 27,829,740.00 Notes receivable Accounts receivable 79,488,640.32 98,216,373.71 Receivables financing Prepayment 21,065,556.22 574,410,843.60 Premiums receivable Reinsurance accounts receivable Provision for cession receivable Other receivables 245,178,434.01 173,257,419.17 Including: Interest receivable Dividends receivable Redemptory monetary capital for sale Inventory 1,561,092,167.01 1,421,929,091.40 Including: Data resources Contract assets Held-for-sale assets Non-current assets due within one year Other current assets 143,832,330.26 99,250,439.60 Total current assets 3,768,618,052.73 4,188,786,684.56Non-current assets: Granting loans and advances Debt investment Other debt investments Long-term receivables Long-term equity investment 271,539,088.34 267,272,969.32 Other equity instruments investment Other non-current financial assets Investment property 15,400,465.70 16,252,551.54 Fixed assets 814,065,422.12 841,479,812.89 Construction in process 130,672,973.43 88,960,509.10 Productive biological assets Oil-and-gas assets Right-of-use assets 164,746,700.89 169,826,775.50 Intangible assets 362,822,841.93 370,583,609.88 Including: Data resources Development expenditure Including: Data resources Goodwill 125,632,393.35 125,632,393.35 Long-term deferred expenses 1,165,700.87 3,362,646.84 Deferred income tax assets 36,766,626.43 36,843,176.25 Other non-current assets 8,742,892.22 9,281,092.22 Total non-current assets 1,931,555,105.28 1,929,495,536.89 Total assets 5,700,173,158.01 6,118,282,221.45Current liabilities: Short-term borrowings 709,701,803.20 1,136,260,975.85 Borrowings from central bank Borrowings from banks and other financial institutions Transactional financial liabilities Derivative financial liabilities 9,953,208.15 3,815,280.00 Notes payable 56,649,763.00 Accounts payable 74,646,241.83 66,273,857.12 Account collected in advance 1,222,673.11 1,670,875.73 Contract liabilities 359,063,926.94 275,724,804.27 Repayment of financial assets through sale and repurchase Deposits from customers and interbank Acting trading securities Acting underwriting securities Employee payroll payable 16,919,810.80 29,353,455.84 Taxes payable 7,183,532.89 38,204,738.18 Other payables 76,606,599.09 62,493,915.38 Including: Interest payable 20,000,000.00 20,000,000.00 Dividends payable Covering handling fees and commissions Dividend payable for reinsurance Held-for-sale liabilities Non-current liabilities due within one year 378,570,042.32 376,319,750.69 Other current liabilities 34,663,083.60 36,800,107.16 Total current liabilities 1,668,530,921.93 2,083,567,523.22Non-current liabilities: Reserve fund for insurance contracts Long-term borrowings 573,500,000.00 576,500,000.00 Bonds payable Including: Preferred stock Perpetual capital bonds Lease liabilities 129,034,211.34 135,451,638.57 Long-term payables Long-term payable to employees 5,259,134.00 5,321,134.00 Estimated liabilities 22,650,893.15 22,650,893.15 Deferred income 53,022,776.39 53,936,649.47 Deferred income tax liabilities 27,843,166.00 29,132,160.48 Other non-current liabilities Total non-current liabilities 811,310,180.88 822,992,475.67 Total liabilities 2,479,841,102.81 2,906,559,998.89Owners" equity (or Shareholders" equity): Paid-in capital 726,950,251.00 726,950,251.00 Other equity instruments Including: Preferred stock Perpetual capital bonds Capital reserves 1,683,673,958.02 1,683,673,958.02 Less: treasury stock Other comprehensive income 137,442.05 1,059,574.92 Special reserves Surplus reserves 144,701,147.27 144,701,147.27 General risk reserve Undistributed profit 315,060,528.53 307,028,112.53 Owner"s Equity (or shareholder"s equity) Attributable to Shareholders of the Parent Company Minority equity 349,808,728.33 348,309,178.82 Total owners" equity (or shareholders" equity) 3,220,332,055.20 3,211,722,222.56 Total liabilities and owners" equity (or shareholders" equity) 5,700,173,158.01 6,118,282,221.45Legal Representative: Wang Chunli Chief Financial Officer: Guan Ying Head of Accounting Department: Cao Ling Monetary Unit: RMB Yuan Items 30 June 2026 31 December 2025Current Assets: Monetary capital 332,440,458.97 341,590,983.27 Transactional financial assets Derivative financial assets Notes receivable Accounts receivable Receivables financing Prepayment 25,050.00 Other receivables 945,263,055.56 930,000,000.00 Including: Interest receivable Dividends receivable Inventory Including: Data resources Contract assets Held-for-sale assets Non-current assets due within one year Other current assets 674,245.69 588,414.42 Total current assets 1,278,402,810.22 1,272,179,397.69Non-current assets: Debt investment Other debt investments Long-term receivables Long-term equity investment 2,442,399,283.19 2,442,399,283.19 Other equity instrument investments Other non-current financial assets Investment property 4,350,926.15 4,520,056.97 Fixed assets 4,483,531.03 4,841,558.75 Construction in process Productive biological assets Oil-and-gas assets Right-of-use assets Intangible assets Including: Data resources Development expenditure Including: Data resources Goodwill Long-term deferred expenses 239,274.37 290,547.43 Deferred income tax assets Other non-current assets 7,326,142.22 7,326,142.22 Total non-current assets 2,458,799,156.96 2,459,377,588.56 Total assets 3,737,201,967.18 3,731,556,986.25Current liabilities: Short-term borrowings Transactional financial liabilities Derivative financial liabilities Notes payable Accounts payable 236,000.00 Account collected in advance Contract liabilities Employee payroll payable 143,761.96 150,534.39 Taxes payable 96,040.38 105,528.51 Other payables 29,274,631.67 21,383,284.41 Including: Interest payable 20,000,000.00 20,000,000.00 Dividends payable Held-for-sale liabilities Non-current liabilities due within one year 307,125,000.00 302,580,000.00 Other current liabilities Total current liabilities 336,639,434.01 324,455,347.31Non-current liabilities: Long-term borrowings Bonds payable Including: Preferred stock Perpetual capital bonds Lease liabilities Long-term payables Long-term payable to employees Estimated liabilities 22,650,893.15 22,650,893.15 Deferred income Deferred income tax liabilities Other non-current liabilities Total non-current liabilities 22,650,893.15 22,650,893.15 Total liabilities 359,290,327.16 347,106,240.46Owners" equity (or Shareholders" equity): Paid-in capital 726,950,251.00 726,950,251.00 Other equity instruments Including: Preferred stock Perpetual capital bonds Capital reserves 2,386,924,900.84 2,386,924,900.84 Less: treasury stock Other comprehensive income Special reserves Surplus reserves 132,065,774.68 132,065,774.68 Undistributed profit 131,970,713.50 138,509,819.27 Total owners" equity (or shareholders" equity) 3,377,911,640.02 3,384,450,745.79 Total liabilities and owners" equity (or shareholders" equity) 3,737,201,967.18 3,731,556,986.25 Monetary Unit: RMB Yuan Amount for the Amount for the Items current period prior periodI. Total operating income 3,114,926,721.51 4,208,146,255.86 Including: Operating income 3,114,926,721.51 4,208,146,255.86 Interest income Accumulated Premium Fee and commission incomeII. Total operating cost 3,126,051,528.56 4,179,559,981.23Including: Operating cost 2,939,959,917.36 3,972,762,726.56 Interest expense Commission and fee expense Policy surrender benefit Net payout expense Net extraction of insurance liability reserve Policy dividend expense Reinsurance expense Tax and surcharges 10,986,581.15 11,641,785.65 Selling expenses 62,285,353.26 65,707,454.27 Administration expenses 86,454,913.13 91,754,104.13 Research and development expenses 7,986,890.91 9,201,480.97 Financial expenses 18,377,872.75 28,492,429.65 Including: interest expenses 23,857,714.79 31,665,713.92 Interest income 5,794,866.63 5,319,761.53Add: Other income 6,176,238.71 5,867,507.90 Income from investment (Losses shall be filled in with “-”) 4,266,119.02 3,572,053.10 Including: income from investment on joint venture and cooperative enterprise 4,266,119.02 3,572,053.10 income from derecognition of financial assets measured at amortized cost Exchange gain (Losses shall be filled in with “-”) Income from net exposure hedging (Losses shall be filled in with “-”) Income from changes in fair value (Losses shall be filled in with “-”) 17,105,743.14 -10,955,589.95 Credit impairment loss (Losses shall be filled in with “-”) 126,000.00 52.30 Income from assets impairment (Losses shall be filled in with “-”) -37,303.33 Income from asset disposal (Losses shall be filled in with “-”) 314,309.51 16,255,830.49III. Operating profit (Losses shall be filled in with “-”) 16,863,603.33 43,288,825.14Add: non-operating income 295,082.31 171,433.89Less: non-operating expenditure 378,632.51 16,645,099.05IV. Total profit (Total losses shall be filled in with “-”) 16,780,053.13 26,815,159.98Less: income tax expense 7,248,087.62 9,128,997.37V. Net profit (Net loss shall be filled in with “-”) 9,531,965.51 17,686,162.61 (I) Classified by operations continuity (II) Classified by ownership attributionfilled in with “-”)VI. Net of tax from other comprehensive income -922,132.87 -111,113.23 One. Net of tax from other comprehensive income attributable to shareholders of the -922,132.87 -111,113.23parent company (1) Remeasurement changes in defined benefit plans (2) Other comprehensive income that cannot be transferred to gains and losses underthe equity method (3) Changes in fair value of other equity instrument investments (4) Changes in the fair value of the company"s own credit risk (5) Others (1) Other comprehensive income that can be transferred to gains and losses underthe equity method (2) Changes in fair value of other debt investments (3) Reclassification of financial assets included in other comprehensive income (4) Provision for credit impairment of other debt investments (5) Cash flow hedge reserve (6) Balance arising from the translation of foreign currency -922,132.87 -111,113.23 (7)OthersNet of tax from other comprehensive income attributable to minority shareholdersVII. Total comprehensive income 8,609,832.64 17,575,049.38 (I) Total comprehensive income attributable to shareholders of the parent company 7,110,283.13 17,839,060.88 (II) Total comprehensive income attributable to minority shareholders 1,499,549.51 -264,011.50VIII. Earnings per share: (I) Basic earnings per share 0.01 0.02 (II) Diluted earnings per share 0.01 0.02 Legal Representative: Wang Chunli Chief Financial Officer: Guan Ying Head of Accounting Department: Cao Ling Monetary Unit: RMB Yuan Amount for the Amount for the Items current period prior periodI. Total operating income 400,910.09 561,810.67Less: Operating cost 169,130.82 169,130.82 Tax and surcharges 192,558.06 299,047.92 Selling expenses Administration expenses 2,818,275.78 3,080,454.42 Research and development expenses Financial expenses 3,769,269.77 4,022,147.97 Including: interest expenses 4,545,000.00 4,545,000.00 Interest income 777,964.50 511,248.31Add: Other income 9,218.57 66,345.27 Income from investment (Losses shall be filled in with “-”) 86,434,733.13 Including: income from investment on joint venture and cooperative enterprise Income from derecognition of financial assets measured at amortized cost Income from net exposure hedging (Losses shall be filled in with “-”) Income from changes in fair value (Losses shall be filled in with “-”) Credit impairment loss (Losses shall be filled in with “-”) Income from assets impairment (Losses shall be filled in with “-”) Income from asset disposal (Losses shall be filled in with “-”)III. Operating profit (Losses shall be filled in with “-”) -6,539,105.77 79,492,107.94Add: non-operating income 142,506.46Less: non-operating expenditure 142,506.46 42,544.80IV. Total profit (Total losses shall be filled in with “-”) -6,539,105.77 79,449,563.14Less: income tax expenseV. Net profit (Net loss shall be filled in with “-”) -6,539,105.77 79,449,563.14V. Net of tax from other comprehensive income (1) Remeasurement changes in defined benefit plans (2) Other comprehensive income that cannot be transferred to gains and losses underthe equity method (3) Changes in fair value of other equity instrument investments (4) Changes in the fair value of the company"s own credit risk (5)Others (1) Other comprehensive income that can be transferred to gains and losses under the equity method (2) Changes in fair value of other debt investments (3) Reclassification of financial assets included in other comprehensive income (4) Provision for credit impairment of other debt investments (5) Cash flow hedge reserve (6) Balance arising from the translation of foreign currency (7) OthersVII. Total comprehensive income -6,539,105.77 79,449,563.14VIII. Earnings per share: (I) Basic earnings per share (II) Diluted earnings per share Monetary Unit: RMB Yuan Items Amount for the current period Amount for the prior periodI. Cash Flows from Operating Activities:Cash Receipts from Sales of Goods or Rendering of Services 3,544,345,764.08 5,146,353,207.59Net increase in customer deposits and interbank placementsNet increase in borrowings from the central bankNet increase in funds borrowed from other financial institutionsCash received from premiums of original insurance contractsNet cash received from reinsurance businessNet increase in policyholder funds and investment fundsCash received from interest, fees and commissionsNet increase in funds borrowedNet increase in funds used for repo transactionsNet cash received from securities trading on behalf of clientsTax Refund Receipts 3,682,482.86 7,708,869.99Other Cash Receipts Concerning Operating Activities 556,873,686.92 3,546,804,253.47 Subtotal of Cash Inflows from Operating Activities 4,104,901,933.86 8,700,866,331.05Cash Paid for Purchase of Goods and Accepting Services 2,709,725,947.96 4,697,505,265.22Net increase in customer loans and advancesNet increase in deposits with central bank and other financialinstitutionsCash paid for claims under original insurance contractsNet increase in funds lent outCash paid for interest, fees and commissionsCash paid for policy dividendsCash Paid to and for Employees 154,227,384.75 154,554,722.43Taxes and Fees Paid 93,495,832.55 63,767,878.30Other Cash Paid Concerning Operating Activities 757,424,011.72 3,562,602,172.03 Subtotal of Cash Outflows from Operating Activities 3,714,873,176.98 8,478,430,037.98 Net Cash Flows from Operating Activities 390,028,756.88 222,436,293.07II. Cash Flows from Investment Activities:Cash Receipts from DisinvestmentCash Receipts from Returns on InvestmentsNet Cash from Disposal of Fixed Assets, Intangible Assets andOther Long-term AssetsNet Cash Received by Disposal of Subsidiaries and Other BusinessUnitsOther Cash Receipts Concerning Investment Activities Subtotal of Cash Inflows from Investment Activities 46,318.44Cash Paid for Purchase and Construction of Fixed Assets,Intangible Assets and Other Long-term AssetsCash Paid for InvestmentsNet increase in pledged loan amountNet Cash Paid for obtaining Subsidiaries and Other Business UnitsOther Cash Paid Concerning Investment Activities Subtotal of Cash Outflows from Investment Activities 76,195,819.29 22,300,701.06 Net Cash Flows from Investment Activities -76,149,500.85 -22,300,701.06III. Cash Flows from Financing Activities:Cash Receipts from Accepting Investment 1,500,000.00Including: Cash Received by Subsidiaries Absorbing theInvestment from Minority ShareholdersCash Receipts from Borrowings 724,049,105.70 2,404,441,868.75Other Cash Receipts Concerning Financing Activities Subtotal of Cash Inflows from Financing Activities 724,049,105.70 2,405,941,868.75Cash Paid for Repayment of Debts 1,153,637,924.89 2,227,516,445.20Cash Paid for Distribution of Dividends, Profits or Repayment ofInterestsIncluding: Dividends and Profits Paid by Subsidiaries to MinorityShareholdersOther Cash Paid Concerning Financing Activities 9,474,709.30 679,200.00 Subtotal of Cash Outflows from Financing Activities 1,181,065,775.99 2,266,503,144.45Net Cash Flows from Financing Activities -457,016,670.29 139,438,724.30IV. Exchange Rate Fluctuation Consequences on Cash and CashEquivalentsV. Net Increase in Cash and Cash Equivalents -123,043,020.44 334,419,422.42Add: Opening Balance of Cash and Cash Equivalents 1,788,311,181.44 1,395,519,746.77VI. Closing Balance of Cash and Cash Equivalents 1,665,268,161.00 1,729,939,169.19 Monetary Unit: RMB Yuan Items Amount for the current period Amount for the prior periodI. Cash Flows from Operating Activities:Cash Receipts from Sales of Goods or Rendering of Services 436,992.00Tax Refund ReceiptsOther Cash Receipts Concerning Operating Activities 9,094,234.29 838,662.89 Subtotal of Cash Inflows from Operating Activities 9,531,226.29 838,662.89Cash Paid for Purchase of Goods and Accepting Services 273,050.00 15,383.17Cash Paid to and for Employees 550,237.97 606,099.83Taxes and Fees Paid 192,558.06 309,699.19Other Cash Paid Concerning Operating Activities 2,665,904.56 2,334,725.33 Subtotal of Cash Outflows from Operating Activities 3,681,750.59 3,265,907.52 Net Cash Flows from Operating Activities 5,849,475.70 -2,427,244.63II. Cash Flows from Investment Activities:Cash Receipts from Disinvestment 75,000,000.00Cash Receipts from Returns on Investments 104,439,339.88Net Cash from Disposal of Fixed Assets, Intangible Assets andOther Long-term AssetsNet Cash Received by Disposal of Subsidiaries and Other BusinessUnitsOther Cash Receipts Concerning Investment Activities Subtotal of Cash Inflows from Investment Activities 75,000,000.00 104,439,339.88Cash Paid for Purchase and Construction of Fixed Assets,Intangible Assets and Other Long-term AssetsCash Paid for Investments 90,000,000.00 101,600,000.00Net Cash Paid for obtaining Subsidiaries and Other Business UnitsOther Cash Paid Concerning Investment Activities Subtotal of Cash Outflows from Investment Activities 90,000,000.00 103,475,270.00 Net Cash Flows from Investment Activities -15,000,000.00 964,069.88III. Cash Flows from Financing Activities:Cash Receipts from Accepting InvestmentCash Receipts from BorrowingsOther Cash Receipts Concerning Financing Activities Subtotal of Cash Inflows from Financing ActivitiesCash Paid for Repayment of DebtsCash Paid for Distribution of Dividends, Profits or Repayment ofInterestsOther Cash Paid Concerning Financing Activities Subtotal of Cash Outflows from Financing Activities 13,071,629.56Net Cash Flows from Financing Activities -13,071,629.56IV. Exchange Rate Fluctuation Consequences on Cash and CashEquivalentsV. Net Increase in Cash and Cash Equivalents -9,150,524.30 -14,534,804.31Add: Opening Balance of Cash and Cash Equivalents 319,720,223.25 343,402,502.17VI. Closing Balance of Cash and Cash Equivalents 310,569,698.95 328,867,697.86 Monetary Unit: RMB Yuan Current Amount Shareholder"s Equity attributable to the Parent Company Other equity instruments O Items t Total Less: Other General Minority equity shareholders" Special Undistributed h Paid-in capital Capital reserve treasur comprehensive Surplus reserve Risk Subtotal equities reserve profit e Preferre Perpetual Oth y stock income Reserve r d stock bond ers sI. Year-end balance of lastyearAdd: changes inaccounting policiesCorrection of prior perioderrorsOtherII. Balance at beginning ofcurrent yearIII. Increases anddecreases of current -922,132.87 8,032,416.00 7,110,283.13 1,499,549.51 8,609,832.64period (Decrease shall befilled in with “-”)(I) Total comprehensive -922,132.87 8,032,416.00 7,110,283.13 1,499,549.51 8,609,832.64income(II) Investment ofshareholders and capitalreductioninvested by shareholdersother equity instrumentsholdersrecorded into theshareholder"s equity(III) Distribution of profitsreservesprovisionsshareholders(IV) Inner carrying-overof shareholders" equitiesconverted into capital (orcapital stock)accumulation convertedinto capital (or capitalstock)accumulation loss remedybenefit plan carriedforward to retainedearningsincome carried forward toretained earnings(V) Special reserveperiod(VI) OthersIV. Closing balance ofcurrent period Amount of Last Period Amount of Last Period Shareholder"s Equity attributable to the Parent Company Other equity instruments O Items t Total Less: Other General Minority equity shareholders" Special Undistributed h Paid-in capital Capital reserve treasury comprehensi Surplus reserve Risk Subtotal equities reserve profit e Preferre Perpetual Oth stock ve income Reserve r d stock bond ers sI. Year-end balance of lastyearAdd: changes inaccounting policiesCorrection of prior perioderrorsOtherII. Balance at beginning ofcurrent yearIII. Increases anddecreases of current period -111,113.23 4,865,069.59 4,753,956.36 -569,623.30 4,184,333.06(Decrease shall be filled inwith “-”)(I) Total comprehensive -111,113.23 17,950,174.11 17,839,060.88 -264,011.50 17,575,049.38income(II) Investment ofshareholders and capital 1,500,000.00 1,500,000.00reductioninvested by shareholdersother equity instrumentsholdersrecorded into theshareholder"s equity(III) Distribution of profits -13,085,104.52 -13,085,104.52 -1,805,611.80 -14,890,716.32reservesprovisions -13,085,104.52 -13,085,104.52 -1,805,611.80 -14,890,716.32shareholders(IV) Inner carrying-over ofshareholders" equitiesconverted into capital (orcapital stock)accumulation convertedinto capital (or capitalstock)accumulation loss remedybenefit plan carriedforward to retainedearningsincome carried forward toretained earnings(V) Special reserveperiod(VI) OthersIV. Closing balance ofcurrent period Monetary Unit: RMB Yuan Current Amount Other equity instruments Items Less: Other Special Undistributed Paid-in capital Capital reserve treasury comprehensi Surplus reserve Others Subtotal reserve profit Preferred Perpetual stock ve income Others stock bondI. Year-end balance of last year 726,950,251.00 2,386,924,900.84 132,065,774.68 138,509,819.27 3,384,450,745.79Add: changes in accounting policiesCorrection of prior period errorsOtherII. Balance at beginning of currentyearIII. Increases and decreases of currentperiod (Decrease shall be filled in -6,539,105.77 -6,539,105.77with “-”)(I) Total comprehensive income -6,539,105.77 -6,539,105.77(II) Investment of shareholders andcapital reductionshareholdersinstruments holdersinto the shareholder"s equity(III) Distribution of profits(IV) Inner carrying-over ofshareholders" equitiescapital (or capital stock)converted into capital (or capitalstock)remedycarried forward to retained earningscarried forward to retained earnings(V) Special reserve(VI) OthersIV. Closing balance of current period 726,950,251.00 2,386,924,900.84 132,065,774.68 131,970,713.50 3,377,911,640.02 Amount of Last Period Amount of Last Period Other equity instruments Items Less: Other Special Undistributed Paid-in capital Capital reserve treasury comprehensive Surplus reserve Others Subtotal reserve profit Preferred Perpetual stock income Others stock bondI. Year-end balance of lastyearAdd: changes inaccounting policiesCorrection of prior perioderrorsOtherII. Balance at beginning ofcurrent yearIII. Increases anddecreases of current period(Decrease shall be filled inwith “-”)(I) Total comprehensiveincome(II) Investment ofshareholders and capitalreductioninvested by shareholdersother equity instrumentsholdersrecorded into theshareholder"s equity(III) Distribution of profits -13,085,104.52 -13,085,104.52reserves -13,085,104.52 -13,085,104.52shareholders(IV) Inner carrying-over ofshareholders" equitiesconverted into capital (orcapital stock)accumulation convertedinto capital (or capitalstock)accumulation loss remedybenefit plan carriedforward to retainedearningsincome carried forward toretained earnings(V) Special reserveperiod(VI) OthersIV. Closing balance ofcurrent period Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Hainan Jingliang Holdings Co., Ltd. Notes to the Semi-Annual of 2026 Financial Statements (Unless otherwise stated, the amount unit is RMB Yuan) I Basic Information of the Company Hainan Jingliang Holdings Co., Ltd. (hereinafter referred to as "the Company" or "Company" or "JingliangHoldings") is established in accordance with the Hainan Provincial People"s Government General Office QFBH(1992) No.1, approved by QY (1992) SGZ No. 6 Document of the People"s Bank of Hainan Province and re-registered by Hainan Pearl River Enterprise Company on January 11, 1992. The Company issued 81,880,000shares in total upon re-registration, of which 60,793,600 shares were converted from the net assets of theoriginal company and 21,086,400 shares were newly issued. And the name of the Company is Hainan PearlRiver Enterprise Co., Ltd. The business license registration number of the joint-stock company is 20128455-6,and the holding parent company Guangzhou Pearl River Enterprise Group holds 36,393,600 shares, accountingfor 44.45%. Approved by ZGB (1992) No. 83 Document of the People"s Bank of China in December 1992, theadditional 21,086,400 shares were listed on the Shenzhen Stock Exchange for trading. The industry involved isreal estate. On March 25, 1993, in response to QGBH (1993) No.028 of Hainan Provincial Leading Group Office andSRYFZ (1993) No.099 of Shenzhen Special Economic Zone Branch of the People"s Bank of China, theCompany increased its share capital by converting the original share capital into 139,196,000 shares (accordingto distribution of 10, delivery of 5 and transfer of 2), with the controlling shareholder Guangzhou Pearl RiverEnterprises Group holding 48,969,120 shares accounting for 35.18% at the end of 1993. In 1994, the share capital was increased by 10 to 10, and the total share capital was 278,392,000 sharesafter the increase. The controlling shareholder, Guangzhou Pearl River Enterprises Group, holds 97,938,240shares, accounting for 35.18%. In 1995, the issuance of 50,000,000 B Shares was approved by SZBF (1995) No.45 and SZBF (1995)No.12. The share capital of the Company was increased by 10:1.5 on the basis of the share capital after the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026additional B shares were issued, and the share capital of the Company after the increase was 377,650,800 shares.The holding parent company, Guangzhou Pearl River Enterprises Group, held 112,628,976 shares, accountingfor 29.82% of the total. In 1999, Guangzhou Pearl River Enterprises Group transferred all 112,628,976 shares to Beijing WanfaReal Estate Development Co., Ltd. After the transfer of shares was completed in June 1999, Beijing Wanfa RealEstate Development Co., Ltd. held 112,628,976 shares of the Company, accounting for 29.82% of the totalshares of the Company, and became the controlling shareholder of the Company. On January 10, 2000, the name of the Company was changed to Hainan Pearl River Holding Co., Ltd. andthe Business License for Enterprise Legal Person was renewed by Industrial & Commerce AdministrationBureau of Hainan Province. On August 17, 2006, the reform plan of the split share structure of the Company was implemented. TheCompany transferred 49,094,604 shares of capital stock to all shareholders at the ratio of 10 to 1.3. The originalnon-tradable shareholders transferred the increased shares to the tradable A-shareholders. Beijing Wanfa RealEstate Development Co., Ltd. reimbursed the consideration shares of the non-tradable shareholders who havenot expressly expressed their opinions. The converted total share capital was 426,745,404 shares, and theoriginal controlling shareholder Beijing Wanfa Real Estate Development Co., Ltd. held 107,993,698 shares,accounting for 25.31%. Shareholders of non-tradable shares repaid 3,289,780 shares in consideration of the splitshare structure in 2007. Shareholders of non-tradable shares repaid 1,196,000 shares in consideration of the splitshare structure in 2009. On 2 September 2016, Beijing Wanfa Real Estate Development Co., Ltd., the original controllingshareholder, transferred all of its 112,479,478 shares to Beijing Grain Group Co., Ltd. (hereinafter referred to as"Beijing Grain Group"). Upon completion of the share transfer in September 2016, Beijing Grain Group Co.,Ltd. held 112,479,478 shares, accounting for 26.36% of the total shares of the Company. In November 2016,based on the confidence in the subject matter of the material asset restructuring and the future development ofthe Company, Beijing Grain Group Co., Ltd. decided to increase its shareholding through centralized bidding inthe secondary market. After the increase, it held 123,561,963 shares of the Company, accounting for 28.95% ofthe total number of shares, and became the largest shareholder of the Company. The Company determined July 31, 2017 as the delivery date of material assets in accordance with the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026material assets restructuring plan and the delivery agreement. On September 14, 2017, approved pursuant to theresolution of the Second Extraordinary General Meeting of Shareholders of the Company on November 18,of Hainan Pearl River Holding Co., Ltd. to Purchase Assets and Raise Supporting Funds from Beijing GrainGroup Co., Ltd. (ZJXK (2017) No.1391): 1) The Company purchased assets from the original shareholders ofBeijing Jingliang Food Co., Ltd. (hereinafter referred to as Beijing Jingliang Food) by issuing 210,079,552shares of the balance between the transaction price of the injected assets and the assets to be purchased (thedifference between the transaction price of the injected assets and the assets to be purchased was RMBRMB 8.09 per share; 2) The Company has issued 48,965,408 non-public shares of the Company to BeijingGrain Group for the purpose of purchasing the supporting funds raised from the assets of the issuance of shares.The par value per share of the Company was RMB1.00 and the issuance price was RMB8.82 per share. Theshareholder Beijing Grain Group conducted subscription in monetary funds. Upon completion of the issue, theregistered capital was RMB 685,790,364.00 and the share capital was RMB 685,790,364.00. Beijing GrainGroup, which accounted for 42.06% of the total number of shares, became the largest shareholder of theCompany. On November 21, 2019, with the approval of Beijing Shounong Food Group Co., Ltd. (Beijing ShounongFood publish [2019] No. 212), Approval on the Plan of Purchasing Assets by Cash and Issuing Shares ofHainan Jingliang Holdings Co., Ltd, On April , 2020, with the approval of Approval of Hainan JingliangHolding Co., Ltd. Issuance Shares to Wang Yuecheng to Purchase Assets by China Securities RegulatoryCommission [2020] No. 610, the company shall not issue more than 41,159,887 new shares in private offeringto raise funds supporting the purchase of assets through the issued shares. The Company and its subsidiary,Beijing Jingliang Food Co., Ltd., purchased the 25.1149% equity stake of Zhejiang Little Prince by cash andissuance of shares. As of June 30, 2026, the company has issued 726,950,251.00 shares, and the company"s share capital isMarket Supervision Administration; Company type: Limited Company (Listed, State-controlled); Registeredaddress: F29, Dihao Building, Pearl River Square, Binhai Avenue, Haikou City; Legal representative:WangChunli. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 The Company belongs to manufacturing-agricultural and sideline food processing industry. Its mainbusiness activities mainly includes: food, beverages, oilseeds and by products, vegetable proteins and theirproducts, organic fertilizers, microbial fertilizers, production and marketing of agricultural fertilizers; landconsolidation, soil remediation; agricultural comprehensive planting development, animal husbandry andaquaculture, agricultural equipment production and marketing; computer network technology, investment incommunication projects, research and development and application of high-tech products; investment andconsultation of environmental protection projects; animation, graphic design; import and export trade in goodsand technology; rental of own premises. The Company and its subsidiaries are principally engaged in the processing and sales of oil and oilseeds,and processing and sales of foodstuffs. The parent company of the company is Beijing Grain Group Co., Ltd., and the ultimate parent company isBeijing Capital Agribusiness Food Group Co., Ltd. From March 22, 1988 to the present (with no fixed end date). The financial statements have been approved by the Board of Directors of the Company in its resolutiondated August 25, 2026. II Preparation Basis for Financial Statements Based on the assumption of going concern and according to actual transaction events, the financialstatements are prepared in accordance with the relevant provisions of Accounting Standard for BusinessEnterprises and the following stated Significant Accounting Policies and Estimates. The Company has a going concern capability for 12 months from the end of the reporting period and no Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026material matters affecting the company"s going concern capability were found. Therefore, the financialstatements are presented on a going concern basis is reasonable. III Significant Accounting Policies and Estimates The Company and its subsidiaries are engaged in the processing and sales of oil and oilseeds, andprocessing and sales of foodstuffs. According to the characteristics of actual production and operation and theprovisions of relevant accounting standards for business enterprises, the Company and its subsidiaries haveformulated a number of specific accounting policies and accounting estimates for transactions and events suchas revenue recognition. For details, please refer to the descriptions in Note Ⅲ, 27 “Revenue”. The financial statements prepared by the company comply with the requirements of the EnterpriseAccounting Standards and fairly and completely reflect the company"s and consolidated financial position as ofJune 30, 2026, as well as the company"s and consolidated operating results, changes in shareholders" equity, andcash flows for the six-month period then ended. Additionally, these financial statements are prepared with reference to the disclosure and reportingrequirements outlined in the China Securities Regulatory Commission’s "Regulations on the Preparation ofInformation Disclosure Reports for Publicly Issued Securities No. 15 - General Provisions on FinancialReports" (revised in 2023). The accounting period of the Company is divided into an annual period and an interim period. Theaccounting interim period refers to the reporting period shorter than a full accounting year. The fiscal year ofthe Company adopts the Gregorian calendar year, that is, from January 1 to December 31 of each year. The normal business cycle is the period from the time the Company purchases assets for processing to thetime when cash or cash equivalents are realized. The Company uses 12 months as a business cycle and uses it asa liquidity classification standard for assets and liabilities. RMB is the currency in the main economic environment in which the Company and its domestic Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026subsidiaries operate. The Company and its domestic subsidiaries use RMB as the bookkeeping standardcurrency. The offshore subsidiaries of the Company determine USD as their bookkeeping standard currencybased on the currencies in the main economic environment in which they operate. The currency used by theCompany in preparing these financial statements is RMB. The company follows the materiality principle when preparing and disclosing financial reports. Ifdisclosure matters involve the judgment of materiality standards. the methods of determining materialitystandards and selection basis are disclosed as follows: Disclosure matters involve the judgment Methods of determining materiality standards and selection basis of materiality standardsImpairment test made on individual Impairment test made on individual accounts receivables accountingaccounts receivable with significant over 10% as total provision for various types of bad debts receivables,amounts. and amounts exceeding 5 million yuanSignificant bad debt reserve for accounts Individual item recovered or reversed accounting over 10% as totalreceivable recovered or reversed amounts for various types of receivables and exceeding 5 million yuan Individual write-off amount accounting for over 10% as total amountsSignificant receivables actually written of various types of bad debts reserve for receivables, and amountsoff exceeding 5 million yuan Individual contractual liabilities with aging over one year accountingSignificant contractual liabilities with over 10% of total amount of contractual liabilities, and amountsaging over one year exceeding 10 million yuanSignificant project under construction Projects with investments exceeding 5 million yuan Non-wholly owned subsidiaries with individual entity revenue and netSignificant non-wholly owned profit accounting 10% for items related to the Company"s consolidatedsubsidiaries statements Associated enterprise and joint-venture with net profit shareSignificant associated enterprise and recognized in the current period accounting 5% for items related to thejoint-venture. Company’s consolidated statements Transactions involving the purchase of bonds, funds, wealthSignificant investment activities management products, etc., with an amount reaching 50 million yuan.Control Business Combination refers to the transaction or event in which two or more separate enterprises aremerged to form one reporting entity. Business combination can be divided into business combination under thesame control and business combination under different control. (1) Business combination under the same control Enterprises participating in the combination are ultimately controlled by the same party or multiple partiesbefore and after the combination, and the control is not temporary, so it is the business combination under the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026same control. In case of business combination under the same control, the party that obtains control of otherenterprises participating in the combination on the combination date shall be the combination party, and theother enterprises participating in the combination shall be the merged party. The combination date refers to thedate on which the combination party actually acquires control over the merged party. The assets and liabilities acquired by the combination party are measured at the book value of the mergedparty at the date of consolidation, including goodwill that was formed during acquisition by end controller. Ifthe difference between the book value of the net assets acquired by the merging party and the book value of themerged consideration (or the total par value of the issued shares) paid by the merging party, and the capitalreserve (share capital premium) shall be adjusted; If the capital reserve (equity premium) is insufficient to offset,the retained earnings shall be adjusted. The direct expenses incurred by the merging party for the purpose of business combination shall beincluded in the profits and losses of the current period when they are incurred. (2) Business combination under different control If the enterprises participating in the merger are not ultimately controlled by the same party or multipleparties before and after the merger, the enterprise merger is not under the same control. In case of businesscombination under different control, the party that obtains control of other enterprises participating in thecombination on the date of purchase shall be the Purchaser, and the other enterprises participating in thecombination shall be the Purchasee. Purchase date means the date on which the Purchaser actually acquirescontrol of the Purchasee. For business combination under different control, the merger cost includes the assets, liabilities and fairvalue of equity securities issued by the Purchaser in order to obtain the control over the Purchasee on the date ofpurchase, and the intermediary fees such as audit, legal service, appraisal and consultation and othermanagement fees for the enterprise merger are used to record into the profits and losses of the current periodwhen incurred. The transaction costs of equity or debt securities issued by the Purchaser as a mergerconsideration are included in the initial recognition amount of the equity or debt securities. Contingentconsideration involved shall be included in the consolidation cost at its fair value at the purchase date, and theconsolidation goodwill shall be adjusted accordingly if new or further evidence of the existence ofcircumstances at the purchase date appears within 12 months after the purchase date and the adjustment or Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026consideration is required. The consolidation cost incurred by the Purchaser and the identifiable net assetsacquired during the consolidation are measured at the fair value at the date of purchase. The difference betweenthe merger costs and the fair value shares of the identifiable net assets of the Purchasee at the purchase dateobtained in the merger is recognized as goodwill. If the combined cost is less than the fair value of theidentifiable net assets of the Purchasee in the merger, first, the fair value of the identifiable assets, liabilities andcontingent liabilities of the Purchasee and the measurement of the consolidation cost shall be re-checked. If theconsolidation cost is still smaller than the fair value share of the identifiable net assets of the Purchased obtainedin the consolidation after the re-check, the difference shall be recorded into the profits and losses of the currentperiod. When the Purchaser acquires the deductible temporary difference of the Purchasee, if it fails to recognizethe deferred income tax assets on the date of purchase because it does not meet the recognition conditions forthe deferred income tax, and within 12 months of the date of purchase, new or further information is obtainedindicating that the relevant circumstances at the purchase date already exist and the economic benefits from thetemporary difference deductible by the purchaser on the purchase date are expected to be realized, the relevantdeferred income tax assets shall be recognized, and the goodwill shall be reduced. If the goodwill is notsufficiently offset, the difference shall be recognized as the current profit or loss; In addition to the abovecircumstances, the deferred income tax assets related to the enterprise merger are recognized and included in thecurrent profits and losses. Through multi-transaction and step-by-step business combination under different control, according to theCircular of the Ministry of Finance on Printing and Issuing the Interpretation of Accounting Standards forBusiness Enterprises No.5 (CK (2012) No.19) and Article 51 of the Accounting Standards for BusinessEnterprises No.33-Consolidated Financial Statements on the judgment criteria of "package deal" (see 7 (2) ofNote Ⅲ), it is determined whether the multiple transactions belong to the "package deal". In the case of a"package deal", the accounting treatment shall be performed with reference to the description in the precedingparagraphs of this section and Note Ⅲ, 15 "Long-term Equity Investments"; If the transaction is not a "packagedeal", the accounting treatment shall be distinguished between the individual financial statements and theconsolidated financial statements: In the individual financial statements, the sum of the book value of the equity investment held by thePurchaser prior to the purchase date and the cost of the new investment at the purchase date shall be taken as the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026initial investment cost of the investment; Where the equity of the Purchased held before the date of purchaseinvolves other comprehensive income, the other consolidated income associated with the investment isaccounted for on the same basis as the assets or liabilities directly disposed of by the Purchaser (i.e., except forthe corresponding share in the change caused by the acquisition of the net liability or net assets of the definedbenefit plan remeasured in accordance with the equity method, the rest is transferred to the current investmentincome). In the consolidated financial statements, the equity of the Purchased held prior to the date of purchase isremeasured according to the fair value of the equity at the date of purchase, and the difference between the fairvalue and the carrying value is included in the investment income of the current period; Where the equity of thePurchasee held before the date of purchase involves other comprehensive income, other consolidated incomerelated thereto shall be accounted for on the same basis as the direct disposal of the relevant assets or liabilitiesby the Purchaser (i.e., except for the corresponding share in the change caused by the acquisition of the netliability or net asset of the defined benefit plan remeasured in accordance with the equity method, the rest isconverted into the investment income of the current period to which the acquisition date belongs).Statements. (1) Criteria for the Judgment of Control The scope of consolidation of the consolidated financial statements is determined on a control basis.Control means that the Company has the authority over the Investee, enjoys a variable return by participating inthe relevant activities of the Investee, and has the ability to use its authority over the Investee to influence theamount of such return. The scope of the merger includes the Company and all its subsidiaries. Subsidiary refersto the main body controlled by the Company. The Company will re-evaluate the above control definitions once the relevant facts and circumstanceschange, which results in the change of the relevant elements. (2) Preparation method of consolidated financial statement The Company begins to incorporate the net assets of the subsidiary and the actual control of the productionand operation decisions into the scope of the merger from the date when the subsidiary is acquired; Cease to beincluded in the scope of the merger as of the date of loss of effective control. For the subsidiaries disposed of, Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026the operating results and cash flows prior to the date of disposal have been appropriately included in theconsolidated income statement and consolidated cash flow statement; For subsidiaries disposed of in the currentperiod, the opening amount of the consolidated balance sheet is not adjusted. The operating results and cashflows of subsidiaries increased by consolidation after purchase have been properly included in the consolidatedincome statement and consolidated cash flow statement, and the opening and comparative amounts in theconsolidated financial statements have not been adjusted for subsidiaries that are not under the same control.The operating results and cash flows of the subsidiaries increased by consolidation under the same control fromthe beginning of the consolidation period to the consolidation date have been appropriately included in theconsolidated profit statement and consolidated cash flow statement, and the comparative amount of theconsolidated financial statements has been adjusted at the same time. In the preparation of the consolidated financial statements, if the accounting policies or accounting periodsadopted by the subsidiaries are inconsistent with those adopted by the Company, necessary adjustments shall bemade to the financial statements of the subsidiaries in accordance with the accounting policies and accountingperiods of the Company. For subsidiaries acquired through business combination under different control, thefinancial statements shall be adjusted on the basis of the fair value of identifiable net assets at the date ofpurchase. All significant transaction balances, transactions and unrealized profits within the Company are offset atthe time of preparation of the consolidated financial statements. The shareholders" equity and the portion of the net profit or loss of the subsidiary that is not owned by theCompany for the current period are separately presented as minority shareholders" equity and minorityshareholders" profit or loss in the consolidated financial statements under shareholders" equity and net profit.The shares of minority shareholders" equity in the net profits and losses of subsidiaries for the current period areshown as "minority shareholders" profits and losses" under the net profit item in the consolidated incomestatement. Losses shared by minority shareholders in a subsidiary exceed the minority shareholders" share in theshareholders" equity of the subsidiary at the beginning of the period, and still decrease by a number ofshareholders" equity. When the control of the original subsidiary is lost due to the disposal of part of the equity investment orother reasons, the residual equity shall be revalued according to its fair value at the date of loss of control. Thesum of consideration obtained from the disposal of equity and the fair value of the remaining equity minus the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026difference between the shares of the net assets of the original subsidiary that shall be continuously calculatedfrom the purchase date according to the original shareholding proportion shall be included in the investmentincome of the current period of loss of control. Other comprehensive income related to the equity investment ofthe original subsidiary, in the event of loss of control, the accounting treatment is performed on the same basisas the direct disposal of the relevant assets or liabilities by the Purchased (i.e. converted to current investmentincome, except for changes resulting from the re-measurement of the net liabilities or net assets of the DefinedBenefit Plan in the original subsidiary). Thereafter, the residual equity shall be subsequently measured inaccordance with the relevant provisions of Accounting Standards for Business Enterprises No.2-Long-termEquity Investment or Accounting Standards for Business Enterprises No.22-Recognition and Measurement ofFinancial Instruments, as detailed in Note Ⅲ, 15-Long-term Equity Investment or Note Ⅲ, 11-FinancialInstruments. If the Company disposes of the equity investment in subsidiaries step by step until it loses control throughmultiple transactions. It is necessary to distinguish whether the transactions that dispose of the equityinvestment in subsidiaries until it loses control belong to a package deal or not. The terms, conditions andeconomic impact of the transactions for the disposal of equity investments in subsidiaries are in accordance withone or more of the following circumstances and generally indicate that multiple transactions should beaccounted for as a package deal: ①These transactions were entered into simultaneously or taking into accounteach other"s influence; ②Only when these transactions are taken together can a complete business result beachieved; ③The occurrence of one transaction depends on the occurrence of at least one other transaction; ④Itis not economical to consider a transaction alone, but it is economical to consider it in conjunction with othertransactions. For transactions that are not part of the package deal, each transaction shall be accounted for inaccordance with the principles applicable to the "partial disposal of long-term equity investments in subsidiarieswithout loss of control" (as detailed in 15 of Note Ⅲ) and the "loss of control over existing subsidiaries as aresult of the disposal of part of the equity investments or other reasons" (as detailed in the preceding paragraph),as appropriate. If the transactions involving the disposal of equity investments in subsidiaries until the loss ofcontrol belong to a package deal, the transactions shall be accounted for as a transaction involving the disposalof subsidiaries and the loss of control; However, the difference between each disposal price and the share of thesubsidiary"s net assets corresponding to the disposal investment prior to the loss of control is recognized in theconsolidated financial statements as other consolidated gains and transferred to the profit or loss for the current Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026period of loss of control in the event of loss of control. A joint venture arrangement is an arrangement under the joint control of two or more participants. TheCompany divides the joint venture arrangement into joint operation and joint venture in accordance with therights and obligations it enjoys in the joint venture arrangement. A joint operation is a joint arrangementwhereby the parties that have joint control of the arrangement have rights to the assets, and obligations for theliabilities, relating to the arrangement. A joint venture is a type of joint arrangement whereby the parties thathave joint control of the arrangement have rights to the net assets of the joint venture. The Company"s investment in the joint venture is accounted for using the equity method, and shall betreated in accordance with the accounting policy described in Note Ⅲ, 15 "Long-term Equity InvestmentAccounted by the Equity Method". The Company, as a joint venture party, recognizes the assets and liabilities held and assumed by theCompany separately, and recognizes the assets and liabilities jointly held and assumed by the Companyaccording to the shares of the Company; recognizes the revenue generated from the sale of the share of jointoperating output enjoyed by the Company; recognizes revenue generated from the sale of output from jointoperations on the basis of the Company"s share; confirms the expenses incurred by the Company individuallyand the expenses incurred by the joint operation according to the shares of the Company. When the Company invests or sells assets as a joint venture (such assets do not constitute business, thesame below), or purchases assets from the joint venture, the Company recognizes only the portion of the profitsand losses attributable to the other participants in the joint venture that arises from the transaction prior to thesale of such assets to a third party. Where such assets are impaired in accordance with the provisions ofAccounting Standards for Business Enterprises No.8-Impairment of Assets, the Company shall fully recognizesuch losses in the case where the assets are cast or sold by the Company to joint operations; For the assetspurchased by the Company from the joint operation, the Company recognizes the losses according to the sharesit assumes. Cash and cash equivalents of the Company include cash on hand, deposits that can be readily withdrawnon demand. Cash equivalents are investments held by the Company with a short term (usually maturing within Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026three months from the date of purchase), high liquidity, readily convertible to known amounts of cash andwhich are subject to an insignificant risk of changes in value. (1) Translation method for foreign currency transaction At the time of initial confirmation, the foreign currency transactions occurring in the Company shall beconverted into the bookkeeping functional currency amount at the spot exchange rate on the trading day, but theforeign currency exchange business or transactions involving foreign currency exchange occurring in theCompany shall be converted into the bookkeeping functional currency amount at the actual exchange rate. (2) Translation method for foreign currency monetary items and foreign currency non-monetary item On the balance sheet date, the foreign currency monetary items are converted at the spot exchange rate onthe balance sheet date, and the exchange difference arising therefrom shall be: ① The exchange differencearising from the special foreign currency borrowings related to the acquisition and construction of assetseligible for capitalization shall be handled in accordance with the principle of capitalization of borrowing costs;② The exchange difference of the hedging instruments used for effective hedging of the net investment inoverseas operations (the difference is included in other comprehensive income, and is not recognized as currentprofit or loss until the net investment is disposed of); ③ Except for the amortized cost, the exchangedifferences arising from the changes in the book balance of the available-for-sale monetary items in foreigncurrencies shall be included in the other comprehensive income, and shall be included in the profits and lossesof the current period. Where the preparation of the consolidated financial statements involves overseas operations, if there areforeign currency monetary items constituting net investment in overseas operations, the exchange differencesarising from exchange rate changes shall be included in other comprehensive income; When disposing ofoverseas operations, the profits and losses shall be transferred to the current disposal period. Non-monetary items in foreign currencies measured at historical cost shall still be measured at thebookkeeping amount in functional currency translated at the spot exchange rate on the transaction date. Fornon-monetary items in foreign currencies measured at fair value, the spot exchange rate at the date of fair valuedetermination shall be adopted for conversion. The difference between the converted amount in functionalcurrency and the amount in original functional currency shall be treated as the change in fair value (including Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026the change in exchange rate), and shall be recorded into the profits and losses of the current period orrecognized as other comprehensive income. (3) Translation method for financial statements in foreign currencies Where the preparation of the consolidated financial statements involves overseas operations, if there areforeign currency monetary items constituting net investment in overseas operations, the exchange differencesarising from exchange rate changes shall be as "foreign currency report conversion difference" and beconfirmed as other comprehensive income; When disposing of overseas operations, the profits and losses shallbe transferred to the current disposal period. The foreign currency financial statements of overseas operations shall be converted into RMB statementsin the following ways: the assets and liabilities in the balance sheet shall be converted at the spot exchange rateon the balance sheet date; Except for "undistributed profits", other items of shareholders" equity shall beconverted at the spot exchange rate at the time of occurrence. The income and expense items in the profitstatement shall be converted at the average exchange rate of the current period on the date of transaction. Theundistributed profit at the beginning of the period shall be the undistributed profit at the end of the periodconverted from the previous year; The undistributed profits at the end of the year shall be calculated and listedaccording to the converted profits distribution items; The difference between the converted asset items and thetotal amount of the liability items and shareholders" equity items shall be recognized as other comprehensiveincome as the translation difference in the foreign currency statements. In case of disposal of overseasoperations and loss of control, the balance in translation of the foreign currency statements related to theoverseas operations as shown below in the shareholders" equity items in the balance sheet shall be transferred tothe profits and losses of the disposal period in whole or in proportion to the disposal of the overseas operations. Cash flows in foreign currencies and cash flows of overseas subsidiaries shall be converted at the averageexchange rate of the current period on the date of occurrence of the cash flows. The effect of exchange ratechanges on cash shall be presented separately in the statement of cash flows as a reconciling item. Opening amounts and prior-period actual amounts shall be shown on the basis of amounts translated fromthe prior-period financial statements. When disposing of all the owner"s equity of the Company"s overseas operations or losing the control overoverseas operations due to the disposal of part of the equity investment or for other reasons, if the following Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026items of shareholders" equity in the balance sheet are shown below, the balance in translation of the foreigncurrency statement attributable to the owner"s equity of the parent company related to the overseas operationshall be transferred to the profits and losses of the current disposal period. In the event that the proportion of overseas business interests is reduced due to the disposal of part of theequity investment or for other reasons, but the control over overseas business operations is not lost, the balancein the translation of the foreign currency statements related to the disposal of part of overseas businessoperations shall be attributed to minority shareholders" interests and shall not be transferred to the profits andlosses of the current period. When disposing of part of the equity of an overseas operation as an associatedenterprise or a joint venture, the balance of the translation of the foreign currency statements related to theoverseas operation shall be transferred into the profits and losses of the current disposal period in the proportionof the overseas operation disposed of. Financial instruments are the contracts that form the financial assets of one entity, and at the same timeform the financial liabilities or equity instruments of other entities. (1) Classification, confirmation and measurement of financial assets According to the business mode of managing financial assets and the contractual cash flow characteristicsof financial assets, the Company divides financial assets into: Financial assets measured at amortized cost.Financial assets measured at fair value with changes included in other comprehensive income. Financial assetsthat are measured at fair value and whose movements are included in the current profits and losses. Financial assets are measured at fair value at initial recognition. For financial assets measured at fair valueand whose changes are included in current profits and losses, relevant transaction costs are directly included incurrent profits and losses. For other types of financial assets, relevant transaction costs are included in the initialrecognition amount. Accounts receivable or notes receivable arising from the sale of products or the provisionof labor services that do not contain or take into account significant financing components shall be initiallyrecognized by the Company in accordance with the amount of consideration that the Company is expected to beentitled to receive. ①Financial assets measured at amortized cost The Group measures financial assets at fair value through other comprehensive income if both of the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026following conditions are met: the financial asset is held within a business model with the objective of bothholding to collect contractual cash flows and selling; the contractual terms of the financial asset give rise onspecified dates to cash flows that are solely payments of principal and interest on the principal amountoutstanding. Interest income of such financial assets is recognized based on effective interest method. TheCompany measures these financial assets at fair value and their changes are included in other comprehensiveincome, but impairment loss or gain, exchange gain or loss and interest income calculated according to theeffective interest rate method are included into the current profit and loss. ②Financial assets measured at fair value with changes included in other comprehensive income The Group measures financial assets at fair value through other comprehensive income if both of thefollowing conditions are met: the financial asset is held within a business model with the objective of bothholding to collect contractual cash flows and selling; the contractual terms of the financial asset give rise onspecified dates to cash flows that are solely payments of principal and interest on the principal amountoutstanding. Interest income of such financial assets is recognised based on effective interest method. TheCompany measures these financial assets at fair value and their changes are included in other comprehensiveincome, but impairment loss or gain, exchange gain or loss and interest income calculated according to theeffective interest rate method are included into the current profit and loss. In addition, the Company designates some non-tradable equity instrument investments as financial assetsmeasured at fair value with changes included in other comprehensive income. The Company shall record therelevant dividend income of such financial assets into the current profits and losses, and the change of fair valueinto other comprehensive income. When the financial asset is derecognized, the accumulated gains or lossespreviously included in other comprehensive income will be transferred from other comprehensive income toretained income and will not be included in current profits and losses. ③Fair value through Profit and Loss Financial assets The Company classifies the above financial assets measured at amortized cost and financial assetsmeasured at fair value with changes included in other comprehensive income into financial assets measured atfair value with changes included in current profits and losses. In addition, during initial recognition, in order toeliminate or significantly reduce accounting mismatch, the Company designated part of financial assets asfinancial assets measured at fair value with changes included in current profit and loss. For such financial assets, Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026the Company adopts fair value for subsequent measurement, and the changes in fair value are included into thecurrent profit and loss. (2) Classification, recognition and measurement of financial liabilities Financial liabilities upon initial recognition are classified as financial liabilities which are measured at fairvalue and whose changes are included in current profits and losses and other financial liabilities. For thefinancial liabilities measured at fair value with the changes included into the current profits and losses, therelevant transaction costs are directly included into the current profits and losses, and the relevant transactioncosts of other financial liabilities are included in the initial recognition amount. ①Financial liabilities at fair value through profit or loss Financial liabilities measured at fair value with changes included in current profits and losses, whichinclude transactional financial liabilities (including derivatives belonging to financial liabilities) and financialliabilities designated to be measured at fair value with changes included in current profits and losses at initialrecognition. Trading financial liabilities (including derivatives belonging to financial liabilities) are subsequentlymeasured according to their fair values. Except for those related to hedge accounting, changes in fair values areincluded in current profits and losses. Financial liabilities designated to be measured at fair value with changes included in current profits andlosses. Changes in the fair value of this liability caused by changes in the Company"s own credit risk areincluded in other comprehensive income. When the liability is derecognized, the accumulated change in fairvalue caused by changes in its own credit risk included in other comprehensive income is transferred to retainedearnings. Changes in fair value are accounted into current profits and losses. If the above-mentioned treatmentof the impact of changes in the credit risk of these financial liabilities will cause or expand accounting mismatchin profits and losses, the Company will include all profits or losses of the financial liabilities (including theimpact amount of changes in the credit risk of the enterprise itself) into the current profits and losses. ② Other financial liabilities Except for financial liabilities and financial guarantee contracts formed by the transfer of financial assetsthat do not meet the conditions for termination of recognition or continue to be involved in the transferredfinancial assets, other financial liabilities are classified as financial liabilities measured at amortized cost and Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026subsequently measured at amortized cost. Gains or losses arising from termination of recognition oramortization are included in current profits and losses. (3) Basis of Confirmation and Calculation of financial instruments Financial assets shall be derecognized if they meet one of the following conditions: ① The termination ofthe contractual right to receive cash flow from the financial asset. ② The financial asset has been transferred,and almost all risks and rewards related to the ownership of the financial asset have been transferred to thetransferee. ③ The financial asset has been transferred. Although the enterprise has neither transferred norretained almost all risks and rewards in the ownership of the financial asset, it has given up its control over thefinancial asset. If the enterprise neither transfers nor retains almost all the risks and rewards of the ownership of thefinancial assets, and does not give up the control over the financial assets, the relevant financial assets shall berecognized according to the extent of continuous involvement in the transferred financial assets, and therelevant liabilities shall be recognized accordingly. The degree of continuous involvement in the transferredfinancial assets refers to the risk level faced by the enterprise due to the change in the value of the financialassets. If the overall transfer of financial assets meets the conditions for termination of recognition, the differencebetween the book value of the transferred financial assets and the sum of the consideration received due to thetransfer and the accumulated amount of changes in fair value originally included in other comprehensiveincome shall be included into the current profits and losses. If the partial transfer of financial assets meets the conditions for termination of recognition, the book valueof the transferred financial assets shall be apportioned according to its relative fair value between thederecognized part and the non-derecognized part, and the difference between the sum of the considerationreceived due to the transfer and the accumulated change in fair value originally included in other comprehensiveincome that shall be apportioned to the derecognized part and the allocated aforesaid book amount shall beincluded into the current profits and losses. For financial assets sold by the Company with recourse, or for endorsement and transfer of held financialassets, it is necessary to determine whether almost all risks and rewards in the ownership of the financial assetshave been transferred. If almost all risks and rewards in the ownership of the financial asset have been Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026transferred to the transferee, the recognition of the financial asset shall be terminated. If almost all risks andrewards on the ownership of a financial asset are retained, the recognition of the financial asset shall not beterminated. If almost all risks and rewards related to the ownership of financial assets have not been transferredor retained, it shall continue to judge whether the enterprise retains control over the assets and carry outaccounting treatment according to the principles mentioned in the preceding paragraphs. (4) Termination of recognition of financial liabilities If the current obligation of the financial liability (or part thereof) has been relieved, the Companyterminates the recognition of the financial liability (or part thereof). The Company (the borrower) and the lendersign an agreement to replace the original financial liabilities by assuming new financial liabilities. If thecontract terms of the new financial liabilities and the original financial liabilities are substantially different, theoriginal financial liabilities shall be derecognized and a new financial liability shall be recognized at the sametime. If the Company makes any substantial modification to the contract terms of the original financial liability(or part thereof), the original financial liability shall be derecognized and a new financial liability shall berecognized in accordance with the modified terms. If financial liabilities (or part thereof) are derecognized, the Company shall include the difference betweenits book value and the consideration paid (including transferred non-cash assets or liabilities assumed) into thecurrent profits and losses. (5) Offset of financial assets and financial liabilities When the Company has the legal right to offset the recognized amount of financial assets and financialliabilities, and such legal right is currently enforceable, and the Company plans to settle the financial assets on anet basis or realize the financial assets and settle the financial liabilities at the same time, the financial assetsand financial liabilities are listed in the balance sheet at a net amount after mutual offset. In addition, financialassets and financial liabilities shall be listed separately in the balance sheet and shall not be offset against eachother. (6) The fair value determination method of financial assets and financial liabilities Fair value refers to the price that market participants can receive from selling an asset or pay to transfer aliability in an orderly transaction on the measurement date. Where there is an active market for financialinstruments, the Company adopts quotations in the active market to determine their fair values. Quoted price in Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026active market refers to the price easily obtained from exchanges, brokers, industry associations, pricing serviceagencies, etc. on a regular basis, and represents the price of market transactions actually occurred in fair trading.If there is no active market for financial instruments, the Company uses evaluation techniques to determine theirfair values. Evaluation techniques include reference to prices used in recent market transactions by partiesfamiliar with the situation and willing to trade, reference to current fair values of other financial instruments thatare substantially the same, discounting cash flow technique, option pricing model, etc. In valuation, theCompany adopts valuation techniques that are applicable under current circumstances and are supported bysufficient available data and other information, selects input values that are consistent with the characteristics ofassets or liabilities considered by market participants in transactions related to assets or liabilities, and givespriority to the use of relevant observable input values as much as possible. If the relevant observable input valuecannot be obtained or it is not impracticable to obtain it, the non-input value shall be used. (7) Equity instruments Equity instruments refer to contracts that can prove ownership of the Company"s residual equity in assetsafter deducting all liabilities. The issuance (including refinancing), repurchase, sale or cancellation of equityinstruments by the Company are treated as changes in equity, and transaction costs related to equity transactionsare deducted from equity. The Company does not recognize changes in the fair value of equity instruments. Dividends (including "interest" generated by instruments classified as equity instruments) distributed bythe Company"s equity instruments during their existence shall be treated as profit distribution. The financial assets of the Company that need to confirm the impairment loss are financial assets measuredat amortized cost and debt instrument investment measured at fair value with changes included in othercomprehensive income, mainly including notes receivable, accounts receivable, other receivables, debtinvestment, other debt investment, long-term receivables, etc. In addition, for some financial guaranteecontracts, impairment reserves and credit impairment losses are also accrued in accordance with the accountingpolicies described in this part. (1) Recognition method of impairment provision On the basis of expected credit losses, the Company sets aside impairment reserves and recognizes creditimpairment losses for the above items according to the applicable expected credit loss measurement method Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026(general method or simplified method). Credit loss refers to the difference between all contractual cash flows receivable according to the contractand all cash flows expected to be collected by the Company discounted according to the original actual interestrate, i.e. the present value of all cash shortages. Among them, for the financial assets that have been purchasedor incurred credit impairment, the Company discounts them according to the actual interest rate adjusted bycredit. The general method of measuring expected credit loss refers to the Company"s assessment of whether thecredit risk of financial assets has increased significantly since the initial recognition on each balance sheet date.If the credit risk has increased significantly since the initial recognition, the Company will measure the lossreserve by an amount equivalent to the expected credit loss during the entire period. If the credit risk has notincreased significantly since the initial recognition, the Company will measure the loss reserve according to theamount equivalent to the expected credit loss in the next 12 months. In assessing the expected credit loss, theCompany takes into account all reasonable and evidence-based information, including forward-lookinginformation. For financial instruments with low credit risk on the balance sheet date, the Company measures the lossreserve based on the expected credit loss amount within the next 12 months or the entire duration according towhether the credit risk has increased significantly since the initial recognition. (2) Criteria for judging whether credit risk has increased significantly since initial recognition If the default probability of a certain financial asset in the expected duration determined at the balancesheet date is significantly higher than the default probability in the expected duration determined at the time ofinitial recognition, it indicates that the credit risk of the financial asset is significantly increased. Except forspecial circumstances, the Company uses the change of default risk in the next 12 months as a reasonableestimate of the change of default risk in the entire duration to determine whether the credit risk has increasedsignificantly since the initial recognition. Generally, if the overdue period is more than 90 days, the Company will consider that the credit risk of thefinancial instrument has increased significantly, unless there is conclusive evidence that the credit risk of thefinancial instrument has not increased significantly since the initial recognition. The Company will consider the following factors when evaluating whether the credit risk has increased Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026significantlyenvironment of the debtor;credit enhancement provided by the third party, which are expected to reduce the economic motivation of thedebtor"s repayment according to the time limit stipulated in the contract or affect the probability of default;debtor;instruments, etc. On the balance sheet date, if the Company judges that the financial instrument has only low credit risk, theCompany assumes that the credit risk of the financial instrument has not increased significantly since the initialrecognition. If the default risk of a financial instrument is low, the borrower"s ability to perform its contractualcash flow obligations in a short period of time is strong, and even if there are adverse changes in the economicsituation and operating environment for a long period of time, it may not necessarily reduce the borrower"sability to perform its contractual cash obligations, then the financial instrument is considered to have low creditrisk. (3) Judgment criteria for financial assets with credit impairment: When one or more events have an adverse impact on the expected future cash flow of a financial asset, thefinancial asset becomes a financial asset with credit impairment. The evidence of credit impairment of financialassets includes the following observable information:economic or contractual considerations related to the debtor"s financial difficulties; Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026debtor;have occurred. Credit impairment of financial assets may be caused by the combined action of multiple events, but maynot be caused by separately identifiable events. (4) Portfolio approach to evaluate expected credit risk based on portfolio The Company evaluates credit risks for financial assets with significantly different credit risks, such as:Accounts receivable with related parties. Receivables in dispute with the other party or involving litigation orarbitration. Receivables with obvious signs that the debtor is likely to be unable to perform the repaymentobligation. In addition to the financial assets with individual credit risk assessment, the Company divides the financialassets into different groups based on the common risk characteristics. The common credit risk characteristicsadopted by the Company include: Credit risk shall be assessed on the basis of the aging portfolio, thereceivables portfolio between the final controlling party and its subordinate units, the public maintenance fundand house selling fund portfolio deposited in the housing provident fund management center, the deposit/marginportfolio, and the petty cash ledger portfolio formed by the employee loan of the unit. (5) Accounting treatment method for impairment of financial assets At the end of the period, the Company calculates the estimated credit losses of various financial assets. Ifthe estimated credit losses are greater than the book amount of its current impairment reserve, the difference isrecognized as impairment loss. If it is less than the carrying amount of the current impairment reserve, thedifference is recognized as impairment gain. (6) Methods for determining the credit loss of various financial assets ① Notes receivable The Company measures the loss reserve for bills receivable according to the expected credit loss amountequivalent to the entire duration. Based on the credit risk characteristics of bills receivable, they are divided into Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026different portfolios:Item Basis for determining portfolioBank acceptance bills The acceptor is a bank with less credit risk According to the acceptor"s credit risk classification, it should be the same as theCommercial acceptance bill "receivable" portfolio classification. As for the notes receivables’ classified as portfolio, the Company referred to the historical credit lossexperience, combined with current situation and forecast for the future economic condition, calculating theexpected credit loss. Through risk exposure at default and lifetime expected credit loss. ② Accounts receivable and other receivables For receivables that do not contain significant financing components, the Company measures the lossreserve according to the expected credit loss amount equivalent to the entire duration. For receivables that contain significant financing components, the Company measures the loss reservebased on whether the credit risk has increased significantly since the initial recognition, using the amount ofexpected credit loss within the next 12 months or the entire duration. According to whether the credit risk of other receivables has increased significantly since the initialrecognition, the Company measures impairment loss with an amount equivalent to the expected credit losswithin the next 12 months or the entire duration. In addition to the accounts receivable and other receivables that individually assess credit risk, they aredivided into different portfolios based on their credit risk characteristics:Item Basis for determining portfolioPortfolio 1 Credit portfolio As for the receivables classified as portfolio, the Company referred to the historical credit loss experience,combined with current situation and forecast for the future economic condition, calculating the expected creditloss. Through cross reference table between the aging of receivables and lifetime expected credit loss. Theaging of receivables is calculated on the date of recognition. The portfolio of other receivable is recognized as follows:Item Basis for determining portfolioPortfolio 1 Credit portfolioPortfolio 2 Deposit/margin portfolio Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Portfolio 3 The portfolio of reserve fund ledger formed by the Company"s staff loan As for the other receivables classified as portfolio, the Company referred to the historical credit lossexperience, combined with current situation and forecast for the future economic condition, calculating theexpected credit loss. Through risk exposure at default and lifetime expected credit loss in the coming 12 months.For the other receivables classified as aging, is calculated on the date of recognition. (1) Classification of inventory Inventories mainly include raw materials, work in progress, finished goods, in transit materials inventorygoods, reserve tanker storage commissioned processing, and manufacturing consignment, etc.. (2) Valuation method for obtaining and issuing inventory Inventories are initially measured at cost. Inventory costs include purchase costs, processing costs andother expenditures. The actual cost of inventories upon delivery is calculated using the weighted averagemethod. (3) Confirmation of net realizable value of inventories and method of accrual of falling price reserve Net Realizable Value refers to the amount of estimated selling price of inventories minus the estimatedcost till completion, estimated expenses for selling activity and related taxes and fees in daily activities. Whendetermining the net realizable value of inventories, solid evidence obtained shall be the basis, and the purposeof holding the inventories and the impact of events after the balance sheet date shall be considered. On the balance sheet date, inventories shall be measured at lower of cost and net realizable value. Whenthe net realizable value is lower than the cost, the provision for inventory devaluation shall be accrued. Theprovision for inventory devaluation shall be accrued based on the difference between the cost of a singleinventory item and its net realizable value. The provision for inventory devaluation of a large number ofinventories with low unit prices shall be based on the type of inventory; for inventories related to the productrange produced and sold in same region, having the same or similar end use or purpose, and difficult to beseparated from other items for measurement, their provision for inventory devaluation can be combined andaccrued. After the provision for inventory devaluation is accrued, if the factors cause the previous written-down Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026inventory value have disappeared, and the situation results in the fact that the net realizable value of theinventories higher than the book value, the amount of the provision for inventory devaluation that has beenaccrued shall be reversed and included in the current period profit or loss. (4) The Company adopts perpetual inventory system as its inventory system. (5) Amortization method of low-value consumables and packaging materials Low-value consumables are amortized by one-off amortization method when they are received; packagingmaterials are amortized by one-off amortization method when they are received. (1) Recognition standards and accounting method treatment for Held-for-sale assets and disposal group A non-current asset or disposal group is classified as held for sale when its carrying amount will berecovered principally through a sale transaction rather than through continuous use. The following conditionsneed to be simultaneously met to be classified as held for sale: a non-current asset or to-be-disposed portfoliocan be sold immediately under the current conditions based on the practice of selling such asset or to-be-disposed portfolio in similar transactions; the Company has already decided on the sale plan and obtainedconfirmed purchase commitment; the sale is scheduled to be completed within one year. Among them, aDisposal Portfolio refers to a group of assets that will be disposed of as a whole through sale or otherapproaches in a transaction, and the liabilities directly associated with these assets transferred along with theassets in transaction. If the portfolio of assets or group of portfolios of assets is allocated goodwill acquired inbusiness merger in accordance with Accounting Standards for Business Enterprises No. 8 - Asset Impairment,the Disposal Portfolio shall include the goodwill allocated to it. In the event that the book value of a non-current asset or to-be-disposed portfolio that has been designatedas held-for-sale category is higher than the net amount of fair value less sales expenses when the non-currentasset or to-be-disposed portfolio is initially measured or measured on the balance sheet date, the book valueshall be to the net amount of fair value minus sales expenses, and the written-down amount shall be recognizedas asset impairment loss and included in current period profit or loss. The provision for impairment loss of theheld-for-sale asset shall be accrued. For a Disposal Portfolio, the confirmed impairment loss shall deduct thebook value of the goodwill in the Disposal Portfolio, then deduct the book value of the non-current assetsdetermined by the measurement on a pro-rata basis in accordance with the applicable Accounting Standards for Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Business Enterprises No. 42 held-for-sale non-current assets, Disposal Portfolio and Termination of Operations(hereinafter referred to as the “Guide for Held-For-Sale”). In the event of an increase of the book value of theheld-for-sale Disposal Portfolio minus sales expenses on the subsequent the balance sheet date, the amountpreviously written down shall be recovered and be reversed within the mount of the asset impairment lossrecognized in the non-current assets measured by the measurement “Guide for Held-For-Sale” after beingclassified as held for sale asset, the reversal amount shall be included in the current period profit or loss, and thebook value of all non-current assets (except for goodwill) determined by the measurement on a pro-rata basis inaccordance with the applicable “Guide for Held-For-Sale” shall be increased on a pro-rata basis. The bookvalue of the goodwill that has been deducted and the impairment loss of the assets recognized before theclassification of the held-for-sale non-current assets in accordance with the applicable “Guide for Held-For-Sale” shall not be reversed. In terms of the held-for-sale non-current assets or non-current assets in Disposal Portfolio, there is noaccrual or amortization for depreciation, and the interest from and other expenses from the liabilities in held-for-sale Disposal Portfolio shall still be recognized. When a non-current asset or Disposal Portfolio no longer meets the conditions for Held-For-Sale category,non-current asset or Disposal Portfolio will no longer be classified as Held-For-Sale category by the Companyor the non-current asset will be removed from the Held-For-Sale Disposal Portfolio, and be measured based onone of the following two values, whichever is lower: (1) The book value before being classified as held-for-salecategory adjusted based on the depreciation, amortization or impairment that should have be confirmed if it isnot classified as held-for-sale category; (2) recoverable amount. (2) Standards for Determining and Methods for the Presentation of Discontinued Operations. A component of an entity that either has been disposed of or is classified as held for sale and: a) represents a separate major line of business or geographical area of operations, b) is part of a single coordinated plan to dispose of a separate major line of business or geographical areaof operations or c) is a subsidiary acquired exclusively with a view to resale. Net profit from continuing operation and Net profit from discontinued Operation are added under the ItemNet Profit of the Profit and Loss Statement, a single amount in the statement of comprehensive income Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026comprising the total of:i) the post-tax profit or loss of continuing operation and discontinued operations. Profitand Loss from the discontinued operation shall listed as Discontinued Operation Profit and Loss, whichcomprises of the entire reporting period, not only recognized as the reporting period after the termination of theoperation. The long-term equity investment refers to in this part refers to the long-term equity investment that theCompany has control, joint control or significant influence on the invested entity. The long-term equityinvestment of the Company that does not have control, joint control or significant impact on the investee shallbe accounted as a financial asset measured at fair value with its changes included into the current profits andlosses. Among them, if it is non-transactional, the Company may choose to designate it as a financial assetmeasured at fair value and its changes are included in the accounting of other comprehensive income at the timeof initial recognition. For details of its accounting policies, please refer to Note Ⅲ, 11 “Financial Instruments". Joint control refers to the control that the Company shares with other party/parties for an arrangement inaccordance with relevant agreements, and relevant activities of the arrangement can only be decided based onthe consensus of all parties sharing the control rights before making a decision. Significant Influence refers topower of the Company to participate in the decision-making of the financial and operating policies of theinvestee, but the Company cannot control or jointly control the development of these policies with other parties. (1) Determination of investment cost For a long-term equity investment obtained from a combination of businesses under the same control, theapportioned share of the book value in the final controller"s consolidated financial statements on thecombination date in accordance with the shareholders" equity shall be the initial investment cost of the long-term equity investment. The capital reserve shall be adjusted subject to the difference between the initialinvestment cost of the long-term equity investment and the cash paid, the non-cash assets transferred, and thebook value of the debts assumed; if the capital reserve is insufficient for offsetting, the retained earnings shallbe adjusted. Where the equity securities are issued as merger consideration, the apportioned share of the bookvalue in the final controller"s consolidated financial statements on the combination date in accordance with theshareholders" equity shall be the initial investment cost of the long-term equity investment, and the total parvalue of the issued shares is taken as the share capital. The capital reserve shall be adjusted subject to the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026difference between the initial investment cost of the long-term equity investment and the total par value of theshares issued; if the capital reserve is insufficient for offsetting, the retained earnings shall be adjusted. Wherethe equity of combined parties under the same control is obtained through multiple transactions and a businesscombination under the same control is formed finally, it shall be treated differentially based on whether it is a“package deal”: if it belongs to a “package deal”, all transactions will be treated as a transaction that obtainscontrol. If it is not a “package deal”, the apportioned share of the book value in the final controller"sconsolidated financial statements on the combination date in accordance with the shareholders" equity shall bethe initial investment cost of the long-term equity investment. The capital reserve shall be adjusted subject tothe difference between the initial investment cost of the long-term equity investment and the sum of the bookvalue of long-term equity investment before combination date and the book value of the new consideration forthe new share on the combination date. If the capital reserve is insufficient for offsetting, the retained earningsshall be adjusted. The equity investments that are held prior to the combination date and are recognized withequity recognized or as available-for-sale financial asset as other comprehensive income will not be givenaccounting treatment for the moment. For a long-term equity investment obtained from a combination of businesses not under the same control,the initial investment cost of the long-term equity investment shall be based on the combination cost on thepurchase date. The combination cost includes the assets paid by purchaser, the liabilities incurred or assumed,and the sum of the fair value of issued equity securities. Where the equity of combined parties not under thesame control is obtained through multiple transactions and a business combination under the same control isformed finally, it shall be treated differentially based on whether it is a “package deal”: if it belongs to a“package deal”, all transactions will be treated as a transaction that obtains control. If it is not a “package deal”,the initial investment cost of the long-term equity investment calculated by the cost method shall be calculatedbased on the sum of the book value of the equity investment in the original holder and the new investment cost.The original shareholding that measured using equity method, the relevant other comprehensive income doestemporarily not conduct accounting treatment. Intermediary expenses such as for auditing, legal services, assessment and other related expenses incurredby a combining party or a purchaser for business combination shall be recognized in current period profit or losswhen incurred. The equity investments other than formed by business combination shall be initially measured at cost. The Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026cost will be determined based on the following amount according to different methods of the acquisition oflong-term equity investment: the purchase price in cash actually paid by the Company; the fair value of theequity securities issued by the Company, the value agreed in relevant investment contract or agreement; the fairvalue or original book value of the assets exchanged in non-monetary asset exchange transaction; the fair valueof the long-term equity investment itself. Any expenses, taxes and other necessary expenses directly related tothe acquisition of long-term equity investments shall also be included in the cost of investment. The cost oflong-term equity investment for the additional investment that can exert significant influence on investee orimplement joint control but does not constitute control shall be the sum of the fair value of the originally heldequity investment recognized in accordance with the Accounting Standards for Business Enterprises No.. 22 –Recognition and Measurement of Financial Instruments and the cost for new investment. (2) Follow-up measurement and confirmation methods for profit and loss The Equity Method shall be used to account for long-term equity investments that have joint control overthe invested entity (except for those constituting joint operators) or have significant impact on the investedentity. In addition, the company"s financial statements use the Cost Method to account for long-term equityinvestments, which can control the long-term equity investment of the investee. ① Long-term equity investment based on Cost Method When accounting with Cost Method, long-term equity investment is priced at the initial investment cost,and the cost of the long-term equity investment is adjusted by adding or recovering the investment. Except forthe actual payment at the time of obtaining investment or the cash dividends or profits included in theconsideration but not yet issued, the current investment income shall be recognized according to the cashdividends or profits declared by the investee. ② Long-term equity investment accounted for by Equity Method When accounting with Equity Method, if the initial investment cost of a long-term equity investment isgreater than the fair value share of the identifiable net assets of the investee when investing, and the initialinvestment cost of the long-term equity investment shall not be adjusted; if the initial investment cost is lessthan the fair value share of the identifiable net assets of the investee when investing, the difference shall beincluded in the current profit and loss, and the cost of the long-term equity investment shall be adjusted When accounting with Equity Method, the investment income and other comprehensive income are Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026recognized separately according to the shares of the net profit or loss and other comprehensive income thatshould be enjoyed or shared, and the book value of the long-term equity investment should be adjusted at thesame time. The book value of long-term equity investment is reduced accordingly by calculating the share thatshould be enjoyed according to the profit or cash dividend declared by the investee. The book value of long-term equity investment shall be adjusted and included in the capital reserve for other changes in the owner"srights and interests of the invested entity other than the net profit and loss, other comprehensive income andprofit distribution. When confirming the share of the net profit and loss of the investee, the net profit of theinvestee shall be adjusted and confirmed on the basis of the fair value of the identifiable assets of the investee atthe time of investment. If the accounting policies and periods adopted by the invested entity are inconsistentwith the Company, the financial statements of the invested entity shall be adjusted in accordance with theaccounting policies and periods of the Company, and the investment income and other comprehensive incomeshall be confirmed accordingly. For the transactions between the Company and the associates and joint ventures,the assets invested or sold do not constitute a business, and the unrealized gains and losses from internaltransactions are offset against the portion of the Company that is attributable to the proportion of the shares, onthis basis. investment profit and loss should be confirmed. However, the unrealized internal transaction lossesincurred by the Company and the investee are not included in the impairment losses of the transferred assets.Where the assets invested by the Company into a joint venture or an associates constitute a business, if theinvestor obtains long-term equity investment but does not control, the fair value of the invested business shallbe deemed as the initial investment cost of the new long-term equity investment, and the difference between theinitial investment cost and the book value of the invested business is fully recognized in the current profits andlosses. If the assets sold by the Company to a joint venture or an associate that constitute a business, thedifference between the consideration value obtained and the book value of the business shall be fully recognizedin the profits and losses of the current period. When confirming the net loss that incurred by the investee should be shared, the book value of the long-term equity investment and other long-term equity that substantially constitutes the net investment of theinvestee are reduced to zero. In addition, if the Company has an obligation to bear additional losses to theinvestee, the estimated liabilities shall be recognized according to the estimated obligations and included in thecurrent investment losses. If the investee achieves net profit in the following period, the Company shall resumerecognizing the share of income after making up for the unrecognized share of loss. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 For the long-term equity investment in the joint ventures and associates held by the Company for the firsttime before the implementation of the new accounting standards, if there is a debit balance of equityinvestments related to the investment, the current profits and losses shall be accounted for by the straight-lineamortization of the original remaining period. (3) Acquisition of Minority Equity In the preparation of the consolidated financial statements, if the difference between the long-term equityinvestment added by purchasing minority shares and the net assets share that should be continuously calculatedby the subsidiary company from the purchase date (or the consolidation date) is calculated according to theproportion of newly added shares, the retained earnings shall be adjusted; and if the capital reserve isinsufficient to offset, the retained earnings shall be adjusted. (4) Disposal of long-term equity investment In the consolidated financial statements, the parent company partially of disposes of the long-term equityinvestment of the subsidiary without losing control, the difference of the corresponding net assets in thesubsidiary between the disposal price and the disposal of the long-term equity investment is included in theshareholders" equity. it shall be treated in accordance with the relevant accounting policies described in “Noteson the preparation of consolidated financial statements” in Note Ⅲ.7. For the disposal of long-term equity investment in other cases, the difference between the book value ofthe disposed equity and the actual acquisition price shall be included in the current profits and losses. If the long-term equity investment is accounted for by equity method, the remaining equity after disposal isstill accounted for by equity method, when disposing, the other comprehensive income which were originallyincluded in shareholder"s rights and interests shall be accounted for on the same basis as the assets or liabilitiesdirectly disposed of by the investee. The owner"s equity recognized as a result of changes in the owner"s equityof the investee other than net profit or loss, other comprehensive income and profit distribution, it should becarried forward to the current profit and loss For the long-term equity investment accounted by Cost Method, the remaining equity is still accounted byCost Method after disposal, other comprehensive income that recognized by equity method accounting orfinancial instrument recognition and measurement criteria accounting before obtaining control over the investeeshall be accounted for on the same basis as the assets or liabilities directly disposed of by the investee, and shall Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026be settled to the current profit and loss in proportion. Changes of the net assets of investee in the owner"s equityother than net profit or loss, other comprehensive income and profit distribution "s that recognized by equitymethod shall be settled to the current profit and loss in proportion. Where the Company loses control over the investee due to disposal of part of its equity investment, whenpreparing individual financial statements, if the remaining equity after disposal can exercise joint control orexert significant influence on the investee, it shall be accounted for by equity method instead, and the remainingequity shall be adjusted by accounting by equity method when it is deemed to be acquired. If the remainingequity after disposal cannot be jointly controlled or exerts significant influence on the investee, it shall beaccounted for according to the relevant provisions of the financial instrument recognition and measurementcriteria, and the difference between the fair value and the book value on the date of loss of control. It is includedin the current profit and loss. Before the Company obtains control over the investee, other comprehensiveincome recognized by equity method accounting or financial instrument recognition and measurement criteria isused to directly dispose of the relevant assets with the investee, accounting treatment based on the same basis asthe investee directly disposes of related assets or liabilities when the control of the investee is lost, Accountingis treated on the same basis as the liabilities. Changes in the owner"s equity other than net profit or loss, othercomprehensive income and profit distribution of the investee"s net assets recognized by the equity method arecarried forward to the current profit or loss when the control of the investee is lost. Among them, the remainingequity after disposal is accounted for using the equity method. Where the remaining equity after disposal isaccounted for by equity method, other comprehensive income and other owner"s equity should be settled byproportion. If the remaining equity is accounted for using financial instrument recognition and measurementstandard, all of other comprehensive income and other shareholder’s equity should be settled. If the Company loses its joint control or significant influence on the investee due to the disposal of part ofthe equity investment, the remaining equity after disposal shall be accounted for according to the financialinstrument recognition and measurement criteria, and the difference between the fair value and the book valueon the date of loss of joint control or significant influence is recognized in the current profit or loss. The othercomprehensive income recognized in the original equity investment by the equity method is accounted for onthe same basis as the investee"s direct disposal of related assets or liabilities when the equity method isterminated, Owner"s equity recognized as a result of changes in other owners" equity other than net profit or loss,other comprehensive income and profit distribution of the investee should be transferred to current investment Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026income when terminating the equity method The Company disposes of the equity investment in the subsidiaries step by step through multipletransactions until the loss of control. If the above-mentioned transactions are part of a package transaction, thetransactions are treated as a transaction dealing with the equity investment of the subsidiary and losing control.The difference between the book value of each long-term equity investment corresponding to the disposal priceand the disposal of the equity before loss of control is first recognized as other comprehensive income, andwhen the control is lost, it is transferred to the current profit and loss of loss of control. Investment Property refers to property held for the purpose of earning rent or capital appreciation, or both,including land use rights that have been leased, land use rights that are held and prepared for transfer afterappreciation, and buildings that have been rented. Investment property is initially measured at cost. Theexpenses related to investment property, if the economic benefits related to this asset are highly probable toflow into the company and the cost can be measured reliably, then the expense will account for as the cost ofinvestment property. Other expenses are accounted for in profit and loss when incurred. The Company adopts the cost model to conduct subsequent measurement of investment property anddepreciation or amortization according to the policy consistent with the building or land use rights. For details of the impairment test method and impairment provision method of property, please refer toNote Ⅲ. 23 “Long-Term Asset Impairment”. When the self-use property or inventory is converted into investment property or investment property isconverted into self-use property, the book value before conversion is used as the recorded value afterconversion. When the use of investment property is changed to self-use, the investment property is converted into fixedassets or intangible assets from the date of change. When the use of self-use property changes to earn rent orcapital appreciation, the fixed assets or intangible assets are converted into investment property from the date ofchange. In the case of investment property measured by the cost model when the conversion occurs, the bookvalue before conversion is used as the entry value after conversion; if it is converted into investment propertymeasured by the fair value model, the fair value of the conversion date is used as the entry value afterconversion. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 When an investment real estate is disposed of, or permanently withdrawn from use and is not expected toobtain economic benefits from its disposal, the confirmation of the investment real estate shall be terminated.Disposal income from the sale, transfer, retirement or damage of investment properties is charged to the currentprofit and loss after deducting its book value and related taxes and fees. (1) Confirmation conditions for fixed assets Fixed Assets refer to tangible assets held for the purpose of producing goods, providing labor services,renting or operating management, and having a service life of more than one fiscal year. Fixed assets arerecognized only when the economic benefits associated with them are likely to flow into the Company and theircosts can be reliably measured. Fixed assets are initially measured at cost and taking into account the impact ofprojected abandonment costs. (2) Depreciation methods for various types of fixed assets Fixed assets are depreciated over their useful lives using the straight-line method from the month followingthe scheduled availability. The depreciation period, estimated net residual value rate and annual depreciationrate of each category of fixed assets are as follows: Depreciation Net salvage rate Annual depreciation Category Depreciation Method period (Year) (%) rate (%) straight-lineBuildings 8-50 5 1.90— 11.88 depreciationMachinery straight-lineequipment depreciation straight-lineTransport facility 5-10 4、5 9.50—19.20 depreciation straight-lineElectronic equipment 3-10 4、5 9.50—32.00 depreciation straight-lineOffice equipment 3-10 4、5 9.50—32.00 depreciation straight-lineOther equipment 5-28 4、5 3.39—19.20 depreciation The estimated net residual value refers to the expected state after the estimated useful life of the fixedassets has expired and is at the end of its useful life. The amount currently obtained by the Company from thedisposal of the assets after deducting the estimated disposal expenses. (3) Impairment test method and Impairment provision method for fixed assets For details of Impairment test method and impairment provision method for fixed assets, please refer to Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Note Ⅲ. 23 “Long-Term Asset Impairment”. (4) Recognition basis and valuation method of fixed assets acquired by finance lease A finance lease is a lease that transfers substantially all the risks and rewards associated with ownership ofan asset, and its ownership may or may not be transferred. If it is reasonable to determine the ownership of theleased asset at the expiration of the lease term, the depreciation shall be calculated within the useful life of theleased asset; If it is not reasonable to determine the ownership of the leased asset at the expiration of the leaseterm, depreciation shall be calculated within a relatively short period of the lease term and the service life of theleased assets. (5) Others The subsequent expenses related to fixed assets, if the economic benefits related to the fixed assets arelikely to flow in and their costs can be reliably measured, are included in the cost of fixed assets and the bookvalue of the replaced part should be terminated. The subsequent expenditures other than mentioned as above arerecognized in profit or loss in the period in which they are incurred. The fixed asset is derecognized when the fixed asset is in disposal or is not expected to generate economicbenefits by using or disposal. The difference between the disposal income from the sale, transfer, retirement ordamage of the fixed assets less the carrying amount and related taxes is recognized in profit or loss for thecurrent period. The Company reviews the useful life, estimated net residual value and depreciation method of fixed assetsat least at the end of the year, and changes as an accounting estimate if changes occur. The cost of construction in progress is determined based on actual project expenditure, including variousproject expenditures incurred during the construction period, capitalized borrowing costs before the projectreaches the expected usable status, and other related expenses. Construction in progress is carried forward tofixed assets when it is ready for its intended use. For details of the impairment test method and impairment provision method for construction in progress,please refer to Note Ⅲ. 23 “Long-Term Asset Impairment”. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Borrowing costs include interest on borrowings, amortization of discounts or premiums, ancillary expenses,and exchange differences arising from foreign currency borrowings. Borrowing costs directly attributable to theacquisition, construction or production of assets eligible for capitalization, capitalization is begun when assetexpenditures have occurred, borrowing costs have occurred, and the acquisition, construction or productionactivities necessary to bring the assets to the intended usable or saleable state have begun. And capitalization isstopped when the assets under construction or production that meet the capitalization conditions are ready fortheir intended use or saleable status. The remaining borrowing costs are recognized as an expense in the periodin which they are incurred. The interest expenses actually incurred in the current period of special borrowings shall be capitalized aftersubtracting the interest income from the unused borrowing funds deposited into the bank or the investmentincome obtained from the temporary investment. For the general borrowings, according to the accumulatedasset expenditures exceed the special borrowings. The capitalization amount is determined by multiplying theweighted average of which accumulated asset expenditure exceeds the asset expenditure of the specialborrowing portion by the capitalization rate of the general borrowings used. The capitalization rate isdetermined based on the weighted average interest rate of general borrowings. During the capitalization period, the exchange differences of foreign currency special borrowings are allcapitalized; the exchange differences of foreign currency general borrowings are included in the current profitand loss. Assets eligible for capitalization refer to assets such as fixed assets, investment property and inventoriesthat require a substantial period of acquisition, construction or production activities to achieve the intended useor sale status. If the assets eligible for capitalization are interrupted abnormally during the acquisition, construction orproduction process and the interruption period lasts for more than 3 months, the capitalization of the borrowingcosts shall be suspended until the acquisition, construction or production of the assets resumes. Right-of-use assets of the Group mainly consist of buildings, power generation and transmissionequipment, plant, machinery and equipment, motor vehicles, furniture and fixtures and others. (1) Initial accountings Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 At the commencement date of the lease, the Group recognizes the right to use the leased assets during thelease term as a right-of-use asset, including: the initial measurement amount of the lease liability; the amount oflease payment paid on or before the beginning of the lease term, the amount of lease incentive already enjoyedshall be deducted if there is a lease incentive; initial direct expenses incurred by the lessee; the costs that thelessee is expected to incur in order to dismantle and remove the leased asset, restore the leased asset to the siteor restore the leased asset to the state agreed upon in the lease terms. The right-of-use assets are depreciated ona straight-line basis subsequently by the Group. If the Group is reasonably certain that the ownership of theunderlying asset will be transferred to the Group at the end of the lease term, the Group depreciates the assetfrom the commencement date to the end of the useful life of the asset. Otherwise, the Group depreciates theassets from the commencement date to the earlier of the end of the useful life of the asset or the end of the leaseterm. The company recognizes and measures the above costs under Item 4 in accordance with theAccounting Standards for Enterprises No.13–Contingencies. (2) Subsequent accounting The Company accursed the right-of-use assets according to the Accounting Standards for EnterprisesNO.4-Fixed Assets. Commencement from the date of lease, the Company shall accrue the right-of-use assets.Generally, the right-of-use assets are accrued at the start of the lease date, the expenses of depreciation accruedshall include into relevant asset cost or profit and loss in the current period based on the purpose of right-of-useassets. While recognizing the method of right-of-use assets, the Company shall make decisions on the economicbenefit of forecast consumption mode related to the right-of-use assets, accrues the deprecation by straight-linemethod. When the Company recognize the depreciation period of right-of-use assets, maturity of lease periodcan be determined in a reasonable and well-grounded manner on the acquisition of the right-of-use assets,accursed the deprecation in its remaining service life. If the right-of-use lease assets could not be determinedreasonably while the service life is mature, depreciation is applied with the short period of time between thelease term and the remaining useful life of the lease asset. If there are impaired right-of-use assets, the Company shall accrue the subsequent deprecation based on thebook value of right-of-use assets after deducting the loss of impairment. The Company determined not to recognized the right-of-use assets and lease liabilities on the short-term Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026lease (lease term not exceeding 12 months), and recognizes the relevant lease payment during the respectivelease term in the current profit and loss or cost of assets relevant in straight line method. Impairment testmethod and the provision method for diminution in value of right-of-use assets are detailed in Note III 23“Long-Term Asset Impairment”. Intangible assets refer to identifiable non-monetary assets without physical form owned or controlled bythe Company. Intangible assets are initially measured at cost. Expenditure related to intangible assets is included in thecost of intangible assets if the relevant economic benefits are likely to flow to the Company and its costs can bemeasured reliably. However, the intangible assets acquired through business combination not involvingenterprises under common control should be measured at fair value separately as intangible assets when theirfair values can be reliably measured. The acquired land use rights are usually accounted for as intangible assets. The related land use rights andbuilding construction costs of self-developed and constructed buildings are accounted for as intangible assetsand fixed assets, respectively. In the case of purchased houses and buildings, the relevant price is distributedbetween the land use rights and the buildings. If it is difficult to allocate them reasonably, all of them are treatedas fixed assets. (1) Basis for determining the service life, the estimate thereof, and amortization methods and theprocedures for reviewing their service life When recognizing the service life of the intangible assets, being sourced from any contractual right orother statutory rights, its service life shall not exceed the life of contractual rights or other statutory rights. Asfor the intangible assets not specified either under the contract or legal regulations, the company combinedvarious situations, such as employing relevant professional persons to undergo the justification or makecomparison with the situation of the same industry and the historical experience of the Company, determiningthe future economic benefit service life which is brought by the intangible assets. If the efforts are made, butcould not recognized reasonably that the intangible asset shall bring the economic benefit service life for theCompany, then shall treat this as uncertain service life of the intangible asset. Since the intangible assets with limited useful life are available for use, the original value minus the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026estimated net residual value and the accumulated amount of impairment reserve shall be amortized by thestraight-line method during their expected service life. Intangible assets with uncertain service life shall not beamortized. Among them, the useful life and amortization method of intellectual property are as follows: Item Amortization period (year) Amortization methodTrademark 20 Straight-line methodSoftware 3-10 Straight-line methodLand-use rights 50 Straight-line method At the end of the period, the useful life and amortization methods of intangible assets with limited usefullife are reviewed, and if any change occurs, it is treated as a change of accounting estimate. In addition, theuseful life of intangible assets with uncertain service life is also reviewed. If there is evidence that the period forwhich the intangible assets bring economic benefits to the enterprise is foreseeable, the useful life of intangibleassets is estimated and amortized according to the amortization policy of intangible assets with limited usefullife (2) Research and development expenditure The company"s expenditure for internal research and development project is divided into research phaseexpenditure and development phase expenditure. Expenditures for the research phase shall be recognized in profit or loss when incurred. Expenditures for the development phase that meet the following conditions shall be recognized asintangible assets, and expenditures in the development stage that fail to meet the following conditions areincluded in current profit and loss: a. It is technically feasible to complete the intangible asset to enable it to be used or sold. b. The intent to complete the intangible asset and use or sell it; c. The way in which intangible assets generate economic benefits, including the ability to prove that theproducts produced from the intangible assets having a market or the intangible assets having a market, and theintangible assets will be used internally, which can prove its usefulness; Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 d. sufficient technical, financial resources and other resources for supporting the development of theintangible assets and the ability to use or sell the intangible assets. e. Expenditure attributable to the development phase of the intangible asset can be reliably measured. If it is impossible to distinguish the expenditures between research phase and development phase, allresearch and development expenditures incurred will be included in the current profit and loss. (3) Impairment test method and Impairment provision method for intangible assets For details of the impairment test method and impairment provision method, please refer to Note Ⅲ. 23“Long-Term Asset Impairment”. For fixed assets, construction in progress, intangible assets with limited useful life, investment propertymeasured by cost model, and non-current non-financial assets such as long-term equity investments insubsidiaries, joint ventures and associates, the Company determines whether there is any indication ofimpairment on the balance sheet date. If there is any indication of impairment, the recoverable amount isestimated and the impairment test is carried out. Goodwill, intangible assets with uncertain service life andintangible assets that not yet ready for use are tested for impairment annually, regardless of whether there is anyindication of impairment. If the result of the impairment test indicates that the recoverable amount of the asset is lower than its bookvalue, the impairment provision is made based on the difference and is included in the impairment loss. Therecoverable amount is the higher of the fair value of the asset less the disposal expense and the present value ofthe estimated future cash flow of the asset. The fair value of assets is determined according to the saleagreement price in a fair transaction. If there is no sales agreement but there is an active market for the asset, thefair value is determined according to the buyer"s bid for the asset; if there is neither sales agreement nor activemarket for assets, the fair value of assets shall be estimated based on the best information available. Assetdisposal expenses include legal fee, taxes, transportation expenses and direct expenses incurred to make assetssaleable. The present value of the estimated future cash flow of an asset is determined by the appropriatediscount rate discounting and the estimated future cash flow generated by the asset during its continuous useand final disposal. The asset impairment provision is calculated and confirmed based on individual assets. If itis difficult to estimate the recoverable amount of an individual asset, the recoverable amount of the asset is Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026determined by the asset group which the asset belongs to. An asset group is the smallest portfolio of assets thatcan generate cash inflows independently. The book value of the goodwill listed separately in the financial statements is amortized into asset groupsor portfolios that are expected to benefit from the synergies of business combinations when impairment tests areconducted. The test results show that the recoverable amount of the asset group or portfolio containing theassessed goodwill is lower than its book value, the corresponding impairment losses should be confirmed. Theamount of impairment loss is first deducted from the book value of the goodwill amortized to the asset group orportfolio, and then deducted proportionally from the book value of other assets according to the proportion ofthe book value of assets other than goodwill in the asset group or portfolio. Once the above asset impairment loss is confirmed, it will not be reversed to the part where the value isrestored in the future period. The long-term deferred expenses are all expenses that have occurred but shall be borne by the reportingperiod and subsequent periods with amortization period of more than one year. The company"s long-termdeferred expenses mainly include lease of land use right and renovation costs of factory building. Long-termdeferred expenses are amortized on a straight-line basis over the estimated benefit period. If the long-termamortized expense item cannot benefit the company in subsequent accounting periods, the amortized value ofthe item that has not yet been amortized will be transferred to the current profit or loss. The Company"s employee compensation mainly includes short-term employee remuneration, Post-employment Benefits, Termination Benefits and benefits for other long-term employee. Among them: Short-term employees’ remuneration mainly includes wages, bonuses, allowances and subsidies, employeewelfare fees, medical insurance premiums, maternity insurance premiums, work injury insurance premiums,housing fund, labor union funds, employee education funds, and non-monetary benefits. The Companyrecognizes the actual short-term employee"s remuneration as a liability in the accounting period in whichemployees provide services to the Company and recognizes them in profit or loss or related asset costs. Non-monetary benefits are measured at fair value. Post-employment Benefits mainly include basic retirement security, unemployment insurance, and Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026annuities. The Post-employment Benefit Scheme includes a Defined Contribution Plan and a Defined BenefitPlan. If a Defined Contribution Plan is adopted, the corresponding amount of the deposit shall be included in therelevant asset cost or current profit and loss as incurred. (1) The Defined Contribution Plan is recognized as aliability based on a fixed fee paid to an independent fund and is included in the current profit and loss or relatedasset costs; (2) The Defined Benefit Plan is accounted for using the expected cumulative benefits unit methodSpecifically, the Company will convert the welfare obligation arising from the Defined Benefit Plan into thefinal value of the departure time according to the formula determined by the expected cumulative benefits unitmethod; then it is attributed to the employee"s in-service period and is included in the current profit and loss orrelated asset cost. If the labor relationship with the employee is terminated before the employee"s labor contract expires, or ifthe employee is encouraged to accept the reduction voluntarily, when cannot withdrawing unilaterally thedismissal benefits provided by the termination of the labor relationship plan or the reduction proposal, and whenconfirming the costs associated with the restructuring involving the payment of the dismissal benefits,whichever is earlier, the Company will recognize the employee compensation liabilities arising from thedismissal benefits, and included in the current profit and loss. However, if the dismissal benefits are notexpected to be fully paid within 12 months after the end of annual reporting period, they shall be treated inaccordance with other long-term employee compensations. The internal retirement plan for employees shall be treated in the same way as the above-mentioneddismissal benefits. The company will pay the internal retired staff the salary and the social insurance premiumsfrom the employee"s lay-off to normal retirement, and will include in the current profit and loss (dismissalbenefits) when the conditions of the estimated liabilities are met. If the other long-term employee benefits provided by the Company to the employees are in line with theDefined Contribution Plan, they shall be accounted for Defined Contribution Plan, and otherwise accounted forthe Defined Benefit Plan. When the obligations related to the contingencies meet the following conditions, they are recognized ascontingent liabilities: (1) The obligation is the present obligation assumed by the Company; (2) Theperformance of this obligation is likely to result in the outflow of economic benefits; (3) The amount of the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026obligation can be reliably measured. On the balance sheet date, taking into account factors such as risks, uncertainties and time value of moneyrelated to contingencies, the estimated liabilities are measured in accordance with the best estimate of theexpenditure required to perform the relevant current obligations. If all or part of the expenses required to discharge the estimated liabilities are expected to be compensatedby the third party, the compensation amount will be separately recognized as an asset when it is basicallydetermined to be received, and the confirmed compensation amount does not exceed the book value of theestimated liabilities. (1) Loss Contract A loss contract is a contract in which the cost of fulfilling a contractual obligation will inevitably occurmore than the expected economic benefit. If the contract to be executed becomes a loss contract, and theobligation arising from the loss contract satisfies the conditions for the recognition of the above-mentionedestimated liabilities, the portion of the contract"s estimated loss that exceeds the recognized impairment loss (ifany) of the contracted asset is recognized as the estimated liability. (2) Restructuring Obligations For restructuring plans that are detailed, formal, and have been announced to the public, the amount of theestimated liabilities is determined based on the direct expenses related to the reorganization, subject to therecognition conditions of the aforementioned estimated liabilities. For the restructuring obligation to the part ofbusiness sold, the obligation related to the reorganization is confirmed only when the company promises to sellpart of the business (that is, when the binding sale agreement is signed). (1) Accounting Treatment of Share-based Payments A share-based payment is a transaction that grants an equity instrument or assumes a liability determinedbased on an equity instrument in order to obtain services from employees or other parties. Share-basedPayments include equity-settled share payment and cash-settled share payment. ① Equity-settled Share Payment The equity-settled share payment in exchange for the services from employee is measured at the fair value Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026of the granting of employees" equity instruments at the grant date. If the fair value is vested in the completion ofthe waiting period of service or the fulfillment of the required performance conditions, during the waitingperiod, the amount of the fair value is calculated by the straight-line method into the relevant costs or expensesbased on the best estimate of the number of vesting equity instruments; Or If the vesting right is grantedimmediately after the grant, the calculation of the amount of the fair value is included in the relevant cost orexpense on the grant date, and the capital reserve is increased accordingly. On each balance sheet date during the waiting period, the Company makes the best estimate based on thelatest information on the changes in the number of employees with vesting rights and corrects the number ofequity instruments that are expected to be vested. The impact of the above estimates shall be included in thecurrent related costs or expenses, and the capital reserve is adjusted accordingly. In the case of equity-settled share-based payments in exchange for other parties" services, if the fair valueof other parties" services can be reliably measured, the fair value of other services shall be measured at the fairvalue on the date of acquisition; If the fair value of the other party"s services cannot be measured reliably, thefair value shall be measured at the fair value of the equity instrument at the date the service is acquired, and isincluded in the relevant cost or expense, which increases the shareholders" equity accordingly. ② Cash-settled Share Payment The cash-settled share payment is measured at the fair value of the liabilities determined by the Companybased on shares or other equity instruments. If the vesting right is available immediately after the grant, therelevant costs or expenses shall be included on the date of grant, and the liabilities shall be increasedaccordingly; if vesting right is available after the service is completed within the waiting period or met therequired performance conditions, based on the best estimate of the vesting rights on each balance sheet date ofthe waiting period, according to the fair value of the liabilities assumed by the company, the services obtainedin the current period are included in the cost or expense, and the liabilities are increased accordingly. The fair value of the liabilities shall be re-measured on each balance sheet date and settlement date beforethe settlement of the relevant liabilities, and the changes shall be recorded in the profit and loss of the currentperiod. (2) Relevant Accounting Treatment of share-based payment plan’s modification and termination When the Company modifies the share-based payment plan, if the modification increases the fair value of Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026the equity instruments granted, the increase in the fair value of the equity instruments is recognized accordingly.The increase in the fair value of equity instruments refers to the difference between the fair value of the equityinstruments before and after the modification. If the modification reduces the total fair value of the share-basedpayment or adopts other methods that are not conducive to the employee, the service obtained shall continue tobe accounted for, as if the change has never occurred, unless the Company cancels some or all of equityinstruments. During the waiting period, if the granted equity instrument is cancelled, the Company will cancel thegranted equity instrument as an accelerated exercise, and the amount to be recognized in the remaining waitingperiod will be immediately included in the current profit and loss, and the capital reserve will be recognized. Ifthe employee or other party can choose to meet the non-vesting conditions but fails to meet the waiting period,the Company will treat it as a cancellation of the equity instrument. (3) Accounting Treatment of Share Payment Transactions between the Company and its Shareholders orActual Controllers In respect of the share-based payment transaction between the company and the shareholders or actualcontrollers of the company, If one of the settlement enterprise and the service receiving enterprise is in thecompany and the other is outside the company, it shall be accounted for in the consolidated financial statementsof the company according to the following provisions: ① If the settlement enterprise settles with its own equity instrument, the share-based payment transactionshall be treated as equity-settled share-based payment; otherwise, it shall be treated as a cash-settled share-basedpayment. If the settlement enterprise is an investor of a serviced enterprise, it shall be recognized as the long-termequity investment of the serviced enterprise according to the fair value of the equity instrument at the grant dateor the fair value of the liability to be assumed, and the capital reserve (other capital reserve) or liabilities shallbe recognized. ② If the serviced enterprise has no settlement obligation or grants its own employees the equityinstruments, the share payment transaction shall be treated as equity-settled share payment; if the servicedenterprise has settlement obligation and grants its employees other than its own equity instruments, the sharepayment transaction shall be treated as a cash-settled share payment. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 For the share-based payment incurred between companies within the group, if the serviced enterprise andsettlement enterprise are not the same, then the payment should be recognized and measured in their individualfinancial statements, they should be accounted for using the above principles. The term “revenue” refers to the gross inflow of economic benefits arising in the course of the ordinaryactivities of an enterprise, which may increase of the shareholder"s equities and is irrelevant to the capital of theshareholder. When the company signs a contract, it evaluates the contract, identifies the individual performanceobligations contained in the contract, and determines whether the individual performance obligations areperformed within a certain period of time or at a certain point of time. When the company has fulfilled all theperformance obligations in the contract, the revenue shall be recognized respectively according to thetransaction price apportioned to the performance obligations. A contract with a customer generally explicitlystates the goods or services that an entity promises to transfer to a customer. The transaction price is the amountof consideration to which an entity expects to be entitled in exchange for transferring promised goods orservices to a customer, excluding amounts collected on behalf of third parties. Generally, the company recognizes the revenue from the sales of goods based on the transaction priceapportioned to the single performance obligation when the customer obtains the control right of the relevantgoods on the basis of comprehensively considering the following factors: the company has the right to receivepayment in respect of the goods or services currently, that is, the customer has the obligation to pay for thegoods currently; the company has transferred the legal ownership of the goods to the customer, that is, thecustomer has the legal ownership of the goods; The Company has transferred the physical goods of thecommodity to the Customer or the Customer has obtained the qualification of physical goods right of thecommodity. The consideration obtained by the Company in respect of the transfer of the commodity is likely tobe recovered; Other indications that the customer has taken control of the commodity. For the performance obligations performed in a certain period of time, such as the services provided, thecompany adopts the input method to determine the appropriate performance progress, and recognizes therevenue according to the performance progress in that period of time. On the balance sheet date, the companyshall recognize the current income according to the total transaction price of the contract multiplied by theprogress of performance minus the accumulated recognized income. If one of the following conditions issatisfied, it is regarded as the performance obligation performed during a certain period of time: the Customer Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026obtains and consumes the economic benefits arising from the performance of the Company at the same time ofthe performance of the Company; Customers can control the goods under construction during the performanceof the contract; The products produced by the Company during the performance of the Contract are ofirreplaceable use, and the Company shall be entitled to receive payment for the accumulated part of thecompleted performance so far during the whole term of the Contract. Otherwise, the Company recognizesrevenue at the point when the Customer acquires control of the relevant goods or services. Where the contract contains two or more performance obligations, an entity shall, on the commencementdate of the contract, allocate the transaction price to each performance obligation identified in the contract on arelative standalone selling price basis. Except when an entity has observable evidence that the entire discountrelates to only one or more, but not all, performance obligations in a contract, the entity shall allocate a discountproportionately to all performance obligations in the contract. Stand-alone selling price refers to the price of thegoods or services sold by the Company to the customer separately. If the stand-alone selling price cannot bedirectly observed, the Company shall take into account all relevant information reasonably available andestimate the stand-alone selling price by observable input values to the maximum extent. As for the sales with quality guarantee, except for it guarantees the product on sale of service meets thedesignated standards to the customer, providing a single separate service, this quality guaranteed composes thesingle performance obligation. Otherwise, the Company shall treat the accounting method on quality guaranteeobligations in accordance with the Enterprise Accounting Standards No,13- Contingencies. If the contract comprised of significant financing elements, the Company shall recognize the amount ofpayables in cash to determine the trading price based on the assumption that the customer obtains the productsor service control rights. The difference between the price stipulated in the contract or agreement and itscontract consideration shall be amortized within the period of the contract or agreement. through the realinterest method. As a practical expedient, an entity need not adjust the promised amount of consideration for theeffects of a significant financing component if the entity expects, at contract inception, that the period betweenwhen the entity transfers a promised good or service to the customer and when the customer pays for that goodor service will be one year or less. The Company justifies the trading identity is the major responsible person or on behalf based on whether ithas the control right to the product or the service before transferring the products or service to the customer. Asthe major responsible person of the Company, shall recognizes the revenue based on the total consideration of Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026the amount received or receivable. Otherwise, as the agent of the Company, shall recognizes the revenue basedon the expected right of obtaining the commission or service charge, which is calculated as the totalconsideration on the amount received or receivable deducting the net amount payable to other related parties orrecognizes on the amount of commission or proportion etc. The Company received the amount of products sales or service in advance, shall recognizes it as liabilitiesin the first, then accounted as revenue upon fulfilling relevant performance obligations. The Company has transferred the products or service to its clients and has rights to obtain theconsiderations (and this rights is obliged to other elements of passing time) listed as the contractual assets.Contractual assets are accrued the devaluation provision based on the expected credit loss. The Company hasthe unconditional rights （ only depends on the passing of time ） to its customer for obtaining theconsiderations, listed as item receivables. The consideration of amount received or receivable, which is obtainedto its customer, shall transfer product or service obligation to them, listed as contractual liabilities. The detailed accounting policies related to the major activities of obtaining the revenue of the Company (1) Sales processing The production and processing sales comprise mainly of sales of oils and oilseeds, food etc. The Companyrecognized the sales revenue when the amounts received or identification obtained upon sales, which has beensubmitted and signed by the customer. (2) Trading Revenue If the Company obtained the product control rights from the third party and transferred to the client,assumed the significant obligations under the transaction of transferring the products to the client. i.e. inventoryrisk, and has rights to determine the price of the products oneself. The identity of the Company under thetransaction is the major responsible person, recognizing the trading revenue based on the expected rights forobtaining the total consideration stipulated on the contract. The Company made commitment to arrange othersto provide specific products, but has no control rights on this before providing the specific products to clients.The identity of the Company under the transaction is agent, recognizing the revenue on the commissionobtained or service amount for arranging others to provide the specific products to clients. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Contract cost comprises contract performance cost and contract acquisition cost. The cost incurred by the company for the performance of the contract, which does not fall within the scopeof other accounting standards for business enterprises other than the income standard and meets the followingconditions at the same time, is recognized as an asset as the contract performance cost: (1) The cost is directly related to a current or expected contract, including direct labor, direct materials,manufacturing expenses (or similar expenses), costs explicitly borne by the customer and other costs incurredsolely as a result of the contract; (2) The cost increases the company"s resources for fulfilling its performance obligations in the future; (3) The cost is expected to be recovered. The assets are presented in inventory or other non-current assets according to whether the amortizationperiod has exceeded one normal operating cycle at the time of its initial recognition. If the incremental cost incurred by the company to obtain the contract is expected to be recovered, it shallbe recognized as an asset as the contract acquisition cost. Incremental cost refers to the cost that will not occurif the company does not obtain the contract. The assets related to the contract cost mentioned above shall be amortized at the time of performance ofthe obligation or according to the performance progress on the same basis as the income recognition of thecommodity or service related to the asset and shall be recorded into the current profit and loss. If the book value of the above assets related to the contract cost is higher than the difference between theresidual consideration expected to be obtained by the company due to the transfer of the goods related to theassets and the estimated cost to be incurred for the transfer of the relevant goods, the excess part shall be setaside as an impairment provision and recognized as an impairment loss of the asset. Government grant refers to the company"s acquisition of monetary and non-monetary assets from thegovernment free of charge, excluding the capital invested by the government as an investor and enjoying thecorresponding owner"s rights and interests. Government grants include assets-related grants and revenue-relatedgrants. The company defines the government grant obtained for the purchase and construction of long-termassets or for the formation of long-term assets in other ways as the government grant related to assets; the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026remaining government grant is defined as the government grant related to income. If the object of grants is notspecified in government documents, the grants shall be divided into income-related government grants andassets-related government grants in the following ways: (1) If the government document clarifies the specificproject for which the grant is targeted, the proportion of the expenditure amount of the assets to be formed andthe amount of the expenditures included in the expenses in the budget of the specific project are divided, and theproportion of grant division needs to be reviewed on each balance sheet day and changed if necessary. (2) Ingovernment documents, if the purpose is expressed only in general terms and no specific project is specified,the grant shall be regarded as a government grant related to the income. Where a government grant is amonetary asset, it shall be measured according to the amount received or receivable. If the government grantsare non-monetary assets, they shall be measured at the fair value; if the fair value cannot be obtained reliably,they shall be measured at the nominal amount. Government grants measured in nominal amounts shall berecognized directly in current profits and losses. The Company usually confirms and measures the government grant according to the amount when it isactually received. However, if there is conclusive evidence at the end of the period that the relevant conditionsstipulated in the financial support policy can be met and the financial support funds are expected to be received,it shall be measured according to the amount receivable. Government grants measured in accordance with theamount receivable shall meet the following conditions at the same time: (1) The amount of the subventionreceivable has been confirmed by the authorized government departments, or can be reasonably calculatedaccording to the relevant provisions of the formally issued financial fund management measures, and there is nosignificant uncertainty in the amount expected; (2) According to the "Regulations on the Openness ofGovernment Information" that the local financial department officially released and in accordance with theprovisions of the "Regulations on the Openness of Government Information," the financial support project andits financial fund management measures should be inclusive (any eligible enterprise can apply for them), ratherthan being specifically tailored to specific companies; (3) The relevant grant approval has clearly promised thepayment period, and the allocation of the payment is guaranteed by the corresponding budget, so it can bereasonably ensure that it can be received within the prescribed time limit; (4) Other relevant conditions (if any)to be met in accordance with the specific circumstances of the Company and the grants. Government grants related to assets are recognized as deferred earnings and are divided into current profitsand losses in a reasonable and systematic way during the service life of the assets concerned. The government Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026grants related to revenue, which are used to compensate for the related cost or loss in the subsequent period,shall be recognized as deferred income, and shall be recognized in profit or loss in the period in which therelated costs or losses are recognized; if it is used to compensate the related costs or losses that has occurred, itshall be directly recognized in the current profit and loss. It includes government grants related to both assets and income, and different parts are separatelyclassified for accounting treatment; if it is difficult to distinguish, the whole is classified as government grantsrelated to income. Government grants related to the daily activities of the Company shall be included in other income or costdeductions according to the nature of the economic business; government subsidies unrelated to daily activitiesshall be included in the non-operating revenues and expenses. When the recognized government grants need to be returned, if there are relevant deferred earningsbalances, the book balance of related deferred earnings shall be deducted, and the excess part shall be includedin the current profits and losses or the book value of assets shall be adjusted, otherwise, the book value of assetsshall be directly included in the current profits and losses. The company will obtain preferential policy loans discount in accordance with the finance will be allocatedto the loan bank discount funds and the finance will be directly allocated to the company discount funds in twocases: (1) If the finance department allocates the discount interest funds to the lending bank, and the lending bankprovides the loan to the Company at the policy preferential interest rate, the Company chooses to conductaccounting treatment according to the following methods: the loan amount actually received shall be taken asthe entry value of the loan, and the relevant borrowing costs shall be calculated in accordance with the loanprincipal and the policy preferential interest rate. (2) If the finance allocates the discount funds directly to the company, the company will offset thecorresponding discount against the relevant borrowing costs. (1) Current Income Tax On the balance sheet date, the current income tax liabilities (or assets) formed in the current and previous Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026periods are measured by the expected amount of income tax payable (or returned) in accordance with theprovisions of the Tax Law. The amount of taxable income on which current income tax expenses are calculatedis based on the corresponding adjustment of pre-tax accounting profits in the reporting period in accordancewith the relevant tax laws. (2) Deferred Tax Assets and Deferred Tax Liabilities The difference between the book value of certain assets and liabilities and their tax basis, and thetemporary difference between the book value of items that are not recognized as assets and liabilities but whichcan be determined as their tax basis according to the tax law, are confirmed by the balance sheet liabilitymethod. Taxable temporary differences which related to the initial recognition of goodwill and the initialrecognition of an asset or liability arising from a transaction that is neither a business combination nor anaccounting profit or taxable income (or deductible loss), relevant deferred income tax liabilities shall not berecognized. In addition, for taxable temporary differences related to investments in subsidiaries, associates andjoint ventures, if the Company is able to control the turnaround time of temporary differences, and thetemporary difference is unlikely to be reversed in the foreseeable future, the related deferred income taxliabilities shall not be recognized. Except for the above exceptions, the Company recognizes all other deferredincome tax liabilities arising from taxable temporary differences. Taxable temporary differences which related to the initial recognition of an asset or liability arising from atransaction that is neither a business combination nor an accounting profit or taxable income (or deductible loss),relevant deferred income tax liabilities shall not be recognized. In addition, for taxable temporary differencesrelated to investments in subsidiaries, associates and joint ventures, if the temporary difference is unlikely to bereversed in the foreseeable future, or the amount of taxable income used to offset the temporary difference isunlikely to be obtained in the future, the deferred income tax assets concerned shall not be recognized. Exceptfor the above exceptions, the Company recognizes other deferred income tax assets that can offset temporarydifferences, subject to the amount of taxable income that is likely to be obtained to offset temporary differences. For deductible losses and tax credits that can be carried forward in subsequent years, the correspondingdeferred income tax assets are recognized to the extent that it is probable that the future taxable income shall beused to offset the deductible losses and tax credits. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 On the balance sheet date, the deferred income tax assets and deferred income tax liabilities shall bemeasured at the applicable tax rates in the period in which the related assets are recovered or the relatedliabilities are recovered in accordance with the tax laws. On the balance sheet date, the book value of deferred income tax assets is reviewed. and the book value ofdeferred income tax assets is written down if it is likely that sufficient taxable income will not be available tooffset the benefits of deferred income tax assets in the future. When it is possible to obtain sufficient taxableincome, the amount written down shall be reversed. (3) Income tax expenses Income tax expenses include current income tax and deferred income tax. In addition to recognizing that the current income tax and deferred income tax related to other transactionsand matters directly included in shareholder"s rights and interests shall be recognized in other comprehensiveincome or shareholder"s rights and interests, and the book value of adjusted goodwill from deferred income taxresulting from the merger of enterprises, the other current income tax and deferred income tax expenses or gainsshall be recognized in profit or loss for the current period. (4) Offset of Income Tax When the company has legal rights to settle on a net basis, and intends to settle on a net basis or acquireassets and pay off liabilities at the same time, the company"s current income tax assets and current income taxliabilities shall be presented on a net basis after the offset. When it has the legal right to settle current income tax assets and current income tax liabilities on a netbasis, and deferred income tax assets and deferred income tax liabilities are related to the income tax levied bythe same tax administration department on the same tax payer or to different tax payers, but in the future, duringeach important period of deferred income tax assets and liabilities being reversed, the taxpayer involved intendsto settle the current income tax assets and liabilities on a net basis, or acquire assets and pay off liabilitiessimultaneously, the deferred the income tax assets and deferred income tax liabilities of the Company shall bepresented on a net basis after offset. On the commencement date of a contract, an enterprise shall assess whether the contract is a lease or Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026includes a lease. Where a party to a contract transfers the right to control the use of one or more identified assetsfor a certain period of time in return for consideration, the contract is a lease or includes a lease. To determinewhether the right to control the use of identified assets within a certain period of time under a contract has beentransferred, an enterprise shall assess whether a client in the contract has the right to use almost all of theeconomic benefits arising from the use of the identified assets during the period of use, and has the right todominate the use of identified assets during this period of use. Where a contract concurrently contains multiple separate leases, the lessee and lessor shall split thecontract and conduct accounting treatment respectively for all separate leases. Where the following conditions are concurrently met, use of the rights of identified assets shall constitute aseparate lease in a contract: ①A lessee may earn profits from separate use of the assets or joint use with other resources readilyavailable. ②There is no high dependence or high correlation between the assets and other assets in the contract. Where a contract concurrently includes both leased and non-leased parts, the Company, as the lessee andlessor, shall split the leased and non-leased parts to conduct accounting treatment. (1) The Company records operating lease business as a lessee. The main types of leased assets of the company include houses and buildings, transportation equipmentand land use rights etc. At the beginning of the lease period, the Company recognizes its right to use the leased assets during thelease period as a right-of-use asset, recognition of the present value of outstanding lease payments as leaseliabilities, except short-term and low-value asset leases. In calculating the present value of the lease payment,the Company uses the interest rate included in the lease as the discount rate. Where the interest rate included inthe lease cannot be determined, the Company uses the incremental borrowing rate as the discount rate The lease period is the irrevocable period during which the Company is entitled to use the lease assets.Where the Company has the option to renew the lease, that is, the right to choose to renew the lease of the asset,and reasonably determines that the option will be exercised. The lease period also includes the period covered Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026by the lease renewal option. The Company has the option to terminate the lease, that is, the right to terminatethe lease of the asset, provided that it is reasonably determined that the option will not be exercised, the leaseperiod includes the period covered by the option to terminate the lease. Where a material event or change withinthe control of the Company occurs and affects whether the Company reasonably determines that the appropriateoption will be exercised... The Company will determine to exercise the option of renewing the lease, re-evaluation of the option to purchase or not to exercise the option to terminate the lease on its reasonability. The Company adopts the straight-line method to depreciate the right to use assets. Where it is reasonable todetermine that the leased assets are to be owned upon expiry of the lease term, the Company shall calculate theleased assets within the remaining useful life of the leased assets. If the ownership of the leased assets uponexpiry of the lease term is unable to be reasonably determined, the Company shall accrue depreciation within ashort period of time between the lease term and the remaining useful life of the leased assets. The interestexpenses of the lease liabilities for each period of the lease term at the discount rate is recognized by theCompany and shall be included into the current profit or loss. Variable lease payments that are not included inthe leasehold liability measure are included in the current profit and loss at the time of actual incurrence. After commencement of the lease period, when there is a change in the amount of substantial fixedpayments and the amount due to which the guarantee balance is expected, changes in indices or ratios used todetermine rental payments, where the assessment of purchase options, the renewal option or termination optionor actual exercise of the option changes, the Company re-measures the lease liabilities according to the presentvalue of the change in lease payments, and adjust the book value of the right to use assets accordingly. If thebook value of the right to use assets has been reduced to zero, but the lease liability still needs to be furtherreduced, the Company will record the remaining amount in the current profit or loss. Lease modification refers to the modification of the lease scope, lease consideration and lease term beyondthe terms of the original contract, including increasing or terminating the right to use one or more leased assets,extending or shortening the lease term specified in the contract, etc. If the lease changes and the following conditions are met, the Company will account for the lease changeas a separate lease: Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 ① The lease change expands the scope of the lease by adding the right to use one or more leased assets; ② The increased consideration is equivalent to the separate price for the extended portion of the lease,adjusted for the circumstances of the contract. If the lease change is not accounted for as a separate lease, on the effective date of the lease change, theCompany redetermines the lease term and discounts the changed lease payment at the revised discount rate toremeasure the lease liability. In calculating the present value of the lease payment after the change, theCompany uses the inherent interest rate of the lease during the remaining lease term as the discount rate; If theinherent interest rate of the lease for the remaining lease term cannot be determined, the Company"s incrementalborrowing rate on the effective date of the lease change shall be used as the discount rate. The Company accounts for the impact of the above adjustment of lease liabilities in the following cases: ① If the lease change results in the reduction of the lease scope or the shortening of the lease term, theCompany shall reduce the book value of the right of use assets to reflect the partial or complete termination ofthe lease. The Company recognises gains or losses related to partial or complete termination of the lease inprofit or loss for the current period. ② For other lease changes, the company shall adjust the book value of the right to use assets accordingly The Company will consider a lease for a period not exceeding 12 months and excluding a purchase optionas a short-term lease on the commencement date of the lease term; A lease with a lower value when a singleleased asset is a new asset is identified as a low-value asset lease. Where the Company subleases or intends tosublease leased assets, the original lease is not deemed to be a low-value asset lease. The relevant asset cost orcurrent profit or loss is recognised on a straight-line basis during each period of the lease term, and thecontingent rent is recognised in current profit or loss when actually incurred (2) The company records operating lease business as a lessor The lease commencement date essentially transfers almost all the risks and rewards associated with theownership of the leased asset to finance leases, and all other leases are operating leases The rental income of operating lease shall be recognized as current profit and loss according to the Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026straight-line method during each period of the lease period. The larger initial direct expenses are capitalizedwhen occurring, and the profits and losses of the current period shall be recorded in stages on the same basis asthe recognized rental income during the whole lease period; the smaller initial direct expenses shall be recordedin the profits and losses of the current period when occurring. Contingent rentals shall be included in currentprofits and losses when actually occurring. At the beginning date of the lease term, the Company recognizes the financial lease payment receivable forthe financial lease and terminates the recognition of the financial lease assets. When the Company makes theinitial measurement of the financial lease receivable, the net lease investment is taken as the recorded value ofthe financial lease receivable. The net lease investment is the sum of the unsecured balance and the presentvalue of the lease proceeds not yet received at the commencement date of the lease term, discounted at theintrinsic interest rate of the lease. The Company calculates and recognizes interest income for each period of thelease term based on the inherent interest rate of the lease. The Company presents financial lease receivables as long-term receivables, and financial lease receivablesreceived within one year (including one year) from the balance sheet date are presented as non-current assetsmaturing within one year. (1) Hedge accounting In order to avoid some risks, the Company hedges some financial instruments as hedging instruments. Forthe hedges meeting the specified conditions, the Company adopts the hedge accounting method for treatment.The hedging of the Company is fair value hedging. At the beginning of hedging, the Company formally designates hedging instruments and hedged items, andprepares written documents on hedging relationship and risk management strategy and risk managementobjectives of the Company engaged in hedging. In addition, the Company will continuously evaluate theeffectiveness of hedging at the beginning and after the hedging. (2) Fair value hedging If a hedging instrument is designated as a fair value hedge and meets the conditions, the profits or losses Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026arising therefrom shall be included into the current profits and losses. If the hedging instrument hedges the non-trading equity instrument investment (or its components) that is measured at fair value and whose changes areincluded in other comprehensive income, the gains and losses generated by the hedging instrument are includedin other comprehensive income. The profit or loss of the hedged item due to the hedged risk exposure shall beincluded into the current profits and losses, and the book value of the hedged item shall be adjusted at the sametime. If the hedged item is measured at fair value, the gain or loss of the hedged item due to the hedged riskdoes not need to adjust the book value of the hedged item, and the relevant gains and losses are included intothe current profits and losses or other comprehensive income. When the Company cancels the designation of the hedging relationship, the hedging instrument hasexpired or been sold, the contract has been terminated or exercised, or no longer meets the conditions for theapplication of hedge accounting, the application of hedge accounting shall be terminated. The Company did not have any significant changes in accounting policies and accounting estimates duringthe reporting period. IV Taxes Types Tax Basis Tax Rate Taxable value-added amount (the tax payable is calculated as the balance 1%、3%、5%、VAT of taxable sales revenue multiplied by the applicable tax rate, less the 6%、9%、 current period"s input tax that is allowed to be deducted). 10%、13%Urban Maintenance It is calculated and levied according to the actual VAT paid 7%、5%Construction TaxEducational fee It is calculated and levied according to the actual VAT paid 3%surchargeLocal Education It is calculated and levied according to the actual VAT paid 2%Add-onCorporate income 25%、20%、 According to the taxable incometax 17%、15%Property tax deducted according to the original value of the property; Rental income is 12%、1.2% used as the tax basis If there are taxpayers with different enterprise income tax rates, the disclosure shall be explained: Tax Payers Income Tax RateHangzhou Lin"an Chunmanyuan Agricultural Development Co., Ltd. 20%Jingliang (Singapore) International Trade Co., Ltd. 17% Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Beijing Guchuan Bread Food Co., Ltd. 15% Beijing Guchuan Bread & Food Co., Ltd., a third-level subsidiary of the Company, is a high-techenterprise, and the certificate number of the high-tech enterprise is GR202411003833, which is valid untilOctober 29, 2027. Beijing Guchuan Bread & Food Co., Ltd. enjoys the preferential tax policy of payingenterprise income tax at a rate of 15% in accordance with the relevant provisions of the Law of the People"sRepublic of China on the Administration of Tax Collection and Collection and the Detailed Rules for theImplementation of the Law of the People"s Republic of China on the Administration of Tax Collection.According to Announcement No. 43 of 2023 of the Ministry of Finance and the State Administration ofTaxation on the VAT Plus Deduction Policy for Advanced Manufacturing Enterprises, from January 1, 2023 toDecember 31, 2027, advanced manufacturing enterprises are allowed to deduct the VAT payable by adding 5%of the deductible input tax in the current period. The company"s third-level subsidiary, Jingliang (Singapore) International Trade Co., Ltd., is taxedaccording to the territorial principle. Based on Singapore"s tax exemption policy, the company is eligible for thefollowing tax exemptions:between SGD 10,001 and SGD 200,000, a 95% exemption is granted. The portion exceeding SGD 200,000 isnot eligible for exemption. The company will pay income tax at a 17% rate based on the taxable income afterapplying the exemptions.residents) will receive a rebate equivalent to 50% of the corporate tax payable, with a total rebate amount ofSGD 40,000. Zhejiang Little Prince Food Co., Ltd., a third-level subsidiary of the Company, Hangzhou Lin"an LittleAngel Food Co., Ltd., Linqing Little Prince Food Co., Ltd. and Liaoning Little Prince Food Co., Ltd., a third-level subsidiary of the Company, in accordance with the relevant provisions of the Notice of the Ministry ofFinance and the State Administration of Taxation on Issues Concerning the Preferential Policies of EnterpriseIncome Tax Related to the Employment of Disabled Persons (CS (2009) No. 70). An additional deduction of Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Hangzhou Lin"an Little Angel Food Co., Ltd., a fourth-level subsidiary of the Company, is a welfareenterprise, and has been enjoying the preferential policy of VAT refund in the Notice on Promoting theEmployment of Disabled Persons (CS [2016] No. 52) since May 2016. The company"s fourth-level subsidiary, Liaoning Little Prince Food Co., Ltd., is subject to the regulationsin Article 13 of the State Administration of Taxation"s "Notice on the Issuance of Supplementary Provisions onSeveral Specific Issues of Land Use Tax" (Guo Shui Di Zi [1989] No. 140). According to this regulation,"public lands such as municipal streets, squares, and greenbelts" are exempt from land use tax. Whencalculating the land use tax, the area used for green space and roads can be subtracted from the total land area todetermine the taxable area. The company"s fourth-level subsidiary, Hangzhou Lin"an Little Angel Food Co., Ltd., benefits from a taxreduction according to the Zhejiang Provincial Local Taxation Bureau"s Announcement (2014 No. 8). Forcompanies where the average number of disabled employees in a tax year exceeds 25% (including 25%) of thetotal number of on-duty employees, and the actual number of disabled employees exceeds 10 (including 10), thecompany may, upon approval from the local tax department, enjoy a reduction in urban land use tax. Thereduction is RMB 2,000 per person per year based on the annual average number of disabled employees, withthe maximum reduction limited to the total amount of urban land use tax payable by the company for that year. The company"s fourth-level subsidiaries, Linqing Little Prince Food Co., Ltd. and Hangzhou Lin"an ChunManyuan Agricultural Development Co., Ltd., are subject to the policies issued by the Ministry of Finance andthe State Taxation Administration in the Announcement on Further Supporting the Development of Small andMicro Enterprises and Individual Industrial and Commercial Households (Cai Shui [2023] No. 12). Thecompany meets the criteria for recognition as a small or micro enterprise and will apply the followingpreferential policies for the 2026 fiscal year: "1) For the portion of the annual taxable income not exceeding 3million yuan, it is reduced to 25% of the taxable income and taxed at a rate of 20% for enterprise income tax; 2)the following taxes will be levied at half the normal rate: resource tax (excluding water resource tax), urbanmaintenance and construction tax, property tax, urban land use tax, stamp duty (excluding securities transactionstamp duty), cultivated land occupation tax, education fee surcharge, and local education surcharge." The company"s third-level subsidiary, Beijing Tianweikang Oil Adjustment Center Co., Ltd., is subject tothe policies outlined in the document "Announcement on Continuing the Implementation of Certain NationalCommodity Reserves Tax Preferential Policies" (Announcement No. 48, 2023) issued by the Ministry of Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Finance and the State Taxation Administration. According to this document, commodity reserve managementcompanies and their directly affiliated warehouses are exempt from stamp duty on their business account books.They are also exempt from stamp duty on purchase and sale contracts signed during the course of theircommodity reserve business. However, the stamp duty owed by other parties to the contract will be collectedaccording to the law. Additionally, commodity reserve management companies and their directly affiliatedwarehouses are exempt from property tax and urban land use tax on real estate and land used for theircommodity reserve business. V Notes on Items in Consolidated Financial Statements Note: The ‘Opening Balance’ of the period refers to December 31, 2025 and the ‘Closing Balance’ of theperiod refers to June 30, 2026. The prior period refers to January 1, 2025 to June 30, 2026, and the currentperiod refers to January 1, 2026 to June 30, 2026. The currency unit is RMB Yuan. Items Closing Balance Opening BalanceCash on hand 8,617.41 10,241.76Bank Deposits 474,496,252.42 453,246,396.16Other Currency Funds 189,218,706.94 65,441,208.59Deposit in the Financial Company 1,026,407,608.14 1,303,024,670.57 Total 1,690,131,184.91 1,821,722,517.08Among them: the total amount of money deposited abroad 14,563,772.23 17,207,901.63 Items Closing Balance Opening BalanceFair value changes of hedging instrument 27,829,740.00 Total 27,829,740.00 (1) Disclosed according to aging Aging Closing Balance Opening BalanceWithin 1 year 79,402,786.41 97,759,940.74 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Aging Closing Balance Opening BalanceMore than 5 years 328,259.50 328,259.50 Total 80,534,397.54 99,388,130.93 (2) Classification disclosure based on bad debt provision method Closing Balance Book Balance Bad Debt Provision Type(s) Expected Book Value Amount Ratio(%) Amount credit loss rate(%)Provision for bad debtscalculated on an individual 328,259.50 0.40 328,259.50 100.00basisCombination based oncredit risk characteristics Total 80,534,397.54 —— 1,045,757.22 —— 79,488,640.32 (Continued) Opening Balance Type(s) Book Balance Bad Debt Provision Expected Book Value Amount Ratio(%) Amount credit loss rate (%)Provision for bad debtscalculated on an individual 449,259.50 0.45 449,259.50 100.00basisCombination based oncredit risk characteristics Total 99,388,130.93 —— 1,171,757.22 —— 98,216,373.71 A. Separate provision for bad debts Opening Balance Closing Balance Name Book Bad Debt Closing Bad Debt Provision Provision Aging Balance Provision Balance Provision Ratio(%) ReasonFujian Jingxin More Short of funds,Industrial Group 151,844.00 151,844.00 151,844.00 151,844.00 100.00 than 5 unable to makeCo., Ltd years repaymentBeijing GuotaiPingan Tianzhu More expectedCommercial 1,809.60 1,809.60 1,809.60 1,809.60 100.00 than 5 unrecoverableDevelopment Co., yearsLtd.Beijing Rongfa MoreLida Grain and expectedOil Trade Co., unrecoverable yearsLtd. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Opening Balance Closing Balance Name Book Bad Debt Closing Bad Debt Provision Provision Aging Balance Provision Balance Provision Ratio(%) Reason Beijing Guotai More Pingan expected Department Store unrecoverable years Co., Ltd Beijing Shunyi More expected Longhua 600.00 600.00 600.00 600.00 100.00 than 5 unrecoverable Shopping Mall years Chengde Jinli Within Food Co., Ltd. 1 year Total 449,259.50 449,259.50 328,259.50 328,259.50 —— —— —— B. Portfolio provision for bad debts Portfolio provision items are as follows: Closing Balance Name Accounts Receivable Bad Debt Provision Provision Ratio(%) Credit Risk Portfolio 80,206,138.04 717,497.72 0.89 Total 80,206,138.04 717,497.72 0.89 (Continued) Opening Balance Name Accounts Receivable Bad Debt Provision Provision Ratio(%) Credit Risk Portfolio 98,938,871.43 722,497.72 0.73 Total 98,938,871.43 722,497.72 0.73 (3) Details of bad debt provision The amount changed for the period Opening Items Withdrawal or Charge-off or Other Closing Balance Balance Provision reversal write-off changesBad debt provision onindividual basisCredit risk profile portfolio 722,497.72 5,000.00 717,497.72 Total 1,171,757.22 126,000.00 1,045,757.22 (4) The top five situations of the ending balance of accounts receivable and contract assets classified by the debtor party Proportion of Closing Closing Balance of Closing Closing balance Closing Balance of balance of balance of Name of Entity of Accounts Receivables and Receivables and Contract Bad Debt receivable Contract Assets Contract Assets Assets Provision （%） Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Proportion of Closing Closing Balance of Closing Closing balance Closing Balance of balance of balance of Name of Entity of Accounts Receivables and Receivables and Contract Bad Debt receivable Contract Assets Contract Assets Assets Provision （%）Hebei LuanpingHuadu Food Co., 16,264,501.42 16,264,501.42 20.20Ltd.Beijing Grain GroupCo., Ltd.Zhejiang LvqinSupply ChainManagement Co.,Ltd.Feed Branch ofBeijing SanyuanSeed Industry 4,846,865.89 4,846,865.89 6.02Technology Co.,Ltd.CP Food (Hengshui)Co., Ltd. Total 42,606,374.87 42,606,374.87 52.92 (1) Advanced Payments are presented by age Closing Balance Opening Balance Aging Amount Ratio(%) Amount Ratio(%)Within 1 year 21,035,346.22 99.86 574,317,912.78 99.98More than 3 years Total 21,065,556.22 100.00 574,410,843.60 100.00 (2) Advanced payments of the Top 5 Closing Balances by prepaid objects Ratio of the total Closing Bad Debt Debtor Name Closing Balance of Balance Provision prepayments (%)Jiaxing Wire & Cable Co., Ltd. 3,906,140.42 18.54Zhuhai Binhe Industrial Co., Ltd. 3,361,310.00 15.96Beijing Yangu Grain and Oil Purchase and Sales Co., Ltd. 2,542,535.24 12.07Zhongding Huasheng (Beijing) Construction Engineering Co.,Ltd.COFCO EXCELJOY(Tianjin) Co., Ltd. 1,627,534.14 7.73 Total 13,534,386.97 64.25 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Item(s) Closing Balance Opening BalanceOther Receivables 245,178,434.01 173,257,419.17 Total 245,178,434.01 173,257,419.17 (1) Other Receivables A. Disclosed according to aging Aging Closing Balance Opening BalanceWithin 1 Year 291,383,059.48 220,208,199.83More than 5 years 458,999.99 401,499.99 Total 294,172,448.75 222,251,433.91 B. Classification of other receivables by nature of funds Nature of Funds Book Balance at End of Period Book Balance at Beginning of YearDeposit and guaranteed deposit 223,551,367.02 130,596,795.79Intercourse funds of units 68,491,416.27 58,906,353.63Employee receivables 790,688.49 729,283.59Tax refund receivables 1,268,513.70 1,196,283.46Insurance claim payments 30,654,986.50Others 70,463.27 167,730.94 Total 294,172,448.75 222,251,433.91 C. Details of bad debt provision Opening Balance Type(s) Book Balance Bad Debt Provision Expected Book Value Amount Ratio(%) Amount credit loss rate(%)Bad debt provisions areaccrued based on an 48,980,344.30 16.65 48,980,344.30 100.00individual basisBad debt provisions areaccrued based on thecombination of credit riskscharacteristics Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Opening Balance Type(s) Book Balance Bad Debt Provision Expected Book Value Amount Ratio(%) Amount credit loss rate(%) Total 294,172,448.75 —— 48,994,014.74 —— 245,178,434.01 (Continued) Opening Balance Type(s) Book Balance Bad Debt Provision Expected Book Value Amount Ratio(%) Amount credit loss rate(%)Bad debt provisions are accruedbased on an individual basisBad debt provisions are accruedbased on the combination of credit 173,271,089.61 77.96 13,670.44 0.01 173,257,419.17risks characteristics Total 222,251,433.91 —— 48,994,014.74 —— 173,257,419.17 D. Other receivables for which bad debt provisions are accrued based on an individual basis Opening Balance Closing BalanceName of Debtors Bad Debt Expected Bad Debt Reason for Book Balance Book Balance Provision credit loss Aging Provision Provision rate(%)MARS FARMER Within Expected to beLIMITED 1 year uncollectibleKe You Shi(Shanghai)Management 10,000.00 10,000.00 10,000.00 10,000.00 100.00 years uncollectibleConsulting Co.,Ltd. Total 48,980,344.30 48,980,344.30 48,980,344.30 48,980,344.30 —— —— —— E. Bad debt provisions based on combinations Closing Balance Type(s) Bad Debt Proportion of Other receivables Provision accrual (%)Credit risk portfolio 12,491,958.63 13,670.44 0.07Deposit and guarantee portfolio 232,565,145.82Receivables and balances of reserved funds formedby employee loans of this unit Total 245,192,104.45 13,670.44 0.01 (Continued) Type(s) Opening Balance Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Bad Debt Proportion of Other receivables Provision accrual (%)Credit risk portfolio 42,637,733.45 13,670.44 0.03Deposit and guarantee portfolio 130,530,795.79Receivables and balances of reserved funds formedby employee loans of this unit Total 173,271,089.61 13,670.44 0.01 F. Provisions for bad debts in accordance with the general model for expected credit losses The first stage The second stage The third stage Expected credit loss Expected credit loss throughout the entire Bad debt provision Expected credit loss throughout the Total duration over the next 12 entire duration (no (incorporating months credit impairment already occurred occurred) credit impairment) Opening Balance 48,970,344.30 23,670.44 48,994,014.74 Opening balance in the current period —— —— —— —— -- Transferred to the second stage -- Transferred to the third stage -- Reversed from the second stage -- Reversed from the first stage Current period accrual Current period reversal Current period charge-off Current period write-off Other changes Closing Balance 48,970,344.30 23,670.44 48,994,014.74 G. Bad debt provisions The amount changed for the period Types Opening Balance Withdrawal Charge-off Other Closing Balance Provision or reversal or write-off changesBad debt provisionon individual basisCredit risk profileportfolio Total 48,994,014.74 48,994,014.74 H. Other receivables according to Top five of balance at end of period collected by debtors Proportion in overall Closing Balance at EndName of Debtors Nature of Funds Aging Closing Balance of Balance of bad of Period other receivables (%) debt reservesHaitong Futures Futures Margin 48,990,304.40 Within 1 year 16.65Co., Ltd Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Proportion in overall Closing Balance at EndName of Debtors Nature of Funds Aging Closing Balance of Balance of bad of Period other receivables (%) debt reservesMARSFARMER Account Current 48,970,344.30 Within 1 year 16.65 48,970,344.30LIMITEDHongyuan Futures Margin 42,062,873.20 Within 1 year 14.30Futures Co., Ltd.Galaxy Futures Futures Margin 40,613,184.80 Within 1 year 13.81Co., Ltd.CITIC Futures Futures Margin 25,281,986.20 Within 1 year 8.59Co., Ltd. Total —— 205,918,692.90 —— 70.00 48,970,344.30 (1) Inventory Category Closing Balance Items Inventory Falling Price Reserves/ Book Balance Provision for impairment of Book Value contract performance cost.Raw Materials 242,345,646.63 8,040,000.00 234,305,646.63Self-made Semi-finished Products &Work in ProgressFinished Goods 551,253,489.25 89,525.77 551,163,963.48Turnover Materials 3,467,927.05 55,676.29 3,412,250.76Work in Process-outsourced 43,862,482.16 43,862,482.16Materials in Transit 721,186,641.57 721,186,641.57Goods Sold 6,543,852.31 6,543,852.31 Total 1,569,277,369.07 8,185,202.06 1,561,092,167.01 (Continued) Opening Balance Items Inventory Falling Price Reserves/ Book Balance Provision for impairment of Book Value contract performance cost.Raw Materials 597,025,582.96 21,350,971.75 575,674,611.21Self-madeSemi-finished Products & 372,109.32 372,109.32Work in ProgressFinished Goods 664,865,256.03 1,510,139.93 663,355,116.10Turnover Materials 2,978,388.97 57,918.90 2,920,470.07Work in Process-outsourced 83,426,732.77 83,426,732.77Materials in Transit 94,930,883.69 94,930,883.69 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Opening Balance Items Inventory Falling Price Reserves/ Book Balance Provision for impairment of Book Value contract performance cost.Goods Sold 1,249,168.24 1,249,168.24 Total 1,444,848,121.98 22,919,030.58 1,421,929,091.40 (2) Inventory impairment provision and contract performance cost impairment provision The amount added this period Items Opening Balance Provision OthersRaw Materials 21,350,971.75Finished Goods 1,510,139.93Turnover Materials 57,918.90 Total 22,919,030.58 (Continued) The amount reduced this period Items Closing Balance Reversal or write-off OthersRaw Materials 13,310,971.75 8,040,000.00Finished Goods 1,420,614.16 89,525.77Turnover Materials 2,242.61 55,676.29 Total 14,733,828.52 8,185,202.06 (3) Inventory Goods listed by major product type Closing Balance Items Book Balance Falling Price Reserves Book ValueGrease and oils 539,447,736.79 89,525.77 539,358,211.02Food 11,805,752.46 11,805,752.46 Total 551,253,489.25 89,525.77 551,163,963.48 (Continued) Opening Balance Items Book Balance Falling Price Reserves Book ValueGrease and oils 648,365,629.66 1,510,139.93 646,855,489.73Food 16,499,626.37 16,499,626.37 Total 664,865,256.03 1,510,139.93 663,355,116.10 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Items Closing Balance Opening Balance Pending Deduct VAT Input Tax 71,133,822.06 80,350,441.94 Pre-paid Taxes and Fees 10,167,445.26 9,948,529.68 Input Tax to Be Certified 135,896.87 245,525.77 Fair Value Changes of Hedged Items 62,395,166.07 8,705,942.21 In total 143,832,330.26 99,250,439.60 (1) Long-Term Equity Investment Classification Current Period-End Item Beginning Balance Current Increase Decrease BalanceInvestment in Joint Ventures 139,458,291.18 3,035,749.09 142,494,040.27Investment in Associates 127,814,678.14 1,230,369.93 129,045,048.07 Total 267,272,969.32 4,266,119.02 271,539,088.34 (2) Details of Joint Ventures and Associates Increase or Decrease in the Current Period Balance at Cost of Confirmed Profit Adjustment of Invested Entity Beginning of Investment Additional Negative and Loss on other Year Investment Investment Investment under comprehensive Equity Method income Total 119,825,100.64 267,272,969.32 4,266,119.02 Beijing CHIA TAI Feedmill 26,232,442.61 139,458,291.18 3,035,749.09 Co. ,Limited China Grain Reserves (Tianjin) Warehouse Logistics Co., Ltd. Jingliang Missme Catering Management (Beijing) Co., Ltd. (Continued) Increase or Decrease in the Current Period Announce to Closing Balance Other Accrual of Balance at End Invested entity Distribute Case of Impairment changes in Impairment Others of Period Dividends or Reserves equity Reserves Profits Total 271,539,088.34 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Beijing CHIA TAIFeedmill 142,494,040.27Co. ,LimitedChina GrainReserves (Tianjin)Warehouse LogisticsCo., Ltd.Jingliang MissmeCateringManagement(Beijing) Co., Ltd. (1) Investment Real Estate Adopting Cost Measurement Model Land Use Construction in Items Buildings Total Right ProgressOne. Original Book Value —Other transfers 60,721,876.10 576,510.00 61,298,386.10Two. Accumulated Impairment andAccumulated Amortization —Accrual or Amortization —Other transfers 35,072,793.75 237,329.95 35,310,123.70Three. Impairment Reserves 10,587,796.70 10,587,796.70PeriodPeriodFour. Book Value Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Items Balance at End of Period Balance at Beginning of PeriodFixed Assets 814,065,422.12 841,479,812.89Disposal of fixed assets In total 814,065,422.12 841,479,812.89 (1) Details of Fixed Assets Items Buildings Machinery Equipment Transportation Equipment Electronic Equipment Office Equipment Other Equipment TotalOne. OriginalBook ValueBeginning of 1,095,593,888.13 844,074,072.11 18,587,760.18 16,418,896.35 7,630,892.16 232,873.76 1,982,538,382.69YearAmounts inthe CurrentPeriod (1) Purchase 1,686,768.88 278,727.60 82,234.93 33,012.68 2,080,744.09 (2) Roll-inof ProjectunderConstruction (3) OtherAmounts inthe CurrentPeriod (1) Disposalor Scrap (2) Othertransferred outEnd of PeriodTwo.AccumulatedImpairmentBeginning of 519,004,237.94 565,676,848.30 13,133,612.56 10,469,123.05 5,125,203.10 84,876.80 1,113,493,901.75YearAmounts inthe CurrentPeriod (1) Accrual 19,692,408.85 24,767,219.70 756,008.39 654,507.29 366,736.43 20,813.71 46,257,694.37 (2) OtherAmounts inthe CurrentPeriod (1) Disposalor ScrapEnd of PeriodThree.ImpairmentReservesBeginning of 9,047,959.13 18,284,210.99 2,780.80 155,337.57 69,089.76 5,289.80 27,564,668.05Year(1) Accrual(2) DecreasedAmounts inthe CurrentPeriod Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Items Buildings Machinery Equipment Transportation Equipment Electronic Equipment Office Equipment Other Equipment TotalEnd of PeriodFour. BookValueat End of 551,096,857.19 250,646,078.35 4,679,175.35 5,402,206.51 2,122,710.84 118,393.88 814,065,422.12Periodat Beginning 567,541,691.06 260,113,012.82 5,451,366.82 5,794,435.73 2,436,599.30 142,707.16 841,479,812.89of Year Items Balance at End of Period Balance at Beginning of YearConstruction in Progress 130,672,973.43 88,960,509.10 Total 130,672,973.43 88,960,509.10 (1) Construction in Progress A. Details of Construction in Progress Closing Balance Opening Balance Items Impairment Impairment Book Balance Book Value Book Balance Book Value Reserves ReservesBaking productionlineJingliang HainanYangpu Oil 13,641,245.93 13,641,245.93 12,048,331.15 12,048,331.15Processing ProjectSlope StabilizationProject at Factory 8,101,830.83 8,101,830.83 8,101,830.83 8,101,830.83No. 3Free Trade ZoneFeed Processing 7,858,573.81 7,858,573.81 7,858,573.81 7,858,573.81ProjectUpgrade Project forRice Cake 4,557,039.48 4,557,039.48 4,347,643.14 4,347,643.14Production LineThe infrastructureand prefabricationsection project of 4,481,511.03 4,481,511.03 1,341,054.32 1,341,054.32the rice cakeworkshopSnow CakeWorkshopCategory 1,472,459.91 1,472,459.91ExpansionInvestment ProjectThe "Haidilao"baking potato chipautomationtransformationproject of theLeisure FactoryRice ProductWorkshop 2,854,971.76 2,854,971.76Relocation Project Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Closing Balance Opening Balance Items Impairment Impairment Book Balance Book Value Book Balance Book Value Reserves ReservesThe leanproductiontransformationproject of the first 1,311,148.16 1,311,148.16and secondworkshops of theLeisure FactoryOthers 4,001,429.61 4,001,429.61 5,683,734.17 5,683,734.17 Total 130,672,973.43 130,672,973.43 88,960,509.10 88,960,509.10 B. Change Condition of Important Engineering Projects under Construction in the Current Period Transfer to Decrease Budget Beginning Increase This Period-End Project Name Fixed This Amount Balance Period Balance Assets PeriodBaking productionlineJingliang HainanYangpu Oil 661,324,100.00 12,048,331.15 1,592,914.78 13,641,245.93Processing ProjectFree Trade ZoneFeed Processing 7,184,400.00 7,858,573.81 7,858,573.81ProjectSlopeStabilizationProject at FactoryNo. 3 Total -- 65,511,130.85 52,121,862.46 117,632,993.31 (Continued) Proportion of Interest accumulated Including: Accumulated Capitalizati input of the Progress Interest Amount of on Rate in Sources of Project Name project on of the Capitalization Interest the Current Capital Budgeted Project Amount occurred Capitalization Period Amount in Current Period （%） （%）Baking production Owned by theline enterprise RaisedJingliang Hainan Capital andYangpu Oil 1.82 1.82% Owned by theProcessing Project enterpriseFree Trade Zone Owned by theFeed Processing 109.38 99.00% enterpriseProjectSlope Stabilization Owned by theProject at Factory 1.82 1.82% enterpriseNo. 3 Total —— —— 263,055.56 263,055.56 —— —— Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Details Transportation Land Use Items Buildings In total Equipment RightOne. Original Book ValuePeriod (1) LeasePeriod (1) Expiration of contract (2) Contract termination adjustment 2,416,490.86 2,416,490.86Two. Accumulated DepreciationPeriod (1) Accrual 4,328,997.40 22,948.41 56,484.00 4,408,429.81Period (1) Contract termination adjustment 1,744,846.06 1,744,846.06 (2) Expiration of contractThree. Impairment ReservesPeriodPeriodFour. Book Value Details of Intangible Assets Items Software Land Use Right Trademark Right In totalOne. Original Book Value Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Items Software Land Use Right Trademark Right In total (1) Purchase (1) DisposalTwo. Accumulated Amortization (1) Accrual 79,869.56 4,542,322.72 3,138,575.67 7,760,767.95 (1) DisposalThree. Impairment ReservesFour. Book Value (1) Original Book Value of Goodwill Increase in the Decrease in theName of Invested Entity or Balance at Current Period Current Period Balance at End ofItems Forming Goodwill Beginning of Year Formed by Period Disposal Enterprise MergerAcquire stock shares ofZhejiang Xiaowangzi Food Co., 191,394,422.51 191,394,422.51Ltd. In total 191,394,422.51 191,394,422.51 (2) Relevant information about the group or groups of assets that include goodwill Whether Composition and Basis of Group of Assets Operation Segment and Name consistent with or Group belongs Basis belongs Prior Period Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Group of Assets comprises of GoodwillAcquire stock shares of Assets mainly used food related assets ， the flow-in cash generatedZhejiang Xiaowangzi processing, belong to the YesFood Co., Ltd. shall be independent of those by other Food Processing Segment group assets. (3) Goodwill impairment provision Increase in the Decrease in theName of Invested Entity or Balance at Current Period Current Period Balance at End ofItems Forming Goodwill Beginning of Year Period Accrual Others Disposal OthersAcquire stock shares ofZhejiang Xiaowangzi Food 65,762,029.16 65,762,029.16Co., Ltd. In total 65,762,029.16 65,762,029.16 Balance at Increased Amortized Other Balance at End Items Beginning of Amounts in the Amounts in the reductions of Period Year Current Period Current PeriodWorkshop renovationand maintenanceHouse renovation andremodeling Total 3,362,646.84 557,990.88 1,638,955.09 1,165,700.87 (1) Deferred Income Tax Assets Not Being Offset Balance at End of Period Balance at Beginning of Year Items Deductible Deductible Deferred Income Deferred Income Temporary Temporary Tax Assets Tax Assets Difference DifferenceAsset Impairment Reserves 50,026,256.49 12,506,564.12 50,152,256.47 12,538,064.11Assets depreciation reserves 1,543,615.94 385,903.99 2,669,362.22 667,340.56Valuation of financialinstruments and derivative 5,722,767.88 1,430,691.97 3,572,045.80 893,011.45financial instrumentsLease liabilities 159,860,021.92 39,965,005.48 166,205,889.35 41,551,472.34Deductible losses 105,237,763.29 26,309,440.82 74,064,292.97 18,516,073.24Deferred Income 14,835,521.81 3,708,880.45 14,835,521.81 3,708,880.45Wages payable 5,321,134.00 1,330,283.50 5,321,134.00 1,330,283.50Contract Rebates 1,987,981.50 496,995.38 1,987,981.50 496,995.38 In total 344,535,062.83 86,133,765.71 318,808,484.12 79,702,121.03 (2) Details of Deferred Income Tax Liabilities Not Being Offset Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Balance at End of Period Balance at Beginning of Year Items Taxable Temporary Deferred Income Tax Taxable Temporary Deferred Income Tax Difference Liabilities Difference LiabilitiesValuation of FinancialInstruments and Derivative 36,548,345.57 9,137,086.39 6,320,422.21 1,580,105.55Financial InstrumentsUse right assets 160,920,211.56 40,230,052.89 165,115,356.93 41,278,839.23Valuation and appreciation ofassets in merger of enterprises 111,372,664.00 27,843,166.00 116,528,641.92 29,132,160.48not under the same control Total 308,841,221.13 77,210,305.28 287,964,421.06 71,991,105.26 (3) Details of Deferred Income Tax Liabilities after Offset Ending Balance Beginning Balance Item Net Deferred Tax Net Deferred Tax Deferred Tax Assets Deferred Tax Assets Assets (After Assets (After Offsetting Amount Offsetting Amount Offsetting) Offsetting)I. Deferred taxassetsII. Deferredtax liabilities (4) Details of Deferred Income Tax Assets Not Being Confirmed Items Balance at End of Period Balance at Beginning of YearDeductible temporary differences 58,415,648.60 58,415,648.60Deductible loss 369,280,702.05 327,283,562.80 In total 427,696,350.65 385,699,211.40 (5) Deductible loss on deferred income tax assets not being confirmed will be due at the following years Year Balance at End of Period Balance at Beginning of Year Total 369,280,702.05 327,283,562.80 Closing Balance Opening Balance Items Book Provision for Book Provision for Book value Book value balance impairment balance impairment Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Prepaid Long-TermAsset Purchases Total 8,742,892.22 8,742,892.22 9,281,092.22 9,281,092.22 Ending-period Items Book balance Book value Type of restriction Restriction SituationMonetary Funds 24,863,023.91 24,863,023.91 Guarantee Deposit Guarantee DepositFixed Assets 21,719,189.02 4,483,531.03 Legal Freeze Legal FreezeInvestment Real Estates 19,594,735.46 4,350,926.15 Legal Freeze Legal Freeze In total 66,176,948.39 33,697,481.09 / / (Continued) Beginning-period Item Book balance Book value Type of restriction Restriction SituationMonetary Funds 33,411,335.64 33,411,335.64 Guarantee Deposit Guarantee DepositFixed Assets 21,719,189.02 4,167,145.29 Legal Freeze Legal FreezeInvestment Real Estates 19,594,735.46 4,520,056.97 Legal Freeze Legal Freeze In total 74,725,260.12 42,098,537.90 / / Classification of Short-term Borrowings Items Balance at End of Period Balance at Beginning of YearCredit loans 709,701,803.20 1,136,260,975.85 In total 709,701,803.20 1,136,260,975.85 Among them: Interest Payable Item Closing Balance Opening BalanceChanges in fair value of hedging instruments 9,953,208.15 3,815,280.00 Total 9,953,208.15 3,815,280.00 Type Closing Balance Opening BalanceBank Acceptance 56,649,763.00 Total 56,649,763.00 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Breakdown of Accounts Payable Items Balance at End of Period Balance at Beginning of YearPayable for Materials 51,435,019.17 47,834,239.89Payable for Engineering 12,404,701.46 13,248,688.94Payable for Equipment 3,275,665.83 28,140.00Consulting Service Fee 920,480.25Leasing Fee 2,479,733.33Storage Fee 2,244,117.33 2,073,066.67Others 2,807,004.71 2,169,241.37 In total 74,646,241.83 66,273,857.12 Breakdown of Advances from Customers Items Balance at End of Period Balance at Beginning of YearAdvance collection of rent 1,222,673.11 1,670,875.73 In total 1,222,673.11 1,670,875.73 Classification of contract liabilities Items Balance at End of Period Balance at Beginning of YearPayment for goods 359,063,926.94 275,724,804.27 In total 359,063,926.94 275,724,804.27 (1) Wages Payable Presented Balance at Increase in the Decrease in the Balance at End of Items Beginning of Year Current Period Current Period PeriodShort-term Compensation 25,193,585.29 121,479,478.45 134,409,325.29 12,263,738.45After-service Welfare- Setup ESP liabilitiesDismission Welfare 1,254,029.00 814,181.41 814,181.41 1,254,029.00Others In total 29,353,455.84 140,957,540.26 153,391,185.30 16,919,810.80 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 (2) Short-term Compensation Presented Balance at Increase in the Decrease in the Balance at End of Items Beginning of Year Current Period Current Period Periodand SubsidyEmployeeAmong them: MedicalInsurance Premiums Industrial InjuryInsurance PremiumsPersonnel Education Fund In total 25,193,585.29 121,479,478.45 134,409,325.29 12,263,738.45 (3) Stated Drawings Plan Presented Balance at Increase in the Decrease in the Balance at End of Items Beginning of Year Current Period Current Period PeriodInsuranceInsurance ExpenseCharges Total 2,905,841.55 18,663,880.40 18,167,678.60 3,402,043.35 Items Balance at End of Period Balance at Beginning of YearVAT 2,566,202.27 29,296,775.82Corporate Income Tax 2,664,352.62 2,223,946.93Urban Maintenance and Construction Tax 146,686.13 1,452,582.88House Property Tax 1,018,604.75 1,769,241.11Land Use Tax 419,871.83 1,093,470.51Individual Income Tax 54,454.81 609,990.36Educational Surtax (Including local educationalsurcharge）Other Taxes 159,123.85 328,288.94 In total 7,183,532.89 38,204,738.18 Items Balance at End of Period Balance at Beginning of Year Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Interest Payable 20,000,000.00 20,000,000.00Other Accounts Payable 56,606,599.09 42,493,915.38 In total 76,606,599.09 62,493,915.38 (1) Interest Payable Items Balance at End of Period Balance at Beginning of YearInterest on intercompany loans 20,000,000.00 20,000,000.00 In total 20,000,000.00 20,000,000.00 (2) Other Accounts Payable Other Accounts Payable by Nature of Funds Presented Items Balance at End of Period Balance at Beginning of YearRelated party amounts within the group 867,695.89 558,574.25Accounts Payable of Guaranteed Deposit and Deposit 28,852,038.51 26,526,699.27Accounts Payable of Intercourse Funds 19,659,919.80 9,082,778.49Personal Intercourse Funds 504,075.78 769,967.93Various Insurances of Employee 3,542,507.34 3,902,761.56Others 3,180,361.77 1,653,133.88 In total 56,606,599.09 42,493,915.38 Item Closing Balance Opening BalanceLong-term borrowings due within one year 67,000,000.00 68,000,000.00Bonds payable due within one year 299,925,000.00 299,700,000.00Lease Liability due within one year 4,445,042.32 5,284,537.08Long-term borrowings interest due within one year 455,213.61Bond interest payable due within one year 7,200,000.00 2,880,000.00 Total 378,570,042.32 376,319,750.69 Item Closing Balance Opening BalanceSales Tax Payable to be Written Off 34,663,083.60 34,674,941.36Fair value changes of hedged items 2,125,165.80 Total 34,663,083.60 36,800,107.16 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Amount Due Within One Item Ending Book Value Ending Balance YearCredit Loans 640,500,000.00 67,000,000.00 573,500,000.00 Total 640,500,000.00 67,000,000.00 573,500,000.00（Continuing Table） Amount Due Within One Item Beginning Book Value Beginning Balance YearCredit Loans 644,500,000.00 68,000,000.00 576,500,000.00 Total 644,500,000.00 68,000,000.00 576,500,000.00 (1) Bonds payable Item Closing Balance Opening BalanceCorporate Bond 0.00 0.00 Total 0.00 0.00 Note: The aforementioned bonds payable have been converted into non-current liabilities due within oneyear. (2) Details of Bond payable (not including other financial instruments i.e. the Financial Liabilitiespreference shares perpetuities etc) Coupon Amount Due Bond Opening Name of Bond Face Value rate Issue Date Issuing Amount Within One Term Balance （%） Year Aug, 2023Bond Total ∕ ∕ ∕ ∕ 300,000,000.00 299,700,000.00 299,700,000.00 (Continued) Interest Amortization of Amount Due Name of Repayment in Whether accrued at Premiums or Ending Balance Within One Bond the Period in default face value Discounts YearBond Total 4,320,000.00 -225,000.00 4,320,000.00 299,925,000.00 299,925,000.00 ∕ Item Closing Balance Opening BalanceLease Payment 191,831,027.62 201,310,577.51 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Less: Unrecognized Financing Cost 58,351,773.96 60,574,401.86 Reclassified as non-current liabilities due within One year 4,445,042.32 5,284,537.08 Net Lease Liabilities 129,034,211.34 135,451,638.57 Long-term wage payable presented Items Balance at End of Period Balance at Beginning of YearOther Long-term Welfare 5,259,134.00 5,321,134.00 In total 5,259,134.00 5,321,134.00 Item Ending Balance Beginning Balance Reason for FormationPending Litigation 22,650,893.15 22,650,893.15Total 22,650,893.15 22,650,893.15 —— Balance at Beginning Increase in the Decrease in the Balance at End of Cause of Items of Year Current Period Current Period Period FormationGovernmentSubsidy In total 53,936,649.47 913,873.08 53,022,776.39 -- Changes This Period (+, -) Shareholder Beginning Capital Issuance of Ending Balance Name Balance Bonus Reserve New Other Subtotal Shares Conversion to Shares Shares Total Shares 726,950,251.00 726,950,251.00 Balance at Increase in the Decrease in the Balance at End of Items Beginning of Year Current Period Current Period PeriodCapital Premium (Stock Premium) 1,435,204,343.74 1,435,204,343.74Other Capital Reserves 248,469,614.28 248,469,614.28 In total 1,683,673,958.02 1,683,673,958.02 Current Period Amount Beginning Item Less: Amount Less: Amount Less: Balance Tax Before Transferred from Transferred from Income Period Other Other Tax Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Current Period Amount Beginning Item Comprehensive Comprehensive Expenses Balance Income to Profit Income to or Loss Retained EarningsIncome Not Reclassifiable toProfit or LossIncome Reclassifiable to Profit 1,059,574.92 -922,132.87or LossForeign Currency TranslationDifferencesTotal other comprehensiveincome (Continuing Table) Current Period Amount Item Income Tax After-Tax Amount After-Tax Amount Ending Balance Effect for the Attributable to the Attributable to Period Parent Company Minority ShareholdersI. Other ComprehensiveIncome that will not bereclassified to profit or loss.II. Other ComprehensiveIncome that will be -922,132.87 -922,132.87 137,442.05reclassified to profit or loss. Foreign Currency -922,132.87 -922,132.87 137,442.05Translation DifferencesTotal Other Comprehensive -922,132.87 -922,132.87 137,442.05Income Balance at Increase in the Decrease in the Balance at End of Items Beginning of Year Current Period Current Period PeriodStatutory Surplus Reserves 107,066,319.34 107,066,319.34Free Surplus Reserves 37,634,827.93 37,634,827.93 In total 144,701,147.27 144,701,147.27 Amounts in the Amounts in the Items Current Period Prior PeriodAdjustment on undistributed profit at end of last year 307,028,112.53 593,483,706.16Adjusted undistributed profit at beginning of period 307,028,112.53 593,483,706.16Add: Net profit attributable to parent company in the current period 8,032,416.00 17,950,174.11Less: Withdrawal statutory surplus reserves Common stock dividends payable 13,085,104.52Undistributed profit at end of period 315,060,528.53 598,348,775.75 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 (1) Operation Revenue and Operation Cost Amounts in the Current Period Amounts in the Prior Period Items Revenue Cost Revenue CostMain Business 3,105,747,301.45 2,937,877,316.64 4,199,224,826.21 3,963,118,743.02Other Business 9,179,420.06 2,082,600.72 8,921,429.65 9,643,983.54In total 3,114,926,721.51 2,939,959,917.36 4,208,146,255.86 3,972,762,726.56 (2) Breakdown of operation revenue and operation cost Contract Category Operation Revenue Operation CostIndustry and Business-classifiedIncluding: Oil 2,779,531,755.63 2,674,595,949.01 Food 326,215,545.82 263,281,367.63 Others 9,179,420.06 2,082,600.72Region-classifiedIncluding: North China 2,006,839,348.50 1,905,445,799.55 East China 610,958,073.14 544,557,979.05 Northeast China 184,134,193.58 161,273,137.30 Central China 304,079,041.36 320,129,787.60 South China 192,847.96 100,343.03 Others 8,723,216.97 8,452,870.83Time for the transfer of commodities classifiedIncluding: Revenue recognition at a given time 3,114,926,721.51 2,939,959,917.36Sales channel-classifiedIncluding: Direct 1,338,798,081.27 1,274,023,682.24 Distribution 1,766,949,220.18 1,663,853,634.40 Others 9,179,420.06 2,082,600.72 In total 3,114,926,721.51 2,939,959,917.36 (3) Performance obligations explanation Nature of the Expected Quality assurance Whether Time of Important commitment to refund to the category provided main Item performance payment transfer customer by by the Company responsible obligations terms commodities by the and relevant person the company Company obligationsProcessing and Upon Mainly Mainly sales of Statutory Yes Nosales of oil and delivery payment oil and oilseeds, guarantees Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026oilseeds, as well first snack foodas foodstuffs Note: Company and distributors adopt the payment first method, certain credit lines offered by thecompany to partial distributors with long-term cooperation and good reputation. For settlement, partial directsale customers and supermarkets shall be proceeded on agreed payment terms in accordance with the contract (4) Amortization on remaining performance obligations explanation Item AmountRevenue corresponding to signed contracts that have not yet been fulfilled orcompleted by the end of this reporting period—Expected revenue to be recognized in the second half of 2025 359,063,926.94 Items Amounts in the Current Period Amounts in the Prior PeriodUrban Maintenance and Construction Tax 2,365,695.20 2,336,002.81House Property tax 3,560,411.25 3,201,504.21Land Use Tax 1,092,386.60 1,095,143.03Educational Surtax 1,922,118.69 1,680,923.01Vehicle and Vessel Use Tax 14,481.36 15,630.64Environmental Protection Fees 14,074.66 24,137.85Stamp Tax 1,998,681.13 3,135,946.35Other Taxes and Fees 18,732.26 152,497.75 In total 10,986,581.15 11,641,785.65 Items Amounts in the Current Period Amounts in the Prior PeriodEmployee Compensation 29,849,487.54 28,326,451.00Warehousing and Storage Fees 6,307,755.74 11,687,876.61Depreciation Expense 8,324,479.50 8,459,887.59Sales Service Expenses 4,884,120.44 4,512,944.89Material Consumption and Losses 1,564,776.15 2,284,577.01Travel Expenses 1,278,843.40 1,875,858.90Lease Expenses 3,340,344.65 2,635,934.24Repair Expenses 448,748.85 29,374.44Utilities 19,057.28 17,747.30Vehicle Expenses 99,958.80 274,057.31 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Items Amounts in the Current Period Amounts in the Prior PeriodPackaging Expenses 97,759.42 92,638.28Inspection and Testing Expenses 145,231.37 109,553.15Loading and Unloading Expenses 22,641.51Other Expenses 5,924,790.12 5,377,912.04 Total 62,285,353.26 65,707,454.27 Items Amounts in the Current Period Amounts in the Prior PeriodEmployee Compensation 48,824,044.66 52,072,974.98Depreciation Expense 15,424,995.91 12,740,675.81Amortization of Intangible Assets 3,237,825.44 2,184,420.65Office Expenses 2,971,012.32 4,175,105.34Lease Expenses 2,568,847.28 4,405,913.08Fees for Engaging Intermediaries 5,091,208.93 4,957,635.33Repair Expenses 528,237.13 2,235,016.64Security and Protection Expenses 254,259.12 609,705.94Travel Expenses 285,635.24 454,431.95Information and Network Expenses 1,158,059.77 1,012,558.42Insurance Expenses 480,616.60 467,997.59Business Reception Expenses 274,191.49 511,659.59Environmental Protection Expenses 656,670.88 570,470.69Amortization of Prepaid Expenses 122,370.01 890,307.28Vehicle Expenses 867,567.19 765,613.82Material Consumption 276,283.99 270,245.78Labor Protection Expenses 28,364.95 39,875.97Conference Expenses 15,538.47 32,219.30Other Expenses 3,389,183.75 3,357,275.97 In total 86,454,913.13 91,754,104.13 Items Amounts in the Current Period Amounts in the Prior PeriodSalary 4,472,735.18 4,682,957.00Material fee 2,872,151.32 3,455,845.79Depreciation and amortization 192,972.02 339,179.02 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Fuel and Power Fee 188,050.26 485,965.91Transportation Expense 25,607.64 21,855.24Equipment Cost 1,238.94Others 235,374.49 214,439.07 In total 7,986,890.91 9,201,480.97 Items Amounts in the Current Period Amounts in the Prior PeriodInterest Expenses 23,857,714.79 31,665,713.92Less: Interest Income 5,794,866.63 5,319,761.53Fees and Charges 105,402.24 2,467,784.21Exchange Losses 209,622.35 -321,306.95Less: Exchange GainsOther In total 18,377,872.75 28,492,429.65 Items Amounts in the Current Period Amounts in the Prior PeriodGovernment Subsidy 6,058,938.69 5,707,687.74Return of Service Charges of WithholdingIndividual Income Tax In total 6,176,238.71 5,867,507.90The sources of generating investment income Amounts in the Current Period Amounts in the Prior PeriodLong-term investment income recognizedunder equity method In total 4,266,119.02 3,572,053.10Source of generating profits on changes in fair Amounts in the Current Period Amounts in the Prior Period valueTrading Financial assets 17,105,743.14 -10,955,589.95Including: income with changes in fair valuegenerated by derivative financial instruments In total 17,105,743.14 -10,955,589.95 Items Amounts in the Current Period Amounts in the Prior Period Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Accounts receivable bad debt loss 126,000.00 52.30 Total 126,000.00 52.30 Amounts in the Current Amounts in the Prior Items Period PeriodLoss on Inventory Price Loss & Impairment loss on contract -37,303.33performance costs In total -37,303.33 Amounts Charged to Amounts in the Current Amounts in the Items Non-recurring Profit and Period Prior Period LossGains or losses on disposal of fixed assets 215,035.93 294.25 215,035.93Gains or losses on disposal of intangibleassetsGains or losses resulting from thetermination or modification of a long- 99,273.58 99,273.58term lease contract In total 314,309.51 16,255,830.49 314,309.51 Amounts Charged to Amounts in the Amounts in the Items Non-recurring Profit and Current Period Prior Period LossGain from the destruction or scrapping ofnon-current assetsGains from inventory 9,911.50 9,911.50Fines, liquidated damages, late fees,compensation incomePayable amounts not required to be paid 1,218.79 11,181.77 1,218.79Others 191,889.66 79,874.76 191,889.66 In total 295,082.31 171,433.89 295,082.31 Amounts Charged to Amounts in the Amounts in the Items Non-recurring Profit and Current Period Prior Period LossLoss from damage or scrapping of non-current assetsLosses from inventory 132,791.43 132,791.43Liquidated damages, compensationExpensesOthers 199,571.11 39,274.54 199,571.11 Total 378,632.51 16,645,099.05 378,632.51 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 (1) List of Income Tax Expenses Items Amounts in the Current Period Amounts in the Prior PeriodCurrent Income Tax Expense 8,460,532.28 4,482,306.11Deferred Income Tax Adjustment -1,212,444.66 4,646,691.26 Total 7,248,087.62 9,128,997.37 (2) Accounting Profit and Income Tax Expense Adjustment Process Amounts in the Current Items PeriodTotal Profit 16,780,053.13Income Tax Expense Calculated at Statutory/Applicable Tax Rate 3,537,513.27Effect of Different Tax Rates for Subsidiaries -478,892.28Effect of Adjustments to Prior Period Income Tax 757.99Effect of Non-Taxable IncomeEffect of Non-Deductible Costs, Expenses, and LossesEffect of Using Unrecognized Deferred Tax Assets on Deductible Losses from Previous -3,151,798.11PeriodsEffect of Unrecognized Deferred Tax Assets on Deductible Losses in the Current Period 5,132,339.87The impact of the deductible temporary differences that have not yet been recognized asdeferred income tax assets in this periodEffect of Small Enterprise Tax Preferences -11,231.76Effect of Non-Taxable Investment Income -1,066,529.76Reversal of the impact of the initial recognition of deferred income tax assets 3,254,648.33Others 31,280.08 Income Tax Expenses 7,248,087.62 loss See details of‘Appendix V Notes on Items in Consolidated Financial Statements 38. Other Comprehensive Incomes’. (1) Cash related to operating activities A. Receiving other cash related to operation activities Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Items Amounts in the Current Period Amounts in the Prior PeriodIntercourse Funds of Related Parties 275,337.14 267,833.80Security Deposit 281,070,975.05 1,236,244,410.55Intercourse Funds of Other Units 67,285,615.88 4,408,893.18Interest Income 5,925,907.04 5,224,074.75Non-operating Income and otherincomeCollections for Others 191,303,195.95 2,288,086,889.51Others 9,282,534.79 11,976,811.74 Total 556,873,686.92 3,546,804,253.47 B. Cash Paid for Other Operating Activities Items Amounts in the Current Period Amounts in the Prior PeriodExpense Payments 17,308,641.15 35,722,072.77Other Unit Transactions 10,848,156.10 9,552,731.60Related Party Transactions 2,861,578.22 3,084,529.27Petty Cash 159,110.00 61,000.00Deposits and Guarantees 532,798,376.85 1,148,043,679.45Collections for Others 191,303,195.95 2,288,086,889.51Others 2,144,953.45 78,051,269.43 Total 757,424,011.72 3,562,602,172.03 (2) Cash related to financing activities A. Other cash paid related to financing activities Items Amounts in the Current Period Amounts in the Prior PeriodLease payment amount 9,474,709.30 679,200.00 In total 9,474,709.30 679,200.00 B. Details of various liability change from Financing Activities Increase in Current Period Decrease in Current Period Beginning Item Cash Non-cash Non-cash Ending Balance Balance Cash Movement Movement Movement MovementShort-term 1,136,260,975.85 724,049,105.70 9,358,577.63 1,159,966,855.98 0.00 709,701,803.20borrowingLong-term 644,955,213.61 0.00 0.00 4,455,213.61 0.00 640,500,000.00borrowingBondPayable Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026LeaseLiabilityInterestPayableDividendsPayable Total 2,244,532,365.11 724,049,105.70 16,126,205.53 1,173,901,619.48 0.00 1,810,806,056.86 (1) Supplementary Materials of Cash Flows Statement Amounts in the Amounts in the Supplementary Materials Current Period Prior PeriodNet Profit 9,531,965.51 17,686,162.61Add: Assets Impairment Loss 0.00 37,303.33 Credit impairment loss -126,000.00 -52.30 Fixed Assets Depreciation, Oil-and-gas Assets Depreciation and ProductiveBiological Assets Depreciation Right-of-use assets depreciation 4,408,429.81 7,520,983.79 Amortization of Intangible Assets 7,760,767.95 8,408,289.96 Amortization of Long-term Deferred Expenses 559,567.92 890,307.28 Losses on Disposal of Fixed Assets, Intangible Assets and Other Long-term Assets -314,309.51 -16,255,830.49(Fill in profit with symbol “－”) Losses on Retirement of Fixed Assets (Fill in profit with symbol “－”) 20,855.00 6,412.23 Losses on Changes in Fair Value (Fill in profit with symbol “－”) -17,105,743.14 10,955,589.95 Financial Expenses (Fill in profit with symbol “－”) 18,062,848.16 26,345,952.39 Investment Losses (Fill in profit with symbol “－”) -4,266,119.02 -3,572,053.10 Decrease in Deferred Income Tax Assets (Fill in increase with symbol “－”) 76,549.82 4,161,616.67 Increase in Deferred Income Tax Reliabilities (Fill in decrease with symbol “－”) -1,288,994.48 -803,919.89 Decrease in Inventory (Fill in increase with symbol “－”) -139,163,075.61 -244,476,596.39 Decrease in Items of Operating Receivables (Fill in increase with symbol “－”) 456,403,827.61 -307,836,531.87 Increase in Items of Operating Payables (Fill in decrease with symbol “－”) 8,358,406.65 670,957,522.84 Others Net Cash Flows from Operating Activities 390,028,756.88 222,436,293.07Cash balance at end of period 1,665,268,161.00 1,729,939,169.19Less: cash balance at beginning of period 1,788,311,181.44 1,395,519,746.77Add: The ending balance of cash equivalents Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Less: Initial balance of cash equivalents Cash and cash equivalent net increase -123,043,020.44 334,419,422.42 (2) Composition of cash and cash equivalents Balance at End of Balance at Beginning of Items Period PeriodOne. Cash 1,665,268,161.00 1,788,311,181.44Including: Cash on hand 8,617.41 10,241.76 Bank deposit available for payment at any time 1,477,936,692.08 1,725,447,216.11 Other currency funds available for payment at any time 187,322,851.51 62,853,723.57Two. Cash EquivalentsThree. Balance of Cash and Cash Equivalents at End of Period 1,665,268,161.00 1,788,311,181.44 Monetary Items of Foreign Currency Balance of Foreign Currency at End Exchange Rate Balance of Converting to Items of Period Convert RMB at End of PeriodMonetary fund —— —— 26,956,990.16Including: US Dollars 3,957,918.95 6.8109 26,956,990.16 (1) As Lessee During the reporting period, the short-term lease expenses that were accounted for and treated as part ofthe current period"s profit and loss were 5,796,358.31 yuan. (2) Operating lease as lessor Including: Income related to variable lease payments not Item Leasehold income included in lease incomeLeasehold income 1,579,748.12 Total 1,579,748.12VI Research and Development Expenses Disclosed by nature of expenses Item Amount in current period Amount in prior periodSalary 4,472,735.18 4,682,957.00Material expenses 2,872,151.32 3,455,845.79 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Depreciation and Amortization Fee 192,972.02 339,179.02Fuel & Power expenses 188,050.26 485,965.91Travel expenses 25,607.64 21,855.24Equipment expenses 1,238.94Others 235,374.49 214,439.07 Total 7,986,890.91 9,201,480.97Including: Expensed expenditure 7,986,890.91 9,201,480.97 Capitalized expenditureVII Change in Consolidation Scope There were no changes in the scope of consolidation for the company during the reporting period.VIII Equities in Other Entities (1) Composition of the Company Registered Shareholding Ratio Principle Capital（In ten (%) Registered Nature of Mode of Name of Subsidiary Place of thousands Place Business Acquisition Business Direct Indirect Yuan） AgriculturalJingliang (Tianjin) Product and By Merger underGrain and Oil Tianjin 56,000.00 Tianjin 70.00 Product the same controlIndustry Co., Ltd. ProcessingBeijing Jingliang Oil Grain and oil Merger under Beijing 5,000.00 Beijing 100.00and Fat Co., Ltd. trade the same controlBeijing Guchuan Grain and oil Merger under Beijing 12,558.46 Beijing 100.00Edible Oil Co., Ltd. trade the same control AgriculturalBeijing Eisen-Lubao Product and By Merger under Beijing 5,050.00 Beijing 100.00Oil Co., Ltd. Product the same control ProcessingBeijing Tianweikang Merger underOil Distribution Beijing 500.00 Beijing Warehousing 100.00 the same controlCenter Co., Ltd.Beijing Guchuan Merger under Beijing 5,550.00 Beijing Food Processing 100.00Bread Food Co., Ltd. the same control CombinationZhejiang Xiao Wang Hangzhou 5,156.00 Hangzhou Food Processing 17.6794 77.2072 not under sameZi Food Co., Ltd. controlHangzhou Lin"an CombinationXiaotianshi Food Hangzhou 4,900.00 Hangzhou Food Processing 17.6794 77.2072 not under sameCo., Ltd. control CombinationLiaoning Xiao Wang Liaoning 3,000.00 Liaoning Food Processing 17.6794 77.2072 not under sameZi Food Co., Ltd. control CombinationLinqing Xiao Wang Linqing 2,132.50 Linqing Food Processing 17.6794 77.2072 not under sameZi Food Co., Ltd. control Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Registered Shareholding Ratio Principle Capital（In ten (%) Registered Nature of Mode of Name of Subsidiary Place of thousands Place Business Acquisition Business Direct Indirect Yuan）Hangzhou Lin"anChunmanyuan CombinationAgricultural Hangzhou 600.00 Hangzhou Food Processing 17.6794 77.2072 not under sameDevelopment Co., controlLtd.Jingliang (Singapore) Invest in theInternational Trade Singapore 643.35 Singapore Grain trade 100.00 establishmentCo., Ltd.Beijing Jingliang Grain and oil Invest in theGubi oil and grease Beijing 5,000.00 Beijing 100.00 trade establishmentco. LTDBeijing Jingliang Investment Merger under Beijing 105,658.96 Beijing 100.00Food Co., Ltd. management the same controlJingliang(Caofeidian) Invest in theAgricultural Tangshan 5,000.00 Tangshan Plantation 51.00 establishmentDevelopment Co.,Ltd.Jingliang (Yueyang) Agricultural Invest in theGrain and Oil Hunan 68,000.00 Hunan 65.00 products establishmentIndustry Co., Ltd.Jingliang (Beijing) Commercial Invest in theBakery&Foods Co., Beijing 9,010.00 Beijing 100.00 service establishmentLtd. AgriculturalJingliang (Yangpu) Product and By Invest in theGrain and Oil Hainan 50,000.00 Hainan 65.00 Product establishmentIndustry Co., Ltd. Processing (2) Major non-wholly-owned subsidiaries Profit And Loss Dividends Distributed Balance of Minority Shareholding Name of Attributable to Minority to Minority Shareholder"s Equity Ratio of Minority Subsidiary Shareholders for the Shareholders for the at the End of the Shareholders (%) Current Period Current Period PeriodJingliang(Tianjin) Grainand Oil IndustryCo., Ltd.Zhejiang XiaoWang Zi Food 5.11 1,410,643.79 187,467,028.21Co., Ltd. (3) Important financial information on major non-wholly-owned subsidiaries Closing Balance Name ofSubsidiary Non-current Current Non-current Current Assets Total Assets Total Liabilities Assets Liabilities LiabilitiesJingliang(Tianjin)Grain andOilIndustryCo., Ltd.ZhejiangXiao WangZi FoodCo., Ltd. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 (Continued) Opening Balance Name ofSubsidiary Non-current Current Non-current Current Assets Total Assets Total Liabilities Assets Liabilities LiabilitiesJingliang(Tianjin)Grain andOilIndustryCo., Ltd.ZhejiangXiao WangZi FoodCo., Ltd. (Continued) Amount incurred in the current period Name of Subsidiary Total Comprehensive Cash Flow from Operating Income Net Profit Income Operating ActivitiesJingliang (Tianjin) Grain andOil Industry Co., Ltd.Zhejiang Xiao Wang Zi FoodCo., Ltd. (Continued) Amount incurred in the prior period Name of Subsidiary Total Comprehensive Cash Flow from Operating Income Net Profit Income Operating ActivitiesJingliang (Tianjin) Grain andOil Industry Co., Ltd.Zhejiang Xiao Wang Zi FoodCo., Ltd. (1) Important Joint Ventures or Associates Shareholding Accounting Treatment PrincipleName of Joint Venture Registered Nature of Ratio (%) Methods for Place of or Associates Place Business Investment in Joint Business Direct Indirect Ventures or AssociatesBeijing CHIA TAIFeedmill. Company Beijing Beijing Manufacturer 50.00 Equity methodLimitedChina Grain Reserves Transportation(Tianjin) Warehousing Tianjin Tianjin 30.00 Equity method and warehousingand Logistics Co., Ltd. (2) Important financial information on major joint ventures Opening Balance/Last Term Closing Balance/Current Amount Amount Item Beijing CHIA TAI Feedmill. Beijing CHIA TAI Feedmill. Company Limited Company LimitedCurrent assets 349,153,468.39 345,873,214.96 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Opening Balance/Last Term Closing Balance/Current Amount Amount Item Beijing CHIA TAI Feedmill. Beijing CHIA TAI Feedmill. Company Limited Company Limited Including: cash and cash equivalents 5,677,169.83 6,457,544.94Non-current assets 20,063,668.20 21,173,751.15Total assets 369,217,136.59 367,046,966.11Current liabilities 79,461,175.83 62,689,232.60Non-current liabilities 4,767,880.22 25,441,151.16Total liabilities 84,229,056.05 88,130,383.76Shareholders" equity attributable to theparent companyShare of net assets based onshareholding ratioBook value of equity investment in jointventuresOperating income 116,585,859.27 145,099,050.03Financial costs -5,384,827.90 -4,902,972.72Income tax expense 1,873,468.44 1,811,357.87Net profit 5,519,032.19 5,434,073.60Total comprehensive income 5,519,032.19 5,434,073.60 (3) Important financial information on major associates Closing Balance/Current Amount Opening Balance/Last Term Amount Item China Grain Reserves (Tianjin) China Grain Reserves (Tianjin) Warehousing and Logistics Co., Ltd. Warehousing and Logistics Co., Ltd.Current assets 217,950,277.01 172,497,466.92Non-current assets 1,044,802,778.43 1,026,922,117.36Total assets 1,262,753,055.44 1,199,419,584.28Current liabilities 159,436,731.91 158,225,065.61Non-current liabilities 673,166,163.28 615,145,591.52Total liabilities 832,602,895.19 773,370,657.13Shareholders" equity attributableto the parent companyShare of net assets based onshareholding ratioBook value of equity investmentin associatesOperating income 15,455,842.17 37,308,983.82Net profit 4,101,233.10 1,957,673.09Total comprehensive income 4,101,233.10 1,957,673.09 (4) Non-important aggregated financial information on joint ventures and associates Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Closing Balance/Current Opening Balance/Last Term Item Amount AmountAssociated enterprises：Total of Investment Book ValueThe total amounts calculated based on theshareholding ratios of the following items-- Net profit -17,747.14-- Total comprehensive income -17,747.14IX Government Subsidies Amount New Recorded in Transferred OtherFinancial Grant Beginning Non- to Other Changes Ending Asset/IncomeStatement Amount Balance operating Income for for the Balance Related Item for the Income for the Period Period Period the PeriodDeferredRevenue Total 53,936,649.47 913,873.08 53,022,776.39 —— Accounting Subjects Current Amount Last Term Amount Other income 6,058,938.69 5,867,507.90 Notes: None.X Risks Related to Financial Instruments The Company"s principal financial instruments include equity investment, creditors" investment, borrowing,accounts receivable, accounts payable, etc. The primary purpose of these financial instruments is to finance theoperations of the Company. The Company has a variety of other financial assets and liabilities directly arisingfrom its operations, such as accounts receivable and accounts payable. The main risks caused by the Company"s financial instruments are credit risk, liquidity risk and market risk. (1) Classification of financial instruments ① Book value of various financial assets on the balance sheet date Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 A. June 30, 2026 Financial assets measured Financial assets measured Financial assets Financial asset at fair value and the at fair value and the measured at Total items changes recorded in changes recorded in other amortized cost current profits and losses comprehensive incomeMonetary funds 1,690,131,184.91 1,690,131,184.91Derivativefinancial assetsAccountsreceivablesOther receivables 294,172,448.75 294,172,448.75Non-CurrentAssets Due WithinOne YearOther currentassets B. December 31, 2025 Financial assets Financial assets measured at fair measured at fair value Financial asset Financial assets measured value and the and the changes Total items at amortized cost changes recorded in recorded in other current profits and comprehensive losses incomeMonetary funds 1,821,722,517.08 1,821,722,517.08Derivativefinancial assetsAccountsreceivablesOther receivables 173,257,419.17 173,257,419.17Non-current assetsdue within 1 yearOther currentassets ② Book value of various financial liabilities on the balance sheet date A. June 30, 2026 Financial liabilities measured at fair Financial liability items value and changes Other financial liability Total included in current profits and lossesShort-term borrowings 709,701,803.20 709,701,803.20Derivative financial liabilities 9,953,208.15 9,953,208.15Accounts payable 74,646,241.83 74,646,241.83Other Payables 76,606,599.09 76,606,599.09Other current liability Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Financial liabilities measured at fair Financial liability items value and changes Other financial liability Total included in current profits and lossesLong-term borrowings 573,500,000.00 573,500,000.00Non-current liability due within one year 374,125,000.00 374,125,000.00 B. December 31, 2025 Financial liabilities measured at fair value and Other financial Financial liability items Total changes included in current liability profits and lossesShort-term borrowings 1,136,260,975.85 1,136,260,975.85Derivative financial liabilities 3,815,280.00 3,815,280.00Accounts payable 66,273,857.12 66,273,857.12Other Payables 62,493,915.38 62,493,915.38Other current liability 2,125,165.80 2,125,165.80Long-term borrowings 576,500,000.00 576,500,000.00Non-current liability due within one year 371,035,213.61 371,035,213.61 (2) Credit Risk On June 30, 2026, the largest credit risk exposure that may cause financial loss to the Company mainlycomes from the loss on financial assets of the Company due to the failure of the other party to perform itsobligations, including: Book value of financial assets recognized in the consolidated balance sheet; for a financial instrumentmeasured at fair value, its book value reflects its risk exposure instead of their biggest risk exposure, and itsbiggest risk exposure may vary with the change of its future fair value. In order to reduce the credit risk, the Company sets relevant policies to control its exposure, setscorresponding credit periods based on customer’s financial position, possibility of obtaining guarantees fromthird parties, credit records and other factors such as current market conditions and other credit qualificationsfor customer assessment, and implements other monitoring procedures to ensure that necessary measures aretaken to recover overdue credits. In addition, the Company reviews the collection of individual accountreceivables on each balance sheet date in order to make sufficient provision for bad debts for collectableamounts. Therefore, the Company"s management believes that the Company"s credit risk has been greatlyreduced. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 The liquidity funds of the Company are deposited in banks and other financial institutions with high creditrating, so the credit risk of liquidity funds is low. (3) Liquidity Risk When managing liquidity risk, the Company keeps and monitors adequate cash and cash equivalentsapproved by its management in order to meet the Company"s business needs and reduce the influences of cashflow fluctuations. The Company"s management monitors the use of bank loans and ensures the performance ofloan agreements. Maturity analysis of financial liabilities in terms of undiscounted contractual cash flows: June 30, 2026 Item Above Five Within One Year One To Five Years Total YearsShort-term borrowings 709,701,803.20 709,701,803.20Derivative financialliabilityAccounts payable 71,437,244.48 3,208,997.35 74,646,241.83Other Payables 76,606,599.09 76,606,599.09Long-term borrowings 573,500,000.00 573,500,000.00Notes-payableNon-current liability duewithin one year (Continued) December 31, 2025 Item One To Five Above Five Within One Year Total Years YearsShort-term borrowings 1,136,260,975.85 1,136,260,975.85Derivative financial liability 3,815,280.00 3,815,280.00Accounts payable 62,935,403.84 3,338,453.28 66,273,857.12Other Payables 62,493,915.38 62,493,915.38Long-term borrowings 576,500,000.00 576,500,000.00Notes payableNon-current liability due withinone year (4) Market risk Market risk refers to the risk that the fair value or future cash flow of financial instruments will fluctuate Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026due to the change of market price. Market risk mainly includes interest rate risk, foreign exchange risk and otherprice risks, such as equity instrument investment price risk. A. Interest Rate Risk The Company"s interest rate risk mainly arises from bank loans. The financial liabilities at floating interestrates bring the Company the interest rate risk on cash flow, while the financial liabilities at fixed interest ratesbring the Company the interest rate risk on fair value. The Company decides the relative proportion of fixedinterest rate contracts and floating interest rate contracts according to the current market environment. As of June 30, 2026, the Company"s interest-bearing liabilities under floating rate contracts denominated inRMB amounted to RMB 80,000,000.00 and those under fixed rate contracts denominated in RMB amounted toRMB 1,520,500,000. B. Exchange Rate Risk The Company"s exposure to foreign exchange risks is primarily related to the Company"s operatingactivities (when revenues and expenditures are settled in foreign currencies other than the Company"saccounting standard currency) and its net investments in its overseas subsidiaries. The Company"s exposure toforeign exchange risks is mainly related to US dollars. Except that some of the Company"s subsidiaries purchaseand sell in US dollars, other major business activities of the Company are priced and settled in RMB. As of Junebelow are in US dollars. The foreign exchange risks arising from the assets and liabilities of such foreigncurrency balances may have an impact on the Company"s operating results. Items Closing Balance Opening BalanceMonetary funds 26,956,990.16 25,155,525.27 The company adopts sensitivity analysis technology to analyze the possible impact of reasonable andpossible changes of risk variables on current profit and loss or owner"s equity. As any risk variable rarelychanges in isolation, and the correlation between variables will have a significant effect on the final impactamount of a risk variable change, the following content is carried out under the assumption that the change ofeach variable is independent. On the assumption that foreign currency assets and foreign currency liabilities remain relatively stable andother variables remain unchanged, the after-tax impact of possible reasonable changes in exchange rate on Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026current profits and losses and rights and interests is as follows: Ending Foreign Item Exchange Rate Ending Converted RMB Balance Currency BalanceCash and Cash Equivalents —— —— 26,956,990.16- USD 3,957,918.95 6.8109 26,956,990.16 (Continued) Current period Item [US dollar] Exchange rate Gross profit/net profit Increase/(decrease) in Increase / (decrease) increase /(decrease) shareholders" equityRMB Depreciation vs USD 5% 1,347,849.51 1,347,849.51RMB Appreciation vs USD -5% -1,347,849.51 -1,347,849.51 (1) The Company undertake risk management through hedging operation Expected Effects of risk The economic Qualitative and effective exposure Corresponding risk relationship between quantitative achievement of from the Item management strategy and the hedged project & information on risk relevant target relevant hedged hedged risk management hedged instruments objectives activities Expected Fair value or Qualitative: non- cash flow due to the Using the hedging credit risk, hedged risk of hedged function of futures including basis project and relevant instruments to carry out risk, substitute The target ofOil hedging instruments hedging business, risk, supply- expected risk Effectivelyand move in opposite effectively avoid the risk demand risk etc. management has avoid riskOil direction of market price Quantitative: been basically exposureSeeds By the Changes with fluctuations, in order to market price achieved the same base variable achieve stable fluctuation for the or similar base management hedged project variable that is and instruments economically relevant (2) The company conducts eligible hedging business and applies hedging accounting Hedging Adjustments on book value of hedged item Effect of hedging Book value related Hedging validity and which has been recognized, accounting on the Item to the hedged Item sources of hedging in which comprises of company"s financial and instruments invalidity aspect hedged item accumulated statements fair valueHedging Risk TypeCommodity The correlationprice risk - between the hedgedOther current items and hedgingassets instrumentsHedge categoryFair value The correlationhedge - between the hedged Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Hedging Risk TypeDerivative items and hedgingfinancial assets instrumentsFair valuehedge -Derivative 9,953,208.15financialliabilitiesXI Disclosure of Fair Values Fair Values at the End of the Period Item First Level Fair Second Level Third Level Value Fair Value Fair Value Total Measurement Measurement MeasurementOne. Continuous fair value measurementⅠ. Transactional financial assets 90,224,906.07 90,224,906.07value and whose changes are included in thecurrent profits and losses 90,224,906.07 90,224,906.07(1) Investment in debt instruments(2) Investment in equity instruments(3) Derivative financial assets 27,829,740.00 27,829,740.00(4) Other current assets 62,395,166.07 62,395,166.07through profit or loss(1) Investment in debt instruments(2) Investment in equity instrumentsⅡ. Other debt investmentⅢ. Investment in other equity instrumentsIV. Investment PropertiesV. Biological AssetsTotal assets continuously measured atfair valueⅥ.Transactional financial liabilities 9,953,208.15 9,953,208.15with changes included in current profits and 9,953,208.15 9,953,208.15lossesIncluding: transactional bonds issued derivative financial liabilities 9,953,208.15 9,953,208.15 other current liabilities Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Fair Values at the End of the Period Item First Level Fair Second Level Third Level Value Fair Value Fair Value Total Measurement Measurement Measurement othersvalue through profit or lossTotal liabilities continuously measured atfair valuemeasurement items The Company"s Level 1 fair value measurement is based on the public contract quotations of the futuresexchange.XII Related Parties and Related Party Transactions Registered Proportion of Proportion of Voting Name of Parent Registered Nature of Capital Shares Held by Power Held by Company Place Business (ten thousand Parent Company in Parent Company in Yuan) the Company (%) the Company (%)Beijing Grain Investment Beijing 90,000.00 39.68 39.68Group Co. Ltd. Management Note: The ultimate controlling party is Beijing State-owned Capital Operation Management Co.,Ltd. See 1. Equity in Subsidiaries under Section VIII of the Notes for details. See 2. Equity in Joint Ventures or Associates under Section VIII of the Notes for details. Name of Other Related Party Relationship with the CompanyBeijing Grain Science Research Institute Co., Ltd. Controlled by the ultimate controlling partyShanghai Shounong Investment Holding Co., Ltd. Controlled by the ultimate controlling partyBeijing Baijia Yi Food Co., Ltd. Controlled by the ultimate controlling partyBeijing Ershang Dahongmen Wurou Lian Food Co., Ltd. Controlled by the ultimate controlling partyBeijing Ershang Jinghua Tea Industry Co., Ltd. Controlled by the ultimate controlling party Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Name of Other Related Party Relationship with the CompanyBeijing Ershang Meat Products Group Co., Ltd. Controlled by the ultimate controlling partyBeijing Guchuan Rice Industry Co., Ltd. Controlled by the ultimate controlling partyBeijing Guchuan Food Co., Ltd. Controlled by the ultimate controlling partyBeijing Hepingmen Vegetable Market Co., Ltd. Controlled by the ultimate controlling partyBeijing Jingliang Dongfang Grain and Oil Trading Co., Ltd. Controlled by the ultimate controlling partyBeijing Jingliang Gurun Trade, Ltd. Controlled by the ultimate controlling partyBeijing Jingliang Taiyu Real Estate Co., Ltd. Controlled by the ultimate controlling partyBeijing Lanfeng Vegetable Distribution Co., Ltd. Controlled by the ultimate controlling partyBeijing Liubiju Huairou Food Co., Ltd. Controlled by the ultimate controlling partyBeijing Liubiju Food Co., Ltd. Controlled by the ultimate controlling partyBeijing Nanjiao Agricultural Production and Operation Management Controlled by the ultimate controlling partyCo., Ltd.Beijing Farm Produce Central Wholesale Market Co., Ltd. Controlled by the ultimate controlling partyBeijing Sanjiadian Grain Storage Co., Ltd. Controlled by the ultimate controlling partyBeijing Sanyuan Food Co., Ltd. Controlled by the ultimate controlling partyBeijing Guchuan Food Co., Ltd. Controlled by the ultimate controlling partyBeijing Shenghua Sihé Asset Management Co., Ltd. Controlled by the ultimate controlling partyBeijing Haidian Xijiao Grain and Oil Supply Station Co., Ltd. Controlled by the ultimate controlling partyBeijing Haijun Xing Aquatic Products Food Co., Ltd. Controlled by the ultimate controlling partyBeijing Longqing Xiadu Military Food Supply Co., Ltd. Controlled by the ultimate controlling partyBeijing Nanjiao Heyi Farm Co., Ltd. Controlled by the ultimate controlling partyBeijing Food Supply Bureau No. 34 Supply Department Co., Ltd. Controlled by the ultimate controlling partyBeijing Zhangxin Grain Storage Co., Ltd. Controlled by the ultimate controlling partyBeijing Shoucheng Shanshui Real Estate Co., Ltd. Controlled by the ultimate controlling partyBeijing Shounong Animal Husbandry Development Co., Ltd. Controlled by the ultimate controlling partyBeijing Shounong Development Co., Ltd. Controlled by the ultimate controlling partyBeijing Shounong Food Group Finance Co., Ltd. Controlled by the ultimate controlling partyBeijing Shounong Food Group Co., Ltd. Controlled by the ultimate controlling partyBeijing Shounong Consumption Assistance and Double Innovation Controlled by the ultimate controlling partyCenter Co., Ltd.Beijing Aquatic Products Group Co., Ltd. Controlled by the ultimate controlling partyBeijing Taiyu Property Management Co., Ltd. Controlled by the ultimate controlling partyBeijing Wuhuan Shuntong Supply Chain Management Co., Ltd. Controlled by the ultimate controlling partyHebei Anping Dahongmen Food Co., Ltd. Controlled by the ultimate controlling party Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Name of Other Related Party Relationship with the CompanyHebei Luanping Huadu Food Co., Ltd. Controlled by the ultimate controlling partyHebei Shounong Modern Agricultural Technology Co., Ltd. Controlled by the ultimate controlling partyHuai"an Jingliang Lvgu Food Co., Ltd Controlled by the ultimate controlling partyShanghai Sanyuan Dairy Co., Ltd Controlled by the ultimate controlling partyTongliao Dacang Grain Trading Co., Ltd Controlled by the ultimate controlling partyChina Meat Products Research Center Controlled by the ultimate controlling partyBeijing Changyang Farm Co., Ltd. Controlled by the ultimate controlling partyBeijing Nankou Farm Co., Ltd. Controlled by the ultimate controlling partyChengde Sanyuan Co., Ltd. Controlled by the ultimate controlling partyBeijing ER SHANG Group Co., Ltd. Controlled by the ultimate controlling partyBeijing Maisui Hotel Management Co., Ltd. Controlled by the ultimate controlling partyChengde Sanyuan Xiaoya Cow Breeding Co., Ltd. Controlled by the ultimate controlling partyBeijing Ailafa Food Co., Ltd. Controlled by the ultimate controlling partyWang Zhihé (Fujian) Food Co., Ltd. Controlled by the ultimate controlling partyBeijing Beifang Jingtang Yangjiu Sales Co., Ltd. Controlled by the ultimate controlling partyBeijing Diandao Online Sales Co., Ltd. Controlled by the ultimate controlling partyKaifeng Dahongmen Meat Products Co., Ltd. Controlled by the ultimate controlling partyBeijing Xing Shishang Trading Co., Ltd. Controlled by the ultimate controlling partyBeijing Xinderun Hotel Management Co., Ltd. Controlled by the ultimate controlling partyBeijing Taoshan Grain Storage Co., Ltd. Controlled by the ultimate controlling partyBeijing Jingshen Seafood Sales Co., Ltd. Controlled by the ultimate controlling partyBeijing Jingtang Dingsheng Trading Co., Ltd. Controlled by the ultimate controlling partyBeijing Shuangtong Huihe Agricultural Technology Development Co., Controlled by the ultimate controlling partyLtd.Beijing Shounong Commercial Chain Co., Ltd. Controlled by the ultimate controlling partyBeijing Grain Group Co., Ltd. Controlled by the ultimate controlling partyBeijing Huanong Materials Company Controlled by the ultimate controlling partyBeijing Beijiao Farm Co., Ltd. Controlled by the ultimate controlling partyBeijing Changhua Property Service Center Co., Ltd Controlled by the ultimate controlling partyBeijing Sanyuan Meiyuan Food Co., Ltd Controlled by the ultimate controlling partyBeijing Jingliang Logistics Co., Ltd. Controlled by the ultimate controlling partyBeijing Jingliang Green Valley Trading Co., Ltd. Controlled by the ultimate controlling partyBeijing Cailanzi Group Co., Ltd. Controlled by the ultimate controlling partyBeijing Shounong Xiangshan Conference Center Co., Ltd. Controlled by the ultimate controlling party Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Name of Other Related Party Relationship with the CompanyBeijing Sidaokou Aquatic Products Trading Market Co., Ltd Controlled by the ultimate controlling partyBeijing Capital Agribusiness Electronic Commerce Technologies Co., Controlled by the ultimate controlling partyLtd.Beijing Huayu Foodstuff Co., Ltd. Controlled by the ultimate controlling partyBeijing Heiliu Animal Husbandry Technology Co., Ltd. Controlled by the ultimate controlling partyBeiJing HuaDu SunLing Food Co., Ltd. Controlled by the ultimate controlling partyBeijing Shounong Zhongzhou International Supply Chain Management Controlled by the ultimate controlling partyCo., Ltd.Beijing Southwest Suburb Food Supply Chain Management Co., Ltd. Controlled by the ultimate controlling partyShandong Fukuan Bioengineering Co., Ltd. Controlled by the ultimate controlling partyBeijing Dahongmen Jingshen Seafood Wholesale Market Co., Ltd. Controlled by the ultimate controlling partyBeijing Beishui Jialun Aquatic Products Market Co., Ltd. Controlled by the ultimate controlling partyTianjin Sunlon Dongjiang Animal Husbandry Co., Ltd. Controlled by the ultimate controlling party (1) Related-party transactions for purchasing and selling goods and provision and acceptance of laborservices Purchase of goods or acceptance of labor services Amount of transactions Whether the Related-party Current Last Term Related Party approved（in ten transaction limit is Transaction Amount Amount thousands Yuan） exceededBeijing Guchuan Purchase ofFood Co., Ltd. goodsOther related Purchase ofentities goodsBeijing Grain Acceptance ofScience Research 405,478.53 1,500.00 No 0.00 labor servicesInstitute Co., Ltd.Other related Acceptance ofentities labor services Sale of goods/ provision of labor services Related-party Current Last Term Related Party Transaction Amount AmountBeijing Baijia Yi Food Co., Ltd. Sale of goods 513,853.22 741,385.30Beijing Ershang Meat Food Group Co., Ltd. Sale of goods 79,334.30 321,977.01Beijing Guchuan Rice Industry Co., Ltd. Sale of goods 88,969.38 3,546,374.75Beijing Guchuan Food Co., Ltd. Sale of goods 363,067.67 162,957.15Beijing Hepingmen Vegetable Market Co., Ltd. Sale of goods 242,347.88 0.00Beijing Jingliang Dongfang Grain and Oil Trading Co., Sale of goods 1,336,509.86 720,249.19Ltd. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Related-party Current Last Term Related Party Transaction Amount AmountBeijing Liubiju Huairou Food Co., Ltd. Sale of goods 0.00 4,474,697.25Beijing Farm Produce Central Wholesale Market Co., Sale of goods 521,871.56 574,128.44Ltd.Beijing Sanyuan Seed Industry Technology Co., Ltd. Sale of goods 25,134,412.59 23,025,573.84Beijing Haidian Xijiao Grain and Oil Supply Station Co., Sale of goods 1,222,477.07 662,935.77Ltd.Beijing Food Supply Bureau No. 34 Supply Department Sale of goods 705,729.31 1,067,370.93Co., Ltd.Beijing Zhangxin Grain Storage Co., Ltd. Sale of goods 90,825.69 638,444.95Beijing Shounong Animal Husbandry Development Co., Sale of goods 3,186,767.41 3,439,590.99Ltd.Beijing Shounong Consumption Assistance and Double Sale of goods 6,218,405.51 5,644,660.53Innovation Center Co., Ltd.Beijing Wuhuan Shuntong Supply Chain Management Sale of goods 2,654,821.94 1,686,159.79Co., Ltd.Hebei Anping Dahongmen Food Co., Ltd. Sale of goods 590,366.96 0.00Hebei Luanping Huadu Food Co., Ltd. Sale of goods 28,794,487.87 42,834,513.38Hebei Shounong Modern Agricultural Technology Co., Sale of goods 7,815,756.04 7,038,976.91Ltd.Shanghai Shounong Investment Holding Co., Ltd. Sale of goods 0.00 10,188,510.75Other related entities Sale of goods 1,073,526.21 990,067.92 Provision ofShanghai Shounong Investment Holding Co., Ltd. 458,919.72 1,488,720.68 services Provision ofOther related entities 427,462.05 10,511.42 services Explanation of the purchase and sale of goods, provision, and receipt of services: The transaction prices arebased on the prices charged for the same or similar business activities between unrelated parties. (2) Related-party lease If the Company is the lessee Rental cost of simplified treatment of Variable lease payment not included in Type of short-term lease and low-value lease asset the calculation of lease liabilities Name of Lessor Leased Lease Expense Lease Expense Lease Expense Lease Expense Asset Recognized in the Recognized in the Recognized in the Recognized in the Current Period Prior Period Current Period Prior PeriodBeijing Municipal HouseGrain Research 2,152,926.76 0.00 leasingInstitute Co.,LtdBeijing Grain HouseGroup Co.,Ltd leasingBeijing ShounongFood Emergency Oil tank 2,153,333.33 1,378,150.02Security CenterCo.,Ltd (Continued) Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Interest expense Payment of rent Increase in right-of-use assets on lease liabilities Name of Lease Lease Lease Lessee Lease Expense Lease Expense Lease Expense Expense Expense Expense Recognized in Recognized in Recognized in Recognized in Recognized in Recognized the Current the Prior the Prior the Current the Current in the Prior Period Period Period Period Period PeriodBeijingMunicipalGrainResearchInstituteCo.,LtdBeijing GrainGroup Co.,LtdBeijingShounongFoodEmergencySecurityCenterCo.,Ltd (3) Remuneration for key management staff Current Amount Last Term Amount Item (Unit: Ten thousand yuan, RMB) (Unit: Ten thousand yuan, RMB)Remuneration for Key Management Staff 146.14 215.22 (4) Other Related-party Transactions Guaranteed Party Related-party Transaction Current Amount Last Term AmountBeijing Shounong Food Group Finance Co.,Ltd Interest income 4,849,425.43 3,062,947.99Beijing Shounong Food Group Finance Co.,Ltd Interest expense 7,528,369.45 1,416,388.89Beijing Grain Group Co., Ltd. Sale of Trademark 0.00 25,235,377.36 (1) Receivables Closing Balance Opening Balance Item Related-party Provision Provision Book Balance for Bad Book Balance for Bad Debts DebtsMonetary Beijing Shounong Food Groupfunds Finance Co.,LtdReceivables Beijing Bai Jiayi Food Co.,Ltd 60,000.00 102,580.00 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Closing Balance Opening Balance Item Related-party Provision Provision Book Balance for Bad Book Balance for Bad Debts Debts Beijing Ershang Meat FoodReceivables 9,750.00 13,830.00 Group Co., Ltd.Receivables Beijing Gushun Foods Co.,Ltd 8,702.00 13,202.00 Beijing Jingliang DongfangReceivables 22,000.00 125,200.00 Grain and Oil Trading Co.,Ltd Beijing Lanfeng VegetableReceivables 18,000.00 0.00 Distribution Co.,LtdReceivables Beijing Grain Group Co., Ltd. 12,847,737.37 12,847,737.37 Beijing Nanjiao AgriculturalReceivables Production and Operation 1,800.00 0.00 Management Co., Ltd. Beijing Sanyuan Seed IndustryReceivables 4,846,865.89 1,887,834.11 Technology Co., Ltd. Beijing Haidian Xijiao GrainReceivables 333,700.00 316,800.00 and Oil Supply Station Co., Ltd. Beijing Shounong AnimalReceivables Husbandry Development Co., 1,174,110.86 426,725.84 Ltd. Beijing Shounong Food GroupReceivables 1,660.00 0.00 Co., Ltd. Beijing Taiyu PropertyReceivables 12,869.00 0.00 Management Co., Ltd. Beijing Wuhuan ShuntongReceivables Supply Chain Management 428,964.00 67,680.00 Co.,Ltd Hebei Anping Dahongmen FoodReceivables 292,500.00 565,500.00 Co., Ltd. Hebei Luanping Huadu FoodReceivables 16,264,501.42 22,348,359.23 Co.,Ltd Hebei Shounong ModernReceivables 1,396,643.76 0.00 Agriculture Technology Co.,LtdReceivables Beijing Sanyuan Foods Co., Ltd. 0.00 19,235.00 Beijing Zhangxin Grain ReserveReceivables 0.00 367,175.00 Co.,LtdOther Beijing Grain Science Researchreceivables Institute Co., Ltd. Beijing Shounong ConsumptionOther and Poverty Alleviation Double 20,000.00 20,000.00receivables Creation Center Co.,Ltd Beijing Ershang DahongmenPrepayment 27,540.00 27,540.00 Wuroulian Food Co., Ltd. (2) Payables Item Related-party Closing Balance Opening BalancePayables Beijing Ershang Meat Products Group Co., Ltd. 20,580.53 0.00Payables Beijing Guchuan Food Co., Ltd. 879,130.82 746,826.11Payables Beijing Huayu Foodstuff Co., Ltd. 40.00 0.00 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Item Related-party Closing Balance Opening Balance Beijing Capital Agribusiness Electronic CommercePayables 38,114.00 0.00 Technologies Co., Ltd.Contract liability Beijing Diandao Online Sales Co., Ltd. 0.18 0.18Contract liability Beijing ER SHANG Group Co., Ltd. 1,760.00 0.00Contract liability Beijing Jingliang Taiyu Real Estate Co., Ltd. 1,720.00 7,740.00Contract liability Beijing Grain Group Co., Ltd. 326,348.00 356,648.00Contract liability Beijing Shoucheng Shanshui Real Estate Co., Ltd. 33,620.00 6,750.00Contract liability Beijing Shounong Development Co., Ltd. 22,040.00 24,190.00Other payables Beijing ER SHANG Group Co., Ltd. 210.00 210.00 Beijing Jingliang Dongfang Grain and Oil Trading Co.,Other payables 7,684.48 7,684.48 Ltd.Other payables Beijing Grain Group Co., Ltd. 851,959.45 543,047.81 Beijing Wuhuan Shuntong Supply Chain ManagementOther payables 7,841.96 7,841.96 Co., Ltd.XIII Share based payment The company does not have any share-based payments that need to be disclosed.XIV Commitments and Contingencies As of the end of this reporting period, the company and its subsidiaries have an approved guarantee quotaof 1.49535 billion yuan. The actual guarantees used by the company and its subsidiaries amount to 0.69652billion yuan, which accounts for 24.26% of the company"s latest audited net assets attributable to the parentcompany. All these guarantees are between the company and its subsidiaries. The company and its subsidiariesdo not provide guarantees for entities outside the consolidated financial statements.XV Events after the Balance Sheet Date There are no post-balance sheet events that require disclosure during this reporting period.XVI Other Important Matters Pension Plan Overview: The companies under the group, including Beijing Jingliang Food Co., Ltd.,Jingliang (Tianjin) Grain and Oil Industry Co., Ltd., Beijing Guchuan Oil Co., Ltd., Beijing Aisen Greenbao Oil Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026Co., Ltd., Beijing Jingliang Oils Co., Ltd., Beijing Guchuan Bread and Food Co., Ltd., and Beijing TianweikangOil Adjustment Center Co., Ltd., participate in the pension plan of Beijing Shounong Food Group Co., Ltd.Each company has established its own implementation rules for the pension plan. The pension plan is named"The Enterprise Pension Plan of Beijing Shounong Food Group Co., Ltd.". The trustee is Ping An PensionInsurance Co., Ltd., the account manager is Bank of Communications Co., Ltd., and the custodian is CITICBank Co., Ltd. (1) Basis of determination and accounting policies for reporting of divisions The Company"s businesses consist of food processing, oil and grease and so on according to its internalorganizational structure, management requirements and internal reporting system. The Company"s managementregularly evaluates the operating results of these divisions to determine the allocation of resources to them andevaluate their performance. The information reported by divisions should be disclosed according to theaccounting policies and measurement standards adopted by such divisions when they are reporting to themanagement. These measurement bases should be consistent with the accounting and measurement bases forpreparation of financial statements. (2) Reporting of the financial information of divisions Item Food Processing Oil & Grease Offset Among Divisions TotalOperating Income 328,195,920.88 2,786,730,800.63 3,114,926,721.51Operating Costs 264,216,337.63 2,675,743,579.73 2,939,959,917.36Total Assets 1,267,580,883.10 4,030,541,017.31 402,051,257.60 5,700,173,158.01Total Liabilities 282,847,915.67 1,794,941,929.54 402,051,257.60 2,479,841,102.81XVII Notes to Main Financial Statement Items of Parent Company Item Closing Balance Opening BalanceInterest receivableDividends receivableOther receivables 945,263,055.56 930,000,000.00 Total 945,263,055.56 930,000,000.00 Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 (1) Other Receivables A. Disclosed according to aging Aging Closing Balance Opening BalanceWithin 1 Year 945,263,055.56 Total 945,263,055.56 930,000,000.00 B. Classification of other receivables by nature of funds Nature of Funds Book Balance at End of Period Book Balance at Beginning of YearIntercourse Funds of Entities 945,263,055.56 930,000,000.00 Total 945,263,055.56 930,000,000.00 C. Other receivables according to top five of balance at end of period collected by debtors Proportion in overall Closing Balance at End Closing Balance of Nature of Name of Organization Aging Balance of bad of Period other receivables Funds debt reserves (%）Beijing Jingliang Food Co., Within 1Ltd. yearJingliang (Beijing) Within 1Bakery&Foods Co., Ltd. year Total 945,263,055.56 100.00 —— —— Ending Balance Beginning Balance Item Provision for Provision for Book Balance diminution in Book Balance Book Balance diminution in Book Balance value valueInvestment insubsidiaries Total 2,442,399,283.19 2,442,399,283.19 2,442,399,283.19 2,442,399,283.19 (1) Investment in subsidiaries Closing Current Balance of Current Current Provision Invested Entity Opening Balance Closing Balance Provision Increase Decrease for for Impairment ImpairmentBeijing Jingliang FoodCo., Ltd.Zhejiang little princeFood Co., LtdJingliang (Caofeidian)Agricultural 25,500,000.00 25,500,000.00Development Co., Ltd. Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Closing Current Balance of Current Current Provision Invested Entity Opening Balance Closing Balance Provision Increase Decrease for for Impairment ImpairmentJingliang (Beijing)Bakery&Foods Co., 90,100,000.00 90,100,000.00Ltd.Jingliang (Yangpu)Grain and Oil Industry 26,000,000.00 26,000,000.00Co., Ltd. Total 2,442,399,283.19 2,442,399,283.19 (1) Details of operating income and operating costs Current Amount Last Term Amount Item Income Cost Income CostOther businesses 400,910.09 169,130.82 561,810.67 169,130.82 Total 400,910.09 169,130.82 561,810.67 169,130.82 Item Current Amount Last Term AmountLong term equity investment income calculated bycost methodInvestment income from disposal of long-termequity investments Total 86,434,733.13XVIII Supplementary Information Item Amount NoteNon-current asset disposal gains and losses, including the reversal of asset impairmentprovisionsGovernment subsidies recognized in the current period but not closely related to normalbusiness operations, and those that have a continuous impact on the company"s profit and 1,666,463.99lossFair value changes of financial assets and liabilities held by non-financial enterprises, aswell as gains and losses from the disposal of financial assets and liabilities, excludingeffective hedging activities related to the company"s normal business operationsOccupation fees for funds collected from non-financial enterprisesProfit or loss on entrusting others to invest or manage assetsProfit or loss from external entrusted loansLoss of assets due to force majeure, such as natural disasters Hainan Jingliang Holdings Co., Ltd. Semi-annual Report 2026 Item Amount NoteReversal of impairment charges for receivables that are tested separately for impairmentThe investment cost of the subsidiary, associate and joint venture is less than the incomegenerated by the fair value of the investee"s identifiable net assets when the investment isobtainedNet profit or loss for the period from the beginning of the period to the date ofconsolidation of subsidiaries arising from a business combination under the same controlDebt restructuring gains and lossesOne-time expenses incurred by the enterprise due to the cessation of relevant businessactivities, such as expenses for the placement of employees, etcOne-time impact on profit or loss for the current period due to adjustments to laws andregulations such as taxation and accountingProfit or loss arising from contingencies unrelated to the normal operation of thecompanyCustody fee income obtained from entrusted operationsOther non-operating income and expenses other than those listed above -62,695.20Other profit or loss items that meet the definition of non-recurring profit or lossLess: Income tax impact 421,808.67 Impact of Minority Interest (After-Tax) 172,664.91 Total 1,302,749.72 Weighted Average Earnings Per Share Report Period Profit Return on Equity （%） Basic EPS Diluted EPSNet profit attributable to ordinary shareholders of thecompanyDeducting non-recurring gains and losses, net profitattributable to ordinary shareholders of the company Hainan Jingliang Holdings Co., Ltd.
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