stock code: 688551
Environmental, Social, and
Governance (ESG) Report
Kewell Technology Co., Ltd.
Precise ? R
eliable ? Con
venient Empowering Your Testing
Kewell Technology Co., Ltd.
Tel.: +86 0551-65837957
Fax: +86 0551-66858138
Address: No. 8 Dalongshan Road, High & New Technology Park,
Shushan District, Hefei City, Anhui Province, China
Scan here to
ww w.k e w e l l . c o m . cn learn more
Table of
Contents Environmental Social Governance
Advancing Low-Carbon Operations and Environmental Integrating Quality and Innovation to Promote B u i l d i n g E n te r p r i s e S t re n g t h t h ro u g h S o u n d
Protection through Intelligent Testing and Resource Collaborative Win-Win Outcomes Governance and Compliance
About this Report 01 Efficiency
Message from the Chairman 03 Addressing Climate Change 19 Innovation-driven Development 33 Standardization of Corporate Governance 77
About Us 05 Implementation of Green Operations 22 Product Quality and Safety 43 P ro te c t i o n of I nve s to r R i g h t s a n d 81
Interests
Sustainable Development 11 Enhancement of Resource Utilization 28 Responsible Supply Chain 50
Governance Management of Compliance Risk 83
Strengthening Data Security 54
Adherence to Business Ethics 85
Appendix 87 Protection of Employees’ Rights and 56
Interests
Indexes 87
Employee Training and Development 63
Feedback Form 89
Occupational Health and Safety 68
Engagement in Public Welfare Activities 74
About this Report 2025 Environmental, Social, and Governance (ESG) Report
About this Report
This is the second Environmental, Social and Governance Report (the “ESG Report”) released by Kewell Technology
Co., Ltd. (“Kewell”, the “Company”, or “we”). Based on the principles of objectivity, standardization, transparency, and
comprehensiveness, the Report provides detailed disclosure of the Company’s practices and performance in environmental,
social, and governance aspects for the year 2025.
Reporting Scope Access to this Report
The Report covers Kewell Technology Co., Ltd. and its subsidiaries. Unless otherwise stated, the scope of the Report is You can download the electronic version from the website of the Shanghai Stock Exchange (http://www.sse.com.cn), and obtain more
consistent with the scope of the Company’s annual report. information on the Company. The Report is released in both Chinese and English. For any discrepancy between the Chinese and English
versions, the Chinese version shall prevail.
Reporting Period Confirmation and Approval
The Report covers the period from January 1, 2025 to December 31, 2025 (the “Reporting Period”). To improve comparability The Report was approved by the Board of Directors of the Company on April 23, 2026 and released concurrently with the Annual
and forward-looking nature, some sections of the Report may appropriately refer to previous years or contain forward-looking Report. The Board of Directors undertakes to oversee the content of the report, ensures it contains no false statements or misleading
statements. The Report is released on an annual basis, consistent with the financial year. representations, and accepts responsibility for the truthfulness, accuracy, and completeness of the Report.
Preparation Basis Feedback
• Guidelines No. 14 of Shanghai Stock Exchange for Self-Regulation of Listed Companies-Sustainability Report (Trial) If you have any comments or suggestions on the Company’s sustainability performance, please feel free to provide feedback through
• Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies on SSE STAR Market No. 13 - Preparation of the contact information below to help us continuously improve the Report.
Sustainability Reports (Revised in January 2026)
Tel.: +86 0551-65837957
• China Enterprise Reform and Development Society Guide to Corporate Sustainability Reporting in China (CASS-ESG 6.0)
• Global Reporting Initiative Sustainability Reporting Standards (GRI Standards)
Fax: +86 0551-66858138
• UN Sustainable Development Goals (SDGs)
Website: www.kewelltest.com
Email: ir@kewell.com.cn
Description of Data
Address: No. 8 Dalongshan Road, High & New Technology Park, Shushan District, Hefei City, Anhui Province, China
Data sources used in the Report include the Company’s actual operational data, annual financial data, internal statistical
reports, third-party questionnaire surveys, third-party evaluations or interviews, as well as public data from government
agencies. The financial data in the Report is expressed in RMB. For any discrepancy between this report and the financial
statements, the financial statements shall prevail.
Message from the Chairman 2025 Environmental, Social, and Governance (ESG) Report
Message from the Chairman
Dear shareholders, partners, and friends: Protec ting the Ecology, Fulfilling Our Green and sustainable partnerships with our suppliers. of the capital markets through truthful, accurate and
Commitment We remain committed to building a people-centric timely information disclosure.
Time moves on, and new chapters of excellence organization by strengthening employee protections
unfold. As we mark the release of Kewell’s 2025 ESG We recognize that sustainable growth depends and cultivating a diverse, equitable and inclusive Building on Solid Performance, Striving for New
Report, I would like, on behalf of all employees at on a deep respec t for and protec tion of the workplace. We strive to enable every employee to Breakthroughs
Kewell, to extend our sincere gratitude to all those natural environment. Over the past year, Kewell realize their full potential and share in the Company’s
who have consistently supported our growth and has embedded green development into its core Reflecting on 2025, Kewell has broken new ground
long-term development. Beyond our operations,
development. competitiveness, advancing green operations and through innovation, consolidated strength through
we actively contribute to society by supporting
low-carbon transition. We have actively optimized responsibility, and safeguarded progress through
education initiatives and talent development
The year 2025 marks the conclusion of China’s 14th our energy mix and improved resource utilization governance, advancing steadily along the path of
programs, particularly for young professionals,
Five-Year Plan and the foundational year for the across our operations. At the same time, we have green development. Looking ahead, we will continue
thereby fulfilling our broader social responsibilities.
formulation of the 15th Five-Year Plan. It is also a integrated eco-design principles into our R&D to uphold our core values “Act with Integrity, Strive
critical year for Kewell to reinforce growth, elevate processes, striving to deliver more energy-efficient C o r p o ra t e G o v e r n a n c e : S t re n g t h e n i n g t h e for Excellence and Seek Mutual Achievement”,
quality and enhance operational efficiency. Guided and high-performance integrated testing solutions Foundation for Sustainable Growth strengthen the Company’s foundation through
by Xi Jinping Thought on Socialism with Chinese to our customers. From refined facility management governance, pursue breakthroughs in high-end
Characteristics for a New Era, we have thoroughly to full lifecycle product design, we are committed to Good corporate governance is the cornerstone of technologies through self-reliance, set benchmarks
studied and implemented the guiding principles making “green” a hallmark of the Kewell brand. sustainable development of an enterprise. Over through green and low-carbon development, and
of the 20th CPC National Congress and the Fourth the past year, Kewell has continued to enhance connect globally through ecosystem collaboration.
Plenary Session of the 20th Central Commission People-centric, Co-creating Shared Value its corporate governance framework, reinforce We will strive to build a globally competitive test
for Discipline Inspection. In alignment with national Board oversight, and improve the effectiveness equipment company and contribute greater Kewell
strategies, we firmly embrace a green development Kewell’s growth is built upon the dedication of our and transparency of decision-making processes. strength to sustainable development and the
pathway. Anchored in the carbon peaking and employees, the trust of our customers, and the We adhere to lawful and compliant operations, construction of a modern industrial system.
carbon neutrality goals and driven by technological collaboration of our partners. During the reporting embedding integrity, self-discipline and anti-
innovation, we have made tangible progress in year, we continued to prioritize product quality corruption practices across procurement, sales
advancing the energy transition, fulfilling our and safety, implementing rigorous quality control and partnerships, and working with our partners
social responsibilities and strengthening corporate systems to ensure that all deliverables meet the to uphold a fair and orderly market environment.
highest standards. We actively engage across the We attach great importance to investor relations
governance. Kewell Technology Co., Ltd.
industrial ecosystem, fostering transparent, fair management and have earned the trust and support Chairman: Fu Shitao
About Us 2025 Environmental, Social, and Governance (ESG) Report
Main Products
About Us
Company Profile AC Programmable Power Supply DC Programmable Power Supply Performance Testing System
and Electronic Load and Electronic Load
Kewell Technology Co., Ltd. (hereinafter referred to as Kewell, stock code: 688551) was formally established in 2011 in the National
High-Tech Industry Development Zone of Hefei, Anhui Province. It was successfully listed on the STAR Market of the Shanghai Stock
Exchange on September 10, 2020. The company is a comprehensive test equipment provider with programmable power supplies as its
Cell Charge/Discharge Test System E-motor Emulator Production Line Automation
core product, and provides test systems and intelligent manufacturing equipment for multiple industries. Equipment
The Company has three main product lines, including: Programmable Power Supplies, Hydrogen Energy Testing and Intelligent
Manufacturing Equipment, Power Semiconductor Testing and Intelligent Manufacturing Equipment. These products are widely applied
across sectors such as renewable energy generation, electric vehicles, hydrogen energy and power semiconductor production. Thanks
to the versatility of programmable power supply products, Kewell can serve industries including rail transit, automotive electronics, Automated Test Equipment (ATE) System Reliability Testing System
intelligent manufacturing, electromechanical systems, aerospace and laboratory certification bodies.
Through years of technological accumulation and deep market engagement, Kewell integrates cutting-edge theories with industrial
applications to deliver tailored test equipment solutions for its customers. Several of our products have successfully achieved import
substitution, and our products are now exported to Europe, Japan, South Korea and Southeast Asia. As one of the few Chinese brands
integrated into global test equipment supply chains, Kewell is rapidly emerging as a leading domestic player and a recognized name in
the integrated test equipment market. Electrolyzer Test System Fuel Cell Test System Process Equipment
Solutions
Photovoltaic and Energy Storage Testing Electric Vehicles (EV) Testing AI Server Power Supply Testing
Fuel Cell Testing Electrolyzer Testing Power Semiconductor Testing and Other
Testing
Industrial Layout Underlying Support Technologies
High-precision
Power Electronics Modular Hardware
Measurement and Control
Conversion Technology Platform
Three Business Segments Technology
Programmable Power Hydrogen Energy Testing and Power Semiconductor Testing and Self-developed Algorithms
Intelligent manufacturing
Supply Intelligent Manufacturing Intelligent Manufacturing Equipment and Software Platform
Equipment
About Us 2025 Environmental, Social, and Governance (ESG) Report
Corporate Culture
Mission Vision Core Values
Precise· Reliable· Convenient — We are dedicated to becoming Act with Integrity | Strive 2025
Empowering Your Testing a world leading brand for test for Excellence | Seek Mutual
power supplies & systems Achievement Core products selected
Administration’s First (Set)
Recognized as an Anhui Province
Major Technical Equipment
Technology Innovation Demonstration
Program
Enterprise; advanced standardization
Milestones 2021 of high-power product line
Launched next-generation
low-power programmable
Accredited as an
Entered the power semiconductor Anhui Province Digital
the first low-power programmable implementation of
Entered the EV testing Certified as the system platformization
power supply
industry; certified as National “Little strategy
a National High-Tech Giant”Enterprise
Enterprise 2020 (Specialized,
Listed on the STAR Differential,
Kewell officially 2017 Market of the Innovative)
established Shanghai Stock
Entered the fuel cell Exchange
Entered the
photovoltaic testing
industry
About Us 2025 Environmental, Social, and Governance (ESG) Report
Honors and Awards in 2025 Performance Highlights in 2025
The 5th Batch of National First-Of-Its- National “Little Giant” Enterprise
Economic Performance
Kind Major Technical Equipment in the (Specialized, Sophisticated, Differential,
Energy Sector (2025) Innovative) (2025)
Operating Revenue Net Profit Attributable to Total Profit
General Office Department of the Anhui Provincial Department
Shareholders of the Parent
National Energy Administration of Economy and Information 51,260.47(in RMB 10,000) Company
Technology
Governance Performance
Anhui Export Brand Grade A in Industrial Land Use Efficiency (Output
per Mu) in Hefei City
Proportion of Independent Proportion of Female Reply Rate to Investors’
Anhui Provincial Depar tment of Hefei Municipal Bureau of Economy Directors Directors Questions
Commerce and Information Technology
Environmental
Performance
Cultivation Program (Approved Project) Land Use Efficiency (Output per Mu)
Total Investment in Comprehensive energy consumption Greenhouse gas emissions intensity (Scope
Environmental Protection intensity 1 & 2)
Hefei Municipal Administration for Hefei Municipal Bureau of Economy
Market Regulation and Information Technology 5.63(in RMB 10,000) 0.95 2.88
tons of standard coal per RMB 1 million in tons CO ₂ e per RMB 1 million in revenue
revenue
Social Performance
Total R&D investment representing R&D Personnel
accounting for Total workforce of which
Average Training Duration
Sustainable Development Governance 2025 Environmental, Social, and Governance (ESG) Report
Sustainable Development Governance Communication with Stakeholders
Kewell is committed to building a transparent and efficient stakeholder engagement framework. The Company maintains ongoing
dialogue with its stakeholders through diversified engagement channels, enabling timely identification and effective response to their
Governance Framework for Sustainable Development concerns, demands and expectations. At the same time, Kewell encourages stakeholder participation in its sustainability practices,
fostering long-term creation of shared value.
Kewell systematically integrates ESG principles into its operational management and corporate governance framework. To enhance Stakeholders Concerns Communication Channels
ESG governance effectiveness, during the Reporting Period, the Company renamed the Board Strategy Committee as the Board
Strategy and Sustainability Committee, with a clear mandate to oversee and manage all sustainability-related matters. This
Management of Environmental Compliance
enhancement established a three-tier governance structure comprising “Board-level decision-making, Strategy and Sustainability Stock exchange briefings (irregular)
Governments Addressing Climate Change
Committee oversight, and ESG Working Group execution”. In parallel, the Company has embedded sustainability principles into its Government meetings (irregular)
and Regulatory Safety and Quality of Products and Services
executive performance appraisal system by incorporating metrics from the Work Safety Responsibility Agreement, thereby reinforcing Government visits (irregular)
Authorities Anti-Commercial Bribery and Anti-Corruption
accountability awareness and aligning management incentives with long-term sustainable development goals. Information disclosure platforms (real-time)
Prevention of Unfair Competition
Corporate official website (real-time)
Sustainability Practices Management of Environmental Compliance Official WeChat account (real-time)
Investors and Innovation-driven Development General meetings of shareholders (irregular)
Kewell positions sustainability as a core strategic priority. To strengthen Shareholders Safety and Quality of Products and Services Information disclosure platforms (real-time)
ESG awareness and execution capabilities across the organization, the Stakeholder Engagement On-site investor visits (irregular)
Company engaged independent third-party professional institutions to Online investor communications (irregular)
deliver ESG training programs. These initiatives facilitate the systematic
integration of ESG principles into corporate strategic planning, day-
Corporate official website (real-time)
to-day operations and employee codes of conduct, laying a solid
Management of Environmental Compliance Environmental information disclosure (real-time)
foundation for long-term, sustainable development.
Addressing Climate Change Collaboration with universities and research
Under the strategic direction of the Board, Kewell has implemented a Innovation-driven Development institutions (irregular)
series of measurable initiatives, earning strong recognition from leading ESG Training Customers and Safety and Quality of Products and Services Customer inquiry and complaint channels (real-
ESG rating agencies and demonstrating tangible progress in ESG Suppliers Data Security and Customer Privacy time)
performance. Supply Chain Security Customer satisfaction survey (regular)
Anti-Commercial Bribery and Anti-Corruption Whistleblowing and oversight channels (real-
Prevention of Unfair Competition time)
Supplier training (irregular)
Corporate official website (real-time)
Official WeChat account (real-time)
Protection of Employees’ Legitimate Rights
Staff Representative Congress (regular)
and Interests
Employees Employee satisfaction surveys (irregular)
Employee Training and Development
Internal and external training systems (real-time)
Occupational Health and Safety
Occupational health examinations (regular)
E-Board ESG Rating Wind ESG Rating Employee well-being programs (irregular)
“AA” Rating in 2025 “A” Rating in 2025
“BBB” Rating in 2024 “BB” Rating in 2024 Management of Environmental Compliance
Public Welfare Corporate official website (real-time)
Addressing Climate Change
and Community Official WeChat account (real-time)
Rural Revitalization
Organizations Environmental information disclosure (real-time)
Society Contribution
Sustainability Risk Management
Collaboration with universities and research
Kewell has also embedded risk management into its long-term development strategy, establishing an end-to-end risk management Industry
institutions (irregular)
framework covering environmental, social and governance dimensions. Through systematic risk identification and assessment, Associations Innovation-driven Development
Participation in industry exhibitions (irregular)
supported by dynamic monitoring and early warning mechanisms, Kewell formulates targeted mitigation measures to effectively and Research Safety and Quality of Products and Services
Participation in industry standard development
manage material risks, safeguard business continuity, and deliver sustainable long-term value to both the Company and its Institutions
(irregular)
stakeholders.
Sustainable Development Governance 2025 Environmental, Social, and Governance (ESG) Report
Management of Material Topics
Very high
Management
Kewell has conducted the identification and assessment of material ESG topics for the reporting year in strict accordance with the 03 Addressing Climate Change
Guidelines No. 14 of Shanghai Stock Exchange for Self-Regulation of Listed Companies-Sustainability Report (Trial), alongside relevant 04 Circular Economy
Ma te ria l ity of Eco no mic , S o cia l a nd E nv i ro nm e nt a l Im pa c t s
domestic and international standards. The Company applied a dual materiality approach incorporating both impact materiality and 05 Water Use
financial materiality.
Step 1: Influencing Factors Analysis 23 14
Rights and Interests
• Examine industry trends on both global and domestic macroeconomic levels. 13 Science and Technology Ethics
• Analyze based on the industry in which the Company operates. 14 Product and Service Quality and
• Analyze based on the Company’s business modes. Safety
• Identify and analyze the impacts, risks and opportunities the Company currently 13
Protection
faces. 08 16 Supply Chain Security
Step 2: Initial Screening of Topics
Corruption
• Develop a pool of material topics by drawing upon evaluation methodologies
from global standards such as the Global Reporting Initiative, the United Nations
Financial Materiality Very H igh
Sustainable Development Goals (SDGs) and authoritative rating agencies, along with
best practices from industry peers. Material Topics Matrix
Step 3: Assessment of Topics Materiality Topics with Both Financial Materiality and Topics with Financial Materiality but Not
Impact Materiality Impact Materiality
Topics with Impact Materiality but Not Topics with Neither Financial Materiality nor
Impact Materiality Assessment Financial Materiality Impact Materiality
Assess the potential short-, medium- and long-term impacts of each sustainability topic on
the economy, environment and society based on prior stakeholder engagement results. Financial and Impact Material Topics
Financial Materiality Assessment
•Addressing Climate Change •Innovation-driven Development •Product and Service Quality and Safety
Review each topic using various analytical methods, such as impact severity analysis and
dependency assessment, in combination with expert judgment. Simultaneously, closely Financial Material Topics
coordinate with the risk and opportunity lists compiled by each business department to
•Supply Chain Security
ensure the comprehensiveness of the assessment.
Impact Material Topics
•Environmental •Energy Use •Circular Economy •Water Use •Pollutant Emissions
Step 4: Topics Confirmation Compliance •Protection of Employees’ •Employee Training •Occupational Health •Data Security and Customer
Management Legitimate Rights and Interests and Development and Safety Privacy Protection
•Waste Management •Anti-Commercial Bribery & •Anti-Unfair •Due Diligence •Stakeholder Engagement
•Social Contribution Anti-corruption Competition
• Create a list of topics with impact materiality and financial materiality, and ensure that
Related Topics
the relevant topics are disclosed transparently, balanced, and comprehensively in the
report. •Ecosystem and Biodiversity Conservation •Technology Ethics •Equal Treatment of Small and Medium-sized Enterprises
•Rural Revitalization
Note: 1. The Company’s operations have not resulted in adverse impacts on biodiversity or endangered species; therefore, “Ecosystem and Biodiversity
Protection” was not identified as a material topic; 2. The Company’s main business does not involve sensitive areas such as life sciences or artificial
intelligence ethics in terms of scientific research or technology development; therefore, “Science and Technology Ethics” was not identified as a material
Material Topics Analysis and Assessment Process topic; 3. The Company treats SMEs fairly and has no outstanding overdue payments to SMEs; therefore, “Equal Treatment of Small and Medium-sized
Enterprises” was not identified as a material topic; 4. At its current stage of development and given its strategic focus, the Company is not engaged in rural
revitalization-related activities; therefore, “Rural Revitalization” was not identified as a material topic.
Sustainable Development Governance 2025 Environmental, Social, and Governance (ESG) Report
Commitment to the United Nations Sustainable Development
Goals Build resilient infrastructure, Social: Integrating
The Company continues to increase R&D investment and advance
its Integrated Product Development (IPD) process, with a focus on
promote inclusive and Quality and Innovation
technological breakthroughs in frontier areas such as hydrogen
Kewell actively supports the United Nations Sustainable Development Goals (SDGs), embedding them into the Company’s day-to-day sustainable industrialization to Promote Collaborative
energy and power semiconductor testing equipment, thereby
and foster innovation Win-Win Outcomes
operations. We are committed to continuously strengthening our performance across environmental protection, resource efficiency and enhancing its core competitiveness through innovation.
social responsibility, with the objective of creating shared value.
Social: Integrating Kewell promotes a culture of diversity and inclusion, ensuring
Corresponding Reduce inequality within and Quality and Innovation equal employment opportunities for ethnic minorities, veterans,
SDGs SDG Summary Initiatives
Section among countries to Promote Collaborative and other groups, implementing equal pay for equal work, and
Win-Win Outcomes fostering an inclusive and fair workplace environment.
Social: Integrating Kewell actively fulfills its social responsibility by establishing
End poverty in all its forms Quality and Innovation the “Kewell Scholarship” at Hefei University of Technology,
everywhere to Promote Collaborative contributing to equitable access to education and the cultivation The Company has obtained ISO 9001 certification and established
Win-Win Outcomes of future talent. a comprehensive quality management system covering the
Social: Integrating full product lifecycle, with stringent controls at each stage. We
Ensure sustainable
Quality and Innovation have implemented a responsive customer complaint handling
consumption and production
The Company has obtained ISO 45001 certification for to Promote Collaborative mechanism and conduct regular customer satisfaction surveys.
Social: Integrating patterns
Ensure healthy lives and occupational health and safety management. We conduct regular Win-Win Outcomes Feedback is systematically incorporated into continuous
Quality and Innovation
promote well-being for all at health examinations and safety training programs, implementing improvement processes to deliver safe, reliable, and high-quality
to Promote Collaborative
all ages comprehensive measures to safeguard employees’ physical and products and services.
Win-Win Outcomes
mental well-being.
Environmental:
Advancing Low- Kewell promotes the adoption of photovoltaic power generation,
Take urgent action to address Carbon Operations and energy-efficient equipment upgrades and green office practices.
Ensure inclusive and Social: Integrating Kewell has established a classified and tiered training system climate change and its Environmental Protection We actively respond to climate change by continuously reducing
equitable quality education Quality and Innovation and developed an internal trainer pool. We provide targeted impacts through Intelligent operational carbon emissions and advancing the Company’s
and promote lifelong learning to Promote Collaborative training programs for new employees, technical specialists and Testing and Resource transition toward low-carbon operations.
opportunities for all Win-Win Outcomes management personnel to support continuous career progression. Efficiency
Kewell safeguards the lawful rights and interests of female
Social: Integrating employees by strictly implementing statutory benefits such as Protect, restore and promote Environmental:
Kewell strictly complies with applicable environmental laws and
Achieve gender equality and Quality and Innovation maternity and nursing leave. In addition, we have established sustainable use of terrestrial Advancing Low-
regulations, conducts environmental impact assessments, and
empower all women and girls to Promote Collaborative nursing rooms and organize Women’s Day activities to foster ecosystems, sustainably Carbon Operations and
monitors soil and groundwater conditions. The Company does not
Win-Win Outcomes a friendly, inclusive workplace culture and eliminate gender manage forests, combat Environmental Protection
operate in ecologically sensitive areas and remains committed to
discrimination. desertification, and halt and through Intelligent
protecting biodiversity, striving to achieve harmonious coexistence
reverse land degradation and Testing and Resource
between its operations and the natural environment.
Environmental: halt biodiversity loss Efficiency
Advancing Low- Kewell continuously optimizes its production processes to reduce
Ensure availability and Carbon Operations and wastewater generation at the source, strengthens equipment
sustainable management of Environmental Protection maintenance and water-saving awareness, and enhances process
water and sanitation for all through Intelligent controls. We ensure stable compliance in wastewater discharge Kewell adheres to standardized operations and transparent
Testing and Resource and comprehensively improve water resource utilization efficiency. Promote peaceful and governance, continuously improving its corporate governance
Efficiency inclusive societies for Governance: structure to ensure the effective performance of the General
Environmental: sustainable development, Strengthening the Meeting of Shareholders and the Board of Directors. We
The Company continuously improves process efficiency, upgrades provide access to justice Enterprise through strengthen our compliance management and internal control
Advancing Low-
equipment performance and strengthens routine maintenance to for all and build effective, Sound Governance and systems to ensure fair and transparent information disclosure
Ensure access to affordable, Carbon Operations and
reduce energy consumption in manufacturing operations. At the accountable and inclusive Compliance and safeguard the legitimate rights and interests of investors. We
reliable, sustainable and Environmental Protection
same time, it accelerates the deployment of photovoltaic power institutions at all levels maintain a zero-tolerance approach to commercial bribery and
modern energy for all through Intelligent
generation and progressively increases the share of clean energy corruption, reinforcing the foundation for compliant operations.
Testing and Resource
in its energy mix.
Efficiency
Kewell adheres to fair recruitment practices and prohibits
Promote sustained, inclusive Strengthen the means of Social: Integrating Kewell advances ESG management across its supply chain by
Social: Integrating employment discrimination while expanding diversified talent
and sustainable economic implementation and revitalize Quality and Innovation entering into the Sunshine Agreement with suppliers, jointly
Quality and Innovation acquisition channels. The Company continues to refine its
growth, full and productive the Global Partnership for to Promote Collaborative building a transparent, green and responsible partnership
to Promote Collaborative compensation, benefits and career development systems,
employment and decent Sustainable Development Win-Win Outcomes ecosystem.
Win-Win Outcomes safeguard employees’ legitimate rights and interests, and foster
work for all
an equal, inclusive and dynamic workplace environment.
Environmental: Advancing Low-Carbon Operations and Environmental
Protection through Intelligent Testing and Resource Efficiency 2025 Environmental, Social, and Governance (ESG) Report
Advancing Low-Carbon Operations
Environmental
and Environmental Protection
through Intelligent Testing and
Resource Efficiency
Kewell actively implements China’s carbon peaking and carbon neutrality
goals, positioning green and low-carbon development as a core driver of
its growth. The Company has established an environmental management
system covering the entire value chain. Across its production and operational
processes, it continues to promote green upgrades in manufacturing
processes and improve resource efficiency, exploring innovative pathways
that align low-carbon transformation with high-quality development. These
efforts enhance its green competitiveness while achieving a win-win synergy
between operational performance and environmental benefits.
Environmental: Advancing Low-Carbon Operations and Environmental
Protection through Intelligent Testing and Resource Efficiency 2025 Environmental, Social, and Governance (ESG) Report
Addressing Climate Change Risk/
Opportunity
Type Description
Financial
Impact
Impact
Period
Severity Likelihood
Value Chain
Segment
Affected
Response
By adopting resource-
efficient technologies and Ensure continuous upgrades
Climate change represents a global challenge with far-reaching implications for ecosystems, economies and the long-term high-efficiency equipment, to production equipment
Reduction
sustainability of enterprises. Kewell regards addressing climate change as a core strategic priority, proactively identifying climate- Resource the Company can improve Long and widespread application
in operating Medium Medium Operations
efficiency resource efficiency term of energy-saving and
related risks and opportunities and integrating them into the Company’s operations to contribute meaningfully to global carbon costs
and reduce resource emissions-reduction
reduction efforts. consumption and carbon technologies.
emissions.。
Governance Opportunities
Developing eco-friendly,
low-carbon products may Prioritize recyclable and
effectively cater to evolving biodegradable packaging
Products Increase in Operations
Kewell places a high priority on climate-related topics and has incorporated addressing climate change into the Board’s core and
consumer preferences,
operating
Long
Medium Medium
materials and increase
which not only aids in term investment in the
strategic agenda. The Board provides ongoing guidance and oversight to management in advancing key decarbonization services income Downstream
tapping into new markets development and marketing
initiatives, including greenhouse gas (GHG) emissions management, as a critical component in enhancing the Company’s climate but also spearheads novel of sustainable products.
adaptability and resilience. These efforts are implemented through a top-down governance framework. consumption concepts.
Notes:：
Strategy short-term (within 1 year), medium-term (1-5 years) and long-term (more than 5 years).
for the Company’s business model, value chain and financial performance. Severity is classified on a scale from “low” to “high”.
To effectively address climate change, Kewell regularly conducts identification and assessment of climate-related risks and
opportunities. The Company focuses on analyzing the potential impacts of climate change on its operations, supply chain and market progress in policy implementation, and expert predictions. The likelihood of occurrence ranges from “low” to “high”.
demand, and evaluates the implications across its value chain to formulate forward-looking adaptation and mitigation strategies. 4. Value Chain Segment Affected refer to the parts of the value chain that may be impacted, including upstream (such as raw material suppliers,
procurement and logistics), operations (such as production, manufacturing and internal processes) and downstream (such as distribution, sales and
Value Chain customer service).
Risk/ Financial Impact
Type Description Severity Likelihood Segment Response (Note: The definitions of impact period, severity, likelihood and value chain segment affected used in other sections of this report are consistent with the
Opportunity Impact Period
Affected above and will not be repeated.)
The increasing frequency of
extreme weather events such Develop and implement
as heatwaves, heavy rains
and typhoons poses threats
Increased
operating
Short
Upstream
robust emergency response
plans, reinforce buildings and
Management of Impact, Risk, and Opportunity
Acute risk costs and Medium Low Operations
to Kewell’s production term equipment, and optimize
decreased Downstream
facilities and supply chain energy and supply chain
fixed assets
Physical continuity, potentially leading footprint. To continuously enhance climate resilience and promote sound development, Kewell has established a closed-loop climate risk and
Risk to production disruptions. opportunity management process covering identification, assessment and response. The Company systematically identifies climate-
Reduce cooling energy related risks and opportunities, conducts materiality assessments, and formulates corresponding response measures to effectively
Global warming may escalate consumption through
Increase in manage climate risks and seize transition opportunities.
Chronic infrastructure operating costs Short technological upgrades;
operating Medium Low Operations
Risks and pose health risks to term strengthen workplace safety
costs
employees. measures and provide
regular health checks.
Stricter climate-related
Remain vigilant in monitoring
Policy and policies, laws and regulations Increase in
Short policy developments and
Regulatory in domestic and international compliance Low Low Operations
term adjust business strategies
Risks markets may increase costs
accordingly.
compliance costs.
Risk and Opportunity Identification Risk and Opportunity Assessment Response to Risk and Opportunity
Continuous upgrades
Focus R&D resources on key
in green, low-carbon
Increase in low-carbon technologies;
Technology technologies may require Short
operating Medium Low Operations collaborate with external
Risks additional R&D investment, term Through policy research, peer For the identified risks and Based on the results of climate
costs institutions to mitigate
leading to increased
investment risks. benchmarking analysis, and opportunities, Kewell conducts risk assessments, Kewell develops
operating costs.
Transition With the enhancement expert consultations, Kewell materiality assessments across response measures to manage risks
Risks of consumer eco- Promote green consumption, identifies climate-related risks and multiple dimensions, including impact at the source, enhance operational
consciousness, there’s a Increase in Upstream and provide environmentally opportunities closely linked to period, severity, likelihood and affected resilience, and mitigate the potential
Short
Market Risk growing preference for operating Low Low Operations friendly products that align
term operations. value chain segments. Based on these impact of climate risks on long-term
product attributes such as costs Downstream with market and consumer
low carbon, eco-friendliness expectations. assessments, management priorities value creation.
and sustainability. are determined, providing a sound
Failure to respond to rising Improve climate-related basis for the formulation of targeted
stakeholder expectations disclosures and promote the
Decrease in and effective response strategies.
Reputation around climate issues may Short Company’s green products
operating Low Low Operations
Risks give rise to complaints and term and services to build an
revenue
harm the Company’s public environmentally responsible,
Climate Risk and Opportunity Management Process
image. low-carbon brand image.
Environmental: Advancing Low-Carbon Operations and Environmental
Protection through Intelligent Testing and Resource Efficiency 2025 Environmental, Social, and Governance (ESG) Report
Metrics and Targets Implementation of Green Operations
Kewell actively responds to China’s carbon peaking and carbon neutrality strategic goal by integrating green and low-carbon
development into its long-term planning and establishing long-term climate change management targets based on its operational Environmental Governance
characteristics. During the Reporting Period, Kewell’s GHG emissions primarily originated from direct emissions (Scope 1) associated
with the combustion of fossil fuels in production and operational processes, and from indirect emissions (Scope 2) from purchased
Kewell adheres to the environmental policy of “conserving energy, reducing consumption and minimizing pollution”. The Company
electricity.
strictly complies with applicable national environmental 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 Water Pollution and the Law of the People’s Republic of China on the
Key Performance
Prevention and Control of Environmental Pollution by Solid Wastes. Based on these laws and regulations, the Company has formulated
the Environmental Protection Management Procedures. The Company has established an environmental management responsibility
systematic coordination and effective enforcement of environmental management practices. During the Reporting Period, the Company
Direct GHG Emissions (Scope 1) Indirect GHG emissions (Scope 2)
completed the renewal and recertification of its ISO 14001 Environmental Management System Certificate.
Management
Total GHG Emission (Scope 1 + Scope 2) GHG Emission Intensity (Scope 1 + Scope 2)
Lea
d
& D ersh Provide strategic oversight and leadership in
irec ip
tion environmental management
Safety and Environmental Protection
Department
Co
Im ordin Coordinate and monitor company-wide
ple a
me tion
nta & environmental initiatives
tio
n
Climate Change Management Target
Functional Departments
Long-term target: To steadily advance toward carbon neutrality
As Support and assist in
s
& S istan
up ce the implementation of
po
rt environmental initiatives
Emissions Reduction Initiatives
Environmental Management System
To address climate change challenges, Kewell regards energy mix optimization as a core pathway for reducing operational carbon Organizational Structure for Environmental Management Certification Certificate
emissions. The Company continuously increases the share of clean energy in its energy mix and reduces reliance on traditional
fossil fuels. The Company has installed distributed photovoltaic (PV) power generation systems on the rooftops of its headquarters
campus and eligible production facilities at scale, adopting a “self-consumption with surplus fed into the grid” model to prioritize on-
site electricity demand. During the Reporting Period, the Company added 650 kW of installed PV capacity, bringing total installed
Environmental Impact, Risk, and Opportunity Management
capacity to 1,530.70 kW. Annual PV power generation reached 1,174,003 kWh, resulting in a reduction of approximately 955.64 tons of
carbon dioxide emissions. In addition, the Company prioritizes the procurement of battery electric vehicles for its fleet and, during the Environmental Risk Control
Reporting Period, installed EV charging stations within its premises to encourage employees to use electric vehicles.
In accordance with the Control Procedures for the Identification and Assessment of Environmental Factors, Kewell conducted annual
environmental factor identification work across the production and manufacturing areas of all business units during the Reporting
Period. The assessment was carried out systematically across three conditions, three time periods and eight environmental aspects,
resulting in the identification of 21 significant environmental factors and the issuance of the Environmental Factor Identification
Report. For each identified significant environmental factor, the Company has formulated and implemented corresponding control
measures, assigned responsible personnel, and established improvement plans. Progress is continuously tracked to ensure closed-loop
management of environmental risks.
Environmental Monitoring and Management
To fulfill compliance obligations and enhance transparency in environmental management, Kewell continues to standardize its
environmental monitoring practices. During the Reporting Period, the Company engaged qualified third-party professional institutions
to conduct regular monitoring of wastewater, exhaust gas and noise generated in its operations. According to the monitoring reports
Photovoltaic Panel issued, all controlled discharge outlets met the limits of relevant national and local environmental regulatory standards.
Environmental: Advancing Low-Carbon Operations and Environmental
Protection through Intelligent Testing and Resource Efficiency 2025 Environmental, Social, and Governance (ESG) Report
Emergency Response Capacity Environmental Metrics and Targets
To effectively respond to environmental emergencies, Kewell has established a systematic emergency management framework. The
Company has formulated an Emergency Response Plan for Environmental Incidents and established an emergency response command Kewell deeply integrates environmental protection into its operational strategy and establishes clear annual targets based on actual
structure led by the General Manager, supported by dedicated emergency response teams. Through routine emergency drills, the production conditions. Through full-process management and targeted initiatives, the Company strives to reduce pollutant emissions
Company continuously tests and refines the effectiveness of its emergency plans, enhancing its response capabilities. This strengthens from its production activities, continuously improve environmental performance, and achieve measurable positive outcomes.
operational resilience and ensures prompt and effective action in emergencies, thereby minimizing environmental risks and potential
impacts.
Key Performance
Special Emergency Drill for Environmental Incidents Case
In June 2025, Kewell conducted a special emergency drill for
environmental incidents at its hazardous waste warehouse,
Total Environmental Training on Environmental Number of Participants in Training Duration of Training on
with participation from personnel of the EHS Department and
Investment Protection on Environmental Protection Environmental Protection
the Manufacturing Department. The drill simulated a leakage
scenario that could occur during the transfer of hazardous liquid
waste due to operational errors or excessive storage. Through
practical exercises, the Company further clarified hazardous
waste storage specifications and strengthened personnel training 2025 Waste
and risk awareness. The drill was carried out in strict accordance
with the emergency response plan, validating its effectiveness Waste generation Non-hazardous Waste Volume of Hazardous Waste Waste Activated Carbon
and consistency, and enhancing the team’s capability for rapid Generation Generated (HW49)
response and coordinated handling of environmental incidents. It
also provided practical insights for the continuous improvement of
the Company’s emergency management framework.
Waste Adsorbent Cotton (HW49) Waste Packaging Container (HW41) Waste Cleaning Liquid (HW06)
Environmental Impact Assessment
To ensure environmental compliance throughout the full lifecycle of new construction, renovation and expansion projects, Kewell
strictly complies with applicable laws and regulations, including the Environmental Impact Assessment Law of the People’s Republic
of China, and follows the “Three Simultaneities” system (i.e., environmental protection facilities must be designed, constructed and
commissioned in parallel with the main work). The Company standardizes project management processes to ensure that all projects Environmental Protection Targets Achievement
complete environmental impact assessments and obtain the required approvals before construction. Upon completion, environmental
protection facilities are subject to timely self-inspection and acceptance procedures, ensuring they are commissioned simultaneously
with the main project. 100% compliance rate of classified and non-hazardous solid waste disposal √ Achieved
Zero pollution incidents reported √ Achieved
Pollutant Emission Management
Kewell adheres to the principles of “reduction, recycling and safe disposal” in pollution prevention and control. The Environmental
Protection Management Procedures clearly set out requirements for the management of exhaust gas, wastewater, solid waste and
noise, to continuously reduce environmental impacts arising from production and operations while promoting resource recycling.
During the Reporting Period, Kewell was not classified as a key pollutant discharging entity by environmental authorities, and during
the Reporting Period, the Company did not receive any administrative penalties related to environmental issues.
Environmental: Advancing Low-Carbon Operations and Environmental
Protection through Intelligent Testing and Resource Efficiency 2025 Environmental, Social, and Governance (ESG) Report
Management of Waste Gases
To systematically control air pollutant emissions, Kewell has established an exhaust gas management system covering the entire
process from source control to treatment and discharge. At the engineering level, for key processes such as reflow soldering, wave
soldering, stencil cleaning, carrier cleaning and conformal coating, the Company has installed gas-collecting hoods to centrally
capture exhaust gas. These emissions are treated using a combined process of bag dust removal and two-stage activated carbon
adsorption, and are subsequently discharged in compliance with applicable standards through exhaust stacks of approximately 30
meters in height. From a management perspective, the EHS Department is responsible for overseeing the operation and maintenance
of pollution control facilities. In addition, measures such as prohibiting open burning within the plant, implementing dust control at
material storage areas and strengthening road cleaning are enforced to comprehensively reduce fugitive emissions.
Hazardous Waste Storage Facility
Noise Management
In terms of noise pollution control, Kewell strictly complies with the Law of the People’s Republic of China on the Prevention and Control
of Noise Pollution and other relevant regulations, and adopts comprehensive measures to mitigate the impact of operational noise on
the surrounding acoustic environment. For noise primarily generated by production equipment, the Company implements measures
including optimized plant layout, prioritization of low-noise equipment and targeted engineering controls such as vibration isolation
and sound insulation within plants and workshops. In addition, green belts are established around the plant boundary, forming a multi-
layered noise reduction system encompassing source control, transmission path mitigation and environmental buffering.
Green Operation Practices
Waste Gas Treatment Facility
Training on Environmental Protection
Management of Wastewater To implement its environmental protection policy, Kewell places strong emphasis on training related to environmental regulations and
the management of the “three wastes” (waste gas, wastewater and solid waste). The Company regularly organizes dedicated training
Kewell is committed to full-process management of water pollutants and has established a closed-loop system covering source sessions and practical drills to enhance employees’ understanding of environmental policies and their compliance capabilities. These
reduction to compliant discharge. The Company reduces wastewater generation at the source through process optimization and efforts promote the effective implementation of cleaner production requirements and continuously strengthen the foundation for the
technological upgrades. Domestic wastewater and cleaning wastewater generated during operations are collected and pre-treated Company’s green development.
through the on-site drainage network and septic tanks, ensuring compliance with discharge standards before being conveyed into the
municipal sewage system for centralized treatment. In terms of management assurance, the Company ensures the stable operation of
wastewater pre-treatment facilities. The EHS Department is responsible for routine supervision and maintenance, and an emergency
response mechanism has been established to effectively address emergencies.
Waste Management
Kewell implements classified management and resource-oriented utilization of solid waste. For general industrial solid waste, the
Company adopts classified collection and engages qualified recycling service providers for resource recovery, thereby improving
resource utilization efficiency and reducing final disposal volumes at the source. For hazardous waste generated during production, the
Company strictly complies with national regulatory requirements. Standardized hazardous waste storage facilities are established for
safe temporary storage, and all hazardous waste is entrusted to licensed professional institutions for compliant transfer and disposal,
ensuring full-process control and traceability. During the Reporting Period, the Company’s compliance rate of hazardous waste disposal
reached 100%. Special Environmental Protection Training Training on “Three Wastes” Management
Environmental: Advancing Low-Carbon Operations and Environmental
Protection through Intelligent Testing and Resource Efficiency 2025 Environmental, Social, and Governance (ESG) Report
Green Office Enhancement of Resource Utilization
To advance sustainable development, Kewell integrates environmental protection principles into its daily operations and promotes
green office practices through a series of practical measures, effectively reducing resource consumption and carbon emissions. The
Company has fully adopted energy-efficient LED lighting and installed sound-activated sensors in certain public areas. We strictly Energy Management System
enforce a “power-off when not in use” policy, requiring employees to switch off electronic devices after work. In addition, the air
conditioning system is subject to temperature control and regular cleaning and maintenance to continuously improve energy efficiency.
Furthermore, we reduce paper consumption by posting energy-saving reminders, promoting paperless operations, implementing Kewell strictly complies with the Energy Conservation Law of the
electronic approval workflows, and encouraging online meetings and cloud-based collaboration. These measures help cultivate People’s Republic of China, and has established and continuously
employees’ awareness of energy conservation and foster green office practices across the organization. improved its energy management system, embedding energy
conservation and consumption reduction into its operational
management. Based on the Company’s operational characteristics,
we actively promote energy mix optimization and energy efficiency
improvement measures, laying a solid foundation for sustainable
operations and green industry development. During the Reporting
Period, the Company passed the ISO 50001 (Energy Management
System) certification. Energy Management System Certification Certificate
Key Performance
Diesel Consumption Purchased Electricity Photovoltaic Power Generation
Energy-saving and Environmental Protection Reminders
Green Products
Comprehensive Comprehensive Energy Consumption Intensity Renewable Energy
Energy Consumption Consumption
Kewell adheres to sustainable development as a core principle and maintains a strong focus on green energy industry chains, including
photovoltaics, energy storage, electric vehicles and hydrogen energy. The Company is committed to leveraging advanced technologies
and solutions to precisely respond to downstream customer needs, enabling customers to achieve significant energy savings and
carbon emission reductions in their production operations and product applications. Through these efforts, Kewell contributes to the
transformation of the energy mix and the low-carbon development of industries, continuously supporting the transition toward a Proportion of Renewable Energy Consumption
sustainable future.
Biodiversity Conservation
Kewell places a high priority on biodiversity conservation and continuously identifies, assesses and manages the potential ecological
impacts of its operations. The Company strictly complies with relevant national laws, regulations and policy requirements, including
the Law of the People’s Republic of China on the Prevention and Control of Soil Pollution, the Regulations on Groundwater Management, Energy Conservation and Emission Reduction Initiatives
and the Opinions on Further Strengthening Biodiversity Conservation. Environmental impact assessments are conducted during project
siting and construction phases, and pollutant emissions are continuously monitored and reported to evaluate ecological impacts. To systematically advance energy conservation and consumption reduction, Kewell integrates energy management throughout the
During the Reporting Period, Kewell did not establish any production facilities or operational sites in nature reserves or biodiversity entire production and operational process. We’ve established a multi-level energy-saving framework: on the energy supply side, the
hotspots, ensuring no significant negative impact on biodiversity protection. Company actively introduces clean energy sources such as photovoltaic power generation; on the operational side, it reduces energy
consumption through process optimization, improved equipment efficiency and enhanced routine maintenance. In addition, we place
emphasis on fostering a culture of energy conservation by promoting awareness through ongoing communication and training,
embedding energy-saving practices into employees’ daily behavior.
Environmental: Advancing Low-Carbon Operations and Environmental
Protection through Intelligent Testing and Resource Efficiency 2025 Environmental, Social, and Governance (ESG) Report
Material and Packaging Management
To enhance resource utilization efficiency, Kewell has established a refined, full-process material management system. The Company
has formulated a series of policies, including the Warehouse Management Control Procedures and the Handling, Storage and Protection
Management Procedures, to implement closed-loop control over materials throughout storage, transportation and requisition. Through
classified storage, quota-based requisition and digital traceability, we effectively ensure material safety while reducing losses. In terms
of packaging materials, we actively promote a green packaging strategy, prioritizing the use of recyclable or biodegradable materials
such as corrugated paper and wooden (plywood) crates. We also explore opportunities to reduce packaging usage and promote reuse,
thereby minimizing packaging waste across the product lifecycle.
Materials are stored by category and in designated locations, with strict
control over temperature and humidity in electronic warehouses. Re-
Green storage and waste inspection mechanisms and maximum storage periods are in place,
reduction
with expired materials subject to rolling review and disposal, minimizing
inventory losses and resource waste.
Energy-saving Awareness Poster
Limits are set on stacking heights; heavy items require coordinated
handling, and all materials must be handled with care. Chemicals are
Water Resource Management System Safe handling and protection stored in dedicated cabinets with MSDS labels affixed, and special
protective measures are implemented during handling to ensure
personnel and environmental safety.
Kewell strictly complies with the Water Law of the People’s Republic of Material
China and regards water resource management as a critical component Management
Measures The Company strictly follows the “First-in, First-out” (FIFO) and Order-
of operational sustainability. The Company systematically implements
based Picking principles. Remaining materials must be returned to
water conservation measures to improve water-use efficiency throughout
inventory upon completion of work orders. A complete process covering
production and office activities. The majority of water used by the Standardized requisition and
closed-loop management requisition, borrowing, return, quality inspection and approval is
Company is sourced from municipal supplies and is mainly consumed in
established to ensure that the status of materials is controlled. Scrapped
production processes, office operations and employee daily use. Through
materials are centrally disposed of and recorded in ledgers to achieve
refined management, the Company’s water withdrawal, consumption
closed-loop asset management.
and discharge have not resulted in any significant environmental impact.
To further reduce water consumption, we conduct ongoing water
Daily inventory checks are conducted by warehouse personnel, semi-
conservation awareness initiatives, including the posting of water-
annual static inventory checks are led by the Finance Department,
saving posters, to enhance employees’ awareness. At the same time, we Regular inventory checks and and monthly inventory checks are conducted on outsourced inventory.
strengthen routine inspection and maintenance of water-consuming Water-saving Awareness Poster continuous improvement
Inventory discrepancies are promptly analyzed and corrective actions are
facilities to eliminate water waste such as running, dripping, leaking and
implemented to ensure consistency between records and physical stock,
seepage, ensuring maximum efficiency in water resource utilization.
enhancing transparency and accuracy in inventory management.
Key Performance
Water Resource Utilization Water Consumption Intensity
Social: Integrating Quality and Innovation to
Promote Collaborative Win-Win Outcomes 2025 Environmental, Social, and Governance (ESG) Report
Integrating Quality and Innovation
Social
to Promote Collaborative Win-Win
Outcomes
Kewell consistently places coordinated development and value co-creation
across the industrial value chain at the core of its strategy. The Company
is strategically positioning itself across the entire value chain, continuously
strengthening the core competitiveness of its products and services through
ongoing technological innovation and industry upgrading. Meanwhile, the
Company is committed to integrating internal and external resources and
optimizing value chain configuration, ensuring seamless collaboration from
raw material sourcing to end-user service. This approach guarantees high
quality and efficiency of both products and services at every stage, thereby
steadily advancing the value chain toward greater efficiency, coordination and
sustainability, and contributing to overall industry value enhancement and
broader social progress.
Social: Integrating Quality and Innovation to
Promote Collaborative Win-Win Outcomes 2025 Environmental, Social, and Governance (ESG) Report
Certifications
Innovation-driven Development
Kewell continues to enhance a multi-tiered innovation platform system covering technology R&D, product design and testing and
validation, while maintaining core qualifications such as National High-Tech Enterprise certification. Leveraging platforms including
Kewell regards independent R&D and innovation as its core driving force. By strengthening its R&D management system, enhancing
the Provincial Hydrogen Fuel Cell Test Equipment Engineering Research Center, the Enterprise Technology Center, the Postdoctoral
the professional capabilities and talent pipeline of its internal R&D teams, and deepening industry–academia–research collaboration
Research Workstation and the Industrial Design Center, the Company is committed to advancing breakthroughs in key industrial
with universities and research institutions, the Company effectively manages R&D risks and ensures efficient advancement and
technologies. Adhering to a specialized development strategy, Kewell has been recognized as a National “Little Giant” Enterprise
commercialization of technological innovations, laying a solid foundation for long-term sustainable development.
(Specialized, Sophisticated, Differential, Innovative), an Anhui Province Technology Innovation Demonstration Enterprise, and one of
the Top 50 Specialized and Sophisticated Enterprises that Produce Novel and Unique Products in Anhui Province. These recognitions
Governance provide strong support for the Company’s sustainable development and consolidation of its industry-leading position.
R&D System
Kewell has established a lifecycle R&D management system covering the entire process from design to development. The Company
strictly adheres to internal procedures such as the Design and Development Control Procedures and the New Product Development
Control Procedures, ensuring that product quality is effectively controlled throughout the development cycle and meets customer
requirements and industry standards. To further enhance the precision and efficiency of R&D, the Company has introduced and
implemented the Integrated Product Development (IPD) framework. By integrating multi-dimensional inputs—including market
research, customer feedback, policy analysis and cooperative R&D with academic institutions—Kewell ensures accurate project
positioning and efficient execution.
National High-tech Enterprise Top 50 Specialized and Sophisticated
Enterprises that Produce Novel and Unique
Product Strategy Integrated Portfolio Management Team (IPMT) Products in Anhui Province
Market Management Process √ √ √ √
Product Strategy Market
Market Insights Understanding
Develop
Customer Feedback Portfolio Segment Business Plan Manage Segments and Evaluate Performance
Competitive Intelligence Analysis Strategies Integration
and Plans and
Technology Trends Market Optimization
Segmentation PMT
Product Portfolio
IPD Process
Lifecycle
Concept Planning Development Verification Launch
Management
Enterprise Technology Center in Anhui Hydrogen Fuel Cell Test Equipment Engineering
PDT Province Research Center in Anhui Province
Platform and Technology Development
TDT
Project Configuration and Technical Review Quality Document
Best-in-Class Sub- Management Change Control Procurement Management Management
processes Requirements CBB—Reuse and Outsourcing Pipeline Software and
Management Management Management Hardware Design
Performance
Shared Tools (Business, Technology) IPD Tools Shared Tools (Business, Technology)
Management
Post-Doctoral Research Station in Anhui Industrial Design Center in Anhui Province
IPD Framework Province
Social: Integrating Quality and Innovation to
Promote Collaborative Win-Win Outcomes 2025 Environmental, Social, and Governance (ESG) Report
Strategy Impact, Risk, and Opportunity Management
Kewell consistently aligns its R&D activities with industry trends and centers its innovation efforts on customer needs, ensuring Kewell regards technological innovation as the core driver of its future development and systematically manages the impacts, risks
continuity and forward-looking strategic alignment in its R&D initiatives. The Company dynamically monitors risks and opportunities and opportunities associated with R&D and innovation activities. The Company has embedded risk management throughout the entire
arising from technological iteration, market evolution and regulatory updates, ensuring that its R&D direction remains aligned with lifecycle of its business operations, including product development. By proactively identifying, assessing and responding to various
policy guidance and market demand. risks, we effectively manage uncertainties while capturing development opportunities, thereby translating technological advantages
into sustainable market competitiveness.
Value Chain
Risk/ Financial Impact
Type Description Severity Likelihood Segment Response
Opportunity Impact Period
Affected
Failure of the Company’s R&D Risk Identification Risk Assessment Risk Response
Establish a regular mechanism
and commercial activities
for policy monitoring and
to comply promptly with
interpretation; conduct
newly issued or revised laws The Company identifies Identified risks are subject Based on the results of risk
Policy and Increase in periodic internal compliance
and regulations (such as Short
Regulatory compliance Low Low Operations training and audits; embed potential risks in R&D projects to qualitative or quantitative assessments, the Company
environmental and product term
Risks costs compliance requirements through diversified information analysis to assess their formulates and implements
safety standards) may result
throughout the full lifecycle channels and systematic likelihood and their potential corresponding measures,
in risks including penalties,
of product R&D and project
litigation and operational analysis, including but not impact on project timelines, including optimizing R&D plans
management.
disruptions. limited to delays in new product costs, technical objectives and technology roadmaps,
New product and technology development, deviations from and final outcomes. strengthening team training and
development typically involves Improve R&D project planned technology pathways, talent pipeline development, and
long cycles, significant management and review
and the loss of key technical conducting dynamic risk monitoring
investment and inherent mechanisms; strengthen
uncertainty. During the R&D Increase in forward-looking evaluation personnel. at key project milestones, thereby
Technology Short
Risk process, delays, suboptimal operating Medium Low Operations of technology roadmaps; reducing the likelihood and
Risks term
outcomes or insufficient market costs continuously track industry potential impact of risks.
competitiveness may occur, technology trends; maintain
potentially exerting pressure flexibility and adaptability in
on the Company’s short-term R&D direction.
R&D and Innovation Risk Management Process
operating results.
Establish a comprehensive
The industry is both talent-
multi-tier incentive and
career development system;
Metrics and Targets
and technology-intensive, with
strengthen alignment
intense market competition. The Increase in
Organizational Short with core teams through
loss of key technical personnel operating Low Low Operations Based on its annual operating plan and actual business needs, Kewell establishes performance indicators for each business unit,
Risks term performance-based
may adversely affect project costs
incentives and equity including the annual product function optimization rate and the completion rate of key project development. The Company adheres to
continuity and technological
plans; foster an open and a market-driven R&D approach, accelerating the industrialization and commercialization of technological achievements.
stability.
collaborative organizational
culture.
Increase R&D investment;
Continuous R&D and innovation deploy cutting-edge 18 Persons
enable the Company to develop technologies; actively
proprietary core technologies recruit high-end technical 98 Persons
Technological
and build technological and Increase in talent; strengthen industry–
innovation Long Operations
product barriers that enhance operating Medium High academia–research
and market term Downstream
market competitiveness income collaboration with universities
leadership
and brand influence, and research institutions;
thereby securing first-mover participate in the formulation R&D Personnel R&D Personnel
advantages. of industry standards and by Education by Age
Opportunities technical exchanges.
In response to industry trends
Continuously advance
toward high-end, intelligent 118 Persons
technological transformation 180 Persons
and green development, Kewell
and process innovation;
enhances operational efficiency
Industrial Reduction deepen the implementation of
and product value-added Long Operations
upgrading and in operating Medium High intelligent manufacturing and Master’s Degree and Above Under 30 years old
through the introduction of new term Downstream
transformation costs green manufacturing; develop
technologies, processes and Bachelor’s Degree 30 (inclusive) to 40 (exclusive) Years Old
customized solutions aligned
digital management models,
with downstream industry Junior College and below 40 years old or above
supporting customers in
upgrading needs.
achieving industrial upgrading.
Social: Integrating Quality and Innovation to
Promote Collaborative Win-Win Outcomes 2025 Environmental, Social, and Governance (ESG) Report
Total Granted Patents by Type (Patents) R&D and Innovation Achievements
Total Granted Invention Patents 63
As a leading enterprise in the test equipment industry, Kewell consistently focuses on core technology development and product
iteration. Facing complex demands across diverse industry application scenarios, the Company prioritized R&D across its three major
Total Granted Utility Model Patents 217 product lines—Programmable Power Supply, Hydrogen Energy Testing Equipment, and Power Semiconductor Testing Equipment—
during the Reporting Period, and achieved substantive breakthroughs and the successful commercialization of key technologies.
Total Granted Design Patents 128
Other Intellectual Property (Cases)
AI Server Power Supply Testing Solution Case
Software Copyrights 67
In September 2025, Kewell launched an AI server power supply
testing solution, designed to provide customers with one-stop
R&D Plan 2025 testing services. The solution precisely targets three key areas:
DC conversion and basic power supply modules, centralized
R&D Investment: 7,678.82 (In RMB 10,000) power supply rack systems, and backup and uninterruptible
Increase R&D investment As a percentage of operating revenue: power supply (UPS) systems. By integrating AC/DC power
Company has developed a highly efficient integrated testing
Total R&D team size: 240 platform, enabling customers to significantly improve testing
Enhance R&D team capabilities Ratio of R&D Personnel to Total Employees: efficiency and enhance product reliability.
Cumulative Number of Authorized Patents:
Boost patent applications and drive the commercialization of innovations 408 Cases
Total Patent Applications: 653
SOC Series Dedicated Testing Systems Case
Innovation-Driven Measures In December 2025, Kewell introduced the SOC series dedicated testing system. Leveraging microchannel technology,
the system achieves precise regulation of high-temperature gas under full operating conditions; microfluidic channel
technology enables the system to maintain water vapor pressure within ±2% accuracy; and by establishing a full-process
contamination control system, it effectively isolates chromium volatilization and restores the intrinsic performance of the
Support for R&D and Innovation stack. These three technological breakthroughs support an integrated testing solution characterized by high precision,
high reliability and high adaptability. To address the full lifecycle requirements of SOC—from material research to stack
To effectively stimulate the motivation and innovative potential of R&D personnel, Kewell has established and implemented the R&D mass production—the Company has launched two product lines: the S100 single-cell/short-stack testing system and
Project Performance Evaluation and Incentive System. This system standardizes the assessment and incentive processes for core R&D the SOTS-EF-S series stack testing systems. Going forward, the Company will further expand into system-level testing
and key technology breakthrough projects, clearly defining reward standards and allocation principles, thereby providing institutional and balance-of-plant (BOP) testing, achieving comprehensive coverage across the entire SOC technology chain.
support for sustained technological advancement.
Industry-University-Research Cooperation
Kewell has built an open and collaborative innovation ecosystem, actively engaging in in-depth cooperation with leading industry
enterprises, renowned universities and research institutions to explore frontier trends and conduct forward-looking research,
accelerating technological breakthroughs. At the same time, as we expand into diverse application sectors, we strengthen collaborative
R&D with customers to ensure that product development precisely aligns with market demand while significantly shortening
development cycles.
Social: Integrating Quality and Innovation to
Promote Collaborative Win-Win Outcomes 2025 Environmental, Social, and Governance (ESG) Report
R&D Capability Development Protection of Intellectual Property Rights
Kewell regards the development of its R&D team as the foundation of its innovation capabilities. The Company’s core team has
extensive experience in the programmable power supply sector, with deep technical expertise and strong industry insight. At the Intellectual Property Right Management System
same time, Kewell actively recruits leading technical talent and brings together a large number of experienced technical professionals,
forming a core talent pool that supports product development and innovation. To sustain the team’s innovative vitality and
Kewell places significant importance on the protection of intellectual property. In strict compliance with laws and regulations such
technological leadership, the Company closely aligns with industry trends and team development needs, regularly conducting targeted
as the Patent Law of the People’s Republic of China, the Copyright Law of the People’s Republic of China and the Trademark Law of
training and knowledge-sharing initiatives. These efforts continuously empower R&D personnel and drive ongoing technological
the People’s Republic of China, we continuously refine our comprehensive intellectual property management systems, such as the
innovation.
Intellectual Property Management System, the Patent Management System, the Trade Secrete Management System. These systems
enable full-process control over IP-related activities, including evaluation, prior art search, registration and ownership determination,
Special Training on R&D Standards and Specifications Case ensuring that intellectual property management operates in a standardized, efficient and orderly manner.
On December 25, 2025, Kewell organized a special training session for relevant R&D personnel on R&D standards and The Company has established an IP management system under the oversight of the Internal Audit Department, with a dedicated IP
specifications. The training focused on four core topics: standard schematic circuit classification table, DFMEA analysis team responsible for system formulation, implementation and lifecycle management of intellectual property. Dedicated roles have
reports, hardware and software version upgrade management regulations, and software development management also been set up for patents, trademarks and trade secrets to ensure clear responsibilities and coordinated operations. As of the end
procedures and standards. Through systematic instruction and case studies, the training enabled R&D personnel to gain of the Reporting Period, Kewell has obtained certification for its intellectual property compliance management system and has been
an in-depth understanding of and proficiency in the relevant requirements, further standardizing R&D processes and recognized as a National Intellectual Property Advantageous Enterprise, as well as a Pilot Base for Trade Secret Protection Innovation in
improving the quality and efficiency of product development, thereby laying a solid foundation for the high-standard Anhui Province (Contact Point).
execution of subsequent projects.
Industry Technical Exchange
Kewell actively integrates into the industry ecosystem by participating in professional forums, industry exhibitions and other platforms
to share technological achievements. In collaboration with industry partners, the Company jointly explores technological trends Intellectual Property Compliance National Intellectual Property Pilot Base for Trade Secret Protection
and promotes the development and refinement of industry standards, contributing to the overall advancement and sustainable Management System Certification Advantage Enterprise Innovation in Anhui Province (Contact Point)
development of the industrial value chain.
Kewell Showcases Full Range of Electrolyzer Testing Solutions at Industry Exhibition Case
In March 2025, Kewell participated in the 4th China International
Hydrogen Expo, exhibiting alongside more than 500 global
enterprises. During the exhibition, Kewell showcased key
products, including atmospheric electrolyzer single-cell test
systems, high-pressure test systems, multi-channel test systems,
as well as dedicated power supplies and electronic loads for
hydrogen energy and fuel cell applications. Leveraging high-
precision and intelligent technologies, the Company provides
one-stop testing support for the R&D, production and
certification of PEM, ALK and AEM electrolyzers, demonstrating
its technological leadership and forward-looking strategic
positioning in the hydrogen energy testing equipment sector.
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Intellectual Property Risk Management
Measures for Intellectual Property Protection
To safeguard intangible assets and fulfill its commitment to compliant operations, Kewell has established a systematic intellectual
property risk management framework. The Company has formulated and implemented the Control Procedures for Intellectual Property Actively pursue registration, filing and confirmation of intellectual property rights;
Rights confirmation and
Risk Management, and established a full-process risk management mechanism covering “risk identification, assessment and response”, commercially valuable intellectual property that is not suitable for public disclosure is
confidentiality
to proactively prevent and mitigate related risks. treated as trade secrets to safeguard its competitive edge.
Monitor and protect the Company’s trademarks, patents, domain names and trade names
Proactive monitoring
to prevent unauthorized registrations by third parties.
Mandate that all departments collaborate in monitoring the registration status and
Risk Identification Risk Assessment Risk Response Process coordination
protection of intellectual property.
In accordance with these For identified potential Based on the assessment In the event of any infringement or suspected infringement, the Company follows guidance
procedures, the Internal Audit risks (such as software results, dedicated risk Infringement response from law enforcement and judicial bodies and promptly supports the Intellectual Property
Department conducts ongoing infringement), the Company prevention plans (such as Department in resolving issues.
monitoring of production and analyzes the potential legal remediation measures for
office equipment, software and disputes and the extent unauthorized software use) are
products. Specifically, during the of impact on operations, formulated and submitted for Engage external intellectual property legal advisors to provide ongoing legal counsel and
External support
procurement process, information financial performance and approval. The implementation support.
is collected and infringement reputation. effectiveness of such plans
risks are screened in accordance is subsequently tracked and Establish an intellectual property awareness and protection fund to regularly provide
with the Intellectual Property verified, forming a closed-loop Awareness and training
training and promote the importance of intellectual property rights across the organization.
Information Resource Control management mechanism.
Procedures. In addition, annual
compliance reviews are conducted
for all software used by the
Company to ensure lawful usage.
Intellectual Property Risk Management Process
Intellectual Property Protection Measures
Kewell continues to refine its intellectual property protection and management system, strengthening risk prevention and compliance
operations to safeguard innovation outcomes. To clarify responsibilities and reinforce internal controls, the Company has entered into
the Employee Confidentiality and Non-Compete Agreement with all employees. These agreements impose strict requirements on IP
ownership and confidentiality obligations, effectively mitigating risks of internal information leakage and disputes, and establishing a
solid foundation for compliant operations.
Training on the Implementation of the Trade Secret
Management System
Technology Ethics
As a responsible technology enterprise, Kewell integrates technology ethics deeply into its business operations and R&D practices.
In our R&D activities, we uphold the highest standards of scientific integrity, strictly preventing unethical practices such as data
manipulation, plagiarism or falsification, ensuring that our research results are both reliable and credible. In product development and
application, we carefully evaluate and minimize potential risks to society and the environment, while safeguarding user rights and
data security. Through these efforts, we fulfill our responsibilities in technology ethics and contribute to the sustainable and healthy
development of the industry.
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Product Quality and Safety Strategy
Kewell establishes its quality management strategy on the basis of dynamic management of risks and opportunities. We conduct a
Kewell places quality management at the core of its operations, adhering to the quality policy of “Technological Innovation, Reliable comprehensive analysis of the internal and external environment to fully identify and assess various risks, and formulate targeted
Quality, Integrity and Customer Satisfaction”. We continuously improve our quality management system, implement strict quality control measures to control or mitigate their impacts. At the same time, we transform identified positive opportunities (such as technological
across the entire product lifecycle, proactively identify and mitigate quality risks, and foster a company-wide culture of quality, ensuring upgrades) into concrete quality management improvement actions. By continuously improving management systems and operational
the effective implementation of quality management requirements and efficient operation of business processes to deliver reliable and processes, we drive the coordinated enhancement of enterprise efficiency and product quality.
trustworthy products to customers. During the Reporting Period, no major quality liability accidents occurred in the Company.
Value Chain
Risk/ Financial Impact
Type Description Severity Likelihood Segment Response
Opportunity Impact Period
Governance With the continuous
Affected
updates and tightening
of product quality and
Kewell strictly complies with relevant laws and regulations, including the Product Quality Law of the People’s Republic of China, and safety-related regulations, Enhance product testing and
continuously optimizes and implements a series of management systems such as the Quality/Environmental/Occupational Health and Policy and the Company’s products Increase in certification, and promptly
Short
Safety Management Manual, the Product Monitoring and Measurement Control Procedures, and the Process Quality Management Policy. Regulatory may face compliance risks compliance Low Low Operations adjust processes and designs
term
We’ve established a Quality Center as our dedicated quality management function, responsible for quality analysis, departmental Risks such as non-compliance costs to meet the latest regulatory
with standards or potential requirements.
planning and team development, setting and overseeing departmental goals and KPIs, external communication and reporting, and
safety defects, which could
quality cost analysis and control. The Quality Center also plays a coordinating role in promoting cross-functional participation in quality lead to legal disputes or
management, thereby continuously enhancing overall product quality. Risk administrative penalties.
Establish strict equipment
To further embed the quality culture of “honoring commitments, getting it right the first time, and pursuing continuous excellence”, During the production inspection and preventive
and to strengthen execution, Kewell has formulated the Regulations on Quality Responsibility Incentive and Accountability Management. process, factors such as maintenance systems;
Through clearly defined incentive mechanisms and accountability systems, we ensure effective end-to-end quality control, prevent equipment malfunction, implement standardized
quality issues, and safeguard the reliability of products and projects. During the Reporting Period, Kewell successfully obtained the ISO Production process fluctuation or Increase in Short operations and operator
Low Low Operations
Process Risks operational errors may operating costs term training; and use process
lead to product quality quality control and real-
Quality and Credit in Anhui Province”. deviations, affecting product time monitoring systems to
consistency and reliability. provide early warning and
correction of deviations.
Quality Center
The continuous Actively track and introduce
development of new advanced industry
materials, new processes technologies and processes,
and digital technologies Increase in promote product iteration
Technological Long Operations
Opportunities provides new technological operating Medium High and innovation, build a
Quality Management Quality Inspection Opportunities term Downstream
System Management Testing Department pathways and solutions for income digital quality management
Department Department the Company to improve platform, and enhance
product safety, reliability quality control efficiency and
Quality Department Organizational Structure and quality. product competitiveness.
Impact, Risk, and Opportunity Management
Kewell continuously monitors internal and external factors of the quality management system and the needs of stakeholders. We
systematically identify and analyze potential risks and opportunities, which are recorded and assessed in the Risk and Opportunity
Assessment and Analysis Form. Based on the assessment results, the Company formulates corresponding response measures, clearly
defining responsible departments and completion timelines. At the same time, an emergency response mechanism is established in
accordance with the Measures for the Administration of Product Delivery Realization Responsibility to enhance the ability to respond
to unexpected risks. During the Reporting Period, in accordance with the 2025 Quality Management System Internal Audit Plan, the
Company completed all four quarterly internal quality system audits and issued audit reports for each, ensuring continuous quality
improvement.
AAA-Rated Model Enterprise for Quality Management System
Quality and Credit in Anhui Province Certificate
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Identification of Risks and
Quality Management Measures
Risk and Opportunity Assessment Risk and Opportunity Management
Opportunities
The Company continuously The responsible departments Relevant departments develop
Product Lifecycle Quality Management
monitors and reviews internal and organize evaluations and corresponding measures and
external factors, including legal formulate response measures, regularly inspect and verify their Kewell continuously optimizes its internal regulations and procedures, including the Production Process Control Procedures, the
and regulatory requirements, including risk avoidance, transfer, effectiveness, thereby achieving Measures for Supplier Quality Accountability, the Incoming Material Inspection Standard, and the Measures for Product Inspection
management system standards, mitigation or acceptance. a continuous improvement Sampling. On this basis, the Company implements comprehensive quality control throughout the entire product lifecycle from raw
product quality capabilities, market closed loop. materials to finished product delivery, aiming to provide customers with more reliable products and more efficient services relying on
dynamics, and current and potential enhanced quality management capabilities.
customer needs.
Product Lifecycle Management Measures
Quality Risk/Opportunity Management Process
Requirement Review
Metrics and Targets Organize joint reviews by multiple departments to ensure customer requirements, delivery timelines, and other objectives
can be met.
To fully implement the quality policy, Kewell has set annual product quality targets in accordance with the Targets, Indicators, and Production Preparation
Management Program Control Procedures and in consideration of the achievement of targets in the previous year.
Inspect incoming materials in accordance with the Product Monitoring and Measurement Control Procedures. Conforming
Kewell prioritizes product delivery quality. We establish an integrated black-box and white-box testing system and create a closed-
materials are warehoused, while non-conforming materials are disposed of according to the Non-Conforming Product
loop quality control process of “Testing - Defect Localization - Rectification - Verification”. In addition, we continuously optimize
Control Procedures.
production and inspection processes, standardize operations, minimize human errors, and steadily enhance quality assurance and
product reliability. During the reporting period, the first-pass yield of low-power products reached 99.51%, and that of high-power
Process Control
products was 96.49%.
Upon the release of production orders, operators conduct self-inspections, while management performs routine spot
Adhering to the philosophy of “customer first”, Kewell enhances the production efficiency and quality of standardized products by
checks. Non-conformities are promptly analyzed and addressed through closed-loop corrective actions.
advancing technological upgrades and process optimization in areas such as SMT, DIP, and ATE. We continuously refine our production
and delivery strategies, shorten our lead times, strengthen our ability to ensure stock availability, and establish a mechanism for
Testing & Verification
evaluating and tracking on-time shipment rates. In addition, we collaborate with suppliers to optimize raw material cost control and
reduce manufacturing costs through the improvement of production efficiency. With full-process operational optimization, we have
Products undergo initial testing, load testing, and performance and aging retesting to ensure stable and reliable
continuously improved customer service quality and overall customer satisfaction. During the reporting period, the company’s customer
performance prior to shipment.
satisfaction rate was 89.62%.
Finished Product Shipment
Key Performance Before shipment, finished products are strictly reviewed for packaging, labeling, and delivery documentation. Only products
meeting the Finished Product Packaging and Storage Process Standard and other related specifications can be released from
the warehouse.
Number of Internal Quality Number of Sampling Inspections Sessions of Quality Training
Audits in a year by Third-Party Organizations
Number of Participants in Total Hours of Quality Training Number of Product Recalls Placing high importance on quality and safety management throughout the product lifecycle, Kewell has established strict access and
Quality Training ongoing supervision mechanisms for incoming quality management. The Company requires key material suppliers to provide valid
RoHS compliance test reports. These reports are periodically reviewed and updated to ensure that supplied products consistently meet
from multiple suppliers to ensure that all materials meet standards such as the EU RoHS Directive at the source, thereby laying a solid
foundation for the safety and reliability of final products.
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Product Recall Management Customer Service Assurance
Kewell consistently prioritizes product safety and customer rights. To this end, the Company has established a strict product recall
management mechanism to address potential product quality issues. In accordance with the Management Regulations on Product Customer Service Management
Return for Upgrade and Repair, once a recall is decided, the standard recall procedures are initiated immediately.
Recall actions are coordinated by a dedicated recall team, which defines the scope, root causes, objectives, and timeline, and develops Adhering to the service philosophy of “Delivering Service with a Smile, Pursuing Innovation within Discipline”, Kewell has established
a detailed recall plan. During the process, the Company proactively notifies customers of the recall and provides compensation options policies such as the Customer Service Process Control Procedures and the Customer Service Standards of Power Supply BU, which clearly
such as product replacement, repair, or refund. The recall team monitors progress to ensure that all affected products are properly define service processes and daily norms for customer service personnel, reflecting the Company’s commitment to providing hassle-
handled. Following the recall, the Company conducts an in-depth analysis of returned products to identify root causes and implements free, efficient, and diverse professional services to customers. As a bridge between the Company and its customers, the Customer
corrective actions to prevent recurrence, thereby continuously improving the quality management system and fulfilling the corporate Service Department is responsible for responding to on-site or online service requests for delivered equipment, confirming conditions,
social responsibility regarding product safety. and collecting customer feedback. Through systematic analysis of customer feedback, the department continuously optimizes service
processes and steadily enhances customer satisfaction.
The Customer Service Department of the Power Supply BU has implemented a monthly incentive and performance assessment
Quality Culture Development management system on a trial basis, which clearly defines assessment content, performance components, and score accumulation
rules. If a customer service engineer has any objection to the assessment results, they may file an appeal with the Customer Service
Always adhering to the quality policy of “Technological Innovation, Reliable Quality, Commitment Fulfillment, Customer Satisfaction”, Department, which will respond within three working days. Meanwhile, the Customer Service Department regularly collects engineers’
Kewell continuously promotes the development of a company-wide quality-oriented culture. At the institutional level, the Company feedback and suggestions on the assessment methods to continuously improve the assessment system and ensure its scientific and
has established clear accountability and reward & punishment mechanisms covering all stages according to the Quality Responsibility fair operation.
Incentive and Penalty Management Regulations, incentivizing proactive improvement while imposing penalties for dereliction of duty. At
the awareness level, the Company conducts multi-dimensional quality training covering fundamental concepts, risk identification, and
case studies. The training helps employees achieve a shift from “passive inspection” to “active prevention”, embedding the principle of Points Deducted per Non-
“doing it right the first time and making continuous improvement” into their daily work practices. Remote Technical
conformity Identified during
Support Hours
Random Inspections
Training on Quality Awareness Case 02 04
In May 2025, the Company organized a quality awareness training program covering multiple dimensions, including the Remote Timeliness and
On-site Task Team Compliance
definition of quality, root causes of quality issues, and job-specific responsibilities. By integrating practical case studies Technical Completeness
Handling Collaboration in Material
and data analysis tools, the training systematically enhanced participants’ understanding of and emphasis on quality, Support of Process Form
Efficiency Capability Handling
deepened recognition of the close link between quality and corporate survival, customer satisfaction, and individual Efficiency Handling
performance, and strengthened employees’ initiative in identifying and solving problems. Ultimately, the training laid a
solid foundation for the Company’s continuous improvement of product and service quality.
Points Deducted per Non-
Travel + On-site Management
conformity Identified during
Service Hours Hours
Random Inspections
Quality Awareness Training on Quality Risk Points Case Assessment Content
In August 2025, the Company organized a quality awareness training program on quality risk points. The training
focused on common quality risks in production, e.g., improper PCBA pin connections and loose or missing screws, and Customer Complaint Management
emphasized standard requirements for pre-job preparation, process verification, and checklist procedures. The goal was
to enhance employees’ quality awareness and operational compliance, promote the implementation of self-inspection To effectively resolve on-site customer issues and prevent recurrence, Kewell has established the Customer Feedback Management
and mutual inspection systems, and reduce quality incidents. Standards and the Power Supply BU Customer Service Issue Classification and Handling Mechanism. The Company classifies customer
complaints into three levels based on urgency and impact, and implements differentiated response measures to enhance resolution
efficiency and customer satisfaction.
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Issue Handling
Responsible Supply Chain
Case Closure Confirmation
Feedback
The Customer Service
Kewell is committed to building an efficient, transparent, and fair supply chain management system, and continuously improves supply
conducts root cause analysis After receiving the
Upon receiving on-site chain management efficiency through meticulous operations and professional team collaboration. The Company strengthens its ability
and continuously tracks the optimization solution,
feedback, the Customer to identify and address supply chain risks, deeply integrates ESG requirements into supplier management, and promotes partners to
handling progress. the Customer Service
Service Department first jointly fulfill commitments to ethical procurement and sustainable development commitment to achieve a secure and stable supply
Department performs on- chain.
confirms the information and
site verification and collects
initiates follow-up actions.
customer feedback based on
actual use. Governance
Kewell continuously improves and standardizes procurement and supplier management in accordance with policies such as
the Procurement Control Procedures and the Supplier Management Procedures to improve delivery quality and procurement
efficiency. As the central unit responsible for supplier management, the Procurement Department assumes full responsibility
Closed-Loop Customer
for the development, evaluation, and daily management of suppliers. Members of the procurement team hold international
Feedback Process
professional certifications such as the Certified Purchasing Professional (CPP) and Certified Professional Purchasing Manager
(CPPM), providing professional support for the efficient and stable operation of the supply chain.
Customer Satisfaction
Kewell has established the Customer Satisfaction Survey Control Procedure. Through online questionnaires, the Company conducts
regular customer satisfaction surveys covering dimensions such as product quality, delivery timeliness, handling efficiency and
effectiveness of customer issues, and service attitude. This helps the Company obtain an accurate understanding of customer needs
and expectations and enhance the objectivity and validity of the surveys.
Training on Customer Service
To continuously improve customer service quality, Kewell places emphasis on daily management and professional training of its
customer service teams, and has developed detailed training and assessment rules for new customer service employees, aiming to
provide standardized and professional technical support to customers and effectively enhance customer satisfaction.
Certified Purchasing Professional (CPP) Certified Professional Purchasing Manager
International Certificate (CPPM) International Certificate
Training on Customer Service
Responsible Marketing
Kewell strictly complies with national laws and regulations, including the Civil Code of the People’s Republic of China, the Advertising
Law of the People’s Republic of China, and the Trademark Law of the People’s Republic of China, as well as relevant industry
regulations. The Company provides accurate and truthful brand and product information and prohibits any false or misleading
advertising, demonstrating a responsible approach to marketing management.
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Strategy Key Performance
Kewell regards supplier management as a strategic cornerstone of stable operations and long-term development. The Company
closely monitors market changes and industry trends, systematically identifies and assesses potential risks and development Total Number of Suppliers East China Region Central China Region North China Region Southwest China Region
opportunities within the supply chain by analyzing the internal and external environment and stakeholder needs, and develops
targeted countermeasures to effectively seize opportunities and mitigate risks. 466 Nos 328 Nos 17 Nos 44 Nos 3 Nos
Value Chain South China Region Northwest China Region Northeast China Region Percentage of suppliers signing the Integrity
Risk/ Financial Impact
Type Description Severity Likelihood Segment Response
Opportunity Impact Period Agreement
Affected
Nos
A supply disruption may lead
to production stoppages,
Establish a diversified supplier
network to reduce reliance on
%
Supply Increase in Short Upstream
delays in order fulfillment, Low Low any single supplier, thereby
Disruption operating costs term Operations
or even failure to meet enhancing supply chain
contractual obligations. resilience and risk resistance.
The Company sources some
of its core raw materials
Supplier Lifecycle Management
through domestic agents
Maintain long-term and
Risk or distributors of overseas
stable cooperation with key
suppliers. If international Kewell has established a supplier lifecycle management system covering admission, audit, evaluation, classification, and exit to ensure
Rising Raw suppliers, strengthen internal
procurement is restricted Increase in Short Upstream suppliers’ consistent compliance with our quality standards and service requirements, thus maintaining a stable and reliable supply
Material Medium Low management, improve
due to factors such as trade operating costs term Operations chain.
Prices production efficiency,
tensions, the Company
and reduce raw material
may face increased costs
consumption.
and delays in research,
development, and
production processes.
Admission of Suppliers Supplier Audit
The company incorporates
Actively promote the environmental considerations
procurement of green raw into the selection criteria for Initiate the supplier development process based on Conduct on-site audits for suppliers that pass the
and auxiliary materials as suppliers of raw, auxiliary,
Green Supply Reduction in Long Upstream sales orders or R&D requirements, collect qualification initial qualification review, focusing on their scale,
Opportunities well as environmentally Low High and packaging materials, and
Chain operating costs term Operations certificates such as ISO 9001, RoHS reports, and the cost, supply capacity, technical competence, quality
friendly packaging materials encourage suppliers to obtain
to enhance market environmental management Sunshine Agreement , and evaluate suppliers’ technical management system, and control capabilities; following
competitiveness. system certification, thereby capabilities; score suppliers on six dimensions, including successful audits, carry out sample testing and small-
creating a green supply chain. quality assurance, material price, delivery schedule, batch validation. Upon multi-departmental approval,
service responsiveness, overall capability, and business suppliers are included in the Regular Supplier Pool or the
reputation. Suppliers scoring below 60 are not allowed to Temporary Supplier Pool.
Impact, Risk, and Opportunity Management enter.
Kewell has established a supplier risk management mechanism covering the entire process of identification, assessment, and response.
The Company regularly collects and analyzes supplier information to systematically identify potential risks such as price fluctuations
and supply disruptions; evaluates and prioritizes risks based on their likelihood and impact; and implements differentiated measures Supplier Evaluation Supplier Classification and Exit
according to risk levels. For high-risk suppliers, the Company strengthens dynamic monitoring and develops dedicated emergency
plans to ensure rapid and effective response when risks occur, thereby continuously enhancing the resilience and operational stability
Carry out annual comprehensive performance Implement differentiated cooperation strategies based
of the supply chain.
evaluations across four dimensions: price, quality, on supplier grades: 1) increase cooperation with Grade A
delivery, and cooperativeness. Suppliers are scored suppliers; 2) maintain normal cooperation with Grade B
quantitatively and classified into four grades: Grade A suppliers; 3) provide guidance for and reduce or suspend
Metrics and Targets (85–100 points), Grade B (70–84 points), Grade C (60–69 cooperation with Grade C suppliers; 4) eliminate Grade D
points), and Grade D (below 59 points). suppliers. Suppliers are required to maintain the validity
of their qualification certificates. Those failing to renew
Kewell places great emphasis on establishing long-term and stable cooperation with high-quality suppliers, and signs Integrity or submit valid certificates within two months after
Agreements with suppliers to clearly define the responsibilities of both parties. Based on compliance and mutual trust, the Company expiration will be disqualified.
actively promotes upstream and downstream collaboration and solidifies the foundation for long-term corporate growth through
mutually beneficial and win-win cooperation.
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Sustainable Development of the Supply Chain Strengthening Data Security
Clean Procurement
Kewell continues to deepen its integrity consensus with suppliers. Specifically, the Company clearly defines both parties’ integrity and
Data Security Management
self-discipline obligations by signing the Sunshine Agreement , and requires suppliers not to provide any form of improper benefits to
the Company’s employees through instruments such as the Integrity Notification Letter, thereby jointly maintaining a fair, healthy, and Kewell strictly complies with laws, regulations, and industry
orderly business environment. standards, including the Data Security Law of the People’s
Republic of China and the Cybersecurity Law of the People’s
Green Supply Chain Republic of China. In accordance with its internal policies, such as
the Information Security Management System and the Information
Kewell actively promotes green procurement practices, establishes clear environmental performance requirements for supplier System Service Management Measures, the Company standardizes
admission and evaluation, and urges suppliers to comply with relevant environmental standards, thus jointly building a green supply information security operations and issues reporting procedures,
chain. By the end of the Reporting Period, some suppliers had obtained environmental management system certification and submitted continuously enhancing its data protection capabilities. The
valid supporting documents in accordance with the requirements. Company has established an Information Department responsible
for the daily operation, maintenance, and data backup of
Responsible Supply Chain server rooms, servers, and information systems. Regular system Anhui Province Big Data Enterprise Certificate
inspections are conducted to ensure stable and secure operation
Kewell integrates ESG concepts into supply chain management and follows the principles of “Quality First, Mutual Benefit, and of the information infrastructure. During the Reporting Period,
Shared Development” in cooperation with suppliers. By signing the Agreement on Quality and Environmental Assurance, the Company the Company maintained its qualification as a Big Data Enterprise
explicitly requires suppliers to ensure full compliance with EU RoHS standards and national, local, and industry regulations concerning of Anhui Province, and no data breaches or customer privacy
environmental protection, occupational health, and safety, aiming at jointly promoting the sustainable development of the supply violations occurred.
chain.
Digital Supply Chain Management Data Security Risk Management
In line with the digital transformation trend, Kewell officially launched a Supplier Relationship Management (SRM) system during the
Kewell has established a full-scope emergency response mechanism based on the Emergency Response Plan for Information Security
Reporting Period. This system enables digital management of the entire supplier lifecycle and the full procurement process, facilitates
Incidents. This mechanism covers scenarios such as server room anomalies, network line interruptions, data center failures, cyberattacks,
resource, technology, and information sharing, and effectively drives cost reduction and efficiency improvement in procurement
and server malfunctions, and clearly defines emergency response procedures for each type of incident. The Company has set up an
activities.
emergency response team that serves as the primary response and coordination unit for security incidents, enabling rapid activation of
emergency plans, efficient resource deployment, and protection of business continuity and data security during emergencies.
Supply Chain Resilience
The Company adheres to the principle of “early detection, early reporting, and early response”, and continuously optimizes the
Kewell actively integrates into the industry ecosystem, and absorbs advanced ideas and practical experience through continuous monitoring, warning, and management mechanisms for critical information systems to ensure that emergencies are effectively
exchange with suppliers and participation in external professional dialogues. These efforts improve supply chain management and monitored and promptly reported. Meanwhile, a key personnel contact mechanism is in place to maintain smooth communication and
contribute to the sustainable development of the industry. command channels during emergencies.
Participation in the “Top Purchaser in China - Annual Forum” Case
Data Security Emergency Response Measures
During the Reporting Period, the Company was invited to
attend the 11th “Top Purchaser in China - Annual Forum”, Emergency Conduct regular data security emergency drills to test and strengthen the practical
where it discussed cutting-edge topics such as “Insights from Drills effects of emergency plans.
Practitioners on Supply Chain Going Global” and explored
Personnel Provide targeted data security training for relevant positions to ensure that employees
supply chain development trends and innovative practices with
Training are proficient in emergency response knowledge and skills.
industry peers.
Regularly back up core business data and properly store system and database backup
Data Backup
files.
Equal Treatment of Small and Medium-Sized Enterprises Equipment Incorporate redundant design and reliability technologies into critical equipment to
Redundancy ensure stable system operation.
Kewell strictly complies with the contract terms agreed with small-and medium-sized enterprises (SMEs). During the Reporting Period,
Conduct regular risk assessments, deploy security products and hardware, and promptly
all payables that met the contractual terms were made on time, with no overdue payments recorded. The Company will continue to Risk Control
eliminate data security risks.
maintain good cooperative relationships with SMEs, uphold prudent financial management principles, and give equal treatment to all
partners.
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Data Security Practices Protection of Employees’ Rights and Interests
In terms of data security management, Kewell adopts multiple measures including institutional construction, technical protection and
daily operation and maintenance to safeguard the security, integrity and reliability of data. Meanwhile, the Company regularly conducts
specialized data security training to continuously enhance employees’ awareness and skills in data protection. Employee Recruitment Management
• Implement a unified Internet port policy and conduct security reviews for the addition, Kewell strictly complies with the Labor Law of the People’s Republic of China, the Labor Contract Law of the People’s Republic of China
modification and cancellation of Internet ports; and other relevant laws and regulations, and has formulated the Recruitment Management System, aiming to recruit outstanding talent
• Prohibit access to websites that jeopardize cybersecurity or are banned by law and that aligns with the Company’s development needs through a scientific and standardized recruitment mechanism.
regulations;
The Company has developed diverse recruitment channels, including social recruitment, campus recruitment and internal recruitment,
• Conduct regular vulnerability scans and security assessments on network systems;
Cybersecurity to strengthen talent reserve and optimize the talent structure. In terms of campus recruitment, the Company has established long-
• Deploy hardware firewalls and Sangfor virtual firewalls to effectively block external attacks
term cooperative relationships with multiple universities and colleges, attracting outstanding talent through joint training programs.
and unauthorized access, and strengthen risk monitoring.
In terms of social recruitment, the Company attracts top talent through online platforms, RPO, headhunting and other channels. In
terms of internal recruitment, an internal referral channel is available for employees to recommend qualified candidates. Meanwhile,
the Company has built an intelligent recruitment process by leveraging big data and AI technologies, thus achieving precise matching
• Maintain a dedicated server room for critical hardware, and conduct system installation, between talent and positions and laying a solid talent foundation for high-quality corporate development.
configuration and virus prevention for all devices issued to employees;
Computer Usage • Prohibit unauthorized installation, disassembly or lending of computer hardware.
Management
• Implement a registration mechanism for access to the server room, and prevent
unauthorized personnel from entering the server room;
• Prohibit carrying dangerous goods in the server room;
Server Room • Conduct daily inspections to record environmental conditions and equipment operation
Job Release Resume Screening Interview Approval for
Management status. Arrangement Employment
• Conduct physical isolation of information systems, allow access via VPN only, and
implement strict permission requirements; Recruitment Process
• Control hardware configuration and software parameter changes;
Information System • Destroy or transfer confidential data in retired systems.
Security
• Strictly review the use of data and the allocation, transfer, obsolescence or destruction of
equipment and media;
• Back up data before recovery or cleaning, and develop a transfer plan for long-term data
retention;
Data Security • Adopt hyper-converged cluster redundancy technology to prevent data loss caused by
hardware failures through multi-replication and automatic reconstruction mechanisms.
System Permission • Allocate and adjust system permissions reasonably to prevent unauthorized access or
Management
operations.
Data Security Management Measures Campus Presentation
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Key Performance
Signing Rate of Employment Contract Number of New Employees 148 Persons 257 Persons
Employees Employees
(by Gender) (by Age)
Percentage of Number of New
New Employees Employees by
by Gender Age Female Under 30 years old
Male 30 (inclusive) to 40 (exclusive) Years Old
Female Under 30 years old
Male 30 (inclusive) to 40 (exclusive) Years Old 1 Person 5 Persons
Compliance with Labor Standards Number of
Number of
Employees
Employees by
(by Employee
Region
Level)
Equality and Diversity
In strict accordance with laws, regulations and international conventions, including the Provisions on the Prohibition of Child Labor and
the Convention concerning Discrimination in Respect of Employment and Occupation, Kewell attaches great importance to protecting
Mainland China Hong Kong, Macao and Taiwan Senior Management Middle Management
employees’ rights and interests in recruitment, training, promotion and other processes, and prohibits discrimination based on gender,
Overseas Regions Other Employees
ethnicity, race, nationality or any other factors. During recruitment, the Company strictly verifies applicants’ identity information. No
individuals under 16 years old are employed, and all forms of child labor, forced labor and workplace harassment are prohibited. During
the Reporting Period, the Company did not hire child labor or forced labor incidents occurred.
Key Performance
Number of Employees Number of Dispatch Employees Number of Part-time Employees Number of
Employees
Background Bachelor’s Degree
Number of Veteran Number of Employees Percentage of Employees of Master’s Degree
Employees of Minority Nationalities Minority Nationalities 390 Persons
Doctoral Degree
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Protection of Female Employees Compensation and Benefits Management
With a goal of building a gender-equal working environment, Kewell strictly implements the policy of equal pay for equal work, and
fully complies with the Law of the People’s Republic of China on the Protection of Women’s Rights and Interests and other applicable Compensation Management
laws and regulations. The Company legally protects female employees’ entitlements to prenatal check-up leave, maternity leave, and
breastfeeding leave, and provides baby care rooms for pregnant and breastfeeding female employees. On International Women’s Day
In line with the principles of external competitiveness and internal
every year, the Company prepares gifts and organizes themed activities for female employees to express respect and care for them. Base Pay
differentiation, Kewell divides employee compensation into fixed salary
and bonus. Factors such as job category, rank, employee competence,
and performance are comprehensively considered to ensure that Position Salary
employee compensation is both stable and market-competitive. Fixed Pay
Subsidies &
In addition, the Company implements an equity incentive plan for Allowances
core employees, creating a long-term mechanism for sharing benefits
Confidentiality
Compensation Structure
and risks between the Company and employees. This enables core
Fee
employees to participate in corporate development, strengthens
their sense of belonging and identity, and fully stimulates their
Monthly Bonus
entrepreneurial enthusiasm and innovative vitality.
On February 28, 2025, the third vesting period of the reserved shares Bonuses Year-end Bonus
under the 2021 Restricted Stock Incentive Plan was completed. A
total of 46,740 shares were granted to 17 employees, and the shares Project-Based
became tradable on March 10, 2025. Bonus
Equity Incentives
Women’s Day Event
Employee Compensation Structure
Performance Evaluation and Appeals
Kewell has established the Employee Performance Management Regulations, creating a closed-loop management system covering
performance planning, coaching, evaluation, and application of performance results. Through a standardized performance evaluation
mechanism, the Company treats evaluation results as a key basis for salary adjustments, bonus allocation, talent reviews, and
promotions, thereby promoting comprehensive performance management and aligning employee performance improvement with
organizational goals.
The Company places emphasis on the objectivity and fairness of performance evaluations. An employee who has any objections to
the evaluation results may file an appeal with his immediate supervisor within three working days after receiving the results. Should no
agreement be reached, the employee may submit an appeal in writing or through the designated process to the leader in charge or
the Human Resources Department. Upon acceptance of an appeal, the Human Resources Department conducts an investigation and
provides a response in writing or through the designated process within seven working days, ensuring fairness and equity throughout
the performance management process.
Lactation Room
Benefits System
Key Performance To fully implement the benefits system, Kewell has formulated the Benefits Standards. In accordance with regulations, the Company
pays social insurance and housing provident fund for eligible employees, arranges regular health checkups, and distributes holiday
During the Reporting Period benefits and high-temperature subsidies, establishing a dual-layer protection system of “basic security + supplementary benefits”.
Taking into account employees’ actual needs, the Company gradually expands special benefits such as personal care and team-
building activities, thus continuously attracting and retaining key talent to empower the Company’s high-quality development.
the proportion of female management personnel in the Company was 21.30 %, and 15 employees took
The Company has formulated the Attendance Management System. In strict accordance with national labor laws and regulations,
maternity leave, with an return rate of 80%. the Company implements paid leave policies, including annual leave, sick leave, marriage leave, maternity leave, and paternity leave,
integrating humanistic care into corporate management and fully safeguarding employees’ legal rest rights.
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Mandated
Social insurance, housing provident fund, high-temperature subsidy, and statutory holidays
Benefits
Subsidies & Transportation subsidy, meal allowance, communication subsidy, seniority-based pay, night
Allowances shift subsidy, business travel allowance, and overseas assignment allowance
Festival Benefits International Women’s Day, Dragon Boat Festival, Mid-Autumn Festival, and Spring Festival
Benefits System
Health Care Health checkups, employer’s liability insurance, and occupational health checkups
Personal Care Birthday gifts, injury/illness consolation money, and employment anniversary gifts Annual Meeting Book Club
Family Care Filial Piety Award
Democratic Governance
Team Building Departmental team-building events
Kewell actively advances democratic management. To this end, the Company has established a labor union in accordance with the
law to protect employee rights, coordinate labor relations, organize cultural and sports activities, and support employees in difficulty.
In addition, the Company regularly holds Staff Representative Congress meetings to solicit opinions from employees, thereby fully
guaranteeing employees’ rights to information, participation, and supervision.
Key Performance
The Company continuously broadens democratic communication channels through diverse means such as the “Kewell Voice” platform
and employee forums, facilitating smooth expression of employee opinions and supporting harmonious labor relations.
During the Reporting Period
the Company’s social insurance coverage rate reached 100 %, and the average paid annual leave taken was
小科心声平台
Employee Activities
持续在线
Kewell advocates a work style that balances work and rest. By organizing diverse activities such as sports events, annual company
meetings, and themed team-building activities, the Company enriches employees’ work life, helps them achieve work-life balance, and 你的声音，值得被听见
enhances their sense of happiness and belonging. “Kewell Voice” Platform Employee symposium
“ 亲爱的小科:
Labor Disputes
「小科心声」始终在线，这座用心搭建的桥梁正温暖守候着每一个
声音。上线以来，我们珍视你的每一条建议与思考，这些智慧微
光，已然成为推动公司前行的重要能量。这个夏天，我们依然怀着
同样的热忱，期待聆听更多的声音。
Kewell strictly follows laws and regulations such as
the Law of the People’s Republic of China on Labor-
Dispute Mediation and Arbitration, and has established Consultation Arbitration
平台 亮点
a comprehensive labor dispute resolution 大放
process to 送: ” Mediation Litigation
ensure timely response and proper resolution of labor
disputes, thus fostering harmonious and stable labor
平台定位：作为EHR板块下的一个子平台，“小科心声”
relations. During the Reporting Period, the Company Dispute Resolution Process
Badminton Association Basketball Association 将专注于收集和处理员工的各类心声与反馈。
had no labor disputes.
功能需求：分为四大板块
“我要吐槽”：职场情绪回收站，你的声音有人认真听；
“我要点赞”：发现身边的小美好，让优秀的人和事被看见；
Social: Integrating Quality and Innovation to
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Employee Training and Development Construction of Training Platform
Kewell places high importance on digital talent development. Currently, the Company’s online learning platform is progressing steadily
and is scheduled for launch in 2026. To ensure future content availability, the Company initiated internal course resource review and
Employee Training integration during the Reporting Period. Currently, the Company has completed the systematic collection and categorization of existing
courses from various departments, and preliminarily established a course resource library covering multiple business areas and levels,
laying a foundation for subsequent platform content development. Following the platform’s launch, the Company will continue to
Employee Training System expand course resources, strengthen the internal trainer team, and optimize learning processes and performance-tracking mechanisms,
thus providing employees with more tailored, flexible, and diversified digital learning support. This effort will promote employees’ skill
Kewell adheres to the talent philosophy of “valuing both capability and potential”. In accordance with the Training Management enhancement and career growth, and sustain the Company’s long-term development.
Regulations, the Human Resources Department coordinates training activities, while the General Manager is responsible for approving
annual training plans, special training programs, and external training projects, continuously enhancing employees’ professional
competence, skills, and management capabilities. The Company places emphasis on talent cultivation. Relying on a comprehensive
Tiered and Graded Training
training system combining internal training and external learning, the Company provides clear growth paths for employees at different
growth stages, fully invigorating organizational vitality and maximizing talent value. Consistently regarding talent pipeline development as the core driver of sustainable growth, Kewell systematically builds and
optimizes the talent management mechanism integrating “selection, cultivation, deployment, and retention”. In terms of training
implementation, the Company has established a three-tier training structure consisting of “Company (Leadership/New Employee/
Development of Instructor Team General Skills) + Division (Professional Skills) + Department (Job-Specific Skills) ”. Through a “horizontally expanding product lines and
vertically developing industry solutions” model combining internal training and external learning, the Company effectively improves its
continuous learning capability and facilitates close alignment between talent development and business operations.
Kewell values internal knowledge accumulation and transfer, and continuously promotes the development of its internal trainer team.
In accordance with the Internal Trainer Management Regulations, the Company standardizes the selection, management, and incentive
mechanisms for trainers. By the end of the Reporting Period, the internal trainer pool comprised 50 professional trainers from fields
such as technology, management, marketing, and human resources. All trainers have undergone rigorous selection and training, and
possess solid expertise and teaching skills, enabling them to provide employees with practical guidance closely aligned with actual
business needs. Meanwhile, the Human Resources Department regularly conducts training satisfaction surveys, lesson-hour statistics, Kewell Training System
and instructor remuneration calculations to maintain training quality and trainer motivation, continuously empowering personal and
organizational development.
Manager Development Professional Talent Development Departmental Talent Development General Skills Development
(Leadership) (Professional Skills)） (Job-Specific Skills) (General Skills)
To effectively motivate trainers and facilitate the practical application of training outcomes, the Company has established a diversified
incentive system: providing trainers with teaching allowances based on trainer level and teaching quality, and granting trainers
Team communication and
priority access to professional development resources such as external training and industry exchange opportunities to support their High-level Leaders Recognized Sales: Sales techniques, key
collaboration skills
by the Company account management, etc.
professional growth and career development.
Business etiquette and
Supervisors/Managers with professional image
C ustome r S e rv ice
F un c tio n al Ro le s
R&D: R&D tool application, R&D
Man ufa c tu r i ng
P roc u rem e n t
project management, etc.
Experience
Business negotiation strategies
S al e s
R &D
......
and techniques
Advanced Training for Internal Trainers Case Customer Service: Standardized
Management Reserves / New
service, communication and
Managers Presentation and public speaking
coordination skills, etc.
In May 2025, the Company held a specialized course development skills
training for core employees. The training was led by the Human
Procurement, Production,
Management Skills Enhancement Emotion management and stress
Resources Department Manager and adopted a “training Product…
coping
combined with on-the-job practice” model, focusing on key
aspects such as course objective setting, structural design, and
teaching material development. The training aimed to select and Campus Recruitment: “Well Future, Endless Growth”
cultivate a group of “seed trainers” and promote the “One Trainer,
New Employees
One Course” initiative. Courses developed by trainees were
General course training: cultural values, company introduction, professionalism, policies and procedures, business
incorporated into the Company’s course system upon evaluation, Social
fundamentals, safety education, etc. (internal training)
Recruitment：
facilitating the transformation of outstanding individual practices Specialized training: Sales, R&D, Customer Service, Procurement, Production, Product, Support Functions
into organizational knowledge for inheritance. Through this
training, the participating instructors significantly enhanced their Online Learning Platform
Key Personnel: Internal trainers + Onboarding mentors Knowledge retention, learning tracking, internal trainer Policies: Relevant training management regulations
course development capabilities and teaching proficiency, further
development and course management
enriching and optimizing the internal course system.
Hierarchical and Tiered Training System
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Type of training Participants Training Duration and Sessions Key Performance
Training for New
New Employees 1 session per month, 8 class hours per session 2025
Employees
Number of Employee Training Total Number of Employees Coverage of Employee
Professional skills All employees of the Duration ranges from several hours to several days, flexibly arranged Sessions Trained Training
training Company based on business needs and technical updates
Job-specific Skills All employees of the Duration depends on training content, flexibly arranged based on
Training Company employee needs and business development Total Trainning Person-times Total Training Duration Average Training Duration
Orientation Training for New Employees Case
Total Investment in Training Training Investment per Million
Revenue
In August 2025, the Company held the “Hello, New Colleague”
orientation training, with active participation from new employees 10 RMB 10,000 0.02 RMB 10,000
across various business units and functional departments.
The training covered corporate culture advocacy, policy and
process interpretation, and business fundamentals. Through the
training, new employees quickly gained an understanding of the
Company’s operational framework and enhanced their sense of
organizational identity and belonging, laying a solid foundation
for their subsequent job performance. Employee Development
Kewell places great emphasis on the long-term development of employees and is committed to building diverse and clear career
growth paths. The Company has established three career development tracks: Management, Professional, and Operational/
Administrative, allowing employees to advance within their respective tracks based on their strengths and career plans, thereby
Book Club Sessions for Management Personnel Case
enhancing professional competence and career competitiveness.
During the Reporting Period, the Company organized four book club sessions for management personnel, focusing on Additionally, the Company maintains internal talent mobility through institutional mechanisms. In the Human Resources Control
cultural integration, leadership development, and general skills enhancement. Discussions and sharing were held around Procedures, the Company clearly defines the employee transfer mechanism and supports intra-departmental and cross-departmental
selected books such as Customers First, Lean Production, IPD: Huawei R&D Practices, and Who: A Method for Hiring. job adjustments, providing employees with diverse career exploration and development opportunities. This helps employees broaden
their skills and horizons, and promotes internal knowledge exchange and business synergy, thus laying a solid foundation for strategic
advancement.
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Occupational Health and Safety
Occupational Health and Safety Management System
Management Channel Professional Channel Operational/Administrative
Roles
Operational Kewell strictly complies with laws and regulations such as the Law of the People’s Republic of China on Work Safety and the Law
Management Business Professional R&D/ Professional Roles/
Headquarters Marketing & Support Positioning on the Prevention and Control of Occupational Diseases of the People’s Republic of China. Adhering to the occupational health and
(M) Units (P) Technology Professional Management
(O) safety management policy of “strengthening safety management and safeguarding employee health”, the Company has developed
General management regulations, including the Work Safety Organization Management System and the Occupational Health Management
M6 / /
Manager Control Procedures. Additionally, the Company has established a Safety, Health and Environment Committee chaired by the General
Manager and comprising responsible leaders from relevant departments. The Committee Office is responsible for daily management
Deputy
BU Chief Senior Sales Senior Expert/Senior and coordination and for fulfilling responsibilities for work safety and occupational health management, thus protecting employees’
M5 General P9
Manager Engineer Expert Professional Director
Manager lives and health and promoting the Company’s stable operations.
Director/
Deputy BU Lead Lead Sales Lead Expert/
M4 Deputy P8 / To fulfill the work safety responsibilities, the Company has formulated the All-Staff EHS Responsibility Management System and the EHS
Manager Expert Expert Professional Director
Director Reward and Punishment System. By signing the EHS Responsibility Statements at different levels, the Company decomposes safety goals
Senior BU Expert/Professional and responsibilities progressively to all management levels and positions, forming a “horizontal and vertical” accountability network.
M3 Director P7 Expert Expert Sales
Manager Senior Manager The Company has also linked work safety to talent appointment, implementing a “one-veto” policy for work safety. The Company
regularly evaluates the fulfillment of responsibilities and takes reward and punishment measures to ensure full implementation of work
Department Senior Senior Sales Senior Specialist/
Manager safety measures. During the Reporting Period, the Company has passed the certification of the ISO 45001 Occupational Health and
M2 Manager P6 Engineer Engineer Professional Manager
Safety Management System.
Lead Specialist/
Department Lead Lead Sales Senior Technician/
Head P5 Professional O7
M1 Head Engineer Engineer Senior Team Leader
Supervisor
Director
Technician/Principal Chairman
O6
P4 Team Leader
Sales
Engineer Specialists Deputy Director
Engineer
Senior Skilled Worker/ Safety Director
P3 O5
Team Leader
Junior Junior Sales Junior Lead Skilled Worker/
P2 O4
Research Institute
Power Supply Division
Hydrogen Energy Division
Semiconductor Division
Protection Department
Safety and Environmental
Finance Department
Department
Human Resources
Administration Department
Department
Infrastructure Engineering
Quality Center
Department
International Business
Marketing Department
Product Department
Information Department
Internal Audit Department
Department
Strategic Investment
Securities Affairs Department
Engineer Engineer Specialists Reserve Team Leader
Assistant Assistant Sales Assistant Intermediate Skilled
P1 O3
Engineer Engineer Specialist Worker
Occupational Health
O2 Junior Skilled Worker and Safety Management
System Certification
O1 Basic Operator
Organizational Structure for Work Safety Management
Career Development Channel
Key Performance Occupational Health and Safety Risk Management
During the Reporting Period
Safety Risk Management
Number of Internal Transfers: 148; and Percentage of Employees of Internal To strengthen work safety risk management and prevent and reduce safety incidents, Kewell has formulated management regulations,
Transfers: 22.70 %. including the Hazard Identification, Risk Assessment and Control Measure Determination Procedures and the Risk Classification and
Control System. These regulations govern risk identification, assessment, and graded management across all production activities,
continuously improving safety management and effectively mitigating safety risks.
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Risk Identification Risk Assessment
Electric Shock Injury Emergency Drill Case
The scope of risk identification covers the Adopt the yes-no method and the LEC
plant area and surrounding environments, method to evaluate hazards and risk factors, In September 2025, the Company’s Safety and Environmental Protection Department organized an emergency drill for
all business processes, personnel and and complete the Hazard Identification and electric shock incidents. The drill simulated a scenario where an employee accidentally suffered an electric shock during
equipment activities in the workplace, Risk Assessment Checklist. product testing. In line with emergency procedures, participants immediately cut off the power supply and performd
routine and non-routine operations, as well first aid on the injured person. After the drill, the Company organized a debriefing to provide guidance on storage of
as natural disasters, public health incidents, emergency supplies, proper use of insulating supplies, and other issues, thereby continuously enhancing all employees’
and human-induced destructive factors. emergency response capabilities.
Work Safety Risk
Management
Process
Risk Control Risk Classification
Take control measures (engineering controls, Classify risks into four levels based on
sign/warning management, personal protective the identification and assessment results:
equipment, and emergency response) based unacceptable risk, high risk, general risk, and
on the assessment results to reduce risks to low risk.
acceptable levels.
Safety Emergency Response Capability
Kewell constantly strengthens the work safety emergency management system by formulating the Emergency Plan for Work Safety
Accidents, which encompasses comprehensive emergency plans, specialized emergency plans, and on-site response plans. The aim
is to prevent various work safety accidents, achieve rapid control and effective response to accidents, and safeguard employee safety
and corporate property. Additionally, the Company regularly conducts emergency drills to enhance employees’ safety awareness and
emergency response skills, thereby solidifying the foundation for work safety management and achieving rapid and scientific response Safety Hazard Identification
to emergencies.
To improve work safety management capabilities, Kewell has established the Hazard Identification and Rectification Management
System. The Company conducts comprehensive inspections of production sites, equipment, facilities, and work environments through
Emergency Response
Personnel Evacuation
On-Site Monitoring
Security Cordoning
Medical Assistance
and Traffic Control
Personnel Rescue
Expert Support regular, daily, professional, and ad hoc inspections to promptly identify potential risks. For hazards identified during inspections, the
Environmental
Engineering
Protection
Company maintains a hazard ledger which clearly defines responsible persons, corrective actions, and deadlines for rectification,
Incident Occurrence and strictly implements an “Inspect–Record–Rectify–Verify” closed-loop process to ensure hazards are fully eliminated. During the
Reporting Period, the Company identified 50 hazards and rectified all of them, achieving a hazard identification and rectification rate of
Receipt of Alarm
Feedback Rescue Actions
Expanded
Emergency Response
Metrics and Targets for Occupational Health and Safety
N Based on the EHS Target Management System, the Targets, Indicators, and Management Program Control Procedures and other
N Request for
Alert Level Determination Situation Control management regulations, Kewell sets scientific occupational health and safety management goals, shifting safety management from
Reinforcements
“passive response” to “proactive prevention”, steadily enhancing occupational health and safety standards and creating a safe, healthy,
Network Activation
Resources in Place
Emergency Center
On-site Command
Personnel in Place
and reliable working environment for all employees.
Deployment
Information
Y
Emergency
Y Site Cleanup
Y Emergency Cordon Removal
Recovery
Alarming Afterward Handling
Emergency Emergency Accident Investigation
Activation Closure
Emergency Response Process
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Key Performance Safety Management Measures
Construction of Safety Culture
Investment in Work Safety Proportion of Work Safety Work Safety Accidents
Investment to Operating Revenue
Kewell continuously optimizes the EHS Education and Training Management System and actively promotes safety culture education by
work safety.
Number of Work-Related Total Number of Work- Lost Work Days due to
Deaths Related Injuries Injury
Identification and Rectification Total Investment in Safety Number of Safety Emergency
Rate of Potential Hazards Training Drills
Number of Safety Education Total Number of Participants in Total Training Duration
and Training Sessions Safety Training
Average Duration of Safety Coverage Rate of Safety Training Coverage Rate of Training on
Training Safety Risk Prevention Safety Training Activities
Safety Management for Related Parties
Permit Holding Rate for Personnel Investment in Work-Related Coverage Rate of Work-Related Kewell places great importance on the safety management of stakeholders, and has established management regulations such as
Engaged in Special Operations Injury Insurance Injury Insurance the Stakeholder Safety Management System and the Subcontractor Safety Management System, which clarify safety responsibilities
and supervisory measures to ensure all parties entering the Company’s work areas comply with management requirements and jointly
Coverage Rate of Health Detection Rate of Occupational Qualified Rate of Occupational
Checkups among Employees Hazard Factors Hazard Factor Monitoring
Management of Hazardous Goods
Kewell complies with laws and regulations, including the General Rules for Storage of Common Hazardous Chemicals and the
Number of New Occupational Regulations on Safety Management of Hazardous Chemicals, and has established the Hazardous Materials Safety Management System
Diseases to implement strict control over the entire process of procurement, transportation, storage, use, and disposal of flammable, explosive,
and hazardous chemicals. Through measures such as providing pre-job training for management personnel and posting Material Safety
mitigates potential risks to ensuring standardized management and safe use of hazardous chemicals.
Occupational Health and Safety Achievement Occupational Health Protection
Zero Work-Related Accidents √ Achieved
Kewell always prioritizes employee health, strictly follows national occupational health standards and strengthens comprehensive
occupational disease prevention and control. By improving the work environment, optimizing production processes, and enhancing
Zero Incidence Rate of Occupational Diseases √ Achieved personal protection, the Company aligns preventive measures with employees’ work scenarios and health needs, thus building a strong
line of defense for employee health and safety.
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Engagement in Public Welfare Activities
Occupational Health Protection Measures
Establish and maintain employees’ occupational health records to document personal
Personnel Records
information, career history, exposure to occupational hazards, and occupational health
Management
examination results.
Kewell regards supporting education development as an important way to fulfill corporate social responsibility. During the Reporting
Period, the Company invested RMB 30,000 to continuously enhance the special scholarship program established at the Hefei
Place warning signs in hazardous work areas, clearly indicating occupational hazards University of Technology, encouraging undergraduate and graduate students in electrical-related majors to focus on their studies and
Notification of and their protective requirements, including the use of personal protective equipment, pursue well-rounded development. In addition, the Company made a one-time donation of RMB 150,000 to the School of Electrical
Occupational Hazards operational precautions, and emergency response methods. This enables employees to Engineering at Beijing Jiaotong University, to reward outstanding graduate students in professional studies and technological
fully understand risks and prepare protective measures before starting work. innovation.
Furthermore, the Company actively supported public emergency rescue initiatives by donating RMB 100,000 to Blue Sky Rescue Team
Organize regular health examinations for employees exposed to occupational hazards to contribute to the development of emergency response capabilities, thereby demonstrating our strong commitment to corporate
Occupational Health social responsibility and public welfare engagement.
to ensure early detection and early intervention for potential health issues, providing
Checkups
comprehensive protection for employees’ health.
Scholarship Award Ceremony Case
Conduct testing for occupational hazards such as dust and noise, complete and submit
Occupational Hazard
occupational hazard declaration forms, and continuously improve occupational disease
Testing In June 2025, the Company held the 11th “Kewell” Scholarship Award Ceremony at Hefei University of Technology,
prevention and control efforts.
awarding scholarships to outstanding students. In addition, the Company organized student and faculty representatives
to visit its facilities as part of initiatives such as the “Dual-Carbon Youth Visit to Enterprise” Program, fostering two-way
interaction between the university and enterprise in talent development and practical understanding. This event not
Establish the Personal Protective Equipment Management System, provide employees with
Distribution of Personal only demonstrated the Company’s long-term commitment to supporting education development and fulfilling social
gloves, masks, protective goggles, and other personal protective equipment, and maintain
Protective Equipment responsibility, but also provided students with opportunities to understand industry practices and establish career
distribution records to fully safeguard employee health and safety.
aspirations. It represents a concrete action to promote industry–university–research integration and support talent
development.
Wearing dust masks Notification Card of Occupational Disease Hazard
Key Performance
During the Reporting Period,
the Company invested a total
of RMB 280,000 in
public welfare.
Welding Area Risk Notification Sign Safety Warning Signs
Governance: Building Enterprise Strength
through Sound Governance and Compliance 2025 Environmental, Social, and Governance (ESG) Report
Building Enterprise Strength through
Governance
Sound Governance and Compliance
Kewell regards corporate governance as a cornerstone of stable
development. By continuously improving the governance structure,
strengthening the internal control system, and establishing a legally
compliant operational management mechanism, the Company
enhances overall risk management capability, and steadily advances the
modernization of corporate governance, laying a solid foundation for
high-quality development.
Governance: Building Enterprise Strength
through Sound Governance and Compliance 2025 Environmental, Social, and Governance (ESG) Report
Standardization of Corporate Governance
Governance Structure Board of Directors
Kewell strictly follows the Articles of Association and the Rules of Procedure for the Board of Directors to standardize board meeting
Kewell strictly complies with laws and regulations, including the Company Law of the People’s Republic of China, the Securities Law of
procedures and decision-making processes, enabling the Board of Directors to effectively fulfill its duties and continuously improve
the People’s Republic of China, and the Rules Governing the Listing of Stocks on the STAR Market of Shanghai Stock Exchange, and has
standardized operations and scientific decision-making. During the Reporting Period, the Board of Directors held eight meetings, at
formulated management regulations such as the Articles of Association, Rules of Procedure for the General Meeting of Shareholders,
which 52 proposals were deliberated and approved.
and Rules of Procedure for the Board of Directors, clarifying the responsibilities of each governance body.
The Company has established a governance structure comprising the General Meeting of Shareholders, the Board of Directors, and
the Management, which exercise the functions of authority body, decision-making body, and execution body, respectively. These
bodies work in coordination to create a clear, coordinated, and efficient management mechanism, thereby continuously strengthening
compliance management and driving high-quality development.
Board Committees
The Board of Directors consists of four specialized committees: the Audit Committee, the Nomination Committee, the Remuneration
and Appraisal Committee, and the Strategy and Sustainability Committee. Each committee conducts research on specialized matters
General Meeting of Shareholders and provides opinions or recommendations for the Board’s decision-making. Committee members perform their duties according to
Strategy and Sustainability Committee working guidelines, thus providing sufficient support for professional and efficient board decision-making.
Nomination Committee
Board of Directors
Remuneration and Appraisal Committee
Key Performance
Board Secretary
Audit Committee
General Manager During the Reporting Period,
the Company held six Audit Committee meetings, three Nomination Committee meetings, approving
approving 21 proposals; four proposals;
Internal Audit Department
Power Supply Division
Hydrogen Energy Division
Power Semiconductor Division
Department
International Business
Research Institute
Quality Center
Department
Strategic Investment
Marketing Department
Finance Department
Department
Human Resources
Information Department
Administration Department
Department
Infrastructure Engineering
Protection Department
Safety and Environmental
Securities Affairs Department
two Remuneration and Appraisal Committee and two Strategy and Sustainability Committee
meetings, approving five proposals; meetings, approving four proposals.
Governance Structure
General Meeting of Shareholders Board Diversity
Kewell strictly complies with the Company Law of the People’s Republic of China and the Articles of Association to regulate the Kewell always regards building board diversity as an important measure to enhance governance efficiency. In terms of board
procedures for convening, holding, and voting at general meetings of shareholders. The Company adopts an “on-site + online composition, the Company fully considers multiple dimensions, including gender, cultural background, age, educational background,
voting” system to facilitate shareholders in exercising their voting rights in accordance with the law, thereby ensuring equal and professional experience, to build a high-efficiency board team with a reasonable structure and complementary strengths, thereby
protection of the legitimate rights and interests of all shareholders. In addition, the Company engages lawyers to witness general ensuring scientific, forward-looking, and rational decision-making. During the Reporting Period, the Board of Directors consisted of
meetings and provide legal opinions to ensure the legality and compliance of the convening, holding, and voting procedures. During 11 directors, including two female directors and four independent directors. Female directors accounted for 18.18%, and independent
the Reporting Period, Kewell held four general meetings of shareholders, at which 17 proposals were deliberated and approved. directors accounted for 36.36%.
Governance: Building Enterprise Strength
through Sound Governance and Compliance 2025 Environmental, Social, and Governance (ESG) Report
Number of Proportion of
Number of Whether Convened by an
Committee Name Independent Independent
Members Independent Director
Audit Committee 3 2 66.67% Yes
Nomination Committee 3 2 66.67% Yes
By Gender By Age
Remuneration and Appraisal
Strategy and Sustainability
Committee 5 2 40.00% No
Male Female 30-40 Years Old Above 50 Years Old
Management of Remuneration for Directors and Senior Executives
Kewell has formulated the Management System for Remuneration of Directors and Senior Executives, stipulating that the Remuneration
and Appraisal Committee is responsible for drafting the proposals, directors’ remuneration is decided by the general meeting of
shareholders, and senior executives’ remuneration is decided by the Board of Directors. The Company implements a performance-
senior executives to perform their duties. During the Reporting Period, the Company paid a total of RMB 4.9952 million in remuneration
to directors and senior executives.
By
By Type Educational
Background
Independent Directors Non-Independent Directors Doctoral Degree Master’s Degree
Bachelor’s Degree Associate Degree
Board Independence
Kewell strictly complies with the Measures for the Administration of Independent Directors of Listed Companies, and fully leverages
the role of independent directors in decision-making participation, supervision, checks and balances, and professional consultation.
All directors perform their duties faithfully and diligently in accordance with internal regulations such as the Rules of Procedure for the
Board of Directors and the Work System for Independent Directors to strengthen high-quality board decision-making and continuously
promote standardized and efficient corporate governance, laying a solid foundation for the Company’s sustainable development.
Governance: Building Enterprise Strength
through Sound Governance and Compliance 2025 Environmental, Social, and Governance (ESG) Report
Protection of Investor Rights
Information Disclosure
Kewell strictly fulfills its information disclosure obligations. In accordance with the Measures for the Administration of Disclosure of
Information by Listed Companies and other relevant laws and regulations, the Company has formulated the Information Disclosure Performance Briefings
Management System, which specifies provisions for periodic reports, interim reports, basic principles of information disclosure, and
disclosure procedures, thus facilitating truthful, accurate, complete, and timely information disclosure. Meanwhile, the Company actively
maintains fairness in information disclosure. To this end, the Company has formulated the Insider Information Management System to
ensure confidentiality prior to disclosure and proper registration of insiders and prevent insider trading.
Key Performance
During the Reporting Period
Key Performance
During the Reporting Period the Company hosted 3 investor activities, participated in 3 broker strategy sessions, conducted 5 interactions
with investors on E-Interactive, held 3 performance briefings, and answered 24 investor calls.
the Company disclosed 4 periodic reports and 75 interim reports; the disclosure rating was Grade A; there
were no penalties for violations related to information disclosure.
Return to Shareholders
Kewell attaches great importance to shareholder returns, and has established the Profit Distribution Management System to create
Public Opinion Management in Capital Markets a sustainable, stable, and scientific dividend mechanism, and improve the decision-making procedures for profit distribution. When
developing profit distribution plans, the Company fully considers the operating performance, future development strategies, and the
interests of small- and medium-sized investors. Through a fair and transparent approach to profit distribution, the Company reasonably
Kewell regards public opinion management as an important part of corporate governance and has formulated the Public Opinion returns business results to all shareholders, effectively safeguarding their legitimate rights and interests and promoting a long-term,
Management System, establishing a leadership team for public opinion management with the Chairman as the leader and the Board stable, and mutually beneficial relationship between the Company and its shareholders (especially small- and medium-sized investors).
Secretary as the deputy leader. The team is responsible for unified leadership, decision-making, and coordination of various public
opinion response efforts. The Securities Affairs Department serves the daily management unit responsible for collecting, analyzing,
and verifying significant public opinion information. Meanwhile, the Company has established rapid emergency response mechanisms
Cash Dividend Distribution for 2025:
to promptly address the impact of public opinion on stock prices, reputation, and business operations, thus effectively protecting
investors’ legitimate rights and interests. The Company proposes to distribute a cash dividend of RMB 2.00 (tax inclusive) for every 10 shares to all shareholders. As
of December 31, 2025, the total share capital of the Company was 84,070,709 shares, of which 991,042 shares held in the
repurchase-dedicated securities account are not eligible for this profit distribution. Accordingly, the total number of shares
Investor Relations Management eligible for distribution is 83,079,667 shares, based on which the proposed total cash dividend amounts to RMB 16,615,933.40
(tax inclusive). In addition, the Company has already implemented a cash dividend distribution for the first three quarters of 2025
on February 6, 2026, amounting to RMB 8,307,966.70 (tax inclusive). In summary, the total cash dividends distributed for 2025
To strengthen communication with investors and enhance corporate governance compliance, Kewell has formulated the Investor amount to RMB 24,923,900.10 (tax inclusive), representing 38.97% of the net profit attributable to shareholders of the listed
Relations Management System, standardizing principles, responsible departments, and processes for investor relations management. company as reported in the 2025 consolidated financial statements. In addition to cash dividends, the Company has concurrently
Through channels such as the SSE E-Interactive platform, earnings presentations, and analyst meetings, the Company builds a implemented a capitalization of capital reserves into share capital, proposing to issue 3 bonus shares for every 10 shares held to
communication bridge with investors, thus ensuring timely and transparent information delivery and effective response to investor all shareholders.
concerns, enhancing investor trust and support, and creating a stable and harmonious external environment for sustainable
development.
Governance: Building Enterprise Strength
through Sound Governance and Compliance 2025 Environmental, Social, and Governance (ESG) Report
Management of Compliance Risk Risk Management
Internal Control System
Compliant Operations Kewell strictly follows the Basic Norms of Enterprise Internal Control and other relevant laws and regulations. In response to regulatory
developments and business needs, the Company continuously improves its internal control system by establishing the Internal Audit
Supervision System. The Internal Audit Department is responsible for checking and evaluating the completeness, reasonableness, and
Compliance Management System effectiveness of the internal control system, comprehensively enhancing internal control and operational management, and promoting
healthy and sustainable development.
Kewell integrates compliance management into all aspects of business operations, and has formulated the Contract Management
The Company conducts an internal control self-evaluation every year, prepares and discloses the Internal Control Evaluation Report,
Measures, which clearly define processes for contract drafting, conclusion, review, and approval. The Internal Audit Department, as
and engages third-party auditing firms to audit the effectiveness of annual financial statements and internal controls and to issue audit
the contract management unit, is responsible for periodic inspections and supervision of contract management, participating in the
reports, thereby comprehensively enhancing internal control management. During the Reporting Period, the Company maintained
negotiation and conclusion of major contracts, coordinating the resolution of contract disputes and litigation matters, effectively
effective internal control over financial reporting in all material respects, and there were no material and significant deficiencies in
preventing contract risks, and maintaining legal and compliant operation of the Company.
internal control over non-financial reports.
Compliance Management Measures
Training on Risk Management
Kewell strengthens compliance management through regular internal audits, covering multiple departments and business areas, and
identifies issues through risk assessments, walk-through tests, and other procedures. For issues identified during audits, business Kewell regularly organizes specialized training on risk management across various areas to improve employees’ ability to identify and
departments are required to conduct self-examinations to trace the root causes and rectification notices are issued, urging relevant respond to risks and effectively strengthen company-wide risk prevention awareness.
departments to complete corrections according to procedures. This effectively prevents operational risks and lays a solid foundation for
sustainable corporate development.
Training on Contract Template Optimization and Contract Performance Risk Case
Construction of Compliance Culture
In July 2025, the Company offered the “Training on Contract
Kewell deeply integrates the concept of compliance into corporate culture, and organizes regular compliance-themed training for Template Optimization and Contract Performance Risk” for
employees. Through case studies, seminars, and other events, the Company strengthens employees’ compliance awareness and all sales employees. The training effectively promoted the
enhances overall compliance management. implementation of standard contract templates and helped the
sales team accurately identify the risk points throughout the
entire process, including contract conclusion, performance, and
dispute resolution.
Training on Contract Risk Management and Communication Techniques and Examples Case
In January 2025, the Company conducted “Contract Risk
Management and Communication Techniques and Examples”
training for all sales employees. This training effectively
enhanced the sales team’s awareness of contract risks, improved
Related-Party Transactions
negotiation efficiency and contract quality, and established a
strong foundation of compliance and risk control for subsequent
Kewell adheres to the principles of good faith, equality, voluntariness, fairness, and openness, and has formulated the Related-Party
business operations.
Transaction Decision-Making System, which stipulates the scope, decision-making authority, review procedures, and information
disclosure requirements for related-party transactions. The Company strictly implements the recusal system for related party
transactions. When reviewing related-party transactions, related directors and shareholders are required to abstain from voting, thus
effectively protecting the legitimate rights and interests of all investors, particularly small- and medium-sized shareholders.
Import and Export Compliance Management
To ensure trade compliance, Kewell has formulated the International Trade Department Collaboration Management System, regulating
the operations and management of the import and export business, and ensuring that all business activities are legal and compliant.
Governance: Building Enterprise Strength
through Sound Governance and Compliance 2025 Environmental, Social, and Governance (ESG) Report
Adherence to Business Ethics Whistleblowing and Protection of Whistleblowers
Kewell provides a disciplinary supervision and reporting channel on its official website. Employees, clients, suppliers, and partners can
Anti-Commercial Bribery and Anti-Corruption
report any improper conduct to the Internal Audit Department via hotline, email, mail, or in-person meetings, ensuring the effectiveness
of anti-corruption efforts. The Company legally protects the personal information and identity of whistleblowers, strictly prohibits any
form of discrimination or retaliation, and fully safeguards the legitimate rights and interests of whistleblowers.
Integrity Management System
Tel.:+86 0551-66858006
Kewell always upholds compliance, integrity, and honesty as the primary principles guiding business development. The Company
strictly abides by relevant laws and regulations, such as the Interim Provisions on Prohibition of Commercial Bribery, systematically Reporting
establishes and improves its anti-corruption management system, maintains a “zero-tolerance” stance toward corrupt practices, and Channels
continuously strengthens the anti-corruption risk prevention framework. Email:kewellfk@kewell.com.cn
In terms of employee management, the Company requires all new hires to sign the Integrity Agreement, clearly prohibiting misconduct
such as duty encroachment and commercial bribery, and detailing provisions for accountability in case of violations, thus effectively
controlling integrity risks from the very beginning of employment. In terms of partner management, the Company signs the Sunshine
Agreement and the Confidentiality Agreement with suppliers, establishing a two-way integrity supervision mechanism and jointly
adhering to business ethics standards to actively promote transparent procurement. For distribution operations, the Company further
strengthens the performance of the Sunshine Agreement, resolutely preventing any form of improper benefit transfer. During the
Reporting Period, no litigation cases related to commercial bribery or corruption occurred.
Prevention of Unfair Competition
Integrity Culture Development Kewell strictly complies with laws and regulations such as the Anti-Monopoly Law of the People’s Republic of China and the Anti-Unfair
Competition Law of the People’s Republic of China, resolutely opposing all forms of unfair competition. The Company continuously
improves its compliance management system, strengthens internal controls, and ensures that all business activities are lawful and
Kewell integrates anti-corruption education into its daily management system, continuously enhancing employees’ integrity awareness
compliant through institutional and procedural development, thus actively fostering a fair, just, and transparent business environment.
through multi-level and systematic training. The Company conducts onboarding integrity training for new employees to clarify red lines
During the Reporting Period, no cases of litigation related to unfair competition or monopoly occurred.
and baseline requirements, laying a strong foundation for ethical conduct from the start of employment. Additionally, the Company
regularly conducts targeted integrity training through practical case studies to improve employees’ ability to identify and prevent
integrity risks.
In terms of supplier management, the Company also emphasizes joint building of an integrity culture. Before major holidays, the
Company proactively communicates integrity initiatives to suppliers and partners, promoting the implementation of a two-way
supervision mechanism and jointly creating a transparent and fair cooperation environment.
“Upholding Integrity and Strengthening Confidentiality” Training Case
In November 2025, the Company conduc ted a special
training session titled “Upholding Integrity and Strengthening
Confidentiality” for all new employees. This training effectively
reinforced new employees’ awareness of ethical conduct and
confidentiality responsibilities, helping them systematically
understand integrity discipline requirements, confidentiality
management standards, and accountability provisions for
violations.
Appendix 2025 Environmental, Social, and Governance (ESG) Report
Appendix Global Reporting Initiative China Enterprise Reform and Development
Level 1 Headline Level 2 Headline Sustainability Reporting Society Guide to Corporate Sustainability
Standards (GRI Standards) Reporting in China (CASS-ESG 6.0)
Indexes Responsible Supply
Chain
Enhancement of the
Data Defense Line
Global Reporting Initiative China Enterprise Reform and Development
Level 1 Headline Level 2 Headline Sustainability Reporting Society Guide to Corporate Sustainability
Standards (GRI Standards) Reporting in China (CASS-ESG 6.0) 2-7/2-19/2-20/401-1/401-
Protection of Employees’ S4.1.1/S4.1.3/S4.1.4/S4.1.5/S4.1.6/S4.1.7/
Social: Integrating 2/401-3/405-1/406-1/407-
Rights and Interests S4.1.8/S4.1.9/S4.1.11/S4.1.12
About this Report 2-2/2-3/2-4 P1.1/P1.2 Quality and 1/408-1/409-1
Innovation
to Promote
Message from the Chairman / P2.1 Collaborative Win- Employee Training and
Win Outcomes Development
About Us 2-1/2-6 P3.1/P3.2/P3.3
Occupational Health and
Safety
G1.1.1/G1.1.2/G1.1.3/G1.1.5/G1.1.6/ 9/403-10
Sustainable Development Governance G1.1.7/G1.1.8/G1.1.9/G1.1.10/G1.1.11/
G1.2.3/G1.3.1/G1.3.2
Engagement in Public
Welfare Activities
Addressing Climate 201-2/305-1/305-2/305-4/305- E1.1.1/E1.1.2/E1.1.3/E1.1.4/E1.1.7/
Standardization of 2-9/2-10/2-11/2-12/2-18/2-
Change 5 E1.1.8/E1.1.11/E1.1.13/E1.1.15/E1.1.16 /
Corporate Governance 27/207-1/207-2
Environmental:
Advancing Low-
Carbon Operations E2.1.1/E2.1.2/E2.1.3/E2.1.5/E2.1.6/ Protection of Investor
Governance: 2-16/2-27/2-29/201-1 /
and Environmental Implementation of Green 304-1/304-2/305-7/306-1/306- E2.1.7/E2.1.8/E2.2.1/E2.2.2/E2.2.3/ Rights
Strengthening the
Protection through Operations 2/306-3/306-4/306-5 E2.2.4/E2.2.5/E2.2.6/E2.2.7/E2.3.3/ Enterprise through
Intelligent Testing E2.4.1/E2.4.2/E2.4.3/E2.4.4/E3.3.4/E3.3.5 Sound Governance Compliance Risk
and Resource and Compliance 2-27/207-2 /
Management
Efficiency
Enhancement of E3.1.1/E3.1.2/E3.1.3//E3.1.4/E3.1.5/
Resource Utilization E3.2.1/E3.2.2/E3.2.3/E3.2.4/E3.3.2 Adherence to Business G2.1.1/G2.1.2/G2.1.3/G2.1.8/G2.2.1/G2.2.2/
Ethics G2.2.3
Innovation-driven S2.1.1/S2.1.2/S2.1.3/S2.1.4/S2.1.5/S2.1.6/ Indexes / A3
Social: Integrating /
Development S2.1.7/S2.1.10/S2.1.11/S2.1.12/S2.1.13
Quality and Appendix
Innovation
to Promote Feedback Form 2-26 A6
Collaborative Win-
Product Quality and
Win Outcomes 416-1/416-2 S3.3.1/S3.3.2/S3.3.3/S3.3.5/S3.3.6
Safety
Appendix 2025 Environmental, Social, and Governance (ESG) Report
Feedback Form
We appreciate your time in reading the 2025 Environmental, Social and Governance (ESG) Report of Kewell Technology Co., Ltd. To
improve Kewell’s performance in environment, society, and governance, further enhance its sustainable development capabilities
and levels, and strengthen communication with all sectors of society, we sincerely hope that you will provide valuable feedback and
suggestions on our work and report amidst your busy schedule, through the following modes.
Tel.: +86 0551-65837957
Fax: +86 0551-66858138
Email: ir@kewell.com.cn
Address: No. 8 Dalongshan Road, High & New Technology Park, Shushan District, Hefei City, Anhui Province, China
Your Information
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