Stock code
Sustainability
Report
Environmental, Social and Governance Report
Hainan Jinpan Smart Technology Co.,Ltd.
CONTENTS
Foreword nvironmental ocial overnance
Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations,
and Consolidating Governance
Tell" 2025
on a Carbon-Neutral Foundation Our Stakeholders Laws and Regulations
Management Environmental Management Delivering Measurable Outcomes Compliance
Feature Strategic Partnerships
Revitalization
Propelling Technology Toward a Grand
Vision
Forging an Intelligent Future
Appendixes
Companies—Sustainability Report
(Trial)
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
About This Report
This report is the 2025 Sustainability Report, also serving as the Environmental, Social and Governance (hereinafter “ESG”) report of Hainan Jinpan Smart Technology Co., Ltd. It aims to disclose the Company’s
management measures, highlighted practices and achievements with respect to environmental, social and governance aspects for the year 2025.
Report Scope Data Source
This report covers Hainan Jinpan Smart Technology Co., Ltd. and its affiliated companies. For the sake The information and data presented in this report are sourced from the Company's annual reports,
of conciseness and clarity, “Hainan Jinpan Smart Technology Co., Ltd.” will also be referred to as internal official documents, internal statistical data, and publicly available information. Unless
“Jinpan Smart Technology,” “the Company,” or simply “We” throughout this Report. otherwise specified, all amounts herein are denominated in RMB. The Board of Directors is responsible
for the authenticity, accuracy, and completeness of the contents contained within this report.
Time Range
This report serves as an annual report, covering the period from January 1, 2025, to December 31, 2025.
External Verification
To ensure continuity and comprehensiveness, certain content may extend beyond this reporting period. The report has undergone independent third-party assurance by a team from T?V S?D Certification
and Testing (China) Co., Ltd.. The assurance statement is appended hereto.
Reporting Guidelines
• Transforming our World: The 2030 Agenda for Sustainable Development (UN SDGs)
Report Access
• GRI Sustainability Reporting Standards (2021) This report is published in both simplified Chinese and English versions. In the event of any
discrepancies between the two versions, the Chinese version shall prevail. The report is available for
• Guidelines No. 1 for Self-Regulatory Supervision on STAR Market Listed Companies of the Shanghai
access and download on the official website of Jinpan Smart Technology (http://www.jst.com.cn).
Stock Exchange—Normative Operations
• Guide No. 13 for Self-Regulatory Supervision on Listed Companies of the SSE STAR Market—
Compilation of Sustainable Development Reports
Contact Us
• Guidelines No. 14 of Shanghai Stock Exchange for Self-Regulation of Listed Companies—
Sustainability Report (Trial) If you have any inquiries, feedback, or suggestions regarding the contents in this report or Jinpan
Smart Technology’s sustainability initiatives, please contact us via email at info@jst.com.cn.
• Application Guidelines for the Basic Principles of the Enterprise Sustainable Disclosure Standards
(Trial) released by the Ministry of Finance of the People’s Republic of China
• Corporate Social Responsibility Research Center of the Chinese Academy of Social Sciences’ China
Corporate Social Responsibility Guide Framework (CASS-CSR 6.0)
• Task Force on Climate-related Financial Disclosures (TCFD) Recommendations
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Chairman's Statement
Manufacturing Core Upstream Resilience
The company is strategically positioning itself in the field of amorphous
In 2025, Jinpan Smart Technology proposed the strategic vision of
alloy materials—recognized as the next-generation green and energy-
"Advancing from Digitalization to Holistic Intelligent Manufacturing",
efficient material capable of significantly enhancing transformer energy
partnering with advantageous industry peers to embark on a deep, AI-
efficiency ratios and serving as a critical cornerstone for future grid
driven transformation. During the "15th Five-Year Plan" period, the
upgrades and new nergy integration. The Company has made myriad
company will integrate Artificial Intelligence atop its digital foundation,
achievements in this domain, becoming one of the few enterprises in the
accelerating the upgrade to intelligent manufacturing. By constructing the
industry to establish fully independent and controllable capabilities across
AI Factory technical architecture, built on a digital platform base,
the entire chain—from materials to products to applications.
supported by a computing center, and utilizing AI agents as core tools, it
will reshape the entire value chain of R&D, manufacturing, supply chain,
and services.
Development and Society
• Full Coverage of the AI Industry Chain, Redefining the AIDC We deeply integrate ESG principles into our strategic operations,
In the new era of synergy between artificial intelligence and green, low- Value Landscape promoting resource circulation and ecological protection through full
carbon development, technological innovation is not only a driver of During the "15th Five-Year Plan" period, the company will focus on the lifecycle environmental management, while working together to build a
growth but also the force shaping responsibility and the future. Over the AIDC industry chain, promoting the expansion of its product matrix from sustainable future where humanity and nature coexist in harmony. We
past year, Jinpan Smart Technology has remained committed to existing power equipment to a comprehensive range of next-generation remain committed to driving technological and product iteration through
intelligent manufacturing as its core driver, continuously exploring new products, covering key areas such as power modules, solid-state innovation, fostering platforms for employee growth internally while
pathways for the synergistic development of intelligent and low-carbon transformers, and high-voltage DC power supplies. building a responsible supply chain externally, and giving back to society
manufacturing. We have achieved results in areas such as cutting-edge through tangible actions. We continuously deepen our strategy and refine
• Deepening Global Market Presence, Forging Worldwide
AIDC technologies and new amorphous alloy materials, while accelerating our governance systems, building upon robust risk management and
Competitiveness
our global strategy. Amidst steady development and continuous compliant operations to create long-term, synchronized economic,
innovation breakthroughs, we are deeply aware that true While deeply cultivating the domestic market, we are accelerating our environmental, and social value for all stakeholders.
competitiveness lies not only in our technology, products, and services global expansion by leveraging our accumulated technical advantages
but also in our ongoing commitment to environmental, social, and and brand influence over the years. The company's overseas production
bases are now operational, serving as strategic anchors in their respective Facing the new era of artificial intelligence, Jinpan Smart Technology is
governance responsibilities.
regions. Our international teams continue to deepen their engagement, firmly committed to driving strategic leaps through a dual-innovation
• Driving the Dual Innovation Model, Reshaping the AI+Energy fostering close collaboration with global industry partners. We are model, reshaping the industrial landscape with intelligent manufacturing,
Growth Landscape accelerating penetration into key markets, while continuously improving and defining the future of growth with AI + energy and power. We strive
Jinpan Technology deeply grasps the era-defining opportunity presented our localized sales, service, and technical support systems. The company to achieve the value symbiosis of economic benefits, social contributions,
by the deep integration of artificial intelligence and the energy revolution. is making steady progress in its transformation, from "product export" to and ecological responsibility, interpreting the mission of our era in
Guided by the national strategies of "building a strong energy country" "capability export," and from "Made in China" to "Global Delivery." intelligent manufacturing through innovative practices.
and "accelerating the formation of new quality productive forces," the
company proposes its development strategy for the "15th Five-Year Plan"
period: to solidify its foundation through incremental innovation, forge the
future through leapfrog innovation, and construct a new paradigm for Chairman of Jinpan Smart Technology
high-quality development "driven by intelligent manufacturing as its core,
underpinned by multiple growth curves." 2
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
About Us
Founded in 1997, Hainan Jinpan Smart Technology Co., Ltd. (referred (Netherlands), CE (European Union), DNV, CSA (Canada), and China
to as “Jinpan Smart Technology”, stock code: 688676) is located in the Energy-Saving Product Certification, totaling 332 certifications.
Revenue
Haikou Integrated Free Trade Zone. It is a national high-tech enterprise Meanwhile, the Company continuously enhances its core
integrating research and development, production, sales, and services. competitiveness through a digital manufacturing model. The
On March 9, 2021, the Company conducted an A-shares public offering Company's products and services are distributed across 6 continents RMB billion
and was publicly listed on the Science and Technology Innovation and 87 countries.
Board (STAR Market) of the Shanghai Stock Exchange, becoming the
Jinpan Smart Technology has repeatedly undertaken national,
first listed company from Hainan to be listed on the STAR Market. Net profit attributable to
provincial, and municipal science and technology projects, and has
Jinpan Smart Technology specializes in the research, development, been honored with numerous provincial-level Science and Technology shareholders of the listed company
production, and sales of medium- and low-voltage various transformer Progress Awards and Technology Achievement Transformation
series, switchgear series, energy storage series, and
industrial robots.
intelligent Awards. The Company has received honors including National Key
High-Tech Enterprise, National Enterprise Technology Center, one of
RMB 660 million
the first Outstanding-level Smart Factories, and Hainan Provincial
The Company has fully implemented a digital transformation model,
"Government Quality Award", and has obtained more than 300
consistently providing high-quality power supply solutions and high- Total number of employees
patents.
end equipment for full scenarios including AIDC modular power
equipment, new energy (covering wind energy, photovoltaics, energy
storage and other fields), high efficiency and energy conservation, and
The Company has achieved digital transformation, at the same time
working to transition towards smart manufacturing. It continuously
rail transit. It is dedicated to R&D of energy-saving new materials. The enhances its core competitiveness and improves its ability to create
Company's products have obtained a series of authoritative domestic value for customers.
Global coverage
and international certifications, including UL (United States), KEMA
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Company Culture
Vision Mission Values Business Philosophy Spirit
Build a “Community of Shared Create greater value for Center on customer value, build on Integrity in operations, green Be dream-driven,
Future for Enterprises” customers, employee value, and aim for social value; development passionate, and wise;
Commit to learning and growth, self-
And benefit employees, Foster growth opportunities Digital leadership, and Courage to innovate,
transcendence, innovative development,
enterprises, and society. for employees, intelligent manufacturing for strive, and take
and empower others to succeed.
the future responsibility.
And blaze a development
path for the Company.
Corporate Style Work Guidelines
Act with integrity, work Customer Service Guidelines: Put customers at the center and deliver the optimal
with meticulousness; customer experience.
Enjoy work and live a Quality Guidelines: Rigorous analysis, meticulous operation, and strict inspection.
healthy life.
Safety Guidelines: Abide by rules and regulations, eliminate potential hazards,
and prevent accidents.
Efficiency Guidelines: Standardization, automation, and digitalization.
Employee Guidelines: Mutual assistance and care, loyalty and gratitude,
dedication and efficiency, integrity and self-discipline.
Leadership Guidelines: Professional competence, professional ethics, professional
spirit; Aspirational to act, capable to execute, and results-oriented to deliver.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Honors
National and Provincial-Level Honors
National Enterprise Technology Center
The first Outstanding-level Smart Factories
National Intellectual Property Demonstration Enterprise
Excellence Cases of Enterprise Historical Records and Annals in the Ministry of Industry and Information Technology of
China's "Industrial Strength through Innovation" Campaign
Amorphous Alloy Dry-Type Transformer has been included in the Recommended Catalogue of Energy-Saving and Carbon-
Reduction Technologies and Equipment in the National Industrial and Information Technology Sector (2025 Edition).
Selected as a National Typical Case of Power Demand-Side Management in the Industrial Sector (2025) – Guilin Juntaifu
Hainan Provincial Government Quality Award (Third Session)
Hainan Science and Technology Award –2024 Hainan Provincial Enterprise Innovation Award
Hainan High-Tech Leading Enterprise
Guangxi Science and Technology Award – Corporate Scientific and Technological Innovation Award (Guilin Juntaifu)
Second Batch of Guangxi "AI + Manufacturing" Vertical Domain Models and Typical Cases (2025) – Guilin Juntaifu
Provincial-Level Specialized and Sophisticated SMEs (Jinpan Yangzhou)
Provincial-Level Enterprise Technology Center (Jinpan Yangzhou, Wuhan Jinpan Intelligent)
Provincial-Level Green Factory (Jinpan Yangzhou)
Second Batch of Advanced-Level Smart Factories and Typical AI Application Scenarios in Hubei Province (2025) – Wuhan
Jinpan Intelligent
Industry Honors
Popular Company, Most Popular IR Director, and ESG Award
List of Best Practices in Sustainable Development by Listed Companies 2025, issued by the China
Association for Public Companies (CAPCO)
DCMM Level 3 Certification for Data Management Capability Maturity Assessment Model (Wuhan Jinpan
Intelligent)
CMMM Level 3 Certification for Capability Maturity Model Integration (Guilin Juntaifu)
CNAS Accreditation (Registration No. CNASL22834) – Wuhan Branch
Supplier Honors
Level 5 Green Supplier – Goldwind Sci & Tech (2025)
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Jinpan Smart Technology “Numbers Tell” 2025
Economic value Environmental value Social value
Revenue Greenhouse gas emissions (Scope I & II) Total energy consumption Total number of employees Employee income increased by
RMB 7.295 billion 1,860.56 tons of carbon dioxide
equivalent 6,125.39 tons of
standard coal 2,286 9.61% compared to
the previous year
Net profit attributable to Reduction ratio of greenhouse gas Number of products with carbon footprint Average training hours per Amount of public welfare
shareholders of the listed company emissions in 2025 compared to 2024 certification employee donations
RMB 660 million 60.8% 16 items 81 hours RMB 463,900
Social contribution per share Energy consumption intensity Number of certified zero-carbon factories Amount of R&D investment Total number of patented
technologies obtained
RMB 3.21 RMB/share 8.4 kg of carbon dioxide
equivalent 4 items RMB 357 million 356 items
Revenue per employee Greenhouse gas emission intensity Amount of environmental protection Number of suppliers Number of product
investment certifications obtained
RMB 3.1912 million 0.0026 tons of carbon dioxide equivalent
/RMB 10,000 of revenue RMB 2.2499 million 1,591 332 items
Profit per employee Clean energy utilization rate Clean energy consumption increased by
RMB 0.2885 million 89.17% 45.35% compared to 2024
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Cultivating Robust Responsibility Management
Jinpan Smart Technology has systematically embedded ESG management into its core corporate governance and daily operational workflows, positioning sustainable development as a core component of its strategic
development. To institutionalize this commitment, the Company has continuously refined its ESG management mechanisms, and established a systematic ESG management system aligned with internal and external
requirements as well as the Company’s development plans. It has formulated internal documents including the ESG Management Manual and the Environmental, Social and Governance Indicator System Manual (Trial),
which standardize ESG management processes, optimize resource allocation, and provide guidance for sustainable development decision-making. We have integrated sustainable development concepts into corporate
governance to drive our long-term sustainability. By proactively collecting external regulatory information, conducting industry trend analysis, and benchmarking against peers, the Company enhances its ESG
management capabilities, identifies material ESG-related risks, and formulates corresponding risk management strategies. Leveraging scientific methodologies and structured processes, the Company continuously
improves its ESG risk management standards, providing a solid foundation for stable business operations and sustainable growth.
ESG Management Structure
The Company has established a three-
tier governance structure comprising the Board of Directors
Board of Directors, the ESG Committee,
and the ESG Working Group, and has ESG Committee
formulated the Environmental, Social, The Board of Directors, as the highest ESG Working Group
and Governance (ESG) Working Group responsible body for the Company's ESG
The Board of Directors has established an ESG Environmental Working Group
Responsibility Handbook to ensure clear management, is responsible for reviewing and
Committee responsible for formulating and Social Working Group
roles and responsibilities at each level. approving the Company's ESG strategies and
overseeing the implementation of the Governance Working Group
This structure enables systematic objectives, monitoring the implementation
Company’s ESG vision, strategy, and goals. The
consideration of ESG factors in business progress of ESG policies and management
Committee assesses the effectiveness of the
decision-making and supports effective work, assessing material ESG risks, guiding The ESG Working Group consists of responsible
ESG governance structure, monitors ESG trends
management of related risks and stakeholder communication, and approving ESG personnel from various functional departments
and risks, guides the management of material
opportunities. information disclosure. and is tasked with driving the implementation
issues, reviews the ESG report, and conducts
of the ESG strategy. This includes executing
day-to-day oversight of relevant ESG matters. It
ESG goals and action plans, organizing the
holds at least two special briefings annually to
preparation and verification of the annual
hear progress updates and trend analyses from
sustainability report, and reporting progress to
the ESG Working Group.
the Board of Directors and the ESG Committee.
The group operates under a mechanism led by
a designated leader for overall coordination,
with members responsible for specific tasks.
Meetings are held bi-monthly in principle.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Jinpan Smart Technology is committed to continuously enhancing its ESG governance capabilities by conducting regular internal ESG
training sessions for personnel involved in ESG management. These initiatives aim to deepen employees’ understanding of ESG
principles. Meanwhile, Jinpan Smart Technology actively engages with partners to exchange insights on industry ESG trends and best
practices, jointly promoting sustainable progress across the sector and striving to build a greener, more responsible development
ecosystem.
Case Jinpan Smart Technology conducted specialized ESG training to build an internal sustainability ecosystem
To fully implement the concept of sustainable development and accelerate the construction of a distinctive ESG management system
tailored to Jinpan Smart Technology, the Company has systematically deployed a comprehensive “Governance → Disclosure → Rating”
full-cycle enhancement pathway. This approach leverages high-quality ESG practices to drive the Company’s sustainable and high-
quality development to a new level, thereby deeply empowering business growth, governance upgrading, and brand enhancement.
Z
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Stakeholder Communication
Effective and transparent communication with stakeholders is not only a crucial approach to achieving goal management, but also the foundation for collaboratively creating long-term value. To this end, we identify key
internal and external stakeholders by integrating the Company’s activities, business relationships, and external objective environmental factors, and convey corporate progress in a timely and comprehensive manner
through diverse and unimpeded communication channels, while actively soliciting feedback from all parties.
Based on the opinions and expectations of stakeholders, we continuously integrate feedback into our sustainable development strategy, striving to earn understanding, recognition, and support from all sectors, thereby
laying a solid foundation for the ongoing advancement of sustainability. To accurately capture diverse stakeholder needs, the Company conducts at least one stakeholder questionnaire survey annually, and refines its
communication strategies based on survey outcomes, establishing corresponding regular or ad hoc communication mechanisms aligned with the unique characteristics and requirements of each group.
In addition, we systematically integrate ESG-related initiatives, progress, and outcomes into our annual sustainable development report, disclosing our practice achievements to the public in a transparent and
standardized manner, actively accepting oversight and feedback from stakeholders, and driving continuous improvement in the Company’s environmental, social, and governance (ESG) domains.
Government Shareholders Suppliers and Community and
Stakeholders Employees Customers
/regulatory agencies /investors other partners the public
• High-quality products and
• Corporate governance services
• Compliant employment and • Anti-unfair competition
• Compliant operations • Business ethics and anti- • Public welfare and
basic rights protection • Customer relationship • Integrity in contract
corruption management donations
• Business ethics and anti- management performance
Expectations • Fair promotion and
• Emissions management
development corruption management • Continuous and stable returns • Responsible marketing
and demands • Win-win cooperation
• Driving local economic • Transparent information • Resource usage
• Occupational health and safety • Win-win cooperation • Intellectual property protection
development disclosure • Operational site biodiversity
• Welfare and care • Technology innovation • Supply chain management
• Staff meetings • Government/regulatory • Shareholders’ meetings • Exchange and visits • Exchange and interviews
agency inspections • Customer research
Communication • Management meetings • Information disclosure • Industry forums • Volunteer services
• Official correspondence • Customer satisfaction surveys
channels • Employee training • Roadshows • Suppliers' meetings • Community activities
• Submission of compliance • Technological seminars
• Employee activities reports • Investor conference calls • Contract negotiations • Rural revitalization activities
• Social impact assessment
• Corporate strategic objectives • Reporting of operating • Product and service updates • Terms of cooperation results
• Performance evaluation results conditions and compliance • Customer support services agreements • Fulfilment of corporate
• Financial performance
Content of • Career development • Tax payment status • Introduction to social • Delivery schedules citizenship responsibilities
• Dividend distribution policy
communication programmes • Social responsibility fulfilment responsibility programmes • Quality standards and • Environmental protection
• Progress of ESG work requirements measures
• Health and safety policies • Progress in intelligent • Progress in intelligent
• Changes in employee benefits transformation transformation • Procurement policy • Implementation of community
contribution projects
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Service Investors, Share High-Quality Development | “ I Am a Shareholder” Event Comes
Case
to Jinpan Smart Technology
The special investor relations event themed "I Am a Shareholder – Exploring Shanghai-listed Companies" was
successfully held at Jinpan Smart Technology. This event not only provided small and medium investors with an
opportunity for on-site research, but also demonstrated Jinpan Smart Technology's responsible corporate image
as an open and proactive listener to investors' voices.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Based on global sustainable development trends, industry characteristics, its own operational and developmental needs, and referencing the Guidelines No. 14 of Shanghai Stock Exchange for Self-Regulation of Listed
Companies—Sustainability Report (Trial) (hereinafter referred to as the “Guidelines”), Jinpan Smart Technology has systematically conducted a Double Materiality Assessment on the identification and evaluation of issues,
by integrating the key concerns of internal and external stakeholders.
Issue Materiality Assessment Process
Establishing the ESG issue list Materiality assessment Double materiality assessment analysis ESG issue review and disclosure
Conduct questionnaire surveys
Based on the 21 issues outlined in Impact materiality among internal and external
Based on the assessment results The Board of Directors reviews and
assessment
the Shanghai Stock Exchange’s of impact and financial materiality, confirms the findings of the materiality
stakeholders to collect their
Guidelines, and in alignment with assessment opinions on the "level
prioritize the issues to formulate assessment analysis, and carries out
national policies, ESG-related the Jinpan Smart Technology 2025 targeted disclosure and practical
of impact" of ESG issues in
standards, capital market Materiality Issue Matrix. management enhancement based on
economic, environmental and
concerns, industry peer practices the prioritized ESG issues.
social dimensions.
and the company-specific
conditions, the Company has
identified 26 priority ESG issues Through methods such as expert
assessments and internal surveys
Financial materiality
of the year 2025, and formulated
the ESG Issue List accordingly. and interviews, the Company
assessment
evaluates the risks, opportunities,
and magnitude of impact that
ESG issues may pose to its
business operations, financial
condition, results of operations,
and cash flows.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Step 1: Establishment of the ESG issue list
Based on the 21 issues outlined in the Shanghai Stock Exchange’s Guidelines, and in alignment with national policies, ESG-
related standards, capital market concerns, and industry peer practices, the Company, grounded in its industry characteristics,
Jinpan Smart Technology's 2025 ESG issue list
development stage, business model, and future strategy, has identified its priority ESG issues for 2025 across the three key
dimensions of environment, social, and governance, ultimately formulating an ESG Issue List covering 26 issues.
In 2025, building on the previous year’s issues and aligned with the Company’s strategic development, we have introduced two Issue Issue Issue Issue
dimensions name dimensions name
new ESG issues: "AI Empowerment and Technology Ethics" and "Intelligent Transformation", while merging "Responsible 议题 议题
Marketing" and "Customer Service" into a single integrated topic: "Marketing and Customer Service". 维度 名称
Environmental Supply chain
compliance management management
Responding to climate Product quality and
National regulatory policies ESG-related standards change safety
Marketing and customer
Emissions management
Guidelines No. 1 for Self-Regulatory Supervision GRI Sustainability Reporting Standards, service
on STAR Market Listed Companies of the Corporate Social Responsibility Research Center
Environmental
Customer privacy and
Energy management
Shanghai Stock Exchange—Normative of the Chinese Academy of Social Sciences' information security
Operations, Guidelines No.13 for Self-Regulatory China Corporate Social Responsibility Guide Water resource Remuneration and
Social
Supervision on Listed Companies of the SSE Framework (CASS-CSR6.0), Task Force on management benefits
STAR Market—Compilation of Sustainable Climate-related Financial Disclosures (TCFD)
Employee employment
Development Reports, Guidelines No. 14 of Recommendations, etc. Biodiversity protection
and human rights
Shanghai Stock Exchange for Self-Regulation of
Diversity, equity and
Listed Companies— Sustainability Report (Trial), Green products
inclusion
and the Self-Regulatory Guidance No. 4 for
Employee training and
Listed Companies of the Shanghai Stock Circular economy
development
Exchange – Preparation of Sustainable
Occupational health and
Development Reports (Exposure Draft), etc. Public welfare and charity
safety
Intellectual property Stakeholder
protection Communication
Governance
Social
R&D and innovation Sustainability governance
Capital market focus Peer benchmarking analysis Business ethics and anti-
Intelligent transformation
corruption
Key indicators monitored in the EcoVadis Material ESG issues of leading peer companies
AI empowerment and
Sustainable Supply Chain Rating, etc. with excellent ESG performance Corporate governance
tech ethics
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Step 2: Materiality assessment
Impact materiality assessment
The Impact Materiality Assessment aims to respond to stakeholders' concerns regarding the external impacts of the Company's Ranking of Impact Materiality Assessment Results
business operations. By conducting questionnaire surveys among internal and external stakeholders, the Company collects
evaluations from all stakeholders on the "level of impact" of ESG issues in economic, environmental, and social dimensions. Based on
assessment, which will also serve as a key basis for addressing stakeholders’ concerns in the future.
Environmental compliance
management
Responding to climate Customer privacy and
change information security
Determine the impact Form the impact materiality AI empowerment and tech
Conduct stakeholder surveys ethics
materiality assessment factors assessment conclusion
Water resource Employee training and
Identify the factors for impact A questionnaire survey was Analyze and process the management development
materiality assessment, conducted among key internal data collected from 257
Diversity, equity and
including impact scale, scope, and external stakeholders, valid questionnaires, score 6 Intelligent transformation 19
inclusion
irremediability, likelihood, etc. including management and and rank the impact
employees, government and materiality of ESG issues, Marketing and customer
regulatory agencies, and formulate the findings service
shareholders and investors, of the impact materiality Occupational health and
customers, community and the survey. 8 Emissions management 21
safety
public, suppliers, and partners.
These stakeholders then Intellectual property Business ethics and anti-
protection corruption
evaluated, based on the
defined criteria for impact
materiality, the extent to
which the performance on
each ESG issue has or could 11 Product quality and safety 24 Green products
have a significant impact on
the economy, society, and the Employee employment and
environment. human rights
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Financial materiality assessment
Financial Materiality Assessment primarily evaluates whether ESG issues could
have a significant impact on the Company’s business model, business operations,
development strategy, financial condition, cash flows, and cost of financing over Determine the financial materiality assessment factors
the short, medium, or long term. The assessment is conducted by integrating the
likelihood and magnitude of financial impacts, where the magnitude is analyzed Based on the likelihood of financial impact and the extent of financial impact, the degree
from two dimensions: “dependence on/influence over resources” and “dependence of financial impact is analyzed from two dimensions: "dependence/impact on resources"
on/influence over relationships”. and "dependence/impact on relationships."
The Company invited internal and external industry and financial experts to
participate in the scoring process, supplemented by research interviews with
relevant internal departments and management. Ultimately, responding to climate
change, intelligent transformation, R&D and innovation, as well as product quality
and safety, were identified as financial materiality issues.
Ranking of the Financial Materiality of ESG Issues
The Company ranks the financial materiality of ESG issues by inviting relevant experts to
score each issue based on the likelihood and magnitude of financial impact, combined
with the results of research interviews conducted with the Company’s relevant internal
departments and management.
Form the financial materiality assessment conclusion
Based on the expert scoring results, the Company derived the findings of the financial
materiality assessment, confirming that responding to climate change, intelligent
transformation, R&D and innovation, and product quality and safety are financial
materiality issues.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Jinpan Smart Technology's 2025 ESG Materiality Matrix
High materiality
Environmental compliance management
Step 3: Double materiality analysis Supply chain management
On the basis of the assessment from the two dimensions of
"impact materiality" and "financial materiality", the Company
Intelligent
prioritized each issue through a matrix approach, forming the Water resource management Remuneration and benefits Responding to transformation
climate change
represents financial materiality, while the vertical axis Emissions management
Energy management
represents the impact materiality on the economy, society,
and the environment. R&D and innovation
Intellectual property protection
After assessment, the Company identified responding to Employee
Product quality
climate change, intelligent transformation, R&D and
Impact materiality
employment and
human rights Public welfare Stakeholder Communication and safety
innovation, and product quality and safety as issues with and charity Circular Environmental
double materiality. Diversity, equity economy
Customer privacy and information security
and inclusion AI empowerment Social
and tech ethics Employee Marketing and customer service
training and Governance
Business ethics and
development
anti-corruption
Corporate governance
Green products
Step 4: ESG issue review and Occupational health and safety
Sustainability governance
disclosure Biodiversity
protection
The Board of Directors has reviewed and confirmed the findings
of the 2025 ESG materiality analysis. The Company will prioritize
the disclosure of ESG issues with financial materiality in the
report and implemented focused management in subsequent
operations. Issue materiality assessment serves as the
foundation for the Company’s sustainable development
governance and management, helping to rationally allocate
resources and clarify management priorities in different periods.
Relative materiality Financial materiality High materiality
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Feature I
Computing Power as the Cornerstone
Propelling Technology Toward a Grand Vision
We are currently in a profound era of dual transformation. On one hand, the global wave of AI large models has triggered near-limitless demand for computational power, causing electricity
consumption in data centers to surge dramatically—infrastructure for power supply is increasingly becoming a bottleneck for artificial intelligence development. On the other hand, the global
transition toward renewable energy sources—such as wind, solar, and hydrogen—presents new challenges, demanding smarter, more adaptive grids to accommodate this evolving energy
landscape.
As the global AI large model revolution accelerates, power systems have become a critical bottleneck constraining technological advancement, making Solid-State Transformers (SST) a more
efficient choice at the intersection of energy transformation and AI infrastructure innovation.
In October 2025, NVIDIA highlighted SST in its white paper on the next-generation artificial intelligence infrastructure, while Jinpan Smart Technology foresaw the significant strategic importance
of SST long before the white paper's release, having begun independently developing SSTs specifically designed for AIDC use.
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Foreword Feature Appendix
Pioneering Advanced Technologies to Empower AIDC
We closely align with AIDC's core demands for 'high reliability and high efficiency' in power equipment. On the basis of continuously consolidating our existing advantageous transformer series products, we are expanding
our offerings to include intelligent flexible connection power modules and other existing data center power module products. At the same time, we closely track the evolving trends in data center power supply
technologies and are actively investing in the R&D of innovative power architectures. In alignment with the data center industry's shift toward HVDC (High-Voltage Direct Current) and SST (Solid-State Transformers), the
company has successfully completed the R&D of HVDC 240V systems, as well as the design and prototyping of solid-state transformers. We continue to iteratively refine these technologies and products, striving to deliver
more efficient and compact DC power supply solutions for AIDC applications.
Power Supply Structure R&D Current Advantage Products
Array
Utility Distribution Low Voltage UPS Input UPS Output Distribution Server
Power Input Transformer Cabinet Cabinet Distribution Cabinet Cabinet
AC380V
Accumulator
Array Distribution Transformer Complete Switchgear Panama Power Phase-Shifting
Utility Distribution Low Voltage Server
Power Input Transformer Cabinet
Cabinet
Cabinet Equipment Rectifier Transformer
DC240V
Accumulator
Array
Utility
Panama Power Phase-Shifting Rectifier and Voltage
Distribution
Server Power Module
Power Input Rectifier Transformer Regulation Output Unit Cabinet
Cabinet
DC240V
DU UPS (also known as Panama Iterative Products
Power Distribution Solution)
Accumulator
Solid-State Transformer (SST) Solution
Utility Power Distribution Server
Power Input Cabinet Cabinet
DC800V
SST HVDC
Energy Storage Battery
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Foreword Feature Appendix
Under this strategic vision, we have achieved phased results. The Company has established a dedicated R&D team to advance the development of cutting-edge technologies, including Solid-State Transformers (SST) . The
SST system enables direct, high-efficiency conversion from AC grid power to 800V DC, significantly reducing power conversion stages from medium-voltage AC to DC, lowering system losses, and minimizing equipment
footprint. This makes it particularly suitable for GW-scale hyperscale green data centers. The Company has completed the prototype of a solid-state transformer (SST), specifically designed for the 800V power supply
architecture of high-voltage direct current (HVDC), striving to establish itself as a critical core equipment for ultra-large-scale green data centers.
Committed to
providing reliable
power support for
global AI data centers
(AIDC) customers
Strong
System
Compatibility
High Efficiency & Intelligent Operation
Energy Savings and Maintenance with
High Reliability
Ultra-High Power Density
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Foreword Feature Appendix
Strategic Capacity Expansion
to Solidify the Foundation for
Development
To further expand the production capacity of complete series products such as
data center power modules and to meet the rapidly growing demand in the
downstream data center sector, the Company issued convertible bonds to
unspecified investors. A portion of the proceeds has been allocated to the
construction of the Digital Factory Project (Tongxiang) for data center power
modules and related complete series products, thereby establishing a solid
production capacity foundation for the stable and continuous supply of such
products in the AIDC sector.
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Foreword Feature Appendix
Case Self-Developed HVDC Solution Powers Jinpan Smart Technology’s AI Factory
The Jinpan Smart Technology team has officially powered up
the AI Factory with its self-developed HVDC products,
completing the full-scale deployment of core computing
infrastructure. This milestone represents a substantial
breakthrough in key technologies across the entire AI product
chain for Jinpan Smart Technology, taking the lead in creating a
physical model of 'AI+manufacturing' and laying a solid
foundation for empowering the industry's green computing
development.
Warm congratulations on the official launch of Jinpan Smart Technology AI
Factory, empowering the new era of intelligent manufacturing!
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Foreword Feature Appendix
Feature II
Empowering Smart Manufacturing
Forging an Intelligent Future
As the tide of data surges through the era and sparks of intelligence
illuminate the horizon, a transformative wave reshaping the
manufacturing ecosystem is already unfolding. At this historic
convergence, Jinpan Smart Technology takes the lead with a visionary
initiative—“From Digitalization to Full-Spectrum Intelligent
Manufacturing”—leveraging AI technology integrated with digital
manufacturing platforms to comprehensively achieve intelligent
transformation, expanding into the boundaries of efficiency and value.
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Foreword Feature Appendix
Governance
The Company has always adhered to the core philosophy of "technological
innovation creates value," and has been deeply committed to product innovation
and the transformation and upgrading of intelligent manufacturing technologies. Jinpan Smart Technology’s "Digital-Intelligence" Logic
Through decades of steady growth and accumulation, the Company has built an
efficient and mature R&D system and organizational structure, with R&D
platforms such as the Electrical Research Institute and the Intelligent Technology
Research Institute. Guided by the Company’s strategic development goals, the
institute conducts forward-looking research, while business units across product
lines continuously innovate and iterate in close alignment with market demands,
Empowering Intelligent Manufacturing Transformation
driving customer-centric R&D across various application scenarios including
energy and power, energy storage, and digital manufacturing model innovation.
Artificial Data
Intelligence Digital
Assetization
Factory
Digital Transformation and Upgrading
Guided by ESG Collaborating with
Concepts Industry Partners to
Targeting green Focusing on smart
Linked by Build a "Green Energy
and low-carbon manufacturing
capital Equipment
initiatives platforms Manufacturing
Community of Shared
Future"
Jinpan Smart Technology's "Digital Intelligence" logic supports and leads various business developments
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Foreword Feature Appendix
Robot – Zhitong
The Company is actively expanding into the field of intelligent industrial robotics and established
Jinpan Robotics (Wuhan) Co., Ltd. in March 2025. Focusing on technological breakthroughs and
industrial applications of next-generation collaborative robots and embodied intelligent welding
robots, the Company has positioned intelligent collaboration, intelligent welding, and smart
Robot – Jingang
factories as the three strategic pillars for Jinpan Robotics’ development.
Jinpan Robotics has successfully developed multiple intelligent industrial robots and a next-
generation vision-based intelligent welding system, mastering key autonomous technologies. To
support future large-scale delivery, the Company is simultaneously advancing the construction of
its robotics production line and has completed the production line planning.
As a key practice of the Group's ESG strategy in the field of intelligent manufacturing, the Robotics
Division has integrated the principles of green, safe, and efficient operations into the entire
process of product design and technology development since its establishment. Upholding the
core concept of "responsible innovation," the division has deeply embedded rigorous ethical
governance into every stage of R&D. Looking ahead, the division will focus on intelligent
applications of robotics in fields such as power transmission and distribution and intelligent
manufacturing, delivering high-quality products and customized solutions to global manufacturing
clients.
Robot – Haoyue
At the WAIE 2025 (6th) China Intelligent
Manufacturing Digital Transformation
Conference, the Company's intelligent welding
robot product was honored with the "OFweek
Excellence Award". Meanwhile, Jinpan Robotics
made a prominent appearance at the 2025
World Intelligent Manufacturing Expo,
showcasing its comprehensive suite of intelligent
welding solutions spanning fixed production lines
to flexible application scenarios. The exceptional
stability and intelligent performance of these
solutions demonstrated Jindan Robotics' strength
in industrial automation.
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Foreword Feature Appendix
Strategy
The company's strategic system is clear and focused:
intelligent manufacturing is the core foundation,
serving as the source of efficiency, the shield of quality,
and the basis of flexibility; full coverage of AI industry
chain products and breakthroughs in high-performance
new materials are the two major driving forces,
horizontally leaping from traditional power equipment
to high-end AIDC power modules, and vertically
controlling core links in upstream new materials; a dual-
innovation model is the foundation for development,
with incremental innovation continuously enriching the
product matrix and leapfrog innovation leading the
manufacturing paradigm; and the global market
provides development space, allowing intelligent
manufacturing capabilities and high-end products to
deeply serve the construction of global AI
infrastructure.
Looking towards the "15th Five-Year Plan," the
company will firmly adhere to the dual-innovation
model to drive strategic leaps, reshape the industrial
landscape with intelligent manufacturing, and define
the future of growth with AI + energy and power,
contributing Jinpan's strength to building a new energy
system and promoting the comprehensive green
transformation of the economy and society.
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Foreword Feature Appendix
Impact, Risks, and Opportunities
The rise of AI brings significant strategic opportunities to Jinpan Smart Technology. On the one hand, it directly drives an explosive demand for high-reliability power supplies in AIDC. On the other hand, it empowers us to
fully transform towards smart manufacturing by integrating AI technology with our digitalized manufacturing platform. At the same time, we face multiple challenges: rapid technological iteration demands sustained high-
intensity investment in R&D to maintain our leadership position; issues related to data security and AI ethics impose higher governance requirements on us; and fierce global market competition tests our responsiveness
and collaborative capabilities.
While opportunities abound, challenges accompany transformation. During this transition, we face multiple tests: first is the risk of technological iteration —AI evolves rapidly, requiring sustained, high-intensity R&D
investment to maintain technological leadership and cutting-edge competitiveness; second is the risk of data security and AI ethics, where end-to-end intelligence demands higher standards for data governance and the
fairness, transparency, and controllability of algorithms. The actual size of the AI market may fall short of expectations, or a macroeconomic downturn may lead to a slowdown in AIDC demand growth. Additionally,
intense global market competition and the cultivation of scarce talent continue to challenge our adaptability and cross-functional collaboration capabilities.
Facing the dual landscape of opportunities and challenges, Jinpan Smart Technology is proactively responding with forward-looking strategies. We are continuously increasing R&D investment, enhancing data security
management systems, and offering competitive compensation and benefits to attract and retain scarce AI talent. Meanwhile, we are collaborating with leading global partners to accelerate the implementation of AI-
powered smart factories—transforming challenges into opportunities to strengthen our capabilities to co-create a grand vision for the AI-driven future with customers worldwide.
Intelligent
Digitalization Toward Smart Agent Data
Manufacturing Upgrades
Video Behavior Bidding and Intelligent
Analysis POC Contract Digital Tendering Agent
Intelligent Agent Employee Intelligent Agent
Jinpan Smart Technology has established seven digital factories
in China and achieving full-chain coverage across digital R&D,
management, marketing services, and production. Building on
this foundation, the Company is actively advancing toward Platform
comprehensive intelligent transformation by collaborating with AI Platform Layer Knowledge Base Platform
global leading partners to build an intelligent data foundation,
Building on this foundation, Jinpan Technology leverages
NVIDIA technology and collaborates with leading global
partners to build an intelligent data foundation. They deploy
"intelligent agents" and collaboratively construct a continuously
value-creating AI smart factory. Hardware
Server Room Layer Computing Power
(VDC) (Self-built VDC)
Jinpan Smart Technology's "Hardware Layer-Platform Layer-Intelligent Agent" Intelligent Architecture
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Foreword Feature Appendix
Indicators and Targets
Jinpan Smart Technology AI Factory Blueprint
By leveraging cutting-edge technologies from AI and collaborating with outstanding global partners Jinpan Smart Technology is strengthening its foundational computing power infrastructure to deliver stable and efficient
computational support for diverse AI applications. Meanwhile, the Company is accelerating the development of the AI Factory platform, driving the research, innovation, and deployment of key intelligent applications. In
the future, Jinpan Smart Technology commits to evolve into a collaborative model of "human employees + silicon-based employees + embodied intelligent equipment." Through the comprehensive implementation of "AI
Empowering Power," the Company is advancing human-machine collaboration and process intelligence, committing to continuously enhancing per-capita output and further consolidating and extending its advantaged
position in the intelligent manufacturing sector.
Silicon-based
Data-driven Intelligent decision-making Continuous evolution
workforce platform
Agentic AI Physical AI AI for Science
AI application layer
Industry Digital
Supply Robot Predictive Autonomous Material Workmanship Product Full-spectrum Fault
R&D Production Sales Service quality Twin
chain control maintenance navigation R&D optimization design optimization prediction
inspection simulation
Importing open-source
Agent Platform Process orchestration Testing and publishing Template Management Intelligent optimization
components
Custom component
Agent Management Prompt Component
（AutoAgent） Application orchestration Contextual memory management Prompt word variable Intelligent splitting tool Multi-protocol publishing Code executor
Data engineering
(Ontological Data Intelligence Structured data Enterprise Departmental Personal Hyper-converged Multimodal data Organization and
Unstructured data Perceived data
Platform) Knowledge Base knowledge base knowledge base database integration scheduling
AI data engine /
Large Language Model (LLM) Visual model World model Speech/Translation Model Embedding model Jinpan World Model
AI intelligent LLMs
DeepSeek-V3.1 Qwen2.5-VL-72B- whisper-large-v3 Bge-large-zh-v1.5
（Nvidia NIM） Cosmos models JST cosmos
agent platform Qwen1.5-72B-Instruct Instruct Seed-X-RM-7B Bge-reranker-v2-m3
NVIDIA AI Enterprise(AIE) NVIDIA Omniverse Enterprise(OVE) NVIDIA Isaac + Physical AI
Enterprise-level AI development and deployment platform • cloud-native • production-ready Industrial-grade digital twin platform • Physically accurate simulation • Real-time collaboration Robot development platform • Simulation training • Sim-to-Real
NeMo
NIM microservices Cu Opt USD Pipeline RTX Rendering PhysX Physics Isaac Sim Isaac Ros Cosmos
framework
AI Factory COMPUTE + NETWORK NVIDIA Reference Architecture
Platform
Private computing power Cloud computing power Edge computing power
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Foreword Feature Appendix
Feature III
Embracing Global Vision
Shaping the Era
Jinpan Smart Technology, in its mission to drive the global energy system toward green and low-carbon transformation, consistently aligns its development with national strategic
directions, leveraging a forward-looking perspective to anticipate industry trends. The company deepens its global operations to promote broader international recognition of China’s
smart manufacturing brand value.
We remain committed to addressing energy transformation through technological innovation and responding to market dynamics with proactive strategic planning. By offering
customized, high-value products and services to global customers, we achieve synergistic growth between domestic and international markets, continuously expanding the
Company’s global market coverage and business depth.
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Foreword Feature Appendix
Global Market
Building on steady growth in the domestic market and accumulated
brand influence from years of overseas strategic expansion, Jinpan
Smart Technology is accelerating the pace and depth of its global
operations, advancing internationalization to a new stage. To date, the
Company’s products and system solutions have been deployed in over 87
countries and regions across six continents. Core products have obtained
(USA), CE (EU), BV (France), and CSA (Canada). Our products are now
widely applied in future-shaping sectors such as renewable energy and
artificial intelligence data centers.
Looking ahead, we will further deepen our global market presence and
expansion by enhancing multi-channel international engagement,
exploring emerging markets and industries, strengthening customer
relationships, iterating innovative products, and building strategic
partnerships—continuously amplifying our brand’s global voice. We
remain committed to advancing with determination, focusing on our core
business and leveraging continuous technological breakthroughs as the
primary engine of growth. We are actively exploring the research,
development, and application of new products, processes, and materials,
striving to build an internally cohesive and externally open, collaborative
industrial ecosystem. By delivering enduring value to our customers, we
aim to fuel the long-term vitality and sustainable development of the
Company
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Foreword Feature Appendix
Global Talent
We are committed to cultivating localized talent
pipelines and actively recruiting professionals
from around the world, driving the
implementation and growth of regional projects.
Our internationalized professional teams have
laid a solid foundation for Company’s deep
expansion into overseas markets. We will
continue to enhance the global recognition of
the "Jinpan Smart Technology" brand,
collaborating to build a globally influential brand
image.
JST Power Equipment in Florida has been
honored with the "Top Work Places 2025" award
by Orlando Sentinel Media Group for the third
consecutive year
Honored with the “2025 Top
Work Places" award for the third
consecutive year
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Foreword Feature Appendix
Market Expansion
Consolidated and Enhanced Market Position
The Group achieved total sales orders of RMB 8.827 billion (excluding tax) for the full year, of which export orders amounted to RMB 3.155 billion, accounting for 35.74% of the Group's total orders, with products covering
center sector, by seizing the opportunities in AIDC construction, sales revenue surged by over 196.78% year-on-year, successfully serving great domestic and overseas customers and entering the supply chains of large-
scale data centers. Liquid-immersed transformers achieved a milestone breakthrough, completing the overseas delivery of 345kV extra-high voltage large power transformers, and the independently manufactured large-
capacity 80MVA/110kV transformer was successfully put into operation, demonstrating the strength of high-end equipment.
Case Case
Southern Germany Utility Substation
Jinpan Smart Technology supplied power transformers for a Salem Electric required a durable and high-performance circuit breaker for its utility substation upgrade. Jinpan Smart Technology
newly constructed high-voltage substation in Eppingen, delivered the OD3Mag outdoor circuit breaker—features a rugged enclosure, reduced external fasteners, and a dynamic sealing
Germany, for MaxSolar's 56MW photovoltaic power station system for the top cover bushing to minimize moisture ingress. Its physical dimensions and footprint match existing breakers,
in Gemmingen. enabling seamless integration. As an early adopter of the magnetically driven operating mechanism, OD3Mag not only met all
technical requirements but also satisfied the project schedule, ultimately successfully providing continuous power supply for the
Salem Electric Company’s utility substation.
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Foreword Feature Appendix
nvironmental
Leading a Low-Carbon
Journey, Co-Building a
Green Frontier
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Amid escalating climate challenges, green transformation has become a global
imperative. Jinpan Smart Technology, guided by cutting-edge innovation and a Our performance
steadfast commitment to responsibility, is resolutely advancing along the path of
sustainable development, in alignment with China’s dual-carbon strategy goals.
Total GHG emissions (Scope 1 and Scope 2)
We believe that true industrial progress begins with a commitment to environmental
stewardship and is realized through green innovation driven by digitalization and
intelligence. Jinpan Smart Technology is not only committed to establishing a low- tons of carbon dioxide equivalent
carbon operational paradigm within its own enterprise, but also dedicated to
empowering the industrial ecosystem—collaborating with partners to advance the
clean, efficient, and intelligent evolution of the energy system. Scope 1 greenhouse gas emissions
Amid the urgent imperative to achieve a zero-carbon future, sustained action and
open collaboration are indispensable. Jinpan Smart Technology stands ready to
tons of carbon dioxide equivalent
partner with all stakeholders in exploring a harmonious coexistence between
industrial advancement and natural ecosystems—leveraging deep technological
expertise and systemic responsibility to contribute industrial strength toward a Scope 2 greenhouse gas emissions
more resilient and sustainable future.
tons of carbon dioxide equivalent
Our Actions
GHG emission reduction ratio compared to
the previous year
Jinpan Smart Technology continuously strengthens its environmental governance framework,
embedding green and low-carbon principles across strategy, operations, and value chains. We
(Greenhouse gas emission data only includes Scope 1
systematically identify, assess, and manage climate-related risks and opportunities, advancing and Scope 2 emissions)
measurable emission reduction targets. Multiple zero-carbon factories have been established. Beyond
deepening our own operational decarbonization, we actively empower clients and the broader industry Total energy consumption
through green products, integrated energy systems, and responsible supply chains. From grid
modernization and hydropower development to park micro-grids; from eco-friendly packaging and
solvent recovery to process innovation—we embody lifecycle environmental management through tons of standard coal
tangible initiatives that promote resource efficiency, circularity, and biodiversity conservation.
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Foreword Feature Appendix
Building a sustainable enterprise on a carbon-neutral foundation
Jinpan Smart Technology recognizes that climate change constitutes not only a global challenge but also a defining factor in the Company’s long-term strategy and industry transformation. Aligned with China’s dual-
carbon strategy goals, we are continuously exploring diversified low-carbon technologies, embedding sustainability across the entire product lifecycle and producing green products with green energy to co-build a resilient,
circular, and sustainable ecological ecosystem.
Today, we have ushered in a new chapter of our zero-carbon journey: while advancing our own decarbonization, we are now leveraging digitalization and intelligence to facilitate collaborative emission reduction across
upstream and downstream industries in industrial towns, thereby contributing systematic value to society's overall zero-carbon transformation. Guided by the targets of carbon peaking by 2025 and carbon neutrality by
recommendations. Through R&D and deployment of clean energy products and integrated solutions, we are expanding the application of cleaner energy across key sectors.
Jinpan Smart Technology has developed an integrated energy
management system, photovoltaic monitoring and operation &
maintenance platform, and renewable energy centralized control
"Zero" Carbon Revelation: Digital Leadership, Carbon Exploration for an Infinite Future
system, collectively enhancing environmental risk governance and
energy use efficiency. We drive emission reductions through
purchasing green electricity and green certificates offsetting. Four
zero-carbon factories—in Haikou, Guilin, Wuhan, and Shanghai—are
now fully operational, laying a solid foundation for our zero-carbon
ambitions.
In green product design and R&D, we implement full lifecycle
management and advance circular economy principles. Internally,
we empower employees to track and reduce personal carbon
footprints via a carbon calculator, promoting low-carbon behaviors
such as green commuting, waste sorting, and paperless office
practices.
This year, Jinpan Smart Technology continues to advance on its
zero-carbon journey, demonstrating sustained commitment across
production, operations, and innovation. We are actively engaging
ecosystem partners to drive collective decarbonization across the
industrial value chain, building a more resilient and sustainable
business ecosystem.
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Foreword Feature Appendix
Climate-related governance
Jinpan Smart Technology has deeply integrated climate governance into its corporate sustainability governance framework, clearly defining the lead departments and collaborative mechanisms for climate-related
initiatives. Through a systematic organizational safeguard, we ensure the effective implementation of our climate strategy and the proactive management of associated risks and opportunities. We focus on the full
product lifecycle to conduct carbon footprint accounting and management, committed to continuously improving carbon performance across the entire value chain and reducing the climate impact of both operations and
products.
The Company has established a three-tier governance structure: Board of Directors→ESG Committee→ESG Working Group. Each level is assigned clear responsibilities and divisions of labor in climate and sustainability
affairs.
• The Board of Directors integrates climate-related risks into the formulation of major strategic plans, risk
assessment systems, and performance evaluation frameworks, ensuring that climate strategy and risk
Board
management are fully embedded in the Company’s business development.
of Directors
• The ESG Committee, as a specialized committee under the Board, is responsible for regularly reviewing and
evaluating the implementation of climate-related strategies and targets, making timely adjustments, and
ESG Committee
providing oversight and guidance on potential climate-related risks and opportunities facing the Company.
• The ESG Working Group, as the executive layer, drives the implementation of specific initiatives, conducts
ESG Working Group periodic assessments of climate-related risks and opportunities, tracks progress on climate-related activities,
and ensures the effective delivery of climate-related objectives across all business units.
Jinpan Smart Technology has established a normalized climate and sustainability information reporting mechanism. The ESG Working Group regularly aggregates key information—including progress on climate actions,
identified risks, and target achievement rates—prepares special reports, and submits them to the ESG Committee for review and deliberation. The Working Group also provides periodic updates to the Board of Directors on
climate-related targets, action plans, and implementation progress.
We also intend to integrate risk management into the performance evaluation framework, thereby enhancing the risk awareness and risk management competencies of all employees.
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Foreword Feature Appendix
Climate change response strategy
Jinpan Smart Technology closely monitors national "dual-carbon" policies Stringent Energy-saving/low-carbon regulations → Scenario
and climate change developments, as well as extreme weather events.
The Company conducts in-depth assessments of the potential impacts of Fossil Fuel-Dependent Society Zero-carbon Society
climate change on its business operations. In alignment with its business
development plans and referencing international mainstream climate ? Strict carbon emission management ? Strict carbon emission management
→
scenario frameworks, the Company systematically identifies climate- ? Rising carbon prices ? Rising carbon prices/carbon tariffs
Preference for Low-carbon product
related risks and transition opportunities relevant to its operations. Based ? Increase in fossil fuel prices, transitioning towards the use ? Widespread use of cleaner energy
on this analysis, the Company formulates targeted mitigation and of cleaner energy ? Common use of low-carbon products
adaptation strategies to enhance business resilience and sustainable Strict requirements for carbon emission Delay in adopting low-carbon technologies
Risks Risks
competitiveness. management and rising fossil fuel prices lead and failure to meet carbon emission
to increased product prices and reduced management standards leads to lost sales
sales opportunities. opportunities, while also increasing R&D
Climate scenario analysis costs.
Opportunities Reduced costs resulting from the early
introduction of cleaner energy and leading Opportunities Growing demand for new energy storage,
To assess risks and opportunities under different transition pathways, we
the market through innovation in low-carbon increased sales of products with low carbon
reference publicly available scenarios set by the International Energy emissions throughout their lifecycle.
technologies.
Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC),
including STEPS (Stated Policies Scenario), APS (Announced Pledges
Scenario), SSP (Shared Socioeconomic Pathways), and RCP
(Representative Concentration Pathways). We have developed Society Prone to Natural Disasters Low-Carbon Consumption Society
contrasting future scenario models based on these frameworks, serving
? More frequent warm weather globally ? Delayed or disjointed implementation of energy-
as the foundation for risk identification. saving/low-carbon regulations
? Frequent natural disasters such as typhoons, floods,
earthquakes ? Depletion of fossil fuel resources, leading to widespread
? Rising sea levels use of expensive cleaner energy
? Widespread use of high-priced low-carbon products
Risks High temperatures leading to reduced
product performance and shortened lifespan, Risks Losing opportunities due to late adoption of
necessitating higher R&D costs; frequent clean energy, coupled with the need to
disruptions. technology research and development.
This scenario anticipates In this scenario, energy-saving
stricter energy-saving and low- and low-carbon regulations are Opportunities Increased demand for energy-related Opportunities Significant increase in demand for new
carbon regulations, widespread fragmented, fossil fuel prices products for large-scale power generation, energy storage, along with increased sales of
use of clean energy, and rise, and natural disasters sales increase for highly durable products that have low power distribution
transformers with low power distribution losses and low in carbon emissions.
customer preference for low- become more frequent. losses, and energy storage devices.
carbon products. 4℃
Scenario
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Foreword Feature Appendix
Identifying and assessing Risk Opportunity
Physical risks and opportunity
climate risks and opportunities Frequent typhoons,
Investments in flood prevention and control infrastructure lead to
Growing market demand for resilient infrastructure
Short-term increased capital expenditures, while damage to facilities results Short-term
Acute rainstorms, etc. and products
in additional costs.
Through a comprehensive assessment of climate- risks
Frequent earthquakes Short-term Disruptions to supply chains can lead to reduced sales, and lower Short-term
Increased market demand for disaster
related risks, we have identified both the risks and and droughts revenue. preparedness equipment, facilities, and products
opportunities associated with climate change. By Some of our operations are located in coastal provinces of China,
Medium to
Rising sea levels long-term where rising sea levels may cause facility damage or necessitate
strengthening our climate resilience, we endeavor relocation, thereby raising corporate infrastructure costs.
to capitalize on the developmental prospects arising Poor employee health conditions can reduce labor productivity
Short-term Medium to Growing market demand for resilient infrastructure
from the global energy transition and low-carbon Chronic risks and output, thereby impacting revenue. long-term and products
Increased hot Medium to Shortened product lifespan, declining quality and increased
transformation. We use the recommendations of long-term
weather maintenance costs
the Task Force on Climate-related Financial Medium to Electricity consumption restrictions can lead to production halts,
long-term reduced output, and revenue loss.
Disclosures (TCFD) as our primary framework to
systematically identify, assess, prioritize, and Transitional risks and opportunity
Gaining business opportunities through early
respond to physical and transition risks. At the Long-term
adoption of clean energy differentiation
same time, we identify opportunities arising from Increased costs for energy procurement, leading to increased
Long-term Intelligent energy management approaches enable
Increase in carbon production and transportation costs
climate change to manage its financial impacts and Long-term "peak-load shifting," improving energy efficiency
taxes
and reducing energy costs.
capture development opportunities in the low- Increased export costs for products leading to higher prices and Stabilizing costs through early adoption of clean
Policies and Medium-
Medium-term
carbon transition. legislation term lower sales volumes energy
Medium- Strict carbon emission management increases carbon Medium to
Increase in sales of energy storage business
We have defined short-term, medium-term, and Increasingly stringent
term management costs long-term
long-term time frames for addressing climate- energy-saving/ low- Short-term Strict requirements for the carbon footprint of the entire product Short to Increased sales opportunities by producing
lifecycle, increasing calculation costs medium-term compliant energy-saving/low-carbon products
carbon regulations
related risks and opportunities. Short-term refers to Short-term Increased introduction costs for clean energy certificates
the next 1-2 years, medium-term refers to 3-5 years, Medium- Increased investment in the development of low-carbon Business opportunities for prioritizing highly
Rapid development of Medium-term
and long-term refers to five years and beyond. term technologies sustainable products
low carbon
Specific climate risks and opportunities are as Medium- Missing opportunities due to delayed R&D in decarbonization Growing market demand for technologies that
Technologies technologies term Medium-term
technologies enable decarbonization
follows: and
Short to Increased demand for clean energy and energy-
innovation Low-carbon products Short-term Increased investment in clean energy facilities medium-term saving products
replacing traditional
Medium to Loss of market opportunities as traditional products are replaced
products long-term by low-carbon alternatives
Medium to Failure to achieve 100% use of clean energy in the production Medium to Enhancing brand influence through sustainable
Changes in customer long-term process, resulting in lost sales opportunities long-term value chain realization
behavior patterns Medium to Loss of market opportunities due to inability to keep pace with Medium to Customers achieve sustainability in their own value
long-term customer procurement preferences for low-carbon products long-term chains by purchasing sustainable products
Markets
Short-term Customers not favoring products from resource recycling Short-term
Transition from traditional to circular economy
Transition to a circular business models
economy Medium to Increased costs due to resource recycling and circular Medium to Growing market demand for businesses related to
long-term technologies long-term low-carbon products and energy management
Rising public
Medium to Damage to reputation due to insufficient efforts in emission Medium to Sustainable enterprises and sustainable products
Reputation environmental long-term reduction long-term can attract more customers
awareness
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Risk and opportunity management
Jinpan Smart Technology has established a systematic and comprehensive mechanism for managing climate-related impacts, risks, and opportunities, fully
integrating it into the Company’s overall sustainability and risk management framework. In alignment with international standards such as the Basic Norms
for Internal Control of Enterprises, ISO 31000:2018 Risk Management Guidelines, and the COSO Enterprise Risk Management Framework, the Company has
formulated its Risk Management System and follows a closed-loop management process of “Identify–Analyze–Respond–Monitor” to continuously enhance its
resilience and strategic adaptability to climate-related challenges. All assessments of climate-related risk significance and related decision-making are guided
and overseen by the ESG Committee.
The Company continuously monitors global, national, and industry-level trends, promptly identifying regulatory developments and potential risks and JST
opportunities relevant to its business. Climate risk factors are embedded into daily operations, and progress is regularly reported to the Board of Directors.
Climate-related risk and opportunity management process
We implement a systematic, cyclical management process to identify, assess, and monitor climate-related impacts, risks, and opportunities in a structured and ongoing manner:
Identification Assessment Response Monitoring
Through policy scanning, Using diverse methodologies— Based on evaluation results of Business departments responsible
scenario analysis, stakeholder including surveys, focus group risks and opportunities, we select for climate risks update risk
engagement, and industry discussions, expert appropriate response strategies, information and control statuses
benchmarking, we compiled a consultations, and scenario including risk avoidance, risk quarterly on the Company’s risk
comprehensive list of climate- analysis—we prioritize climate acceptance, risk reduction, and management platform. The Audit
related risks and opportunities. risks and evaluate the risk sharing, while also Department conducts regular or ad
potential value and feasibility establishing opportunity hoc supervision and evaluations of
of opportunities. conversion projects. risk management activities across
departments.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
To strengthen climate resilience, we are progressively upgrading
Climate adaptation assessment processes and equipment, optimizing resource allocation, and enhancing
our capacity to respond to climate change through initiatives such as
In the climate adaptation assessment process, we focus on the following categories of uncertainty factors: zero-carbon factory development and product carbon footprint
accounting. We also mitigate potential financial impacts from physical
risks—such as typhoons and floods—through targeted insurance
coverage. Concurrently, we continue to expand the procurement and use
of green electricity.
This year, the Company actively implemented climate adaptation
measures, effectively safeguarding operations against the direct impacts
Policy and regulatory Market and supply chain of extreme weather events. Taking the Haikou base as an example, in
evolution dynamics response to severe typhoons "Matmo" and "Fengshen," the site
Technology development Physical climate proactively activated typhoon and flood prevention protocols, ensuring
pathways events the safe and stable operation of production systems without major
disruptions or asset losses due to climate-related incidents. During
periods of summer heat, the Company simultaneously executed heat
stress prevention programs, providing frontline employees with essential
protective supplies and health support to ensure workforce safety and
operational continuity. From a financial perspective, this year’s dedicated
investments in carbon compliance management—specifically in
The pace and intensity of Trends in customer
greenhouse gas verification and product carbon footprint certification—
adjustments to domestic and demand for low-carbon
The speed of The frequency and amounted to approx. RMB 7.6 million. These efforts support the
international carbon pricing products, availability of
breakthroughs and intensity of extreme Company’s steady progress toward its climate governance objectives
mechanisms, energy efficiency green raw materials, and
industrialization in cleaner weather events, as well as and low-carbon transition pathway.
standards, green finance the impact of trade
energy technologies, low- long-term temperature
policies, and other regulatory mechanisms such as
carbon materials, etc. rise and its impact on
frameworks. carbon tariffs.
operational facilities and
regional water resources.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Indicators and targets
Targets (based on the 2022 baseline year)
In response to identified physical and transition risks associated with climate change,
Jinpan Smart Technology has prioritized greenhouse gas (GHG) emissions Short-term targets (by 2030)
management as a core sustainability issue, establishing clear, quantifiable tracking
metrics and science-based reduction targets. The Company is committed to playing a Reduce Scope 1 and Scope 2 greenhouse gas Reduce Scope 3 greenhouse gas
greater role in global climate action by aligning its decarbonization strategy with emissions by at least emissions by at least
international best practices. To support China’s national “dual-carbon” strategy, Jinpan
Smart Technology formally submitted its application to the Science Based Targets 50% 25%
initiative (SBTi) in 2023, ensuring that its emission reduction goals are consistent with
the globally recognized 1.5°C climate pathway.
The Company’s science-based carbon targets are currently under review by the SBTi. Net zero target (by 2050)
We reaffirm our commitment to systematically advance emission reduction initiatives,
continuously allocate resources, and achieve all stage-wise carbon targets as planned.
Reduce Scope 1, Scope 2, and Scope 3
Through these efforts, Jinpan Smart Technology aims to contribute meaningfully to greenhouse gas emissions by at least
the low-carbon transformation of its industry chain and broader society.
Greenhouse gas emission data
Total greenhouse gas emissions Greenhouse gas emission intensity
(Scope 1 & Scope 2)1 (Scope 1 & Scope 2)
Unit: Tons of carbon dioxide equivalent Unit: Tons of carbon dioxide equivalent
/RMB 10,000 of revenue
Jinpan Smart Technology has established a systematic greenhouse gas (GHG) emissions management system. We continuously
monitor and account for direct emissions (Scope 1) and indirect emissions from purchased energy (Scope 2) within our operational
boundaries, and plan to progressively include upstream and downstream value chain emissions (Scope 3) in our calculation scope. 2024 4,749.29 2024 0.007
This enables comprehensive accounting and tracking of carbon emissions across the entire value chain. By integrating GHG
emissions data into daily management processes, we can dynamically quantify emission performance, conduct in-depth
assessments of energy efficiency, and promptly identify and respond to potential challenges in carbon management—ensuring the
Scope 1 greenhouse gas emissions Scope 2 greenhouse gas emissions
effective achievement of our emission reduction targets. Unit: Tons of carbon dioxide equivalent Unit: Tons of carbon dioxide equivalent
Compared with 2022, the greenhouse gas emissions of Jinpan Smart Technology in 2025 decreased by about 88.4% (Scope 1 and
Scope 2 only), achieving the near-term emission target earlier than expected.
Scope 1 greenhouse gas emissions refer to carbon emissions generated from the combustion of direct energy sources such as natural gas, gasoline, and diesel,
as well as carbon emissions from renewable energy power generation. Scope 2 greenhouse gas emissions refer to carbon emissions generated from indirect
energy sources such as purchased grid electricity and purchased green electricity. The standards for accounting greenhouse gas emissions are based on
Greenhouse Gases - Part 1: ISO 14064-1:2018 Specification with Guidance at the Organization Level for Quantification and Reporting of Greenhouse Gas
Emissions and Removals.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Zero-carbon factory development and implementation
Jinpan Smart Technology has independently built and is now operating four zero-carbon factories (located in Haikou, Guilin, Wuhan, and
Shanghai) and five green factories (spanning the above four cities and Yangzhou), forming a leading cluster of green manufacturing
facilities.
Climate action response Our zero-carbon factories integrate carbon neutrality principles throughout planning and operations. Leveraging an intelligent zero-
carbon management system, we enable precise carbon accounting and goal planning. Through IoT technology, carbon footprints are
monitored in real time, and digital tools are used to integrate energy-saving, emission-reduction, and carbon sequestration measures.
Jinpan Smart Technology has embedded climate change
We are committed to achieving carbon balance within our industrial parks—where emissions are offset by absorption—driving low-
response into its core business strategy and operational
carbon industrial development, green energy adoption, and resource circularity.
practices, driven by a dual-pillar approach of "Operational
Carbon Neutrality" and "Value Chain Empowerment." The
Company is not only committed to deep decarbonization of
Zero-
its own production systems but also aims to drive green Zero-
? Virtual power plant system ? Edge terminal gateway carbon
carbon
transformation across the entire industrial chain through ? Integrated energy park energy
park energy ? Edge data gateway
innovative technologies and sustainable solutions. By steadily management system control
control hub
advancing its science-based carbon targets, the Company is units
? Park-wide water and gas
positioning itself as a leader in sustainable development monitoring system
within the new energy manufacturing sector.
This year, the Company continued to increase the proportion
of cleaner energy usage and optimize its energy mix,
accelerating the transition toward a green and sustainable
operating model. Through internal meetings, training sessions,
and other communication channels, we share specific GHG ? Energy system park power ? Multi-energy scheduling and
distribution system multi-energy coordination
reduction data and action plans—both from our own
? Energy storage system & algorithm
operations and customer applications—ensuring transparency
Photovoltaic system ? Optimized energy-saving
and fostering Company-wide engagement. Zero-
Zero- ? Park-wide air conditioning control algorithm for air
conditioning carbon
carbon system
park energy
park energy ? Charging pile system and ? AI algorithm
control
control hub other equipment ? Factory load prediction algorithms
algorithm
? Photovoltaic power
prediction algorithm
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Since 2023, Jinpan Smart Technology has actively advanced zero-carbon factory construction to fulfill its
Case Enhanced zero-carbon factory operations
Science Based Targets initiative (SBTi) commitments. By the end of 2025, significant carbon reduction
achievements have been realized across various facilities, using 2022 as the baseline year:
To improve renewable energy utilization and electricity cost efficiency, Wuhan Factory
completed the optimization of its Phase II photovoltaic and energy storage system
Yangzhou Factory: Annual
Shanghai Factory: operations by the end of May 2025. Key initiatives included connecting the residential
Haikou Factory: carbon reduction of
Annual carbon area's electrical load to the Phase II photovoltaic power supply bus and optimizing the
Annual carbon
reduction of Guilin Factory:
Annual carbon
system generated an additional 1.65 million kWh of cleaner electricity annually, while the
energy storage system released electricity during peak and high-demand periods, further
significant results: the proportion of electricity consumption during peak and high-demand
Wuhan Factory:
periods decreased from 46.26% in April to 27.99% in July, effectively optimizing the energy
Annual carbon
structure and achieving substantial cost savings.
reduction of
electricity generation from during peak and high-demand
Phase II photovoltaic system:
Z periods (April to July) dropped to:
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Foreword Feature Appendix
Case Smart energy storage peak shaving for low-carbon grid operations
To enhance regional grid efficiency and cleaner energy integration,
Jinpan Smart Technology's Guilin Energy Storage Station employs an
intelligent operation model of "valley charging, peak discharging,"
transferring cleaner electricity generated during nighttime periods to
daytime peak demand hours. In 2025, the station cumulatively supplied Greenhouse gas emission
displacing high-carbon footprint conventional power sources.
Through calculation, this project achieved approximately 1,350.54 tons
of carbon dioxide emission reductions, equivalent to the carbon
RMB 7.6361
million
sequestration formed by planting approximately 90,000 trees. This
initiative not only demonstrates the critical role of energy storage in
power system peak regulation and carbon emission reduction but also
provides a replicable operational model for building a flexible, low-
carbon new power system.
Direct greenhouse gas
emission reductions from
fuel switching:
Cumulative peak-period power supply
tons of carbon dioxide Direct greenhouse gas
equivalent emission reductions from
equipment retrofitting:
Reduction in carbon dioxide emissions:
equivalent
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Value chain empowerment
Product carbon footprint Jinpan Smart Technology fully leverages its professional expertise in green power equipment and digital solutions to actively collaborate with industry
management partners in building a low-carbon ecosystem. We not only continue investing in R&D for new energy technologies such as photovoltaics and energy
storage, providing comprehensive cleaner energy services covering the "generation-storage-distribution-consumption" stages, but also strive to
A robust carbon emission data management promote mature solutions in scenario-based applications.
system forms the foundation for precise Supporting the global low-carbon transition of hydropower with high-end equipment to empower clean
emission reduction initiatives. We Case energy base development
continuously advance carbon inventories
covering both our own operations and value Jinpan Smart Technology has deepened its expertise in power equipment, empowering the sustainable development of the hydropower industry.
chain activities, while actively pursuing Currently, the Company's transformer products have been successfully applied to over 400 major hydropower projects worldwide, including
product carbon footprint certifications to Baihetan, Yalong River Lianghekou Hydropower Station, and Brazil's Itaipu Dam. The Company has cumulatively signed more than 570 contracts,
identify high-emission stages and drive providing advanced technology to ensure the safe and stable operation of power stations. The Company's dry-type transformers have been
progressive reduction of carbon intensity applied to over 230 domestic wind farms, and have directly or indirectly exported over 18,000 units to overseas wind farm projects. Through
across the entire industry ecosystem. By the continuous technological breakthroughs, Jinpan Smart Technology's products not only meet stringent energy efficiency standards but also adapt
end of 2025, the Company has secured
authoritative carbon footprint certifications internationally.
Z
to diverse environmental conditions, offering critical equipment support for cleaner energy base construction both domestically and
for 16 core products. Global major hydropower Cumulative Dry-type transformers applied Dry-type transformers directly or
project applications contract signings in domestic wind farms indirectly exported to offshore wind
farm projects abroad
Case Micro-grid Solutions continuously support the "dual carbon" goals
Under the guidance of the "Dual Carbon" goals, Jinpan Smart Technology's "User-Side Dual Carbon
Digital Intelligent Micro-grid Energy Management System" project, developed in collaboration with
customers, has successfully achieved power delivery and grid connection. This demonstrates the
flexibility and efficiency of the solution across various applications. The system's advantages in
Z
optimizing energy structures have played a positive role in the construction of zero-carbon parks and
factories. Key strengths include multi-energy complementarity and intelligent scheduling, energy data
visualization and secure energy management, economic benefit enhancement with intelligent
predictive optimization scheduling, and comprehensive digital energy management. The solution User-side dual-carbon digital intelligent
deeply integrates photovoltaic engineering, energy storage systems, and digital power equipment, micro-grid energy management system
providing solid support for micro-grid operations.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Cultivating Robust Environmental Management
Jinpan Smart Technology is committed to supporting the construction of a beautiful China by integrating environmental protection into its corporate development and governance framework. We uphold our environmental
commitments and continuously enhance our environmental management system to ensure the effective implementation of environmental management responsibilities. We strictly comply with environmental protection
laws and regulations including the Environmental Protection Law of the People's Republic of China, the Law of the People's Republic of China on the Prevention and Control of Atmospheric Pollution, the Law of the People's
Republic of China on the Prevention and Control of Environmental Pollution by Solid Waste, and the Law of the People's Republic of China on Prevention and Control of Water Pollution, as well as applicable local regulations
in our operating regions. Based on our manufacturing operations characteristics, we have systematically established and implemented control procedures for wastewater and solid waste management. Through source
management and process governance approaches, we strictly control resource utilization and pollutant emissions throughout production and operational processes, achieving green production and green operations. In
We have referred to relevant national standards and, in conjunction with our Company’s circumstances, established environmental management objectives that cover all operational production bases of Jinpan Smart
Technology (with 2024 serving as the baseline year):
Indicators Unit Year 2025 Year 2024 2025 vs. 2024 Target National standards
The discharge concentration of COD of 500mg/L
COD Emission Concentration of
Industrial Wastewater
mg/L 80.00 60.67 31.86% industrial wastewater shall not exceed (Integrated Wastewater Discharge
Volatile organic compounds (VOCs) 120mg/m?
Volatile organic compounds (VOCs)
emission concentrations
mg/m? 2.63 2.82 6.76% emission concentrations shall not exceed (Integrated Emission Standard of Air
Reduce industrial wastewater discharge
Industrial wastewater discharge Tons/RMB
intensity 10,000
the 2024 baseline
Reduce non-hazardous waste emission
Non-hazardous waste Tons/RMB
generation density 10,000
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Environmental management system
Jinpan Smart Technology has established a systematic institutional framework in accordance with the ISO 14001 Environmental Management System standard. The Company has
developed and implemented policy documents covering all environmental impact factors, including the Water Pollution Prevention and Control Procedure, the Air Pollution Prevention
and Control Procedure, and the Noise and Vibration Pollution Prevention and Control Procedure, providing robust institutional support for environmental management. During the
reporting period, Jinpan Smart Technology have successfully obtained ISO 14001 Environmental Management System certification.
We actively assess the operational impacts of environmental risks. In 2025, 100% of our operating sites underwent specific environmental risk assessments, ensuring comprehensive
identification and mitigation of potential ecological and regulatory risks across all facilities.
To ensure the effective operation of our environmental management system and drive the Company’s transformation into a resource-efficient and environmentally friendly
enterprise, we focus on the following three key areas:
Environmental
Environment governance
performance structure
structure
Jinpan Smart Technology has
The Company designates the General Environmental
incorporated safety and
Manager as the primary responsible person management review
environmental protection into the
for environmental protection. Each production
annual core performance indicators
base is equipped with dedicated EHS
for factory general managers, Jinpan Smart Technology has
(Environment, Health, and Safety) personnel,
establishing a robust evaluation and established its Environmental Review
reinforcing on-the-ground implementation and
accountability mechanism to ensure Plan, in which includes system regular
compliance. The Company has implemented
effective implementation of internal audits and management
systematic environmental performance
environmental management goals. review, management of all identified
management through the establishment of
issues through a closed-loop corrective
environmental performance indicators and
action process, ensuring sustained
clear responsible departments. This structured
reduction of environmental risks.
approach ensures that environmental
objectives are aligned with business strategy.
In addition, the Company extends its environmental requirements into supply chain management by formulating green procurement policies and conducting environmental assessments of suppliers, encouraging its
partners to jointly fulfill their environmental responsibilities and working together to build a sustainable green supply chain system.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Energy management
Jinpan Smart Technology strictly adheres to laws and regulations such as the Law on Energy Conservation of the People's Republic of China, continuously improves its energy management system, optimizes energy
structure, and explores potential for energy efficiency enhancement to enhance energy utilization efficiency. As of the end of the reporting period, subsidiaries including Hainan Jinpan, Gulin Juntaifu, Wuhan Jinpan
Intelligent, Shanghai Jinpan, and Yangzhou Jinpan have obtained ISO 50001 Energy Management System certification.
Optimizing energy management
Jinpan Smart Technology has independently developed and continuously upgraded multiple energy management systems centered on digitalization, establishing energy consumption data application and service systems.
By leveraging intelligent monitoring and data analytics, we have innovatively advanced integrated energy management in smart parks and pioneered a distributed asset management model for industrial zones—
significantly expanding system coverage and helping parks reduce their environmental footprint. Our Integrated Energy Management System (IEMS) integrates multiple advanced platforms, including: Photovoltaic
Monitoring and O&M System, New Energy Centralized Control System and Virtual Power Plant (VPP) System. Through intelligent monitoring and data analysis, the system increases the proportion of clean and clean
energy usage, reduces energy waste, and lowers greenhouse gas emissions. By integrating energy storage facilities and distributed energy resources, the IEMS enhances overall energy efficiency, promotes the absorption
of cleaner energy, and enables cascaded energy utilization—driving green, low-carbon development across industrial parks.
Virtual power plant system
Photovoltaic monitoring and operation & Renewable energy centralized control system
We successfully developed the virtual power plant (VPP) aggregation
maintenance system platform system for park-scale applications. Built on a cloud-edge
The new energy centralized control system enables unified, collaborative architecture, the system integrates and coordinates
The photovoltaic (PV) monitoring and operation & maintenance centralized monitoring and management of geographically distributed energy resources (DERs) within industrial parks—such as
(O&M) system plays a critical role in improving power dispersed substations by integrating data acquisition, control distributed photovoltaic (PV) systems and energy storage—enabling
generation efficiency, reducing operational costs, optimizing functions, and electrical energy collection with aggregated unified aggregation and dynamic dispatch. Leveraging proprietary
energy utilization, and advancing cleaner energy development. computation. Through the real-time flow of data— forecasting and optimization algorithms, it achieves accurate prediction
By leveraging intelligent O&M technologies, the system “connection, movement, storage, processing, and analysis”— of PV generation output and real-time optimization of energy storage
significantly enhances the efficiency and stability of PV power combined with big data analytics and artificial intelligence charging/discharging strategies, ensuring instantaneous balance
plants, minimizes downtime due to failures, and lowers (AI), the system guides optimized power generation between power supply and demand within the park. The system
maintenance expenses. strategies, reduces lost energy, and significantly improves platform significantly enhances renewable energy utilization, reduces
the operational efficiency of new energy power plants. reliance on the external grid, and generates stable and substantial
economic returns through participation in grid ancillary services and
peak-valley price arbitrage. Core technologies have been validated and
are ready for large-scale demonstration. The system will be promoted
across high-energy-consumption scenarios such as industrial
development zones and commercial complexes, supporting parks in
achieving intelligent, low-carbon, and highly efficient operations.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Adoption of cleaner energy 2025
The adoption of clean energy plays a crucial role in achieving carbon
neutrality targets, adjusting energy structures, and promoting social Jinpan Smart Technology has deployed a photovoltaic power
harmony and economic stability. This year, Jinpan Smart Technology has generation project with total installed capacity of 23.75MW. Total energy consumption
actively deployed and utilized clean energy sources, including solar power, During the reporting period, it has cumulatively generated
geothermal energy, and green electricity, to reduce reliance on fossil fuels. 20,361,800 kWh of clean electricity, of which 15,759,600 kWh
Jinpan Smart Technology continues to improve energy efficiency and was supplied to its own factory and 4,602,200 kWh was tons of standard coal equivalent
increase the proportion of clean energy usage. In 2025, the Company's delivered to the power grid.
clean energy consumption increased by 45.35% compared to 2024, so that
clean energy utilization rate in 2025 reached 89.17%.
Energy consumption intensity
Wuhan Jinpan Intelligent——Geothermal heat Cleaner energy generation
Case pump system implementation
tons of standard coal equivalent
Wuhan Jinpan Intelligent has comprehensively deployed high- RMB 10,000 of Revenue
efficiency geothermal heat pump air conditioning systems across
factory buildings and office complexes. The integrated system
combines first-grade energy efficiency geothermal heat pumps, Total amount of solar energy used
Proportion of solar energy utilization
chiller units, and air-source heat pump units, while implementing
heat recovery for domestic hot water supply. This comprehensive 4,790.96 78.21%
approach delivers significantly superior overall energy efficiency tons of standard coal equivalent
compared to conventional air conditioning systems. In 2025, the
system is projected to consume 2.87 million kWh of electricity,
representing a 310,000 kWh reduction compared to traditional air Total amount of wind energy used
Proportion of wind energy utilization
conditioning solutions, and achieving an energy savings rate of
approximately 10%, thereby effectively reducing the operational
carbon emissions and energy costs.
tons of standard coal equivalent
Expected electricity use by the geothermal heat pump
air conditioning system 2.87 million kWh
Carbon reduction from cleaner energy use
Proportion of cleaner energy use
Saving of electricity use compared to the traditional air
tons of carbon dioxide equivalent
conditioning unit solution 310,000 kWh
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Water resource management 2025
Jinpan Smart Technology strictly adheres to applicable laws and regulations in its operational locations, including the Water Law of the People's Water consumption:
Republic of China, the Law on the Prevention and Control of Water Pollution of the People's Republic of China, and the Action Plan for Improving
Industrial Water Efficiency. The Company integrates water conservation and efficient utilization into daily operations as a core sustainability
practice. The Company continuously promotes water conservation processes, and strengthens employee awareness of water conservation. These
efforts collectively enhance the efficiency of water resource use across all operational sites.
Water use intensity:
We have established clear water conservation targets and implemented a series of measures focused on "reduction, reuse, and efficiency
improvement." ton/RMB 10,000 of Revenue
Water reuse volume
Water conservation
Technologies and Equipment
Water resource recycling 1,431 tons
The Company has fully introduced Jinpan Smart Technology implements rainwater and wastewater separation in operations Total quantity of water recycled and reused
advanced water conservation and has established dedicated wastewater treatment systems in production facilities. At the
equipment and implemented Haikou Digital Factory, the “Rixin Membrane Wastewater Treatment System” is adopted to tons
technical upgrades for high-water- effectively remove suspended solids, organic matter, and other pollutants through physical
consumption processes, filtration. Treated production wastewater meets the Grade II standard of the Integrated
Water conservation
significantly reducing freshwater Wastewater Discharge Standard (GB8978-1996), enabling an average daily reuse of
intake at the source. approximately 5 tons of reclaimed water—significantly enhancing water recycling rates. At
the Shaoyang factory, cooling water operates on a closed-loop recirculation system, with no
discharge to the external environment except for natural evaporation.
Water use intensity decreased
The Company will continue to advance refined water resource management and explore more efficient and sustainable models of water utilization,
fulfilling its corporate responsibility in protecting water resources and the ecological environment. This year, the Company encountered no
difficulties in securing water sources.
Industrial wastewater discharge
Industrial wastewater discharge intensity
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Waste gas management
Jinpan Smart Technology strictly adheres to the Integrated Emission Standard of Air Pollutants and all
applicable national and local environmental regulations, implementing systematic and standardized
management of waste gas emission production operations.
To continuously minimize environmental impact, ensure compliance with emission standards, and achieve
waste gas emission targets, all production bases of the Company are equipped with comprehensive waste
gas collection systems and end-of-pipe treatment facilities as required by environmental impact assessments.
These systems ensure that waste gases are effectively collected and treated through environmental
protection equipment before reaching standard emission levels. Simultaneously, each factory actively
implements process optimization and equipment upgrades to reduce waste gas generation at the source.
Adoption of grinding-free casting process — preventing dust generation at the
Case source and reducing material waste
To promote environmentally friendly manufacturing, Jinpan Smart Technology has introduced a
Z
"grinding-free process" in the coil casting process. By placing a specialized composite film between
the coil surface and the mold joint, resin flash is effectively isolated during casting. After curing, the
film is simply peeled off, eliminating the need for post-processing grinding.
Nitrogen oxide (NOX) emissions Sulfur dioxide (SO2) emissions Volatile organic compounds (VOCs) emissions Particulate emissions
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Packaging materials and waste
Under the guidance of circular economy principles, Jinpan Smart Technology is committed to advancing the green transformation of packaging materials and implementing systematic waste governance. The Company
integrates ecological design, waste minimization, and harmlessness into every stage of production and operations, actively building a resource recycling system that spans the entire product lifecycle. To reduce
environmental impact from the source, the Company continuously promotes cleaner production and process improvements. This includes the widespread adoption of low-volatility raw materials, optimization of coating
processes to minimize emissions, and the introduction of solvent recovery equipment.
Waste disposal Packaging greening and circularity
Jinpan Smart Technology complies with the Law of the People's Republic of China on the Prevention To achieve waste reduction target and build a green enterprise, Jinpan Smart Technology has signed
and Control of Environmental Pollution and the Guidelines of the People's Republic of China on the the Commitment Letter for the Green Packaging Action Plan and the Joint Implementation
Establishment of Management Ledgers for Industrial Solid Wastes (Trial), in alignment with national Commitment for Green Packaging. The Company has established and refined a series of institutional
and local regulatory updates. Integrated with the ISO 14001 Environmental Management System, the frameworks, including the Product Packaging Procurement Policy, Product Packaging Management
Company has established a comprehensive waste lifecycle management framework. Clear System, and Packaging Recycling and Reuse Management Measures, to standardize green packaging
responsibilities are defined across organizational levels, driving systematic reduction, resource procurement and promote closed-loop recycling operations.
recovery, and safe disposal of waste to minimize environmental impacts from production and
operations.
Jinpan Smart Technology has formulated and implemented the Green
After systematic General Packaging, Warehousing, and Transportation (Implementation Plan),
Domestic
categorization and industrial solid systematically advancing the lightweighting, circularity, and low-carbon
waste All wastes are
collection, the collected waste transformation of packaging materials.
uniformly handled by
waste is transferred to
professional sanitation
qualified third-party
departments to ensure Within internal logistics, the Company has actively promoted
partners for resource Hazardous
proper processing. reusable metal packaging and transfer racks, replacing single-use
recovery or compliant waste
wooden and paper-based materials. This shift has significantly
disposal
reduced annual packaging waste generation.
Jinpan Smart Technology conducts full lifecycle assessments of packaging
systems, optimizing structural design. In 2025, through structural
It is temporarily stored in a dedicated storage area with anti-seepage, leak-proof and rainproof
lightweighting improvements to transformer bases, the Company achieved
measures as well as warning signs. A licensed entity is entrusted with its safe disposal, with the
reduced material consumption while fully maintaining transportation safety.
implementation of transfer manifest and account management in accordance with the law, and
regular filings are submitted to the regulatory authorities.
In addition, the Company has strengthened source control in the storage of liquid materials and
chemicals through engineering measures, including the installation of leak containment sumps,
dedicated chemical storage cabinets, epoxy resin flooring, and spill collection systems. These
enhancements effectively prevent leakage and eliminate contamination risks. 50
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Promote waste reduction at
source systematically
Jinpan Smart Technology is systematically advancing
Jinpan Smart Technology's Haikou Digital Factory has implemented solvent recovery
mechanism for packaging recycling and reuse, 案例 technology to achieve source reduction of hazardous waste and resource recycling.
collaborate with suppliers to achieve targeted recovery
and reuse of packaging materials, and proactively In order to practice green production, Jinpan Smart Technology's Haikou Digital Factory has introduced
respond to and implement specific packaging recovery advanced solvent recovery equipment in the core spraying process to efficiently recover and treat waste
requirements from customers. diluent from cleaning spray guns. This equipment can recycle 95% or more of waste organic solvents,
achieving resource recycling and reuse.
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To support continuous optimization, the Company
leverages its self-developed digital systems—including Following project implementation, the workshop has significantly reduced its annual thinner consumption—
MES and the energy management platform—to achieve approximately 2,500 liters per year—effectively minimizing hazardous waste generation and emissions at the
full data traceability and visualized management of source. This proactive approach not only alleviates environmental burden but also reduces raw material
waste generation, transfer, and disposal. This year, procurement costs and hazardous waste disposal expenses.
Jinpan Smart Technology has met Haikou City's “Zero-
Waste Factory” construction assessment requirements
and obtained the “Zero-Waste City Cell” certification.
Total non-hazardous waste Kitchen waste Total hazardous waste The total amount of operational waste
transferred from landfills accounts for
tons tons tons
Non-hazardous waste intensity Quantity of waste cardboard Total amount of hazardous waste
ton/RMB 10,000 of Revenue kg/RMB 10,000 of Revenue
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Empowering a green Green design: Source prevention and material circulation
ecosystem
Jinpan Smart Technology integrates ecological design principles at the earliest stage of product development, prioritizing the use of
renewable and recyclable materials—such as bio-based plastics and recycled metals—while strictly controlling hazardous
substances in compliance with international standards like RoHS. Through modular design and ease-of-disassembly structures, the
Jinpan Smart Technology is committed to building green Company enhances product repairability, upgradability, and end-of-life material recovery efficiency. In parallel, the Company
products through eco-friendly materials and design, optimizing actively advances packaging lightweighting and structural optimization, reducing raw material usage without compromising
production processes to reduce energy consumption and waste, transportation safety.
and implementing intelligent operation & maintenance and
recycling systems. The Company conducts comprehensive Cleaner production: Resource conservation and process recycling
lifecycle assessments to minimize environmental impact. Beyond Jinpan Smart Technology has fully implemented energy-efficient equipment and green manufacturing processes across production
manufacturing, the Company actively promotes natural operations, significantly reducing energy consumption and greenhouse gas emissions. Simultaneously, we enforce strict waste
ecosystem protection, practices green office initiatives, and management practices to ensure that all waste is properly disposed of and recycled and utilized, minimizing the burden on the
drives green transformation across the industrial chain, environment. In terms of supply chain management, we collaborate with suppliers who exhibit a strong environmental awareness
reinforcing our responsibility in building a sustainable future. to ensure that our raw material sources meet sustainability standards.
Intelligent operations: Extending equipment lifespan and enhancing energy efficiency
Green products and circular Jinpan Smart Technology leverages IoT and intelligent management systems to enable real-time monitoring and predictive
economy maintenance of critical equipment such as energy storage systems. This proactive approach extends equipment service life,
improves operational efficiency, and reduces resource waste caused by unexpected failures or performance degradation.
Jinpan Smart Technology prioritizes the design and R&D of
Recycling: Closed-loop system and value regeneration
green products, integrating circular economy principles into the
entire product lifecycle. The Company is committed to We closely collaborate with professional recycling agencies to devise comprehensive recycling plans and implements integrated
maximizing resource efficiency and minimizing environmental recovery solutions across products, packaging, and production waste. We adopt tailored recycling methods for different material
impact through systematic optimization in design, production, types, minimizing the accumulation of harmless waste and mitigating the environmental impact of hazardous waste, thereby
and end-of-life recovery. A clear resource recycling target has lowering production costs and resource consumption.
been established and embedded across R&D, manufacturing,
operations, and service delivery. Product and packaging recycling Internal circulation practices Resource recovery of
production by-products
The Company conducts a full
Jinpan Smart Technology collaborates Jinpan Smart Technology promotes Through process optimization and
lifecycle environmental
with professional recycling agencies the use of reusable metal packaging technology adoption (e.g., the solvent
impact assessment for dry-
to develop differentiated recycling in intra-group logistics, replacing recovery system at Haikou factory),
type transformers, analyzing
solutions, and implements targeted disposable wooden and paper-based Jinpan Smart Technology enables
environmental impacts at
recovery and re-circulation of materials, significantly reducing circular utilization of by-products
each stage and using it as a
packaging materials such as packaging waste and associated such as waste solvents and off-cuts,
reference for environmentally
transport pallets according to specific carbon emissions. reducing hazardous waste
friendly and green design
customer requirements. generation.
throughout the product's
lifecycle.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Case Promoting reusable metal packaging for green logistics
The percentage of waste
electrical and electronic
To reduce packaging waste and lower carbon footprint in logistics, Jinpan Smart Technology has systematically promoted the use of
equipment (WEEE) collected by
reusable metal packaging for internal cargo transportation among its major production bases in Haikou, Wuhan, and Guilin. Designed
the Company in the current year
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with robust structure and high durability, this reusable packaging effectively replaces traditional single-use wooden and paper-based
relative to the total amount of
materials.
electrical and electronic
equipment (EEE) placed on the
market is 0.0545%.
% This initiative has not only significantly reduced the generation of packaging waste, but also lowered carbon emissions associated with
the production and disposal of packaging materials.
Green office initiatives Biodiversity conservation
Jinpan Smart Technology integrates green office principles into its Jinpan Smart Technology systematically assesses and manages the potential negative impacts of its business activities on the
daily operations and corporate culture, actively promoting and ecological environment in accordance with the laws, regulations, standards, and technical requirements of its operational
practicing low-carbon, environmentally friendly work and lifestyles. locations. The Company continuously improves and optimizes environmental protection measures to safeguard local ecosystems.
We encourage all employees to participate in sustainability efforts,
Throughout the project development, construction, and operation phases, Jinpan Smart Technology maintains ongoing attention
starting with small daily actions such as green commuting,
to ecological impacts, strictly adheres to national and local ecological redline controls, and prevents harm to biodiversity and
paperless office practices, and resource conservation, collectively
ecosystems. The Company respects and values biodiversity in areas surrounding its operations, minimizing disruption to the
building a sustainable work environment.
natural environment through scientific site planning and rational greening practices. This year, the Company conducted due
To systematically advance carbon reduction in office operations, the diligence on ongoing construction projects and commissioned third-party environmental assessments. The Data Center Power
Company continuously improves its greenhouse gas accounting Module and High-Efficiency Energy-Saving Power Equipment Intelligent Manufacturing Project (Tongxiang) underwent an
system, gradually expanding the scope of Scope 3 emissions environmental impact assessment by a professional external firm, strictly adhering to the “Three Simultaneities System”
calculations to enhance the completeness and transparency of environmental protection requirements. Pollutant substitution and reduction measures were implemented to ensure
carbon management. Additionally, we implement a group-wide environmental compliance during construction and prevent ecological impacts. Prior to construction, the Company's Shaoyang
paper conservation and recycling program, encouraging employees green industrial park conducted detailed assessments of potential impacts on vegetation, wildlife, soil erosion, and landscape
to adopt double-sided printing and reuse single-sided paper, thereby during both construction and operational phases. The layout was optimized to avoid ecologically sensitive areas, and construction
reducing paper consumption. practices were standardized to reduce vegetation compaction and disturbance. In terms of ecological compensation, a
professional team designed the greening plan, achieving a green space ratio exceeding 20%. Comprehensive baseline surveys of
In terms of process digitization, the Company has established a
the local ecological conditions were also carried out.
unified electronic seal management platform, fully promoting online
contract and document signing. This not only improves operational This year, the Company has not conducted any production or operational activities within ecological protection redline zones, nor
efficiency and compliance management but also significantly has it caused direct or significant impacts on key ecological function areas—whether terrestrial or marine—protected areas, or
reduces the use of paper documents, achieving dual goals of other ecologically sensitive and vulnerable regions. Moving forward, we remain committed to the principle of "ecological priority,
resource conservation and process optimization. In 2025, the overall green development." The Company will continue to monitor policy updates and ecological changes, enhance environmental
usage rate of electronic seals reached nearly 50%. management capabilities, and actively fulfill its corporate responsibility for ecological conservation. By doing so, we aim to
contribute to the harmonious coexistence of humanity and nature.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ocial
Co-Creating Value
through Innovation for a
Shared Future
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
We are grounded in professional expertise, committed to delivering high-quality
products and services to our customers. Our performance
Talent is the core driver of our Company’s growth, we deeply value the development
of every employee and strive to foster a diverse, equitable, and inclusive Total amount of R&D investment
workplace where individuals are empowered and collaborate to continuously create
value. RMB 357 million
Simultaneously, we actively fulfill our social responsibilities by supporting rural
revitalization and promoting social inclusion, partnering with stakeholders to
build a sustainable future together. Total employee training duration:
Customer satisfaction
Number of suppliers
Our Actions
Jinpan Smart Technology drives sustainable development through innovation, delivering lasting value
to customers with exceptional product quality. We advance hand in hand with partners to propel
Number of employees
industry progress and upgrading, grow alongside our employees, and empower every individual to
achieve extraordinary potential. Simultaneously, we actively engage in rural development, uniting with
stakeholders to foster an inclusive and sustainable future together. 2,286 employees
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Achieving Excellence Together
with Our Stakeholders
Jinpan Smart Technology firmly believes that the value of a corporation lies not only in
commercial success, but also in its commitment to giving back to society. We see
ourselves as an integral part of societal progress, dedicated to building a win-win
ecosystem that transcends mere business transactions—forging deep emotional
connections and a shared value community with employees, customers, communities,
and all stakeholders. Through sustained philanthropy, employee care, and community
co-construction, we strive to transform compassion into action and embed
responsibility into our growth. On the path toward excellence, we walk hand in hand
with partners, jointly writing a more humane and accountable chapter of business—
one that not only elevates our own achievements, but also contributes to the creation
of a better, more inclusive society.
R&D and innovation
We are committed to driving development through innovation, delivering high-quality
products and services to our customers, and creating richer value. We collaborate
closely with customers, actively respond to diverse needs, continuously enhance
service experiences, and achieve mutual growth.
Governance
We continue to adhere to the guiding principles of the R&D Project Management System and the Major Technical Development Project Incentive System, while further optimizing project categorization and incentive
criteria to align innovation with strategic development directions. This initiative aims to sustainably drive technological breakthroughs, motivate specialized talent to deepen their expertise in core technology R&D, and
actively tackle industry-wide key technical challenges.
Jinpan Smart Technology firmly regards innovation as the fundamental source of sustainable development and value creation, having established a multi-level R&D architecture aligned with the Company’s strategic
objectives to conduct forward-looking research. Simultaneously, each product line division closely revolves around market demands, continuously iterating and innovating to deliver solutions tailored to key application
scenarios—including energy and power systems, energy storage applications, and digital manufacturing models.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Strategy
We consistently adhere to the interweaving and resonance of
incremental innovation and leapfrog innovation, with intelligent
manufacturing as the core driver. By continuously investing in R&D,
exploring cutting-edge technologies, and strengthening our
systems, we steadily enhance our core competitiveness. In our
innovation decisions and practices, we remain committed to
following scientific ethics and upholding the spirit of science,
ensuring that technology development and business expansion
always serve the long-term goals of sustainable development, fully
realizing the positive value of R&D and innovation.
In 2025, we are steadily advancing our strategic transformation
from digitalization to AI integration. By achieving full coverage of AI
products across the industry chain, integrating AI technology with
digital manufacturing platforms to fully realize the transformation of
intelligent manufacturing, and breaking through with high-
performance new materials to build core barriers upstream, we
have made forward-looking strategic initiatives in achieving global
market coverage, shaping a new ecosystem for intelligent
manufacturing.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Impact, risks and opportunities
We recognize the opportunities, impacts, and potential risks brought by R&D innovation.
In innovation management, we strictly adhere to the Innovation (Management) Regulations for project evaluation and incentive programs. By refining evaluation dimensions and scoring criteria, we ensure that all projects
are systematically and fairly assessed across three critical dimensions—economic benefits, technological foresight, and practical application value—thereby safeguarding the efficient allocation of innovation resources and
alignment with strategic priorities.
As of now, the Company has not experienced any violations of scientific ethics during the reporting period, nor has it been subject to investigation or penalties by competent authorities; accordingly, there are no internal
investigations, accountability actions, or special rectification measures requiring disclosure. The Company will continue to strengthen scientific ethics education and refine review processes to ensure that all R&D and
innovation activities fully comply with laws, regulations, and ethical standards.
In term of talent acquisition and development, Jinpan Smart Technology actively recruits and cultivates high-caliber R&D talent through deep collaborations with universities and research institutions, and actively
participates in the application for key technological projects and major research initiatives. The Company has placed "talent-driven development" at the core of its strategic framework, implementing precise and efficient
talent allocation around cutting-edge product lines such as Solid-State Transformers (SST) and data center power modules, thereby laying a solid foundation for sustainable growth.
Robotics Division Talent Acquisition and Dry-Type Transformer Department
Case Construction of the Power Module R&D Team Case Development Case Simulation R&D Team Cultivation
The Company focuses on the research and development of Jinpan Robot (Wuhan) Co., Ltd., a subsidiary of Jinpan In 2025, Jinpan Smart Technology’s Dry-Type
cutting-edge technology products such as solid-state Smart Technology, has established a sustainable R&D Transformer Department established a simulation R&D
transformers (SST) and HVDC, continuously driving technological innovation system through a "Talent, Platform, team, collaborating with key universities for training and
upgrading and industrial transformation in energy power Ecosystem" tripartite strategy. In 2025, the Company capacity building to integrate multidimensional
equipment. We adhere to a dual-track R&D talent strategy of implements a dual-driver approach of "internal simulation capabilities—including fluid thermal
"internal cultivation + external recruitment," systematically
building a sustainable innovation system. Internally, we
cultivation + external recruitment," launching targeted
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campus hiring initiatives in partnership with key
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simulation, electromagnetic simulation, mechanical
vibration simulation, and transformer noise simulation.
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strengthen the development of core talent echelons; externally,
we have launched special recruitment programs with prestigious
domestic universities such as Huazhong University of
Science and Technology and Wuhan University to
We employ a comprehensive incentive system
combining compensation, project bonuses, and equity
universities including Harbin Institute of Technology, Huazhong actively attract cross-disciplinary talent in machine incentives, thereby deeply aligning individual interests
University of Science and Technology, Wuhan University, and vision and AI algorithms, thereby strengthening its with the Company’s long-term development.
Jilin University, widely attracting high-potential professionals in technological innovation momentum.
fields such as power electronics and control algorithms. A
comprehensive incentive system combining "salary security +
project bonuses + equity incentives" has been established to
solidify the foundation of our talent pipeline.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Indicators and targets Jinpan Smart Technology’s key R&D project in 2025
The Company, through sustained investment and innovative practices in frontier
technology fields, has been awarded multiple prestigious industry honors during the
reporting period, fully reflecting the high recognition of its R&D capabilities and Solid-state Transformer for Data Center
technological achievements by the industry. Applications
This product is designed for HVDC 800V power supply
architectures, offering advantages in high-efficiency energy
conversion, rapid response, and high integration, marking a
significant achievement for the Company in the field of next-
generation data center power supply technology.
((Q)yb-72.5/1.14-5500） Environmental Class E4
The substation significantly reduces on-site construction The project is applied to offshore wind turbine units. It
time, enabling rapid commissioning and accelerated revenue employs an air-water cooling system for dry-type The transformer of this rating is designed for deployment
generation. Integrated with intelligent monitoring systems transformers to isolate them from the marine in arid and harsh desert environments, further enhancing
and high-reliability components, it operates robustly in environment, thereby enabling reliable operation of dry- insulation performance and operational stability under
complex environmental conditions, ensuring efficient and type transformers under conditions of high corrosion and extreme conditions of low temperature, high-salt-fog, and
dependable performance throughout its entire lifecycle. high humidity. high humidity.
Liquid-immersed Transformer Intelligent Welding Robot 25MW/35kv HV Direct-connected Energy Storage System
The first 110kV/80MVA customized liquid-immersed power Successfully developed multiple intelligent industrial Successfully passed the Hardware-in-the-Loop (HIL)
transformer has been successfully exported to the European robots and a new generation of vision-based intelligent testing certification by the China Electric Power Research
market and energized in a key project in Germany. welding systems. The intelligent welding robot product Institute, signifying that the core technologies of the
was awarded the "Weike Cup · OFweek 2025 China Company’s grid-forming high-voltage direct-connected
The liquid-immersed power transformers, with a maximum
Industrial Automation and Digitalization Industry Excellent energy storage system have been validated, laying a solid
delivered voltage rating of 345 kV and maximum capacity of
Product Award" at the WAIE 2025 (6th) China Intelligent technical foundation for the industrialization and
Manufacturing Digital Transformation Conference, fully commercial deployment of this technology.
global green energy infrastructure development.
reflecting the industry's high recognition of the
Company's technological innovation and market value.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Case Weike Cup Excellence Award Case Hainan Provincial Enterprise Innovation Award
The intelligent welding robot product of Jinpan Robot (Wuhan) Jinpan Smart Technology was awarded the newly established "Hainan Provincial
Co., Ltd. was awarded the "Excellent Product Award" at the WAIE Enterprise Innovation Award (Enterprise Technology Innovation Category)" at the
Conference & Weike Cup Awards Ceremony, hosted by OFweek, capabilities in technological innovation and achievement transformation. Based on
after being comprehensively evaluated by the conference review a systematic innovation ecosystem, the Company has built multi-level R&D
panel across multiple dimensions including technological platforms and refined incentive and management mechanisms to continuously
innovation, market application value, and industry influence.
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drive digital, intelligent, green, and low-carbon transformation. Multiple products
have been listed in the provincial "First-of-a-Kind Equipment" catalog and the
The product integrates AI algorithms with advanced welding
Company has received major honors including the National Manufacturing Single
processes, featuring intelligent perception and self-adaptation,
Champion and National Enterprise Technology Center. As a global power equipment
high-precision operation, and flexible compatibility. It is designed
supplier, Jinpan Smart Technology leverages technological innovation to upgrade
to address widespread industry challenges in welding quality
the industrial chain, practices ESG principles, and provides strong support for the
consistency, adaptability to complex working conditions, and
development of the Hainan Free Trade Port and the realization of China's "Dual
skilled workforce development.
Carbon" goals.
Currently, the product is widely deployed in structural steel
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welding applications across construction, shipbuilding, bridge
engineering, and heavy machinery sectors. It continues to deliver
smarter, more efficient, and reliable welding solutions, Case Second Prize in the Hainan "Data Elements ×" Competition
demonstrating significant value in advancing the intelligent
transformation of manufacturing. Jinpan Smart Technology won the second prize in the 2025 Hainan "Data Elements
×" Competition for its Industry Chain Collaborative Development Platform Based on
Data Elements. The project leverages a proprietary data mid-platform, industrial
algorithm models, and an industry chain collaboration mechanism to build a full-
chain data circulation system covering design, production, supply chain, and energy
management, enabling efficient data utilization and value realization. It has been
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successfully implemented in multiple digital factories, significantly enhancing
operational efficiency. The Company continues to advance data assetization, with
its data assets listed for trading and achieving DCMM Level 3 certification, marking
a new stage in its data management capability. This achievement highlights Jinpan
Smart Technology’s role in empowering manufacturing through data, driving
industrial chain collaboration, and fostering the growth of new-quality productive
forces.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Intellectual property protection
We continuously improve our intellectual property management system, strictly
comply with laws and regulations such as the Patent Law of the People’s
Republic of China, the Trademark Law of the People’s Republic of China, and the
Innovation in 2025:
Copyright Law of the People’s Republic of China, as well as local regulatory
requirements. We promptly update and implement the Intellectual Property
Management System, standardizing the processes for application, approval, and
Total amount of R&D investment R&D team has management of intellectual property. Through real-time monitoring and control
RMB 357 million 400 persons
of intellectual property applications and associated costs, we dynamically track
application progress and data across all production bases, providing robust
support for the Company’s overall intellectual property strategy and planning.
Proportion of total revenue Accounting for
We have fully integrated an intellectual property risk early-warning and control
relevant departments perform their duties in accordance with the law and
collaborate effectively across all stages—including innovation and R&D, patent
applications, and copyright registration—to systematically prevent legal risks
associated with intellectual property.
R&D Progress and Achievements in 2025:
The Haikou Intellectual Property Protection
Center was officially inaugurated and
Accumulated number Invention
of patents obtained patents commenced operations on September 30, 2025.
Jinpan Smart Technology has been successfully
examination filing entities, becoming one of the
earliest beneficiaries of the Hainan Free Trade
Utility model Design Cumulative participation in Total of new Port’s intellectual property fast-track
patents patents standards preparation standards examination channel—a critical step toward
accelerating the confirmation of corporate
innovation outcomes and enhancing core
competitiveness.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Product quality and safety
Governance
We have established a systematic product quality and safety management system, clarifying responsibility and
accountability, standardizing processes, and committing to continuous improvement, ensuring end-to-end control and
reliability from R&D to delivery, thereby providing a solid foundation for product safety and customer trust.
We serve as the core functional department responsible for quality, safety, and compliance management across the
enterprise, fully leading internal audits of the three integrated management systems — Quality, Environmental, and
Occupational Health & Safety (OHS) — while coordinating and managing responses to third-party external audits to
ensure the sustained effectiveness and full compliance of these systems. The Quality Safety Management Department
organizes and oversees audit and verification activities for the Energy Management System at all production bases,
driving the implementation of energy-saving and consumption-reduction targets. In safety management, we facilitate the
hierarchical signing of Work Safety Responsibility Agreements across all bases and subordinate units, clearly defining
safety responsibilities at every organizational level and position, thereby establishing a comprehensive “horizontal to the
edge, vertical to the bottom” enterprise-wide safety accountability network. Additionally, the Quality Safety Management
Department routinely conducts EHS (Environmental, Health, and Safety) operational supervision and inspections at all
bases to ensure all management practices are legally compliant, uphold operational integrity, and systematically prevent
and mitigate operational risks.
Wuhan Jinpan Intelligent Technology Co., Ltd. 2025 Safety Conference and Signing Ceremony for
the Work Safety Responsibility Agreement
Strategy
The Company has continuously enhanced its product In term of key process optimization, both Incoming Inspection and In addition, we have established a systematized quality
quality control capabilities. The Quality DQM Digital Outgoing Inspection stages have been upgraded in priority. The management mechanism anchored on the platform, clearly
Management Platform has achieved systematic and incoming inspection process has been transformed into a fully defining quality accountability nodes across all process stages
digital upgrading of quality control by integrating end-to- systematized management workflow, spanning from human- and standardizing data reporting protocols. This enables a
end data from material inbound to product outbound, machine interaction to automated data output. In the outgoing closed-loop system spanning quality early-warning, root-
breaking down information silos, and establishing a inspection phase, a standardized inspection mechanism has been cause analysis, and corrective action tracking, laying a solid
visualized and traceable quality data system covering established, integrated with error-proofing management protocols, foundation for enhanced product consistency and market
the entire manufacturing process. effectively reducing errors and oversights. competitiveness.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Impact, risks and opportunities
We recognized the profound impact of product quality and safety on customer The Company and its subsidiaries have both obtained ISO9001 quality management system certification. In 2025, the Company
trust, corporate reputation, and sustainable development — along with the achieved a series of significant milestones in international product certification and quality system development, laying a solid
associated risks and inherent opportunities. In response, we continuously foundation for expanding into global markets.
optimize and enhance our Quality Management System (QMS), updating
The Company systematically implemented quality system compliance initiatives during the reporting period and organized
quality policies and procedures to comprehensively cover product design,
specialized training for mid-to-senior management personnel. The training focused on the practical implementation and value
manufacturing, and quality control, thereby further ensuring product quality
enhancement of the quality system, aiming to strengthen the management team’s understanding and execution of quality strategy,
and safety while strengthening the standardization and sustainability of our
while elevating the professional competence and value-creation capacity of the quality management workforce.
internal quality framework. In 2025, each of our manufacturing bases will
revise their respective Quality Manual, Environmental and Safety Manual, and
related procedural documents in alignment with base-specific operational
requirements, ensuring full compliance with system performance criteria and
driving a holistic improvement in the standardization of corporate operations.
The Company continuously monitors potential risks that may impact product
safety and consistency. In alignment with this commitment, we rigorously
enforce the requirements from procedures such as the Production and Service
Provision Control Procedures and Nonconforming Product Output Control
Procedures, fully implement verification and testing procedures for product
quality, and systematically initiate product recall protocols for confirmed
nonconforming products — ensuring end-to-end effective management of
quality risks.
Indicators and targets
In 2025, Jinpan Smart In 2025, there were no
Technology's one-time passing
rate of finished products incidents of product recalls
due to safety and health reasons
reached 98.81%. at the Company.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Marketing and Customer Service
The Company systematically optimized its after-sales
management system through comprehensive upgrades to policies Case Conduct training on AI-Generated Content (AIGC) Case Full-process customer service training program
and processes, significantly enhancing service response speed
and service quality. A series of institutional guidelines—including The Company has organized a series of systematic To enhance business processes and standardize
Customer Service Behavior Standards and Requirements, Sales training programs for its after-sales and related teams, operational practices, we have conducted comprehensive
Contract Signing and Management Regulations, First-Point covering technical frontiers, business processes, service end-to-end operational training across integrated systems
Responsibility System for Sales, and Customer Service Behavior standards, and intelligent tool applications, with the aim of including CRM, OA, and SAP, ensuring that after-sales
Code—were formally developed and implemented to standardize comprehensively enhancing professional competence and teams proficiently utilize digital tools to standardize and
service procedures and behavioral benchmarks, continuously service quality. In exploring technical frontiers, specialized streamline business processes. In parallel, targeted training
improving service quality and customer satisfaction. In 2025, training on AI-Generated Content (AIGC) was conducted, on service behavior standards has clearly defined service
Jinpan Smart Technology achieved a customer satisfaction rate of systematically introducing advancements in multimodal
technologies, industry-specific applications, potential risks,
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protocols and disciplinary requirements, advancing the
standardization and professionalization of service delivery.
and ethical guidelines to help teams understand emerging This year, a series of after-sales-related training sessions
The Company continues to expand the scale of its factory service
trends and practical implementation pathways. were delivered, reaching over 380 participants across
teams, implements specialized skill training and service capability
Concurrently, multiple hands-on training sessions were after-sales teams and related personnel, systematically
enhancement programs, and optimizes internal collaboration
held to demonstrate the application of AI tools in real- supporting team capability building and the continuous
processes by establishing clear factory collaboration rules and
world after-sales scenarios—including document optimization of the service system.
accountability mechanisms to ensure efficient integration of
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generation, fault diagnosis, data analysis, and resource
service resources, thereby providing customers with more
scheduling—empowering teams to leverage intelligent
professional and timely technical support and after-sales
tools for improved service efficiency and enhanced
assurance.
decision-making support. 380+
The Company continues to build an efficient integrated after-
sales management system, aiming to fully connect internal and
external data interfaces, eliminate information silos, and achieve
integrated sharing of cross-system and cross-departmental data.
The system enables field service personnel to real-time collect
and register equipment operating conditions, inspection data, and
maintenance records, with automatic upload and real-time
synchronization of data, unlocking its latent value to provide
reliable data support for full product lifecycle management.
Additionally, the system integrates AI-powered intelligent
analytics to assist management decision-making, further
enhancing the efficiency and precision of decisions, and Training on AI-Generated Content (AIGC)
empowering operational optimization and strategic planning.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Under the strategic guidance of comprehensively The Company has established the "Kass Cloud" online document management platform, achieving digital
advancing AI-driven transformation, the Company integration and collaborative sharing of after-sales guidance videos, management systems, and other
actively seizes opportunities in artificial resources. This initiative provides frontline teams with real-time, standardized knowledge support,
intelligence, deeply integrating AI technology with reinforcing service standardization and operational compliance. Together, these measures have propelled
digital platforms to systematically enhance the the service system’s continuous evolution toward intelligence and systematization, laying a solid
intelligence and standardization of customer foundation for the Company’s innovative development and enhanced competitiveness in the digital and
service and after-sales support systems. intelligent era.
The Company leverages the CRM platform to
embed digitalization into the customer service
lifecycle, achieving end-to-end, one-stop
management of project tracking, registration,
bidding and quotation, contract signing and
execution, and beyond—significantly enhancing
customer relationship management and
delivering more economical, convenient, and
thoughtful products and services. Simultaneously,
the Company has introduced AI tools powered by
prompt engineering to construct an intelligent
service architecture endowed with contextual
memory and knowledge base retrieval
capabilities, effectively accelerating service
response times and improving processing
accuracy.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Customer privacy and information security
We place high importance on information security and data protection, strictly complying with relevant laws and regulations including
the Cybersecurity Law of the People's Republic of China, the Data Security Law, and the Personal Information Protection Law. To
ensure clear accountability in compliance management, the Company has established institutional frameworks such as the Customer
Information Security and Confidentiality Management System and the Data Security Management Measures, clearly defining In 2025, the Company experienced no incidents
responsibility structures, core principles, and management procedures. Regular data security audits are conducted in accordance with related to customer privacy or information security,
the Data Security Audit Specifications, covering critical areas including access control, data transmission, backup and recovery, and and no violations of customer privacy or information
user permission management. Identified issues are promptly rectified and continuously monitored to ensure the effective operation of security occurred.
the data security mechanism.
To effectively safeguard customer privacy and information security, the Company has implemented a multi-layered technical protection
framework, including HTTPS encryption, Access Token authentication, and network firewalls, comprehensively strengthening the
security of data interfaces and transmission pathways.
The Company is advancing data integration and business collaboration across core enterprise systems—including ERP (Enterprise
Resource Planning), PLM (Product Lifecycle Management), MES (Manufacturing Execution System), SRM (Supplier Relationship
Management), and CRM (Customer Relationship Management)—to build a digital management system covering the entire product
lifecycle. This initiative not only enhances operational efficiency but also significantly strengthens the overall security and reliability of
data.
Access Token
Access Token verification
HTTPS encrypted transmission Network firewall
Multi-layered technical safeguards
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
We have established clear data cooperation agreements that meticulously define critical matters including the purpose of data use, We have established a publicly accessible information security incident
scope of sharing, security responsibilities, confidentiality clauses, and ownership of data. In addition, in accordance with the Data reporting mechanism for all stakeholders, enabling employees,
Security Management Measures, the Company regularly organizes data security training to enhance employees’ awareness and customers, partners, and other relevant parties to report suspected risks
competencies in data protection. Guided by the objective of “strengthening compliance awareness and solidifying professional or violations involving the Company’s data security, privacy protection, or
boundaries,” a series of specialized legal and regulatory training programs are conducted. Training content shall include, but not be information system integrity through designated channels—either under
limited to: data security regulations, the Company’s data security policies, secure operational procedures, and risk awareness. New their real names or anonymously. The Company commits to maintaining
employees must receive initial data security training through the Human Resources Department upon joining the company, and strict confidentiality of all reported content and will promptly initiate
employees undergoing position changes shall undergo targeted training aligned with the requirements of their new roles. internal investigation procedures to verify and address each submission,
ensuring that every feedback is treated with seriousness and impartiality.
The Company has established and continuously improved an internal
information security risk assessment and improvement tracking
mechanism, conducting regular, comprehensive, and systematic risk
assessments to identify potential threats and vulnerable points, and
integrating assessment outcomes with corrective actions into dedicated
management processes. Clear remediation targets and timelines are set
Establish clear data Regularly organize Establish an Build and continuously
to dynamically track and validate the closure of all identified risks,
cooperation data security training information security improve the
ensuring the ongoing optimization of the information security protection
agreements. and specialized legal incident reporting information security
framework.
and regulatory mechanism accessible risk assessment and
training programs. to all stakeholders. improvement tracking
mechanism.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Shared Vision, Shared Employee recruitment and employment
Success
The Company strictly complies with national laws and regulations including the Labor
Contract Law of the People's Republic of China, the Labor Law of the People's Republic of Proportion of operating
China, the Work-related Injury Insurance Regulations, the Prohibition of Child Labor bases with ISO45001
The Company continuously optimizes its talent acquisition and Regulations, and the Law of the People's Republic of China on the Protection of Minors. It certification in 2025
development mechanisms, committed to fostering a safe, inclusive, fully implements local laws and international standards across all its operational regions,
equitable, and dynamic work environment that supports the professional
growth of every employee. We place high importance on building a
genuinely respects and safeguards employees' legitimate rights and interests, and
ensures that the entire process of recruitment, employment, and daily management is
diverse talent team, leveraging systematic cultivation frameworks and compliant, fair, and transparent.
effective incentive measures to continuously empower employee
development and precisely align with corporate strategy and business We uphold the principle of equal employment, strictly enforce internal regulations such as the Recruitment Management System and
needs. Employee Handbook, and firmly eliminate any discriminatory language, biased behavior, or unfair decisions throughout the entire
recruitment process. The Company has formulated and improved the Human Rights Policy, establishing core principles for labor practices
and human rights management to ensure full compliance with domestic and international standards across all global operations. We
make a solemn commitment to protecting employees' labor rights and human rights, and strive to create a fair, safe, and dignified work
environment that respects individual integrity. We strictly prohibit the employment of child labor, utilizing an employee records
management system and rigorous recruitment review procedures to prevent any occurrence of child labor. We continuously refine the
Provisions on Remedial and Preventive Measures for Child Labor Recruitment and Management of Minor Workers, clearly stipulating that
any discovered case of child labor will be immediately addressed with proactive and effective remedial actions to safeguard children's
rights. Simultaneously, we have established a robust internal oversight mechanism, conducting regular self-inspections and corrections of
recruitment processes and employment practices to resolutely oppose unlawful behaviors such as employment discrimination, forced
labor, child labor, and workplace harassment.
Cases of child labor or forced labor in Signing rate for labor contracts by the
the Company in 2025 Company in 2025
We are committed to attracting outstanding talent through diversified recruitment channels and providing candidates with a high-quality
career development platform by leveraging a rigorous and scientific interview process, achieving precise alignment between individuals
and positions. The Company has established a multi-dimensional recruitment system encompassing its official website, WeChat official
account, online job platforms, and campus recruitment, continuously expanding pathways for talent acquisition. Simultaneously, the
Company implements a dual-driven mechanism of “internal cultivation and external recruitment,” launching targeted recruitment
initiatives at key domestic universities such as Huazhong University of Science and Technology and Wuhan University, with a focus on
attracting cross-disciplinary talents in machine vision ,AI applications and AI algorithms to continuously optimize its talent structure.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Diversity, equity and inclusion Employee employment Employee turnover
We are committed to building a diverse, equitable, and
inclusive workplace, providing fair opportunities for Total number of employees 2,286 Number of employees by gender (persons)
development and advancement to employees from different
nationalities, ethnicities, ages, genders, beliefs, and cultural Number of employees by gender Number of employees by age Male 10.20%
(persons) (persons)
backgrounds. The Company actively recruits talent across 3.14%
Female
all educational levels and professional backgrounds, with
particular attention to the career growth of employees from 182
vulnerable groups, continuously fostering an open, inclusive,
and difference-respecting organizational culture.
Age 30 and under 5.80%
Meanwhile, the Company has established a robust
complaint mechanism for discrimination and harassment, Age 31-40 4.89%
clearly defining reporting channels and handling procedures
to ensure timely and impartial resolution of related issues Age 41-50 1.67%
and the protection of employees’ legitimate rights and 1,755
Age 50 and above 0.98%
interests. As of December 31, 2025, Jinpan Smart Female Male Age 30 and under Age 31-50
Technology employed a total of 2,286 full-time staff,
including 22 employees with disabilities and 32 veterans. Age 50 and above Number of employees by region (persons)
The proportion of employees from minority or vulnerable
Number of employees by type of Number of employees by region Southern China 3.90%
groups accounted for 0.83%, while employees with
employees (persons) (persons)
disabilities accounted for 0.96%. In 2025, the Company
recorded no incidents of discrimination or harassment. 12 68 1 156
We place high importance on the career development of Northern China 0.38%
female employees, fully implementing gender equality
principles across all stages—including recruitment,
promotion, and training—to ensure females enjoy equal 315 880
Northwestern China 0.30%
opportunities and rights as males. We actively encourage
female employees to set ambitious career goals and achieve 49
Southwestern China 0.42%
excellence in their professional fields. The proportion of 655
female employees in the Company remains stable, 2,168 Northeastern China 0.38%
accounting for 23% in 2025. Females also hold significant Southern Central Northern Eastern
positions in senior management, representing 50% of the Senior Middle China China China China Hong Kong, Macao, 0.00%
management management and Taiwan
senior leadership team in 2025. The proportion of females Northwestern China Southwestern China
on the board of directors is 16.7%, with 6 board members in General General
management employees Northeastern China Hong Kong, Macao, Overseas 1.29%
total and 1 female director. and Taiwan
Overseas
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Remuneration and benefits
We have established a structured and clearly oriented compensation and reward system, dedicated
to providing employees with market-competitive remuneration. The Company systematically
articulates its compensation and benefits policies and components through the Employee Handbook,
enhancing transparency in compensation management and strengthening employee recognition.
Salary system
We are committed to providing employees with market-competitive compensation, having
established the Compensation and Performance Management Measures for Directors, Supervisors,
and Senior Executives of Hainan Jinpan Smart Technology Co., Ltd. to ensure fairness and efficiency
in the Company’s compensation system, while establishing a more scientific and systematic
framework for managing senior executive remuneration. We continuously optimize our talent
incentive mechanisms, enhancing the precision and strategic orientation of incentives to closely align
R&D objectives with the Company’s strategic direction. Based on employee performance evaluations,
the Company accurately identifies high-potential and high-value talent, and implements targeted
incentive measures to fully unlock human potential and support sustainable organizational growth.
In 2025, the Company systematically integrated ESG principles into its overall performance and
incentive mechanisms, deeply embedding ESG criteria into two core evaluation dimensions—Success
Critical Events and Major Adverse Events—and aligning them throughout the entire lifecycle of
strategic planning, operational management, and risk control. Through a clearly defined system of
performance bonuses and deductions, ESG performance directly influences evaluation outcomes and
is substantively linked to both short-term compensation incentives and long-term incentive plans,
transforming ESG from a conceptual framework into actionable practice. ESG factors have further
been incorporated into the assessment criteria of employee stock ownership and restricted stock
incentive programs. Under Success Critical Events, ESG-aligned practices such as strategic
breakthroughs, improvements in resource efficiency, and risk mitigation are recognized as
positive contributors to performance scores. Conversely, under Major Adverse Events,
ESG-related incidents—including workplace safety violations, environmental pollution,
and compliance breaches—are subject to corresponding performance deductions; in
severe cases, such incidents may disqualify individuals from incentive eligibility.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Employee communication
The Company places high importance on open communication within the organization, having
established a diversified communication system including suggestion boxes, regular Case Jinpan Smart Technology held 2025 “Children’s Day” Family Open Day
symposiums, and employee satisfaction surveys. Information regarding these channels is
clearly documented in the Employee Handbook, ensuring that every employee’s voice is
In June 2025, during the Children’s Day celebrations, Jinpan Smart Technology hosted the third
promptly heard and responded to. The Company takes every employee complaint and
edition of its Digital Factory Science Outreach Event, inviting employees’ children to take on-base
suggestion seriously, adhering to objective investigation and impartial handling while strictly
visits to the Company’s digital manufacturing facilities. The activity aimed to promote scientific
protecting the confidentiality of whistleblowers and firmly prohibiting any form of retaliation.
literacy among young visitors by immersing them in intelligent manufacturing environments,
To further refine the labor relations coordination mechanism, the Company has established a
thereby enhancing their understanding of digitalization, automation, and green manufacturing
standardized labor dispute mediation process and set up an Employee Labor Mediation Room,
practices.
committing to complete review of all mediation applications within five working days. This
initiative aims to provide employees with a fair, transparent, and efficient internal platform for
resolving disputes, continuously fostering a harmonious and stable employment environment.
In 2025, the employee satisfaction rate reached 81.96%.
Welfare Care Z
The Company strictly complies with national laws and regulations, duly contributing to
employees’ social insurance as required, and additionally provides accidental injury insurance
to continuously strengthen the employee protection system. In 2025, the Company invested
RMB 1.72 million in work-related injury insurance. We have established a comprehensive
welfare and subsidy system encompassing allowances for high-temperature conditions,
nutrition, transportation, meals, and paid leave, dedicated to enhancing overall employee
benefits and quality of life.
Jinpan Smart Technology demonstrates continuous commitment to employee growth and
wellbeing, organizing a diverse array of cultural and team-building activities in 2025,
encompassing parental care, ideological education, and physical fitness.
In 2025, the Company invested RMB 1.72 million in work-related injury insurance.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Employee Benefits Activities Showcase
Film Viewing Activities for
Patriotic Education Month
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Occupational health and safety
The Company has established a Safety and Environmental Protection Cloud Platform to strengthen the preventive and systematic
management of work safety and environmental protection, enabling end-to-end online monitoring and closed-loop management from
occupational health record management to hazardous waste disposal, effectively reducing operational risks and enhancing emergency
The Company strictly complies with laws and regulations such as the response capabilities and environmental compliance. The Company engages qualified third-party testing institutions to regularly
Law of the People's Republic of China on Work Safety, the Regulations on conduct occupational hazard factor detection and status evaluations at all production bases, and incorporates identified hazardous
the Management of Personal Protective Equipment, and the Work- positions into specialized management systems, with clear occupational hazard notification signs posted on-base. Employees in these
Related Injury Insurance Regulations, and has established a systematic positions are provided with personal protective equipment including earplugs, dust masks, toxic gas masks, and protective gloves, and
work safety management system based on the Code of Safety and are systematically subjected to pre-employment, in-service, and post-employment occupational health examinations. For employees
Civilized Production. with occupational contraindications, the Company promptly reassigns their positions to prevent continued exposure to occupational
hazards, and maintains comprehensive occupational health records for all employees, ensuring their physical and mental well-being and
Jinpan Smart Technology has successfully obtained ISO 45001
occupational safety.
Occupational Health and Safety Management System certification at its
major production bases in Haikou, Guilin, Shanghai, and Wuhan. In 2025, The Company places high priority on the health and safety of contractor employees, having established a dedicated Contractor Safety
the Company achieved zero fatalities, zero recorded work-related Management System to systematically strengthen oversight and guidance on risk identification, assessment, and control throughout
accidents, and zero lost work hours due to work-related injuries or health contractor operations and on-site activities. The Company provides essential safety consulting and technical support to ensure
issues, fully realizing its annual occupational health and safety contractors fully comply with its safety standards, jointly fostering a safe and healthy work environment. During the contractor
objectives. admission process, the Company enforces a rigorous evaluation and approval mechanism, and signs dedicated safety agreements with
all approved contractors, clearly defining their scope of work, operational methods, safety requirements, and corresponding
The Company organized a total of over 7,888 hours of safety education
responsibilities to ensure strict adherence to the Company’s occupational health and safety regulations and applicable laws. In 2025,
and training throughout the year, conducted 26 various safety drills, and
the coverage rate of safety agreement signing reached 100%.
delivered 72 training sessions on quality, safety, and internal control,
continuously enhancing the safety awareness and emergency response
capabilities of all employees. In 2025, 100% of operational bases had
completed employee health and safety risk assessments. Proportion of
operational sites
Cumulative safety Total safety drills Cumulative safety and assessed for Coverage rate of
training hours in 2025 conducted in 2025: quality control training occupational health and signing safety
exceeded sessions in 2025 safety risks in 2025: agreement with
exceeded suppliers
hours times times
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
The Company has deeply embedded occupational health and safety into its digital factory and smart The Company is also committed to advancing work safety culture, systematically conducting diverse
manufacturing transformation, leveraging AI technologies to enable proactive and precise risk safety training sessions and emergency drills across all its sites.
prevention. In collaboration with specialized technical teams, the Company designed and deployed an
Special Training on "Safety First Class for Resumption of Work" is uniformly organized across all
AI-powered fire detection system at the Guilin Juntaifu Dry-Type Transformer Digital Factory to
production bases on the first working day after the Spring Festival holiday. All employees participate in
address potential ignition risks in pouring and curing furnace zones. The system employs deep
this mandatory session, which focuses on reinforcing job-specific operating procedures, emergency
learning-based visual analytics to detect open flames in real time, triggering immediate on-site sound
response protocols, and post-holiday risk prevention measures. Particular emphasis is placed on raising
and light alarms upon fire identification—transitioning safety response from reactive to predictive.
awareness of potential risks such as the "post-holiday syndrome". Through targeted education and
Particularly in the scenario where only a small number of personnel are on duty at night, this
warnings, the training seeks to fundamentally strengthen employees’ safety awareness, tighten the
technology effectively compensates for the limitations of manual monitoring and significantly improves
safety management framework, and establish a solid first line of defense for high-quality development
the timeliness and reliability of incident response.
throughout the year.
In term of health protection, the Company arranges professional Special Training on "Safety First
occupational health examinations for workshop employees every year and Class for Resumption of Work and
Health Production"
provides comprehensive health check-ups for all staff. At the same time,
protection
commercial accident insurance is purchased for employees, establishing a
multi-layered health risk protection system.
In the field of mental health, the Company has officially established an on-
Mental site counseling room to conduct mental health seminars and counseling
health sessions, providing employees with professional and confidential
psychological support services.
The Guilin Juntaifu held a Fire
Safety Recognition Conference to
honor individuals who
In an effort to promote a positive and healthy lifestyle, the Company has established various demonstrated outstanding
recreational and sports facilities such as gyms, reading lounges, and basketball courts, encouraging performance in fire safety work,
employees to engage in physical exercise and cultural activities during their leisure time, continuously further fostering a positive
fostering a vibrant and balanced work-life environment. atmosphere where all staff
prioritize safety and actively
participate in safety management.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Employee training and development
Number of
We continuously improve our talent development system to provide Type of training trainings carried Training content
employees with broader career growth opportunities. By establishing job out (times)
qualification standards, implementing a dual career path system for
management and professional roles, and improving internal talent mobility
Confidentiality training, legal knowledge, digital
mechanisms, the Company offers employees diversified and sustainable
development paths that support continuous professional advancement,
Basic quality training 12 expertise, and information & data security
achieving mutual growth between individual development and organizational
progress. the Company has established an internal competitive recruitment
mechanism, conducting open internal competitions for certain positions to
enable bidirectional selection between employees and roles, thereby Environmental safety, occupational health and
Quality, safety and
supporting employees' career development. internal control training 9 safety, fire safety, safe use of hazardous
chemicals, product quality management, etc.
The Company has established a differentiated training system covering
various levels and positions, facilitating mutual promotion between employee
growth and corporate development through diverse modes and rich content. Post standardized operation, platform system
It provides inclusive and equitable development and promotion opportunities use, post expertise, business process
for employees of different nationalities, ethnicities, ages, genders, beliefs, and
Employee skills training 36 management, key elements of quality control,
cultural backgrounds, offering broad employment prospects for talents with product knowledge, etc.
diverse educational levels and professional backgrounds. The Company pays
special attention to the career development of underrepresented or
vulnerable employees and strives to foster a workplace environment that is
General training in Manage knowledge and tool use, digital
diverse, equitable, inclusive, and open.
management 30 transformation cases, project practices, etc.
Guidelines and policy updates on sustainable
Thematic training 1 development reporting, along with plans for ESG
performance improvement
AI training 165 Artificial intelligence
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Employee Training and Development
Proportion of trained Average training hours by
The training model integrates online platform learning with offline practical employees by gender (%) gender (hours)
learning platform and combining benchmarking studies and action learning
Training for
projects, it forms an integrated training mechanism encompassing self-study, Male Male
reserve cadres
assessment, and practical application. The training content covers general 100% 78 hours
and core management knowledge, artificial intelligence applications, quality
employees awareness, and other areas. With 103 participants, 17 courses were offered,
Female Female
averaging 36 hours of training per person, which effectively enhanced the
comprehensive capabilities of potential talents.
Proportion of trained employees by employee category (%)
competencies, covering modules such as professional ethics, quality safety,
Technical and
internal control management, and skill advancement. Activities like the Senior management Middle management
functional 100% 100%
"Bright Sharing Meetings" promote knowledge transfer. This year, 253
training training sessions were organized with a 100% completion rate, covering
Average training hours by employee category (hours)
driven" was established. Regular training covers all employees with courses
AI technology on AI tool applications and the building of enterprise intelligent agents. The Senior management Middle management
empowerment innovative "AI Empowerment · Intelligence-Driven Future" competition 86 hours 68 hours
attracted 26 teams from across the group, creating a strong atmosphere of
technological application and innovation.
General management Ordinary management
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Leveraging Synergies through Strategic Partnerships
Jinpan Smart Technology continues to expand comprehensive and cross-domain strategic collaborations
with internal and external partners, actively participates in industry exchanges and cooperation, and
continuously improves its supplier management system. The Company is committed to building a
sustainable and responsible supply chain ecosystem, working hand in hand with partners to drive
industry advancement and co-create a new landscape of development.
Empower Industry Development
Jinpan Smart Technology continues to deepen strategic collaborations with local governments, industrial
chain partners, industry organizations, and other stakeholders, actively building an open, shared, and
mutually beneficial cooperative ecosystem. By proactively participating in industry standard
development and organizing regular exchanges and joint initiatives, the Company works hand in hand
with partners across sectors to advance industrial synergy and sustainable development.
Jinpan Smart Technology launched a series of in-depth industry-university-research collaborations with
top domestic universities in core technology fields in 2025. By partnering with Southeast University,
Shanghai Jiao Tong University, and other leading institutions, the Company achieved innovations in three
key areas: AIDC data center power supply and distribution, intelligent manufacturing, and new energy
storage. These advancements have accelerated the transformation of cutting-edge technologies into
industrial applications, injecting strong momentum into the Company's sustainable development.
Jinpan Smart Technology co-hosted an industry technology exchange event
Case with Schneider Electric
Jinpan Smart Technology and Schneider Electric jointly hosted the technical exchange event titled "Pioneering Electrical
Industry Frontier, Exploring a New Era of Industry" in Guilin in 2025. Focusing on innovation trends and practical
applications of integrated electrical equipment in the digital era, the event brought together electrical design experts from
Z
multiple authoritative design institutes across Guangxi Province to discuss technological development directions and
collaboration opportunities in the industry. During the exchange session, representatives from Jinpan Smart Technology
shared the Company's product portfolio and technical expertise in the field of integrated electrical equipment. Drawing on
practical experience in new energy power generation and energy storage systems, they showcased Jinpan Smart
Technology's achievements in independent innovation and application scenarios within electrical equipment.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Jinpan Smart Technology officially Case Jinpan Smart Technology Attended 2025 Data Centre World Asia
Case launches ai smart factory system
development
Jinpan Smart Technology participated in the "2025 Data Centre World Asia" in Singapore with its new
generation of high-efficiency power distribution and green transformer solutions. During the exhibition, core
Jinpan Smart Technology and Matrix Origin
products such as power module units, Pad-mounted oil-immersed transformers, and resin-cast dry-type
signed a cooperation agreement in Haikou in
transformers attracted widespread attention—particularly innovative offerings like solid-state transformers—
October 2025 to launch the "Jinpan Smart
Technology AI Smart Factory System Z
highlighting the Company's technical expertise in energy efficiency improvement and green transformation.
Leveraging global manufacturing bases in the United States, Mexico, Poland, and Malaysia, Jinpan Smart
Construction Project." This collaboration marks a
Technology has established localized service and delivery capabilities across multiple regions, providing
critical step in Jinpan Smart Technology’s
product support to leading domestic and international technology enterprises including Baidu and Alibaba,
systematic advancement in the field of
continuously driving the global data center industry toward higher efficiency and sustainability. 2025 Data Centre World Asia
intelligent manufacturing. By leveraging Matrix
Origin’s expertise in AI and data intelligence
Z
platforms, the two parties will jointly build an
intelligent system covering the entire production
Case Collaborating with Hainan University to carry out research and innovation
and operations chain. The project aims to drive
digital transformation and enhance efficiency in The Dry-Type Transformer Department of the Company has launched a specialized industry-university-
key areas such as production scheduling, quality research collaboration with Hainan University in the field of materials science, focusing on performance
control, energy consumption management, and optimization and application research of resins. The team consisting of two sides systematically conducted
equipment operation and maintenance, further fundamental resin property testing, interfacial bonding analysis between resins and various film materials,
Z
strengthening Jinpan Smart Technology’s investigation into the mechanism of resin whitening during grinding, and development of surface restoration
intelligent competitiveness in the high-end methods post-grinding. Meanwhile, the Company performed precision calibration of the force sensor and
equipment manufacturing sector. displacement measurement system on a 5KN universal material testing machine. Using this equipment, the
team accurately verified the interfacial bonding performance between different insulation materials and
resins, transforming theoretical research findings into quantifiable and reproducible engineering parameters, Basic resin performance test
effectively supporting the Company’s continuous innovation in new material applications and product
reliability enhancement.
Case Exploring New Pathways in Energy and Power Innovation and AI Empowerment with The Hong Kong Polytechnic University
In the context of China's 'Dual Carbon' strategy and the development of the Guangdong-Hong Kong-Macao
Greater Bay Area's new energy industry system, Wuhan Jinpan Intelligent Technology Co., Ltd. engaged in in-
depth technical exchanges with the Department of Electrical and Electronic Engineering at The Hong Kong
Polytechnic University. Centered on industry-academia-research-application collaboration, both sides focused
on the application prospects of solid-state transformers (SST), modular power electronic equipment, and
Z
integrated energy management systems in cutting-edge scenarios such as Artificial Intelligence Data Centers
(AIDC), smart distribution networks, and integrated energy micro-grids. Through face-to-face discussions, they
Organizing a visit and exchange for students from
jointly mapped out feasible pathways for integrating smart grid technologies with emerging energy solutions,
the School of Electrical and Electronic Engineering,
and reached preliminary consensus on future cooperation in technology iteration, application development, Hong Kong Polytechnic University Expert
Huazhong University of Science and Technology achievement transformation, and joint standard formulation—laying a solid foundation for deep integration Delegation visits Jinpan Smart Technology
Promoting the integration of higher education between academic frontier theories and industrial engineering practices.
talent cultivation with industry practice
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Supply chain management Supplier Sourcing
Building a transparent procurement system based on a digital platform, the Company has launched and operated an SRM
Jinpan Smart Technology is committed to deeply integrating sustainable
(Supplier Relationship Management) system that integrates the entire procurement process into an online closed-loop
development principles into every aspect of supply chain management. By
workflow. This enables standardization and visualization of key stages, significantly enhancing transparency and
establishing and continuously enhancing a supplier evaluation and dynamic
operational compliance in procurement activities.
management system focused on social responsibility, we aim to build a more
resilient and responsible industrial ecosystem together with our partners. We believe
Supplier admission
that only through collaborative progress across the entire value chain can we lead
the industry toward a greener, more sustainable future. Establishing a systematic supplier admission system, suppliers are comprehensively evaluated across multiple dimensions
including overall capability, quality control, and environmental sustainability.
The Supplier Social Responsibility Risk Assessment Management Regulation has been introduced, making social
Supplier Management System responsibility assessment a prerequisite for admission of new suppliers and subcontractors, and extending this requirement
to all Class A and B qualified suppliers.
The Company is committed to building a refined and systematic supplier Based on the Supplier Social Responsibility Risk Assessment Checklist, a combined approach of on-site audits and online
management system that spans the entire cooperation lifecycle. Through graded evaluations is used to assess suppliers holistically in areas such as labor rights, business ethics, occupational health, and
and categorized dynamic management, our supplier oversight covers the full cycle— safety. Suppliers rated as 'high-risk' in the assessment results will not be approved.
from initial screening and access qualification to ongoing evaluation and Human rights commitments, environmental protection, occupational health and safety, quality assurance, and conflict
performance assessment. minerals control are explicitly incorporated into supplier agreements, ensuring that social and environmental requirements
are integrated throughout contract fulfillment.
In supplier selection, priority is given to partners who have obtained certifications such as ISO 9001, ISO 14001, and ISO
Supplier evaluation
Suppliers are categorized into four classes based on their business nature, and a differentiated evaluation system has been
established for each category, focusing on key dimensions such as quality, cost, delivery, and service. Through a
combination of annual performance reviews and unannounced on-site audits, the Company conducts dynamic
assessments and tiered management of suppliers’ overall capabilities.
In supplier selection and collaboration, priority is given to partners whose production processes and products comply with
environmental regulations and possess recognized energy-saving certifications. For critical materials involving safety and
reliability, suppliers are required to provide official identification or test reports issued by authoritative third-party
institutions.
Green and environmentally responsible suppliers—especially those certified under the three management systems and
energy management systems—are prioritized. Environmental performance is integrated into supplier evaluation criteria,
and all suppliers are required to sign the Environmental Commitment Agreement and the Social Responsibility and
Occupational Health and Safety Protection Document, jointly fulfilling environmental, social, and safety obligations.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Supplier quality management
To build a more stable, efficient, and sustainable supply chain, the Company systematically advanced full-cycle supplier quality management in 2025. A total of 8 new suppliers completed access review, while 8 existing
suppliers underwent routine reviews and unannounced fly-in inspections, with targeted coaching provided to drive continuous improvement in their quality systems. To strengthen risk prevention, the Company organized
third-party verification for 13 critical material batches, ensuring reliable quality from the source. Through systematic access assessments, in-process audits, and risk controls—combined with enhanced capabilities of the
Supplier Quality Engineering (SQE) team—a total of 66 suppliers were reviewed in 2025, with 30 on-site manufacturing surveillance activities conducted.
Supplier ESG management
To strengthen risk management, the Company conducts supplier social responsibility risk assessments to identify and
manage potential negative impacts in areas such as human rights, business ethics, and health & safety, implementing
admission screening and follow-up corrective actions based on risk levels. The Company has established clear
requirements for supply chain social responsibility management, institutionalizing the inclusion of social and
environmental clauses—covering sustainability aspects such as environment, labor, and human rights—into supplier
contracts. Supplier responsibilities are further clarified through signed agreements and assessment forms, with an
accountability mechanism in place to ensure compliance. Through the Supplier Code of Conduct, the Company defines
compliance expectations regarding environmental protection, labor and human rights, and fair competition, requiring key
suppliers to sign related commitment letters to comprehensively safeguard social and environmental responsibility across
the supply chain.
We solemnly commit to never engaging in business with suppliers that pose high social responsibility risks. We explicitly
prohibit suppliers or their subcontractors from using any form of forced labor, including debt bondage labor, slavery, or
non-voluntary prison labor. We also refuse cooperation with suppliers who have been penalized by labor inspection
authorities or exposed by the media for child labor or inhumane treatment. Furthermore, we do not establish partnerships
with suppliers that have experienced fatal or more severe workplace safety incidents within the past year, or those found
engaging in corrupt practices such as bribery, extortion, or fund misappropriation, where such actions have been
reported, complained about, or exposed by media. Through rigorous access reviews and ongoing assessment
mechanisms, we ensure all partners meet these social responsibility and ethical standards. Relevant risk scenarios
include, but are not limited to: suppliers or subcontractors using forced labor (including debt bondage labor, slavery, or
non-voluntary prison labor); suppliers penalized by labor inspection authorities or exposed by media for child labor
practices; suppliers penalized by labor inspection authorities or exposed by media for inhumane treatment; suppliers
experiencing fatal or more severe workplace safety incidents within the past year; and suppliers failing to comply with
integrity standards through corruption, embezzlement, extortion, or fund misappropriation, which have been reported,
complained about, or exposed by media.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Green procurement
We systematically integrate the principles of safety, environmental protection, and
resource circularity into our procurement management system, continuously improving
green procurement standards and updating the Code of Conduct for Suppliers in 2025
Collaboration with Jinpan Smart Technology. Supplier performance in environmental
protection and green, low-carbon practices is now included as a key assessment
criterion. By prioritizing partners with strong environmental performance, we steadily
reduce the environmental impact of procured materials, while actively optimizing
production processes and product structures to gradually increase the procurement
ratio of low-carbon and energy-saving products. We are committed to building a green
supply chain in collaboration with suppliers, jointly enhancing resource efficiency and
Signing rate of the Code of Conduct for We advocate that the suppliers drive
environmental performance, and expanding our positive contributions to sustainable
Suppliers in Collaboration with Jinpan emission reductions and efficiency gains
development. The 2025 target is to achieve 100% signing rate of the Code of Conduct
Smart Technology among core suppliers in through green procurement practices,
for Suppliers in Collaboration with Jinpan Smart Technology among core suppliers.
the 2025 target: jointly enhancing the greenhouse gas
mitigation outcomes.
To implement this goal, the Company will systematically communicate the specific
requirements of the collaboration guidelines to target suppliers through targeted
outreach, regular assessments, and compliance support. The signing status will be
incorporated into the annual supplier evaluation system, progressively expanding the
scope of sustainable procurement management and continuously enhancing the We are committed to building a green supply chain system in
supply chain’s overall accountability and risk prevention capabilities. collaboration with suppliers, jointly enhancing resource efficiency and
environmental performance, and continuously expanding our positive
We encourage suppliers to actively embrace green and low-carbon development contributions to sustainable development.
principles, adopt environmentally friendly production methods, reduce solid waste
generation, and strictly control emissions to air, water, and soil—thereby minimizing
negative impacts on biodiversity, climate change, and water resources. At the same
time, we advocate green procurement practices to drive emission reductions and
efficiency gains across the entire supply chain, jointly enhancing greenhouse gas
mitigation outcomes. The Company conducts systematic analysis of carbon footprint
data to scientifically assess potential climate-related risks to business operations and
develops corresponding response and management strategies. We also support
suppliers in establishing regular monitoring and reporting mechanisms to track progress
toward carbon reduction goals, promoting full-chain collaboration in advancing toward
a sustainable, low-carbon future.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Conflict minerals management Supplier integrity construction
We are committed to strictly prohibiting the procurement of minerals from conflict-affected areas—such Jinpan Smart Technology consistently adheres to open and transparent procurement principles, firmly
as gold, tantalum, tungsten, cobalt, and tin—and actively enforcing a zero-tolerance policy. Through resisting any acts of unfair competition, corruption, or unethical behavior during the procurement and
responsible supply chain management, we require suppliers to fulfill their due diligence obligations in supplier management processes. We are committed to building a fair, clean, and responsible
sourcing and supply. To advance effective traceability of conflict minerals and enhance supply chain procurement supply chain in collaboration with our suppliers. Through the SRM digital system, supplier
transparency, we systematically conduct supplier due diligence on conflict minerals, tracing the country admission information is subject to due diligence review via the Supplier Questionnaire. To uphold
of origin of minerals and leveraging frameworks such as the Responsible Minerals Initiative (RMI) to supplier integrity, we maintain open reporting channels, conduct code-of-conduct training for all
identify and verify upstream smelters and refiners, ensuring compliance with conflict-free standards suppliers, and require the signing of the Supplier Confidentiality and Integrity Agreement prior to
and safeguarding the compliance and ethical integrity of our supply chain from the source. When a establishing any business relationship. In 2025, the signing rate for the Supplier Confidentiality and
certain volume of metal scrap is collected, the factory consolidates and sells it to qualified partner Integrity Agreement reached 100%.
suppliers. These partners reuse the scrap as recycled raw materials in new production processes,
creating a closed-loop system of 'production-consumption-recycling,' thereby reducing demand for
virgin mineral resources. By 2025, all 10 suppliers involved in conflict minerals have signed the
documents, all 10 metal suppliers have signed the Letter of Guarantee for Non-Use of Conflict Minerals,
and supporting documentation has been provided. Percentage of core suppliers that have signed the
Sustainable Procurement Charter/Supplier Code of
Conduct 100%
Total number of suppliers
Supplier communication and empowerment Percentage of core suppliers that have signed
We are committed to strengthening communication and collaboration with our suppliers, ensuring 1,591 suppliers
contracts including clauses on environmental, labor,
and human rights requirements
seamless and open channels of dialogue, and growing together to create a shared, sustainable future.
By regularly sharing progress and achievements in joint emission reduction initiatives with suppliers and
internal stakeholders, we continuously enhance transparency and build mutual trust. Number of domestic
suppliers
In the context of the accelerating global transition toward cleaner energy, digitalization and intelligent Percentage of suppliers undergoing audits or
technologies have become critical pathways for enterprises to enhance efficiency, optimize costs, and
strengthen resilience. To build a more collaborative, sustainable, and resilient supply chain system, 1,305 assessments that participated in improvement
initiatives or capability development programs in 2025
Jinpan Smart Technology has systematically advanced supply chain digital transformation and
organized online specialized training for all core suppliers, achieving 100% training coverage. 94% of
suppliers scheduled for audit in 2025 participated in improvement initiatives or capability-building
domestic suppliers
programs.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Targeted Philanthropy Public welfare and charity
Driving Rural Revitalization Jinpan Smart Technology remains committed to public welfare initiatives, actively giving back to society and fulfilling its
corporate responsibilities. The Company has continuously carried out charitable donations and volunteer services. In
Jinpan Smart Technology consistently upholds its social responsibility, demonstrating 2025, the Company initiated and completed various donation projects totaling RMB 463,900, covering key areas such
unwavering commitment to public welfare initiatives. We actively respond to the as education assistance and rural revitalization.
national rural revitalization strategy and gives back to the society with enthusiasm. The
Our Company consistently upholds the core philosophy of "taking from society and giving back to society." By
Company deeply recognizes the significance of corporate social responsibility. It
improving public welfare systems, encouraging employee participation, and promoting multi-party collaboration, we are
continuously fosters a public welfare culture, motivating employees to participate in
gradually building a community of shared responsibility that includes employees, customers, partners, and local
charitable activities. By collaborating with partners across various sectors, it works
communities. We encourage employees to engage in charitable practices, with a total of 184 volunteers participating
together to spread love and contribute to the building of a harmonious society.
throughout the year. Additionally, we have implemented an employee matching donation program in the United States,
in which the Company makes a donation equal to a certain percentage of each employee's contribution, thereby
inspiring greater engagement and jointly advancing the sustainable development of public welfare initiatives.
Case Support of Hainan Special Education School
In June 2025, the Company officially
launched its second phase of a four-year
donation program for educational purposes,
continuing to provide support to special
education institutions. A key progress in this
initiative was the long-term support for
Hainan (Haikou) Special Education School,
which officially established a "Vocational
School for Persons with Disabilities" last
Z
year. This marks a further broadening of
vocational education opportunities for
young people with disabilities. The
Jinpan Smart Technology has contributed to special
Company's continuous support has education for four consecutive years.
provided tangible and powerful assistance
to students in acquiring skills, integrating
Jinpan Smart Technology Party Committee hosts public tree-planting event into society, and realizing their self-worth.
with Dongshan Village, Dongshan Town on Party Building Day
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Foreword Feature Appendix
Case Collaboration with the Employee Sharing Center in the United States
The Company has established a long-term and stable charitable partnership
with "The Sharing Center". As a local nonprofit organization, The Sharing
Center provides comprehensive services including operating food pantries,
clothing stores, offering financial assistance, and employment support,
dedicated to assisting individuals and families facing difficulties in
rebuilding stable lives and achieving self-reliance.
January 2025
Employees of Jinpan Smart Technology in Lake Mary, Florida, USA,
collectively contributed USD1,065 to support the local nonprofit
organization "The Sharing Center." The Company provided an equal
matching donation to the employees' contribution, bringing the total The Company's U.S. team also participated in food
donation to USD2,130. The funds will be used to provide food, clothing, donation drives with "The Sharing Center" to
support local communities.
financial assistance, and community project support for individuals and
families assisted by the organization.
Z
August 2025
All employees of Jinpan Technology in Lake Mary, Florida, USA, joined
hands with their charitable partner, The Sharing Center, to host the fifth
"Share the Light" Charity Gala. Over 500 distinguished guests gathered for
this meaningful, elegant, and impactful event, themed around a Venetian
masquerade ball, where attendees united in raising donations to support
vulnerable populations. Since 2024, The Sharing Center has helped over
Additionally, the U.S. team of Jinpan Smart Technology partnered with "The
Sharing Center" to conduct a back-to-school donation drive, organizing
employees and their families to donate learning supplies such as pencils,
notebooks, backpacks, and art materials to help local students prepare for
the new academic year. The annual "Share the Light" charity gala. The Company's U.S. team partnered with "The Sharing
Center" to conduct back-to-school donation drive.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Rural revitalization
Jinpan Smart Technology actively responded to the national rural revitalization strategy, leveraging its
operational experience and resource advantages to meaningfully participate in and empower rural
development. The Company continuously supports disadvantaged groups in rural areas through diverse
assistance initiatives, delivering warmth and contributing to the advancement of "warm villages,"
thereby promoting social harmony and sustainable progress in rural communities.
案例 Promote rural revitalization and increase farmers’ income
In 2025, the Company launched an integrated photovoltaic-agriculture project that generated hundreds of local jobs,
enabling residents to achieve “Local employment while leaving the land but not the hometown.” Through land leasing
arrangements, the project provided sustained and stable income to relevant economic cooperatives in Jiazi Town, while
leveraging the region’s tropical ecological resources to drive the upgrading and modernization of local agricultural
industries.
Z
Rural revitalization in Jiazi Town
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
overnance
Strengthening Foundations,
Enhancing Quality and
Efficiency, and
Consolidating Governance
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Jinpan Smart Technology takes 'integrity' as the cornerstone of its business,
integrating this principle into all its operational practices. We firmly integrate Our performance
ESG principles into our strategic decision-making and daily operations, aiming to
drive high-quality development. By establishing and continuously refining a modern
corporate governance framework, we continuously enhance our ability to prevent and Convened shareholders meetings by
control systemic risks. We are committed to creating long-term, sustainable value
for our shareholders, actively fulfilling our corporate citizenship
responsibilities, and contributing to social harmony and sustainable progress.
Convened special meetings of independent
directors by
Coverage rate of anti-corruption training for
employees reached
The signing rate of the Integrity Agreement
among employees reached
Our Actions 100%
Jinpan Smart Technology has deeply internalized sustainable development as its core corporate The signing rate of the Integrity Agreement
among management reached
strategy, continuously optimizing corporate governance and strengthening comprehensive risk
management. Through systematic construction and continuous improvement of the ESG governance
framework and operational mechanisms, we are committed to cultivating and enhancing the
enterprise's sustainable competitiveness for the future. Simultaneously, the Company focuses on
enhancing the awareness and participation of all employees, consolidating internal consensus and
The signing rate of the Integrity Agreement
synergy to ensure coordinated advancement across dimensions of environment, society, and among suppliers reached
governance, steadily achieving sustainable high-quality development.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Compliance governance
Jinpan Smart Technology consistently upholds the principle of honest business operations, strictly complies
with laws and regulations, and continuously optimizes its corporate governance structure. We are committed
to managing operations with transparency and fairness, constantly improving risk control systems and
institutional frameworks, and actively building mutual trust with investors, partners, and all sectors of society, Jinpan Smart Technology's Governance Structure
laying a solid foundation for sustainable and stable long-term development.
General Boards
Corporate governance of Shareholders
Jinpan Smart Technology strictly complies with the Company Law of the People‘s Republic of China, the
Securities Law of the People’s Republic of China, the Corporate Governance Guidelines for Listed Companies,
the Stock Listing Rules of the Shanghai Stock Exchange, and other relevant laws and regulations, Secretary of the
Strategy Committee Board of Directors
continuously striving to build a professional, standardized, and efficient corporate governance system. Board of Directors
Jinpan Smart Technology completed the formulation and revision of 37 core governance systems in 2025,
Nomination Committee
including the Articles of Association, Rules of Procedure for the Board of Directors, Independent Director Work
Office of the Board of
System, and Related-Party Transaction Management System. With a forward-looking perspective, the
Directors
Company optimized its governance structure by systematically integrating the supervisory functions of the Remuneration and
former board of supervisors into the Audit Committee of the board of directors, thereby enhancing overall Evaluation Committee
governance effectiveness and achieving organic unity between decision-making and oversight. The Company
continues to refine the "three meetings and one management level" framework—comprising the General
ESG Committee Chairman
Meeting of Shareholders, the Board of Directors, the Board of Supervisors, and the Management—by clearly
defining the respective powers and responsibilities of each body, promoting standardized operations across
all governance tiers. Recognizing the strategic value of diversity, the Company ensures a balanced board
Audit Committee
composition that reflects diverse professional backgrounds, industry expertise, and gender representation,
aligning with the Company’s diversified and international development goals. All board members possess the
necessary professional competence and oversight experience to ensure scientific and effective decision-
making. Furthermore, the Company regularly organizes specialized training programs for directors,
supervisors, and senior management to continuously strengthen corporate governance capabilities.
Internal Audit Rotating
In investor relations, the Company maintains active communication with shareholders through various Department President
channels such as Investor Open Days, hotline phone services, and online interactive platforms, effectively
protecting investors' rights. To promote deep alignment between management and shareholder interests, the
Company establishes and improves incentive mechanisms linked to performance through relevant salary
assessment and management measures, driving senior executives to focus on strategic execution and long-
term value creation. 88
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Compliance and Risk Specialized Training
Risk management Case Program
Jinpan Smart Technology has continuously improved its risk management and internal control systems by formulating and implementing the Risk The Company conducted a series of specialized training
Management System, establishing a three-tier risk management framework led by the Board of Directors, encompassing all business operations, and programs in 2025 under the theme "Strengthening
established a 'three lines of defense' with clearly defined responsibilities and collaborative coordination, thereby providing systematic safeguards for Compliance Awareness and Upholding Professional
the Company's stable operations and sustainable development. In 2025, the Company advanced the digital transformation of risk management and Integrity," including company-wide confidentiality training
internal control by deploying a unified risk monitoring platform that integrates seven key dimensions: environment, business environment, operations, and sessions on contractual legal risk prevention, aimed
decision-making information, finance, human resources, and compliance. Leveraging an enterprise data platform to consolidate multi-source internal at enhancing employees’ legal awareness and
and external data, Jinpan Smart Technology has initially developed risk early-warning models for key areas such as related-party transactions, fund professional ethics. For campus-recruited new hires, the
occupation, bidding and procurement, and engineering construction. This shift has transformed the audit model from traditional post-event sampling Company organized targeted training on business ethics,
to proactive, pre-event, and panoramic "penetrative supervision," significantly expanding the scope, depth, and responsiveness of oversight. integrity, and confidentiality policies. For mid-to-senior-
Furthermore, the risk monitoring approach has evolved from lagging indicator reporting to forward-looking trend prediction and root-cause traceability, level managers, technical key personnel, and staff in
continuously driving bottom-up optimization of internal controls. This enhances the Company’s ability to proactively identify and defend against major confidential positions, specialized confidentiality training
risks, fortifying defenses for compliant operations and steady growth. was jointly delivered by the Company in collaboration
with external regulatory authorities. Additionally, the
Corporate Planning Department conducted enterprise-
At the level of risk monitoring and execution, the Company relies on a digital risk wide promotion and dissemination of the national and
The first line of defense management platform to enable real-time identification, analysis, and response corporate confidentiality management system, providing
to risks within business processes. Critical risk developments are promptly systematic interpretation of classification levels,
All business divisions and escalated to the senior risk management body, ensuring closed-loop control and management protocols, and accountability mechanisms
business departments rapid response to emerging risks. for breaches.
At the level of independent oversight, the Audit Department regularly conducts
The second line of defense
reviews of the design and operational effectiveness of control systems and
The Board of Directors has procedures. It carries out special investigations into losses or adverse incidents
established an Audit caused by inadequate risk controls, urges relevant business units to implement
Committee corrective actions, and reports audit findings in real time to the Audit Committee.
At the level of strategic decision-making and oversight, the Board of Directors
The third line of defense serves as the highest accountability body for risk management. It is responsible
for approving risk appetite, strategies, policies, and processes, defining the
The Board of Directors enterprise-wide risk tolerance threshold, and exercising ultimate oversight over
and the decision-makers the operation and continuous improvement of the risk management system.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Upholding Business Ethics and Compliance
Jinpan Smart Technology strictly complies with laws and regulations such as the Supervision Law of the People's Republic of China, the Anti-Money Laundering Law of the People's Republic of China, and the Anti-Unfair
Competition Law of the People's Republic of China. The Company adheres to the principles of voluntariness, fairness, equivalent compensation, and good faith, while upholding social ethics and business integrity. To
standardize the business conduct of all employees—including those at subsidiaries and dispatched personnel—Jinpan Smart Technology has formulated and implemented internal policies such as the Code of Business
Conduct and Ethics, the Anti-Corruption and Anti-Bribery Management System, and the Anti-Monopoly and Anti-Unfair Competition Management Regulations. In 2025, no incidents of commercial bribery or corruption were
identified within the Company, and there were no lawsuits or major administrative penalties arising from unfair competition practices.
Business ethics management
The Company has established an anti-corruption framework jointly composed of the Human Resources Department, management at all levels, and the Audit Department.
Level Responsibilities
Be responsible for formulating anti-corruption and anti-bribery policies and systems, fostering a clean and ethical corporate culture, and establishing a robust
Human Resources Department
internal control system that comprehensively covers the prevention of corruption, bribery.
Company and the management of its Be responsible for establishing, improving, and effectively implementing internal controls within scope of affiliated branches (subsidiaries) to reduce opportunities for
corruption, bribery and grafts; taking appropriate remedial actions in response to any such incidents and remain subject to supervision by the Audit Department.
affiliated branches (subsidiaries)
Be responsible for supervising and investigating anti-corruption and anti-bribery efforts across the company and its affiliated branches (subsidiaries). Specific
responsibilities include:
Audit Department (1) Receiving and registering reports related to corruption, bribery, and unethical conduct;
(2) Organizing investigations into incidents of corruption or bribery;
(3) Proposing corrective actions and accountability measures for corruption, bribery and grafts, and issuing formal investigation reports;
(4) Performing other duties related to anti-corruption and anti-bribery.
The Company also conducts credit ratings and risk classification for its business partners, implementing targeted preventive and control measures to enhance its ability to manage business ethics-related risks.
Jinpan Smart Technology conducted comprehensive assessment of corruption and bribery risks across the company in 2025. The evaluation focused on twelve key business cycles: sales, procurement, production, payroll
and personnel, fund management, financial reporting, fixed assets, engineering projects, research and development, information systems, corporate planning management, and listing management. Potential risks of
corruption and bribery within each cycle were systematically identified, and specific mitigation measures and action plans were developed accordingly. This integrated approach enables effective management, review,
and response to risks related to corruption and bribery, ensuring that ESG governance and risk controls are deeply embedded into daily operations. In this year, Jinpan Smart Technology achieved 100% coverage of internal
reviews targeting specific business ethics issues across all relevant operational sites.
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Report and complaint management Anti-unfair competition
Jinpan Smart Technology maintains a strict "zero tolerance" stance toward bribery, corruption, and unfair competition practices. The To maintain a fair market environment and mitigate unfair competition
Company has established a Whistle-blowing System and multi-channel reporting mechanisms, including a dedicated hotline and risk, the Company has established a regular review mechanism that
email address. We publicly disclose the Anti-Corruption and Anti-Bribery and Anti-Corruption Management System on our official focuses on key areas such as sales and procurement, targeting major
website while publicly providing contact information for whistle-blowing purposes, and we accept whistle-blowing from any risks such as price manipulation and market segmentation. The
organization or individual. Upon receipt of any whistle-blowing, the Board of Directors or appointed personnel promptly initiates an Marketing Department takes the lead in organizing systematic
investigation, conducting thorough and impartial reviews of alleged misconduct. Appropriate corrective actions are taken based on evaluations on a regular basis, and dynamically adjusts the review focus
findings. Once violations are confirmed, disciplinary measures are imposed in accordance with the severity of the offense—ranging according to actual business conditions. The Audit Department, as an
from internal penalties to immediate termination and, in serious cases, referral to judicial authorities. In 2025, Jinpan Smart independent supervisory body, independently reviews and evaluates the
Technology received zero confirmed cases of misconduct through its whistle-blowing channels. quality of review and the effectiveness of rectification, ensuring that risk
control forms a closed loop and is effectively implemented.
The Company encourages reports made under real names and also accepts anonymous reports via letters or phone calls. The
Company upholds a strict whistleblower confidentiality policy, ensuring that the personal information of whistleblowers—whether
employees, suppliers, or other partners—as well as any materials they provide, are kept fully confidential. Any form of retaliation is
strictly prohibited. Personnel responsible for handling reports who disclose confidential information or fail to perform their duties
properly, as well as individuals who retaliate against whistleblowers or their families, will be subject to disciplinary action according
to the gravity and impact of their actions. If the behavior constitutes a criminal offense, the matter will be legally handed over to the
judicial authorities for criminal prosecution.
Reporting Channels:
Tel: 86-0898-66811301-349
Email: hanh@jst.com.cn
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Foreword Feature Appendix
Fostering a culture of business ethics
Jinpan Smart Technology actively fosters a corporate culture rooted in integrity and ethical conduct, promoting the
employee code of conduct: "mutual assistance and care, loyalty and gratitude, professionalism and efficiency, and
integrity and self-discipline." It communicates and disseminates anti-corruption and anti-bribery policies and
procedures to its employees and partners through email, bulletin boards, and its official website, ensuring timely and
efficient conveyance of the commercial ethics requirements. In 2025, the Company achieved a 100% signing rate for
the integrity commitments of its employees and a 100% signing rate for the integrity and confidentiality agreement
with new suppliers. This year, the coverage rate of employees' ethical training has reached 100%.
The Company enhances the integrity and compliance awareness of all employees through training, encourages all
employees to participate in fostering a culture of integrity and honesty, creates a work environment of integrity and
fairness, and conducts at least one training session annually on business ethics and anti-corruption for new hires. In
ethics, integrity and self-discipline, as well as confidentiality policies, to continuously reinforce internal consensus on
integrity and self-discipline.
Indicators 2025 Unit
Directors 2 Hours
Anti-corruption training
Senior management 2 Hours
duration
Employees 2 Hours
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Appendixes
Key Performance Indicators
ESG指标
ESG INDICATORS 2024年
Year 2024 2025年
Year 2025 单位
Unit 变动情况
Changes
Enviroment indicators
Photovoltaic self-consumption power 1,273.88 1,575.96 10,000 kWh 23.71%
Clean energy generation 1,694.80 2,036.18 10,000 kWh 20.14%
Proportion of clean energy used 61.35 89.17 % 45.35%
Amount invested in environmental protection 770.47 224.99 RMB 10,000 -70.80%
GHG emissions (Scope 1 and Scope 2) 4,749.29 1,860.56 Tons of carbon dioxide equivalent -60.82%
Tons of carbon dioxide equivalent /
Total greenhouse gas emissions (Scope 1, Scope 2) 0.007 0.0026 -62.86%
RMB 10,000 of Revenue
Scope 1 GHG 1,679.76 1,369.82 Tons of carbon dioxide equivalent -18.45%
Scope 2 GHG 3,069.53 490.74 Tons of carbon dioxide equivalent -84.01%
Sulfur dioxide (SO2) emissions 0.00 0.00 Tons 0.00%
Water use intensity 0.30 0.25 Tons per RMB 10,000 of Revenue -14.88%
Industrial wastewater discharge intensity 0.03716 0.03371 Tons per RMB 10,000 of Revenue -9.28%
Social indicators
Number of training sessions conducted 252 253 Times 0.40%
Average training hours per employee 79 81 Hours 2.53%
Cumulative patent technology 284 356 Items 25.35%
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG指标 ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
Enviroment indicators
Nitrogen oxides (NOx) emissions 0.46 0.49 0.93 Tons
Sulfur dioxide (SO2) emissions 0.02 0.00 0.00 Tons
Volatile organic compounds (VOCs) emissions 0.18 0.49 0.505 Tons
Particulate matter emissions 1.44 1.51 4.47 Tons
Total amount of non-hazardous waste 3,616.27 3,554.34 3,701.63 Tons
Tons per RMB 10,000 of
Intensity of non-hazardous waste 0.0054 0.0051 0.00507
Revenue
Kitchen waste 77.49 28.53 0.00 Tons
Emissions Quantity of waste cardboard 108.49 123.78 199.09 Tons
Recycling volume of non-hazardous waste 2,771.07 3,105.44 3,296.09 Tons
Disposal volume of non-hazardous waste 845.20 448.90 405.54 Tons
Total amount of hazardous waste 82.56 97.49 106.55 Tons
Tons per RMB 10,000 of
Intensity of hazardous waste 0.00012 0.00014 0.000146
Revenue
Recycling volume of hazardous waste / 4.45 36.19 Tons
Disposal volume of hazardous waste 79.36 93.04 70.36 Tons
Proportion of the total amount of waste transferred from the
/ 96.85 66.03 %
Company's operations in landfills
Tons of carbon dioxide
GHG emissions (Scope 1 and Scope 2) 8,773.00 4,749.29 1,860.56
equivalent
Tons of carbon dioxide
Total greenhouse gas emissions (Scope 1, Scope 2) 0.013 0.007 0.0026 equivalent / RMB 10,000 of
GHG Revenue
Tons of carbon dioxide
Scope 1 GHG 1,958.00 1,679.76 1,369.82
equivalent
Tons of carbon dioxide
Scope 2 GHG 6,815.00 3,069.53 490.74
equivalent
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG指标 ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
Total energy consumption 5,522.70 5,686.95 6,125.39 Tons of standard coal
LPG consumption / 0.37 0.99 10,000 standard cubic meter
Natural gas 67.48 55.09 43.69 10,000 standard cubic meter
Gasoline 50,234.00 52,240.00 59,633.22 Litre
Diesel 22,290.00 20,024.00 20,388.54 Litre
Tons of standard coal /RMB
Energy consumption intensity 0.0083 0.0082 0.0084
Electricity usage 35,875,342 42,265,429 44,910,403 kWh
Electricity intensity 53.77 61.20 61.56 kWh/RMB 10,000 of Revenue
Purchased electricity 27,554,865 29,526,598 29,150,822 kWh
Resource usage
Photovoltaic self-consumption power 832.05 1,273.88 1,575.96 10,000 kWh
Clean energy generation 981.00 1,694.80 2,036.18 10,000 kWh
Tons of carbon dioxide
— Equivalent to reduction in greenhouse gas emissions 5,595.00 9,094.00 11,763.01
equivalent
Photovoltaic power generation output 981.00 1,694.80 2,036.18 10,000 kWh
Tons of carbon dioxide
— Equivalent to reduction in greenhouse gas emissions 5,595.00 9,094.00 11,763.01
equivalent
Installed capacity of deployed photovoltaic generation projects 23.00 23.00 23.75 Megawatt
Proportion of clean energy used 36.21 61.35 89.17 %
Renewable resource consumption / 3,489.19 5,462.03 Tons of standard coal
—Total amount of solar energy used by the Company / 1,565.60 4,790.96 Tons of standard coal
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG指标 ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
—Total amount of hydroenergy used by the Company / 43.47 0.00 Tons of standard coal
—Total amount of green electricity purchased by the Company / 1,880.12 11.72 Tons of standard coal
Percentage of renewable resources / 61.35 89.17 %
—Proportion of solar energy used by the Company / 27.53 78.21 %
Resource usage —Proportion of hydroenergy used by the Company / 0.76 0.00 %
—Proportion of green electricity purchased by the Company / 33.06 0.19 %
Direct reduction of greenhouse gas emissions due to retrofitting Tons of carbon dioxide
/ / 236.20
equipment equivalent
Direct reduction of greenhouse gas emissions due to process Tons of carbon dioxide
/ 447.68 0.00
improvements equivalent
Direct reduction of greenhouse gas emissions due to fuel Tons of carbon dioxide
/ / 1.60
replacement equivalent
Water consumption 224,720 206,202 185,413.89 Tons
Tons per RMB 10,000 of
Water use intensity 0.34 0.30 0.25
Revenue
Volume of water recycled 1,236 1,353 1,431 Tons
Volume of water saved 9.67 2.65 3.24 10,000 Tons
Water Resource
Industrial wastewater discharge volume 27,796 25,662 24,588 Tons
management
Tons per RMB 10,000 of
Industrial wastewater discharge intensity 0.04166 0.03716 0.03371
Revenue
COD emissions / 1.56 1.97 Tons
Ammonia nitrogen emissions / 0.08 0.14 Tons
Total nitrogen emissions / 0.11 0 Tons
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG指标 ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
Packaging materials Packaging materials consumption 1,772.90 1,887.01 1,739 Tons
Amount invested in environmental protection 570.85 770.47 224.99 RMB 10,000
Capital investment in greenhouse gas emission reduction / 3,196.98 763.61 RMB 10,000
Number of environmental incidents or administrative penalties for
Others environmental issues
Proportion of operational sites that have undergone specific
/ / 100 %
environmental risk assessments
Percentage of collected Waste Electrical and Electronic Equipment
(WEEE) relative to the total amount of Electrical and Electronic / / 0.05 %
Equipment (EEE) placed on the market
Social indicators
Total number of employees 2,207 2,318 2,286 Persons
Full time employees 2,207 2,318 2,286 Persons
Number of employees by employment
type
Part time employees 0 0 0 Persons
Senior management 11 11 12 Persons
Middle management 39 38 38 Persons
Number of employees by job level
General management 71 70 68 Persons
Frontline employees 2,086 2,199 2,168 Persons
Employee
employement Male 1,735 1,799 1,755 Persons
Number of employees by gender
Female 472 519 531 Persons
The proportion of women in senior management 36.4 36.4 50 %
High school and below 979 955 913 Persons
Associate degree 467 468 480 Persons
Number of employees by educational
background Bachelor’s degree 709 824 804 Persons
Graduate degree and
above
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG指标 ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
Age 30 and below 630 612 549 Persons
Number of employees by age Age 31-50 1,464 1,556 1,555 Persons
Age 50 and above 113 150 182 Persons
Southern China 956 938 880 Persons
Central China 616 651 655 Persons
Northern China 53 51 49 Persons
Eastern China 259 298 315 Persons
Number of employees by region Northwestern China 41 48 52 Persons
Employee
employement Southwestern China 111 116 118 Persons
Northeastern China 61 61 60 Persons
Hong Kong, Macao, and
/ 1 1 Persons
Taiwan
Overseas 110 154 156 Persons
Total number of disabled employees 24 22 22 Persons
Proportion of employees from minority groups or disadvantaged
/ / 0.83 %
groups
Total number of veterans employed 41 35 32 Persons
Number of new employees 161 111 -32 Persons
Employee turnover rate 10.90 9.03 13.34 %
Male 8.44 6.99 10.20 %
By gender
Female 2.46 2.04 3.14 %
Employee turnover Age 30 and below 3.51 4.04 5.80 %
Age 31-40 4.52 3.30 4.89 %
By age group
Age 41-50 1.66 1.18 1.67 %
Age 50 and above 1.21 0.51 0.98 %
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG指标 ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
Southern China 4.40 2.59 3.90 %
Central China 2.92 2.83 4.70 %
Northern China 0.28 0.47 0.38 %
Eastern China 1.78 1.96 1.97 %
Employee turnover By geographical region Northwestern China 0.36 0.20 0.30 %
Southwestern China 0.52 0.32 0.42 %
Northeastern China 0.44 0.27 0.38 %
Hong Kong, Macao, and
/ 0.00 0.00 %
Taiwan
Overseas 0.20 0.39 1.29 %
Rate of labor contract signing 100 100 100 %
Remuneration and
Coverage rate of social insurance 100 100 100 %
welfare
Average annual paid leave days per employee 6.00 6.70 6.88 Days
Number of new cases of occupational diseases 0 0 1 Persons
Rate of employee physical examination / 100 100 %
Number of work-related fatalities 0 0 0 Persons
Number of workdays lost due to work-related injuries 0 0 0 Days
Total duration of safety education and training 3,456 4,544 7,887.66 Hours
Occupational health Number of factories certified with ISO 45001 Occupational Health
and safety and Safety Management System
Percentage of factories certified with ISO 45001 Occupational Health
/ 100 100 %
and Safety Management System
Expenditure on work-related injury insurance / 84.41 172 RMB 10,000
Percentage of employees covered by work-related injury insurance / 100 100 %
Number of workplace accidents involving employees / 0 0 Occurrences
Rate of workplace accidents involving employees / 0 0 %
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG指标 ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
Number of safety drills 14 26 26 Times
Number of training sessions on quality, safety, and internal control / / 72 Times
Occupational health
and safety Percentage of operational sites subject to employee health and
/ / 100 %
safety risk assessment
Coverage rate of safety agreement signing / / 100 %
Employee satisfaction / / 81.96 %
Employee training coverage 100 100 100 %
Number of training sessions conducted 243 252 253 Times
Total number of employee training participation 63,805 65,165 67,574 Persons
Total number of employees trained 2,207 2,318 2,286 Persons
Proportion of trained employees by Male 100 100 100 %
gender Female 100 100 100 %
Male 1,735 1,799 1,755 Persons
Number of trained employees by gender
Female 472 519 531 Persons
Employee training and
Senior management 100 100 100 %
development
Proportion of trained employees by Middle management 100 100 100 %
employment category General management 100 100 100 %
Frontline employees 100 100 100 %
Senior management 11 11 12 Persons
Number of trained employees by Middle management 39 38 38 Persons
employment category General management 71 70 68 Persons
Frontline employees 2,086 2,199 2,168 Persons
Male 130,361 137,352 137,100 Hours
Trained hours by gender
Female 40,600 45,983 48,000 Hours
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
Senior management 904 929 1,035 Hours
Middle management 2,480 2,514 2,600 Hours
Total training hours by employee type
General management 5,062 5,239 5,511 Hours
Frontline employees 162,515 174,653 175,954 Hours
Total training hours of employees 170,961 183,335 185,100 Hours
Average training hours per employee 77 79 81 Hours
Employee training and
Male 75 76 78 Hours
development Trained hours for trained employees by
gender
Female 86 89 90 Hours
Senior management 82 84 86 Hours
Middle management 64 66 68 Hours
Number of trained employees by
employment category
General management 71 75 81 Hours
Frontline employees 78 79 81 Hours
Annual training expenditure amount / 74.06 62.4 RMB 10,000
Percentage of products sold or delivered that were recalled for
quality reasons
Number of products and service-related complaints received 13 11 9 Pieces
Product quality and Complaint resolution rate for products and services 100 100 100 %
service
Customer satisfaction 98.03 98.26 98.39 %
Number of products that have obtained quality certification 306 355 332 Pieces
First-pass rate for finished technology products / / 98.81 %
R&D investment 3.51 3.56 3.57 RMB 100 million
Product R&D Number of R&D team members 394 408 400 Persons
Percentage of R&D team members 17.85 17.60 17.5 %
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG指标 ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
Cumulative 36 41 73 Items
Invention patents Filed 9 27 59 Items
New 18 5 32 Items
Cumulative 206 235 271 Items
Utility model patents
New 31 36 54 Items
Cumulative 8 8 12 Items
Design patents
New 0 3 4 Items
Product R&D Cumulative 10 14 18 Items
Number of standards participated in
compilation
New 1 4 4 Items
Number of training sessions conducted 2 1 1 Times
Intellectual property related training Total training time 4 8 1.5 Hours
Total number of employee
training participation
Number of trademark rights 36 37 49 Items
Number of copyright rights 49 74 79 Items
Number of products with carbon footprint certification 18 16 16 Items
Total number of suppliers 1,137 1,108 1,591 Suppliers
Number of domestic suppliers 1,132 1,102 1,305 Suppliers
Southern China 371 442 483 Suppliers
Supply chain
Central China / / / Suppliers
management
Number of suppliers by geographical
Northern China 97 85 116 Suppliers
region
Eastern China 557 490 595 Suppliers
Northwestern China 27 22 35 Suppliers
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG指标 ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
Southwestern China 57 44 47 Suppliers
Number of suppliers by geographical region Northeastern China 21 19 29 Suppliers
Hong Kong, Macao, Taiwan and overseas 7 6 286 Suppliers
Number of suppliers reviewed in accordance with the practices relating to engaging suppliers 63 70 66 Suppliers
Percentage of suppliers that have undergone corporate social responsibility (CSR) assessment
/ 8.75 6.1 %
(e.g., through questionnaires)
Percentage of suppliers that have undergone on-site corporate social responsibility (CSR) audit / 2.08 1.45 %
Number of suppliers that have failed the audit due to environmental, safety, and health factors / 0 0 Suppliers
Percentage of audited/assessed suppliers that have engaged in corrective actions or capacity-
/ 96 94 %
Supply chain building initiatives
management Signing rate of the Supplier Confidentiality and Integrity Agreement among suppliers 100 100 100 %
Signing rate of the Code of Conduct for Suppliers in Collaboration with Jinpan Smart Technology
/ 100 100 %
among target suppliers
Signing rate of the Commitment Letter on Social Responsibility and Occupational Health and
/ 100 100 %
Safety Protection among target suppliers
Percentage of target suppliers who have signed contracts containing environmental, labor, and
/ 100 100 %
human rights requirements
Number of suppliers who have signed the Non Use of Conflict Minerals Warranty 6 10 10 Suppliers
Percentage of suppliers providing conflict mineral information (e.g., CMRT) / 100 100 %
The amount of overdue payments to small and medium-sized enterprises / 0 0 RMB 10,000
Supplier signing rate of the Sustainable Procurement Procedure / 100 100 %
Number of participants in anti-corruption 2,207 2,318 2,286 Persons
Average duration of anti-corruption training 2 2 2 Hours
Coverage rate of employee business ethics training / / 100 %
Number of employees attending anticorruption training 121 2,318 2,286 Persons
Anti-corruption
Management Integrity Agreement signing rate 100 100 100 %
Employee Integrity Agreement signing rate 100 100 100 %
Number of corruption lawsuits filed or concluded 0 0 0 Occurrences
Percentage of all sites that have undergone internal assessments or reviews focusing on specific
/ / 100 %
business ethics issues
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
ESG指标 ESG INDICATORS Year 2023 Year 2024 Year 2025 Unit
Total investment amount for rural revitalization 6.70 11.00 3.00 RMB 10,000
Number of employees receiving financial aid 5 7 4 Persons
Number of employees with difficulties who were visited during the
Spring Festival
Amount of financial assistance provided to employees in need 14.00 12.34 8.53 RMB 10,000
Public welfare and
Number of charitable donations initiated 9 11 17 Times
charity
Total amount of charitable donations 81.97 93.27 46.39 RMB 10,000
Number of volunteers / 40 184 Persons
Hours of volunteer service / / 920 Hours
Scope and number of beneficiary groups reached by rural
/ / 1,200 Persons
revitalization
Economic indicators
Revenue 66.68 69.01 72.95 RMB 100 million
Net profit attributable to shareholders of listed company 5.05 5.74 6.60 RMB 100 million
Economic performance Social contribution per share 2.57 2.88 3.21 RMB/share
Revenue per employee 302.13 297.71 319.12 RMB 10,000
Profit per employee 22.88 24.78 28.85 RMB 10,000
Governance indicators
Shareholders’ meetings 3 2 5 Times
Board of Directors meetings 13 12 15 Times
Number of directors 6 6 6 Persons
Executive directors 2 2 2 Persons
Governance
Non-executive directors 2 2 2 Persons
Independent directors 2 2 2 Persons
Female directors 1 1 1 Persons
Percentage of female directors 16.7% 16.7% 16.7% %
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Guidelines for Self-Regulation of Listed Companies—Sustainability Report (Trial)
Dimension No. Issue Corresponding articles Report sections
Environmental
Social 13 Supply chain security Article 45 Supply chain management
Sustainability- 19 Stakeholder Communication Article 53 Stakeholder communication
related
governance 20 Anti-bribery and anti-corruption Article 55 Business ethics management, business ethics and cultural construction
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
GRI Standard Index
Hainan Jinpan Smart Technology Co., Ltd. reported the information referenced in this GRI content index for the period from January 1, 2025, to December 31, 2025, in accordance with GRI
Statement of use
standards
GRI 1 used GRI 1: Foundation 2021
GRI指标编号
STANDARD 披露项
DISCLOSURE 对应页码
LOCATION
GRI 2: 2-10 Nomination and selection of the highest governance body P88
General Disclosures 2021 2-11 Chair of the highest governance body P2
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
GRI指标编号
STANDARD 披露项
DISCLOSURE 对应页码
LOCATION
GRI 3:
Material Topics 2021
GRI 201:
Economic Performance 2016
GRI 205:
Anti-corruption 2016 P92
GRI 302:
Energy 2016
GRI 303:
Water and Effluents 2018 P48
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
GRI指标编号
STANDARD 披露项
DISCLOSURE 对应页码
LOCATION
GRI 305:
Emissions 2016 P39
GRI 306:
Waste 2020 P50-51
GRI 308:
Supplier Environmental 308-1 New suppliers that were screened using environmental criteria P79
Assessment 2016
GRI 401:
Employment 2016
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
GRI指标编号
STANDARD 披露项
DISCLOSURE 对应页码
LOCATION
GRI 403:
Occupational Health and Safety 403-5 Worker training on occupational health and safety P73-74
GRI 404:
Training and Education 2016
GRI 405:Diversity and Equal
Opportunity 2016 P69
GRI 406: Non-discrimination 2016
GRI 407: Freedom of Association
and Collective Bargaining 2016 P69
GRI 408:
Child Labor 2016 P68
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
GRI指标编号
STANDARD 披露项
DISCLOSURE 对应页码
LOCATION
GRI 409:
Forced or Compulsory Labor 2016 P68
GRI 414:
Supplier Social Assessment 2016
GRI 418: Customer Privacy 2016
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Feedback Form
Respected Readers,
Tel: 0898-66811301
Thank you for reading the Hainan Jinpan Smart Technology Co., Ltd. 2025 Sustainability Report and Environmental, Social, and Governance (ESG) Report. To better meet your
needs and provide more valuable information to you and all stakeholders, while promoting Jinpan Smart Technology’s comprehensive management capabilities and work
performance, and enhancing our ability and level of social responsibility, we sincerely hope that you can provide valuable feedbacks on the report. You can do so by contacting Email: info@jst.com.cn
us through the following channels.
layout design in this report, you would rate them as follows:
? Senior Management (including directors, supervisors, senior executives, etc.) ? Employees
Amount of ? Very High ? High ? Average ? Low ? Very Low
? Customers ? Government/Regulatory Agencies ? Shareholders/Investors information disclosed:
? Suppliers/Partners ? Non-Governmental Organizations ? Other:____________ Accuracy: ? Very High ? High ? Average ? Low ? Very Low
Completeness: ? Very High ? High ? Average ? Low ? Very Low
? Excellent ? Good ? Average ? Poor ? Very Poor Layout design: ? Very Reasonable ? Reasonable ? Average ? Poor ? Very Poor
layout design in this report, you would rate them as follows:
Corporate Governance: ? Excellent ? Good ? Average ? Poor ? Very Poor
Environmental Governance: ? Excellent ? Good ? Average ? Poor ? Very Poor
Social Responsibility: ? Excellent ? Good ? Average ? Poor ? Very Poor 6. What are your opinions and suggestions regarding the compilation of the ESG report by Hainan
Jinpan Smart Technology Co., Ltd.?
ESG Management: ? Excellent ? Good ? Average ? Poor ? Very Poor
Stock code Leading a Low-Carbon Journey, Co-Creating Value through Strengthening Foundations, Enhancing Quality and
Foreword Feature Appendix
Independent Assurance Statement
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