公告日期：2026-03-28

ADAMA Ltd.

2025 Working Report of the Board of Directors

In 2025, the Board of Directors (the BOD) of Adama Ltd. (hereinafter referred to as
the “Company”) has strictly abided by the “Company Law”, “Shenzhen Stock
Exchange Stock Listing Rules”, and “Self-Regulatory Guidelines No. 1 for Companies
Listed in Shenzhen Stock Exchange - Standardized Operations of Main board Listed
Companies” and other relevant laws and regulations, implemented the regulatory
provisions of China Securities Regulatory Commission (CSRC) and the Shenzhen
Stock Exchange (SZSE), earnestly performed the duties entrusted by the Articles of
Association and the Rules of Procedure of the Board of Directors, and conscientiously
executed the resolutions passed by the shareholders' meeting in the spirit of being
responsible to all shareholders of the Company. During the reporting period, all
directors fulfilled their duties diligently and gave full play to their core role in
corporate governance. The work in 2025 is now reported as follows.

I. 2025 Business Review

Through 2025, channel inventory returned to pre-pandemic levels in most countries,
following crop protection demand recovery. Pricing pressures remain high, driven by
production over-capacity of active ingredients (AI). Crop commodity prices remain
stably low, while farmer profitability remains tight leading to just-in-time purchasing
patterns.

ADAMA continued to implement its Fight Forward transformation plan launched at
the beginning of 2024, promoting its goal to improve profit and cash performance.
The plan sharpened ADAMA’s focus on priority countries and products, optimized its
global assets and enhanced cost competitiveness, and established a more agile and
streamlined operating model.

Revenues for the full year were RMB 28.9 billion, a decline of approximately 2%
compared to the full year of 2024, following implementation of the Company’s
strategic decisions to optimize ……
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