方大Ｂ：2025年年度报告（英文版）

2025Annual Report April2026 2025Annual Report Chapter1 Important Statement,Table ofContentsand Definitions TheBoard ofDirectors,individualdirectors,andseniormanagementoftheCompanyherebyaffirmthatthecontentofthisannualreportistrue,accurate,andcomplete,andthatthere arenofalserecords,misleadingstatements,ormaterialomissions.Theyassumeindividualandjointlegal liabilityaccordingly. Mr.Xiong Jianming,theCompany'sprincipalofficer;Mr.LinKebin,theofficerinchargeofaccountingaffairs;andMs.WangHuan,headof theaccountingdepartment(chief accountingofficer),declarethattheyguaranteethetruthfulness,accuracy,andcompletenessofthefinancialstatementsincludedin thisannualreport. AlltheDirectorshaveattendedthemeetingoftheboardmeetingat whichthisreportwasexamined. Thisannual reportcontainsforward-lookingstatementsregardingfutureplans andexpectations.Suchstatementsdo notconstitutesubstantivecommitmentsbytheCompanyto investors.Investorsandotherinterestedpartiesshouldfully recognizetheassociatedrisksandunderstandthedistinctionsamongplans,forecasts,andactualcommitments. Thecompanyhasdescribedtheexistingmarketrisks,managementrisksandproductionandoperationrisks inthisreport.Pleaserefertotherisks thatmay be facedmentionedin"11.ProspectsfortheCompany'sFuture Development"in IIIManagementDiscussionandAnalysis. Fortheyear2025,theCompany'sconsolidatedfinancialstatementsreporteda netlossattributableto shareholdersofthelistedcompany.PursuanttotheArticlesofAssociation,theCompanydidnotmeettheconditionsforcashdividenddistributionin2025.Accordingly,theCompanywillnotdistributecashdividends,issuebonus shares,orconvertcapitalreservesintosharecapitalfor2025. Contents 第一节重要提示、目录和释义......................................................................................................................................2第二节公司简介和主要财务指标...................................................................................................................................8第三节管理层讨论与分析.............................................................................................................................................13第四节公司治理、环境和社会......................................................................................................................................62第五节重要事项...........................................................................................................................................................79第六节股份变动及股东情况..........................................................................................................................................92第七节债券相关情况....................................................................................................................................................99第八节财务报告...........................................................................................................................................................100 Reference 1.Financialstatementsstampedandsigned bythelegalrepresentative,CFOandaccounting manager; 2.OriginalcopyoftheAuditors'Report underthesealof theCPAandsignedby andunderthesealofcertifiedaccountants; 3.Originalsofalldocumentsandmanuscriptsof PublicNoticesof theCompanydisclosedinpublic. Definitions ChapterII About theCompany andFinancial Highlights 1.Companyprofiles 2.Contactsand liaisons 3.Information disclosureandinquiring 4.Registrationchanges 5.Other information SponsorengagedbytheCompanytoperformcontinued supervisionandguideduringthereportingperiod □ApplicableInapplicable FinancialadvisorengagedbytheCompanytoperform continuedsupervisionandguideduringthereportingperiod □ApplicableInapplicable 6.FinancialHighlight WhethertheCompanyneedstomakeretroactive adjustmentorrestatementoffinancialdataofpreviousyears TheCompany'snetprofitbeforeandafternon-recurring gainsandlosseswasnegativeforthelastthreefiscalyears,andthelatestauditreportshoweduncertaintyabouttheCompany'sabilitytocontinueoperating □YesNo Thelowest oftheCompany'sauditedprofitbeforetax,netprofit,andnetprofitafterdeductingnon-recurringgainsandlossesforthereportingperiodwasnegative. Yes□No 7.Differences in accountingdata underdomestic andforeign accountingstandards 1.Differencesin net profits andassets in financial statements disclosedaccording totheinternationaland Chinese account standards □ApplicableInapplicable Thereis nodifferenceinnetprofitsandassetsinfinancialstatementsdisclosedaccordingtotheinternationalandChineseaccountstandardsduringthereportperiod. 2.Differencesin net profits andassets in financial statements disclosedaccording totheoverseas andChinese account standards □ApplicableInapplicable Thereis nodifferenceinnetprofitsandassetsinfinancialstatementsdisclosedaccordingtotheinternationalandChineseaccountstandardsduringthereportperiod. 8.Financialhighlightsby quarters InRMB □YesNo 9.Accidentalgain/lossitem and amount Applicable□Inapplicable InRMB □ApplicableInapplicable TheCompanyhasnoothergain/lossitemssatisfyingthedefinitionofnon-recurringgain/lo