The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
Stock code: 301035 Stock abbreviation: Rainbow Agro Announcement
No.: 2026-028
SHANDONG WEIFANG RAINBOW CHEMICAL CO., LTD
The Annual Financial Report of 2025
The Company and all members of the Board of Directors warrant that the information disclosed is true,
accurate, and complete, without false records, misleading statements, or material omissions.
Prepared by: Shandong Weifang Rainbow Chemical Co., Ltd
December 31, 2025
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 3,545,858,415.42 3,127,278,835.99
Deposit reservation for balance
Lending to banks and other
financial institutions
Financial assets held for trading
Derivative financial assets 4,263,716.98 54,510,264.04
Notes receivable 11,569,561.38 1,549,052.97
Accounts receivable 5,195,696,624.20 5,383,557,983.75
Receivables financing 477,415.21 1,781,600.00
Pre-payments 100,972,866.06 73,111,436.20
Premium receivable
Re-insurance accounts
receivable
Reserves for re-insurance
contract receivable
Other receivables 60,549,718.50 44,619,050.70
Including: interest receivable
Dividends receivable
Financial assets purchased
under resale agreement
Inventory 2,653,810,498.34 2,417,727,613.29
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
Including: Data resources
Contracted assets
Assets held for sale 9,636,456.50
Non-current assets that mature
within one year
Other current assets 358,606,869.13 373,525,517.33
Total current assets 11,941,442,141.72 11,477,661,354.27
Non-current assets:
Disbursed loans and advances
Debt investments
Other debt investment
Long-term receivables
Long-term equity investment 938,787.85 1,163,628.51
Other equity instrument
investment
Other non-current financial
assets
Investment real estate 7,263,907.46 7,888,049.83
Fixed assets 2,833,607,463.75 2,329,749,377.60
Construction in progress 251,267,590.56 380,857,052.90
Productive biological assets
Oil and gas assets
Assets with rights of use 42,571,790.44 40,483,198.54
Intangible assets 346,009,832.70 289,263,633.21
Including: Data resources
Development expenditure 406,092,665.80 209,479,407.05
Including: Data resources
Goodwill 89,560,239.36 89,560,239.36
Long-term deferred expenses 26,098,818.90 30,010,596.27
Deferred income tax assets 403,051,310.07 351,419,889.32
Other non-current assets 63,663,107.82 88,284,699.67
Total non-current assets 4,470,125,514.71 3,818,159,772.26
Total assets 16,411,567,656.43 15,295,821,126.53
Current liabilities:
Short-term loan 1,704,533,162.11 2,499,413,865.13
Borrowings from the central
bank
Borrowing from banks and
financial institutions
Financial liabilities held for
trading
Derivative financial liabilities 43,957,273.82 8,956,113.54
Notes payable 3,968,470,098.87 3,498,164,564.46
Accounts payable 1,377,868,841.20 1,054,785,779.66
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
Advance receipts 222,816.73
Contract liability 51,042,591.49 105,244,393.90
Financial assets sold for
repurchase
Deposits and interbank deposits
received
Amount received from agency
trading of securities
Amount received from agency
underwriting of securities
Payroll payable 316,866,749.65 254,619,742.83
Taxes payable 206,121,355.82 133,155,202.22
Other payables 82,123,529.85 145,690,804.57
Including: Interests payable
Dividends payable 4,531,016.11
Charges and commissions
payable
Re-insurance accounts payable
Liabilities held for sale
Non-current liabilities due within
one year
Other current liabilities 14,798,321.16 5,682,444.72
Total current liabilities 7,984,774,391.49 7,769,535,312.96
Non-current liabilities:
Provision for insurance contracts
Long-term loan 232,800,000.00 345,772,094.74
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liability 38,402,680.42 31,665,904.44
Long-term payables
Long-term payroll payable
Accrued liabilities 26,945,248.00
Deferred income 20,317,043.46 13,105,155.44
Deferred income tax liabilities 130,779,705.66 86,672,265.19
Other non-current liabilities
Total non-current liabilities 449,244,677.54 477,215,419.81
Total liabilities 8,434,019,069.03 8,246,750,732.77
Owner’s equity:
Share capital 280,770,974.00 280,770,974.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 2,470,852,835.25 2,442,307,122.42
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
Less: Treasury stock 124,837,079.67 124,837,079.67
Other comprehensive income 27,594,464.95 -5,194,711.56
Special reserve 40,641,595.53 46,616,455.84
Surplus reserve 158,674,657.07 158,674,657.07
General risk reserve
Undistributed profit 4,695,381,997.25 3,862,347,597.59
Total owners' equity attributed to
parent company
Minority shareholder's interest 428,469,143.02 388,385,378.07
Total owner's equity 7,977,548,587.40 7,049,070,393.76
Total liabilities and owners equity 16,411,567,656.43 15,295,821,126.53
Legal Representative: Chief Accountant in Charge: Chief of Accounting
Institution:
Wicky Wang Xing Bingpeng Zhang
Baolin
Unit: RMB
Item FY 2025 FY 2024
I. Gross Operating Income 14,688,354,045.60 13,296,203,422.72
Including: Operating income 14,688,354,045.60 13,296,203,422.72
Interest income
Premium earned
Handling charges and
commissions income
II. Total Operating Costs 12,844,690,397.21 12,777,719,393.05
Including: Costs of business 11,339,087,733.07 10,665,116,425.37
Interest expenses
Handling charges and
commission expenses
Surrender value
Net payments for insurance
claims
Net withdrawal of reserve for
insurance responsibility contracts
Expenditures of policy
dividend
Re-insurance expense
Taxes and surcharges 77,596,252.33 64,344,015.90
Sales expenses 736,069,496.31 654,095,305.31
Management expenses 585,508,389.57 547,396,454.50
R&D expenditures 183,340,065.45 169,415,449.97
Financial expenses -76,911,539.52 677,351,742.00
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
Including: Interest expenses 97,047,688.28 131,098,994.10
Interest income 60,358,047.47 48,047,294.66
Add: Other incomes 8,625,571.07 7,691,827.35
Income from investment ("-"
-65,948,696.12 60,450,063.81
for loss)
Including: Income from
investment in associated -224,840.66 -281,393.06
enterprises and joint ventures
Income recognized
at termination of financial assets
measured at amortized cost
Foreign exchange gain ("-" for
loss)
Net exposure hedging
income ("-" for loss)
Income from changes in fair
-86,815,712.14 51,677,845.80
value ("-" for loss)
Credit impairment losses ("-"
-155,526,631.03 -161,827,618.37
for loss)
Asset impairment losses ("-" for
-40,031,099.96 -41,645,775.59
loss)
Gains from asset disposal ("-"
-758,159.89 303,741.74
for loss)
III. Operating Profit ("-" for loss) 1,503,208,920.32 435,134,114.41
Add: Non-operating income 7,768,326.18 7,751,093.33
Less: Non-operating expenses 51,260,732.18 29,926,589.64
IV. Total Profit Before Tax (“-” for
total 1,459,716,514.32 412,958,618.10
losses)
Less: Income tax expenses 282,475,014.88 -115,427,907.77
V. Net Profit ("-" for net loss) 1,177,241,499.44 528,386,525.87
(I) Classification by business
continuity
operations ("-" for net loss)
operations ("-" for net loss)
(II) Classification by ownership
shareholders of the parent 1,044,521,901.70 450,082,509.47
company
shareholders
VI. Net Amount after Tax of Other
-10,681,462.15 80,086,964.19
Comprehensive Income
Net amount of other
comprehensive income after tax 32,789,176.51 48,603,060.11
attributed to the owners of parent
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
company
(I) Other comprehensive
income that cannot be
reclassified into profit or loss
measurement on defined benefit
plan
income that cannot be
converted into profit and loss
under the equity method
other equity instrument
investments
of the credit risk of the enterprise
(ii) Other comprehensive
income that will be reclassified 32,789,176.51 48,603,060.11
into profit and loss
income that can be converted to
profit or loss under the equity
method
other investment on bonds
assets reclassified into other
comprehensive income
impairment of other creditor's
rights investment
currency financial statement 32,789,176.51 48,603,060.11
translation
Net amount of other
comprehensive income after tax -43,470,638.66 31,483,904.08
attributed to minority shareholders
VII. Total Comprehensive Income 1,166,560,037.29 608,473,490.06
Total comprehensive income
attributed to parent company 1,077,311,078.21 498,685,569.58
owners
Total comprehensive income
attributed to minority shareholders
VIII. Earnings per Share:
(i) Basic earnings per share 3.75 1.61
(ii) Diluted earnings per share 3.73 1.61
Legal Representative: Chief Accountant in Charge: Chief of Accounting
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
Institution:
Wicky Wang Xing Bingpeng Zhang
Baolin
Unit: RMB
Item FY 2025 FY 2024
I. Cash Flows Generated from
Operating Activities:
Cash received from sales of
goods and services
Net increase in deposit from
customers and interbank
Net increase in borrowing from
central bank
Net increase in borrowings from
other financial institutions
Cash receipts from premiums
under direct insurance contracts
Net cash receipts from re-
insurance business
Net cash receipts from
policyholders' deposits and
investments
Cash receipts from interest,
handling fees and commissions
Net increase in capital
borrowed from banks and other
financial institutions
Net increase in repurchase
business capital
Net cash received from
securities trading brokerage
Cash receipts from tax refunds 858,819,461.24 730,759,051.64
Cash received relating to other
operating activities
Subtotal of cash inflow in business
activities
Cash payments for goods
acquired and services received
Net increase in customer loans
and advances
Net increase in deposits in
central bank and interbank
Cash payments for original
insurance contract claims
Net increase in lending funds
from banks and other financial
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
institutions
Cash payments for interest, fee
and commission
Cash payments for insurance
policyholder dividends
Cash payments to employees
and on behalf of employees
Cash payments for taxes 481,756,710.84 452,772,496.27
Other cash payments relating
to operating activities
Subtotal of cash outflow in
business activities
Net cash flow from operating
activities
II. Cash Flows from Investing
Activities:
Cash receipts from investment
withdrawal
Cash receipts from return on
investments
Net cash receipts from disposals
of fixed assets, intangible assets 40,592,969.25 36,849,278.03
and other long- term assets
Net cash receipts from disposal
of
subsidiary or any other business
unit
Other cash receipts relating to
investing activities
Subtotal of cash inflow in
investment activities
Cash payments to acquire or
construct fixed assets, intangible 937,329,470.14 837,026,058.40
assets and other long-term assets
Cash payments for investment
Net increase in pledged loans
Net cash payments to acquire
subsidiary and other business units
Other cash payments relating
to investment activities
Subtotal of cash outflow in
investment activities
Net cash flow in investment
-955,709,590.84 -731,463,207.65
activities
III. Cash Flows from Financing
Activities:
Cash received from capital
contributions
Including: Cash received from
- 8 -
The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
investment of minority
shareholder from subsidiary
Cash receipts from borrowings 2,254,940,717.19 4,656,446,806.70
Other cash receipts relating to
financing activities
Subtotal of cash inflow in
financing activities
Cash repayments of borrowings 2,993,676,709.06 4,100,559,278.29
Cash payments for distribution
of
dividends, profits, or cash
payments for interest expenses
Including: Dividends and
profits paid to minority
shareholders by subsidiaries
Other cash paid related to
financing activities
Subtotal of cash outflow in
financing activities
Net cash flow from financing
-1,073,648,735.10 9,036,268.85
activities
IV. Effect of Exchange Rate
Changes on Cash and Cash 52,713,698.41 74,169,690.76
Equivalents
V. Net Increase in Cash and Cash
Equivalents
Add: Beginning balance of
cash and cash equivalents
VI. Closing Balance of Cash and
Cash Equivalents
Amount in the current period
Unit: RMB
FY 2025
Equity attributed to owners of the parent company
Other equity instruments
Minority
Less: Other Gener Undistr Total
owner’
Capit Specia Surplu shareh
Preferre Perpetu Treasur Compr al risk ibuted s
Item Othe Other Subtot equity
al l s older’s
Share d al y ehensi reserve profit
r al
capital reserv reserve reserv interest
shares bonds e stock ve e
incom
e
I. Balance at 280,770, 124,837 46,616, 388,385
the end of 0.00 0.00 0.00 307,12 5,194,7 4,657. 0.00 347,59 0.00 85,015. 70,393.
the previous 974.00 ,079.67 455.84 ,378.07
year: 2.42 11.56 07 7.59 69 76
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
Add:
Changes in
accounting
policies
Correction of
errors from
previous
period
Other
II. Opening 280,770, 124,837 46,616, 388,385
balance of 0.00 0.00 0.00 307,12 5,194,7 4,657. 347,59 85,015. 70,393.
the current 974.00 ,079.67 455.84 ,378.07
year 2.42 11.56 07 7.59 69 76
III. Changes 32,789, 888,394 40,083,
in Current ,712.8 5,974,8 4,399. 8,193.6
Period (“-” for 176.51 ,428.69 764.95
decrease) 3 60.31 66 4
(I) Total 32,789, 89,248,
comprehensi 521,90 11,078. 60,037.
ve income
(II) Capital 28,545
contribution 28,545, 28,545,
and ,712.8
reduction by
owners
shares
invested by
owners
contributed
from other
equity
instrument
holders
of share- 28,545
based 28,545, 28,545,
payments ,712.8
recognized in
owners'
equity
- -
- -
(III) Profit 0.00 211,487 49,165,
distribution 7,502. 2,696.1
,502.04 194.13
on of surplus 0.00 0.00
reserve
on of general
risk reserve
- -
- -
to owners (or 211,487 49,165,
shareholders)
,502.04 194.13
(IV) Internal
carry-over of
owners'
equity
reserve
converted
into capital
(or share
capital)
reserve
converted
into capital
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
(or share
capital)
of losses by
surplus
reserves
retained
earnings from
defined
benefit plan
changes
retained
earnings from
other
comprehensi
ve income
- - -
(V) Special 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,974,8 0.00 0.00 0.00 0.00 5,974,8 0.00 5,974,8
reserves
in the current
period
current period 160.63 160.63 .35 875.98
(VI) Other 0.00 0.00
IV. Balance at 280,770, 124,837 27,594, 40,641, 428,469
the end of 0.00 0.00 0.00 852,83 4,657. 381,99 79,444. 48,587.
the current 974.00 ,079.67 464.95 595.53 ,143.02
period 5.25 07 7.25 38 40
Amount of previous year
Unit: RMB
FY 2024
Equity attributed to owners of the parent company
Other equity instruments
Minorit
Less: Other Gener Total
owner’
Item Capit Specia Surplus Undistri y
Share Preferre Perpetu Compr al risk s equity
Othe Othe Subtot
Treasur
capit al l reserve uted
d al ehensiv reserve shareh
r r al older’s
al y
reserv reserv profit
shares bonds e e e interest
stock
income
I. Balance at 38,596, 3,741,08
the end of 62,09 0.00 0.00 0.00 932,25 0.00 53,797, 4,657.0 0.00 53,851. 8,110.4 91,961.
the previous 260.53 6,359.04
year: 4.00 2.27 771.67 7 24 8 72
Add:
Changes in 0.00
accounting
policies
Correction of
errors from 0.00 0.00
previous
period
Other 0.00 0.00
II. Opening 38,596, 3,741,08
balance of 62,09 0.00 0.00 0.00 932,25 0.00 53,797, 4,657.0 0.00 0.00 53,851. 8,110.4 91,961.
the current 260.53 6,359.04
year 4.00 2.27 771.67 7 24 8 72
III. Changes 2,108, 59,374
in Current 124,837 48,603, 8,020,1 121,261, 114,531 94,847, 209,378
Period (“-” 880.0 0.00 0.00 0.00 ,870.1 0.00 0.00 0.00
,079.67 060.11 95.31 238.55 ,164.45 267.59 ,432.04
for
decrease)
(I) Total
comprehensi 060.11 509.47 ,569.58 7,920.4 ,490.06
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
ve income
(II) Capital 2,108, 59,374 - -
contribution 124,837 16,636,
and 880.0 0.00 0.00 0.00 ,870.1 0.00 0.00 0.00 0.00 0.00 0.00 63,353, 46,717,
,079.67 267.83
reduction by
owners
shares 880.0 122,728 106,091
invested by ,079.67 267.83
owners 0 ,199.67 ,931.84
contributed
from other 0.00 0.00
equity
instrument
holders
of share- 59,374
based 59,374, 59,374,
payments ,870.1
recognized
in owners'
equity
- - - -
(III) Profit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 328,821, 0.00 328,821 31,576, 360,398
distribution
ion of surplus 0.00 0.00
reserve
ion of general
risk reserve
- - - -
to owners (or 328,821, 328,821 31,576, 360,398
shareholders
) 270.92 ,270.92 920.72 ,191.64
(IV) Internal
carry-over of 0.00 0.00
owners'
equity
reserve
converted 0.00 0.00
into capital
(or share
capital)
reserve
converted 0.00 0.00
into capital
(or share
capital)
of losses by 0.00 0.00
surplus
reserves
retained
earnings 0.00 0.00
from defined
benefit plan
changes
retained
earnings 0.00 0.00
from other
comprehensi
ve income
(V) Special 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
reserves 95.31 95.31 95.31
Withdrawal
in the current 197.20 197.20 43.29 140.49
period
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The Annual Financial Report of 2025 To be a Global Leading Crop Protection
Company
current
period
(VI) Other 0.00 0.00
IV. Balance 124,837 46,616, 3,862,34
at the end of 70,97 0.00 0.00 0.00 307,12 5,194,7 4,657.0 0.00 0.00 85,015. 5,378.0 70,393.
the current ,079.67 455.84 7,597.59
period 4.00 2.42 11.56 7 69 7 76
Should there be any difference in the interpretation of the contents, the Chinese version of the 2025 Annual
Report shall prevail.
SHANDONG WEIFANG RAINBOW CHEMICAL CO.,LTD
Board of Directors
April 27, 2026
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