CONTENTS

About this RepoMessage from the ChairmanKey Peormance Indicators(KPIs)

Sustainable DevelopmentStrategy

About Joyoung

Company ProleCorporate CultureMilestones2025 Honora Achievements

Sustainable DevelopmentManagement

Board StatementStakeholder EngagementMateriality Assessment

0506

0102

0304

Corporate GovernanceCorporate Risk Management & ControlAdhere to Business EthicsResponsible Marketing PracticesStrengthening Pay Building Leadership

Index of IndicatorsFeedback Form for Reader

Uniting:

Cultivating Joyoung Talents

Working Together:

Building a Better Society

Innovation-Led:

Focusing on Customer Experience

Shared Responsibility and Governance:

Driving Synergistic Progress

Compliance & Governance:

Committed to Stable Development

Green Environmental Protection:

Co-creating a Low-Carbon FutureAddressing Climate ChangePromoting Green OperationsAdvancing Energy Conseation & Emission ReductionBiodiversity ConseationEnvironmental Awareness Promotion & Training

Accelerating Innovation-Led GrowthProtection of Intellectual Propey RightsStandardized Quality ManagementOptimizing Customer ExperienceSafeguarding Information Security

Paner ManagementIndust-University-Research Integration

Protecting Employee Rights & InterestsSuppoing Employee DevelopmentProtecting Employee HealthCaring for Employees

Joyoung Charity

About this ReportThe Report focuses on and discloses the Company’s series of efforts to actively respond to sustainable development requirements,seize opportunities, address challenges, and build an integrated economic, social and environmental value for stakeholders.Repoing Scope -----------------------------------------------------------------------------------

Unless otherwise specified, the material contents covered in this Report include Joyoung Co., Ltd. and its 11 subsidiaries, which isconsistent with the scope of disclosure in the Company’s annual report.

Repoing Period -----------------------------------------------------------------------------------

This Report covers the period from 1 January 2025 to 31 December 2025 (the “Reporting Period”). To enhance the completenessof the Report, certain content and data are appropriately traced back to previous years or extended beyond the above scope.

Repoing Standards -------------------------------------------------------------------------------This Report is prepared with reference to the Self-Regulatory Supervision of Listed Companies on the Shenzhen Stock ExchangeNo. 17 – Sustainable Development Reports (Trial) (the “Guidelines for Sustainable Development Reports”) on the Shenzhen StockExchange (the “SZSE”), with the requirements for corporate social responsibility fulfillment and disclosure. It is also formulatedwith reference to multiple sustainable development reporting standards, frameworks and initiatives, including the Environmental,Social and Governance Reporting Code (the “Code”) as set out in Appendix C2 of the Rules Governing the Listing of Securities onThe Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), the Sustainable Development Reporting Standardsissued by the Global Reporting Initiative (GRI), the Sustainability Accounting Standards issued by the Sustainability AccountingStandards Board (SASB), the China Corporate Sustainable Development Report Guidelines (CASS-ESG 6.0) and the United Nations2030 Agenda for Sustainable Development Goals (SDGs).Data Source and Explanation -----------------------------------------------------------------------

All qualitative and quantitative information disclosed in this Report is sourced from official internal documents, statistical reportsand the annual report of Joyoung Co., Ltd., with the disclosure scope consistent with that of the consolidated financial statements.Any content with a scope different from the above will be specified in the Report. Unless otherwise stated, all monetary amountsmentioned in the Report are denominated in RMB. In case of any inconsistency with the financial report, the financial report shallprevail.Access to the Repo -------------------------------------------------------------------------------

This Report is available in electronic format. You may access the e-version via the Company’s official website athttps://www.joyoung.com. For any questions or suggestions regarding this Report, please contact us by email at002242@joyoung.com or telephone at 0571-81639093.

Message from the Chairman

2025 CSR Repo

2025 marks a new journey for Joyoung as it enters its 31st year since establishment. It is also a pivotal year for us to returnto our original aspiration, anchor long-term value, and rebuild the foundation for development. We have always adheredto our original aspiration of bringing a healthy lifestyle to every household. From the in-depth empowerment of “homekitchen” to the extensive expansion of “charity kitchen” and the technological iteration of “space kitchen”, we continue totake technology as a pen to write a new chapter in the development of healthy home appliances.Looking back at 2025, the small household appliance industry has radiated new vitality amid a wave of transformation.Benefiting from the continuous intensification of national green and low-carbon policies and the in-depth advancementof home appliance trade-in programs, the industry is accelerating its march toward high-quality developmentcharacterized by intelligence and low carbonization. Meanwhile, the industry pattern has presented a new landscape: thedeep integration of AI technologies and full-scenario smart solutions have gradually become core competitiveness, whileconsumer demand for healthy, intelligent, and energy-efficient products continue to grow.Advancing Green and Low-Carbon Development to Build aSustainable Ecological Future The Company continuouslyimproves its environmental management system, strictly abidesby national environmental regulations and industry standards,and deepens energy conservation and emission reductionacross the entire value chain. We optimize energy managementin administrative and production operations and promoteresource recycling. Simultaneously, the Company proactivelyincorporates climate risks into its comprehensive enterpriserisk management system, formulates and implements targetedclimate change response strategies, and uses climate scenarioanalysis to establish potential risk response mechanisms.By doing so, it continuously strengthens the promotion ofsustainable development concepts, empowers employees topractice green office, guides consumers to develop low-carbonlifestyle.Empowering Innovation with a User-Centric Focus TheCompany remains focused on its core product categories,developing competitive and distinctive flagship products.We are streamlining our product line SKUs and adoptinga K-shaped portfolio strategy, concentrating resources onproducts that truly deliver value to users.We persistently pursue technological innovation. In responseto the extreme space environment, the Company has overcometechnical challenges including efficient heating and drinkingwater supply. In 2025, the Company achieved humanity’sfirst space cooking and ensured astronauts’ healthy dietand hydration for over 1,600 days aboard the space station.Joyoung’s 0-Coating Non-Stick Rice Cooker Model 40N9UPro stood out among nearly 11,000 entries from 66 countriesworldwide and won the German iF Design Award.In 2026, we officially launched the inaugural year of Joyoung’sAI applications, positioning AI as a core tool to enhanceproduct competitiveness and organizational efficiency. Weleverage AI to gain deep insights into consumer needs,optimize product design, and improve end-to-end operationalefficiency, enabling technology to truly empower user valuecreation.

Co-Creating Value Through Supply Chain and Industry-Academia-Research Collaboration The Company continuesto promote the comprehensive upgrading of cooperation from“in-depth integration” to “value co-creation”. Joyoung has

established a sound supplier management system, fosteringhigh-quality suppliers and strengthening daily managementand performance evaluation to build a responsible supplychain that is both resilient and sustainable. In addition, theCompany has co-founded joint R&D platforms and technologytransformation centers with multiple universities, focusing onkey areas such as core technologies of smart home appliances,application of green materials, and implementation of AItechnologies. This has become a cradle for nurturing newproductive forces, and injecting lasting momentum into thesustainable development of the industry.Pursuing Goodness and Building a Happy Life withResponsibility Joyoung remains steadfast in its core value of“Gathering the Power of Kindness, Creating a Better Life withHealth”, and conveys warmth with concrete actions. In 2025,we continue to advance the construction of charity kitchenprogramme while advancing the digital and standardizedupgrading of existing kitchens. We funded the constructionof 125 Joyoung charity kitchens, bringing the cumulative totalto 1,743 facilities. These kitchens now benefit over 0.6 millionstudents and teachers daily. The Food Education Workshopproject takes root in healthy eating education throughdiversified activities such as public welfare courses, teachertraining and food education summer camps. 2025, it fundedthe establishment of 50 Food Education Workshops, bringingthe cumulative total to 356 over the years. In addition, the“Born to the Sun” project for unsupported children continuesto make efforts. Currently, 144 adversity teenagers werebeing sponsored under the programme. We collaborate withvolunteer teams to help these children grow up confidently andmove forward toward the sun.In the future, Joyoung will continue to thoroughly practiceits corporate core values of “People Orientation, Teamwork,Responsibility, Health”. Centered on consumers and guidedby retail, we will deeply integrate technological innovationthroughout the entire product lifecycle. Together with allstakeholders, we will co-create long-term social value andadvance toward a sustainable and prosperous tomorrow.

Chairman of Joyoung Co., Ltd.Yang Ningning

Key Performance Indicators (KPIs)

Environmental Peormance

Peormance IndicatorsUnit202320242025

Total greenhouse gas emissions(Scope 1 + Scope 2)

Tonne CO2e6,186.248,398.038,269.49

Total photovoltaic powerkWh3,759,0863,590,9493,419,365

Purchased electricity consumption(electricity consumption againstrevenue of RMB10,000)

kWh/RMB inten thousand

13.8617.2314.65

Water consumption(water consumption againstrevenue of RMB10,000)

Tonnes/RMB inten thousand

0.200.200.20

Social Peormance

Governance Peormance

Peormance IndicatorsUnit202320242025

IndicatorsUnit202320242025

%100100100Signing rate of employees'Integrity Agreement

%100100100Signing rate of Suppliers IntegrityCooperation Agreement

%100100100Signing rate of InformationSecurity and CondentialityAgreements fornewly admitted suppliers

%373839Propoion of Female employees

%97.998.998.3Customer satisfaction

2,5772,3422,100Total number of employeesEmployees

426516401Number of employee volunteersVolunteers

13,18114,26215,070Number of intellectualpropey rights

Patents

ABOUT

JOYOUNG

Company Profile7Corporate Culture8Milestones92025 Honorary Achievements10

Joyoung Co., Ltd. (Stock Code: 002242.SZ) was listed on the ShenzhenStock Exchange in 2008, a modern enterprise focusing on the R&D,production and sales of small household appliances. Since inventingthe world’s first fully automatic household soymilk maker in 1994,Joyoung has taken “health and innovation” as its core DNA. Overthe past 30+ years, the Company has pioneered the soymilk makercategory from scratch, and continuously expanded the small kitchenappliance sector to create high-quality home appliances for users. Asthe developer of the manned space kitchen, its technical strength andinnovation capability are widely recognized. With outstanding brandinfluence, Joyoung has been honored as the “ Most Influential SmallHome Appliance Brand “ for 17 consecutive years. With the continuousdevelopment of the Company, Joyoung has always adhered to theprinciple of “user-centric and demand-oriented”, relying on the dualengines of products and channels to drive growth. At the same time, itactively fulfills corporate social responsibility, initiating the establishmentof the “Joyoung Charity Foundation” and focusing on building twocore public welfare projects: “Charity Kitchen” and “Food EducationWorkshop” to continuously support the healthy growth of teenagers.Adhering to the brand philosophy of “Enjoy Healthy Life”, the Companyempowers the quality life of the public with space technology.Currently, its product range covers small household appliance fieldssuch as soymilk makers, high-speed blender, rice cookers, air fryers,water purifiers, electric kettles, noodle makers and floor washers,with hundreds of millions of products providing convenience for userfamilies.

Company Profile

2025 CSR Repo

Corporate Culture

Vision

Core Values

Mission

Respect employees, care for employees, cultivate employees, recognize employees

Encourage team collaboration

Be a responsible enterprise and benet the society

Choose a healthy business, and make healthy products

PeopleOrientation

Teamwork

Responsibility

Health

To become a respected national brand thatsymbolizes original innovation and a healthylifestyle.

From a cup of ne soymilk to the nation’s dieta health!Joyoung delivers unparalleled high-quality products andseices, creates a healthy and rened lifestyle, promotesChinese food culture, and enables people to enjoy ahealthier, more fullling life.

Encourage employees to consciously integrate into the team, rely on the team to achievepersonal development, and cultivate the ability and habits of conscious communicationand collaboration.

Insist on being responsible to users, employees, paners and shareholders, and requireemployees to be sincere, pragmatic, and true to their words.

Health is the core quality of our business. We pursue simplicity, eciency andstandardization to provide employees with a healthy working platform.

Take pride in the achievements and development of employees, and create equitable, fairand transparent working environment with people-centered development philosophy.

1994

20042008

20102014

20172020

20212023

2024

Joyoung invented the world’s rst fully automatichousehold soymilk maker, bringing the convenienceof homemade hot soymilk to households evewhereand pioneering a brand-new indust.

Joyoung was listed on the Shenzhen Stock Exchange(Stock Code: 002242.SZ)

Joyoung ocially undeook the responsibility ofdeveloping the space kitchen for China’s rst spacestation.

Joyoung’s sales revenue surpassed RMB10 billion,and the “The Joyoung Charity Foundation” wasestablished.

Joyoung launched its Space Series 2.0 products,including the 0-Coating Non-Stick Rice Cooker, LessNoisy Blender, and Fast-Roast Air Fer.

2025The world’s rst hot air oven developed by Joyoungsuccessfully sent to the China’s space station, whereAstronauts used it to cook chicken wings and steaks,achieving the feat of “mankind’s rst space cooking”.This initiative demonstrated China’s technologicalstrength and reected Joyoung’s commitment as anational brand with a sense of mission and patrioticspirit.

Joyoung’s soy milk maker sales exceed 1 million units

Joyoung donated RMB50 million to establish the“Joyoung Hope Fund” and launched the JoyoungCharity Kitchen programme.

Joyoung acquired 51% stake in SharkNinja (China)Company, initiating a dual-driver development modecovering kitchen and home appliances.

The “Space Kitchen” developed by Joyoungdeployed China’s space station with the Tianhe coremodule, ensuring astronauts’ healthy drinking waterand nutritious meal.

Joyoung celebrated its 30th anniversa and launchedthe“space technology ”3.0 series product in 2024. Alsoreceived the “Most Inuential Small Home Appliance Brand”for 16 consecutive years.

2025 CSR Repo

Milestones

2025 Honorary AchievementsIn its ESG practices and development journey, Joyoung has secured multiple prestigious national and provincial honors in 2025through technological innovation, product excellence, and brand influence, underscoring its leading position within the industry.The specific awards and honors are as follows:

“Safe Steam-Free Cooking, Faster and Better Taste – TRIZ-Based High-Pressure Steam-Free Cooking 2.0 Technology”Wins Second Prize at the 2025 China Innovation MethodsCompetition

“Safe Steam-Free Cooking, Faster and Better Taste – TRIZ-Based High-Pressure Steam-Free Cooking 2.0 Technology”Wins First Prize at the 2025 China Innovation MethodsCompetition Zhejiang Regional Finals

China’s Top 500 Private Enterprises in Invention Patents by2025

Best Light SoundWall-BreakingBlender of the Year– RecommendedProduct of the Year2025 by ZOL.com.cn

Annual ProductInnovationAchievement –2025 China HomeAppliance InnovationAchievement

Most InfluentialSmall HomeAppliance Brand –2025 China HomeAppliance InnovationAchievement

2025 AWE InnovationAward: Shark 8.9Floor Washer

2025 Reddot DesignAwards2025 AWE InnovationAward: SpaceTechnology Series 3.0

2025 AWE InnovationAward: AI Smart Juicer

Securities Star ESG New Benchmark Enterprise AwardS&P Global CSA “Industry Best Progress Enterprise” Award

Beyond these honors and recognitions, Joyoung has also achieved breakthroughs in national and provincial key projects in thefields of digital transformation and smart manufacturing, with its digital development capabilities receiving high recognition fromauthoritative bodies. In 2025, the Company was successfully selected for the first batch of Zhejiang Province’s Advanced-LevelSmart Factory list. The Company’s “Smart Kitchen Home Appliance Supply Chain Collaborative Ecosystem Digital TransformationProject” was approved to undertake the 2025 National Digital Economy Central Budget Investment Special Project constructiontask. This project centers on the upstream and downstream industrial chains of smart manufacturing, establishing a “DigitalCollaborative Smart Manufacturing Platform” and a “Multi-Channel Single Inventory” model. It builds a collaborative digitalempowerment platform to achieve seamless data integration and application across the entire supply chain, effectively enhancingproduction-sales coordination efficiency. This initiative constructs a transparent, efficient, and resilient digital supply chain system,driving high-quality development for the Company and its partner ecosystem. In the future, Joyoung will continue to leveragedigital innovation as its driving force, deepening its commitment to smart manufacturing and supply chain synergy. By empoweringindustrial upgrades through technology and fortifying the foundation for sustainable development with digital capabilities, we willjoin hands with ecosystem partners to embark on a new journey toward high-quality, sustainable industrial growth.

Sustainable Development Strategy

We are committed to align our practice with the Sustainable Development Goals (SDGs) to demonstrate our dedication tosustainability. By integrating the principles and objectives of the SDGs into our business practices, we aim to collaborate with allstakeholders to create long-term social value and jointly advance toward a sustainable future.

Co-creating a Low-Carbon Future

Building Homes with Life’s Warmth

Focusing on Customer Experience

Driving Synergistic Progress

As a brand dedicated to building a brand of sunshine,health, high value, and environmental sustainability,Joyoung strives to incorporate green and environmentallyfriendly principles into every aspect of our operations.

Joyoung regards employees as the cornerstones of itsdevelopment. We ensure the protection of their rights andfoster a fair and inclusive work environment. Upholdingthe 30-year core value of “Gathering the Power ofKindness, Creating a Better Life with Health, we leverageour business advantages to carry out health-focusedpublic welfare initiatives and support the healthy growthof teenagers.

With independent innovation, Joyoung combines cutting-edge technology with consumer products, providingconsumers with a healthier and more convenient lifestyle.This reflects our unremitting pursuit of technologicalinnovation and healthy lifestyle.

To continuously and stably provide high-quality productsto consumers, Joyoung ensures the stability and smoothoperation of the supply chain. By developing andnurturing high-quality suppliers, standardizing theirdaily management and performance assessment, andoptimizing the supplier hierarchy, we work together tobuild a resilient and sustainable responsible supply chain.

Green Environmental Protection

Innovation-Led

WarmCommunity

Shared Responsibilityand Governance

Sustainable Development Management

2025 CSR Repo

Board StatementThe Company places sustainable development at the core of its strategy. To ensure scientific decision-making, effectivemanagement, and efficient implementation of sustainable development-related matters, we have established a solid organizationalstructure to support sustainability efforts. Currently, the Company has built an Environmental, Social and Governance (ESG)management framework consisting of the Board, senior management, and the sustainability working group. This structure clearlydefines the responsibilities of each level, not only specifying the management and supervision responsibilities of each level for theimpacts, risks, and opportunities related to sustainable development, but also clearly delineating the management hierarchy andthe boundaries of powers and responsibilities, laying a foundation for the systematic advancement of sustainable developmentwork.

Board

SeniorManagementSustainabilityworking group

The Board is responsible for reviewing and overseeing major ESGmatters, and formulating relevant management policies and strategies.

Senior management is responsible for assessing the signicanceand associated risks of ESG matters to the Company’s business andreputation, and regularly repoing the relevant risks andoppounities to the Board.

The working group is responsible for implementing the Board’sstrategies and policies, caring out the relevant management andrepoing work, and repoing progress to senior management.

Stakeholder Engagement

The Company recognizes the importance of effective stakeholder engagement and collaboration. As business operations involvevarious stakeholders, their opinions enhance the Company’s ability to address sustainability challenges and opportunities ina timely manner. Feedback from stakeholders with diverse backgrounds also helps the Company understand evolving marketdemands and global sustainable development trends, enabling more informed decisions on its sustainable development practices,initiatives, and disclosures.

StakeholdersCommunication ChannelsExpectations and DemandsResponse Initiatives

Shareholdersandinvestors

Suppliers

Employees

? Company shareholders'

meeting

? Annual repos andannouncement

? Interactions Platform? Company website

? Compliant operation? Stable peormance growth? Protection of shareholderrights and interest? Information disclosure? Investor relationsmanagement

? Anti-corruption

? Standardized governanceand prudent operation? Strive for sustainedhigh-quality development? Improved risk management? Complete, accurate and

timely information Disclosure

? Sincere and unobstructed

investor communication

? Zero tolerance for corruption

and bribe

? Sta training? Peormance appraisal? Social media

? Protection of employee

rights

? Remuneration and welfare? Sound development

channels

? Occupational health

protection

? Inclusive communication

? Strict protection of

employees’ rights andinterests? Sound compensation system? Unobstructed promotionSystem

? Standardized managementto ensure employeeoccupational health? Diversied communicationmechanisms and channels? Supplier audit andassessment system

? On-site visits

? Supply chain management? Honest and friendlycooperation

? Transparent and responsibleprocurement? Supplier assessment

Government and

regulators

Communityand the public

StakeholdersCommunication ChannelsExpectations and DemandsResponse Initiatives

?Company website?Retails?Hotline

?Provision of high-quality

products and seices

?After-sales seices?Protection of customers’privacy

?Innovative R&D ofhigh-quality products

?High-quality and ecient

customer seice?Strict protection of user’spersonal information

?Regular visit?On-site inspections

?Compliant operation?Compliance with regulatorequirements

?Alignment with NationalDevelopment Policies

?Compliance with laws and

regulations

?Cooperation with regulato

inspections?Active implementation and

precise execution

?On-site communicationduring charitable activities

?Social media

?Social welfare?Rural revitalization?Promotion of local

employment

?Sponsorships and donations?Volunteer work?Provide employment

oppounities

Customers and

distributor

Materiality AssessmentAs a key step in managing sustainable development matters and preparing for disclosures, Joyoung conducted a dual materialityassessment of ESG issues in 2025. Referring to the Guidelines issued by the Shenzhen Stock Exchange, we formulated theassessment process, scoring methodology, and prioritization model, and identified 21 sustainable development-related issues.The Company adopted a three-step process for materiality assessment: identification, prioritization, and verification. Through thisprocess, the Company confirmed the most material sustainable development issues for its business and stakeholders.

Based on domestic and internationalESG disclosure standards, the UnitedNations Sustainable DevelopmentGoals, stakeholder suey results, andthe Company's business developmentplans, we have identied issues thatsignicantly impact both the Companyand its stakeholders

PrioritizationIdentication

Prioritize assessments based onthe company and the materialityof impacts on stakeholders

Verication

Senior management andexternal expes validate theidentied material topics,rening them to establish thenal list of material topics

Based on this year’s dual materiality assessment results, we have developed the following dual materiality matrix.

Impact on Business

Impact to stakeholders

17. Employees

High

High

16. Privacy and Data Protection

20. Anti-Bribe &

Anti-corruption

11. Innovation-driven

Development

13. Sustainable Supply Chain

19. Stakeholder Communication

21. Anti-Unfair Competition

18. Due Diligence

3. Waste Management

14. Equal Treatment of SMEs

5. Environmental Compliance Managemen

12. Technology Ethics

7. Water Resources Use

2. Pollutant Emissions

10. Social Contribution

8. Circular Economy

6. Energy

Use

4. Ecosystem and

BiodiversityConseation

9. Rural Revitalization

1. Climate Change Responses

15. Product and

Seice Safety& Quality

SocialEnvironmentalGovernance

DimensionIssueImpact of the Issue on the Company

Governance Relatedto SustainableDevelopment

18.Due Diligence on Bribery & Anti-

corruption

Mitigate compliance and reputational risks to ensure stablecorporate operations.

19. Stakeholder CommunicationEnhance the scientificity of decision-making and social

recognition, so as to support long-term development.

20.Anti-Bribery & Anti-corruptionStrengthen compliance foundations and uphold brand

credibility.

21.Anti-Unfair CompetitionMaintain a fair order and safeguard legitimate business

rights and interests.

Environment

1.Climate Change ResponsesImpact of climate change on its strategy and business

model

2.Pollutant EmissionsImpact compliance, costs, and reputation; relate to

environmental penalties and market access

3.Waste ManagementResource efficiency, compliance costs, and environmental

reputation, and are linked to circular economy objectives

4.Ecosystem and Biodiversity

Conservation

Impact supply chain stability and long-term development,mitigate ecosystem risks

5.Environmental Compliance

Management

Ensure lawful operations, avoid environmental penalties,and safeguard brand reputation and market access

6.Energy UseEnhance resource utilization efficiency in production and

operations, and promote resource recycling

7.Water Resources UseImpact production continuity and compliance, affecting

supply chain resilience and environmental requirements.

8.Circular EconomyDrive efficient resource utilization and model innovation to

enhance sustainable competitiveness

Social

9.Rural RevitalizationEnhance corporate social responsibility image, expand

market reach, and contribute to common prosperity.

10.Social ContributionEnhance brand reputation and stakeholder trust to foster a

conducive development environment.

11.Innovation-driven DevelopmentEmpower product upgrades, enhance core competitiveness,

and drive sustainable growth.

12.Technology EthicsEnsure compliance and social trust while avoiding ethical

controversies and reputational risks.

13.Sustainable Supply ChainEnsure production continuity, mitigate disruption risks, and

maintain customer trust.

14.Equal Treatment of SMEsOptimize the supply chain ecosystem to enhance resilience

and fairness.

15.Product and Service Safety &

Quality

Safeguard consumer rights and interests, uphold brandreputation and market trust.

16.Privacy and Data ProtectionSafeguard information security, uphold customer trust, and

avoid regulatory penalties.

17.EmployeesInfluencing talent attraction and team stability, supporting

core competitiveness and development foundations.For Joyoung, the Group’s top-priority ESG issues are employee development, product and service safety & quality, and privacy anddata protection. These also form the cornerstone of its business operations. Comprehensive employee well being safeguards teamstability and enhances operational efficiency; reliable product quality underpins brand reputation and market trust; data protectionmitigates compliance risks while reinforcing consumer trust. Anti-bribery, sustainable supply chain, and innovation-drivendevelopment are key issues which serve as operational safeguards to consolidate corporate governance and supply chain stability.By implementing environmental compliance and enhancing stakeholder communication, the Group continuously promotes greenand compliant operations while generating sustainable social value.

COMPLIANCE &

GOVERNANCE

Committed to Stable Development

Goals and indicators Addressed in this Chapter:

Corporate Governance21Corporate Risk Management &Control

Adhere to Business Ethics24Responsible Marketing Practices28Strengthening Party BuildingLeadership

Corporate Governance

Joyoung is committed to continuously enhancing its corporate governance capabilities and standards. Strictly adhering to relevantlaws and regulations such as the Company Law of the People’s Republic of China, the Securities Law of the People’s Republic ofChina, and the Corporate Governance Guidelines for Listed Companies, the Company has established a multi-tiered governancesystem based on its articles of association. This system establishes an efficient governance structure comprising the generalmeeting of shareholders, Board of Directors, and management team, which clearly defines the responsibilities and authorityof each level in decision-making, supervision, and execution, promoting standardized company operations and effectivelysafeguarding the rights and interests of the Company and all shareholders.

Strategy Committee

Audit CommitteeNomination Committee

Remuneration andAppraisal Committee

General Meeting of

Shareholders

Board of Directors

Management Team

General Meeting of ShareholdersAs the highest authority of the Company, the general meeting of shareholders has votingrights on major matters concerning the Company’s operations. In accordance with relevantsystems such as the Rules of Procedure for the General Meeting of Shareholders andthe Code of Conduct for Controlling Shareholders and Actual Controllers, the Companyeffectively protects the legitimate rights and interests of all shareholders.

In 2025

A total of

general meeting ofshareholders were held in 2025.

Board of DirectorsThe Board of Directors is a standing decision-making body of the Company, responsible for the general meetings. It exercises theCompany’s operational decision-making power in accordance with the law. It has four special committees under it: the StrategyCommittee, Audit Committee, Nomination Committee, and Remuneration and Appraisal Committee. The chairpersons of the AuditCommittee, Nomination Committee, and Remuneration and Appraisal Committee are all independent directors. This year, theCompany held 6 Board meetings. The Board of Directors fulfilled its relevant duties effectively. Meanwhile, we have strengthenedthe remuneration management of directors and senior management. In the future, we will formulate relevant remuneration andperformance assessment plans.In 2025

DirectorsIndependent DirectorsAccounting for7343%Female DirectorsAccounting for343%

Supervisory Board

As the supervisory body of theCompany, the Supervisory Boardis accountable to general meetingof shareholders and supervises theBroad of Directors and other seniormanagement in performing their dutiesin accordance with the law.

In 2025

The Supervisory Board of the Companyconsists of

supervisors

Convened

meetings of the Supervisory BoardIn August 2025, the Company abolished the Supervisory Board in accordance with the new regulatory requirements, and itsprincipal functions have been assumed by the Audit Committee.

Management Team

Management Team is appointed by the Board and is responsible for organizing the implementation of resolutions of the generalmeeting of shareholders and the Board, as well as presiding over all operational activities of the Company.

Corporate Risk Management & Control

Joyoung adopts a comprehensive risk management model, integrating top-down strategic oversight by the Board of Directorsand bottom-up operational processes across departments. This model ensures the identification of all key risks, the assessment oftheir potential impacts and likelihood of occurrence, and the effective control of risks through appropriate monitoring systems andresponse measures. The Company has formulated the Comprehensive Risk Management System and the Implementation Rules forthe Comprehensive Risk Management System, which categorize risk management into four tiers: strategic, planning, operational,and support. Corresponding responsible personnel have been clearly designated for each tier. Meanwhile, risk managementperformance has been linked to the annual performance assessments of the President, Vice Presidents, and heads of first-tierdepartments.

Board of DirectorsVice Presidents

President

Heads of First-tier Depaments

? StrategicPlanning

? Implementation

Review? Internal Control

Development

? External Risk

Identication

? Planning? Implementation

Monitoring

? Product

Lifecycle? ChannelManagement

? Supply Chain

Management

? Quality &

Technology

Management? Basic R&D

Management

? Brand Asset

Management

? InformationSystem Security& BusinessProjectManagement

StrategicPlanningOperationalSuppo

This year, the Company further optimized its risk management mechanism, establishing a complete closed-loop risk managementprocess. Through the synergy of four tiers, the Company can promptly identify, assess, and respond to various risks, realizing thedynamic cycle and continuous improvement of risk management, thereby effectively safeguarding the stable development of theenterprise.Joyoung conducts comprehensive risk control in accordance with seven core processes: risk identification, assessment, response,accountability assignment, implementation, inspection, and performance evaluation. Meanwhile, the Company actively carriesout special audit work related to risk management. Through interviews with all mid-to-senior level management personnel, wecompleted the delineation of risk responsibilities and the listing of key risks under management. We established routine riskmanagement mechanisms such as monthly rolling budgets and product committees to strengthen risk control. Departmentsincluding Audit and Systems conduct oversight, audits, and verification of major risk management implementations to ensure allcontrol requirements are effectively implemented.

Adhere to Business EthicsJoyoung strictly complies with laws and regulations including the Anti-Unfair Competition Law of the People’s Republic of Chinaand the Anti-Money Laundering Law of the People’s Republic of China. The Company has formulated the Anti-Fraud ManagementSystem, Audit and Supervision Management System, and Complaint and Suggestion Management System, explicitly prohibitingany acts of bribery, unfair competition, fraud, and conflicts of interest, and striving to foster an ethical and clean operationalenvironment.Anti-Fraud, Anti-BriberyWe have established a sound governance structure and mechanism for business ethics, clarifying the business ethicsresponsibilities of employees at all levels. The Company’s Audit and Supervision Department is responsible for establishing andimproving the anti-fraud management system, complaint reporting and investigation mechanism, receiving fraud reports, andputting forward handling opinions. Meanwhile, the Audit and Supervision Department is subject to the supervision of the Boardand guides all departments in carrying out work related to building an anti-fraud corporate culture and environment. All otherdepartments shall actively cooperate with the Audit and Supervision Department to jointly improve the Company’s business ethicsgovernance. Anti-Fraud Practices

Upon receiving fraud clues, the Audit and Supervision Department conducts a clue assessment and sets up a special investigationteam based on the assessment results to verify the facts. After the completion of the fraud investigation, the Audit and SupervisionDepartment issues an audit report to the Human Resources Department. Upon receiving the report, the Human ResourcesDepartment formulates handling opinions on personnel involved in fraud and notifies the audited entity of the results. The auditedentity shall recover the relevant funds from the involved personnel within 10 working days after receiving the results. Meanwhile,the Legal Affairs Center conducts a judicial assessment of the illegal facts, and initiates judicial procedures upon the Company’sapproval to pursue legal liabilities of the involved companies or personnel. Audit and Supervision Work

Issues related to management optimization, process aws, and risk control shallbe referred to the audit depament for corrective action within a specied timelimit, with the Audit and Supeision Depament tracking and supeising theeectiveness of these corrective measures.

Suspected illegal and criminal acts such as occupational embezzlement, misap-propriation of funds, and corruption shall be immediately referred to the LegalAairs Center to initiate judicial procedures, with evidence secured in accordancewith the law and legal liabilities pursued.

Issues involving dereliction of duty or misconduct by management personnelshall be transferred to the Human Resources Depament for responsibilityidentication and accountability.

In 2025

the Company conducted a total of

financial and operational auditsand

special supervision andmanagement audits.

Whistleblowing Mechanism

The Company provides various channels for employees and other stakeholders to raise concerns. All information is treated withstrict confidentiality, and anonymous reporting is available in accordance with applicable laws and regulations. We offers multipleavenues for stakeholders to submit feedback, empowering employees and stakeholders to report observed illegal or unethicalconduct with confidence. We enforce a strict whistleblower protection system, prohibiting the disclosure of any reporter’s identityor retaliation against them under any circumstances. Violators will face severe consequences.All reported cases will be independently investigated, and appropriate actions will be taken in a timely fashion, includingdisciplinary actions, termination of employment, adjustment of variable compensation, and performance rating revision. We ensurethat whistleblowers are protected against unfair dismissal, victimization, or unwarranted disciplinary action.

Complaint and Suggestion Hotline: 18758173358Mail to: Audit and Supeision Depament, No. 760 Yinhai Street, Xiasha Subdistrict,

Hangzhou Economic & Technological Development Zone (Postal Code: 310018)Condential Complaint and Suggestion Email: jytj@joyoung.comComplaint and Suggestion WeChat Account: joyoungtj

Repoing Channels

In 2025, the Company received 142 complaints and reports, achieving a 100% follow-up rate. 2 employees were subject todisciplinary action or dismissal due to violations of business ethics. We are committed to acting with integrity, drawing lessons frompast incidents, and fulfilling our responsibilities not only to customers and society at large but also to our employees, ensuring theytake pride in their work. We strive to make decisions based on doing what is right for customers and will never compromise ethicalstandards or integrity.

Integrity Culture Development

Joyoung advocates a culture of integrity, actively conducts business ethics training for employees, standardizes their professionalconduct, and prevents occurrences that may harm the interests of the Company and its shareholders. Through business ethicstraining activities, Joyoung not only enhances employees’ awareness of integrity in the workplace but also strengthens theircompliance awareness and ethical standards, providing solid support for the Company’s healthy development.The Company provides training on relevant governance policies. All new employees must receive such training as part of theironboarding orientation. In 2025, the coverage rate of business ethics training for new employees reached 100%, and the signingrate of the Employee Integrity and Self-discipline Agreement hit 100%. The Company actively organized business ethics trainingsessions, focusing on specialized sessions and online pledge reminders for personnel and managers in high-risk positions proneto misconduct, such as procurement, R&D, quality control, and sales. In addition, the Company provides anti-corruption and riskmanagement trainings for new employees joined through campus and social recruitments. In 2025, the total number of trainingattendances exceeded 3,000, with an average training duration of one hour per employee.

In 2025, Joyoung actively carried out its annual integrity andcompliance advocacy through a combination of online self-learning and offline instructor-led training. The advocacycontent comprehensively covered the Company’s ethicalstandards, ethical red lines, the Integrity and Self-disciplineAgreement, as well as in-depth analysis of specific casesinvolving compliance violations. By interpreting thesecases, the Company helped employees gain a deeperunderstanding of specific regulations on anti-corruption,anti-bribery, and anti-monopoly, effectively enhancingtheir awareness of laws and regulations and their abilityto identify risks. This training also introduced Joyoung’santi-corruption communication channels to employees,encouraging them to proactively report relevant issuesto the competent departments, further advancing thedevelopment of the Company’s integrity culture.

Case Study | Integrity and Compliance Advocacy

Integrity Culture Promotion

Joyoung firmly believes that fostering an integrity culture is not an overnight endeavor. The Company consistently integratesintegrity principles into employees’ daily work and lives, conducting comprehensive and synchronized publicity on integrityinitiatives through multiple channels including the enterprise WeChat platform, the “Integrity Joyoung” official WeChat account,and Joyoung news announcements. The Company launched the branded campaign “Joyoung Integrity Talk”, which helps build afair, transparent, and honest integrity-focused atmosphere within the organization.

Anti-Unfair Competition

As a leading enterprise in the small home appliance industry, Joyoung consistently integrates fair competition and compliantoperations into the entire value chain of its global business, consolidating the governance foundation for sustainable development.The Company strictly complies with domestic and international laws and regulations, including the Anti-Unfair Competition Law ofthe People’s Republic of China and the Anti-Monopoly Law. On one hand, it regularly reviews and updates core documents suchas the Anti-Fraud Management System and the Audit and Supervision Management System, explicitly prohibiting acts such ascommercial bribery, unfair competition, and conflicts of interest. On the other hand, in light of its business feature of distributingproducts to multiple overseas countries and regions, the Company continuously revises and improves regional anti-monopolycompliance guidelines for different countries, ensuring that operational activities in various markets comply with local regulatoryrequirements. In 2025, the Company had no involvement in litigation or significant administrative penalties arising from unfaircompetition practices.

Responsible Marketing Practices

Responsible Marketing CommitmentsJoyoung strictly complies with relevant national laws and regulations, including the Arbitration Law of the People’s Republicof China, the Interpretation of the Supreme People’s Court on Issues Concerning the Application of Law in the Trial of LaborDispute Cases (II), the Anti-Unfair Competition Law of the People’s Republic of China, and the Measures for the Administration ofCompliance Audits on Personal Information Protection. The Company actively fulfills its compliant marketing commitments, fullyprotects customers’ right to know, and strives to provide customers with higher-quality service experience. During the reportingperiod, the Company internally launched a new risk assessment project for finished product suppliers, and provided a series oftraining programs, including online courses on compliance and product detail page management via the Xiaoyang Study Hall,training through legal service official WeChat accounts, as well as offline onboarding training for new employees of batches J25/J26.At the product promotion review level, the Company implements a standardized review process for product detail pages,packaging materials, nutritional recipes, and product promotion videos of all categories through its internal system, therebyeffectively reducing false promotion incidents and ensuring the overall compliance of promotional content. Specifically, the reviewscope includes: verifying whether promotional content involves trademark infringement and ensuring copyright protection ofproduct detail pages; confirming that detail page content complies with relevant provisions of the Food Safety Law, and ensuringthe accuracy of the national standards, enterprise standards, and group standards on which it is based; checking whether theslogans used on detail pages comply with laws such as the Advertising Law and the Anti-Unfair Competition Law. For citedcontent involving data, the corresponding source (such as authoritative institution reports, industry research data, etc.) andcomplete report number must be indicated, and safety reminder content must be added to all product detail pages. In 2025,the Company had no major incidents involving violations of laws and regulations related to product and service information andlabeling, and marketing promotion (including advertising, sales promotion, and sponsorship).

Online Sales Channel

The Company’s online sales channels cover mainstream platforms such as JD.com, Alibaba, Pinduoduo, Douyin, Kuaishou,VIPSHOP, Xiaohongshu, and SUNING.COMCO. To standardize product promotion activities, the Company has formulatedthe Product Detail Page Management System, which explicitly requires that promotional slogans must strictly comply withrelevant legal provisions. Information such as technical parameters, product materials, and specifications marked on detailpages must be consistent with the actual products, resolutely eliminating the transmission of false or deceptive informationto consumers.In 2025, the Company further optimized and improved this system, clarifying that the primary goal of product detail pagemanagement is to enhance the market competitiveness of product detail pages, thereby increasing product conversionrates. Meanwhile, the system added core contents including the optimization of detail pages for existing products, thedefinition of job responsibilities of the product detail page project team, the standardization of detail page acceptanceprocesses, and the establishment of assessment criteria for detail page search conversion rates. In terms of systemimplementation, the Company has established a regular review mechanism, conducting special review and analysis oncomplaint and report cases involving false promotion every month to continuously optimize weak links in marketing andpromotion work. In response to various sudden public opinions and issues, the Company will initiate emergency responseprocedures immediately and conduct timely review and summary after the incident is handled to ensure that similarproblems do not recur.

Offline Sales ChannelsThe Company also regularly conducts systematic communication skills training for in-store sales personnel, requiring thatmarketing and promotion content must truly reflect product functions and prohibiting exaggeration. For different productseries, the Company compiles detailed training materials, including training manuals and product introduction scripts, andassesses sales personnel through examinations after training to comprehensively verify training outcomes. In addition,the Company issued the Notice on 2025 Channel Incentive Policy, covering both online and offline sales channels suchas specialty stores, mall counters, and supermarket stores. All dealers, regardless of their scale or operating years, areeligible to participate in this incentive policy. The Company aims to encourage dealers to actively develop new markets andcustomers, expand sales scope, increase product market share, drive sustained growth in sales performance, enhance brandawareness, reputation, and loyalty, and strengthen brand competitiveness.

In 2025, the Company carried out multi-occasion compliant marketing training through a combination of online and offlinemodels, advancing in an orderly manner around three core directions: First, new product launch training, implemented viadiverse formats including live streams, on-site sessions, and Tencent Meeting combined with on-site teaching. The contentcovered live stream training, offline customer enhancement training, promotion mobilization meetings, and supervisorcascaded training, totaling 2,908 sessions. Second, competition response training, mainly delivered through live streamsand videos, with 12 live stream training sessions completed and 10 explanatory videos released simultaneously, achieving acumulative view count of 12,000. Third, excellent experience sharing training, which disseminated outstanding shopping guideexperiences in video format, featuring 24 videos that received 6,389 views.

Case Study | Compliant Marketing Training

Distributors Management

To better practice the concept of responsible marketing, the Company closely collaborates with partners across all sales channelsand steadily advances the standardized governance of dealers. The Company signs the Joyoung Group Partner Code of ConductCommitment and Distribution Agreement with dealers, clearly defining their responsibilities and obligations in areas such asconsumer rights protection and advertising and promotion standardization. This lays a solid compliance foundation for productpromotion and achieves standardized control over dealers’ promotional activities.To adapt to the Company’s strategic development and business expansion needs, drive the sustainable and sound developmentof sales channels, avoid disorderly market competition and internal friction, and promote the efficient allocation and rationalutilization of channel resources, the Company formulated the Management System for the Establishment, Change and Terminationof Dealers in 2025, ensuring the compliance and rationality of the full-lifecycle management process of channels. Meanwhile,to safeguard the common interests of the Company and dealers, standardize the channel authorization process, and eliminateacts such as multi-party authorization that disrupt market order and damage the brand image, the Company issued the ChannelAuthorization Management System. Based on actual market demand and the Company’s business strategy, it conducts overallplanning and refined management of channel authorization to maximize brand value and market benefits.In addition, to further empower dealers’ development, standardize the dealer rating and assessment mechanism, maintain ahealthy and orderly channel order, protect the legitimate rights and interests of both cooperation parties, and help channelpartners achieve high-quality development, the Company formulated special policies such as the 2025 VIP Dealer RatingManagement System and 2025 Dealer Rating Management System. It provides high-quality services to customers througha standardized management system. The Company’s continuously improved management systems have built a channelmanagement system with clear powers and responsibilities and standardized processes, providing solid institutional guarantee forthe compliant and orderly conduct of the Company’s marketing activities.

Strengthening Party Building Leadership

Joyoung adheres to the guidance of Xi Jinping Thought, and actively builds the “365” characteristic Party building activitymechanism to consolidate the foundation of internal Party building.

3 Mechanisms6 Dimensions of Health5 Commitments

“365” Characteristic Pay Building Activity Mechanism

? Establish incentive

mechanisms? Establish peormance

evaluation mechanisms

? Establish responsibility

implementation

mechanisms

? Mechanism health? Mental health? Physical health? Lifestyle Health? Organizational Health? Product Health

? Become a paicipant in

corporatedecision-making? Become an executor ofcorporate development

? Become an innovation

leader for businesses

? Become a builder of

corporate culture

? Become a guide for

employees’ mindset

In 2025, under the guidance of the Party Committee of Joyoung, Joyoung achieved outstanding results in multiple activitiesand evaluations, earning honors such as “Strong Party Development and Strong Development” Enterprise and Top 100 ServiceEnterprises in Zhejiang Province. These accolades fully demonstrate the solid effectiveness of party development in Joyoung,injecting strong momentum into the Company’s healthy development while exploring a distinctive Joyoung path of developmentled by party development.

Strong Party Development and Strong DevelopmentTop 100 Service Enterprises in Zhejiang Province

“Study the ideology, strengthen Party spirit, emphasize practice, and achieve new accomplishments.” The Party Committee ofJoyoung leverages the guiding role of Party Building to actively identify and cultivate outstanding talent while expanding theroster of members. Concurrently, it prioritizes solidifying Party organization development by conducting multiple themed Party Dayactivities and Party member education initiatives.In 2025, Joyoung conducted 12 party education sessions, 12 meetings of branch members, 4 party member training sessions,and 4 party lectures. The Company processed 1 membership application, identified 1 active member, admitted 2 probationarymembers and confirmed 1 member’s full membership.

CaseStudy

Live Broadcast of the “Commemoration of the 80th Anniversary of the Victoryof the Chinese People’s War of Resistance Against Japanese Aggression and theWorld Anti-Fascist War”

To carry forward the revolutionary legacy and promote the great national spirit centered on patriotism, inspiring allemployees to remember history, honor martyrs, and unite in progressing forward, Joyoung organized a party developmentactivity to commemorate the victory of the Chinese people’s war of resistance against Japanese aggression.3 September marks the victory day of the Chinese people’s war of resistance against Japanese aggression. Tocommemorate the arduous struggle of the Chinese people against Japanese imperialist aggression, honor the martyrs whobravely sacrificed their lives during the war, and pay tribute to all who contributed to the victory, the Company organizedall employees to watch the live broadcast of the “Commemoration of the 80th Anniversary of the Victory of the ChinesePeople’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War.” This initiative inspired allemployees to dedicate themselves to their work with greater enthusiasm, striving together for the Company’s high-qualitydevelopment and the realization of the Chinese Dream of national rejuvenation.

The Company organized a blood donation campaign for Party members, with Party members leading by example anddemonstrating responsibility and compassion through concrete actions.

Case Study | Party Members Donate Blood Out of Compassion

GREEN

ENVIRONMENTAL

PROTECTION

Co-creating a Low-carbon Future

Goals and indicators addressed in this chapter:

Addressing Climate Change34Promoting Green Operations40Advancing Energy Conservation &Emission Reduction

Biodiversity Conservation44Environmental Awareness Promotion &Training

Addressing Climate Change

Governance Framework

Joyoung advances ESG governance and performance improvement – including climate governance – through a three-tieredapproach: oversight by the Board of Directors, implementation by senior management, and execution by working group.

Strategic work Board of Directors

The Board of Directors, as the Company’s highest ESG

governance and decision-making body,comprehensively oversees the Company’s managementof climate change risks and oppounities, reviewingrelevant strategies, policies, and peormance targets.

The working group is responsible for coordinating joint eos across depaments, conducting regular reviews andsummaries, repoing progress toward phased objectives to senior management, and suppoing the implementation ofclimate-related strategies at the corporate level.

Management Senior Management

?Joyoung’s senior management is responsible forassessing climate-related risks and oppounities,determining and implementing the Company’s climatechange response strategy, formulating annual andmedium-to-long-term plans, and overseeing progresstoward peormance targets.

Execution Sustainability Working Group

Climate Risk Management

Effective risk management is vital for the Company’s long-term development. The Company employs a structured, integratedmanagement approach to identify, assess, prioritize and monitor climate-related risks and opportunities across all businessoperations and the value chain. This framework is supported by clear policies and standardized processes, integrating internal andexternal data, industry benchmarks and regulatory requirements to ensure coverage of all business units. All these elements arefully incorporated into the Company’s Enterprise Risk Management (ERM) system.The Company conducts climate-related scenario analysis based on internationally recognized frameworks such as theIntergovernmental Panel on Climate Change (IPCC) and the Network for Greening the Financial System (NGFS) of central banksand regulators. This analysis provides a basis for risk identification and assesses potential impacts under different climatedevelopment pathways. Climate-related risk prioritization is integrated into the Company’s enterprise risk management framework,ensuring alignment with other strategic and operational risk management requirements. Continuous monitoring of climate-relatedrisks is achieved through regular reporting to senior management and incorporation into internal audit processes, enabling timelyupdates to risk management strategies and implementation of corrective actions.

Countermeasures

We have established clear timeframes to effectively drive strategy implementation and track progress throughout. Each phaserepresents a deliberate action step, enabling us to build momentum in a systematic and measurable way. By defining objectivesfor each stage, we ensure that efforts remain focused, coordinated, and aligned with the overarching vision.

Short-term(1–5 years):

Medium-term(6–10 years):

Long-term(10+ years):

Near-term priorities focus on enhancingoperational efficiency, ensuring fullcompliance, and establishing data andgovernance foundations to supportour broader environmental, social, andgovernance (ESG) strategy.

During the medium-term phase, we willachieve substantial progress toward ourenvironmental, social, and governance(ESG) objectives, embedding sustainabilitypractices into all operations. Theseobjectives aim to deliver measurableimprovements on material issues andalign with corporate strategic planning.

Our long-term vision focuses ontransformative outcomes that contributeto broader societal and environmentalgoals, including climate action andprogress toward a circular economy.These ambitions position us as leadersin shaping a sustainable future.The Company assesses the resilience of its strategy and business model to climate-related changes through scenario analysisacross short-term, medium-term, and long-term time horizons.The Company conducted climate scenario analysis for two key timeframes–2030 and 2050–by selecting two categories of pathwayscenarios. This analysis primarily drew upon two authoritative frameworks: First, the Shared Socioeconomic Pathways (SSPs)proposed in the IPCC Sixth Assessment Report (AR6), where SSP1 represents a relatively low-carbon emissions scenario and SSP3a high-carbon emissions scenario; Second, climate scenarios released by the NGFS, an international platform comprising multiplecentral banks and financial regulators including the People’s Bank of China. These include the NGFS net-zero 2050 low-carbonscenario and the NGFS fragmented world high-carbon emissions scenario.Evaluation PeriodClimate Scenario Selection

2030Low-carbon Scenarios: SSP1, NGFS net-zero 2050 Scenario2050High-carbon Scenarios: SSP3, NGFS fragmented worldNote:

1. The IPCC Sixth Assessment Report features Shared Socioeconomic Pathways (SSP); the NGFS (Central Banks and Supervisors Network for

Greening the Financial System) is an international platform comprising multiple central banks and financial regulators, including the People’sBank of China. The NGFS collaborates with climate scientists and economists to design and release NGFS climate scenarios and analyticalmodels.

Based on the results of scenario analysis, we have identified corresponding physical risks, transition risks, and opportunities. Wehave developed the following adaptation and mitigation measures and are seizing relevant opportunities:

Physical Risks

Climate Change Risks

Extreme weather events such as droughts,

floods, and typhoons

Persistent high temperatures, rising sealevels, water scarcity, and other factors

Risk Description? Destroy factories, office buildings, and

equipment, resulting in property damage;? Harm to employee health;? Resulting in insufficient cooling waterfor the plant, disrupting continuousoperations and potentially increasingexpenditures for procuring backup watersources;? Disrupt supply chain continuity andstability.

? Increased investment in refrigeration-related systems, thereby raisingoperational costs;? During periods of high temperatures,more employees face heat-related healthrisks, impacting operational efficiency;

? Water scarcity has led to increases inmunicipal water supply prices, raisingwater usage costs.Impact TimeframeLong-termLong-termCountermeasures? Develop emergency response plans

for natural disasters and continuously

improve the emergency response

mechanism for natural disasters;

? Select water-efficient equipment and

retrofit existing equipment to enhance

water resource utilization efficiency;

? Proactively identify potential asset

damage and purchase necessary

insurance to mitigate potential risks.

? Incorporate climate risks into our risk

management and strategic planning;? Adopt more energy-efficient refrigerationequipment to reduce energy consumptionand lower operating costs;

? Implement water-saving initiatives and

upgrade water-consuming equipment.

Transition RisksClimate Change

Risks

Policies and LawsTechnologyMarketReputationRisk Description? Stricter policies andregulations mayincrease the operationalcompliance burden forbusinesses, and relatedlawsuits or claims mayalso rise;

? Emissions quotasand carbon pricingregulations may impactupstream raw materialproduction costs,potentially leading toincreased procurementcosts for the Company.

? The Company musttransition to low-emissiontechnologies and investin energy-saving andemission-reductiontechnologies. However,the returns on suchtechnological investmentsare uncertain and requirecareful evaluation andmanagement;? Failure to promptlyidentify and adopt low-carbon technologies hasresulted in the Company’slow-carbon producttransition lagging behindits peers.

? Failure to adequately

meet consumer demandfor green and low-carbonproducts;? Frequent extreme

weather eventsnegatively impact supplychain stability and willlead to rising raw materialcosts.

? Stakeholders expectthe Company toestablish and achieveenergy conservationand emission reductiontargets to mitigateclimate change. Failureto effectively addressstakeholder expectationsmay impact theCompany’s reputation.

Impact TimeframeMedium-term, long-termMedium-term, long-termMedium-term, long-termMedium-term, long-termCountermeasures? Closely monitorchanges in domesticand internationalenvironmental laws,regulations, and policies,and respond promptly;? Promote energyconservation, emissionreduction, and greenprocurement in theCompany operations.

? Continue researchingand applying low-carbontechnologies whileactively pursuing industrycollaboration;? Optimize mechanisms forattracting, developing,and retaining technicaltalent to enhancethe Company’s R&Dcapabilities.

? Actively develop greenand low-carbon productsto meet consumerdemand;? Promote greenprocurement andcollaborate with suppliersto explore low-carbonsolutions.

? Establish a regularcommunicationmechanism to proactivelyaddress stakeholderconcerns;? Enhance the Company’ssustainable developmentcapabilities and activelyaddress climate change.

Opportunities inClimate Change

MarketTechnologyResource EfficiencyClimate ResilienceOpportunityDescription

Increased market demandfor green and low-carbonproducts.

Green and low-carbonmaterials and technologyR&D; Expand the Company’sintellectual property portfolio.

Utilize more energy-efficientproduction and officeequipment, buildings, andtechnologies.

Develop or participate inrenewable energy projects.Impact TimeframeMedium-term, long-termMedium-term, long-termShort-termShort-termCountermeasuresContinuously invest in low-carbon technology R&D, develop more

innovative green and low-carbon products, and continuouslyenhance technological capabilities and product competitiveness.

Actively explore theapplication of newtechnologies, equipment, andprocesses to enhance resourceutilization efficiency, therebyachieving cost reduction andefficiency gains.

The costs of renewable energysources such as solar andwind power are projectedto continue declining in thefuture. Actively developingrenewable energy projects orprocuring renewable energycan reduce energy-relatedcosts in the medium-to-longterm.

Climate-Related Transition PlanBased on our identified climate-related risks and opportunities, along with assessments of business model resilience, we havedeveloped a climate transition plan to address climate change. This plan focuses on reducing greenhouse gas emissions andadapting to climate impacts. It begins with a comprehensive assessment of the current situation, including emissions inventoriesand vulnerability identification, followed by the establishment of clear short-term, medium-term and long-term goals centered onachieving net-zero emissions.Key strategies include utilizing renewable energy, enhancing energy efficiency, promoting sustainable transportation, andimproving waste management. Meanwhile, we prioritize adaptation measures such as upgrading infrastructure and implementingefficient water management practices. Engaging stakeholders through community participation and partnerships is essential tosecure support and resources. Proactively developing climate-friendly policies is critical for effective implementation, supportedby regular monitoring and reporting to ensure transparency. Investments in innovative technologies will raise awareness and drivetangible actions toward climate goals.

To reduce reliance on traditional energy sources and mitigate the risk of extreme weather disrupting energy supply, Joyoungis committed to increasing the proportion of renewable energy by developing photovoltaic and energy storage projects. Westrive to reduce carbon emissions and contribute to achieving the nation’s “carbon peaking and carbon neutrality” goals.We actively explore photovoltaic power generation and integrated photovoltaic-storage systems, prioritizing environmentalsustainability while lowering operational costs and seizing climate opportunities presented by climate change.

Case Study | Photovoltaic Renewable Energy Project

In 2025, total photovoltaic power generation reached 3,759,086 kilowatt-hours, with Joyoung consuming 3,350,036 kilowatt-hours. The surplus fed into the grid amounted to 408,050 kilowatt-hours, representing an 89% self-consumption ratio.

Hangzhou Industrial Park Rooftop Photovoltaic Power Generation Equipment

We conducted short-, medium-, and long-term analyses of the physical risks facing the Company, using water resourcepressure as a specific example. Water scarcity will lead to increases in municipal water prices, raising the Company’s operatingcosts, limiting production capacity, and impacting normal operations. Using low-carbon and high-carbon scenarios, weassessed potential risks for each office location and its province from now until 2050. Findings indicate that under thehigh-carbon scenario, Joyoung’s offices face elevated medium-to-long-term water scarcity risks. To address this, we havedeveloped a series of risk adaptation and mitigation strategies:

? Establish a comprehensive water management system to strictly monitor and manage water usage throughout the

production process, eliminating drips and leaks.? Optimize existing production processes to reduce water consumption during manufacturing.? In production and manufacturing processes, prioritize the use of water-saving components such as high-efficiency

water pumps and valves to reduce water waste at the source.? Through promotional materials, official accounts, and other channels, raise awareness among production staff about

the importance and significance of water conservation during manufacturing processes to enhance their water-saving

consciousness.

Case Study | Water Resource Pressure

Climate and Nature-Related Targets

The Company rigorously monitors all relevant greenhouse gas emissions within its assessment scope. Our primary greenhouse gasemissions stem from direct emissions (Scope 1) generated by the Company’s combustion of gasoline and natural gas, and indirectemissions (Scope 2) from purchased electricity.

Indicators

Unit20252024Scope 1 greenhouse gasesTonne CO

e178.97215.67Scope 2 greenhouse gasesTonne CO

e6,007.27 8,182.36Total greenhouse gasemissions (Scope 1 + Scope 2)

Tonne CO

e6,186.24 8,398.03Greenhouse gas emissionsintensity

Tonne CO

e/RMB10,000 revenue0.0080.009Note:

2. Greenhouse gas emissions data are presented in carbon dioxide equivalents and reference standards including but not limited to the

Greenhouse Gas Protocol: Accounting and Reporting Standards for Enterprises published by the World Resources Institute and the WorldBusiness Council for Sustainable Development, the Hong Kong Exchanges and Clearing Limited’s “How to Prepare an ESG Report –Appendix 2: Reporting Guidance on Environmental KPIs,” the Announcement on the Release of the 2023 Electricity Carbon Dioxide EmissionFactor issued by the Ministry of Ecology and Environment of the People’s Republic of China in December 2025, and the 2024 SustainabilityReport of HK Electric Investment.

3. As of the end of 2025, the revenue within the reporting scope amounted to RMB8,209,763,100 (2024: RMB 8,849,314,700). This figure is also

used to calculate other intensity metrics.

Promoting Green Operations

As a Company committed to building a transparent, healthy, high-value-added, and eco-friendly home appliance brand, Joyoungstrives to integrate green and sustainable principles into every aspect of its production and operations. We strictly comply withlaws and regulations including the Environmental Protection Law of the People’s Republic of China, the Water Pollution Preventionand Control Law of the People’s Republic of China, the Air Pollution Prevention and Control Law of the People’s Republic of China,and the Solid Waste Pollution Prevention and Control Law of the People’s Republic of China. We have established a comprehensiveenvironmental management system and obtained ISO 14001 certification, undergoing external audits by third-party companiesevery three years. Furthermore, we continuously advance green transformation and upgrading. Recognized by the Jinan MunicipalBureau of Industry and Information Technology, we were approved as one of the fifth batch of Jinan Green Factories. In 2025, theCompany did not incur any violations of environmental protection laws and regulations, pollution incidents, or disputes, nor did itreceive any administrative penalties for breaching environmental protection regulations.

Advancing Energy Conservation &Emission ReductionEnergy Usage Management

The Company has established internal systems such as the Energy Consumption Resource Management System and the IndustrialPark Public Area Electrical Facility Usage Rules to regulate energy and resource usage. All departments are required to prioritizeenvironmentally friendly and energy-efficient products when selecting resources, and employees are encouraged to activelyparticipate in energy-saving activities. Green office practices are promoted through internal news announcements. Meanwhile,the Company conducts daily inspections of energy usage across departments, regularly reports instances of energy waste,and adheres to the principle of energy conservation and emission reduction. It continuously improves energy and resourcemanagement to minimize negative environmental impacts. By 2025, the Company’s energy consumption indicators are as follows:

IndicatorsUnit20252024Gasoline consumptionLiters28,914.8639,955.98Natural gas ConsumptionCubic meters48,161.0056,252.00Direct energy consumption? Gasoline? Natural gas

kWh783,934.81975,561.13Indirect energy consumption? Purchased electricity

kWh11,321,664.0015,248,521.00Total energy consumptionkWh12,105,598.8116,224,082.13Energy consumption intensity

kWh/RMB10,000 revenue14.7518.33New energy consumption? Self-consumption of newenergy generation

kWh3,350,036.003,092,029.00

We place high priority on energy efficiency and reducing fuel consumption to minimize greenhouse gas emissions. To managegreenhouse gas emissions, we have implemented various measures for effective energy utilization. To achieve these objectives,each subsidiary has developed corresponding measures tailored to its specific circumstances, including but not limited to:

Information System Development

Optimizing Resource ManagementPromoting digitalization and paperless operations; reducing printed materials through digitalcommunication platforms

?Prohibit unauthorized installation or use of high-power electrical equipment within premises unless

operationally necessary

?Strictly control air conditioning temperatures and closing doors/windows during operation?Regularly inspect and maintain aging air conditioning units?Enhance control over public area air conditioning by implementing full shutdowns or adding locationmarkers with property management conducting enhanced inspections?Implement centralized air conditioning control in administrative buildings?Use energy-efficient lighting equipment and promptly turn off lights when sufficient natural light is available?Shut down computers and other office equipment during non-working hours

Water Resource ManagementTo ensure compliant operations, the Company strictly adheres to the Water Law of the People’s Republic of China and relevantnational and local laws and regulations, based on which it has established comprehensive policies, clear objectives, and specificaction plans for water resource management. In practice, the Company actively promotes various water-saving initiatives, includingregular monitoring of water consumption, identifying abnormal usage, and implementing measures to prevent leakage. Due tothe geographical location of our operations, the Company faces no issues in securing suitable water sources for its purposes. TheCompany’s water consumption indicators for 2025 are as follows:

IndicatorsUnit20252024

Water resource consumptiontonnes166,890.00178,099.00Water consumption intensity

tonnes/RMB10,000 revenue0.200.20To enhance water efficiency, the Company has implemented the following measures:

? Phasing out outdated water pumps with high water consumption? Repairing and refurbishing leaky pipelines to reduce water waste? Installing water-saving devices to enhance water efficiency? Raising employee awareness of the importance of water conservation

Waste and Emissions Management

Joyoung has established a waste management system, the “Solid Waste Management Regulations,” with each departmentresponsible for managing solid waste from generation through to sorted collection. Hazardous waste generated is entrusted toqualified suppliers for disposal.In addition, based on actual office operations, Joyoung has developed corresponding waste management practices with clearclassification standards for all types of waste. Recycling bins for recyclables, food waste, and other waste are placed in employeeworkstations, break rooms, and other areas. Meanwhile, Joyoung conducts regular training and awareness campaigns to promoteorderly waste recycling in office areas. We advocate green and environmentally conscious operations by encouraging double-sided printing, black-and-white printing, and prioritizing electronic communication and office methods. All departments are urgedto reduce unnecessary newspaper subscriptions to minimize paper waste generation. Waste sorting bins are placed in public areasto ensure proper waste classification and collection.Laboratory operations involving chemicals in fume hoods primarily generate inorganic waste liquids, with trace amounts of volatilegases from organic waste liquids. In accordance with the Hazardous Chemicals Management System, Joyoung strictly regulatesthe procurement, transportation, use, and disposal of hazardous chemicals and other harmful substances. Responsibilitiesfor supervision, management, record-keeping, and reporting are clearly defined for all departments and employee levels. Tominimize environmental impact from hazardous chemicals, the Company employs activated carbon and spray systems to adsorbvolatile organic compounds (VOCs) generated during use. At the same time, we conduct weekly routine inspections of hazardouschemical storage areas, along with periodic comprehensive inspections and third-party exhaust gas testing. Any identified issuesare addressed immediately through corrective measures. Responsible departments have established emergency response plansfor incidents such as leaks, spills, and equipment failures, and regularly organize employee drills. The Company’s waste disposaltargets for 2025 are outlined in the table below:

IndictorsUnit20252024

Total hazardous waste

tonnes3.072.06Hazardous waste emissionintensity

kg/RMB10,000 revenue0.0100.002Total non-hazardous wastetonnes714.10635.60Non-hazardous wastedischarge intensity

kg/RMB10,000 revenue0.870.72Toluene emissionskg0.100.30Diethyl ether emissionskg0.030.05Dichloromethane emissionskg0.4050.00Trichloromethane emissionskg0.050.10Acetone emissionsm

0.100.05

Nitrogen oxides (NO

x

)kg//Sulfur oxides (SO

x

)kg//Inhalable suspendedparticulate matter (PM)

kg//Note:

4 The amount of hazardous waste generated annually from testing varies depending on the specific testing items.

Wastewater Discharge ManagementThe Company actively implements measures to reduce wastewater discharge, strictly adhering to the Water Pollution Preventionand Control Law of the People’s Republic of China and the Integrated Wastewater Discharge Standards. There is no directdischarge of pollutants into natural water bodies. The Company conducts regular inspections of drainage pipes and ditches toprevent sewage leakage. Through periodic assessments of the system’s condition, we identify and address any potential leaksor maintenance requirements. These preventive measures help maintain the integrity of our wastewater management systemand minimize the risk of environmental pollution. The Company’s wastewater discharge targets for 2025 are outlined in the tablebelow:

IndicatorsUnit20252024

Wastewater discharge volumem

133,512.00142,479.20

Wastewater dischargeintensity

m3/RMB10,000 revenue0.160.16Packaging Materials

In 2025, paper-based materials constituted the primary packaging materials for Joyoung, forming the core of its packagingmaterial usage structure. During the reporting period, the Company’s total packaging material consumption reached 34,232 tons.Specific packaging usage details are as follows:

Moving forward, the Company will advance green packaging upgrades, gradually increasing the proportion of biodegradablematerials, optimizing packaging reduction efforts, and minimizing the environmental footprint of packaging processes.

IndicatorsUnit20252024

Total packaging materialusage (including paper, foam,and PE bags)

tonnes34,23233,630Paper packaging materialconsumption

tonnes25,80024,980Plastic packaging materialConsumption

tonnes296286

Biodiversity ConservationThe Company remains committed to minimizing the environmental impact of its operations by carefully considering the effects ofits sites on surrounding ecosystems and natural resources. We strive to reduce negative environmental effects through resourceconservation and proper waste management practices. During the site selection phase, we strictly avoid ecologically sensitiveareas such as nature reserves and important habitats, prioritizing developed land to minimize impacts on native ecosystems fromthe outset. In addition, we have established and rigorously enforce waste treatment procedures to effectively manage and treatpollutants like wastewater and exhaust gases generated during operations, closely monitoring the environmental impact of ouractivities.

Environmental Awareness Promotion &Training

The Company places high importance on enhancing employees’ green awareness. We regularly organize annual training programscovering topics such as environmental regulations interpretation, waste classification and reduction, energy recycling, and waterresource optimization, comprehensively promoting environmental protection concepts throughout the organization.CaseStudy

2025 Energy Conservation and Consumption Reduction Strategy BriefingSessionIn 2025, the Company convened an energy conservation and consumption reduction strategy briefing session. Throughenergy consumption reviews, problem discussions, and sharing of energy-saving “golden ideas,” it encouraged employeesto voluntarily turn off lights during lunch breaks and use energy in public areas only as needed. Concurrently, the Companylaunched energy conservation awareness campaigns to disseminate energy-saving knowledge and further enhance theenergy-saving consciousness of all staff.

INNOVATION-LEDFocusing on Customer Experience

Goals and indicators addressed in this chapter:

Accelerating Innovation-Led Growth48Protection of Intellectual Property Rights51Standardized Quality Management52Optimizing Customer Experience56Safeguarding Information Security60

Accelerating Innovation-led Growth

Technological innovation and intellectual property protection are central to the Company’s sustainable development andcompetitiveness. The Company consistently pursues technological innovation, establishing a comprehensive technologicalinnovation system. Joyoung is committed to widely applying innovative achievements across various social sectors, acceleratingthe construction of a green and intelligent future society. Continuous innovation and R&D are key to Joyoung building robusttechnological capabilities and achieving rapid growth. In 2025, Joyoung’s primary internal policies for intellectual propertyprotection are the Intellectual Property Management System and the Star Patent Award System. The Company incentivizesemployees to submit intellectual property achievements through monthly patent application incentives and annual Star Patentevaluations. In addition, the Company established an Innovation Review Committee and Innovation Management Office. Ledby vice president of products as chair and the chief technology officer as vice chair, the committee includes the chief electricalengineer, departmental chief engineers, and design directors as members. This structure effectively coordinates resources, breaksdown departmental silos, standardizes innovation management processes, precisely controls innovation direction and quality,efficiently drives innovation project implementation and commercialization, and comprehensively enhances the Company’s productR&D and technological innovation capabilities. In 2025, the Company adjusted its routine innovation proposal evaluation criteria:

solutions proposing new concepts, approaches, or plans for existing products, functions, applications, thematic planning, userexperience, or extreme cost optimization will explicitly require participation from the chairman and president in year-end awardassessments.The total R&D investment amounting to approximately RMB302.97 million. The Company employs 683 R&D staff, accounting for

32.52% of the total workforce. The following outlines the Company’s innovation management mechanisms:

Regarding the innovationreview mechanism

Regarding the selectionprocess

Regarding awardintegrationThe Joyoung innovation reviewcommittee is chaired by the vicepresident of product, with chiefengineers serving as committeemembers. An innovationmanagement office has beenestablished. Committee memberspossess extensive experienceand solid expertise, enablingcomprehensive evaluation ofinnovation project elementsand effective organization ofactivities. This measure enhancesthe fairness of review decisions,ensuring projects receive objectiveassessments.

Joyoung has refined the processinto a quantitative scoring systemsystem, assigning weighted scoresto metrics such as innovation,market potential, and technicalfeasibility are weighted andcalculate weighted scores basedon these metrics. The final scoreis determined by the weightedaverage of evaluations frommultiple reviewers to determinethe final project score to enhancethe scientific rigor and traceabilityof the evaluation process andtraceability of the evaluationprocess.

Joyoung imposes no cap onaward recipients to encourageparticipation, with prizes distributedas lump-sum payments. This modeleffectively stimulates employeeinnovation through immediaterewards. The optimized system hassignificantly boosted employeecreativity, yielding numerousinnovative proposals in productdesign and process improvementthat support the Company’stechnological advancement.

Innovative Space Technology – Joyoung Pioneers the “SpaceStove”Joyoung, long dedicated to healthy home appliances, was selectedby the state as the developer for the manned spaceflight kitchenin 2014. Its core mission was to create hot-air heating equipmentand a water dispenser. After eight years of R&D and over 1,000experiments, it was successfully launched and put into use in 2021,having since ensured the dietary health of multiple astronaut crews.At 11:44 PM on 31 October 2025, from the Jiuquan Satellite LaunchCenter, the Shenzhou-21 spacecraft carried a special “passenger”–a hot-air oven developed by Joyoung – into space. It successfullydocked with the Chinese Space Station, enabling humanity’s firstcooking in space. Astronauts can now enjoy freshly baked chicken wings, steaks, and other delicacies. This device addresses thechallenges of grease fumes and food floating in the space kitchen. It features self-cleaning grease filtration and residue collectioncapabilities, while its heating temperature can reach up to 190°C, enabling more diverse and delicious food preparation.Joyoung has continuously ensured astronauts’ access tohealth and drinking water aboard the space station for 1,600days

25 April marks China’s 2025 Space Day and the launch for Shenzhou-20! Within the sealed space station, water remains stagnant.As the developer of the space kitchen, Joyoung overcame 8 years of technical challenges to successfully deploy its space kitchenwater purification system in 2021. This innovation allows astronauts to have free access to clean and healthy water at 45°C.FromShenzhou-12 to Shenzhou-20, Joyoung has continuously ensured astronauts’ access to health and drinking water aboard thespace station for over 1,600 days.In 2025, Joyoung once again upgraded its product line with the launch of the Joyoung Tianjing Series water purifiers. Joyoungaims to leverage space technology to safeguard the drinking water health of every citizen, enabling everyone to convenientlyenjoy aerospace-grade purified water.

2025 German iF Design Award

The German iF Design Award, hailed as the“Oscar of the design world,” stands among themost prestigious global design honors. AlongsideGermany’s Red Dot Award and the U.S. IDEA Award,it forms the hallowed trio of world-renowned designaccolades. The 2025 iF Design Award winners wereofficially announced, with nearly 11,000 entriessubmitted from 66 countries worldwide. Joyoung’s40N9U Pro non-stick zero coating rice cookerultimately prevailed. The risk of chemical coatingpeeling off traditional rice cookers has alwaysbeen a looming threat for consumers. The arrival ofJoyoung’s third-generation zero coating rice cooker40N9U Pro finally reconciles health and taste.Through the ingenious combination of 200,000square dot micro-pits and air-cooled suspensiontechnology, a moist protective film forms on theinner pot surface, achieving a non-stick effect meeting China’s National Standard Grade II. Even more groundbreaking is thepatented rice grain activation technology, enabling all rice varieties to meet the “Grade 10A Perfect Rice” standard.2025 AWE Home Appliance Expo

At the 2025 China Home Appliance and Consumer Electronics Expo (“AWE”), Joyoung showcased multiple innovative products,injecting fresh vitality into the small appliance market.The star of this AWE debut is the K7 Pro low-purine soy milk maker that requires no manual washing. As consumers savored thesilken tofu crafted by the K7 Pro and watched the machine self-clean, they marveled: “No hand-washing needed – it ‘bathes’ itselfand even sterilizes with heat drying. Truly a ‘thoughtful’ soy milk maker!” After grinding, the K7 Pro automatically initiates a “triplewash and dry” cycle. Equipped with traditional triple-grind, triple-boil soy milk technology and two-stage constant-temperaturede-purine processing, it produces rich, low-purine soy milk.

The Joyoung Y8 Fully Automatic Nutritional Blender represents the pinnacle ofnutrient extraction: its brushless motor with variable frequency delivers 5 grindingsettings, intelligently matching specialized programs for everything from high-fiber juices favored by fitness enthusiasts to liquid diets for post-operative patients.Developed in collaboration with nutritionists, the 28-day nutritional supplement kitbreathes new life into the traditional concept of food as medicine through moderntechnology. With its ultra-quiet cabin technology operating at just 32 decibels,morning blending won’t disturb your family’s peaceful slumber.

The Joyoung Space Pure R5P has established a comprehensive antibacterial systemthat not only filters impurities but also prevents secondary contamination, ensuringpure, ready-to-drink water. Zinc oxide antibacterial technology derived frommanned spaceflight engineering, combined with a pasteurization cycle sterilizationsystem, maintains a 99.9% sterile environment inside the purifier. The AI smart filtermonitoring system breaks industry conventions by using multidimensional sensorsto calculate filter lifespan in real time. Combined with high-pressure pulse self-cleaning technology, it extends filter life to 6 years, reducing daily water usagecosts to just RMB0.2. Instant high-flow design delivers 500ml of boiling water in 6seconds, truly achieving “integrated purification and heating” for drinking freedom.Protection of Intellectual PropertyRightsJoyoung strictly adheres to applicable intellectual property regulations in its operational regions, including the Patent Law of thePeople’s Republic of China, Trademark Law of the People’s Republic of China, and Copyright Law of the People’s Republic ofChina. The Company has established a patent management system and operational mechanism centered on high-value patents.It continuously refines its Intellectual Property Management System, clarifying processes and standards for patent, trademark,and copyright applications, protection, and maintenance. A decentralized management structure is implemented between theIntellectual Property Department and each Product Business Unit (BU). The Intellectual Property Department is headed by aPatent Department Manager responsible for coordinating the Company’s patent applications and protection. Additionally, PatentSupervisors and Patent Engineers are assigned to each business unit and research institute to oversee patent applications andprotection for their respective product lines.For intellectual property education, Joyoung regularly publishes patent and IP-related content through its internal public accountto disseminate knowledge among employees. The Company has conducted seven training sessions covering topics such asidentifying patent risks and high-quality patent seminars. These initiatives aim to deepen employees’ understanding of intellectualproperty importance and fundamental concepts while enhancing IP protection awareness. We also invited external experts toconduct in-person training sessions on intellectual property knowledge. Meanwhile, the Company requires patent managers toprovide specialized intellectual property training to R&D personnel, enhancing professional capabilities through internal knowledgeexchange. Through sustained intellectual property education and awareness campaigns, Joyoung has not only strengthenedemployees’ legal awareness and motivation for innovation but also laid a solid foundation for the Company’s intellectual propertymanagement and protection efforts. In 2025, the Company conducted seven intellectual property training sessions. Joyoungencourages employees to file patent applications, offering bonus incentives for applicants and recognizing annually authorizedpatents through a Star Patent Award with corresponding significant rewards. The 2025 patent application and authorization statusis as follows:

1,005

139677189

Newlyregisteredtrademarks:

Newly addedsoftware copyright

registrations:

New patentapplications:

Includinginvention

patents

Designpatents

Utilitymodelpatents

Standardized Quality ManagementQuality Control SystemWe consistently adhere to a quality management strategy centered on “one core principle, one integrated process, and four keyfocal points.” This approach prioritizes customer-centricity, employs lifecycle management as the core process, and implementsfour critical management pillars to continuously enhance product quality, thereby transforming customer requirements intosatisfaction.

Customer

Development andValidation ControlMass ProductionConsistency Assurance

Requirement andRisk ManagementSupplier QualityControl Enhancement

P

roduct

L

i

fecycle

Management

Meeting

Use

r

Needs

DemandSatisfaction

The Company strictly adheres to the Product Quality Law of the People’s Republic of China and the Standardization Law of thePeople’s Republic of China. It has comprehensively established multiple institutional documents, including the Routine Inspectionand Confirmation Inspection Control Procedure, the Product Quality Withdrawal/Delisting Management System, and the QualityAlert Management Specifications for Line/Production/Shipping Halts by Whole-Unit Suppliers. These measures standardizeend-to-end product quality management and effectively mitigate quality risks. During the reporting period, Joyoung updatedthe “Supplier Quality Management Specifications” by revising the rules for unannounced inspections of whole-unit suppliers.It also added water-related and food-related products to the “Food and Food-Related Product Safety Management System,”comprehensively optimizing the policy into the “Food, Water-Related, and Food-Related Product Safety Management System.”Joyoung has successfully obtained ISO 9001 QualityManagement System certification, covering design,sales, after-sales service, and production managementfor products related to its subsidiaries, small appliances,water purification systems, and other legal entities. TheJoyoung Testing Center holds certifications including CNASlaboratory accreditation, registration as a China EnergyEfficiency Labeling Management Center laboratory, ULcollaborative laboratory status, and qualification as asocial testing resource development laboratory. Domesticproducts carry China Compulsory Product Certification(CCC), while export products meet local country/regionregulatory requirements through certifications such as UL,CB, and TISI. All company products undergo food contactsafety testing in accordance with national regulations andobtain corresponding test reports.

ISO 9001 Quality ManagementSystem Certification Certificate

CNAS Laboratory Accreditation

Certificate

Quality Control Process

Joyoung is committed to comprehensive quality management and control throughout every stage of the product lifecycle.The Company has established and continuously optimizes internal systems including the “Product Development IPD Process,”“GTM Process Management System,” “Market Quality Issue Handling Management System,” and “Supplier Quality ManagementSpecifications.” By integrating the Integrated Product Development (IPD) and Go-to-Market (GTM) processes, stringent qualitycontrol measures are strictly enforced during critical stages of the product development lifecycle – such as new product qualitycontrol and supplier quality management – to ensure product quality. In addition, the Company maintains a Product QualityDiscontinuation and Withdrawal Management System, with the Quality Technology Department/Quality System and PerformanceGroup overseeing random inspections. A product recall management process is also established for marketed products to ensurehigh quality and standards throughout the entire lifecycle from launch to discontinuation, thereby safeguarding the Company’sreputation and brand image. IPD Process

Adopting a matrix organizational structure to oversee project execution and quality gate reviews, ensuring a reliable and controlledproduct development process. Concurrently, establish a Technical Expert Committee (comprising company-level senior expertsand technical leads from relevant departments) as the Company’s authoritative technical body. This committee coordinatestechnology-related initiatives, provides technical support to product business units (BUs), facilitates shared R&D resources, andensures the implementation of technology-driven product capability strategies. GTM Process

Interlocked with the product development IPD process, this ensures new products achieve volume sales upon launch. Thisstandardized process covers the entire lifecycle from market opportunity identification to end-of-life, enhancing precisionexecution capabilities and establishing a mechanism for creating billion-dollar blockbuster products. Product Recall Management

To ensure timely defect recall management, the Company strictly adheres to the InterimRegulations on the Management of Consumer Product Recalls and has established aDefective Product Expert Panel and a Recall Management Team. The voluntary recallprocedure comprises three key phases: information collection, defective product recall, andliability tracing. The Expert Panel evaluates and analyzes products under recall suspicion,determines the presence of defects, and communicates findings to the Recall ManagementTeam. The recall management team conducts company-level product investigations andanalyses, determining whether to initiate a recall based on the expert panel’s findings. TheCompany has established a management objective to maintain zero product recalls due toquality issues.

the Company experienced nomajor safety or quality incidentsrelated to product services,resulting in no associatedeconomic losses.

In 2025

Quality Inspection CapabilitiesBuilding upon refined quality control processes, the Company continuously enhances its quality inspection capabilities. Itimplements end-to-end quality management, rigorously controls product safety, deepens quality culture development, andemploys multiple measures to ensure product quality and safety. By 2025, the Company has fully transitioned to the new nationalstandards for safety regulations and energy efficiency, conducting internal product testing to ensure continuous updates totesting capabilities. Concurrently, Joyoung participates annually in CNAS proficiency testing and laboratory comparison activitiesto guarantee consistency between test results and those from other third-party sources, thereby maintaining testing quality.Additionally, Joyoung has strengthened supplier evaluations to ensure product quality and achieve full traceability from rawmaterials to finished products. In 2025, we implemented 34 types of online inspection foolproofing fixtures across 65 suppliers,achieving an overall configuration rate of 99.87%.

Continuously Enhancing Testing

Personnel Expertise

Strengthening Supplier EvaluationDynamically track the implementation oftesting center standards, promptly follow upon interpretations and method validation fornewly released standards; conduct equipmentmatching validation, metrological calibration,and inter-calibration verification to ensuretesting capabilities. In addition, participate inproficiency testing and laboratory comparisonactivities annually to ensure test results alignwith other third-party results and meet relevantrequirements.

Joyoung has also strengthened supplierevaluations to ensure product quality and achievefull traceability from raw materials to finishedproducts.

Quality Control TrainingTo solidify the foundation of product quality, we provide employees and suppliers with comprehensive training on productquality. Training topics include, but are not limited to: “Supplier Quality Management Models and Strategy Sharing,” “Six SigmaApplication,” “Whole-Unit Supplier Management ? Process Auditing,” “Supplier Quality Management Models and Strategies,”“From Standard to Practice: VDA6.3 Analysis,” “Design-Manufacturing Consistency Application,” and “Lessons Learned andCountermeasures from Critical Product Failure Cases.” Through these systematic training programs, employees and suppliersgain deeper insights into product characteristics, master relevant laws and regulations, proficiently apply quality tools, and learnvaluable lessons from failure cases.

Product Quality Training

the Company provided the following quality control training data:

2,493

In 2025Organized depament-levelquality training

sessions

Approximate Training Duration

hoursNumber of paicipants reached

paicipants

Training provided to supplierssessionsNumber of paicipants reached

individuals

2025 CSR Repo

Optimizing Customer Experience

Customer experience is at the core of our business approach. We continuously engage with customers to identify and understandtheir needs, thereby enhancing their experience. Joyoung strives to deliver industry-leading service in the small appliance sector,upholding the core service principles of “integrity, warmth, transparency, and joy.” We are committed to refining our customerservice management mechanisms and elevating the professional capabilities of our service team to provide customers with anexceptional consumption experience.Safeguarding Customer RightsThe Company continuously refines its customer service management systems. We have established and regularly update thefollowing documents: – Customer Service Department Joyoung Product Special Service Policy Application and Revision ProcessSpecifications – Customer Service Department Replacement-Only Service Management Regulations – Market Quality IssueHandling Management System – Complaint Management Regulations We are committed to providing high-level professionalservices through a comprehensive service system and streamlined processes, building an exceptional customer service brand.

Complaint ManagementThe Company implements strict management measures for customer complaints, categorizing them into Levels 1, 2, and 3based on severity. This year, detailed supplementary definitions were added for Level 2 complaints related to service timeliness,communication, and execution. This aligns with the principle of “rapid response, swift resolution, and zero service complaints.”To prevent and control the negative impact of complaints, the Company has established a comprehensive consumer complaintdispatch management system and formulated the “2025 Customer Complaint Management Regulations” to enhance customerservice quality.Customer complaint responsibilities are as follows:

Customer

SeiceDepament

CustomerSeice District/

Customer

Seice

Supeisor

SeiceOutletsTimely forwarding of complaintsand routine assignmentsgenerated across all seicechannels to relevantdepaments, assessing risks,and tracking resolutionsaccording to procedures

Monitor seice outlets toensure timely order acceptanceand closed-loop resolution ofissues. Provide guidance onhandling problems arisingduring seice outlet processing

Ensure timely dispatchprocessing; escalate abnormalcases to the Customer SeiceDistrict/Supeisor andcontinuously track unresolvedcases until consumer seicerequests are fullled

Customer Complaint Procedure:

Upon receiving user requeststhrough any seice channel,the Customer Seice Depa-ment assigns tasks to thecorresponding seice outlet viathe customer seice systemwithin 30 minutes duringworking hours based on theassignment details. The systemales the customer seicesupeisor and outlet topromptly accept and processthe assignment

Order acceptance andverication within 30 minutes;seice centers will 100%contact consumers directly toconrm solutions upon orderreceipt

Within 2 hours: Accept the caseand provide a resolutionrecommendation via thecustomer seice system,tracking it through to consumerissue closure

DispatchOrder Acceptance

Feedback andCase Closure

Through closed-loop work order management, incentive and penalty mechanisms for service outlets and customer service districtmanagers/directors in complaint assessment management, and supplementary adjustments to dispatch and processing timelines,we have effectively mitigated the negative impact of customer complaints, thereby enhancing the overall service experience forconsumers. In 2025, we received 67 complaints regarding products and services. All cases were resolved through communicationwith consumers, completing the after-sales service loop with repairs, replacements, or refunds. The complaint resolution ratereached 100%.

Product Services

Joyoung provides diversified product services, includingstandard and value-added offerings, to meet the varied needsof different customers. We promote green consumptionthrough dedicated trade-in subsidies, leveraging onlineand offline channels to precisely target existing users.This approach activates old users → drives store visits →encourages repeat purchases, creating a closed-loop system.While fulfilling customer needs, we also advocate sustainableconsumption principles, encouraging consumers to dispose ofwaste items more environmentally and reduce resource waste.

? Joyoung complies with China’s new

“Three Guarantees” policy: 7-dayreturn, 15-day exchange for productdefects, 1-year warranty for entireunit, nationwide coverage

? SKY series products receive lifetimecomplimentary cleaning services atauthorized service centers? Free two-way shipping for mail-inrepairs during the warranty period

? Five Free Services: Free maintenance, cleaning, washing, inspection,and water quality testing? Replacement Only: Free replacement for quality issues within one

year; depreciation replacement after one year (5-year depreciationprinciple)? Extended Parts Warranty: Extended coverage for designated

components, e.g., Y951 motor with 10-year free replacement/B5motor with lifetime replacement? Extended Warranty Beyond 1 Year: Selected products receiveextended warranty coverage beyond one year, e.g., All-in-OneNutrient Master Y8 1+2 Extended Warranty Policy, Hands-Free QuietLow-Purine Soy Milk Maker K7Pro 1+2 Extended Warranty Policy

Standard ServicesValue-Added Services

Enhancing Customer Experience

Customer Needs Research

The Joyoung User Research Department precisely identifies customer needs by segmenting demographicsbased on age, gender, lifestyle, income level, and product ownership. It conducts in-depth research on keyconversion points throughout the consumer journey – from awareness to active search to purchase. Throughanalyzing these critical touchpoints, Joyoung better understands consumer psychology and behavior patterns,enabling optimization of product design, marketing strategies, and service processes to meet consumer demands.Simultaneously, the Company conducts online follow-up surveys through its business units, analyzing consumerfeedback to identify genuine customer needs. Customer Service ManagementJoyoung is committed to providing comprehensive omnichannel services for customers, engaging consumersthrough self-service, live support, online assistance, and offline channels to deliver repair and consultation servicesto customers. In 2025, Joyoung provided 7.99 million service interactions via mini-programs, online AI bots, 400service hotlines, and social media customer support.In addition, Joyoung has established a standardized,professional customer service team dedicated todeepening offline service capabilities.By 2025, the Company operated 1,725 specializedservice outlets and 34 mail-in repair centers, deliveringnearly 500,000 in-person repair services and 180,000mail-in repair services to consumers.Consumers can also access diverse information throughthe “Joyoung Home” mini-program, including productdetails, user manuals, operation videos, maintenanceguides, recipes, and after-sales service information suchas nearby stores, troubleshooting, service policies, feestandards, and self-service repair requests.

Enhancing Customer SatisfactionTo enhance customer service capabilities and satisfaction, the Company established the Customer Service SatisfactionManagement System in 2025. This system evaluates service satisfaction through monitoring consumer satisfaction and after-salesservice satisfaction, driving continuous improvement. Responsibilities are clearly defined across departments: – the quality andtechnology department designs, executes, and reports consumer satisfaction surveys; collects, monitors, analyzes, and improvessurvey data. – The customer service department designs, executes, and reports after-sales satisfaction surveys; collects, monitors,analyzes, and improves survey data. The human resources department conducts KPI evaluations of relevant departments based oncustomer satisfaction survey results. Departments including marketing, R&D, procurement, manufacturing and sales perform self-analysis and improvements based on their impact on satisfaction levels and monitoring data. For JD.com and Alibaba customers,the quality technology department and customer service department should monitor consumer satisfaction monthly.Customer satisfaction has remained stable at approximately 95% over the past decade, showing a consistent upward trend inthe last three years. In 2025, Joyoung’s after-sales service survey satisfaction reached 98.3%, maintaining the same high levelas the previous year. This demonstrates that Joyoung’s long-standing commitment to high standards and rigorous customermanagement has earned positive recognition from consumers.

Survey Satisfaction Trends Over the Past Decade

93.9%

95.9%

94.0%

96.6%

96.7%

96.5%

97.4%

97.9%

98.9%

98.3%

2016201720182019202020212022202320242025

Note:

5. Survey Satisfaction = Overall Satisfaction * 0.1 + Store Repair Satisfaction * 0.4 + Local Service Hotline Satisfaction * 0.3 + Service Policy

Satisfaction * 0.2

Safeguarding Information Security

Joyoung adheres to the core principle of “mitigating information security risks to support stable business development.” Strictlycomplying with relevant laws and regulations such as the Cybersecurity Law of the People’s Republic of China and the DataSecurity Law of the People’s Republic of China, the Company has established an information security management frameworkcentered on the Information Security Committee. Based on the Joyoung Trade Secret Protection Management System,the Company has developed the Joyoung Trade Secret Information Classification Protection Catalog, implementing tieredprotection for business data categorized into R&D, sales, and general operations. Meanwhile, the Company has introduced aseries of institutional documents including the Joyoung Information Security Policy, Information System Launch ManagementSystem, Information Security Incident Management System, and Personal Information Protection Management System. Thesecomprehensively enhance the information security assurance system, standardizing and strengthening trade secret management.They prevent internal and external personnel from illegally obtaining, disclosing, using, or permitting others to use company tradesecrets, thereby building a robust security barrier for the Company’s sustained and stable development. This year, the Companyiteratively optimized the Information Security Incident Management System. By revising the Information System Classification Listbased on the impact and severity of information security incidents, it further strengthened end-to-end control over informationsecurity incidents.The Company has successfully obtained ISO 27001 Information Security Management System certification and passed a third-party professional supervision audit during the reporting period. The Joyoung Smart Home Appliance Platform System and Omni-Channel Operations Platform achieved Level 3 certification under the Information System Security Protection Level System, whilethe Joyoung Official Website System and Dealer Inventory Management System obtained Level 2 certification.

ISO 27001 Information Security Management

System Certification Certificate

Joyoung Official Website System Obtains Level 2Information System Security Protection Certification

Omnichannel Operations Platform Obtains Level 3Information System Security Protection Certification

In 2025, the Company conducted a total of 12 information security tests, with no information security breaches occurring. Therectification rate for high-risk vulnerabilities reached 100%, and the signing rate of the Information Security ConfidentialityAgreement for newly onboarded suppliers remained at 100%. Moving forward, the Company will continue to deepen itscommitment to information security, consolidate existing information security management systems, enhance information securityawareness among all employees, and simultaneously focus on improving security operation efficiency, strengthening securityaudit systems, and optimizing security management processes and effectiveness. Simultaneously, the Company will implementtechnical measures such as data de-identification and encryption to fortify the security barrier protecting user privacy data.By establishing AI agents, we will further enhance technical capabilities in scenarios including external attack detection, SOAR(Security Orchestration, Automation, and Response) automation, and internal data leakage prevention. This series of initiativeswill comprehensively elevate the Company’s overall information security assurance level, building a robust and reliable securityfoundation for the sustained and steady development of our business.Information Security Organizational StructureJoyoung has established an information security organizational structure centered around the Information Security Committee.This framework spans three major divisions: the Professional Resources Platform, Marketing BU, and Product BU. The ProfessionalResources Platform includes the Information Department, Human Resources Department, and Legal Department. The InformationDepartment houses the Information Security Team, while the Human Resources and Legal Departments each have one dedicatedspecialist. The Information Security Team collaborates with these specialists to execute platform-wide information security tasks.The Marketing BU and Product BU each have three dedicated specialists. All specialists across business units are integratedinto the Information Security Group’s centralized management, enabling cross-departmental and comprehensive coverage ofinformation security collaboration across all business scenarios.

Information SecurityCommittee

Information Security Group

Professional Resources PlatformMarketing BUProduct BU

Human ResourcesLegal Depament

OcerOcer

OcerOcerOcerOcerOcerOcer

Information Depament

Privacy Protection and Information SecurityManagementThe Company has enhanced its overall security posture by establishing a systematic information securitymanagement framework. To ensure accountability, information security incidents are incorporated into theperformance evaluations of the Information Department’s Director-level executives. This clear accountabilitymechanism reinforces management responsibility and guarantees effective implementation of security measures.Continuous efforts to refine the user privacy protection and information security management system havestrengthened the Company’s compliance standards for privacy data management and information security throughthe development and revision of relevant policies. Specific initiatives include:

Personal Information Protection

Trade Secret Protection

? Personal information includes name, date of birth, ID number, personal biometric information, address,communication contact details, communication records and content, account passwords, financialinformation, credit information, location history, accommodation information, health and physiologicalinformation, transaction information, etc.? When collecting personal information, the purpose, method, scope, and rules of processing must be

clearly disclosed to users, and collection should only occur after obtaining user authorization.? When extending business functions for the first time, users must be informed individually throughinteractive interfaces (pop-ups, prompt boxes, audible alerts, etc.) about the extended servicesprovided and the necessary personal information required.? If a user declines to provide personal information required for an extended feature, repeated consentrequests are prohibited. If a user voluntarily chooses to enable an extended feature, consent may berequested no more than once within 48 hours.? Users retain the right to correct, delete, withdraw consent, or cancel their accounts regarding theirpersonal information, and these processes should be simple and easy to operate. Withdrawing consentdoes not affect the processing of personal information based on consent prior to withdrawal. After a usercancels their account, their personal information should be deleted or anonymized.? Trade secrets include but are not limited to technical secrets, operational secrets, and other commercialsecrets.? Company trade secrets are classified by importance from highest to lowest as: Top Secret, Confidential,and Secret, and managed accordingly. Classified carriers such as classified computers and mobilestorage media shall undergo domain and cryptographic technology certification by the Company’sInformation Department.? Product BUs, Marketing BUs, Professional Resource Platforms, and other departments are responsiblefor implementing confidentiality management and technical security measures for classified projects,meetings, and activities.? Maintenance of classified computers, mobile storage media, and other carriers shall be handled bythe Company’s Information Department. Where internal units cannot undertake such maintenance,qualified external entities shall be selected, and confidentiality measures shall be implemented.? The Research Institute and R&D departments of each business unit (BU) shall compile a “ConfidentialArea List” specifying specific confidential areas, authorized personnel access, access control systems,and other confidentiality measures.? Individuals who strictly adhere to confidentiality regulations, uphold confidentiality discipline, diligentlyfulfill confidentiality obligations, and demonstrate outstanding achievements or contributions inconfidentiality matters shall be recommended to the Human Resources Department for commendationand rewards.

System Launch

Information Security Prevention Measures

Information Security Training

? Employees who violate confidentiality requirements under this system or fail to report breaches ofcompany trade secrets, thereby hindering investigation, remediation, or causing losses, will be subjectto disciplinary actions under the Reward and Punishment Management System based on severity.

? Where disclosure of company trade secrets has caused damage or is motivated by personal gain,

the Company reserves the right to terminate the employee’s employment contract and pursue civilliabilities including full compensation for losses, cessation of infringement, removal of obstacles, andrestoration of reputation. In cases of severe circumstances causing substantial losses to the Companythat constitute criminal offenses, the Company will refer the matter to judicial authorities for criminalprosecution.

? Prior to system launch, the project team must deploy the Company’s standardized InteractiveApplication Security Testing (IAST) in the system testing environment for vulnerability scanning. Inaccordance with the project proposal requirements, the following documents must be submitted tothe Company’s Information Department Security Assessment Team: “System Information RegistrationForm” “System Development Specifications – Self-Inspection Report”

? The Security Assessment Team shall conduct a security evaluation of the system, issue an assessmentopinion, and submit the Security Assessment Notice.? If the system fails to meet security requirements and requires remediation, the Security AssessmentTeam will conduct a re-evaluation and testing of the project team’s remediation results and submit a“Remediation Test Report.”

? Dual-machine high availability for data center power/environment monitoring, core network, and

security equipment? Data recovery: Data backups are maintained at the Company’s data center in Qiantang District,

Hangzhou. Additional backup data centers are established in Xiaoshan District, Hangzhou, and Jinan

City, Shandong Province. This two-site, three-center architecture ensures data integrity. Monthly

recovery tests are conducted on selected business databases.? The Company employs multiple vulnerability detection methods, including source code audits, IAST,

periodic vulnerability scans, and manual penetration testing to identify vulnerabilities. Rapid follow-up

and closure are implemented for all discovered vulnerabilities.

? To strengthen the Company’s information security safeguards and enhance employees’ awareness

of information security, the Company organized a company-wide study session on the “Information

Security Guidelines.” Additionally, specialized information security training was conducted for the

International Marketing Business Unit.

Case Study | Information Security Training

All employees studied the “Information Security Guidelines” and took an exam, covering 1,400 individuals. The course andexam combined totaled 1 hour.

Information Security Incident Reporting Channels

Frontline employees report anomalies to the Information Security Department. After preliminary assessment, confirmed securityincidents are handled by the department, which leads the formation of an evaluation team and emergency response team.Depending on the severity and classification of the incident, it is escalated to the appropriate leadership level.

11 Information Security Issue Reporting Channel

Information Security Ocersof Each Depament (HRBP)

Depament managers

Information Security

Depament

Information Security

Issue

External Procurement System Security Management Standards

During the supplier onboarding process, the Company employs a competitive bidding model while simultaneously enforcingstringent security access requirements. To standardize outsourced system security management, the Company has establishedthe “Joyoung Outsourced System Security Management Specifications.” These require that systems provided by developers mustcomply with Joyoung’s information security standards: Developers must submit compliance response forms for relevant itemsin accordance with the “Joyoung Secure Development Specifications.” Additionally, they must commission a professional third-party security assessment agency to conduct system security testing and issue a “Security Test Report.” The Joyoung InformationDepartment will review the report and conduct retesting to ultimately determine whether the system meets security accessrequirements.Prior to project launch, the Joyoung information department will conduct another round of security testing, explicitly requiringthat the system contain no high-risk or medium-risk vulnerabilities. Systems with unresolved vulnerabilities will not be permittedto go live or undergo project acceptance. Upon formalizing supplier partnerships, the Company requires suppliers to sign aconfidentiality commitment letter defining confidentiality responsibilities. Developers must promptly rectify identified systemvulnerabilities. Should identical security vulnerabilities recur, the developer shall bear all resulting losses and associated costs.

SHARED

RESPONSIBILITY

AND GOVERNANCEDriving Synergistic Progress

Goals and Indicators addressed in this chapter:

Partner Management67Industry-University-Research Integration69

Partner Management

To consistently deliver high-quality products to consumers, ensuring supply chain resilience and smooth operations is paramount.To this end, Joyoung has established a comprehensive supplier management system, introducing a series of policy documentsincluding the “Supplier Onboarding Management System,” “Supplier Tiered Management System,” “Supplier Quality ManagementSpecifications,” “Supplier Performance Management System,” “Supplier Quality Star Rating Certification Management System,”and “Supplier Lean Star Rating Certification Management System.” Through initiatives such as cultivating high-quality suppliers,standardizing daily management and performance evaluations, and optimizing supplier tier development, Joyoung is building aresponsible supply chain that is both resilient and sustainable.In 2025, the Company specifically revised two core systems: the “Supplier Onboarding Management System” and the “SupplierTiered Management System.” The former added two new supplier attributes, conflict-of-interest rules for factory audits by supplierrecommenders, procedures for resuming cooperation with suppliers inactive for over a year or slated for elimination, and specialprovisions for ODM project supplier onboarding. The latter adjusted core product lines by removing the meat grinder category andadding health pots, handheld steamers, and tea bar machines.Supplier Onboarding

Joyoung actively seeks partnerships with suppliers meeting high-quality standards and prioritizing environmental and socialresponsibility. We adhere to fair and impartial principles in supplier selection, identifying and managing environmental andsocial risks during the onboarding phase. Suppliers must comply with national laws and regulations and obtain authoritativecertifications. Core suppliers require ISO 9001 Quality Management System certification; food-grade component suppliers musthold FDA food safety certification or IECQ QC 080000 Hazardous Substance Process Management System certification. Suppliersinvolved in production environmental pollution must obtain ISO 14001 certification. In addition, suppliers are required to submitstatutory documents such as Environmental Impact Statements, Pollution Discharge Permits, and Fire Safety Inspection Certificates.Only suppliers passing hardware qualification reviews may proceed to subsequent evaluation stages. We conduct comprehensiveassessments of suppliers across three dimensions – quality, technology, and business – selecting the most suitable partners. Priorto formal collaboration, suppliers must read and acknowledge the Supplier Code of Conduct to ensure business cooperation alignswith responsible standards.The Company evaluates and selects suppliers based on business needs and requirements, considering factors such as quality,price, reliability, and overall value. Supplier audits and site visits are arranged as necessary to ensure compliance with all ourrequirements. We conduct annual audits to verify suppliers’ adherence to environmental and social standards, particularly ensuringenvironmental and social responsibility. The Company’s supplier management requirements are as follows:

Supplier Code of ConductProcurement Integrity ManagementSuppliers must acknowledge and adhere tothe “Supplier Code of Conduct” establishedby Joyoung. This code clearly stipulatesrequirements regarding anti-discrimination,anti-harassment, prohibition of child labor andforced labor, health and safety, environmentalprotection, and other critical issues to ensurethe establishment of a reliable and responsiblesupply chain.

The production and purchase contract signedbetween the Company and suppliers includesprovisions and signatures related to the integritycooperation agreement. We do not tolerate anyform of corruption or bribery.

By 2025, no violations related to environmental or social issues were identified during supplier access inspections. The signingrate for the integrity cooperation agreement and the Joyoung Group partner conduct commitment reached 100%. In 2025, theCompany had a total of 233 suppliers. The data on supplier categorization is as follows:

IndicatorsUnit20252024Total number of supplierssuppliers233270Tier 1 supplierssuppliers98123Key tier 1 supplierssuppliers1827Key tier 1 suppliers in MainlandChina

suppliers1827Key Tier 1 suppliers in otherRegions

suppliers00Supplier Evaluation

The Company evaluates and incentivizes suppliers through multiple assessment dimensions, consistently implementing monitoringmechanisms and quality continuous improvement systems. Based on assessment results, suppliers are categorized into four tiers: A,B, C, and D. Procurement measures are adjusted according to tier, with corresponding reward or penalty measures established.

Category A: Priority procurement, deepen cooperationCategory B: Continue cooperation while providing guidance to improve low-scoring itemsCategory C: Requires rectification and undergoes semi-annual verification and reviewCategory D: Disqualified from annual awards, suspended from bidding for a specified period, or eliminated

Tiered Supplier Management

The Company employs a star-rating system during evaluations, categorizing suppliers into four tiers: below three stars, three stars,four stars, and five stars. Suppliers rated below three stars must implement corrective actions; those failing to meet standardswill be eliminated. Outstanding suppliers receive preferential treatment. At the same time, the Company conducts unscheduledsupplier spot checks and unannounced inspections to ensure timely issue identification and rectification. Through incentives andelimination measures, it weeds out lagging suppliers with weak improvement intent while driving those with strong improvementintent, thereby safeguarding overall supply chain quality.In 2025, we conducted three supplier audits covering 14 key Tier 1 suppliers, with no violations identified in environmental or socialissues.

Supplier Communication and Empowerment

Joyoung regards supplier communication as a vital tool in supplier management, providing a platform for mutual learning andimprovement. The Company annually hosts quality conferences, supplier summits, and capability training sessions to enhancesupplier management effectiveness and solidify collaborative foundations. In 2025, training services were provided to 49 suppliers,totaling 235 hours.Furthermore, we emphasize mutual benefit with suppliers. We collaborate with outstanding suppliers on joint R&D initiatives andshare research outcomes, while incorporating their superior manufacturing capabilities to empower our own production system,achieving shared growth with suppliers.In 2025, we implemented diverse supplier capability enhancement programs aimed at comprehensively improving suppliers’manufacturing, quality testing, planning, and delivery capabilities. We established dedicated teams to empower suppliers inareas such as bill of materials management for complete units, monthly production capacity reviews, daily material trackingmanagement, routine planning report management, and delivery anomaly escalation mechanisms. We also developed assessmentconstraints and incentive mechanisms for them, striving to integrate the entire chain of order planning and delivery tasks, enhancethe stability of the parts delivery chain, shorten the procurement cycle time for long-lead-time materials, and improve on-timedelivery achievement rates.Industry-University-Research IntegrationJoyoung maintains close ties with universities and research institutions through establishedpractice bases, actively supporting academic innovation education and internshipprograms. We welcome faculty and students to participate in Joyoung’s internshipsand research initiatives. Adhering to principles of multi-level, multi-channel, multi-format engagement with a focus on practical outcomes, both parties leverage theirrespective strengths in professional talent development. By complementing each other’sexpertise, we cultivate high-caliber innovation and entrepreneurship talent, achievingmutual progress and growth. In accordance with the relevant management regulationsfor Zhejiang Provincial Science and Technology Plan Projects and based on projectacceptance results, the Zhejiang Provincial Science and Technology Plan Project jointlydeveloped by the Company, Zhejiang University of Technology, and the Ningbo Instituteof Materials Technology and Engineering of the Chinese Academy of Sciences obtained itsacceptance certificate in March 2025.

UNITING

Cultivating Joyoung TalentsGoals and Indicators addressed in this chapter:

Protecting Employee Rights & Interests72Supporting Employee Development77Protecting Employee Health78Caring for Employees81

Protecting Employee Rights & Interests

Joyoung integrates employee rights protection with sustainable development, prioritizing employee well-being as the foundationand career growth as the core. Its steady progress relies on an inclusive, healthy, and motivating work environment. We safeguardemployees’ physical and mental health while empowering them to build future-ready skills during economic transitions, enhancingtheir resilience. We strictly adhere to the Labor Law of the People’s Republic of China and the Labor Contract Law of the People’sRepublic of China, implementing fair, equitable, and inclusive management practices throughout the employment lifecycle. Byfocusing on employee growth pathways, we achieve shared development between the Company and its workforce, creating awin-win future together.

Equal EmploymentTo provide guidance on respecting and promoting equal opportunity, company policies establish a commitment to equalopportunity for job applicants, equal pay for men and women for work of equal value, and the necessity of a harassment-free and discrimination-free environment. Anti-discrimination topics are included in all new employee orientation training. Weguarantee equal pay for equal work regardless of gender, ensure all employees are treated fairly without discrimination based onpersonal backgrounds such as religion, gender, age, or disability, and prohibit any form of discrimination, insult, or harassment.The Company continues to thoroughly implement laws and regulations such as the Law of the People’s Republic of China onthe Protection of Persons with Disabilities. We make appropriate employment arrangements for persons with disabilities, ensureequal participation in work and company activities for employees with disabilities, and guarantee that all employees enjoy equalopportunities in hiring, training, and promotion. Employees encountering related issues may directly report them to departmentalhuman resources or audit and supervision, with relevant departments conducting investigations and handling matters accordingly.In 2025, the Company employed a total of 31 employees with disabilities, including 23 males and 8 females.Attracting and Retaining TalentHigh-quality talent resources are the Company’s most valuable asset and core competitive advantage, forming the foundationfor sustainable development. Therefore, Joyoung is committed to refining its employment policies to attract, develop, andretain talent. Upholding a people-oriented principle, the Company respects and safeguards the lawful rights and interests ofall employees, standardizes labor and employment management, and ensures occupational health and safety. The Companyprioritizes attracting top talent by publicly posting job openings through multiple channels, including its official website, officialWeChat public account, third-party recruitment platforms, and offline job fairs. At the same time, we actively engage in university-enterprise collaborations, cultivating talent through the J Project

. Senior executives serve as professional mentors to establishinternal development mechanisms. During the Spring 2025 and Fall 2026 campus recruitment seasons, we recruited 2025 and2026 graduates respectively, receiving over 230,000 resumes and hiring approximately 50 individuals (including both onboardingand pre-hires). We recruit top talent through diverse channels while upholding principles of transparency and fairness. We committo providing equal hiring opportunities for all candidates. In our transparent and welcoming recruitment process, criteria such ascompetency, academic background, practical job requirements, functional expertise, and language proficiency are evaluated. TheCompany’s employee composition is detailed as follows:

Note:

6. Project J refers to the Joyoung Campus Recruitment Program.

Indicators20252024

Total headcount2,1002,342By genderMale

Female

1,282

1,460

By age groupUnder 29 years old

30 to 39 years old40 to 49 years old50 years old and above

1,004

1,106

By employment categoryEntry-level employees

– Number of female employees in

entry-levelJunior management– Number of female in juniormanagementMiddle management– Number of female in middlemanagementSenior management– Number of female in seniormanagement

1,187

1,328

Number of employees byeducational attainment

Master’s degree and aboveBachelor’s degreeAssociate degreeVocational high school and high schoolBelow vocational high school

1,266

1,416

Employee regional breakdownMainland China

Hong Kong, Macau, and TaiwanOthers in Asia

2,099–

2,339

Employee specializationProduction personnel

Sales personnelTechnical staffFinance personnelAdministrative staffOther management personnelOther professional personnel

Revenue-generating functionsMale

Female

Revenue-generating functionsand STEM

position distribution

MaleFemale

Persons with disabilitiesMale

Female

Note:

7. STEM is an acronym for Science, Technology, Engineering, and Mathematics. STEM professionals refer to those whose daily work involves

significant application of knowledge related to science, technology, engineering, or mathematics.

In 2025, the composition of new hires is as follows:

Indicators20252024Total number of new hires303540By genderMale

Female

By age groupUnder 29 years old

30 to 39 years old40 to 49 years old50 years old and older

–

By employment categoryEntry-level employees

Entry-level managementMiddle managementSenior management

–

Employee regional breakdownMainland China

Hong Kong, Macau, and TaiwanOthers in Asia

In employee promotion and development, the Company consistently adheres to the principles of fairness, impartiality, andtransparency. It has established a scientific performance evaluation and career advancement system, viewing talent as thecornerstone of the enterprise’s sustainable development.

Performance Evaluation LevelCareer Advancement and DevelopmentThe Company has established a standardizedevaluation mechanism that conducts objectiveand comprehensive performance assessmentsbased on employees’ job responsibilitiesand work objectives. It also emphasizes thetimeliness and effectiveness of performancecommunication, providing employees withregular and constructive performance feedbackto help them identify areas for skill enhancement.Additionally, the Company has improved itsperformance appeal channels to safeguardemployees’ legitimate rights and interests duringthe evaluation process, ensuring the fairness andcredibility of the assessment procedures.

The Company is committed to building diversifiedcareer development pathways to meet thegrowth needs of employees across differentjob sequences: For core positions such astechnical and managerial roles, multiple careerdevelopment options are provided, supportingemployees to deepen expertise in specializedfields or transition into management basedon their capabilities and career plans. Forfrontline operational roles, a systematic skill-level assessment mechanism is established,encouraging employees to advance their careersthrough skill enhancement. Furthermore, theCompany integrates performance evaluationoutcomes with career advancement, prioritizingpromotion opportunities or competitive selectioneligibility for employees with outstandingperformance. This approach helps exceptionaltalent stand out, achieving synergistic successbetween individual career development andcorporate strategic objectives.

Preventing Child Labor and Forced LaborJoyoung remains steadfast in its commitment to comply with all relevant laws and regulations, prohibiting child labor or forcedlabor in the workplace. A detailed employee handbook has been established to ensure applicants meet the legal working age.During the recruitment process, the human resources department verifies applicants’ identification documents, including academiccertificates, ID cards, and place of origin information. Through such identity verification, the Company takes proactive measures toconfirm candidates’ eligibility and uphold its commitment to ethical employment practices. Employees are encouraged to reportany violations directly to the human resources department or senior management for immediate investigation, termination ofemployment contracts, and disciplinary action against the relevant employees. Where necessary, the Company will further refineits mechanisms for addressing labor violations.The Company strictly prohibits punitive measures or behaviors such as verbal abuse, corporal punishment, violence, psychologicaloppression, or sexual harassment (including inappropriate language, gestures, and physical contact) against employees for anyreason. Any employee found violating these regulations will have their probationary period or employment contract terminatedimmediately in accordance with the employee handbook. When requiring employees to work overtime, the Company shall consultwith employees and the labor union and pay overtime wages in accordance with the Labor Law. As of 2025, Joyoung is notaware of any material violations of laws and regulations concerning child labor and forced labor that could significantly impactthe Company, including but not limited to the Labor Law of the People’s Republic of China and the Regulations of the People’sRepublic of China on the Prohibition of Child Labor.Compensation and BenefitsThe Company offers attractive and competitive compensation packages along with multiple benefits. Salary structures arereviewed regularly to ensure colleagues are motivated in a manner consistent with the Company’s culture and values. Daily wagesare determined by referencing external market levels, combined with job value, individual performance ratings, and capabilities.Salaries are adjusted accordingly when job roles change. The Company’s approach helps colleagues clarify performanceexpectations, identify development opportunities, and access necessary resources. To establish an internally equitable and market-competitive compensation system, the Company has implemented the compensation management system. Guided by the principleof “shared benefits and shared risks,” it ensures employee wages exceed local minimum wage requirements. The compensationstructure comprises base salary, allowances, and incentive bonuses, enabling employees to share in the Company’s success.Annual plans are developed based on corporate strategy, with year-end distributions determined by Company profitability,departmental performance, and individual contributions.To convey the Company’s corporate culture and values while implementing humanized care and differentiated support, theCompany designs multi-dimensional welfare programs. These initiatives align employee behavior with corporate development,effectively enhancing employee satisfaction with benefits and fostering a sense of belonging to the organization, thereby unitingall staff in collective growth. For female employees, the Company provides exclusive holiday benefits on International Women’sDay and organizes special activities such as on-site free consultations with doctors from women’s and children’s hospitals.Employees facing major unexpected family crises receive tiered one-time subsidies based on actual household expenses. At thesame time, the Company maintains 100% coverage for social insurance and medical insurance. Beyond fulfilling basic statutorybenefits outlined in the welfare management system and its supplementary notes, it introduces distinctive perks such as holidaygifts, shuttle bus services, and educational assistance programs. This comprehensive approach weaves a robust safety net ofemployee care, tangibly enhancing belonging and cohesion.

Basic BenefitsSpecial Benefits? Six Insurances and One Fund (Pension

insurance, unemployment insurance, workinjury insurance, maternity insurance, medicalinsurance, commercial insurance, housingprovident fund)? Statutory Leave Entitlements (Statutory

holidays, sick leave, marriage leave,bereavement leave, maternity leave forfemale employees, etc.)

? Comprehensive Health Checkups (Annual

free health screenings for all employees)

? High-Temperature Allowance

? Six Essential Visits (Birthday/marriage/

childbirth/illness/accident/funeral support)? Education and Training Assistance(Encouraging employees to pursue furthereducation or professional certifications withbonuses)? Holiday Benefits (Distribution of holidaybenefits)? Allowance Benefits (Meal subsidies,

dormitory, shuttle bus)

? Flexible Benefits (Project-based rewards

based on employee contributions)

For female employees, the Company provides International Women’s Day benefits and organizes festive activities (e.g., on-site freeconsultations by doctors from women’s and children’s hospitals). For employees facing hardship due to major family emergencies,one-time subsidies are granted at varying levels based on actual expenses incurred.Democratic Management and Employee ParticipationCommunication with employees is a vital component of our focus on gathering employee perspectives and amplifying collectivevoices. This environment fosters employee well-being and enables them to maximize their potential. Employees may freely expressopinions or file complaints through various communication channels, including internal email, external email, and employeesurveys. Communication mechanisms undergo regular evaluations to ensure effectiveness. Employees dissatisfied with their workmay file complaints with their supervisor or the Human Resources department. Management will investigate complaints fairly andimpartially, taking appropriate action. Regarding human rights issues, the Company regularly conducts training for all newly hiredfull-time employees. This training covers corporate values, employee welfare, and complaint channels. This year, approximately 200employees participated, with an average training duration of 3.5 hours per person. In September 2025, Joyoung convened its 8themployee representative conference. The trade union chairperson spoke on behalf of employee representatives, while the seniormanager of compensation & benefits represented the Company. Employee representatives from HR compensation, performance &attendance management, and benefits management also presented relevant policies. Employees offered suggestions on corporatedevelopment plans, production operations, and employee interests, enhancing efficient communication between the Company andits workforce. In 2025, the proportion of Joyoung employees represented by an independent labor union or covered by collectivebargaining agreements reached 100%, with a total of 91 employees participating in the employee representative conference.

Supporting Employee Development

The Company is committed to building a competitive talent development system, including new employee growth, high-potentialdevelopment, and leadership enhancement for managers, ensuring robust talent pipeline development. To meet employees’diverse career development needs, the Company established two pathways: a management development track and a professionaldevelopment track. Clear performance evaluation standards, promotion procedures, and career path planning are provided foremployees.This year, we continued updating the New Employee Training Management System and Mentor Guidance Management System,further refining the new employee onboarding template. Company training primarily falls into three categories: leadershipdevelopment, professional skills training, and new employee orientation. Key initiatives this year included the Mid-LevelManagement Bootcamp, Product Manager Specialized Training, Structural Engineering Bootcamp, Electronic Control Elite Training,and Patent Lecture Series. These programs collectively delivered over 200 sessions, training more than 5,600 participants withapproximately 90% coverage, at a total expenditure of approximately RMB1 million.Additionally, the Mid-Level Management Training Camp stands as this year’s flagship leadership development initiative. Tailored toorganizational needs and real-world management scenarios, it features custom-designed curriculum frameworks, teaching cases,and training formats. Through a “learning + practice + coaching” triad model, it drives participants’ transformation from knowledgeacquisition to actionable implementation. Running from June to October, this program deeply empowered over 80 mid-levelmanagers. Through multi-tiered training, both management and employees achieved self-improvement, growing alongside theCompany and providing a positive driving force for its sustainable development. In 2025, the Company’s annual employee trainingstatistics are as follows:

IndicatorsUnit2025Total employees trainedemployees1,876– Number of female employees trainedemployees729– Number of male employees trainedemployees1,147– Number of frontline employees receiving trainingemployees1,575– Number of management personnel trainedemployees301Average training hours per employeehours25– Average training hours for female employeeshours16.95– Average training hours for male employeeshours30.06– Average training hours for frontline employeeshours18.22– Average training hours for managementhours31.78Number of employee training sessionstimes248Employee training expenditure amountRMB’0000107.55Employee training coverage ratepercentage89.33%The human resources team collaborates with audit and supervision to conduct regular training for new employees through onlineself-study and in-person sessions. These sessions cover corporate red lines, response measures, and feedback channels. This year,approximately 200 individuals were trained, with an average training duration of 1.5 hours per person. This excludes contractors,suppliers, and other external parties.

Protecting Employee Health

Occupational Health and Safety Management System

Guided by our occupational health and safety management principle–”people-oriented,harmonious management, risk reduction, safety and health”–we prioritize safeguardingemployee well-being above all. We strictly adhere to laws and regulations including the WorkSafety Law of the People’s Republic of China and the Occupational Disease Prevention andControl Law of the People’s Republic of China. Our comprehensive safety management systemincludes internal protocols such as the Environmental Factors and Hazard Control Procedure,Fire Safety Management System, and Safety Education and Training Management System,ensuring employee health and workplace security. In 2025, we further strengthened our safetymanagement structure by appointing dedicated safety officers and clarifying the responsibilitiesof the Safety Director and Safety Management Department. This ensures every aspect ofproduction safety has designated personnel accountable. Detailed protocols for emergencyresponse and safeguards have been established to guarantee swift and effective handling ofcritical situations. Joyoung has obtained ISO 45001 Occupational Health and Safety ManagementSystem certification and is building upon this foundation to advance the upgrading of ouroccupational health and safety management system.Health and Safety MeasuresThe Company systematically implements workplace safety precautions and employee health and safety safeguards, committed toeliminating potential hazards and ensuring employee well-being. The management system is built around four core dimensions:

Routine Safety Inspections: The Security Teamconducts monthly inspections of firefighting equipmentand hazard identification in high-risk areas; departmentsperform monthly 6S inspections; responsible departmentsconduct daily checks of chemical storage facilities.Special Equipment Management: Daily inspections,regular maintenance, and calibration are performed onspecial equipment to ensure operational effectiveness.

Conduct regular fire emergency drills (5 conducted thisyear) to ensure calm response and orderly evacuationduring fires.Specialized emergency drills for scenarios like chemicalspills and electrical shocks are organized by relevantdepartments.

External Party Management: External contractorsand construction teams must sign safety responsibilityagreements and undergo safety training beforecommencing work. Safety inspections are conductedduring construction.Special Operations Approval: Establish and enforcededicated approval procedures for special operationssuch as hot work and excavation.

Hazard Identification: Departments annually identifyand evaluate hazards, updating assessments whenoperations or facilities change. New employee trainingincludes environmental factors and hazard recognition.Three-Tier Safety Training: New employees completecompany-level, department-level, and position-leveltraining during probation, covering safety regulations,hazard identification, PPE usage, and fire evacuation.

Daily Safety Inspections and Equipment ManagementThird-Party and Special Operations Control

Emergency Response and DrillsRisk Prevention and Personnel Safety Education

ISO 45001 Occupational Health

and Safety Management

System Certification

In 2025, we strictly implemented the primary responsibility system as required, conducted self-inspections and self-corrections forproduction safety, and actively advanced corporate safety culture development and employee safety training. Specific details are asfollows:

IndicatorsUnit20252024

Conduct monthly inspectionsin collaboration withdepartment safety officers andproperty management

times1212

Identify safety hazardstimes7869Rectificationcases7869Identify daily fire safetyinspection hazards

cases6294On-site correctionscases6294Rectification rate reached%100100Annual daily inspection hazardidentification report

times442949

IndicatorsUnit20252024

Organize annual work safetytraining

times1111Total number of trainingparticipants reached

participants1,5791012Work-related fatalitiespersons00Number of work-relatedinjuries

incidents44Workdays lost due to work-related injuries

days13189

In July 2025, the Company organized a specialized safety training program themed “Safety for All, Preparedness for Everyone.”The curriculum comprehensively covered key areas including safety production laws and regulations, fundamental safetyknowledge, occupational health management, fire safety standards, and chemical safety management, emphasizing boththeoretical instruction and practical guidance. This training aimed to strengthen safety awareness among all employees andsystematically enhance their safety literacy. It fully demonstrated the Company’s core operational philosophy of “people-oriented,” guiding all employees to firmly establish the guiding principle of “safety first, prevention foremost, andcomprehensive governance” to effectively prevent potential hazards before they arise. Through the training, employees werefurther encouraged to consciously adhere to all safety rules and regulations, proactively identify and eliminate various unsafeconditions, resolutely prevent safety accidents, and collectively build a solid defense for the Company’s production safety.

Case | Safety Training

Occupational Disease Prevention

Joyoung places high importance on occupational disease prevention. The Company conducts three-tier safety education andtraining for employees, maintaining detailed records. We safeguard employee health through dual approaches: individualprevention measures and workplace environmental controls. In accordance with the Occupational Disease Prevention and ControlLaw of the People’s Republic of China and the Company’s Occupational Disease Prevention Measures, occupational healthsurveillance records are established. For employee prevention, we have implemented the Occupational Health ExaminationManagement Measures, adding standardized procedures for occupational health examinations to protect employee health andsafety. Potential occupational health hazards are communicated, and compliance with protective equipment usage is monitored.We require personnel entering high-risk occupational disease positions to sign an Occupational Hazard Factors DisclosureStatement prior to employment. By 2025, the Company will optimize the Personal Occupational Health Surveillance Form andOccupational Hazard Factors Disclosure Statement to inform employees of all potential hazard scenarios, ensuring their full rightto know .Additionally, employees in high-risk occupational disease positions undergo occupational health examinations beforestarting work, during employment, and upon leaving their positions. Concurrently, occupational health records are established totrack changes in employees’ physical health. For positions involving occupational hazards such as noise, employees are requiredto wear protective equipment like earplugs when entering the workplace to ensure adequate occupational disease prevention.Regarding the work environment, the Company conducts annual hazard identification and monitoring of harmful factors in allworkplaces to ensure a high level of safety.The Company ensures 100% coverage for employees’ work injury insurance and production safety liability insurance annually. By2025, the Company aims to achieve zero case of occupational diseases.

Caring for Employees

Joyoung consistently upholds an employee-centric philosophy, striving to create a healthy, diverse, warm, and inclusive work-life environment where care permeates every aspect of growth. We cultivate a culture of perseverance, conveying the power ofstriving through our Annual Theme Film. Through columns like “Role Models/Experts,” “Pioneers Riding the Wind and Waves,”and “Sunshine Service Stars” on the Company’s “Joyoung People” official account, we recognize outstanding individuals, setbenchmarks, and let strivers shine.Furthermore, to focus on the growth needs of young employees, the Company provides a stage for them to showcase their talentsthrough employee assemblies. The HCM online “Role Model Badge” system documents the growth journey of young employees,while the “Health Run 400” initiative promotes healthy lifestyle habits. The “Joyoung Employee Code of Conduct” guides youngemployees toward positive development as they pursue their dreams.

Employee AssemblyHealth RunJoyoung Employee

Code of ConductThe Company further fosters a warm, harmonious “home-like” atmosphere through initiatives like the Love Corner, Mommy Room,Matchmaker Awards, Employee Book Corner, Family Carnival, and the “Integrity Comics” 2.0. These efforts cultivate a corporatefamily culture, enhance a sense of belonging and happiness, and unite employee strength.Case | Joyoung Mommy Room

Joyoung has long prioritized care for female employees.To meet nursing mothers’ need for private spaces, theCompany has specially constructed “Mommy Rooms”at its Hangzhou and Jinan campuses, providing a safe,comfortable, and convenient environment for breastfeedingwomen. Equipped with sinks, refrigerators, sofas, direct-drinking water purifiers, and sterilization cabinets, theserooms address practical challenges faced by womenreturning to work after childbirth, actively creating family-friendly workplaces.

WORKING

TOGETHER

Building a Better Society

Goals and Indicators addressed in this chapter:

Joyoung Charity84

Joyoung Charity

Since its founding, Joyoung has consistently upheld the core value of “Uniting the Power of Goodness, Creating a Better LifeThrough Health.” We have internalized social responsibility as our core mission, continuously responding to societal expectationswith concrete actions while focusing on innovation in healthy kitchen appliances and meeting people’s daily needs. We deeplyunderstand that corporate growth and societal development are inextricably linked. Therefore, while deepening our core business,we remain committed to enhancing people’s well-being and community building, fulfilling our responsibilities across multipledimensions. Through technological innovation and industrial upgrading, Joyoung creates stable employment opportunities. Byempowering industries, it supports rural revitalization and county-level economic growth. Leveraging its core strengths, theCompany promotes green, low-carbon cooking concepts and energy-efficient products, while enhancing public quality of lifethrough health education initiatives. Simultaneously, Joyoung maintains a steadfast focus on the needs of vulnerable groups,conveying compassion through charitable actions such as educational support, medical aid, and disaster relief donations, therebycontributing to an inclusive and equitable social ecosystem.The national “15th Five-Year Plan” charts a new course for philanthropy, aligning charitable initiatives closely with nationalstrategies like rural revitalization as a key force in the third distribution. Accelerated legal reforms within the sector shift policyfocus toward both “promotion and regulation,” while corporate philanthropy consensus centers on integrating core competenciesto address social challenges. The industry is advancing toward a new phase of strategic standardization. In the new phaseof development ahead, the Foundation remains steadfast in its founding mission of “Creating a Better Life with Health.” Itwill focus on the core issue of “Youth Nutrition and Health,” deepen its dual-core model of “Public Welfare Kitchen + FoodEducation Workshop,” and align with national strategies such as rural revitalization, healthy China, and education-driven nationaldevelopment. By integrating donors’ philanthropic aspirations with Joyoung’s core business strengths, the Foundation will developsolutions to social challenges. Its goal is to become a nationally exemplary 5A-rated public welfare foundation that demonstratesprofessional leadership and significant impact within its vertical domain. Over the next four years, the Foundation will advancefour strategic upgrades: evolving from a “scale replicator” to a “quality leader,” from a “project implementer” to an “innovationintegrator,” from a “resource contributor” to a “resource integrator,” and from a “regulatory explorer” to a “benchmark exemplar.”From 2008 to 2025, the Company’s cumulative charitable investment exceeded RMB150 million. In 2025, the total number ofemployees participating in volunteer activities reached 401 people, with a total volunteer service time of 3,254 hours and anaverage volunteer activity time per person of 8 hours.Public Welfare KitchenGuided by the principle of “ensuring children eat well,” the Joyoung Public Welfare Kitchen Project has committed to allocatingno less than RMB110 million over a decade starting in 2021 through the Joyoung Public Welfare Foundation. These funds willsupport initiatives like the “Joyoung Public Welfare Kitchen” and “Food Education Workshops.” Concurrently, the foundation aimsto select 100 schools annually in rural areas nationwide, investing RMB30,000 to RMB150,000 per school. Through design plans,infrastructure upgrades, equipment provision, and staff training, it builds professional, eco-friendly, and efficient standardizedkitchens to empower school meal programs and support youth development. By 2025, the “Joyoung Public Welfare Kitchens”project will continue its deepening efforts, advancing the funding and construction of 125 Joyoung Public Welfare Kitchens.This brings the cumulative total to 1,743 kitchens, benefiting over 600,000 teachers and students daily. Future work will focus ondeepening operational assessments, consolidating cooperative models, and advancing the project from “building well” to “usingwell and managing well” through systematic support.Over the next four years, we plan to construct no fewer than 100 Public Welfare Kitchens annually, bringing the cumulative total toover 2,100 facilities covering more than 300 counties (districts) nationwide. We will establish 20 model counties/districts achievingfull project coverage, benefiting over 800,000 students daily and cumulatively serving more than 3 million student beneficiaries.Additionally, Joyoung’s Public Welfare Kitchen project operations will undergo continuous optimization. This includes providingprofessional kitchen workflow design and functional zoning, refining an equipment catalog to over 60 items, and implementingdigital platform management throughout the entire project lifecycle. By enhancing supplier service capabilities and product quality,procurement costs will be reduced by 10%. We will introduce a “three-year warranty, five-year service guarantee” for productafter-sales support, establish a 24-hour response mechanism and dedicated service hotline, and create a sustainable fundingmechanism.

Case | Brightening Rural Education with the Warmth of Joyoung’s Kindest Hearts

On 1 June 2025, the traditional Dragon Boat Festival coincided with Children’s Day. Twenty volunteers from variouspositions at Joyoung enthusiastically responded to the call for public service. Utilizing their spare time outside of workand daily life, they traveled to , , , and. Through their actions, they did their utmost to illuminate rural public welfare education bypooling individual efforts.

Food Education Workshop

The Food Education Workshop project upholds the vision of “empowering every child with the ability to maintain lifelong health.” It isdedicated to creating educational spaces within kitchen settings, using cooking as a teaching medium to promote food educationand support the healthy growth of children and adolescents. The project aims to promote traditional dietary culture, impartnutrition and health knowledge, cultivate good eating habits and dining etiquette, and enhance students’ collaborative skills,innovative thinking, and aesthetic abilities. The Joyoung Public Welfare Foundation hopes this initiative will empower every child tomaintain lifelong health and enjoy a wholesome life. By 2025, 251 food education teachers will be trained, bringing the cumulativetotal to 1,426 over the years.The “Food Education Workshop” project has achieved intrinsic development. By providing curriculum, teaching aids, and teachertraining, the initiative integrates labor education, nutritional knowledge, and cultural heritage to cultivate children’s ability tomaintain lifelong health. As of the reporting period, the Joyoung Public Welfare Foundation has funded the establishment of 50Food Education Workshops, bringing the cumulative total to 356 over the years. This effort has made a positive contributionsto the comprehensive development and healthy growth of youth. In the future, Joyoung will drive initiatives centered on “foodeducation,” collaborating with international organizations to explore global health-conscious eating advocacy campaigns. We willintegrate the strengths of global industry and philanthropic partners. Concurrently, we will explore the integration and incubationof “sports + health” philanthropic projects, while conducting cross-regional project exploration and resource development (e.g.,Hong Kong, Macao and Taiwan regions of China).

Case | Food Education Around the World: Crafting a Seasonal Feast of Childhood Delights

The Joyoung Public Welfare Foundation and jointly hosted the second “Savoring the Seasons,Nurturing the Future” Food Education Adventure and Children’s Day Celebration Series. This event blended traditionalculture, hands-on labor, health concepts, and local customs, allowing children to nourish their minds and bodies throughactive participation while deeply appreciating the truth that “life is education.” Beyond adding vibrant joy to children’sChildren’s Day celebrations, the event planted seeds of life appreciation, nature respect, cultural heritage, and innovativeexploration deep within their hearts.

Case | Creating a New Future for Children Through the “Slow Variable” of Food Education

Driven by a series of policies including the “Tutorial for Outline of theHealthy China 2030 Plan”, food education has emerged as a crucialtool for cultivating core competencies in youth and advancingthe healthy China initiative. To provide an empowering platformand communication hub for outstanding food education teachersnationwide, Joyoung Public Welfare has invited 30 principals,education bureau leaders, and disease control experts from eightprovinces to gather in Pinghu, Zhejiang, for the second JoyoungPublic Welfare Food Education Study Tour. Last November, the300th Food Education Workshop was inaugurated in Zhengzhou,coinciding with the inaugural Teacher Study Tour.

Growing Towards the Sun

Since 2022, the Joyoung Public Welfare Foundation has partnered with the Zhejiang Women and Children Foundation to launchthe “Growing Towards the Sun” initiative. Through educational support and companionship programs, it assists children withoutparental care and scattered orphans in enhancing their self-protection, survival, and social interaction skills, thereby promotingsocial harmony and progress while collectively witnessing the growth of these children. This initiative fosters employees’ empathyfor public welfare by pairing them annually for micro-charity activities like the “New Year’s Small Wishes” campaign, achievingover 800 employee engagements. To date, “Growing Towards the Sun” has supported 144 disadvantaged adolescents–60 primaryschool students, 40 middle school students, and 44 high school students – primarily in 10 mountainous and island countiesincluding Lishui, Quzhou, and Taizhou. The project has provided cumulative support to 193 individuals. Future plans includeexpanding growth-support activities such as “Career Exploration Camps” and “Educational Study Tours.”Case | Small Wishes Brighten Difficult Childhoods, Love “Sticks” Us Together

As another year draws to a close and we welcome the new, JoyoungPublic Welfare’s “Growing Towards the Sun” charity initiativepartnered with the Zhejiang Women and Children Foundation todeliver Spring Festival blessings to underprivileged youth. In thepicturesque Jinshi Village of Qingyuan County, Lishui City, we joinedthe children in making traditional yellow rice cakes, solving lanternriddles, and exchanging well-wishes. Amidst laughter and joy, wecelebrated the Southern Xiaonian and welcomed the Year of theSnake. In late December, we launched the “Light Up the Wishesof Children in Need” charity initiative among Joyoung employees,encouraging them to pair up one-on-one to fulfill the children’ssmall wishes. Joyoung staff participated enthusiastically, with somededicated employees even taking on the wishes of multiple children.

Micro Love WalkMicro Love Walk advocates for public welfare through action, accumulating small steps into great compassion. As the signatureinitiative of the Public Welfare Kitchen, it connects donors with projects through fitness and health. Coordinated across Hangzhouand Jinan, the campaign has held eight consecutive events. Online platforms have initiated donations totaling over 2 billionsteps, while offline participation exceeded 3,000 attendees. The initiative raised RMB160,000 in public donations. Through yearsof sustained operation, Micro Love Walk has become a vital bridge connecting the Foundation with donors, beneficiaries, andvolunteer partners. It has cultivated a core group of deeply engaged volunteers with strong philanthropic commitment.

Case | 2025 Joyoung Micro Love Walk – Giving It Our All!

The 2025 Joyoung Micro Love Walk Charity Jinan Station kicked offenergetically at 9:00 AM on 19 April. Participants gathered atin Licheng District, fully equipped for the competition.The route spanned a full 13 kilometers. As wave after wave ofcompetitors crossed the finish line, the event concluded successfully.Organizers presented completion certificates and medals to everyfinisher. Participants beamed with satisfaction, capturing memorablemoments and group photos at the checkpoints.

Case | 2025 Joyoung Micro Love Walk Ignites Passionate Start, Charity Spirit Infuses Chashan

At 9:30 AM on 13 April 2025, a resounding trumpet blast signaledthe start as 188 teams energetically kicked off their run inHangzhou’s Changdai Village. This Micro Love Walk charity eventfeatured an 11-kilometer route, with scenery as picturesque asever. As participants crossed the finish line one after another, theyconveyed their passion and determination to support charitablecauses. Now in its eighth consecutive year, this charity walk not onlypromotes physical fitness but also nurtures kindness that enrichesothers’ lives through action.

Index of Indicators

TitleSZSE: the Guidelines

Environmental, Social,and GovernanceReporting CodeGRISDGsAbout this Report2-2; 2-3Message from the Chairman2-22Key Performance Indicators(KPIs)

2-14; 2-29

About JoyoungCompany Profile2-1; 2-6Corporate CultureMilestones2025 Honorary AchievementsSustainable DevelopmentStrategy

2-22Sustainable Development ManagementBoard Statement2-14; 2-19Stakeholder EngagementStakeholder

Communication

2-16; 2-29Materiality AssessmentStakeholder

Communication

3-1; 3-2; 3-3

Compliance & Governance: Committed to Stable DevelopmentCompliance & Governance: Committed to Stable Development

Corporate Governance2-9; 2-12; 2-13; 2-27Corporate Risk Management& ControlAdherence to Business EthicsAnti-Commercial Bribery

and Anti-Corruption; Anti-Unfair Competition

KPI-B7.1; KPI-B7.2;KPI-B7.3

2-27; 205-2; 418-1Responsible MarketingPractice

2-27; 417-1Strengthening Party BuildingLeadershipGreen Environmental Protection: Co-creating a Low-Carbon FutureAddressing Climate ChangeAddressing Climate

Change

Part D: Climate-RelatedDisclosures

201-2; 305-1; 305-2; 305-3;

305-4

Promoting Green Operations2-27Advancing EnergyConservation & EmissionReduction

Pollutant Emissions;Waste Management;Energy Utilization; WaterResource Utilization;Circular Economy

KPI-A1.1; KPI-A1.3;KPI-A1.4; KPI-A2.1;KPI-A2.2; KPI- A2.4

302-1; 302-3; 302-4; 303-2;

303-3; 303-4; 303-5; 305-7;

306-2; 306-3Biodiversity ConservationEcosystem and

Biodiversity Conservation

KPI-A3.1303-3Environmental AwarenessPromotion & Training

Circular Economy

TitleSZSE: the Guidelines

Environmental, Social,and GovernanceReporting CodeGRISDGs

Innovation-Led: Focusing on Customer Experience

Accelerating Innovation-LedGrowth

Innovation-Driven

Protection of IntellectualProperty Rights

KPI-B6.32-23; 2-24; 2-27; 417-1Standardized QualityManagement

Product and ServiceSafety and Quality

KPI-B6.1; KPI-B6.2;

KPI-B6.3; KPI-B6.4

2-27Optimizing CustomerExperience

KPI-B6.2418-1Safeguarding InformationSecurity

Data Security andCustomer PrivacyProtection

KPI-B6.5

Shared Responsibility and Governance: Driving Synergistic Progress

Partner ManagementSupply Chain Security;

Due Diligence

KPI-B5.2; KPI-B5.3;

KPI-B5.4

2-6; 2-8; 2-27; 308-1; 408-1; 409-1; 414-1

Industry-University-ResearchIntegration

Uniting: Cultivating Joyoung Talents

Protecting Employee Rights& Interests

EmployeesKPI-B1.1; KPI-B1.2;

KPI-B4.1; KPI-B4.2

2-7; 2-19; 2-27; 201-3;401-1; 401-2; 401-3; 405-1

Supporting EmployeeDevelopment

EmployeesKPI-B3.1; KPI-B3.22-7; 404-1; 404-2Protecting Employee HealthEmployeesKPI-B2.1; KPI-B2.2;

KPI-B2.3

2-7; 403-1; 403-2; 403-3;403-5; 403-6; 403-7; 403-8;403-9; 403-10; 406-1Caring for EmployeesEmployees2-7; 401-2Working Together: Building a Better SocietyJoyoung CharitySocial Contribution; Rural

Revitalization

KPI-B8.1; KPI-B8.2203-1; 203-2

Feedback Form for Reader

Dear Readers,Hello!Thank you for taking the time to read the 2025 Environmental, Social and Governance Report of Joyoung Co., Ltd. Toprovide more valuable information to you and other stakeholders, and effectively enhance the Company’s ability and levelin fulfilling its environmental, social and governance (ESG) responsibilities, we sincerely look forward to your opinions andsuggestions.

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