公告日期：2026-03-28

ADAMALtd.
FINANCIAL STATEMENTS ANDAUDITOR’S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

ADAMALtd.
FINANCIAL STATEMENTS AND AUDITOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

CONTENTS PAGES
AUDITOR'S REPORT 1 - 7
THE CONSOLIDATED AND COMPANY'S BALANCE SHEETS 8 - 10
THE CONSOLIDATED AND COMPANY'S INCOME STATEMENTS 11 - 12
THE CONSOLIDATED AND COMPANY'S CASH FLOW STATEMENTS 13 - 14
THE CONSOLIDATED AND COMPANY'S STATEMENTS

OF CHANGES IN SHAREHOLDERS' EQUITY 15 - 17
NOTES TO THE FINANCIAL STATEMENTS 18 – 126

AUDITOR'S REPORT

KPMG Huazhen Shen Zi No.2605093
To the shareholders of ADAMA Ltd.:

I. Opinion

We have audited the accompanying financial statements of ADAMA Ltd. (hereinafter referred to as
the "Adama"), which comprise the consolidated and company balance sheets as at 31 December 2025,
the consolidated and company income statements, the consolidated and company cash flows
statements, and the consolidated and company statements of changes in shareholders' equity for the
year then ended, and notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the
consolidated and company financial position of Adama as at 31 December 2025, and the consolidated
and company financial performance and cash flows of Adama for the year then ended in accordance with
the Accounting Standards for Business Enterprises issued by the Ministry of Finance of the People’s
Republic of China (hereinafter referred to as the “ASBEs”).

II. Basis for Opinion

We conducted our audit in accordance with China Standards on Auditing for Certified Public
Accountants (“CSAs”). ……
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