2025年年度报告（英文版）

12025 Annual Report of Yunnan Energy New Material (Group) Co., Ltd.Stock abbreviation: SemcorpStock code: 002812Announcement No.: 2026-052Yunnan Energy New Material (Group) Co., Ltd.2025 Annual ReportApril 202622025 Annual Report of Yunnan Energy New Material (Group) Co., Ltd.2025 Annual ReportSection 1 Important Notes, Contents and DefinitionsThe Board of Directors and its members, and the senior managementwarrant that the contents of the Annual Report are truthful, accurate andcomplete, without any false statement, misrepresentation or major omission, andthat they are jointly and severally liable for the contents.Paul Xiaoming Lee (the Company’s person in charge), Li Xianglin (theperson in charge of finance) and Deng Jinhuan (the person in charge of theaccounting department) hereby declare and warrant that the contents of thefinancial statements in this Annual Report are truthful, accurate and complete.All Directors were present at the Board meeting to consider and approve thisAnnual Report.The future plans, development strategies and other forward-looking descriptionsin this report do not constitute material commitments of the Company to investors.Investors and related persons shall be fully aware of the risks in connectiontherewith and should understand the difference between plan, forecast andcommitment. Investors are advised to pay attention to investment risks.For details, please refer to the “3. Risks the Company may face” under the “XI.Outlook of the Company” in the Section 3 “Management Discussion and Analysis”of this report.The Company plans to pay no cash dividend and no bonus shares, and no sharewill be converted from reserve into share capital.2025 Annual Report of Yunnan Energy New Material (Group) Co., Ltd.3ContentsSection 1 Important Notes, Contents and Definitions......................................... 2Section 2 Company Profile & Key Financial Indicators.....................................7Section 3 Management Discussion and Analysis................................................11Section 4 Corporate Governance, Environment and Social............................ 37Section 5 Significant Events.................................................................................55Section 6 Share Changes and Shareholder Details............................................98Section 7 Details about Bonds............................................................................107Section 8 Financial Report.................................................................................1102025 Annual Report of Yunnan Energy New Material (Group) Co., Ltd.4Documents Available for InspectionI.Financial statements signed and sealed by the legal representative, the person in charge of finance and the person in chargeof the accounting department of theCompany.II. The original copies of all documents and announcements of the Company which have been publicly disclosed in newspapersdesignated by the China Securities Regulatory Commission durin