Shandong Yanggu Huatai Chemical Co., Ltd. 2025 Annual Report Summary

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Stock Code: 300121 Stock Abbreviation: Yanggu Huatai Announcement No.: 2026-022

Bond Code: 123211 Bond Abbreviation: Yanggu Convertible Bond

I. Important Notice

This annual report summary is derived from the full annual report. To fully understand the company’s operating results, financial status, and future development plans, investors should carefully read the full annual report on the media designated by the Securities Regulatory Commission.

All directors have attended the board meeting to review this report.

The audit opinion of Xinyong Zhonghe Accounting Firm (Special General Partnership) on this year’s financial report is: a standard unqualified opinion.

Non-standard audit opinion prompt

□ Applicable √ Not Applicable

The company was not profitable at the time of listing and has not achieved profitability currently.

□ Applicable √ Not Applicable

The profit distribution plan or capital reserve transfer increase plan reviewed by the board during the reporting period.

√ Applicable □ Not Applicable

The profit distribution plan approved by this board meeting is: based on the total share capital (deducting shares in the company’s repurchase special securities account) on the equity registration date of the 2025 profit distribution plan, a cash dividend of 0.8 yuan (including tax) will be distributed for every 10 shares to all shareholders, with 0 bonus shares (including tax) and a capital reserve transfer of 0 shares for every 10 shares to all shareholders.

The board resolution on the preferred stock profit distribution plan for this reporting period.

□ Applicable □ Not Applicable

II. Basic Company Information

1. Company Profile

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2. Introduction to Main Business or Products during the Reporting Period

(1) Main Business

The company belongs to the rubber additive industry, mainly engaged in the production, R&D, and sales of rubber additives. The main products include anti-scorching agent CTP, insoluble sulfur, rubber masterbatch, accelerator NS, accelerator CBS, microcrystalline paraffin, and others. Rubber additives are a series of fine chemical products added during the processing of natural and synthetic rubber (collectively known as “raw rubber”) into rubber products, used to impart performance, ensure service life, and improve processing performance of rubber products. By scientifically proportioning with raw rubber, rubber additives can endow rubber products with high strength, high elasticity, aging resistance, wear resistance, high-temperature resistance, low-temperature resistance, and noise reduction properties.

The company’s main customers are large and medium-sized tire companies both domestically and internationally. The company adopts a “major customer strategy”, continuously focusing on changes in major customer demand and strengthening the depth and breadth of cooperation with relevant customers. The company’s leading product, anti-scorching agent CTP, accounts for over 60% of the global market share, and the company is one of the suppliers with the most complete series of rubber additive products in the world.

(2) Main Products and Their Uses

The specific uses and characteristics of the company’s main products are shown in the table below:

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(3) Industry Development Status and Position

During the “14th Five-Year Plan” period, China’s rubber additive industry further transformed its mode, adjusted its structure, promoted innovation, and made significant progress, with product output continuously and steadily increasing. According to statistics from the Rubber Additives Professional Committee of the China Rubber Industry Association, the total output value of the rubber additive industry in 2025 is expected to be 30.224 billion yuan, a year-on-year decrease of 4.35%; sales revenue of 30.457 billion yuan, down 3.4% year-on-year; export value of 9.097 billion yuan, down 1.93% year-on-year; total output of 1.6483 million tons, up 3.8% year-on-year; and export volume of 447,100 tons, up 7.71% year-on-year. There are five enterprises with sales revenue exceeding 2 billion yuan in the entire industry, 13 enterprises with sales revenue between 500 million and 2 billion yuan, and a total of 18 enterprises exceeding 500 million yuan, unchanged from 2024, accounting for 80.7% of the industry’s total sales revenue and 88.32% of the total output. During the “14th Five-Year Plan” period, the market concentration of rubber additives continued to increase, and industry development opportunities continuously gathered towards large-scale additive manufacturers; the product structure of the rubber additive industry continuously transformed and upgraded towards “high performance, greenness, low carbon, specialization, and compounding”. The rapid development of specialized products that replace toxic and harmful products, new application scenario demands, and bio-based additives has begun to show initial results in product structure upgrades, bringing new momentum to the entire industry.

As domestic rubber additive manufacturers rise, the market share of foreign rubber additive manufacturers is declining, and the pattern of the global additives market looking towards China has formed. At the same time, a number of internationally competitive leading rubber additive firms have emerged domestically, highlighting the advantages of scale and intensification of China’s rubber additive enterprises. According to the “15th Five-Year Plan” Development Guidance Outline for the Rubber Additive Industry released by the Rubber Additives Professional Committee of the China Rubber Industry Association in October 2025, the development goals are primarily focused on the following aspects.

(1) Industry maintains stable development trends

During the “15th Five-Year Plan” period, the development of China’s rubber additives industry will tend towards stability, with leading domestic enterprises significantly expanding production capacity during the “14th Five-Year Plan” period. The “15th Five-Year Plan” period will be a time for the release of this capacity, with leading enterprises enhancing their dominance. By 2030, enterprises with sales exceeding 500 million yuan will account for 90% of domestic total sales revenue.

(2) Industry competitiveness further enhanced

Production volume: By 2030, the total production volume of the industry will be ≥ 1.8 million tons, with an average annual growth rate of about 2.1%.

Industrial sales revenue: By 2030, the total sales revenue of the industry will reach ≥ 35 billion yuan, with at least three enterprises having sales exceeding 3 billion yuan, at least two enterprises with sales between 2 to 3 billion yuan, and five enterprises with sales between 1 to 2 billion yuan. The leading backbone enterprises in the industry will maintain an average annual sales growth of over 5%, with the total sales of the entire industry maintaining a year-on-year growth of around 3%.

Per capita annual sales revenue: By 2030, the per capita annual sales in the industry will reach ≥ 1.9 million yuan, and the top ten enterprises will have a per capita annual sales of ≥ 2.4 million yuan.

Export volume: By 2030, the export volume will stabilize at around 430,000 tons, with an average annual growth rate of less than 1%.

(3) Technological innovation capabilities further strengthened

The technological innovation capability of the entire industry has effectively improved, with a significantly increased proportion of high-performance green products. Enterprises are encouraged to establish various technological innovation platforms such as “national and provincial-level technology research centers,” “enterprise technology centers,” and “engineering research centers,” and to collaborate with universities and research institutions to undertake relevant projects for the industrialization of scientific research results.

By 2030, the proportion of R&D expenditure of large-scale enterprises will reach 3.0% of sales revenue, and the output value of high-tech products will exceed 60%; brand added value and the proportion of brand economy will continue to increase; the overall index of the integration of informatization and industrialization will reach 100%.

(4) Low-carbon, green, and intelligent development further deepened

The entire industry will increase the development and promotion of green process technologies, actively apply advanced equipment and processes in conjunction with the renewal of traditional industries and policy implementation, and accelerate the green transformation and upgrading of key products. The proportion of clean energy use will be increased, and the level of resource recycling will be enhanced. Enterprises will strengthen online monitoring of energy consumption, improve the informatization level of energy management, and explore “zero-carbon” development models. The construction of intelligent manufacturing workshops and intelligent manufacturing factories will be continuously promoted, establishing a number of benchmark enterprises for digital transformation.

By 2030, the entire industry will establish 10 provincial-level or above green factories, with a safe disposal rate of hazardous waste reaching 100%; attempts will be made to create a number of “zero-carbon” factories and products, with the proportion of green electricity usage meeting national requirements; the carbon emission reduction rate of major enterprises (based on 2025) will reach 5%, and the energy efficiency level of newly built universal energy-consuming equipment will all reach grade 1 or advanced levels, with energy online management coverage reaching 100%.

Under the “dual carbon” goals, in recent years, the development of new energy vehicles has been rapid, and the demand for new energy electric vehicle tires with long endurance, ultra-low noise, ultra-low rolling resistance, safety, and aesthetic appeal is on the rise. Among the rubber additives used in energy electric vehicle tires, white carbon black, silane coupling agents, white carbon black dispersants, and tread resins are also experiencing development opportunities.

The competition landscape of China’s rubber additive industry is relatively concentrated, with leading companies holding a large market share. As a comprehensive rubber additive supplier focusing on core products such as anti-scorching agents, accelerators, insoluble sulfur, protective wax, and masterbatches, the company has strong competitiveness globally. The production and sales of the company’s anti-scorching agent CTP account for over 60% of the global market share, maintaining a leading advantage; the company is currently the third company after U.S. Flexsys and Japan’s Shikoku Chemicals Corporation to master the industrialization technology of continuous insoluble sulfur, holding the top domestic market share; the “solvent extraction method” used by the company’s accelerator M significantly reduces the emission of “three waste” pollutants; in the field of formulated products, the new type of microcrystalline paraffin developed to solve tire blooming represents one of the future development directions in this niche; in terms of masterbatch products, the “one-time rubber refining” process adopted by the company is at the leading position in the industry; for additives used in tires for new energy vehicles, the company has laid out silane coupling agents, white carbon black dispersants, high-grade protective wax, tread resins, and other varieties, with some products already receiving favorable market promotion. The company’s “multi-effect evaporation + biochemical” combined process effectively addresses the challenges of high salt and high COD in wastewater treatment of rubber additives. In addition, the company has a national-level rubber additive engineering technology research center and is a specialized R&D, testing, and evaluation center for rubber additives in the domestic additive industry, with a postdoctoral research station. Its testing center has passed CNAS certification and has established cooperative laboratories with well-known domestic tire enterprises and universities to explore the cutting-edge fields of rubber additives together. After years of development, the company has been awarded honors such as “National Green Factory,” “National Green Supply Chain Management Enterprise,” “National Intellectual Property Demonstration Enterprise,” “Manufacturing Industry Single Champion Enterprise,” “Shandong Province Famous Trademark,” “Top 100 Fine Chemicals in China,” “Shandong Brand Product,” “Shandong Provincial Governor Quality Nomination Award,” “Good Products Shandong,” “Provincial Quality Benchmark Enterprises,” and “Excellent Cases of Social Responsibility for Private Enterprises in China.”

3. Main Accounting Data and Financial Indicators

(1) Major Accounting Data and Financial Indicators in the Past Three Years

Does the company need to restate or adjust previous year’s accounting data?

□ Yes √ No

Yuan

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(2) Major Accounting Data by Quarter

Unit: Yuan

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Do the above financial indicators or their totals have significant differences from the financial indicators disclosed in the company’s quarterly or semi-annual reports?

□ Yes √ No

4. Share Capital and Shareholder Information

(1) Number of ordinary shareholders and preferred shareholders with restored voting rights, as well as shareholding conditions of the top 10 shareholders

Unit: Shares

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Shareholders holding more than 5%, top 10 shareholders, and top 10 unrestricted circulating shareholders’ participation in margin trading and borrowing of shares

□ Applicable √ Not Applicable

Changes in top 10 shareholders and top 10 unrestricted circulating shareholders due to borrowing/returning in margin trading

□ Applicable √ Not Applicable

Does the company have differential voting rights arrangements?

□ Applicable √ Not Applicable

(2) Total number of preferred shareholders and shareholding conditions of the top 10 preferred shareholders

There are no preferred shareholders in the company during the reporting period.

(3) Disclose the ownership and control relationship between the company and the actual controller in a flowchart

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5. Bond Status as of the Date of Annual Report Approval

√ Applicable □ Not Applicable

(1) Basic Information on Bonds

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Note: 1st year 0.30%, 2nd year 0.50%, 3rd year 1.00%, 4th year 1.50%, 5th year 2.00%, 6th year 2.50%.

(2) Latest tracking rating and rating changes of the company’s bonds

According to the “2025 Annual Tracking Rating Report” issued by Dongfang Jincheng International Credit Evaluation Co., Ltd. on May 21, 2025, the company’s主体信用等级 is maintained at AA-, with a stable rating outlook, and the credit rating of the “Yanggu Convertible Bond” is also maintained at AA-. The rating has not changed.

(3) Major Accounting Data and Financial Indicators of the Company over the Past Two Years as of the End of the Reporting Period

Unit: Ten Thousand Yuan

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III. Important Matters

1. Regarding the Share Repurchase Matter

The company held the 30th meeting of the 5th board of directors on August 8, 2024, and the 1st extraordinary general meeting of shareholders in 2024 on October 30, 2024, which reviewed and approved the “Proposal on the Share Repurchase Plan for 2024.” The company plans to use its own funds to repurchase some of the company’s shares through centralized bidding trading, and the shares repurchased will be used for cancellation and reduction of registered capital. The price for the repurchase of the shares shall not exceed 11.50 yuan per share (inclusive), with a total repurchase fund not less than 50 million yuan (inclusive) and not exceeding 100 million yuan (inclusive), with the implementation period of the repurchase being within 12 months from the date of approval of the share repurchase plan by the company’s general meeting. The specific number of repurchased shares shall be based on the actual number of shares repurchased at the end of the repurchase. Due to the completion of the company’s 2024 interim equity distribution, according to the company’s share repurchase plan, the price for the repurchase of shares has been adjusted from not exceeding 11.50 yuan per share (inclusive) to not exceeding 11.45 yuan per share (inclusive).

The company held the 4th meeting of the 6th board of directors on January 2, 2025, which reviewed and approved the “Proposal to Change the Share Repurchase Plan for 2024,” adjusting the upper limit of the repurchase price from “not exceeding 11.45 yuan per share (inclusive)” to “not exceeding 20 yuan per share (inclusive),” and adjusting the source of repurchase funds from “the company’s own funds” to “the company’s own funds or self-raised funds.” Due to the completion of the company’s equity distributions for the first three quarters of 2024, the annual equity distribution for 2024, and the semi-annual equity distribution for 2025, according to the company’s share repurchase plan, the price for the repurchase of shares has been adjusted from not exceeding 20 yuan per share (inclusive) to not exceeding 19.79 yuan per share (inclusive).

As of October 10, 2025, the company has cumulatively repurchased 3,600,000 shares of the company through a dedicated securities repurchase account via centralized bidding trading, accounting for 0.80% of the total share capital as of October 9, 2025, with the highest transaction price being 16.70 yuan per share, the lowest transaction price being 13.27 yuan per share, and the total transaction amount being 51,536,088 yuan (excluding transaction fees). The actual repurchase time frame is from May 30, 2025, to October 10, 2025, and the company’s share repurchase plan has been completed. The company has completed the cancellation procedures for the aforementioned repurchased shares at the Shenzhen Branch of China Securities Depository and Clearing Co., Ltd. on October 16, 2025. For specific details, please refer to the relevant announcements disclosed by the company on the Giant Tide Information Network.

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