梅花生物: 梅花生物2026年半年度报告（英文版）

                       MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Stock Code: 600873                                                   Stock Abbreviation: Meihua Bio
            MeiHua Holdings Group Co., Ltd.
          This is an English translation from the 2026 Semi-Annual Report, in case of any
                          inconsistency, the Chinese Version shall prevail.
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                       Important Information
I. The Company’s board of directors, directors, and officers guarantee that the contents of this
semi-annual report are true, accurate, and complete without any false records, misleading
statements, or material omissions and bear joint and several legal liability.
II. All of the Company’s directors have attended the board meeting.
III. This semi-annual report has not been audited.
IV. Wang Aijun, the principal of the Company, Wang Lihong, the accounting principal, and Wang
Ailing, the principal of the accounting body (the accounting officer), hereby declare that they
guarantee the truthfulness, accuracy, and completeness of the financial report in this semi - annual
report.
V. Profit distribution plan or capital reserve conversion plan for the Reporting Period as approved
by the Board
Not Applicable
VI. Risk Disclosure on Forward-Looking Statements
√ Applicable Not applicable
     This semi-annual report involves forward-looking descriptions such as future plans, and such
statements do not constitute material commitments for investors. Investors are reminded to pay attention
to the risk of investment.
VII. Any occupation of funds by the controlling shareholder or other affiliates for non-operating
purposes
No
VIII. Any external guarantee that violates the decision-making procedures
No
IX. Is it the case that more than half of the directors cannot guarantee the truthfulness, accuracy,
and completeness of the semi-annual report disclosed by the Company?
No
X. Warning of Key Risks
     For the details of the risks faced by the Company, refer to the “Potential Risks” part in “Section 3
Discussion and Analysis by the Management” and the “Risks Related to Financial Instruments” part in
“Section 8 Financial Report”.
                       MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
XI. Miscellaneous
 Applicable √Not applicable
                                   MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                 Contents
                   Financial statements signed and sealed by the Company’s principal, the accounting principal, and the
    List of
                   principal of the accounting body (the accounting officer)
 documents for
                   The originals of the Company’s documents and announcements disclosed on the website of the
   reference
                   Shanghai Stock Exchange during the Reporting Period
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                         Section 1 Definitions
In this report, the terms below have the following meanings, unless the context otherwise requires:
Definitions of common terms
Company, the
Company, the listed
company, Meihua Bio,               MeiHua Holdings Group Co., Ltd., whose stock name is “Meihua Bio” and stock
                           means
MeiHua Group, or                   code is 600873.
Meihua Company,
Meihua
                                   Tongliao Meihua Biotechnology Co., Ltd., a wholly-owned subsidiary of the
Tongliao Meihua            means
                                   Company.
                                   Tongliao Jianlong Chemical Co., Ltd., a wholly-owned subsidiary of Tongliao
Tongliao Jianlong          means
                                   Meihua.
Tongliao Base or                   the production base located in Tongliao of the Inner Mongolia autonomous region
                           means
Tongliao Company                   as formed by Tongliao Meihua and Tongliao Jianlong.
                                   Xinjiang Meihua Amino Acid Co., Ltd., a wholly-owned subsidiary of the
Xinjiang Meihua            means
                                   Company.
                                   Wujiaqu Jianlong Chemical Co., Ltd., a wholly owned subsidiary of Xinjiang
Wujiaqu Jianlong           means
                                   Meihua.
Xinjiang Base or                   the production base in the Wujiaqu Industry Park located in the Xinjiang Uygur
                           means
Xinjiang Company                   autonomous region where Xinjiang Meihua and Wujiaqu Jianlong are located.
Jilin Meihua               means   Jilin Meihua Amino Acid Co., Ltd., a wholly-owned subsidiary of the Company.
Jilin   Base,   Baicheng           the production base located in Baicheng of Jilin province where Jilin Meihua
                           means
Base, or Jilin Company             Amino Acid Co., Ltd. is located.
Three production bases             the Company’s production bases in Tongliao of Inner Mongolia, Wujiaqu of
                           means
or all production bases            Xinjiang, and Baicheng of Jilin.
                                   Meihua Group International Trading (Hong Kong) Limited, a wholly-owned
Hong Kong Meihua           means
                                   subsidiary of the Company.
                                   Lhasa Meihua Bio-investment Holdings Co., Ltd., a wholly-owned subsidiary of the
Lhasa Meihua               means
                                   Company.
                                   Zhuhai Hengqin Meihua Biotechnology Co., Ltd., a wholly-owned subsidiary of the
Hengqin Meihua             means
                                   Company.
                                   HONGKONG PLUM HOLDING LIMITED, a wholly-owned subsidiary of
Hong Kong Holdings         means
                                   Hengqin Meihua.
                                   CAYMAN PLUM HOLDING LIMITED, a wholly-owned subsidiary of Hong
Cayman Company             means
                                   Kong Holdings.
                                   PLUM BIOTECHNOLOGY GROUP PTE.LTD., a wholly-owned subsidiary of
Singapore Company          means
                                   Cayman Company.
Singapore spv, SPV,
                                   PLUMINO PRECISION FERMENTATION HOLDINGS PTE.LTD., a wholly-
Plumino, Plumino           means
                                   owned subsidiary of Singapore Company.
Company, Plumino
CSRC                       means   the China Securities Regulatory Commission.
SSE or the Stock           means   the Shanghai Stock Exchange.
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Exchange
CSDC Shanghai                means   China Securities Depository and Clearing Co., Ltd. Shanghai Branch.
                                     the amino acids used as feed supplement for animal nutrition, which can enhance
Amino acids for animal               the effects of feed, improve the utilization of feed, and supplement and balance
                             means
nutrition                            nutrition. The amino acids for animal nutrition produced by the Company include
                                     lysine, threonine, and valine.
                                     proteins. It is an amino acid and ketogenic amino acid essential for mammals. The
                                     common L-lysine is one of the 20 amino acids that make up proteins. Depending on
                                     content, lysine is classified into L-lysine hydrochloride (commonly known as the
Lysine                       means   98% lysine) and L-lysine sulfate (commonly known as the 70% lysine). The
                                     addition of lysine to feed improves meat quality, increases the ratio of lean, and
                                     refines meat texture. It increases the utilization of feed proteins and reduce the
                                     dosage of crude protein. It also reduces piglet diarrhea, cuts feeding costs, and
                                     increases economic returns.
                                     alcoholic hydroxyl. It is an amino acid and ketogenic amino acid essential for
                                     mammals. The common L-threonine is one of the 20 amino acids that make up
Threonine                    means
                                     proteins. Threonine is an essential amino acid. Threonine is often added to the feed
                                     for piglets and poultry. It is the second limiting amino acid in pig feed and the third
                                     limiting amino acid in poultry feed.
                                     contains five carbon atoms. It is an amino acid and glycogenic amino acid essential
Valine                       means   for mammals. The common L-valine is one of the 20 amino acids that make up
                                     proteins. The addition of valine to sow feed can help increase lactation yield. It also
                                     helps improve animals’ immunity and affects endocrine.
                                     Corn gluten meal is a byproduct of the manufacture of starch from maize grain in
                                     the food industry or its purification in the brewing industry. It is rich in protein
Starch byproduct
                                     nutrients, has a special taste and color, and can be used as feed. Corn husk powder
protein powder, feed
                             means   (feed fiber) is a byproduct of the manufacturing process of manufacturers engaged
fiber, germ,
                                     in the deep processing of corn. It is produced from maize grains being soaked, put
mycoprotein, etc.
                                     into starch production, washed, squeezed, and dried. Its main components include
                                     fiber, starch, and proteins.
                                     The food additives (flavor enhancers) produced by the Company. It refers to
Food taste and trait
                             means   artificial or natural substances that are added to food for the purpose of improving
improving products
                                     food quality, color, smell, and taste, as well as for preservation and processing.
                                     glutamic acid monosodium salt, which is produced from the microbial fermentation,
                                     purification, and refinement of saccharic or starch raw materials. The finished
MSG                          means   product is white columnar crystal or crystalline powder. As a basic flavoring agent,
                                     MSG not only enhances the taste of dishes and stimulates appetite but also
                                     stimulates the secretion of digestive juice, thereby helping food digestion and
                                     absorption in human bodies.
Disodium               5’-           a substance composed of disodium 5’-inosine (IMP) and
                             means
ribonucleotide                       disodium 5’-guanosine (GMP) in a 1:1 proportion. It is mostly used in condiments
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                  or condiment blends with MSG to enhance taste.
                                  a safe and reliable natural sugar with the superb ability to maintain cell viability and
                                  biomacromolecular activity. It is known as the “sugar of life” in the science
                                  community. With a moderately sweet taste, it serves as a unique food ingredient
Trehalose                 means   that prevents food deterioration, inhibits nutrient deterioration, preserves food
                                  flavors, and improves food quality. It is also an important ingredient for cosmetics
                                  that maintain cell viability and preserve moisture. It is generally recognized as safe
                                  (GRAS) by the FDA.
                                  L-proline (known as proline for short) is one of the 18 amino acids for the human
                                  body to synthesize proteins. It is an important raw material for amino acid
                                  transfusions   as well     as   a key     intermediate   for   synthesizing    first-line
Proline                   means   antihypertensive drugs, such as captopril and enalapril. It is widely applied in food
                                  and pharmaceutical industries. The Company produces L-proline through corn
                                  fermentation, which is free of all the chemical reagents added in synthesis and is
                                  thus safer.
                                  with the scientific name of 2-amino-4-formamide butyric acid, is the amide of
                                  glutamic acid. L-glutamine is the coding amino acid in protein synthesis and an
                                  amino acid essential for mammals. In vivo, it can be converted from glucose.
Glutamine                 means   Glutamine prevents muscle breakdown and promotes muscle growth. It is an
                                  important nutrition supplement for bodybuilders and bodybuilding enthusiasts. It
                                  also improves human immunity and antioxidant capacity. It has superb healthcare
                                  and even medical effects for the gastrointestinal and digestive systems.
                                  L-isoleucine is one of the 20 common amino acids that make up proteins. It
Isoleucine                means   contains two asymmetric carbon atoms and is an amino acid and ketogenic amino
                                  acid essential for mammals.
                                  L-leucine is one of the 20 common amino acids that make up proteins. It is an
                                  amino acid and a ketogenic and glycogenic amino acid essential for mammals.
                                  Leucine, isoleucine, and valine are all branched-chain amino acids, which help
Leucine                   means
                                  promote muscle recovery after training. In particular, leucine is a very effective
                                  branched-chain amino acid that effectively prevents muscle loss as it is able to
                                  break down faster into glucose.
                                  a water-soluble polysaccharide produced from the fermentation of Aureobasidium
                                  pullulans. Pullulan can be processed into a variety of products. With superb film-
                                  forming properties, it forms highly stable pullulan film. It also has excellent oxygen
Pullulan                  means   isolation performance. In pharmaceutical and food industries, it is widely used in
                                  capsule molding agents, thickeners, adhesives, and food packaging. Pullulan has
                                  been used as food accessories for more than 20 years in Japan and is generally
                                  recognized as safe (GRAS) by the FDA.
                                  a monospore polysaccharide from the fermentation of pseudoxanthomonas. It offers
                                  many functions due to its special macromolecular structure and colloidal
                                  characteristics. It is widely used in different fields as emulsifiers, stabilizers, gel
Xanthan gum               means
                                  thickeners, impregnating compounds, and film molding agents. Xanthan gum is a
                                  microbial polysaccharide in mass production with broad applications around the
                                  world.
Bio-organic fertilizers   means   the fertilizers containing organic substances that provide multiple inorganic and
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                  organic nutrients for crops and fertilize and improve soil.
                                  The Manufacturing Execution System (MES) is a key component of smart
                                  manufacturing. Through functions such as real-time monitoring, data collection and
                                  analysis, and production scheduling, an MES optimizes production processes and
                                  enhances both efficiency and quality. The core functions of an MES include
MES                       means
                                  production planning management, material management, quality control, equipment
                                  maintenance, and personnel management. By collecting and providing real-time
                                  data feedback, an MES can dynamically adjust production plans, optimize resource
                                  allocation, reduce waste, and enable comprehensive traceability of product quality.
                                  Artificial Intelligence (AI) is the science of studying, developing, and applying
                                  theories, methods, and applications for simulating, extending, and enhancing human
                                  intelligence. Its essence lies in using data as fuel, computing power as an engine,
                                  and algorithms as a brain, thereby, through machine learning and especially deep
AI                        means
                                  learning, endowing machines with the ability to perceive, reason, and generate.
                                  Currently, cognitive intelligence—represented by large language models and
                                  generative AI—is driving a paradigm shift in technology from ‘discrimination’ to
                                  ‘creation’, becoming the core force behind industrial transformation.
                                  Human Milk Oligosaccharides, which are a type of complex oligosaccharide
                                  composed of monosaccharides, derivatives, sialic acid, and other structural units
                                  linked by glycosidic bonds. Over 150 types of HMO structures have been identified
                                  in human milk. As the third most abundant solid component in human breast milk,
                                  after lactose and fat, HMO plays a crucial physiological role. HMOs are vital for
HMO                       means
                                  infant growth and development, both in the short and long term. They promote the
                                  balance of the intestinal microecology in infants, stimulate the growth of beneficial
                                  bacteria, inhibit the growth of harmful bacteria, prevent the colonization of
                                  pathogenic bacteria, regulate the immune system, and support cognitive
                                  development in infants.
                                  Kirin Holdings Company, Limited, a company listed on the Tokyo Stock Exchange
                                  with the stock code 2503.T. Founded in 1907 and headquartered in Tokyo, Japan, it
Kirin Holdings            means   is a global leader in beverage and food manufacturing, with business operations
                                  spanning multiple sectors, including beer, soft drinks, health products, and
                                  pharmaceuticals.
                                  Kyowa Hakko Bio Co., Ltd., a wholly-owned subsidiary of Kirin Holdings. It is a
Kyowa    Hakko     Bio,           global leader in the biotechnology and fermentation industries, specializing in the
                          means
Japan Kyowa                       development and production of high-quality amino acids and other novel synthetic
                                  biology products for pharmaceutical, food, and industrial applications.
                                  a reaction process in which massive metabolites are produced and accumulated
Fermentation              means   through the growth and chemical changes of microorganisms (or animal/plant
                                  cells).
                                  Bio-fermentation refers to the process by which organic raw materials are converted
                                  into target products through metabolic activity carried out by microorganisms or
                                  enzymes under suitable conditions. Essentially, it utilises the metabolic mechanisms
Bio-fermentation          means
                                  and biocatalytic action of living organisms to achieve the efficient conversion and
                                  synthesis of substances, encompassing industrial applications ranging from
                                  traditional food brewing to modern pharmaceuticals and new materials. As a core
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                    technology of synthetic biology and green manufacturing, bio-fermentation is
                                    driving the transition of production models towards low-carbon and sustainable
                                    practices, becoming a vital pillar of the bioeconomy era.
                                    a process that uses microorganisms as cell factories to produce specific functional
                                    components. In general terms, precision fermentation is a process of genetic
Precision fermentation      means   reprogramming. It is synthetic biology. Scientists change the genes of selected
                                    microorganisms based on specific designs, and their genes are programmed to
                                    produce specific fermentation products.
           Section 2 Company Overview and Key Financial Indicators
I. Company Information
Chinese name                                        MeiHua Holdings Group Co., Ltd.
Short Chinese name                                  梅花生物、梅花集团
English name                                        MeiHua Holdings Group Co., Ltd.
Abbreviation                                        MEIHUABIO, MeiHua Group
Legal representative                                Wang Aijun
II. Contact Person and Contact Information
                                                                               Board Secretary
Name                                                Liu Xianfang
Address
                                                    Development Zone, Hebei Province
Tel                                                 0316-2359652
Fax                                                 0316-2359670
Email                                               mhzqb@meihuagrp.com
III. Summary of Changes in Basic Information
                                                    Unit 5, Building 11, Yangguang Xincheng, 158 Jinzhu West Road,
Registered Address
                                                    Lhasa, Xizang Autonomous Region
                                                    In January 2018, the company’s registered address was changed
                                                    from “No. 189, Jinzhu West Road, Lhasa” to “Building 11, Unit 5,
Changes in the registered address
                                                    Sunshine New City, No. 158, Jinzhu West Road, Lhasa.” For details,
                                                    please refer to the company’s Announcement No. 2018-002.
Office address
                                                    Development Zone, Hebei Province
Postal code of the office address                   065001
Website                                             https://www.meihua.group
Email                                               mhzqb@meihuagrp.com
Index for Changes During the Reporting Period       Not applicable
                                  MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
IV. Summary of Changes in Information Disclosure and Filing Locations
                                                      Shanghai Securities News (www.cnstock.com), China Securities
Designated newspapers for information disclosure      Journal (www.cs.com.cn), Securities Times (www.stcn.com),
                                                      Securities Daily (www.zqrb.cn)
Website for publication of the semi-annual report     Shanghai Stock Exchange website (www.sse.com.cn)
Filing locations for the company’s semi-annual
                                                      Company Securities Department; Shanghai Stock Exchange
report
Index for changes during the reporting period         Not Applicable
V. Company’s Stock Information
                            Stock Exchange for the
                                                                                                     Stock name before
          Stock type              listing of the       Stock name               Stock code
                                                                                                          change
                               Company’s stock
                                Shanghai Stock
           A-share                                     Meihua Bio                600873               MeiHua Group
                                   Exchange
VI. Other Relevant Information
 □Applicable √Not applicable
VII. Key Accounting Data and Financial Indicators of the Company
(I). Key Accounting Data
                                                                                          Unit: yuan Currency: RMB
                                                                                                            Change
                                                          Current Reporting      Same Period Last         Compared to
                     Key accounting data
                                                          Period (Jan–Jun)             Year             Same Period Last
                                                                                                           Year (%)
Revenue                                                    12,235,095,339.54      12,280,450,603.53                  -0.37
Total Profit                                                 830,402,774.44        2,089,170,850.25                 -60.25
Net profit attributable to the shareholders of the
listed company
Net profit attributable to the shareholders of the
listed company after deducting non-recurring profit          451,313,771.78        1,628,363,104.40                 -72.28
or loss
Net cash flows from operating activities                     389,140,084.02        2,312,791,220.63                 -83.17
                                                                                                            Change
                                                           End of Current         End of Previous       Compared to End
                                                          Reporting Period             Year             of Previous Year
                                                                                                              (%)
Net assets attributable to the shareholders of the
listed company
Total assets                                               26,785,425,436.30      25,915,976,725.38                   3.35
(II). Key Financial Indicators
                                                                    Current                         Change Compared
                                                                                 Same Period
                     Key financial indicators                Reporting Period                   to Same Period Last
                                                                                  Last Year
                                                                (Jan–Jun)                              Year (%)
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Basic earnings per share (yuan/share)                                  0.24                0.62              -61.29
Diluted earnings per share (yuan/share)                                0.24                0.62              -61.29
Basic earnings per share after deducting non-recurring
profit or loss (yuan/share)
                                                                                                        Decrease by 7.78
Weighted average return on equity (%)                                  4.03               11.81
                                                                                                        percentage points
Weighted average return on equity after deducting non-                                                  Decrease by 8.13
recurring profit or loss (%)                                                                            percentage points
Notes to the Company’s key accounting data and financial indicators
 Applicable √Not applicable
VIII. Differences in Accounting Data under Domestic and Foreign Accounting Standards
 Applicable √Not applicable
IX. Non-recurring Items and Amounts
 √ Applicable Not applicable
                                                                     Unit: yuan Currency: RMB
                                                                                                                      Notes (if
                                   Non-recurring items                                              Amount
                                                                                                                   applicable)
Gains or losses from the disposal of non-current assets, including the write-offs of the
accrued provisions for asset impairment
Government grants recognized in the profit or loss, excluding government grants that
are closely related to the Company’s normal operations, conform with national policies,
are enjoyed in accordance with established standards, and have continuous impact on
the Company’s profit or loss
Gains or losses from fair value changes arising from the financial assets and financial
liabilities held by non-financial enterprises and gains or losses from the disposal of
financial assets and financial liabilities, except for the effective hedging associated with
the Company’s normal operations
Fund possession fees collected from non-financial enterprises that are recognized in the
profit or loss
Gains or losses from the entrusted investment or management of assets
Gains or losses from external entrusted loans
Losses on assets due to force majeure factors, such as natural disasters
Reversal of provisions for the impairment of accounts receivable for which the
impairment test is conducted separately
Gains from the investment costs of the Company for the acquisition of subsidiaries,
associates, and joint ventures being less than the fair value of the investees’ identifiable
net assets due to the Company at the acquisition of investment
Net profit or loss of subsidiaries formed through business combinations under common
control for the period from the beginning of the Reporting Period to the combination
date
Gains or losses from the exchange of non-monetary assets
Gains or losses from debt restructuring
Non-recurring expenses of the Company arising from the discontinuation of relevant
operating activities, such as expenses for staff resettlement
Once-off effect of adjustments to tax and accounting laws and regulations on the profit
                                  MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                                              Notes (if
                                      Non-recurring items                                     Amount
                                                                                                             applicable)
or loss
Share payment expenses recognized once off due to the cancellation or change of the
share incentive plan
For share payment in cash, gains or losses from changes in the fair value of staff
remuneration payable after the vesting date
Gains or losses from changes in the fair value of investment property that is
subsequently measured in the fair value model
Gains from transactions with obviously unfair transaction prices
Gains or losses from contingencies irrelevant to the Company’s normal operations
Trusteeship income from trusteeship business
Other non-operating income and expenditure than the above                                    23,872,702.76
Other profit or loss items that fall within the definition of the non-recurring profit or
loss
Less: effect of income tax                                                                   25,003,434.37
       effect of minority interest (after tax)
                                                 Total                                      210,548,934.45
If the Company defines any items not listed in the Explanatory Announcement on Information
Disclosure for Companies Offering Their Securities to the Public No.1 – Non-recurring Gains or Losses
as non-recurring items which involve significant amounts or defines any non-recurring items listed in the
Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the
Public No.1 – Non-recurring Gains or Losses as recurring items, the Company should provide the
reasons.
  Applicable √Not applicable
X. Net Profit Adjusted for Share-Based Payments (Applicable to Companies with Equity Incentive
or Employee Stock Ownership Plans)
  Applicable √Not applicable
XI. Miscellaneous
  Applicable √Not applicable
                  Section 3 Discussion and Analysis by the Management
I. Industry and Main Business Overview During the Reporting Period
       (I) Industry Overview
       Based on the Guiding Catalogue of Key Products and Services for Strategic Emerging Industries
(2016 Edition) issued by the National Development and Reform Commission (NDRC), Meihua Bio’s
main products fall within the “bio-manufacturing industry of the biological industry.” Therefore, the
Company operates in the bio-manufacturing industry.
       Biomanufacturing is an advanced production method centered on industrial biotechnology. Based
on cutting-edge biological technologies such as genetic engineering and synthetic biology, it uses the
physiological and metabolic functions or catalytic activities of microbial strains, cells, and enzymes to
produce target products on a large scale through industrial fermentation processes. It covers the full
spectrum of categories, including food/additives, biopharmaceuticals, bio-based materials, bulk
chemicals, and energy.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     Synthetic biology is a disruptive technology that integrates multidisciplinary knowledge and
technologies such as biology, engineering, and informatics. Following engineering principles, it designs,
modifies, reconstructs, or even artificially synthesizes organisms to construct artificial biological
systems with specific functions, enabling innovative applications in fields such as biomedicine and
biomanufacturing.
     According to data released by the Ministry of Industry and Information Technology at the 2025
Biomanufacturing Conference, China’s biomanufacturing industry reached a total scale of RMB 1.1
trillion in 2025. From the perspective of long-term global market potential, McKinsey estimates that
from 2030 to 2040, biomanufacturing could generate an annual economic impact of USD 1.7–3.6 trillion,
and biomanufactured products could cover approximately 70% of chemically manufactured products.
Boston Consulting Group (BCG) predicts that by the end of the 21st century, biomanufacturing is
expected to be applied in one-third of global manufacturing, creating USD 30 trillion in economic value.
     Biomanufacturing is entering a development window of comprehensive acceleration during the
guidance, technological breakthroughs as a key enabler, and market demand, the industry enjoys broad
development prospects:
     (1) Policy-driven: top-level strategies lead industrial upgrading
     Biomanufacturing has risen to a core position in national strategy. China’s first five-year plan for
the bioeconomy has already identified biomanufacturing as a key development area, and the country will
subsequently formulate a development plan for biomanufacturing. At the same time, supporting policies
at the local level have been introduced successively, forming a coordinated support system between
central and local governments. Overseas, both the United States and Europe have issued national-level
bioeconomy strategies, and the global policy environment is generally improving.
     (2) Technology-driven: deep integration of AI and synthetic biology
     Core technologies such as synthetic biology and gene editing continue to achieve breakthroughs.
Combined with AI empowerment across the entire chain, they are jointly catalyzing a leap in the
industry’s capability level. AI is driving the industry’s transformation from traditional empirical trial-
and-error to precise and rational design, significantly shortening R&D cycles and reducing
industrialization costs. At the same time, the deployment of new routes such as non-food feedstocks and
C1 feedstocks is accelerating, supporting the green and low-carbon transformation of the entire
industrial chain.
     (3) Demand-driven: diversified markets open up growth space
     Downstream rigid demand markets such as food processing, feed additives, and healthcare continue
to expand, while emerging tracks such as bio-based materials, daily chemicals and cosmetics, and green
energy are growing significantly. As biomanufacturing substitution accelerates, a near-trillion-yuan
substitution market is gradually being unleashed. The industry’s focus is shifting from substituting bulk
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
chemicals to competing globally in high-value-added products, driving the domestic industry to upgrade
from a “supplier of bulk fermentation products” to a “core competitor in high-value-added biological
products.”
     (II) Core Business Overview
     Meihua Bio is a globally leading biomanufacturing enterprise that leverages synthetic biology
technologies to achieve large-scale production of amino acids. Through long-term industry cultivation
and strategic planning, the Company has built a well-balanced and diversified product matrix, with
business operations spanning multiple core segments including animal nutrition amino acids, food flavor
enhancers, pharmaceutical ingredients, and colloidal polysaccharides.
     During the reporting period, the Company continued to advance the in-depth integration of cross-
border acquired assets, completing the alignment and integration of personnel, business, intellectual
property, and production bases at home and abroad. The completion of this acquisition expanded the
Company’s high-end pharmaceutical amino acid product matrix, helped improve its high-value-added
business layout, and enhanced its comprehensive operational capabilities and risk resilience in the global
market.
     During the reporting period, the Company’s principal products included:
      Animal Nutrition Amino Acids: lysine, threonine, tryptophan, feed-grade valine, starch by-
product feed fiber, corn germ, microbial protein, MSG by-products, etc.
      Food Taste-Enhancement Products: glutamic acid, monosodium glutamate (MSG), disodium
inosinate, disodium guanylate, food-grade xanthan gum, trehalose, etc.
      Human Nutrition and Pharmaceutical Amino Acids and Related Products: glutamine,
proline, leucine, isoleucine, pharmaceutical-grade valine, inosine, guanosine, adenosine, pullulan
polysaccharide, vitamin B2, histidine, arginine, etc.
      Other Products: industrial-grade xanthan gum and bio-organic fertilizers.
     The Company adopts an integrated business model encompassing research and development,
production, and sales. During the reporting period, there were no significant changes in the Company’s
business model.
     (III) Industry Overview of Major Products in the First Half of the Year
     Corn is the core raw material for the Company, accounting for more than 50% of production costs.
Fluctuations in corn prices have a direct impact on production costs. In the first half of 2026, China’s
corn market exhibited a pattern of “rising first and then falling, with high-level volatility.” The national
average corn price in the first half was RMB 2,355 per ton, up 2.44% quarter-on-quarter and 5.75%
year-on-year. The average price in April rose to a near two-year high, while prices pulled back slightly
from May to June due to the auction of designated rice and the impact of sprouted wheat.
     During the reporting period, leveraging production bases in the major producing areas of Tongliao,
Xinjiang, and Jilin, the Company ensured supply through diversified procurement models such as direct
purchases from farmers, grain auctions, and entrusted procurement and storage. By grasping the rhythm
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
of market cycles and building inventory when new grain entered the market at low price levels, the
Company effectively mitigated the pressure from rising raw material prices to a certain extent.
       According to the Boyar report, in the first half of 2026, domestic supply of feed amino acids
continued to increase, while downstream hog farming suffered deep losses and demand remained weak.
As a result, prices of amino acid products declined year-on-year and performance came under pressure.
Overseas, anti-dumping measures, tariff barriers, and rising shipping costs added to pressure on export
sales.
       (1) Lysine
       In terms of prices, lysine prices rose first and then fell in the first half of the year. The average price
of 98.5% lysine was RMB 7.20/kg, up 3.45% quarter-on-quarter but down 20.97% year-on-year. The
average price of 70% lysine was RMB 4.61/kg, down 2.54% quarter-on-quarter and 14.47% year-on-
year. Industry profit margins were severely compressed.
       In terms of exports, customs data showed that cumulative exports of lysine esters and salts reached
significantly year-on-year, while exports to North America declined sharply.
       In terms of overseas trade barriers, at the end of April, the EU relaunched an anti-absorption
investigation into Chinese lysine. In June, Brazil imposed five-year anti-dumping duties of 26.0%–
growth. In July, the United States announced final determinations in anti-dumping and countervailing
duty investigations on Chinese lysine, keeping overseas exports under sustained pressure.
       (2) Threonine
       In the first half, domestic threonine production operated stably, and market prices rose first and
then fell, supported by exports. The average price of threonine was RMB 8.47/kg, down 1.74% quarter-
on-quarter and 18.95% year-on-year, narrowing industry profitability year-on-year.
       In terms of exports, cumulative exports of other amino alcohols and phenols (mainly containing
threonine) reached 379,700 tonnes in the first half, up 6.95% year-on-year. Exports to Europe, Asia, and
South America increased, while exports to North America declined.
       (3) Valine
       In the first half, domestic valine supply was excessive, and the decline in soybean meal prices
suppressed part of the substitution demand, causing valine prices to fluctuate downward. During the
reporting period, the average valine price was RMB 13.59/kg, up 3.74% quarter-on-quarter but down
low.
       In terms of overseas trade, in February the EU imposed anti-dumping duties of 31.3%–53.8% on
Chinese valine, restricting export volume expansion. The domestic supply-demand imbalance further
compressed the industry’s profit margins.
       (4) MSG
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     In the first half, MSG prices rose rapidly and then pulled back slightly. The average price of large-
pack MSG was RMB 6,921.1 per tonne, down 1.3% year-on-year, with the price bottom significantly
higher than in the second half of 2025. During the reporting period, China’s cumulative MSG exports
reached 567,000 tonnes, up 9.0% year-on-year.
     Explanation of Significant Non-Core Business Additions During the Reporting Period
       Applicable √Not applicable
II. Discussion and Analysis of Business Performance
     In the first half of 2026, the Company achieved operating revenue of RMB 12.235 billion,
representing a decrease of 0.37% compared with the same period of the previous year. During the
reporting period, the release of lysine production capacity at the Company’s subsidiary Jilin Meihua led
to an increase in sales volume of lysine and by-products. However, affected by multiple factors such as
increased industry supply and weak end-user demand, prices of the Company’s main products including
lysine, threonine, and MSG declined year-on-year, resulting in a decrease in revenue from principal
operations. During the reporting period, affected by the decline in prices of major products, the
Company’s overall operating profit declined year-on-year. Net profit attributable to shareholders of the
listed company in the first half was RMB 662 million, down 62.56% compared with the same period of
the previous year.
     During the reporting period, facing the complex situation of loose industry supply and pressure on
product prices, the Company focused on the main themes of “globalization, technology-driven
development, and digitalization” and made significant progress in four major areas: cross-border M&A
integration, R&D innovation, intelligent manufacturing, and coordination across production, supply, and
marketing. The Plumino platform achieved profitability ahead of schedule. The Company’s competitive
advantages in synthetic biology continued to be consolidated, its digital and intelligent transformation
advanced in depth, and its global competitive advantages were further enhanced.
     (I) Cross-Border M&A Integration Delivered Significant Results, with Plumino Achieving
Profitability
     In July 2025, the Company completed the delivery of all assets of the amino acid business of
Kyowa Hakko in Japan, and all acquired businesses were consolidated under the wholly owned platform
Plumino for operation. As the Company entered 2026, business integration advanced comprehensively
from the asset stabilization stage to deep integration featuring system integration, operational efficiency
improvement, and structural optimization. After six months of dedicated efforts, the former Kyowa
Hakko business segment successfully turned losses into profits.
     Market-oriented operating mechanism: After the handover, Plumino fully implemented a
market-oriented operating mechanism, establishing a management model under which each production
entity operates independently and is responsible for its own profits and losses. All internal product
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
transfers are conducted at fair market pricing. Through institutional design, the internal impetus of each
operating unit has been fully stimulated, driving steady improvement in capacity utilization efficiency.
     To focus on the core business and optimize global resource allocation, in April 2026 the Company
sold 100% equity interest in Plumino’s Thailand plant to Novonesis, a global biotechnology leader,
completing the overall divestiture of non-core businesses and assets such as HMO (human milk
oligosaccharides). After the transaction, Plumino’s asset structure was further optimized, its business
became more focused, and the efficiency of capital and resource allocation improved significantly. The
transaction also laid a solid foundation for broader exchanges and cooperation between the two leading
biotechnology companies.
     Systematization of management standards: In May 2026, Plumino’s overseas bases officially
launched the SAP system. The Company replicated and exported its internal standardized management
processes, achieving unified data standards and coordinated internal control approval standards across
Plumino’s bases in production, sales, finance, and quality. This launch represents not only the
implementation of an information system, but also a firm extension of the Company’s lean operation
management system across the entire business chain, laying a solid data foundation for further in-depth
business synergy.
     Supply chain autonomy: Leveraging the Company’s upstream raw material supply chain
advantages, during the reporting period Plumino advanced the independent substitution of
pharmaceutical-grade crude raw materials at its Shanghai plant in phases, gradually reducing
dependence on external high-priced single-source raw materials. At the same time, mature domestic
fermentation and purification processes were exported to overseas bases, promoting a two-way flow of
technical capabilities. In the first half of the year, unit production costs of core products such as
glutamine and histidine declined significantly, and the results of supply chain autonomy building
gradually became evident.
     Systematization of quality compliance: Quality management was upgraded from end-product
inspection to a full-chain “holistic quality” control model covering incoming raw materials, the entire
production process, and finished product release. The Company strictly benchmarks against international
GMP standards for pharmaceutical active pharmaceutical ingredients (APIs), improves the product
quality traceability system, and effectively mitigates the risk of customer trust erosion caused by API
changes. This ensures that quality control standards do not decline during business integration and that
the foundation of customer cooperation remains stable.
Schedule
     Following systematic integration and excluding the impact of asset disposal, Plumino achieved
profitability at the operating level in the first half of 2026, meeting the target of turning losses into
profits ahead of schedule for the year. The business has officially entered a stage of stable profitability.
     Continuous enrichment of the product matrix: In terms of pharmaceutical-grade amino acids,
multiple small-volume products such as histidine, proline, valine, and isoleucine steadily expanded
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
customer channels at home and abroad, while registration and filing in multiple countries continued to
be advanced. In terms of food-grade amino acids, products such as arginine and citrulline continued to
expand market share, and efforts were made to build differentiated qualifications such as non-GMO
certification. At the same time, the Company actively explored emerging application areas such as
cosmetic grade, continuously broadening its growth boundaries.
     Increasingly well-developed global layout: Currently, Plumino has established a dual-core
structure featuring a high-end refining base in Shanghai and a local production and sales base in North
America. The Shanghai base focuses on the refining and R&D/testing of high-end pharmaceutical APIs,
while the North America base leverages local manufacturing advantages to deepen its presence in the
North American sports nutrition and pharmaceutical-grade amino acid markets. On this basis, the
Company is actively expanding customers in Europe, Asia, and other regions, with the coverage and
penetration of the global production and sales network continuing to improve.
     Deepening technological integration: Plumino has fully inherited the pharmaceutical-grade amino
acid fermentation and refining processes and the rigorous quality control system cultivated by Kyowa
Hakko in Japan over many years, and possesses quality management capabilities that meet international
high standards such as FDA and CEP. Leveraging this acquisition, the Company rapidly established a
global patent protection network covering core products and key processes. Combined with the
Company's own technological accumulation in strain improvement and synthetic biology, this has truly
achieved two-way integration and iterative upgrading.
     In the second half of the year, the Company will continue to deepen the integration of various
business lines, accelerate the coordination and connectivity of global processes, supply chains, and sales
channels, consolidate the existing achievements in digitalization, cost reduction and efficiency
improvement, and quality system upgrading, and further release synergies and integration dividends. At
the same time, with a view to long-term global capacity deployment, the Company is conducting
feasibility studies for plant construction and verification of production factor safeguards in other key
overseas regions, making preliminary preparations for subsequent overseas greenfield investments.
     (II)Technological Innovation Accelerated Comprehensively, with the Synthetic Biology Platform's
Advantages Becoming Prominent
     In the first half of 2026, the Company further consolidated its internal R&D resources, and centered
on building its synthetic biology platform, continued to deepen AI-powered intelligent R&D, intellectual
property deployment, iteration of core product technologies, and industrialization, continuously
reinforcing its technology leadership across the entire industrial chain.
     Continuous optimization of the R&D system: During the reporting period, the Company initiated
the organizational development of a central research institute, coordinating the construction of the
Company-wide R&D system and resource integration, and breaking down R&D resource barriers
through top-level design. Meanwhile, the Company iterated and improved its R&D management system,
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
optimizing key control processes such as project approval review and milestone acceptance, reducing
ineffective R&D investment from the process side, and enhancing the efficiency of technology
commercialization. Intellectual property work shifted from "quantity accumulation" to "quality
improvement." As of June 30, 2026, the Company had filed a cumulative total of 382 invention patent
applications (45 new applications in the first half) and obtained 140 authorized invention patents (25
new authorizations in the first half), covering core product technology areas such as strains and
production processes.
     AI empowerment drives a leap in R&D efficiency: Building on the optimization of the R&D
system, the introduction of AI technology is fundamentally changing the R&D model. During the
reporting period, Phase I of the self-developed bioinformatics intelligent analysis system based on an AI
Agent architecture entered trial operation. The system is deeply integrated with the Feishu platform,
allowing researchers to invoke gene analysis in real time through natural language commands,
significantly lowering the barrier to tool usage. Actual test data showed that compared with traditional
methods, the time required for a single round of gene analysis was shortened by 85%, and the cycle for
directed evolution and iterative validation of strains was shortened by approximately 10%, significantly
improving R&D efficiency.
     Significant results in R&D-production integration: During the reporting period, new strains and
new processes for core amino acid categories were deployed across various production bases, and a new-
generation feed protein product completed pilot validation and is now ready for industrialization. The
Tongliao pilot platform was completed and put into operation, providing multi-category process scale-up
validation capabilities and serving as a bridge for the rapid commercialization of R&D achievements.
Key strain projects rapidly completed the entire process from laboratory to large-scale production,
setting a new record for the speed of technology commercialization in the Company's fermentation
categories.
     Steady progress in global layout: Strain technologies for multiple categories including arginine,
histidine, and tryptophan acquired through the cross-border M&A have been assimilated and absorbed,
with strain iteration and process optimization progressing as planned. Preparations for regulatory
compliance and market access in the EU and North American markets are also advancing
simultaneously. In terms of talent development, the Company recruited a number of high-end talents in
the field of synthetic biology in the first half, strengthening capabilities in key technology areas. The
global layout of talent, technology, and compliance is building a solid foundation for the long-term
development of the Company's synthetic biology platform.
     (III) Digital-Intelligent Integration Advanced in Depth, with Intelligent Manufacturing Level
Continuously Improved
     The Company aims to build "data-driven intelligent manufacturing" and continues to promote the
full deployment of MES across its three major production bases, establishing a digital management
network covering the entire process from incoming raw materials to finished product warehousing. In
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
the first half of 2026, on the basis of the normalized operation of MES, the Company further deepened
functional applications, integrated AI technologies to explore intelligent production scenarios, and
continued to drive the transformation of production management from "experience-driven" to "data-
driven."
     Business-finance integration continued to deepen: In the first half, all three major production
bases fully realized online MES-based production cost accounting, unified the Company-wide cost
accounting rules, and significantly improved the accuracy and efficiency of cost data. This change
brought not only efficiency gains, but also a shift in the focus of financial work—from basic data
accounting to cost drill-down analysis and business optimization support. Business-finance integration
continued to deepen, and financial data became deeply linked with the entire production and operation
chain.
     AI application implementation delivered cost reductions: During the reporting period, multiple
AI application scenarios were successively implemented on the business side, releasing cost-reduction
value. The liquid discharge management AI model was launched, enabling automatic generation of
discharge plans and early prediction of abnormal fluctuations. The power cost AI model, combined with
operating mechanism innovation, drove the transformation of power management from passive control
to proactive operation. During the six-month trial run, the three major bases cumulatively saved more
than 28 million kWh of electricity and over RMB 10 million in costs, exceeding the cost-reduction target
ahead of expectations.
     Continued cultivation of a company-wide digital-intelligent innovation atmosphere: In the first
half, the Company successfully held the first Feishu AI Pioneer Contest, covering the corporate
headquarters and the three major production bases. The contest identified a number of implementable
and reusable AI efficiency improvement solutions, promoting the penetration of AI applications into all
production and management business scenarios. In the second half of the year, the Company will
continue to promote MES function upgrades, expand the scope of AI applications, and build a company-
level visualized production scheduling and command screen, empowering production and operations
through digital and intelligent technologies and driving continuous improvement in overall management
efficiency.
     (IV) Deeper Coordination Across Production, Supply, and Marketing, with Global Competitive
Advantages Continuously Consolidated
     In the first half of 2026, faced with the complex situation of continued industry supply expansion
and pressure on product prices, the Company strengthened coordination mechanisms across the entire
chain of production, procurement, and sales. On the production side, it stabilized capacity and optimized
layout; on the procurement side, it controlled costs and ensured supply; and on the sales side, it
expanded markets and increased market share. Operational efficiency across the entire chain continued
to improve.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     Capacity scale expanded and product structure optimized: In the first half, the Jilin 600,000-
tonne lysine project reached full production and achieved its designed benefits, bringing the Company's
total lysine capacity to 1.6 million tonnes and further consolidating its strategic market leadership in the
lysine segment. Meanwhile, construction of the Tongliao 300,000-tonne threonine project and the
Xinjiang 90,000-tonne valine project progressed steadily, and both are expected to come on stream
successively in the second half of the year.
     Among these, the Xinjiang valine project adopts an independently developed anaerobic new
process, with product yield increased by 16 percentage points. After the project comes on stream, the
Company's total valine capacity will reach approximately 100,000 tonnes. The application of the new
process not only expands capacity scale, but also significantly improves production and operational
efficiency, fully demonstrating the Company's core competitive advantage driven by the twin engines of
"scale + technology."
     In addition, during the reporting period, the Company's Tongliao base launched a small-volume
amino acid upgrading and new product expansion project with a total investment of RMB 300–500
million, focusing on production lines for high-value-added products such as pharmaceutical-grade and
food-grade products. The project is expected to come on stream in batches from the fourth quarter of
optimize the product structure, and increase the proportion of high-value-added products.
     Precise procurement policies and enhanced supply resilience: Centering on the strategy of "in-
depth market research, optimized structure, and digital-intelligent empowerment," in corn procurement,
the Company relied on its three major bases to hedge price fluctuations through methods such as
building inventory at low price levels and entrusted storage cooperation. In coal procurement, it took
long-term agreement supply guarantees as the foundation and optimized customer structure and blending
plans. The SRM procurement management system operated stably, realizing the online and standardized
management of the entire procurement process. The Company is also exploring the independent
development of AI models to advance the informatization of the corn market and enhance the scientific
nature of procurement decisions through digital means. In terms of supplier management, the Company
developed 44 new suppliers in the first half, deepened strategic cooperation with core suppliers, and
jointly mitigated risks from market fluctuations.
     Deepened expansion in global markets with leadership position further consolidated: In the
first half, the Company adhered to the operating strategy of selling all output, continued to deepen its
presence in global markets, and consolidated its industry leadership position. During the reporting period,
the Company continued to deepen long-term strategic partnerships with customers, proactively
empowered downstream customers to expand diversified application channels and end-use scenarios,
strengthened formulation application technical service capabilities, collaborated with customers on new
product development and application innovation, and jointly tapped incremental space in end-user
markets. Faced with a complex and volatile international trade environment, the Company actively
responded to various trade frictions, obtained the lowest duty rate in the EU anti-dumping response, and
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
achieved significant year-on-year and quarter-on-quarter growth in sales volume to the EU region during
the reporting period. Regarding the Brazil anti-dumping investigation, on the basis of steadily advancing
response efforts, the Company orderly adjusted export supply layout, advanced regional market shifts,
vigorously explored emerging overseas markets such as Latin America, continuously optimized and
improved its global sales network, and enhanced its risk resilience and overall penetration in global
markets.
     In the second half of the year, the Company will deepen the coordination mechanism across
production, supply, and marketing, accelerate the commissioning and full-efficiency operation of key
projects, optimize supply chain flexibility, deepen global customer and market development, and
continue to consolidate advantages across the entire chain of cost, scale, and market, thereby enhancing
its ability to operate through cycles.
Significant changes in the company’s operations during the reporting period, as well as events that
occurred during the period that have had, or are expected to have, a material impact on the
company’s operations in the future
 Applicable √Not applicable
III. Analysis of Core Competitiveness during the Reporting Period
 √ Applicable Not applicable
     During the reporting period, there were no significant changes in the Company's core
competitiveness.
     (I) R&D-Production Synergy, Breaking Boundaries
     The Company has always placed technological innovation at the top of its development strategy
and maintains stable and sufficient R&D investment over the long term. The Company's R&D team
recruits numerous professional technical talents from universities at home and abroad, and has
independently built specialized experimental platforms for strain selection and genetic modification,
capable of performing targeted strain improvement and fermentation process optimization for various
target products. Leveraging the massive amount of experimental data accumulated over the years and
mature technology reserves, the Company has also built an AI-powered intelligent bioinformatics
analysis system, coordinates patent deployment on a global scale, and continuously accelerates the
iteration of core technologies.
     In terms of R&D management, the Company's central research institute coordinates R&D resources
at home and abroad in a unified manner, builds supporting pilot platforms covering multiple product
categories, and connects the complete transformation chain from basic laboratory R&D, pilot validation,
engineering scale-up, to industrial mass production. On one hand, it can rapidly translate strain
improvement results into large-scale production; on the other hand, it efficiently undertakes the
industrialization of cutting-edge biotechnology, continuously expanding the development space and
boundaries of the bio-fermentation industry.
     (II) Efficient Operations, Cost Leadership
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     The Company has established a complete integrated operation management system, with improving
organizational efficiency as the core, and fully implements daily clearing and settlement and full-process
closed-loop management. By optimizing business processes, enabling digital collaboration across the
entire industrial chain, and implementing closed-loop performance assessment mechanisms, the
Company achieves efficient linkage and rapid coordination among upstream and downstream production
processes, with overall operational efficiency continuously improving.
     The Company's major production bases are located in major producing areas of core raw materials
such as corn, naturally enjoying geographical cost advantages in raw materials. Each base has developed
a circular industrial chain integrating corn deep processing, self-sufficiency in thermal power and steam,
wastewater recycling and treatment, and resource utilization of organic fertilizer. Relying on integrated
plant planning to control fixed asset investment, systematically reducing production energy consumption,
and flexibly coordinating capacity allocation for multiple product categories, combined with industry-
leading economies of scale and full industrial chain synergy advantages, the Company maintains
outstanding comprehensive cost competitiveness in the industry over the long term.
     (III) Diversified Product Portfolio, Navigating Through Cycles
     The Company focuses on the core business of bio-fermented amino acids, and has formed a
complete product matrix covering feed-grade bulk amino acids, food additives, and high-end
pharmaceutical-grade amino acids. Demand varies across different downstream application markets,
which can naturally hedge performance and significantly mitigate the impact of supply-demand and
price fluctuations of a single product on the Company's overall operations.
     With globally leading production capacity and integrated full industrial chain operational
capabilities, the Company has a solid foundation for risk resistance in overall operations. As multiple
high-value-added pharmaceutical amino acid production lines are subsequently brought on stream, the
Company's product structure will continue to be optimized, and its ability to withstand industry cyclical
fluctuations will be further enhanced.
     (IV)From "Product Export" to "Capability Export": Building New Advantages in Global
Competition
     The Company possesses mature global operational capabilities, has established a sales and
localized service network covering major markets worldwide, and has developed a standardized and
rapidly replicable production and operation management model. Through years of cross-border business
operations, it has accumulated extensive experience in responding to international trade frictions and
managing overseas market risks.
     Relying on mature overseas industrial investment and M&A integration capabilities, as well as a
global intellectual property protection system covering the entire chain of strains, processes, and
products, the Company's internationalization strategy is upgrading from simply exporting products to
exporting industrial capabilities. In the future, the Company will further optimize its global capacity
layout by investing in and constructing overseas production bases and implementing localized operations,
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
fully leveraging differentiated resources in various regions to tap growth potential, and continuously
consolidating and expanding its international competitive barriers.
       (V) Cultural Cohesion, Building a Talent Highland
       The Company adheres to the corporate culture of "all-employee management and value creation
and sharing," has established a performance incentive mechanism that balances process management and
business results, and has continuously launched multiple employee stock ownership plans, deeply
binding employees' personal interests to the Company's long-term development and fully stimulating the
internal vitality of the organization.
       In terms of talent cultivation, the Company insists on both external recruitment of high-end talents
and internal talent pipeline development. Relying on systematic training programs such as the "Zhiyuan
Program," it builds multiple professional talent teams in technology R&D, production management, and
international operations in a tiered and categorized manner, continuously reserving high-quality human
resources for the Company's global layout and industrial transformation and upgrading, thereby laying a
solid foundation for sustainable development.
IV. Major Business Performance during the Reporting Period
(I). Analysis of Main Business
                                                                                      Unit: yuan Currency: RMB
                                                                          Amount for the
                                            Amount for the current
Item                                                                  corresponding period in    Change (%)
                                                   period
                                                                         the previous year
Revenue                                          12,235,095,339.54         12,280,450,603.53                  -0.37
Operating costs                                  10,653,093,825.19          9,433,353,240.09              12.93
Selling expenses                                    176,534,959.81            167,760,792.02                  5.23
General and administrative expenses                 424,785,142.26            469,433,561.57                  -9.51
Financial expenses                                   53,599,826.70            -20,660,319.63             359.43
R&D expenses                                        187,548,443.45            199,958,697.93                  -6.21
Net cash flows from operating
activities
Net cash flows from investing activities          -1,775,149,329.05        -2,943,297,595.88              39.69
Net cash flows from financing
activities
       Reasons for Change in Revenue: During the Reporting Period, the Company's revenue totaled RMB
lysine production line of the Company's subsidiary Jilin Meihua led to an increase in sales volume of
lysine and by-products; however, affected by multiple factors such as increased industry supply and
weak end-user demand, prices of the Company's main products including threonine, lysine, and MSG
declined, resulting in a decrease in revenue from principal operations.
       Reasons for Change in Operating Costs: During the Reporting Period, the Company's operating
costs totaled RMB 10.653 billion, up 12.93% year-on-year. Main reasons: (1) the increase in sales
                                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
          volume of lysine and by-products during the period drove up costs; (2) raw material prices rose
          compared with the same period last year, and the Company offset the increase in raw material prices
          through process optimization and upgrading as well as refined cost control.
                Reasons for Change in Selling Expenses: During the Reporting Period, the Company's selling
          expenses increased by 5.23% year-on-year, mainly due to an increase in expenses of overseas companies
          compared with the same period last year.
                Reasons for Change in General and administrative Expenses: During the Reporting Period, the
          Company's General and administrative expenses decreased by 9.51% year-on-year, mainly due to a
          decrease in employee expenses during the period.
                Reasons for Change in Financial Expenses: During the Reporting Period, the Company's financial
          expenses increased by 359.43% year-on-year, mainly because, affected by fluctuations in the foreign
          exchange market, exchange gains in the same period last year turned into exchange losses in the current
          period, thereby increasing financial expenses.
                Reasons for Change in R&D Expenses: During the Reporting Period, the Company's R&D
          expenses decreased by 6.21% year-on-year, mainly due to a decrease in R&D investment during the
          period.
                Reasons for Change in Net Cash Flows from Operating Activities: During the Reporting Period, the
          Company's net cash flows from operating activities decreased by 83.17% year-on-year, mainly due to an
          increase in the scale of raw material procurement during the period.
                Reasons for Change in Net Cash Flows from Investing Activities: During the Reporting Period, the
          Company's net cash flows from investing activities increased by 39.69% year-on-year, mainly because
          the same period last year included payment for overseas acquisitions, while the current period included
          gains from the disposal of a subsidiary.
                Reasons for Change in Net Cash Flows from Financing Activities: During the Reporting Period, the
          Company's net cash flows from financing activities increased by 102.79% year-on-year, mainly due to
          unpaid dividends during the period.
                or profit sources during the Reporting Period
            Applicable √ Not applicable
          (II). Explanation of Significant Changes in Profit Due to Non-Core Business
            Applicable √ Not applicable
          (III). Analysis of Assets and Liabilities
          √Applicable Not applicable
                                                                                 Unit: yuan Currency: RMB
                                                                                           Change
                                                          Amount as at the
                     Amount as at the     Percentage in                      Percentage    from the
                                                             end of the
       Item             end of the         total assets                       in total     previous               Explanation
                                                              previous
                     Reporting Period         (%)                            assets (%)   reporting
                                                          reporting period
                                                                                          period (%)
Monetary fund        2,877,767,910.42        10.74        4,288,171,778.59     16.55        -32.89     This was mainly due to an increase
                                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                                      in   the    purchase     of      wealth
                                                                                                      management products during the
                                                                                                      period.
                                                                                                      This was mainly due to an increase
Trading Financial                                                                                     in   the    purchase     of      wealth
Assets                                                                                                management products during the
                                                                                                      period.
                                                                                                      Decrease in endorsed, unmatured
                                                                                                      bank acceptance bills with lower
Notes receivable         36,626,560.85          0.14        107,542,558.59      0.41       -65.94
                                                                                                      credit ratings at the end of the
                                                                                                      period.
Accounts receivable                                                                                   Increase in high-credit-rating bills
financing                                                                                             on hand at the end of the period.
                                                                                                      Increase in raw materials and
Inventories            3,996,122,827.78        14.92       3,021,627,701.05     11.66      32.25
                                                                                                      finished goods during the period.
                                                                                                      Increase in long-term deposits
Non-current assets
due within one year
                                                                                                      one year during the period.
                                                                                                      Increase in VAT input tax credits
Other Current Assets    376,523,005.53          1.41        214,731,083.57      0.83       75.35      retained for offset during the
                                                                                                      period.
Long-term equity                                                                                      Losses of associates during the
investments                                                                                           period.
Construction in                                                                                       Increase in project investment
progress                                                                                              during the period.
                                                                                                      Normal depreciation during the
Right-of-use assets       2,330,281.28          0.01          4,007,321.13      0.02       -41.85
                                                                                                      period.
                                                                                                      Increase in long-term deposits
Other Non-Current
Assets
                                                                                                      one year during the period.
                                                                                                      Mainly due to the impact of
Derivative financial                                                                        Not       exchange rate fluctuations on
liabilities                                                                              Applicable   foreign exchange options purchased
                                                                                                      by the Company.
                                                                                                      Increase in declared but unpaid
Other Payables         1,437,537,640.70         5.37        256,349,893.68      0.99       460.77
                                                                                                      dividends during the period.
                                                                                                      Decrease in endorsed, unmatured
Other current                                                                                         bank acceptance bills with lower
liabilities                                                                                           credit ratings and deferred output
                                                                                                      VAT at the end of the period.
                                                                                                      Leases nearing expiry during the
Lease Liabilities           482,287.52           -            1,012,966.64        -        -52.39
                                                                                                      period.
                                                                                                      Increase in software service fees
Long-Term Payables       23,457,549.63          0.09         10,500,000.00      0.04       123.41
                                                                                                      during the period.
Long-Term                             -          -            7,474,640.65      0.03        Not       Decrease in long-term employee
                                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Employee benefits                                                                                         Applicable    benefits payable during the period.
Payable
                                                                                                              Not       Increase in share repurchases
Less: Treasury Stock           39,999,676.57           0.15                           -         -
                                                                                                          Applicable    during the period.
                                                                                                                        Losses from fair value changes in
Other
                                                                                                                        equity instruments and foreign
Comprehensive                -258,986,565.20           -0.97       -159,220,172.21            -0.61          62.66
                                                                                                                        currency statement translation
Income
                                                                                                                        differences during the period.
             Other information
             None
              √ Applicable Not applicable
             (1) Asset size
             Of which, overseas assets amounted to RMB 2.091 billion (unit: RMB 100 million; currency: RMB),
             accounting for 7.81% of total assets.
             (2) Explanation of a high proportion of overseas assets
               Applicable √ Not applicable
             Other information
             None
             √ Applicable Not applicable
                                                                                                               Unit: yuan Currency: RMB
                             Item                          June 30, 2026                                  Reasons for restriction
               Monetary fund                                      295,271,669.02          Guarantee Deposits and Other
                                                                                          Endorsed or discounted, not yet due, and cannot be
               Notes receivable                                    23,151,726.35
                                                                                          derecognized
                          Total                                   318,423,395.37
               Applicable √ Not applicable
             (IV). Analysis of Investment
              √ Applicable Not applicable
                                                                                                               Unit: yuan Currency: RMB
                                          Proportion of                                               Book balance
                                           shareholding
                    Investee                                                                                                                 Closing
                                           in investee              Opening balance                      Increase         Decrease
                                                 (%)                                                                                         balance
        Bank of Tibet                           4.2414                       157,000,000.00                                           157,000,000.00
        AIM Vaccine Corporation                 4.1286                       144,966,810.00           -72,877,160.00                   72,089,650.00
        Tongliao Desheng Bio-tech
        Co., Ltd.
                     Total                                                   306,724,735.21           -74,999,649.41           0.00   231,725,085.80
                                                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(1) Significant equity investment
  Applicable √ Not applicable
(2) Significant non-equity investment
  Applicable √ Not applicable
(3) Financial assets measured at fair value
 √ Applicable Not applicable
                                                                                                                                              Unit: yuan Currency: RMB
                                     Gains or losses on                         Impairment
                                                          Accumulated fair                       Purchase amount     Sales/repurchase
                                      changes in fair                          accrued during
   Asset type     Opening amount                           value changes                         for the Reporting    amount for the    Other changes    Closing amount
                                       value for the                           the Reporting
                                                          included in equity                          Period         Reporting Period
                                     Reporting Period                             Period
Trust products     131,569,423.75         1,078,064.78                                             390,000,000.00     180,694,053.15                      341,953,435.38
Private equity
Derivatives          2,061,300.00       10,737,057.95                                                                   10,616,704.37                       2,181,653.58
Others            1,610,758,165.95      -48,765,706.08     -204,033,190.00            7,103.27   6,005,620,459.99    5,339,049,091.66    14,177,909.99   2,242,734,634.92
      Total       1,744,388,889.70      -36,950,583.35     -204,033,190.00            7,103.27   6,395,620,459.99    5,530,359,849.18    14,177,909.99   2,586,869,723.88
Securities investment
  Applicable √ Not applicable
Explanation of securities investment
  Applicable √ Not applicable
Private equity investment
  Applicable √ Not applicable
Derivatives investment
  Applicable √ Not applicable
(V). Sale of Material Assets and Equity
  Applicable √ Not applicable
(VI). Analysis of Major Holding and Joint Stock Companies
 √ Applicable Not applicable
Major subsidiaries and investees whose impact on the company’s net profit reaches or exceeds 10%
 √ Applicable Not applicable
                                                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                                                                          Unit: 100 million yuan, Currency: RMB
  Company        Company
                                      Main Business         Registered Capital      Total Assets          Net Assets        Operating Revenue    Operating Profit       Net Profit
    Name           Type
  Tongliao                    Production and sales of MSG
                 Subsidiary                                       18.00                91.27                59.04                 46.16               2.74                 2.45
   Meihua                     and amino acids
  Xinjiang                    Production and sales of MSG
                 Subsidiary                                       25.00                59.54                48.79                 23.30               2.47                 2.07
   Meihua                     and amino acids
                              Production and sales of MSG
 Jilin Meihua    Subsidiary                                       20.00                69.84                35.87                 39.79               -0.47                -0.92
                              and amino acids
Acquisitions and disposals of subsidiaries during the reporting period
√ Applicable Not applicable
                      Company Name                          Methods of acquiring and disposing of subsidiaries during the    Impact on Overall Production, Operations, and Performance
                                                                                  reporting period:
Plumino Precision Fermentation (Thailand) Co., Ltd                                      Sale                                     Realized a gain on disposal of 35,066,419.30 yuan
Other explanations
  Applicable √ Not applicable
(VII). Structured Entities Controlled by the Company
  Applicable √ Not applicable
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
V. Other Disclosures
(I). Potential Risks
 √ Applicable Not applicable
     The Company's overseas revenue accounted for approximately 30% of total revenue. The
Company's business spans multiple regions around the world. Overseas production and sales are subject
to strict compliance with local laws, product market access requirements, and supplier management rules.
Given the heightened uncertainty in the global geopolitical and economic and trade environment,
overseas business faces multiple potential risks.
     (1) Exchange Rate Fluctuation Risk
     Overseas business settlement is mainly denominated in USD. Product exports, procurement,
construction, and collection at overseas bases involve multi-currency receipts and payments. Although
the Company has established a foreign exchange monitoring mechanism and supports it with hedging
operations, sharp and drastic exchange rate fluctuations, or deviations in derivative operations, could still
directly affect the Company's profitability.
     (2) Tariff and Trade Barrier Risk
     Global trade protectionism is on the rise, and China's amino acid products frequently encounter
overseas anti-dumping and countervailing investigations. Since 2026, the EU, Brazil, and the United
States have successively imposed high anti-dumping and countervailing duties on lysine and valine. If
more countries follow suit and introduce restrictive policies, the price competitiveness of the Company's
products will be weakened, resulting in the loss of overseas orders. The return of excess supply to the
domestic market will also intensify competition in the domestic industry and compress overall
profitability.
     (3) Overseas Investment and Operational Risk
     The Company has already established overseas production bases. If new overseas projects are
continuously built, the risks of existing and incremental assets will be compounded. The overseas
geopolitical situation is volatile, project construction and localized operation cost control are difficult,
and there is uncertainty in matching local supply chains with production capacity, which may increase
operating costs and drag down project returns.
     Response measures: The Company will continue to improve its global management and control
system, track trade and market access policies of various countries in real time, dynamically adjust
foreign exchange hedging plans, and proactively communicate with and properly handle various trade
investigations. Before making overseas investments, the Company will conduct thorough market and
compliance due diligence, manage project construction and operating costs throughout the entire project
lifecycle, and build localized supporting supply chains. It will also continue to cultivate an international
professional talent team and comprehensively enhance cross-border compliance management
capabilities.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     The amino acid industry is currently in a cycle of capacity expansion and adjustment, with industry
leaders and new entrants continuing to release production capacity, leading to periodic oversupply of
certain products. If downstream demand recovery falls short of expectations and the elimination of
outdated capacity remains slow, the industry supply-demand landscape will continue to weaken, product
selling prices will come under downward pressure, and product gross margins will be directly
compressed.
     Meanwhile, the Company continues to plan new capacity construction. If market absorption
capacity is insufficient after new production lines come on stream, compounded by low-price
competition in the industry, the investment returns of new projects will fall short of expectations.
     Response measures: track industry supply and demand data on a regular basis, and flexibly adjust
the pace of project construction and commissioning according to market conditions; leverage the
advantages of the integrated industrial chain and scale-based cost leadership to enhance the ability to
operate through cycles; continue to expand high-value-added product tracks such as pharmaceuticals,
build differentiated competitive barriers, and hedge against the risk of price fluctuations in bulk products.
     The Company's core competitiveness relies on proprietary process technologies such as in-house
strain selection and directed fermentation. Once core technical information is leaked or key R&D
personnel are lost, the technological barriers built over the long term will be weakened, and the
Company's product competitive advantages will decline.
     At the same time, intellectual property disputes occur frequently in the industry. Although the
Company has deployed multiple patents across the entire industrial chain, there is both the possibility of
its own patents being infringed by peers and the risk of inadvertently infringing third-party intellectual
property rights during production and operations. Related litigation and injunctions may restrict normal
production and sales and adversely affect business operations.
     Response measures: establish a tiered confidentiality management system and strictly control
access to and circulation permissions for R&D materials; improve the long-term incentive mechanism
for core R&D personnel to stabilize the technical team; establish a regularized intellectual property
management mechanism, proactively defend rights, and conduct periodic patent risk screening to avoid
intellectual property legal disputes.
     (1)Environmental Protection Risk
     Most of the Company's production bases are designated as key pollutant discharge units, and the
production process generates wastewater, waste gas, and solid waste. If equipment failures or
management omissions cause excessive pollutant discharge or sudden environmental incidents, the
Company may face fines, suspension for rectification, civil claims, and other penalties, damaging its
brand image. As global and domestic environmental protection standards continue to tighten, subsequent
investment in environmental technology upgrades and operation and maintenance will continue to
increase, raising overall production costs.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     (2) Production Safety Risk
     The Company uses and stores hazardous chemicals such as liquid ammonia and sulfuric acid in its
production processes, and operates a large number of special equipment, with stringent safety
management standards. If safety systems are not implemented properly, equipment maintenance is not
timely, or employee operations do not follow standards, safety accidents may easily occur, causing
casualties, property losses, and full-line shutdowns.
     (3) Labor Compliance Risk
     The Company has a relatively large workforce. As labor and employment regulatory requirements
continue to tighten, the Company needs to continuously improve its compliance management in areas
such as social insurance contributions, labor contracts, and compensation management. If relevant
processes are not implemented properly, situations such as retroactive payments, rectification, or labor
disputes may arise, increasing management costs.
     Response measures: fully implement the main responsibilities for environmental protection and
safety, and continuously upgrade the HSE management system; carry out regular equipment inspection
and hazard identification, and organize emergency drills on a regular basis; increase investment in
cleaner production and safety technology upgrades, and enhance inherent safety and pollution control
capabilities at the source; conduct regular employee safety and environmental protection training and
assessment, and consolidate the foundational control line; in terms of labor and employment,
continuously improve employment management systems, carry out regular compliance self-inspections,
standardize the entire-process management of social insurance, contracts, and compensation, promptly
resolve labor disputes, and maintain a harmonious and stable employment environment.
     (1) Interest Rate Fluctuation Risk
     The Company has floating-rate bank borrowings. If market interest rates continue to rise, interest
expenses will increase accordingly, raising overall financial costs.
     (2) Tax Incentive Change Risk
     Some domestic and overseas subsidiaries rely on preferential income tax policies to reduce their tax
burden. If relevant industrial tax policies are adjusted or existing incentives cannot be extended, the
Company's overall tax burden will rise, directly compressing profit margins.
     Response measures: optimize the financing structure of long-term and short-term, fixed-rate and
floating-rate borrowings, and appropriately use fixed-rate financial instruments to lock in financing costs;
continuously track changes in domestic and international tax laws and regulations, and optimize the
Company's tax planning in advance; strengthen Company-wide cash flow and asset-liability
coordination management to ensure the overall financial structure remains sound.
(II). Other Disclosure Matters
  Applicable √ Not applicable
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     Section 4 Corporate Governance, Environment, and Society
I. Changes in directors and officers
  Applicable √ Not applicable
Explanation of Changes in directors and officers
 Applicable √ Not applicable
II. Plans for Profit Distribution or the Conversion of Capital Reserve
Interim Profit Distribution and Capital Reserve to Share Capital Plan
Whether to distribute or convert                              No
Number of bonus shares per 10 shares                                                                 0
Cash dividend per 10 shares (including tax)                                                          0
Number of shares for conversion per 10 shares (share)                                                0
                           Notes on the Profit Distribution or Capital Reserve Conversion Plan
Not Applicable
III. Information of the Company’s Share Incentive Plan, Employee Stock Ownership Plan, or
      Other Staff Incentives and Their Impact
(I). Relevant equity incentive matters have already been disclosed in temporary announcements,
       with no subsequent progress or changes in implementation.
  Applicable √ Not applicable
(II). Incentives that were not disclosed in the provisional announcement or made progress
        subsequently
Share incentives
  Applicable √ Not applicable
Other information
 Applicable √ Not applicable
Employee stock ownership plan
√ Applicable Not applicable
     The Company held the 8th meeting of the tenth board of directors and the first extraordinary
general meeting of 2024 on January 16 and February 1, 2024, respectively. At the meetings, the Proposal
on the Company’s Employee Stock Ownership Plan (Draft) for 2024 and its Summary, the Proposal on
the Management Measures for the Company’s Employee Stock Ownership Plan for 2024, and the
Proposal on Requesting Full Authorization from the General Meeting for the Board of Directors to
Handle Matters Related to the Company’s Employee Stock Ownership Plan were deliberated and
approved. For details, refer to the relevant announcements published by the Company on the website of
the Shanghai Stock Exchange (http://www.sse.com.cn) on January 17 and February 2, 2024.
     As of June 27, 2024, the Company’s designated account for the 2024 employee stock ownership
plan had purchased a total of 18,527,100 shares of the Company through centralized bidding on the
secondary market, with a total transaction amount of 192,049,194 yuan (excluding transaction fees) and
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
an average transaction price of approximately 10.37 yuan per share. The number of shares purchased
accounted for 0.65% of the Company’s current total share capital of 2,852,788,750 shares. In accordance
with the plan approved at the first extraordinary general meeting of 2024, the purchase under the 2024
employee stock ownership plan has been completed. The purchased shares are subject to lock-up and
will be unlocked in two phases after 12 and 24 months from the date of the announcement, with the
maximum lock-up period being 24 months. The proportions of shares to be unlocked in each phase are
    As of the end of the reporting period, all shares under the 2024 employee stock ownership plan had
been released from lock-up. The Company’s designated account for the 2024 employee stock ownership
plan held 9,266,101 shares, accounting for 0.33% of the Company’s current total share capital of
    On February 11, 2025, the Company convened the 17th meeting of the 10th Board of Directors, and
on February 27, 2025, the first extraordinary general meeting of shareholders in 2025. At these meetings,
the following proposals were reviewed and approved: Proposal on the 2025 Employee Stock Ownership
Plan (Draft) and its Summary, Proposal on the Administrative Measures of the 2025 Employee Stock
Ownership Plan, and Proposal on Requesting the General Meeting of Shareholders to Authorize the
Board of Directors to Fully Handle Matters Related to the Company’s Employee Stock Ownership Plan.
For details, please refer to the announcements disclosed by the Company on the Shanghai Stock
Exchange website (http://www.sse.com.cn) on February 12, 2025 and February 28, 2025.
    As of the market close on August 1, 2025, the special account of the 2025 Employee Stock
Ownership Plan had purchased a total of 21,042,422 shares of the Company through centralized bidding
transactions on the secondary market, representing 0.74% of the Company’s total current share capital of
total transaction amount of RMB 225,143,665.20 (excluding transaction fees). According to the plan
approved by the first extraordinary general meeting of shareholders in 2025, the purchase of Company
shares under the 2025 Employee Stock Ownership Plan has been completed. The purchased shares will
be subject to lock-up in accordance with regulations. The lock-up period will expire in two phases: after
lock-up period of 24 months. The shares will be unlocked in two batches, with 50% released each time.
    As of the end of the reporting period, the Company's 2025 Employee Stock Ownership Plan had not
yet been released from lock-up.
    On December 11, 2025, the Company convened the 23rd meeting of the 10th Board of Directors,
and on December 29, 2025, the second extraordinary general meeting of shareholders in 2025. At these
meetings, the following proposals were reviewed and approved: Proposal on the 2026 Employee Stock
Ownership Plan (Draft) and its Summary, Proposal on the Administrative Measures of the 2026
Employee Stock Ownership Plan, and Proposal on Requesting the General Meeting of Shareholders to
                                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
       Authorize the Board of Directors to Fully Handle Matters Related to the Company’s Employee Stock
       Ownership Plan. For details, please refer to the announcements disclosed by the Company on the
       Shanghai Stock Exchange website (http://www.sse.com.cn) on December 12, 2025 and December 30,
            As of the market close on April 23, 2026, the special account of the 2026 Employee Stock
       Ownership Plan had purchased a total of 6,271,100 shares of the Company through centralized bidding
       transactions on the secondary market, representing 0.22% of the Company’s total current share capital of
       total transaction amount of RMB 62,890,725 (excluding transaction fees). According to the plan
       approved by the second extraordinary general meeting of shareholders in 2025, the purchase of
       Company shares under the 2026 Employee Stock Ownership Plan has been completed. The purchased
       shares will be subject to lock-up in accordance with regulations. The lock-up period will expire in two
       phases: after 12 months and 24 months from the date of disclosure of the completion announcement,
       with a maximum lock-up period of 24 months. The shares will be unlocked in two batches, with 50%
       released each time.
       Other incentives
        Applicable √ Not applicable
       IV. Environmental Information Disclosure of Listed Companies and Their Major Subsidiaries
            Included in the Mandatory Environmental Information Disclosure List
        √ Applicable Not applicable
Number of enterprises included in the list of
entities required by law to disclose              5
environmental information (units)
 No.                  Enterprise Name             Index for Inquiry of Legally Mandated Environmental Information Disclosure Report
                                                  System on Corporate Environmental Information Disclosed in accordance with the
                                                  Law (Inner Mongolia)
                                                  http://111.56.142.62:40010//support-yfpl-web/web/viewRunner.html?viewId
          Tongliao Meihua Biotechnology
          Co., Ltd.
                                                  yfplHomeNew/index.js&cantonCode=150000
                                                  National Pollutant Discharge Permit Management Information Platform
                                                  https://permit.mee.gov.cn/perxxgkinfo/syssb/xkgg/xkgg!licenseInformation.action
                                                  System on Corporate Environmental Information Disclosed in accordance with the
                                                  Law (Inner Mongolia)
                                                  http://111.56.142.62:40010/support-yfpl-web/web/viewRunner.html?viewId
          Tongliao Jianlong Chemical Co.,
          Ltd.
                                                  yfplHomeNew/index.js&cantonCode=150000
                                                  National Pollutant Discharge Permit Management Information Platform
                                                  https://permit.mee.gov.cn/perxxgkinfo/syssb/xkgg/xkgg!licenseInformation.action
          Xinjiang Meihua Amino Acid Co.,         National Pollutant Discharge Permit Management Information Platform
          Ltd.                                    https://permit.mee.gov.cn/perxxgkinfo/syssb/xkgg/xkgg!licenseInformation.action
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                           System on Corporate Environmental Information Disclosed in accordance with the
                                           Law (Jilin)
                                           National Pollutant Discharge Permit Management Information Platform
                                           https://permit.mee.gov.cn/perxxgkinfo/syssb/xkgg/xkgg!licenseInformation.action
                                           System on Corporate Environmental Information Disclosed in accordance with the
                                           Law (Shanghai)
       Shanghai Plumino Amino Acid
       Co., Ltd.
                                           National Pollutant Discharge Permit Management Information Platform
                                           https://permit.mee.gov.cn/perxxgkinfo/syssb/xkgg/xkgg!licenseInformation.action
    Other information
    √ Applicable Not applicable
           Except for the above-mentioned companies, other wholly-owned subsidiaries of the Company, such
    as Langfang Meihua Condiments Co., Ltd. and Tongliao Meihua Condiments Co., Ltd., which are
    engaged in the packaging and sales of condiments; Lhasa Meihua, which is engaged in external
    investment; Hong Kong Meihua, a trading company responsible for exporting the Company’s products;
    and Meihua (Shanghai) Biotechnology Co., Ltd., which focuses on technology development, are not
    included in the list of enterprises required to disclose environmental information in accordance with the
    law.
    V. Consolidation and Expansion of Achievements in Poverty Alleviation and Work Related to
        Rural Revitalization
    √ Applicable Not applicable
           During the reporting period, the Company consistently upheld the philosophy of "developing the
    enterprise and giving back to society," actively fulfilled its social responsibilities, and widely
    participated in and supported various charitable and public welfare activities. All of the Company's
    public welfare activities were carried out through its Tibet Meihua Public Welfare Foundation. In the
    first half of 2026, the Foundation made cumulative external donations of RMB 1,668,326, covering
    multiple fields including education support, assistance to disadvantaged groups and persons with
    disabilities, child protection, ecological protection, and healthcare, continuously giving back to society
    through diversified forms of public welfare.
           Education Support: Donated RMB 500,000 to the Shanghai Pudong New Area Social
    Development Foundation, specifically for the education public welfare programs and organizational
    development of the Chunhe Youth Development Center, helping rural children stimulate innovative
    thinking and cultivate independent, open, and confident qualities. Donated RMB 150,000 to the
    Tongliao Horqin District Nuanxin Education Development Foundation to support the development of
    local education public welfare undertakings. Through the Company's May Cultural Festival charity walk
    event themed "Walking Toward Goodness, Journeying Together on the Path of Public Welfare," donated
    RMB 140,063 to the China Social Welfare Foundation. The funds were used to distribute music kits, art
    kits, and other aesthetic education supplies to students at 155 rural schools in Hebei, Inner Mongolia,
    Xinjiang, and Jilin, enhancing students' artistic literacy. Donated RMB 78,633 to the Hebei Charity
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Federation to distribute dream bags, sports kits, book corners, and other supplies to students at
Tongjiakou Primary School in Pingshan County, Shijiazhuang. Donated RMB 29,800 to the Baicheng
Charity Federation to support artificial intelligence comprehensive practice programs in local primary
and secondary schools.
     Assistance to Disadvantaged Groups and Persons with Disabilities: Donated RMB 80,000 to
the Baicheng Charity Federation to support assistance to people in need. Donated RMB 50,000 to the
Wujiaqu Charity Federation to support assistance to persons with disabilities. Donated goods worth
RMB 5,080 to the Hebei Foundation for Disabled Persons. Donated RMB 4,750 to the Baicheng Charity
Federation to help low-income groups with medical insurance contributions, covering 19 individuals
with special difficulties.
     Child Protection and Mental Health: Donated RMB 150,000 to the Beijing Zhongyi Public
Welfare Foundation to support projects such as girl child protection, "Legal Aid Buds," and "Heart Aid
Buds," safeguarding children's physical and mental health and legitimate rights and interests.
     Ecological and Environmental Protection: Donated RMB 200,000 to the Tongliao Biodiversity
Conservation Association to support biodiversity conservation. Donated RMB 30,000 to the Hebei
Charity Federation to support environmental protection at the Bazhou Ecological Park in Hebei Province
and the construction of the "Meihua Low-Carbon Public Welfare Forest," practicing social responsibility
and ESG principles through concrete actions.
     Community Building and Public Safety: Donated RMB 50,000 to the Hebei Public Security
Heroes Foundation to support the families of deceased heroes facing difficulties, as well as police
officers and auxiliary police officers who are disabled in the line of duty or suffering from serious
illnesses and extreme hardship.
     Healthcare: Donated RMB 200,000 to the Nanjing Medical University Education Development
Foundation to support the scientific research and talent cultivation work of medical research teams.
     The Company will continue to make public welfare a regular practice, integrate social
responsibility into daily operations, and maintain sustained efforts in consolidating and expanding
poverty alleviation achievements and comprehensively advancing rural revitalization. At the same time,
the Company will fulfill its corporate responsibilities, convey warmth and hope through more diversified
forms of public welfare, and demonstrate the social responsibility of a listed company.
                                                                     MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                           Section 5 Significant Matters
      I. Fulfillment of Commitments
      (I). Commitments of relevant parties, including the Company’s actual controller, shareholders, related parties, acquirers, and the Company
      √ Applicable Not applicable
                                                                                                                                                    Whether                         If it is not
                                                                                                                                                      it is        If it is not     fulfilled in
                                                                                                                              Whether
Commitment         Type of      Commitment                                                                   Date of                                strictly    fulfilled in due    due course,
                                                               Content of commitment                                       there is a    Deadline
 background      commitment       made by                                                                  commitment                               fulfilled   course, state the    state the
                                                                                                                              deadline
                                                                                                                                                     in due     specific reasons    plan for the
                                                                                                                                                    course                           next step
                                               During the period when Mr. Meng Qingshan and the
                                               persons acting in concert serve as the Company’s
                                Meng           controlling shareholder and actual controller, effective
                 Solving        Qingshan and   measures will be taken, and Mr. Meng Qingshan or
                                                                                                                                                                                        Not
                 horizontal     persons        the holding subsidiaries under Mr. Meng Qingshan            July 19, 2010        No                    Yes       Not Applicable
                                                                                                                                                                                    Applicable
                 competition    acting in      and the persons acting in concert will take effective
Commitments                     concert        measures not to engage in any business that may
related to the                                 compete with that of the listed company or its
restructuring                                  subsidiaries.
of major                                       Upon completion of the restructuring, Mr. Meng
assets                                         Qingshan and the persons acting in concert will avoid
                                Meng
                 Solving                       related-party transactions with the listed company
                                Qingshan and
                 related-                      wherever possible. If there is any unavoidable related-                                                                                  Not
                                persons                                                                    July 19, 2010        No                    Yes       Not Applicable
                 party                         party transaction, Mr. Meng Qingshan and the persons                                                                                 Applicable
                                acting in
                 transactions                  acting in concert will enter into agreements with the
                                concert
                                               listed company in accordance with laws, perform
                                               lawful procedures, fulfill the duty of information
                                                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                                                                                Whether                         If it is not
                                                                                                                                                  it is        If it is not     fulfilled in
                                                                                                                        Whether
Commitment     Type of    Commitment                                                                      Date of                               strictly    fulfilled in due    due course,
                                                         Content of commitment                                          there is a   Deadline
background   commitment     made by                                                                     commitment                              fulfilled   course, state the    state the
                                                                                                                        deadline
                                                                                                                                                 in due     specific reasons    plan for the
                                                                                                                                                course                           next step
                                         disclosure, and go through formalities to obtain
                                         approval in accordance with relevant laws,
                                         regulations, and the Articles of Association. They
                                         undertake not to harm the legitimate rights and
                                         interests of the listed company and other shareholders
                                         through related-party transactions.
                          Meng           Upon completion of the transaction, they will
                          Qingshan and   maintain the independence of the listed company,
                                                                                                                                                                                    Not
             Others       persons        observe the principle of separation in personnel,              July 19, 2010      No                     Yes       Not Applicable
                                                                                                                                                                                Applicable
                          acting in      finance, institution, and business, and run the listed
                          concert        company in accordance with the relevant CRSC rules.
                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
II. Use of Funds by Controlling Shareholder and Related Parties for Non-operational Purposes
     During the Reporting Period
 Applicable √ Not applicable
III. Guarantees in Violation of Regulations
 Applicable √ Not applicable
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
IV. Audit Status of the Semi-Annual Report
 Applicable √ Not applicable
V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in Last Year’s
     Annual Report
 Applicable √ Not applicable
VI. Bankruptcy and Restructuring-Related Matters
 Applicable √ Not applicable
VII. Significant Litigation and Arbitration
√ The company had significant litigation and arbitration matters during the reporting period
□The company had no significant litigation or arbitration matters during the reporting period
(I). Circumstances in which litigation or arbitration was disclosed in provisional announcements
     but did not subsequently progress
√ Applicable Not applicable
                Case Overview and Type                                          Index Search
                                                          For further details, please refer to the “Announcement by
                                                          MeiHua Holdings Group Co., Ltd. Regarding Litigation
The patent infringement lawsuit between the Company and
                                                          Involving   the   Company      and    Its   Subsidiaries”
Ajinomoto Co., Inc. of Japan has been accepted by the
                                                          (Announcement No. 2025-058) disclosed by the Company
Guangdong Provincial Higher People’s Court.
                                                          on November 22, 2025, on the Shanghai Stock Exchange
                                                          website (www.sse.com.cn).
(II). Circumstance where any litigation or arbitration was not disclosed in provisional
     announcements or progressed subsequently
 Applicable √ Not applicable
(III). Other information
√ Applicable Not applicable
     Ajinomoto Co., Inc. of Japan has filed a lawsuit against the Company and its wholly-owned
subsidiaries—Tongliao Meihua, Xinjiang Meihua, and Jilin Meihua—alleging patent infringement. The
Guangdong Higher People’s Court has accepted the case. For further details, please refer to the relevant
announcements issued by the Company.
     As of the date of this report, the case has not yet been heard in court. The Company is actively
defending itself in accordance with the law and taking necessary legal measures to resolutely safeguard
the legitimate rights and interests of the Company and its shareholders. The Company will continue to
monitor the progress of the case and fulfill its information disclosure obligations in a timely manner.
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
VIII. Alleged Violations of and Punishments on the Listed Company as well as its Directors,
     Officers, Controlling Shareholder, and Actual Controller, and the Rectifications
 Applicable √ Not applicable
IX. Credit Statuses of the Company as well as its Controlling Shareholder and Actual Controller
     during the Reporting Period
 Applicable √ Not applicable
X. Significant Related-Party Transactions
(I). Related-party transactions related to day-to-day operations
subsequently
 Applicable √ Not applicable
subsequently
√ Applicable Not applicable
                                           Content of related-      Amount incurred in the       Amount incurred in the
            Related party
                                            party transaction        current period (yuan)       previous period (yuan)
Tongliao Desheng Bio-tech Co., Ltd.          Raw Materials                         62,986.28
                 Total                                                             62,986.28
                                           Content of related-      Amount incurred in the       Amount incurred in the
            Related party
                                            party transaction        current period (yuan)       previous period (yuan)
Tongliao Desheng Bio-tech Co., Ltd.              Goods                        27,785,882.43                 40,939,356.32
Tongliao Desheng Bio-tech Co., Ltd.        Services and other                    264,449.98                    468,821.28
                 Total                                                        28,050,332.41                 41,408,177.60
Where the Company is the lessor
                                                                         Rental income          Rental income recognized
            Name of lessee                Type of leased asset      recognized in the current    in the previous period
                                                                         period (yuan)                    (yuan)
Tongliao Desheng Bio-tech Co., Ltd.             Housing                          511,832.56                    754,159.91
                 Total                                                           511,832.56                    754,159.91
Where the Company is the lessee
                                                                         Rental income          Rental income recognized
            Name of lessee                Type of leased asset
                                                                    recognized in the current    in the previous period
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                 period (yuan)          (yuan)
                                         Machinery and
Tongliao Desheng Bio-tech Co., Ltd.                                     142,065.64
                                           Equipment
               Total                                                    142,065.64
 Applicable √ Not applicable
(II). Related-party transactions concerning the purchase or sales of assets or shares
    subsequently
 Applicable √ Not applicable
    subsequently
 Applicable √ Not applicable
 Applicable √ Not applicable
    accomplishment of performance targets during the Reporting Period
 Applicable √ Not applicable
(III). Significant related-party transactions concerning joint outbound investment
    subsequently
 Applicable √ Not applicable
    subsequently
 Applicable √ Not applicable
 Applicable √ Not applicable
(IV). Related-party dealings of creditor’s right and debts
    subsequently
 Applicable √ Not applicable
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
      subsequently
 Applicable √ Not applicable
 Applicable √ Not applicable
(V). Finance business between the Company and related finance companies, the Company’s
holding finance companies, and related parties
 Applicable √ Not applicable
(VI). Other material related-party transactions
 Applicable √ Not applicable
(VII). Miscellaneous
 Applicable √ Not applicable
XI. Major Contracts and Performance
(I). Trusteeship, contracting, and lease matters
 Applicable √ Not applicable
(II). Major guarantees executed during the reporting period and those not yet fulfilled
√Applicable □Not applicable
                                                                                           Unit: yuan Currency: RMB
                       The Company’s external guarantees (excluding guarantees for subsidiaries)
Total balance of guarantees at the end of the Reporting Period (A) (excluding guarantees
for subsidiaries)
                                        The Company’s guarantee for subsidiaries
Total amount of guarantees incurred during the Reporting Period                                       913,208,602.81
Total balance of guarantees for subsidiaries at the end of the Reporting Period (B)                   900,208,602.81
                         The Company’s total guarantees (including guarantees for subsidiaries)
Total guarantees (A+B)                                                                                900,208,602.81
Proportion of total guarantees in the Company’s net assets (%)                                                  5.74
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(III). Other major contracts
 Applicable √ Not applicable
XII. Progress of the use of raised funds
 Applicable √ Not applicable
XIII. Other Important Matters
√ Applicable Not applicable
     On December 29, 2025, the Company convened the first meeting of its 11th Board of Directors, at
which the “Proposal on the Repurchase of Company Shares via Centralized Auction Trading” was
reviewed and approved. The Board agreed that the Company may use its own funds to repurchase its
shares via centralized auction trading for the purpose of subsequently implementing an employee stock
ownership plan or equity incentive program. The total repurchase amount shall be no less than RMB 30
million (inclusive) and no more than RMB 50 million (inclusive), with a repurchase price not exceeding
RMB 15 per share. The repurchase period shall not exceed 12 months from the date the Board of
Directors approved this share repurchase plan (i.e., December 29, 2025, to December 28, 2026).
     As of the market close on April 23, 2026, the Company has actually repurchased 3,999,100 shares
through centralized bidding transactions, accounting for 0.14% of the Company’s current total share
capital (2,804,241,650 shares). The highest repurchase price was RMB 10.07 per share, and the lowest
repurchase price was RMB 9.90 per share, with an average repurchase price of RMB 10.00 per share,
and the total amount used was RMB 39,995,900 (excluding transaction fees). The amount of shares
repurchased by the Company during the repurchase period has reached the minimum amount specified
in the repurchase plan, and the implementation of the share repurchase plan has been completed. For
details, refer to the Announcement of MeiHua Holdings Group Co., Ltd. on the Results of Share
Repurchase and Changes in Shares (Announcement No.: 2026-028) published by the Company on the
website of the Shanghai Stock Exchange (www.sse.com.cn) on April 24, 2026.
     A total of 76 members, including certain directors, officers, and other key management personnel
(or technical leaders) of the Company, driven by their confidence in the Company’s future prospects and
recognition of its long-term investment value, and with the aim of maintaining stability in the capital
markets and boosting investor confidence, plan to increase their holdings of the Company’s shares
through purchases on the secondary market for a period not exceeding 12 months starting from January
(including transaction costs) and no more than RMB 350.15 million (including transaction costs). They
have committed not to sell any of their existing shares in the Company during the implementation of this
share purchase plan, and not to sell the shares acquired through this plan by any means for a period of 24
months following the full completion of the plan and the Company’s lawful public announcement
thereof.
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     As of June 8, 2026, the above-mentioned entities that increased their shareholding had cumulatively
increased their shareholding in the Company by a total of 32,018,437 shares through centralized bidding
transactions on the secondary market, accounting for 1.142% of the Company’s current total share
capital of 2,804,241,650 shares. The cumulative increase amount was RMB 315,626,400.76, which has
exceeded the minimum amount specified in this shareholding increase plan, and this shareholding
increase plan has been completed. For details, please refer to the Announcement of MeiHua Holdings
Group Co., Ltd. on the Completion of the Shareholding Increase Plan and the Results of Shareholding
Increase by Directors, Senior Management and Other Core Management of the Company
(Announcement No.: 2026-032) published by the Company on the website of the Shanghai Stock
Exchange (www.sse.com.cn) on June 9, 2026.
     In addition, on June 12, 2026, the Company received a notice that Mr. Wang Aimin, a person acting
in concert with the Company’s controlling shareholder, had increased his shareholding in the Company
by a total of 342,200 shares through centralized bidding transactions on the secondary market,
accounting for 0.012% of the Company’s current total share capital of 2,804,241,650 shares. The
increase amount was RMB 3,001,516. Mr. Wang Aimin committed that within 24 months after the
completion of this shareholding increase and the Company’s announcement in accordance with the law,
he will not reduce his shareholding in the Company acquired through this increase in any way. For
details, please refer to the Announcement of MeiHua Holdings Group Co., Ltd. on the Shareholding
Increase by a Person Acting in Concert with the Controlling Shareholder (Announcement No.: 2026-033)
published by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) on June
                      Section 6 Share Changes and Shareholders
I. Changes in Share Capital
(I). Table of share changes
During the reporting period, the total number of the company’s shares and its share capital structure
remained unchanged.
 Applicable √ Not applicable
Date of Semi-Annual Report Disclosure on Financial Indicators such as Earnings per Share and
Net Assets per Share (if applicable)
 Applicable √ Not applicable
                                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
           securities regulatory body
            Applicable √ Not applicable
           (II). Changes in restricted sales
            Applicable √ Not applicable
           II. Shareholder Information
           (I). Total number of shareholders
           Total number of ordinary shareholders as of the end of the Reporting Period                                                             81,263
           (II). Shares held by the top ten shareholders and the top ten holders of tradable shares (or holders
                  of non-restricted shares) as of the end of the Reporting Period
                                                                                                    Unit: Share
                                     Shares held by the top ten shareholders (excluding the shares lent through refinancing)
                                  Increase/decre                                                                   Pledged, marked, or frozen
                                                    Number of shares                          Number of
                                  ase during the                           Proportion                                                                  Nature of
 Shareholder’s name (full name)                     held at the end of                     restricted shares                   shares
                                    Reporting                                  (%)                                                                    shareholder
                                                        the period                               held              Share status         Quantity
                                     Period
                                                                                                                                                    Domestic
Meng Qingshan                                           854,103,033            30.46                                  None
                                                                                                                                                    natural person
Hong Kong Securities Clearing
Company Limited
                                                                                                                                                    Domestic
Wang Aijun                                                73,987,374             2.64                                 None
                                                                                                                                                    natural person
China Construction Bank
Corporation – Huatai-
PineBridge CSI Dividend
Low Volatility ETF
                                                                                                                                                    Domestic
Liang Yubo                                                54,474,218             1.94                                 None
                                                                                                                                                    natural person
                                                                                                                                                    Domestic
Hu Jijun                                                  52,678,128             1.88                                 None
                                                                                                                                                    natural person
Agricultural Bank of China
Limited – Southern S&P
China A-Share Large-Cap                                   43,667,869             1.56                                 None                          Other
Dividend Low Volatility 50
ETF
Zhejiang Commercial Bank
Co., Ltd. – Guotai CSI
Livestock and Poultry
Farming ETF
                                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
National Social Security
Fund Portfolio 406
                                                                                                                                                     Domestic
He Jun                                                      28,396,258             1.01                                 None
                                                                                                                                                     natural person
                             Shares held by the top ten holders of non-restricted shares (excluding the shares lent through refinancing)
                                                                                                                               Type and quantity of shares
              Name of shareholder                         Quantity of non-restricted tradable shares held
                                                                                                                             Type                      Type
Meng Qingshan                                                                                   854,103,033          RMB ordinary share                854,103,033
Hong Kong Securities Clearing Company
Limited
Wang Aijun                                                                                       73,987,374          RMB ordinary share                  73,987,374
China Construction Bank Corporation –
Huatai-PineBridge CSI Dividend Low                                                               63,922,472          RMB ordinary share                  63,922,472
Volatility ETF
Liang Yubo                                                                                       54,474,218          RMB ordinary share                  54,474,218
Hu Jijun                                                                                         52,678,128          RMB ordinary share                  52,678,128
Agricultural Bank of China Limited –
Southern S&P China A-Share Large-Cap                                                             43,667,869          RMB ordinary share                  43,667,869
Dividend Low Volatility 50 ETF
Zhejiang Commercial Bank Co., Ltd. –
Guotai CSI Livestock and Poultry Farming                                                         43,094,121          RMB ordinary share                  43,094,121
ETF
National Social Security Fund Portfolio
He Jun                                                                                           28,396,258          RMB ordinary share                  28,396,258
                                                    The Company’s repurchase account is not presented in the “Shares held by the top ten holders
Information on the Repurchase Account               of non-restricted shares” section. As of the end of the Reporting Period, there were 3,999,100
Among the Top Ten Shareholders                      of the Company’s shares held in the repurchase account, accounting for 0.14% of the
                                                    Company’s total (2,804,241,650 shares) shares at present.
Information of voting trust, voting                 Among the above shareholders, Meng Qingshan, Hu Jijun, Wang Aijun, and Liang Yubo have
trusteeship, and abstention of voting rights        no voting trust, voting trusteeship, and abstention of voting rights. The information of voting
for the above shareholders                          trust, voting trusteeship, and abstention of voting rights for other shareholders is not known.
Information of relationships or acting in           Among the above shareholders, Meng Qingshan and Wang Aijun are persons acting in
concert of the above shareholders                   concert.
Information of preferred shareholders with
restored voting rights and the number of            None
shares held by them
           Participation of shareholders holding 5% or more, top ten shareholders, and top ten holders of
           unrestricted outstanding shares in securities lending through the stock lending and borrowing (SLB)
           program.
            Applicable √ Not applicable
           Changes in the Top Ten Shareholders and Top Ten Holders of Unrestricted Outstanding Shares Due to
           Stock Lending and Borrowing (SLB) Activities
                                 MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
   Applicable √ Not applicable
  Number of shares held by the top ten holders of restricted shares and the restrictions
   Applicable √ Not applicable
  (III). Strategic investors or general legal persons becoming top ten holders due to the allotment of
         new shares
   Applicable √ Not applicable
  III. Information of Directors and Officers
  (I). Changes in Shareholdings of Current and Resigned Directors and Senior Management During
  the Reporting Period
  √Applicable Not applicable
                                                                                                                Unit: share
                                          Number of                                 Changes in the
                                                                Number of
                                       shares held at the                          number of shares
     Name             Position                               shares held at the                        Reasons for the change
                                       beginning of the                               during the
                                                             end of the period
                                            period                                 reporting period
                                                                                                      Shareholding Increase on
Wang Aijun       Chairman                    72,452,774            73,987,374            1,534,600
                                                                                                      the Secondary Market
                 Director and
                                                                                                      Shareholding Increase on
He Jun           General                     24,584,458            28,396,258            3,811,800
                                                                                                      the Secondary Market
                 Manager
                 Senior Deputy
                                                                                                      Shareholding Increase on
Wang Ailing      General                        378,900                1,183,137           804,237
                                                                                                      the Secondary Market
                 Manager
                                                                                                      Shareholding Increase on
Wang Lihong      CFO                            117,300                 222,300            105,000
                                                                                                      the Secondary Market
                                                                                                      Shareholding Increase on
Liu Xianfang     Board Secretary                187,400                 341,400            154,000
                                                                                                      the Secondary Market
  Other Explanatory Information
   Applicable √ Not applicable
  (II). Equity Incentives Granted to Director and Senior Management During the Reporting Period
   Applicable √ Not applicable
  (III). Other information
   Applicable √ Not applicable
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
IV. Changes in Controlling Shareholder or Actual Controller
√Applicable Not applicable
    During the reporting period, Meng Qingshan, the controlling shareholder of the Company,
remained unchanged. As his children Wang Ailing, Wang Aimin, and Wang Aidi increased their
shareholding in the Company through centralized bidding on the secondary market, Wang Ailing, Wang
Aimin, and Wang Aidi, together with Meng Qingshan, Wang Aijun, and He Jun, constitute persons
acting in concert. For details, please refer to the relevant announcements published by the Company.
V. Information on Preferred Shares
 Applicable √ Not applicable
                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                         Section 7 Information on Securities
I. Corporate Bonds (including Enterprise Bonds) and Non-Financial Corporate Debt Financing
    Instruments
 Applicable √ Not applicable
II. Information of Convertible Debentures
 Applicable √ Not applicable
                                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                Section 8 Financial Report
         I. Audit Report
          Applicable √ Not Applicable
         II. Financial Statements
                                           Consolidated Balance Sheet
                                                   June 30, 2026
         Prepared by: MeiHua Holdings Group Co., Ltd.
                                                                                           Unit: Yuan Currency: RMB
                            Items                              Notes           June 30, 2026         December 31, 2025
Current Assets:
  Monetary assets                                            Note 1               2,877,767,910.42       4,288,171,778.59
  Deposit reservation for balance
  Placements with banks and other financial institutions
  Financial assets held for trading                          Note 2               1,977,052,675.20       1,140,377,416.70
  Derivative financial assets                                Note 3                   2,181,653.58           2,061,300.00
  Notes receivable                                           Note 4                  36,626,560.85         107,542,558.59
  Accounts receivable                                        Note 5                 649,253,228.67         577,371,086.06
  Receivables Financing                                      Note 7                  32,134,493.66          17,978,363.00
  Prepaid accounts                                           Note 8                 142,397,572.45         171,884,582.59
  Premiums receivable
  Reinsurance accounts receivable
  Reinsurance contract reserves receivable
  Other receivables                                          Note 9                  62,537,139.77          70,477,156.58
  Including: Interest receivable                                                      2,362,500.00           1,575,000.00
             Dividend receivable                                                                             1,395,866.49
     Financial assets purchased under agreements to resell
  Inventories                                                Note 10              3,996,122,827.78       3,021,627,701.05
  Among them: Data resources
  Contract assets
  Assets held for sale
  Non-current assets due within one year                     Note 12                606,208,384.81          75,575,625.48
  Other current assets                                       Note 13                376,523,005.53         214,731,083.57
    Total Current Assets                                                         10,758,805,452.72       9,687,798,652.21
Non-current Assets:
  Loans and advances
  Debt investments                                           Note 14                 10,500,000.00          10,500,000.00
  Other debt investments
  Long-term receivables                                      Note 16                    224,781.42            233,244.15
  Long-term equity investments                               Note 17                  2,635,435.80           4,757,925.21
  Investments in other equity instruments                    Note 18                229,089,650.00         301,966,810.00
  Other non-current financial assets                         Note 19                346,396,575.38         282,005,000.00
  Investment properties
  Fixed assets                                               Note 21             12,127,838,360.07      12,768,478,381.36
                                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
  Construction in progress                                      Note 22              1,285,969,127.79     343,559,937.21
  Productive biological assets
  Oil and gas assets
  Right-of-use assets                                           Note 25                  2,330,281.28        4,007,321.13
  Intangible assets                                             Note 26              1,431,155,275.44    1,557,280,758.01
  Among them: Data resources
  Development expenditure
  Among them: Data resources
  Goodwill                                                      Note 27                 11,788,911.79      11,788,911.79
  Long-term prepaid expenses                                    Note 28                150,580,694.96     133,781,048.89
  Deferred income tax assets                                    Note 29                144,936,109.43     126,369,580.18
  Other non-current assets                                      Note 30                283,174,780.22     683,449,155.24
    Total Non-current Assets                                                        16,026,619,983.58   16,228,178,073.17
       Total Assets                                                                 26,785,425,436.30   25,915,976,725.38
Current Liabilities:
  Short-term borrowings                                         Note 32              1,831,796,712.90    1,800,136,227.43
  Borrowings from central bank
  Borrowings from banks and other financial institutions
  Financial liabilities held for trading
  Derivative financial liabilities                              Note 34                     42,227.58
  Notes payable                                                 Note 35              2,259,312,216.46    1,777,053,969.91
  Accounts payable                                              Note 36              1,819,315,537.05    1,735,184,321.70
  Advances from customers
  Contract liabilities                                          Note 38                656,266,656.92     746,778,983.64
  Financial assets sold for repurchase
  Deposits from customers and interbank
  Customer brokerage deposits
   Securities underwriting brokerage deposits
  Employee benefits payable                                     Note 39                290,464,932.10     392,494,934.53
  Taxes payable                                                 Note 40                212,820,799.37     194,688,876.58
  Other payables                                                Note 41              1,437,537,640.70     256,349,893.68
  Including: Interest payable
          Dividends payable                                                          1,200,340,002.04         405,000.00
  Handling charges and commissions payable
  Dividend payable for reinsurance
  Liabilities held for sale
  Non-current liabilities due within one year                   Note 43                234,060,518.78     281,057,349.33
  Other current liabilities                                     Note 44                 46,050,129.71      79,369,933.52
    Total Current Liabilities                                                        8,787,667,371.57    7,263,114,490.32
Non-current Liabilities:
  Insurance contract reserves
  Long-term borrowings                                          Note 45              1,957,357,123.82    1,918,679,223.83
  Bonds payable
                                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
  Including: Preferred shares
                Perpetual bonds
  Lease liabilities                                                Note 47                       482,287.52                  1,012,966.64
  Long-term payables                                               Note 48                    23,457,549.63                 10,500,000.00
  Long-term employee benefits payable                              Note 49                                                   7,474,640.65
  Estimated liabilities                                            Note 50
  Deferred income                                                  Note 51                  345,546,673.63                 367,624,988.38
  Deferred income tax liabilities                                  Note 29
  Other non-current liabilities
    Total Non-current Liabilities                                                         2,326,843,634.60               2,305,291,819.50
          Total Liabilities                                                              11,114,511,006.17               9,568,406,309.82
Owners' Equity (Shareholders' Equity):
  Paid-in capital (or stock)                                       Note 53                2,804,241,650.00               2,804,241,650.00
  Other equity instruments
  Including: Preferred shares
                Perpetual bonds
  Capital reserves                                                 Note 55                    33,749,867.59                 33,749,867.59
  Less: Treasury stock                                             Note 56                    39,999,676.57
  Other comprehensive income                                       Note 57                 -258,986,565.20                -159,220,172.21
  Special reserves                                                 Note 58                     6,174,999.62                  4,992,619.68
  Surplus reserves                                                 Note 59                1,379,865,682.01               1,379,865,682.01
  General risk reserves
  Undistributed profits                                            Note 60               11,745,868,472.68             12,283,940,768.49
  Total Owners' Equity (or Shareholders' Equity)
 Attributable to the Parent Company
  Minority stockholder's interest
    Total Owners' Equity (or Shareholders' Equity)                                       15,670,914,430.13             16,347,570,415.56
          Total Liabilities and Owners' Equity (or Shareholders'
Equity)
            Head of the Company: Wang Aijun      Head of Accounting: Wang Lihong   Head of the Accounting Institution: Wang Ailing
                                           Parent Company’s Balance Sheet
                                                      June 30, 2026
            Prepared by: MeiHua Holdings Group Co., Ltd.
                                                                                                      Unit: Yuan Currency: RMB
                               Items                                  Notes             June 30, 2026             December 31, 2025
Current Assets:
  Monetary assets                                                                         1,340,182,231.79             1,748,050,527.78
  Financial assets held for trading                                                         767,140,235.96               100,005,361.11
  Derivative financial assets
  Notes receivable                                                                            36,626,560.85              105,165,138.59
  Accounts receivable                                              Note 1                   260,274,248.38               240,104,582.30
  Receivables Financing                                                                       21,483,014.85               12,103,099.96
                                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
  Prepaid accounts                                                                     786,926,616.09     450,465,635.15
  Other receivables                                             Note 2               1,350,291,213.36    1,311,253,600.04
  Including: Interest receivable
              Dividend receivable                                                      900,000,000.00     850,000,000.00
  Inventories                                                                          132,033,602.64      55,550,241.64
  Among them: Data resources
  Contract assets
  Assets held for sale
  Non-current assets due within one year                                               457,674,680.08      33,099,564.60
  Other current assets                                                                 119,828,877.62      75,941,868.76
    Total Current Assets                                                             5,272,461,281.62    4,131,739,619.93
Non-current Assets:
  Debt investments
  Other debt investments
  Long-term receivables                                                                862,806,893.05     811,519,697.93
  Long-term equity investments                                  Note 3               8,069,915,728.14    8,069,915,728.14
  Investments in other equity instruments                                              157,000,000.00     157,000,000.00
  Other non-current financial assets
  Investment properties
  Fixed assets                                                                         241,257,846.50     243,075,825.89
  Construction in progress                                                               7,781,006.36      10,035,634.61
  Productive biological assets
  Oil and gas assets
  Right-of-use assets                                                                    1,269,652.93        2,474,935.75
  Intangible assets                                                                     32,297,799.38      28,405,655.84
  Among them: Data resources
  Development expenditure
  Among them: Data resources
  Goodwill
  Long-term prepaid expenses                                                             6,712,185.33        7,013,493.09
  Deferred income tax assets                                                            31,272,046.34      30,483,502.04
  Other non-current assets                                                              51,319,861.10     504,985,170.13
    Total Non-current Assets                                                         9,461,633,019.13    9,864,909,643.42
       Total Assets                                                                 14,734,094,300.75   13,996,649,263.35
Current Liabilities:
  Short-term borrowings                                                                445,123,611.12     446,161,713.00
  Financial liabilities held for trading
  Derivative financial liabilities
  Notes payable                                                                      3,178,864,658.31    2,768,836,932.16
  Accounts payable                                                                   1,521,703,170.03    1,653,949,501.23
  Advances from customers
  Contract liabilities                                                                 350,603,380.53     484,101,924.45
  Employee benefits payable                                                            135,136,091.70     189,707,400.94
                                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
  Taxes payable                                                                               35,859,035.30               41,369,234.14
  Other payables                                                                          1,600,501,230.50                93,696,559.66
  Including: Interest payable
                Dividends payable                                                         1,200,340,002.04                    405,000.00
  Liabilities held for sale
  Non-current liabilities due within one year                                                 78,775,571.06              242,728,429.22
  Other current liabilities                                                                   64,187,447.96              155,747,059.16
    Total Current Liabilities                                                             7,410,754,196.51             6,076,298,753.96
Non-current Liabilities:
  Long-term borrowings                                                                      782,814,000.00               620,700,000.00
  Bonds payable
  Including: Preferred shares
                Perpetual bonds
  Lease liabilities                                                                              261,433.79                   331,053.08
  Long-term payables                                                                                                     195,270,525.31
  Long-term employee benefits payable
  Estimated liabilities
  Deferred income
  Deferred income tax liabilities
  Other non-current liabilities
    Total Non-current Liabilities                                                           783,075,433.79               816,301,578.39
          Total Liabilities                                                               8,193,829,630.30             6,892,600,332.35
Owners' Equity (Shareholders' Equity):
  Paid-in capital (or stock)                                                              2,804,241,650.00             2,804,241,650.00
  Other equity instruments
  Including: Preferred shares
                Perpetual bonds
  Capital reserves
  Minus:Treasury stock                                                                        39,999,676.57
  Other comprehensive income
  Special reserves
  Surplus reserves                                                                        1,379,865,682.01             1,379,865,682.01
  Undistributed profits                                                                   2,396,157,015.01             2,919,941,598.99
    Total Owners' Equity (or Shareholders' Equity)                                        6,540,264,670.45             7,104,048,931.00
          Total Liabilities and Owners' Equity (or Shareholders'
Equity)
            Head of the Company: Wang Aijun      Head of Accounting: Wang Lihong   Head of the Accounting Institution: Wang Ailing
                                                     Consolidated Income Statement
                                                          January to June 2026
                                                                                                      Unit: Yuan Currency: RMB
                               Items                                  Notes         2026 Semi-annual              2025 Semi-annual
                                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
I. Total Operating Revenue                                                          12,235,095,339.54   12,280,450,603.53
Including: Operating revenue                                          Note 61       12,235,095,339.54   12,280,450,603.53
          Interest revenue
          Earned premiums
          Handling charges and commission revenue
II. Total Operating Costs                                                           11,604,845,391.33   10,368,912,543.02
Including: Operating Costs                                            Note 61       10,653,093,825.19    9,433,353,240.09
          Interest Expenses
          Handling charges and commission expenses
          Surrender value
          Net claim paid
          Net provision of insurance reserve
          Policy dividends paid
          Reinsurance expenses
          Taxes and surcharges                                        Note 62          109,283,193.92     119,066,571.04
          Sales expenses                                              Note 63          176,534,959.81     167,760,792.02
          Administrative expenses                                     Note 64          424,785,142.26     469,433,561.57
          Research and development expenses                           Note 65          187,548,443.45     199,958,697.93
          Financing expenses                                          Note 66           53,599,826.70      -20,660,319.63
          Including: Interest expenses                                                  20,836,234.31      27,955,159.53
                      Interest revenue                                                  20,897,261.18      26,389,977.12
  Plus: Other revenues                                                Note 67          132,481,579.46     148,546,316.33
          Investment gains ("-" for loss)                             Note 68           57,912,082.18      29,250,766.79
          Including: Investment gains from associates and joint
                                                                                        -2,122,489.41         -923,353.98
ventures
                 Gains from derecognition of financial assets
measured at amortized cost ("-" for loss)
          Exchange gains ("-" for loss)
          Net exposure hedging gains (Loss indicated by "-")
          Gains from changes in fair value ("-" for loss)             Note 70           21,336,805.37      16,016,844.67
          Credit impairment losses ("-" for loss)                     Note 71           -4,068,410.89         -154,305.79
          Asset impairment losses ("-" for loss)                      Note 72          -29,797,994.41       -9,236,606.64
          Asset disposal gains ("-" for loss)                         Note 73           10,663,776.45         438,552.05
III. Operating Profit ("-" for loss)                                                   818,777,786.37    2,096,399,627.92
  Plus: Non-operating revenue                                         Note 74           22,347,099.23        3,157,136.41
  Minus: Non-operating expenses                                       Note 75           10,722,111.16      10,385,914.08
IV. Total Profit ("-" for total loss)                                                  830,402,774.44    2,089,170,850.25
  Minus: Income tax expenses                                          Note 76          168,540,068.21     321,220,733.36
V. Net Profit ("-" for net loss)                                                       661,862,706.23    1,767,950,116.89
(I) Classified by Operating Continuity
loss)
(II) Classified by Ownership
                                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Company ("-" for net loss)
for net loss)
VI. Net After-tax Amount of Other Comprehensive Income                                     -99,766,392.99                -98,666,362.69
  (I) Net After-tax Amount of Other Comprehensive Income
                                                                                           -99,766,392.99                -98,666,362.69
Attributable to Owners of the Parent Company
                                                                                           -54,657,870.00                -96,695,685.50
or loss
(1) Changes in the defined benefit plan after remeasurement
(2) Other comprehensive income under Equity Method that
cannot be reclassified to profit or loss
(3) Changes in fair value of other equity instrument
                                                                                           -54,657,870.00                -96,695,685.50
investments
(4) Changes in fair value due to enterprise's own credit risks
                                                                                           -45,108,522.99                 -1,970,677.19
or loss
(1) Other comprehensive income under Equity Method that can
be reclassified to profit or loss
(2) Changes in fair value of other debt investments
(3) Amount of financial assets reclassified to other
comprehensive income
(4) Credit impairment reserves other debt investments
(5) Cash flow hedge reserve
(6) Converted difference in foreign currency statements                                    -45,108,522.99                 -1,970,677.19
(7) Others
  (II) Net After-tax Amount of Other Comprehensive Income
Attributable to Minority Shareholders
VII. Total Comprehensive Income                                                            562,096,313.24              1,669,283,754.20
  (I) Total Comprehensive Income Attributable to Owners of
the Parent Company
  (II) Total Comprehensive Income Attributable to Minority
Shareholders
VIII. Earnings per Share:
  (I) Basic Earnings per Share (Yuan/share)                                                 0.24                          0.62
  (II) Diluted Earnings per Share (Yuan/share)                                              0.24                          0.62
          For the current period, in cases of merger of enterprises under the same control, the net profit realized by
          the merged entity prior to the merger is: RMB 0 yuan, and the net profit realized by the merged entity in
          the previous period is: RMB 0 yuan.
          Head of the Company: Wang Aijun       Head of Accounting: Wang Lihong   Head of the Accounting Institution: Wang Ailing
                                                  Parent Company’s Income Statement
                                                          January to June 2026
                                                                                                     Unit: Yuan Currency: RMB
                                Items                                 Notes         2026 Semi-annual              2025 Semi-annual
                                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
I. Operating Revenue                                              Note 4             7,981,256,202.95    8,400,691,318.67
  Minus: Operating costs                                          Note 4             7,662,390,660.28    7,997,162,336.78
             Taxes and surcharges                                                       11,106,143.32      12,708,875.50
             Sales expenses                                                             94,765,831.44     110,995,243.01
             Administrative expenses                                                   114,774,789.58     215,005,065.00
             Research and development Expenses                                                       -                 0
             Financing expenses                                                         -1,177,799.68       -3,879,142.16
             Including: Interest expenses                                                3,409,373.59       2,082,969.25
                        Interest revenue                                                 7,268,714.10       8,444,823.38
  Plus: Other revenues                                                                  97,035,973.84     104,051,615.94
          Investment gains ("-" for loss)                         Note 5               510,425,285.71      17,655,487.70
          Including: Investment gains from associates and joint
ventures
                 Gains from derecognition of financial assets
measured at amortized cost ("-" for loss)
          Net exposure hedging gains ("-" for loss)                                                                    0
          Gains from changes in fair value ("-" for loss)                                4,986,763.89         657,054.80
          Credit impairment losses ("-" for loss)                                          -44,352.51       -4,656,505.57
          Asset impairment losses ("-" for loss)                                        -3,004,731.85                  0
          Asset disposal gains ("-" for loss)                                             284,640.03            5,092.90
II. Operating Profit ("-" for loss)                                                    709,080,157.12     186,411,686.31
  Plus: Non-operating revenue                                                             270,868.42          657,896.77
  Minus: Non-operating expenses                                                             43,729.73         461,196.32
III. Total Profit ("-" for total loss)                                                 709,307,295.81     186,608,386.76
  Minus: Income tax expenses                                                            33,156,877.75      27,714,210.23
IV. Net Profit ("-" for total loss)                                                    676,150,418.06     158,894,176.53
   (I) Net profit from continuing operations ("-" for net loss)                        676,150,418.06     158,894,176.53
   (II) Net profit from discontinued operations ("-" for net
loss)
V. Net After-tax Amount of Other Comprehensive Income
  (I) Other comprehensive income that cannot reclassified to
profit or loss
remeasurement
that cannot be reclassified to profit or loss
investments
risks
  (II) Other comprehensive income to be reclassified to
profit or loss
that can be reclassified to profit or loss
                                         MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
comprehensive income
VI. Total Comprehensive Income                                                           676,150,418.06                158,894,176.53
VII. Earnings per Share:
     (I) Basic Earnings per Share (Yuan/share)
     (II) Diluted Earnings per Share (Yuan/share)
        Head of the Company: Wang Aijun       Head of Accounting: Wang Lihong    Head of the Accounting Institution: Wang Ailing
                                                 Consolidated Cash Flow Statement
                                                        January to June 2026
                                                                                                    Unit: Yuan Currency: RMB
                           Items                                Notes           2026 Semi-annual               2025 Semi-annual
I. Cash Flow from Operating Activities :
  Cash received from sales of goods or rendering of
services
  Net increase in customer bank deposits and due to
banks and other financial institutions
  Net increase in borrowings from the central bank
  Net increase in funds borrowed from other financial
institutions
  Cash received from premiums on original insurance
contracts
  Net cash received from reinsurance business
  Net increase in deposits and investments from insurers
  Cash received from interest, handling charges and
commissions
  Net increase in borrowed funds
  Net increase in repurchase business funds
  Net cash received from securities trading brokerage
business
  Refunds of taxes received                                                            297,353,645.61                  255,379,073.62
  Other cash received related to operating activities           Note 78                152,411,464.55                  191,153,397.33
     Subtotal cash inflows from operating activities                               13,502,028,923.54                13,450,929,765.84
  Cash paid for goods and services                                                 11,282,077,575.21                 9,083,489,211.25
  Net increase in loans and advances to customers
  Net increase in placements with central bank and due
to banks
  Cash paid for claims for original insurance contracts
  Net increase in funds lent
                                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
  Cash paid for interest, handling charges and
commissions
  Cash paid for policy dividends
  Cash paid to and on behalf of employees                                      1,036,586,807.14     904,015,836.36
  Various taxes paid                                                             313,267,323.28     597,189,446.61
  Other cash paid related to operating activities           Note 78              480,957,133.89     553,444,050.99
     Subtotal cash outflows from operating activities                         13,112,888,839.52   11,138,138,545.21
       Net cash flow from operating activities                                   389,140,084.02    2,312,791,220.63
II. Cash Flow from Investing Activities :
  Cash received from recovery of investments                                      83,631,190.33      73,892,375.14
  Cash received from investment income                                            29,819,638.74      16,498,979.00
  Net cash received from disposal of fixed assets,
intangible assets and other long-term assets
  Net cash received from disposal of subsidiaries and
other business units
  Other cash received related to investing activities       Note 78
     Subtotal cash inflows from investing activities                             447,137,390.01      91,637,275.94
  Cash paid for acquisition and construction of fixed
assets, intangible assets, and other long-term assets
  Cash paid for investments                                                    1,084,758,939.83    1,944,967,826.40
  Net increase in pledge loans
  Net cash paid for acquisition of subsidiaries and other
business units
  Other cash paid related to investing activities           Note 78                2,883,915.81        2,859,048.14
     Subtotal cash outflows from investing activities                          2,222,286,719.06    3,034,934,871.82
       Net cash flow from investing activities                                -1,775,149,329.05   -2,943,297,595.88
III. Cash Flow from Financing Activities :
  Cash received from capital injections
   Including: cash received from minority shareholders'
investments of subsidiaries
  Cash received from borrowings                                                1,983,278,909.21    2,874,965,205.64
  Other cash received related to financing activities       Note 78              277,489,110.71     428,515,211.85
     Subtotal cash inflows from financing activities                           2,260,768,019.92    3,303,480,417.49
  Cash paid for debt repayment                                                 1,876,810,000.01    2,629,070,000.00
  Cash paid for distribution of dividends, profits or
interest repayment
  Including: Dividends or profits paid to minority
shareholders by subsidiaries
  Other cash paid related to financing activities           Note 78              335,766,648.90     255,748,337.46
     Subtotal cash outflows from financing activities                          2,238,141,424.44    4,113,628,860.22
       Net cash flow from financing activities                                    22,626,595.48     -810,148,442.73
IV. Effect of Exchange Rate Changes on Cash and
                                                                                 -61,143,692.42      31,539,177.23
Cash Equivalents
V. Net Increase in Cash and Cash Equivalents                                  -1,424,526,341.97   -1,409,115,640.75
  Plus: Beginning balance of cash and cash equivalents                         4,006,435,846.79    4,131,859,602.14
                                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
VI. Ending Balance of Cash and Cash Equivalents                                        2,581,909,504.82                2,722,743,961.39
        Head of the Company: Wang Aijun         Head of Accounting: Wang Lihong   Head of the Accounting Institution: Wang Ailing
                                             Parent Company’s Cash Flow Statement
                                                      January to June 2026
                                                                                                      Unit: Yuan Currency: RMB
                              Items                                   Notes        2026 Semi-annual               2025 Semi-annual
I. Cash Flow from Operating Activities:
  Cash received from sales of goods or rendering of services                            8,179,146,886.37               8,719,362,545.43
  Refunds of taxes received                                                                  6,894,786.19                  22,441,423.95
  Other cash received related to operating activities                                     245,214,884.22                 889,078,511.59
     Subtotal cash inflows from operating activities                                    8,431,256,556.78               9,630,882,480.97
  Cash paid for goods and services                                                      8,066,466,282.52               7,841,211,006.39
  Cash paid to and on behalf of employees                                                 163,827,374.05                 134,053,736.81
  Various taxes paid                                                                       80,748,769.48                   77,552,382.57
  Other cash paid related to operating activities                                         196,508,978.02                 852,281,310.95
     Subtotal cash outflows from operating activities                                   8,507,551,404.07               8,905,098,436.72
  Net cash flow from operating activities                                                  -76,294,847.29                725,784,044.25
II. Cash Flow from Investing Activities:
  Cash received from recovery of investments                                                                               50,000,000.00
  Cash received from investment income                                                    458,227,169.21                 818,290,843.26
  Net cash received from disposal of fixed assets, intangible
assets and other long-term assets
  Net cash received from disposal of subsidiaries and other
business units
  Other cash received related to investing activities
     Subtotal cash inflows from investing activities                                      459,450,669.64                 873,710,268.82
  Cash paid for acquisition and construction of fixed assets,
intangible assets, and other long-term assets
  Cash paid for investments                                                               673,255,722.23                   50,000,000.00
  Net cash paid for acquisition of subsidiaries and other
business units
  Other cash paid related to investing activities
     Subtotal cash outflows from investing activities                                     695,505,774.59                   78,884,182.60
       Net cash flow from investing activities                                           -236,055,104.95                 794,826,086.22
III. Cash Flow from Financing Activities:
  Cash received from capital injections
  Cash received from borrowings                                                           224,454,000.00                 443,000,000.00
  Other cash received related to financing activities                                     752,788,597.34               1,517,112,013.75
     Subtotal cash inflows from financing activities                                      977,242,597.34               1,960,112,013.75
  Cash paid for debt repayment                                                            226,300,000.00               1,152,560,000.00
  Cash paid for distribution of dividends, profits or interest
repayment
  Other cash paid related to financing activities                                         852,497,617.30               1,263,584,662.20
                                     MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
    Subtotal cash outflows from financing activities                              1,088,379,733.55               3,629,052,090.32
      Subtotal cash outflows from financing activities                             -111,137,136.21              -1,668,940,076.57
IV. Effect of Exchange Rate Changes on Cash and Cash
                                                                                        -850,066.78                     644,850.65
Equivalents
V. Net Increase in Cash and Cash Equivalents                                       -424,337,155.23                -147,685,095.45
  Plus: Beginning balance of cash and cash equivalents                            1,469,012,647.25               1,115,336,416.01
VI. Ending Balance of Cash and Cash Equivalents                                   1,044,675,492.02                 967,651,320.56
       Head of the Company: Wang Aijun     Head of Accounting: Wang Lihong   Head of the Accounting Institution: Wang Ailing
                                                                                                    MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                                Consolidated Statement of Changes in Owner's Equity
                                                                                                                January to June 2026
                                                                                                                                                                                                                        Unit: Yuan Currency: RMB
                                                                                                                  Equity Attributable to Owners of the Parent Company
                                                                                                                                                                                                                                                   Equity of
                 Items                                                                                                                                                                                                                                              Total Owners’
                                                                                                                                                                                                                                                   Minority
                                                              Other Equity Instruments                         Minus:             Other                                                General                                                                          Equity
                                        Paid-in Capital                                        Capital                                              Special                                        Undistributed                                  Shareholders
                                                                                                              Treasury       Comprehensive                          Surplus Reserve     Risk                         Others       Subtotal
                                                          Preferred   Perpetual               Reserve                                               Reserve                                           Profits
                                          (or stock)                               Others                      Stock             Income                                                Reserve
                                                           Shares       Bonds
I. Balance at End of Last Year         2,804,241,650.00                                     33,749,867.59                    -159,220,172.21       4,992,619.68    1,379,865,682.01              12,283,940,768.49            16,347,570,415.56                    16,347,570,415.56
Plus: Changes in accounting policies
     Correction of prior period
errors
     Others
II. Balance at Beginning of the
Current Year
III. The Amount Changes during the
Current Period ("-" for decrease)
(I) Total Comprehensive Income                                                                                                -99,766,392.99                                                       661,862,706.23               562,096,313.24                 -     562,096,313.24
(II) Owners' Contributions and
Decrease of Capital
owners
other equity instruments
payments recognized in owners'
equity
(III) Profit Distribution                                                                                                                                                                        -1,199,935,002.04            -1,199,935,002.04                    -1,199,935,002.04
Reserve
                                                                                                                                                                                                 -1,199,935,002.04            -1,199,935,002.04                    -1,199,935,002.04
Shareholders)
(IV) Internal Transfer of Owners'
Equity
capital reserve transfer
                                                                                                                   MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
surplus reserve transfer
offset losses
benefit plans to retained earnings
income to retained earnings
(V) Special Reserves                                                                                                                                             1,182,379.94                                                                       1,182,379.94                      1,182,379.94
Period
(VI) Others
IV. Balance at End of the Current
Period
                                                                                                                                                                                                                                                                      Eq
                                                                                                                                    Equity Attributable to Owners of the Parent Company
                                                                                                                                                                                                                                                                      uit
                                                                                                                                                                                                                                                                      y
                                                                           Other Equity
                                                                                                                                                                                                                                                                      of
                                                                              Instruments                                                                                                                                                                             Mi
                                                                                                                                                                                                           Ge
                                                                                                                                                                                                           ne                                                         no
                                                                                  Pe
                      Items                                              Pr                                                                                                                                ral                                                        rit
                                                                                  rp                                                            Other                                                                                     Ot                                Total Owners’ Equity
                                                   Paid-in Capital (or   ef                                            Minus: Treasury                                                                     Ri                                                         y
                                                                                  et             Capital Reserve                            Comprehensive        Special Reserve       Surplus Reserve            Undistributed Profits   he         Subtotal
                                                                         err                Ot                             Stock                                                                           sk                                                         Sh
                                                         stock)                   ua                                                           Income                                                                                     rs
                                                                         ed                 he                                                                                                             Re                                                         ar
                                                                                   l
                                                                         Sh                 rs                                                                                                             ser                                                        eh
                                                                                  Bo
                                                                         ar                                                                                                                                ve                                                         ol
                                                                                  nd
                                                                         es                                                                                                                                                                                           de
                                                                                   s
                                                                                                                                                                                                                                                                      rs
   I. Balance at End of Last Year                    2,852,788,750.00                             263,154,867.05        287,771,455.80       -55,004,961.46         4,743,615.67        1,426,394,375.00            10,370,640,110.47             14,574,945,300.93           14,574,945,300.93
   Plus: Changes in accounting policies
          Correction of prior period errors
          Others
   II. Balance at Beginning of the Current
   Year
   III. The Amount of Changes during the
   Current Period ("-" for decrease)
   (I) Total Comprehensive Income                                                                                                            -98,666,362.69                                                           1,767,950,116.89             1,669,283,754.20             1,669,283,754.20
   (II) Owners' Contributions and                                                                                        64,294,882.98                                                                                                               -64,294,882.98               -64,294,882.98
                                                                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Decrease of Capital
owners
other equity instruments
recognized in owners' equity
(III) Profit Distribution                                                                                                                             -1,199,987,325.29   -1,199,987,325.29   -1,199,987,325.29
Reserve
                                                                                                                                                      -1,199,987,325.29   -1,199,987,325.29   -1,199,987,325.29
Shareholders)
(IV) Internal Transfer of Owners'
Equity
capital reserve transfer
surplus reserve transfer
losses
benefit plans to retained earnings
income to retained earnings
(V) Special Reserves                                                                                                 187,867.36                                                 187,867.36          187,867.36
Period
(VI) Others
IV. Balance at End of the Current
Period
                 Head of the Company: Wang Aijun              Head of Accounting: Wang Lihong                       Head of the Accounting Institution: Wang Ailing
                                                                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                          Parent Company’s Statement of Changes in Owner’s Equity
                                                                                            January to June 2026
                                                                                                                                                                              Unit: Yuan Currency: RMB
                                                                              Other Equity
                                                                              Instruments
                                                                                    Pe
                                                                                    rpe                                                Other
                     Items                          Paid-in Capital (or    Prefe                Capital        Minus: Treasury       Compreh      Special                         Undistributed      Total Owners’
                                                                                    tua   Ot                                                                Surplus Reserve
                                                          stock)           rred                 Reserve            Stock               ensive     Reserve                           Profits             Equity
                                                                                     l    her                                         Income
                                                                           Shar
                                                                                    Bo     s
                                                                            es
                                                                                    nd
                                                                                     s
I. Balance at End of Last Year                        2,804,241,650.00                                                                                      1,379,865,682.01     2,919,941,598.99    7,104,048,931.00
Plus: Changes in accounting policies
      Correction of prior period errors
      Others
II. Balance at Beginning of the Current Year          2,804,241,650.00                                                                                      1,379,865,682.01     2,919,941,598.99    7,104,048,931.00
III. The Amount of Changes during the Current
Period ("-" for decrease)
(I) Total Comprehensive Income                                                                                                                                                     676,150,418.06      676,150,418.06
(II) Owners' Contributions and Decrease of
Capital
instruments
in owners' equity
(III) Profit Distribution                                                                                                                                                        -1,199,935,002.04   -1,199,935,002.04
(IV) Internal Transfer of Owners' Equity
transfer
reserve transfer
                                                                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
to retained earnings
retained earnings
(V) Special Reserves
(VI) Others
IV. Balance at End of the Current Period              2,804,241,650.00                                                 39,999,676.57                           1,379,865,682.01   2,396,157,015.01      6,540,264,670.45
                                                                             Other Equity
                                                                             Instruments
                                                                                            O
                                                                                     Per                                                  Other      Special
                      Items                          Paid-in Capital (or                    t                             Minus:                                                   Undistributed       Total Owners’
                                                                           Preferr   pet        Capital Reserve                        Comprehensi   Reserv    Surplus Reserve
                                                           stock)                           h                         Treasury Stock                                                 Profits              Equity
                                                                             ed      ual                                                ve Income      e
                                                                                            e
                                                                           Shares    Bo
                                                                                            r
                                                                                     nds
                                                                                            s
I. Balance at End of Last Year                        2,852,788,750.00                           229,404,999.46       287,771,455.80                           1,426,394,375.00   2,611,601,565.13    6,832,418,233.79
Plus: Changes in accounting policies
      Correction of prior period errors
      Others
II. Balance at Beginning of the Current Year          2,852,788,750.00                           229,404,999.46       287,771,455.80                           1,426,394,375.00   2,611,601,565.13    6,832,418,233.79
III. Amount of Changes during the Current Period
("-" for decrease)
(I) Total Comprehensive Income                                                                                                                                                      158,894,176.53      158,894,176.53
(II) Owners' Contributions and Decrease of Capital                                                                     64,294,882.98                                                                    -64,294,882.98
instruments
owners' equity
(III) Profit Distribution                                                                                                                                                         -1,199,987,325.29   -1,199,987,325.29
                                                                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
 (IV) Internal Transfer of Owners' Equity
transfer
transfer
retained earnings
retained earnings
(V) Special Reserves
(VI) Others
IV. Balance at End of the Current Period             2,852,788,750.00                    229,404,999.46     352,066,338.78                      1,426,394,375.00   1,570,508,416.37    5,727,030,202.05
        Head of the Company: Wang Aijun                             Head of Accounting: Wang Lihong                Head of the Accounting Institution: Wang Ailing
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
III. Basic Information of the Company
√ Applicable □ Not Applicable
     MeiHua Holdings Group Co., Ltd. (hereinafter referred to as "Company" or "The Company"),
formerly known as Wuzhou Minovo Co., Ltd. (hereinafter referred to as "Wuzhou Minovo"), was listed
on Shanghai Stock Exchange on February 17, 1995, underwent a name change from Wuzhou Minovo
Co., Ltd. to its current name following the absorption and merger with the original MeiHua Holdings
Group Co., Ltd. (hereinafter referred to as "Original MeiHua Group") and completed the business
change    registration   on     March    3,   2011.   The        Company’s   unified   social credit   code is
     The Original MeiHua Group, formerly known as Hebei Meihua MSG Group Co., Ltd., was
established with investment from natural persons Meng Qingshan, Yang Weiyong, and Hu Jijun. It
obtained the Business License of Legal Entity No. 131081000002308 issued by the Hebei
Administration for Industry and Commerce on April 23, 2002.
     Wuzhou Minovo was established as a stock corporation through fundraising, following the issuance
of 30 million shares to the public on January 6, 1995, with Chengdu Tibet Hotel, Tibet Autonomous
Region Trust Investment Company and Tibet Xingzang Industrial Development Company as sponsors.
It was officially registered in Lhasa, Tibet Autonomous Region on February 9, 1995, with a Business
License of Legal Entity number of 5400001000327 and a total share capital of 73 million shares. On
February 17 of the same year, with the approval of the China Securities Regulatory Commission, the
Company's public shares were listed for trading on the Shanghai Stock Exchange, under the stock code
     On August 12, 1995, the Shareholders' Meeting of the Company approved the Dividend
Distribution Plan and implemented the 1994 Distribution Plan of granting 3 shares for every 10 shares
held to all shareholders on August 21, 1995. Based on a foundation of 73 million shares, a total of 21.9
million shares were distributed, elevating the Company's total share capital to 94.9 million shares.
     On December 19, 1996, the Company deliberated and approved the Rights Issue Plan at the
Extraordinary Shareholders' Meeting for the Year 1996 and implemented the rights issue plan of
granting 3 shares for every 10 shares to all shareholders on August 12, 1997. Based on a foundation of
distributed, elevating the Company's total share capital to 108,236,603 shares.
     On February 16, 2003, Shandong Wuzhou Investment Group Co., Ltd. and Weifang Bohai Industry
Co., Ltd. respectively entered into agreements with the Tibet Autonomous Region State-owned Assets
Management Company (whose shares were obtained through gratuitous transfer by the Tibet
Autonomous Region State-owned Assets Management Bureau), whereby Shandong Wuzhou Investment
Group Co., Ltd. acquired 27,102,445 shares of the Company's state-owned legal person shares from
Tibet Autonomous Region State-owned Assets Management Company, representing 25.04% of the
Company's total share capital, and became the Company's largest shareholder; Weifang Bohai Industry
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Co., Ltd. acquired 21,535,555 shares, accounting for 19.90% of the Company's total share capital. The
aforementioned equity transfer was formally approved by the State-owned Assets Supervision and
Administration Commission of the State Council through document "State-owned Assets Ownership
Letter [2003] No. 25" on May 29, 2003. On August 11, 2003, the Company entered into the Asset
Exchange Agreement with Shandong Wuzhou Investment Group Co., Ltd. and Shandong Wuzhou
Electric Co., Ltd. and executed a significant asset exchange. Following the completion of this exchange,
the total share capital remained unchanged.
     On May 22, 2006, the Company convened the "Shareholders Meeting Related to the Split-Share
Reform," where the Company's split-share reform plan was deliberated and approved. All non-tradable
shareholders of the Company granted 2.8 shares for every 10 shares to all tradable shareholders. The
Company completed the implementation of the aforementioned split-share reform plan on June 2, 2006.
     On December 22, 2010, with the approval of the China Securities Regulatory Commission through
the document ZJXK [2010] No. 1888 "Approval of Wuzhou Minovo Co., Ltd.'s Major Asset Sale and
Merger with MeiHua Holdings Group Co.,Ltd. by Issuing New Shares," the Company issued
enjoyed by its shareholders. On December 24, 2010, BDO CHINA LI XIN DA HUA. Certified Public
Accountants CO., LTD. issued the document LXDHYZ [2010] No. 200 "Capital (Contribution)
Verification Report" for this change in the share capital. On December 31, 2010, the Company obtained
the Certificate of Securities Change Registration Issued by the Shanghai Branch of China Securities
Depository and Clearing Co., Ltd., with the registered share capital for securities of 1,008,236,603
shares.
     On March 28, 2011, the Company approved the implementation of the capital reserve conversion to
share capital plan during the Annual Shareholders Meeting for the Year 2010. Based on a foundation of
of 2,708,236,603 shares post-conversion. On April 12, 2011, the Company completed the share change
registration at the Shanghai Branch of China Securities Depository and Clearing Co., Ltd., with the
registered share capital for securities of 2,708,236,603 shares.
     According to the resolutions of the Fifth Meeting of the Sixth Board of Directors on April 22, 2011,
the Fourteenth Meeting of the Sixth Board of Directors on February 22, 2012, the 2011 Annual
Shareholders Meeting held on March 22, 2012, and the provisions specified in the amended articles of
association, along with the approval of the China Securities Regulatory Commission through the
document ZJXKZ [2012] No. 1262 "Approval of MeiHua Holdings Group Co., Ltd.'s Private Issuance
of Stocks," the Company agreed to privately issue up to 400 million RMB ordinary shares (A shares).
On March 26, 2013, the Company privately issued 399,990,000 RMB ordinary shares (A shares) to
specific investors, resulting in a total share capital of 3,108,226,603 shares after this issuance. On March
China Securities Depository and Clearing Co., Ltd.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     According to the resolutions of the Fifteenth Meeting of the Eighth Board of Directors on May 30,
shareholders meeting held on June 20, 2018, the Company established a stock incentive plan by offering
incentive recipients including directors, senior executives, key management personnel, and core
technical staff working for Meihua Bio, with no change in the registered capital.
     According to the resolutions of the 22nd Meeting of the Eighth Board of Directors on December 7,
of 51,565 subscribed shares that were relinquished. After the cancellation, the total share capital of the
Company amounted to 3,108,175,038 shares.
     According to the resolutions of the 28th Meeting of the Eighth Board of Directors in June 2019 and
the 2018 Annual Shareholders Meeting on June 24, 2019, the Company repurchased 3,885,400 restricted
shares for cancellation due to the departure of incentive recipients and incomplete individual
performance assessments. After the cancellation, the total share capital of the Company amounted to
     According to the resolutions of the Fourth Meeting of the Ninth Board of Directors on April 22,
individual performance assessments. After the cancellation, the total share capital of the Company
amounted to 3,100,021,848.00 shares.
     According to the resolutions of the Seventeenth Meeting of the Ninth Board of Directors on May 12,
individual performance assessments. After the cancellation, the total share capital of the Company
amounted to 3,098,619,928 shares.
     According to the resolutions of the 27th Meeting of the Ninth Board of Directors on December 15,
repurchased previously. After the cancellation, the total share capital of the Company amounted to
     According to the resolutions of the Third Meeting of the Tenth Board of Directors on April 8, 2023,
and the Second Extraordinary Shareholders Meeting for 2023 held on April 28, 2023, the "Proposal to
Change the Company's Registered Capital" was deliberated and approved. According to the "Proposal to
Repurchase the Company’s Shares through Centralized Bidding Transactions" deliberated and approved
at the 2021 Annual Shareholders Meeting, the repurchased shares were exclusively used for cancellation
to reduce the Company's registered capital. The Company has completed the repurchase and has
physically repurchased 99,039,345 shares. After the cancellation of these shares, the total share capital of
the Company will change from 3,042,465,447 shares to 2,943,426,102 shares.
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     According to the resolutions passed at the 13th Meeting of the 10th Board of Directors held on
September 23, 2024, and the 2024 Second Extraordinary Shareholders’ Meeting held on October 11,
resolution from the shareholders’ meeting, the company will use 90,637,352 repurchased shares for
cancellation to reduce its registered capital. After the cancellation of these shares, the company’s total
share capital will be reduced from 2,943,426,102 shares to 2,852,788,750 shares.
     According to the resolutions of the 23rd Meeting of the 10th Board of Directors on December 11,
"Proposal to Change the Company's Registered Capital" was deliberated and approved. According to the
"Proposal to Repurchase the Company’s Shares through Centralized Bidding Transactions" deliberated
and approved at the Second Extraordinary Shareholders Meeting for 2024, the repurchased shares were
exclusively used for cancellation to reduce the Company's registered capital. The Company has
completed the repurchase and has physically repurchased 48,547,100 shares. After the cancellation of
these shares, the total share capital of the Company will change from 2,852,788,750 shares to
     After years of issuing bonus shares, allotting new shares, capitalizing retained earnings, and issuing
additional shares, as of June 30, 2026, the company’s total share capital amounts to 2,804,241,650
shares, with a total share capital of 2,804,241,650 yuan. The registered address is 158 Jinzhu West Road,
Sunshine New City, Building 11, Room 5, Lhasa City. The actual controller is Meng Qingshan.
     The company is in the food manufacturing industry, with its main products including food flavor
enhancement products (such as monosodium glutamate, disodium 5’-nucleotides, xanthan gum food
grade, etc.), animal nutrition amino acids (such as lysine, threonine, germinal amino acids, valine, etc.),
human medical amino acids (such as glutamine, proline, etc.), and other products (such as xanthan gum
petroleum grade, fertilizers, etc.).
IV. Preparation Basis for Financial Statements
     The financial statements of the Company are prepared on a going concern basis. Based on actual
transactions and events, the Company recognizes and measures them in accordance with the Accounting
Standards for Business Enterprises—Basic Standards issued by the Ministry of Finance, specific
Accounting Standards for Business Enterprises, application guidelines for the Accounting Standards for
Business Enterprises, interpretations of the Accounting Standards for Business Enterprises and other
relevant provisions (hereinafter referred to as "The Accounting Standards for Business Enterprises"), and
prepares its financial statements on this basis. In addition, the Company discloses relevant financial
information in accordance with the Rules for the Information Disclosure and Compilation by Companies
Offering Securities to the Public No.15—General Provisions on Financial Reports (2023 revision) issued
by the China Securities Regulatory Commission.
Applicable □ Not Applicable
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     The Company has assessed its ability to continue as a going concern for the 12 months from the end
of the reporting period and has not identified any matters that may affect its ability to continue as a
going concern. Therefore, it is reasonable for the Company to prepare the financial statements on a
going concern basis.
V. Significant Accounting Policies and Estimates
Specific accounting policies and estimates indicate:
Applicable □ Not Applicable
     The financial statements prepared by the company comply with the requirements of the Accounting
Standards for Enterprises and truthfully and completely reflect the company’s financial position,
operating results, changes in shareholders’ equity, cash flow, and other relevant information for the
reporting period.
     The Company’s fiscal year runs from January 1 to December 31 of the Gregorian calendar.
Applicable □ Not Applicable
     The Company’s normal operating cycle is one year.
     The Company’s functional currency is the Renminbi. Overseas subsidiaries and branches use the
currency of the primary economic environment in which they operate as their functional currency.
Applicable □ Not Applicable
                          Items                                               Materiality Standards
                                                            The amount of individual provision for bad debts
Accounts receivable with material individual provision      accounts for more than 10% of the total amount of
for bad debts                                               various accounts receivable with provision for bad debts
                                                            and exceeds RMB 20 million.
Accounts receivable with provision for bad debts and        The amount of recovery or reversal of individual
with material amounts recovered or reversed during the      provision for bad debts accounts for more than 10% of
Current Period and                                          the total account receivable and exceeds RMB 20 million.
                                                            The write-off amount of individual account receivable
                                                            accounts for more than 10% of the total provision for bad
Significant write-offs of accounts receivable
                                                            debts for various accounts receivable and exceeds RMB
                                                            Individual advance payments, accounts payable, contract
Advance payments, accounts payable, contract liabilities,
                                                            liabilities, and other account payable amount to more than
and other accounts payable with material amounts
outstanding for over one year
                                                            RMB 20 million.
                                                            The budget amount for individual construction in
Material construction in progress
                                                            progress project exceeds RMB 100 million.
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                          Individual investing activities account for more than 10%
Material cash flows related to investing activities       of the total cash inflows or outflows received or paid for
                                                          the investing activities and exceed RMB 200 million.
                                                          The book value of long-term equity investments in an
                                                          individual invested party accounts for more than 5% of
                                                          the consolidated net assets and exceeds RMB 100 million,
Material joint ventures
                                                          or the investment gains or losses recognized under the
                                                          equity method for long-term equity investments account
                                                          for more than 10% of the consolidated net profit.
                                                          Any single type of estimated liability accounts for more
Material contingent matters                               than 10% of the total estimated liabilities and exceeds
                                                          RMB 100 million.
     Controls
Applicable □ Not Applicable
      (1) Enterprise merger under the same control
      Assets and liabilities acquired by the Company in a business combination are measured at the
acquisition date at the book value of the acquiree as reported in the consolidated financial statements of
the ultimate controlling party. Where the acquiree’s accounting policies and reporting periods differ
from those of the Company prior to the business combination, the accounting policies and reporting
periods are harmonized based on the principle of materiality; that is, the book value of the acquiree’s
assets and liabilities are adjusted in accordance with the Company’s accounting policies and reporting
periods. If there is a difference between the book value of the net assets acquired by the Company in a
business combination and the book value of the consideration paid, the Company first adjusts capital
surplus (share premium or share capital premium). If the balance of capital surplus (share premium or
share capital premium) is insufficient to offset the difference, the Company then offsets retained
earnings and undistributed profits in that order.
      For the accounting treatment of business combinations under the same control achieved through
step transactions, see Section 5.7(5) of this chapter.
      (2) Enterprise merger not under the same control
      The Company measures the identifiable assets and liabilities of the acquiree acquired in a business
combination at their fair values as of the acquisition date. Where the acquiree’s accounting policies and
reporting periods differ from those of the Company prior to the business combination, the Company
aligns the accounting policies and reporting periods based on the principle of materiality; that is, the
book value of the acquiree’s assets and liabilities are adjusted in accordance with the Company’s
accounting policies and reporting periods. The excess of the Company’s acquisition cost as of the
acquisition date over the fair value of the acquiree’s identifiable assets and liabilities acquired in the
business combination is recognized as goodwill; If the cost of the business combination is less than the
fair value of the acquiree’s identifiable assets and liabilities acquired in the business combination, the
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Company first reviews the cost of the business combination and the fair value of the acquiree’s
identifiable assets and liabilities acquired in the business combination. If, after such review, the cost of
the business combination remains less than the fair value of the acquiree’s identifiable assets and
liabilities acquired, the difference is recognized in profit or loss for the period of the business
combination.
     For the accounting treatment of business combinations not under the same control using the step-
by-step method, see Section 5.7(5) of this chapter.
     (3) Treatment of transaction costs in enterprise merger
     Intermediary expenses such as audit, legal services, evaluation consultation, and other related
administrative expenses incurred to effect the enterprise merger are recognized in the profit and loss for
the current period at the time of occurrence. Transaction costs for issuing equity securities or debt
securities as consideration for the enterprise merger are included in the initial recognition amount of the
equity securities or debt securities.
     Statements
Applicable □ Not Applicable
     (1) Criteria for Determining Control and Defining the Scope of Consolidation
     Control refers to the Company’s power over an investee, its entitlement to variable returns based on
its involvement in the investee’s activities, and its ability to use that power to influence the amount of
those returns. The definition of control comprises three fundamental elements: first, the investor
possesses power over the investee; second, the investor receives variable returns based on its
involvement in the investee’s activities; and third, the investor has the ability to use its power over the
investee to affect the amount of those returns. When the Company’s investment in the investee meets
these three criteria, it indicates that the Company is able to control the investee.
     The scope of consolidation in consolidated financial statements is determined on the basis of
control and includes not only subsidiaries identified based on voting rights (or similar rights) alone or in
conjunction with other arrangements, but also structured entities determined on the basis of one or more
contractual arrangements.
     A subsidiary refers to an entity controlled by the Company (including enterprises, separable parts of
investees, and structured entities controlled by the enterprise, etc.). A structured entity refers to an entity
designed such that voting rights or similar rights are not the determining factor in identifying its
controlling party (Note: sometimes referred to as a special-purpose entity).
     (2) Methods for Preparing Consolidated Financial Statements
     The Company prepares the consolidated financial statements based on the financial statements of
the Company and its subsidiaries, and other relevant information.
     When preparing the consolidated financial statements, the Company views the enterprise group as a
single accounting entity and reflects the overall financial position, operating results and cash flows of the
enterprise group in accordance with the recognition, measurement, and reporting requirements of
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
relevant Accounting Standards for Business Enterprises and the unified accounting policies and
accounting periods.
     ① Consolidate items such as assets, liabilities, equity, revenue, expenses, and cash flows of the
parent company and its subsidiaries.
     ② Eliminate the parent company’s long-term equity investment in the subsidiary against the parent
company’s share of the subsidiary’s equity.
     ③ Offset the effects of internal transactions between the parent company and its subsidiaries, as
well as among the subsidiaries themselves. If internal transactions indicate that related assets have
incurred impairment losses, such losses shall be recognized in full.
     ④ Adjust special transaction items from the perspective of the corporate group.
     (3) Treatment of Changes in Subsidiaries During the Reporting Period
     ① Addition of Subsidiaries or Businesses
     A. Subsidiaries or businesses added through a business combination under the same control
     (a) When preparing the consolidated balance sheet, adjust the opening balances of the consolidated
balance sheet and make corresponding adjustments to the relevant items in the comparative financial
statements, treating the combined reporting entity as if it had existed continuously from the date the
ultimate controlling party first obtained control.
     (b) When preparing the consolidated income statement, the revenue, expenses, and profit of the
subsidiary and business from the beginning of the current period to the end of the reporting period shall
be included in the consolidated income statement, and the relevant items in the comparative financial
statements shall be adjusted accordingly, treating the combined reporting entity as if it had existed
continuously from the date the ultimate controlling party assumed control.
     (c) When preparing the consolidated statement of cash flows, include the cash flows of the
subsidiary and the business from the beginning of the reporting period to the end of the reporting period
in the consolidated statement of cash flows, and adjust the relevant items in the comparative financial
statements as if the consolidated reporting entity had existed continuously from the date the ultimate
controlling party first obtained control.
     B. Subsidiaries or businesses acquired in a business combination not under the same control
     (a) When preparing the consolidated balance sheet, the opening balances of the consolidated
balance sheet are not adjusted.
     (b) When preparing the consolidated income statement, the revenue, expenses, and profit of the
subsidiary or business from the acquisition date to the end of the reporting period are included in the
consolidated income statement.
     (c) When preparing the consolidated statement of cash flows, include the cash flows of the
subsidiary from the acquisition date to the end of the reporting period in the consolidated statement of
cash flows.
     ② Disposal of a Subsidiary or Business
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     A. When preparing the consolidated balance sheet, the opening balances of the consolidated
balance sheet are not adjusted.
     B. When preparing the consolidated income statement, the revenue, expenses, and profit of the
subsidiary or business from the beginning of the period to the date of disposal are included in the
consolidated income statement.
     C. When preparing the consolidated cash flow statement, the cash flows of the subsidiary or
business from the beginning of the period to the date of disposal are included in the consolidated cash
flow statement.
     (4) Special Considerations in Consolidation Offsetting
     ① Long-term equity investments held by a subsidiary in the parent company shall be treated as
treasury stock of the parent company and recognized as a deduction from equity. They shall be presented
under the “Equity” section of the consolidated balance sheet as “Less: Treasury Stock.”
     Long-term equity investments held by subsidiaries among themselves shall be offset against the
parent company’s equity investment in the respective subsidiary, and the long-term equity investment
shall be offset against the parent company’s share of the corresponding subsidiary’s equity.
     ② Since the “Special Reserve” and “General Risk Reserve” items do not constitute paid-in capital
(or share capital) or capital surplus, nor are they retained earnings or undistributed profits, they are
reinstated based on the parent company’s share after offsetting long-term equity investments against the
subsidiary’s equity.
     ③ Where temporary differences arise between the book value of assets and liabilities in the
consolidated balance sheet and their tax bases at the respective taxable entities due to the elimination of
unrealized gains or losses on internal sales, deferred tax assets or deferred tax liabilities shall be
recognized in the consolidated balance sheet, and income tax expense in the consolidated income
statement shall be adjusted accordingly, except for deferred income taxes related to transactions or
events recognized directly in equity and business combinations.
     ④ Unrealized gains or losses arising from the sale of assets by the Company to a subsidiary shall
be fully offset against “Net income attributable to owners of the parent.” Unrealized gains or losses
arising from the sale of assets by a subsidiary to the Company shall be allocated and offset between “Net
income attributable to owners of the parent” and “Minority interest” in proportion to the Company’s
ownership interest in that subsidiary. Unrealized gains or losses arising from the sale of assets between
subsidiaries shall be allocated and offset between “Net Income Attributable to Owners of the Parent”
and “Minority Interest” in proportion to the Company’s ownership interest in the selling subsidiary.
     ⑤ If the current-period loss allocated to minority shareholders of a subsidiary exceeds the minority
shareholders’ share of the subsidiary’s opening equity, the excess amount shall still be offset against
minority interest.
     (5) Accounting Treatment for Special Transactions
     ① Acquisition of Minority Interests
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     When the Company acquires equity interests in a subsidiary held by minority shareholders, the cost
of the newly acquired long-term equity investment in the separate financial statements is measured at the
fair value of the consideration paid. In the consolidated financial statements, the difference between the
long-term equity investment newly acquired through the purchase of minority interests and the share of
the subsidiary’s net assets that should be recognized from the acquisition date or the consolidation date,
calculated based on the new ownership percentage, shall be adjusted against capital surplus (capital
premium or share premium). If the capital surplus is insufficient to absorb the difference, it shall be
offset against retained earnings and undistributed profits in that order.
     ② Acquisition of control over a subsidiary through multiple transactions
     A. Business combinations under common control achieved through multiple transactions
     On the combination date, the Company determines the initial cost of the long-term equity
investment in its separate financial statements based on its share of the book value of the subsidiary’s net
assets in the ultimate controlling party’s consolidated financial statements; The difference between the
initial investment cost and the sum of the book value of the long-term equity investment prior to the
merger and the book value of the additional consideration paid for the acquisition of further shares on
the merger date is recognized in capital surplus (capital premium or share premium). If capital surplus
(capital premium or share premium) is insufficient to absorb the difference, the remaining amount is
offset against retained earnings and undistributed profits, in that order.
     In consolidated financial statements, the assets and liabilities of the acquiree acquired by the
consolidating entity in the merger are measured at their book value in the ultimate controlling party’s
consolidated financial statements as of the merger date, except for adjustments made due to differences
in accounting policies and reporting periods; The difference between the sum of the book value of the
investment held prior to the merger and the book value of the additional consideration paid on the
merger date, and the book value of the net assets acquired in the merger, is recognized in capital surplus
(share premium/capital premium). If capital surplus is insufficient to absorb the difference, the
remaining amount is recognized in retained earnings.
     For an equity investment held by the acquirer prior to obtaining control of the acquiree, any gains
or losses, other comprehensive income, and changes in other equity recognized between the date of
acquisition of the original equity interest and the date on which the acquirer and the acquiree came under
the same ultimate control (whichever is later) and the merger date shall be offset against retained
earnings at the beginning of the comparative reporting period or against profit or loss for the current
period, respectively.
     B. Implementing a business combination between entities not under the same control in stages
through multiple transactions
     On the combination date, in the separate financial statements, the initial cost of the long-term equity
investment is determined as the sum of the book value of the previously held long-term equity
investment and the cost of the new investment acquired on the combination date.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     In the consolidated financial statements, equity interests in the acquiree held prior to the acquisition
date are remeasured at their fair value as of the acquisition date. If an equity interest in the acquiree held
prior to the acquisition date is designated as a financial asset at fair value through other comprehensive
income, the difference between its fair value and book value is recognized in retained earnings; and the
cumulative fair value changes previously recognized in other comprehensive income are transferred to
retained earnings; if the equity interest in the acquiree held prior to the acquisition date is classified as a
financial asset at fair value through other comprehensive income or as a long-term equity investment
accounted for using the equity method, the difference between its fair value and book value is
recognized as investment income for the period; If the equity interest in the acquiree held prior to the
acquisition date relates to other comprehensive income under the equity method and changes in other
equity under the equity method (excluding net profit or loss, other comprehensive income, and
distributions of profits), the related other comprehensive income is accounted for on the acquisition date
using the same basis as if the investee had directly disposed of the relevant assets or liabilities, and the
related changes in other equity are reclassified to investment income for the period in which the
acquisition date falls.
     ③ Disposal of Long-Term Equity Investments in Subsidiaries Without Loss of Control
     When a parent company disposes of a portion of its long-term equity investment in a subsidiary
without losing control, the difference between the disposal proceeds and the parent company’s share of
the subsidiary’s net assets—calculated continuously from the acquisition date or the date of
consolidation—is recognized in the consolidated financial statements. This amount is recorded in capital
surplus (capital premium or share premium). If the capital surplus is insufficient to absorb the difference,
the remaining amount is recognized in retained earnings.
     ④ Disposal of the Company’s Long-Term Equity Investment in a Subsidiary Resulting in Loss of
Control
     A. One-Time Disposal
     If the Company loses control over the investee due to the disposal of a portion of its equity
investment or other reasons, the remaining equity interest is remeasured at its fair value as of the date
control is lost when preparing the consolidated financial statements. The difference between the sum of
the consideration received from the disposal of the equity interest and the fair value of the remaining
equity interest, and the sum of the share of the net assets of the former subsidiary calculated based on the
original ownership percentage (accrued continuously from the acquisition date or the date of
consolidation) and goodwill, is recognized as investment income in the period in which control is lost.
     Other comprehensive income related to equity investments in subsidiaries is accounted for upon
loss of control on the same basis as if the subsidiary had directly disposed of the relevant assets or
liabilities. All other changes in equity related to the former subsidiary that were previously accounted for
under the equity method are reclassified to profit or loss upon loss of control.
     B. Step-by-Step Disposal of Multiple Transactions
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     In consolidated financial statements, one should first determine whether the step-by-step
transactions constitute a “bundled transaction.”
     If the step-by-step transaction does not constitute a “bundled transaction,” in the separate financial
statements, for each transaction prior to the loss of control over the subsidiary, the book value of the
long-term equity investment corresponding to each disposal of equity interests shall be transferred; the
difference between the proceeds received and the book value of the long-term equity investment
disposed of shall be recognized as investment income for the current period; In the consolidated
financial statements, the transaction should be accounted for in accordance with the relevant provisions
for “the parent company’s disposal of a long-term equity investment in a subsidiary without losing
control.”
     If the step-by-step transactions constitutes a “bundled transaction,” each transaction shall be
accounted for as a single transaction involving the disposal of a subsidiary and the loss of control; in the
separate financial statements, the difference between each disposal consideration received prior to the
loss of control and the book value of the long-term equity investment corresponding to the disposed
equity interest shall first be recognized in other comprehensive income and then transferred in full to
profit or loss for the period in which control is lost; In the consolidated financial statements, for each
transaction prior to the loss of control, the difference between the disposal proceeds and the share of the
subsidiary’s net assets corresponding to the disposed investment shall be recognized in other
comprehensive income and transferred in full to profit or loss for the period in which control is lost.
     Multiple transactions are generally accounted for as a “bundled transaction” if the terms, conditions,
and economic effects of the transactions meet one or more of the following criteria:
     (a) These transactions are concluded simultaneously or taking into account their mutual impacts.
     (b) These transactions collectively achieve a complete business outcome.
     (c) The occurrence of one transaction depends on the occurrence of at least one other transaction.
     (d) A transaction is uneconomical when considered alone, but becomes economical when
considered together with other transactions.
     ⑤ Dilution of the parent company’s ownership interest due to a capital increase by the subsidiary’s
minority shareholders
     When other shareholders (minority shareholders) of a subsidiary make a capital contribution to the
subsidiary, this dilutes the parent company’s ownership interest in the subsidiary. In the consolidated
financial statements, the parent company’s share of the subsidiary’s net book value prior to the capital
increase is calculated based on the parent company’s ownership percentage before the increase. The
difference between this amount and the parent company’s share of the subsidiary’s net book value after
the increase—calculated based on the parent company’s ownership percentage after the increase—is
recorded as an adjustment to capital surplus (capital premium or share premium). If the capital surplus
(capital premium or share premium) is insufficient to absorb the difference, the remaining amount is
recorded as an adjustment to retained earnings.
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Applicable □ Not Applicable
     A joint arrangement is an arrangement that is jointly controlled by two or more parties. The
Company’s joint arrangements are classified as joint operations and joint ventures.
     (1) Joint operations
     A joint operation is a joint arrangement in which the Company holds the assets related to the
arrangement and bears the liabilities related to the arrangement.
     The Company recognizes the following items related to its interests in joint operations and accounts
for them in accordance with relevant Accounting Standards for Business Enterprises:
     ① Recognition of assets held separately and recognition of jointly held assets based on proportional
ownership.
     ② Recognition of liabilities held separately and recognition of jointly held liabilities based on
proportional ownership.
     ③ Recognition of revenue from the sale of its share of output from joint operations.
     ④ Recognition of revenue from the sale of output from joint operations based on proportional
ownership.
     ⑤ Recognition of expenses incurred separately and recognition of expenses incurred by joint
operations based on proportional ownership.
     (2) Joint Ventures
     A joint venture is a joint arrangement in which the Company has rights only to the net assets of the
arrangement.
     The Company accounts for its investments in joint ventures in accordance with the provisions for
equity method accounting applicable to long-term equity investments.
     Cash equivalents refer to short-term investments (generally maturing within three months from the
purchase date) that are highly liquid, easily convertible into a known amount of cash, and have a
minimal risk of changes in value.
Applicable □ Not Applicable
     (1) Method for Determining the Exchange Rate for Foreign Currency Transactions
     Upon initial recognition of foreign currency transactions, the Company converts the transaction into
the functional currency using an exchange rate that approximates the spot rate on the transaction date
(hereinafter referred to as the “approximate spot rate”).
     (2) Method for Translating Foreign Currency Monetary Items at the Balance Sheet Date
     At the balance sheet date, foreign currency monetary items are translated using the spot exchange
rate prevailing on the balance sheet date. Exchange differences arising from the difference between the
spot exchange rate on the balance sheet date and the spot exchange rate at the time of initial recognition
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
or on the previous balance sheet date are recognized in profit or loss for the current period. For foreign
currency non-monetary items measured at historical cost, the spot exchange rate prevailing on the
transaction date continues to be used for translation; For inventory measured at the lower of cost and net
realizable value, when inventory is purchased in a foreign currency and its net realizable value at the
balance sheet date is expressed in that foreign currency, the net realizable value is first converted into the
functional currency amount using the spot exchange rate at the balance sheet date. This amount is then
compared with the inventory cost expressed in the functional currency to determine the ending value of
the inventory; For non-monetary items denominated in foreign currencies that are measured at fair value,
the spot exchange rate on the date the fair value is determined is used for translation. For financial assets
measured at fair value with changes recognized in profit or loss, the difference between the translated
amount in the functional currency and the original amount in the functional currency is recognized in
profit or loss for the period; for non-trading equity instrument investments designated as measured at fair
value with changes recognized in other comprehensive income, the difference between the translated
amount in the functional currency and the original amount in the functional currency is recognized in
other comprehensive income.
     (3) Methods for Translating Foreign Currency Financial Statements
     Before translating the financial statements of a company’s foreign operations, the accounting
periods and accounting policies of those operations must first be adjusted to align with the Company’s
accounting periods and policies. Financial statements must then be prepared in the relevant currency (a
currency other than the functional currency) based on the adjusted accounting policies and periods. The
financial statements of the foreign operations are then translated using the following methods:
     ① Assets and liabilities on the balance sheet are translated using the spot exchange rate at the
balance sheet date. Equity items, with the exception of “retained earnings,” are translated using the spot
exchange rate at the date of the transaction.
     ② Revenue and expense items on the income statement are translated using an approximate spot
exchange rate at the date of the transaction.
     ③ Foreign currency cash flows and the cash flows of foreign subsidiaries are translated using the
approximate spot exchange rate prevailing on the date the cash flows occurred. The effect of exchange
rate changes on cash shall be treated as an adjusting item and presented separately in the statement of
cash flows.
     ④ Foreign currency translation differences arising from the translation of financial statements are
presented in the “Other Comprehensive Income” line item under equity in the consolidated balance sheet
when preparing consolidated financial statements.
     Upon the disposal of a foreign operation and the loss of control, all foreign currency translation
differences related to that foreign operation, which were previously presented under the equity section of
the balance sheet, shall be transferred to profit or loss for the period of disposal, either in full or in
proportion to the disposal of the foreign operation.
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Applicable □ Not Applicable
     The financial instrument is a contract that gives rise to a financial asset of one party and a financial
liability or equity instrument of another party.
     (1) Recognition and Derecognition of Financial Instruments
     When the Company becomes a party to a financial instrument contract, it recognizes the related
financial asset or financial liability.
     The financial asset is derecognized if it meets any of the following conditions:
     ① The contractual rights to receive cash flows from the financial asset have terminated;
     ② The financial asset has been transferred and meets the derecognition criteria for transferred
financial assets described below.
     If the present obligation under a financial liability (or a portion thereof) has been discharged, the
financial liability (or that portion of the financial liability) shall be derecognized. If the Company (the
borrower) enters into an agreement with the lender to replace the original financial liability with a new
financial liability, and the contractual terms of the new financial liability differ substantially from those
of the original financial liability, the original financial liability shall be derecognized and a new financial
liability shall be recognized simultaneously. If the Company makes a substantive modification to the
contractual terms of the original financial liability (or a portion thereof), the original financial liability
shall be derecognized, and a new financial liability shall be recognized in accordance with the modified
terms.
     Financial assets held for trading are recognized and derecognized on the trade date. Financial assets
held for trading are those for which delivery is scheduled in accordance with the terms of the contract
and the timing established by regulations or market conventions. The trade date is the date on which the
Company commits to purchase or sell a financial asset.
     (2) Classification and Measurement of Financial Assets
     Upon initial recognition, the Company classifies financial assets based on the business model used
to manage them and the contractual cash flow characteristics of the financial assets into the following
categories: financial assets measured at amortized cost, financial assets measured at fair value with
changes recognized in profit or loss, and financial assets measured at fair value with changes recognized
in other comprehensive income. Financial assets shall not be reclassified after initial recognition unless
the Company changes the business model for managing financial assets; in such cases, all affected
financial assets are reclassified on the first day of the first reporting period following the change in
business model.
     Financial assets are measured at fair value upon initial recognition. For financial assets measured at
fair value with changes recognized in profit or loss, related transaction costs are recognized directly in
profit or loss; for financial assets in other categories, related transaction costs are included in their initial
recognition amount. For notes receivable and accounts receivable arising from the sale of goods or the
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
provision of services that do not contain or take into account a significant financing component, the
Company measures them initially at the transaction price as defined in the revenue standards.
     The subsequent measurement of financial assets depends on their classification:
     ① Financial assets measured at amortized cost
     The financial asset is classified as a financial asset measured at amortized cost if it meets all of the
following conditions: the Company’s business model for managing the financial asset is aimed at
collecting contractual cash flows; and the contractual terms of the financial asset provide that cash flows
arising on specific dates consist solely of payments of principal and interest based on the outstanding
principal amount. For such financial assets, the effective interest method is applied to measure them at
amortized cost. Gains or losses arising from derecognition, amortization using the effective interest
method, or impairment are recognized in profit or loss for the current period.
     ② Financial assets measured at fair value with changes recognized in other comprehensive income
     The financial asset is classified as a financial asset measured at fair value with changes recognized
in other comprehensive income if it meets all of the following criteria: the Company’s business model
for managing the financial asset is to collect contractual cash flows as well as to sell the financial asset;
and the contractual terms of the financial asset provide that cash flows arising on specific dates consist
solely of payments of principal and interest based on the outstanding principal amount. Such financial
assets are subsequently measured at fair value. Except for impairment losses or gains and foreign
exchange gains or losses, which are recognized in profit or loss, changes in the fair value of such
financial assets are recognized in other comprehensive income until the financial asset is derecognized,
at which time the cumulative gain or loss is transferred to profit or loss. However, interest income on
such financial assets calculated using the effective interest method is recognized in profit or loss.
     The Company has irrevocably elected to designate certain non-trading equity instrument
investments as financial assets measured at fair value with changes recognized in other comprehensive
income, recognizing only the related dividend income in profit or loss for the period and recognizing
changes in fair value as other comprehensive income until the financial asset is derecognized, at which
time the cumulative gain or loss is transferred to retained earnings.
     ③ Financial assets measured at fair value with changes recognized in profit or loss
     Financial assets other than those measured at amortized cost and those measured at fair value with
changes recognized in other comprehensive income are classified as financial assets measured at fair
value with changes recognized in profit or loss. For such financial assets, subsequent measurement is
based on fair value, and all changes in fair value are recognized in profit or loss.
     (3) Classification and Measurement of Financial Liabilities
     The Company classifies financial liabilities into financial liabilities measured at fair value with
changes recognized in profit or loss, loan commitments and financial guarantee contract liabilities at
below-market interest rates, and financial liabilities measured at amortized cost.
     The subsequent measurement of financial liabilities depends on their classification:
     ① Financial liabilities measured at fair value with changes recognized in profit or loss
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     This category of financial liabilities includes financial liabilities held for trading (including
derivatives classified as financial liabilities) and financial liabilities designated as measured at fair value
with changes recognized in profit or loss. After initial recognition, these financial liabilities are
measured at fair value, and any resulting gains or losses (including interest expense) are recognized in
profit or loss, except where related to hedge accounting. However, for financial liabilities designated as
measured at fair value through profit or loss, the Company recognizes changes in the fair value of such
liabilities arising from changes in their own credit risk in other comprehensive income. Upon
derecognition of such financial liabilities, the cumulative gains and losses previously recognized in other
comprehensive income shall be reclassified out of other comprehensive income and recognized in
retained earnings.
     ② Loan Commitments and Financial Guarantee Contract Liabilities
     The loan commitment is a commitment by the Company to provide a loan to a customer under
specified contractual terms during the commitment period. Loan commitments are impaired in
accordance with the expected credit loss model.
     The financial guarantee contract is a contract that requires the Company to make specified
payments to a contract holder that has suffered a loss, when a specified obligor fails to make payment
when due in accordance with the original or modified terms of a debt instrument. Financial guarantee
contract liabilities are subsequently measured at the higher of the loss allowance determined in
accordance with the impairment principles for financial instruments, and the initial recognition amount
less any cumulative amortisation recognised in accordance with the revenue recognition principles.
     ③ Financial liabilities measured at amortized cost
     After initial recognition, other financial liabilities are measured at amortized cost using the effective
interest method.
     Except in specific circumstances, financial liabilities and equity instruments are distinguished based
on the following principles:
     ① If the Company cannot unconditionally avoid fulfilling a contractual obligation by delivering
cash or other financial assets, that contractual obligation meets the definition of a financial liability.
Some financial instruments, although they do not explicitly include terms and conditions requiring the
delivery of cash or other financial assets, may indirectly give rise to a contractual obligation through
other terms and conditions.
     ② If a financial instrument must be, or may be, settled in the entity’s own equity instruments,
consideration must be given to whether the entity’s own equity instruments used to settle the instrument
serve as a substitute for cash or other financial assets, or are intended to give the holder of the instrument
a residual interest in the assets of the issuer after all liabilities have been deducted. If the former, the
instrument is a financial liability of the issuer; if the latter, the instrument is an equity instrument of the
issuer. In some cases, a financial instrument contract requires or permits the Company to settle the
instrument using its own equity instruments, where the amount of the contractual right or obligation
equals the number of the Company’s own equity instruments to be received or delivered multiplied by
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
their fair value at settlement, the contract is classified as a financial liability, regardless of whether the
amount of the contractual right or obligation is fixed or varies, in whole or in part, based on changes in
variables other than the market price of the Company’s own equity instruments (such as interest rates,
the price of a commodity, or the price of a financial instrument).
     (4) Derivative Financial Instruments and Embedded Derivatives
     Derivative financial instruments are initially measured at fair value on the date the derivative
contract is entered into and are subsequently measured at fair value. Derivative financial instruments
with a positive fair value are recognized as assets, while those with a negative fair value are recognized
as liabilities.
     Except for the effective portion of cash flow hedges, which is recognized in other comprehensive
income and reclassified to profit or loss when the hedged item affects profit or loss, gains or losses
arising from changes in the fair value of derivatives are recognized directly in profit or loss.
     For hybrid instruments containing embedded derivatives, if the host contract is a financial asset, the
hybrid instrument as a whole is subject to the relevant provisions for the classification of financial assets.
If the host contract is not a financial asset, and the hybrid instrument is not accounted for as a financial
asset at fair value through profit or loss, and the embedded derivative has no close relationship with the
host contract in terms of economic characteristics and risks, and a standalone instrument with the same
terms as the embedded derivative meets the definition of a derivative, the embedded derivative is
separated from the hybrid instrument and treated as a separate derivative financial instrument. If the fair
value of the embedded derivative cannot be measured separately at the acquisition date or subsequent
balance sheet dates, the hybrid instrument as a whole shall be designated as a financial asset or financial
liability measured at fair value through profit or loss.
     (5) Impairment of Financial Instruments
     The Company recognizes loss allowances based on expected credit losses for financial assets
measured at amortized cost, debt investments measured at fair value with changes recognized in other
comprehensive income, contract assets, lease receivables, loan commitments, and financial guarantee
contracts.
     ① Measurement of Expected Credit Losses
     Expected credit losses refer to the weighted average of credit losses on financial instruments
weighted by the risk of default. Credit losses represent the difference between all contractual cash flows
discounted by the Company at the original effective interest rate and receivable by the Company
according to the contract and all cash flows expected to be received by the Company, namely, the
present value of all cash shortfalls. For financial assets purchased or originated by the Company with
incurred credit impairment, impairment is discounted at the effective interest rate adjusted for credit of
such financial assets.
     Expected credit losses over the entire life of the financial instrument refer to the expected credit
losses resulting from all possible default events that may occur over the entire expected life of the
financial instrument.
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     Expected credit losses over the next 12 months refer to expected credit losses resulting from
potential default events on the financial instrument that may occur within 12 months after the balance
sheet date (or within the expected life of the financial instrument if it is less than 12 months); they
constitute a portion of the expected credit losses over the entire life.
     At each balance sheet date, the Company measures expected credit losses separately for financial
instruments in different stages. Financial instruments for which credit risk has not increased significantly
since initial recognition are classified in Stage 1, and the Company measures loss allowances based on
expected credit losses over the next 12 months; financial instruments for which credit risk has increased
significantly since initial recognition but have not yet incurred credit impairment are classified in Stage
life of the instrument; Financial instruments for which credit impairment has occurred since initial
recognition are classified in Stage 3, and the Company measures the loss allowance based on the
expected credit losses over the entire remaining life of the instrument.
     For financial instruments with low credit risk as of the balance sheet date, the Company assumes
that their credit risk has not increased significantly since initial recognition and measures the loss
allowance based on expected credit losses over the next 12 months.
     For financial instruments in Stage 1 and Stage 2, as well as those with low credit risk, the Company
calculates interest income based on their book balance (before deducting impairment allowances) and
the effective interest rate. For financial instruments in Stage 3, interest income is calculated based on the
amortized cost (the book balance less any impairment loss) and the effective interest rate.
     For notes receivable, accounts receivable, receivables financing, and contract assets, regardless of
whether a significant financing component exists, the Company measures the loss allowance based on
the expected credit losses over the entire life of the instrument.
     A. Receivables/Contract Assets
     For notes receivable, accounts receivable, other receivables, receivables financing, contract assets,
and long-term receivables for which there is objective evidence of impairment or other criteria requiring
individual assessment, impairment tests are conducted on an individual basis to recognize expected
credit losses and record individual impairment allowances. For notes receivable, accounts receivable,
other receivables, receivables financing, contract assets, and long-term receivables for which there is no
objective evidence of impairment, or when information regarding expected credit losses for an
individual financial asset cannot be assessed at a reasonable cost, the Company classifies notes
receivable, accounts receivable, other receivables, receivables financing, contract assets, and long-term
receivables into several groups based on credit risk characteristics. Expected credit losses are calculated
on a group basis, and the basis for determining these groups is as follows:
     The basis for determining portfolios for notes receivable is as follows:
  Portfolio
                    Basis for Determining Portfolios                       Provision Method
   Name
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                   The issuer exhibits a high credit rating, no       Refer to historical credit loss experience and take into
     Bank            history of default on bills, a very low         consideration current conditions and forecasts of future
 Acceptance          credit loss risk, and a strong ability to       economic conditions to calculate expected credit losses
Bill Portfolio 1     fulfill its cash flow obligations under        through default risk exposure and the expected credit loss
                                 payment contracts.                                 rate over the entire duration.
                                                                      Refer to historical credit loss experience and take into
     Bank            Acceptors other than those in Bank              consideration current conditions and forecasts of future
 Acceptance        Acceptance Bill Portfolio 1 are bank-type         economic conditions to calculate expected credit losses
Bill Portfolio 2            financial institutions.                 through default risk exposure and the expected credit loss
                                                                                    rate over the entire duration.
                                                                      Refer to historical credit loss experience and take into
                                                                     consideration current conditions and forecasts of future
Commercial           Acceptors are financial companies or
                                                                      economic conditions to prepare a table comparing the
Acceptance            non-bank financial institutions or
                                                                    aging of accounts receivable with the expected credit loss
Bill Portfolio                 corporate units.
                                                                         rate over the entire duration (similar to accounts
                                                                          receivable) to calculate expected credit losses.
      The basis for determining portfolios for accounts receivable is as follows:
    Portfolio Name           Basis for Determining Portfolios                             Provision Method
                                                                        Refer to historical credit loss experience and take into
                              This portfolio utilizes the aging
    Aging Analysis                                                     consideration current conditions and forecasts of future
                               of receivables as a credit risk
      Portfolio                                                        economic conditions, to measure the provision for bad
                                       characteristic.
                                                                                                  debts.
                             This portfolio utilizes the related        Refer to historical credit loss experience and take into
Related Party Portfolio
                                party portfolio within the             consideration current conditions and forecasts of future
      within the
                              consolidation scope as a credit          economic conditions, to measure the provision for bad
 Consolidation Scope
                                    risk characteristic.                                          debts.
      The basis for determining groups for other receivables is as follows:
                                           Basis for Determining
           Portfolio Name                                                                  Provision Method
                                                 Portfolios
                                            Aging is used as the       Provision is made according to the table for comparison
           Aging Portfolio                       credit risk            between aging and expected credit loss rate (same as
                                               characteristic                           accounts receivable)
                                           Government accounts           Refer to historical credit loss experience and take into
        Government Accounts
                                                 receivable             consideration current conditions and forecasts of future
Portfolio of Account Current between       Related parties within       economic conditions to calculate expected credit losses
      Related Parties within the             the consolidation           through default risk exposure and the expected credit
         Consolidation Scope               scope of the Company         loss rate over the next 12 months or the entire duration.
Portfolio of Account Current between       Related parties within
      Related Parties within the             the consolidation
         Consolidation Scope               scope of the Company
      The basis for determining portfolios for receivables financing is as follows:
  Portfolio
                        Basis for Determining Portfolios                                Provision Method
   Name
                                                                    The Company uses aging to assess the expected credit
                                                                    losses of this type of portfolio. This portfolio carries
                                                                    similar risk characteristics, and aging information can
                                                                        reflect the ability of this portfolio to pay when
                                                                     accounts receivable mature. As of the balance sheet
                      This portfolio utilizes the aging of
  Accounts                                                             date, the Company refers to historical credit loss
                     Receivables Financing as a credit risk
 Receivable                                                            experience and takes into current conditions and
                                 characteristic
                                                                      forecasts of future economic conditions to a table
                                                                     comparing the aging of accounts receivable with the
                                                                       expected credit loss rate over the entire duration
                                                                    (similar to accounts receivable) to calculate expected
                                                                                           credit losses.
                    This portfolio consists of notes issued by
                                                                     Refer to historical credit loss experience and take into
                     entities with high credit ratings, with no
                                                                       consideration current conditions and forecasts of
   Notes           history of note defaults and very low credit
                                                                       future economic conditions to calculate expected
 Receivable        loss risks, and with strong ability to fulfill
                                                                      credit losses through default risk exposure and the
                   their cash flow obligations under payment
                                                                       expected credit loss rate over the entire duration.
                             contracts in the short term
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     The basis for determining portfolios for contract assets is as follows:
  Portfolio     Basis for Determining
                                                                      Provision Method
   Name               Portfolios
                                         Refer to historical credit loss experience and take into consideration current
                Unmatured Security           conditions and forecasts of future economic conditions to calculate
 Portfolio 1
                    Deposits             expected credit losses through default risk exposure and the expected credit
                                                                loss rate over the entire duration.
     The basis for determining portfolios for long-term receivables is as follows:
  Portfolio     Basis for Determining
                                                                      Provision Method
   Name               Portfolios
                                         Refer to historical credit loss experience and take into consideration current
                                             conditions and forecasts of future economic conditions to calculate
 Portfolio 1       Finance Leases
                                         expected credit losses through default risk exposure and the expected credit
                                                                loss rate over the entire duration.
     The Company’s method for calculating aging data to identify credit risk profiles:
                                          Accounts
                           Notes                               Other            Receivables           Long-term
        Aging                            Receivable /
                         Receivable                          Receivables         Financing            Receivables
                                        Contract Assets
Within 1 year                   5%                   5%               5%                    5%                     5%
Over 5 years                  100%                100%              100%                  100%                  100%
     B. Debt Investments and Other Debt Investments
     For debt investments and other debt investments, the Company calculates expected credit losses
based on the nature of the investment, the type of counterparty, and the type of exposure, using default
risk exposure and expected credit loss rates over the next 12 months or the entire life of the investment.
     ② Low Credit Risk
     The financial instrument is considered to have low credit risk if the risk of default is low, the
borrower has a strong ability to meet its contractual cash flow obligations in the short term, and adverse
changes in economic conditions and the operating environment over a longer period do not necessarily
impair the borrower’s ability to meet its contractual cash flow obligations.
     ③ Significant Increase in Credit Risk
     The Company determines whether the credit risk of a financial instrument has increased
significantly since initial recognition by comparing the probability of default over the estimated
remaining life of the financial instrument as determined at the balance sheet date with the probability of
default over the estimated remaining life as determined at initial recognition, thereby assessing the
relative change in the probability of default over the estimated remaining life of the financial instrument.
     In determining whether credit risk has increased significantly since initial recognition, the
Company considers reasonable and supportable information that is readily available without incurring
undue additional costs or effort, including forward-looking information. The information considered by
the Company includes:
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
        A. Whether internal pricing indicators have changed significantly as a result of changes in credit
risk;
        B. Adverse changes in business, financial, or economic conditions that are expected to result in a
significant change in the debtor’s ability to meet its debt obligations;
        C. Whether there have been significant changes in the debtor’s actual or expected operating results;
or whether there have been significant adverse changes in the regulatory, economic, or technological
environment in which the debtor operates;
        D. Whether there have been significant changes in the value of collateral securing the debt or in the
quality of guarantees or credit enhancements provided by third parties. These changes are expected to
reduce the debtor’s economic incentive to repay the debt within the contractually specified timeframe or
to affect the probability of default;
        E. Whether there has been a significant change in the debtor’s economic incentive to make
payments in accordance with the terms of the contract;
        F. Anticipated changes to the loan agreement, including whether anticipated breaches of contract
are likely to result in the waiver or modification of contractual obligations, the granting of a grace period,
an interest rate hike, a request for additional collateral or guarantees, or other changes to the contractual
framework of the financial instrument;
        G. Whether there has been a significant change in the debtor’s expected performance and
repayment behavior;
        H. Whether contract payments are past due by 30 days or more.
        Depending on the nature of the financial instrument, the Company assesses whether credit risk has
increased significantly on an individual financial instrument basis or on a portfolio basis. When
conducting an assessment on a portfolio basis, the Company may classify financial instruments based on
common credit risk characteristics, such as delinquency information and credit ratings.
        Generally, if a financial instrument is past due by more than 30 days, the Company determines that
the credit risk has increased significantly. This determination is made unless the Company can obtain,
without undue cost or effort, reasonable and supportable evidence that, although the payment is more
than 30 days past the contractual due date, the credit risk has not increased significantly since initial
recognition.
        ④ Financial Assets That Have Suffered Credit Impairment
        At the balance sheet date, the Company assesses whether financial assets measured at amortized
cost and debt investments measured at fair value with changes recognized in other comprehensive
income have suffered credit impairment. A financial asset is considered to have suffered credit
impairment when one or more events occur that have an adverse effect on the expected future cash flows
of the financial asset. Evidence that a financial asset is credit-impaired includes the following observable
information:
        The issuer or debtor is experiencing significant financial difficulties; The debtor has breached a
contract, such as defaulting on or delaying interest or principal payments; The creditor grants the debtor
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
concessions that would not otherwise be granted, based on economic or contractual considerations
related to the debtor’s financial difficulties; It is highly probable that the debtor will enter bankruptcy or
undergo other financial restructuring; The disappearance of an active market for the financial asset due
to the financial difficulties of the issuer or debtor; The purchase or origination of a financial asset at a
significant discount, where the discount reflects the occurrence of credit losses.
     ⑤ Presentation of Allowance for Expected Credit Losses
     To reflect changes in the credit risk of financial instruments since initial recognition, the Company
remeasures expected credit losses at each balance sheet date. Any increase or reversal in the allowance
for expected credit losses resulting from such remeasurement shall be recognized as an impairment loss
or gain in current period profit or loss. For financial assets measured at amortized cost, the loss
allowance reduces the book value of the financial asset as presented in the balance sheet; for debt
investments measured at fair value with changes recognized in other comprehensive income, the
Company recognizes the loss allowance in other comprehensive income and does not reduce the book
value of the financial asset.
     ⑥ Write-off
     If the Company no longer reasonably expects to recover all or part of the contractual cash flows of
a financial asset, it shall write down the book balance of that financial asset directly. Such a write-down
constitutes the derecognition of the relevant financial asset. This situation typically arises when the
Company determines that the debtor has no assets or sources of income capable of generating sufficient
cash flows to repay the amount to be written down.
     If a financial asset that has been written down is subsequently recovered, the amount is recognized
as a reversal of an impairment loss in profit or loss for the period in which the recovery occurs.
     (6) Transfer of Financial Assets
     The transfer of a financial asset refers to either of the following two situations:
     A. Transferring the contractual right to receive cash flows from the financial asset to another party;
     B. Transferring all or part of the financial asset to another party, while retaining the contractual
right to receive cash flows from the financial asset and assuming the contractual obligation to pay those
cash flows to one or more payees.
     ① Derecognition of Transferred Financial Assets
     The financial asset is derecognized when substantially all the risks and rewards of ownership of the
financial asset have been transferred to the transferee, or when neither substantially all the risks and
rewards of ownership have been transferred nor retained, but control over the financial asset has been
relinquished.
     In determining whether control over the transferred financial asset has been relinquished, the
transferee’s actual ability to sell the financial asset is considered. If the transferee is able to unilaterally
sell the transferred financial asset in its entirety to an unrelated third party without any additional
conditions restricting such a sale, the Company has relinquished control over that financial asset.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     When determining whether the transfer of a financial asset meets the criteria for derecognition, the
Company focuses on the substance of the transfer.
     If the transfer of a financial asset as a whole meets the criteria for derecognition, the difference
between the following two amounts is recognized in profit or loss for the current period:
     A. The book value of the transferred financial asset;
     B. The sum of the consideration received from the transfer and the portion of the cumulative fair
value changes previously recognized directly in other comprehensive income that corresponds to the
derecognition (in cases where the transferred financial asset is classified as a financial asset measured at
fair value with changes recognized in other comprehensive income pursuant to Paragraph 18 of
Accounting Standard for Business Enterprises No. 22—Recognition and Measurement of Financial
Instruments).
     If a partial transfer of a financial asset meets the criteria for derecognition, the book value of the
transferred financial asset as a whole shall be allocated between the portion subject to derecognition and
the portion not subject to derecognition (in which case, the retained service asset is treated as a
continuing part of the financial asset) based on their respective relative fair values as of the transfer date,
and the difference between the following two amounts shall be recognized in profit or loss for the
current period:
     A. The book value of the derecognized portion on the derecognition date.
     B. The sum of the consideration for the portion derecognized and the portion of the cumulative fair
value changes previously recognized in other comprehensive income corresponding to the portion
derecognized (where the transferred financial asset is classified as a financial asset measured at fair
value with changes recognized in other comprehensive income in accordance with Paragraph 18 of
Accounting Standard for Business Enterprises No. 22—Recognition and Measurement of Financial
Instruments).
     ② Continued involvement in transferred financial assets
     Where an entity has neither transferred nor retained substantially all the risks and rewards of
ownership of a financial asset, and has not relinquished control over that financial asset, it shall
recognize the financial asset to the extent of its continued involvement in the transferred financial asset
and recognize a corresponding liability.
     The extent of continued involvement in a transferred financial asset refers to the extent to which the
entity bears the risk of or reward for changes in the value of the transferred financial asset.
     ③ Continued Recognition of the Transferred Financial Asset
     If the entity retains substantially all the risks and rewards of ownership of the transferred financial
asset, it shall continue to recognize the transferred financial asset in its entirety and recognize the
consideration received as a financial liability.
     The financial asset and the related financial liability recognized shall not be offset against each
other. In subsequent accounting periods, the entity shall continue to recognize the revenue (or gain)
arising from the financial asset and the expense (or loss) arising from the financial liability.
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     (7) Offsetting of Financial Assets and Financial Liabilities
     Financial assets and financial liabilities are separately presented in the balance sheet without
offsetting. However, the net amount after offsetting is presented in the balance sheet if all of the
following conditions are met:
     The Company holds a legal right to offset recognized amounts, and such right is currently
enforceable;
     The Company intends to settle on a net basis, or to realize the financial asset and settle the financial
liability simultaneously.
     For transfers of financial assets that do not meet the criteria for derecognition, the transferring party
shall not offset the transferred financial assets against the related liabilities.
     (8) Methods for Determining the Fair Value of Financial Instruments
     Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants on the measurement date.
     The Company measures the fair value of relevant assets or liabilities using prices from the principal
market; where no principal market exists, the Company measures the fair value of relevant assets or
liabilities using prices from the most advantageous market. The Company adopts the assumptions that a
market participant would use when pricing the asset or liability to maximize its economic benefit.
     The principal market refers to the market with the largest trading volume and highest level of
trading activity for the relevant asset or liability; a most favorable market refers to the market in which,
after considering transaction and transportation costs, the relevant asset can be sold for the highest
amount or the relevant liability can be transferred for the lowest amount.
     For financial assets or financial liabilities with active markets, the Company determines their fair
value using quoted prices in the active market. For financial instruments without active markets, the
Company determines their fair value using valuation techniques.
     For non-financial assets measured at fair value, consideration is given to the ability of a market
participant to generate economic benefits by using the asset for its best use, or to generate economic
benefits by selling the asset to another market participant who can use it for its best use.
     ① Valuation Techniques
     The Company employs valuation techniques that are appropriate under current circumstances and
supported by sufficient available data and other information. The primary valuation techniques used
include the market approach and the cost approach. The Company measures fair value using methods
consistent with one or more of these valuation techniques. When multiple valuation techniques are used
to measure fair value, the Company considers the reasonableness of each valuation result and selects the
amount that best represents fair value under current circumstances as the fair value.
     In applying valuation techniques, the Company gives priority to relevant observable inputs and uses
unobservable inputs only when relevant observable inputs are unavailable or cannot be obtained in a
practical manner. Observable inputs are inputs that can be derived from market data. These inputs reflect
the assumptions used by market participants in pricing the relevant assets or liabilities. Unobservable
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
inputs are inputs that cannot be derived from market data. These inputs are derived from the best
available information regarding the assumptions used by market participants in pricing the relevant
assets or liabilities.
     ② Fair Value Hierarchy
     The Company classifies the inputs used in fair value measurements into three levels, prioritizing
Level 1 inputs, followed by Level 2 inputs, and finally Level 3 inputs. Level 1 inputs are unadjusted
quotes for identical assets or liabilities available in active markets as of the measurement date. Level 2
inputs are directly or indirectly observable inputs for the relevant asset or liability, other than Level 1
inputs. Level 3 inputs are unobservable inputs for the relevant asset or liability.
Applicable □ Not Applicable
Portfolio Categories and Determination Basis for Provision for Bad Debts based on Credit Risk
Characteristics
Applicable □ Not Applicable
    For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Aging Calculation Method for Determining Portfolios of Credit Risk Characteristics Based on
Aging Analysis
Applicable □ Not Applicable
     For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Criteria for Identifying Individual Provisions for Bad Debts on an Individual-item Basis
Applicable □ Not Applicable
     For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Applicable □ Not Applicable
Portfolio Categories and Determination Basis for Provision for Bad Debts based on Credit Risk
Characteristics
Applicable □ Not Applicable
    For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Aging Calculation Method for Determining Portfolios of Credit Risk Characteristics Based on
Aging Analysis
Applicable □ Not Applicable
     For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Criteria for Identifying Individual Provisions for Bad Debts on an Individual-item Basis
Applicable □ Not Applicable
     For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Applicable □ Not Applicable
Portfolio Categories and Determination Basis for Provision for Bad Debts based on Credit Risk
Characteristics
Applicable □ Not Applicable
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
    For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Aging Calculation Method for Determining Portfolios of Credit Risk Characteristics Based on
Aging Analysis
Applicable □ Not Applicable
     For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Criteria for Identifying Individual Provisions for Bad Debts on an Individual-item Basis
Applicable □ Not Applicable
     For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Applicable □ Not Applicable
Portfolio Categories and Determination Basis for Provision for Bad Debts based on Credit Risk
Characteristics
Applicable □ Not Applicable
    For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Aging Calculation Method for Determining Portfolios of Credit Risk Characteristics Based on
Aging Analysis
Applicable □ Not Applicable
     For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Criteria for Identifying Individual Provisions for Bad Debts on an Individual-item Basis
Applicable □ Not Applicable
     For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Applicable □ Not Applicable
Categories of Inventory, Issuance Valuation Methods, Inventory Counting Systems, and
Amortization Methods for Low-value Consumables and Packaging
Applicable □ Not Applicable
     (1) Classification of Inventory
     Inventory refers to finished products or goods held by the Company for sale, work in progress
products, and materials and supplies consumed in the production process or service provision process. It
mainly includes raw materials, work in progress products, inventory goods, and issued goods.
     (2) Inventory Valuation Method upon Issuance
     The Company uses the weighted average method to value inventory at the end of the month when it
is shipped.
     (3) Inventory Counting System
     The Company employs a perpetual inventory system, conducting physical counts at least once a
year; any inventory surpluses or shortages are recognized in the current year’s profit or loss.
     (4) Amortization Methods for Reusable Supplies
     ① Amortization method for low-value consumables: The one-time write-off method is used upon
issuance.
     ② Amortization method for packaging materials: The one-time write-off method is used upon
issuance.
                                 MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
      ③ Amortization method for other reusable supplies: The one-time write-off method is used upon
issuance.
Recognition Criteria and Provision Method for Inventory Write down
Applicable □ Not Applicable
      At the balance sheet date, inventory is measured at the lower of cost and net realizable value. If the
cost of inventory exceeds its net realizable value, an inventory write-down is recognized and included in
profit or loss for the current period.
      In determining the net realizable value of inventory, the entity relies on reliable evidence and
considers factors such as the purpose for which the inventory is held and the impact of events occurring
after the balance sheet date.
      ① For inventory held for direct sale, such as finished goods, merchandise, and materials held for
sale, the net realizable value is determined in the normal course of business as the estimated selling price
less estimated selling expenses and related taxes. For inventory held to fulfill a sales contract or service
contract, the contract price serves as the basis for measuring net realizable value; if the quantity of
inventory held exceeds the quantity ordered under the sales contract, the net realizable value of the
excess inventory is measured based on the general market price. For materials held for sale, the market
price serves as the basis for measuring net realizable value.
      ② For inventory consisting of materials requiring further processing, the net realizable value is
determined in the normal course of business operations as the estimated selling price of the finished
goods produced, less the estimated costs to be incurred until completion, estimated selling expenses, and
related taxes. If the net realizable value of the finished goods produced is higher than the cost, the
material is measured at cost; If a decline in material prices indicates that the net realizable value of the
finished goods will be lower than cost, the material is measured at net realizable value, and an inventory
allowance is recognized for the difference.
      ③ The Company generally recognizes inventory allowances on an item-by-item basis; for
inventories with a large quantity and low unit prices, inventory allowances are recognized by inventory
category.
      The Company’s provision for inventory write-downs on a group basis is as follows:
                                  Basis for determining
            Category                                                Method and Basis for Calculating Net Realizable Value
                                        categories
 Age-based        impairment                                  Determining the net realizable value of inventory based on
                                 Age Group
 groups                                                       age
                                                              Determine net realizable value based on the estimated selling
                                                              price of the finished goods produced, less estimated costs to
 Impairment groups based         Inventory   for     which
                                                              complete, estimated selling expenses, and related taxes /
 on       estimated    selling   estimated selling prices
                                                              Determine net realizable value based on the estimated selling
 prices                          can be obtained
                                                              price of the inventory, less estimated selling expenses and
                                                              related taxes
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
        Calculation methods and basis for determining the net realizable value of each age group when
recognizing net realizable value based on inventory age:
              Inventory Type                          Age Group                 Calculation of net realizable value
Finished Goods - Feed/Food Amino
                                                      Over 1 year                    0% of the book balance
Acids
Finished Goods - Pharmaceuticals                    Over 2.5 years                   0% of the book balance
Raw Materials - Coarse Grains                       Over 1.5 years                   0% of the book balance
Raw Materials - Hardware                              Over 1 year                    0% of the book balance
        ④ If, as of the balance sheet date, the factors that previously led to the write-down of inventory
have ceased to exist, the amount of the write-down shall be reversed and reclassified against the
previously recognized inventory allowance for impairment; the amount of the reversal shall be
recognized in profit or loss for the current period.
Portfolio Categories and Determination Basis for the Provision for Inventory Write-Down on a
Portfolio Basis and Determination Basis for Net Realizable Values of Different Categories of
Inventories
□Applicable Not Applicable
Calculation Method and Determination Basis for Net Realizable Values of Various Inventory Age
Portfolios Based on Inventory Age
□Applicable Not Applicable
Applicable □ Not Applicable
Method and Criteria for Recognizing Contract Assets
Applicable □ Not Applicable
        The Company presents contract assets or contract liabilities on the balance sheet based on the
relationship between the fulfillment of performance obligations and customer payments. Consideration
to which the Company is entitled for goods transferred or services rendered to customers (and where that
entitlement depends on factors other than the passage of time) is presented as a contract asset.
        For details on the Company’s methodology for determining expected credit losses on contract
assets and the related accounting treatment, please refer to Section 5.11 of this document.
        Contract assets and contract liabilities are presented separately on the balance sheet. Contract assets
and contract liabilities under the same contract are presented on a net basis; if the net amount is a debit
balance, it is presented under “Contract Assets” or “Other Non-current Assets” depending on its
liquidity; if the net amount is a credit balance, it is presented under “Contract Liabilities” or “Other Non-
current Liabilities” depending on its liquidity. Contract assets and contract liabilities under different
contracts cannot be offset against each other.
Portfolio Categories and Determination Basis for Provision for Bad Debts based on Credit Risk
Characteristics
Applicable □ Not Applicable
    For further details, see Section 5.11(5), “Impairment of Financial Instruments.”
Aging Calculation Method for Determining Portfolios of Credit Risk Characteristics Based on
Aging Analysis
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
□Applicable Not Applicable
Criteria for Identifying Individual Provisions for Bad Debts on an Individual-item Basis
□Applicable Not Applicable
□Applicable Not Applicable
Recognition Criteria and Accounting Treatment Method for Non-current Assets or Disposal
Portfolios Held for Sale
□Applicable Not Applicable
Recognition Criteria and Presentation Method for Business Termination
□Applicable Not Applicable
Applicable □ Not Applicable
     The Company’s long-term equity investments include equity investments in which the Company
exercises control or significant influence over the investee, as well as equity investments in joint
ventures. Entities over which the Company is able to exercise significant influence are classified as the
Company’s associates.
     (1) Basis for determining joint control or significant influence over an investee
     Joint control refers to the shared control over an arrangement pursuant to relevant agreements,
whereby decisions regarding the arrangement’s activities must be made with the unanimous consent of
the parties sharing control. When determining whether joint control exists, one must first assess whether
all parties or a combination of parties collectively control the arrangement. If all parties or a group of
parties must act in concert to decide on the arrangement’s activities, it is deemed that all parties or that
group of parties collectively control the arrangement. Second, it must be determined whether decisions
regarding the arrangement’s activities require the unanimous consent of the parties collectively
controlling the arrangement. If two or more groups of parties are capable of collectively controlling an
arrangement, this does not constitute joint control. Protective rights are not considered when determining
whether joint control exists.
     Significant influence means that the investor has the power to participate in the decision-making
regarding the investee’s financial and operating policies, but does not have the ability to control or
jointly control the formulation of those policies with other parties. In determining whether significant
influence can be exercised over the investee, consideration is given to the voting shares held directly or
indirectly by the investor, as well as the impact of current exercisable contingent voting rights held by
the investor and other parties, assuming such rights are converted into equity interests in the investee.
This includes the impact of currently convertible warrants, stock options, and convertible bonds issued
by the investee.
     When the Company holds, either directly or indirectly through a subsidiary, 20% (inclusive) or
more but less than 50% of the voting shares of an investee, it is generally considered to have significant
influence over the investee, unless there is clear evidence that, under such circumstances, the Company
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
cannot participate in the investee’s production and operational decision-making and therefore does not
exert significant influence.
     (2) Determination of Initial Investment Cost
     ① The cost of a long-term equity investment arising from a business combination shall be
determined in accordance with the following provisions:
     A. In a business combination under common control, where the combining party provides cash,
transfers non-cash assets, or assumes liabilities as consideration for the combination, the initial cost of
the long-term equity investment shall be the combining party’s share of the book value of the acquiree’s
equity in the ultimate controlling party’s consolidated financial statements as of the combination date.
Any difference between the initial cost of the long-term equity investment and the book value of the
cash paid, non-cash assets transferred, and liabilities assumed shall be recorded in capital surplus; if
capital surplus is insufficient to absorb such difference, the remaining amount shall be recorded in
retained earnings;
     B. In a business combination under common control where the combining party issues equity
securities as consideration for the combination, the initial cost of the long-term equity investment is
determined on the combination date based on the combining party’s share of the book value of the
acquiree’s equity as reported in the ultimate controlling party’s consolidated financial statements. The
total par value of the shares issued shall be recognized as share capital. The difference between the
initial investment cost of the long-term equity investment and the total par value of the shares issued
shall be recorded as an adjustment to capital surplus; if capital surplus is insufficient to absorb the
difference, retained earnings shall be adjusted;
     C. For business combinations not under common control, the initial investment cost of the long-
term equity investment is determined as the fair value of the assets given up, liabilities incurred or
assumed, and equity securities issued to obtain control of the acquiree as of the acquisition date. The
acquirer recognizes audit, legal, valuation, and other professional fees, as well as other related
administrative expenses incurred in connection with the business combination, in profit or loss in the
period in which they are incurred.
     ② Except for long-term equity investments arising from business combinations, the cost of long-
term equity investments acquired through other means shall be determined in accordance with the
following provisions:
     A.For long-term equity investments acquired via cash payment, the initial investment cost is the
actually paid purchase price. It encompasses expenses directly associated with the acquisition of the
long-term equity investments, as well as taxes and other necessary expenditures.
     B. For long-term equity investments acquired through the issuance of equity securities, the initial
investment cost is the fair value of the equity securities issued.
     C. For long-term equity investments acquired through an exchange of non-monetary assets, if the
exchange has commercial substance and the fair value of the assets received or given up can be
measured reliably, the initial investment cost shall be the fair value of the assets given up plus related
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
taxes; the difference between the fair value and the book value of the assets given up shall be recognized
in profit or loss for the current period; If the non-monetary asset exchange does not simultaneously meet
both of the above conditions, the initial investment cost shall be the book value of the assets given up
and related taxes.
     D. For long-term equity investments acquired through debt restructuring, the book value shall be
determined based on the fair value of the debt waived and other costs directly attributable to the asset,
such as taxes. The difference between the fair value and the book value of the debt waived shall be
recognized in profit or loss for the current period.
     (3) Subsequent Measurement and Profit/Loss Recognition
     The Company accounts for long-term equity investments in entities over which it has control using
the cost method; long-term equity investments in associates and joint ventures are accounted for using
the equity method.
     ① Cost Method
     For long-term equity investments accounted for using the cost method, the cost of the investment is
adjusted upon additional investments or the recovery of investments; cash dividends or profits declared
by the investee are recognized as investment income for the current period.
     ② Equity Method
     For long-term equity investments accounted for using the equity method, the general accounting
treatment is as follows:
     If the cost of the Company’s long-term equity investment exceeds the Company’s share of the fair
value of the investee’s identifiable net assets at the time of investment, the initial cost of the long-term
equity investment is not adjusted; if the initial cost of the long-term equity investment is less than the
Company’s share of the fair value of the investee’s identifiable net assets at the time of investment, the
difference is recognized in profit or loss for the current period, and the cost of the long-term equity
investment is adjusted accordingly.
     The Company recognizes investment income and other comprehensive income based on its share of
the investee’s net profit or loss and other comprehensive income, and simultaneously adjusts the book
value of the long-term equity investment; The Company calculates its share of the investee’s declared
profits or cash dividends and reduces the book value of the long-term equity investment accordingly;
other changes in the investee’s equity, excluding net profit or loss, other comprehensive income, and
profit distributions, are recognized by adjusting the book value of the long-term equity investment and
recording the adjustment in equity. When recognizing the Company’s share of the investee’s net profit
or loss, the investee’s net profit is adjusted based on the fair value of the investee’s identifiable net assets
at the time of investment. If the investee’s accounting policies or reporting periods differ from those of
the Company, the investee’s financial statements shall be adjusted in accordance with the Company’s
accounting policies and reporting periods, and investment income and other comprehensive income shall
be recognized accordingly. Unrealized gains or losses arising from internal transactions between the
Company and its associates and joint ventures are eliminated to the extent attributable to the Company
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
based on its ownership interest, and investment gains or losses are recognized on this basis. Unrealized
losses arising from internal transactions between the Company and its investees that constitute asset
impairment losses shall be recognized in full.
     Where an entity is able to exercise significant influence over, or exercise joint control over, an
investee—but does not have control—due to additional investments or other reasons, the initial
investment cost for accounting under the equity method shall be the sum of the fair value of the
previously held equity investment and the cost of the new investment. If the previously held equity
investment was classified as an investment in other equity instruments, the difference between its fair
value and book value, as well as the cumulative gains or losses previously recognized in other
comprehensive income, shall be reclassified from other comprehensive income to retained earnings in
the period in which the investment is reclassified to the equity method.
     If joint control or significant influence over an investee is lost due to the disposal of a portion of the
equity investment or other reasons, the remaining equity interest after the disposal shall be measured at
fair value, and the difference between its fair value and book value, as of the date of loss of joint control
or significant influence shall be recognized in profit or loss for the current period. Other comprehensive
income previously recognized in respect of the equity investment under the equity method shall be
accounted for on the same basis as the direct disposal of assets or liabilities by the investee when the
entity ceases to apply the equity method.
     (4) Equity Investments Held for Sale
     For remaining equity investments not classified as held-for-sale assets, the equity method is applied.
     For equity investments in associates or joint ventures that have been classified as held for sale but
no longer meet the criteria for classification as held-for-sale assets, retrospective adjustments using the
equity method are applied from the date of classification as held-for-sale assets. Financial statements for
the period during which the investments were classified as held for sale are adjusted accordingly.
     (5) Impairment Testing Methods and Recognition of Impairment Losses
     For investments in subsidiaries, associates, and joint ventures, the methods for recognizing asset
impairment are described in Section V, 27 of this document.
Not Applicable
(1) Recognition Conditions
Applicable □ Not Applicable
     Fixed assets are recognized at their actual cost at the time of acquisition when all of the following
conditions are met:
     ①Economic benefits related to the fixed assets are likely to flow into the enterprise.
     ②The cost of the fixed assets can be reliably measured.
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     Subsequent expenditures related to fixed assets are recorded in the cost of fixed assets if they meet
the recognition conditions for fixed assets; or recorded in the profit or loss for the current period if they
do not meet the recognition conditions for fixed assets.
(2) Depreciation Method
Applicable □ Not Applicable
                                                                       Residual Value Rate   Annual Depreciation
     Category         Depreciation Method      Depreciation Period
                                                                              (%)                 Rate (%)
                                              Housing and Structures
   Housing and                                     20-40 years
                      Straight-Line Method                                    0-5                2.375-10.00
    Structures                                 Architectures 10-20
                                                      years
  Machinery and
                      Straight-Line Method          3-20 years                0-5                4.75-33.33
    Equipment
  Transportation
                      Straight-Line Method          3-5 years                 0-5                19.00-33.33
       Tools
 Office and Other
                      Straight-Line Method          3-15 years                0-5                6.33-33.33
    Equipment
     For fixed assets for which an impairment allowance has already been recognized, the amount of the
impairment allowance is deducted when calculating depreciation.
     At the end of each year, the Company reviews the useful lives, estimated net salvage values, and
depreciation methods of its fixed assets. If the estimated useful life differs from the original estimate, the
useful life of the fixed asset is adjusted.
Applicable □ Not Applicable
     (1) Construction in progress is accounted for by project.
     (2) Criteria and timing for transferring construction in progress to fixed assets
     The entry value of a construction-in-progress project is determined by the total expenditures
incurred prior to the asset reaching its intended usable condition. This includes construction costs, the
original cost of machinery and equipment, other necessary expenditures incurred to bring the
construction-in-progress to its intended usable condition, as well as borrowing costs incurred for loans
specifically raised for the project and borrowing costs incurred for general borrowings used for the
project prior to the asset reaching its intended usable condition. The Company transfers construction in
progress to fixed assets upon completion of installation or construction and attainment of the intended
usable condition. For fixed assets that have reached their intended usable condition but for which final
settlement has not yet been completed, the Company will transfer them to fixed assets at an estimated
value based on the project budget, cost estimate, or actual project cost, effective from the date they reach
their intended usable condition. Depreciation will be accrued in accordance with the Company’s fixed
asset depreciation policy. Upon completion of the final settlement, the original estimated value will be
adjusted to reflect the actual cost; however, the depreciation already accrued will not be adjusted.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Applicable □ Not Applicable
     (1) Recognition criteria and capitalization period for borrowing costs
     Borrowing costs incurred by the Company that are directly attributable to the acquisition,
construction, or production of assets that meet the criteria for capitalization shall be capitalized and
included in the cost of the relevant assets when all of the following conditions are met:
     ①Expenditure for the asset has been incurred;
     ②Borrowing costs have been incurred;
     ③The necessary acquisition, construction, or production activities to bring the asset to its intended
usable or saleable state have commenced.
     Other borrowing costs, discounts or premiums, and foreign exchange differences are recognized in
profit or loss in the period in which they occur.
     If the construction or production of an asset eligible for capitalization is abnormally interrupted,
and the interruption lasts for more than three consecutive months, the capitalization of borrowing costs
shall be suspended.
     When the construction or production of an asset eligible for capitalization reaches a stage where it
is ready for use or sale, the capitalization of borrowing costs shall cease; borrowing costs incurred
thereafter shall be recognized as expenses in the period in which they are incurred.
     (2) Capitalization Rate for Borrowing Costs and Method for Calculating the Capitalized Amount
     Where a specific loan is borrowed for the acquisition, construction, or production of assets that
meet the criteria for capitalization, the capitalized amount of interest expenses on the specific loan shall
be determined as the actual interest expenses incurred during the current period, less any interest income
earned from depositing unused loan funds in a bank or investment income earned from temporary
investments.
     Where general loans are used to acquire, construct, or produce assets that meet the criteria for
capitalization, the amount of interest on the general loan to be capitalized shall be calculated by
multiplying the weighted average of asset expenditures exceeding the amount of the specific loan by the
capitalization rate of the general loan used. The capitalization rate shall be determined based on the
weighted average interest rate of the general loan.
□Applicable Not Applicable
□Applicable Not Applicable
(1) Useful life and its Determination Basis, Estimation, Amortization Method, or Review
          Procedures
Applicable □ Not Applicable
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     (1) Valuation Method for Intangible Assets
     Intangible assets are recorded at their actual cost at the time of acquisition.
     (2) Useful Lives and Amortization of Intangible Assets
     ①Estimation of the useful lives of intangible assets with finite useful lives:
                         Estimated
        Item                                                               Basis
                         Useful Life
Land Use Rights          46-50 years                                  Statutory rights
                                         The useful life is determined based on the period during which the asset is
Software                  2-10 years
                                                 expected to generate economic benefits for the Company
Licenses for Patent                      The useful life is determined based on the period during which the asset is
Usage                                            expected to generate economic benefits for the Company
Rights to use drug                       The useful life is determined based on the period during which the asset is
approvals                                        expected to generate economic benefits for the Company
     At the end of each year, the Company reviews the useful lives and amortization methods of
intangible assets with finite useful lives. Upon review, the useful lives and amortization methods of
intangible assets as of the end of the current period remain unchanged from previous estimates.
     ② Intangible assets for which the period over which the entity will derive economic benefits cannot
be estimated are treated as having an indefinite useful life. For intangible assets with an indefinite useful
life, the Company reviews their useful lives at the end of each fiscal year. If the useful life remains
indefinite after such review, an impairment test is performed as of the balance sheet date.
     ③Amortization of Intangible Assets
     For intangible assets with finite useful lives, the Company determines their useful lives upon
acquisition and amortizes them systematically and reasonably using the straight-line method over their
useful lives. The amortization expense is recognized in current period profit or loss or included in the
cost of the related asset, depending on the source of benefit. The specific amount to be amortized is the
cost of the asset less its estimated residual value. For intangible assets for which an impairment loss has
been recognized, the cumulative amount of the impairment loss provision must also be deducted. For
intangible assets with finite useful lives, the residual value is assumed to be zero, except in the following
circumstances: a third party has committed to purchase the intangible asset at the end of its useful life, or
information regarding the estimated residual value is available from an active market, and it is probable
that such a market will exist at the end of the intangible asset’s useful life.
     Intangible assets with indefinite useful lives are not amortized. At the end of each fiscal year, the
useful life of intangible assets with indefinite useful lives is reviewed; if there is evidence that the useful
life of an intangible asset is finite, its useful life is estimated and the asset is amortized systematically
and on a reasonable basis over its estimated useful life.
(2) Aggregation Scope of Research and Development Expenditures and Relevant Accounting
         Treatment Methods
Applicable □ Not Applicable
     The Company classifies all expenses directly related to its research and development activities as
R&D expenses, including employee compensation for R&D personnel, direct input costs, depreciation
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
expenses, amortization of intangible assets, expenses for outsourced research and development, and
other expenses.
research and development projects
     ① The Company classifies activities related to the preparation of materials and other aspects of
future development activities as the research phase, and expenses incurred during the research phase of
intangible assets are recognized in profit or loss as incurred.
     ② Development activities undertaken after the Company has completed the research phase are
classified as the development phase.
     Development phase expenditures may be recognized as intangible assets only if they meet all of the
following criteria:
     A. Completion of the intangible asset to enable its use or sale is technically feasible;
     B. There is an intention to complete the intangible asset and use or sell it;
     C. The intangible asset generates economic benefits, either by demonstrating the presence of a
market for products produced using the asset or by demonstrating the presence of a market for the asset
itself, or by demonstrating its usefulness if it will be used internally;
     D. There are adequate technical, financial, and other resources to complete the development of the
intangible asset and the Company is able to use or sell it;
     E. Expenditures attributable to the development stage of the intangible asset can be reliably
measured.
Applicable □ Not Applicable
     Impairment of assets such as long-term equity investments in subsidiaries, associates, and joint
ventures; investment property measured using the cost model; property, plant, and equipment;
construction in progress; right-of-use assets; intangible assets; and goodwill (excluding inventory,
investment property measured at fair value, deferred tax assets, and financial assets) is determined as
follows:
     At the balance sheet date, the Company assesses whether there are any indications that an asset may
be impaired. If such indications exist, the Company estimates the asset’s recoverable amount and
performs an impairment test. Goodwill arising from business combinations, intangible assets with
indefinite useful lives, and intangible assets not yet ready for use are tested for impairment annually,
regardless of whether there are indications of impairment.
     Recoverable amount is determined as the higher of an asset’s fair value less costs of disposal and
the present value of its estimated future cash flows. The Company estimates the recoverable amount on
an individual asset basis; where it is not practicable to estimate the recoverable amount of an individual
asset, the recoverable amount is determined on the basis of the asset group to which the asset belongs.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
The identification of an asset group is based on whether the primary cash inflows generated by the asset
group are independent of the cash inflows from other assets or asset groups.
     When the recoverable amount of an asset or asset group is lower than its book value, the Company
writes down the book value to the recoverable amount. The amount of the write-down is recognized in
profit or loss for the current period, and a corresponding impairment loss is recognized.
     For the purpose of goodwill impairment testing, the book value of goodwill arising from a business
combination shall be allocated to the relevant asset groups using a reasonable method from the
acquisition date; where it is not practicable to allocate the goodwill to the relevant asset groups, it shall
be allocated to the relevant group of asset groups. The relevant asset group or group of asset groups is an
asset group or group of asset groups that benefits from the synergies of the business combination and
does not exceed the reporting segments identified by the Company.
     When performing impairment tests, if there are indications of impairment for an asset group or a
portfolio of asset groups related to goodwill, the impairment test is first conducted on the asset group or
portfolio of asset groups that do not include goodwill to calculate the recoverable amount and recognize
the corresponding impairment loss. Then, the impairment test is performed on the asset group or
portfolio of asset groups that include goodwill, comparing their book value with the recoverable amount;
if the recoverable amount is lower than the book value, an impairment loss on goodwill is recognized.
     Once an impairment loss on an asset is recognized, it is not reversed in subsequent accounting
periods.
Applicable □ Not Applicable
     Long-term Deferred Expenses represent various expenses that have been incurred by the Company
and should be borne by the current and future periods, with an amortization period of more than one year.
     The Company's long-term deferred expenses are amortized on a straight-line basis over the benefit
period. The amortization periods for each type of expense are as follows:
                             Items                                              Amortization Period
Field usage rights                                                20 years
Housing subsidies                                                 9 years
Employee rewards                                                  5 years
Production materials                                              1.5-5 years
Leasehold improvements                                            5 years
One-time expansion fee                                            11.77-21.33 years
Software service fee                                              5 years
Applicable □ Not Applicable
The Company’s obligation to transfer goods or provide services to customers in exchange for
consideration received or receivable from them is recognized as a contract liability.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(1) Method for Accounting Treatment of Short-term Compensation
Applicable □ Not Applicable
     ①Basic employee compensation (salaries, bonuses, allowances, and subsidies)
     The Company recognizes short-term compensation as a liability and records it in current period
profit or loss during the accounting period in which the employees render their services, unless other
accounting standards require or permit its inclusion in the cost of assets.
     ②Employee Benefits
     Employee benefits incurred by the Company are recognized in current period profit or loss or
included in the cost of the relevant assets at the time they are incurred, based on the actual amount
incurred. Employee benefits in the form of non-monetary benefits are measured at fair value.
     ③ Social insurance premiums (including medical, work-related injury, and maternity insurance
premiums) and housing provident fund contributions, as well as union dues and employee education
funds
     Social insurance premiums (including medical, work-related injury, and maternity insurance
premiums) and housing provident fund contributions paid by the Company on behalf of employees, as
well as union dues and employee education funds allocated in accordance with regulations, are
recognized as employee compensation during the accounting period in which the employees provide
services. The amounts are calculated based on the prescribed accrual bases and rates, and corresponding
liabilities are recognized, with the amounts included in current period profit or loss or the cost of related
assets.
     ④Short-term paid leave
     The Company recognizes employee compensation related to accrued paid leave when employees
render service that increases their future entitlement to paid leave, measuring it at the expected future
payment amount based on the accrued unused entitlement. The Company recognizes employee
compensation related to non-accrued paid leave in the accounting period in which the employee actually
takes the leave.
     ⑤Short-Term Profit-Sharing Plans
     The Company recognizes the related employee benefit liability for a profit-sharing plan if all of the
following conditions are met:
     A. The entity has a legal or constructive obligation to pay employee benefits as a result of past
events;
     B. The amount of the employee benefit liability arising from the profit-sharing plan can be reliably
estimated.
(2) Method for Accounting Treatment of Post-Employment Benefits
Applicable □ Not Applicable
     ①Defined Contribution Plans
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        During the accounting period in which employees render services to the Company, the Company
recognizes as a liability the amount due under a defined contribution plan, and includes it in current
profit or loss or in the cost of the related asset.
        If, under the defined contribution plan, the Company does not expect to pay the full amount of the
contribution liability within twelve months after the end of the reporting period in which the employees
render the related services, the Company measures the total contribution liability as a discounted amount
using an appropriate discount rate (determined based on the market yield of government bonds or high-
quality corporate bonds in an active market that match the term and currency of the defined contribution
plan obligation as of the balance sheet date).
        ②Defined Benefit Plans
        A. Determining the Present Value of Defined Benefit Plan Obligations and Current Service Cost
        Under the projected unit credit method, the Company measures the obligations arising from defined
benefit plans and determines the periods to which those obligations relate by making estimates of
relevant demographic and financial variables using unbiased and consistent actuarial assumptions. The
Company discounts the obligations arising from the defined benefit plan using an appropriate discount
rate (determined based on the market yields of government bonds or high-quality corporate bonds in
active markets that match the term and currency of the defined benefit plan obligations as of the balance
sheet date) to determine the present value of the defined benefit plan obligations and the current service
cost.
        B. Recognition of a Defined Benefit Plan’s Net Liability or Net Asset
        If a defined benefit plan holds assets, the Company recognizes the deficit or surplus resulting from
the present value of the defined benefit plan’s obligations minus the fair value of the plan’s assets as a
defined benefit plan’s net liability or net asset.
        If a defined benefit plan has a surplus, the Company measures the defined benefit plan’s net asset as
the lower of the plan’s surplus and the asset ceiling.
        C. Determining the Amount to be Included in the Cost of Assets or in Profit or Loss for the Period
        Service costs, including current service costs, past service costs, and settlement gains or losses. Of
these, all service costs other than current service costs required or permitted by other accounting
standards to be included in the cost of assets are recognized in profit or loss for the period.
        Net interest on the net liability or net asset of a defined benefit plan, including interest income on
plan assets, interest expense on defined benefit plan obligations, and interest arising from the asset
ceiling, is recognized in current profit or loss.
        D. Determining the Amount to be Recognized in Other Comprehensive Income
        Changes arising from the remeasurement of the net liability or net asset of a defined benefit plan
include:
        (a) Actuarial gains or losses, which are increases or decreases in the present value of the defined
benefit obligation previously measured, resulting from adjustments to actuarial assumptions and
experience;
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     (b) returns on plan assets, net of the amount included in the net interest on the defined benefit
plan’s net liability or net asset;
     (c) changes in the effect of the asset ceiling, net of the amount included in the net interest on the
defined benefit plan’s net liability or net asset.
     Changes in the net liability or net asset of the defined benefit plan resulting from the
remeasurement described above are recognized directly in other comprehensive income and may not be
reclassified to profit or loss in subsequent accounting periods. Upon termination of the original defined
benefit plan, the Company transfers the entire amount previously recognized in other comprehensive
income to retained earnings within the scope of equity.
(3) Method for Accounting Treatment of Termination Benefits
Applicable □ Not Applicable
     When the Company provides termination benefits to employees, it recognizes the employee benefit
liability arising from such termination benefits and includes it in current period profit or loss on the
earlier of the following two dates:
     ①When the Company cannot unilaterally withdraw the termination benefits offered in connection
with a plan to terminate employment relationships or a proposed workforce reduction;
     ②When the entity recognizes costs or expenses related to a restructuring involving the payment of
termination benefits.
     If termination benefits are not expected to be settled in full within twelve months after the end of
the reporting period, the amount of the termination benefits shall be discounted using an appropriate
discount rate (determined based on the market yield of government bonds or high-quality corporate
bonds in an active market that match the term and currency of the defined benefit plan obligation as of
the balance sheet date), and the accrued employee benefits shall be measured at the discounted amount.
(4) Method for Accounting Treatment of Other Long-term Employee Benefits
Applicable □ Not Applicable
     ①Meeting the criteria for establishing a defined contribution plan
     For other long-term employee benefits provided by the Company to employees that meet the
criteria for establishing a defined contribution plan, the total amount required to be contributed is
measured at its present value and recognized as an accrued employee benefit liability.
     ②Meeting the criteria for establishing a defined benefit plan
     At the end of the reporting period, the Company recognizes employee compensation costs arising
from other long-term employee benefits as the following components:
     A. Service cost;
     B. Net interest on the net liability or net asset for other long-term employee benefits;
     C. Changes arising from the remeasurement of the net liability or net asset for other long-term
employee benefits.
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     To simplify the related accounting treatment, the total net amount of the above items is included in
current profit or loss or in the cost of the related assets.
Applicable □ Not Applicable
     (1) Recognition Criteria for Estimated Liabilities
     The Company recognizes the estimated Liabilities if the obligation associated with the contingent
event meets all of the following criteria:
     ①The obligation is a present obligation of the Company;
     ②It is probable that the settlement of the obligation will result in an outflow of economic benefits
from the Company;
     ③The amount of the obligation can be reliably measured.
     (2) Measurement Method for Estimated Liabilities
     Estimated liabilities are initially measured at the best estimate of the expenditure required to settle
the present obligation, taking into account factors such as the risks, uncertainties and the time value of
money related to the contingencies. At each balance sheet date, the book value of the estimated liabilities
is reviewed. If there is conclusive evidence indicating that the book value does not reflect the current
best estimate, the book value is adjusted to the current best estimate.
Applicable □ Not Applicable
     (1) Types of Share-based Payment
     The share-based payment by the Company is categorized into share-based payment settled by cash
and share-based payment settled by equity.
     (2) Method for Determining Fair Value of Equity Instruments
     ① For shares granted to employees, their fair value is measured based on the market price of the
Company’s shares, adjusted to reflect the terms and conditions under which the shares were granted
(excluding vesting conditions other than market conditions). ② For stock options granted to employees,
it is often difficult to obtain their market price. If there are no traded options with similar terms and
conditions, the Company selects an appropriate option pricing model to estimate the fair value of the
options granted.
     (3) Basis for Determining the Best Estimate of Exercisable Equity Instruments
     At each balance sheet date during the vesting period, the Company makes a best estimate of the
number of equity instruments expected to be exercised by adjusting the estimated number of such
instruments based on subsequent information, such as changes in the number of eligible employees, as it
becomes available.
     (4) Accounting Treatment for Share-Based Payment Plans
     Cash-settled Share-Based Payments
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     ① Cash-settled share-based payments that vest immediately upon grant are recognized as an
expense or cost at the fair value of the liability incurred by the Company on the grant date, with a
corresponding increase in liabilities. The fair value of the liability is remeasured at each balance sheet
date prior to settlement and on the settlement date, with any changes recognized in profit or loss.
     ② For cash-settled share-based payments that vest only upon completion of a vesting period or the
achievement of specified performance conditions, the services received during the vesting period are
recognized as costs or expenses and a corresponding liability at the fair value of the liability assumed by
the Company, based on the best estimate of vesting, at each balance sheet date during the vesting period.
     Equity-settled Share-based Payment
     ① An equity-settled share-based payment granted in exchange for employee services that is
immediately exercisable is recognized as a cost or expense at the fair value of the equity instrument on
the grant date, with a corresponding increase in capital surplus.
     ② For equity-settled share-based payments in exchange for employee services that become
exercisable only after the completion of a vesting period or the satisfaction of specified performance
conditions, the services received during the vesting period are recognized as cost or expense and capital
surplus at each balance sheet date during the vesting period, based on the best estimate of the number of
equity instruments that will become exercisable, using the fair value of the equity instruments at the
grant date.
     (5) Accounting Treatment for Modifications to Share-Based Payment Plans
     When the Company modifies a share-based payment plan, if the modification increases the fair
value of the equity instruments granted, the increase in services received is recognized in proportion to
the increase in the fair value of the equity instruments; if the modification increases the number of equity
instruments granted, the fair value of the additional equity instruments is recognized as an increase in
services received. The increase in the fair value of the equity instruments refers to the difference
between the fair value of the equity instruments before and after the modification as of the modification
date. If the modification reduces the total fair value of the equity-settled payment or modifies the terms
and conditions of the equity-settled payment plan in a manner that is otherwise disadvantageous to
employees, the Company continues to account for the services received as if the change had never
occurred, unless the Company cancels some or all of the equity instruments already granted.
     (6) Accounting for the Termination of Share-Based Payment Plans
     If an equity instrument granted is canceled or settled during the vesting period (except for
cancellations due to failure to meet vesting conditions), the Company:
     ① Treats the cancellation or settlement as an accelerated vesting event and immediately recognizes
the amount that would otherwise have been recognized over the remaining vesting period;
     ② Any payments made to employees upon cancellation or settlement shall be treated as a
repurchase of equity; the portion of the repurchase payment that exceeds the fair value of the equity
instrument on the repurchase date shall be recognized as an expense in the current period.
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
        If the Company repurchases equity instruments that have become exercisable by its employees, it
shall reduce its equity; the portion of the repurchase payment that exceeds the fair value of the equity
instrument on the repurchase date shall be recognized in profit or loss for the current period.
□Applicable Not Applicable
(1) Accounting Policies for Disclosure of Revenue Recognition and Measurement by Business Type
Applicable □ Not Applicable
        (1) General Principles
        Revenue is the total inflow of economic benefits arising from the Company’s ordinary activities
that results in an increase in shareholders’ equity and is not attributable to contributions of capital by
shareholders.
        The Company recognizes revenue when it has satisfied the performance obligations under a
contract, that is, when the customer obtains control of the relevant goods. Obtaining control of the
relevant goods means having the ability to direct the use of the goods and derive substantially all of the
economic benefits from them.
        If a contract contains two or more performance obligations, the Company allocates the transaction
price to each performance obligation at the contract date based on the relative proportion of the separate
selling prices of the goods or services promised under each performance obligation, and measures
revenue based on the transaction price allocated to each performance obligation.
        The transaction price is the amount of consideration to which the Company expects to be entitled in
exchange for the transfer of goods or services to a customer, excluding amounts collected on behalf of
third parties. When determining the transaction price of a contract, if variable consideration exists, the
Company determines the best estimate of the variable consideration based on the expected value or the
most likely amount, and includes it in the transaction price up to an amount that is unlikely to result in a
material reversal of the cumulative revenue recognized when the related uncertainty is resolved. If a
contract contains a significant financing component, the Company determines the transaction price
based on the amount payable in cash by the customer upon obtaining control of the goods. The
difference between this transaction price and the contract consideration is amortized over the contract
period using the effective interest method. The Company disregards the financing component if the
interval between the transfer of control and the customer’s payment of the price does not exceed one
year.
        If any of the following conditions are met, the performance of the entity’s performance obligations
is deemed to occur over a period of time; otherwise, it is deemed to occur at a point in time:
        ① The customer obtains and consumes the economic benefits resulting from the entity’s
performance at the same time the entity performs;
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     ② The customer is able to control the goods in the process of being produced during the
Company’s performance;
     ③ The goods produced during the Company’s performance have a non-substitutable use, and the
Company has the right to collect payment for the portion of performance completed to date throughout
the term of the contract.
     For performance obligations satisfied over a period of time, the Company recognizes revenue over
that period based on the stage of completion, unless the stage of completion cannot be reasonably
determined. The Company determines the stage of completion for the provision of services using the
input method (or output method). When the stage of completion cannot be reasonably determined, if the
costs already incurred by the Company are expected to be recovered, revenue is recognized based on the
amount of costs already incurred until the stage of completion can be reasonably determined.
     For performance obligations satisfied at a specific point in time, the Company recognizes revenue
when the customer obtains control of the relevant goods. In determining whether the customer has
obtained control of the goods or services, the Company considers the following indicators:
     ① The Company has a present right to receive payment for the goods or services, meaning the
customer has a present obligation to pay for them;
     ② The Company has transferred legal title to the goods to the customer, meaning the customer has
acquired legal title to the goods;
     ③ The Company has transferred physical possession of the goods to the customer, meaning the
customer has taken physical possession of the goods;
     ④ The Company has transferred the significant risks and rewards of ownership of the goods to the
customer, meaning the customer has assumed the significant risks and rewards of ownership of the
goods;
     ⑤ The customer has accepted the goods.
     (2) Specific Methods
     The Company’s specific revenue recognition methods are as follows:
     The Company's business of selling products such as food flavor and texture optimization products,
animal nutrition amino acids and human medical amino acids typically only involves the obligation to
transfer goods. The revenue recognition policy primarily makes a distinction between domestic and
export customer classifications. The specific methods for revenue recognition are as follows:
     Domestic Sales: According to the contracts or orders signed with the customer, revenue realization
is recognized by the Company at the moment when goods are delivered to the customer, and the
customer takes control over the goods upon receipt.
     Exports: After goods are shipped, the timing of revenue recognition is determined based on the
specific trade terms:
     ① Under FOB, FCA, CIF, CFR, CIP, and CPT terms, control of the goods is transferred once the
goods have been loaded onto the vessel and cleared for export. The company recognizes revenue based
on the export date indicated on the customs declaration.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     ② Under DAP and DDP terms, revenue is recognized when the goods have been cleared for export,
customs formalities have been completed, and the customs declaration has been obtained, and the goods
have been delivered to the destination and accepted by the customer.
(2) Different Revenue Recognition and Measurement Methods for Similar Businesses with
     Different Operating Models
□Applicable Not Applicable
Applicable □ Not Applicable
     Contract costs are classified into Contract Performance Costs and Contract Obtaining Costs.
     Costs incurred by the Company in fulfilling a contract are recognized as an asset as Contract
Performance Costs when all of the following conditions are met:
     ① The cost is directly related to a contract either currently or expected to be obtained, including
direct labor, direct materials, manufacturing expenses (or similar expenses), costs explicitly borne by the
customer, and other costs incurred solely due to the contract;
     ②The cost increases the resources available for the Company to fulfill its performance obligations;
     ③The cost is expected to be recoverable.
     The Company recognizes as an asset the incremental costs incurred to secure a contract, provided
that such costs are expected to be recovered.
     Assets related to contract costs are amortized on the same basis as the revenue from the goods or
services to which they relate; however, for contract obtaining costs with an amortization period of one
year or less, the Company recognizes them in profit or loss in the period in which they are incurred.
     For assets related to contract costs, if the book value exceeds the sum of the following two items,
the Company will recognize an impairment loss on the excess amount and further consider whether to
recognize a provision for losses related to the onerous contract:
     ① The remaining consideration expected to be received from the transfer of the goods or services
related to the asset;
     ② The estimated costs to be incurred in transferring the related goods or services.
     If an impairment loss provision for the aforementioned assets is subsequently reversed, the book
value of the asset after the reversal shall not exceed the book value that the asset would have had on the
date of reversal had no impairment loss provision been recognized.
     Contract performance costs recognized as assets are classified under “Inventories” if the
amortization period upon initial recognition does not exceed one year or one normal operating cycle; if
the amortization period upon initial recognition exceeds one year or one normal operating cycle, they are
classified under “Other Non-current Assets.”
     Contract obtaining costs recognized as assets are classified under “Other Current Assets” if the
amortization period at initial recognition does not exceed one year or one normal operating cycle, and
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
under “Other Non-current Assets” if the amortization period at initial recognition exceeds one year or
one normal operating cycle.
Applicable □ Not Applicable
     (1) Recognition of Government Grants
     Government grants may be recognized only if all of the following conditions are met:
     ① The Company is able to satisfy the conditions attached to the government grant;
     ② The Company is able to receive the government grant.
     (2) Measurement of Government Grants
     Government grants that are monetary assets are measured at the amount received or receivable.
Government grants that are non-monetary assets are measured at fair value; if fair value cannot be
reliably determined, they are measured at a nominal amount of 1 yuan.
     (3) Accounting Treatment of Government Grants
     ①Asset-Related Government Grants
     Government grants received by the Company for the purpose of acquiring, constructing, or
otherwise forming long-lived assets are classified as asset-related government grants. Asset-related
government grants are recognized as deferred income and are amortized to profit or loss over the useful
life of the related asset using a reasonable and systematic method. Government grants measured at their
nominal amount are recognized directly in profit or loss for the current period. If the related asset is sold,
transferred, scrapped, or destroyed before the end of its useful life, the unamortized balance of the
related deferred income is transferred to profit or loss in the period of the asset’s disposal.
     ②Government Grants Related to Income
     Government grants other than those related to assets are classified as government grants related to
income. Government grants related to income are accounted for in accordance with the following
provisions, depending on the circumstances:
     If the grant is intended to compensate for the Company’s related costs, expenses, or losses in future
periods, it is recognized as deferred income and is included in current period profit or loss in the period
in which the related costs, expenses, or losses are recognized;
     If the grant is intended to compensate for the Company’s related costs, expenses, or losses that have
already been incurred, it is directly included in current period profit or loss.
     For government grants that include both asset-related and income-related components, the
components shall be distinguished and accounted for separately; if such distinction is difficult to make,
the grant shall be classified in its entirety as an income-related government grant.
     Government grants related to the Company’s ordinary activities shall be recognized as other
income in accordance with the economic substance of the transaction. Government grants unrelated to
the Company’s ordinary activities shall be recognized as non-operating income or expenses.
     ③Interest Subsidies on Policy-Based Preferential Loans
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     When the government disburses interest subsidy funds to the lending bank, and the lending bank
provides a loan to the Company at a policy-based preferential interest rate, the loan is recorded at the
actual amount received, and the related borrowing costs are calculated based on the principal amount
and the policy-based preferential interest rate.
     When the government disburses interest subsidy funds directly to the Company, the Company
offsets the corresponding interest subsidy against the related borrowing costs.
     ④Return of Government Grants
     When a previously recognized government grant must be returned, if the grant was used to reduce
the book value of a related asset at the time of initial recognition, the book value of the asset is adjusted;
if there is a balance of deferred income related to the grant, the book amount of the deferred income is
reduced, and any excess is recognized in profit or loss for the current period; in all other cases, the
amount is recognized directly in profit or loss for the current period.
Applicable □ Not Applicable
     The Company generally recognizes and measures the tax effects of taxable temporary differences
or deductible temporary differences as deferred income tax liabilities or deferred income tax assets,
respectively, using the balance sheet liability method based on temporary differences between the book
value of assets and liabilities at the balance sheet date and their tax bases. The Company does not
discount deferred income tax assets or deferred income tax liabilities.
     (1) Recognition of Deferred Income Tax Assets
     For deductible temporary differences, tax loss carryforwards, and tax credits that can be carried
forward to future years, the tax effect is calculated using the income tax rate expected to apply in the
period of reversal, and this amount is recognized as a deferred income tax asset, to the extent that it is
probable the Company will have future taxable income against which the deductible temporary
differences, tax loss carryforwards, and tax credits can be utilized.
     For transactions or events that have the following characteristics, the income tax effect of a
deductible temporary difference arising from the initial recognition of an asset or liability shall not be
recognized as a deferred income tax asset:
     A. The transaction is not a business combination;
     B. At the time of the transaction, it affects neither accounting profit nor taxable income (or
deductible losses).
     However, this exemption from the initial recognition of deferred income tax liabilities and deferred
income tax assets does not apply to individual transactions that satisfy both of the above conditions and
result in taxable temporary differences and deductible temporary differences of equal amounts arising
from the initial recognition of assets and liabilities. For taxable temporary differences and deductible
temporary differences arising from the initial recognition of assets and liabilities in such a transaction,
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
the Company recognizes corresponding deferred income tax liabilities and deferred income tax assets at
the time of the transaction.
     The Company recognizes deferred income tax assets for the tax effects of deductible temporary
differences arising from investments in subsidiaries, associates, and joint ventures only if both of the
following conditions are met:
     A. It is probable that the temporary difference will reverse in the foreseeable future;
     B. It is probable that taxable income will be available in the future against which the deductible
temporary differences can be utilized;
     At the balance sheet date, if there is clear evidence that sufficient taxable income will likely be
available in future periods to utilize the deductible temporary differences, the Company recognizes
deferred income tax assets that were not recognized in prior periods.
     At the balance sheet date, the Company reviews the book value of deferred income tax assets. If it
is probable that sufficient taxable income will not be available in future periods to utilize the benefits of
the deferred income tax assets, the book value of the deferred income tax assets is written down. When it
becomes probable that sufficient taxable income will be available, the amount of the write-down is
reversed.
     (2) Recognition of Deferred Income Tax Liabilities
     The Company measures the income tax effect of all taxable temporary differences using the income
tax rate expected to apply in the period of reversal and recognizes that amount as a deferred income tax
liability, except in the following cases:
     ① The income tax effect of taxable temporary differences arising from the following transactions
or events is not recognized as a deferred income tax liability:
     A. The initial recognition of goodwill;
     B. The initial recognition of assets or liabilities arising from transactions that do not qualify as
business combinations and that, at the time of the transaction, affect neither accounting profit nor taxable
income or deductible losses.
     ② The Company generally recognizes the tax effect of taxable temporary differences arising from
investments in subsidiaries, joint ventures, and associates as deferred income tax liabilities, except where
both of the following conditions are met:
     A. The Company is able to control the timing of the reversal of the temporary difference;
     B. It is highly probable that the temporary difference will not reverse in the foreseeable future.
     (3) Recognition of Deferred Income Tax Liabilities or Assets Arising from Specific Transactions or
Events
     ① Deferred Income Tax Liabilities or Assets Related to Business Combinations
     Taxable temporary differences or deductible temporary differences arising from business
combinations under non-common control are recognized as deferred income tax liabilities or deferred
income tax assets; at the same time, the related deferred tax expense (or income) is generally recognized
as an adjustment to the goodwill recognized in the business combination.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     ②Items recognized directly in equity
     Current and deferred income taxes relating to transactions or events recognized directly in equity
are recognized in equity. Transactions or events for which the tax effect of temporary differences is
recognized in equity include: other comprehensive income arising from changes in the fair value of other
debt investments; adjustments to opening retained earnings resulting from changes in accounting
policies applied retrospectively or from the retrospective restatement of prior-period (material)
accounting errors; and hybrid financial instruments containing both liability and equity components,
which are recognized in equity upon initial recognition.
     ③Tax Loss Carryforwards and Tax Credits
     A. Tax Loss Carryforwards and Tax Credits Arising from the Company’s Own Operations
     The tax loss carryforward refers to a loss that, in accordance with tax laws, is allowed to be offset
against taxable income in future years. Unutilized tax loss carryforwards (tax loss carryforwards) and tax
credits that may be carried forward to future years in accordance with tax laws are treated as deductible
temporary differences. When it is probable that sufficient taxable income will be available in future
periods to utilize the net operating loss carryforwards or tax credits, a deferred income tax asset is
recognized to the extent of such probable taxable income, and the income tax expense in the current
period’s income statement is reduced accordingly.
     B. Unutilized tax losses of the acquiree arising from a business combination
     In a business combination, if the Company acquires deductible temporary differences of the
acquiree that do not meet the criteria for recognition as deferred income tax assets as of the acquisition
date, such deferred income tax assets shall not be recognized. If, within 12 months after the acquisition
date, new or further information is obtained indicating that the relevant circumstances existing at the
acquisition date were already present, and it is expected that the economic benefits arising from the
acquiree’s deductible temporary differences as of the acquisition date will be realized, the related
deferred income tax assets shall be recognized, and goodwill shall be reduced accordingly. If the
goodwill is insufficient to absorb the reduction, the excess amount shall be recognized in profit or loss
for the current period. Except for the circumstances described above, deferred income tax assets related
to a business combination shall be recognized and charged to profit or loss for the current period.
     ④ Temporary differences arising from consolidation eliminations
     When preparing consolidated financial statements, if the Company recognizes deferred income tax
assets or deferred income tax liabilities in the consolidated balance sheet due to temporary differences
arising from the elimination of unrealized gains or losses on internal sales—where the book value of
assets and liabilities in the consolidated balance sheet differ from their tax bases in the respective taxable
entities— while simultaneously adjusting the income tax expense in the consolidated income statement,
except for deferred income taxes related to transactions or events recognized directly in equity and
business combinations.
     ⑤ Dividends on Financial Instruments Classified as Equity Instruments
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     For financial instruments classified as equity instruments issued by the Company, if the related
dividend payments are deductible for corporate income tax purposes in accordance with tax regulations,
the Company recognizes the income tax impact associated with the dividends when it recognizes the
dividend payable. If the distributed profits arise from transactions or events that generated profit or loss
in prior periods, the income tax effect of such dividends is recognized in current profit or loss; if the
distributed profits arise from transactions or events previously recognized in equity, the income tax
effect of such dividends is recognized in equity.
     (4) Basis for presenting deferred income tax assets and deferred income tax liabilities as the net
amount
     When the following conditions are met simultaneously, deferred income tax assets and deferred
income tax liabilities are presented as the net amount after offset:
     ①The Company has the legal right to settle current income tax assets and liabilities on a net basis;
     ②Deferred income tax assets and deferred income tax liabilities relate either to income taxes levied
by the same tax authority on the same taxable entity or to different taxable entities. However, for each
significant period in which deferred income tax assets and deferred income tax liabilities are reversed in
the future, the intention of the entity involved is to settle the current income tax assets and liabilities on a
net basis or to simultaneously obtain assets and settle liabilities.
Applicable □ Not Applicable
Judgement Basis and Accounting Treatment Method for Simplified Disposal of Short-term Leases
and Leases of Low-value Assets as Lessee
Applicable □ Not Applicable
     At the commencement of the lease term, the Company classifies leases with a term of 12 months or
less and that do not include a purchase option as short-term leases; it classifies leases where the value of
the individual leased asset is low when new as low-value asset leases. If the Company subleases or
intends to sublease the leased asset, the original lease is not classified as a low-value asset lease.
     For all short-term leases and low-value asset leases, the Company capitalizes lease payments into
the cost of the related asset or recognizes them in profit or loss on a straight-line basis over the lease
term.
     Except for the short-term leases and low-value asset leases treated under the simplified approach
described above, the Company recognizes a right-of-use asset and a lease liability at the commencement
date of the lease.
     ①Right-of-Use Assets
     The right-of-use asset is the right of the lessee to use a leased asset during the lease term.
     At the commencement of the lease term, a right-of-use asset is initially measured at cost. This cost
includes:
  • The initial measurement amount of the lease liability;
  • Lease payments made on or before the commencement of the lease term, net of any lease incentives
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
already received, if applicable;
  • Initial direct costs incurred by the lessee;
  • Costs expected to be incurred by the lessee for dismantling and removing the leased asset, restoring
the site where the leased asset is located, or returning the leased asset to the condition specified in the
lease terms. The Company recognizes and measures these costs in accordance with the criteria and
methods for recognizing and measuring contingent liabilities; see Section V, 31 for details. The
aforementioned costs, if incurred for the production of inventory, are included in the cost of inventory.
     Depreciation of right-of-use assets is calculated using the straight-line method. For leases where it
can be reasonably determined that ownership of the leased asset will be obtained at the end of the lease
term, the depreciation rate is determined based on the category of the right-of-use asset and the
estimated residual value rate over the expected remaining useful life of the leased asset; for leases where
it cannot be reasonably determined that ownership of the leased asset will be obtained at the end of the
lease term, depreciation is calculated over the shorter of the lease term and the remaining useful life of
the leased asset, using the depreciation rate applicable to the category of the right-of-use asset.
     The depreciation methods, depreciation periods, residual values, and annual depreciation rates for
each category of right-of-use assets are as follows:
                            Depreciation    Depreciation Period   Residual Value Rate   Annual Depreciation
          Category
                               Method              (Years)               (%)                 Rate (%)
                            Straight-Line
Housing and Structures                         Lease Term                 --                20.00-34.55
                               Method
                            Straight-Line
Transportation Tools                           Lease Term                 --                    20
                               Method
     ②Lease Liabilities
     Lease liabilities shall be initially measured at the present value of the lease payments not yet paid as
of the commencement date of the lease term. Lease payments consist of the following five components:
  • Fixed payments and payments that are effectively fixed, net of any lease incentives, if applicable;
  • Variable lease payments that depend on an index or rate;
  • The exercise price of a purchase option, provided the lessee reasonably expects to exercise that
option;
  • Amounts payable upon exercising a termination option, provided the lease term reflects that the
lessee expects to exercise the termination option;
  • Amounts expected to be paid based on the residual value of guarantees provided by the lessee.
     The present value of lease payments is calculated using the implicit rate of the lease as the discount
rate; if the implicit rate cannot be determined, the Company’s incremental borrowing rate is used as the
discount rate. The difference between the lease payments and their present value is considered as
unrecognized financing costs. Interest expense is recognized in each period of the lease term using the
discount rate applied to determine the present value of the lease payments and is included in profit or
loss for the period. Variable lease payments not included in the measurement of the lease liability are
recognized in profit or loss when they are incurred.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     After the commencement date of the lease term, if there is a change in the effective fixed payments,
a change in the expected amount payable for the guaranteed residual value, a change in the indices or
rates used to determine the lease payments, or a change in the valuation or actual exercise of a purchase
option, renewal option, or termination option, the Company remeasures the lease liability based on the
present value of the revised lease payments and adjusts the book amount of the right-of-use asset
accordingly.
Classification Criteria and Accounting Treatment Method for Leases as Lessor
Applicable □ Not Applicable
     On the lease commencement date, the Company classifies leases that transfer substantially all the
risks and rewards incidental to ownership of the leased asset as finance leases; all other leases are
classified as operating leases.
     ①Operating Leases
     The Company recognizes lease receipts as rental revenue on a straight-line basis over the lease term.
Initial direct costs incurred are capitalized and amortized on the same basis as the recognition of rental
revenue, with the amortization charged to current profit or loss. Variable lease payments related to
operating leases that are not included in lease receipts are recognized in current profit or loss when
incurred.
     ②Finance Leases
     At the commencement of the lease, the Company recognizes a finance lease receivable equal to the
net investment in the lease (the sum of the unguaranteed residual value and the present value of lease
payments not yet received at the commencement of the lease term, discounted using the implicit interest
rate of the lease) and derecognizes the finance lease asset. During each period of the lease term, the
Company calculates and recognizes interest income using the implicit interest rate of the lease.
     Variable lease payments received by the Company that are not included in the measurement of the
net investment in the lease are recognized in profit or loss in the period in which they are incurred.
Applicable □ Not Applicable
     (I) Work Safety Expenses and Maintenance and Renovation Expenses
     The Company sets aside work safety expenses in accordance with national regulations, which are
included in the cost of related products or in current period profit or loss, and simultaneously recorded
under the “Special Reserve” account.
     When work safety expenses and maintenance and renovation expenses are used within the
prescribed scope, if they constitute expense-type expenditures, they are directly charged to Special
Reserves; if they result in fixed assets, the incurred expenditures are first aggregated in the
“Construction in Progress” account. Upon completion of the safety project and attainment of its intended
usable condition, the assets are recognized as fixed assets; simultaneously, Special Reserves are reduced
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
by the cost of the fixed assets, and accumulated depreciation of the same amount is recognized. No
further depreciation is charged on these fixed assets in subsequent periods.
     (II) Repurchase of Company Shares
     (1) Where the Company reduces its capital by repurchasing its own shares in accordance with
statutory procedures and upon approval, the share capital shall be reduced by the total par value of the
shares canceled. The difference between the purchase price paid for the repurchased shares (including
transaction costs) and the par value of the shares shall be adjusted against equity. Any amount exceeding
the total par value shall be offset against capital reserves (share premium), retained earnings, and
undistributed profits in that order; if the amount is less than the total par value, the shortfall shall be
added to capital reserves (share premium).
     (2) Shares repurchased by the Company shall be managed as treasury stock until they are canceled
or transferred, and all expenses incurred in repurchasing the shares shall be recorded as the cost of
treasury stock.
     (3) Upon the transfer of treasury stock, the portion of the transfer proceeds exceeding the cost of
treasury stock shall be credited to capital surplus (share premium); the portion below the cost of treasury
stock shall be offset against capital surplus (share premium), retained earnings, and undistributed profits
in that order.
     (III) Debt Restructuring
     (1) When the Company acts as a creditor
     In cases of debt restructuring through the settlement of debt with assets, the Company initially
recognizes assets other than the acquired financial assets at cost. The cost of inventory includes the fair
value of the waived claim and other costs directly attributable to the asset, such as taxes, transportation
costs, loading and unloading costs, and insurance premiums incurred in bringing the asset to its present
location and condition. The cost of an investment in an associate or joint venture includes the fair value
of the waived claim and other costs directly attributable to the asset, such as taxes. The cost of
investment property includes the fair value of the waived claims and other costs directly attributable to
the asset, such as taxes. The cost of fixed assets includes the fair value of the waived claims and other
costs directly attributable to the asset, such as taxes, transportation costs, loading and unloading costs,
installation costs, and professional service fees incurred before the asset reaches its intended usable
condition. The cost of intangible assets includes the fair value of the debt waived and other costs directly
attributable to bringing the asset to its intended use, such as taxes. The difference between the fair value
of the debt waived and the book amount is recognized in profit or loss for the current period.
     Where a debt restructuring involving the conversion of debt into equity instruments results in the
Company converting a receivable into an equity investment in an associate or joint venture, the
Company measures the initial investment cost based on the fair value of the waived receivable and other
costs directly attributable to the asset, such as taxes. The difference between the fair value and the book
value of the waived receivable is recognized in profit or loss for the current period.
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     Where a debt restructuring is carried out by modifying other terms, the Company recognizes and
measures the restructured debt in accordance with the accounting policies described in Section 5.11 of
this chapter.
     In the case of a debt restructuring involving the settlement of debt with multiple assets or a
combination of assets, the Company first recognizes and measures the acquired financial assets and the
restructured receivables in accordance with the provisions of Section 5.11 of this chapter. It then
allocates the net amount of the fair value of the waived claim—after deducting the recognized amounts
of the acquired financial assets and restructured receivables—proportionally to the fair values of the
assets other than the acquired financial assets, and uses this allocation as the basis for determining the
cost of each asset separately in accordance with the aforementioned methods. The difference between
the fair value and the book value of the waived claim is recognized in profit or loss for the current period.
     (2) When the Company acts as the debtor
     In the case of debt restructuring through the settlement of debt with assets, the Company
derecognizes the relevant assets and the settled debt when they meet the criteria for derecognition; the
difference between the book value of the settled debt and the book value of the transferred assets is
recognized in profit or loss for the current period.
     In the case of debt restructuring by converting debt into equity instruments, the Company
derecognizes the debt when it meets the criteria for derecognition. Upon initial recognition of the equity
instruments, the Company measures them at fair value; if the fair value of the equity instruments cannot
be reliably measured, they are measured at the fair value of the debt being settled. The difference
between the book value of the debt being settled and the recognized amount of the equity instruments is
recognized in profit or loss for the current period.
     In the case of a debt restructuring involving the modification of other terms, the Company
recognizes and measures the restructured debt in accordance with the accounting policies described in
Section 5.11 of this chapter.
     Where debt is restructured by settling the debt with multiple assets or through a combination of
methods, the Company recognizes and measures the equity instruments and restructured debt in
accordance with the aforementioned methods. The difference between the book value of the debt settled
and the sum of the book value of the transferred assets and the recognized amounts of the equity
instruments and restructured debt is recognized in profit or loss for the current period.
     (IV) Significant Accounting Judgments and Estimates
     The Company continuously evaluates its significant accounting estimates and key assumptions
based on historical experience and other factors, including reasonable expectations regarding future
events. The significant accounting estimates and key assumptions that pose a risk of causing a material
adjustment to the book amounts of assets and liabilities in the next fiscal year are listed below:
     (1) Classification of Financial Assets
     The significant judgments involved in determining the classification of financial assets include an
analysis of the business model and the characteristics of contractual cash flows.
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     The Company determines the business model used to manage financial assets at the portfolio level,
taking into account factors such as the manner in which the performance of financial assets is evaluated
and reported to key management personnel, the risks affecting the performance of financial assets and
how those risks are managed, and the manner in which relevant business managers are compensated.
     In assessing whether the contractual cash flows of a financial asset are consistent with a basic
lending arrangement, the Company makes the following key judgments: whether the principal is subject
to changes in its timing or amount during the term of the asset due to prepayment or other reasons; and
whether the interest solely reflects the time value of money, credit risk, other basic lending risks, and the
consideration for costs and profit. For example, whether the prepayment amount reflects only the
outstanding principal, interest based on the outstanding principal, and reasonable compensation for the
early termination of the contract.
     (2) Measurement of Expected Credit Losses on Accounts Receivable
     The Company calculates expected credit losses on accounts receivable based on the exposure to
default risk and the expected credit loss rate, with the expected credit loss rate determined on the basis of
the probability of default and the loss given default. In determining the expected credit loss rate, the
Company uses data such as internal historical credit loss experience and adjusts historical data based on
current conditions and forward-looking information. When considering forward-looking information, the
Company uses indicators such as the risk of an economic downturn, changes in the external market
environment, the technological environment, and changes in customer circumstances. The Company
regularly monitors and reviews the assumptions related to the calculation of expected credit losses.
     (3) Deferred Income Tax Assets
     Deferred income tax assets should be recognized for all unused tax losses to the extent that it is
probable that sufficient taxable income will be available against which to utilize the losses. This requires
management to exercise significant judgment in estimating the timing and amount of future taxable
income, taking into account tax planning strategies, to determine the amount of deferred tax assets to be
recognized.
(1) Changes in Significant Accounting Policies
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
                                                                           Name of financial
            Changes in accounting policies and the reasons                   statement item        Amount affected
                                                                          significantly affected
The Company will apply ‘Interpretation No. 20 of the Enterprise
Accounting Standards’ (Cai Kui [2026] No. 7), issued by the Ministry of           None                  None
Finance on 4 June 2026, with effect from 1 January 2026.
Other information
None
(2) Changes in Significant Accounting Estimates
□Applicable Not Applicable
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(3) Financial Statements Involving Adjustments to the First-Time Implementation of New
     Accounting Standards or Interpretations from 2026 Onward
□Applicable Not Applicable
□Applicable Not Applicable
VI. Taxes
Major Tax Types and Tax Rates
Applicable □ Not Applicable
              Tax Type                             Basis of Taxation                              Tax Rate
                                     Domestic Sales                                 19%, 13%, 9%, 7%, 0%, tax-free
                                     Provision of Real Estate Leasing Services      9%
Value-added Tax
                                     Other Taxable Sales and Services               6%
                                     Simplified Tax Calculation Method              5% or 3%
Consumption Tax
Business Tax
Urban Maintenance and
                                     Actually Paid Turnover Tax Amount              7%, 5%
Construction Tax
Corporate Income Tax                 Taxable Income                                 For details, see *1
                                     The tax base is 70% of the original value of
Property Tax                                                                        12%, 1.2%
                                     the property (or rental income).
                                                                                    Progressive tax rate (0.3%–0.5%),
Property Tax                         Appraised value of real estate and land
Education Surcharge                  Actually Paid Turnover Tax Amount              3%
Local Education Surcharge            Actually Paid Turnover Tax Amount              2%
*1 The corporate income tax rates are set out in the table below.
Elaboration on the disclosure of entities taxed at differing corporate income tax rates.
Applicable □ Not Applicable
                                 Taxpayer Name                                              Income Tax Rate (%)
The Company                                                                                                          15
Meihua Group International Trading (Hong Kong) Limited (hereinafter referred to
as "Hong Kong Meihua")*
Langfang Meihua Seasoning Co., Ltd. (hereinafter referred to as "Langfang
Seasoning")
Tongliao Meihua Seasoning Co., Ltd. (hereinafter referred to as "Tongliao
Seasoning")
Langfang Meihua Bio-Technology Development Co., Ltd. (hereinafter referred to
as "Langfang Development")
Langfang BAIAN Technology Co., Ltd. (hereinafter referred to as "Langfang
BAIAN")
Meihua (Shanghai) Biotechnology Co., Ltd. (hereinafter referred to as "Shanghai R
& D")
Lhasa Meihua Bio-investment Holdings Co., Ltd. (hereinafter referred to as
"Lhasa Meihua")
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Tongliao Meihua Biotechnology Co., Ltd. (hereinafter referred to as "Tongliao
Meihua")
Tongliao Jianlong Chemical Co., Ltd. (hereinafter referred to as “Tongliao
Jianlong”)
Xinjiang Meihua Amino Acid Co., Ltd. (hereinafter referred to as "Xinjiang
Meihua")
Xinjiang Meihua Agricultural Development Co., Ltd. (hereinafter referred to as
"Xinjiang Agriculture")
Wujiaqu Jianlong Chemical Co., Ltd. (hereinafter referred to as “Wujiaqu
Jianlong”)
Jilin Meihua Amino Acid Co., Ltd. (hereinafter referred to as "Jilin Meihua")                                         15
Zhuhai Hengqin Meihua Biotechnology Co., Ltd. (hereinafter referred to as
"Hengqin Meihua")
HONG KONG PLUM HOLDING LIMITED (hereinafter referred to as "Hong
Kong Holdings")*
CAYMAN PLUM HOLDING LIMITED (hereinafter referred to as "Cayman
Company")
PLUM BIOTECHNOLOGY GROUP PTE.LTD. (hereinafter referred to as
“Singapore Company”)
Plumino Precision Fermentation Holdings Pte. Ltd. (hereinafter referred to as
“SPV”)
Shanghai Plumino Amino Acids Co., Ltd. (hereinafter referred to as “SP”)                                              25
Plumino Precision Fermentation(Thailand) Co ., Ltd. (hereinafter referred to as
“TP”)
Plumino Precision Fermentation US Holdings,Inc. (hereinafter referred to as             corporate income tax rate of 21%
“PUS”)                                                                                   and a state corporate income tax
                                                                                                            rate of 8.7%)
Plumino Precision Fermentation USA, Inc. (hereinafter referred to as “UP”)            income tax rate of 21% and a state
                                                                                        corporate income tax rate of 4%)
                                                                                        corporate income tax rate of 21%
Plumino USA lnc. (hereinafter referred to as “PUSA”)
                                                                                         and a state corporate income tax
                                                                                                            rate of 8.7%)
Plumino Precision Fermentation JapanCo., Ltd. (hereinafter referred to as “PJP”)                                   20.42
Plumino Biotechnology Singapore Pte.Ltd. (hereinafter referred to as “PSG”)                                           17
Plumino Precision Fermentation EuropeGmbH (hereinafter referred to as “PEU”)                                          15
Plumino Biotechnology (Guangdong) Co., Ltd. (hereinafter referred to as “PGD”)                                        25
     * Subsidiaries of the Company, Hong Kong Meihua, and Hong Kong Holdings are wholly-owned subsidiaries
registered with the Companies Registry of Hong Kong. The profits tax is based on a two-tiered tax system, with a tax rate
of 8.25% for the first HKD 2 million of profits and 16.5% thereafter.
Applicable □ Not Applicable
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     (1) Corporate Income Tax
     ① The Company is registered in Lhasa, Tibet Autonomous Region. Pursuant to the Announcement
on Continuing the Enterprise Income Tax Policies for the Large-Scale Development of Western China,
Announcement No. 23 [2020] jointly issued by the Ministry of Finance, the State Taxation
Administration and the National Development and Reform Commission, from January 1, 2021 to
December 31, 2030, enterprises established in the western regions and engaged in encouraged industries
are subject to a reduced enterprise income tax rate of 15%.
     ② Langfang R&D, a subsidiary of the Company, was certified as a high-tech enterprise by the
Hebei High-tech Enterprise Certification and Management Working Group on December 2, 2025, with
certificate No. GR202513002211. The validity period is three years, and in 2025, the corporate income
tax will be levied at a rate of 15%.
     ③ Jilin Meihua, a subsidiary of the Company, was certified as a high-tech enterprise by the Jilin
High-tech Enterprise Certification and Management Working Group on November 1, 2024, with
certificate No. GR202422000344. The validity period is three years, and in 2025, the corporate income
tax will be levied at a rate of 15%.
     ④ Tongliao Meihua and Xinjiang Meihua, subsidiaries of the Company, are entitled to a reduced
corporate income tax rate of 15% for enterprises engaged in encouraged industries in the western region,
as stipulated in the Announcement No. 23 [2020] of the Ministry of Finance - Announcement of the
Ministry of Finance, the State Taxation Administration, and the National Development and Reform
Commission on the Continuation of the Corporate Income Tax Policy for the Development of the
Western Region from January 1, 2021, to December 31, 2030.
     ⑤ According to the Announcement No. 6 [2023] of the State Taxation Administration and the
Ministry of Finance - Announcement of the Ministry of Finance on the Income Tax Preferential Policies
for Small and Micro Enterprises and Individual Industrial and Commercial Businesses, Xinjiang
Investment and Shanghai R & D, subsidiaries of the Company, are entitled to a tax incentive. For the
portion of annual taxable income of small-scale and micro-profit enterprises not exceeding RMB 1
million, a reduced rate of 25% is applied to the taxable income, and the corporate income tax is levied at
a rate of 20%.
     ⑥ A Singapore-incorporated subsidiary of the Company has successfully obtained the
“Development and Expansion Incentive” under the International Headquarters Award scheme granted
by the Singapore Economic Development Board (“EDB”). In accordance with the relevant provisions,
the subsidiary is entitled to a concessionary tax rate of 15% for a period of five years, provided that it
continues to meet the requirements stipulated by the EDB.
     (2) Value-added tax
     ①Pursuant to the Notice of the Ministry of Finance and the State Administration of Taxation on the
Exemption of Value-added Tax on Organic Fertilizer Products (Cai Shui [2008] No. 56) and the Reply
of the State Administration of Taxation on Issues Concerning the Exemption of Value-added Tax on
Organic Fertilizer Products (Guo Shui Han [2008] No. 1020), the Company and its subsidiaries,
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Tongliao Meihua, Xinjiang Meihua and Jilin Meihua, were exempt from VAT on the production, sale,
wholesale and retail of organic fertilizer products during the current year.
        ②Pursuant to Item 7, Subparagraph (19), Article 1 of Appendix 3 to the Notice of the Ministry of
Finance and the State Administration of Taxation on Implementing the Pilot Program of Replacing
Business Tax with Value-Added Tax in an All-round Manner (Cai Shui [2016] No. 36), the Company
and its subsidiary Tongliao Meihua are entitled to a VAT exemption on interest income derived from
centralized borrowing and on-lending arrangements.
        ③Pursuant to the Announcement of the Ministry of Finance, the State Taxation Administration and
the Ministry of Veterans Affairs on Further Supporting the Entrepreneurship and Employment of Self-
employed Retired Soldiers (Cai Shui [2019] No. 21) and the Announcement of the Ministry of Finance
and the State Taxation Administration on Extending the Implementation Period of Certain Preferential
Tax Policies (No. 4 [2022]): From January 1, 2019 to December 31, 2023, enterprises that employ self-
employed retired soldiers, enter into labor contracts with a term of more than one year and pay social
insurance contributions in accordance with the law may, from the month in which such contracts are
executed and contributions are paid, enjoy fixed-amount deductions from VAT, urban maintenance and
construction tax, education surcharge, local education surcharge and corporate income tax over a three-
year period based on the actual number of employees recruited. From January 1, 2023 to December 31,
year, which may be increased by up to 50%. The people’s governments of provinces, autonomous
regions and municipalities directly under the central government may determine the specific standards
within such range based on local conditions. The Company’s subsidiary Xinjiang Meihua is entitled to
the above tax credit policy.
□Applicable Not Applicable
VII. Notes to Consolidated Financial Statements
Applicable □ Not Applicable
                                                                                     Unit: Yuan Currency: RMB
                  Items                                 Ending Balance                   Beginning Balance
Cash on Hand                                                              3,420.21                           3,267.17
Bank Deposits                                                     2,563,871,614.99                 3,866,955,277.83
Other Monetary Funds                                                313,306,138.64                  420,114,528.49
Unexpired Interest Receivable                                           586,736.58                    1,098,705.10
Deposits with Financial Companies
Total                                                             2,877,767,910.42                 4,288,171,778.59
     Including: Total Amount Deposited
                 Overseas
Other Explanations
 (1) Details of restricted monetary funds are as follows:                            Unit: Yuan Currency: RMB
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
  Items                                                              June 30, 2026           December 31, 2025
  Bank Acceptance Draft Guarantee Deposit                               295,166,459.00                  277,489,110.74
  Funds in Transit                                                                                        2,478,943.96
  Guarantee Deposits and Other Restricted Funds                             105,210.02                       669,172.00
  Total                                                                 295,271,669.02                  280,637,226.70
      (2) When preparing the statement of cash flow, the Company has excluded restricted cash and
 interest receivable not yet due from cash and cash equivalents at the end of the period.
 Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                                                                                                               Reason and
                                                                                            Beginning
                              Items                                    Ending Balance                           Basis for
                                                                                             Balance
                                                                                                               Designation
 Financial Assets Measured at Fair Value with Changes in Fair                                                               /
 Value Recorded in the Profit or Loss for the Current Period
 Including:
       Wealth Management Products                                      1,977,052,675.20   1,140,377,416.70                  /
 Financial Assets Designated as Being Measured at Fair Value
 with Changes in Fair Value Recorded in the Profit or Loss for
 the Current Period
 Including:
                              Total                                    1,977,052,675.20   1,140,377,416.70                  /
 Other Explanations:
 Applicable □ Not Applicable
      The significant change in financial assets at fair value through profit or loss was mainly attributable
 to the Company’s purchase of wealth management products during the period to improve returns on idle
 funds.
 Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                      Items                                    Ending Balance                  Beginning Balance
 Foreign Exchange Derivative Instruments                                  2,181,653.58                        2,061,300.00
                      Total                                               2,181,653.58                        2,061,300.00
 Other Explanations:
 None
 (1) Classified Presentation of Notes Receivable
 Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                Items                                Ending Balance                          Beginning Balance
Bank Acceptance Notes                                                 36,626,560.85                       107,542,558.59
Commercial Acceptance Notes
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
              Total                                           36,626,560.85                          107,542,558.59
(2) Notes receivable that have been pledged by the Company at the end of the period
□Applicable Not Applicable
(3) Notes receivable that have been endorsed or discounted by the Company at the end of the
     period and are not due as of the balance sheet date
Applicable □ Not Applicable
                                                                                    Unit: Yuan Currency: RMB
                                   Amount derecognized as at the end of       Amount not derecognized as at the end
             Items
                                                the period                                of the period
Bank Acceptance Notes                                                                                 23,151,726.35
Commercial Acceptance Notes
             Total                                                                                    23,151,726.35
(4) Classified Disclosure by the Bad Debt Provision Method
□Applicable Not Applicable
Provisions for Bad Debt Reserves on an Individual-item Basis:
□Applicable Not Applicable
Provisions for Bad Debt Reserves on a Portfolio Basis:
□Applicable Not Applicable
Provisions for Bad Debt Reserves based on the General Model of Expected Credit Losses
□Applicable Not Applicable
Basis for Staging and Provision Ratios for Bad Debt Reserves
None
Explanation of Significant Changes in the Book Value of Notes Receivable with Changes in Loss
Reserves during the Current Period:
□Applicable Not Applicable
(5) Status of Bad Debt Reserves
□Applicable Not Applicable
Including bad debts with significant amounts to be recovered or reversed during the period:
□Applicable Not Applicable
Other Explanations:
None
(6) Notes Receivable Actually Written Off during the Current Period
□Applicable Not Applicable
Including write-offs of significant notes receivable:
□Applicable Not Applicable
Explanation of Write-offs of Notes Receivable:
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
                                                   MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                (1) Disclosure by Aging
                Applicable □ Not Applicable
                                                                                                                         Unit: Yuan Currency: RMB
                                   Aging                                   Ending Book Value                              Beginning Book Value
                Within 1 year (including 1 year)                                          683,314,127.01                                  607,648,713.65
                Within 1 year                                                             683,314,127.01                                  607,648,713.65
                Over 3 years
                Over 5 years
                                   Total                                                  683,430,580.42                                  607,765,167.06
                (2) Classified Disclosure by Bad Debt Provision Methods
                Applicable □ Not Applicable
                                                                                                                        Unit: Yuan Currency: RMB
                                              Ending Balance                                                          Beginning Balance
                        Book Balance             Bad Debt Reserves                            Book Balance               Bad Debt Reserves
     Category                                                                                                                        Provision
                                                               Provision   Book Value                                                              Book Value
                     Amount        Ratio(%)      Amount                                      Amount        Ratio(%)      Amount        Ratio
                                                               Ratio (%)
                                                                                                                                        (%)
Provisions
for Bad Debt
Reserves on
an
Individual-
item Basis
Including:
Provisions
for Bad Debt
Reserves on a 683,430,580.42         100.00 34,177,351.75           5.00 649,253,228.67   607,765,167.06     100.00     30,394,081.00     5.00     577,371,086.06
Portfolio
Basis:
Including:
Aging
Analysis          683,430,580.42     100.00 34,177,351.75           5.00 649,253,228.67   607,765,167.06     100.00     30,394,081.00     5.00     577,371,086.06
Portfolio
      Total       683,430,580.42           / 34,177,351.75             / 649,253,228.67   607,765,167.06          /     30,394,081.00        /     577,371,086.06
                Provisions for Bad Debt Reserves on an Individual-item:
                □Applicable Not Applicable
                Provisions for Bad Debt Reserves on a Portfolio Basis:
                Applicable □ Not Applicable
                Items for Provision on a Portfolio Basic: Aging Analysis Portfolio
                                                                                                                       Unit: Yuan Currency: RMB
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                               Ending Balance
            Name
                                Book Balance                  Bad Debt Reserves           Provision Ratio (%)
Within 1 year                        683,314,127.01                   34,165,706.41                             5.00
            Total                    683,430,580.42                   34,177,351.75                             5.00
Explanation of Provisions for Bad Debt Reserves on a Portfolio Basis:
□Applicable Not Applicable
Provisions for Bad Debt Reserves based on the General Model of Expected Credit Losses
□Applicable Not Applicable
Basis for Staging and Provision Ratios for Bad Debt Reserves
None
Explanation of Significant Changes in the Book Value of Accounts Receivable with Changes in Loss
Reserves during the Current Period:
□Applicable Not Applicable
(3) Status of Bad Debt Reserves
Applicable □ Not Applicable
                                                                                    Unit: Yuan Currency: RMB
                                               Amount of Changes during the Current Period
                         Beginning                        Recovered                                     Ending
      Category                                                            Written       Other
                          Balance          Provision            or                                     Balance
                                                                            off        Changes
                                                          Reversed
Aging Analysis
Portfolio
        Total            30,394,081.00    4,203,885.79                                -420,615.04   34,177,351.75
Including bad debts with significant amounts to be recovered or reversed during the period:
□Applicable Not Applicable
Other Explanations:
None
(4) Accounts Receivable Actually Written Off during the Current Period
□Applicable Not Applicable
Including write-off of significant accounts receivable:
□Applicable Not Applicable
Explanation of Write-off of Accounts Receivable:
□Applicable Not Applicable
(5) Overview of Accounts Receivable and Contract Assets Ranking Top Five in Ending Balances
     Aggregated by Debtors
Applicable □ Not Applicable
                                                                                    Unit: Yuan Currency: RMB
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                  Proportion in the
                                                                                  Total Amount of
                                                            Ending Balances
                 Ending Balances      Ending Balances                             Ending Balances     Ending Balances
                                                              of Accounts
  Entity Name      of Accounts          of Contract                                 of Accounts         of Bad Debt
                                                             Receivable and
                      Receivable          Assets                                  Receivable and         Reserves
                                                             Contract Assets
                                                                                  Contract Assets
                                                                                        (%)
First              144,934,548.62                             144,934,548.62                  21.21      7,246,727.43
Second                62,259,164.44                               62,259,164.44                9.11      3,112,958.22
Third                 47,940,642.03                               47,940,642.03                7.01      2,397,032.10
Fourth                59,880,251.11                               59,880,251.11                8.76      2,994,012.56
Fifth                 27,912,883.32                               27,912,883.32                4.08      1,395,644.17
Total              342,927,489.52                             342,927,489.52                  50.17     17,146,374.48
Other Explanations:
None
Other Explanations:
□Applicable Not Applicable
(1) Status of Contract Assets
□Applicable Not Applicable
(2) Amount of and Reasons for Significant Changes in Book Value during the Reporting Period
□Applicable Not Applicable
(3) Classified Disclosure by Bad Debt Provision Methods
□Applicable Not Applicable
Provisions for Bad Debt Reserves on an Individual-item Basis:
□Applicable Not Applicable
Explanation of Provisions for Bad Debt Reserves on an Individual-item Basis:
□Applicable Not Applicable
Provisions for Bad Debt Reserves on a Portfolio Basis:
□Applicable Not Applicable
Provisions for Bad Debt Reserves based on the General Model of Expected Credit Losses
□Applicable Not Applicable
Basis for Staging and Provision Ratios for Bad Debt Reserves
None
Explanation of significant changes in the book balance of contract assets with changes in loss reserves
during the current period:
□Applicable Not Applicable
(4) Status of Provisions for Bad Debt Reserves for Contract Assets during the Current Period
□Applicable Not Applicable
Including bad debts with significant amounts to be recovered or reversed during the period:
□Applicable Not Applicable
Other Explanations:
None
                                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
              (5) Status of Contract Assets Actually Written Off during the Current Period
              □Applicable Not Applicable
              Including write-off of significant contract assets
              □Applicable Not Applicable
              Explanation of Write-off of Contract Assets:
              □Applicable Not Applicable
              Other Explanations:
              □Applicable Not Applicable
              (1) Classified Presentation of Receivables Financing
              Applicable □ Not Applicable
                                                                                                                Unit: Yuan Currency: RMB
                                 Items                                     Ending Balance                              Beginning Balance
              Notes Receivable                                                           32,002,409.13                               17,834,479.91
              Accounts Receivable                                                          132,084.53                                      143,883.09
                                 Total                                                   32,134,493.66                               17,978,363.00
              (2) Receivables Financing that have been pledged by the Company at the end of the period
              □Applicable Not Applicable
              (3) Receivables Financing that have been endorsed or discounted by the Company at the end of
              the period and are not due as of the balance sheet date
              Applicable □ Not Applicable
                                                                                                                Unit: Yuan Currency: RMB
                                                          Amount derecognized as at the end of           Amount not derecognized as at the end
                             Items
                                                                      the period                                    of the period
              Bank Acceptance Notes                                               554,259,559.99
                             Total                                                554,259,559.99
              (4) Classified Disclosure by Bad Debt Provision Methods
              Applicable □ Not Applicable
                                                                                                                Unit: Yuan Currency: RMB
                                              Ending Balance                                                           Beginning Balance
                        Book Balance              Bad Debt Reserves                              Book Balance                Bad Debt Reserves
   Category
                                                               Provision    Book Value                                                 Provision        Book Value
                    Amount         Ratio(%)      Amount                                       Amount        Ratio(%)       Amount
                                                               Ratio (%)                                                               Ratio (%)
Provisions for
Bad Debt
Reserves on an
Individual-item
Basis
Including:
                                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Provisions for
Bad Debt
Reserves on a
Portfolio Basis:
Including:
Notes
Receivable
Accounts
Receivable
     Total         32,149,169.72        /    14,676.06           /   32,134,493.66     17,985,935.79             /   7,572.79             /   17,978,363.00
             Provisions for Bad Debt Reserves on an Individual-item Basis:
             □Applicable Not Applicable
             Explanation of Provisions for Bad Debt Reserves on an Individual-item Basis:
             □Applicable Not Applicable
             Provisions for Bad Debt Reserves on a Portfolio Basis:
             Applicable □ Not Applicable
             Items for provisions on a portfolio basis: Accounts receivable
                                                                                                        Unit: Yuan Currency: RMB
                                                                                     Ending Balance
                        Name
                                                 Book Balance                    Bad Debt Reserves                   Provision Rate (%)
             Accounts Receivable                          146,760.59                             14,676.06                               10.00
                        Total                             146,760.59                             14,676.06                               10.00
             Explanation of Provisions for Bad Debt Reserves on a Portfolio Basis
             □Applicable Not Applicable
             Provisions for Bad Debt Reserves based on the General Model of Expected Credit Losses
             □Applicable Not Applicable
             Basis for Staging and Provision Ratios for Bad Debt Reserves
             None
             Explanation of significant changes in the book balance of Receivables Financing with changes in loss
             reserves during the current period:
             □Applicable Not Applicable
             (5) Status of Bad Debt Reserves
             Applicable □ Not Applicable
                                                                                                             Unit: Yuan Currency: RMB
                                                             Amount of Changes during the Current Period
                                            Beginning
                      Category                                            Recovered                              Other          Ending Balance
                                             Balance     Provision                            Written off
                                                                         or Reversed                            Changes
             Notes Receivable
             Accounts Receivable              7,572.79     7,103.27                                                                  14,676.06
                        Total                 7,572.79     7,103.27                                                                  14,676.06
             Including bad debts with significant amounts to be recovered or reversed during the period:
             □Applicable Not Applicable
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Other Explanations:
      As at June 30, 2026, the Company measures impairment allowances for receivables financing based
on lifetime expected credit losses. The Company considers that the bank acceptance bills held do not
carry significant credit risk and that no material loss would arise from bank default.
      The criteria and descriptions for recognizing impairment allowances on a portfolio basis are set out
in Section V.11 of this note.
(6) Status of Receivables Financing Actually Written Off during the Current Period
□Applicable Not Applicable
Including write-off of significant Receivables Financing
□Applicable Not Applicable
Write-off Explanation:
□Applicable Not Applicable
(7) Fluctuations in Receivables Financing and Changes in Fair Value during the Current Period:
Applicable □Not Applicable
                                                                                              Unit: Yuan Currency: RMB
                                                       The change amount for this
                      Beginning Balance                                                                Ending Balance
                                                                    period
    Items
                                 Changes in Fair                          Changes in                            Changes in
                    Cost                                  Cost                                   Cost
                                      Value                                  Fair Value                          Fair Value
 Notes
 Receivable
 Accounts
 Receivable
     Total      17,985,935.79          -7,572.79     14,163,233.93             -7,103.27     32,149,169.72        -14,676.06
(8) Other Explanations:
□Applicable Not Applicable
(1) Presentation of Prepayments on Aging
Applicable □ Not Applicable
                                                                                              Unit: Yuan Currency: RMB
      Aging                         Ending Balance                                         Beginning Balance
                           Amount                    Ratio (%)                     Amount                     Ratio (%)
Within 1 year              142,169,965.27                         99.84             171,509,299.41                        99.78
Over 3 years                          2.18                         0.00                   147,678.18                       0.09
      Total                142,397,572.45                        100.00             171,884,582.59                            100
Explanation for significant prepayments with aging exceeding 1 year and not settled timely:
None
(2) Overview of Prepayments Ranking Top Five in Ending Balances Aggregated by Prepayment
     Recipients
Applicable □ Not Applicable
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                   Unit: Yuan Currency: RMB
                                                                              Proportion in Total Amount of Ending
            Entity Name                       Ending Balance
                                                                                  Balances of Prepayments (%)
First                                                    25,729,314.84                                      18.07
Second                                                       9,450,417.00                                       6.64
Third                                                        8,583,906.67                                       6.03
Fourth                                                       7,831,832.59                                       5.50
Fifth                                                        7,670,585.27                                       5.39
                 Total                                   59,266,056.37                                      41.63
Other Explanations:
None
Other Explanations:
□Applicable Not Applicable
Presentation of Items
Applicable □ Not Applicable
                                                                                   Unit: Yuan Currency: RMB
                   Items                        Ending Balance                         Beginning Balance
Interest Receivable                                            2,362,500.00                          1,575,000.00
Dividend Receivable                                                                                  1,395,866.49
Other Receivables                                             60,174,639.77                         67,506,290.09
                   Total                                      62,537,139.77                         70,477,156.58
Other Explanations:
□Applicable Not Applicable
Interest Receivable
(1) Classification of Interest Receivable
Applicable □ Not Applicable
                                                                                   Unit: Yuan Currency: RMB
                 Items                       Ending Balance                          Beginning Balance
Fixed Deposits
Entrusted Loans
Bond Investments
Debt Investments                                         2,362,500.00                               1,575,000.00
                 Total                                   2,362,500.00                               1,575,000.00
(2) Significant Overdue Interest
□Applicable Not Applicable
(3) Classified Disclosure by Bad Debt Provision Methods
□Applicable Not Applicable
Provisions for Bad Debt Reserves on an Individual-item Basis:
□Applicable Not Applicable
Explanation of Provisions for Bad Debt Reserves on an Individual-item Basis:
□Applicable Not Applicable
                                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
           Provisions for Bad Debt Reserves on a Portfolio Basis:
           □Applicable Not Applicable
           (4) Provisions for Bad Debt Reserves based on the General Model of Expected Credit Losses
           □Applicable Not Applicable
           (5) Status of Bad Debt Reserves
           □Applicable Not Applicable
           Including bad debts with significant amounts to be recovered or reversed during the period:
           □Applicable Not Applicable
           Other Explanations:
           None
           (6) Status of Interests Receivable Actually Written Off during the Current Period
           □Applicable Not Applicable
           Including write-off of significant interest receivable
           □Applicable Not Applicable
           Write-off Explanation:
           □Applicable Not Applicable
           Other Explanations:
           □Applicable Not Applicable
           Dividends Receivable
           (1) Dividends Receivable
           Applicable □ Not Applicable
                                                                                                      Unit: Yuan Currency: RMB
                       Item (or Investee)                            Ending Balance                         Beginning Balance
           Tongliao Desheng Bio-techn Co., Ltd.                                                                             1,395,866.49
                               Total                                                                                        1,395,866.49
           (2) Significant Dividends Receivable with Aging Exceeding 1 Year
           Applicable □ Not Applicable
                                                                                                      Unit: Yuan Currency: RMB
                 Item (or Investee)                                                                         Whether Impairment Has
                                                                                   Reason for Non-
                                            Ending Balance          Aging                                    Occurred and Basis for
                                                                                        receipt
                                                                                                                  Assessment
           Tongliao Desheng Bio-techn
           Co., Ltd.
                       Total                 1,395,866.49             /                    /                           /
           (3) Classified Disclosure by Bad Debt Provision Methods
           Applicable □ Not Applicable
                                                                                                     Unit: Yuan Currency: RMB
                                       Ending Balance                                                     Beginning Balance
Category
                   Book Balance               Bad Debt Reserves           Book        Book Balance             Bad Debt Reserves      Book Value
                                                  MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                 Provision       Value                                           Provision
                        Amount         Ratio(%)     Amount          Ratio                  Amount       Ratio(%)       Amount      Ratio
                                                                      (%)                                                           (%)
Provisions
for Bad
Debt
Reserves             1,395,866.49          100    1,395,866.49             100           1,395,866.49          100                          0   1,395,866.49
on an
Individual-
item Basis
Including:
Provisions
for      Bad
Debt
Reserves             1,395,866.49          100    1,395,866.49             100           1,395,866.49          100                          0   1,395,866.49
on            an
Individual-
item Basis
Provisions
for Bad
Debt
Reserves
on a
Portfolio
Basis:
Including:
      Total          1,395,866.49             /   1,395,866.49         /                 1,395,866.49      /                            /       1,395,866.49
                   Provisions for Bad Debt Reserves on an Individual-item Basis:
                   Applicable □ Not Applicable
                                                                                                           Unit: Yuan Currency: RMB
                                                                                          Ending Balance
                               Name
                                                     Book Balance          Bad Debt Reserves    Provision Rate (%)       Reason for provision
                   Tongliao Desheng Bio-techn                                                                            Expected to be
                   Co., Ltd.                                                                                             uncollectible
                               Total                   1,395,866.49              1,395,866.49                    100                /
                   Explanation of Provisions for Bad Debt Reserves on an Individual-item Basis:
                   □Applicable Not Applicable
                   Provisions for Bad Debt Reserves on a Portfolio Basis:
                   □Applicable Not Applicable
                   (4) Provisions for Bad Debt Reserves based on the General Model of Expected Credit Losses
                   □Applicable Not Applicable
                                 MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(5) Status of Bad Debt Reserves
Applicable □ Not Applicable
                                                                                         Unit: Yuan Currency: RMB
                                                 Amount of Changes during the Current Period
                          Beginning                                                                             Ending
    Category                                            Recovered or                           Other
                           Balance        Provision                        Written off                          Balance
                                                          Reversed                          Changes
Provisions for
Bad Debt
Reserves on an                           1,395,866.49                                                         1,395,866.49
Individual-item
Basis
        Total                            1,395,866.49                                                         1,395,866.49
Including bad debts with significant amounts to be recovered or reversed during the period:
□Applicable Not Applicable
Other Explanations:
None
(6) Status of Dividends Receivable Actually Written off during the Current Period
□Applicable Not Applicable
Including write-off of significant dividends receivable
□Applicable Not Applicable
Write-off Explanation:
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
Other Receivables
(1) Disclosure by Aging
Applicable □ Not Applicable
                                                                                         Unit: Yuan Currency: RMB
                                                                                    Book Balance at the Beginning of the
                  Aging                    Book Balance at the End of the Period
                                                                                                   Period
Within 1 year (including 1 year)                                    59,660,928.42                            67,105,934.96
Within 1 year                                                       59,660,928.42                            67,105,934.96
Over 3 years
Over 5 years                                                    114,020,949.18                              110,825,852.83
                  Total                                         178,263,130.62                              187,214,984.60
(2) Classification of Accounts by Nature
Applicable □ Not Applicable
                                                                                         Unit: Yuan Currency: RMB
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                      Book Balance at the Beginning of the
             Account Nature                 Book Balance at the End of the Period
                                                                                                       Period
External Unit Account Current                                        29,303,258.71                               29,727,742.16
Guarantee Deposit                                                    12,695,972.16                                8,971,087.73
Land and Real Estate Account
Receivable
Export Tax Refunds Receivable                                        42,325,665.03                               53,078,814.60
Others                                                                8,265,547.72                                9,764,653.11
                    Total                                         178,263,130.62                                187,214,984.60
(3) Provisions for Bad Debt Reserves
Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                                Stage One                Stage Two                 Stage Three
                                                 Expected Credit Losses      Expected Credit Losses
                              Expected Credit
  Bad Debt Reserves                               for the Entire Duration    for the Entire Duration              Total
                               Losses for the
                                                 (Credit Impairment Not        (Credit Impairment
                              Next 12 Months
                                                       Yet Occurred)                Occurred)
Balance as of January
Balance as of January
Period
-- Transferred to Stage
Two
--Transferred to Stage
Three
-- Reversed to Stage
Two
-- Reversed to Stage
One
Provision for the
Current Period
Reversal for the
Current Period                   1,538,444.66                                                                     1,538,444.66
Write-Off for the
Current Period                                                                                                               -
Write-Off for the
Current Period
Other Changes                      -81,759.00                                                                       -81,759.00
Balance as of June 30,
Basis for Staging and Provision Ratios for Bad Debt Reserves
None
Explanation of Significant Changes in the Book Balance of Other Receivables with Changes in Loss
Reserves during the Current Period:
□Applicable Not Applicable
Basis for the Amount of Provisions for Bad Debt Reserves for the Current Period and for the
Assessment of Significant Increase in Credit Risk for Financial Instruments:
□Applicable Not Applicable
(4) Status of Bad Debt Reserves
Applicable □ Not Applicable
                                      MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                                      Unit: Yuan Currency: RMB
                                                               Amount of Changes during the Current Period
                                          Beginning                                                                      Ending
                  Category                                                 Recovered        Written        Other
                                           Balance          Provision                                                    Balance
                                                                           or Reversed         off        Changes
      Provisions for Bad Debt
      Reserves on an Individual-        112,952,179.43                                                                112,952,179.43
      item Basis
      Provisions for Bad Debt
      Reserves on a Portfolio             6,756,515.08                    1,538,444.66                   -81,759.00     5,136,311.42
      Basis
      Including: Aging Analysis
      Portfolio
                   Total                119,708,694.51                    1,538,444.66                   -81,759.00   118,088,490.85
      Including bad debts with significant amounts to be recovered or reversed during the period:
      □Applicable Not Applicable
      Other Explanations:
      None
      (5) Status of Other Receivables Actually Written off during the Current Period
      □Applicable Not Applicable
      Including write-off of significant other receivables:
      □Applicable Not Applicable
      Explanation of Write-Off of Other Receivables:
      □Applicable Not Applicable
      (6) Overview of Other Receivables Ranking Top Five in Ending Balances Aggregated by Debtors
      Applicable □ Not Applicable
                                                                                                      Unit: Yuan Currency: RMB
                                                     Proportion in the Total
                                                       Amount of Ending                                               Ending Balance of Bad
      Entity Name               Ending Balance                                 Account Nature            Aging
                                                       Balances of Other                                                  Debt Reserves
                                                        Receivables (%)
                                                                               Land and Real
Baizhou Metal, Glass and
Furniture Industrial Park
                                                                               Receivable
Kezuo Zhongqi Jucang                                                           External Unit
Grain Trading Co., Ltd.                                                        Account Current
First Tax Branch of the
                                                                               Export Tax
Baicheng Tax Bureau,
State Administration of
                                                                               Receivable
Taxation
Horqin District Tax
                                                                               Export Tax
Bureau, Tongliao City,
State Administration of
                                                                               Receivable
Taxation
                                      MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
 COFCO Trading                                                              Guarantee
 Baicheng Co., Ltd.                                                         Deposit
            Total              152,276,574.09               85.42                             /                    /         110,668,474.09
       (7) Presented under Other Receivables due to Centralized Fund Management
       □Applicable Not Applicable
       Other Explanations:
       □Applicable Not Applicable
       (1) Classification of Inventories
       Applicable □ Not Applicable
                                                                                                   Unit: Yuan Currency: RMB
                                        Ending Balance                                        Beginning Balance
                                           Inventory                                                Inventory
                                             Write                                                    Write
       Items                            Down/Contract                                             down/Contract
                       Book Balance                         Book Value       Book Balance                              Book Value
                                          Performance                                              Fulfillment
                                          Cost Write                                               Cost Write
                                            Down                                                     Down
Raw Materials         2,176,594,282.94 52,927,524.88 2,123,666,758.06 1,781,556,032.76            99,407,632.81 1,682,148,399.95
Work in Progress       346,341,581.51                      346,341,581.51     352,184,164.47        5,003,649.19       347,180,515.28
Inventory Goods       1,321,840,403.78 77,213,695.35 1,244,626,708.43         898,686,454.87 158,239,212.89            740,447,241.98
Turnover Materials
Consumable
Biological Assets
Contract
Performance Cost
Goods Issued           281,487,779.78                      281,487,779.78     251,851,543.84                           251,851,543.84
       Total          4,126,264,048.01 130,141,220.23 3,996,122,827.78 3,284,278,195.94 262,650,494.89 3,021,627,701.05
       (2) Recognition of Data Resources as Inventory
       □Applicable Not Applicable
       (3) Capitalized Amount of Borrowing Costs Included in Inventory Balance at the End of the
            Period and Its Calculation Criteria and Basis
       Applicable □ Not Applicable
                                                                                                   Unit: Yuan Currency: RMB
                                              Increased Amount for the           Decreased Amount for the
                          Beginning                  Current Period                     Current Period                    Ending
           Items
                           Balance                                             Reversed or                                Balance
                                              Provision            Others                            Others *
                                                                                Written off
       Raw
       Materials
       Work in             5,003,649.19                                         5,003,649.19
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Progress
Inventory
Goods
Turnover
Materials
Consumable
Biological
Assets
Contract
Performance
Cost
Goods in
Transit
    *Other refers to the impairment loss recognized in the current period on the Thai subsidiary.
Reason for Reversal or Write-off of Inventory Write-down Provision During the Current Period
□Applicable Not Applicable
Provision for Inventory Write-down on a Portfolio Basis
□Applicable Not Applicable
Provision Criteria for Inventory Write-down on a Portfolio Basis
□Applicable Not Applicable
(4) Explanation of the Amortization Amount of Contract Performance Costs for the Current
     Period
□Applicable Not Applicable
(5) Explanation of Amortization of Contract Performance Costs for the Current Period
□Applicable Not Applicable
Other Explanation:
□Applicable Not Applicable
□Applicable Not Applicable
√ Applicable □ Not Applicable
                                                                                     Unit: Yuan Currency: RMB
                 Items                              Ending Balance                        Beginning Balance
Debt Investments Due within One Year
Other Debt Investments Due within One
Year
Large-Denomination Certificate of
Deposit
Long-Term Receivables Due within One
Year
                 Total                                          606,208,384.81                         75,575,625.48
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Debt Investments Due within One Year
□Applicable Not Applicable
Other Debt Investments Due within One Year
□Applicable Not Applicable
Other explanations for non-current assets due within one year:
None
√ Applicable □ Not Applicable
                                                                                         Unit: Yuan Currency: RMB
                  Items                                 Ending Balance                        Beginning Balance
Cost of Contract Acquisition
Cost of Receivable Returns
Compensatory Assets
Input Tax Credit for Value-Added Tax                                236,792,139.39                          108,032,314.02
Prepaid Taxes and Fees                                               12,006,589.98                           22,592,023.99
Deferred Expenses                                                    11,601,331.71                            8,660,495.57
Large-denomination Certificate of
Deposit
                  Total                                             376,523,005.53                          214,731,083.57
Information Related to Compensatory Assets
□Applicable Not Applicable
Other Explanations:
None
(1) Status of Debt Investments
√ Applicable □ Not Applicable
                                                                                         Unit: Yuan Currency: RMB
                                      Ending Balance                                    Beginning Balance
      Items                            Impairment                                          Impairment
                      Book Balance                      Book Value       Book Balance                        Book Value
                                         Reserves                                           Reserves
Tongliao Hailin
Biotechnology         10,500,000.00                    10,500,000.00     10,500,000.00                       10,500,000.00
Co., Ltd.
       Total          10,500,000.00                    10,500,000.00     10,500,000.00                       10,500,000.00
Changes in Debt Investment Impairment Reserves for the Current Period
□Applicable Not Applicable
(2) Significant Debt Investments at the End of the Period
□Applicable Not Applicable
(3) Provision for Impairment Reserves
□Applicable Not Applicable
Basis for Staging and Provision Ratios for Impairment Reserves:
None
Explanation of Significant Changes in Book Balance of Debt Investments with Changes in Loss
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Reserves during the Current Period:
□Applicable Not Applicable
Basis for the Amount of Provisions for Impairment Reserves and the Assessment of Significant Increase
in Credit Risk of Financial Instruments
□Applicable Not Applicable
(4) Status of Debt Investments Actually Written Off during the Current Period
□Applicable Not Applicable
Including the write-off of significant debt investments
□Applicable Not Applicable
Explanation of Write-off of Debt Investments:
□Applicable Not Applicable
Other Explanations:
None
(1) Status of Other Debt Investments
□Applicable Not Applicable
Changes in Impairment Reserves for Other Debt Investments for the Current Period
□Applicable Not Applicable
(2) Significant Other Debt Investments at the End of the Period
□Applicable Not Applicable
(3) Provisions for Impairment Reserves
□Applicable Not Applicable
(4) Status of Other Debt Investments Actually Written off during the Current Period
□Applicable Not Applicable
Including the write-off of significant other debt investments
□Applicable Not Applicable
Explanation of write-off of other debt investments:
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
(1) Status of Long-term Receivables
Applicable □ Not Applicable
                                                                                         Unit: Yuan Currency: RMB
                                      Ending Balance                             Beginning Balance                Range of
          Items              Book        Bad Debt                       Book         Bad Debt                     Discount
                                                       Book Value                               Book Value
                            Balance      Reserves                      Balance       Reserves                      Rates
Financing Lease
Receivables
    Including: Unrealized
Financing Income
Goods Sold on an                                                   -
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Installment Basis
Services Provided on an
Installment Basis
Less: Long-term
Receivables Due within    395,786.18              395,786.18     389,397.68              389,397.68
One year
           Total          224,781.42           - 224,781.42      233,244.15         --   233,244.15   /
 (2) Classified Disclosure by Bad Debt Provision Methods
 □Applicable Not Applicable
 Provisions for Bad Debt Reserves on an Individual-item Basis:
 □Applicable Not Applicable
 Explanation of Provisions for Bad Debt Reserves on an Individual-item Basis:
 □Applicable Not Applicable
 Provisions for Bad Debt Reserves on a Portfolio Basis:
 □Applicable Not Applicable
 Provisions for Bad Debt Reserves based on the General Model of Expected Credit Losses
 □Applicable Not Applicable
 (3) Status of Bad Debt Reserves
 □Applicable Not Applicable
 Including bad debts with significant amounts to be recovered or reversed during the period:
 □Applicable Not Applicable
 Other Explanations:
 None
 (4) Status of Long-term Receivables Actually Written Off during the Current Period
 □Applicable Not Applicable
 Including Write-off of Significant Long-term Receivables
 □Applicable Not Applicable
 Explanation of Write-off
 □Applicable Not Applicable
 Other Explanations
 □Applicable Not Applicable
                                                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(1) Status of Long-term Equity Investments
Applicable □ Not Applicable
                                                                                                                                                         Unit: Yuan Currency: RMB
                                                                               Increase/Decrease during the Current Period
                                   Beginning                                                                                                                                  Ending
                                                                           Investment                                    Declaration
                     Beginning      Balances                                                  Adjustments to                            Provisions              Ending        Balances
                                                                          Profit or Loss                        Other        of Cash
Invested Unit         Balance          of        Increase    Decrease                              Other                                   for                  Balance          of
                                                                          Recognized                           Equity    Dividend or                 Others
                    (book value)   Impairment   Investment   Investment                       Comprehensive                             Impairment            (book value)   Impairment
                                                                          under Equity                         Changes       Profits
                                    Reserves                                                      Income                                 Reserves                             Reserves
                                                                             Method                                      Distribution
I. Joint Ventures
Subtotal
II. Associates
Tongliao
Desheng Bio-        4,757,925.21                                          -2,122,489.41                                                                       2,635,435.80
Tech Co., Ltd.
Subtotal            4,757,925.21                                          -2,122,489.41                                                                       2,635,435.80
     Total          4,757,925.21                                          -2,122,489.41                                                                       2,635,435.80
(2) Impairment Testing of Long-term Equity Investments
□Applicable Not Applicable
Other Explanations:
None
(1) Status of Other Equity Instrument Investments
Applicable □ Not Applicable
                                                                                                                                                        Unit: Yuan Currency: RMB
                                                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                                                                                                         Reasons for
                                        Increase/Decrease During the Current Period
                                                                                                                                                                        Designation as
                                                                                                                     Dividend          Gains          Losses
                                                                                                                                                                    Measured at Fair
                                                          Gains             Losses                                    Income       Cumulatively    Cumulatively
                                                                                                                                                                         Value with
            Beginning                                  Recorded in       Recorded in                  Ending        Recognized      Recorded in     Recorded in
 Items                                                                                                                                                                    Changes
             Balance        Increase     Decrease         Other             Other                     Balance         for the          Other           Other
                                                                                          Others                                                                         Recorded in
                           Investment   Investment   Comprehensive     Comprehensive                                  Current      Comprehensive   Comprehensive
                                                                                                                                                                            Other
                                                      Income for the    Income for the                                Period          Income          Income
                                                                                                                                                                        Comprehensive
                                                      Current Period    Current Period
                                                                                                                                                                           Income
Bank of
                                                                                                                                                                    Planned for
Tibet
Co.,
                                                                                                                                                                    Holding
Ltd.
AIM
                                                                                                                                                                    Planned for
Vaccine
Co.,
                                                                                                                                                                    Holding
Ltd.
 Total    301,966,810.00                                                 72,877,160.00             229,089,650.00   1,689,600.00                   207,682,762.50   /
(2) Explanation of Cases Involving Derecognition During the Current Period
□Applicable  Not Applicable
Other Explanations:
□Applicable  Not Applicable
                                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
       Applicable □ Not Applicable
                                                                                                  Unit: Yuan Currency: RMB
                              Item                                 Ending Balance                        Beginning Balance
       Financial Assets Designated as Being
       Measured at Fair Value with Changes in Fair
       Value Recorded in the Profit or Loss for the
       Current Period
                              Total                                           346,396,575.38                       282,005,000.00
       Other Explanations:
       None
       Measurement Model for Investment Properties
       Not Applicable
       Presentation of Items
       Applicable □ Not Applicable
                                                                                                  Unit: Yuan Currency: RMB
                          Items                                 Ending Balance                        Beginning Balance
       Fixed Assets                                                    12,127,838,360.07                        12,768,478,381.36
       Clearance of Fixed Assets
                          Total                                        12,127,838,360.07                        12,768,478,381.36
       Other Explanations:
       None
       Fixed Assets
       (1) Status of Fixed Assets
       Applicable □ Not Applicable
                                                                                                  Unit: Yuan Currency: RMB
                                                                                               Office and
                                       Housing and       Machinery and       Transportation
              Items                                                                              Other              Total
                                        Structures         Equipment             Tools
                                                                                               Equipmet
I. Original Book Value:
Current Period
  (1) Acquisition                           15,436.63       18,906,099.84       214,216.72 11,362,426.29            30,498,179.48
  (2) Transfer from Construction
in Progress
  (3) Other                             39,088,570.38                         8,274,628.00 45,984,917.08            93,348,115.46
Current Period
  (1) Disposal or Scrapping            370,052,973.11     1,380,900,608.91    2,144,225.25 10,773,388.71         1,763,871,195.98
  (2) Transfer from Construction
in Progress
                                     MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                           Office and
                                     Housing and      Machinery and       Transportation
                Items                                                                        Other              Total
                                      Structures        Equipment             Tools
                                                                                           Equipmet
  (3) Others                                             84,091,152.08                                         84,091,152.08
  (4) Foreign Currency
Translation Differences
II. Accumulated Depreciation
Current Period
  (1) Provision                      200,212,870.23     524,481,217.74     2,081,064.20 17,916,502.91         744,691,655.08
  (2) Other                           39,260,971.95                        5,138,607.94 28,240,575.51          72,640,155.40
Current Period
  (1) Disposal or Scrapping          126,280,698.21     915,077,529.32     1,968,370.39 10,219,735.83       1,053,546,333.75
  (2) Transfer from Construction
in Progress
  (3) Other                                              72,670,753.52                                         72,670,753.52
  (4) Foreign Currency
Translation Differences
III. Impairment Reserves
Current Period
  (1) Provision
Current Period
  (1) Disposal or Scrapping          172,958,579.54     370,559,277.67          3,893.95      20,451.81       543,542,202.97
  (2) Foreign Currency
Translation Differences
IV. Book Value
Period
of the Period
         (2) Status of Temporarily Idle Fixed Assets
         □Applicable Not Applicable
         (3) Fixed Assets Leased through Operating Leases
         □Applicable Not Applicable
                                   MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(4) Status of Fixed Assets without Property Ownership Certificates
Applicable □ Not Applicable
                                                                                               Unit: Yuan Currency: RMB
                                                                                              Reasons for Lack of Property
                    Items                                 Book Value
                                                                                                 Ownership Certificates
Housing and Structures                                             493,709,862.70                      In Process
Total                                                              493,709,862.70
(5) Impairment Testing of Fixed Assets
Applicable □ Not Applicable
Recoverable amount is determined as the net amount after deducting disposal costs from fair
value
Applicable □ Not Applicable
                                                                                               Unit: Yuan Currency: RMB
                                                                                 Determination
                                                                                                                     Basis for
                                              Recoverable         Impairment        of Fair Value        Key
      Items             Book Value                                                                                        Key
                                                 amount                 Loss        and Disposal      Parameters
                                                                                                                    Parameters
                                                                                       Costs
Housing       and                                                                Fair value is          (1) Fair
Structures                                                                       determined            value; (2)
                                                                                                                    value          is
Machinery                                                                        based on              Disposal
                                                                                                                    determined
and                   7,623,902,979.74       7,436,084,979.30   187,818,000.44   market                  costs
                                                                                                                    based         on
Equipment                                                                        quotations,
                                                                                                                    historical
Transportation                                                                   market
Tools                                                                            transaction
                                                                                                                    prices        of
                                                                                 prices of
                                                                                                                    assets,
                                                                                 identical or
                                                                                                                    market
                                                                                 similar assets
                                                                                                                    quotations
                                                                                 after
                                                                                                                    and         other
                                                                                 considering
                                                                                                                    relevant
                                                                                 adjustment
                                                                                                                    data;         (2)
                                                                                 factors, or net
                                                                                                                    Disposal
Office        and                                                                realisable
                                                                                                                    costs
Other                   153,545,827.26        152,445,780.87      1,100,046.39   value from
                                                                                                                    include
Equipmet                                                                         piecemeal
                                                                                                                    handling
                                                                                 disposal.
                                                                                                                    fees, taxes
                                                                                 Disposal costs
                                                                                                                    and         other
                                                                                 refer to costs
                                                                                                                    costs
                                                                                 directly
                                                                                                                    related        to
                                                                                 attributable to
                                                                                                                    asset
                                                                                 the disposal
                                                                                                                    disposal.
                                                                                 of assets.
      Total          12,435,341,827.28      12,127,838,360.07   307,503,467.21            /                /                /
                                       MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
       Recoverable amount is determined based on the present value of expected future cash flows
       □Applicable Not Applicable
       Reasons for differences between the foregoing information and the information used in
       impairment tests in previous years or external information
       □Applicable Not Applicable
       Reasons for differences between the information used in impairment tests in previous years and
       the actual situation in the current year
       □Applicable Not Applicable
       Other Explanations:
       □Applicable Not Applicable
       Clearance of Fixed Assets
       □Applicable Not Applicable
       Presentation of Items
       Applicable □ Not Applicable
                                                                                            Unit: Yuan Currency: RMB
                          Items                             Ending Balance                       Beginning Balance
       Construction in Progress                                     1,224,070,636.54                        331,385,832.85
       Engineering Materials                                             61,898,491.25                       12,174,104.36
                          Total                                      1,285,969,127.79                       343,559,937.21
       Other Explanations:
       None
       Construction in Progress
       (1) Status of Construction in Progress
       Applicable □ Not Applicable
                                                                                            Unit: Yuan Currency: RMB
                                               Ending Balance                              Beginning Balance
           Items                                 Impairment                                   Impairment
                                  Book Balance                Book Value        Book Balance                 Book Value
                                                  Reserves                                     Reserves
Tongliao Meihua West Area
Technological Renovation          34,749,657.84                34,749,657.84     16,888,073.65               16,888,073.65
Project
Tongliao Meihua East Area
Technological Renovation          11,932,724.43                11,932,724.43     20,820,394.95               20,820,394.95
Project
Technological Upgrade
Project of Xinjiang Meihua
Technological Upgrade
Project of Jilin Meihua
Technological Upgrade
Project of Tongliao Jianlong
Reconstruction Project of the
Company
Other Projects                     3,520,668.93                 3,520,668.93      1,444,653.64                1,444,653.64
                                                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                  Phase V 600,000-ton Annual
                  L-Lysine Project in Jilin
                  the West Zone of Tongliao
                  Expansion Project of the
                  Heating Station in the West           2,828,485.35                              2,828,485.35              2,434,539.46                         2,434,539.46
                  Zone of Tongliao
                  Process Optimization Project
                  for Xanthan Gum in                        263,771.92                              263,771.92               263,771.92                             263,771.92
                  Xinjiang
                  Upgrade Project for L-               15,067,891.50                            15,067,891.50                474,083.23                             474,083.23
                  Isoleucine in Xinjiang
                  Tongliao Sulfuric Acid
                  Expansion and Upgrading               1,568,852.72                              1,568,852.72        115,580,409.75                          115,580,409.75
                  Project
                  Tongliao Meihua Threonine
                  Xinjiang Meihua 90,000 t/a
                  Valine Project
                               Total               1,224,070,636.54                         1,224,070,636.54          331,385,832.85                          331,385,832.85
                            (2) Changes in Significant Construction in Progress for the Current Period
                            Applicable □ Not Applicable
                                                                                                                                         Unit: Yuan Currency: RMB
                                                                                                     Ot
                                                                                                     her
                                                                                                     De
                                                                                                     cre
                                                                                                     ase
                                                                                                      d                       Percentag                                             Interest
                                                                                                      A                          e of                                               Capitaliz
                                                                                                                                                                   Including:
                                                                                                     mo                       Cumulati              Accumulated                       ation
                                                                                 Amount Transferred                                                                Amount of
                                                            Increased Amount for                     unt                          ve    Engineering Amount of                       Rate for Sources
  Project Name         Budget Amount    Beginning Balance                        to Fixed Assets for       Ending Balance                                          Capitalized
                                                              the Current Period                      s                       Investme Progress      Capitalized                       the    of Fund
                                                                                  the Current Period                                                             Interest for the
                                                                                                     for                        nt in                 Interest                      Current
                                                                                                                                                                 Current Period
                                                                                                     the                       Budget                                                Period
                                                                                                     Cu                          (%)                                                   (%)
                                                                                                     rre
                                                                                                      nt
                                                                                                     Pe
                                                                                                     rio
                                                                                                      d
Tongliao Meihua
                                                                                                                                                                                               Bank
   Threonine
                                                                                                                                                                                             self-fund
    Project
                                                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Tongliao Sulfuric
Acid Expansion                                                                                                                                                            Self-
 and Upgrading                                                                                                                                                            funded
     Project
Xinjiang Meihua
                                                                                                                                                                          Self-
                                                                                                                                                                          funded
     Project
     Total          2,768,375,700.00    232,920,590.39   1,073,489,576.73   177,058,071.17   - 1,129,352,095.95     /         /           2,297,848.28 2,203,980.26   /    /
                        (3) Provisions for Impairment Reserves for Construction in Progress for the Current Period
                        □Applicable Not Applicable
                        (4) Impairment Testing of Construction in Progress
                        □Applicable Not Applicable
                        Other Explanations:
                        □Applicable Not Applicable
                        Engineering Materials
                        Applicable □ Not Applicable
                                                                                                                            Unit: Yuan Currency: RMB
                                                                   Ending Balance                                           Beginning Balance
                                Items                                 Impairment                                                  Impairment
                                                Book Balance                            Book Value         Book Balance                              Book Value
                                                                       Reserves                                                    Reserves
                        Engineering
                        Materials
                                Total            61,898,491.25                     -    61,898,491.25      12,174,104.36                            12,174,104.36
                        Other Explanations:
                        None
                        (1) Productive biological assets measured at cost
                        □Applicable Not Applicable
                        (2) Impairment testing of productive biological assets measured at cost
                        □Applicable Not Applicable
                        (3) Productive biological assets measured at fair value
                        □Applicable Not Applicable
                        Other Explanations
                        □Applicable Not Applicable
                        (1) Status of Oil and Gas Assets
                        □Applicable Not Applicable
                        (2) Impairment testing of oil and gas assets
                        □Applicable Not Applicable
                        Other Explanations:
                        None
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(1) Status of Right-of-Use Assets
Applicable □ Not Applicable
                                                                                        Unit: Yuan Currency: RMB
             Items                Housing and Structures     Transportation Tools                 Total
I. Original Book Value
Current Period
  Lease                                                                                                             --
  Increase from Enterprise
Merger
Current Period
  Expiration of Lease
Foreign Currency
Translation Differences
II. Accumulated Depreciation
Current Period
  (1) Provision                               1,538,298.26              97,736.04                         1,636,034.30
  Increase from Enterprise
Merger
Current Period
  (1) Disposal
  Expiration of Lease
   Foreign Currency
Translation Differences
III. Impairment Reserves
Current Period
  (1) Provision
Current Period
  (1) Disposal
IV. Book Value
the Period
                                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                          Items                    Housing and Structures         Transportation Tools                       Total
         Beginning of the Period
         (2) Impairment Testing of Right-of-Use Assets
         □Applicable Not Applicable
         Other Explanations:
         As at the end of the period, there were no indicators of impairment of the Company’s right-of-use assets.
         (1) Status of Intangible Assets
         Applicable □ Not Applicable
                                                                                                              Unit: Yuan Currency: RMB
                                                                Non-
                                                                paten
                                                       Patent     t                          License for Patent   Rights to use
          Items                   Land Use Right                             Software                                                     Total
                                                       Right    Tech                              Usage
                                                                nolog                                             drug approvals
                                                                  y
I. Original Book Value
the Current Period
  (1) Acquisition                       228,680.49                           22,356,379.19                                             22,585,059.68
the Current Period
  (1) Disposal                      129,536,804.18                           18,245,067.15         540,000.00                         148,321,871.33
  Foreign Currency
Translation Differences
II. Accumulated Amortization
the Current Period
  (1) Provision                      16,820,622.67                            5,782,448.26        3,221,232.82       267,871.11        26,092,174.86
  Foreign Currency
Translation Differences
the Current Period
  (1) Disposal                                                               15,028,322.68           81,000.00                         15,109,322.68
  Foreign Currency
Translation Differences
III. Impairment Reserves
the Current Period
  (1) Provision
                                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                    Non-
                                                                    paten
                                                         Patent       t                           License for Patent     Rights to use
             Items                Land Use Right                                Software                                                      Total
                                                         Right      Tech                               Usage
                                                                    nolog                                              drug approvals
                                                                      y
the Current Period
  (1) Disposal                         16,840,457.63                              920,065.68                                               17,760,523.31
  Foreign Currency
Translation Differences
IV. Book Value
the Period
Beginning of the Period
         The ratio of intangible assets generated from the internal research and development by the Company to
         the balance of intangible assets at the end of the current period is zero.
         (2) Data Resources Recognized as Intangible Assets
         □Applicable Not Applicable
         (3) Status of Land Use Rights without Property Ownership Certificates
         Applicable □Not Applicable
                                                                                                                   Unit: Yuan Currency: RMB
                               Item                                         Book Value                        Reason for Pending Title Certificate
         Land Use Right                                                                     99,741.59       In process
         Total                                                                              99,741.59
         (4) Impairment Testing of Intangible Assets
         Applicable □Not Applicable
         Recoverable amount is determined as the net amount after deducting disposal costs from fair
         value
         Applicable □Not Applicable
                                                                                                                   Unit: Yuan Currency: RMB
                                                                                                 Determination of
                                                         Recoverable         Impairment                                        Key         Basis for Key
               Items            Book Value                                                        Fair Value and
                                                           amount                Loss                                      Parameters        Parameters
                                                                                                  Disposal Costs
         Land Use                                                                               Fair value is                (1) Fair     (1) Fair value is
         Right                                                                                  determined based           value; (2)    determined based
         Software               60,213,901.38            59,070,620.89       1,143,280.49       on market                   Disposal     on historical
         License for                                                                            quotations, or                costs      transaction prices
         Patent                 93,700,118.25            93,700,118.25                          transaction prices                       of assets, market
         Usage                                                                                  of properties in the                     quotations and
                                                                                                same or similar                          other relevant
         Rights to
                                                                                                locations after                          data; (2) Disposal
         use drug                     432,312.97            432,312.97
                                                                                                considering                              costs include
         approvals
                                                                                                relevant adjustment                      handling fees,
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                      factors, or based on                   taxes and other
                                                                      the expected use of                    costs related to
                                                                      the assets. Disposal                   asset disposal.
                                                                      costs refer to costs
                                                                      directly attributable
                                                                      to the disposal of
                                                                      assets.
   Total      1,432,298,555.93     1,431,155,275.44   1,143,280.49               /                   /                /
Recoverable amount is determined based on the present value of expected future cash flows
□Applicable Not Applicable
Reasons for differences between the foregoing information and the information used in
impairment tests in previous years or external information
□Applicable Not Applicable
Reasons for differences between the information used in impairment tests in previous years and
the actual situation in the current year
□Applicable Not Applicable
Other Explanations
□Applicable Not Applicable
(1) Original Book Value of Goodwill
Applicable □Not Applicable
                                                                                         Unit: Yuan Currency: RMB
                                                      Increases during the      Decreases during
Name of the Invested Unit or                            Current Period          the Current Period
                                 Beginning Balance                                                       Ending Balance
Matters Generating Goodwill                              Arising from
                                                                                     Disposal
                                                      Enterprise Merger
Tongliao Jianlong                     11,788,911.79                                                         11,788,911.79
           Total                      11,788,911.79                                                         11,788,911.79
(2) Goodwill Impairment Reserves
□Applicable Not Applicable
(3) Relevant Information of Asset Portfolio or Asset Portfolios Where Goodwill Belongs to
□Applicable Not Applicable
Changes in Asset Portfolio or Asset Portfolios
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
(4) Specific Methods for Determining Recoverable Amount
Recoverable amount is determined as the net amount after deducting disposal costs from fair value
□Applicable Not Applicable
Recoverable amount is determined based on the present value of expected future cash flows
                                     MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
      □Applicable Not Applicable
      Reasons for differences between the foregoing information and the information used in impairment tests
      in previous years or external information
      □Applicable Not Applicable
      Reasons for differences between the information used in impairment tests in previous years and the
      actual situation in the current year
      □Applicable Not Applicable
      (5) Performance Commitments and Corresponding Goodwill Impairment
      When the goodwill was formed, there are performance commitments and the reporting period or the
      preceding reporting period was within the performance commitment period.
      □Applicable Not Applicable
      Other Explanations:
      □Applicable Not Applicable
      Applicable □ Not Applicable
                                                                                                 Unit: Yuan Currency: RMB
                                                     Increased            Amortized
                                Beginning                                                   Other Decreased
         Items                                     Amount for the       Amount for the                         Ending Balance
                                 Balance                                                       Amounts
                                                   Current Period       Current Period
Field usage rights              25,574,437.11                                 766,804.02        -369,100.49      25,176,733.58
Housing Subsidies               60,058,156.01         2,900,000.00           5,483,029.76        225,740.80      57,249,385.45
Production Materials            42,230,335.20        19,266,377.21        13,147,501.17           50,525.71      48,298,685.53
Staff Rewards                      25,000.09                                   25,000.09
Leasehold
Improvements
One-time expansion
fee
Software service fee                                 16,988,043.67           1,757,383.90                        15,230,659.77
         Total                133,781,048.89         39,154,420.88        22,078,508.30          276,266.51     150,580,694.96
      Other Explanations:
      None
      (1) Unoffset Deferred Income Tax Assets
      Applicable □ Not Applicable
                                                                                                 Unit: Yuan Currency: RMB
                                                    Ending Balance                                  Beginning Balance
                                                                                             Deductible
                 Items              Deductible Temporary            Deferred Income                             Deferred Income
                                                                                             Temporary
                                            Differences               Tax Assets                                   Tax Assets
                                                                                             Differences
      Asset Impairment
      Reserves - Bad debts
      Asset Impairment
      Reserves - Inventory
      Unrealized Profits from
      Internal Transactions
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Government Grants                       291,228,424.60                43,684,263.73             311,752,382.95            46,762,857.44
Deductible Losses
Fair Value Changes                      280,796,215.04                70,199,053.74             204,033,190.00            51,008,297.49
Compensation                            155,776,218.14                23,366,432.72             154,359,967.03            23,153,995.05
Difference in
Depreciation Periods
Lease Liabilities
          Total                         921,239,897.05               166,369,330.84             837,879,174.08           146,749,551.77
(2) Unoffset Deferred Income Tax Liabilities
Applicable □ Not Applicable
                                                                                                    Unit: Yuan Currency: RMB
                                                          Ending Balance                               Beginning Balance
                                                      Taxable                Deferred             Taxable
                    Items                                                                                          Deferred Income
                                                 Temporary                  Income Tax          Temporary
                                                                                                                    Tax Liabilities
                                                 Differences                Liabilities         Differences
Increment in valuation of assets from
enterprise merger not under the same
control
Changes in Fair Value of Other Debt
Investments
Changes in Fair Value of Other Equity
Investments
Unrealized Profits from Internal
Transactions
Fair Value Changes                                18,758,892.19             3,574,429.76          4,777,685.38            882,833.74
Difference in Depreciation Periods              109,195,247.06           17,748,975.97         117,440,920.01         19,073,894.96
Right-of-Use Assets                                    732,104.56             109,815.68          1,839,651.34            275,947.70
                    Total                       128,686,243.81           21,433,221.41         125,131,020.47         20,379,971.59
(3) Deferred Income Tax Assets or Liabilities Presented as Net Amounts After Offset
Applicable □ Not Applicable
                                                                                                    Unit: Yuan Currency: RMB
                                                 Ending Balance                                      Beginning Balance
                                   Offsetting Amount                                      Offsetting Amount
                                                                  Net Balance of                                   Net Balance of
                                   Between Deferred                                        Between Deferred
              Items                                                Deferred Tax                                     Deferred Tax
                                     Tax Assets and                                         Tax Assets and
                                                                Assets or Liabilities                            Assets or Liabilities
                                     Deferred Tax                                            Deferred Tax
                                                                  After Offsetting                                 After Offsetting
                                        Liabilities                                           Liabilities
Deferred Income Tax Assets              21,433,221.41               144,936,109.43             20,379,971.59         126,369,580.18
Deferred Income Tax
Liabilities
                                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
          (4) Details of Unrecognized Deferred Income TaxAssets
          Applicable □ Not Applicable
                                                                                                          Unit: Yuan Currency: RMB
                             Items                                Ending Balance                            Beginning Balance
          Deductible Temporary Differences
          Deductible Losses                                                  205,354,073.36                               118,557,613.15
          Bad Debt Reserves                                                   14,953,063.89                                    19,336,017.85
          Inventory Write Down                                                97,218,938.76                               239,122,027.46
          Fixed Assets Impairment Reserves                                   307,503,467.20                               854,469,903.44
          Intangible Assets Impairment
          Reserves
          Unrealized Profits from Internal
                                                                                             -                                 71,275,838.72
          Transactions
                             Total                                           626,172,823.70                              1,322,586,937.71
          (5) Deductible losses of unrecognized deferred income tax assets will expire in the following years
          Applicable □ Not Applicable
                                                                                                       Unit: Yuan Currency: RMB
                     Year                        Ending Balance               Beginning Balance                         Remarks
                     Total                            205,354,073.36                    118,557,613.15                     /
          Other Explanations:
          □Applicable Not Applicable
          Applicable □ Not Applicable
                                                                                                          Unit: Yuan Currency: RMB
                                                 Ending Balance                                        Beginning Balance
          Items                                    Impairment                                               Impairment
                                Book Balance                        Book Value          Book Balance                             Book Value
                                                    Reserves                                                 Reserves
Cost of Contract
Acquisition
Cost of Contract
Performance
Cost of Receivable
Returns
Contract Assets
Compensatory Assets
Prepaid Equipment and           130,799,855.19                    130,799,855.19         76,520,223.54                           76,520,223.54
                                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
  Engineering Payments
  Large-denomination
  Certificates of Deposit
  Less: Non-current assets
  due within one year
             Total               283,174,780.22                     283,174,780.22        683,449,155.24                      683,449,155.24
             Information Related to Compensatory Assets
             □Applicable Not Applicable
             Other Explanations:
             None
             Applicable □ Not Applicable
                                                                                                           Unit: Yuan Currency: RMB
                                        End of the Period                                                   Beginning of the Period
  Items                                 Book          Restriction   Restricted                                             Restriction     Restricted
               Book Balance                                                          Book Balance      Book Value
                                      Value           Type          Situation                                              Type            Situation
                                                                    Guarantee                                                              Guarantee
Monetary
Funds
                                                                    Others                                                                 Others
Monetary                                                            Funds in                                                               Funds        in
                             -                    -     Others                          2,478,943.96       2,478,943.96    Others
Funds                                                               Transit                                                                Transit
                                                                     Endorsed or                                                           Endorsed or
                                                                     discounted                                                            discounted
Notes
Receivable
                                                                     due and not                                                           due and not
                                                                    derecognised                                                           derecognised
Other
Non-
current
Assets
  Total       318,423,395.37      318,423,395.37             /             /         380,518,631.95    380,518,631.95             /                /
             Other Explanations:
             None
             (1) Classification of Short-Term Borrowings
             Applicable □ Not Applicable
                                                                                                           Unit: Yuan Currency: RMB
                              Items                                 Ending Balance                           Beginning Balance
             Pledged Borrowings
             Mortgaged Borrowings
             Guaranteed Borrowings
             Credit Borrowings                                                  683,800,000.00                            704,800,000.00
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Discounted Bills Not Yet Matured                         1,147,866,746.22                         1,095,200,983.25
Unmatured Interest Payable                                       129,966.68                               135,244.18
                Total                                    1,831,796,712.90                         1,800,136,227.43
Explanations of Categories of Short-Term Borrowings:
Details of Credit Borrowings                                                       Unit: Yuan Currency: RMB
Lending Institution                                     Ending Balance            Term of Borrowing
Tibet Autonomous Region Branch, Bank of China                 100,000,000.00      2025/9/24-2026/9/24
Tibet Autonomous Region Branch, Bank of China                    45,000,000.00    2025/9/30-2026/9/30
Tibet Autonomous Region Branch, Bank of China                 100,000,000.00      2025/11/11-2026/11/11
Tibet Autonomous Region Branch, Bank of China                 100,000,000.00      2025/11/17-2026/11/17
Tibet Autonomous Region Branch, Bank of China                 100,000,000.00      2025/12/24-2026/12/24
Langfang Development Zone Sub-branch of Industrial
Bank Corporation
Langfang Branch, Bank of China                                   50,000,000.00    2026/4/27-2026/7/27
Langfang Development Zone Sub-branch of China
Construction Bank Corporation
Langfang Development Zone Sub-branch of China
Construction Bank Corporation
Total                                                         683,800,000.00
(2) Status of Overdue and Unpaid Short-Term Borrowings
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                       Unit: Yuan Currency: RMB
                    Items                            Ending Balance                        Beginning Balance
Foreign Exchange Derivative Instruments                               42,227.58
                    Total                                             42,227.58
Other Explanations:
None
Applicable □ Not Applicable
                                                                                       Unit: Yuan Currency: RMB
            Types                            Ending Balance                             Beginning Balance
Commercial Acceptance Bills
Bank Acceptance Bills                                   2,259,312,216.46                              1,777,053,969.91
            Total                                        2,259,312,216.46                             1,777,053,969.91
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
The total amount of overdue and unpaid notes payable at the end of the period is RMB 0 yuan. The
reason for non-payment upon maturity is: None
(1) Presentation of Accounts Payable
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
               Items                            Ending Balance                          Beginning Balance
Payments for Engineering and
Equipment
Provisional Estimation of Payments                       126,827,257.23                                 220,567,330.50
Payments Payable                                         521,622,412.79                                 440,571,645.94
Other Payments                                           379,960,051.40                                 301,353,074.05
               Total                                    1,819,315,537.05                               1,735,184,321.70
(2) Significant Accounts Payable with an Aging Exceeding 1 Year or Overdue
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
                                                                    Ending        Reasons for Being Unpaid or Carried
                            Items
                                                                    Balance                    Forward
Jiangsu Grand Drying and Concentrating Equipment Co. Ltd.          4,468,500.00   Not Yet Due for Settlement
Shandong Tianli Energy Co., Ltd.                                   4,416,000.00   Not Yet Due for Settlement
                                                                                  Unable to Contact Due to
Inner Mongolia Huomei Yicheng Energy Co., Ltd.                     3,999,553.50
                                                                                  Bankruptcy
Xinjiang Huijia Real Estate Co., Ltd.                              3,430,000.00   Not Yet Due for Settlement
Shandong Linsen Biological Products Co., Ltd.                      3,334,414.00   Not Yet Due for Settlement
Shandong Jiayuan Construction Engineering Co., Ltd.                3,323,330.00   Not Yet Due for Settlement
                             Total                                22,971,797.50                    /
Other Explanations:
□Applicable Not Applicable
(1) Presentation of Advance Receipts
□Applicable Not Applicable
(2) Significant Advance Receipts with an Aging Exceeding 1 Year
□Applicable Not Applicable
(3) Amount of and Reason for Significant Changes in Book Value During the Reporting Period
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
(1) Status of Contract Liabilities
Applicable □ Not Applicable
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                          Unit: Yuan Currency: RMB
               Items                            Ending Balance                               Beginning Balance
Advance Payments for Goods                                    656,266,656.92                                 746,778,983.64
               Total                                          656,266,656.92                                 746,778,983.64
(2) Significant Contract Liabilities with an Aging Exceeding 1 Year
□Applicable Not Applicable
(3) Amount of and Reason for Significant Changes in Book Value During the Reporting Period
□Applicable Not Applicable
Other Explanations
□Applicable Not Applicable
(1) Presentation of Employee Compensation Payable
Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                                           Beginning        Increase during the        Decrease during
                  Items                                                                                       Ending Balance
                                            Balance           Current Period          the Current Period
I. Short-Term Compensation               389,374,702.46            855,520,184.91        955,970,543.63         288,924,343.74
II. Post-employment Benefits - Defined
Contribution Plans
III. Termination Benefits
IV. Other Benefits Due Within One
Year
                  Total                  392,494,934.53            934,378,184.39      1,036,408,186.82         290,464,932.10
(2) Presentation of Short-Term Compensation
Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                                             Beginning             Increase during       Decrease during
                  Items                                                                                        Ending Balance
                                              Balance          the Current Period       the Current Period
I. Salaries, Bonuses, Allowances, and
Subsidies
II. Employee Welfare Expenses                                         35,181,968.76         27,615,768.65         7,566,200.11
III. Social Insurance Premiums               3,116,690.61             49,675,613.22         48,606,581.65         4,185,722.18
Including: Medical Insurance Premiums        3,101,035.22             44,160,548.91         43,090,919.07         4,170,665.06
       Work Injury Insurance Premiums           15,655.39              5,442,937.33          5,443,535.60            15,057.12
       Maternity Insurance Premiums                                       72,126.98             72,126.98
IV. Housing Provident Fund                      22,953.25             11,248,704.99         11,257,717.24            13,941.00
V. Union Funds and Employee
Education Funds
VI. Short-Term Paid Absence
VII. Short-Term Profit-Sharing Plans
VIII. Other Short-Term Compensation                                    2,156,865.15          2,156,865.15
                  Total                    389,374,702.46           855,520,184.91         955,970,543.63       288,924,343.74
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(3) Presentation of Defined Contribution Plans
Applicable □ Not Applicable
                                                                                            Unit: Yuan Currency: RMB
                                                         Increase during the         Decrease during
               Items                Beginning Balance                                                    Ending Balance
                                                           Current Period           the Current Period
Premiums
Contributions
                Total                    3,120,232.07         78,857,999.48             80,437,643.19        1,540,588.36
Other Explanations:
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                            Unit: Yuan Currency: RMB
                   Items                           Ending Balance                              Beginning Balance
Value-added Tax                                                     12,953,409.60                           22,017,172.18
Consumption Tax
Business Tax
Corporate Income Tax                                           168,539,811.17                              133,145,066.29
Personal Income Tax                                                  2,422,053.71                            4,981,844.28
City Maintenance and Construction
Tax
Environmental Protection Tax                                          989,861.18                             1,344,999.63
Education Surcharge                                                  2,539,065.16                            6,139,704.53
Water Resource Tax                                                  13,485,241.76                           11,690,927.45
Stamp Duty                                                           5,796,134.91                            6,074,142.90
Others                                                               2,632,266.37                              898,044.58
                   Total                                       212,820,799.37                              194,688,876.58
Other Explanations:
None
(1) Presentation of Items
Applicable □ Not Applicable
                                                                                            Unit: Yuan Currency: RMB
                    Items                               Ending Balance                          Beginning Balance
Interest Payable
Dividend Payable                                                1,200,340,002.04                               405,000.00
Other Payables                                                      237,197,638.66                         255,944,893.68
Total                                                           1,437,537,640.70                           256,349,893.68
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(2) Interest Payable
□Applicable Not Applicable
(3) Dividends Payable
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
                             Items                                  Ending Balance             Beginning Balance
Common Stock Dividends                                                  1,200,340,002.04                    405,000.00
Preferred Shares/Perpetual Bond Dividends Classified as
Equity Instruments
    Preferred Shares/Perpetual Bond Dividends -XXX
                             Total                                      1,200,340,002.04                    405,000.00
Other explanations: For significant dividends payable overdue for more than 1 year, the reasons for non-
payment should be disclosed:
None
(4) Other Payables
Presentation of Other Payables by Nature of Payments
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
               Items                              Ending Balance                           Beginning Balance
Accrued Expenses                                             103,996,305.90                              120,697,128.08
Guarantee Deposits                                           108,835,420.66                              107,587,506.36
Others                                                        24,365,912.10                               27,660,259.24
               Total                                         237,197,638.66                              255,944,893.68
Significant other payables with an aging exceeding 1 year or overdue
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
                                                                                 Reasons for Being Unpaid or Carried
                     Items                            Ending Balance
                                                                                               Forward
Disabled Persons’ Federation of the 6th
Division, Xinjiang Production and                                 6,952,578.01        Not Yet Due for Payment
Construction Corps
Horqin District Tax Bureau, Tongliao City,
State Administration of Taxation
                                          Total               10,557,562.23                                              /
Other Explanations:
□Applicable Not Applicable
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
                     Items                            Ending Balance                       Beginning Balance
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Long-term Borrowings Due Within 1 Year                     229,612,000.02                              280,045,900.02
Bonds Payable Due Within 1 Year
Long-Term Payables Due Within 1 Year                            3,447,580.57
Lease Liabilities Due Within 1 Year                             1,000,938.19                             1,011,449.31
                    Total                                  234,060,518.78                              281,057,349.33
Other Explanations:
None
Applicable □ Not Applicable
                                                                                        Unit: Yuan Currency: RMB
                  Items                           Ending Balance                           Beginning Balance
Short-Term Bonds Payable
Return Refunds Payable
Long-tern Loan Interest Repayable
Within One Year
Sales Tax to be Carried Forward                             43,557,404.19                               61,436,860.42
Notes Endorsed But Not Yet
Derecognized
                  Total                                     46,050,129.71                               79,369,933.52
Increase/Decrease in Short-Term Bonds Payable:
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
(1) Classification of Long-Term Borrowings
Applicable □ Not Applicable
                                                                                        Unit: Yuan Currency: RMB
                  Items                           Ending Balance                           Beginning Balance
Pledged Borrowings
Mortgaged Borrowings
Guaranteed Borrowings                                      926,208,602.81                            1,146,608,602.81
Credit Borrowings                                         1,260,760,521.03                           1,052,116,521.04
Less: Long-Term Borrowings Due
Within One Year
                  Total                                   1,957,357,123.82                           1,918,679,223.83
Explanation of Classification of Long-Term Borrowings:
(1) Details of Credit Borrowings
                                                       Ending Balance
                  Lending Institution                                                    Term of Borrowing
                                                           (yuan)
Songyuan Branch, Bank of Communications Co., Ltd.        28,000,000.00         2024/4/23-2027/4/23
Songyuan Branch, Bank of Communications Co., Ltd.        33,000,000.00         2024/6/20-2027/6/17
Songyuan Branch, Bank of Communications Co., Ltd.        39,960,000.00         2024/8/20-2027/8/20
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Shengfang Sub-branch of Bazhou, Agricultural Bank of
China Limited
Langfang Branch, Bank of Communications Co., Ltd.            39,600,000.00   2024/9/27-2027/9/24
Langfang Branch, Bank of Communications Co., Ltd.            59,600,000.00   2024/10/22-2027/10/21
Business Department of Baicheng Branch, China
Construction Bank Corporation
Business Department of Baicheng Branch, China
Construction Bank Corporation
Business Department of Baicheng Branch, China
Construction Bank Corporation
Business Department of Baicheng Branch, China
Construction Bank Corporation
Business Department of Baicheng Branch, China
Construction Bank Corporation
Tibet Autonomous Region Branch, Bank of China                45,000,000.00   2025/3/28-2028/3/28
Tibet Autonomous Region Branch, Bank of China                90,000,000.00   2025/4/22-2028/4/22
Tibet Autonomous Region Branch, Bank of China                90,000,000.00   2025/9/23-2028/4/22
Langfang Branch, Huaxia Bank Co., Ltd.                      107,800,000.00   2025/3/28-2028/3/27
Changji Hui Autonomous Prefecture Branch, Bank of
China
Changji Hui Autonomous Prefecture Branch, Bank of
China
Changji Hui Autonomous Prefecture Branch, Bank of
China
Changji Hui Autonomous Prefecture Branch, Bank of
China
Changji Hui Autonomous Prefecture Branch, Bank of
China
Changji Hui Autonomous Prefecture Branch, Bank of
China
Changji Hui Autonomous Prefecture Branch, Bank of
China
Changji Hui Autonomous Prefecture Branch, Bank of
China
Changji Hui Autonomous Prefecture Branch, Bank of
China
Langfang Branch, Bank of China                                9,000,000.00   2025/4/27-2028/4/10
Bazhou Sub-branch, Industrial and Commercial Bank
of China Limited
Hebei Branch, Export-Import Bank of China                     4,454,000.00   2026/2/9-2035/12/21
Tibet Autonomous Region Branch, Bank of China               100,000,000.00   2026/3/16-2029/3/16
Tibet Autonomous Region Branch, Bank of China               120,000,000.00   2026/3/17-2039/3/17
Business Department of Baicheng Branch, China
Agricultural Development Bank
Less: Long-Term Borrowings Due Within One Year              124,660,000.02
Total                                                     1,136,100,521.01
(2) Details of Guaranteed Borrowings
                                Ending Balance                               Guaranteed
Lending Institution                                       Guarantor                               Term of Borrowing
                                (yuan)                                       Party
                                                          Tongliao
Tibet Autonomous Region
Branch, Bank of China
                                                          Xinjiang Meihua
Tongliao Branch, China                                                       Tongliao
Construction Bank Corporation                                                Meihua
Tongliao Branch, China                                                       Tongliao
Construction Bank Corporation                                                Meihua
Tongliao Branch, China                                                       Tongliao
Construction Bank Corporation                                                Meihua
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Tongliao Branch, China                                                   Tongliao
Construction Bank Corporation                                            Meihua
Tongliao Branch, China                                                   Tongliao
Construction Bank Corporation                                            Meihua
Tongliao Branch, China                                                   Tongliao    2024/10/21-
Construction Bank Corporation                                            Meihua      2027/10/21
Tongliao Branch, China                                                   Tongliao    2024/10/21-
Construction Bank Corporation                                            Meihua      2027/10/21
Tongliao Branch, China                                                   Tongliao    2024/10/24-
Construction Bank Corporation                                            Meihua      2027/10/21
Tongliao Branch, China                                                   Tongliao    2024/10/24-
Construction Bank Corporation                                            Meihua      2027/10/21
Tongliao Branch, China                                                   Tongliao    2024/11/14-
Construction Bank Corporation                                            Meihua      2027/10/21
Tongliao Branch, China                                                   Tongliao    2024/11/18-
Construction Bank Corporation                                            Meihua      2027/10/21
Tongliao Branch, China                                                   Tongliao    2024/11/20-
Construction Bank Corporation                                            Meihua      2027/10/21
Tongliao Branch, China                                                   Tongliao
Construction Bank Corporation                                            Meihua
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China           14,819,832.28     Xinjiang Meihua               2024/12/5-2039/11/27
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao    2024/12/12-
Agricultural Bank of China            4,538,021.20     Xinjiang Meihua
                                                                         Meihua      2039/11/27
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao    2024/12/19-
Agricultural Bank of China            3,978,347.92     Xinjiang Meihua
                                                                         Meihua      2039/11/27
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao    2024/12/25-
Agricultural Bank of China            2,095,843.43     Xinjiang Meihua
                                                                         Meihua      2039/11/27
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China           40,000,000.00     Xinjiang Meihua               2024/2/6-2027/2/4
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China           73,000,000.00     Xinjiang Meihua               2023/8/28-2038/6/20
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China           20,725,937.66     Xinjiang Meihua               2025/2/13-2039/11/27
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China            5,033,161.44     Xinjiang Meihua               2025/2/20-2039/11/27
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China            2,618,621.00     Xinjiang Meihua               2025/3/13-2039/11/27
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China           17,000,000.00     Xinjiang Meihua               2025/3/25-2039/11/27
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China            4,345,889.20     Xinjiang Meihua               2025/4/10-2039/11/27
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China              924,221.72     Xinjiang Meihua               2025/7/4-2039/11/27
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China              617,779.60     Xinjiang Meihua               2025/8/6-2039/11/27
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China            1,786,020.00     Xinjiang Meihua               2025/8/20-2039/11/27
                                                                         Meihua
Limited
Tongliao Huikai Sub-branch,
                                                                         Tongliao
Agricultural Bank of China            6,124,927.36     Xinjiang Meihua               2025/11/6-2039/11/27
                                                                         Meihua
Limited
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Tongliao Huikai Sub-branch,
                                                                               Tongliao          2025/12/23-
Agricultural Bank of China                39,000,000.00     Xinjiang Meihua
                                                                               Meihua            2039/11/27
Limited
Tongliao Huikai Sub-branch,
                                                                               Tongliao          2025/12/26-
Agricultural Bank of China                14,000,000.00     Xinjiang Meihua
                                                                               Meihua            2039/11/27
Limited
Tongliao Huikai Sub-branch,
Agricultural Bank of China                 3,600,000.00     Xinjiang Meihua   Tongliao Meihua    2026/1/9-2039/11/27
Limited
Wujiaqu Sub-branch, China
Construction Bank Corporation
Less: Long-term Borrowings
Due Within One Year
Total                                    821,256,602.81
Other Explanations:
□Applicable Not Applicable
(1) Bonds Payable
□Applicable Not Applicable
(2) Specific Status of Bonds Payable: (Excluding other financial instruments such as preferred
     shares and perpetual bonds classified as financial liabilities)
□Applicable Not Applicable
(3) Explanation of Convertible Corporate Bonds
□Applicable Not Applicable
Accounting Treatment of and Judgement Basis for Rights to Convert Shares
□Applicable Not Applicable
(4) Explanation of Other Financial Instruments Classified as Financial Liabilities
Overview of other financial instruments such as preferred shares and perpetual bonds outstanding at the
end of the period
□Applicable Not Applicable
Table of Changes in Financial Instruments such as Preferred Shares and Perpetual Bonds Outstanding at
the End of the Period
□Applicable Not Applicable
Explanation of the Basis for Classifying Other Financial Instruments as Financial Liabilities:
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                 Items                                Ending Balance                        Beginning Balance
Lease Payments                                                        1,566,687.44                        2,154,152.79
Less: Unrecognized Financing Costs                                      83,461.73                          129,736.84
Less: Lease Liabilities Due Within One
Year
                                   MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                   Total                                                 482,287.52                      1,012,966.64
Other Explanations:
None
Presentation of Items
Applicable □ Not Applicable
                                                                                       Unit: Yuan Currency: RMB
                   Items                                 Ending Balance                     Beginning Balance
Long-term Payables                                                   23,457,549.63                      10,500,000.00
Special Payables
Total                                                                23,457,549.63                      10,500,000.00
Other Explanations:
None
Long-Term Payables
Applicable □ Not Applicable
                                                                                       Unit: Yuan Currency: RMB
                   Items                                Ending Balance                      Beginning Balance
Guarantee Deposits                                                   10,500,000.00                      10,500,000.00
Software service fees                                                16,405,130.20
Less: Long-term Payables Due Within
One Year
                   Total                                             23,457,549.63                      10,500,000.00
Other Explanations:
None
Special Payables
□Applicable Not Applicable
Applicable □ Not Applicable
(1) Schedule of Long-term Employee Benefits Payable
Applicable □ Not Applicable
                                                                                       Unit: Yuan Currency: RMB
                           Items                               Ending Balance               Beginning Balance
I. Post-employment Benefits - Net Defined Benefit
Obligation
II. Termination Benefits
III. Other Long-Term Benefits                                                                            7,474,640.65
                           Total                                                                         7,474,640.65
        Severance pay accrued in accordance with relevant provisions of Thai Labour Protection Act.
(2) Changes in defined benefit plans
Present value of defined benefit obligation:
□Applicable Not Applicable
Plan assets:
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
□Applicable Not Applicable
Net defined benefit obligation (net assets):
□Applicable Not Applicable
Description of the nature of defined benefit plans, related risks, and their impact on the Company’s
future cash flows, timing and uncertainty:
□Applicable Not Applicable
Description of significant actuarial assumptions and results of sensitivity analysis of defined benefit
plans:
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
□Applicable Not Applicable
Status of Deferred Revenue
Applicable □ Not Applicable
                                                                                       Unit: Yuan Currency: RMB
                                          Increase during    Decrease during
                      Beginning                                                                          Reasons for
     Items                                  the Current        the Current       Ending Balance
                       Balance                                                                            Formation
                                              Period               Period
Government                                                                                            Related to assets
Grants
     Total            367,624,988.38         3,011,200.00      25,089,514.75      345,546,673.63               /
Other Explanations:
Applicable □ Not Applicable
Refer to Section X for details of government grants for the Company.
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                       Unit: Yuan Currency: RMB
                                  Increase/Decrease (+, -) in the Changes During the Current Period
                                                              Capital
                 Beginning          New
                                                 Stock       Reserves                                   Ending Balance
                  Balance          Shares                                    Others      Subtotal
                                               Dividend     Conversion
                                   Issued
                                                            into Shares
   Total
Quantity of   2,804,241,650.00                                                                         2,804,241,650.00
  Shares
Other Explanations:
None
                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(1) Overview of other financial instruments such as preferred shares and perpetual bonds
     outstanding at the end of the period
□Applicable Not Applicable
(2) Table of Changes in Financial Instruments such as Preferred Shares and Perpetual Bonds
     Outstanding at the End of the Period
□Applicable Not Applicable
Explanation of increase/decrease in other equity instruments during the current period, reasons for such
changes and basis for relevant accounting treatments:
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                 Unit: Yuan Currency: RMB
                                                  Increase during
                                                                    Decrease during the
          Items           Beginning Balance         the Current                               Ending Balance
                                                                      Current Period
                                                       Period
Capital Premiums (Share
Premiums)
Other Capital Reserves
            Total              33,749,867.59                                                      33,749,867.59
Other Explanations: Including explanation of increase/decrease in the current period and reasons for
such changes:
None
Applicable □ Not Applicable
                                                                                  Unit: Yuan Currency: RMB
                           Beginning          Increase during the   Decrease during the
         Items                                                                                Ending Balance
                            Balance             Current Period        Current Period
Share Repurchase for
Capital Decrease
         Total                                      39,999,676.57                         -       39,999,676.57
Other Explanations: Including explanation of increase/decrease in the current period and reasons for
such changes:
     On December 29, 2025, the Company convened the first meeting of its 11th Board of Directors, at
which the “Proposal on the Repurchase of Company Shares via Centralized Auction Trading” was
reviewed and approved. The Board agreed that the Company may use its own funds to repurchase its
shares via centralized auction trading for the purpose of subsequently implementing an employee stock
ownership plan or equity incentive program. The total repurchase amount shall be no less than RMB 30
million (inclusive) and no more than RMB 50 million (inclusive), with a repurchase price not exceeding
RMB 15 per share. The repurchase period shall not exceed 12 months from the date the Board of
Directors approved this share repurchase plan (i.e., December 29, 2025, to December 28, 2026).
                                                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                              As of the market close on April 23, 2026, the Company has actually repurchased 3,999,100 shares
                     through centralized bidding transactions, accounting for 0.14% of the Company’s current total share
                     capital (2,804,241,650 shares). The highest repurchase price was RMB 10.07 per share, and the lowest
                     repurchase price was RMB 9.90 per share, with an average repurchase price of RMB 10.00 per share,
                     and the total amount used was RMB 39,995,900 (excluding transaction fees). The amount of shares
                     repurchased by the Company during the repurchase period has reached the minimum amount specified
                     in the repurchase plan, and the implementation of the share repurchase plan has been completed.
                     Applicable □ Not Applicable
                                                                                                                                     Unit: Yuan Currency: RMB
                                                                                     Amounts Incurred during the Current Period
                                                                   Less: Amount
                                                                    Recorded in          Less: Amount
                                                                       Other           Recorded in Other
                                                    Amounts        Comprehensiv         Comprehensive                                               Attributable
                                 Beginning                                                                                        Attributable to
          Items                                  Incurred during    e Income in       Income in Previous                                               to the      Ending Balance
                                  Balance                                                                    Less: Income Tax       the Parent
                                                   the Current        Previous            Periods and                                                 Minority
                                                                                                                 Expenses         Company After
                                                  Period Before     Periods and         Transferred to                                              Shareholders
                                                                                                                                        Tax
                                                   Income Tax      Transferred to      Retained Earnings                                             After Tax
                                                                    the Profit or       for the Current
                                                                    Loss for the             Period
                                                                   Current Period
I. Other Comprehensive
Income That Cannot Be
Reclassified to Profit or      -153,024,892.50    -72,877,160.00                                                -18,219,290.00    -54,657,870.00                   -207,682,762.50
Loss
Including: Amount of
Changes in Remeasured
Defined Benefit Plans
Other Comprehensive
Income That Cannot Be
Reclassified to Profit or
Loss Under Equity Method
Changes in Fair Value of
Other Equity Instrument        -153,024,892.50    -72,877,160.00                                                -18,219,290.00    -54,657,870.00                   -207,682,762.50
Investments
Changes in Fair Value of
Enterprises’ Own Credit
Risk
II. Other Comprehensive                           -45,108,522.99
Income to Be Reclassified        -6,195,279.71                                                                                    -45,108,522.99                     -51,303,802.70
to Profit or Loss
Including: Other
Comprehensive Income
That Can Be Transferred to
Profit or Loss Under Equity
Method
Changes in Fair Value of
Other Debt Investments
Amount of Financial Assets
Reclassified and Recorded
in Other Comprehensive
Income
Credit Impairment Reserves
for Other Debt Investments
Cash Flow Hedging
Reserves
Converted Differences in
Foreign Currency Financial       -6,195,279.71    -45,108,522.99                                                                  -45,108,522.99                     -51,303,802.70
Statements
Total Other Comprehensive
Income                         -159,220,172.21   -117,985,682.99                                                -18,219,290.00    -99,766,392.99               -   -258,986,565.20
                     Other explanations, including the adjustments to the transfer of effective portion of cash flow hedge
                     profit or loss to initially recognized amount of hedged items: None
                     Applicable □ Not Applicable
                                                                                                                                     Unit: Yuan Currency: RMB
                               Items              Beginning Balance                 Increase during the             Decrease during the             Ending Balance
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                     Current Period                Current Period
Work Safety
Expenses
         Total                   4,992,619.68               26,082,428.67              24,900,048.73              6,174,999.62
Other explanations, including explanation of increase/decrease for the current period and reasons for
such changes:
     The increase in special reserves during the current period was mainly attributable to the
appropriation of safety production expenses in accordance with the Administrative Measures for the
Collection and Utilization of Enterprise Work Safety Funds (Cai Zi [2022] No. 136) issued by the
Ministry of Finance.
Applicable □ Not Applicable
                                                                                                 Unit: Yuan Currency: RMB
                                                   Increase during the          Decrease during the
         Items            Beginning Balance                                                                 Ending Balance
                                                     Current Period                Current Period
Statutory Surplus
Reserves
Discretionary Surplus
Reserves
Reserve Funds
Enterprise Expand
Funds
Others
         Total             1,379,865,682.01                                                                 1,379,865,682.01
Explanations of surplus reserves, including explanation of increase/decrease for the current period and
reasons for such changes: None
Applicable □ Not Applicable
                                                                                                 Unit: Yuan Currency: RMB
                            Items                                       For the Current Period         For the Previous Year
Undistributed Profits at the End of the Previous Period
Before Adjustment
Total Amount of Undistributed Profits at the Beginning of
the Adjustment (Increase +, decrease－)
Undistributed Profits at the Beginning of the Post-adjustment                12,283,940,768.49               10,370,640,110.47
Plus: Net Profit Attributable to the Owners of the Parent
Company for the Current Period
Minus: Withdrawal of Statutory Surplus Reserves                                                                 167,591,928.79
     Withdrawal of Discretionary Surplus Reserves
     Withdrawal of General Risk Reserves
     Ordinary Share Dividends Payable                                         1,199,935,002.04                1,199,987,325.29
     Ordinary Share Dividends Transferred to Share Capital
Undistributed Profits at the End of the Period                               11,745,868,472.68               12,283,940,768.49
Details of Undistributed Profits at the Beginning of the Adjustment:
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
new regulations, the amount of undistributed profits at the beginning of the impact period is RMB 0
yuan.
impact period is RMB 0 yuan.
of the impact period is RMB 0 yuan.
profits at the beginning of the impact period is RMB 0 yuan.
period is RMB 0 yuan.
(1) Status of Operating Revenues and Operating Costs
Applicable □ Not Applicable
                                                                                           Unit: Yuan Currency: RMB
     Items               Amount Incurred during the Current Period          Amount Incurred during the Previous Period
                            Revenues                   Costs                    Revenues                     Costs
Main Business             12,112,399,387.92        10,556,262,320.52          12,201,006,425.75          9,372,143,881.60
Other Business               122,695,951.62            96,831,504.67                79,444,177.78            61,209,358.49
     Total                12,235,095,339.54        10,653,093,825.19          12,280,450,603.53          9,433,353,240.09
(2) Decomposition Information of Operating Revenues and Operating Costs
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
(3) Explanation of Performance Obligations
□Applicable Not Applicable
(4) Explanation of Allocation to Remaining Performance Obligations
□Applicable Not Applicable
(5) Significant Changes in Contracts or Significant Adjustments to Transaction Prices
□Applicable Not Applicable
Other Explanations:
None
Applicable □ Not Applicable
                                                                                           Unit: Yuan Currency: RMB
                                          Amount Incurred during the Current         Amount Incurred during the Previous
                 Items
                                                        Period                                      Period
Consumption Tax
Business Tax
Urban Maintenance and
Construction Tax
Education Surcharge                                                  8,059,046.30                            13,714,358.88
Resource Tax                                                     26,060,998.16                               24,961,004.89
Property Tax                                                     29,190,370.98                               26,906,712.05
                                 MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Land Use Tax                                                    19,563,578.22                            18,300,652.02
Vehicle and Vessel Usage Tax                                        147,090.50                                34,243.33
Stamp Duty                                                      12,184,083.78                            11,871,317.19
Environmental Protection Tax                                       1,772,808.03                            3,163,481.95
Others                                                             1,485,173.53                            2,450,685.40
                 Total                                         109,283,193.92                           119,066,571.04
Other Explanations:
None
Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                                                         Amount Incurred during the         Amount Incurred during the
                         Items
                                                               Current Period                    Previous Period
Transportation Expenses                                                   83,540,185.94                  81,508,805.04
Company Expenses                                                          11,508,390.39                  12,024,503.62
Promotion Expenses                                                         4,803,172.44                  10,568,077.77
Employee Expenses                                                         45,394,253.62                  33,055,518.95
Depreciation and Amortization                                              9,598,201.85                    8,513,752.19
Warehousing Expenses                                                      21,690,755.57                  22,090,134.45
                         Total                                          176,534,959.81                  167,760,792.02
Other Explanations:
None
Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                                                         Amount Incurred during the         Amount Incurred during the
                         Items
                                                               Current Period                    Previous Period
Company Expenses                                                         96,987,334.79                   83,514,810.05
Employee Expenses                                                       263,282,911.12                  337,748,536.68
Depreciation and Amortization                                            64,514,896.35                   48,170,214.84
                         Total                                          424,785,142.26                  469,433,561.57
Other Explanations:
None
Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                                                         Amount Incurred during the         Amount Incurred during the
                         Items
                                                               Current Period                    Previous Period
Employee Expenses                                                        29,383,456.83                   28,650,440.05
Material Consumption                                                    129,239,958.72                  136,825,441.33
Depreciation Expenses                                                    11,965,107.80                   12,225,514.37
Other Expenses                                                           16,959,920.10                   22,257,302.18
                         Total                                          187,548,443.45                  199,958,697.93
Other Explanations:
None
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Applicable □ Not Applicable
                                                                                           Unit: Yuan Currency: RMB
                                                          Amount Incurred during the          Amount Incurred during the
                        Items
                                                                Current Period                     Previous Period
Interest Expenses                                                        20,836,234.31                     27,955,159.53
Including: Interest Expense on Lease Liabilities                               45,212.39                      131,263.83
Less: Interest Income                                                    20,897,261.18                     26,389,977.12
Net Interest Expense                                                        -61,026.87                       1,565,182.41
Exchange Profits and Losses                                              46,150,945.53                     -28,153,343.43
Bank Charges and Other Expenses                                           7,509,908.04                       5,927,841.39
                        Total                                            53,599,826.70                     -20,660,319.63
Other Explanations:
None
Applicable □ Not Applicable
                                                                                           Unit: Yuan Currency: RMB
                                                       Amount Incurred during the          Amount Incurred during the
              Classification by Nature
                                                              Current Period                     Previous Period
Government Subsidies                                                 130,402,361.18                    137,644,467.14
Refunds of Personal Income Tax Handling Fees                            2,026,718.28                      5,404,964.32
Additional Deduction of Value-added Tax                                                                   5,496,884.87
Value-added Tax Exemption for Retired Veterans                             52,500.00
                        Total                                        132,481,579.46                    148,546,316.33
Other Explanations:
None
Applicable □ Not Applicable
                                                                                           Unit: Yuan Currency: RMB
                                                              Amount Incurred during the        Amount Incurred during
                            Items
                                                                    Current Period                the Previous Period
Investment Income from Long-term Equity Investment
                                                                            -2,122,489.41                    -923,353.98
Accounted for by the Equity Method
Investment Income from the Disposal of Long-term Equity
Investments
Investment Income from Financial Assets Held for Trading
during the Holding Period
Dividend Income from Other Equity Instrument
Investments during the Holding Period
Dividend Income from Debt Investments during the
Holding Period
Dividend Income from other Debt Investments during the
Holding Period
Investment Income from the Disposal of Financial Assets
Held for Trading
                                 MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Investment Income from the Disposal of Other Equity
Instrument Investments
Investment Income from the Disposal of Debt Investments
Investment Income from the Disposal of Other Debt
Investments
Debt Restructuring Gains
                             Total                                            57,912,082.18                 29,250,766.79
Other Explanations:
None
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                             Unit: Yuan Currency: RMB
                                                           Amount Incurred during the          Amount Incurred during the
    Sources of Gains from Changes in Fair Value
                                                                    Current Period                  Previous Period
Financial Assets Held for Trading                                            21,336,805.37                  16,016,844.67
Including: Gains from Changes in Fair Value Arising
from Derivative Financial Instruments
Financial Liabilities Held for Trading
Investment Properties Measured at Fair Value
                         Total                                               21,336,805.37                  16,016,844.67
Other Explanations:
None
Applicable □ Not Applicable
                                                                                             Unit: Yuan Currency: RMB
                                                      Amount Incurred during the             Amount Incurred during the
                     Items
                                                            Current Period                        Previous Period
Bad Debt Losses on Notes Receivable
Bad Debt Losses on Accounts Receivable
Bad Debt Losses on Other Receivables
Impairment Losses on Debt Investments
Impairment Losses on Other Debt Investments
Bad Debt Losses on Long-term Receivables
Financial Guarantee-related Impairment Losses
Bad Debt Losses                                                         -4,068,410.89                         -154,305.79
                     Total                                              -4,068,410.89                         -154,305.79
Other Explanations:
None
Applicable □ Not Applicable
                                                                                             Unit: Yuan Currency: RMB
                                                        Amount Incurred during the            Amount Incurred during the
                      Items
                                                              Current Period                       Previous Period
                                 MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
I. Impairment Losses on Contract Assets
II. Inventory Write-down Losses and Contract
                                                                        -29,797,994.41                          -451,713.16
Performance Cost Impairment Losses
III. Impairment Losses on Long-term Equity
Investments
IV. Impairment Losses on Investment Properties
V. Impairment Losses on Fixed Assets                                                                          -8,784,893.48
VI. Impairment Losses on Engineering Materials
VII. Impairment Losses on Construction in
Progress
VIII. Impairment Losses on Productive
Biological Assets
IX. Impairment Losses on Oil and Gas Assets
X. Impairment Losses on Intangible Assets
XI. Impairment Losses on Goodwill
XII. Others
                         Total                                          -29,797,994.41                        -9,236,606.64
Other Explanations:
None
Applicable □ Not Applicable
                                                                                           Unit: Yuan Currency: RMB
                                          Amount Incurred during the Current       Amount Incurred during the Previous
                 Items
                                                        Period                                    Period
Fixed Assets                                                        700,199.25                                438,552.05
Intangible Assets                                                 9,963,577.20
                 Total                                           10,663,776.45                                438,552.05
Other Explanations:
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                           Unit: Yuan Currency: RMB
                                         Amount Incurred         Amount Incurred            Amounts Recorded in Non-
                 Items                  during the Current   during the Previous         recurring Profits or Losses for the
                                             Period                  Period                       Current Period
Total Gains from Disposal of Non-
current Assets
Including: Gains from Disposal of
Fixed Assets
       Gains from Disposal of
Intangible Assets
Gain on Debt Restructuring
Gains from Exchange of Non-
monetary Assets
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Donation Receipts
Revenue from Default
Compensation
Insurance Claims                                                          2,458,445.64
Income from Carbon Emission
Rights
Enterprise Merger Not Under the
Same Control
Others                                         1,745,275.67                698,690.77                              1,745,275.67
                Total                      22,347,099.23                  3,157,136.41                            22,347,099.23
Other Explanations:
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                              Unit: Yuan Currency: RMB
                                        Amount Incurred          Amount Incurred               Amounts Recorded in Non-
                Items                  during the Current       during the Previous         recurring Profits or Losses for the
                                               Period                   Period                       Current Period
Total Losses from Disposal of
Non-current Assets
Including: Losses from Disposal of
Fixed Assets
         Losses from Disposal of
Intangible Assets
External Donations                             3,002,645.86               1,542,000.00                             3,002,645.86
Others                                         1,262,639.07               2,273,751.00                             1,262,639.07
                Total                      10,722,111.16                10,385,914.08                             10,722,111.16
Other Explanations:
None
(1) Table of Income Tax Expenses
Applicable □ Not Applicable
                                                                                              Unit: Yuan Currency: RMB
                                               Amount Incurred during the Current        Amount Incurred during the Previous
                    Items
                                                              Period                                    Period
Current Income Tax Expenses                                            168,887,307.46                            331,522,515.48
Deferred Income Tax Expenses                                              -347,239.25                            -10,301,782.12
                    Total                                              168,540,068.21                            321,220,733.36
(2) Adjustment Process for Accounting Profits and Income Tax Expenses
Applicable □ Not Applicable
                                                                                              Unit: Yuan Currency: RMB
                                       Items                                              Amount Incurred during the Current
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                               Period
Total Profits                                                                                            830,402,774.44
Income Tax Expenses Calculated at Statutory/Applicable Tax Rates                                         124,560,416.21
Impact of Different Tax Rates Applicable to Subsidiaries                                                  92,662,250.42
Impact of Income Tax for the Previous Period Before Adjustment                                            44,164,832.77
Impact of Non-taxable Income                                                                             -81,179,530.88
Impact of Non-deductible Costs, Expenses and Losses                                                         629,842.11
Impact of Deductible Losses from Unrecognized Deferred Income Tax Assets for
                                                                                                         -25,869,776.50
the Previous Periods Before Usage
Impact of Deductible Temporary Difference or Deductible Losses from
Unrecognized Deferred Income Tax Assets for the Current Period
Income Tax Expenses                                                                                      168,540,068.21
Other Explanations:
□Applicable Not Applicable
Applicable □ Not Applicable
Refer to the notes for details.
(1) Cash Related to Operating Activities
Other received cash related to operating activities
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
                                              Amount Incurred during the Current Amount Incurred during the Previous
                     Items
                                                            Period                             Period
Interest Income                                                       19,540,231.78                      26,411,390.20
Income from Government Grants                                        110,876,621.83                     132,252,277.39
Others                                                                21,994,610.94                      32,489,729.74
                     Total                                           152,411,464.55                     191,153,397.33
Explanation of other received cash related to operating activities:
None
Other paid cash related to operating activities
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
                                              Amount Incurred during the Current Amount Incurred during the Previous
                     Items
                                                            Period                             Period
Expense Expenditure                                                454,977,044.30                       308,047,443.89
Temporary Borrowings                                                    693,843.86                         681,175.17
Other Expenditures                                                   25,286,245.73                      244,715,431.93
                     Total                                         480,957,133.89                       553,444,050.99
Explanation of other paid cash related to operating activities:
None
(2) Cash Related to Investment Activities
Significant received cash related to investment activities
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
□Applicable Not Applicable
Significant paid cash related to investment activities
□Applicable Not Applicable
Other received cash related to investment activities
□Applicable Not Applicable
Other paid cash related to investment activities
Applicable □ Not Applicable
                                                                                                     Unit: Yuan Currency: RMB
                                                Amount Incurred during the Current                   Amount Incurred during the
                   Items
                                                                  Period                                  Previous Period
Foreign Exchange Gain                                                           2,883,915.81                             2,859,048.14
                   Total                                                        2,883,915.81                             2,859,048.14
Explanation of other paid cash related to investment activities:
None
(3) Cash Related to Financing Activities
Other received cash related to financing activities
Applicable □ Not Applicable
                                                                                                     Unit: Yuan Currency: RMB
                                                Amount Incurred during the Current                   Amount Incurred during the
                   Items
                                                                  Period                                  Previous Period
Restricted Monetary Funds                                                  277,489,110.71                              428,515,211.85
                   Total                                                   277,489,110.71                              428,515,211.85
Explanation of other received cash related to financing activities:
None
Other paid cash related to financing activities
Applicable □ Not Applicable
                                                                                                     Unit: Yuan Currency: RMB
                                                Amount Incurred during the Current                   Amount Incurred during the
                   Items
                                                                  Period                                  Previous Period
Restricted Monetary Funds                                                   295,166,458.97                             190,591,895.44
Repurchased Shares                                                           39,999,676.57                              64,294,882.98
Principal and Lease Deposits for Lease
Liabilities
                   Total                                                    335,766,648.90                             255,748,337.46
Explanation of other paid cash related to financing activities:
None
Changes in liabilities arising from financing activities
Applicable □ Not Applicable
                                                                                                     Unit: Yuan Currency: RMB
                                           Increase during the Current Period     Decrease during the Current Period
       Items          Beginning Balance     Cash Changes         Non-cash          Cash Changes          Non-cash       Ending Balance
                                                                  Changes                                Changes
Short-term
Borrowings
Long-term               2,198,725,123.85    232,054,000.00                          243,810,000.01                     2,186,969,123.84
                                     MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
    Borrowings
    Lease Liabilities            2,024,415.95                         85,046.64         582,841.36         43,395.52          1,483,225.71
             Total           4,000,885,767.23   1,983,278,909.21   12,568,050.52   1,889,881,122.75     86,602,541.76     4,020,249,062.45
    (4) Explanation of Presenting Cash Flows at Net Amount
    □Applicable Not Applicable
    (5) Significant events and financial effects that do not involve current cash receipts or payments
          but may affect the company's financial position or may affect the company’s cash flows in the
          future
    □Applicable Not Applicable
    (1) Supplementary Information for Cash Flow Statements
    Applicable □ Not Applicable
                                                                                                      Unit: Yuan Currency: RMB
                                                                                         Amount for the                 Amount for the
                          Supplementary Information
                                                                                          Current Period                Previous Period
Net Profit                                                                                   661,862,706.23             1,767,950,116.89
Plus: Asset Impairment Reserves                                                               29,797,994.41                 9,236,606.64
Credit Impairment Losses                                                                       4,068,410.89                   154,305.79
Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, and
Depreciation of Productive Biological Assets
Amortization of Right-of-Use Assets                                                            1,636,034.30                 1,804,653.82
Amortization of Intangible Assets                                                             25,891,648.42                20,437,708.39
Amortization of Long-term Deferred Expenses                                                   22,078,508.30                18,080,269.41
Losses on Disposal of Fixed Assets, Intangible Assets and Other Long-term
                                                                                             -10,663,776.45                  -438,552.05
Assets ("-" for gains)
Losses on Scrapping of Fixed Assets ("-" for gains)                                            6,456,826.23                 6,570,163.08
Losses on Changes in Fair Value ("-" for gains)                                              -21,336,805.37               -16,016,844.67
Financial Expenses ("-" for gains)                                                            65,139,732.01                  -737,611.57
Investment Losses ("-" for gains)                                                            -57,912,082.18               -29,250,766.79
Decrease in Deferred Income Tax Assets ("-" for increase)                                        624,227.00               -19,972,579.93
Increase in Deferred Income Tax Liabilities ("-" for decrease)                                                                -35,060.17
Decrease in Inventories ("-" for increase)                                                -1,047,278,926.63               208,943,971.20
Decrease in Operating Receivables ("-" for increase)                                        -216,263,282.68                -3,689,852.79
Increase in Operating Payables ("-" for decrease)                                            180,347,214.46              -313,556,197.56
Others
Net Cash Flow Arising from Operating Activities                                              389,140,084.02             2,312,791,220.63
Debt to Capital
Convertible Corporate Bonds Due Within One Year
Financing Leasing Fixed Assets
Ending Cash Balance                                                                        2,581,909,504.82             2,722,743,961.39
                                   MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Minus: Beginning Cash Balance                                                         4,006,435,846.79        4,131,859,602.14
Plus: Ending Cash Equivalent Balance
Minus: Beginning Cash Equivalent Balance
Net Increase in Cash and Cash Equivalents                                             -1,424,526,341.97      -1,409,115,640.75
   (2) Net Cash Paid for Acquiring Subsidiaries for the Current Period
   □Applicable Not Applicable
   (3) Net Cash Received for Disposing Subsidiaries for the Current Period
   Applicable □ Not Applicable
                                                                                             Unit: Yuan Currency: RMB
                                                                                                     Amount
   Cash or cash equivalents received during the current period from the disposal
   of a subsidiary
   Minus: Cash and cash equivalents held by the subsidiary as of the date control
   was lost
   Plus: Cash or cash equivalents received during the current period from the
   disposal of a subsidiary in prior periods
   Net cash received from the disposal of a subsidiary                                                          322,188,026.40
   Other Explanations:
   None
   (4) Composition of Cash and Cash Equivalents
   Applicable □ Not Applicable
                                                                                             Unit: Yuan Currency: RMB
                               Items                                      Ending Balance                  Beginning Balance
   I. Cash                                                                      2,581,909,504.82              4,006,435,846.79
   Including: Cash on Hand                                                               3,420.21                     3,267.17
              Bank Deposits Available for Immediate Payment                     2,563,871,614.99              3,866,955,277.83
              Other Monetary Funds Available for Immediate
   Payment
              Deposits with Central Banks Available for
   Payment
              Interbank Deposits
              Interbank Placements
   II. Cash Equivalents
   Including: Bond Investment Due within Three Months
   III. Ending Balance of Cash and Cash Equivalents                             2,581,909,504.82              4,006,435,846.79
   Including: Cash and Cash Equivalents Restricted for Use by
   the Parent Company or Subsidiaries within the Group
   (5) Instances Where Usage is Restricted but Still Classified as Cash and Cash Equivalents
   □Applicable Not Applicable
   (6) Monetary Funds Not Classified as Cash and Cash Equivalents
   Applicable □ Not Applicable
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                        Unit: Yuan Currency: RMB
         Items                  Ending Balance             Beginning Balance                     Reason
Margin Deposits for                                                                       Not Available for Immediate
Bank Acceptance Bills                                                                                      Withdrawal
                                                                                          Not Available for Immediate
Funds in Transit                                                    2,478,943.96
                                                                                                           Withdrawal
Guarantee Deposits and                                                                    Not Available for Immediate
Other Restricted Funds                                                                                     Withdrawal
Unexpired Interest                                                                        Not Available for Immediate
Receivable                                                                                                 Withdrawal
         Total                       295,858,405.60               281,735,931.80                                       /
Other Explanations:
□Applicable Not Applicable
Explanation of Name of "Other" Items Adjusted Against the Ending Balance for the Previous Year,
Adjusted Amount and Other Matters:
□Applicable Not Applicable
(1) Foreign Currency Monetary Items
Applicable □ Not Applicable
                                                                                                          Unit: Yuan
                                          Ending Foreign                                 Ending Balance Converted to
                 Items                                              Conversion Rate
                                         Currency Balance                                         Renminbi
Monetary Funds                                                                                        177,060,422.22
Including: US Dollar                             25,555,209.84                 6.8110                 174,056,057.91
       Euro                                        238,609.69                  7.7671                     1,853,305.33
       Hong Kong Dollar                                 887.72                 0.8686                          771.03
       British Pound                                     34.20                 9.0146                          308.30
       Singapore Dollar                            217,460.37                  5.2605                     1,143,943.23
       Japanese Yen                                143,570.00                  0.0420                         6,036.42
Accounts Receivable                                                                                   221,432,039.00
Including: US Dollar                             32,510,487.01                 6.8111                 221,431,728.32
       Euro                                              40.00                 7.7670                          310.68
Other Receivables                                                                                          493,893.38
Including: US Dollar                                  62,581.81                6.8071                      426,001.30
       Singapore Dollar                               12,906.00                5.2605                        67,892.08
Other Current Assets                                                                                       854,793.12
Including: Singapore Dollar                        162,492.74                  5.2605                      854,793.12
Long-term Receivables                                                                                      329,991.45
Including: Singapore Dollar                           62,730.05                5.2605                      329,991.45
Accounts Payable                                                                                          8,049,877.63
Including: US Dollar                              1,181,911.00                 6.8109                     8,049,877.63
Other Payables                                                                                            9,465,915.81
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Including: US Dollar                               1,234,902.30                6.8112                    8,411,163.01
       Singapore Dollar                                65,722.00               5.2608                      345,747.17
       Japanese Yen                               16,863,000.00                0.0420                      709,005.63
Employee compensation payable                                                                            1,349,336.77
Including: Hong Kong Dollar                           103,000.00               0.8686                         89,460.65
       Singapore Dollar                               239,497.48               5.2605                    1,259,876.12
Lease Liabilities                                                                                          220,893.08
Including: Singapore Dollar                            41,990.89               5.2605                      220,893.08
Non-current Liabilities Due Within
One Year
Including: Singapore Dollar                           164,495.35               5.2605                      865,327.77
Long-term Payables                                                                                      13,790,234.99
Including: Singapore Dollar                        2,621,485.07                5.2605                   13,790,234.99
Other Explanations:
None
(2) The nature of currency non-convertibility and its financial impact, the spot exchange rates
used and the estimation process, as well as the risks the entity faces due to currency non-
convertibility
□Applicable Not Applicable
(3) Explanation of overseas operating entities, including disclosure of their main overseas
operating locations, functional currencies and selection basis for significant overseas operating
entities as well as disclosure of reasons for changes in functional currencies
Applicable □ Not Applicable
                                                                                                       Whether
                            Main
                                         Functional                                                   Functional
  Company Name            Operating                                Basis of Determination
                                          Currency                                                   Currency Has
                           Location
                                                                                                       Changed
     Hong Kong                                             The currency of the primary economic
                          Hong Kong         CNY                                                          No
       Meihua                                             environment in which the entity operates
     Hong Kong                                             The currency of the primary economic
                          Hong Kong      US Dollar                                                       No
      Holdings                                            environment in which the entity operates
      Cayman               Cayman                          The currency of the primary economic
                                         US Dollar                                                       No
      Company              Islands                        environment in which the entity operates
     Singapore                                             The currency of the primary economic
                          Singapore      US Dollar                                                       No
      Company                                             environment in which the entity operates
                                                           The currency of the primary economic
        SPV               Singapore      US Dollar                                                       No
                                                          environment in which the entity operates
                                                           The currency of the primary economic
         TP                Thailand       Thai Baht                                                      No
                                                          environment in which the entity operates
                                                           The currency of the primary economic
        PUS            United States     US Dollar                                                       No
                                                          environment in which the entity operates
                                                           The currency of the primary economic
         UP            United States     US Dollar                                                       No
                                                          environment in which the entity operates
                                  MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                               The currency of the primary economic
        PUSA               United States      US Dollar                                                          No
                                                              environment in which the entity operates
                                                               The currency of the primary economic
         PJP                    Japan        Japanese Yen                                                        No
                                                              environment in which the entity operates
                                                               The currency of the primary economic
         PSG                Singapore         US Dollar                                                          No
                                                              environment in which the entity operates
                                                               The currency of the primary economic
        PEU                  Germany             Euro                                                            No
                                                              environment in which the entity operates
      In preparing the consolidated financial statements, the financial statements of foreign operations are
translated into the presentation currency of the Company (i.e., the functional currency of the parent
company) using the following exchange rates:
                            Balance Sheet Items (Assets        Income Statement Items (Income
         Item                                                                                            Paid-in Capital
                                   and Liabilities)                     and Expenses)
   Exchange Rate
                             Spot Exchange Rate at the         Approximate Exchange Rates at           Historical Exchange
      Used for
                                 Balance Sheet Date                the Date of Transactions                   Rates
     Translation
(4) Cases where the functional currency of a foreign operation is not convertible into the entity’s
presentation currency
□Applicable Not Applicable
(1) As Lessee
Applicable □ Not Applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable Not Applicable
Lease expenses on short-term leases or leases of low-value assets with simplified treatment
Applicable □ Not Applicable
RMB 2972767.41 yuan
                                                                                               Unit: Yuan Currency: RMB
                                                          Amount Incurred during the            Amount Incurred during the
                       Items
                                                                Current Period                        Previous Period
Interest of Lease Liabilities                                                    45,212.39                        582,068.74
Expenses on Short-term Leases                                               2,927,555.02                          858,029.01
Sale-leaseback Transactions and Judgement Basis
□Applicable Not Applicable
Total cash outflows related to leases: 3,528,068.38 (Unit: Yuan Currency: RMB)
(2) As Lessor
Operating leases as lessor
Applicable □ Not Applicable
                                                                                               Unit: Yuan Currency: RMB
                                                                                             Including: Revenue Related to
                   Items                              Revenue from Leases                    Variable Lease Payments Not
                                                                                              Recorded in Lease Receipts
                                 MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Revenue from Leases                                                6,660,036.78
                 Total                                             6,660,036.78
Financing leases as lessor
□Applicable Not Applicable
Adjustment Table for Undiscounted Lease Receipts and Net Lease Investments
□Applicable Not Applicable
Undiscounted Lease Receipts over the Next Five Years
□Applicable Not Applicable
(3) Recognition of Profits and Losses from Financing Leases as Manufacturer or Dealer
□Applicable Not Applicable
Other Explanations:
None
□Applicable Not Applicable
□Applicable Not Applicable
VIII. Research and Development Expenses
Applicable □ Not Applicable
                                                                                         Unit: Yuan Currency: RMB
                                                         Amount Incurred during the        Amount Incurred during the
                         Items
                                                               Current Period                   Previous Period
Employee Expenses                                                        29,383,456.83                  28,650,440.05
Material Consumption                                                    129,239,958.72                 136,825,441.33
Depreciation Expenses                                                    11,965,107.80                  12,225,514.37
Other Expenses                                                           16,959,920.10                  22,257,302.18
                         Total                                          187,548,443.45                 199,958,697.93
Including: Expensed Research and Development
Expenditures
      Capitalized Development Costs
Other Explanations:
None
    Capitalization
□Applicable Not Applicable
Significant Capitalized Research and Development Projects
□Applicable Not Applicable
Development Expenditure Impairment Reserves
□Applicable Not Applicable
Other Explanations:
None
                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
□Applicable Not Applicable
IX. Changes in Consolidation Scope
□Applicable Not Applicable
□Applicable Not Applicable
                                                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
□Applicable Not Applicable
Whether there are transactions or matters resulting in loss of control over subsidiaries during the current period
Applicable □ Not Applicable
                                                                                                                                                           Unit: Yuan Currency: RMB
                                                                                                                                                                    Method and
                                                                                    Difference                                                                      key
                                                                                    between the                                                                     assumptions
                                                                                                                    Book value     Fair value                                      Amount of
                                                                                    disposal                                                                        for
                                                                                                                    of             of                                              other
                                                                                    consideration                                                                   determining
                                                                                                      Percentage    remaining      remaining                                       comprehensive
                                                                                    and the share                                                                   the fair
                                                                                                      of            equity         equity                                          income related
                                           Disposal                                 of the                                                        Gain or loss      value of the
                                                         Disposal     Basis for                       remaining     interest at    interest at                                     to the equity
               Time      Disposal          percentage                               subsidiary's                                                  arising from      remaining
                                                         method at    determining                     equity        the date of    the date of                                     investment in
Name of the    of loss   consideration     at the time                              net assets                                                    remeasurement     equity
                                                         the time     the time of                     interest at   loss of        loss of                                         the former
subsidiary     of        at the time of    of loss of                               attributable to                                               of remaining      interest at
                                                         of loss of   loss of                         the date of   control at     control at                                      subsidiary
               control   loss of control   control                                  the disposed                                                  equity interest   the date of
                                                         control:     control:                        loss of       the            the                                             transferred to
                                           (%)                                      investment at                                                 at fair value     loss of
                                                                                                      control       consolidated   consolidated                                    investment
                                                                                    the                                                                             control at
                                                                                                      (%)           financial      financial                                       income or
                                                                                    consolidated                                                                    the
                                                                                                                    statements     statements                                      retained
                                                                                    financial                                                                       consolidated
                                                                                                                    level          level                                           earnings
                                                                                    statements                                                                      financial
                                                                                    level                                                                           statements
                                                                                                                                                                    level
Plumino
Precision       April                                                 Completion
                                                         Transfer                                                                                                           Not
                                                                      of equity
Fermentation        1,   525,834,529.63           100    by equity                  35,066,419.30               -              -              -                 -                   8,743,832.40
                                                                      transfer                                                                                       Applicable
                                                         agreement
(Thailand)       2026                                                 procedures
Co., Ltd
Other Explanations:
□Applicable Not Applicable
                                                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Whether there are instances in which the disposal of investment in subsidiaries is conducted through multiple transactions and results in loss of control during the
current period
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
Explanation of changes in consolidation scope due to other reasons (such as establishment of new subsidiaries and liquidation of subsidiaries) and related
circumstances:
□Applicable Not Applicable
□Applicable Not Applicable
X. Equity in Other Entities
(1) Composition of Business Group
Applicable □ Not Applicable
                                                                                                                                               Unit: Yuan Currency: RMB
   Names of        Main Operating                                               Place of                           Stock Ownership Ratio (%)
                                     Registered Capital     Currency                            Business Nature                                     Acquisition Method
  Subsidiaries        Location                                                Registration                           Direct       Indirect
Tongliao Meihua   Tongliao               1,800,000,000              CNY    Tongliao            Manufacturing              100                  Investment or Establishment
Tongliao                                                                                                                                       Merger Not Under the Same
                  Tongliao                233,000,000               CNY    Tongliao            Manufacturing                            100
Jianlong                                                                                                                                       Control
Xinjiang Meihua   Wujiaqu                2,500,000,000              CNY    Wujiaqu             Manufacturing              100                  Investment or Establishment
Xinjiang                                                                                                                                       Merger Not Under the Same
                  Wujiaqu                 260,000,000               CNY    Wujiaqu             Manufacturing                            100
Agriculture                                                                                                                                    Control
Wujiaqu
                  Wujiaqu                 160,000,000               CNY    Wujiaqu             Manufacturing                            100    Investment or Establishment
Jianlong
Langfang R & D    Langfang                  38,000,000              CNY    Langfang            Technological              100                  Investment or Establishment
                                                 MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                      Development
                                                                                      Technological
Shanghai R & D   Shanghai          31,000,000               CNY     Shanghai                                    100   Investment or Establishment
                                                                                      Development
Langfang
                 Langfang          25,000,000               CNY     Langfang          Warehousing               100   Investment or Establishment
BAIAN
Langfang
                 Langfang         250,000,000               CNY     Langfang          Manufacturing       100         Investment or Establishment
Seasoning
Tongliao
                 Tongliao           5,000,000               CNY     Tongliao          Manufacturing             100   Investment or Establishment
Seasoning
Hong Kong
                 Hong Kong          6,277,900               CNY     Hong Kong         Trading             100         Investment or Establishment
Meihua
Lhasa Meihua     Lhasa            800,000,000               CNY     Lhasa             Investment          100         Investment or Establishment
Jilin Meihua     Baicheng        2,000,000,000              CNY     Baicheng          Manufacturing       100         Investment or Establishment
Hengqin Meihua   Hengqin          432,315,000               CNY     Zhuhai            Investment          100         Investment or Establishment
Hong Kong                                             Hong Kong
                 Hong Kong        490,463,215                       Hong Kong         Investment                100   Investment or Establishment
Holding                                                    Dollar
Cayman
                 Cayman             5,000,000          US Dollar    Cayman            Investment                100   Investment or Establishment
Company
Singapore
                 Singapore         10,000,000    Singapore Dollar   Singapore         Trading                   100   Investment or Establishment
Company
SPV              Singapore                  1    Singapore Dollar   Singapore         Investment                100   Investment or Establishment
PUS              United States          5,000          US Dollar    United States     Investment                100   Investment or Establishment
PUSA             United States          5,000          US Dollar    United States     Trading                   100   Investment or Establishment
                                                                                                                      Merger Not Under the Same
SP               Shanghai          88,900,000          US Dollar    Shanghai          Manufacturing             100
                                                                                                                      Control
TP               Thailand        7,150,000,000         Thai Baht    Thailand          Manufacturing             100   Disposed of
                                                                                                                      Merger Not Under the Same
UP               United States     20,000,000          US Dollar    United States     Manufacturing             100
                                                                                                                      Control
                                                       MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                                                                        Merger Not Under the Same
PJP              Japan                     5,000,000      Japanese Yen   Japan               Trading                              100
                                                                                                                                        Control
                                                                                                                                        Merger Not Under the Same
PSG              Singapore                 4,000,000         US Dollar   Singapore           Trading                              100
                                                                                                                                        Control
                                                                                                                                        Merger Not Under the Same
PEU              Germany                   1,030,000             Euro    Germany             Trading                              100
                                                                                                                                        Control
                                                                                                                                        Merger Not Under the Same
PGD              Guanagzhou                3,361,280             CNY     Guanagzhou          Trading                              100
                                                                                                                                        Control
Explanation of the Difference between Ownership Ratio and Voting Rights Ratio in Subsidiaries:
None
Basis for Controlling Invested Units with Half or Less than Half of Voting Rights, and Not Controlling Invested Units with More than Half of Voting Rights:
None
Basis for Controlling Significant Structured Entities Included in the Consolidation Scope:
None
Basis for Determining Whether the Company is an Agent or Principal:
None
Other Explanations:
None
(2) Significant Non-Wholly-Owned Subsidiaries
□Applicable Not Applicable
(3) Main Financial Information of Significant Non-Wholly-Owned Subsidiaries
□Applicable Not Applicable
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(4) Significant Restrictions on the Use of Business Group’s Assets and Settlement of Business Group’s
Debts
□Applicable Not Applicable
(5) Financial Support or Other Support Provided for Structured Entities Included in the Scope of
Consolidated Financial Statements
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
□Applicable Not Applicable
Applicable □ Not Applicable
(1) Significant Joint Ventures or Associates
Applicable □ Not Applicable
                                                                                                Unit: Yuan Currency: RMB
                                                                               Stock Ownership Ratio           Accounting
                                                                                          (%)                  Treatment
                               Main
Names of Joint Ventures or                  Place of         Business                                         Methods for
                             Operating
            Associates                   Registration         Nature                                       Investment in Joint
                             Location                                            Direct         Indirect
                                                                                                               Venture or
                                                                                                               Associates
Tongliao Desheng Bio-Tech
                             Tongliao    Tongliao         Manufacturing                49                  Equity Method
Co., Ltd.
Explanation of the Difference between Ownership Ratio and Voting Rights Ratio in Joint Ventures or
Associates:
None
Basis for Holding Less than 20% Voting Rights but Having Significant Influence, or Holding 20% or More
Voting Rights but Not Having Significant Influence:
None
(2) Main Financial Information of Significant Joint Ventures
□Applicable Not Applicable
(3) Main Financial Information of Significant Associates
Applicable □ Not Applicable
                                                                                                Unit: Yuan Currency: RMB
                                                          Ending Balance/ Amount                 Beginning Balance/ Amount
                                                         Incurred During the Current            Incurred During the Previous
                                                                    Period                                 Period
                                                       Tongliao Desheng Bio-Tech Co.,       Tongliao Desheng Bio-Tech Co.,
                                                                     Ltd.                                   Ltd.
Current Assets                                                               5,712,694.57                          11,941,216.25
Non-Current Assets                                                          14,698,732.72                          16,563,759.25
Total Assets                                                                20,411,427.29                          28,504,975.50
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Current Liabilities                                                   13,402,299.29       17,145,692.57
Non-Current Liabilities
Total Liabilities                                                     13,402,299.29       17,145,692.57
Minority Shareholders’ Equity
Shareholders’ Equity Attributable to the Parent
Company
Net Asset Share Calculated by Stock Ownership
Ratio
Adjustments
--Goodwill
--Unrealized Profits on Internal Transactions
--Others
Book Value of Equity Investments in Associates                         2,635,435.80        4,757,925.21
Fair Value of Equity Investments in Associates with
Public Quotation
Operating Revenues                                                    33,770,293.90       55,978,803.48
Net Profits                                                           -4,284,651.04         -838,746.96
Net Profits from Discontinued Operations
Other Comprehensive Income
Total Comprehensive Income                                            -4,284,651.04         -838,746.96
Dividends Received from Associates during the
Current Year
Other Explanations:
None
(4) Consolidated Financial Information of Insignificant Joint Ventures and Associates
□Applicable Not Applicable
(5) Explanation of Significant Restrictions on the Ability of Joint Ventures or Associates to Transfer
Funds to the Company
□Applicable Not Applicable
(6) Excessive Losses Incurred by Joint Ventures or Associates
□Applicable Not Applicable
(7) Unrecognized Commitments Related to Investments in Joint Ventures
□Applicable Not Applicable
(8) Contingent Liabilities Related to Investments in Joint Ventures or Associates
□Applicable Not Applicable
□Applicable Not Applicable
                                  MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Explanation of Structured Entities Not Included in the Scope of Consolidated Financial Statements:
□Applicable Not Applicable
□Applicable Not Applicable
XI. Government Grants
□Applicable Not Applicable
Reasons for Not Receiving Expected Amounts of Government Grants at the Anticipated Timing
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                                      Unit: Yuan Currency: RMB
                                                        Amount
                                                        Recorded
                                                                         Amount             Other
                                    Newly Added         in Non-
Financial                                                             Transferred to       Changes
                  Beginning         Grants for the      operating                                                           Asset/Income
Statement                                                             Other Income          for the       Ending Balance
                   Balance             Current          Revenue                                                                  -related
  Items                                                               for the Current      Current
                                       Period            for the
                                                                          Period            Period
                                                        Current
                                                         Period
Deferred
Income
  Total          367,624,988.38      3,011,200.00                     25,089,514.75                       345,546,673.63    /
Applicable □ Not Applicable
                                                                                                      Unit: Yuan Currency: RMB
                                           Amount Incurred during the Current                Amount Incurred during the Previous
                 Types
                                                             Period                                           Period
Asset-related                                                           25,089,514.75                                   22,920,234.90
Income-related                                                        107,865,421.83                                   114,842,277.39
                 Total                                                132,954,936.58                                   137,762,512.29
Other Explanations:
Government Grants Recorded in the Profit or Loss for the Current Period
                                                                                                       Unit: Yuan Currency: RMB
                                           Amount Incurred during the          Amount Incurred during the
Income Statement Presentation Items                                                                               Asset/Income-related
                                                     Current Period                     Previous Period
Other Income                                                25,089,514.75                      22,920,234.90     Asset-related
Other Income                                               105,312,846.43                     114,724,232.24     Income-related
Financial Expenses (Government
Interest Subsidies)
Total                                                      132,954,936.58                     137,762,512.29     —
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
XII. Risks Related to Financial Instruments
Applicable □ Not Applicable
     The Company’s risks related to financial instruments arise from various financial assets and financial
liabilities recognised in the course of its operations, including credit risk, liquidity risk and market risk.
     The formulation of objectives and policies for managing these risks related to financial instruments is
the responsibility of the Company’s management. The operating management team is responsible for day-
to-day risk management through functional departments. The Company’s internal audit department
conducts ongoing supervision over the implementation of risk management policies and procedures and
reports relevant findings to the Company’s Audit Committee in a timely manner.
     The overall objective of the Company’s risk management is to establish risk management policies that
minimise risks related to financial instruments as far as possible without unduly affecting the Company’s
competitiveness and responsiveness.
     Credit risk refers to the risk that one party to a financial instrument will fail to discharge its obligations,
thereby causing financial loss to the other party. The Company’s credit risk mainly arises from cash and
cash equivalents, notes receivable, accounts receivable, financing receivables, other receivables, contract
assets and long-term receivables. The credit risk of these financial assets originates from counterparty
default, and the maximum exposure to credit risk is equal to their book amounts.
     The Company’s cash and cash equivalents are mainly deposited with commercial banks and other
financial institutions. The Company considers that these commercial banks have relatively high credit
standing and sound financial conditions, and therefore the associated credit risk is low.
     For notes receivable, accounts receivable, financing receivables, other receivables, contract assets and
long-term receivables, the Company has established relevant policies to control credit risk exposure. The
Company assesses customers’ creditworthiness based on their financial condition, the availability of third-
party guarantees, credit history and other factors such as current market conditions, and sets appropriate
credit terms accordingly. The Company regularly monitors customers’ credit records. For customers with
poor credit history, the Company adopts measures such as issuing written reminders, shortening credit
terms or cancelling credit terms to ensure that the overall credit risk remains within a controllable range.
     (1) Criteria for Significant Increase in Credit Risk
     At each balance sheet date, the Company assesses whether the credit risk of the relevant financial
instruments has increased significantly since initial recognition. In determining whether a significant
increase in credit risk has occurred since initial recognition, the Company considers reasonable and
supportable information that is available without undue cost or effort, including qualitative and quantitative
analysis based on the Company’s historical data, external credit risk ratings, and forward-looking
information. The Company determines changes in the risk of default over the expected life of a financial
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
instrument by comparing the risk of default at the reporting date with that at initial recognition, on an
individual financial instrument basis or a portfolio basis with similar credit risk characteristics.
     The Company considers that the credit risk of a financial instrument has increased significantly when
one or more of the following quantitative or qualitative criteria are triggered: quantitative criteria mainly
include a significant increase in the probability of default over the remaining lifetime at the reporting date
compared with that at initial recognition exceeding a certain threshold; qualitative criteria include
significant adverse changes in the debtor’s operating or financial conditions, inclusion on a watchlist of
customers, etc.
     (2) Definition of Credit-Impaired Financial Assets
     To determine whether a financial asset is credit-impaired, the Company applies criteria consistent with
its internal credit risk management objectives for the relevant financial instruments, and considers both
quantitative and qualitative indicators.
     In assessing whether a debtor is credit-impaired, the Company mainly considers the following factors:
significant financial difficulty of the issuer or debtor; breach of contract by the debtor, such as default or
overdue payment of interest or principal; concessions granted to the debtor for economic or contractual
reasons related to the debtor’s financial difficulty that would not otherwise be considered; high probability
of bankruptcy or other financial restructuring of the debtor; disappearance of an active market for the
financial asset due to financial difficulties of the issuer or debtor; purchase or origination of a financial
asset at a deep discount that reflects incurred credit losses.
     Credit impairment of financial assets may result from the combined effect of multiple events and may
not necessarily be attributable to a single identifiable event.
     (3) Parameters for Measurement of Expected Credit Losses
     Based on whether there has been a significant increase in credit risk and whether credit impairment
has occurred, the Company measures loss allowances at an amount equal to 12-month expected credit
losses or lifetime expected credit losses for different assets. The key parameters used in measuring
expected credit losses include probability of default (PD), loss given default (LGD), and exposure at default
(EAD). The Company incorporates both quantitative analysis of historical statistical data (such as
counterparty credit ratings, types of guarantees and collateral, repayment methods, etc.) and forward-
looking information to develop PD, LGD, and EAD models.
     The relevant definitions are as follows:
     Probability of default refers to the likelihood that a debtor will be unable to fulfil its repayment
obligations over the next 12 months or over the remaining lifetime of the instrument.
     Loss given default refers to the Company’s expectation of the extent of loss arising from exposure at
default. LGD varies depending on the type of counterparty, the method and priority of recovery, and the
nature of collateral. It represents the percentage of exposure that will be lost in the event of default,
calculated on a 12-month basis or over the remaining lifetime.
     Exposure at default refers to the amount that the Company expects to be repaid in the event of default
within the next 12 months or over the remaining lifetime of the instrument. Forward-looking information is
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
incorporated in both the assessment of significant increases in credit risk and the calculation of expected
credit losses. The Company identifies key economic indicators affecting credit risk and expected credit
losses for each business type through historical data analysis.
      The Company’s maximum exposure to credit risk is the book amount of each financial asset presented
in the balance sheet. The Company has not provided any other guarantees that would expose it to additional
credit risk.
      For the Company's accounts receivable and contract assets, the top five customers accounted for
debtors accounted for 85.42% (beginning of the year: 86.95%) of total other receivables.
      Liquidity risk refers to the risk that the Company will encounter a shortage of funds when it is unable
to meet its obligations settled by delivering cash or other financial assets. The Company centrally manages
cash across all its subsidiaries, including short-term investment of surplus cash and arranging borrowings to
meet anticipated cash requirements. The Company’s policy is to regularly monitor both short-term and
long-term liquidity needs, as well as compliance with borrowing covenants, to ensure sufficient cash
reserves and readily realisable marketable securities are maintained.
      As at June 30, 2026, the maturities of the Company’s financial liabilities are as follows:
                                                                                   Unit: Yuan Currency: RMB
                                                               June 30, 2026
          Items
                          Within one year          1-2 years                   2-3 years             Over 3 years
Short-term borrowings        1,831,796,712.90
Notes payable                2,259,312,216.46
Accounts payable             1,819,315,537.05
Other payables               1,437,537,640.70
Long-term borrowings          229,612,000.02       1,311,332,000.00            203,122,000.00          442,903,123.82
Lease liabilities               1,000,938.19            371,922.02                  110,365.50
Long-term payables              3,447,580.57           3,447,580.57               3,447,580.57          16,562,388.49
          Total              7,582,022,625.89      1,315,151,502.59            206,679,946.07          459,465,512.31
      (Continued)
                                                                                           Unit: Yuan Currency: RMB
                                                          December 31, 2025
          Items
                          Within one year          1-2 years                   2-3 years             Over 3 years
Short-term borrowings        1,800,136,227.43
Notes payable                1,777,053,969.91
Accounts payable             1,735,184,321.70
Other payables                256,349,893.68
Long-term borrowings          280,045,900.02        756,401,933.35             707,451,933.27          454,825,357.21
Lease liabilities               1,011,449.31            825,023.64                  159,469.07              28,473.93
Long-term payables                                                                                      10,500,000.00
          Total              5,849,781,762.05       757,226,956.99             707,611,402.34          465,353,831.14
                                                                                         MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                       (1) Exchange Risk
                       The Company’s foreign exchange risk mainly arises from foreign currency-denominated assets and liabilities held by the Company and its subsidiaries that are
              not denominated in their respective functional currencies. The Company is exposed to exchange rate risk primarily in relation to recognised foreign currency assets
              and liabilities and future foreign currency transactions (the principal currencies of such assets, liabilities and transactions are USD). Except for subsidiaries
              established in the Hong Kong Special Administrative Region of the People’s Republic of China and other overseas jurisdictions, which conduct transactions and
              settlements in USD, THB, JPY and EUR, the Company’s other major operations are denominated and settled in RMB.
                       ①As at June 30, 2026, the Company’s principal foreign currency exposure arising from foreign currency assets and liabilities is set out below (for presentation
              purposes, the exposure amounts are stated in RMB and translated at the spot exchange rates prevailing at the balance sheet date):
                                                                                                                                        June 30, 2026
                                                   US Dollar                                       Euro                      Hong Kong Dollar              British Pound              Singapore Dollar                      Japanese Yen
               Items
                                                                                                                            Foreign                     Foreign
                                     Foreign currency           CNY             Foreign currency          CNY                             CNY                       CNY       Foreign currency      CNY          Foreign currency          CNY
                                                                                                                           currency                     currency
Monetary Funds                          25,555,209.84          174,056,057.91         238,609.69          1,853,305.33         887.72        771.03        34.20     308.30        217,460.37     1,143,943.23          143,570.00           6,036.42
Accounts Receivable                     32,510,487.01          221,431,728.32              40.00                310.68
Other Receivables                           62,581.81             426,001.30                                                                                                        12,906.00        67,892.08
Other Current Assets                                                                                                                                                               162,492.74       854,793.12
Long-Term Receivables                                                                                                                                                               62,730.05       329,991.45
Accounts Payable                         1,181,911.00            8,049,877.63
Other Payables                           1,234,902.30            8,411,163.01                                                                                                       65,722.00       345,747.17       16,863,000.00         709,005.63
Accrued Employee Compensation                                                                                              103,000.00     89,460.65                                239,497.48     1,259,876.12
Lease Liabilities                                                                                                                                                                   41,990.89       220,893.08
Non-Current Liabilities Due Within
One Year
Long-term payables                                                                                                                                                               2,621,485.07    13,790,234.99
                                                                                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                      (Continued)
                                                                                                                                    December 31, 2025
                                              US Dollar                                 Euro                     Hong Kong Dollar        British Pound       Singapore Dollar                   Japanese Yen                Australian Dollar
                                                                                                                                       Foreig
              Items
                                                                                                                Foreign                   n               Foreign                                                          Foreign
                                Foreign currency          CNY            Foreign currency        CNY                        CNY                  CNY                      CNY         Foreign currency         CNY                      CNY
                                                                                                               currency                currenc            currency                                                         currency
                                                                                                                                          y
Monetary Funds                      70,274,067.47    493,827,298.77         2,211,985.26       18,216,804.07     6,887.68   6,221.09    34.20    322.66    93,852.93     512,305.45         513,405.00         22,997.77    1,283.68    6,019.46
Accounts Receivable                 29,213,865.34    205,242,499.24
Other Receivables                      60,000.00           421,728.00                                                                                      12,799.50      69,864.38
Other Current Assets                                                                                                                                        5,659.83      30,894.53
Long-Term Receivables                                                                                                                                      42,730.05     233,244.15
Accounts Payable                      747,613.38          5,258,240.29
Other Payables                       1,196,232.96         8,408,082.22                                                                                        187.50       1,033.02      25,263,150.00     1,131,713.34
Accrued Employee
Compensation
Lease Liabilities                                                                                                                                         124,926.41     681,913.56
Non-Current Liabilities Due
Within One Year
                      The Company continuously monitors the scale of its foreign currency transactions and foreign currency assets and liabilities in order to minimise exposure to
              foreign exchange risk. To this end, the Company may enter into forward foreign exchange contracts or currency swap agreements to hedge against foreign exchange
              risk.
                      (2) Interest Rate Risk
                      The Company’s interest rate risk mainly arises from interest-bearing liabilities such as short-term borrowings and long-term bank borrowings. Financial
              liabilities with floating interest rates expose the Company to cash flow interest rate risk, while those with fixed interest rates expose the Company to fair value
              interest rate risk. The Company determines the appropriate proportion of fixed-rate and floating-rate arrangements based on prevailing market conditions.
                                                      MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
    The Group’s head office finance department continuously monitors the overall interest rate environment. An increase in interest rates would raise the cost of
new interest-bearing borrowings and the interest expenses on the Company’s outstanding floating-rate debt, thereby potentially exerting a material adverse impact
on the Company’s financial performance. Management makes timely adjustments in response to the latest market conditions.
                                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
           (1) The Company conducts hedging transactions for risk management
           □Applicable Not Applicable
           Other Explanations
           □Applicable Not Applicable
           (2) The Company conducts eligible hedging transactions and applies hedging accounting
           □Applicable Not Applicable
           Other Explanations
           □Applicable Not Applicable
           (3) The Company conducts eligible hedging transactions for risk management and expects to
           achieve risk management objectives but does not apply hedging accounting
           □Applicable Not Applicable
           Other Explanations
           □Applicable Not Applicable
           (1) Classification of Transfer Methods
           □Applicable Not Applicable
           (2) Financial Assets Derecognized Due to Transfer
           □Applicable Not Applicable
           (3) Financial Assets Continuously Involved in Transfer
           □Applicable Not Applicable
           Other Explanations
           □Applicable Not Applicable
           XIII. Disclosure of Fair Value
           Applicable □ Not Applicable
                                                                                                  Unit: Yuan Currency: RMB
                                                                                       Ending Fair Value
                                                                Level 1 Fair   Level 2 Fair    Level 3 Fair
                             Items
                                                                   Value          Value           Value              Total
                                                                Measurement Measurement        Measurement
I. Continuous Fair Value Measurement
(I) Financial Assets Held for Trading                                                         1,979,234,328.78   1,979,234,328.78
Recorded in the Profit or Loss for the Current Period
(1) Debt Instrument Investments
(2) Equity Instrument Investments
(3) Derivative Financial Assets                                                                  2,181,653.58       2,181,653.58
Wealth Management Products                                                                    1,977,052,675.20   1,977,052,675.20
Changes Recorded in the Profit or Loss for the Current Period
(1) Debt Instrument Investments
                                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(2) Equity Instrument Investments
(II) Other Debt Investments
(III) Other Equity Instrument Investments                        72,089,650.00                157,000,000.00     229,089,650.00
(IV) Investment Properties
Leased Land Use Rights
Leased Buildings
Land Use Right Held for Transfer After Appreciation
(V) Biological Assets
Consumable Biological Assets
Productive Biological Assets
(VI) Receivables Financing                                                                     32,134,493.66      32,134,493.66
(VII) Other Non-Current Financial Assets                                                      346,396,575.38     346,396,575.38
Total Amount of Assets Measured at Fair Value on a
Continuous Basis
(VI) Financial Liabilities Held for Trading                          42,227.58                                        42,227.58
Financial Liabilities Measured at Fair Value with Changes
Recorded in the Profit or Loss for the Current Period
Including: Issued Bonds Held for Trading                                                                                       -
          Derivative Financial Liabilities                           42,227.58                                        42,227.58
          Others                                                                                                               -
with Changes Recorded in the Profit or Loss for the Current                                                                    -
Period
Total Amount of Liabilities Measured at Fair Value on a
Continuous Basis
II. Non-Continuous Fair Value Measurement
(I) Assets Held for Sale
Total Amount of Assets Measured at Fair Value on a Non-
Continuous Basis
Total Amount of Liabilities Measured at Fair Value on a
Non-Continuous Basis
                Measurement Items
           Applicable □ Not Applicable
                   Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
               Adopted for Continuous and Non-continuous Level 2 Fair Value Measurement Items
           Applicable □ Not Applicable
                   Level 2: Directly or indirectly observable inputs other than quoted prices included in Level 1 for
           related assets or liabilities.
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
     The Company’s financial assets at fair value through profit or loss include bank wealth
management products and equity instrument investments. The Company determines their fair value
using specific valuation techniques.
    Adopted for Continuous and Non-continuous Level 3 Fair Value Measurement Items
Applicable □ Not Applicable
     Level 3: Unobservable inputs for related assets or liabilities.
     Given their relatively short remaining maturities, the book value of receivables financing.
     Unobservable Parameters for Continuous Level 3 Fair Value Measurement Items
□Applicable  Not Applicable
     Policies for Determining Transitioning Timing for Continuous Fair Value Measurement Items
□Applicable Not Applicable
     Changes
□Applicable Not Applicable
Applicable □ Not Applicable
     The Company’s financial assets and financial liabilities measured at amortized cost mainly include:
cash and cash equivalents, notes receivable, accounts receivable, other receivables, debt investments,
short-term borrowings, notes payable, accounts payable, and other payables.The book values of the
above financial assets and liabilities not measured at fair value differ only slightly from their fair values.
□Applicable Not Applicable
XIV. Related Parties and Related Transactions
Applicable □ Not Applicable
                                                                           Unit: 10,000 yuan Currency: RMB
                                                                        Parent Company’s     Parent Company’s
Name of Parent      Place of
                                    Business Nature      Registered     Stock Ownership in   Voting Rights in the
  Company         Registration
                                                                         the Company (%)        Company (%)
Meng Qingshan                                                                 30.46
Explanation of the Status of the Company’s Parent Company
    None
The Company’s ultimate controlling party is Mr. Meng Qingshan. Ms. Wang Aijun, Mr. He Jun, Ms.
Wang Ailing, Mr. Wang Aimin, and Ms. Wang Aidi are his parties acting in concert.
Other Explanations:
     None
Refer to the notes for the details of the Company’s Subsidiaries
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Applicable □ Not Applicable
     Refer to 1 in Section IX for equity in subsidiaries
Refer to the notes for the details of the Company’s significant joint ventures or associates
□Applicable Not Applicable
Other joint ventures or associates with related transactions with the Company during the current period
or with balances formed from related transactions with the Company during the previous period are as
follows:
Applicable □ Not Applicable
      Names of Joint Ventures or Associates                                 Relationship with the Company
Tongliao Desheng Bio-tech Co., Ltd.                                                   Associate
Other Explanations:
□Applicable Not Applicable
Applicable □ Not Applicable
           Names of Other Related Parties                                   Relationship with the Company
Hu Jijun                                                 Shareholder of the Company
Liang Yubo                                               The Shareholders and Senior Executive of the company.
Wang Aijun                                               The Shareholders and Senior Executive of the company.
He Jun                                                   The Shareholders and Senior Executive of the company.
Wang Ailing                                              The Shareholders and Senior Executive of the company.
Liu Xinghua                                              Director of the Company
Lu Chuang                                                Director of the Company
Zhou Zhen                                                Director of the Company
Liu Xiaojing                                             Employee Representative Directors of the Company
Liu Xianfang                                             Senior Executive of the Company
Wang Lihong                                              Senior Executive of the Company
                                                         The Legal Representative of the company is a direct relative of the
Tibet Meihua Charity Foundation
                                                         shareholder of the Company
Other Explanations:
     None
     Note: The above table only lists related parties with which the Company had related-party
transactions and dealings during the reporting period.
(1) Related Transactions for Purchasing and Selling Goods/Providing and Accepting Labor
     Services
Table of Purchasing Goods/Accepting Labor Services
Applicable □ Not Applicable
                                                                                           Unit: Yuan Currency: RMB
                                                                                                                 Amount
                                               Amount                 Approved             Exceeding
                                                                                                                 Incurred
                     Content of Related     Incurred during           Transaction      Transaction Limit
  Related Party                                                                                                 during the
                        Transaction           the Current             Amount (if           or Not (if
                                                                                                                Previous
                                                Period                applicable)          applicable)
                                                                                                                 Period
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Tongliao
Desheng Bio-          Raw Materials             62,986.28
Tech Co., Ltd.
Table of Selling Goods/Providing Labor Services
Applicable □ Not Applicable
                                                                                    Unit: Yuan Currency: RMB
                                      Content of Related     Amount Incurred during the Amount Incurred during the
           Related Party
                                         Transaction               Current Period             Previous Period
Tongliao Desheng Bio-tech Co.,
                                 Goods                                    27,785,882.43              40,939,356.32
Ltd.
Tongliao Desheng Bio-tech Co.,
                                 Services and Others                         264,449.98                 468,821.28
Ltd.
Total                                                                     28,050,332.41              41,408,177.60
Explanation of Related Transactions for Purchasing and Selling Goods / Providing and Accepting
Services
□Applicable Not Applicable
(2) Information of Related Delegated Management/Contracting and Delegating Management
     /Outsourcing
Table of the Delegated Management/Contracting by the Company:
□Applicable Not Applicable
Explanation of Related Delegated Management/Contracting
□Applicable Not Applicable
Table of Delegating Management/Outsourcing by the Company
□Applicable Not Applicable
Explanation of Related Management/Outsourcing
□Applicable Not Applicable
                                                                  MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(3) Information of Related Leases
The Company as the Lessor:
Applicable □ Not Applicable
                                                                                                                                                                  Unit: Yuan Currency: RMB
                                                                                    Lease Revenue Recognized during the Current
           Name of Lessee                     Types of Leased Asset                                                                     Lease Revenue Recognized during the Previous Period
                                                                                                        Period
Tongliao Desheng Bio-tech Co., Ltd.                  Property                                         511,832.56                                             754,159.91
The Company as the Lessee:
Applicable □ Not Applicable
                                                                                                                                                                  Unit: Yuan Currency: RMB
                                                     Amount Incurred during the Current Period                                      Amount Incurred during the Previous Period
                                        Rental                                                                         Rental
                                       expenses        Variable                                                       expenses        Variable
                                       for short-        lease                                                        for short-        lease
                                      term leases     payments                                                       term leases      payments
                                                                                        Interest                                                                       Interest
                  Types of Leased      and low-      not included                                     Additions       and low-      not included                                    Additions
Name of Lessor                                                                        expense on                                                                     expense on
                        Asset         value asset        in the         Rent paid                     to right-of-   value asset        in the        Rent paid                     to right-of-
                                                                                         lease                                                                          lease
                                         leases      measurement                                      use assets        leases      measurement                                     use assets
                                                                                       liabilities                                                                    liabilities
                                       under the       of lease                                                       under the        of lease
                                       simplified    liabilities (if                                                  simplified    liabilities (if
                                      approach (if    applicable)                                                    approach (if    applicable)
                                      applicable)                                                                    applicable)
Tongliao
                  Machinery and
Desheng Bio-                          142,065.64
                  Equipment
tech Co., Ltd.
Explanation of Related Leases
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
□Applicable Not Applicable
                           MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(4) Information of Related Guarantee
The Company as the Guarantor
Applicable □ Not Applicable
                                                                                  Unit: Yuan Currency: RMB
                                                                 Expiry Date of      Whether the Guarantee Has
 Guaranteed Party   Guaranteed Amount Start Date of Guarantee
                                                                   Guarantee            Been Fully Fulfilled
 Tongliao Meihua      95,666,733.34          2023/5/22              2038/5/8                    No
 Tongliao Meihua       1,666,666.66          2023/5/22              2038/5/8                    Yes
 Tongliao Meihua      18,463,641.09           2024/6/6              2038/5/8                    No
 Tongliao Meihua        321,666.67            2024/6/6              2038/5/8                    Yes
 Tongliao Meihua       9,566,653.41          2024/6/13              2038/5/8                    No
 Tongliao Meihua        166,666.67           2024/6/13              2038/5/8                    Yes
 Tongliao Meihua       5,739,992.04          2024/6/19              2038/5/8                    No
 Tongliao Meihua        100,000.00           2024/6/19              2038/5/8                    Yes
 Tongliao Meihua      14,349,980.12          2024/6/26              2038/5/8                    No
 Tongliao Meihua        250,000.00           2024/6/26              2038/5/8                    Yes
 Tongliao Meihua      44,000,000.00          2024/10/21            2027/10/21                   No
 Tongliao Meihua        500,000.00           2024/10/21            2027/10/21                   Yes
 Tongliao Meihua      52,800,000.00          2024/10/21            2027/10/21                   No
 Tongliao Meihua        600,000.00           2024/10/21            2027/10/21                   Yes
 Tongliao Meihua      35,200,000.00          2024/10/24            2027/10/21                   No
 Tongliao Meihua        400,000.00           2024/10/24            2027/10/21                   Yes
 Tongliao Meihua      44,000,000.00          2024/10/24            2027/10/21                   No
 Tongliao Meihua        500,000.00           2024/10/24            2027/10/21                   Yes
 Tongliao Meihua      35,200,000.00          2024/11/14            2027/10/21                   No
 Tongliao Meihua        400,000.00           2024/11/14            2027/10/21                   Yes
 Tongliao Meihua      35,200,000.00          2024/11/18            2027/10/21                   No
 Tongliao Meihua        400,000.00           2024/11/18            2027/10/21                   Yes
 Tongliao Meihua      17,600,000.00          2024/11/20            2027/10/21                   No
 Tongliao Meihua        200,000.00           2024/11/20            2027/10/21                   Yes
 Tongliao Meihua      143,213,000.00         2025/5/20              2038/5/8                    No
 Tongliao Meihua       2,495,000.00          2025/5/20              2038/5/8                    Yes
 Xinjiang Meihua      95,000,000.00          2024/7/25             2027/7/25                    No
 Xinjiang Meihua       2,000,000.00          2024/7/25             2027/7/25                    Yes
       Total          656,000,000.00
The Company as the Guaranteed Party
Applicable □ Not Applicable
                                                                                  Unit: Yuan Currency: RMB
                                             Start Date of       Expiry Date of      Whether the Guarantee Has
      Guarantor       Guaranteed Amount
                                               Guarantee           Guarantee            Been Fully Fulfilled
Tongliao Meihua,
Xinjiang Meihua
Tongliao Meihua,         35,000,000.00         2023/4/23           2026/3/31                    Yes
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Xinjiang Meihua
Tongliao Meihua,
Xinjiang Meihua
Tongliao Meihua,
Xinjiang Meihua
         Total             237,000,000.00
Explanation of Related Guarantees
Applicable □ Not Applicable
Xinjiang Meihua as the guarantor
                                                                                                           Whether
                                                                                                                the
                                   Guaranteed Amount            Start Date of          Expiry Date of      Guarantee
         Guarantor
                                           (yuan)                  Guarantee             Guarantee         Has Been
                                                                                                               Fully
                                                                                                           Fulfilled
Tongliao Meihua                             73,000,000.00              2023/8/28              2038/6/20    No
Tongliao Meihua                              2,000,000.00              2023/8/28              2038/6/20    Yes
Tongliao Meihua                             40,000,000.00               2024/2/6               2027/2/4    No
Tongliao Meihua                              1,000,000.00               2024/2/6               2027/2/4    Yes
Tongliao Meihua                             14,819,832.28              2024/12/5            2039/11/27     No
Tongliao Meihua                              4,538,021.20             2024/12/12            2039/11/27     No
Tongliao Meihua                              3,978,347.92             2024/12/19            2039/11/27     No
Tongliao Meihua                              2,095,843.43             2024/12/25            2039/11/27     No
Tongliao Meihua                             20,725,937.66              2025/2/13            2039/11/27     No
Tongliao Meihua                              5,033,161.44              2025/2/20            2039/11/27     No
Tongliao Meihua                              2,618,621.00              2025/3/13            2039/11/27     No
Tongliao Meihua                             17,000,000.00              2025/3/25            2039/11/27     No
Tongliao Meihua                              4,345,889.20              2025/4/10            2039/11/27     No
Tongliao Meihua                                924,221.72               2025/7/4            2039/11/27     No
Tongliao Meihua                                617,779.60               2025/8/6            2039/11/27     No
Tongliao Meihua                              1,786,020.00              2025/8/20            2039/11/27     No
Tongliao Meihua                              6,124,927.36              2025/11/6            2039/11/27     No
Tongliao Meihua                             39,000,000.00             2025/12/23            2039/11/27     No
Tongliao Meihua                             14,000,000.00             2025/12/26            2039/11/27     No
Tongliao Meihua                              3,600,000.00               2026/1/9            2039/11/27     No
Total                                      257,208,602.81
(5) Fund Borrowing by Related Parties
□Applicable Not Applicable
(6) Status of Transfer of Assets and Debt Restructuring by Related Parties
□Applicable Not Applicable
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(7) Compensation of Key Management Personnel
Applicable □ Not Applicable
                                                                                         Unit: 10,000 yuan Currency: RMB
                                                    Amount Incurred during the Current             Amount Incurred during the
                   Items
                                                                    Period                               Previous Period
Compensation of Key Management
Personnel
(8) Other Related Transactions
Applicable □ Not Applicable
                                                                                                 Unit: Yuan Currency: RMB
        Items Name                     Related Party           Amount Incurred during             Amount Incurred during the
                                                                    the Current Period                  Previous Period
Tibet Meihua Charity
                                        Donations                             3,000,000.00                         1,500,000.00
Foundation
Total                                                                         3,000,000.00                         1,500,000.00
(1) Items Receivable
Applicable □ Not Applicable
                                                                                                 Unit: Yuan Currency: RMB
                                                            Ending Balance                          Beginning Balance
Item Name              Related Party                                     Bad Debt                                  Bad Debt
                                                 Book Balance                                 Book Balance
                                                                         Reserves                                  Reserves
Dividends    Tongliao Desheng Bio-tech
Receivable Co., Ltd.
Accounts     Tongliao Desheng Bio-tech
Receivable Co., Ltd.
(2) Items Payable
Applicable □ Not Applicable
                                                                                                 Unit: Yuan Currency: RMB
         Item Name                          Related Party                       Ending Balance           Beginning Balance
Contract Liabilities         Tongliao Desheng Bio-tech Co., Ltd.                            32,743.36              1,500,884.96
Other Current Liabilities    Tongliao Desheng Bio-tech Co., Ltd.                             4,256.64                 195,115.04
Accounts Receivable          Tongliao Desheng Bio-tech Co., Ltd.                           231,593.55
(3) Other Items
□Applicable Not Applicable
□Applicable Not Applicable
□Applicable Not Applicable
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
XV. Share-based Payments
(1) Details
□Applicable Not Applicable
(2) Stock options or other equity instruments outstanding at the end of the period
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                     Unit: Yuan Currency: RMB
Recipients of Equity-settled Share-based Payments
Methods for Determining the Fair Value of Equity Instruments on
                                                                            Closing Price on the Grant Date
the Grant Date
Significant Parameters for Determining the Fair Value of Equity
Instruments on the Grant Date
Basis for Determining the Quantity of Exercisable Equity               Estimation Based on the Actual Quantity of
Instruments                                                                   Restricted Stock Recipients
Reasons for Significant Differences between Estimates for the
Current Period and Previous Period
Accumulated Amount of Share-based Payments Settled by Equity
Recorded in Capital Reserves
Other Explanations:
None
□Applicable Not Applicable
□Applicable Not Applicable
□Applicable Not Applicable
□Applicable Not Applicable
XVI. Commitments and Contingencies
Applicable □ Not Applicable
Significant Commitments to External Parties as of the Balance Sheet Date and Their Nature and
Amounts
     As of June 30, 2026, the Company has no significant commitments that require disclosure but have
not been disclosed.
(1) Significant Contingencies as of the Balance Sheet Date
Applicable □ Not Applicable
     (1) Contingencies Arising from Pending Litigation or Arbitration and Their Financial Impact
                            MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                                  Amount
                                                                                      Court of               Case
   Plaintiff        Defendant                     Cause of Action                                   in
                                                                                     Acceptance              Status
                                                                                                  Dispute
                                   The plaintiff alleges that it is a legal entity
                                   duly incorporated in Japan and has been
                                   engaged in the R&D and production of
                 The Company       monosodium glutamate (MSG) and other                                     Case
                 and its wholly-   seasonings since its establishment. The                                  has been
                 owned             plaintiff holds Invention Patent No.                Higher               accepted
                 subsidiaries      200580045189.5, titled “Microorganisms             People's     130      by the
Ajinomoto Co.,
                 Tongliao          Producing L-Glutamic Acid and Method for           Court of    million   court
Inc. (Japan)
                 Meihua,           Producing L-Glutamic Acid.”                       Guangdong     yuan     and has
                 Xinjiang          The plaintiff claims that the defendants           Province              not yet
                 Meihua, and       infringed its patent rights (patent No.                                  gone to
                 Jilin Meihua      200580045189.5) during the production and                                trial
                                   sale of MSG products and has therefore filed
                                   a lawsuit with the Higher People's Court of
                                   Guangdong Province.
                 The Company       The plaintiff holds Invention Patent No.                                 Case
                 and its wholly-   201480005332.7, titled “Method for                                       has been
                 owned             Producing L-Amino Acids.”                         Higher                 accepted
                 subsidiaries      The plaintiff claims that the defendants          People's     130       by the
Ajinomoto Co.,
                 Tongliao          infringed its patent rights (patent No.           Court of     million   court
Inc. (Japan)
                 Meihua,           201480005332.7) during the production and         Guangdong    yuan      and has
                 Xinjiang          sale of MSG products and has therefore filed      Province               not yet
                 Meihua, and       a lawsuit with the Higher People's Court of                              gone to
                 Jilin Meihua      Guangdong Province.                                                      trial
     The Company and its wholly-owned subsidiaries Tongliao Meihua, Xinjiang Meihua, and Jilin
Meihua have been sued by third parties in relation to debt disputes, with a claimed amount of 260
million yuan. As of the date of this report, the case is still under trial.
     Except for the above contingencies, the Company has no other significant contingencies that
require disclosure as of June 30, 2026.
(2) Explanation should be also provided even if the Company has no significant contingencies that
     require disclosure:
□Applicable Not Applicable
□Applicable Not Applicable
XVII. Matters after the Balance Sheet Date
□Applicable Not Applicable
□Applicable Not Applicable
□Applicable Not Applicable
□Applicable Not Applicable
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
XVIII. Other Significant Matters
(1) Retrospective restatement method
□Applicable Not Applicable
(2) Prospective application method
□Applicable Not Applicable
□Applicable Not Applicable
(1) Exchange of Non-monetary Assets
□Applicable Not Applicable
(2) Other Asset Swap
□Applicable Not Applicable
□Applicable Not Applicable
□Applicable Not Applicable
(1) Determination Basis and Accounting Policies for Reporting Segments
□Applicable Not Applicable
(2) Financial Information of Reporting Segments
□Applicable Not Applicable
(3) If the company does not have reporting segments, or cannot disclose the total assets and
      liabilities of each reporting segment, the reasons should be explained.
□Applicable Not Applicable
(4) Other Explanations
□Applicable Not Applicable
□Applicable Not Applicable
□Applicable Not Applicable
XIX. Notes to Main Items on the Parent Company’s Financial Statement
(1) Disclosure by Aging
Applicable □ Not Applicable
                                                                                  Unit: Yuan Currency: RMB
                Aging                         Ending Book Balance                 Beginning Book Balance
Within 1 year (including 1 year)                            272,668,772.39                      252,454,693.41
Within 1 year                                               272,668,772.39                      252,454,693.41
                                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                Over 3 years
                Over 5 years
                                 Total                                         272,668,772.39                                252,454,693.41
                (2) Classified Disclosure by Bad Debt Provision Methods
                Applicable □ Not Applicable
                                                                                                         Unit: Yuan Currency: RMB
                                      Ending Balance                                                       Beginning Balance
                     Book Balance       Bad Debt Reserves                               Book Balance          Bad Debt Reserves
     Category
                                Ratio              Provision        Book Value                     Ratio                  Provision     Book Value
                    Amount              Amount                                         Amount                 Amount
                                 (%)               Ratio(%)                                         (%)                   Ratio(%)
Provisions
for Bad Debt
Reserves on
an
Individual-
item Basis
Including:
Provisions
for Bad Debt
Reserves on a 272,668,772.39 100.00 12,394,524.01            4.55 260,274,248.38 252,454,693.41 100.00 12,350,111.11             4.89 240,104,582.30
Portfolio
Basis:
Including:
Including:
Related Party
Portfolio
within the
Consolidation
Scope
Aging
Analysis      247,890,480.18 90.91 12,394,524.01             5.00 235,495,956.17 247,002,222.12 97.84 12,350,111.11              5.00 234,652,111.01
Portfolio
      Total      272,668,772.39          / 12,394,524.01         / 260,274,248.38 252,454,693.41           / 12,350,111.11          / 240,104,582.30
                Provisions for Bad Debt Reserves on an Individual-item Basis:
                □Applicable Not Applicable
                Provisions for Bad Debt Reserves on a Portfolio Basis:
                Applicable □ Not Applicable
                Items for provisions on a portfolio basis: Aging Analysis Portfolio
                                                                                                        Unit: Yuan Currency: RMB
                                                                                    Ending Balance
                          Name
                                                     Book Balance                  Bad Debt Reserves              Provision Ratio (%)
                Within 1 year                              247,890,480.18                  12,394,524.01                                5.00
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
          Total                         247,890,480.18                   12,394,524.01                              5.00
Explanation of Provisions for Bad Debt Reserves on a Portfolio Basis:
□Applicable Not Applicable
Provisions for Bad Debt Reserves based on the General Model of Expected Credit Losses
□Applicable Not Applicable
Basis for Staging and Provision Ratios for Bad Debt Reserves
None
Explanation of significant changes in the book balance of accounts receivable with changes in loss
reserves during the current period:
□Applicable Not Applicable
(3) Status of Bad Debt Reserves
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
                                                           Amount of Changes in the Current Period
                                         Beginning                   Recovered                                Ending
              Category                                                            Written      Other
                                          Balance        Provision       or                                  Balance
                                                                                    off       Changes
                                                                     Reversed
Bad debt provision on an individual
basis
Bad debt provision on a portfolio
basis
Including: Related Party Portfolio
within the Consolidation Scope
           Aging Analysis Portfolio    12,350,111.11     44,412.90                                         12,394,524.01
                  Total                12,350,111.11     44,412.90            -           -            -   12,394,524.01
Including bad debts with significant amounts to be recovered or reversed during the period:
□Applicable Not Applicable
Other Explanations:
None
(4) Status of Accounts Receivable Actually Written Off during the Current Period
□Applicable Not Applicable
Including write-off of significant accounts receivable
□Applicable Not Applicable
Explanation of write-off of accounts receivable:
□Applicable Not Applicable
(5) Overview of Accounts Receivable and Contract Assets Ranking Top Five in Ending Balances
     Aggregated by Debtors
Applicable □ Not Applicable
                                                                                      Unit: Yuan Currency: RMB
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                     Proportion in the
                                                                                      Total Ending
                                                              Ending Balance of
                      Ending Balance    Ending Balance                                  Balance of       Ending Balance
                                                                     Accounts
Company Name            of Accounts       of Contract                                   Accounts           of Bad Debt
                                                               Receivable and
                        Receivable          Assets                                   Receivable and         Reserves
                                                               Contract Assets
                                                                                     Contract Assets
                                                                                           (%)
First                   72,863,932.25                                72,863,932.25               26.72      3,643,196.61
Second                  47,940,642.03                                47,940,642.03               17.58      2,397,032.10
Third                   22,471,130.00                                22,471,130.00                8.24      1,123,556.50
Fourth                  18,475,251.42                                18,475,251.42                6.78        923,762.57
Fifth                   17,346,021.85                                17,346,021.85                6.36        867,301.09
        Total          179,096,977.55                               179,096,977.55               65.68      8,954,848.87
Other Explanations:
None
Other Explanations:
□Applicable Not Applicable
Presentation of Items
Applicable □ Not Applicable
                                                                                          Unit: Yuan Currency: RMB
                    Items                            Ending Balance                          Beginning Balance
Interest Receivable
Dividends Receivable                                                900,000,000.00                        850,000,000.00
Other Receivables                                                   450,291,213.36                        461,253,600.04
                    Total                                       1,350,291,213.36                         1,311,253,600.04
Other Explanations:
□Applicable Not Applicable
Interest Receivable
(1) Classification of Interest Receivable
□Applicable Not Applicable
(2) Significant Overdue Interest
□Applicable Not Applicable
(3) Classified Disclosure by Bad Debt Provision Methods
□Applicable Not Applicable
Provisions for Bad Debt Reserves on an Individual-item Basis:
□Applicable Not Applicable
Explanation of Provisions for Bad Debt Reserves on an Individual-item Basis:
□Applicable Not Applicable
Provisions for Bad Debt Reserves on a Portfolio Basis:
□Applicable Not Applicable
                              MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(4) Provisions for Bad Debt Reserves based on the General Model of Expected Credit Losses
□Applicable Not Applicable
(5) Status of Bad Debt Reserves
□Applicable Not Applicable
Including bad debts with significant amounts to be recovered or reversed during the period:
□Applicable Not Applicable
Other Explanations:
None
(6) Status of Interest Receivable Actually Written Off during the Current Period
□Applicable Not Applicable
Including write-off of significant interest receivable
□Applicable Not Applicable
Write-off Explanation:
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
Dividends Receivable
(1) Dividends Receivable
Applicable □ Not Applicable
                                                                                           Unit: Yuan Currency: RMB
         Items (or Invested Units)                     Ending Balance                         Beginning Balance
Tongliao Meihua                                                    350,000,000.00                       350,000,000.00
Xinjiang Meihua                                                    100,000,000.00
Jilin Meihua                                                       150,000,000.00                       200,000,000.00
Hong Kong Meihua                                                   300,000,000.00                       300,000,000.00
                   Total                                           900,000,000.00                       850,000,000.00
(2) Significant Dividends Receivable with an Aging Exceeding 1 year
Applicable □ Not Applicable
                                                                                           Unit: Yuan Currency: RMB
                                                                                                   Whether Impairment
                                                                               Reason for Non-
 Items (or Invested Units)    Ending Balance               Aging                                    Has Occurred and
                                                                                    receipt
                                                                                                   Basis for Assessment
                                                 RMB100,000,000 due
                                                 Within one year and RMB      No Payment Has
   Hong Kong Meihua             300,000,000.00                                                             No
                                                          years.
           Total                300,000,000.00               /                         /                    /
(3) Classified Disclosure by Bad Debt Provision Methods
□Applicable Not Applicable
Provisions for Bad Debt Reserves on an Individual-item Basis:
□Applicable Not Applicable
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Explanation of Provisions for Bad Debt Reserves on an Individual-item Basis:
□Applicable Not Applicable
Provisions for Bad Debt Reserves on a Portfolio Basis:
□Applicable Not Applicable
(4) Provisions for Bad Debt Reserves based on the General Model of Expected Credit Losses
□Applicable Not Applicable
(5) Status of Bad Debt Reserves
□Applicable Not Applicable
Including bad debts with significant amounts to be recovered or reversed during the period:
□Applicable Not Applicable
Other Explanations:
None
(6) Status of Dividends Receivable Actually Written Off during the Current Period
□Applicable Not Applicable
Including write-off of significant dividends receivable
□Applicable Not Applicable
Write-off Explanation:
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
Other Receivables
(1) Disclosure by Aging
Applicable □ Not Applicable
                                                                                    Unit: Yuan Currency: RMB
                 Aging                           Ending Book Balance                 Beginning Book Balance
Within 1 year (including 1 year)                              449,761,056.89                       461,077,611.94
Within 1 year                                                 449,761,056.89                       461,077,611.94
Over 3 years
Over 5 years                                                      85,842,687.00                     86,042,687.00
                 Total                                        536,590,468.46                       547,552,915.53
(2) Classification by Nature of Accounts
Applicable □ Not Applicable
                                                                                    Unit: Yuan Currency: RMB
           Nature of Accounts                    Ending Book Balance                 Beginning Book Balance
Intercompany Account Current                                  445,372,448.36                       458,361,345.55
Deposits                                                            170,000.00                         470,000.00
Receivables for Land and Real Estate                              85,672,687.00                     85,672,687.00
Others                                                             1,049,668.07                      1,074,893.62
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Export Tax Refunds receivable                                        4,325,665.03                                   1,973,989.36
                 Total                                            536,590,468.46                                  547,552,915.53
(3) Provision for Bad Debt Reserves
Applicable □ Not Applicable
                                                                                               Unit: Yuan Currency: RMB
                                       Phase 1                Phase 2                      Phase 3
                                                                                             Expected
                                        Expected            Expected Credit
                                                                                      Credit Losses for             Total
     Bad Debt Reserves              Credit Losses       Losses for the entire
                                                                                      the entire Duration
                                   over the Next 12      Duration (without
                                                                                         (with Credit
                                       Months           Credit Impairment)
                                                                                         Impairment)
Balance as of January 1, 2026           626,628.49                                         85,672,687.00           86,299,315.49
Balance as of January 1, 2026
during the Current Period
-- Transferred to Phase 2
-- Transferred to Phase 3
-- Reversed to Phase 2
-- Reversed to Phase 1
Provision for the Current
Period
Reversal for the Current
Period
Write-off for the Current
Period
Write-off for the Current
Period
Other Changes
Balance as of June 30, 2026             626,568.10                           -             85,672,687.00           86,299,255.10
Basis for Staging and Provision Ratios for Bad Debt Reserves
None
Explanation of significant changes in the book balance of other receivables with changes in loss reserves
during the current period:
□Applicable Not Applicable
Basis for amount of provisions for bad debt reserves and the assessment of significant increase in credit
risk of financial instruments:
□Applicable Not Applicable
(4) Status of Bad Debt Reserves
Applicable □ Not Applicable
                                                                                                Unit: Yuan Currency: RMB
                                                              Amount of Changes in the Current Period
                                            Beginning                    Recovered                                    Ending
              Category                                                                      Written       Other
                                             Balance        Provision            or                                  Balance
                                                                                              off       Changes
                                                                          Reversed
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Other receivables for which expected
credit losses are recognized on an        85,672,687.00                                                       85,672,687.00
individual basis
Other receivables for which expected
credit losses are recognized on a           626,628.49                            60.39                         626,568.10
portfolio basis
                   Total                  86,299,315.49                           60.39                       86,299,255.10
Including bad debt reserves with significant amount reversed or recovered during the current period:
□Applicable Not Applicable
Other Explanations:
None
(5) Status of Other Receivables Actually Written Off during the Current Period
□Applicable Not Applicable
Including write-off of significant other receivables:
□Applicable Not Applicable
Explanation of write-off of other receivables:
□Applicable Not Applicable
(6) Overview of Other Receivables Ranking Top Five in Ending Balances Aggregated by Debtor
Applicable □ Not Applicable
                                                                                              Unit: Yuan Currency: RMB
                                                                 Proportion in
                                                                 Total Amount
                                                                                                                 Ending
                                                                      of Ending
                                                 Ending                               Nature of                Balance of
              Company Name                                        Balances of                        Aging
                                                 Balance                              Accounts                  Bad Debt
                                                                       Other
                                                                                                                Reserves
                                                                  Receivables
                                                                        (%)
                                                                                    Intercompany
                                                                                                   Within 1
Jilin Meihua Amino Acid Co., Ltd.            445,371,163.36            83.00        Account
                                                                                                   year
                                                                                    Current
                                                                                    Receivables
Bazhou Metal Glass Furniture Industrial                                                            Over 5
Park                                                                                               years
                                                                                    Real Estate
Tibet Lhasa Economic and Technological
                                                                                    Export Tax     Within 1
Development Zone Taxation Bureau, State         4,325,665.03            0.81                                    216,283.25
                                                                                    Refunds        year
Taxation Administration
                                                                                                   Within 1
                                                                                                   year
Bazhou Work Injury Insurance                                                                       years
Management Office                                                                                  2 to 3
                                                                                                   years
                                                                                                   years
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                                                                      Over 5
Langfang ENN Gas Co., Ltd.                    150,000.00       0.03     Others                   150,000.00
                                                                                      years
                Total                     536,546,574.51       99.99             /        /    86,278,124.65
(7) Presented Under Other Receivables Due to Centralized Fund Management
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
                                                                 MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Applicable □ Not Applicable
                                                                                                                                                            Unit: Yuan Currency: RMB
                                                                              Ending Balance                                                     Beginning Balance
                     Items
                                                     Book Balance        Impairment Reserves           Book Value            Book Balance        Impairment Reserves       Book Value
Investment in Subsidiaries                            8,069,915,728.14                                 8,069,915,728.14       8,069,915,728.14                             8,069,915,728.14
Investment in Associates and Joint Ventures
                     Total                            8,069,915,728.14                                 8,069,915,728.14       8,069,915,728.14                             8,069,915,728.14
(1) Investment in Subsidiaries
Applicable □ Not Applicable
                                                                                                                                                            Unit: Yuan Currency: RMB
                                                                                                Increase/decrease during the period
                                                                  Beginning
                                                 Beginning                                                           Provision for                                          Ending balance
                                                                  balance of                                                                             Ending Balance
             Invested Units                    Balance (Book                       Additional         Investment      impairment                                            of impairment
                                                                 impairment                                                              Ot he rs         (Book Value)
                                                  Value)                           investment         reduction       during the                                              provision
                                                                  provision
                                                                                                                          period
Tongliao Meihua Bio-Tech Co., Ltd             1,955,251,411.24                                                                                          1,955,251,411.24
Xinjiang Meihua Amino Acid Co., Ltd.          2,521,485,877.51                                                                                          2,521,485,877.51
Langfang Meihua Seasoning Co., Ltd.            252,167,723.87                                                                                             252,167,723.87
Langfang Meihua Bio-Technology
Development Co., Ltd.
Lhasa Meihua Bio-investment Holdings
Co., Ltd.
Meihua Group International Trading
(Hong Kong) Limited
Jilin Meihua Amino Acid Co., Ltd.             2,029,666,677.32                                                                                          2,029,666,677.32
                                                          MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Zhuhai Hengqin Meihua Bio-Technology
Co., Ltd.
                Total                  8,069,915,728.14                                                            8,069,915,728.14
                        MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(2) Investment in Associates and Joint Ventures
□Applicable Not Applicable
(3) Impairment Testing of Long-term Equity Investments
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
                             MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
(1) Status of Operating Revenues and Operating Costs
Applicable □ Not Applicable
                                                                                         Unit: Yuan Currency: RMB
                                       Amount Incurred during the Current           Amount Incurred during the Previous
                Items                                 Period                                       Period
                                         Revenues                  Costs               Revenues               Costs
Main Business                         7,944,806,831.64         7,637,162,184.82     8,393,607,038.55    7,990,471,091.37
Other Business                           36,449,371.31            25,228,475.46         7,084,280.12        6,691,245.41
                 Total                7,981,256,202.95         7,662,390,660.28     8,400,691,318.67    7,997,162,336.78
(2) Decomposition Information of Operating Revenues and Operating Costs
□Applicable Not Applicable
Other Explanations:
□Applicable Not Applicable
(3) Explanation of Performance Obligations
□Applicable Not Applicable
(4) Explanation of Allocation to Remaining Performance Obligations
□Applicable Not Applicable
(5) Significant Contract Changes or Significant Adjustments to Transaction Prices
□Applicable Not Applicable
Other Explanations:
None
Applicable □ Not Applicable
                                                                                         Unit: Yuan Currency: RMB
                                                                     Amount Incurred during       Amount Incurred during
                             Items
                                                                        the Current Period          the Previous Period
Investment Income from Long-term Equity Investments
Accounted for by the Cost Method
Investment Income from Long-term Equity Investments
Accounted for by the Equity Method
Investment Income from the Disposal of Long-term Equity
Investments
Investment Income from Financial Assets Held for Trading during
the Holding Period
Dividend Income from Other Equity Instrument Investments
during the Holding Period
Dividend Income from Debt Investments during the Holding
Period
Dividend Income from other Debt Investments during the Holding                    6,015,894.46              7,509,922.22
                                MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
Period
Investment Income from the Disposal of Financial Assets Held for
Trading
Investment Income from the Disposal of Other Equity Instrument
Investments
Investment Income from the Disposal of Debt Investments
Investment Income from the Disposal of Other Debt Investments                              79,833.31                -111,579.15
Debt Restructuring Gains
                                 Total                                                510,425,285.71              17,655,487.70
Other Explanations:
None
□Applicable Not Applicable
XX. Supplementary Information
Applicable □ Not Applicable
                                                                                               Unit: Yuan Currency: RMB
                                         Items                                                   Amount            Explanation
Profits or losses from disposal of non-current assets, including the portion offset
against impairment provisions already accrued
Government grants recorded in the profit or loss for the current period, excluding
those closely related to the Company's normal operating activities, complying with
national policies, entitled according to specified standards, and having a
continuous impact on the Company's profit or loss
Profits or losses arising from fair value changes of financial assets and financial
liabilities held by non-financial enterprises, as well as profits or losses arising from
the disposal of financial assets and financial liabilities, excluding the effective
hedging business related to the Company’s normal operating activities
Fund usage fees charged to non-financial enterprises and recorded in the profit or
loss for the current period
Profits or losses from entrusting others to invest or manage assets
Profits or losses from loans entrusted to others
Asset losses incurred due to force majeure, such as natural disasters
Reversal of impairment reserves for receivables undergoing individual impairment
testing
Income generated when the investment costs borne by the Company in acquisition
of subsidiaries, associates, and joint ventures are less than the fair value of
identifiable net assets entitled to the Company when the investment is acquired
Net profits or losses of subsidiaries generated from the beginning of the period to
the date of consolidation through enterprise merger under the same control
Profits or losses from non-monetary asset exchanges
Profits or losses from debt restructuring
One-time expenses incurred by enterprises due to discontinuation of related
                               MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                                         Items                                                 Amount            Explanation
operating activities, such as employee resettlement expenses, etc.
One-time impact on profit or loss for the current period due to adjustments to tax,
accounting, and other laws and regulations
Stock-based payment expenses recognized one-time due to cancellation or
modification of equity incentive plans
Profits or losses from changes in the fair value of employee compensation payable
after the exercise date for share-based payments settled by cash
Profits or losses from changes in the fair value of investment properties measured
subsequently using the fair value model
Income from transactions with significant price misalignment
Profits or losses from contingencies unrelated to the Company's normal operating
activities
Custodian fee income from entrusted operations
Other non-operating revenues and expenditures not mentioned above                              23,872,702.76
Other profit or loss items meeting the definition of non-recurring profits and losses
Less: Income tax impact                                                                        25,003,434.37
      Minority shareholders’ equity impact (after tax)
                                         Total                                                210,548,934.45
For items not listed in the Explanatory Announcement for Information Disclosure by Companies that
Issue Securities to the Public No. 1 - Non-recurring Profits and Losses but considered as non-recurring
profits and losses with significant amounts, as well as items defined as recurring profits and losses in the
Explanatory Announcement for Information Disclosure by Companies that Issue Securities to the Public
No. 1 - Non-recurring Profits and Losses, the Company should provide reasons for such classification.
□Applicable Not Applicable
Other Explanations
□Applicable Not Applicable
Applicable □ Not Applicable
                                                                                                Earnings per Share
                                                                       Weighted
                                                                                                                 Diluted
             Profits during the Reporting Period                   Average Return        Basic Earnings
                                                                                                               Earnings per
                                                                     on Equity (%)         per Share
                                                                                                                  Share
Net profit attributable to ordinary shareholders of the
Company
Net profit attributable to ordinary shareholders of the
Company after deducting non-recurring profits and losses
□Applicable Not Applicable
□Applicable Not Applicable
                                                                                      Legal Representative: Wang Aijun
                       MeiHua Holdings Group Co., Ltd.2026 Semi-Annual Report
                          Date Approved by the Board of Directors for Submission: August 14, 2026
Revision Information
□Applicable Not Applicable