鹏鼎控股：2025年年度报告（英文版）

Avary Holding (Shenzhen) Co., Limited 2025 Annual Report Chairman of the Board：Charles Shen 2026.03 2025 Annual Report Section I Important Notice, Table of Contents and Definitions The Board of Directors, directors and senior management of the Company hereby warrant that thecontents of this Annual Report are true, accurate andcomplete, without any false records, misleadingstatements or material omissions, and assume individual and joint and several legal liability therefor. Charles Shen, the person in charge of the Company, Xiao Dewang, the person in charge of accountingwork, and Xiao Dewang, the head of the accounting department (accounting supervisor), hereby declare thatthey guarantee the truthfulness, accuracy and completeness of the financial report contained in this AnnualReport. All directors attended the Board of Directors meeting at which this Report was reviewed. Forward-looking statements in this Report regarding future plans and other matters do not constitutesubstantive commitments by the Company to investors. Investors and relevant parties should maintain anadequate awareness of risks and understand the difference between plans, forecasts and commitments. There are no material risk factors affecting the Company’s production, operations, financial condition orsustainedprofitability.The Company has specifically described the risk factors it may face andcorresponding countermeasures in this Annual Report.Investors are advised to refer to “Section IIIManagement Discussion and Analysis—XI. Outlook for the Company’s Future Development—(III) Risksand Countermeasures”. The profit distribution proposal reviewed and approved by the Board is: based on 2,317,536,658 shares, acash dividend of RMB 10 (inclusive of tax) per 10 shares will be distributed to all shareholders, with no bonusshares (inclusive of tax) and no capitalization of capital reserves into share capital. THIS IS A TRANSLATION OF THE 2025 ANNUAL REPORT (THE "ANNUAL REPORT") OFAVARYHOLDING (SHENZHEN)CO,. LIMITED(THE "COMPANY"). THIS TRANSLATION IS INTENDEDFOR REFERENCE ONLY AND NOTHING ELSE, THE COMPANY HEREBY DISCLAIMS ANY ANDALL LIABILITIES WHATSOEVERFOR THE TRANSLATION. THE CHINESE TEXT OF THEANNUALREPORT SHALL GOVERN ANY AND ALL MATTERS RELATED TO THEINTERPRETATION OF THE SUBJECT MATTER STATED HEREIN. Table of Contents Section I Important Notice, Table of Contents and Definitions.........................................................................................................2Section II Company Profile and Key Financial Indicators................................................................................................................7Section III Management Discussion and Analysis.............................................................................................................................11Section IV Corporate Governance, Environmental and Social Responsibility...............................................................................50SectionⅤImportant Matters..............................................................................................................................................................83Section VI Changes in Shares and Shareholders............................................................................................................................109Section VII Matters Relating to Bonds............................................................................................................................................119Section VIII Financial Statements....................................................................................................................................................120 Documents Available for Inspection I. Financial statements bearing the signatures and seals of the legal representative, the person in charge of accounting work(ChiefFinancial Officer), andthe head of the accounting department of the Company. II. Original audit report bearing the seal of the accounting firm and the signatures and seals of the certified public accountants. III. Originals of all company documents and announcements publicly disclosed on the website designated by the China SecuritiesRegulatory Commission during the reporting period. Definitions Section II Company Profile and Key Financial Indicators I. Company Information II. Contact Persons andContact Information III. Information Disclosure and Location of Documents IV. Changes in Registration V. Other Relevant Information Accounting firm engaged by the Company Sponsor engaged by the Company to perform continuous supervision obligations during the reporting period □ ApplicableNot Applicable Financial adviserengaged by the Company to perform continuous supervision obligations during the reporting period □ ApplicableNot Applicable VI. Key Accounting Data and Financial Indicators Whether the Company needs to make retroactive adjustments or restatements to prior-year account