Sustainability Report
CONTENTS 21 37 51 65 75 85
Special Topic I Environment Society Customers Employees Governance
Focusing on the Green as the Engine, Anchored in Responsibility, Customer-Centric, Deeply Anchored on Stability to
People-Oriented, United
"Five Major Articles" Empowering New Building a Robust Value Fulfilling Responsibilities to Fortify the Cornerstone of
for a New Chapter
of Finance Economic Dynamics Network Safeguard Rights and Interests Development
Board Statement on 01 Addressing Climate 39 Implementing 53 Data and 67 Employment, 77 Upholding Party 87 Looking Ahead 101
Sustainable Development Change Responsible Information Security Equality and Diversity Building as Guidance
Report Preparation 03 31 Practicing Green
Concepts
Investment
Serving the Real 57
Customer Privacy
Protection
Empowerment
Governance
Appendix
Key Performance
Instructions
Special Topic 2 Economy Indicators (KPIs）
About Caitong Securities 06 Green Supply Chain 46 Digital Innovation- 71 Employee Compensation 80 Adherence to 89
The Accompanying Boosting Rural 61 Driven Development and Bene?ts Compliance Operation Indicator Index 107
Overview of Sustainable 13 Responsibility Practice of Biodiversity 49 Revitalization
Conservation Investor Education 73 Strengthening Risk 92 Feedback Form 113
Governance Caitong Securities Being
Social Contribution 63 and Protection Management
a Securities Company of
Zhejiang Entrepreneurs Business Ethics 95
and Enterprises
Board Statement on Sustainable Development
Board Statement on Sustainable Development
In 2025, Caitong Securities forged ahead steadily on the journey of high-quality development. Faced with opportunities and We focus on customer experience to enhance service warmth.
challenges in the macro environment, we have always adhered to the original aspiration of "serving the country through ?nance",
Adhering to a customer-centric approach, the Company has continuously optimized service processes, innovated service models,
taken serving the real economy as the fundamental purpose, and thoroughly practiced the "?ve major tasks" in ?nance. Grounded
and improved ?nancing convenience and service accessibility through digital platforms. Focusing on key areas such as technology
in our positioning of being "Being a Securities Company of Zhejiang Entrepreneurs and Enterprises", we strive to build a ?rst-
?nance, pension ?nance and inclusive ?nance, we have launched a series of innovative products to precisely meet the diversi?ed
class modern investment bank with comprehensive competitiveness. We adhere to the orientation of sustainable development,
needs of the real economy. Investor protection and education have been carried out solidly and thoroughly, helping improve public
deeply integrate the concept of Environmental, Social and Governance (ESG) into all aspects of corporate strategy and operation
?nancial literacy and e?ectively safeguarding the legitimate rights and interests of investors.
and management, and endeavor to achieve the coordinated progress of economic bene?ts, social value and environmental
bene?ts, contributing continuous ?nancial strength to the green transformation and inclusive growth of the economy and society.
We consolidate the governance foundation to safeguard steady development. We value talent to stimulate organizational vitality.
The Company has continuously improved the ESG governance structure with Caitong characteristics. The Strategy and
Regarding talents as the most precious asset, the Company strives to create an organizational atmosphere of respect,
Sustainable Development Committee of the Board of Directors gives full play to its role in top-level design, supervision and
empowerment and growth. By improving the career development system, strengthening diversi?ed training and caring for
guidance, and runs the requirements of sustainable development through the entire process of corporate governance. Upholding
employees' physical and mental health, we have continuously enhanced employees' sense of belonging and creativity. We attach
the industry culture of "compliance, integrity, professionalism and prudence", we have been improving the comprehensive risk
importance to the diversi?cation and inclusiveness of team building, supporting every employee to realize personal value on the
management system, and enhancing the e?ciency of risk control and compliant operation by virtue of digital tools, laying a solid
platform of Caitong and grow together with the enterprise.
foundation for the steady and long-term development of the Company. In 2025, the Company has continued to gain recognition
from the market and regulators in terms of information disclosure and ESG rating, and its governance level has reached a new
height.
We hold up the green engine to empower low-carbon transformation. Looking ahead, Caitong Securities will continue to uphold the corporate spirit of "Harmonious Caitong, Striving for Dreams",
Responding actively to the national "dual carbon" goals, the Company deeply integrates the concept of green development into its adhere to long-termism, and further deepen ESG practices with a higher strategic stance, more solid sense of responsibility and
business layout and operational practices. By innovating green ?nancial products and services, we have continuously more ?exible innovation mechanism, striving to write the Caitong chapter of the "?ve major tasks" in ?nance. While creating stable
strengthened ?nancial support for green industries and low-carbon transformation ?elds, helping optimize the industrial returns for shareholders, we are willing to forge ahead hand in hand with all stakeholders to jointly create a bright future of
structure and improve the ecological environment. In its own operations, the Company systematically promotes energy sustainable development.
conservation, consumption reduction and resource recycling, actively advocates green o?ce, e?ectively reduces operational
carbon footprint, and demonstrates its sense of responsibility.
We anchor social responsibility to build a value ecosystem.
Always bearing in mind the "national priorities", the Company has taken active actions in serving coordinated regional
development and boosting rural revitalization. Through establishing common prosperity funds and promoting characteristic
models such as "insurance + futures", we help enhance the vitality of county economies and increase farmers' income. In the ?eld
of public welfare and charity, we have continued to invest resources in supporting education development, emergency disaster
relief and ecological protection, repaying the society with concrete actions. The Company is committed to building a responsible
ecosystem of harmonious coexistence and shared value with employees, customers, partners and communities, conveying the
warm power of ?nance for good.
Report Preparation Instructions
Report Preparation Instructions
This report is the ninth sustainability/ESG/social responsibility report issued by Caitong Securities Co., Ltd. (hereinafter referred to as "Caitong
Securities", "the Company" or "we"), aiming to disclose to all stakeholders the actions taken and achievements made by the Company in
environmental, social and corporate governance.
Report Preparation Scope Report Preparation Principles
Organizational Scope The scope of this report is consistent with that of the Company's annual consolidated ?nancial statements,
The report is prepared in accordance with the principles of materiality, accuracy, balance and consistency.
taking Caitong Securities as the main body and including all subsidiaries within the scope of consolidated
?nancial statements. The full names and abbreviations of the subsidiaries and important associated
companies involved in this report are shown in the table below. Materiality Principle The Company identi?es material topics concerned by stakeholders as the focus of this report. The analysis
process and results of material topics are detailed in the chapters "Material Topic Identi?cation and Analysis"
Full Name of Enterprise Abbreviation of Enterprise and "Stakeholder Communication" of this report. Meanwhile, this report focuses on disclosing matters in
environmental, social and corporate governance that may have a material impact on investors and other
Caitong Securities Asset Management Co., Ltd. relevant parties.
Caitong AM
Accuracy Principle The Company makes every e?ort to ensure the accuracy of information in this report. The calculation of
Zhejiang Caitong Capital Investment Co., Ltd. Caitong Capital quantitative information has stated the data caliber, calculation basis and assumptions to ensure that the
calculation error range will not mislead information users. Quantitative information and supplementary notes
Caitong Innovation Investment Co., Ltd. Caitong Innovation are detailed in the "Key Performance Indicators" section of this report. The Board of Directors warrants the
content of the report, which contains no false records, misleading statements or material omissions.
Caitong Securities (Hong Kong) Co., Ltd. Caitong Hong Kong
Balance Principle The content of this report objectively re?ects facts impartially, disclosing both positive and negative
Yon'an Futures Co., Ltd. Yon'an Futures information and performance to avoid a?ecting readers' decisions or judgments due to omissions or
inappropriate report formats.
Caitong Fund Management Co., Ltd. Caitong Fund
Consistency Principle The preparation method of this year's sustainability report is consistent with that of previous years. Any
changes that may a?ect meaningful comparisons with previous reports have been explained in the
corresponding positions.
Time Scope January 1, 2025 to December 31, 2025. To ensure the completeness of the report, some contents are traced
back or extended forward and backward.
Release Cycle This report is an annual report, and the previous report is the 2024 Sustainability Report.
Report Data Description
The data and cases in the report come from the original records or ?nancial reports of Caitong Securities and its subsidiaries and important
Report Preparation Basis associated companies. Unless otherwise speci?ed, the ?nancial data in the report are denominated in RMB, and in case of any inconsistency with
the ?nancial reports, the ?nancial reports shall prevail. Unless otherwise speci?ed, the statistical caliber of relevant texts and data in the report is
consistent with the scope of the Company's ?nancial statements.
·Guidelines on Environmental Information Disclosure for Financial Institutions issued by the People's Bank of China
·Guidelines for the Content and Format of Annual Reports of Securities Companies, Standards for the Content and Format of Information
Disclosure by Companies Issuing Publicly O?erings of Securities No. 2 – Content and Format of Annual Reports issued by the China Securities
Regulatory Commission
Report Access
This report is released in Simpli?ed Chinese and English versions. In case of any discrepancy, the Simpli?ed Chinese version shall prevail. The
·Self-Regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange No. 14 – Sustainability Report (for Trial Implementation)
electronic report can be downloaded and viewed from the following channels:
·Self-Regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange No. 4 – Preparation of Sustainability Reports (Revised in
·O?cial website of Caitong Securities (https://www.ctsec.com)
January 2026)
·CNINFO (http://www.cninfo.com.cn/new/index)
·Sustainability Reporting Standards (GRI Standards) by the Global Sustainability Standards Board (GSSB) ·Shanghai Stock Exchange (http://www.sse.com.cn)
·International Financial Reporting Standards for Sustainability Disclosure No. 2 – Climate-related Disclosures (IFRS S2) by the International
Sustainability Standards Board (ISSB)
·United Nations 2030 Sustainable Development Goals (SDGs)
About Caitong Securities
About Caitong Securities
Company Profile
Caitong Securities Co., Ltd. is a characteristic and comprehensive securities holding
group headquartered in Hangzhou. Founded as Zhejiang Finance Securities Company in
compliant, steady, upright and innovative operations. Seizing the opportunities of
management system adjustment and industry innovation and development, it has evolved
from a regional brokerage securities ?rm into a full-license, characteristic, group-based
and international listed securities company, building a full-chain and comprehensive
service system covering securities, futures, funds, asset management, equity investment
and overseas ?nance.
About Caitong Securities
Business Landscape As of the end of the reporting period, the Group (excluding Caitong Fund and
Yon'an Futures) has 4,659 on-the-job employees and 163 branches, achieving a
national business layout with 100% coverage across Zhejiang, and extending
overseas services to Hong Kong, Singapore and countries along the "Belt and
Road". It has 6 subsidiaries and important associated companies under its
umbrella, namely Caitong Securities Asset Management Co., Ltd., Zhejiang
Caitong Capital Investment Co., Ltd., Caitong Innovation Investment Co., Ltd.,
Caitong Securities (Hong Kong) Co., Ltd., Yon'an Futures Co., Ltd. and Caitong
Fund Management Co., Ltd., each forming its own characteristics and advantages
in respective segments.
￥ 163 6
About Caitong Securities
Headquarters of Institutional Business (Private Wealth Division)
Wealth Business Headquarters (Asset Allocation Center)
Wealth Client Department
Branch office management headquarters
Clearing Deposit Center
System Operations Department
Financial Technology Research Department
Financial Technology Comprehensive Management Department
Organizational Structure
Union office
Audit and Inspection Department
Compliance Department
Risk Management Department
Planning and Finance Department
Business Management Department
Strategic Customer Department
Strategic Development Department
Party Committee Inspection Office
Party and Mass Work Department
Party Committee Organization Department (Human Resources Department)
Comprehensive Office (Party Committee Office, General Manager's Office)
Cultural Consensus
Caitong Consensus
Striving to be a First-Class Modern Investment Bank
Corporate Vision
Pragmatism and Excellence,
Collaborative Innovation,
Achievements-Driven
Action-Oriented and
Business Tenet
Steady Operation,
Who Understands You Better"
Serving the Whole Country –
Deeply Rooted in Zhejiang,
Financial Service Provider
Being a "Comprehensive
Mission and Goal
Harmonious Caitong, Striving for Dreams
Corporate Spirit
Corporate Culture
Innovation, Responsibility
Awe, Gratitude,
Core Values
About Caitong Securities
Honorary Award
"China ESG Listed Companies State-owned 2025 Hangzhou Listed Companies ESG Strategic 2nd "Huazun Award · Best Customer Zhejiang State-owned Assets and Enterprises
Enterprise Pioneer 100 (2025)" Charity In?uence Ranking Pioneer 20 Experience Award" New Fashion · Pioneer Sample
CCTV Finance Center, SASAC, All-China Federation of Industry and Strategic Charity In?uence Ranking Pioneer 20Guided by Department of Caixin Media Zhejiang State-owned Assets Association, Tide News
Commerce, Research Institute for State-owned Economy of CASS, China Civil A?airs of Zhejiang Province, Zhejiang Charity Federation; organized by
Enterprise Reform and Development Society, etc. Hangzhou Civil A?airs Bureau, Hangzhou Charity Federation (Hangzhou
Charity Federation), Xiaoshan District Party Committee and Government 2025 (1st) Excellent Cases of Party Building "2025 ESG Outstanding Enterprise", "2025 Zhejiang
Innovation in Enterprises in the New Era Merchants ESG Classic Sample"
Grade A in 2025 Securities Company Investor Class A in 2024-2025 Annual Shanghai Listed
Chinese Red Flag Publishing House Zhejiang Merchants Magazine
Education Work Evaluation Company Information Disclosure Evaluation
Investor Education Work Evaluation Securities Association of China, Evaluation Shanghai Stock Exchange
Shanghai Stock Exchange, Shenzhen Stock Exchange, National Equities ESG Rating Grade A
by Zhejiang Merchants
Exchange and Quotations Co., Ltd.
Zhejiang Merchants, Zhejiang Merchants · Financier Magazine Wind
"2025 Annual Best Practice Case of Listed Excellent Practice Case of Sustainable
Company Board of Directors" Development 2025 Mid-year Best Private Equity Investment 2025 Annual Excellent Practice Award for Investor
Institutions TOP50 Education Projects
China Lasted Company Board of Directors"China Listed China Lasted Company Board of Directors"China Listed
Companies Association Companies Association
Rime Data under Wind Information Sina Finance
"Golden Extract Award – Best REIT
Investor Relations Management" Governance Award Empowering High-quality Industrial Development
-like Product of the Year"
China Listed Companies Association Guided by China Listed Companies Association; Shanghai China REIT Industry Alliance
Securities News Zhejiang Financial Talents Association
Advisory Institutions" Education Junding Award Award Second Prize, Third Prize Finance Annual Award"
People's Bank of China Caixin Media
China Securities Journal Securities Times
Provider Junding Award – Private Equity Service – Social Welfare Practice Asset Management Institution Excellent Practice Case with Best ESG Performance"
China Listed Companies Association Zhejiang Enterprise Social Responsibility Promotion Association
Securities Times China Fund News
Service Securities Company Base of Securities Companies
Zhejiang Venture Capital Association Hangzhou Financial Investment Group, Hangzhou Capital, Bank of
National Business Daily National Business Daily
Hangzhou, Zero2IPO Ventures
Company with Most Social Responsibility" Award Manufacturing Field TOP30" Investment Institutions TOP30"
National Business Daily China Venture Capital Research Institute LP CLUB
Overview of Sustainable Governance
Overview of Sustainable Governance
Caitong Securities takes serving the real economy and practicing ?nancial patriotism Caitong Securities strictly complies with the Corporate Governance Code of Listed Companies
Sustainable Development as its mission. It focuses on building a professional and e?cient comprehensive
Sustainable Development issued by the China Securities Regulatory Commission (CSRC) and the Self-Regulatory
?nancial service system, adhering to the foundation of compliance and integrity, the Guidelines for Listed Companies No. 1 – Standardized Operation of the Shanghai Stock
Philosophy soul of professional value, the principle of client-centricity, and the path of green Governance Structure Exchange (SSE). It deeply integrates sustainable development into the overall strategic layout,
harmony. The Company continuously creates long-term and stable comprehensive continuously improves the sustainable development governance structure and working
value for all stakeholders including shareholders, clients, employees, government and mechanism, accurately identi?es and e?ciently manages major sustainable development risks
regulatory authorities, partners, and communities, and strives to promote the high- and opportunities, and builds a clear and e?cient sustainable development management system.
quality and sustainable development of the Company. Relying on the three-level governance structure of "Decision-Making Level – Management Level
– Execution Level", the Company realizes the e?ective top-down transmission of strategic
Core of Sustainable planning, scienti?c allocation of resource coordination, and organic connection of business
Serving the real economy and practicing ?nancial patriotism implementation, fully guaranteeing the orderly progress of sustainable development work.
Development Caitong Securities’ Sustainable Development
Governance Structure and Responsibilities
Stakeholders Objectives Actions
Main Responsibilities
Decision-Making Level
The Company adheres to compliant operation, integrity-based
Formulate the Company’s sustainable development strategy.
development and standardized governance, consolidates the foundation
Uphold the foundation Supervise the implementation of the sustainable development strategy.
for steady development, continuously creates long-term value returns Board of Directors and its subordinate
of compliance and integrity for shareholders, and works hand in hand with shareholders, suppliers
Shareholders and Partners Strategy and Sustainable Development Make decisions on major sustainable development issues and risk
and various partners for mutual bene?t and win-win results. response measures
Committee
Give full play to the advantages of comprehensive ?nancial services, provide
professional, e?cient and warm high-quality ?nancial services, e?ectively
Uphold the soul of empower the high-quality development of the real economy and green
Main Responsibilities
Clients professional value industries, and provide solid ?nancial support for the implementation of the Management Level
national "30·60" carbon peaking and carbon neutrality strategic goals.
Implement the sustainable development strategy.
Senior executives and relevant Coordinate sustainable development management objectives.
The Company upholds the people-oriented and collaborative
Uphold the principle of "family" culture, strives to build a sunny, inclusive, positive and functional departments Carry out sustainable development training and guide all employees to carry out
client-centricity vibrant workplace ecology, and grows together with employees sustainable development work in an orderly manner.
Employees
through mutual support.
The Company actively responds to national calls and industry Main Responsibilities
guidelines, takes the initiative to serve major national strategic Execution Level
deployments, earnestly ful?lls the social responsibilities of ?nancial Implement daily sustainable development management.
Uphold the path of
enterprises, continuously promotes green and low-carbon operations,
Government, regulatory green harmony All departments and grassroots Ful?ll corporate environmental, social and governance responsibilities.
jointly builds a harmonious and beautiful ecological and community
authorities and communities environment, and contributes to the high-quality and sustainable practice units
economic and social development with practical actions.
Overview of Sustainable Governance
The ESG governance structure and management mechanism have laid a solid Conducting materiality topic analysis is the starting point and important foundation for the
Sustainable Development foundation for the Company to achieve sustainable development goals. In 2025,
Dual Materiality Topic Company’s sustainable development management and information disclosure. The
in light of the latest requirements of the CSRC and stock exchanges on Company established a working group composed of internal and external experts to carry
Strategy sustainable development management and the focus of ESG rating agencies, Identification and Analysis out materiality topic research for stakeholders to better respond to their demands and
the Company updated and issued a series of ESG management system expectations. In 2025, in accordance with the Shanghai Stock Exchange Self-Regulatory
documents, including the Detailed Rules for Compliance Inspection of Guidelines for Listed Companies No. 14 – Sustainable Development Reports (for Trial
Investment Banking Business, Detailed Rules for Compliance Accountability Implementation) (hereinafter referred to as the "SSE Guidelines"), which puts forward more
(Revised 2025), Detailed Rules for the Management of Insiders of Non-public comprehensive requirements and guidance for enterprises to conduct materiality topic
Information of Investment Banking Business, and Measures for Compliance analysis, the Company upgraded the process and methodology of materiality topic analysis
Review (Revised 2025). in line with stock exchange requirements. By comprehensively applying policy research,
industry benchmarking, expert judgment and other methods, the Company updated,
Participation in Sustainability screened and evaluated sustainable development topics, forming a list of 24 topics, and
further assessed their ?nancial materiality and impact materiality.
Selected by the State-owned Assets Supervision and Issue assessment process
Ratings and Recognition
Administration Commission of the State Council
"State-owned Listed Companies ESG Pioneer 100 Index" Analyze the Company’s activities and business relationships combined with the external objective environment
to identify key a?ected stakeholders.
Step 1 Understand the
background of the Analyze the Company’s main activities and business relationships from the value chain perspective: as a ?nancial institution, the
Company has a relatively simple upstream supplier base with low material risks; its own business requires high attention to
business relationships rural revitalization and social contribution; the downstream value chain mainly includes individual and institutional clients of the
Company’s diversi?ed ?nancial products, as well as the public as potential clients. Comprehensive client services directly re?ect
the value of ?nancial institutions.
Rating agency Date Company rating recognition Identify and screen sustainable development topics related to the Company by benchmarking against the latest
requirements such as the SSE Guidelines, referring to international GRI standards and the focus of ESG rating
topic list agencies, combined with industry peer benchmarking. Analyze the actual and potential impacts, risks and
MSCI December 2025 BBB opportunities related to sustainable development topics.
Impact Materiality Assessment: Evaluate whether the Company’s performance on relevant topics will have a
signi?cant impact on the external economy, society and environment. Based on stakeholder survey results,
internal and external experts calibrate topic scores from the two dimensions of "severity of impact" (scale,
Step 3 Topic materiality scope and irreparability of impact) and "likelihood of impact" to form an impact materiality matrix.
BBB BB 3 assessment and Financial Materiality Assessment: Evaluate whether each topic is expected to have a signi?cant impact on the
A con?rmation Company’s ?nancial performance in the short, medium and long term. Conduct communication with the
Company’s senior executives and ?nance-related personnel through on-site interviews, questionnaire surveys
AA A A A
B
and other methods, assess topics from the two dimensions of "likelihood of impact occurrence" and "degree of
?nancial impact", and refer to internal and external expert opinions to form a ?nancial materiality matrix.
CC C
A Rating agency Date Company rating recognition Summary of Dual Materiality Results: Calculate the impact materiality and ?nancial materiality matrices to
form a dual materiality matrix, and de?ne the threshold for materiality judgment.
Wind ESG January 2026 A
Step 4 Topic reporting
After review and con?rmation by the Company’s Board of Directors, focus on disclosing topics with high
materiality in the 2025 report.
Overview of Sustainable Governance
重要性议题矩阵图 Caitong Securities always believes that working together with all stakeholders is an important
Stakeholder cornerstone for the long-term, steady and sustainable development of the enterprise. The Company
attaches great importance to communication, interaction and collaborative development with diverse
Engagement stakeholders including government and regulatory authorities, shareholders and investors, clients and
partners, communities and public welfare organizations, and all employees. It actively builds a closed-
loop management mechanism of "identi?cation – communication – response – improvement",
accurately de?nes core ESG topics, takes the initiative to disclose key performance information, and
e?ectively translates stakeholders’ opinions and suggestions into practical actions for improving the
governance system, innovating products and services, and co-creating social value.
Risk management Participate in government research
Government/ Zhejiang and other regions "Four-type Caitong"
S h a r e h o l d e r s’ m e e t i n g s
Investor relations management Regular information disclosure
Investor education Investor research and interaction
Shareholders and Investors Corporate governance Performance brie?ngs
Investor education base construction
Client services
Client service hotline
Data security and privacy protection
Caitong Securities APP
Responsible marketing
Client satisfaction surveys
Clients Financial technology
Investor education base construction
Responsible investment
Compliant operation
Cooperation and exchanges
Supplier management
NGO cooperation
Public welfare charity and volunteer Public welfare activities
Communities/
Employee training and development Sta? representative assemblies
and development Employee equality and diversity Employee activities
Employees
Talent retention and incentives Trade union condolences
Overview of Sustainable Governance
Contribution to the UN Sustainable Development Goals (SDGs)
Guided by the philosophy of high-quality sustainable development, Caitong Securities steadily improves its sustainable development
capabilities with reference to the UN Sustainable Development Goals.
·Innovation-driven
Corresponding
Industry, Innovation and Infrastructure: Accelerate the layout of digital ?nance, use ?nancial ·Intellectual property protection
Topics
technology to improve the quality and e?ciency of ?nancial services and inclusive accessibility, and ·Client services
Corresponding
No Poverty: Support the development of small and medium-sized enterprises and rural areas ·Industry cooperation and
·Responsible investment help industrial upgrading and infrastructure innovation.
Topics
through inclusive ?nancial services, help local areas foster endogenous development momentum development
·Rural revitalization
and enhance sustainable hematopoietic capacity.
Corresponding
Reduced Inequalities: Continuously carry out ?nancial knowledge popularization and investor ·Community public welfare
Topics
education, improve public ?nancial literacy, help narrow the development gap and promote social ·Client services
Corresponding
Zero Hunger: Empower agricultural and rural development projects with ?nancial power, improve equity.
·Responsible investment ·Rural revitalization
Topics
agricultural production e?ciency, increase farmers’ income, and contribute to the goal of zero
·Rural revitalization
hunger.
Corresponding
Sustainable Cities and Communities: Support urban green infrastructure and ecological
·Biodiversity conservation
Topics
environment protection with green ?nance, and help build low-carbon, livable and sustainable cities
Corresponding
·Community public welfare
Good Health and Well-being: Actively carry out public welfare donations, volunteer services and ·Community public welfare and communities.
Topics
other social welfare activities to help improve social public health and people’s well-being. ·Client services
Corresponding
Responsible Consumption and Production: Build a systematic responsible investment management
·Responsible investment
Topics
system, fully integrate ESG standards into investment decisions, and guide invested enterprises to
Corresponding
·Environmental management
Quality Education: Carry out regular investor education activities, popularize ?nancial knowledge, practice sustainable development through selecting high-quality targets.
Topics
·Investor education
improve public ?nancial literacy, and promote the healthy development of social ?nance.
Corresponding
Climate Action: Vigorously develop green ?nancial business, provide precise ?nancing support for
·Climate change response
Topics
green industries such as clean energy and energy conservation and environmental protection, and
Corresponding
·Responsible investment
Gender Equality: Promote gender equality in corporate governance and operation, and ensure ·Employee care promote carbon emission reduction and energy structure optimization.
Topics
female employees enjoy equal career development opportunities and fair treatment. ·Community public welfare
Corresponding
Life on Land: Support ecological restoration and forest protection projects through green ?nancial ·Responsible investment
Topics
Corresponding
Clean Water and Sanitation: Support water resources protection, sewage treatment and other projects, and help maintain terrestrial ecosystems and biodiversity. ·Environmental management
·Green practice
Topics
environmental protection projects through green ?nancial tools to help ensure the supply of clean
·Responsible investment
drinking water and sanitation facilities.
·Compliance operation
Peace, Justice and Strong Institutions: Continuously improve the corporate governance and
·Anti-commercial bribery
Corresponding
compliance management system to ensure transparent and standardized operation; build a and anti-corruption
Corresponding
Topics
·Climate change response governance structure including the Board Strategy and Sustainable Development Committee and a ·Anti-unfair competition
A?ordable and Clean Energy: Support the development of clean energy industry through green
Topics
·Green practice professional ESG management team to ensure the implementation of sustainable development ·Risk management and
?nance, help optimize energy structure and promote green and low-carbon transformation. internal control
·Responsible investment strategies and contribute to building a fair and just social environment.
·Information security
Corresponding
Corresponding
Decent Work and Economic Growth: Provide diversi?ed ?nancial services for various market ·Industry cooperation and
·Client services Partnerships for the Goals: Deepen cooperation with various stakeholders, gather multi-party
Topics
Topics
entities, focus on meeting the ?nancing needs of small and medium-sized enterprises, drive development
·Employee care forces, and jointly promote the implementation of the UN Sustainable Development Goals.
employment growth and contribute to high-quality economic development. ·Innovation-driven
Special Topic I Focusing on the "Five Major Articles" of Finance
Special Topic I Governance
Relying on a sound ESG governance structure, Caitong Securities takes the "Five Major Articles" of ?nance as the core
starting point for serving the real economy and sustainable development strategy.
Under the overall supervision of the Board of Directors, the Strategy and Sustainable Development Committee is responsible
Focusing on the "Five Major Articles" of Finance f o r i n t e g r a t i n g t h e " F i v e M a j o r A r t i c l e s " i n t o t h e C o m p a n y’s E S G s t r a t e g y f o r o v e r a l l p l a n n i n g a n d i m p l e m e n t a t i o n
supervision. As the execution layer, the ESG management team is responsible for speci?cally promoting the implementation
of each article, coordinating relevant business departments, and regularly reporting progress and e?ectiveness to the
Committee.
Strategy
Caitong Securities actively responds to the Seize product and service opportunities brought by the "Five Major Articles" in the short and medium term to drive the
goal of building a ?nancial power, and growth of the Company’s operating income.
implements the requirements of the "Five
Major Articles" of ?nance: tech ?nance, In a ccordance w ith t he o verall r equirements o f c ompleting t he " Five M ajor A rticles" o f ? nance, g ive p lay t o t he a dvantages o f
green ?nance, inclusive ?nance, pension comprehensive ?nancial services, improve the overall quality and e?ciency of serving the real economy, realize the benign
?nance, and digital ?nance.Tech ?nance complementarity of social value and commercial value, and inject sustainable momentum into the high-quality development
focuses on sci-tech innovation enterprises of the enterprise.
and industrial chain upgrading.Green ?nance
deepens green investment and ?nancing and
industrial empowerment. Inclusive ?nance
innovates common prosperity models and Impact, Risk and Opportunity Management
serves rural revitalization. Pension ?nance
steadily operates the pension product Focus on the needs of the real economy by completing the "Five Major Articles", provide precise ?nancial services, and use
system. Digital ?nance accelerates the intelligent tools to improve risk control e?ciency to ensure the simultaneous progress of ?nancial services and risk
intelligent upgrading of AI and core systems prevention and control.
The management details of the "Five Major Articles" are covered in the relevant subsections of this chapter.
Indicators and Targets
The Company is committed to actively serving the real economy through ?nancial products and services, helping enterprises
meet ?nancing needs, realizing the in-depth integration of ?nancial services and the real economy, and taking this as a goal.
The highlight performance achievements and set targets of the "Five Major Articles" are detailed in each subsection.
Special Topic I Focusing on the "Five Major Articles" of Finance
Case Precise Empowerment for Sci-tech Innovation: Supporting Bofei Electric and Zhongxin Wafer Financing
Boost More Innovative Development
Caitong Securities gives full play to its professional advantages to provide full-cycle and customized ?nancing services for sci-tech
Caitong Securities focuses on serving tech ?nance, e?ectively support its technological R&D and capacity expansion; meanwhile, helped Zhongxin Wafer successfully list on the NEEQ and
boosts the development of new quality productive complete private placement capital increase of 610 million yuan, providing solid capital support for its expansion of semiconductor
forces with professional ?nancial capabilities, and Underwrote 28 sci-tech innovation bonds with an underwriting material business and enhancement of core competitiveness.
centers on national strategic emerging industries such scale of 7.5 billion yuan
as new-generation information technology, high-end
equipment, new materials, new energy, energy Caitong Capital invested in 42 sci-tech innovation and "Little
conservation and environmental protection, and
biomedicine. Relying on its regional advantages in
Giant" enterprises with a total investment of 1.919 billion
Zhejiang and the Yangtze River Delta, the Company yuan Strengthening Investment Functions to Boost Industrial Upgrading
systematically integrates the whole business chain
resources including research, investment banking, Caitong Innovation invested 201 million yuan in sci-tech Caitong Capital is committed to patient capital and ?rmly practices the investment philosophy of "investing early, investing small,
equity investment and asset management, deepens the
enterprises investing long-term, and investing in hard tech". It completed 53 project investments in the whole year, a year-on-year increase
"investment + investment banking + research" three-
in-one linkage mechanism, and strives to promote the of 144%; the cumulative investment amount was 2.4 billion yuan, doubling year-on-year. During the year, 2 invested enterprises
formation of innovative capital and the transformation Established cooperative relations with 4 3 6 "Little Giant"
were successfully listed on the Hong Kong Stock Exchange, 8 enterprises successfully entered the IPO pipeline, and 7 enterprises
of scienti?c and technological achievements. enterprises and 354 high-tech and innovative enterprises
were selected as "Zhejiang Sci-tech Little Dragons".
Deepening Investment Banking Services to Empower Sci-tech Innovation Enterprises
Creating multiple "national ?rst" sci-tech innovation bond models such as China Information Case Group Private Equity and Alternative Subsidiaries Actively Layout High-quality Sci-tech Investment Target
Case Technology Group and Zhejiang Second Light Industry Group
Caitong Securities develops a "group army" collaborative operation model of "parent-subsidiary linkage". Relying on the "two-wheel drive" of
private equity subsidiary Caitong Capital and alternative subsidiary Caitong Innovation, it deeply integrates into the national overall strategy of
Caitong Securities actively responds to the national innovation- promoting the in-depth integration of scienti?c and technological innovation and industrial innovation and boosting the development of new
driven development strategy and continuously makes quality productive forces. In a number of cutting-edge sci-tech tracks, it injects strong ?nancial momentum into the country to cultivate new
breakthroughs in the ?eld of sci-tech innovation bonds, quality productive forces through the group collaborative approach of intensive cultivation of private equity parent-child funds and large-scale
successfully creating a number of market-demonstrative "national
investment of alternative subsidiaries. The invested enterprises include Super Fusion, Linkhou Robot, ENGINEAI, EMPOSAT, Whole Sense Radar,
?rst" benchmark projects. The Company helped China Information
SPINQ, etc.
Technology Group issue the ?rst central enterprise integrated
circuit special sci-tech innovation corporate bond on the SSE with a
issuance scale of 200 million yuan; helped Zhejiang Second Light
Industry Group issue the ?rst national sci-tech innovation corporate
bond specially supporting the intelligent ship ?eld in 2025, with an
initial issuance of 300 million yuan and an innovative "3+2 year"
term design to support scienti?c research and industrial upgrading
in the intelligent ship manufacturing ?eld with ?exible solutions.
Special Topic I Focusing on the "Five Major Articles" of Finance
Comprehensively Promoting the Construction
Case Helping West Lake Urban Investment Green Corporate Bond Issuance Achieve Outstanding Results
of Tech Finance Service Centers
In 2025, CFT Securities was the lead underwriter for the 960 million yuan green bond issuance of Hangzhou Xihu City Investment Co., Ltd. The bond has a
To in-depth serve regional scienti?c and technological innovation, Caitong
?nancing for county-level state-owned enterprises in the service area. CFT Securities adheres to the "customer-centered" philosophy, tailoring the
Securities, relying on the Group’s full-license comprehensive ?nancial
issuance plan to meet the speci?c needs of the client. The raised funds are mainly invested in the ?elds of life health and intelligent manufacturing, aligning
advantages, has jointly built 23 tech ?nance service centers in provincial-
with the ?ve key industrial directions of Hangzhou, facilitating the implementation of research and development results, promoting the construction of Xihu
level and above high-tech zones and economic development zones in
District into a top-level core area for scienti?c and technological innovation, and demonstrating the strength of green ?nancial services.
Hangzhou, Ningbo, Wenzhou and other places, building a service network
rooted in parks. For park enterprises, the Company innovatively launched the
"Five Integrations" (5S) standardized service system covering "?nancing,
Providing full-life cycle comprehensive ?nancial services for national-level "Green Factory" Windey Co., Ltd.
chain integration, intelligence integration, talent integration and reputation
integration", and supporting the issuance of the "Caitong Nine Bene?ts"
Three-in-one Linkage Financial Service Plan, providing 9 free professional Upholding the service philosophy of "One Handshake, Lifetime Companionship", since successfully sponsoring Windey Energy
services including strategic consulting and ?nancing docking, reducing the Technology Group Co., Ltd. to go public in 2019, Caitong Securities has fully escorted the national-level "Green Factory" Windey Co.,
total annual fee for enterprises by more than 3 million yuan, and e?ectively promoting the in-depth integration of science and technology and Ltd. through convertible bonds, rights issues, green bonds and other methods, empowering the development of green industries through
industry through ?nancial innovation. By the end of the reporting period, the Company had successfully signed cooperation agreements with 27 park ?nancial innovation, improving the ?nancing e?ciency of green industries, helping Windey Co., Ltd. become a leader in the wind power
enterprises through this model. industry, enhancing its market share, and realizing ?nancial services for the green upgrading of the real economy.
More Sustainable Development
Caitong Capital signed the Liuheng Green Industry Investment Fund in Zhoushan with a scale of 500 million yuan, focusing on investing in
green industries, completing the "last piece of the puzzle" of the fund layout in all prefecture-level cities in Zhejiang, realizing full
The Company focuses on serving the national "dual coverage of Zhejiang prefecture-level city funds, and injecting ?nancial "living water" into the development of island green industries, in
carbon" goal and completes the major article of green line with the "Mountain-Sea Collaboration" strategy.
?nance. It strives to give play to comprehensive service
capabilities such as investment banking, investment and
Underwriting scale of green bonds (including ABS) reached 3.3
trading, product creation and risk management, responds billion yuan, a year-on-year increase of 74 % Participating in the Establishment of Equity Investment Partnerships
to the green ?nancial needs of real enterprises, actively
expands carbon ?nancial business, serves the construction Established 6 green funds with a new subscribed scale of Caitong Capital and a subsidiary of GCL Energy Technology jointly established Caixin Lvxin (Jiaxing) Equity Investment Partnership with
and development of China’s carbon market, empowers the a scale of 50 million yuan, responding to the "dual carbon" goal, exploring the collaborative development model of "industry + capital",
market to carry out green and low-carbon technological 2.561 billion yuan focusing on new energy industry projects such as green power and energy storage, carrying out market-oriented investment in the green
innovation with higher e?ciency and lower cost, helps the energy ?eld, and helping the cultivation of the new energy industry chain.
green and low-carbon transformation of economic society,
and serves the construction of a Beautiful China.
Continuously Enriching Green Financial Services and Products Strengthening Research on Green Industries and Green Enterprises
Caitong Securities actively practices the national green development strategy, adheres to its role as a bridge connecting industry Caitong Securities focuses on low-carbon ?elds such as photovoltaic, new energy vehicles and hydrogen energy, carries out
and capital, and provides ?nancial services for the development of green industries through various forms such as enterprise research on green industrial chains, and provides research and consulting services for green industrial enterprises. It strengthens
listing, bond ?nancing and industrial funds. In 2025, Caitong Securities helped Aksu Regional Green Industry Development Group cooperation with universities, scienti?c research institutions and other parties to jointly carry out research projects related to
Co., Ltd. complete bond ?nancing of 1.86 billion yuan; helped Taizhou Water Group Co., Ltd. issue green perpetual bonds of 380 green industries and enhance the in?uence of green industrial research.
million yuan, setting the lowest coupon rate for bonds of the same rating and type in the province in the past three years.
Special Topic I Focusing on the "Five Major Articles" of Finance
Caitong Securities jointly established 3 common prosperity funds with local governments in Kaihua mountainous areas, Jinyun
Case Establishing Zhejiang Provincial New Era Industry-Finance Collaborative Innovation Research Institute County and Yuhuo Guotou respectively, and 1 common prosperity fund each in Lishui City and Longyou County, helping industrial
agglomeration and transformation and upgrading empowerment. Caitong Capital helps the construction of Zhejiang Common
Prosperity Demonstration Zone, empowers the high-quality leapfrog development of mountainous areas through "industrial
On October 10, Caitong Securities, together with a number of provincial ?nancial institutions, jointly established the Zhejiang Provincial New Era
common prosperity", and has completed the ?ling and operation of ?ve common prosperity funds with a scale of 1.67 billion yuan.
Industry-Finance Collaborative Innovation Research Institute, aiming to build a "ship and bridge" across ?nance and industry, based on Zhejiang’
s advantageous industries such as arti?cial intelligence, new materials and new energy, explore e?ective paths to promote the virtuous cycle of Caitong Securities actively promotes the role of "insurance + futures" and over-the-counter options in order agriculture in risk
management and service guarantee. The Company, together with its important subsidiary Yong’an Futures, built a common
science and technology, industry and ?nance, and inject ?nancial momentum into the high-quality development of Zhejiang’s industries.
prosperity model of hog "insurance + futures", providing price risk protection for more than 200,000 hogs raised by 123 local
farmers, promoting spot income increase of more than 350 million yuan, and providing protection projects with an amount of more
than 66 million yuan for assisted counties in Jilin, Anhui, Guangxi and other provinces outside Zhejiang. It participated in the
"insurance + futures" projects of Zhengzhou Commodity Exchange, among which Wensu Jujube, Qinzhou White Sugar, Mengla
Rubber and Maigaiti Jujube projects have entered hedging.
Caitong Securities Helps the Successful Landing of the First National ABS Project for Common
Case Prosperity Demonstration Zone Construction
Exclusively underwritten by Caitong Securities and managed by
Caitong Asset Management as the plan manager, the "Caitong –
Zhejiang Construction Leasing Phase 3 Asset-backed Special
Plan (Supporting the Construction of Common Prosperity
Demonstration Zone)" was successfully issued on the Shanghai
Stock Exchange with a total scale of 690 million yuan, becoming
the ?rst national ABS project specially serving the construction
of the Common Prosperity Demonstration Zone. It is another
to Boost More Comprehensive Development ?nance" major article and building a gold name card of "Common
Prosperity Investment Banking". The raised funds of this project
will be mainly invested in key areas such as infrastructure
construction and industrial upgrading in mountainous and island
The Company actively responds to the Implementation Opinions on
Promoting the High-quality Development of Inclusive Finance, Underwriting scale of SME support bonds (including counties, accurately targeting the focus of regional coordinated
develops inclusive ?nance business around the goal of "helping development, and opening a low-cost ?nancing channel for
ABS) reached 2.873 billion yuan
business entities facilitate ?nancing" at the business end, strives to be county development.
a pioneer in inclusive ?nance, strengthens support for private
enterprises, and treats small and medium-sized enterprises equally. It Underwriting scale of rural revitalization bonds
actively helps solve the ?nancing problems of small and medium-sized (including ABS) reached 430 million yuan
enterprises and provides full-cycle and full-industry chain
comprehensive ?nancial services for small and medium-sized
enterprises.
Special Topic I Focusing on the "Five Major Articles" of Finance
to Boost Higher-quality Development to Boost Smarter Development
Developing pension ?nance is an important measure to cope with Digital ?nance is a ?nancial format that integrates ?nance and digitalization, and promotes ?nancial innovation and technological
population aging, helping to improve the sustainability of pension innovation. Caitong Securities continuously promotes the development of digital ?nance, actively pays attention to cutting-edge ?elds
funds and e?ectively connect with the consumption demand of the
such as arti?cial intelligence, continuously promotes the capacity building of various platforms, injects digital thinking and digital
elderly. In 2025, Caitong Securities actively laid out pension
?nancial products, strengthened the design of pension fund 3 pension ?nancial product FOFs in existence elements into all businesses of the Company, and builds a new interactive and empowering ?nancial development ecosystem.
products, focused on and carried out special research on the
pension industry, strengthened cooperation with insurance, banking with a scale of 241 million yuan
and other peer institutions, explored a collaborative pension
?nancial service model, gave full play to the advantages of long-
term capital, and helped build a multi-level, wide-coverage, wide- Jinfubao · PanGu ESOP System Data Element Competition -
?eld and sustainable pension system. won the Zhejiang Region
Third Prize Of The 2024 Financial Third Prize in the Financial Services
Technology Development Award Category
Successfully Issuing the First National Silver-haired Economy-themed Asset
Case Securitization Product Including Data Intellectual Property Rights
Acting as the ?nancial advisor and Caitong Asset Management as the plan manager, Caitong Securities successfully issued the "Caitong –
Caitong Securities UF30 Core Trading System Phase II Launched, Setting a New
Hangzhou Binjiang Intellectual Property Phase 2 Asset-backed Special Plan (Sci-tech Innovation)", realizing direct ?nancing of 102.5 million Case Benchmark for Industry Technological Innovation
yuan, covering enterprises in medicine, health, medical products and other ?elds, closely in line with the national strategic direction of actively
responding to population aging, and guiding capital to the silver-haired economy ?eld through ?nancial innovation. The Phase II project of Caitong Securities’ new-generation core trading system UF30 was o?cially launched, marking that the Company’s digital
reform has entered a new stage and providing a "Caitong Model" for technological innovation in the securities industry. On the basis of separating
account management and trading business in Phase I, UF30 Phase II successfully completed the comprehensive switching of multiple funds and asset-
securities businesses, and piloted the launch of core business modules such as securities, margin trading and options. During the project construction,
it completed more than 1,000 new demands, more than 4,000 data table migrations, more than 500 new peripheral interfaces and 51 sets of
downstream system adaptation, building a closely coordinated and e?cient system ecosystem.
Caitong Securities Won the Quali?cation for Authorized Operation of
Zhejiang Public Data, Leading the Innovative Practice of Data Assetization
In 2025, relying on solid data infrastructure and innovative application capabilities, Caitong Securities successfully obtained the
quali?cation for authorized operation of Zhejiang public data; in the 2025 Interim Report, Caitong Securities successfully completed the
data asset listing and disclosure, becoming one of the few securities companies in the industry to realize data assetization. Driven by
data, it optimizes business processes, accurately matches client needs, further taps the application value of public data, and promotes
the transformation of digital ?nancial services from "passive response" to "active empowerment".
Special Topic 2 The Accompanying Responsibility Practice ofCaitong Securities—
Being a Securities Company of Zhejiang Entrepreneurs and Enterprises
Special Topic 2
The Accompanying Responsibility Practice of 1 Core Positioning
Solidifying the Foundation of Responsibility with the
“Zhejiang Root”
Caitong Securities Being a Securities
As a state-owned securities ?rm under the jurisdiction of Zhejiang Province, Caitong Securities has always remained ?rmly committed to its
Company of Zhejiang Entrepreneurs and distinctive positioning as “Being a Securities Company of Zhejiang Entrepreneurs and Enterprises” Upholding the service philosophy of
“speaking the Zhejiang dialect, embracing Zhejiang’s sentiments, and achieving success for Zhejiang’s entrepreneurs,” Caitong Securities deeply
Enterprises integrates corporate development into the Zhejiang business ecosystem—whether Zhejiang-based entrepreneurs and enterprises are rooted in
Zhejiang itself or expanding into domestic cities such as Shenzhen, Beijing, Shanghai, Chongqing, and Hainan, or even overseas markets like Hong
Kong, Vietnam, Singapore, and London—Caitong consistently serves as a “single thread” that builds emotional connections and provides seamless
services. We remain true to our promise: “Wherever Zhejiang’s entrepreneurs and businesses go, Caitong will follow and provide support.” We are
dedicated to co-building with Zhejiang’s entrepreneurs and businesses a “community of shared destiny, a community of shared interests, and a
community of shared development,” ensuring that “choosing Caitong means smooth sailing and prosperous fortune” becomes a resonant
commitment—a shared responsibility for weathering storms together and achieving win-win futures.
Special Topic 2 The Accompanying Responsibility Practice ofCaitong Securities—
Being a Securities Company of Zhejiang Entrepreneurs and Enterprises
Practical Approach
Through “Three-Dimensional Collaboration” Activating the synergistic e?ciency of the “troika” of “investment + investment banking + wealth management” to create a value
multiplication model of “1+1+1 > 3”.
Community of Shared Destiny: Providing Full-Cycle Support for Business Growth Tackling Financing Services Support from Professional Platforms
Focusing on the “urgent di?culties and worries” of Zhejiang merchants and enterprises, Caitong Securities has established a During the 14th Five-Year Plan period, it has raised more than 500 Relying on subsidiaries to build a full-category service matrix:
“company leadership grassroots contact and empowerment mechanism”, taking enterprise needs as the key target of e?orts. billion yuan for Zhejiang merchants and enterprises, and leveraged Caitong Asset Management manages 332 billion yuan of residential
Shengbella in listing on the Hong Kong Stock Exchange, accelerating occupies a leading position in the industry; Caitong Fund’s equity
ODI declaration and fund establishment by linking group resources, products have ranked ?rst in yield for ten consecutive years; Caitong
Precise Support for Market Entry realizing seamless connection of cross-border ?nancing and listing Capital manages funds exceeding 130 billion yuan, providing Zhejiang
services. merchants and enterprises with one-stop solutions of “investment
It has sponsored 23 Zhejiang merchants and enterprises including Hongxin Technology and Minsheng Health to list on the capital market, and ?nancing + wealth management + risk management”.
with more than 20 enterprises in the counseling or review stage. Through the model of “three-dimensional binding for underwriting
breakthrough + multi-measure underwriting tackling”, it helped Zhongxin Wafer complete the NEEQ listing in only half a year, realizing
“short-cycle, high-quality” service delivery.
Community of Shared Development:
Assisting Industrial Upgrading across the Whole Ecosystem
Closely following the needs of Zhejiang’s “sweet potato economy” upgrading and the cultivation of new quality productive forces,
Caitong Securities has built a collaborative ecosystem of “government-industry-university-research-?nance”.
In-depth Accompaniment with Professional Empowerment
provides full-life-cycle services for enterprises such as Sterling Bearing, starting empowerment and cultivation from the early stage of Tech ?nance going downstream Regional Collaborative Empowerment
enterprise development, assisting in equity sorting and system construction, promoting two key mergers and acquisitions from the
In 2025, it launched 23 technology ?nance service centers across the Implemented the “3510 One Enterprise, One Policy to Boost Common
NEEQ, designing equity incentives to retain core talents, completing three rounds of ?nancing within four years, and ?nally listing on the province, innovating the “5S” service system of “?nancing, chain Prosperity” campaign, providing bond ?nancing of over 56 billion yuan
ChiNext in 2023 with a fundraising of 1.03 billion yuan, practicing the responsibility commitment of “one handshake, lifelong integration, intelligence integration, talent integration and reputation for mountainous and island counties, including 18.7 billion yuan in 2025.
accompaniment”. integration”, covering tens of thousands of “specialized, re?ned, Established the ?rst county-level investor education base in the
distinctive and new” enterprises. In 2025, it assisted 5 “specialized, province in Qingtian, a hometown of overseas Chinese, and carried out
re?ned, distinctive and new” enterprises in listing on the NEEQ; 1,740 “Wise Wealth Management, Caitong for All” activities, bene?ting
“specialized, re?ned, distinctive and new” enterprises accounted for more than 3.4 million people, promoting the tilt of ?nancial resources to
nearly 90% of IPO counseling projects, and the underwriting scale of weak areas and people’s livelihood sectors.
science and innovation bonds reached 7.5 billion yuan.
Special Topic 2 The Accompanying Responsibility Practice ofCaitong Securities—
Being a Securities Company of Zhejiang Entrepreneurs and Enterprises
Va l u e E f f e c t : Demonstrating ESG Value with “Responsible Achievements”
“Sustained Evolution”
Service Breadth: Covering the Whole Life Cycle of Zhejiang Merchants
It has served more than 10,000 listed companies, unicorn enterprises and “specialized, re?ned, distinctive and new” enterprises, provided
Service Upgrade
comprehensive ?nancial services for more than 30 Zhejiang unicorns, and won the “Entrepreneurship Service Institution” award at the All Continue to promote the construction of the “AI × (1+4+N)” smart Caitong system, and improve service e?ciency through intelligent
Things Grow Conference. In 2025, it participated in the 7th World Zhejiang Merchants Conference, and its cooperative project was platforms such as “Zheli Yirong”. Plan to achieve full coverage of technology ?nance service centers in all prefecture-level cities of
selected as one of the top ten ?nancial advisor cases of “Practicing Benign Finance and Assisting Zhejiang Merchants Development”. As Zhejiang by 2026.
the only strategic securities partner, it deeply participated in the main forum and the specialized, re?ned, distinctive and new sub-forum.
Empowerment Depth: Leading Industry Innovation Practice Ecological Expansion
It has created benchmark projects such as the nation’s ?rst ABS for common prosperity demonstration zone construction, Binjiang
Deepen the function of Zhejiang Provincial New Era Industry-Finance Collaborative Innovation Research Institute, join hands with
intellectual property ABS, and Yangtze River Economic Belt REITs. After the launch of commercial real estate REITs pilot in 2025,
more than 20 ?nancial institutions and the Zhejiang Merchants Association to promote “investment-investment linkage” and
it took the lead in setting up a professional team to help Zhejiang merchants revitalize high-quality assets. Its bond business
cross-border services, and assist Zhejiang merchants in two-way empowerment of “going global” and “bringing in”.
continues to lead the Zhejiang market; in 2025, the underwriting scale of corporate bonds and enterprise bonds ranked ?rst in the
province for consecutive years, and the scale of characteristic products such as science and innovation bonds, green bonds and
rural revitalization bonds has steadily expanded, winning the “2025 Caixin Media Excellent Bond Underwriter Case”.
Value Sinking
Ecological Warmth: Conveying the Service Concept of “Home”
Focus on the cultivation of new quality productive forces, increase support for Zhejiang enterprises in arti?cial intelligence, low-
It pioneered the “Cornerstone Account Manager” system, realizing “one Caitong externally, one customer internally”. The
altitude economy, biological manufacturing and other ?elds, and inject more ?nancial momentum into Zhejiang’s high-quality
Chairman, as the “No.1 Cornerstone Account Manager”, responds to needs 7×24 hours. In 2025, the closed-loop resolution rate of
development in building a common prosperity demonstration zone.
customer needs reached over 98%. Launched the “Hundreds-Thousands-Tens of Thousands” industrial-?nance collaboration
special campaign to boost the innovative development of Zhejiang merchants and enterprises, organized hundreds of “three-
investment” (investment banking, investment, investment research) talents, and linked thousands of experts from ecological
partners such as banks and insurance companies to customize “one enterprise, one policy” solutions, achieving “one order, one
success”.
Environment: Green as the Engine,
Empowering New Economic Dynamics
Environment
Green as the Engine,
Empowering New Economic Dynamics
Green as the engine lays the foundation for sustainable development; ?nancial empowerment
integrates new green drivers for the economy. Caitong Securities has always embedded
environmental responsibility into its corporate strategic layout and operational practices, actively
shouldering the ecological responsibility of ?nancial institutions, and assisting in the realization of
the “dual carbon” goals and ecological civilization construction. We address climate risks and
explore green opportunities in accordance with international standards and domestic regulations,
integrate the green and low-carbon concept into daily operations, adhere to the bottom line of
environmental protection compliance, extend responsibility to upstream and downstream supply
chains, build a sustainable cooperation ecosystem, respond to the national call to protect
biodiversity, connect all links of green development with ?nancial power, promote the coordinated
progress of ecological protection and economic development, and write a high-quality answer
sheet for ?nancial empowerment of green transformation.
Greenhouse gas emissions (Scope 1 and Scope 2) per unit area: 4,877.91 tons of
CO₂ equivalent per square meter
Total o?ce electricity consumption: 2,207,128 kWh
Total water consumption: 10,840 tons
Gasoline consumption decreased by 17.48 % year-on-year
This chapter responds to the United Nations Sustainable Development Goals (SDGs)
Environment: Green as the Engine,
Empowering New Economic Dynamics
The company deeply practices the national “dual carbon” goals, closely follows the requirements of green ?nancial
Addressing Climate Change Climate Change development in the “?ve major articles” of ?nance, integrates climate-related risks and opportunities into the
St r a t e g y overall development strategy, and continuously promotes the implementation of short-term, medium-term and
long-term plans. While reducing its own operational greenhouse gas emissions, it focuses on green ?nancial
Facing the global issue of climate change, Caitong Securities actively responds to the challenges and opportunities brought by climate
empowerment to promote the low-carbon transformation of investment and ?nancing entities, and contributes
change, attaches importance to climate risk governance, and orderly promotes the construction of response mechanisms. In accordance Caitong’s strength to the realization of the national “dual carbon” goals and global climate governance in
with the requirements of the International Financial Reporting Standards Sustainability Disclosure Standards 2—Climate-related combination with the construction needs of Zhejiang’s common prosperity demonstration zone.
Disclosures (IFRS S2) issued by the International Sustainability Standards Board (ISSB) and the recommended framework of the former
Short-term Actions (1–3 years)
Task Force on Climate-related Financial Disclosures (TCFD), the company has established a climate change governance system and
strategy, identi?ed relevant climate risks and opportunities, promoted the management of climate-related risks and opportunities, and
ensured the orderly implementation of climate actions.
Further re?ne the system, integrate climate risks into the existing risk
Improve the climate risk
management framework, and clarify assessment standards and processes to
Caitong Securities has built a relatively complete climate-related governance system. The Board
management system
Climate Change of Directors is responsible for supervising the climate impact of the company’s operations and
fully consider climate factors in project evaluation and investment decisions.
G o v e r n a n c e Sy s t e m reviewing the business development strategy under the background of climate change at the
“supervisory-management-executive” levels. The Strategy and Sustainable Development
Committee, as the overall management institution for climate-related issues, takes the lead in
formulating climate-related strategies and plans to ensure the implementation of climate-related
Strengthen green ?nancial Increase R&D and promotion of green bonds, green ABS and other products to
actions. The company’s cross-departmental ESG management team is speci?cally responsible for
product innovation provide diversi?ed ?nancing channels for green enterprises.
following up the promotion and implementation of climate change-related matters.
Level Responsible Body Working Mechanism
Improve low-carbon internal Promote energy conservation, paperless o?ce and green commuting to
Comprehensive supervision of climate risks; operations reduce carbon intensity.
Board of Directors
Overall supervision of esg matters including climate change
Supervisory Level
Medium-term Actions (3–5 years)
Overall person in charge of ESG work;
Regularly reports to the board of directors on the status of climate-related
Strategy and Sustainable
risk management and the achievement of sustainable ?nancial goals;
Development Committee Increase investment in new energy and environmental protection, expand
reviews proposals on climate change response, clari?es strategies, Deepen green investment
Management Level green investment coverage through green industrial funds, and improve the
objectives, risks, opportunities and action plans layout
proportion of green investment projects.
Promotes the implementation of climate change actions;
ESG Management Team Members cover all business departments and subsidiaries; promotes
Improve ESG information Enhance the quality and transparency of climate-related disclosure in line
Executive Level the implementation of climate change-related matters
disclosure with TCFD and international standards.
Environment: Green as the Engine,
Empowering New Economic Dynamics
Long-term Actions (Over 5 years) Analysis of Potential Financial Impacts of Climate-related Risks and Countermeasures
Time Stakeholders Potential Related Response
Risk Type Description
Horizon A?ected Financial Impact Risks Strategies
Carry out international Expand international exchanges in green ?nance and learn from
cooperation advanced experience.
Changes in market supply and demand Shareholders,
Short Creditors, Help enterprises improve
favor climate-friendly products; customers/
Medium Customers, ↓Revenue, Credit, ESG systems and
Market Risk investees face operational risks, a?ecting
Long Employees, ↓Portfolio Value Market recognize sustainable
solvency and valuation, leading to credit
Suppliers development
and portfolio depreciation risks.
Establish a long-term climate goal Regularly review and optimize long-term climate goals based on national
evaluation mechanism policies and market changes.
Extreme weather (typhoons, ?oods)
↓Revenue, Credit, Prepare emergency
Acute disrupts operations and a?ects
Short Community ↓Portfolio Value, Market, plans to reduce
Physical Risk customers/investees, leading to business
↓Fixed Assets Operational impacts of extreme
suspension and valuation decline.
weather
The company comprehensively considers macro policies, combines its own business and
Impact, Risk and
strategy, and consults internal and external experts to actively identify various climate-
Opportunity Management related risks and opportunities related to its operations and investment and ?nancing Long-term climate changes (sea-level Shareholders,
rise, high temperatures) a?ect Creditors,
business, assess their potential ?nancial impacts, and provide forward-looking insights for Chronic Medium ↑Operating Costs, Track climate impacts
operations and industries such as Customers, Market on the market
strategic decision-making. Physical Risk Long ↓Portfolio Value
agriculture, forestry, animal husbandry Employees, continuously
and ?shery. Suppliers
Climate-related Risk and Opportunity Management Process
Tightening environmental policies a?ect
Short Shareholders, Incorporate ESG
Identi?cation Legal Risk
Medium Regulators, factors into due
Non-compliance leads to legal liabilities ↓Portfolio Value Market
Long Customers diligence
and reputation losses.
Assessment
Failure to meet stakeholder expectations Shareholders, Ful?ll social
Quantify potential ?nancial impacts, build a climate response mechanism, and empower sustainable ↓Revenue, Reputational,
Reputational for green operations damages reputation; Medium Regulators, responsibilities and
↓Portfolio Value, Credit,
Analysis Risk Long Customers, strengthen investor
↑Costs Market
increases credit risk. Employees communication
Environment: Green as the Engine,
Empowering New Economic Dynamics
Analysis of Potential Financial Impacts and Response Measures for Climate-related Opportunities
Practicing Green Concepts
Time Stakeholders Potential Response
Opportunity Type Description
Horizon A?ected Financial Impact Strategies
In accordance with the Environmental Protection Law of the People’s Republic of China, Circular Economy Promotion Law, Water Law, Air
Develop green ?nance
“Dual carbon” policies drive green Short Customers,
Pollution Prevention and Control Law, Energy Conservation Law and other policies, the company adheres to the concept of sustainable
↑Revenue, business to provide ?nancial
Market
?nance growth; investment targets’ Medium Employees, services for green industries development, advocates green and low-carbon o?ce, integrates green concepts into daily operations through energy, water and waste
Opportunity ↑Portfolio Value
valuation rises. Long Suppliers such as energy conservation, management, and reduces environmental loads. No major environmental violations occurred during the reporting period.
environmental protection,
and new energy. At the same Energy Management T h e c o m p a n y’s e n e r g y c o n s u m p t i o n m a i n l y i n c l u d e s e l e c t r i c i t y , n a t u r a l g a s ,
time, establish thematic
gasoline and diesel for o?ce operations. It strengthens energy conservation and
funds focused on energy
Product & Innovate climate-friendly products and Short consumption reduction to reduce greenhouse gas emissions and support the “dual
Customers, ↑Revenue, conservation, environmental
Service services for green industries to expand Medium
Suppliers ↑Portfolio Value protection, carbon neutrality, carbon” strategy.
Opportunity growth space. Long and so on.
Energy Management Initiatives
Promote energy
Resource Digital ?nance, green data centers and MAIN AREA OUR ACTION
Medium Employees, conservation and
E?ciency paperless o?ce improve resource ↓Operating Costs
Long Community environmental awareness
Opportunity e?ciency and reduce costs. Adhere to centralized energy management; the exterior walls of the company's o?ce building are made
among employees Clean Energy Use of energy-saving and environmentally friendly materials to reduce energy consumption.
Install solar photovoltaic panels on rooftops.
The company’s greenhouse gases mainly come from energy consumption for o?ce Hire a professional team to be responsible for computer room operation and maintenance, implement
I n d i c a t o r s a n d Ta r g e t s equipment and lighting, as well as fuel consumption for o?cial vehicles and employee Energy Conservation specialized and re?ned management, optimize the cooling e?ciency of power and environmental
equipment, and eliminate energy waste.
commuting. It has established an indicator system and set control targets for green & Implement scheduled management and quantitative control for the building's air conditioning
?nance, energy use and carbon emission management, regularly monitors progress, and
system.
formulates improvement measures. Consumption Reduction
Retro?t the ?uorescent lights in the underground parking garage with energy-saving measures,
uniformly replacing them with 4-watt LED bulbs.
Indicator Unit 2023 2024 2025 Use video conferencing systems to reduce the number of in-person meetings, thereby lowering
carbon emissions generated from business travel.
Total GHG Emissions tCO₂e 4077.15 4283.06 4877.91 Post energy-saving reminder signs near light and air conditioning switches.
Green Commuting
Scope 1 GHG Emissions tCO₂e 121.07 127.77 132.87 Equip the company parking area with new energy vehicle charging stations to encourage employees
Advocacy
to adopt green commuting.
Scope 2 GHG Emissions tCO₂e 3956.08 4155.29 4745.04
Emergency Establish comprehensive emergency management measures, implement a 24-hour security
GHG Emissions Per Capita tCO₂e/person 0.90 0.89 1.02
guard duty and accident information reporting system, and equip emergency equipment to
Management e?ectively prevent extreme weather from a?ecting the company's operations.
Natural Gas Consumption Per Unit Area m?/m? 1.10 1.30 1.32
Environment: Green as the Engine,
Empowering New Economic Dynamics
The company follows the principle of water conservation and uses municipal water
Water Resource
for o?ce operations. Total water consumption in 2025 was 10,840 tons, with per
Management capita water consumption of 6.95 tons/person.
Main Area Our Actions and Achievements
Water Resource Management Initiatives
Implement classi?ed collection and temporary storage at designated points. Entrust
MAIN AREA OUR ACTION
quali?ed units to recycle and treat non-hazardous and hazardous waste.
(1) O?ce wastewater is discharged into the municipal sewage network and treated by
Water Conservation Waste Utilization
Post water-saving signs in o?ces. the city sewage plant.
Advocacy
Management (2) O?ce garbage is cleared by the property management.
( 3 ) H a z a r d o u s w a s t e s u c h a s b a t t e r i e s , i n k c a r t r i d g e s , a n d t o n e r c a r t r i d g e s i s
Adopt water-saving sanitary ware to reduce water consumption. coordinated with the local community and recycled, disposed of, or reused by
professional institutions.
Make full use of the rainwater recycling system to collect and purify rainwater for vegetation 2. Optimize the allocation of ?xed assets, improve the utilization rate of existing assets,
Scienti?c Water Use
irrigation and vehicle washing. and avoid idle waste.
Regularly inspect and maintain water equipment to prevent running, dripping, and leaking.
In response to the "Zhejiang Province Household Waste Management Regulations", establish a
Garbage Classi?cation
regular clearing mechanism for household waste to ensure proper disposal of classi?ed waste.
The company's resource consumption mainly consists of paper consumption from Management
Waste Management Post promotional posters on garbage classi?cation to educate employees on the concepts and
contracts, bills, documents, and other paper materials used during o?ce operations. The
waste generated primarily includes hazardous waste such as electronic waste, toner methods, creating an atmosphere where "everyone participates in garbage classi?cation".
cartridges, and ink cartridges, as well as non-hazardous waste like o?ce garbage. In 2025,
the company actively adopted optimization measures to manage waste emissions and
strive to reduce the environmental impact of waste. Green Supply Chain
The company continuously advances the construction of a green supply chain, adhering to the principles of transparent procurement,
Main Area Our Actions and Achievements
responsible procurement, and green procurement. It deeply integrates sustainable development requirements into supplier access and
whole-process supervision, iteratively optimizing supplier evaluation and access mechanisms. The company has formulated and issued
Promote paperless o?ce based on platforms such as OA system and online work?ow
institutional documents such as the "Caitong Securities Procurement Management Measures", "Caitong Securities Procurement Supplier
approvals.
Promote Paperless O?ce Management Rules", and "Caitong Securities Co., Ltd. Integrity Management Measures", actively advocating anti-corruption and diversi?ed
Advance online procurement, enabling coordinated operation of multiple systems
sustainable development concepts, and building a mutually bene?cial, win-win, and sustainable healthy cooperation ecosystem.
(procurement, contract, payment, etc.), fully realizing online and standardized
management of o?ce consumables throughout the process, signi?cantly reducing the
The company strictly complies with laws and regulations such as the "Tendering and Bidding
use of paper materials. Supplier Management
Encourage meeting materials to be transmitted and displayed in electronic format to Law of the People's Republic of China" and the "Government Procurement Law of the People's
reduce paper consumption. Republic of China", follows relevant internal company systems, clearly adheres to the principle
of competitive selection in procurement, improves the supply chain management system, and
standardizes and normalizes procurement processes.
Environment: Green as the Engine,
Empowering New Economic Dynamics
Key Tasks in Supplier Management
Possess good commercial reputation and a sound ?nancial and accounting system. Organize Employees to Conduct Online Learning on the Detailed
Selection
Rules for Procurement Implementation and Expert Review Training
& Have the necessary equipment and professional technical capabilities to perform the contract, as well as a
Admission good record of paying taxes and social security contributions in accordance with the law.
H ave no records of major violations or irregularities in business operations in the three years prior to
participating in procurement activities. Anti-Corruption The Company attaches great importance to supply chain compliance and integrity management, upholding the
principles of fairness, impartiality and good faith, and ensuring standardized and transparent procedures through open
and competitive procurement. It has strengthened integrity control over the entire procurement process, completed
Management for data connection with the Zhejiang Enterprise Integrity Platform, established a data collection channel, improved the
Establish a hierarchical and categorized supplier management system and implement di?erentiated
supplier compliance management system and set up a special supervision team, embedding integrity requirements into
resource allocation. Suppliers are classi?ed into potential suppliers, alternative suppliers, and
contracted suppliers. Regular evaluation and review shall be conducted on contracted suppliers
Suppliers key links. Meanwhile, procurement management is standardized in accordance with the Caotong Securities
to identify Green List, Yellow List, and Black List suppliers. Procurement Management Measures, with clear review disciplines and strict implementation of the review recusal
mechanism. In accordance with the Caotong Securities Employee Rewards and Punishments Measures, Caotong
Standardized Optimize supplier management procedures, standardize the use and management of expert and
Management conference service suppliers, and support consolidated procurement applications for the same Securities Measures for Accountability for Violation of Business Management and other regulations, relevant violations
supplier in single-source procurement, so as to e?ectively reduce repetitive processes and shall be held seriously accountable in accordance with the rules.
improve overall procurement e?ciency.
In addition, the Company has established a supplier blacklist management mechanism and breach of trust disciplinary
Organize a series of procurement management training sessions covering policy interpretation and standards. Suppliers involved in violations of laws and disciplines, commercial bribery and other breaches of contract
review practice, to enhance the standardization of full-process operations.
shall be disquali?ed from cooperation in accordance with laws and regulations. Up to now, a total of 23 suppliers have
been registered on the blacklist. Through normalized management and control, the Company continuously improves the
Optimize the management model for procurement bidding agencies and establish corresponding compliance and transparency of procurement links and builds a solid line of defense against procurement risks.
standards for early warning, deadline-based recti?cation, and elimination.
Evaluation
& In procurement and bidding activities, verify suppliers’ credit status including credit reports and query
results from Credit China.
Review
Adopt a zero-tolerance policy toward suppliers with serious misconduct such as material breach of
Promotion of Green The Company pays close attention to suppliers’ performance in environmental protection and social responsibility, and
clari?es relevant management requirements based on the Caotong Securities Procurement Supplier Management
contract, fraud, commercial bribery, or provision of falsi?ed quali?cations. Once veri?ed, such suppliers
Rules. Suppliers shall conscientiously abide by environmental laws and regulations, and on a reasonable and feasible
shall be blacklisted, cooperation terminated, and banned from participating in the company’s Procurement basis, take the initiative to track, control and reduce the environmental impact of their business activities, strengthening
procurement activities for three years. The company reserves the right to pursue legal liability.
management in areas such as energy consumption, greenhouse gas emissions, water resource utilization and waste
disposal. Meanwhile, it is stipulated that o?ce procurement shall follow the principle of green procurement, giving
priority to energy-saving and environmentally friendly products.
Environment: Green as the Engine,
Empowering New Economic Dynamics
Biodiversity Conservation
The Company actively responds to the requirements of the China Biodiversity Conservation Strategy and Action Plan (2023–2030) issued by
Caotong Securities Established the Qianjiangyuan Biodiversity Conservation Fund to
the Ministry of Ecology and Environment, upholds the vision of harmonious coexistence between humans and nature, continuously carries out Case Jointly Advance Biodiversity Protection in the Qianjiangyuan–Baishanzu National Park
biodiversity conservation initiatives, and is committed to protecting biodiversity in the Yangtze River Basin, helping to achieve national
biodiversity conservation strategic goals in the new era. The Qianjiangyuan Biodiversity Conservation Fund is mainly used to fund wildlife protection, ecological restoration and
environmental improvement projects, integrating biodiversity conservation with local economic development, promoting common
prosperity and achieving a win-win situation between ecological protection and economic growth. Caotong Securities took the
Caotong Securities collaborates with all sectors to promote biodiversity conservation,
Advancing Mainstreaming initiative to participate in the establishment of the fund, jointly exploring and promoting ESG evaluation standards related to
encouraging employees, clients, partners, the public and other groups to understand and biodiversity conservation, and guiding enterprises and all sectors of society to focus on and participate in biodiversity protection.
of Biodiversity participate in biodiversity protection, and advancing the mainstreaming of biodiversity.
The 4th Caotong Securities Health Run Held to Practice Ecological Protection with Concrete Actions
On October 12, at the ?rst event of the 5th "Caotong Day" and "Caotong Culture Week", the 4th "Zhenghe Caotong · Running for
Dreams" Health Run was launched at Dingshan Square in Xianghu. Notably, ESG and sustainable development concepts were
Continuously conducts dialogues with Integrates biodiversity conservation A ctively develops public welfare-themed
environmental NGOs, academic institutions, evaluation indicators into the Company’s asset management products, and specially integrated into this event. Through the health run, the Company further promoted the living concepts of green
securities regulators and ?nancial peers. sustainable development strategy system, collaborates with local governments and development, health and low-carbon lifestyle, and advanced the harmonious coexistence between humans and nature.
strengthening top-level design and communities to carry out public welfare
implementation considerations. practice projects.
In recent years, Caotong Securities has proactively served the national strategy of the
Deepening Ecological and
"Yangtze River Conservation Campaign" and the policy initiative of "East-West Cooperation",
Environmental Protection actively responded to the call for synergy between biodiversity conservation and economic
Practices development, earnestly practiced the concept of sustainable development, and focused on
ecological civilization construction.
Society: Anchored in Responsibility,
Building a Robust Value Network
Society
Anchored in Responsibility, Building a Robust
Value Network
Caitong Securities has always upheld the original aspiration of ?nance for the people, and deeply embraced the
political essence and people-centered nature of ?nancial work. Seizing new opportunities arising from policies
and the market, the Company ?rmly shoulders the mission of “Being a Securities Company of Zhejiang
Entrepreneurs and Enterprises”, integrates deeply into the overall national development, and continues to
build its ?agship brand “Choose Caitong, Prosperity Abounds”.
We foster a new ecosystem of symbiosis between industry and ?nance through responsible investment, inject
new impetus into high-quality development by serving the real economy, channel precision ?nancial “living
water” to underdeveloped regions through rural revitalization, and unlock endogenous drivers for common
prosperity through social contribution.
By building a responsibility-oriented value system that integrates industrial empowerment, livelihood security,
rural development and public welfare practices, we weave a warm and robust value network. With solid actions
and commitment, we deliver Caitong’s contribution to the “Five Major Financial Tasks”, and support the
construction of the Common Prosperity Demonstration Zone with professional responsibility.
Underwriting scale of corporate bonds in Zhejiang: RMB 59.586 billion
Cumulative scale of supported green projects: over RMB 12 billion
Holdings of ESG bonds with own funds: RMB 1.683 billion
Ranked among the Top 20 Pioneers in the 2025 Hangzhou Listed Companies ESG Strategic
Charity Impact Ranking
This chapter aligns with the United Nations Sustainable Development Goals (SDGs).
Society: Anchored in Responsibility,
Building a Robust Value Network
Implementing Responsible Investment
Responsible investment refers to investment strategies and practices that integrate environmental, social and governance (ESG) factors
into investment decisions and active ownership. It plays a vital role in directing capital toward sustainable development sectors. Caitong Investment
Strategy Application Asset Classes Involved
Strategy
Securities adheres to the philosophy of value investing and responsible investment. While pursuing investment returns, the Company
incorporates ESG responsibilities into its investment decision-making process to support the sustainable transformation of the economy. 1. The Company excludes enterprises without social bene?ts or inconsistent
with sustainable development pathways by establishing an investment negative
The Company has formulated and issued the Responsible Investment Statement of Caitong Securities list.
Organizational Structure and Co., Ltd., established the Strategy and Sustainable Development Committee and an ESG management
team, and appointed ESG coordinators in relevant headquarters departments and subsidiaries to 2. Through comprehensive due diligence and ESG negative listing, Caitong
Equity investments,
Management of Responsible continuously enhance the professional capacity and management level of responsible investment. Negative Innovation cautiously proceeds with investments in enterprises that may have
Alternative investments
In the investment process, ESG factors are integrated into the screening of investment Exclusion negative social impacts. Caitong Asset Management fully integrates ESG
targets and the decision-making procedures of the Investment Decision Committee. integration strategies into research, analysis and investment decisions, – Private equity
Investment encouraging researchers to conduct comprehensive analysis combining ESG
The Strategy and Sustainable Development Committee serves as the oversight body for responsible factors and traditional ?nancial indicators to comprehensively assess industry
investment, responsible for comprehensive supervision of related matters.The Investment Decision prospects and individual stock growth, providing strong support for investment
Committee acts as the management layer, responsible for making responsible investment decisions.
decisions.The ESG management team functions as the execution layer, responsible for screening,
evaluation and other speci?c work related to responsible investment targets.
The Company clearly requires relevant business departments to integrate ESG factors into the entire 1. In research, analysis and investment decision-making, the Proprietary
process of equity investment, ?xed income investment and private equity investment business across Investment Headquarter comprehensively evaluates issuers’ performance in
the Group, and incorporate the three key dimensions of environmental responsibility, social social responsibility, environment and governance, together with traditional
responsibility and corporate governance into investment decision-making. ?nancial indicators, to form investment decisions.
Responsible Investment Strategies and Applications 2. Caitong Asset Management fully integrates ESG integration strategies into
Fixed-income investments,
research, analysis and investment decisions, encouraging researchers to
ESG Factor combine ESG factors with traditional ?nancial indicators for holistic analysis, Alternative investments
Investment Integration supporting investment decisions. – Private equity
Strategy Application Asset Classes Involved
Strategy
violations, integrity issues and other ESG factors into investment analysis,
ESG factors and positively screens sectors and companies with above-average reference for investment recommendations.
performance in environment, society and governance. It focuses on target enterprises in
line with national development strategies and green development concepts, such as
intelligent manufacturing, information technology, healthcare, carbon neutrality and new
energy. 1. As a shareholder, Caitong Asset Management actively participates in the
governance of invested companies, including on-site due diligence and voting
Positive at shareholder meetings, to monitor ESG practices, address insu?cient
technological innovation and makes opportunistic allocations. For investments in Alternative investments
Screening disclosure and information asymmetry, and assist and urge listed companies to
traditional energy sectors such as steel, non-ferrous metals and chemicals, priority is – Private equity
adopt ESG principles. Alternative investments
given to enterprises with high environmental management standards. Active Ownership
– Private equity
and intelligent management standards in intelligent manufacturing; in healthcare, it spreads ESG philosophy to invested enterprises to enhance their governance
prioritizes enterprises that solve practical livelihood issues and promote social health capabilities.
development.
Society: Anchored in Responsibility,
Building a Robust Value Network
Investment
Strategy Application Asset Classes Involved Case The 5th “Caitong Day” & Caitong Culture Week Launch
Strategy
Sustainable Fixed-income investments
green industries represented by new energy vehicles, and sustainable development of of the 20th CPC Central Committee, Caitong Securities deeply upholds
Thematic
enterprises in photovoltaic, energy storage, lithium battery and other sectors.
the political and people-centered nature of ?nancial work, promotes the
?nancial culture with Chinese characteristics of “Five Musts and Five
Actively invests in bonds whose proceeds are used for targeted poverty alleviation, new Must-Nots”, fosters the industry culture of “compliance, integrity,
Impact Investing —
energy and other purposes. professionalism, and prudence”, and practices the corporate spirit of
“Positive-Sum Caitong, Running for Dreams”, continuously injecting
impetus into high-quality development.
Responsible Investment We deeply understand and ?rmly uphold the political and people-centered nature of
Promotion and ?nancial work. We root the concept of responsible investment in our development
strategy, fully integrate ESG principles into all aspects of investment decision-making,
Communication
and promote sustainable social development through ?nancial strength.
Caitong Securities actively implements the Implementa on Plan for the High-Quality Development of Green Finance in the Banking and Insurance
Industry, the Guiding Opinions on Further Strengthening Financial Support for Green and Low-Carbon Development, and other policy guidelines. The
Company deeply integrates the green development philosophy into all dimensions of its business, continuously explores green
Due Diligence
?nance with professional ?nancial capabilities and industrial in?uence, provides innovative solutions for green and low-carbon
industries, and supports the green and low-carbon transition of the economy and society.
Conduct ESG due diligence on potential investment targets. Issuers that fail to actively ful?ll social responsibilities or
have material issues in environmental, social, and governance aspects will be rejected with a one-vote veto.
Case Caitong Securities Deeply Participates in China’s First Clean Energy Hold-to-Maturity Real Estate ABS
In 2025, Caitong Securities deeply participated in the issuance and
Credit Analysis listing of Taikang Asset-Caitong-Envision New Energy Hold-to-
Maturity Real Estate Asset-Backed Special Plan (Carbon Neutrality),
Conduct credit research and analysis on potential investment targets. In addition to routine analysis on issuers, the ?rst clean energy hold-to-maturity real estate ABS in China. The
underlying asset is the Hengpeng Wind Farm in Weixian, Handan, Hebei
shareholders, and regions, we focus on issuers’ ESG performance and contributions.
Province. Supported by stable long-term operating cash ?ow and
traceable green certi?cate attributes, it is a typical carbon-neutral
green ?nancial product. The project generates approximately 230
million kWh of electricity annually, reducing carbon dioxide emissions
Pool Inclusion by more than 150,000 tons per year, with outstanding ecological
bene?ts. As a landmark practice of Caitong Securities in implementing
Add ESG-related requirements to the eligibility criteria of preferred bond pools for industrial bonds (excluding real the green ?nance strategy and supporting the “dual carbon” goals, the
project not only enriches the Company’s green ?nancial product system
estate and ?nancial sectors), real estate bonds, ?nancial bonds, convertible bonds, and exchangeable bonds. Bonds must but also provides a replicable and scalable benchmark for clean energy
meet ESG standards to be included in the pools. asset securitization in China.
Society: Anchored in Responsibility,
Building a Robust Value Network
Focusing on the development needs of Zhejiang-based enterprises, the Company optimized its
Case Caitong AM Issues Green Asset-Backed Special Plans to Boost CarbonFinance Deepening Local Financing
?nancing service system, enriched ?nancing instruments and continuously improved the quality and
to Empower Zhejiang e?ciency of ?nancing services. In the whole year, it provided a total of RMB 67.656 billion in
?nancing for enterprises in Zhejiang.
In 2025, centering on the national “dual carbon” strategic goals,
Caitong Asset Management deeply practiced the mission of green
Enterprises
In bond ?nancing, the Company increased investment in provincial bonds, with an annual
?nance and leveraged its professional strengths in ABS business. It investment of RMB 20.579 billion, e?ectively smoothing debt ?nancing channels for Zhejiang
successfully issued multiple green asset-backed special plans, enterprises, easing ?nancing pressure and helping enterprises optimize their capital structure.
including Caitong-Wuchan Huaneng Power Grid Tari? Revenue Right
Green Asset-Backed Special Plan and Caitong-XCMG Leasing Phase
total issuance size of RMB 1.73 billion. Through targeted and e?cient
?nancial innovation, the Company directed capital into clean energy
and green industries, injecting strong ?nancial impetus into the low-
carbon transition of the economy and society.
The Company has deeply engaged in green research, actively participated in industrial exchanges and seminars, and explored e?ective ways
to integrate sustainable development and environmental protection. We have established a professional green research team to thoroughly
analyze the green industrial chain, regularly release quantitative environmental bene?t evaluation reports and investment value correlation
analysis, and consolidate the research foundation for green ?nance.
In 2025, research teams covering machinery, automotive, electrical new energy, public utilities, construction and building materials, strategy,
?xed income, and macroeconomics all released research reports focusing on green development and sustainable investment. Representative
reports include Commentary on the Central Urban Work Conference – Focus on Development Opportunities in Urban Planning, Smart City,
Energy Conservation and Carbon Reduction, Caitong Securities Solid-State Battery Equipment Weekly: Lithium Battery Export Controls
Implemented, Strategic Status Highlighted, etc. A total of 2,792 related reports were released throughout the year, providing investors with Caitong Securities successfully issued the ?rst Caitong Securities assisted in issuing the ?rst
accurate and comprehensive green ?nancial information and professional investment advice to help seize investment opportunities in the securities company science and technology district/county-level CMBS in Taizhou
green development sector. innovation bond in Zhejiang
In addition, Caitong Capital gave full play to its equity empowerment role, with a total of 274
Serving the Real Economy Zhejiang-based enterprises invested and an investment amount of RMB 25.8 billion, covering new-
generation information technology, high-end equipment, biomedicine and other advantageous
sectors, helping enterprises cultivate core competitiveness and promote industrial transformation
As a provincial securities ?rm, Caitong Securities has always adhered to its original mission of “?nance serving the nation and the real and upgrading.
economy”. Rooted in Zhejiang, it focuses on the high-quality development of the regional economy. Through diversi?ed ?nancial services,
in-depth regional collaboration, professional research support and think tank empowerment, the Company channels ?nancial resources Caitong Asset Management deepened ?nancial cooperation with peers in the province, with an
annual cooperative scale of RMB 51.8 billion. Through ABS projects, it precisely met enterprises’
precisely to key areas such as Zhejiang-based enterprises, industrial upgrading and regional development. It aligns with Zhejiang’s overall
needs for asset revitalization and ?nanced RMB 13 billion for provincial enterprises. It carried out
development, ful?lls its responsibility as a provincial securities ?rm in serving the real economy, and helps build a new pattern of high- equity pledge businesses for listed companies in the province, raising RMB 900 million for high-
quality development across the province. quality listed ?rms to match their needs for operation, R&D and steady growth.
Society: Anchored in Responsibility,
Building a Robust Value Network
Based on the development needs of Zhejiang, the The Company deepened industry and industrial chain research, releasing 22 in-depth industry
Deepening Regional Company took strategic cooperation as a link, innovated Focusing on the Industrial reports covering real estate, transportation, machinery manufacturing, innovative drugs and other
service models, improved the service system, and pillar industries in Zhejiang, analyzing development trends and pain points to provide professional
Collaboration to Build a Full continuously deepened regional cooperation to ful?ll its Chain and Serving the Full references for enterprises.It completed 32 key industrial chain reports, precisely covering 4
mission of serving regional development.
trillion-level world-class advanced industrial clusters, High-end equipment machinery: 18 reports.
-Coverage Service Pattern Enterprise Lifecycle New-generation information technology: 9 reports. Modern consumption and health: 4 reports.
In terms of government strategic cooperation, the
Company expanded its coverage, adding 8 new local Green petrochemicals and new materials: 1 report. These reports provided
government strategic cooperations in the year. It has comprehensive research support for upstream and downstream enterprises in the
achieved full coverage of prefecture-level cities in industrial chain.
Zhejiang, and signed agreements with 61 county-level
administrative regions (coverage rate 67%), including The Company strengthened on-site connection with enterprises, visiting 67 key industrial chain
full-domain strategic cooperation with 5 cities: Taizhou, companies during the year to understand pain points, ?nancing needs and development plans, and
Zhoushan, Quzhou, Shaoxing and Huzhou.Outside achieve “precise pro?ling, precise docking and precise services”.It also improved service tools for
Zhejiang, the Company optimized its layout and built ?ve Zhejiang enterprises. The 2025 Zhejiang Stock Investment Handbook added 388 newly included
business headquarters in Beijing, Shanghai, Chongqing, company analysis reports, systematically sorting out development status, investment value and
Shenzhen and Hainan. It established strategic
opportunities to support steady growth of Zhejiang enterprises.
cooperation with 9 prefecture-level cities
(districts/counties) outside Zhejiang including
Chongqing and Suzhou, forming a service network of
“full coverage in the province and key breakthroughs The Company precisely met the decision-making needs of local governments, holding 21 events on
Exerting the Think Tank high-quality regional economic development and industrial transformation and upgrading for
outside”.Meanwhile, with the Science and Technology
Financial Service Center as a key platform, the Company governments across Zhejiang, interpreting policies and industrial trends and providing professional
promoted the implementation of strategic cooperation Role to Empower Regional suggestions. It provided 18 customized reports for governments, regulators and the Company’s
Caitong Securities was awarded with local governments, integrated ?nancial services business strategies to improve scienti?c decision-making.
“Outstanding Collective of Financial with local industrial development and livelihood Development Strategies
Institutions in Zhejiang Supporting improvement, and supported high-quality local The Company actively built exchange and cooperation platforms, jointly holding 8 strategy
Economic and Social Development” economic development. conferences with local governments or key state-owned enterprises, bringing together experts,
enterprise representatives and ?nancial institutions to discuss industrial development, green
transformation and empowerment of the real economy.Through“Fast Response Direct Line”,
In serving major industrial counties special reports and other forms, the Company provided advice to the Group Party Committee and
actively supported the work of regulatory authorities. It e?ectively played the role of a think tank
The Company innovated and upgraded its service model, completing the signing and renewal of contracts with 5 major bridge, boosted local economic development and enhanced the brand in?uence and industry
recognition of Caitong Securities.
industrial counties, and sinking ?nancial services to industrial parks. It piloted the “Four Ones” service system in Deqing,
Tongxiang and other places, forming replicable service cases to solve ?nancing di?culties, high ?nancing costs and
inaccurate services, helping cultivate advantageous industries and expand industrial clusters.
In service model innovation
The Company explored a “Local Government Asset Steward” service mechanism, sorted out common needs in asset
revitalization, industrial funds and REITs, and compiled the Local Government Asset Steward Service Manual to improve
service e?ciency and professionalism. It also promoted a grid-based service system and completed the research on
Constructing a Regional Grid-Based In-Depth Collaboration Service System, deepening the customer-centric reform
and improving service accuracy and e?ectiveness.
Society: Anchored in Responsibility,
Building a Robust Value Network
Boosting Rural Revitalization Empowering Villages and Farmers to Stimulate Endogenous Development Vitality
In response to the provincial campaign of “Thousand Enterprises Linking Thousand Villages to Eliminate Weak Villages”, the
As a state-owned ?nancial enterprise with more than 30 years of deep roots in the industry, Caitong Securities actively responds to Company invested RMB 300,000 in Daqiaotou Township, Changshan County, earmarked for the construction of constant-
the national strategy for rural revitalization, integrates its core business strengths with social responsibilities, and develops and temperature greenhouses for the “Common Prosperity Mushroom Garden”, supporting village collectives to invest in the
implements an integrated and distinctive comprehensive service package for rural revitalization. Upholding the philosophy of “?nance “Changshan Tribute Noodles” industry and assisting low-income households. It invested RMB 250,000 in Leifeng Township,
for good”, the Company has established a working mechanism featuring “collaboration between parent and subsidiaries, and joint Tiantai County to build a tea culture research base and install a persimmon cake production line, promoting the integrated
ful?llment of social responsibilities by all sta?” to empower rural revitalization through diversi?ed measures and continuously foster development of the tea and persimmon industries and increasing income for low-income households. An additional RMB 50,000
was used to comfort more than 80 disadvantaged households to guard against the risk of returning to poverty. Furthermore, the
new quality productive forces in rural areas. Company donated RMB 100,000 to Jietian Village, Kaihua County for living allowances for disadvantaged groups, accident
targeted assistance.Through multiple channels including welfare procurement by the Company’s labor union, targeted
procurement by the sta? canteen and special agricultural product fairs, the Company purchased a total of RMB 1.1066 million
Total investment in rural revitalization: RMB 4.5729 million worth of “Qianjiangyuan” branded agricultural products and other special agricultural by-products from Kaihua and other assisted
areas in the year, e?ectively expanding sales channels and directly increasing farmers’ incomes.
Awarded the “Most Socially Responsible Securities Firm” on the 2025 Securities Industry Jinding List
Wing On Futures won the 2025 Lucid Waters and Lush Mountains Award · ESG Finance of the Year Strengthening Intellectual Support and Cultivating Rural Financial Talents
The Company continued to carry out the “Financial Empowerment” Initiative. It invested RMB 265,000 to jointly organize the 8th
In 2025, Caitong Securities ?rmly implemented the strategic arrangements of the Central Committee of Special Training Course on Financial Support for Rural Revitalization with Zhejiang University, providing systematic and practical
Support System the Communist Party of China and the State Council on comprehensively advancing rural revitalization training for leading cadres in assisted areas to enhance their ability to use ?nancial tools for development. Meanwhile, the Company
and promoting common prosperity. In line with the work plans of the Zhejiang Provincial Party Committee innovatively invested RMB 80,000 to pilot the construction of “Common Prosperity E-Stations” in assisted areas, extending ?nancial
and Provincial Government, and in strict compliance with the Implementation Plan for Zhejiang’s High- literacy and risk prevention education to rural communities and helping improve villagers’ ?nancial capabilities.
Quality Development and Construction of a Demonstration Zone for Common Prosperity (2021–2025),
the Company carried out coordinated ?nancial, industrial, educational and ecological support through
systematic planning, project-based promotion and targeted implementation. It earnestly ful?lled
corporate social responsibility, fully empowered the development of common prosperity, and fully Case Targeted Assistance to Yongxing Village, Caiyuan Township, Suichang County, Zhejiang Province
demonstrated the mission and responsibility of a provincial securities ?rm.
In 2025, Caitong Asset Management, a subsidiary of Caitong Securities,
Concrete Practices Deepening Pairing Assistance and Consolidating Poverty carried out targeted assistance and sustainable development practices
Alleviation Achievements in Yongxing Village, Caiyuan Township, Suichang County, Zhejiang
Province. A total of RMB 700,000 was donated for the construction of
Caitong Securities continued to improve the “one city, one county” pairing assistance mechanism. It invested
core areas of the village, including RMB 500,000 for supporting
RMB 2.3 million in Yugan County (Jiangxi), Jiange County (Sichuan), Luquan County (Yunnan) and Gangu County
(Gansu) to support the development of characteristic industries, improvement of living environments and facilities of the “One Mu Tea Garden” and village collective o?ce
upgrading of public services in the four paired counties, boosting rural revitalization. buildings, and RMB 200,000 for hardening ?eld roads, consolidating
the foundation for rural industries and livelihoods.The “Common
Meanwhile, the Company invested RMB 500,000 in infrastructure improvement and industrial development in
Prosperity Farm” tree planting and management project was launched,
Shaping Village (Baima Town) and Shuangmiao Village (Maduguan Town) in Xuanhan County, Sichuan Province,
deepening east-west cooperation. The funds helped solve the problem of vehicle meeting on narrow village funded by voluntary sta? donations, to guide employees to participate
roads, supported chili planting and provided Spring Festival condolences to disadvantaged households. Road in rural ecological construction and support the village’s green
hardening in Shuangmiao Village realized all-weather smooth tra?c, cut emergency response time by 50% and development and industrial upgrading.
reduced agricultural product transportation costs by 30%, bene?ting 94 households with 318 people. The road
was praised by villagers as the “Caitong Convenience Road” and “Caitong Common Prosperity Road”.
Society: Anchored in Responsibility,
Building a Robust Value Network
Social Contribution Conducting Charitable and Public Welfare Activities to Convey the Warmth of a State-owned Enterprise
Caitong Securities adheres to the philosophy of “Small Public Welfare, Big Vision” and ful?lls its social responsibilities by actively
participating in public welfare and charitable activities. Leveraging its strengths in “Investment + Investment Banking + Research + Public Case Assisting the Needy and Responding to Urgent Social Needs
Welfare”, the Company contributes to public welfare ?elds including biodiversity conservation, and support for the underprivileged, the
elderly and persons with disabilities, staying true to its original aspiration and giving back to society.In 2025, through ?nancial poverty
Following a ?re in Tai Po District, Hong Kong in November 2025, the Company acted swiftly. Together with Wing On Futures and its Hong Kong
alleviation, industrial poverty alleviation, education poverty alleviation, public welfare poverty alleviation, as well as “Party Building +
subsidiary, it donated HK$1 million (approximately RMB 930,000) to the Tai Po Wang Fuk Court Relief Fund to support disaster relief and
Finance” empowerment training courses, the Company bene?ted rural cadres, rural revitalization leaders, rural children, the elderly, the
weak, the sick and the disabled, with the total number of bene?ciaries exceeding 20,000. reconstruction for a?ected residents, demonstrating solidarity and mutual assistance between mainland enterprises and Hong Kong compatriots.
Supporting and Caring for Persons with Disabilities
The Company donated RMB 100,000 to the Zhejiang Provincial Welfare Foundation for Persons with Disabilities for public welfare
Total investment in social welfare: RMB 13.03 million
activities supporting autism in Zhejiang Province, providing funding for rehabilitation education, training and treatment for people with
autism, re?ecting the care of a provincial state-owned enterprise.
Total volunteer participation: 626 person-times; total volunteer service hours: 4,528 hours
Ranked among the Top 20 Pioneers in the 2025 Hangzhou Listed Companies ESG Strategic Charity Impact Ranking Promoting Mountain-Sea Collaboration and Boosting Common Prosperity
Recognized as a 2025 China Asset Management Industry Yinghua Typical Case – Asset Management Institution for In 2025, Caitong Capital, a subsidiary of Caitong Securities, donated RMB 200,000 to the Kaihua Charity Federation to support the construction of a
common prosperity tea garden project. The project funds were managed in a standardized manner with a 100% disbursement rate, bene?ting more than
Social Welfare Practice 500 local farmers and creating over 200 jobs. It e?ectively helped upgrade the tea industry, increase farmers’ incomes and contributed to rural revitalization.
Promoting Goodness and Delivering Care to People’s Livelihoods
Practicing the New Development Philosophy and Promoting Green Common Prosperity
Before the 2025 Spring Festival, the Company organized visits to paired areas including Changshan (Zhejiang) and Xuanhan (Sichuan),
o?ering condolences to 55 disadvantaged households and distributing RMB 38,000 in consolation funds, delivering care and warmth and
strengthening ties between the Party, government and the people. Responding to the call of the Zhejiang Provincial Party Committee and
Case Supporting Ecological Civilization Construction and Protecting Lucid Waters and Lush Mountains
Provincial Government, the Company mobilized all employees to participate in the 2025 “Charity One-Day Donation” campaign. A total of
The Company fully practices the concept that “lucid waters and lush mountains are invaluable assets”. It donated RMB 1 million through the Zhejiang disability support in mountainous and island counties in Zhejiang, fostering a sound atmosphere of public participation in philanthropy.
Shenkuo Popular Science Foundation to initiate the establishment of the Qianjiangyuan Biodiversity Conservation Fund. The fund is designed to
support biodiversity conservation, science popularization and education, research transformation and green development in the Qianjiangyuan–
Baishanzu National Park, and explore pathways to realize the value of ecological products. It represents an important innovative practice for the
Company to serve ecological civilization construction through ?nancial instruments.
Empowering Educational and Scienti?c Research Innovation to Consolidate the Foundation for Development
Caitong Securities has ?rmly honored its 10-year donation commitment to Westlake University. In 2025, it donated an additional RMB 10 million
to fully support the development of a world-class research university and basic scienti?c research innovation in China. Meanwhile, Caitong Asset
Management, a subsidiary of the Company, donated RMB 500,000 to the Zhejiang University Education Foundation to establish the Caitong
Asset Management Education Development Fund, supporting the development of ?nancial disciplines and the training of underprivileged
students. It also donated RMB 300,000 to the Shanghai Hongkou District Education Foundation to support basic education. Caitong Securities launches the “Used Clothes Renewal · Warm Hearts” donation campaign
Customers: Customer-Centric,
Deeply Ful?lling Responsibilities to Safeguard Rights and Interests
Customers
Customer-Centric, Deeply Fulfilling Responsibilities
to Safeguard Rights and Interests
Caitong Securities responds to the strategic goal of building a strong ?nancial country,
continuously improves the long-term mechanism for risk management, constantly enhances the
quality and e?ciency of ?nancial services and professional practice, and earnestly ful?lls its duty
as a “gatekeeper” of the capital market.
In 2025, the Company focused on both customer service and risk prevention and control: it
continued to optimize the customer service system, strengthened closed-loop management of
complaints, and conducted regular customer satisfaction surveys. The Company strictly adhered
to the bottom line of data security and customer privacy protection, and solidly advanced the
prevention and defusing of major ?nancial risks. Through sound operation, the Company supports
the high-quality and sustainable development of the ?nancial system.
R&D investment: RMB 50.6182 million; R&D employees: 145
Information security training sessions: 6 ; coverage rate: 100 %
Complaint response rate: 100 %
This chapter aligns with the United Nations Sustainable Development Goals (SDGs).
Customers: Customer-Centric,
Deeply Ful?lling Responsibilities to Safeguard Rights and Interests
Data and Information Security
Caitong Securities attaches great importance to data security management and strictly complies with the Cybersecurity Law of the People’s Republic Focus Area Our Actions and Outcomes
of China, the Data Security Law of the People’s Republic of China, the Personal Information Protection Law of the People’s Republic of
China and other relevant laws and regulations. The Company focuses on strengthening and standardizing cybersecurity, data
security management and personal information protection to ensure corporate data security, ful?ll its obligations to protect The Company has adopted virtualization technology to build a cybersecurity protection and monitoring system
customer privacy information, and safeguard the lawfulness and compliance of the use of customer privacy information. composed of Web application ?rewalls, security situation awareness platforms, honeypot early warning systems
and other tools. This has signi?cantly enhanced cybersecurity protection capabilities while reducing physical
server deployment and energy consumption.
During the reporting period, the Company did not experience any leakage incidents related to national security, nor any negative incidents related to
information security or customer privacy. The Company actively promotes independent and controllable infrastructure construction by adopting domestic
Technologies and Measures operating systems, chips, servers and other key products, reducing external technology dependence and
continuously improving supply chain resilience and security assurance.
Information Security Management Architecture of Caitong Securities The Company has completed the procurement and deployment of a Software Composition Analysis (SCA) system,
further improving the open-source software security governance system and strengthening the capability to
monitor and defend against malicious attacks.
Responsible for formulating the strategic direction and major policies of information security,
Board of reviewing information and data security management objectives, and being accountable for the
Directors e?ectiveness of information and data security management.
A total of 6 training sessions were held throughout the year, covering cybersecurity, industry network
protection, AI intelligent applications and other ?elds.
Leading Group for Responsible for top-level design, overall layout, overall coordination, integrated advancement and Training and Education Training videos on cybersecurity awareness, knowledge and skills were launched on the online
Cybersecurity and supervision of cybersecurity and information security. It has two subordinate groups: the Information learning platform to popularize cybersecurity awareness among all employees and improve their basic
cybersecurity protection capabilities.
Information Security Security Management Group and the Customer Information Protection Working Group.
All departments, Comprehensive coordination was carried out during the launch of the UF30 core trading
Emergency Response
branches and Everyone from senior management to frontline employees is required to comply with relevant system, and e?orts were made to promote the establishment of sound communication,
subsidiaries information security regulations. and Drills
coordination and emergency prevention and control mechanisms for relevant business lines.
During the reporting period, the Company continuously strengthened the development of its management system and institutional framework, and
Information Security Training of the Company
conducted internal and external audits of information systems on an annual basis to fully safeguard information security and customer privacy.
Indicator Unit 2023 2024 2025
Focus Area Our Actions and Outcomes
Number of training sessions times 4 6 6
The Company has established the Leading Group for Cybersecurity and Information Security and the
Information Security Management Group, with clear division of responsibilities to coordinate top-level design, Number of participants persons All employees All employees All employees
Management System and overall layout, overall coordination, integrated advancement and supervision of information security.
Institutional Development The Company has formulated and implemented a series of policies including the Measures for Cybersecurity Training coverage % 100% 100% 100%
and Information Security Management, Measures for Data Governance, Measures for Data Security Average information security training
Management and Detailed Rules for Data Classi?cation and Grading Management, to further standardize data hours per employee hours 3 3.6 4
security management and ensure uni?ed, sustainable, controllable and secure data management.
Customers: Customer-Centric,
Deeply Ful?lling Responsibilities to Safeguard Rights and Interests
Customer Privacy Protection Focus Area Our Management Measures
Caitong Securities attaches great importance to customer privacy protection and has established a comprehensive governance system to safeguard System The Company improves its information technology systems with measures including
the security of customer information. The Company has set up a Customer Information Protection Working Group under the Leading Group for Construction network isolation, user authentication, data encryption, data backup, data destruction,
Cybersecurity and Information Security, which is responsible for coordinating and advancing customer information protection. Adhering to the
virus prevention and intrusion detection to protect customer information.
principle of “ensuring security and promoting development”, the Company has built and improved the protection mechanism for customer
information security.In accordance with the Securities Law of the People’s Republic of China, Cybersecurity Law of the People’s Republic of China, A sound customer information security monitoring and protection system is established
Personal Information Protection Law of the People’s Republic of China, Data Security Law of the People’s Republic of China, Measures for the Monitoring and with improved functional modules to ensure that system logs record query and download
Administration of Cybersecurity and Information Security in the Securities and Futures Industry, Measures for the Administration of Cybersecurity Protection System operations of customer information in a timely, accurate and comprehensive manner,
Information Technology
and Information Security of Caitong Securities Co., Ltd. and other relevant provisions, and based on the Company’s actual conditions, the Company enabling traceability of information leakage incidents.
has formulated the Measures for the Administration of Customer Information Protection of Caitong Securities Co., Ltd.. It clari?es that all employees Security Protection
must strictly implement privacy protection requirements such as data classi?cation management and control, access authorization, encryption and
de-identi?cation in all links of processing customer personal information, including collection, transmission, storage, usage, deletion and destruction, Third-party service providers related to information technology are supervised and
Third-Party required to ful?ll con?dentiality obligations to ensure the security of ?nancial and
so as to ensure the security of data assets.No customer privacy leakage incidents occurred within the Company during the reporting period.
Management customer information. Their protection capabilities are evaluated regularly, and
cooperation is terminated promptly if de?ciencies are identi?ed.
Focus Area Our Management Measures
The Company strictly follows the principle of minimum necessity in information collection and ensures the
Customer Information The Company prohibits employees from collecting customer information irrelevant to business,
lawfulness of information use through the customer informed consent mechanism. Prohibited collecting information by disguised coercion, obtaining information through improper means,
Activities collecting information beyond the scope or frequency, illegally querying, copying, storing,
Collection In the process of information use, the Company adopts technical measures such as data desensitization and
tampering with or disclosing information, or seeking improper bene?ts by using such information.
encryption to safeguard the security of customers’ sensitive information.
Con?dentiality
All employees are required to sign a Con?dentiality Agreement upon onboarding to clarify
Agreement information security responsibilities. Dispatched, outsourced and intern personnel with
Paper Information Paper documents containing customer information generated in business operations are Personnel Management
Management access to customer information are also required to sign the Con?dentiality Agreement.
managed by dedicated personnel, sorted, ?led, stored and kept in a uni?ed manner in a
timely manner. Access is subject to strict approval procedures.
and Publicity & Education
The Company regularly organizes information security training and awareness campaigns to
Electronic Training and enhance employees’ information security and compliance awareness. It strengthens personal
Electronic customer information entered into the Company’s business systems is recorded, Education
Information information security education for investors through investor lectures, customer follow-ups
stored and managed by respective systems. Access and maintenance are only allowed to and other channels.
Management
authorized personnel via permission control. The Company strictly implements the system
approval procedure for access rights and conducts regular reviews of permission usage.
Internal The Company has established a company-wide internal monitoring, inspection, accountability
The Company keeps customer information con?dential and shall not disclose, sell,
Mechanism
Storage and Use of Con?dentiality disseminate or use such information against customers’ will, except as required by laws, and correction mechanism to identify and address potential risks in a timely manner.
Requirements regulations or competent state authorities.
Customer Information
The Company’s internal data protection and privacy policies ensure customers’ right to Employees who discover suspected customer information leakage or violations of con?dentiality
know and decide on the processing of their personal ?nancial information. Reporting and policies shall promptly report to the department head, and an initial investigation shall be
Veri?cation launched immediately. If information leakage is caused by the Company’s sta? or business
activities, an in-depth investigation shall be conducted and risks addressed promptly.
Customers may access and manage their personal information through o?cial APP, Inspection & Accountability
Permission business outlets and other channels, and may access, modify or delete personal data
Settings Mechanism and Emergency A customer information leakage risk inspection mechanism is established. Regular and ad-
following provided instructions. Risk Inspection hoc self-inspections, compliance inspections, audit inspections and business inspections
Permissions are properly allocated based on the principle of clear division of Response are conducted to detect violations and take e?ective risk mitigation measures.
responsibilities and minimum necessary access, with clari?ed procedures for
querying and using customer information, and a sound system of hierarchical The risk management department conducts at least one emergency drill annually to improve
approval and strict control established. Emergency Drill the capability to respond to information security incidents, with drill reports documented and
?led for future reference.
Customers: Customer-Centric,
Deeply Ful?lling Responsibilities to Safeguard Rights and Interests
Digital Innovation-Driven Development
Case AI Application Innovation Skills Competition
Caitong Securities fully implements the strategic arrangements for building a Digital China and Digital Zhejiang. In 2025, the Company
focused on constructing the “AI × (1+4+N)” Smart Caitong Innovation System. In line with the goals of enhancing management
In July 2025, Caitong Securities launched the Group-wide AI Application Innovation Skills Competition. The award ceremony was held on the
e?ciency, improving operational e?ectiveness, and boosting service performance, the Company leveraged AI to advance the major
reform of rebuilding the customer operation system centered on customers. This provides solid digital support for building a ?rst- “Caitong Day” on October 24.The 10 winning solutions covered intelligent operation management, industrial chain research, asset allocation,
class investment bank, delivers digital empowerment for better serving the high-quality development of Zhejiang-based enterprises investment research, risk management, customer service and investor education.Going forward, Caitong Securities will accelerate the
and entrepreneurs, and establishes a Caitong role model for the construction of Digital China and Digital Zhejiang. implementation of AI applications and promote the intelligent upgrading of business scenarios.
The Company applies arti?cial intelligence technologies primarily to empower business services and enhance internal operation
quality and e?ciency, with all data collection, storage and processing under internal closed-loop management. Throughout the
reporting period, the Company had no breaches of technological ethics and received no penalties from regulatory authorities
concerning ethics-related incidents.
The multi-model local “4” refers to four platforms: the Integrated Customer Service Platform,
deployment and application “AI × (1+4+N)”
support of Ai can exert a AI Smart Caitong 4 Integrated Employee Service Platform, Integrated Command & Operation
multiplier e?ect. Management Platform, and Eco-Partner Collaboration Platform.
Innovation
System
“N” represents multiple application scenarios
N and landmark application achievements.
Principles for the Development of AI × (1+4+N)
Overall planning and integrated integration. Centered on information sharing and connectivity, the Company adopts
Intensive uni?ed top-level design and architecture at the group level, breaks down information silos, and fully integrates
Development infrastructure, data and terminal resources.
Uni?ed standards and orderly advancement. The Company has established uni?ed systems for technical
Standardization construction, data resources, security assurance and management mechanisms to guide and standardize project
development, and promote progress in a planned and hierarchical manner.
Data-driven and smart empowerment. The Company promotes data integration and governance, facilitates data openness and
Intelligence sharing, enhances data analysis and mining capabilities, and innovatively applies advanced technologies such as arti?cial
intelligence and large models to build an “intelligent central hub” and “intelligent applications” that empower all service scenarios.
Customers: Customer-Centric,
Deeply Ful?lling Responsibilities to Safeguard Rights and Interests
Investor Education and Protection Investor Education and The Company consistently upholds the philosophy of investor rights protection, and builds a solid defense line
for safeguarding investor interests through professional services and a responsible attitude. During the
The Company maintains open communication channels and receives customer inquiries and suggestions through multiple Appropriateness reporting period, the Company strictly complied with regulatory requirements including the Guidelines for
Optimizing platforms including online portals, telephone, fax, in-person visits and email. It adopts an “intelligent + manual” model to provide Investor Education of Securities Business Institutions and the Guidelines for Investor Education of Publicly
Customer improved its investor education channel system.
Technological upgrades are implemented to ensure more e?cient and smooth human-machine collaboration.Meanwhile, the
Company has innovatively launched a “quality-training integration” training system to comprehensively improve the overall
Service The Company consistently upholds the philosophy of investor rights protection, and builds a solid defense line
service capabilities of customer service personnel. A strict quality inspection mechanism is applied to identify errors in
a timely manner and feed insights back into training. Throughout the year, 2,518 items of professional for safeguarding investor interests through professional services and a responsible attitude. During the
and Complaint reporting period, the Company strictly complied with regulatory requirements including the Guidelines for
knowledge were accurately delivered, with a 100% learning coverage rate for on-the-job employees via the
system. In 2025, the customer service team conducted 29 regular professional training sessions covering Investor Education of Securities Business Institutions and the Guidelines for Investor Education of Publicly
Handling
error analysis and newly added knowledge points, and held 1 competency-improvement knowledge O?ered Securities Investment Funds, stayed close to investors and served investors, and continuously
competition. A closed-loop customer satisfaction management mechanism has been established to improved its investor education channel system.
conduct satisfaction attribution analysis for each service interaction, and optimize the script library and
knowledge graph for high-frequency issues, so as to comprehensively enhance the customer service To enhance investors’ ?nancial literacy, risk prevention awareness and ability to protect rights in accordance
experience. with the law, the Company has built an o?cial investor education website and the “Caitong Investor
Education” WeChat o?cial account online, and established physical investor education bases o?ine.
To standardize complaint management, the Company has formulated the Investor Complaint Handling System of Caitong Through diversi?ed forms, the Company popularizes ?nancial knowledge, strengthens risk awareness, and
Securities Co., Ltd., which clari?es the division of responsibilities among all departments and branches in complaint handling, and guides investors to establish a rational investment philosophy.
fully regulates the principles and procedures of complaint resolution. Customer complaints are incorporated into the Company’s
comprehensive supervision system and processed through the OA complaint work?ow. The complaint handling process is 2025
guided by various business departments, with collaboration between the headquarters, branches and local o?ces. The whole
progress is tracked to ensure fair and impartial handling, and investor complaints and suggestions are addressed in In 2025, a total of 1,740 events were held, more than 2,200 original investor
accordance with laws, properly and promptly, e?ectively protecting the legitimate rights and interests of
investors. education products were developed, covering over 34 million investor visits.
In 2025, the Company accepted a total of 196 complaints. Upon receipt, the Company responded rapidly and handled them
proactively, achieving a 100% complaint response rate and a 100% complaint closure rate for the whole year. Adhering to the
purpose of safeguarding investors’ rights and promoting market harmony and stability, the Company actively adopted diversi?ed Initiatively launched the "Hundreds of Film Tours Across Thousands of Miles - Shared Prosperity
Case Investment Education Protecting Ten Thousand Families" series of activities
dispute resolution mechanisms. 11 disputes were mediated through the China Securities Legal Service Center. By patiently
listening to customer demands and developing feasible mediation plans, the Company strived to resolve disputes amicably. The
customer satisfaction rate during the reporting period reached 92.15%. Caitong Securities held more than 200 common-prosperity investor
education activities in rural areas to extend investor education
Solve customer complaints and gain customer approval resources to the grassroots. Through the model of "culture going to
Case
the countryside + inclusive ?nance", the Company delivered
?nancial knowledge and skills on preventing illegal securities
A customer complained that after account cancellation, the original fund account was not actually closed but only de-registered. The
activities and fraud in an interesting and scenario-based manner,
customer failed to cancel the account through the fund company and requested assistance from the Company.Following the principle of
“case-by-case handling for customer convenience”, the Company actively communicated and coordinated with the fund company, making investor education more grounded and well-received by the
explained the customer’s special situation and urgent needs in detail, and submitted relevant supporting materials. After multiple public.
rounds of negotiation, the Company worked with the fund company to open a special cancellation channel and successfully closed the
fund account for the customer, earning full recognition from the customer.
Employees: People-Oriented,
United for a New Chapter
Employees
People-Oriented, United for a New Chapter
The Company always regards employees as its most valuable asset, fully
protects the legitimate rights and interests of employees, builds diversi?ed
career development paths, and fosters a positive, dynamic and inclusive
working atmosphere with a strong sense of belonging. By supporting
employees in realizing personal value, the Company injects sustained impetus
into its continuous innovation and steady development.
Number of female employees: 2,220 , accounting for 47.65 % of the total workforce
Number of participants in training: 4,457 person-times
Investment in sta? training: 2,823,853.72 yuan
This chapter aligns with the United Nations Sustainable Development Goals (SDGs).
Employees: People-Oriented,
United for a New Chapter
Employment, Equality and Diversity
The Company strictly abides by the Labor Law of the People’s Republic of China, Labor Contract Law of the People’s Republic of China, Law of Focus Area Our Actions and Outcomes
the People’s Republic of China on the Protection of Women’s Rights and Interests, Provisions on Prohibiting the Use of Child
Labor and other relevant laws and regulations. It is committed to fostering an equal, respectful and high-quality working
Outstanding young backbones are selected through voluntary application, departmental recommendation,
environment for all employees and ensuring fair career development opportunities for every employee. The Company has Training of Young
comprehensive evaluation and interviews. Relying on diversi?ed training paths such as centralized training, mentoring
established and improved a standardized employment management system and an equal employment protection system, achieving
Backbones and on-the-job practice, the Company systematically enhances employees’ nine core competencies. A fair and
impartial assessment mechanism has been established to provide a platform for outstanding talents to stand out.
The Company revised and issued the Measures for the Administration of Employee Recruitment and Employment of Caitong Securities,
covering the headquarters and all branches. Through process optimization and standardized management, the Company
implements the requirement of the Party managing talents, strengthens uni?ed control over the recruitment of subsidiaries, and A “four-in-one” institutional foundation has been built covering the training organization system, training content
adds a headquarters-level uni?ed assessment and a written examination for campus recruitment in the recruitment process. “Talent Gathering” system, training assignment standards and training implementation norms, fully improving the overall
Adhering to the recruitment philosophy of equality, openness, inclusiveness and diversity, the Company fully respects human management mechanism for talent development. Aligned with business development needs, the Company
rights, personality di?erences and personal privacy of employees. It strictly prohibits discriminatory restrictions on gender, race, Series Training continuously optimizes and updates training courses covering professional knowledge, management capabilities
ethnicity and other grounds in recruitment, and ?rmly eliminates child labor and forced labor. Through strict identity veri?cation, and comprehensive literacy to precisely meet employees’ full-cycle growth and development needs.
regular supervision, inspection and evaluation, the Company strengthens the control over labor intensity and ensures the
implementation of the human rights protection system.
Leveraging digital empowerment, the Company promotes the R&D of specialized courses and coordinated
During the reporting period, the Company had no employment-related lawsuits, nor any violations such as child labor or forced labor. Development of Digital
deployment of teaching resources, improves the online course system, and builds a convenient and
Training Platform
e?cient learning platform for employees.
Total number of employees of the Company in 2025: 4,659 New employees recruited: 400
Total Employees 4,659 Ethnic Minority Employees 83 Veterans 36 Female Managers 51
Overseas Employees (including Hong Kong, Macao and Taiwan) 43 Labor Contract Signing Rate: 100 %
Total number of employees trained: 4,457 Employee training coverage: 100 %
Total employee training hours: 360,125.6 hours Average training hours per employee: 80.8 hours
Employee Development Empowerment
Training situation Number Training situation hours
he Company attaches great importance to talent value and provides multi-level training for employees at di?erent
Talent Development stages. It continuously improves the training system and innovates training approaches to o?er diversi?ed career
Number of grassroots employees trained 4247 Average training hours for grassroots employees 77.96hours
growth paths for employees, supporting the Company’s sustainable and high-quality development.
Number of middle management employees trained 193 Average training hours for middle management employees 139.87hours
Under the guidance of the Company’s strategy of strengthening the enterprise through talent development, the
Company has steadily carried out talent inventory and vigorously enhanced talent reserve. It has continued to advance Number of senior management employees trained 17 Average training hours for senior management employees 127.52hours
the"Talent Gathering 8090”Program and conducted in-depth competency and quality surveys.Through rigorous and
detailed evaluation procedures, the Company dynamically establishes a dedicated ?le for each employee, accurately
creates individual talent pro?les and distinctive tags, and records comprehensive information into the personal
database.With digital tools, the Company precisely manages talent resources, e?ectively revitalizes the existing talent
pool, and further optimizes the human resource allocation structure to ensure proper person-job ?t and full utilization
of talents, laying a solid talent foundation for the Company’s long-term development.
Employees: People-Oriented,
United for a New Chapter
Caitong Securities actively promotes university-enterprise cooperation and has established close
University-Enterprise partnerships with a number of universities. The Company has continuously deepened strategic cooperation
with renowned universities inside and outside the province, strengthened collaboration with universities to
Cooperation establish internship bases, and explored a new talent development model featuring “integration of industry and
The Company has continuously strengthened the standardization
Construction of "Four-Type”Caitong
of cadre selection and appointment, strictly implemented education, joint construction by universities and enterprises, and collaborative development”.
selection procedures, and improved the whole-process Party BuildingLeadership: RedCapital MarketEngine
Jointly with Zhejiang University, Caitong Securities held the 2025 Rural Revitalization Improvement Program and the 9th
mechanism for deliberation, review and decision-making in Three Pillars Case Financial Empowerment Training Program of Caitong Securities.
organization and personnel management. It upholds the overall
leadership of the Party Committee over the cadre and talent
workforce, perfected the group-wide organization and personnel
management system, clari?ed cadre management authority and
graded authorization standards for employees, built a strong team
of personnel specialists, and fully implemented the HRBP system,
so as to e?ectively enhance the e?ciency of organization and
personnel management and ensure fair, impartial and open cadre
selection. Meanwhile, guided by strategic and business needs, the
Company has established a tiered and categorized talent
Caitong Training Center
development system covering political and administrative
education, talent echelon construction and business
empowerment. It has achieved capability advancement for all
employees by providing examination subsidies, professional
training, academic degree support, and developing a modular
course matrix in cooperation with professional institutions and
top universities. The Company has adopted the innovative “1+N” 2025
training management model and strengthened talent Employee Compensation and Benefits
development through diversi?ed approaches such as thematic
training, job rotation, secondment to higher authorities and Employees aged 35 and below accounted for 41.83 % of
In 2025, the Company systematically formulated and revised 12 core systems and 30 speci?c
Compensation System
attachment to grassroots units, supported by internal lecturers, the total workforce, approximately 2 percentage points supporting systems, including the Measures for the Administration of Organization, Personnel and
training bases and digital platforms. With contract-based and Human Resources, Measures for the Compensation Administration of Persons-in-Charge of
market-oriented management, the Company has tightened the higher than the industry average. The proportion of Subsidiaries, Detailed Implementing Rules for the Performance Assessment and Compensation
Administration of Senior Executives, Measures for the Administration of Total Wages, Measures for the
whole chain of cadre selection, training, management and employees with a postgraduate degree or above rose from Administration of Employee Job Rank and Compensation, Measures for the Administration of Deferred
appointment, improved the mechanism for promoting and
Performance Bonuses, Detailed Implementing Rules for Employee Performance Assessment, and
demoting cadres, and established the employment orientation of 27.1% at the end of 2020 to 35.1 %.
Measures for the Administration of Welfare, Allowances and Subsidies.These e?orts further improved
“promoting the competent, transferring the average and removing the institutional system for organization and personnel management, e?ectively enhancing the
the incompetent”, so as to encourage cadres to take responsibility institutionalization, scienti?cation and standardization of organization and personnel work. The
and promote high-quality development of the organizational Company adheres to integrating the requirements of standardized construction into the entire process
talent team.In 2025, 12 middle-level managers and 62 key and all links of organization and personnel work. In key work such as employee recruitment and
employment, cadre selection and appointment, employee professional quali?cation management, and
position personnel were newly appointed.
personnel, compensation and performance management, the Company strictly abides by rules and
regulations and implements work in accordance with laws, regulations and disciplines.
Employees: People-Oriented,
United for a New Chapter
Focus Area Our Actions and Outcomes
The Company has continuously deepened the cultural brand building of the “Three Practical
Employee Care Programs”. Taking employee needs as the orientation, it extensively solicits opinions each year and
We have established a sound and scienti?c employee compensation management system and improved a
standardized and e?cient incentive and restraint mechanism. We revised and implemented the Measures
implements targeted measures. Focusing on key areas such as workplace environment optimization
Employee Compensation for the Administration of Employee Job Rank and Compensation to promote the standardized and institutionalized and quality of life improvement, the Company e?ectively addresses employees’ urgent di?culties and
Management System operation of compensation management. concerns, fosters a strong “family culture” atmosphere, and enhances employees’ sense of belonging
A dynamic salary adjustment mechanism has been introduced. Compensation is determined dynamically and well-being.
based on job rank changes, performance appraisal results, and job contributions, which fully motivates
employees and e?ectively rewards high performers.
In terms of physical and mental health care, the Company has steadily improved its health service
system and strengthened the development of employee service facilities. It guided branch unions to
We have built a competency-oriented MD job rank management system to broaden career development upgrade one “Mother’s Room”, providing a convenient rest and nursing space for female employees
Competency-based MD Job paths for employees. Aligned with the talent development strategy and advanced industry practices, we during lactation. The Company enriched canteen menus, built functional spaces including gyms and
Rank Management System have established an MD rank system covering all business lines, with competency, performance and maternal and infant rooms, and set up an on-site clinic in cooperation with a Grade-A Tertiary
seniority as core evaluation criteria.
hospital. It established a “1+X” physical examination model, adding special examinations for
employees aged 45 and above, and introduced o?-site physical examination service providers.
Adhering to a high-performance orientation, we have constructed a scienti?c and e?cient employee Throughout the year, the Company held four health lectures on eye protection, ?rst aid, and bone
Employee Performance performance appraisal system. We formulated and improved detailed rules for employee health, e?ectively raising employees’ awareness of health protection. Meanwhile, the
Appraisal System performance assessment, and continuously strengthened whole-process management and
Company solidly promoted employee recuperation and rehabilitation programs. Based on
application of performance results.
extensive questionnaire surveys, it scienti?cally optimized travel routes and organized
group trips to Xinjiang, Qinghai-Gansu, Guizhou, and Gannan. Branch unions and
departments were encouraged to carry out collective recuperation in conjunction with
The Company consistently puts employees at the center, builds a comprehensive and multi-tiered employee team-building activities, further improving participation and providing all-round care for
Employee Benefits bene?ts and protection system, and continuously enhances employees’ sense of gain, well-being and employees’ physical and mental health.
belonging.In terms of bene?t provision, the Company has optimized the employee welfare and condolence
system, and established an e-wallet information settlement system based on the Employee Treasure platform to The Company has improved its assistance and condolence system for employees in need. During the
realize the standardized distribution of festival condolences in the form of points. It has cooperated with strategic partners to provide exclusive
employee bene?ts and rights, including preferential communication services, banking and ?nancial services, supplementary medical reporting period, ?nancial assistance was provided to 30 employees, with a total amount of RMB
insurance, vacation and shopping privileges. The Company has newly launched cultural and tourism consumption coupons, and raised 73,000. Regular condolences were o?ered to members for marriage, childbirth, illness, bereavement,
the standards of special condolences for marriage, childbirth, hospitalization and other events to meet the actual needs of and retirement, covering more than 500 person-times with a total expenditure of nearly RMB 300,000,
employees. It has built its own sta? canteens, including 2 canteens at the Hangzhou headquarters and 1 newly built canteen at the e?ectively relieving employees’ di?culties. In addition, the Company revised the management
Shanghai headquarters, with an employee satisfaction rate of 98%. measures for interest groups, optimized activity organization processes, and actively established
For the protection system, the Company has improved the protection mechanism centered on statutory social insurance (?ve insurances and one health-oriented interest groups. These initiatives enriched employees’spare-time cultural life,
housing fund) and paid annual leave in accordance with the law. It has promoted the participation in mutual medical assistance and care insurance boosted participation and engagement, and further strengthened team cohesion.
for female employees, and provided full assistance in claims settlement. During the reporting period, a total of 29 person-times of various 2025
payments were processed, including 5 critical illness claims with a total payment amount of more than RMB 110,000, e?ectively safeguarding
employees’ health and daily life. Meanwhile, the Company attaches great importance to occupational health and safety, carries out
regular safety training, ?re control, typhoon and ?ood prevention drills, and hidden danger self-inspections. It has improved on-site
medical emergency support for o?ce buildings and equipped emergency facilities such as AEDs to create a safe working
environment. Employee Physical Examination Coverage 100 % Employee Occupational Health Records Coverage 100 %
For employee democratic communication, the Company has unblocked communication channels by establishing a matrix of “o?ine petition o?ce +
online suggestion box”. It conducts anonymous satisfaction surveys from time to time and implements improvement measures. In 2025, 4 employee
congresses were held, deliberating on 11 policies and systems.
Number of Work-Related Injuries 0 Number of Work-Related Fatalities 0
For performance management, the Company strictly implements relevant assessment rules to ensure openness, fairness and impartiality.
Performance coaching is implemented throughout the whole process, with direct supervisors conducting coaching at least once per quarter. A
performance feedback and appeal mechanism has been established, with appraisal interviews completed within 10 working days after assessment
and unblocked appeal channels. Digital tools are adopted to realize the whole-process online and standardized performance management.
Employees: People-Oriented,
United for a New Chapter
Case Caitong Securities Held a Series of Activities for International Women’s Day Case Caitong Securities Held the 5th 5-a-Side Football Match
On March 7, to celebrate the 115th International Women’s Day and In July 2025, Caitong Securities held the 5th 5-a-side
foster a corporate culture of “cherishing the family, caring for the Football Match under the theme of “Running for Dreams with
family and developing the family”, Caitong Securities held a series Full Spirit”.
of themed activities entitled “Making Contributions in the New
E r a , W o m e n S h o w i n g T h e i r S p l e n d o r” i n c o m m e m o r a t i o n o f
International Women’s Day.
Children’s Day Event Held The 8th Fun Sports Meeting of Caitong Securities
In June 2025, a Children’s Day celebration themed “Childlike Innocence, Common Dreams, Love at Caitong” was organized. On October 25, on the occasion of the 5th “Caitong Day” and “Caitong Culture Week”, the 8th Fun Sports Meeting of Caitong Securities,
themed “Uniting Hearts and Strength, Striving for Brilliance Together”, was successfully held at the track and ?eld ground of Yuquan
Campus, Zhejiang University.A total of 25 teams from branch unions and subsidiary unions participated, gathering more than 700
athletes. The event was a dynamic sports gala, interpreting the “Caitong Family” home culture through laughter and endeavor.
Governance: Anchored on Stability
to Fortify the Cornerstone of Development
Governance
Anchored on Stability to Fortify the
Cornerstone of Development
Caitong Securities consistently upholds Party building as guidance, earnestly practices
the ?nancial culture with Chinese characteristics of “Five Musts and Five Must Nots”, and
continuously improves its corporate governance structure and institutional system to
enhance governance e?ectiveness. The Company strictly adheres to the bottom line of
compliant operation, advances the development of compliance culture, deepens
enterprise-wide risk management, and makes every e?ort to promote anti-corruption
and integrity initiatives. This ensures the industry values of compliance, integrity,
professionalism and prudence take root in the Company, laying a solid foundation for its
stable operation and high-quality development.
This chapter aligns with the United Nations Sustainable Development Goals (SDGs)
Governance: Anchored on Stability
to Fortify the Cornerstone of Development
Upholding Party Building as Guidance Lean Corporate Governance
Caitong Securities always gives top priority to the Party’s political development, fully implements the guiding principles of the 20th National Congress Caitong Securities strictly complies with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of
of the Communist Party of China and the 2nd, 3rd and 4th Plenary Sessions of the 20th Central Committee, and ?rmly follows the general China, as well as the rules and requirements of the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange (SSE).
requirements of prioritizing the political nature, public nature and functional orientation of ?nancial work, so as to promote the integration and mutual
reinforcement of Party building and business development. Adhering to the governance principles of independence, mutual collaboration, clear rights and responsibilities, and e?ective checks and
balances, the Company has established a modern corporate governance system featuring uni?ed Party Committee leadership, strategic
The Company integrates the overall leadership of the Party into all aspects of corporate governance, adheres to the leadership system of “two-way
entry and cross-appointment”, and has issued documents for optimizing the corporate governance system to ensure that the Party Committee of the decision-making by the Board of Directors, oversight by the Audit Committee, and lawful operation by the management team.
Company plays its leading role in “providing guidance, overseeing the overall situation and ensuring implementation” in terms of organization, system
and mechanism. It has optimized decision-making systems such as the Detailed Rules for the Implementation of the Pre-procedure, further clarifying
the scope, boundaries of power and responsibility, and decision-making procedures for deliberation and decision-making on the “Three Importance
and One Greatness” (i.e., decisions on major matters, appointments and dismissals of key cadres, arrangements of important projects, and use of
Governance structure The Company has established a corporate governance structure comprising the
Shareholders’ General Meeting, the Board of Directors and the Senior Management. Each
large-sum funds must be decided through collective discussion). Through convening meetings of the Party Committee, the Company conducts pre-
review on major matters such as the deepening reform and upgrading initiative, e?ectively integrating the Party’s leadership into all ?elds, aspects tier performs its respective functions and responsibilities within its scope of authority,
and links of corporate governance and deepened reform. The Company focuses on improving the quality and e?ciency of primary-level deliberation ensuring standardized operations and sound business development.
and decision-making, guides Party organizations of subsidiaries and branches to dynamically optimize the decision-making mechanism for the
“Three Importance and One Greatness”, and promotes the institutionalization and standardization of primary-level deliberation and In 2025, the Company convened:
decision-making.
The Party Committee of the Company adheres to emphasizing standardization and strengthening foundations, promoting all-round progress of
primary-level Party organizations. It ensures full coverage of the organizational system and Party work, and steadily advances the standardization 4 Shareholders’ General Meetings, reviewing and approving 27 proposals;
and regularization of primary-level Party organizations. It builds a “talent pool” for Party a?airs cadres, strengthens the sta?ng of primary-level
Party a?airs personnel, systematically standardizes the selection criteria, training, management and assessment of Party a?airs cadres, and
continuously improves their theoretical competence, professional quality and performance capabilities. The Company strictly controls the quality of
recruiting new Party members, focusing on recruiting frontline employees and young backbones. It gives play to the “vane” of typical examples, 9 Board of Directors meetings, reviewing and approving 76 proposals;
organizes the practical activity themed “Keeping in Mind the Instructions, Shouldering the Mission, and Making New Achievements in Deepening
Reform and Upgrading”, and builds e?ective platforms such as Pioneer Post for Party Members and Party Member Commando Teams. By showing
identity, demonstrating image and setting an example, it guides the majority of Party members to actively participate in comprehensively deepening 16 meetings of the Board’s special committees, reviewing and approving 66 proposals.
reform. The Company was awarded the “Innovation and Practice Base for Primary-level Party Building” by the State-owned Assets Supervision and
Administration Commission (SASAC) of Shanghai Municipality.
Case Caitong Securities Holds Warning Education Conference
Board Independence The Company recognizes that the diversity, independence and professionalism of Board
members are critical to safeguarding shareholder interests and ensuring the Company’s long-
On July 24, Caitong Securities held a warning education conference and Diversity term sustainable development. The composition of the Board is evaluated across multiple
to earnestly study and understand General Secretary Xi Jinping’s dimensions, including professional experience, skills and knowledge, tenure, cultural and
important expositions, instructions and directives on strengthening educational background, and gender representation. Current Board members come from
the Party’s conduct development, thoroughly study and implement diverse industries, with expertise spanning law, risk management, accounting and ?nance,
the spirit of the eight-point central regulation and its enabling the Board to make scienti?c and well-informed decisions.
implementation rules, and learn from typical corruption cases in the 2025
?nancial and state-owned enterprise sectors. Taking cases as a
warning, clarifying discipline through cases and promoting
recti?cation through cases, the conference educated and guided The Board of Directors consists of 10 directors in total, including 4 independent directors,
the majority of Party members and cadres to further build a strong
ideological line of defense against corruption and degeneration, 1 employee director, and 1 female director.
and provided a strong guarantee with strict and practical work style
for Caitong Securities to serve high-quality development and build
The proportion of independent directors is 40 %.
a demonstration zone for common prosperity.
Governance: Anchored on Stability
to Fortify the Cornerstone of Development
The Company strictly complies with the Securities Law of the People's Republic of China, the
Information Disclosure Compliance management system of the Company
Measures for the Administration of Information Disclosure by Listed Companies and other
relevant laws, regulations and provisions. It fully ful?lls its information disclosure obligations in
a timely manner through annual reports, interim reports and various other forms.In 2025, the
Company’s information disclosure practices were standardized and e?ective, achieving zero Board of
supplements and zero corrections. The Company once again received an A-class rating from Directors
the Shanghai Stock Exchange (SSE) for its information disclosure work, and was awarded the
“Best Practice in Listed Company Secretary O?ces” by the China Listed Companies
Association for the third consecutive year.
Operation
Managemen
The Company, in accordance with the Guidelines for Investor Relations Management of
Investor Relations
Listed Companies, the Self-Regulatory Guidelines for Listed Companies on the Shanghai
Stock Exchange No. 1-Standard Operation and other relevant laws, regulations and
Management
regulatory documents, continuously deepens information communication with investors and Compliance Director
potential investors, aiming to maximize corporate value and shareholders’interests. In 2025, and Compliance Department
we took the initiative to “go global” and “welcome in”, organizing or participating in 15
investor surveys and roadshows covering more than 80 institutions, and holding 3
performance brie?ngs.
Heads of all departments,branches
In 2025 , the Company implemented a share repurchase program of RMB 300 million , and subsidiaries
promoted the downward revision of the convertible bond conversion price. A cash dividend of
RMB 506 million is proposed for 2025(including the interim dividend for 2025). The cumulative
dividends over the past three ?scal years are expected to reach RMB 1.941 billion, e?ectively
sharing the Company’s development achievements with its shareholders.
Adherence to Compliance Operation All employees
The Company strictly complies with laws, regulations and self-regulatory rules including the
Compliance System Securities Law of the People's Republic of China, Regulations on the Supervision and
Administration of Securities Companies, Measures for the Compliance Management of Securities
Management Companies and Securities Investment Fund Management Companies, and the Guidelines for the
Compliance Management of Securities Companies issued by the Securities Association of China 2025
(SAC). It has established and improved its internal compliance management system, with clear
provisions on compliance management responsibilities, performance guarantees and operating
mechanisms at all levels of the Company.
The Company attaches great importance to compliance management and has built a
In 2025, the Company achieved 100 % coverage of compliance reviews for material matters in the course
comprehensive compliance management system covering compliance systems, compliance of its operations.
procedures, compliance supervision and other aspects. In 2025, we continued to improve the
compliance system and revised a series of rules, including the< Detailed Rules for the Compliance
Inspection of Investment Banking Businesses (Revised 2025)>,
Implementation of Compliance Accountability (Revised 2025)>,
Administration of Insiders of Non-public Information in Investment Banking Businesses>,
, and Measures for the Administration of
Abnormal Behaviors in Programmed Trading. These rules regulate the compliance of the
Company’s business operations and employees’ professional practices. The Company has also
established a sound organizational structure for compliance management. During the reporting
period, no major compliance risk events occurred at the Company.
Governance: Anchored on Stability
to Fortify the Cornerstone of Development
Focus Area Our Actions and Results Strengthening Risk Management
The Company strictly complies with laws, regulations and regulatory documents including the Speci?cations for Comprehensive
We thoroughly understood regulatory guidelines and interpreted regulatory policies to identify risks at an early stage.
Risk Management of Securities Companies, Measures for the Administration of Risk Control Indicators of Securities Companies,
We completed compliance review and veri?cation of core supporting systems for major reforms, conducted legal and Guidelines for Liquidity Risk Management of Securities Companies. It has established a complete institutional system
Compliance evaluation on data aggregation and provided opinions and recommendations. We revised the Management Measures covering the parent company and all subsidiaries, with clear provisions on the objectives, principles, organizational structure,
for Rules and Regulations, the fundamental system of the Company, and led the annual review and assessment of division of responsibilities and basic procedures of risk management.
Management System rules and regulations.
We comprehensively reviewed the completeness, applicability and implementation of 589 e?ective rules and Strategy The Company strictly complies with the laws and regulations governing risk management in the securities
regulations established by the Company, formulated the 2025 Plan for the Formulation, Revision and Abolition of industry. Its core strategy is to build a fullhierarchy risk management system covering the parent company and
Corporate Rules and Regulations, and followed up on its implementation. all subsidiaries, with a threetier regulatory framework:The basic system layer, headed by the Basic Risk
Management Policy;The core system layer, covering market risk, credit risk and all major risk categories as well
as specialized risk management work;The detailed implementation rule layer, supporting business risk control,
We conducted innovative compliance monitoring and inspections to ensure full implementation of the
stress testing and other operational processes.
compliance management mechanism. A total of 45 inspections were completed during the year, covering In 2025, in accordance with the newly revised requirements of the Securities Association of China, the Company
branches, investment banking projects, OTC derivatives business and integrity-speci?c inspections. comprehensively revised all hierarchical policy documents, forming a matrix system that horizontally covers all
Strengthening Clean
risk types and vertically runs through all business lines, ensuring policies are precisely aligned with regulatory
Practice Management We strengthened awareness of bottom-line compliance, launched a series of promotional activities under the
requirements and operational realities.Meanwhile, the Company takes digitalintelligent transformation as a key
theme of “Learning from Cases to Promote Recti?cation”, and held a company-wide compliance conference pillar of its risk management strategy, adopting a development path of “advancing digitalintelligent
on warning education to support clean practice risk prevention and control. construction steadily on the basis of risk data governance” and building a system development model that
combines external procurement and independent R&D strengths.
We launched the new-generation anti-money laundering monitoring system and fully implemented the In 2025, the Company explored a new integrated model of “AI + professional risk management technology” and
centralized operation model, which enhanced the e?ectiveness of suspicious transaction reporting. applied arti?cial intelligence to operational risk management. It upgraded the Risk Monitoring Center for
Technology Empowerment
subsidiaries to achieve full risk coverage of important equityinvested companies. Over the year, the Company
for Improved Control We innovatively carried out investment behavior monitoring for practitioners in investment, investment completed development of 23 functions across 10 systems, including adaptation to the new net capital rules,
E?ectiveness banking, research and other businesses, developed proprietary monitoring models, and handled 299 using technology to empower continuous improvement in risk management e?ciency.
early warning alerts.
Organizational Structure and Division of Responsibilities
Governance
Caitong Securities has adopted a full range of measures to advance anti-unfair competition e?orts
Anti-Unfair Competition The Company has established a sound and clearly delineated risk management organization system. Core
and formulated relevant governance and business rules.Governance rules include the Measures for responsibilities are clearly de?ned: the Board of Directors assumes ultimate responsibility, the management
the Compliance Management of Practitioners’ Professional Conduct, Management System for the team assumes primary responsibility, and the Chief Risk O?cer together with the Risk Management Department
Suspension and Exemption of Information Disclosure, and Measures for the Internal Audit are responsible for implementation and execution. The compliance, ?nance, information technology and other
departments manage specialized risks respectively. Heads of all business units bear direct responsibility, and all
Management of Subsidiaries and Important Investee Companies, which clarify the
employees ful?ll their due diligence obligations for risk control. In 2025, the structure was optimized: a Risk
relevant responsibilities of the management and persons-in-charge of all departments Management Leading Group headed by the General Manager was set up, and a professional market risk control
to ensure policy implementation.Business rules include the Measures for the team was strengthened. Through delegation and penetrating management, the Company enhanced oversight of
Administration of Sponsorship Business Fees of Caitong Securities Co., Ltd., Detailed risk control personnel at subsidiaries, and appointed a risk control o?cer to Caitong Hong Kong, realizing
Rules for the Marketing Management of Securities Brokerage Business, Detailed Rules coordinated and integrated risk management across the Group.
for the Quantitative Investment Business of the Proprietary Investment Headquarters,
and Detailed Rules for Bond Issuance and Underwriting Business, which regulate fair Full-Process Management Mechanism
competition among business departments and all parties and prohibit unfair competition,
A full-cycle risk control procedure “featuring accurate identi?cation, prudent assessment, dynamic
interest conveyance and other improper acts.
monitoring, proper response and timely reporting”was established to achieve closed-loop risk management
Meanwhile, the Company conducted company-wide publicity and training on fair competition and and control. The Company comprehensively collects internal and external information to identify risks and
organized self-inspections across all departments. In 2025, it promoted the concept of fair their interactive impacts, assesses risks through qualitative and quantitative methods to de?ne control
competition through 13 issues of compliance bulletins, earnestly implemented management priorities, builds an indicator monitoring and early warning system centering on net capital and liquidity,
requirements, and maintained the normal competitive order of the industry. selects and dynamically adjusts response strategies in line with risk appetite, and establishes smooth risk
information communication channels at all levels.
Governance: Anchored on Stability
to Fortify the Cornerstone of Development
ESG Risk Management Major Risk Categories Mitigation Measures
ESG risk control is integrated into the entire business chain including investment and trading,
credit business and investment banking, with a dedicated control process in place. For high-risk The risk management governance structure and processes are clari?ed, process management and system
industries such as agriculture and energy, the due diligence system is improved and access development are strengthened, and risks are reduced through training and accountability. Management tools
Operational Risk
criteria are set. ESG monitoring indicators are compiled to conduct regular early warnings. ESG including key risk indicators (KRIs) and loss data collection are applied. A risk approval process for new
risk control is incorporated into the reporting and assessment system, and compliance businesses is established to fully assess risks in innovative business activities.
accountability is imposed for losses caused by inadequate management. Pre-emptive ESG due
diligence and risk assessment are implemented for credit-related businesses to ensure
operations are conducted within acceptable risk limits. The information security policy system is improved and cybersecurity accountability is implemented. Data security
Information Technology management is enhanced with standardized data classi?cation, encryption and backup. Information systems are
Risk Control Culture Development Risk managed hierarchically with potential hazard checks; security control and multi-dimensional self-inspections for
branches are strengthened.
The Company promotes a prudent risk management culture and establishes a uni?ed risk management language
across the Group, embedding the principle of “respecting the market, abiding by the rules, and fearing risk” into
daily operations. In 2025, the Company launched 20 risk control culture promotion activities via training, Reputational risk is integrated into the comprehensive risk management system, with improved prevention and
publications and online platforms, strengthened the tiered implementation of Group risk control policies, and response mechanisms and strengthened ideological risk control. Public opinion monitoring and early warning in
Reputational Risk key areas are enhanced to improve timely response capacity. Targeted training is delivered at all levels to raise
aligned risk appetite between the parent company and subsidiaries. Risk management was integrated into the
performance appraisal and accountability system to optimize incentives, raise risk awareness among all employees’ awareness of reputational risk control.
employees, and build a uni?ed Group-wide risk management culture ecosystem.
Impacts, Risks and The Company’s operations are mainly exposed to the following risks: market risk, credit risk, liquidity risk, Leveraging risk management as a core enabler, the Company seizes three core development opportunities
operational risk, information technology risk and reputation risk. The Company strictly adheres to the bottom line of
Opportunities preventing major risks. During the reporting period, no major risk events occurred at the Company.
Major Risk Categories for business innovation, and supports the orderly expansion of new businesses and new products;
Mitigation Measures
An adaptive risk control system and platform are established, with a three-tier risk limit management structure
covering the Board of Directors, senior management, and business departments. Risks are controlled through
Market Risk portfolio diversi?cation, mark-to-market monitoring, risk hedging and other tools. Limits are quantitatively
di?erentiated competitive advantages in green investment and sustainable ?nance;
monitored daily and stress testing is conducted to support decision-making.
For securities credit businesses, the Company implements credit granting, collateral eligibility and concentration control,
with enhanced monitoring via daily mark-to-market. For bond investments, the internal rating system is used to assess 3 A sound comprehensive risk control system strengthens the Company’s resilience to market volatility, enhances investor
Credit Risk issuer risk, set eligibility criteria and track credit status. For derivative transactions, counterparty credit assessment is con?dence and market recognition, and lays a foundation for the long-term stable development of the Group.
performed, risk-mitigation measures such as netting are applied, and default settlement procedures are clearly de?ned.
Management processes and systems are optimized, a three-tier liquidity reserve pool is established, liability
Liquidity Risk structure is improved and ?nancing channels are strengthened. Liquidity stress testing is performed for new
investments and new businesses, contingency plans are formulated and regularly tested.
Governance: Anchored on Stability
to Fortify the Cornerstone of Development
Indicators and Targets Core Objective First, keeping pace with amendments to AML laws, the Company has
continuously improved its internal control management system.
Establish and improve a comprehensive, systematic and e?cient risk management
system, continuously enhance the professionalism of risk management, achieve a In 2025, it formulated and issued the Measures for the Administration of Anti-Money Laundering Inspections, and revised and
dynamic balance between business development and risk prevention and control, and promulgated four systems including the Measures for the Administration of Anti-Money Laundering Information
ensure that overall risks are measurable, controllable and bearable, so as to safeguard Con?dentiality and Sharing, Detailed Rules for the Implementation of Anti-Money Laundering Assessments, Measures for the
the implementation and development of the Group’s strategy. Administration of Large-Value and Suspicious Transaction Reports, and Guidelines for Self-Assessment of Money Laundering
Risks, further re?ning management requirements and clarifying operational standards. The headquarters organized a total of
Core Monitoring Indicators Money Laundering Law of the People’s Republic of China with the Labor Union, attracting more than 3,400 participants,
continuously strengthening AML culture and training. AML publicity activities covered more than 170,000 person-times in the
Focusing on key links of risk management and control, the Company dynamically monitors core risk
year, and over 9,000 publicity lea?ets were distributed, further raising public awareness of money laundering risk prevention
control indicators including risk coverage ratio, capital leverage ratio, liquidity coverage ratio and
and earnestly ful?lling social responsibilities in anti-money laundering.
net stable funding ratio. In 2025, all the above indicators remained in compliance with regulatory
standards, no regulatory red lines were breached, and no regulatory risk events occurred.
Second, the Company comprehensively optimized AML system models to boost work
quality and e?ciency
Limit Management SystemIn
A new-generation AML monitoring system was fully launched, further improving customer-centric management measures, re?ning the
Accordance with the risk appetite and tolerance approved by the Board of Directors, the working mechanism for ongoing customer due diligence, strengthening cross-system and cross-module linkage, and building a
closed-loop management of “one starting point, one chain”. A new batch of 22 suspicious transaction monitoring models was put online,
Company has established a three-level risk limit management system comprising the Board of
including 9 independently developed models. The customer money laundering risk rating model was reconstructed to realize ?ve-level
Directors – Management – Business Departments. The overall limits are decomposed level by classi?cation of customer assessment, enhancing re?ned management of customers at di?erent risk levels. With the full
level to various business lines, departments and key links, forming a multi-dimensional limit implementation of the centralized operation model for anti-money laundering based on the new system, both the quantity and quality of
control network. In 2025, limit management operated normally at the Company and all suspicious transaction reports were improved. A total of 18 suspicious transaction reports were submitted throughout the year, up
subsidiaries; no material indicators at the corporate level were breached or violated in violation 125% year-on-year, including 7 key suspicious transaction reports, up 600% year-on-year. All report clues were 100% transferred to
public security organs, taxation authorities, or accepted for investigation by the China Securities Regulatory Commission and its local
of regulations, and the rigid binding e?ect of limit control was e?ectively exerted.
agencies. The work quality was commended in circulars by the Head O?ce and Zhejiang Branch of the People’s Bank of China.
Business Ethics Third, the Company carried out regular AML inspections and investigations to strengthen
risk prevention and control in key areas
It conducted 7 special risk investigations throughout the year targeting speci?c high-risk businesses and customers such as
defaulted bond transactions, NEEQ stock trading, non-transaction transfers, and block trading. The Compliance Department
Anti-Money Laundering The Company strictly ful?lls the anti-money laundering (AML) obligations of ?nancial
completed on-site AML inspections of 1 headquarters business department, 2 branches and their subordinate business
institutions, actively implements the requirements of new AML regulations, continuously departments, and 1 business department under the jurisdiction of Hangzhou, and conducted o?-site spot checks on the process
improves the AML mechanism and system, and further strengthens the defense line handling of the AML monitoring system for 11 branches and their subordinate business departments as well as 3 business
departments under the jurisdiction of Hangzhou, covering 42% of all branches.
against money laundering risks.
The Company actively promoted the transformation of AML achievements and theoretical research on money
l a u n d e r i n g r i s k s . I t s u b m i t t e d 4 r e s e a r c h p a p e r s a n d e s s a y s t o l o c a l b r a n c h e s o f t h e P e o p l e’s B a n k o f C h i n a
throughout the year, proactively demonstrating its practical achievements and explorations in customer due
diligence, business risk identi?cation, and the third line of defense to regulatory authorities. Meanwhile, the article
Caitong Securities Co., Ltd. Establishes a Monitoring and Early Warning System for Customer Due Diligence was
published in the Hubei Provincial Anti-Money Laundering Work Bulletin.
Governance: Anchored on Stability
to Fortify the Cornerstone of Development
Focus Area Our Actions and Results
Case Caitong Securities Conducts Clean Practice Training
In 2025, the Company monitored and submitted 18 suspicious transaction reports to the China Anti-Money Laundering
Monitoring and Analysis Center and the Hangzhou Central Sub-branch of the People’s Bank of China, involving insider
Combating Illegal and
trading, market manipulation, interest conveyance, corruption and bribery, telecom fraud money laundering, illegal
Criminal Activities business operations and other activities. The Company also detected for the ?rst time suspected crimes of ma?a-style
organizations, as well as new criminal methods such as “pig-butchering scams” on the NEEQ and tax evasion through the
securities market. The quality of the reports was commended in o?cial circulars by the Head O?ce and Zhejiang Branch of
the People’s Bank of China.
Relying on the new-generation anti-money laundering monitoring system, the Company established a monitoring
Ongoing Customer and early warning mechanism for ongoing customer due diligence. It developed in-house rules covering four
dimensions: abnormal behavior, abnormal identity, abnormal information and changes in risk status, focusing on
Due Diligence more than 40 common risk scenarios to conduct regular ongoing monitoring and dynamic early warning for
customers. A total of 10,956 customers underwent ongoing due diligence through this mechanism in the year.
The Company pioneered the centralized operation model for anti-money laundering in the securities
industry. Key and di?cult AML tasks including suspicious transaction analysis, random inspection of non-
suspicious cases, high-risk customer rating and enhanced due diligence were centralized from branches
Anti-Money Laundering
to the headquarters for processing. For example, in 2025, the Compliance Department centrally analyzed
Operation Model 27.25% of total warning cases and 49.67% of total customers across the company, and directly submitted
over 60% of suspicious transaction reports. Headquarters centralized and specialized processing
e?ectively reduced the workload of branches, ensured the quality of suspicious activity analysis and
reporting, and lowered the risk of underreporting suspicious transactions.
The Company strictly abides by the Business Ethics and and Their Employees> and other regulatory requirements. It has revised and issued a series of internal rules and
regulations, including the <
Anti-Corruption Measures for the Compliance Management of Employees Professional Conduct> < Measures for the Administration During the reporting period
of Sponsorship Business Charges>and Business>.From the dimensions of institutional development, leadership mechanism, responsibility division, internal
control measures, information systems, and ethical culture development, the Company clari?es the management
responsibilities and primary accountability at all levels, establishes a full-coverage supervision and governance No corruption-related lawsuits were ?led against the Company or its active employees in the Company and
structure, and builds a full-process risk prevention and control mechanism against unfair competition with pre-event
prevention, in-process control, and post-event accountability. its branches. Neither the Company nor its employees received administrative regulatory sanctions or higher-level
The Company has established and improved a long-term mechanism for the administration of clean practice. The external penalties for violations of clean practice requirements.
Board of Directors sets the objectives for clean practice administration and is accountable for the e?ectiveness
thereof. The principal person-in-charge of the Company serves as the primary responsible person for implementing
clean practice administration, while the heads of all departments and subsidiaries bear corresponding management
responsibilities within their respective mandates.It is clearly stipulated that the Board of Directors is accountable for
the e?ectiveness of clean practice administration; the management team is responsible for implementing the
objectives of clean practice administration and ensuring compliant and clean operations, with the principal person-in-
charge acting as the primary responsible person. The Company conducts regular internal inspections and urges
recti?cation of identi?ed problems. It has also organized multiple online anti-corruption warning training programs to
strengthen employees’ awareness of integrity and clean practice.
Governance: Anchored on Stability
to Fortify the Cornerstone of Development
Focus Areas Our Actions and Results
Case Caitong Securities Supports the Launch of China’s First “5050 Talents” Special Intellectual Property ABS Project
We implemented the “Advocating Diligence and Integrity, Safeguarding Development” Project to high
standards and built the “Integrity & Harmony, Caitong Spirit” integrity culture brand, which was O n D e c e m b e r 1 8 , t h e ? r s t s p e c i a l i n t e l l e c t u a l p r o p e r t y A B S i n C h i n a d e d i c a t e d t o “5 0 5 0 T a l e n t s” — C a i t o n g–
recognized as a Demonstration Case of Financial Culture with Chinese Characteristics by the Hangzhou High-tech Zone (Binjiang) Phase I Intellectual Property Asset-backed Special Plan (Technology
Integrity Culture
Securities Association of China (SAC). Innovation) , underwritten by Caitong Securities, was successfully listed on the Shanghai Stock Exchange.
Development Business ethics, anti-corruption and integrity culture were incorporated into the promotion system. A
special integrity education column was launched on the online learning platform, o?ering a total of 11
dedicated online integrity courses. The training was attended 12,347 times with a total learning
duration of 4,193.36 hours. Integrity promotion activities were held 19 times, achieving full employee
coverage of integrity practice education.
We deepened the development of a comprehensive oversight system featuring full horizontal
“Comprehensive Oversight”
coverage and full vertical implementation, strengthened penetrating and full-coverage oversight over
System Development the parent company and subsidiaries, and pushed oversight forward and downward to the front lines.
Article 21 (10) of the Company’s Procurement Implementation Rules contains a clear integrity
Anti-Corruption for clause: Party B is strictly prohibited from providing improper bene?ts to Party A’s personnel in any
form, including private favors, bribes or improper commercial banquets. Meanwhile, if Party B
Suppliers encounters solicitation of bene?ts or harassment by Party A’s personnel during contract
performance, it may report to Party A’s discipline inspection department.
The Company publicizes the discipline inspection mailbox and petition work email through o?cial
Petition and Reporting channels including its o?cial website to accept reports on violations of disciplines and regulations,
and encourages reports with real names.
In strict accordance with the Regulations on Supervision and Administration of Securities
Companies, the Work Rules for Discipline Inspection and Supervision Organs on Handling of
Accusations and Reports and other provisions, the Company earnestly ful?lls its obligations of
con?dentiality and protection for informants. It is strictly prohibited for any sta? member to
disclose relevant information to the reported persons or subjects under investigation, and
retaliation against informants and dissenters is strictly forbidden.
If the legitimate rights and interests of an informant are threatened or infringed upon due to the
accusation, the informant shall have the right to ?le an application for protection in accordance with
the law.
The Company strictly abides by the Intellectual Property of the People’s Republic of China>, and other laws
and regulations, and fully respects and protects its own and others intellectual property rights in
Protection accordance with the law. Meanwhile, the Company extends its ?nancial capabilities to the intellectual
property sector, innovates ?nancial products, e?ectively invigorates the intangible assets of small and
medium-sized enterprises, and deeply engages in intellectual property securitization. It provides
comprehensive ?nancial services covering “Investment + Investment Banking + Wealth Management”,
promotes the in-depth integration of technology, industry and ?nance, vigorously supports innovation-
driven development by fostering new quality productive forces, and enhances the momentum of
economic development.
Looking Ahead
Looking Ahead
The year 2025 marks a critical year for Caitong Securities as it fully advances the major reform Meanwhile, the Company will continue to practice the concept of green development, leverage the achievements of
of rebuilding its customer operation system under the “customer-centric” philosophy. It is also digital-intelligent transformation, optimize o?ce processes, promote paperless o?ce across the board, and
a pivotal year for wrapping up the “14th Five-Year Plan” and laying the groundwork for the advance energy conservation and consumption reduction to continuously lower resource use and mitigate
“15th Five-Year Plan”. Standing at a new historical starting point, Caitong Securities will adverse environmental impacts, ful?lling its environmental responsibility with concrete actions.
closely follow the overall national development strategies, strictly comply with the *Guidelines
for Sustainable Development Reports of Listed Companies*, take promoting high-quality Focus on Social Value, Optimize Service Supply, and Demonstrate the Responsibility of a State-Owned Financial.
development as the theme, deepen supply-side structural reform as the main task, rely on Institution Centered on its core positioning of being “Being a Securities Company of Zhejiang Entrepreneurs and
reform and innovation as the fundamental driving force, and aim to meet people’s growing Enterprises”, the Company will continue to deepen the customer-centric major reform, re?ne the cornerstone client
needs for a better life. The Company will integrate ESG principles deeply into its corporate manager system and supporting rules, break down departmental silos, and realize “one customer internally, one
development strategy and the entire process of operation and management, strive to achieve Caitong externally” to provide clients with full-lifecycle comprehensive ?nancial services. It will proactively respond
all-round improvement in the three dimensions of Environment, Social and Governance to the national rural revitalization strategy, expand cooperation in rural areas, and empower rural economic
(ESG), foster win-win outcomes between sustainable corporate development and social
development through industrial assistance, consumption support, ?nancial backing and other targeted measures. At
value creation, and contribute more ?nancial strength to social progress.
the same time, the Company will strengthen investor education via diverse activities to help investors fully understand
Deepen Green Finance, Empower Low-Carbon Transition, and Strengthen Environmental market risks, grasp investment opportunities and e?ectively protect their legitimate rights and interests. It will
Responsibility.Building on the sound practices of issuing green ABS and green bonds in 2025, vigorously implement the “34520” talent echelon development project, improve the employee career
the Company will further increase resource allocation and support for green industries. development system, advance industry-talent integration, and empower employees through mechanisms such
Anchored to the national “dual carbon” goals, it will give full play to the pivotal role of the as two-way secondment, safeguard employees’ legitimate rights and interests, support their growth, and
capital market, enhance the supply of green ?nancial products and service innovation, and foster internal impetus for high-quality development.
prioritize support for clean energy, environmental governance and other sectors through
diversi?ed ?nancial instruments such as green bond issuance, green investment and green Consolidate Governance Foundation, Strengthen Compliance and Risk Control, and Steer Steady and Long-Term
ABS. This will provide targeted and e?cient ?nancing for green projects and facilitate
Development. The Company will always uphold the overall leadership of the Party, advance full and strict governance
industrial green upgrading and the full green transition of economic and social development.
over the Party with higher standards and more concrete measures, integrate Party leadership into all aspects of
corporate governance, continue to improve the governance structure, optimize the division of responsibilities
between the Board of Directors and the management, and re?ne a highly e?cient governance mechanism with clear
powers and responsibilities. Going forward, it will further strengthen internal control and risk management, build a
multi-dimensional risk assessment and early warning model based on the “AI × (1+4+N)” Digital-Intelligent Caitong
Innovation System, and establish a full-coverage, multi-tiered risk prevention and control system to ensure sound
operation. Meanwhile, it will continue to enhance compliance management, improve compliance systems and
procedures, strengthen pre-review, in-process control and post-event review of major operational decisions,
and strictly adhere to the bottom line of compliant operation. In addition, in strict accordance with regulatory
requirements, the Company will improve the timeliness, accuracy and completeness of information disclosure,
voluntarily accept market and social oversight, continuously enhance transparency and credibility, and lead
the continuous upgrading of ESG practices through high-quality corporate governance.
The journey ahead is long and the momentum is strong; we shall embark on a new mission with great resolve.
Looking ahead, Caitong Securities will adhere to the guidance of Xi Jinping Thought on Socialism with Chinese
Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of
China and its plenary sessions, and lead high-quality development with high-quality Party building. Based on the new
development stage, we will continue to improve the ESG governance system, act in line with the functional positioning
of a provincial state-owned securities ?rm, further embed ESG concepts, promote coordinated improvement in
environmental, social and governance dimensions, and build a value ecosystem where corporate growth and social
progress thrive together. We will contribute more to serving the real economy and advancing Chinese-style
modernization.
Appendix
Appendix
Key Performance Indicators (KPIs）
Economic Performance
Indicator Unit 2023 2024 2025
Total Assets RMB 100 million 1,337.54 1,445.55 1,614.12 Annual water consumption ton 9,348 10,479 10,840
Equity Attributable to Owners of the Parent Company RMB 100 million 346.27 364.27 378.45 Water consumption per capita ton/person 6.20 6.80 6.95
Operating Income RMB 100 million 65.17 62.86 69.22 Waste paper quantity piece 2,330,000 1,917,500 1,787,500
Net Pro?t RMB 100 million 22.52 23.40 26.32 Toner cartridges piece 876 704 422
Earnings Per Share (EPS) RMB 0.48 0.50 0.57 Powder cartridges piece 431 346 529
Economic Contract Performance Rate % 100 100 100 Waste recycling volume ton 0.5 1.5 1
Note:Data in this table are derived from the Company’s consolidated ?nancial statements prepared in accordance with the Chinese Accounting
Standards for Business Enterprises, or calculated based on the aforesaid ?nancial statements.
Environmental Performance Employee Employment
Indicator Unit 2023 2024 2025 Indicator Unit 2023 2024 2025
Total GHG emissions tCO₂e 4,077.15 4,283.06 4,877.91 Total number of employees person 5,026 4,798 4,659
Scope 1 GHG emissions tCO₂e 121.07 127.77 132.87 Male person 2,652 2,544 2,439
By gender
Scope 2 GHG emissions tCO₂e 3,956.08 4,155.29 4,745.04 Female person 2,374 2,254 2,220
GHG emissions per capita tCO₂e/person 0.90 0.89 1.02 Full-time employees person / 4,798 4,278
By employment type
Total gasoline consumption L 21,165.00 21,173.00 17,473 Part-time employees person / 410 381
Total gasoline consumption per capita L/person 14.10 13.80 12.05 Under 30 person 1,039 906 829
Total gasoline consumption per unit area L/m? 0.69 0.69 0.49 By age 30–50 person 3,766 3,589 3,517
Natural gas consumption m? 34254 40,874.00 46,491 Over 50 person 221 303 313
Natural gas consumption per capita m?/person 22.80 26.68 10.00 Domestic person 4,963 4,739 4,616
By region Overseas (including Hong Kong,
Natural gas consumption per unit area m?/m? 1.10 1.30 1.32 Macao, Taiwan and abroad) person 63 59 43
Total electricity consumption (equipment rooms) kWh 4,795,940 5,277,819 6,735,654 Local employees person 5,026 4,798 4,659
Total electricity consumption (o?ce areas) kWh 2,234,573 2,209,181 2,207,128 Doctorate person 31 32 32
Electricity consumption per capita kWh/person 1,489 1,442 1,403 Master’s degree person 1,638 1,679 1,627
By education level
Electricity consumption per unit area kWh/m? 72.80 71.90 68.7 Bachelor’s degree person 3,115 2,883 2,800
Renewable energy kWh 61,894 64,304 66,560 Junior college and below person 242 204 200
Appendix
Total new hires person 868 504 400 Employee Training
Male person 463 265 221 Indicator Unit 2023 2024 2025
By gender
Female person 405 239 179 Number of employees participating in training persons 4,232 4,212 4,457
Under 30 person 444 260 213 Employee training coverage rate % 94.17 100 99.56
By age
Over 50 person 1 1 3 By gender- Female % 93.99 99.60 99.63
By region Domestic person 860 442 388 By employee type- General sta? persons 4,061 4,027 4,247
Overseas (including Hong Kong,
person 8 14 12 By employee type- Middle management persons 157 168 193
Macao, Taiwan and abroad)
Employee turnover rate % 12.86 15.18 10.68 By employee type- Senior management persons 14 17 17
Number of management sta? person 190 195 188 Average annual training hours per employee hours 79.62 127.65 80.8
Number of male managers person / 142 137 By gender- Male hours 79.63 120.91 80.35
Number of female managers person / 53 51 By gender- Female hours 79.61 135.23 80.93
Number of ethnic minority employees person 91 85 83 By employee type- General sta? hours 84.03 123.96 77.96
Number of veterans person 26 31 36 By employee type- Middle management hours 102.04 221.00 139.87
Data Scope:Parent company of Caitong Securities By employee type- Senior management hours 37.43 72.96 127.52
Basis for Calculation:Employee turnover rate by category = Number of employees leaving in the year / Number of employees in the category at
Data Scope:Headquarters and subsidiaries of Caitong Securities
the end of the year
Employee Rights and Interests Social Public Welfare
Indicator Unit 2023 2024 2025 Indicator Unit 2023 2024 2025
Labor contract signing rate % 100 100 100 Charitable Donation Amount RMB 10,000 1,688.30 1,915.28 2,044.05
Social insurance coverage rate % 100 100 100 Data Scope:Headquarters and subsidiaries of Caitong Securities
Percentage of employees joining the labor union % 100 100 100
Average annual paid leave days per employee day / 8.6 9.2 Information Security
Employee physical examination coverage rate % 100 100 100 Indicator Unit 2023 2024 2025
Occupational health ?le coverage rate % 100 100 100 Number of training sessions times 4 6 6
Number of work-related injuries case 0 0 0 Number of participants persons All employees All employees All employees
Number of work-related fatalities person 0 0 0 Training coverage rate % 100 100 100
Data Scope:Parent company of Caitong Securities Average information security training hours per employee hours 3 3.6 4
Basis for Calculation:Paid annual leave is calculated in accordance with the Regulations on Paid Annual Leave for Employees issued by the state.
Data Scope:Headquarters and subsidiaries of Caitong Securities
Appendix
Anti-Corruption Training GRI Standards Index
Indicator Unit 2023 2024 2025 GRI Standard Disclosure Report Location
Number of training sessions times 11 12 8
Training coverage rate % 100 100 100
Data Scope:Headquarters and subsidiaries of Caitong Securities
Indicator Index 2-4 Restatements No restatements in the reporting year
Shanghai Stock Exchange Guidelines for Sustainable Development Reports of Listed Companies Index 2-5 External assurance No external assurance in the reporting year
Disclosure Requirements Corresponding Sections in This Report 2-6 Activities, value chain, and other business relationships About Caitong SecuritiesMaterial Topics Identi?cation and Analysis
Climate Change Response Addressing Climate Change 2-7 Employees Employment, Equality and Diversity
Neither the Company, its subsidiaries nor its signi?cant equity-invested companies have been included in the list
Pollutant Emissions 2-8 Workers other than employees Employment, Equality and DiversityStakeholder Engagement
of enterprises subject to mandatory environmental information disclosure. This item is not applicable.
Waste Management Practicing Green Concepts 2-9 Governance structure and composition Sustainability Governance Structure
Ecosystem and Biodiversity Conservation Biodiversity Conservation 2-10 Nomination and selection of the highest governance body Lean Corporate Governance
Environmental Compliance Management Practicing Green Concepts 2-11 Chair of the highest governance body Lean Corporate Governance
Energy Utilization Practicing Green Concepts 2-12 Oversight role of the highest governance body in managing impacts Lean Corporate Governance
Water Resources Utilization Practicing Green Concepts
Circular Economy Practicing Green Concepts GRI 2:
General
Rural Revitalization Supporting Rural Revitalization
Disclosures 2-15 Con?icts of interest Stakeholder Engagement
Social Contribution Engaging in Social Contribution 2021
Innovation-Driven Development Digital Innovation-Driven Development
Sustainability Governance StructureLean Corporate
Tech Ethics Digital Innovation-Driven Development
Supply Chain Security Green Supply Chain
At the end of the reporting period, the balance of the Company’s accounts payable (including notes payable) did 2-19 Remuneration policies 2025 Annual ReportEmployee Compensation and Bene?ts
Equal Treatment of Small and Medium not exceed RMB 30 billion, accounting for less than 50% of total assets. No overdue unpaid amounts to SMEs
-Sized Enterprises (SMEs) were publicly announced via the National Enterprise Credit Information Publicity System. There is no risk in terms 2-20 Processes for determining remuneration 2025 Annual Report
of equal treatment of SMEs, and this topic is not applicable.
Safety and Quality of Products and Services Investor Education and Protection
Data and Information Security, Customer Privacy Protection 2-22 Statement on sustainability strategy Statement from the Board
Data Security and Customer Privacy Protection
Employees Employment, Equality and Diversity; Empowering Employee Development; Employee Compensation and Bene?ts 2-23 Policy commitments Statement from the Board
Due Diligence Dual Materiality Topics Identi?cation and Analysis 2-24 Embedding policy commitments Green Supply Chain
Stakeholder Communication Dual Materiality Topics Identi?cation and Analysis; Stakeholder Engagement 2-25 Processes to remediate negative impacts Enhanced Risk Management
Anti-Commercial Bribery and Anti-Corruption Business Ethics 2-26 Mechanisms for seeking advice and raising concerns Empowering Employee DevelopmentEnhanced Risk Management
Anti-Unfair Competition Adhering to Compliance Operations In 2025, we did not incur material ?nes or non-monetary sanctions
Appendix
GRI Standard Disclosure Report Location GRI Standard Disclosure Report Location
GRI 2:
General Disclosures 2-29 Stakeholder engagement approach Stakeholder Engagement 303-2 Management of impacts related to drainage Practicing Green Concepts
Energy 2016
GRI 3:
Material Topics 3-2 List of material topics Dual Materiality Topics Identi?cation and Analysis 303-5 Water consumption Practicing Green Concepts
GRI 201: GRI 303:
Economic due to climate change Addressing Climate Change Water and 303-3 Water withdrawal Practicing Green Concepts
Performance 2016 E?uents 2018
GRI 202: 202-1 Ratio of standard entry level wage by gender compared
to local minimum wage Employee Compensation and Bene?ts 303-5 Water consumption Practicing Green Concepts
Market Performance 202-2 Proportion of senior management hired from the local 304-1 Operations owned, leased, managed in, or adjacent to,
outside protected areas
GRI 203: 203-1 Infrastructure investments and supportive services Serving the Real Economy 304-2 Signi?cant impacts of activities, products, and
Indirect Economic Biodiversity Conservation
services on biodiversity
Impacts 2016 203-2 Signi?cant indirect economic impacts Not applicable GRI 304:
Biodiversity 304-3 Habitats protected or restored Biodiversity Conservation
GRI 204:
Procurement 204-1 Proportion of spending on local suppliers Green Supply Chain Not applicable. No species listed on the IUCN Red List or
Practices 2016 national conservation lists found in habitats a?ected by the
conservation lists located in habitats a?ected by operations
Company’s operations
GRI 205:
Anti-Corruption Adhering to Compliance OperationsKey Performance Indicators
and procedures
GRI 206: 305-3 Other indirect (Scope 3) GHG emissions ESG Key Performance Indicators
Anti-Competitive Adhering to Compliance Operations
Behavior 2016
and monopoly practices GRI 305: 305-4 GHG emission intensity ESG Key Performance Indicators
GRI 207: 207-2 Tax governance, control, and risk management
Tax 2019 207-3 Stakeholder engagement and management of tax concerns
The Company’s operations do not involve consumption of 306-1 Waste generated and signi?cant waste-related impacts Practicing Green Concepts
packaging materials
GRI 301: The Company’s operations do not involve consumption of 306-2 Management of signi?cant waste-related impacts Practicing Green Concepts
Materials 2016 packaging materials
The Company’s operations do not involve consumption of Waste 2020 306-3 Waste generated Practicing Green ConceptsKey Performance Indicators
packaging materials
Appendix
GRI Standard Disclosure Report Location GRI Standard Disclosure Report Location
GRI 407: Freedom
GRI 308: 308-1 New suppliers screened using environmental evaluation criteria Green Supply Chain of Association and 407-1 Freedom of association and collective bargaining rights Employee Compensation and Bene?ts
Supplier Collective Bargaining
Environmental 2016
Assessment 2016 308-2 Negative environmental impacts in the supply chain and actions taken Green Supply Chain
GRI 408: 408-1 Operations and suppliers at signi?cant risk for No material risk of child labor identi?ed in the Company’s
GRI 401: 401-2 Bene?ts provided to full-time employees GRI 409:
Employment 2016 Employment, Equality and Diversity
(excluding temporary or part-time employees) Forced or 409-1 Operations and suppliers at signi?cant risk for No material risk of forced or compulsory labor identi?ed in the
Compulsory Labor incidents of forced or compulsory labor Company’s operations
GRI 402:
GRI 410: 410-1 Security personnel trained on human rights policies
Labor/Management 402-1 Minimum noti?cation period for operational changes Employment, Equality and Diversity Employment, Equality and Diversity
Security Practices or procedures
Relations 2016
Indigenous Rights 411-1 Incidents involving violations of indigenous rights Not applicable
GRI 413: Implementing Responsible InvestmentServing the Real Economy
impact assessments, and development programs
GRI 403: 413-2 Operations with actual or potential signi?cant No operations with actual or potential signi?cant negative impacts
Occupational 403-5 Worker OHS training Employee Compensation and Bene?ts
Health and Safety 414-1 New suppliers screened using social evaluation criteria Green Supply Chain
Supplier Social
Employee Compensation and Bene?ts
to business relationships Assessment 2016 414-2 Negative social impacts in the supply chain and actions taken Green Supply Chain
GRI 415:
GRI 416: Not applicable
and service categories
GRI 404: Customer Health
Employment, Equality and 416-2 Incidents of non-compliance with health and safety
Training and 404-2 Skills advancement and transition support programs DiversityEmpowering Employee Development and Safety 2016 Not applicable
impacts of products and services
Education 2016 404-3 Percentage of employees receiving regular performance
and career development reviews Empowering Employee Development
GRI 417:
GRI 405: 417-2 Incidents of non-compliance with information and
Employment, Equality and DiversityLean Marketing and Not applicable
Diversity and Equal 405-1 Diversity of governance bodies and employees labeling of products and services
Corporate Management Labeling 2016
Opportunity 2016 No marketing-related non-compliance incidents occurred
GRI 406: GRI 418:
Anti-Discrimination 406-1 Incidents of discrimination and corrective actions taken Employment, Equality and Diversity Customer Privacy or loss of customer data during the reporting period
breaches and loss of customer data
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