Stock Code：301325
Sustainability Report
Shenzhen Manst Technology Co., Ltd.
Factory Building 3, Unit C, No. 101~201, Third Industrial Zone, Zhukeng Community,
Longtian Street, Pingshan District, Shenzhen
www.manst.com
CONTENTS
Advancing Steadily and Securely,
Empowering Value Co-creation
Fortifying the Foundation of
through Innovation and Quality
Compliant Governance
Preface to This Report 01 Standardized Governance System ?? Innovation-Driven Development 53 Content Indexes 111
Strengthening the Compliance Defense
??
Enhancing Product Quality 65 Independent Assurance Statement 112
About This Report 01 Line
Adherence to Business Ethics ?? 115
Sustainable Supply Chain 69 Reader Feedback
Message from the Chairwoman 03
Safeguarding Shareholders’Rights and Protection of Customers’ Rights and Interests 75
About Manst 05 Interests ??
Safeguarding Information Security 76
Spotlight：
Focusing on Green
Energy Storage, Building a Striving Forward with
Low-Carbon Environmental
Low-Carbon Energy Future 11 Determination, Uniting Hearts
Protection, Practicing Ecological
and Minds to Write a Glorious
Responsibility
Chapter
Sustainable Development
Management 17
Addressing Climate Change 33
Safeguarding Employee Well-being 81
Sustainable Development Deepening Environmental Governance 36
Focusing on Talent Development 90
Governance 17
Optimizing Resource Utilization 43
Strengthening Employee Care 98
Stakeholder Communication 19
Strict Control of Pollution Discharge 47
Safeguarding Health and Safety 101
Materiality Issues Analysis 20
Practicing Social Responsibility 110
Preface to This Report Data Sources
The data in this report is sourced from the internal original ledgers, internal documents, audit reports, and other materials
About This Report of Manst, with some financial data from the Company’s 2025 Annual Report. Unless otherwise specified, all amounts in
this report are expressed in RMB.
Introduction Glossary
This report is the second Sustainability Report released by Shenzhen Manst Technology Co., Ltd. In the principles of For the convenience of expression and reading, “Shenzhen Manst Technology Co., Ltd.” is also referred to as “Manst”, “the
objectivity, standardization, transparency, and comprehensiveness, this Report details the sustainability practices and Company” or “We”. Please refer to the detailed names of its subsidiaries in the table below.
achievements of Manst and its holding subsidiaries in 2025.
Term Company Name
Reporting Scope
Anman Technology Anhui Manst Technology Co., Ltd.
Chongman New Materials Chongqing Manst New Materials Technology Co., Ltd.
Reporting Period
Suman Hydrogen Energy Suzhou Manst Hydrogen Energy Technology Co., Ltd.
This report covers the period from January 1, 2025 to December 31, 2025 (hereinafter referred to as the “Reporting
Huaiman Automation Huaian Manst Automation Equipment Co., Ltd.
Period”). To improve the comparability and completeness, some sections of this report may be appropriately referred to
previous years or contain forward-looking statements. Huaiman Fluid Huaian Manst Fluid Technology Co., Ltd.
Manen Optoelectronics Shenzhen Manst Optoelectronics Technology Co., Ltd.
Scope of Organization
Hunan AC AC New Energy (Hunan) Co., Ltd.
This report focuses on Shenzhen Manst Technology Co., Ltd. and its subsidiaries and branches, etc. The scope of this
Report is consistent with the scope of the Company’s annual consolidated financial statements unless otherwise stated. AC NEWENERGY AC New Energy (Shenzhen) Co., Ltd.
Dongguan AC AC New Energy (Dongguan) Co., Ltd.
Basis of Preparation Aoruike Changzhou Aoruike Precision Measurement System Co., Ltd.
This report has been prepared in accordance with the Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed
Access to This Report
Companies No. 17 — Sustainability Report (Trial) and the Shenzhen Stock Exchange Self-Regulatory Guidelines for
Listed Companies No. 2 — Standardized Operation of ChiNext Listed Companies, and Self-Regulatory Guidance No. 3
for Companies Listed on the ChiNext Market of Shenzhen Stock Exchange—Preparation of Sustainability Report (2026 This report is available in both Simplified Chinese and English versions for readers’ reference, and can be viewed and
Revision). In addition, the preparation of this report has drawn reference from the Sustainability Reporting Standards (2021 downloaded at www.manst.com, www.szse.cn, and www.cninfo.com.cn.
Edition) issued by the Global Reporting Initiative, as well as the Sustainable Development Goals (SDGs).
Message from the Chairwoman
In 2025, guided by the vision of “Making Coating Simple” and the mission of “Becoming a Chinese Force Transforming Deepening Technological Innovation and Ensuring Quality Service. The Company has established an integrated
the Coating Ecosystem”, Manst advanced steadily amidst the waves of transformation in the new energy and pan- independent R&D system. Relying on innovation platforms such as the CNAS-accredited testing laboratory and
semiconductor industries. Our business layout continued to be optimized, and the momentum of innovation remained provincial-level engineering technology research centers, we conduct technological research in areas like high-precision
strong and sustained. We made solid progress in compliance governance, green and low-carbon initiatives, technological coating, solid-state batteries, perovskite, energy storage, and hydrogen energy. Achievements include the solid-state
innovation, talent development, and social responsibility, writing a new chapter of high-quality and sustainable corporate battery electrode manufacturing solution, double-layer dual-control ceramic coating dies, and X-Ray full-inspection
development through practical efforts and deep cultivation. areal density meters. We have established a full-lifecycle quality management system and built a standardized, refined,
and sustainable supply chain management system, incorporating ESG requirements into supplier management.
The Company has established a four-tier collaborative sustainability governance structure comprising the Board of
Simultaneously, we implement customer rights protection, emphasize information security and privacy protection, and
Directors, the Board's Strategy and Sustainable Development Committee, the Sustainability Management Working
safeguard the information security of customers and stakeholders.
Group, and various departments. This integrates sustainability into strategic planning, daily operations, and risk
management, and incorporates it into management performance evaluations. The Company has established a two-way Safeguarding Employee Well-being and Practicing Social Responsibility. We adhere to a people-oriented approach and are
interactive stakeholder communication mechanism to promote the implementation of the sustainability concept across committed to providing employees with fair recruitment, employment opportunities and a comprehensive compensation
the entire value chain, and is continuously striving for greater achievements in environmental, social, and governance and benefits system. Through diverse employee activities and care programs, we create a warm and harmonious work
(ESG) aspects. atmosphere, with special attention to protecting women’s rights and promoting workplace equality. We build diversified
career development paths for employees and support their growth through systematic training systems. A comprehensive
Optimizing Governance Mechanisms to Ensure Stable Operations. We have built a corporate governance system with
occupational health and safety management system is established to ensure employee safety and health. Furthermore,
clear rights and responsibilities, ensuring the standardized operation of the General Meeting of Shareholders, the Board
we actively fulfill social responsibilities, regularly carrying out ecological public welfare and community care activities to
of Directors, and management. We have improved the internal control and compliance management systems, conducted
convey the Company’s warmth.
regular and special audits, established a full-process risk management and control mechanism, and standardized tax
management and information disclosure. We uphold business ethics, implement requirements against commercial The journey is long ahead with strong tailwinds; great responsibilities call us to forge ahead anew. In the future, Manst
bribery, corruption, and unfair competition, communicate with investors through multiple channels, and safeguard the will continue to deepen the concept of sustainable development, basing it on standardized governance, pursuing it
legitimate rights and interests of shareholders. No major compliance risk incidents occurred during the Reporting Period. through green and low-carbon paths, centering it on technological innovation, grounding it in talent development, and
prioritizing responsibility. We will continuously enhance development quality and capacity. We will join hands with all
Practicing Green Development, Protecting the Ecological Environment. The Company integrates the concept of
shareholders, customers, partners, and employees to move forward together. With firm conviction and pragmatic actions,
green development into the entire operational process. Several subsidiaries have obtained ISO 14001 Environmental
together we will write the next chapter of sustainable development, contributing greater strength to industry progress and
Management System certification, establishing environmental compliance and pollution prevention systems. Hazardous
social development!
waste, domestic sewage, industrial exhaust gases, and factory boundary noise are all disposed of and discharged
in compliance with standards. We are advancing green projects including distributed photovoltaic systems at Anman
Technology, the Huaiyin Shared Energy Storage Power Station, and desertification control and energy storage projects Tang Xuejiao, Chairwoman of Shenzhen Manst Technology Co., Ltd.
in Xinjiang. We promote energy conservation, consumption reduction, and resource recycling, continuously reducing
operational energy consumption and carbon emissions.
About Manst Corporate Culture
Company Profile
Brand Interpretation
Shenzhen Manst Technology Co., Ltd. (hereinafter referred to as the “Company” or “Manst”) was founded in 2014 and MANST
was listed on the Shenzhen Stock Exchange in May 2023 (Stock Code: 301325).
Make A New Step
Focusing on the R&D and application of coating technology, Manst is a national high-tech enterprise and a national-level Dare to Break Through
Specialized and Sophisticated “Little Giant” enterprise. The Company operates a number of research platforms, including Keep Moving Forward
a CNAS-accredited testing laboratory, the Guangdong Provincial Engineering Technology Research Center, and a Become a World-Class Leader in Coating Technology
Shenzhen Postdoctoral Innovation Practice Base.
For many years, adhering to the vision of “Making Coating Simple” and the mission of “Becoming the Chinese Force that
Changes the Coating Ecosystem”, the Company has continued to deepen its expertise in coating technology and pursue
technological innovation. Through sustained R&D investment and market expansion, the Company has broken foreign Vision Brand Positioning
technological monopolies, achieved import substitution, and become an internationally advanced provider of coating
Making Coating Simple Internationally Advanced Coating Technology
technology solutions.
Solutions Provider
Mission Management Policy
Committed to Becoming the Chinese Force that Built on Integrity, Centered on Uniqueness; Thriving
Changes the Coating Ecosystem with Technology, Triumphing with Quality
Business Philosophy Talent Management Philosophy
Precision in Planning, Execution, Research, and Recognizing People’s Abilities, Utilizing Their
Improvement Strengths, Cherishing Talents
Code of Conduct
Goal-oriented, Responsible;
Capable of Striving, Capable of Advancing;
Daring to Break Through, Daring to Innovate.
Business Overview
The Company’s business is primarily divided into two segments: Coating Applications and Energy Systems. The Coating
Applications segment mainly includes lithium-ion battery and pan-semiconductor businesses, with products covering core Shareholding system reform, growing into a Listed on ChiNext Market; honored as a
components and intelligent equipment. The Energy Systems segment primarily includes energy storage and hydrogen Specialized and Sophisticated “Little Giant” “Manufacturing Single Champion Enterprise”
energy businesses, offering solutions such as energy storage system solutions and hydrogen energy system solutions.
Submitted ChiNext board listing application Listed on the Shenzhen ChiNext Market, officially
Awarded “National Specialized and Sophisticated entering the capital market
Business Segment Product Line Main Products
“Little Giants” Enterprise” Awarded the title of Awarded National Intellectual Property Advantage
“Guangdong Province Contract-abiding and Credit- Enterprise
Core Components Coating dies, ceramic components, measurement systems, sensors,
worthy Enterprise” Awarded Guangdong Province Manufacturing Single
Series screw pumps, miniature linear actuators, dexterous robotic hands, etc.
Coating Awarded 2022 Guangdong Province’s Famous and Champion Demonstration Enterprise
Insulation coating systems, slurry delivery systems, intelligent slurry
Applications Intelligent High-tech Products Granted 2023 Outstanding Industrial Enterprise by the
preparation systems, planar coating systems, dry-process film-making
Equipment Series Awarded “2022 Pingshan District Output Value Rapid People’s Government of Pingshan District, Shenzhen
systems, full-line intelligent factory solutions, etc.
Growth Enterprise” Established a joint laboratory for perovskite technology
Energy Storage Centralized energy storage, commercial & industrial energy storage, Awarded “Shenzhen Famous Brand” with the Shenzhen Institute of Advanced Technology,
Energy System Solutions home energy storage systems, etc. Established lithium battery coating engineering Chinese Academy of Sciences
Systems technology center and production center for roll-to- Acquired Hunan AC, expanding into the energy
Hydrogen Energy PEM water electrolysis membrane electrodes, PEM electrolysis cells,
roll coating storage sector
System Solutions skid-mounted hydrogen generation systems via water electrolysis, etc.
Development History
Diversified development, building a technological innovation moat
Awarded Guangdong Provincial Engineering Technology Research Center for
Establishment Intelligent and High-Precision Coating Equipment in the New Energy Sector
With the aim of making coating simple and embarking on a journey of coating technology research, Approved to establish the “Shenzhen Postdoctoral Innovation Practice Base”
development, production, and sales Approved for the “Shenzhen Enterprise Technology Center” certification
Achieved Level 3 Certification in Intelligent Manufacturing Capability Maturity
Awarded the honor of “China Patent Award”
Awarded the honor of “Shenzhen Industrial Excellence Award”
coating system
Continuous product innovation, stepping into the ranks of national
Successfully awarded the contract for the first large-scale mass production line
high-tech enterprises
for panel coating systems
Awarded “China National High-Tech Enterprise” Received the first panel complete line equipment order
Awarded “Shenzhen High-Tech Enterprise” Successfully awarded the contract for a 1.2 GWh grid-side standalone energy
Award “Golden Globe Award for Lithium Battery Innovative Technology Product storage power station project
Included in the list of “Enterprise Above Designated Size” The perovskite 1200mm×600mm pilot platform was officially launched
Achieved over 100 million in output value
Partners Honors and Awards
Shenzhen Manufacturing Single Champion
Shenzhen Industrial Excellence Award Shenzhen Enterprise Technology Center
Enterprise
Manst Manst Manst
Hunan AC — Hunan Province Specialized
Specialized and Sophisticated “Little Giant” AC NEWENERGY — High-Tech
and Sophisticated Small and Medium-sized
Enterprise Enterprise
Enterprise (SME)
Manst Subsidiary Subsidiary
Hunan AC — 2025 9th Energy
Hunan AC — Core Enterprise Storage Innovation Competition
Golden Information Disclosure
China Patent Excellence Award in China’s New Energy - Application Innovation Group
Award
Storage Supply Chain - Large Storage Track Excellent
Project
Manst Manst Subsidiary Subsidiary
Spotlight:Focusing on Green Energy Storage,
Building a Low-Carbon Energy Future
Hunan AC, a subsidiary of Manst, focuses on the R&D and application of energy storage technology. Always guided by
the core principle of green development and relying on technological innovation and scenario-based solutions, it provides
global customers with extremely safe, efficient, and intelligent integrated services for wind power, photovoltaics, and
energy storage. It actively responds to the national “dual carbon” (carbon peak and carbon neutrality) strategy and the Product Types Application
new power system construction policies, empowering the green and low-carbon transformation of energy with energy Scenarios
Commercial & Industrial
storage, and assisting the entire value chain in achieving safety, efficiency, emission reduction, energy consumption
Storage Industrial Parks
reduction, and sustainable development.
Commercial Buildings
Charging Stations
Product Types Application
Residential Storage Scenarios
Home Energy Storage
Green Products: Systematic Layout, Consolidating the
Foundation of Green Energy Storage Products and solutions provided by Hunan AC have been widely applied in diversified scenarios such as thermal power
frequency regulation, renewable energy (wind/solar) plus storage, grid peak shaving and frequency regulation, source-
Leveraging core technologies and scenario adaptation capabilities, Hunan AC has built a multi-level green product
grid-load-storage integration, integrated energy utilization, emergency backup power, and electricity trading. With an
matrix centered on centralized energy storage, with commercial & industrial and residential energy storage as main
international perspective and market competitiveness, they have been exported to numerous countries and regions
components. Covering all scenarios including generation-side, grid-side, and user-side, it promotes the iterative upgrade
globally, including Europe, South Asia, and Africa, contributing to the global energy transition with full-scenario green
of energy storage products towards safety, efficiency, low-carbon, and intelligence, providing stable and reliable green
products.
energy storage support for various energy scenarios.
Green Services: Full-Cycle Empowerment, Practicing Low-
Product Types Application Scenarios Carbon Service Philosophy
Centralized Energy Grid-Side Energy Storage
Hunan AC has established a one-stop, full-lifecycle green service system, spanning the entire process from project
Storage New Energy Power Stations
development, equipment supply, operation and maintenance to residual value recovery. It integrates the green and low-
Shared Power Stations
carbon concept into every link of services, balancing customer economic benefits with environmental sustainability, and
achieving synergistic progress between energy services and green development.
By the end of 2025, the project had operated safely for over 120 days, with a cumulative discharge exceeding 14
Project Development Equipment Supply million kWh, equivalent utilization hours exceeding 620h, and a cumulative carbon reduction exceeding 7,800 tonnes.
Customize integrated wind power, photovoltaic, Focus on the R&D, design, and manufacturing of It effectively alleviated the regional power supply shortage, enhancing the grid’s capacity to accommodate renewable
and energy storage solutions for customers, energy storage equipment, using environmentally energy and improving system resilience.
optimize system configuration and operation friendly and efficient core components to provide
strategies to maximize customer customers with safe, reliable, low-carbon,
economic benefits
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Operation and Maintenance Residual Value Recovery
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Provide comprehensive operation Va l Establish a full-lifecycle management Xinjiang Hetian 12.87MW/92.23MWh Desert Control Microgrid Energy Storage Project
and maintenance services for energy storage system for energy storage products, conduct
power stations, ensuring long-term efficient and residual value assessment, recycling and reusing This project passed acceptance in 2025, with a total scale of 14MW/100MWh. It is equipped with 469 sets of
stable operation, reducing energy consumption to achieve efficient resource cycling, and practice 30kW/215kWh energy storage units, along with photovoltaic power generation units, water pumps, and other facilities.
and O&M carbon emissions through intelligent the concepts of circular economy and green Among them, 429 sets of equipment were directly supplied by Hunan AC, completed in three phases. The project serves
monitoring and refined management development. a 76,000-mu (approx. 5,067 hectares) desertification control area in Hetian, Xinjiang. Considering the vast and sparsely
populated characteristics, a distributed layout is adopted, with one set of photovoltaic energy storage equipment allocated
per 200 mu, achieving full coverage of the desert control project area.
Green Applications: Benchmark Implementation, Unleashing By the end of 2025, the project had operated safely for over 100 days, continuously providing stable and clean power for
Low-Carbon Ecological Value irrigation loads, contributing to vegetation growth in the desert control area. It addresses the power support challenges
for desert control in border regions with a green energy solution, contributing significantly to regional desertification
prevention, control, and ecological restoration.
Using key projects as carriers, Hunan AC implements green energy storage technology in demonstration projects
across multiple regions in China, covering critical scenarios such as grid support, new energy consumption, ecological
management, and emergency supply guarantee. It creates multiple values—environmental, social, and economic—
through technological strength, becoming a benchmark model for green energy storage applications.
Jiangsu Huai’an 50MW/100MWh Independent Shared Energy Storage Power Station Project
This project is an independent shared energy storage power station with significant exemplary significance. Officially
connected to the grid in 2025, it covers a total area of 16,000 square meters and consists of 10 sets of 5MW/10MWh
energy storage units, a 110kV step-up substation, and supporting auxiliary facilities. The station adopts a modular,
prefabricated cabin design, featuring a short construction cycle, compact footprint, millisecond-level response capability,
support for primary/secondary frequency regulation, and enabling core functions such as peak shaving and valley filling,
rapid frequency regulation, and emergency backup power.
Hebei Zhangjiakou 300MW/1.2GWh Grid-Side Independent Energy Storage Power Station As of December 2025, the green energy storage business of Hunan AC had achieved significant environmental benefits.
Delivered projects were estimated to save over 300,000 tce (tonnes of coal equivalent) annually, reduce carbon
This project is one of the first batch of key grid-side projects in Hebei Province, with a total scale of 300MW/1200MWh. emissions by over 550,000 tonnes per year, and be equivalent to planting over 30 million trees per year, fulfilling its
It is equipped with 60 units of 5MW/20MWh energy storage units, supported by an EMS. The secondary communication commitment to low-carbon development with solid data and concrete actions.
for the energy storage equipment adopts a ring aggregation network topology. The station is independently constructed
From the systematic layout of green products to full-cycle support for green services, and the benchmark implementation
on the grid side, not relying on photovoltaic or wind power projects, and directly serving grid operation. It can provide
of green applications, guided by a full-lifecycle green development philosophy, Hunan AC has established a low-carbon
multiple auxiliary services such as grid peak shaving, smoothing new energy fluctuations, participating in grid frequency
development system encompassing products, services, and applications. It enhances energy storage efficiency through
regulation, black start support, and alleviating line congestion, comprehensively enhancing the grid’s green and stable
technological innovation, validates green value with benchmark projects, and promotes energy transition through global
operation capability.
expansion, creating outstanding environmental and social benefits alongside its own high-quality development by
collaborating with the entire industry chain.
In the future, Hunan AC will continue to deepen its expertise in the green energy storage field, constantly iterate green
technologies, optimize its product and service systems, and expand domestic and international green application
scenarios. It aims to deeply empower the construction of the new power system with safer, more efficient, and lower-
carbon integrated energy storage solutions, contribute to the national “dual carbon” goals, and persistently contribute to
building a green, low-carbon, safe, efficient, and sustainable energy future.
Ningxia Shizuishan 100MW/200MWh Photovoltaic Plus Storage Project
The project adopts a standard 20-foot 5MWh DC container paired with a 5MW integrated booster and an EMS. It
possesses core functions such as smoothing fluctuations, improving consumption, peak-valley arbitrage, and providing
auxiliary services. It effectively addresses the intermittency and volatility challenges of photovoltaic power generation,
transforming the PV system into a “controllable, stable, and high-yield” high-quality green power source, facilitating
efficient regional new energy consumption and low-carbon development.
Sustainable Development Management
In 2025, the Company achieved favorable ratings in multiple third-party ESG assessments.
Manst has deeply integrated sustainable development into its core corporate strategy, and established a clear,
accountable, and multi-layered sustainable development governance system. It has set up a systematic, two-way
interactive stakeholder communication mechanism to comprehensively promote the implementation of its sustainable
development strategy, achieving synergistic development between the Company, society, and environment.
Sustainable Development Governance
Manst is committed to building a sound and sustainable development governance system. Adhering to the overall
strategic deployment for sustainable development and following regulations such as the Working Rules for the
Board's Strategy and Sustainable Development Committee, it continuously optimizes its sustainable development The Company regards the concept of sustainable development as a long-term value driver for high-quality development,
governance structure and improves the reporting mechanism for sustainable development information. It promotes the deepening the dissemination of sustainable development concepts and promoting the widespread acceptance of green
achievement of sustainable development goals through systematic governance, fully considering related impacts, risks, development principles. In 2025, leveraging global and domestic sustainability-themed occasions such as World Forest
and opportunities in strategic implementation, risk management, and major decision-making processes, supporting Day, World Water Day, World Meteorological Day, National Land Day, and World Animal Day, the Company regularly
the Company’s long-term stable development. Furthermore, the Company incorporates sustainable development- conducted a series of thematic awareness-raising and training activities. Utilizing a multi-channel communication
related targets into management performance evaluations and compensation adjustment systems. These targets cover matrix, it extensively conveyed the core concepts of sustainable development to the industry, market, public, and
economic, management, safety, and other aspects, effectively motivating the entire organization to proactively practice internal employees, reinforcing the value orientation of green development, ecological protection, and low-carbon
sustainable development and assume responsibility through institutional mechanisms. environmentalism.
Company Sustainable Development Governance Structure In these promotional activities, the Company deeply integrated the concept of sustainable development with its corporate
mission, conveying to society its firm determination and action-oriented approach to proactively assume ecological
Level Body Responsibilities
and environmental responsibilities, promote green upgrades within the industry, and contribute to global sustainable
As the highest leadership and decision-making body for sustainability development. These efforts aimed to foster a positive atmosphere where the whole society jointly focuses on ecological
Top Decision- Board of protection and practices green development.
management, it oversees and controls the Company’s overall strategic direction
Making Level Directors
and major decisions and deployments regarding sustainable development.
Performs the functions of researching, supervising, and guiding sustainability
Strategy and
work, leads the implementation of environmental protection, climate response,
Decision- Sustainable
social responsibility fulfillment, normative governance, and related tasks,
Making Level Development
coordinates and promotes the collaborative development of ESG work, and
Committee
reports to the Board of Directors.
Composed of department heads and relevant liaison personnel from the
Sustainability Company and its subsidiaries, with the Office of the Board of Directors as
Management
Management the lead unit, providing comprehensive support and professional technical
Level
Working Group assistance to the Strategy and Sustainable Development Committee in
performing its duties.
Departments of As specific implementation units for sustainability management, they integrate
Execution
the Company and sustainability requirements into daily operations and promote the effective
Level
Its Subsidiaries implementation of various initiatives.
Stakeholder Communication Materiality Issues Analysis
Manst closely integrates industry characteristics and the Company’s actual operational situation while referencing
Based on industry characteristics and business operations, Manst builds effective communication bridges for relevant requirements of mainstream domestic and international sustainable development reporting standards. It
stakeholders. It establishes regular and efficient communication mechanisms with shareholders and investors, comprehensively assesses the Company’s performance across relevant issues, understands the perspectives and
government and regulatory bodies, customers, partners, employees, communities, and other stakeholders. By identifying expectations of various stakeholders, evaluates and prioritizes the issues, forming a dual-materiality matrix and
stakeholder expectations and actively responding to their concerns, the Company creates greater value for all parties corresponding list of issues based on the two dimensions: “materiality to the corporate finances” and “materiality to
while enhancing its ESG performance. economic, social, and environmental impacts”.
Materiality Issues Identification Process
Stakeholders Expectations and Needs Communication Channels
Assessment Process of Material Topics Assessment Method
Analyze based on the macro-environment such as global macro-trends and China’s industrial
Background
development trends, the Company’s industry characteristics, business model, etc., to identify the
Research
Sustained and stable returns Statutory information disclosure Company’s stakeholders and the impacts, risks, and opportunities it faces.
Transparent and open information Regular performance briefings
Use the 21 issues set in the Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed
Long-term stable development General Meetings of Shareholders Conduct
Shareholders and Investors Companies No. 17 — Sustainability Report (Trial) as the basis for the issue list, refer to the
preliminary
topic
in the same industry, align with the United Nations Sustainable Development Goals (SDGs), and
Compliant operation screening
establish the Company’s 2025 ESG issue database, totaling 25 issues.
Support for local development Regular work reporting
Identify the potential or actual positive and negative impacts of each topic on the external
Government and Regulatory Implement green and environmental Ad hoc thematic communications
Assess the environment, society, and the economy. Conduct survey and analysis of stakeholders through
protection requirements
Agencies questionnaires. Through analysis of impact, dependency, and other factors, combined with expert
materiality of
topics judgment, identify and assess risks and opportunities under relevant issues, and evaluate issues
Product quality and safety Daily service liaison with impact materiality and financial materiality.
Optimization of customer service Annual satisfaction surveys Identify material Form a topic list based on impact materiality and financial materiality, confirmed by the Board of
Customers Privacy and information security Ad hoc technical exchanges issues Directors, to ensure transparent, balanced, and complete disclosure of relevant issues in the report.
Adhere to business ethics
Quarterly/annual performance review 1 Corporate Governance 14 Innovation-Driven
Cooperate with integrity and fairness The Company prioritizes materiality issues from the
Regular compliance audits 2 Anti-Commercial Bribery and 15 Product Safety and Quality
Collaborative development across the two dimensions of “Impact Materiality” and “Financial Anti-Corruption
Partners Industry collaboration and exchange 16 Sustainable Supply Chain
upstream and downstream Materiality” and creates a Matrix of Material Topics. 3 Anti-Unfair Competition 17 Protection of Employees’
Materiality of the Company's impact on the economy,
Employees' Representative Congress 8
Training and development 11 Development
Labor Union 12 2 10 19
Protection of basic rights and interests 16 Occupational Health and
society, and environment
Employee satisfaction survey 6 Climate Change Response Safety
Health and safety 20
Employees Internal and external training 3 7 Environmental Compliance 20 Customer Rights Protection
Humanistic care 5
Management
Employee activities 9 21 Data Security and Privacy
Public welfare and charity 13 Rural Revitalization
Public welfare activities 25 11 Pollutant Emissions 24 Technology Ethics
Community public welfare
Volunteer service 12 Waste Management 25
Community Promoting regional development
Materiality of impact on the Company's financial performance Protection
Advancing Steadily and
Securely, Fortifying the
Foundation of
Compliant Governance
·Standardized Governance System
·Strengthening the Compliance Defense Line
·Adherence to Business Ethics
·Safeguarding Shareholders’Rights and Interests
Contribution to the United Nations Sustainable Development
Goals (SDGs)
Standardized Governance System General Meeting of Shareholders
As the Company’s highest authority, the General Meeting of Shareholders
Manst has established a corporate governance system with clear authority, responsibility, division of labor, and holds the ultimate decision-making power on major matters such as Key Performance
standardized operations. The governance structure, centered on the General Meeting of Shareholders, the Board of operations, investments, and profit distribution. In accordance with laws and
Directors, and the Management, performs its respective duties. All governance bodies strictly operate in accordance with regulations, including the Company Law of the People’s Republic of China Cumulative Number Number of
and the Securities Law of the People’s Republic of China, as well as the of General Meetings Proposals
laws, regulations, the Company’s Articles of Association, and specific rules of procedure, ensuring scientific decision- of Shareholders Deliberated
Company’s Articles of Association, the Company has formulated the Rules
making, efficient execution, and effective oversight, thereby solidifying the governance foundation for the Company’s Organized
of Procedure for General Meetings of Shareholders, comprehensively
stable development. regulating the processes for convening, holding, and voting at General
Meetings of Shareholders. This safeguards the legality of the procedures
and resolutions, ensuring the fair, equitable, and effective operation of the
General Meeting of Shareholders.
General Meeting of Shareholders Strategy and Sustainable Development Committee
Board of Directors
Nomination Committee
Board of Directors As the core of the Company’s operational decision-making,
the Board of Directors currently consists of 9 directors, Key Performance
Remuneration and Appraisal Committee
Office of the Board of Directors including 4 female directors, 3 independent directors, and 1
employee representative director. The Board has established Number of Board Number of Topics Board Member
General Manager Audit Committee Meetings Held Deliberated by Attendance
four specialized committees: the Audit Committee, the
the Board Rate
Strategy and Sustainable Development Committee, the
Nomination Committee, and the Remuneration and Appraisal
Committee. Each committee has a professional division of
labor and performs its own duties, providing professional %
support for the Board’s decision-making.
The Company firmly believes that board diversity is crucial for enhancing corporate governance and achieving the strategic
objectives of sustainable development. It builds a professional, diverse, and inclusive decision-making team through
Manufacturing and Supply Management Department
a diversified membership structure. Meanwhile, the Company has formulated the Remuneration Management System
Quality Operations and Process IT Department
for Directors and Senior Management, under which the Remuneration and Appraisal Committee is responsible for the
Procurement Management Department
specific formulation of remuneration policies and plans, the organization, implementation, and supervision of performance
Market and Sales Service Department
Legal and Compliance Department
Product and Solutions Department
Audit and Supervision Department
assessments. It designs a differentiated remuneration structure and establishes a scientific, standardized remuneration
Human Resources Department
Strategic Planning Department
Asset Operations Department
management system that combines incentives and constraints to promote the Company’s sustainable development.
Administration Department
General Manager’s Office
Finance Department
Board Effectiveness Evaluation
To ensure the effectiveness of board governance and strengthen its core role in corporate governance, the Company
regularly evaluates the performance of board members to ensure they fulfill their functions efficiently. The board is
required to report regularly to the General Meeting of Shareholders. For independent directors, the Company has
established a specialized management mechanism, continuously builds channels for independent directors to perform
their duties, requires them to submit annual work reports, conducts an annual assessment of the independence of
incumbent independent directors, and issues a special opinion disclosed together with the Company’s annual report.
Management
As the executive body of the Company’s operations, the management is appointed by and accountable to the Board of
Directors. It strictly implements all resolutions of the Board, coordinates and advances the Company’s daily operational
management work, efficiently implements various operational measures, and drives the Company’s operational
Organizational Structure Chart development and the realization of strategic objectives.
Strengthening the Compliance Defense Line Risk Management
The Company regards compliance management as the core guarantee for its steady development. It establishes and The Company has formulated the Risk and Opportunity Management Procedure, established a risk assessment team led
improves an institutionalized, systematic, and refined compliance control system to achieve full-process identification, by the management representative of the risk management team, and organized a risk assessment group. A full-process
control, rectification, and closure of compliance risks. It comprehensively strengthens the defense line for compliant risk management system has been built, covering organizational setup, risk identification, scientific evaluation, and tiered
operations, ensuring that the Company’s business activities are conducted in a standardized and orderly manner. response, clarifying operational standards and implementation requirements for risk control.
All departments comprehensively and systematically identify internal and external uncertainties faced during operations
while simultaneously exploring potential opportunities in business development. This ensures thorough risk identification
Internal Control with full coverage, leaving no potential risk points in any aspect of operation and management. The risk assessment
group conducts dual-dimensional quantitative evaluations of risks identified by each department, serving as the core
basis for classifying risk levels and formulating targeted control measures, thereby ensuring the scientific, objective, and
With the Internal Audit System and Internal Audit Manual as the core institutional support, the Company has established
precise nature of risk assessment.
a two-tier audit management structure comprising the Audit Committee and the Internal Audit Department. It routinely
carries out various types of audit work while simultaneously promoting specialized audit training and building compliance Based on risk levels, the Company has developed differentiated response measures, clarifying applicable scenarios and
capabilities for all employees. This ensures that audit supervision comprehensively covers all aspects of business implementation requirements for each type of measure. For high risks, immediate avoidance or mitigation measures are
management, effectively leveraging the supervisory, early warning, and normative roles of auditing. taken; for general risks, risk reduction measures must be implemented; for low risks, control is applied as needed. This
ensures that limited management resources are focused on core risks, enhancing risk management efficiency.
In accordance with institutional requirements, the Internal Audit Department coordinates and advances regular and
special audit work, strictly implements the quarterly audit work reporting system, establishes special ledgers for issues
identified during audits, clarifies the responsible entities for rectification, rectification timelines, and requirements, and Case Study: Joint Training on Sales Contract Risk Prevention
assigns dedicated personnel to follow up on the progress and effectiveness of rectification throughout the process. This
ensures that every audit finding is addressed and feedback is provided, forming a complete closed loop for the audit In December 2025, the Company organized the “Joint Training on Sales Contract Risk Prevention”. Focusing on
work. In 2025, the Company completed 7 special audits and 3 regular audits. Through the execution of various types the core risk points in the stages of sales contract signing, performance, and settlement, systematic and targeted
of audit work, potential issues and weak links in business management were identified in a timely manner, thereby risk prevention training and practical guidance were conducted. After the training, the participants’ accuracy rate
preemptively mitigating operational risks. in identifying core risk points increased by 30%, effectively enhancing the risk prevention awareness and practical
capabilities of personnel in key positions. This helped avoid contract risks from the business front end and reduce
To strengthen the awareness of audit compliance among all employees and enhance their practical capabilities related operational losses caused by improper contract management.
to audits, the Company organized diversified specialized audit training sessions and thematic seminars focusing on
core content, such as audit compliance and process standardization. These activities covered all employees and key
business areas such as reimbursement, inventory, and material management, effectively improving overall recognition
and emphasis on audit compliance work. They standardized operational procedures for personnel in key business Tax Management
segments, reduced the risk of non-compliant operations at the source, and solidified the foundation of the Company’s
audit compliance management.
The Company has established the Tax Management System, designating the Finance
Key Performance
Department as the unified centralized management department for tax-related matters. It is
responsible for the planning, execution, control, and optimization of all tax-related activities,
Key Performance In 2025, the
relying on the Company’s overall management system to comprehensively, systematically,
Company paid taxes
and continuously collect internal and external information related to taxation. Through in accordance with
Number of Audit Training Sessions Duration of Audit Training Attendances at Audit Training
the three steps of risk identification, risk analysis, and risk evaluation, potential tax risk the law amounting to
accurately identified. Targeted tax risk response strategies are formulated to achieve full- RMB 68.4305million
process, multi-dimensional coverage of tax risks, ensuring the Company’s tax compliance.
Adherence to Business Ethics
The Company has established a strict and standardized supervision and reporting mechanism, providing reporting
channels such as anonymous email, letters, telephone, and in-person statements. It has formulated a strict reporting
confidentiality system, implementing rigorous confidentiality for the reporter’s personal information (including name, unit,
department, home address, etc.) and the specific content of the report. All reporting materials are uniformly classified as
The Company regards the development of business ethics as a crucial cornerstone for compliant operations. With the
confidential documents for management, effectively safeguarding the legitimate rights and interests of reporters.
Anti-Fraud system, Supervision and Whistleblowing System and Conflict of Interest and Disclosure Policy as the core
institutional framework, a business ethics and anti-fraud management system is clearly defined, comprising management,
the Audit Committee, the Audit and Supervision Department, and various business units. This system comprehensively
regulates business conduct and professional ethics, fostering a corporate culture of integrity, self-discipline, diligence,
Complaint Hotline 18123929137
and dedication.
The Company continuously strengthens all employees’ awareness of core compliance points, such as commercial
WeChat mst_iad
bribery, corruption, conflicts of interest, and anti-monopoly, through conducting annual risk self-assessments, special
declaration registrations, and full-coverage compliance training, thereby building a solid compliance defense line both in
thought and action. Email IAD@sz-manst.com
Business Ethics Risk Control Measures
Factory Building 3, Unit C, No. 101~201, Third Industrial Zone,
Address
Zhukeng Community, Longtian Street, Pingshan District, Shenzhen
In December 2025, all business units of the Company conducted annual risk self-assessments, with a key focus Audit and Supervision Department, Shenzhen Manst Technology
Acceptance Department
on incorporating risk assessments for commercial bribery and corruption. They engaged in in-depth discussions Co., Ltd.
on risk control, compliance management, and requirements related to anti-commercial bribery and anti-corruption,
reaching consensus and clarifying subsequent control priorities.
In August 2025, the Company conducted a specialized training and registration for the “Declaration of Employee
Adhering to the principles of integrity in cooperation and clean business operations, the Company extends business
Conflicts of Interest” for all group employees. Training covered 1,654 current employees, and all declaration forms
ethics management to the upstream and downstream of the supply chain. By signing integrity agreements and
were collected. Employees were explicitly required to avoid improper competitive behaviors such as trading using
conducting specialized trainings, it promotes partners to jointly practice business ethics standards, building a clean
insider information, engaging in unfair competition by leveraging their positions, and infringing on trade secrets.
business ecosystem for collaborative development between the enterprise and its partners.
The Company strictly complies with the Anti-Unfair Competition Law of the People’s Republic of China, the Anti-Monopoly
Key Performance of Business Ethics Management
Law of the People’s Republic of China, and the anti-monopoly and anti-unfair competition laws and regulations applicable
in the countries and regions where its business operates. It insists on maintaining fair market order, protecting customer
Indicator Unit 2025 interests and social public interests through fair transactions and lawful, compliant means, and opposes, prevents, and
stops monopolistic practices. During the reporting period, no incidents of vicious competition occurred.
Directors 9
Number of Participants in Anti-
Commercial Bribery and Anti- Management / 5
Corruption Training
Employees 1,654
Directors 100
Coverage Rate of Anti-
Commercial Bribery and Anti- Management % 100
Corruption Training
Employees 99
Number of Anti-Monopoly and Fair Competition Training Sessions 1
Coverage Rate of Anti-Monopoly and Fair Competition Training % 99
Safeguarding Shareholders’ Rights and Case Study: Hosting Investor Reception Activities
Interests On June 17, 2025, the Company held a thematic exchange event titled “Solid-State Battery Process
Sharing and On-site Visit”. Its engineers delivered thematic presentations on solid-state battery process
routes, complete line solutions, and core equipment, followed by live Q&A. Investors were also organized
The Company has formulated and implemented a series of specialized systems, including the Investor Relations
to visit the dry and wet process laboratories for new lithium-ion battery technologies. Such efforts allowed
Management System, Rules of Procedure for the General Meetings of Shareholders, Implementation Rules for Online
investors to gain a more intuitive understanding of the Company’s core technologies and business layout,
Voting at General Meetings of Shareholders, Information Disclosure Management System, and Management Policy for
effectively enhancing their comprehension and recognition of the Company’s technological strategy and future
Information Disclosure Suspension and Exemption. These systems strictly standardize the entire process management
development value, thereby further bridging the gap with investors.
of General Meetings of Shareholders. A cumulative voting system is implemented in the director election process to fully
protect the voting rights of minority shareholders, enabling shareholders to genuinely participate in the Company’s major
decision-making and exercise their legal rights.
The Company has established multi-form and comprehensive investor communication
platforms, opening efficient communication channels with shareholders. These include
Investor Reception Days, on-site research visits, earnings conference calls, roadshows,
investor hotlines, Hudongyi (irm.cninfo.com.cn), and official email, achieving regular
and zero-distance interaction with shareholders and timely responses to their concerns.
Through official media designated by the China Securities Regulatory Commission, such
as the CNINFO website, the Company discloses all information that may have a significant
impact on the stock price in a true, accurate, complete, timely, and fair manner, covering
various types of information including periodic reports and interim announcements. This
ensures shareholders can timely and comprehensively grasp the core aspects of the
Company’s operation and development. In May 2025, the Company actively responded
to the call of regulatory authorities by carrying out investor education activities for the
“5.15 National Investor Protection Publicity Day”, actively using long-form posters on the
Company’s official WeChat public account to promote and guide investors in protecting
their own rights and interests.
Key Performance
In 2025, the Company received investor research visits and disclosed 9 documents of Investor
Relations Activity Records Form, hosted over 100 person-times of institutional investors, held 3
annual performance exchange meetings, responded to 232 investor inquiries on the Hudongyi
(irm.cninfo.com.cn), and answered over 300 investor hotline calls.
Low-Carbon
Environmental
Protection, Practicing
Ecological
Responsibility
·Addressing Climate Change
·Deepening Environmental Governance
·Optimizing Resource Utilization
·Strict Control of Pollution Discharge
Contribution to the United Nations Sustainable Development
Goals (SDGs)
Addressing Climate Change Risk/
Opportunity
Risk/
Opportunity Financial Impact Timeframe1
Impacted
Value Chain Response Measures
Type Description Segment
Governance The government
Significant
introduces Promote energy-saving retrofits at
expenditures
stringent energy production bases to reduce energy
for upgrading
consumption control consumption per unit product;
Against the backdrop of deepening global climate governance, energy conservation and emission reduction have environmental Corporate
and environmental Medium upgrade existing environmental
Policy protection facilities Operations,
become imperatives of our time. Manst actively responds to the call for climate action, diligently references international governance to Long governance facilities to ensure
Risks and production Downstream
requirements, Term compliant emissions; identify carbon
and domestic low-carbon development standards, aligns with industry green transition trends with an open and win-win processes; facing Value Chain
necessitating emission nodes across the entire
environmental
mindset, strives to build a green and environmentally friendly management system across the entire industrial chain, upgrades to existing process and formulate energy-saving
penalties for non-
processes and and emission reduction plans.
consciously practices green development concepts, and aims to be a driver of the industry’s green transformation and a compliant emissions.
equipment.
contributor to sustainable development.
Transition Risks
Increase R&D investment, research
new technologies to meet higher
Manst’s climate change work has been integrated into its ESG governance system for unified management. The Cost of Front-end R&D environmental requirements, conduct
Medium
Company regularly conducts identification and assessment of climate-related risks and opportunities, discloses relevant Technology transitioning to expenditures for
to Long
Corporate technical exchanges and cooperation,
Risks low-emission new and alternative Operations establish an industry technology
information in its sustainability report, and coordinates efforts across departments to implement energy conservation and technologies. technologies.
Term
iteration monitoring system, optimize
emission reduction tasks, actively managing greenhouse gas emissions through scientific means. R&D direction, and improve the
precision of R&D investment.
Increased production
Strategy Changes in costs due to changes Upstream
customer in raw material Value Chain, Firmly establish the concept of green
Medium
Market behavior, prices and emission Corporate development and actively promote the
to Long
Manst actively conducts climate risk analysis and response, identifying physical and transition climate risks, assessing Risk uncertain market requirements; sudden Operations, Company’s energy conservation and
Term
signals, rise of raw and unexpected Downstream carbon reduction efforts.
their time horizons (short-term, medium-term, long-term) and impact on the Company. Based on the characteristics of material costs changes in energy Value Chain
various climate risks, targeted response measures are taken. costs.
Risk/ Risk/ Impacted Introduction of Significant increase
Actively apply for national and local
Opportunity Opportunity Financial Impact Timeframe1 Value Chain Response Measures support policies in orders, boosting
Medium low-carbon support policies to reduce
Type Description Segment Policy and for new energy revenue; policy Corporate
to Long operational costs; intensify market
Market development subsidies and Operations
Term promotion of low-carbon products to
and low-carbon incentives, reducing
expand market share.
Increased Revenue reduction due Develop and implement detailed preferential policies costs.
frequency and to decreased production disaster contingency plans
intensity of capacity; costs to ensure rapid operational Adopt more efficient Short,
Corporate Reduce operational Improve production efficiency,
Acute extreme weather increase due to facility Short to recovery; develop alternative transportation Medium,
Operations, Resource costs; increase Corporate enhance resource recycling, and
Physical events such as repairs, operational Medium suppliers and logistics channels methods; and
Opportunities
Downstream Efficiency production capacity, Operations vigorously develop a circular
Risks typhoons, floods, disruptions; raw material Term to reduce supply chain disruption utilize recycling Long
Value Chain boosting revenue. economy.
torrential rain, procurement costs rise risks; sign targeted flexible technologies Term
Physical Risks
heatwaves, and due to supply chain delivery terms to avoid penalty Short,
cold waves. demand disturbances. risks caused by extreme weather. Adopt energy-saving and carbon-
Medium,
Energy Adopt low-emission Reduce operational Corporate reduction technologies or use clean
and
Persistent Substitution energy sources costs. Operations energy in the production process to
Long
sea-level rise, reduce greenhouse gas emissions.
Increased operational Term
rising average Corporate Strengthen flood prevention
Chronic costs; cost escalation
temperatures, Medium to Operations, and emergency management to Short,
Physical due to facility damage; Develop new Corporate
extreme changes Long Term Downstream reduce the probability of business Products Medium, Continuously conduct R&D and
Risks revenue decline due to products or services Increase in operating Operations,
in precipitation Value Chain interruption. and and innovation to develop green and low-
reduced sales/output. through R&D and revenue. Downstream
and weather Services Long carbon products.
patterns, etc. innovation Value Chain
Term
Definition: Short-term: within 1 year; Medium-term: 1–5 years; Long-term: over 5 years.
Impact, Risk, and Opportunity Management Deepening Environmental Governance
Manst incorporates climate change risks into its risk assessment and control system, systematically identifies and
analyzes climate-related risks and opportunities facing its business and operations, proactively formulates response Environmental Compliance Management
policies and measures, and seizes value creation opportunities.
Climate change risk management process Environmental Management System
The Company engages in in-depth collaboration with third-party professional institutions. Based on Manst strictly complies with laws and regulations such as the Environmental Protection Law of the People’s Republic of
compliance with national laws, regulations, and policy requirements, and by integrating domestic and China and the Law of the People’s Republic of China on Environmental Impact Assessment. Based on ISO 14001:2015,
Risk
international sustainable development trends with the Company’s own reality, it accurately identifies it has formulated and issued the Environmental Management Policy and Statement, stipulating that environmental
identification
physical risks, transition risks, and potential opportunities, laying a solid foundation for subsequent
sustainability management work is coordinated by the EHS Management Committee and executed by the Administration
risk assessment and scientific management.
Department. It standardizes the Company’s environmental control in key areas such as water, air, noise, solid waste,
soil, chemicals, and energy, achieves pollution control throughout the entire process, and enhances environmental
The Company conducts a comprehensive assessment of potential climate risks and development management performance.
Risk opportunities in conjunction with the Company’s actual business operations. Simultaneously, the
assessment Company evaluates the impact cycle of climate change risks and opportunities, analyzing their
EHS · Approve the Company’s environmental management policies, objectives, and performance.
potential core financial impacts.
Highest (Environment, · Supervise the implementation and improvement of environmental management policies.
Management Health, Safety) · Organize and carry out environmental factor identification, compliance reviews, internal
Based on climate risk assessment results, the Company formulates targeted risk response strategies Authority Management audits, and management reviews.
and implementation measures to effectively reduce the adverse impacts of climate change risks on Committee · Regularly report on environmental management-related work to the Board of Directors.
Risk
production operations and financial status. Concurrently, it conducts continuous monitoring of the risk
response
situation and regularly evaluates the effectiveness of implemented risk management measures to
ensure the efficacy and appropriateness of climate change risk management efforts. · Promote the implementation of various environmental protection systems and drive the
completion of environmental management targets.
· Coordinate and advance the enhancement and implementation of the Company’s
Executive Administration environmental management performance.
Metrics and Targets Department Department · Organize and conduct environmental protection training and awareness activities, providing
relevant training and resources.
· Serve as the contact window for environmental complaints, receiving and handling various
The Company continuously improves its climate change management system, sets a target for year-on-year reduction
environmental-related feedback and complaints.
of CO2 emissions per RMB 10,000 of output value, and formulates a series of energy-saving and consumption-reducing
measures to be implemented in production and operational processes.
Environmental Management Policy
Indicator Target Achievement status
CO2 emissions per 10,000 yuan of output value Decrease year by year In progress
Indicator Unit 2025
Total greenhouse gas emissions tCO2e 13,008.16 Implement energy
conservation and
Direct emissions (Scope 1) tCO2e 47.45
consumption reduction
Indirect emissions (Scope 2) tCO2e 12,960.71 efforts
Continuously improve Achieve zero pollution
As of the end of the reporting period, Manst, AC NEWENERGY, Hunan AC, Manst Optoelectronics, Anman
Technology, Chongman New Materials, Huaian Manst Automation, and Huaian Manst Fluid have obtained
ISO 14001:2015 Environmental Management System certification. Some certificates are as follows:
Manst Environmental Management System Certification Manst Optoelectronics Environmental Management System Certification Huaian Manst Automation Environmental Management System Certificate Huaian Manst Fluid Environmental Management System Certificate
Hunan AC Environmental Management System Certificate AC NEWENERGY Environmental Management System Certificate Zhongman New Materials Environmental Management System Certificate Anman Technology
The Company conducts regular annual testing of wastewater, exhaust gas, and noise to ensure emissions comply with
Environmental Objectives Achievement Status in 2025
standard requirements. Pollution prevention facilities are managed by the Administration Department, which assigns
dedicated personnel to ensure their normal operation. These facilities are operated strictly according to operating
procedures by operators who have received professional training and possess operational qualifications. Furthermore,
the Administration Department is responsible for regular maintenance and upkeep of environmental protection facilities
Stakeholder Management
Environmental Risk Management
To influence stakeholders’ environmental behavior, help them understand the Company’s environmental policy and
To prevent and control the occurrence of environmental incidents or emergencies, ensure timely handling of
related matters, enhance their environmental awareness, and encourage them to consciously protect and improve the
environmental emergencies, and reduce environmental impact, the Company has formulated the EHS Management
environment, the Company evaluates stakeholders’ environmental performance. Stakeholders are required to sign an
Manual and Environmental and Safety Operation Control System, which stipulate the prevention and handling of
Environmental Guarantee Agreement or Environmental Protection Agreement before cooperation commences, with
potential environmental incidents and emergencies. It has also compiled the Environmental Aspect Identification and
a current signing rate exceeding 90%. They commit that their products do not contain environmental management
Evaluation Form, List of Significant Environmental Aspects, Environmental Risk Assessment and Response Measures
substances prohibited by the Company and must submit annual environmental substance test reports issued by
Table, and Environmental Aspect Hazard Identification, Risk Assessment, and Control Procedure to comprehensively
recognized testing institutions to ensure the effective implementation of the environmental management policy.
identify environmental risks, clarify risk control departments, and achieve hierarchical risk control. Meanwhile, the
Company has formulated the Environmental Emergency Plan, and identifies and evaluates the Company’s environmental Clean Production
aspects through regular internal environmental inspections and third-party agency testing, to promptly rectify unfavorable
The Company fully implements cleaner production requirements, continuously advances energy conservation and
environmental hazards. During the reporting period, the Company did not incur any environmental penalties or violations.
consumption reduction, resource recycling, and clean energy substitution. Through the implementation of green projects
such as photovoltaic applications, energy storage optimization, and ecological energy support, it continuously improves
Case Study: Hazardous Chemical Leak Disposal Drill
the low-carbon and clean level of the entire production process, contributing to the achievement of the “dual carbon”
In June 2025, the Company organized over fifty employees involved in hazardous chemical management goals and high-quality sustainable development.
to conduct an emergency response drill for hazardous chemical leaks. The drill simulated a sudden incident
where an employee accidentally spilled chemicals while handling them, leading to bodily contact. Participants Case Study: Anman Technology Distributed Photovoltaic Power Generation
swiftly and properly performed first aid for the injured, reported the incident, donned protective equipment,
established a site cordon, and successfully contained and cleaned up the leak using fine sand for diking and In 2025, the Company promoted its wholly-owned subsidiary, Anman Technology, to implement a distributed
dry cloths for absorption, collecting the material into hazardous waste drums. photovoltaic power generation project on factory rooftop areas. The project has a DC-side capacity of 764.64
kWp and an AC-side capacity of 650 kW, covering a rooftop area of 3,697 square meters. It is connected
to the grid in a self-consumption with surplus feed-in mode, consisting of photovoltaic modules, mounting
structures, inverters, and other equipment. The estimated annual power generation capacity is 500,000 kWh,
which can reduce carbon dioxide emissions by 500 tonnes per year, equivalent to planting 25,000 trees.
Photo of the on-site hazardous chemical leak drill
Environmental Protection Training Environmental Monitoring
The Company regularly conducts specialized trainings and awareness The Company consistently fulfills its primary responsibility for environmental monitoring with a strong sense of
campaigns on environmental protection management, integrating environmental responsibility, safeguarding the ecological environment through precise control and compliant emissions,
requirements for energy conservation, consumption reduction, and and practicing its corporate green development mission. In April 2025, the Company commissioned a professional
pollution prevention into the entire production and operation process institution to conduct comprehensive testing of wastewater, exhaust gas, and boundary noise at the plant site. The test
to strengthen employees’ sense of environmental responsibility. It also results for all pollutants complied with national and local emission standards, achieving stable and compliant emissions
actively responds to environmental themes such as World Cleanup and effectively fulfilling the Company’s environmental responsibilities.
Day, World Water Day, and World Forest Day, carrying out public
welfare practices focusing on key areas like water resource protection, Special Training on Ecological Environment
air pollution control, and biodiversity conservation. Protection Management Key Performance
Case Study: “Pingshan Mother River, Guarding Together for Good” Public Welfare Activity In 2025, Manst continued to advance environmental protection and ecological management efforts,
In response to the World Earth Day environmental initiative “Cherish the Earth, Harmonious Coexistence with a cumulative investment of RMB 29,280 in the environmental sector. The Company fully
between Man and Nature”, in April 2025, Manst organized the “Pingshan Mother River, Guarding Together promoted the implementation and effectiveness of various environmental initiatives, including the
for Good” public welfare activity with Zhukeng Community along the Pingshan River section in Zhukeng
development of an environmental management system, pollution control upgrades, and energy-
Community. Company employees and their family members participated in the event, using uniformly provided
tools to conduct river garbage cleanup operations. The cleanup task was successfully completed, and saving and consumption-reduction transformations.
participants received commemorative plaques.
Indicator Unit 2025
Number of Environmental Training Sessions 2
Attendances at Environmental Training / 50
Duration of Environmental Training Hours 1.5
Activity promotional poster
Optimizing Resource Utilization Indicator Unit 2025
Total Energy Consumption tce(tonnes of coal equivalent) 3,031.13
Direct Energy Consumption tce(tonnes of coal equivalent) 29.12
Energy Utilization
Natural Gas m 21,892.00
Indirect Energy Consumption tce(tonnes of coal equivalent) 3,002.02
Electricity kWh 24,426,509.05
Energy management is not only the core engine driving operational decarbonization for enterprises but also a critical
pathway towards sustainable green development. To conserve energy, reduce consumption, and fully realize the rational
use of energy, the Company actively develops its energy management system, formulating the Energy Conservation Water Resource Utilization
Management System for managing water, electricity, paper, and other energy resources by all personnel and across
all scenarios. It designates the Administration Department as the entity responsible for coordinating, supervising, and
Manst strictly adheres to relevant laws and regulations, such as the Water Law of the People’s Republic of China,
monitoring energy conservation, requiring the maintenance of labels at energy consumption points, establishing monthly
continuously advancing comprehensive management and control of water resources. The Company’s Administration
consumption ledgers, and formulating specific measures for saving electricity, office supplies, and water.
Department has established an energy consumption monitoring system, which monthly compiles water usage statistics
Hunan AC actively implements green development concepts, compiling the Energy Management Manual to clarify the and outputs ledgers for submission to the Company’s responsible personnel, monitoring for abnormal fluctuations.
organizational structure and full-process requirements. It also formulates management systems such as the Target Simultaneously, spot checks are conducted irregularly to verify the implementation of water-saving measures.
and Indicator Management Measures and Plan, Risk and Opportunity Response Measures Control Procedure, and Severe waste behaviors are subject to warnings, fines, and other assessments, with department heads bearing joint
Risk and Opportunity Evaluation and Response Planning Table, translating strategic goals into specific energy-saving responsibility. The Company’s primary water source is municipal supply. During the reporting period, the Company
measures, building a full-cycle risk control system, and creating a dual execution guarantee mechanism. Simultaneously, continuously strengthened full-chain water conservation management in water intake and usage, achieving water
by compiling and summarizing the Target and Indicator Completion Status Statistics Table, it presents energy- resource recycling. In 2025, the Company’s total water consumption was 80,030.07 tonnes.
saving effectiveness and compliance performance with quantitative data, providing empirical support for continuous
improvement. As of the end of the reporting period, Hunan AC has obtained ISO 50001:2018 Energy Management
System certification. Water Usage Regulations
The Company strongly promotes water conservation awareness, opposes all wasteful water usage behaviors, and requires all
To ensure the rational and effective use and conservation control of energy resources such as water, electricity, employees to proactively fulfill their water-saving responsibilities;
and paper within the Company, the Administration Department monitors the energy and resource usage of various Promote the use of water circulation systems in workshops; install sensor-activated water outlets in toilets and washbasins;
departments. When abnormal situations are detected, the responsible departments are required to conduct analysis and Timely inspect and maintain water pipelines to avoid leaks, spills, drips, and seepage;
When any department or individual discovers damaged water equipment, they must immediately contact (report to) the
make improvements.
equipment administrator for repairs to prevent the waste from escalating;
In the event of a temporary water outage, faucets must be turned off to prevent unattended water waste caused by subsequent
sudden water supply;
Employees should maximize water utilization in domestic water usage (e.g., showering, laundry) and eliminate wasteful practices;
Electricity Usage Regulations Enhance employees’ water conservation awareness through training.
Under normal conditions (except on rainy or cloudy days), lighting in each department’s responsibility area must be strictly
managed to ensure lights are turned off when no one is present.
Strengthen air conditioning management and control usage. When using air conditioning, doors and windows must be closed.
Turn off the air conditioning during lunch breaks or when the area is temporarily unoccupied. Report immediately if air conditioning
performance is unsatisfactory, and maintenance personnel should enhance inspections and address issues promptly.
Workshops should use high-power energy-saving lamps. Install automatic control switches for lighting in public areas. Air
conditioning settings: ≥25°C in summer, ≤20°C in winter. Security personnel should check and turn off lights after 20:00.
Turn off lighting when natural daylight is sufficient. If lighting is required due to dim weather, office areas require approval from the
responsible person, while production workshops require approval from the production department manager.
In dining areas and temporarily unoccupied zones, “lights are turned off when no one is present”. The last person on the night shift
should turn off all lighting (except for passageway lighting).
Employee dormitories must turn off lights at 23:00 (except for overtime work). Production workshops strictly prohibit idle operation
of machinery to avoid defective product losses.
Circular Economy
Packaging Management
The basic principles of packaging design are material conservation and environmental protection. The Company requires that
the properties of materials selected for packaging (e.g., plywood for wooden crates) comply with RoHS requirements and ensure
formaldehyde content does not exceed specified limits;
Paper Conservation Management Establish a classification and disposal mechanism for waste packaging materials. Clean up the site promptly after operations.
Cardboard boxes need to be disassembled, flattened, and stored by category. Reusable ones should be transferred to the
Except for special purposes such as documents and correspondence, all other paper must be used on both sides to reduce
miscellaneous storage area; non-reusable ones should be disposed of according to regulations. Packaging materials such as
paper consumption at the source;
plastic tubes and bags must be checked for no material residue before disposal.
Flexibly choose copy paper based on its intended use: copies intended only for drafts or backups should, in principle, be used on
both sides to avoid unnecessary single-sided waste;
Prioritize the use of email for information transmission, reduce the frequency of fax machine usage, thereby lowering the
consumption of fax paper;
All waste paper (including old newspapers, etc.) is prohibited from being mixed with other garbage and must be discarded into
specially designated paper bins; after being uniformly sorted and stored by cleaners, it will be handed over to logistics personnel Indicator Unit 2025
for resource recovery and disposal, achieving resource recycling;
Office equipment such as copiers, printers, and fax machines should, as much as possible, be operated by designated personnel
following standard procedures to reduce paper waste caused by improper operation; Total Packaging Material Consumption Tonnes 81
All unused paper must be properly stored with moisture-proof and mildew-proof measures to avoid resource loss due to improper
storage.
Consumption of Reusable Packaging Materials Tonnes 53
Consumption of Non-renewable Packaging Materials Tonnes 28
Material Management
To effectively promote the Company’s material management, achieve optimal utilization of materials and rational allocation
of resources, the following systems have been established: Material Ledger and Inventory Management, Idle Materials
Management System, Safety Stock Management System, Warehouse Management System, Finished Goods Inbound and
Outbound Management System, Warehouse Relocation Management System, etc.;
Based on key data such as the master production schedule, Bill of Materials (BOM), inventory status, and order information,
determine when and what materials are needed through calculation and analysis, and generate procurement suggestions and
production plans accordingly;
Establish a dynamic adjustment mechanism for safety stock. Based on changes in material usage, production process
adjustments, and demand feedback, promptly increase or decrease inventory or adjust upper and lower limits. Cancel the safety
stock qualification for materials not consumed for three consecutive months. High-value materials should be prioritized for
storage at the supplier’s site;
There are six disposal methods for idle materials: scrapping (a scrapping application should be initiated), reuse (recycling), return
to supplier, exchange, sale, and transfer to idle material warehouse. Among these, reuse should be categorized as transfer to an
order, transfer to a project, transfer to R&D testing, etc.;
Through rework and reuse of finished goods, full-process control of circulation, closed-loop handling of returns, and standardized
storage and maintenance, finished goods with quality issues are reworked and reused. Inbound and outbound processes involve
strict verification and checking, standardized loading and unloading. Returned products, after inspection and collaborative
processing, are qualified and re-enter circulation. The finished goods warehouse should maintain constant temperature and
humidity control with daily maintenance;
Reasonably arrange warehouse layout based on the “First-In, First-Out” principle, strictly control inbound processes to reduce
losses and ineffective inventory, while standardizing procedures for material borrowing, outsourcing processing, and supplier
returns;
During old warehouse cleanup, inspect and maintain facilities and equipment such as shelves and pallets. If there are reusable
facilities and equipment, proper records and storage should be maintained for future use.
Strict Control of Pollution Discharge Case Study: Centralized Liquid Supply and Recovery Treatment Technology Transformation Project
In 2025, to address issues such as high maintenance costs for individual liquid supply equipment in the CNC
workshop, significant waste liquid discharge, and unstable processing quality, the Company implemented
Pollutant Emissions a transformation to a centralized liquid supply and return treatment system. Through measures including
centralized chip removal, high-precision filtration, automatic proportioning, constant-temperature liquid supply,
and metal chip briquetting for recovery, the upgrade from decentralized management to centralized recycling
of cutting fluid was completed. This effectively reduced costs, improved efficiency, and achieved green
Manst strictly complies with the Law of the People’s Republic of China on the Prevention and Control of Water Pollution, emission reduction. The approach will be comprehensively promoted and energy-saving transformations will
the Law of the People’s Republic of China on the Prevention and Control of Atmospheric Pollution, and other relevant be deepened subsequently.
laws and regulations. The Company has established internal management systems for wastewater, exhaust gas, and
other emissions generated during production and operation. It regularly commissions third-party professional agencies to
conduct testing of wastewater and exhaust gas to ensure the proper functioning of environmental protection facilities and
the compliant discharge and treatment of pollutants. During the reporting period, neither the Company nor its subsidiaries
were classified as key pollutant discharge units by the environmental protection authorities, and no penalties or violations
related to pollutant emissions occurred.
Waste Gas Disposal Methods
The waste gas enters the activated carbon filtration device through exhaust pipes, is
treated to meet standards, and then discharged. The Administration Department entrusts
Point
institutions with environmental protection testing qualifications to regularly monitor the
source
waste gas emissions in areas where waste gas is generated. The department also declares
emissions
the emissions on the system as required by relevant environmental protection authorities
and uploads the test results.
Indicator Unit 2025
Effective measures are taken to control unorganized emissions from the source of Exhaust Air Pollutant Emissions KG 422.24
Fugitive
workshop equipment, ensuring that the waste gas concentration inside and outside the - Particulate Matter KG 353.60
emissions
workshop meets the Fugitive emission limits before being discharged up to standard.
- Volatile Organic Compounds KG 68.64
Exhaust Gas Pollutant Emission Concentration mg/m3 19.99
Wastewater Treatment Methods
- Particulate Matter mg/m3 16.80
- Volatile Organic Compounds mg/m3 3.19
Connected to the municipal sewage network and directed to the corresponding sewage
Domestic
treatment plant, it is discharged up to standard after meeting the relevant limit requirements
sewage
of the Discharge Limits for Water Pollutants.
Waste Management
Apart from the grinding fluid generated during grinding and CNC machining processes, To standardize the management of the Company’s solid waste, reduce the generation of solid waste, and minimize
the Company does not produce industrial wastewater in other production stages. Through environmental pollution, the Company, in accordance with the Law of the People’s Republic of China on Prevention
Production a technical renovation project for centralized fluid supply treatment implemented over two and Control of Environmental Pollution by Solid Wastes, Technical Guidelines for Solid Waste Treatment and Disposal
wastewater consecutive years, the Company recycles and reuses the grinding fluid after treatment. The Engineering, and other relevant laws, regulations, and standards, has formulated the Waste Management System
involved waste residues are uniformly collected and handed over to qualified third-party and the Hazardous Waste and Waste Management System. These specified the classification and disposal of waste
environmental protection companies for recycling and disposal. generated from office, production, transportation, storage, and other operational activities, as well as the division of
responsibilities among departments involved in waste management.
Waste Management Departments and Responsibilities Hazardous Waste Management Organizational Structure
Comprehensively oversees the Company’s hazardous waste management work, bears the ultimate leadership
Primary Responsible Person
responsibility for hazardous waste management, and coordinates decision-making on major issues.
Primarily organizes, coordinates, and advances the daily work of hazardous waste management, and implements full-
Directly Responsible Person
Production-related Audit and Supervision process management responsibility for key categories of hazardous waste.
Responsible for the classified
Departments Department
collection, storage, and daily Hazardous Waste Warehouse Responsible for the daily operation of the hazardous waste warehouse, standardized facility operation, and implements
cleaning of domestic waste Responsible for the classified Responsible Person on-site management tasks such as temporary storage, inbound and outbound handling of hazardous waste.
generated from daily office collection, storage, and
operations; responsible for the transportation to designated Participate in the scrap Audit the scrap disposal Safety and Emergency Leads hazardous waste emergency response work, formulates emergency plans, organizes emergency drills, and
final outsourcing of all waste for locations of waste generated disposal process for waste and sales processes for Response Responsible Person handles sudden environmental incidents involving hazardous waste.
recycling and disposal, including during workshop processes, materials and supervise the waste materials and have
qualification review of waste such as trimmings, steel accounting of revenue from the right to conduct on-site
waste sales. supervision at any time.
By implementing green transformation of production processes, the Company gradually phases out or substitutes toxic and hazardous
recycling and disposal units, and scraps, iron slag, aluminum foil,
signing processing agreements and waste packaging materials; raw materials, reducing the types and quantities of hazardous waste generated at the source. It optimizes equipment and operational
with them. participate in the scrap disposal procedures to minimize the generation of hazardous waste, such as residues and waste liquids. Additionally, the Company promotes
process for waste materials. micro-scale management of laboratory chemicals, reducing the production of experimental waste liquids and reagents, effectively
Administration
Finance Department achieving continuous reduction in pollutant emissions.
Department
All hazardous waste generated by the Company must be packaged according to hazardous waste codes and stored uniformly in
Non-hazardous Waste dedicated storage areas that comply with national anti-leakage standards. When transferring to third-party agencies with professional
environmental qualifications, the Company strictly follows the closed-loop process of “declaration–approval–transfer–treatment” and the
The Company continuously implements cleaner production audits, optimizes product design and production processes to reduce the national hazardous waste transfer manifest system. In 2025, the Company’s compliant disposal rate for hazardous waste reached reach
generation of scrap materials and defective products at the source. It promotes paperless and digital office operations in daily activities 100%.
and encourages the use of reusable office supplies while reducing the procurement of disposable items. For general solid waste, such
as metal chips, plastics, and packaging materials generated during production, the Company conducts detailed classification to lay the Waste Categories Waste Items Disposal Method
Waste activated carbon, waste cutting fluid, empty paint
foundation for subsequent resource utilization. Through multiple measures, it drives the annual reduction in the generation intensity of
Hazardous Waste Processed by qualified disposal units.
general industrial solid waste in production areas and continuously decreases pollutant emissions. buckets, chemical-contaminated waste (rags, gloves, glass)
The Company fully implements a management model of “source classification, comprehensive resource utilization, and compliant
disposal” for non-hazardous waste (including domestic waste and general industrial solid waste). Domestic waste is strictly classified
Indicator Unit 2025
in detail and regularly collected at high frequency by professional disposal companies to ensure a clean factory environment. General
production and office solid waste are collected centrally in strict accordance with national pollution control standards, prohibited from
being mixed with hazardous waste, and prioritized for resource utilization or unified legal disposal by qualified recycling agencies,
Total Amount of Non-Hazardous Waste Generated Tonnes 47.07
thereby achieving reduction and harmless closed-loop management of daily waste. In 2025, the Company’s comprehensive utilization Total Amount of Hazardous Waste Generated Tonnes 14.64
rate of non-hazardous waste was no less than 90%.
For metal scrap, the Company uses metal briquetting machines to directly cold-press various metal waste into blocks, facilitating
storage, transportation, and recycling. This significantly improves factory cleanliness and resource reuse rates, reducing issues such as Noise Management
environmental pollution, transportation inconvenience, and resource waste caused by metal chips.
Company noise originates from the operation of equipment and the use of tools in various workshops.
Waste Categories Waste Items Disposal Method
Regularly handed over to municipal waste
Domestic Waste Fruit peels, used paper towels, meal boxes.
removal companies for transportation. Noise Control Methods
Scrap iron, waste film, waste paper, Recycled and processed by qualified
General Industrial Solid Waste Implement sound insulation and vibration reduction measures for high-noise equipment or processes; establish noise barriers or
packaging bags, plastic film, etc. recyclers.
adjust operating hours when necessary to reduce impact on employees and the surrounding environment;
Provide personal protective equipment such as earplugs for high-noise positions; the Administration Department regularly
Hazardous Waste organizes hearing health checks for employees in noise-exposed positions to verify the effectiveness of protective measures;
Regularly monitor noise levels at the factory boundary and within working areas. Emissions comply with the Class III area
The Company implements specialized control for hazardous waste, formulates the Hazardous Waste Management System, and standards of GB 12348-2008 Emission Standard for Industrial Enterprises Noise at Boundary, with daytime levels ≤65 dB and
establishes a full-chain responsibility management system covering the entire lifecycle. It systematically specifies management nighttime levels ≤55 dB.
requirements for key stages such as collection, storage, transfer, and disposal of hazardous waste.
Empowering Value
Co-creation through
Innovation and Quality
·Innovation-Driven Development
·Enhancing Product Quality
·Sustainable Supply Chain
·Protection of Customers’ Rights and Interests
·Safeguarding Information Security
Contribution to the United Nations Sustainable Development
Goals (SDGs)
Innovation-Driven Development Strategy
Governance
Risk/ Impacted
Financial
Manst adheres to innovation-driven development, establishing a deep R&D model where "processes lead equipment".The Company Opportunity Risk/Opportunity Description Timeframe2 Value Chain Response Measures
Impact
has establishedcoating engineering centers and professional laboratories across multiple application fields, forming an integrated Type Segment
independent R&D system that covers demand identification, process design, and performance verification. The Company actively
establishes industry-university-research cooperation with domestic and foreign scientific research institutes, continuously introduces
The Company’s products are non-standard
professional scientific research talents and industry chain elites, forming a mature and reliable mechanism for integrated independent Enhance the Company’s R&D
equipment that is highly customized, and
capabilities, including increasing
R&D from demand ideas, structural design, product prototyping, to product performance verification. Meanwhile, it incorporates various parameters of the product solutions
R&D investment, introducing
automation and intelligent technologies and has developed the capability to collaborate with customers in solving core challenges such need to meet customers’ dynamic demands.
and cultivating high-quality
Due to the rapid iteration of downstream
as high-quality, high-efficiency, and low-cost production of end products across multiple application scenarios. R&D talent, and establishing an
customers’ products and manufacturing
Medium efficient R&D system. Actively
The Company has established a scientific and effective R&D organizational structure and formulated R&D management documents such Technological process technologies, if the Company Corporate
Cost Increase to Long seek cooperation with domestic
Risk misjudges future market demand or fails Operations
as the Project Management Manual, Charter Development Process Description, Demand Management Process, Risk Tracking Sheet, Term and foreign scientific research
in product R&D, it will lead to difficulties
R&D Material Management System, R&D Confidentiality Management System, and Organization, Implementation, and Incentive Reward institutions, universities, and
in recovering R&D investment, reduced
peers to reduce the difficulty and
System for the Transformation of Scientific and Technological Achievements. These documents standardize operational processes such corporate profitability, inability to expand or
risk of technology development
as R&D project initiation and reporting, strengthen the management of the entire R&D process, promote the transformation and effective even a squeeze in market share, which will
through technology introduction
have a significant adverse impact on the
utilization of R&D achievements, and continuously enhance the Company’s independent innovation capability. and joint R&D.
Company’s sustainable profitability.
Risk
The Company has obtained National High-Tech Enterprise certification, has been selected as a national-level Specialized and
Sophisticated “Little Giant” enterprise and a National Intellectual Property Advantage Enterprise. The Company has set up scientific The Company operates in the technology- Optimize the compensation and
research platforms such as the Guangdong Province New Energy Intelligent High-Precision Coating Equipment Engineering Technology intensive industry of intelligent manufacturing benefits system to ensure the
for new energy high-end equipment. A stable remuneration of core technical
Research Center and the Shenzhen Postdoctoral Innovation Practice Base. It has also been honored with awards including the
R&D team is the foundation for the Company personnel is market-competitive.
Guangdong Province Manufacturing Single Champion Demonstration Enterprise and Guangdong Province Famous and High-Quality to maintain its core competitiveness and an Conduct talent reviews to identify
High-Tech Products. important guarantee for the Company’s long- and cultivate backup talents for
Increase in Medium
Organizational term technological progress and business Corporate key positions, forming a talent
Operating to Long
Risk development. Although the Company has Operations echelon. Establish industry-
Costs Term
taken various measures to stabilize the university-research cooperation
core technical team, the possibility of future with universities and research
loss of key personnel cannot be ruled institutions to introduce external
out. If a large number of core technical intellectual resources and
personnel leave in the future, it will affect the compensate for internal talent
Company’s sustainable profitability. shortages.
The Company consistently
follows an innovation-driven
‘Little Giant’ Specialized and
Guangdong Manufacturing development strategy. Through
Sophisticated Enterprise that National Intellectual Property
High-Tech Enterprise Single Champion Demonstration The high-precision coating technology various measures such as
Produces Novel and Unique Advantage Enterprise
Enterprise products produced by the Company can continuously increasing R&D
Products Increase in
Opportunity
Technological meet the coating process requirements Short, Corporate investment, attracting scientific
Operating
Breakthrough of current mainstream lithium-ion battery Medium, Operations, and technological talent,
Revenue,
and Market manufacturers for lithium-ion battery and Long Upstream and and strengthening external
Strong Market
Leadership electrodes, possess the capability to Term Downstream cooperation, it actively promotes
Competitiveness
compete with leading foreign brands, and the research and development
have achieved import substitution. of forward-looking technology
projects and advances their
industrialization, maintaining a
leading position in the industry.
Guangdong Provincial Engineering
Technology Research Center for
Shenzhen Postdoctoral Shenzhen Industrial Excellence Shenzhen Enterprise Technology
Intelligent and High-Precision
Innovation Practice Base Award Center
Coating Equipment in the New
Energy Sector 2
Definition: Short-term: within 1 year; Medium-term: 1–5 years; Long-term: over 5 years.
Industry-Research Collaborative Innovation
Impact, Risk, and Opportunity Management
Leveraging its profound technical expertise in precision slot-die coating,
Manst has established an industry-university-research collaborative
Management process Management measures
innovation network and built a perovskite pilot platform covering the
The Company thoroughly identifies risks related to R&D innovation based on systems such as the Risk 1200mm×600mm level. The Company emphasizes deep integration
Risk and Opportunity Management Procedure. This covers all stages of R&D project management, including with cutting-edge scientific research forces, establishes a perovskite
identification demand introduction, project initiation, design and production, assembly and commissioning, and project
joint laboratory with the Shenzhen Institutes of Advanced Technology,
completion and release.
Chinese Academy of Sciences, and maintains close university-enterprise
cooperation with institutions like Shenzhen University of Technology. Focused on continuous breakthroughs in areas
A “Risk and Opportunity Assessment Team” is formed, responsible for risk-related tasks. The team
Risk analysis quantitatively evaluates the degree of risk impact from multiple perspectives, applying a strict principle for such as rigid/flexible large-area perovskite coating, crystalline silicon/perovskite tandem solar cells, and perovskite
risk determination. cell encapsulation technology, it provides strong technical support and implementable process validation solutions for
platform operations.
Key monitoring points at each stage of R&D projects:
Risk monitoring is conducted throughout the R&D process, including demand introduction, project Laboratory Capability Building
initiation, design and production, assembly and commissioning, and project completion and release.
The R&D Management Department organizes reviews to assess from multiple perspectives whether the As the core hub of Manst’s technological R&D, the laboratory continuously breaks through technical barriers through
Risk
sustained scientific investment and experimental exploration. It serves as a continuous source of technological
monitoring
project meets expectations and monitors the overall project status.
Daily monitoring mechanism: innovation, enhancing the performance and efficiency of coating technology, expanding its application fields, and
By regulating the use of standard documents, computers, printers, and communication tools, the Company ensuring Manst’s competitiveness and sustainable growth in the global market.
monitors document management, information security, and confidentiality system implementation during
the R&D process, promptly identifying and addressing risks of information leakage.
During the project initiation phase, a risk management plan is developed, covering aspects such as Roll-to-Roll Coating Laboratory
scope, schedule, quality, cost, resources, risk, and change control. Initial risks are identified, and
corresponding response measures are formulated. Throughout project execution, appropriate actions are The roll-to-roll coating laboratory is equipped with
Risk taken based on the risk conditions. For example, key technology verifications are carried out when facing experimental devices for mixing, coating, and roller
management technical bottlenecks; design solutions are optimized through multiple rounds of review; design plans are pressing. It is a leading coating laboratory in the industry,
updated based on the results of prototype verification reviews; and small-scale trial production reviews are capable of conducting various coating experiments such
conducted to confirm whether the product meets requirements. Experience is continuously summarized
as micro-gravure coating, extrusion coating, transfer
throughout the project lifecycle to improve management processes.
coating, and dip coating.
Encouraging R&D Innovation
The Company has established the R&D Project Incentive Management Measures and the Intellectual Property Incentive
Materials Laboratory
Program to encourage technological innovation, standardize the management of scientific and technological achievement
transformation, and stimulate the enthusiasm, initiative, and creativity of personnel at all levels to engage in such The material laboratory is an important professional
transformation. basic laboratory, mainly responsible for the process
development of slurry, the production and performance
testing of slurry, the sintering preparation of positive and
negative electrode main material powders of batteries,
and providing strong data support and optimization
solutions for the production coating line.
Serial
Category Standard Name Status
Number
Planar Coating Laboratory
The planar coating laboratory mainly conducts 8 Group Standard Guidelines for the Evaluation of Advanced Equipment in Recycling Used Lithium-ion Batteries Released
experiments in the fields of new energy, advanced 9 Group Standard Technical Specification for Optical Storage and Charging Integrated Power Station Released
board-level packaging, and panel-level coating. At
present, the key research directions of the laboratory
are: process development testing, new material testing,
Technical Specification for Performance Testing of Photovoltaic Systems Equipped with
equipment development and commissioning and other 12 Group Standard
Electrochemical Energy Storage
Released
series of research and development work. 13 Group Standard Technical Requirements and Test Method of Energy Storage System for Telecommunications Station Released
Technical Guidelines for Energy Storage Planning and Configuration on Distribution Network
Transformer Area Side
Technical Guideline for Grid-Forming Electrochemical Energy Storage System Interconnecting with
Fluid Simulation Laboratory Distribution Network
Safety and Acceptance Specification for Cabinet-Type Lithium-ion Iron Phosphate Battery Energy
Storage Systems
The fluid simulation laboratory is mainly responsible for
the metallographic, hardness, and corrosion resistance
of the core component materials; evaluating the 19 Group Standard Technical Specifications for Wires and Cables Used in Power Energy Storage Systems Pending approval
morphology, adhesion, and thickness of the surface 20 Group Standard Technical Specifications for Connectors for Electric Energy Storage Systems Pending approval
coating; and the analysis of the rheological properties,
surface tension, and density of the slurry.
Requirements for Intelligent Recycling Technology and Complete Equipment for Waste Lithium-ion
Smart Manufacturing Maturity Management
Participation in the Standard Development Manst has obtained the Manst Intelligent Manufacturing
In promoting industry development, the Company not only leads industry trends through technological innovation but also Capability Maturity Level 3 Certification, signifying that the
actively participates in the drafting and formulation of various standards. This contributes to the continuous improvement Company’s standardization level in smart manufacturing
and upgrading of relevant technical standards, providing strong support for the healthy and orderly development of the processes, technology application, and management
industry. As of the end of the reporting period, the Company had participated in the development of 22 standards, 13 of systems has reached an industry-leading tier. Through
which have been officially released, including 1 national standard. multi-system integration, the Company has built a highly
efficient and collaborative production management system,
Serial achieving digital and intelligent management of design and
Category Standard Name Status Manst Intelligent Manufacturing Capability
Number
Maturity Level 3 Certification
production processes, significantly enhancing production
efficiency, product quality, and resource utilization.
research platforms such as the nationally CNAS-accredited testing laboratory and provincial engineering technology
research center, the Company has established core advantages in key areas including material processing technology,
application of new ceramic materials, multi-layer precision coating technology, automatic closed-loop control technology,
Safety Requirements and Installation Acceptance Specifications for Cabinet-Type Lithium-ion dry film-making processes, and pan-semiconductor coating processes. This deep R&D accumulation enables the
Iron Phosphate Battery Energy Storage Systems
Company to delve into customer scenarios and provide customized solutions—from process route design to specialized
equipment development—addressing core challenges such as high quality, high efficiency, and low-cost production, truly
achieving collaborative innovation with customers.
Solid-State Battery Electrode Manufacturing Solutions
To address common industry challenges in solid-state battery manufacturing faced by the traditional wet process, such
as sulfide electrolyte decomposition, high interfacial impedance, and high energy consumption, Manst has restructured Uniformity control is another challenge in dry process applications. To ensure
the quality of electrode raw material film formation, Manst introduced the 14-roll
production logic from the manufacturing end. Taking the dry process as a core breakthrough point, the Company
double-sided simultaneous film formation process to achieve uniform double-sided
has launched a full-process solid-state battery electrode manufacturing solution covering film formation, electrode coating. Its accompanying steel belt pre-forming mechanism employs an inclined
preparation, and the front-end production line for solid-state batteries. Through self-developed key equipment, Manst has wedge compression design, providing continuous, quantitative, and stable feeding
established a complete front-end production line for solid-state batteries primarily based on the dry process. for multi-roll calendering equipment, significantly improving the compacted density
of the film and the uniformity of film thickness and density. Tests show this process
can compress film thickness fluctuation to ±3μm, far exceeding the precision of
Integrated Machine
traditional single-sided film formation, making high-consistency electrode mass
production possible.
Film formation calendering equipment can be flexibly selected according to the production line stage. Single-sided film
formation composite equipment can be used for small-scale trials and pilot lines, while double-sided film formation composite
equipment can be chosen for pilot and mass production lines. This double-sided film formation composite integrated machine
uses a unified design, making the composite process more compact and efficient, improving production efficiency. Its precise
tension measurement and adjustment mechanism ensure stable tension during the composite process, preventing film
deformation or wrinkling. The automatic winding mechanism can accurately wind the composite film into electrode film rolls of
suitable size, reducing operational difficulty and human error.
Wet Thin-Coating System for Electrolyte
Solid electrolyte needs to be processed by a sand mill before coating
to make the electrolyte powder finer, further enhancing the overall
performance of the cell. When thinly coating the solid electrolyte layer on
the electrode, Manst employs wet slot-die coating technology and sand
Overall Layout Diagram of Front-End Equipment for Solid-State Batteries mill processing to achieve non-contact thin-layer coating. A double-sided
coating process of “front-side coating → baking → back-side coating →
baking” is adopted, effectively avoiding interface miscibility issues and
ensuring the uniformity and stability of the solid electrolyte layer. Wet Thin-Coating System for Electrolyte
The three core self-developed equipment—All-Ceramic Twin-Screw Fibrillation, 14-Roll Double-Sided Calendering, and Wet
Thin-Coating of Electrolyte—have built a technological moat for this solid-state battery electrode manufacturing solution, Manst considers the integration of solid-state battery equipment as an important development direction. By integrating
facilitating the move towards mass production of solid-state batteries. processes such as feeding, mixing, fibrillation, film making, calendering, slitting, and winding, material flow time is shortened,
improving production efficiency and product consistency. The Company relies on self-developed key core equipment to build
All-Ceramic Twin-Screw Fibrillation Technology a technological closed loop, providing the industry with front-end production line solutions primarily based on dry process,
validating a feasible and scalable mass production technical path. In the future, Manst will continue to promote collaborative
Manst’s innovation in core equipment for the dry process begins with the innovation in dry process and equipment integration, break through the cost and technical bottlenecks in solid-state battery
fibrillation stage. Its self-developed all-ceramic dry twin-screw fibrillation machine manufacturing, and work with upstream and downstream partners in the industry chain to promote the industrialization of high-
uses ceramic barrel liners and screw elements, fundamentally preventing the performance, high-safety solid-state batteries.
introduction of metal contaminants and ensuring cell safety and long cycle life.
With excellent wear resistance due to ceramic materials, the equipment has
a service life of ≥18,000 hours. Its modular building-block design facilitates
AC NEWENERGY 9MWh Centralized Energy Storage Product
disassembly and cleaning, allowing flexible adaptation to needs from small-
scale trials and pilot lines to mass production. It can precisely apply shear force
In April 2025, AC NEWENERGY showcased its 9MWh centralized energy storage product and its full matrix of products
within the 19°C phase transition temperature window of PTFE binder, tearing
Dry Twin-Screw Fibrillation Machine including large-scale storage, commercial & industrial storage, and residential storage at the 13th Energy Storage
PTFE crystals into a nanoscale fiber network, efficiently achieving raw material
fibrillation and forming a stable, uniform electrode skeleton. Its double-end support structure also effectively reduces shaft International Summit and Exhibition (ESIE 2025). Through dedicated forums, exhibition displays, innovation competitions,
deformation, with a pilot line throughput reaching 150 L/h. This technological breakthrough not only solves the risk of battery and other activities, the Company engaged in in-depth exchanges with professionals from various fields, attracting
micro-short circuits caused by metal contamination but also lays the foundation for subsequent uniform film formation.
numerous domestic and international professional visitors, media, and partners from across the industry chain for
consultations and negotiations.
Metrics and Targets
The 9MWh Xiangtiangao Energy Storage System uses LFP 435Ah large cells Metrics
(pack configuration: 1P408S×16) and supports a 0.5P charge/discharge rate.
It is equipped with an intelligent liquid cooling temperature control system
Indicator 2023 2024 2025
(operating temperature -20°C to 55°C) and employs perfluorohexone PACK-level
fire suppression and water fire protection. The overall system dimensions are
R&D Investment (RMB millions) 70.1387 120.0933 172.9403
cabinet weighs 13.5 tonnes. It offers the following advantages: R&D Investment as a Percentage of Operating Revenue 8.82 7.07 16.19
High energy capacity, compact footprint, high integration level;
R&D Team
Modular design for easy transportation and installation;
Separate AC/DC design allowing flexible configuration based on customer Total Number of R&D Team 442 501 480
needs;
Digital management, intelligent energy; Change in R&D Personnel 34.03 30.70 28.85
Multi-layer fire protection design ensuring high safety.
By Education Level
Below Undergraduat' Degree 158 166 147
Undergraduate 251 285 285
Ancheng Special Session Discusses Composite Energy Storage Solutions
Master 32 48 46
During the ESIE 2025 exhibition’s Energy Storage Design and Solutions Doctor 1 2 2
Forum, the Deputy General Manager of Sales from AC NEWENERGY’s
Large-Scale Storage Business Unit delivered an insightful presentation titled By Gender
“Multi-Composite Energy Storage Scenario Solutions and Market Models”.
Male 357 430 415
The session analyzed the development advantages and challenges of
composite energy storage, examined domestic and international energy Female 85 71 65
storage policies and market differences, and facilitated discussions with
industry peers on future energy storage market trends. Innovation Achievements
Cumulative Number of Authorized Patents 271 412 607
Breakdown by Patent Type
Ancheng Energy Storage Project Wins Innovation Competition Award
Cumulative Number of Authorized Invention Patents 30 49 69
Cumulative Number of Authorized Utility Model Patents 217 329 490
At the “9th International Energy Storage Innovation Competition” held concurrently
with the exhibition, AC NEWENERGY’s project “Zhejiang Ningbo 44MW/40MWh Cumulative Number of Authorized Design Patents 24 34 48
Thermal Power Frequency Regulation Energy Storage Project” was awarded “Excellent
Project in the Application Innovation Group - Large-Scale Storage Track”, receiving Other Intellectual Property
unanimous recognition from the judging panel’s expert group.
Cumulative Number of Software Copyrights 29 82 141
Enterprise Innovation Capability Certification
Specialized and Sophisticated Enterprises 1 2 3
National High-Tech Enterprise 3 7 11
Targets
Target Content Achievement Status
Coating technology, as a surface treatment process technology with universal
industrial characteristics, has extremely broad application scenarios. The Company
will firmly grasp the development trend of energy technology transformation, rely
on its advanced engineering application capabilities in coating technology, aim to
promote the industrial application of new materials, and continuously deepen its
capabilities in micron and nanoscale coating processes and equipment. Steadily Manst & Hunan AC Intellectual Property Compliance Management Awarded the China Patent
System Certificate Excellence Award
In the future, the Company will fully seize the development opportunities presented progressing
by new technologies and new businesses, strive to build an industrial layout with
To strengthen all employees’ awareness of intellectual property protection and standardize intellectual property
multiple parallel tracks in “new energy + pan-semiconductor”, resolutely implement
management processes, the Company launched the online platform “ManE Classroom” in June 2025, simultaneously
the strategic positioning of a platform-based technology enterprise, and vigorously
rolling out a series of intellectual property courses. The courses cover core topics such as intellectual property
promote the localization process of China’s core equipment for coating technology
fundamentals, patent searches, patent application and protection, and patent risk elimination, successfully transitioning
applications in more “bottleneck” areas.
offline training online to enhance training convenience and coverage. Furthermore, the Company has established a
comprehensive training system and a training credit management system, incorporating intellectual property training
into the regular training system for all employees. It clearly defines relevant training requirements and assessment
standards, creating implementable and traceable intellectual property protection training cases, effectively promoting the
Intellectual Property Protection standardization of intellectual property management and fortifying the Company’s intellectual property security defenses.
The Company adheres to the principle of innovation-driven development and strategic guidance, deeply integrating its Technology Ethics
intellectual property strategy with overall business objectives. In terms of intellectual property protection, the Company
actively builds a comprehensive, efficient, and distinctive system, issuing and implementing management regulations
such as the Detailed Rules for Intellectual Property Risk Monitoring, Detailed Rules for Intellectual Property Application, In its daily operational activities, the Company is not involved in any content directly related to technology ethics across
and Detailed Rules for Intellectual Property Incentives, covering all stages from R&D to sales. Simultaneously, the all stages, from product R&D design, manufacturing, to market sales and after-sales services. The Company adheres to
Company has established an Intellectual Property Group responsible for identifying and assessing intellectual property existing laws, regulations, and industry standards, and there are no potential risks arising from technology ethics issues.
risks during R&D, formulating intellectual property incentive policies and reward/penalty schemes, and managing patent
application rewards.
The Company’s intellectual property protection system implements a full-process management mechanism. During
the product R&D phase, the Intellectual Property Group and the Legal Department are involved throughout to ensure
timely and orderly intellectual property applications, embedding intellectual property protection into the entire R&D
process. During production and operation, the Company has established an intellectual property infringement early
warning mechanism and a risk monitoring mechanism that spans the entire process. It regularly conducts assessments
of intellectual property legal risks, establishes rights protection mechanisms, promptly applies for patents, software
copyrights, etc., for innovative achievements from R&D projects, and maintains annual fees for intellectual property.
Manst and Hunan AC have passed the GB/T 29490 Intellectual Property Compliance Management System certification.
Enhancing Product Quality Strategy
Governance Risk/
Financial
Impacted
Opportunity Risk/Opportunity Description Timeframe3 Value Chain Response Measures
Impact
Type Segment
Manst adheres to the quality policy of “Making Quality the Reputation”, regards quality as the lifeline of the enterprise, continuously
improves the quality management system, promotes technological innovation, process optimization, and product quality enhancement to The Company’s products are highly Increase R&D investment,
customized and must be tailored to meet actively explore the application of
meet and exceed customer expectations. During the reporting period, no major quality incidents occurred in the Company. Short, Corporate
specific customer requirements. If current new technologies and processes,
Medium, Operations,
Risk
The Company strictly complies with the Law of the People’s Republic of China on Product Quality and other relevant laws and regulations. Technical Risk technologies cannot satisfy these demands, Cost increase and concentrate resources to
and Long Upstream and
additional resources may be required for overcome technical challenges to
It has formulated and implemented a series of quality management systems, including the Process Defect Management System, Term Downstream
procurement, design, or production to fulfill ensure product quality meets or
Quality Abnormality Handling Management System, Nonconforming Product Control Procedure, Major Incoming Material Quality Issue customer expectations. exceeds customer expectations.
Management System, and Product Monitoring and Measurement Control Procedure. These systems cover every key stage from material
intake, production, and quality inspection to finished product delivery, enabling comprehensive and full-process control over product As an internationally advanced enterprise
in coating technology applications, the
quality. Enhanced
Opportunities
Company has leveraged years of R&D Short, Corporate Continuously improve product
Opportunities product
Manst has established a Quality Management Department that, in accordance with national laws, regulations, and industry standards, experience and numerous successful industry Medium, Operations, quality, meet customer needs,
in Market competitiveness
applications to achieve import substitution and Long Upstream and and maintain a leading position
enforces strict quality control procedures and inspection standards to ensure products meet or exceed customer expectations. During Leadership and increased
for its core products in the lithium-ion battery Term Downstream in the industry.
revenue
the reporting period, the Quality Management Department conducted project-based quality risk assessments on production materials sector, while also maintaining a strong
and finished products, promptly identifying risks and implementing corrective actions. The Company has achieved a steady increase in domestic and international customer base.
product pass rates and a continuous decrease in customer complaint rates for several consecutive years. Additionally, a qualified supplier
list has been established, with strengthened training and quality management for suppliers to further improve the acceptance rate of
incoming materials. Impact, Risk, and Opportunity Management
The Company continuously improves its quality management system. As of the end of the reporting period, Manst, Manst Optoelectronics,
Anman Technology, Chongman New Materials, Suman Hydrogen Energy, Aoreike, Huaiman Automation, Huaiman Fluid, AC
The Company follows the Risk and Opportunity Management Procedure, along with other systems such as the
NEWENERGY, and Hunan AC have all passed ISO 9001 Quality Management System certification. Some certificates are as follows:
Quality Abnormality Handling Management System, Nonconforming Product Control Procedure, and Product
Monitoring and Measurement Control Procedure, to comprehensively identify risks and opportunities in all stages
Risk
Identification of product manufacturing. During process implementation, potential quality issues or abnormalities—such as
technical, operational, environmental, material, equipment, and quality anomalies—are identified through in-process
inspections, finished product inspections, and pre-shipment inspections. Nonconforming products are also classified
to identify different levels of risk.
When anomalies or nonconforming products are identified, the Quality Management Department coordinates with
Risk
relevant departments to conduct root cause analysis. A comprehensive assessment is carried out to determine the
Analysis
nature, scope, and potential impact of the issue, helping to evaluate the severity and urgency of the associated risk.
By conducting inspections on incoming materials, in-process products, finished products, and pre-shipment items,
Risk the Company monitors and measures the quality characteristics of its products to promptly identify potential quality
Monitoring issues and risks. In addition, the Quality Management Department performs statistical analysis on inspection data to
uncover latent quality risks.
For minor nonconforming products, the responsible department conducts internal reviews and handles the issue
independently. For general nonconforming products, the responsible department conducts an internal review and
then submits the issue to the Quality Management Department for confirmation and processing. In cases of major
Risk
nonconformities, the evaluation conclusion is drawn based on inputs from all relevant departments, and the issue is
Management
addressed accordingly. The Quality Management Department also issues a Corrective and Preventive Action Report
AC NEWENERGY Quality Hunan AC Quality based on the risk assessment, requiring the responsible department to implement improvements and follow up on
Manst Quality Management Manst Optoelectronics Quality
Management System Management System
System Certificate Management System Certificate their effectiveness, aiming to continuously reduce risk levels and enhance product quality.
Certificate Certificate
Definition: Short-term: within 1 year; Medium-term: 1–5 years; Long-term: over 5 years.
Product Safety and Quality Management Precision Manufacturing
Whole-life-cycle Management of Products
Manst regards precision manufacturing as the foundation of enterprise development and integrates lean production
The Company has established a product monitoring and measurement control procedure. By monitoring and measuring
and digital management into the entire manufacturing process. The Company’s production base covers over 80,000
products at various stages—such as raw materials, semi-finished products, finished products, and outgoing shipments—
the Company ensures that products at each stage meet quality, environmental, and customer requirements. square meters, establishing a precision coating intelligent manufacturing industrial park that includes precision gasket
production, curved and planar precision machining, quality inspection, sheet metal, and ceramic processing. Through the
After the raw materials arrive, warehouse personnel conduct a preliminary inspection and label the product or implementation of MES systems and automated production lines, the Company has achieved transparency and efficiency
its inspection status. The Quality Management Department is then notified to carry out incoming inspections. in the production process.
Incoming
The department conducts inspections in accordance with relevant regulations and determines the results based
Inspection
on the AQL value of the materials. Warehouse personnel will proceed with warehousing or return operations On the production floor, industry-leading precision machining equipment combined with mature processes drives
according to the inspection results provided by the Quality Management Department.
manufacturing capabilities to continuously push limits. The Company possesses the capability for integrated machining
of ultra-long dies up to 4,000mm, enabling precision forming and high-quality surface treatment of complex structural
During product realization, the Quality Management Department and the Production Department monitor and
In-Process components. Core indicators have reached industry-leading levels: die large flatness ≤3μm, lip straightness ≤3μm,
measure product characteristics in accordance with the product process card, relevant technical documents,
Inspection cavity roughness Ra≤0.025μm. The Company provides quantifiable precision manufacturing capabilities, offering solid
and quality management documentation to verify that product requirements are being met.
assurance for the long-term reliability and performance consistency of customer products.
Finished The Quality Management Department conducts final product inspections (or submits products for inspection)
Product and determines product release in accordance with the Finished Product Inspection Work Instruction, while
Inspection maintaining relevant records.
Metrics and Targets
Once all specified verification activities are completed and the product meets quality standards, shipments are
Outgoing arranged according to customer requirements. The Quality Management Department carries out pre-shipment
Inspection inspections in accordance with the Product Packaging Work Instruction and includes the inspection report with Metrics
the shipment.
Additionally, the Company has formulated management systems such as the Installation and Debugging Management
Quality Indicators Unit Achievement Status
Regulations, Product Operation Management Regulations, Product Delivery and Acceptance Management Regulations,
and Delivery Anomaly Management Regulations to standardize the product delivery and acceptance process, regulate
Product Pass Rate 100% % Completed
product installation and debugging operations, ensure the proper functioning of company products and the necessary
support during operation, enhance user satisfaction, and ensure smooth product acceptance.
Production Equipment Management Indicator Unit 2025
The Company has established the Equipment and Facility Management Control Procedure to manage the allocation,
Number of Product Quality Management Training Sessions Times 23
maintenance, and upkeep of equipment and facilities. This ensures their safe usage and stable operation, preventing
abnormalities that could pose risks to product quality or safety. Product Quality Management Training Participants Person-times 305
Product Quality Management Training Hours Hours 31.5
Non-conforming Product Management
The Company has established internal policies such as the Nonconforming Product Control Procedure and the Quality
Abnormality Handling Management System to standardize the management of nonconforming products. Effective Targets
controls are implemented through the determination, identification, documentation, evaluation, isolation, handling, and
notification of non-conforming items, in order to prevent them from entering subsequent processes or being delivered to
customers. The Company’s products are custom-designed and manufactured as non-standard equipment according to
Target Content Achievement Status
specific customer requirements, thereby avoiding batch quality issues typically associated with mass production. Given
the nature of non-standard equipment, the products manufactured by the Company are not subject to product recall risks
Continuously maintain zero major quality liability accidents and optimize the quality management system Steadily progressing
caused by quality issues.
Sustainable Supply Chain Strategy
Governance
Risk/
Financial
Opportunity Risk/Opportunity Description Timeframe4 Response Measures
Manst is committed to building a green and efficient supply chain system. To strengthen supplier management, optimize Impact
Type
procurement resources, and mitigate procurement risks, the Company has established a scientifically controlled new
supplier onboarding approval system and formulated management systems such as the New Supplier Development
Key suppliers may halt supply due to The Company establishes partnerships
and Onboarding Management System, Cooperation Management System with Suppliers, Establishment of Qualified Short,
Supplier financial or production issues, potentially with multiple suppliers, evaluates suppliers’
Cost Increase Medium, and
Suppliers, and Supplier Responsibility Management System. These systems clarify the requirements for supplier Disruption causing production line shutdowns, delivery financial stability, and conducts regular
Long Terms
delays, and decreased customer satisfaction. performance reviews.
Risk Type
development and access processes, implement tiered management of suppliers, and standardize supplier review
procedures. The Procurement Management Department leads core activities such as supplier development, onboarding, Natural disasters such as earthquakes, The Company develops disaster recovery
floods, and typhoons may cause facility plans, selects multiple logistics routes,
daily management, and performance evaluation. Natural
damage, potentially leading to disrupted
Short to
Cost Increase coordinates with backup logistics providers,
Disasters Medium Term
logistics and production, production halts, and repairs damaged facilities to ensure
Production Material Supplier Development Process and delivery delays. disaster resilience of production facilities.
Opportunity Type
Supplier Information Review Team Formation and Supplier Comprehensive Qualified Supplier Emerging technologies such as big data, By integrating advanced information
Digital artificial intelligence, and the Internet of technologies, the Company’s supply chain
Research Document Review Evaluation Recognition and Onboarding Medium
Transformation Things continue to develop. The Company Reduction in management becomes more intelligent
to Long
Supplier Search and Supplier On-site/Off-site Sample Verification and of the Supply can leverage these technologies to achieve cost and automated, improving response speed
Term
Preliminary Screening Review Process Confirmation Chain digital transformation of the supply chain, and decision accuracy, and strengthening
enhancing transparency and controllability. adaptability to market changes.
Supplier Tiering and Evaluation
Manst has established a mature and reliable supplier tiered management mechanism to better optimize supplier
Impact, Risk, and Opportunity Management
resources and enhance the stability and efficiency of the supply chain. The Company categorizes suppliers into
three types: general suppliers, important suppliers, and key suppliers. The review frequencies are as follows: annual
To ensure supply chain security, mitigate potential risks, and safeguard the continuity and compliance of company
documentary review, semi-annual or annual on-site review, and annual on-site review, respectively. In cases of significant
operations, the Company has formulated the Supplier Risk Management System. The supply chain management
issues related to quality, delivery, pricing, or service, supplier audits can be conducted at any time. Audits are conducted
department is responsible for its implementation and supervision, conducting risk assessments and responses for all
according to the Supplier Audit Scoring Sheet. The Procurement Management Department collects data monthly on
supply chain links of the Company and its subsidiaries, including but not limited to suppliers, transportation, warehousing,
suppliers’ quality, delivery, and cooperation levels and completes the Supplier Monthly Performance Evaluation Form.
and procurement.
The monthly supplier evaluation results are divided into 4 levels based on the scores, and the annual evaluation score of
a supplier is determined by the average of the scores throughout the year. Supply Chain Risk Management Objectives
Supplier Evaluation
Level Category Reward and Punishment Measures (Annually)
Score Range
Granted priority to participate in the Company’s new project
Grade I Excellent Supplier > 95
development, and preferential treatment in orders and payments. 2 Develop and implement effective risk response plans.
Grade Ⅱ Approved Supplier 81–95 Maintains normal status. 3 Ensure the stability and continuity of supply chain operations.
Grade Ⅲ Supplier Needing Improvement
May face order reduction, increased guidance efforts, or more
frequent on-site reviews.
Subject to special project guidance; if unable to improve to Grade 5 Enhance the risk awareness and response capabilities of supply chain management personnel.
Grade Ⅳ
III within three months, qualification will be revoked. Suppliers
Supplier Not Approved 61 or Below
losing qualification must undergo re-evaluation according to
related assessments before resuming supply. 4
Definition: Short-term: within 1 year; Medium-term: 1–5 years; Long-term: over 5 years.
To achieve the supply chain risk management objectives, the Company has formulated the following specific plans: Supply Chain Risk Assessment
The Company has established the Material Supplier Risk Assessment Measures to conduct comprehensive risk
Conduct a comprehensive supply chain risk assessment quarterly, evaluations of suppliers. This assessment covers fundamental elements such as qualifications and reputation, as well as
Regular Risk Assessment key business aspects including quality, cost, and delivery. It also takes into account ESG indicators like environmental
identify new risk points, and update the risk management plan.
protection, safety, and human rights. Risks are classified into three levels—high, medium, and low—based on likelihood
and severity. Differentiated emergency response strategies are formulated for each risk level to ensure supply chain
stability and sustainable development.
Establish Risk Response Develop specific response measures for identified risks, including Supply Chain Risk Response
Measures contingency plans, backup solutions, and transfer strategies.
The Company has formulated the Raw Materials/Finished Goods Supply Disruption Prevention and Emergency
Response Plan to address potential risks such as supplier disruptions, natural disasters, and transportation interruptions.
Defensive measures and emergency response actions are established, with the relevant responsible departments tasked
with monitoring the implementation progress of these measures.
Implement a real-time monitoring system to track key risk indicators,
Risk Monitoring System
promptly detect potential issues, and take preventive actions.
Responsible Procurement Management
The Company implements control over key aspects affecting procurement quality to ensure that the quality, performance,
delivery time, and service of purchased products comply with customer, legal, regulatory, occupational health and safety,
Conduct regular training on supply chain security management and risk and environmental requirements, and meet the needs of the Company’s production and management. Procurement-
Employee Training
response to enhance overall risk awareness and handling capabilities. related systems such as the Procurement Management System, Procurement Application and Approval Management
System, and Procurement Plan and Procurement Implementation Management System have been established.
Integrity Management in the Supply Chain
Conduct an annual system review to evaluate implementation
Review and Improvement A sound supplier integrity management system ensures the legality and compliance of business conduct between the
effectiveness and make necessary adjustments and improvements. Company and its suppliers, helps foster a fair and just competitive environment, prevents bribery and improper benefit
transfers, and promotes the sustainable development of the supply chain. During the reporting period, the Company
achieved a 97% signing rate for the Integrity Agreement with suppliers. Additionally, the Company regularly conducts
Identification of Supply Chain Risks integrity training for procurement personnel to strengthen their professional ethics, enhance anti-corruption awareness,
and ensure that the procurement process remains fair, transparent, and compliant.
The Company places great importance on supply chain risk management and is committed to establishing a
Supplier ESG Management
comprehensive and detailed risk identification system to ensure the robustness and sustainability of the supply chain.
The Company primarily employs the following multidimensional risk identification methods: Manst emphasizes the ESG responsibilities of its suppliers. The Company has established the Supplier Code of Conduct
and requires all suppliers to sign a Supplier Code of Conduct Commitment Letter. This code mandates that suppliers
provide a safe working environment, treat workers with respect and dignity, operate fairly and in accordance with
established standards, and act responsibly toward the environment when providing products or services to Manst and
Market and its subsidiaries under any circumstances. To support sustainable development and social responsibility, the Company
Internal Audits Data
Expert Consultation Supplier Evaluation Environmental conducts supplier audits and gives priority to collaborating with suppliers that are certified under quality management
and Assessments Analysis
Monitoring
systems, environmental management systems, and occupational health and safety management systems.
Conduct regular audits Collect and analyze Regularly invite Periodically assess Monitor market trends,
The Company has clearly defined sustainable development management requirements and assessment criteria
of all supply chain historical data, supply chain experts suppliers’ financial changes in laws and
for suppliers, comprehensively evaluating and reviewing supplier performance to solidify their ESG management
segments to identify employing data mining or consultants to health, compliance, regulations, and
potential risk points. techniques to predict conduct professional and operational environmental factors
responsibilities. The Company has established the Supplier Sustainable Development Evaluation Form, requiring
Utilize tools such future risks. Focus on evaluations and obtain capabilities through to evaluate their suppliers to conduct self-assessments in four categories: environmental management, social responsibility, governance
as SWOT analysis key data indicators and cutting-edge industry on-site audits and impact on the supply structure, and sustainable development plans. Simultaneously, the Company’s auditors evaluate suppliers’ performance
and FMEA for risk trend changes within risk information. questionnaires. chain. in sustainable development. For identified non-conformities, suppliers are required to provide specific improvement
evaluation. the supply chain. measures and explain how they will follow up and monitor these improvements.
Supplier Grievance and Communication Responsible Management of Conflict Minerals
To enhance communication and collaboration between upstream and downstream enterprises in the supply chain and Manst complies with relevant laws and guidelines, including the Guidelines for Responsible Mineral Supply Chain Due
other relevant parties, respond to stakeholder concerns in a timely and effective manner, and continuously improve Diligence in China and the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-
the Company’s supply chain governance capabilities and information transparency, the Company, adhering to the Affected and High-Risk Areas. The Company is committed to adopting the requirements related to conflict minerals
principles of “honesty, trustworthiness, and responsibility”, has formulated the Supply Chain Management Grievance outlined in these documents and has established a Conflict Minerals Commitment and Policy. Manst solemnly pledges to
and Communication Mechanism. This establishes a supply chain grievance and communication mechanism to ensure take active measures to ensure that its supply chain is free from conflict minerals. In addition, the Company adheres to
that raw material procurement complies with the requirements of the Supply Chain Due Diligence Management System, internationally recognized ethical standards, human rights principles, and environmental protection requirements, firmly
diligently fulfills corporate social responsibility, and establishes a standardized, scientific, and effective grievance refusing to purchase or use mineral resources originating from conflict-affected areas. It also strives to promote a conflict-
mechanism. It allows the Company’s stakeholders (affected individuals or whistleblowers) to voice concerns related to free and sustainable supply chain.
mining, trade, processing, and export situations and ensures they are properly addressed.
Manst gives priority to suppliers that have implemented or committed to implementing aconflict-free mineral sourcing
For grievance incidents, the Company has established a grievance handling working group, with member units policy. The Company explicitly incorporates conflict-free mineral clauses into its procurement contracts, requiring
comprising the Internal Audit and Sustainability Center, Procurement Management Department, etc. Relevant parties suppliers to provide compliant raw materials and to commit to adhering to Manst’s Conflict Minerals Policy.
can submit grievances via email or telephone. Upon receiving grievance information, the Company will conduct an
assessment and response, and protect the complainant.
Metrics and Targets
Supplier Training
The Company regularly conducts internal training. In August 2025, Manst organized internal supply chain and Metrics
procurement personnel from the Company and its subsidiaries to participate in supply chain management training. The
training focused on systematic learning of procurement compliance management and supply chain collaboration, aiming Indicator Unit 2025
to enhance the professional competence and business capabilities of relevant personnel, strengthen the standardization
level of internal procurement processes, and provide solid talent support for building a stable, efficient, and sustainable Total Number of Suppliers Unit 754
supply chain system for the Company. After the training, the Company simultaneously conducted a training satisfaction
Proportion of Domestic Suppliers % 100
questionnaire survey to comprehensively collect feedback from participants. The survey results are used to optimize
subsequent training content and continuously build an efficient and stable supply chain ecosystem. Number of Suppliers in North China Unit 40
Supplier Quantity
Furthermore, to deepen supply chain collaboration and strengthen the foundation of quality and compliance, the and Regional
Number of Suppliers in East China Unit 270
Company regularly conducts specialized trainings for suppliers, helping them accurately align with company requirements Distribution Number of Suppliers in Central China Unit 44
and enhance collaboration capabilities. In November 2025, AC NEWENERGY conducted ESG-related training for
Number of Southern Suppliers Unit 389
suppliers, promoting and explaining content such as environmental management, social responsibility, compliance
governance, and sustainable supply chain construction. This training guides suppliers to establish concepts of green, Number of Northwest Suppliers Unit 10
low-carbon, and compliant operations, enhances their ESG management awareness and practical capabilities, and jointly
Number of Northeast Suppliers Unit 1
builds a sustainable supply chain ecosystem characterized by shared responsibility, value co-creation, and long-term
stability. Supplier Code of Conduct Signing Rate % 89.25
Supplier Integrity Agreement Signing Rate % 97.20
Proportion of Suppliers with Quality Management System Certification % 75.03
Supply Chain
Sustainable Proportion of Suppliers with Environmental Management System Certification % 9.53
Management
Proportion of Suppliers with Occupational Health and Safety Management System Certification % 8.08
Supplier ESG Training Activities Time(s) 2
Attendances at supplier ESG training activities / 25
Targets
Target Content Construction Status
Zero major incidents occurred continuously in the supply chain; sustainable development management was
Steadily progressing
The Company conducts supply chain management training. implemented for suppliers, and the concept of sustainable development was promoted.
Protection of Customers’ Rights and Safeguarding Information Security
Interests
Information Security System
Manst’s services cover the entire product lifecycle, providing customers with one-stop services from joint development
and production support to rapid response. Upholding the service philosophy of “customer first, service foremost”, Manst
In the digital era, information security serves as the core cornerstone for
has established a global service network with over 100 after-sales service centers, and formulated management systems
the stable operation and sustainable development of enterprises. Manst
such as the Customer Property Management System, Customer Satisfaction Management System, and After-Sales
consistently adheres to the information security policy of “implementing risk
Customer Complaint Management Regulations. The Company is committed to providing high-quality and prompt after-
management, ensuring information security, and safeguarding sustainable
sales support, starting from customer needs, creating value for clients, growing together with them, and making every
business development”. The Company places high importance on information
effort to safeguard their rights and interests.
security management, integrating information security protection into the
The Company continuously improves its customer service management mechanisms across pre-sale, in-sale, and entire business process.
after-sale stages, actively responds to customer needs, and provides systematic and professional training for relevant
The Company continuously optimizes and improves its information security
employees to effectively enhance customer service quality. The Company offers diversified communication channels for
management system, strictly benchmarking against the requirements
customers, including after-sales service hotlines, email, social media platforms, and offline after-sales service outlets.
of ISO/IEC 27001:2022 Information Security, Cybersecurity and Privacy
Customers can choose the most suitable way to contact the after-sales service team based on their needs.
Protection—Information Security Management Systems—Requirements.
It has established a sound management mechanism covering full-cycle
Customer Complaint Management risk control, all-dimensional technical protection, and whole-process
emergency response. Simultaneously, the Company has formulated a series
To ensure product and service quality and protect customer rights, the Company has established a timely and effective of information security specifications, including the Information Security
customer complaint handling mechanism. Customer complaints are received through multiple channels, with immediate Management Manual, Information Security Policy, Statement of Applicability
resolution for issues that can be handled on the spot and recording of relevant information for those that cannot. The for Information Security, Information Security Measurement Management
entire complaint and handling process is documented, regularly analyzed, and archived, with improvement measures Procedure, Information Security Risk Assessment Control Procedure, User
formulated for recurring anomalies. After resolution, satisfaction surveys are conducted, service standards are strictly Access Control Procedure, Network Security Management Procedure, Information Security Management System
Information Security Audit Control Procedure, Cloud Service Security Certificate
adhered to, regular reviews and rectifications are carried out, forming a closed-loop management system. Additionally,
the Company continuously strengthens the professional skills of the service team, actively conducts specialized trainings Management Procedure, Personal Privacy Information Management Procedure, and Threat Intelligence Management
for customer complaint response, and ensures that customer service personnel handle complaints in a friendly, patient, Procedure. This forms a comprehensive information security management system covering multiple areas such as
and professional manner, improving the efficiency and quality of complaint resolution. supplier security, data security, and personal information protection.
During the reporting period, the Company completed the annual certification audit for the ISO/IEC 27001:2022
Customer Satisfaction Survey Information Security Management System and maintained the valid certification. It fully achieved the core objectives
of “zero information security incidents” and “passing the annual ISO 27001 Information Security Management System
certification”. No information security incidents occurred throughout the year, establishing a solid information security
To understand customer evaluations of product quality, delivery, and services, the Company regularly conducts
barrier for the Company’s sustained and healthy business development.
customer satisfaction surveys through various methods, such as online, phone, and email questionnaires. The Company
distributes satisfaction surveys, aggregates and analyzes the data, determines customer satisfaction levels, identifies
root causes based on survey results, formulates improvement and preventive measures, and continuously follows up Multi-dimensional Information Security Control
on the implementation and effectiveness of these measures. Meanwhile, the Company ensures the orderly progress
of satisfaction surveys and effectively enhances customer satisfaction by establishing a comprehensive evaluation
mechanism and conducting customer service-related training. In 2025, the Company’s customer satisfaction survey Risk Control
result was 94.85%.
Adhering to the risk management principle of “prevention first, combining prevention and control”, the Company uses
the Information Security Risk Assessment Control Procedure as the core basis. It establishes a full-cycle, closed-loop
Responsible Marketing information security risk control mechanism covering seven major categories: personnel assets, physical assets, software
assets, data assets, document assets, service assets, and intangible assets. Through standardized processes including
The Company practices the concept of responsible marketing, strictly complies with national laws and regulations such asset identification, risk assessment, hierarchical disposition, and continuous review, the Company achieves refined
as the Advertising Law of the People’s Republic of China and industry standards, standardizes information management control of information security risks, keeping risks at an acceptable level and preventing information security incidents
and promotional activities, prohibits all forms of false advertising, and fully safeguards the legitimate rights and interests from the source. In 2025, the Company strictly followed procedural requirements, orderly advanced various risk control
of customers. tasks, and ensured the effective implementation of the control processes.
Control Process Core Control Requirements Control Process Core Control Requirements
Asset The Company conducted the company-wide identification of information assets, classifying them Network The Company deployed firewalls at its network boundaries to achieve secure isolation between internal
Identification and into seven major categories: personnel, physical, software, data, etc.; assigned classification levels Boundary and external networks, preventing external network attacks; the Company implemented special network
Classification based on four dimensions: confidentiality, integrity, availability, and business impact, clarified the list of Security isolation for key departments, such as physically isolating computers in the Finance Department from
Management important assets, and achieved refined and differentiated management. Protection the internal LAN and the Internet, eliminating the risk of sensitive information leakage.
The Company strictly implemented the network access approval system; all devices and personnel
For important assets, the Company comprehensively identified potential threats and vulnerabilities,
Network Access accessing its network must be reviewed by the IT Operations Department and authorized by company
Comprehensive comprehensively assessed the probability of threat occurrence, vulnerability exploitation probability,
Authorization leadership; unauthorized private network access or connection of network cables is strictly prohibited;
Risk Assessment and asset importance level, calculated risk values, classified risk levels, identified high-risk items, and Control all network access accounts and passwords are assigned for exclusive use by specific individuals and
formed a complete risk assessment report.
managed under strict confidentiality.
The Company implemented differentiated disposal for risks of different levels: it accepted risks and Network The Company standardized the network equipment change management process. Changes to key
Classified Risk maintained existing controls; for unacceptable high risks, it developed special plans through risk Equipment network equipment such as routers and core switches must be approved before implementation. The
Disposal avoidance, transfer, etc., clarified responsible departments, corrective measures, and completion and Operation IT Operations Department conducts special inspections on the operation status of network equipment
deadlines, and achieved closed-loop control. Management quarterly, retains inspection records, and promptly troubleshoots equipment failures and security risks.
The Company reassessed residual risks after risk disposal to ensure reduction to an acceptable level;
Residual Risk The Company’s wireless network adopts the high-security WPA encryption method, sets strong access
established a mechanism combining annual regular assessments and non-regular assessments Wireless Network
and Continuous passwords, strictly controls wireless network access permissions, and prevents risks of unauthorized
triggered by major changes or security incidents, and dynamically updated asset lists and control Security Control
Assessment access.
measures to adapt to risk changes.
Categorized Control and Emergency Management
Relying on a well-established institutional and standardized process management system, the Company has established a mechanism
for grading, classifying, and controlling information security incidents, as well as for emergency response. This comprehensively
Information Security Culture and Capability Building
enhances incident response, handling, and recovery capabilities, ensuring that sudden information security incidents can be responded
to quickly, handled effectively, and their impact minimized, thereby fully safeguarding information system security and data asset
integrity. In 2025, the Company strictly implemented the requirements for information security incident control and emergency response. The Company consistently regards the cultivation of information security awareness among all employees as the first line of defense for
No incidents involving information security or customer privacy breaches occurred, fully achieving the annual information security information security protection. It places high importance on information security training and cultural promotion, continuously enhancing
management objectives. the information security literacy and risk prevention capabilities of all staff.
Control Process Core Control Requirements
In 2025, the Company conducted specialized training for information security internal
auditor qualifications and regularly organized special training courses such as Information
The Company defined classification and categorization standards according to the Information Security Incident
Incident Security Awareness Training. These trainings covered employees from all departments
Management Procedure: incidents are classified into four levels A (major), B, C, D based on information classification
Classification and
level, public impact, business impact, and asset loss; the Company categorized them into two major types: environmental and levels. The content included core topics such as information security management
Categorization
incidents and human-caused incidents; it clarified the handling authority, response processes, and control requirements systems, methods for protecting sensitive information, network security risk prevention, and
Control
for incidents of different categories and levels, achieving precise and standardized management. information security incident reporting procedures. This helped employees fully understand
information security management requirements, master job-related information security
The Company formulated the Emergency Response Plan for Confidentiality Breach Incidents, established an emergency protection skills, and strengthen the information security protection awareness of all staff.
response leadership group for sudden confidentiality loss/breach incidents, clarified the organizational structure and
Emergency job responsibilities, established a 24-hour emergency response mechanism, and followed the principles of “unified
Response leadership, hierarchical responsibility, rapid response, and timely reporting”; for incidents such as leakage of confidential
Construction documents, loss of carriers, and unauthorized external connections of computers, the Company developed special
disposal measures, standardized the entire process of reporting, on-site control, investigation and evidence collection, Indicator Unit 2025
remedial rectification, and review and optimization, to quickly control sudden situations.
Number of Data Security/Customer Privacy Protection Training Sessions Times 1
Network Security Protection
Duration of Data Security/Customer Privacy Protection Training Hour 1
The Company attaches great importance to network security protection. It has formulated the Network Security Management Procedure,
with the IT Operations Department serving as the designated management department. A comprehensive, multi-dimensional network Number of Participants in Data Security/Customer Privacy Protection Training Person-times 39
security technical protection system has been established to ensure the secure, stable, and reliable operation of the Company’s network
and information systems.
Striving Forward with
Determination, Uniting
Hearts and Minds to
Write a Glorious
Chapter
·Safeguarding Employee Well-being
·Focusing on Talent Development
·Strengthening Employee Care
·Safeguarding Health and Safety
·Practicing Social Responsibility
Contribution to the United Nations Sustainable
Development Goals (SDGs)
Safeguarding Employee Well-being Equal Employment Control
The Company resolutely rejects any form of employment discrimination, building an open, inclusive, and fair employment
Talent is the core cornerstone of high-quality enterprise development and the fundamental driving force for technological
environment, and providing equal career development opportunities for talents from different backgrounds and fields.
innovation, business breakthroughs, and sustainable development. Manst adheres to the core principles of legality
and compliance, fairness and inclusiveness, people-oriented approach, and human rights supremacy. It strictly follows Centered on the core objective of equal employment, the Company relies on a sound internal management system to
national labor laws and regulations as well as international human rights standards, building a comprehensive, full- establish a full-process, closed-loop employment control system. This system safeguards employment fairness from
lifecycle employee rights protection system. institutional, execution, and supervision levels, eliminates various unfair employment practices, and effectively protects
the legitimate rights and interests of job seekers and employees. The Company strictly abides by national labor and
Employee Recruitment and Equal Employment employment laws and regulations, adheres to equal employment principles throughout the entire recruitment process,
establishes a diverse and inclusive recruitment and employment management system, guarantees equal employment
rights for all job seekers, implements equal pay for equal work requirements, and ensures no direct or indirect
The Company strictly complies with relevant laws and regulations, such as the Labor Law of the People’s Republic
discrimination throughout the process.
of China, the Labor Contract Law of the People’s Republic of China, and the Employment Promotion Law of the
People’s Republic of China. It has formulated recruitment and employment management systems including the
Table: Core Control for Equal Employment
Employee Handbook, Recruitment and Employment Management System, and Labor Contract Management Measures,
comprehensively standardizing the recruitment and employment process and continuously optimizing the talent selection Control Link Core Content
mechanism. The Company has zero tolerance for discriminatory behavior. Throughout the entire process of
recruitment advertisements, job descriptions, and interview evaluations, it is strictly prohibited to use
Compliant Employment discriminatory language or evaluation criteria based on gender, age, race, skin color, nationality, religion,
marital status, family situation, disability, sexual orientation, etc. It is forbidden to use personal identity
Anti-Discrimination
The Company strictly adheres to the bottom line of national labor laws and regulations, upholds the principles of “fair characteristics unrelated to job competency as the basis for hiring decisions, ensuring equal employment
Management
rights for all job applicants;
competition, openness and transparency, and selecting the best candidates,” standardizes recruitment and employment
The Employee Handbook explicitly prohibits workplace harassment and discrimination. A list of prohibited
management throughout the entire process, and legally protects the legitimate rights and interests of both labor and questions and a standardized evaluation system are established during the recruitment process to ensure
management. It strictly implements requirements for equal pay for equal work, prohibition of child labor, and prohibition of a fair and transparent interview procedure.
forced labor, building a compliant, fair, and healthy employment system.
Establish a standardized recruitment implementation process covering all stages: resume screening,
During the reporting period, the Company had 0 incidents of labor discrimination, 0 incidents of child labor employment, initial interview, re-interview, final interview, background check, and hiring approval. Define the evaluation
criteria and approval authority for each stage to ensure openness, fairness, and impartiality throughout
and 0 incidents of forced labor. No major labor employment compliance risk incidents occurred. The turnover rate for Recruitment
the entire recruitment process;
Compliance Control
employees at the manager level and above was 17.39%. For core professional technical personnel, senior managers, and key position personnel, the Company
conducts background checks after obtaining the candidate’s consent to verify the authenticity of their
Table: Compliant Employment Management Control work history and ensure recruitment quality.
Control Link Core Content
Establish a recruitment recusal system, strictly prohibit the hiring of relatives within the same department,
and require employees to proactively declare and record when their relatives apply for company
All job information is publicly released through official channels, clearly stating responsibilities and job
positions;
requirements; Management of
In situations involving relatives, close friendships, or other relationships that may affect the fairness of
Basic Employment Sign written labor contracts with employees in accordance with the law, standardizing the entire process Recusal Principle
Compliance recruitment, relevant employees must recuse themselves throughout the process and must not interfere
of contract conclusion, performance, modification, termination, and dissolution;
with interviews or hiring procedures, thereby preventing conflicts of interest and unfair practices at the
Implement equal pay for equal work, and establish a compensation and benefits system that combines
source.
market competitiveness with internal fairness.
Strictly comply with laws and regulations such as the Labor Law of the People’s Republic of China and
Opposition to Child the Provisions on Prohibition of Child Labor, maintaining zero tolerance for child labor. Strictly verify the
Labor age from identification documents during the recruitment process, clearly setting the hiring standard as
Prohibit any form of forced labor, debt bondage labor, or contract labor. Establish a standardized working
Opposition to Forced hour system in accordance with the law to protect employees’ statutory rights to rest and leave;
Labor Prohibit forced labor through violence, threats, fraud, restriction of personal freedom, or other means,
fostering a voluntary and fair employment environment.
Human Rights Protection Table: Core Controls for Diversified Talent Recruitment and Allocation
Control Link Core Content
The Company regards the protection of labor human rights as a core social responsibility. It strictly follows the core Prioritize internal recruitment for vacant positions, providing opportunities for job rotation and career
advancement for current employees;
conventions of the International Labor Organization (ILO), international human rights standards, and the Responsible Internal Priority
Define the eligibility criteria, screening standards, and interview process for internal recruitment.
Allocation
Business Alliance (RBA) Code of Conduct. It has formulated the Human Rights Policy Statement and Labor Rights Employees who have been with the Company for at least one year, have worked in their current position
Mechanism
Protection Policy to systematically regulate the full-process management of human rights protection. Through regular for over six months, have good performance evaluations, and meet the job requirements may apply,
enabling reasonable internal talent mobility and maximizing value through fair competition.
training and compliance reviews, the Company reinforces the compliance baseline, establishes multiple complaint and
Establish multiple recruitment channels, including social recruitment, campus recruitment, internal
rights protection channels, and strives to create a safe, inclusive, and non-discriminatory workplace environment. It Diversified
referrals, and professional talent pools, to attract a wide range of outstanding talent;
integrates diversity, equality, and inclusion into corporate culture and management practices, solidifying the humanistic Recruitment
Implement an employee referral program, encourage the recommendation of candidates from diverse
Channels
foundation for the Company’s sustainable development. backgrounds, and provide corresponding incentive measures to broaden the talent sourcing scope.
dentify key positions such as R&D technology, production technology, quality control, and specialized
operations based on business needs, establish a personnel filing management system, and update filings
Table: Human Rights Safeguards and Control Key Positions
in real time for personnel changes;
and Talent Pool
Control Link Core Training Content Build dual talent pools (internal and external), internally reserving versatile high-potential key personnel
Management
and externally reserving scarce high-quality talent, achieving long-term reserves and rapid response
Develop the Labor Rights Protection Policy based on domestic and international human rights standards capabilities.
Human Rights
Compliance and labor regulations, regularly conduct human rights awareness training and compliance reviews, and Conduct regular campus recruitment in both spring and autumn each year, develop hiring plans in
Management comprehensively safeguard employees’ legal rights. advance, and clarify the number of recruits, distribution of academic majors, and departmental allocation;
Campus Recruitment
Select fresh graduates through standardized processes such as campus presentations, written tests,
System
Uphold the principles of diversity and inclusion, respect employees and job applicants of different interviews, and comprehensive assessments, and support new employees with specialized training
Workplace Inclusion programs to facilitate their integration and growth.
nationalities, genders, ages, religious beliefs, sexual orientations, and disabilities, eliminate workplace
Control
biases, and foster an equal and inclusive work environment.
Indicator 2023 2024 2025
Establish dedicated complaint channels through the Human Resources Department and a special
monitoring and reporting hotline, encouraging the reporting of illegal harassment and discriminatory
Complaint and Rights
behavior; conduct timely and impartial investigations of complaints, strictly protect the privacy and safety Total Number of Employees 1,299 1,632 1,664
Protection
of whistleblowers, and prohibit retaliation against complainants and investigation participants, with
Agency Workers 8 17 42
violators subject to serious disciplinary action in accordance with regulations.
Number of part-time employees 3 4 5
Number of Female 291 372 359
Diversified Talent Recruitment and Allocation employees by gender Male 1,008 1,260 1,305
Under 30 years old 608 644 608
Adhering to the allocation principle of “internal recruitment prioritized, complemented by external channels”, the Company
Number of
has established a diversified recruitment channel system, balancing the growth of internal talent and the introduction of employees by age
external talent to achieve optimal allocation of human resources. Covering the entire process of talent recruitment and Aged 50 and above 31 47 52
allocation, the Company has established a standardized control mechanism, detailing implementation measures from Chinese Mainland 1,295 1,629 1,651
Number of
dimensions such as internal competitions, channel expansion, key position management, and campus recruitment,
Employees by Hong Kong, Macao, and Taiwan regions 0 0 1
balancing long-term talent reserves with immediate supply, and promoting continuous optimization of the talent structure. Region
Overseas 4 3 12
Doctorate 2 3 3
Number of Master’s Degree 53 79 89
Employees by
Education Level Undergraduate 484 612 664
Below Undergraduate 760 938 908
Number of Ethnic Minority Employees 92 106 108
Proportion of Ethnic Minority Employees(%) 7.08 6.50 6.49
Comprehensive Benefits Safeguard System
Compensation and Benefits System
The Company has constructed a comprehensive, multi-level employee benefits safeguard system, covering three major
The Company strictly complies with laws and regulations such as the Labor Law of the People’s Republic of China and dimensions: statutory benefits, supplementary benefits, and special care, continuously enhancing employees’ sense of
the Labor Contract Law of the People’s Republic of China, supported by a scientific and standardized performance belonging and well-being.
management mechanism, to establish a compensation and benefits system with both market competitiveness and
internal fairness. The Company adheres to the principles of distribution according to work and equal pay for equal
work, ensuring that compensation matches job value, individual capability, and performance contribution. The Human
Resources Department regularly conducts industry and regional salary surveys, dynamically adjusts compensation
standards to ensure the Company’s overall compensation level remains synchronized with the market, providing
Social Security Leave Guarantee Living Security Special Care
employees with competitive compensation guarantees.
The Company In addition to the The Company provides The Company has
Compensation Management and Safeguards legally contributes statutory paid holidays all employees with established a “full-
to endowment stipulated by the state nutritionally balanced cycle, multi-scenario”
Supported by standardized systems, the Company has built a full-process compensation management system insurance, medical each year, employees free work meals and employee care
characterized by “clear principles, adaptable models, reasonable structure, and dynamic adjustment”. Through insurance, work-related also legally enjoy offers accommodation mechanism, combining
differentiated design, standardized control, and regular optimization, it balances internal fairness and external injury insurance, various types of support such as institutionalized
attractiveness, implementing the incentive orientation of more pay for more work and better rewards for better unemployment leave including sick talent apartments and guarantees with
insurance, maternity leave, marriage leave, housing subsidies to humanized measures,
performance.
insurance, and bereavement leave, some employees in allowing employees to
Compensation Design Principles housing provident maternity leave, birth need. genuinely feel the warmth
fund for all employees, control surgery leave, of the organization.
while also providing parenting leave, For example, during
supplementary annual leave, Women’s traditional holidays and
commercial insurance, Day leave, etc.; the employee birthdays, the
forming a “6+1” security Company strictly Company distributes
system. The coverage implements special care gifts to employees;
rate reached 100% protection policies for for situations such as
during the reporting female employees employee childbirth or
Legality and compliance Fairness Competitiveness Incentivization
period, achieving during the “three hospitalization due to
zero gaps in security periods”. illness, the Company
coverage. organizes care and
Compensation Structure support activities.
The Company implements a comprehensive compensation system, where employee salaries consist of base
salary, performance bonuses, special incentives, various allowances, and statutory benefits.
Base Salary Determined based on job value, qualifications, and market levels.
Performance Bonus Directly linked to individual and team performance, reflecting differences in contribution.
Special Incentives Includes special rewards such as project bonuses and technological innovation awards
Subsidies and Benefits Covers living security subsidies such as meal allowances and accommodation.
Overtime Pay Calculated and paid according to national standards.
Furthermore, the Company has established a standardized and transparent salary calculation and distribution
mechanism, strictly adheres to compensation payment agreements, legally and compliantly calculates various salaries,
withholds and remits relevant fees, safeguards employees’ right to know about their compensation and their rights to
labor remuneration, achieving zero delays and zero deductions in salary payments.
Scientific Performance Management System
Employee Democratic Management
The Company continuously improves its performance management mechanism, building a PDCA full-cycle closed-loop
performance management system. Through scientific goal setting, full-cycle coaching, objective evaluation, and result
Labor Dispute Resolution
application, it achieves mutual empowerment of employee growth and organizational performance improvement. During The Company strictly adheres to national laws and regulations related to labor employment, comprehensively
the reporting period, employee performance appraisal coverage reached 100%. safeguarding the baseline protection of employees’ legitimate rights and interests. If labor disputes arise, employees can
resolve them through multiple channels, such as internal consultation and communication, special mediation procedures,
and statutory legal pathways, in accordance with regulations. The Company consistently upholds the principles of
A system is built around four core links: goal setting, coaching communication, evaluation
Full-Cycle fairness, justice, efficient closure, and proper handling, concluding each dispute matter according to regulations, and
rating, and result improvement. Performance goals are decomposed top-down level by level
Performance to ensure deep alignment with company strategy; monthly, quarterly, and annual three-level strives to maintain a harmonious, stable, and mutually beneficial labor-management relationship.
Management assessment cycles are established, conducting comprehensive and objective evaluations
from three dimensions: KPI indicators, key tasks, and competency. Democratic Management
The Company always adheres to a people-oriented approach, respects employees’ status as masters, strictly follows
A regular two-way performance communication mechanism is established. During the laws and regulations such as the Trade Union Law of the People’s Republic of China, formulates the Trade Union Charter,
assessment period, superiors continuously conduct performance coaching and provide
actively promotes democratic management, and builds a comprehensive democratic management and rights protection
Two-Way resource support; after assessment, comprehensive performance interviews are conducted
system characterized by “union’s leadership, all-staff participation, barrier-free channels, closed-loop management, and
Communication and and the Performance Interview and Improvement Plan Form is filled out. Mandatory
Improvement interviews are required for employees scoring below 70 points. The Human Resources independent supervision”. This safeguards employees’ rights to know, participate, express, and supervise, effectively
Department tracks the implementation of improvement plans throughout, forming a complete protects their legitimate rights and interests, and builds harmonious and stable labor relations.
improvement closed loop.
Employee Communication and Appeals
Performance Special performance appeal channels are established. Routine appeals are resolved within The Company actively fosters an open, inclusive, and barrier-free communication environment, establishes diversified
Appeal 5 working days; for complex matters, final results are issued within 10 working days after
employee communication channels, insists on listening to every employee’s voice, attaches great importance to and
Mechanism reporting to the General Manager, ensuring fairness and justice in assessments.
provides timely responses to employee feedback and suggestions, and adopts feasible recommendations.
The mechanism of “better performance, better pay; ability to move up or down” is strictly Regular Two-way Communication Mechanism
Application of implemented. Assessment results are deeply linked with compensation incentives and
The Company regularly holds employee forums, building a bridge for face-to-face communication. It has established a
Performance career development, directly affecting floating bonuses and year-end bonus distribution.
Excellent employees are given priority for promotion and salary adjustment opportunities, communication system covering the entire employee career cycle, integrating scenarios such as monthly communication
Results
while employees with lower assessment results receive targeted training or job transfers. during probation, confirmation interviews, performance coaching feedback, special interviews for position transfers/
promotions/demotions, and exit interviews. Relying on multiple channels like weekly/monthly meetings, departmental
review meetings, employee forums, and internal communication platforms, it synchronizes company operational updates
To establish an open, transparent, and sustainable long-term incentive mechanism, the Company initiated the selection and policy adjustment information, and widely solicits employee opinions and suggestions.
process for “Long-term Incentive Partners” in 2025. This aims to select a group of dedicated individuals who identify
with the company culture, possess high loyalty and sustained contribution capability, and are willing to grow with the Appeal and Whistleblowing Mechanism
Company, to be included in the candidate pool for future equity incentive or employee stock ownership plans, sharing in
The Company has also opened an “Employee Complaint and Appeal” channel on the OA system, encouraging
the long-term development dividends of the Company.
employees to submit reasonable requests and improvement suggestions. A standardized multi-level appeal and
As of the end of 2025, the Company had completed the implementation of the first and second phases of its share reporting system has been established, with dedicated appeal processes for matters such as performance and rewards/
repurchase plans, cumulatively repurchasing 2.5868 million shares. These repurchased shares are intended for future punishments. Daily requests can be escalated through department heads, HR, and management. At the same time,
employee stock ownership plans or equity incentives at appropriate times. The Company will continue to advance its processing timelines and closed-loop procedures are clearly defined, strictly protecting the privacy rights of appellants
long-term incentive plans, joining hands with all employees to focus on and promote the Company’s long-term prosperity and whistleblowers, with zero tolerance for retaliation, ensuring fair and timely handling of requests and that every matter
and development. receives a response.
Protection of Women’s Rights and Interests Focusing on Talent Development
Manst has always been fully aware that female employees constitute the backbone of corporate development and play an irreplaceably Talent is the core engine of a company’s technological innovation and the fundamental driving force for achieving high-
important role in all links, including technological innovation, business management, production and operation, and service support. The quality sustainable development. Manst adheres to the core strategy of “strengthening the enterprise through talent”,
Company strictly abides by national laws and regulations, such as the Special Rules on the Labor Protection of Female Employees,
deeply integrating talent cultivation and employee career development into the entire business process. It has built a full-
continuously improves the institutional system and implementation measures for the protection of women’s rights and interests, spares
no effort to create an equal, inclusive, respectful and friendly workplace environment, build a fair and broad career development platform
cycle talent development system of “concept guidance - channel empowerment - training foundation”, comprehensively
for female employees, and fully safeguard their legitimate rights, interests as well as physical and mental health. empowering employees to grow and succeed, achieving resonance and mutual benefit between the enhancement of
employees’ personal value and the long-term development of the Company.
Equal Employment and Equal Guarantees for Career Development
The Company firmly opposes any form of employment discrimination. By establishing clear recruitment policies and processes, it Talent Development Philosophy
provides female employees with equal competitive opportunities as male employees in all stages, such as recruitment, promotion, and
training. Within the talent cultivation system, it guarantees female employees’ equal right to participate in various training programs,
includes outstanding female employees in the Company’s core talent pool, opens dual career development paths in management and
professional tracks, and encourages female employees to develop deeply in multiple fields such as management, R&D, and functions, The Company adheres to the core talent development philosophy of “people-oriented, value creation, common
fully unleashing the potential of female talent. development, and shared achievements”. It constructs a systematic, full-cycle talent development plan, using talent
as the engine, value as the bond, and mutual benefit as the vision, striving to build a learning organization that grows
The Company’s trade union has specially established a women’s employee committee, dedicated to safeguarding the rights and
interests of female employees. It represents female employees in conducting equal consultations with the Company on matters related together with its talent.
to rights protection, effectively safeguarding their legitimate rights and interests, and promoting their comprehensive development. In
Special Care for Women’s Rights and Interests Creating value is the core orientation
Being people-oriented is the foundation of
The Company actively builds a learning organization
The Company strictly implements special protection policies for female employees development
and practical growth platform, encouraging employees
during pregnancy, maternity, and breastfeeding periods. In accordance with the Special The Company highly values the personalized needs to continuously improve in professional skills, cross-
Rules on the Labor Protection for Female Employees, it provides statutory paid leaves and growth potential of talent. Through scientific talent border collaboration, and forward-looking vision,
such as prenatal check-up leave, maternity leave, and breastfeeding leave. It prohibits assessment and customized career planning, it tailors promoting employees to transform knowledge reserves
assigning female employees in special periods to unsuitable positions or work intensities suitable growth paths for each employee, continuously into core momentum driving the Company’s technological
and strictly forbids dismissing employees, changing contracts, or reducing salaries fostering a corporate culture atmosphere of respect, innovation, product upgrades, and service optimization,
on grounds such as marriage or pregnancy, thereby comprehensively safeguarding inclusion, and empowerment, fully stimulating the achieving simultaneous leaps in personal value
their job stability and compensation benefits. Simultaneously, the Company has set up internal motivation and innovative vitality of talent. te d Val
ie n ue and corporate core competitiveness.
or
standardized mother-and-child rooms to provide private and comfortable environments
cr
pl e
ea
for breastfeeding employees. It also implements flexible work arrangements for female
Peo
tio
employees in special periods, reasonably adjusting work content and intensity to Harmony
“Charming Women, Blooming Brilliance”
nt
Sh ar
March 8 Women’s Day Activity
provide all-around support.
pm e
ed
Sharing achievements is the Common development is the
elo
hi
ac
ev
Furthermore, the Company has established a regular, exclusive care mechanism for female employees. During the annual “March 8th” ev d
em n
e n t s C o mmo
International Women’s Day, it organizes exclusive themed activities for all female employees and distributes holiday gifts and warm long-term commitment ecological support
wishes. It regularly organizes special lectures on women’s health and specialized physical examination services to comprehensively The Company establishes a comprehensive internal The Company constructs a multi-level talent echelon
safeguard the physical health of female employees. knowledge sharing platform, transforming the dividends of and regular job rotation mechanism, breaking down
talent development into development benefits perceptible departmental barriers and promoting cross-domain
to all employees. Through clear career promotion experience sharing and capability integration. Through
channels, diversified honor recognition systems, and long- diverse cultivation methods such as mentorship and
term knowledge sharing plans, it allows strivers to obtain project-based systems, it promotes the deep alignment
corresponding career achievements and value returns, of employees’ personal growth goals with the Company’s
consolidating the core talent force for the Company’s strategic development goals, forming a two-way-driven
sustainable development. growth closed loop.
Women’s Health Lecture
Standardized Promotion Management and Growth Support
Diversified Career Development Channels
The Company has formulated the Employee Promotion Management Measures, clarifying promotion conditions, selection
The Company breaks through the career development bottleneck of a “single management channel”. Based on business criteria, and full-process management standards. It has established a fair, just, and transparent promotion management
models and functional divisions, it has constructed a career development system of “dual channels operating in parallel, mechanism while providing full-cycle support for employee career development, comprehensively empowering employee
multi-dimensional growth, and full-cycle support”, providing employees with diversified and actionable growth paths,
growth.
enabling every employee to achieve career advancement on a track suitable for them.
Standardized Promotion Management
Parallel Dual Tracks and Multi-Dimensional Growth
The Company has established a regular promotion review mechanism, with employee performance appraisal results,
Based on functional divisions, the Company classifies positions into 6 major categories: management, sales, technical,
competency, and value contribution as the core review criteria. It conducts annual centralized promotion reviews and
professional, administrative, and skilled roles. These are further subdivided into 46 specific job types, offering employees
diversified career development paths. opens special promotion channels for core key talents and high-potential employees. Post-promotion, it implements
special probationary period assessments, position training plans, and effectiveness evaluations to ensure the
Management Sequence effectiveness of the promotion mechanism.
Focused on cultivating leadership and coordination capabilities, this sequence is designed for employees skilled in team
management, resource integration, and business decision-making. The progression path is structured as “Junior Supervisor → Full-Cycle Growth Support
Middle Manager → Senior Director → Executive Leadership”, emphasizing core competencies such as goal management, cross-
department collaboration, strategic execution, and organizational development.
Personalized Development Plan
Professional Sequence
Focused on deepening technical expertise and fostering professional innovation, this sequence targets core talents such as Customizes learning roadmaps based on employees’ career goals, providing resources such as management
technical backbones and business experts. The career ladder is set as “Junior Engineer → Intermediate Engineer → Senior training, technical certifications, and project practice to accelerate capability leaps.
Engineer → Principal Engineer → Technical Expert”. Through tackling technical challenges, accumulating knowledge, and
Mentorship and Job Rotation Practice
enhancing industry influence, it aims to cultivate top-tier professional benchmarks.
Assigns senior mentors to high-potential employees and broadens their professional horizons through cross-
The dual-track mechanism enables employees to advance their careers either through the management path or by departmental job rotations and participation in key projects, solidifying their versatile capabilities.
continuously refining their expertise in their professional field, achieving a win-win for both personal growth and the
Regular Talent Review Mechanism
Company’s development.
Conducts core talent reviews, integrating performance data, 360° assessment results, and project experience to
Scientific Job-Person Matching extract key elements of core talent, forming dynamic capability profiles for core personnel.
The Company has established a standardized position management and qualification system to achieve precise
matching between employee capabilities and job requirements. Through a scientific evaluation mechanism, it enables those “skilled in management” to lead teams in expanding
territories and those “proficient in their profession” to delve deeply into their fields and become experts, ultimately
Based on the core responsibilities and business objectives of positions, the Company establishes a dynamic
achieving resonance between employee growth and company development.
Competency “competency-position” matching model. Through the Position Atlas and Job Description, it clarifies the
Profiling and Job required knowledge, skills, and competency standards for each job level and position, clearly defining the core
Modeling responsibilities, qualification requirements, and value output measurement standards of positions, providing
employees with a clear competency benchmark for career development.
Full-Cycle Employee Training System
Driven by both the Company’s strategic goals and employee development, we have established a full lifecycle training
Two-Way Through annual competency assessments and development potential evaluations, combined with employees’
Assessment and career plans and the Company’s strategic needs, the Company regularly conducts job suitability analyses. This management framework encompassing “demands analysis – resource integration – digital enablement – feedback
Dynamic supports lateral transfers, vertical promotions, or cross-track transitions, enabling employees to fully utilize their loop”. The “721” blended learning model (70% practical experience + 20% coaching + 10% formal training) is employed
Adjustment talents and maximize their contributions.
to strengthen business scenario-based learning. Leveraging the online learning platform “ManE Classroom” and an
internal-external pool of instructors, courses are precisely delivered to meet employee needs. Aligned with the dual-
For core key positions such as mechanical R&D, the Company has formulated the Guidelines for Mechanical
track promotion system and dynamic competency assessments, this ensures talent-job matching in both management
Specialized R&D Qualification Management. Through a management model of “establishing channels, clarifying standards,
Qualification and strict certification”, it guides employees to proactively learn and enhance their capabilities. Standardized and professional sequences. A four-level evaluation system combined with a credit-based incentive mechanism tracks
Management certification achieves precise person-job matching, which is gradually extended and refined across all job behavior transformation and performance improvement, creating an integrated “learn-practice-apply-evaluate” ecosystem
sequences, building a unified and standardized qualification management system for the entire company.
that continuously enhances organizational capabilities and maximizes employees’ career value.
③ Form an Instructor Management Committee, from reviewing the quality of instructor course development to evaluating instructor
Training System Planning level promotions, ensuring the quality of course output and instructor teaching, thereby further guaranteeing the effectiveness of training
programs;
The Company is comprehensively building its training system based on the “ManE Classroom” platform, supported by the Training
Credit Management System and the Instructor Management Committee. Guided by four categories of training programs—Leadership In 2025, the Company carried out group-wide instructor special activities, continuously enhancing instructor activity and engagement,
(Management) Sequence, Professional Sequence, Technical Sequence, and General Sequence—the system fully covers training encouraging more outstanding employees to join the internal instructor team, and willingly sharing practical experience and professional
management across employees’ onboarding, growth, development, and leadership stages. knowledge. By the end of 2025, the Company had certified 135 internal instructors, who cumulatively conducted over 370 training
sessions throughout the year.
Key Training Projects Instructor Management Committee
Training Operations Learning Technology
M: Leadership (Management) P: Professional Sequence T: Technical Sequence G: General Sequence
Curriculum Development
Pilot Phase I Office Software Phase II
P Three-System Awareness
P Product System Training
Instructor Empowerment Team Instructor Certification Team Instructor Incentive Team
P Project Management
P Training Coordinator
Training Camp Phase I
Enhancement Training
Training Camp Phase I
Instructor Management
P Product Capability
T Engineer Thinking
Voyage Phase I International Talent Development
T Position Skill
Training Camp
Training Camp
Enhancement
Camp Phase I
Endurance Phase I Cross-Department Communication Learning Platform
Departure Phase I Speech and Expression
External Affairs
Climbing Phase I Best Practices
Coating Edge Phase I Management Case Handbook
On-the-Job “Position-Level Universal” Skills Training
Training Management Process
Onboarding “Manst Rising Star” Orientation Training and System Development
Faculty Management Committee Training Coordinator
Indicator Unit 2025
Employee Training Expenditure RMB millions 2.9409
Employee Training Coverage Rate % 92.31
Digital Learning Platform Construction
Number of Employee Training Session 656
Total Number of Trainees / 1,536 The Company continuously optimizes and upgrades the “ManE Classroom” online learning platform, integrating diversified and
systematic learning resources to build the Company’s digital learning ecosystem.
Total Training Duration Hours 15,203.5
The platform focuses on employees’ full-cycle systematic learning, covering core modules such as industry knowledge, job competency
Average Annual Training Duration per Employee Hour/Person 9.14 cultivation, and leadership development. It supports employees’ learning needs throughout their entire career growth path with rich video
course resources, enabling employees to learn anytime, anywhere, on demand. This achieves efficient knowledge accumulation and
Note: Average training hours per employee per year = Total training hours / Total number of employees at year-end.
precise transfer, aiding employee capability enhancement and organizational knowledge retention.
Training System Capacity Building Full-Category Course System Construction
Professional Instructor Team Building
The Company constructs seven core course modules covering the entire career
cycle and all job sequences, including Business Empowerment, Professional Skills,
The Company strengthens the construction of the instructor team, with “tiered certification, dynamic empowerment, and value co-
Management Capabilities, Professional Literacy, EMBA Studies, Language Skills, and
creation” as the core, building a full-cycle instructor and course development management system covering “selection - cultivation -
Manst Rising Stars. Course content is precisely matched to the competency needs of
motivation - evaluation”, continuously solidifying training capabilities.
employees in different positions and at different levels.
① Strictly screen and certify through a tiered instructor pool (internal experts/certified instructors/external instructors), supporting by TTT
The course system covers the entire career lifecycle from new employees to senior
training, course design workshops, and “mentor coaching” to improve teaching capabilities;
management, encompassing all competency levels from basic skills to high-end
② Establish an instructor selection mechanism, strongly linking course development and teaching hours with instructor level promotion, strategy. It not only meets employees’ personalized learning needs but also closely
and setting up an annual “Gold Instructor” award, tracking teaching satisfaction and trainee behavior improvement data in real-time, aligns with the Company’s business development requirements, directly empowering business process optimization and operational
implementing level adjustments and resource allocation based on annual dynamic assessments; efficiency improvement, providing solid support for the Company’s talent pipeline construction and sustainable development.
Key Project Training Professional Technical Sequence Training
The Company establishes a job skill cultivation system oriented by business needs,
New Employee Orientation Training highly valuing the continuous improvement of employees’ professional capabilities.
Targeted specialized training is regularly conducted for various professional
As an important component of talent pipeline construction, the Company places high importance on the integration and sequences such as R&D, technology, production, quality, and marketing. Training
growth of new employees. In 2025, we launched the “Manst Rising Stars” mixed-type training program for campus- creatively adopts the “Four-Step Learning Transformation Method” (goal alignment
recruited new employees. Through the innovative model of “online mandatory courses + offline in-depth exchanges”, → on-the-job practice → review and optimization → results validation) and relies
we created an immediate learning channel of “learning upon arrival, combining learning with application”, helping on the “ManE Classroom” digital learning platform to track training effectiveness
new employees quickly complete their identity transition while reserving fresh talent for the Company’s sustainable in real-time. Through a three-dimensional evaluation mechanism of “average
development. learning hours, behavioral improvement, and performance enhancement”, it ensures training content resonates with business
development, effectively supports the Company’s rapidly growing talent needs, and provides strong support for employees’
career development.
Leadership Sequence Training
The Company places great emphasis on building management capabilities and has systematically developed a “Leadership
Sequence” training system, covering modules such as New Energy Momentum, New Energy Acceleration, New Energy
General Skills Sequence Training
Engine, New Energy Leader. This system innovatively adopts the “721” blended training model, integrating “theoretical
learning + action learning + practical assessment + innovation workshops” to comprehensively enhance the strategic
thinking, change leadership, and organizational management skills of high-potential talents and managers at all levels.
The Company systematically builds a general skills cultivation system, focusing on business needs, systematically
This system not only focuses on systematic delivery of management knowledge but also emphasizes the application of
conducting practical training such as PMP Project Management, Basic Korean Language Class, and Product Management.
skills in real business scenarios, continuously cultivating leaders who can meet the Company’s future development needs.
Through the dual-track model of “online platform + offline face-to-face training”, it constructs a closed-loop cultivation
system of “learning – testing – practicing – competing – evaluating”, and establishes a “Learning Champion” incentive plan,
continuously improving employees’ professional capabilities and work efficiency, aiding high-quality business development.
“Efficiency Pioneer” Specialized Training Strengthening Employee Care
The Company highly values the sustainable improvement of Employee Care and Support
organizational efficiency. Through the trinity model of “process
optimization + tool empowerment + cultural activation”, it
promotes the organization’s transformation from “experience-
The Company adheres to a people-oriented approach, values employees’ spiritual needs, continuously improves
driven” to “data-driven” and “technology-driven”. In 2025, in the employee care system, fosters a healthy, warm, and harmonious workplace atmosphere, constantly enhances
collaboration with external professional consultants, we conducted employees’ sense of belonging and happiness, and helps employees grow together with the enterprise.
the “Efficiency Pioneer” specialized training and PK competition
focusing on Feishu efficiency tools and AI skill applications, Rapid Response to Work Difficulties
covering core positions across all company functions, business,
The Company pays close attention to the challenges and difficulties employees encounter in their work and has
and technology. Through practical training and competition, we
established a standardized rapid response mechanism for work-related difficulties. Once an employee faces difficulties
systematically enhanced employees’ digital office capabilities,
aiding organizational efficiency upgrades. at work, the leadership of the employing department and the Human Resources Department promptly organize
communication meetings to gain an in-depth understanding of the root causes, assist the employee in analyzing the
Through the “Efficiency Pioneer PK Competition”, employees
reasons, and jointly develop solutions. This ensures that employees receive timely support and resources, allowing them
were encouraged to apply the learned tools and skills to their
to focus on their tasks with peace of mind.
work and submit actionable efficiency improvement proposals.
Ultimately, 11 outstanding cases were selected and promoted
company-wide, forming a digital culture atmosphere of Case Study: Assistance for Employees Facing Difficulties After Job Transfer
“competing, learning, catching up, and surpassing”.
In 2025, an employee of the Company experienced low work efficiency and anxiety due to unfamiliarity with
the new position’s processes after a cross-departmental transfer and reported related concerns to the Human
Resources Department. The Company immediately activated a rapid response mechanism, collaborating with the
employee’s direct supervisor to develop a customized job coaching plan and adjusting short-term task goals based
on adaptation progress. After one month of specialized coaching, the employee became fully competent in the new
role. This assistance also fostered a positive atmosphere of mutual support and growth within the team.
Targeted Assistance for Major Difficulties
For employees or their families facing special hardships such as major illnesses, accidents, or significant life changes,
the Company’s labor union has established a comprehensive condolence and subsidy mechanism. This provides
affected employees with special condolence payments, hardship allowances, and emergency assistance. For unexpected
incidents, a dedicated emergency response procedure is in place to ensure rapid response and continuous follow-up,
assisting employees and their families with matters such as work-related injury reporting and insurance claims. Through
concrete actions, the Company provides a safety net and helps employees and their families overcome difficulties with all
its strength.
Supporting Children’s Education
The Company actively addresses the educational needs of employees’ children by proactively researching local school
enrollment policies and high-quality educational resources. It offers supporting services such as enrollment information
consultation and application process assistance to employees in need, striving to alleviate concerns about their children’s
schooling. This enables employees to dedicate themselves to work with greater peace of mind.
Safeguarding Mental Health
The Company places high importance on employees’ mental health, consistently prioritizing their psychological safety and
personal dignity. It has established a full-process mental health support mechanism covering prevention, identification,
and intervention, striving to foster a healthy, respectful, safe, and equitable workplace psychological environment. This
effectively safeguards employees’ mental health and legitimate rights and interests.
Control Module Core Content
Establish a full-channel confidential feedback system including OA system appeal processes, dedicated
Diversified Confidential complaint email, and hotline, providing employees with safe and unobstructed avenues to express their
Feedback Channels for appeals. For each complaint, a special investigation team is promptly formed to verify and handle the matter,
Employee Appeals strictly protecting the complainant’s information and privacy throughout the process to effectively safeguard
employees’ legitimate rights and interests.
Promote a workplace culture of “respect and equality”, adopt a zero-tolerance policy towards workplace
Zero-Tolerance harassment, bullying, and discrimination, and clearly define red lines for workplace conduct in the system;
Workplace Anti-
Harassment and Anti-
upon the occurrence of any violation, promptly conduct an independent and impartial investigation and
Bullying Mechanism impose strict penalties, while providing affected employees with comprehensive support such as professional
Dragon Boat Festival Activity Dragon Boat Festival Activity
psychological counseling and job adjustments to ensure workplace safety and personal dignity.
Establish a full-process system of “prevention-identification-intervention-follow-up”, regularly carry out mental
Full-process Mental health knowledge promotion and emotional management training to enhance all employees’ mental health
Health Intervention awareness; identify employees’ psychological distress through multiple channels and intervene in a timely
System manner, providing professional psychological counseling and continuous follow-up services for employees in
need, helping them maintain a positive and healthy mindset.
Employee Activities
The Company’s labor union committee regularly organizes monthly employee activities. The Company continuously
implements inclusive employee care initiatives by distributing exclusive holiday gifts and warm greetings to all employees
during important traditional festivals such as the Spring Festival, Dragon Boat Festival, and Mid-Autumn Festival. This Mid-Autumn Festival Activity Mid-Autumn Festival Activity
allows employees to feel the Company’s care during traditional celebrations, continuously enhancing their sense of
belonging and collective identity.
Spring Festival Hair-cutting Activity Table Tennis Activity
Badminton Activity Badminton Activity
Traditional Chinese Medicine Health Preservation Lecture Activity Traditional Chinese Medicine Health Preservation Lecture Activity Mental Health Scenario Drama Activity Enterprise BA Basketball Competition Activity
Safeguarding Health and Safety
As of the end of the reporting period, Manst, Manst Optoelectronics, Anman Technology, Chongman New Materials,
Huaiman Automation, Huaiman Fluid, AC NEWENERGY, and Hunan AC have all passed the ISO 45001 Occupational
Health and Safety Management System certification audit. Some of the certificates are as follows:
Occupational Health and Safety Management System
The Company consistently adheres to the occupational health and safety policy of “full participation, safety first,
and achieving zero harm”, placing the safety of employees’ lives and physical health as the top priority in corporate
development. It strictly complies with laws and regulations such as the Work Safety Law of the People’s Republic of
China and the Law of the People's Republic of China on Prevention and Control of Occupational Diseases, establishing
a comprehensive occupational health and safety management system to systematically prevent and mitigate work
safety and occupational health risks. The Company strives to ensure the smooth and orderly conduct of production and
operational activities and effectively safeguard the safety and health rights of all employees.
The Company has formulated internal management systems, including the Occupational Health and Safety Management
Statement, Work Safety Management System, Occupational Health Management System, Fire Safety Management
System, and Chemical Management System, to prevent, control, and eliminate occupational hazards arising from
production and operational processes, thereby ensuring the health and safety of employees.
The Company has established a comprehensive occupational health and safety management organization and
responsibility system, implementing a two-tier management structure of “decision-making and coordination + daily
promotion”. It strictly enforces the “dual responsibility” for work safety, clarifies the safety responsibilities of personnel Manst Optoelectronics AC NEWENERGY
Manst Occupational Health Hunan AC Occupational Health
Occupational Health and Occupational Health and
at all levels, promotes full participation and comprehensive process coverage in safety management, and ensures the and Safety Management and Safety Management
Safety Management System Safety Management System
orderly implementation of all safety management tasks. System Certificate System Certificate
Certificate Certificate
Establish an Occupational Health and Safety Management Leading Group and a Dual
Prevention Mechanism Construction Leading Group, with the General Manager as the group
leader, and the Administration Manager, Safety Director, Production Director, and heads of Primary Responsibility System for Work Safety
Organizational various departments as core members, to coordinate major safety decision-making;
Structure Setup
The Company has compiled the Safety Standardization Management Manual. Workshop work safety implements a full-
Establish a Dual Prevention Mechanism Construction Promotion Team, with the Safety
staff responsibility system, with the workshop director as the primary person responsible for work safety, bearing overall
Director as the team leader, responsible for specific tasks such as safety system
implementation, daily supervision, hazard investigation, and training and education. responsibility for workshop safety. Functional personnel at all levels are responsible for work safety within their respective
areas of responsibility, and employees are responsible for work safety in their respective positions. During the 2025
reporting period, all workshops strictly implemented various rules and regulations, and the Company achieved zero
Principal Responsible Person: The primary responsible person for occupational health and
safety, fully responsible for system construction, resource assurance, and supervision and fatalities, zero serious injuries, and zero major safety incidents.
assessment;
Safety Management Department: Undertakes professional management tasks such as
Overall Objectives of Work Safety
Safety
Responsibilities
system formulation, daily inspections, and risk assessment;
The Company adopts “zero work-related fatalities, zero serious injuries, zero major safety incidents, and zero new
of Personnel at
Heads of Various Departments/Workshops: Directly responsible for safety in their respective
All Levels occupational disease cases” as its core management objectives, striving to minimize the occurrence of various
areas, implementing safety control and hazard rectification within their regions;
safety incidents, avoid harm to human health, and prevent damage to the ecological environment. It deeply promotes
All Employees: Comply with safety operating procedures, fulfill job safety responsibilities, standardized work safety management, adheres to the people-oriented principle, strengthens safety awareness training
participate in hazard investigation and emergency response, achieving “all personnel, whole
for employees, enhances the safety quality of the workforce, and establishes a comprehensive and standardized long-
process, all-around, and round-the-clock” safety management.
term work safety management mechanism at all levels of the Company.
Work Safety Risk Management Case Study: Manst Comprehensive Fire Emergency Drill
The Company strictly adheres to the requirements of the General Rules for the Construction of a Dual Prevention Mechanism for In June 2025, the Company conducted a comprehensive fire drill themed “Everyone Talks Safety, Everyone Can Respond,
Graded Control of Enterprise Safety Risks and Rectification of Hidden Hazards, continuously deepening the construction of the dual Inspect potential hazards Around You” at the Zhukeng Park in Shenzhen. The drill organized full-staff emergency
prevention mechanism for safety risk classification control and potential hazard investigation and management, to prevent and resolve evacuation, hands-on practice with fire extinguishers, use of fire hoses, instruction on filter self-rescue respirators,
safety accident risks from the source. and practical firefighting exercises by the volunteer fire brigade. This further strengthened the Company’s fire safety
management, enhanced employees’ skills in fire self-rescue, mutual rescue, and emergency evacuation, raised all staff’s
Risk Identification and Assessment awareness of disaster prevention and mitigation, and minimized the harm of fire accidents to protect personnel and property
The Company has established a systematic and comprehensive occupational health and safety risk identification and assessment safety.
system. It coordinates multiple departments to form specialized teams, covering key areas such as production, warehousing, and
laboratories, as well as all operational activities. Through multi-dimensional identification methods and the LEC risk assessment method,
the Company implements risk classification control and visual public disclosure, fully implementing safety management requirements.
Through specialized identification, the Company’s storage and usage quantities of hazardous chemicals do not exceed the critical
thresholds specified in the GB18218-2018 standard, and therefore do not constitute a major hazardous chemical source.
Completed comprehensive identification of hazards across all areas and all operational activities, covering core production
and business premises and the entire process of special operations; Case Study: Dongguan AC Comprehensive Fire Emergency Drill
Adopted multi-dimensional compliance identification methods, comprehensively considering hazard types across all
timeframes and states, identifying hazards through multiple channels and accurately defining them in accordance with laws,
regulations, and standards; In November 2025, Dongguan AC organized all employees to conduct a factory fire emergency drill, covering four aspects:
Conducted quantitative risk assessment using the LEC method, classifying risks into four levels—red, orange, yellow, and
evacuation, casualty rescue, firefighting, and fire safety knowledge explanation. Preparations and task assignments were
blue—based on risk values;
completed before the drill, and the process was standardized and orderly, effectively improving employees’ emergency
Formulated differentiated control measures for each risk level, clarified full-chain control responsibilities, and achieved on-
evacuation and firefighting practical skills and enhancing inter-departmental coordination efficiency.
site visual public disclosure through risk lists, job notification cards, four-color distribution maps, etc.
Potential Hazard Investigation
The Company has established a potential hazard investigation system combining “daily inspections, special inspections, comprehensive
inspections, seasonal inspections, and holiday inspections”, achieving closed-loop management of the entire process from potential
hazard investigation to closure. Simultaneously, the Company has formulated systems such as the Safety Inspection System and the 24-
Hour Duty Inspection System, clarifying the investigation authority, responsibilities, and frequencies for the safety production leadership
group, various departments, and positions. It has established a graded and fixed-frequency investigation mechanism, achieving
full-scenario and full-time coverage of safety production inspections. The Company has also implemented a corresponding graded
rectification mechanism, differentially fulfilling the governance requirements for general and major potential hazards. It standardizes
the recording of full-process information through a complete potential hazard management ledger and continuously optimizes safety
control measures by regularly conducting statistical analysis of potential hazard data to identify high-frequency risk points. In 2025, the
Company achieved a 100% closed-loop rate for potential hazard investigation and rectification.
Emergency Plans and Drills
In accordance with laws and regulations such as the National Work Safety Law and the Fire Protection Law of the People’s Republic of
China, the Company has formulated the Work Safety Accident Emergency Response Plan, the Fire Emergency Response Plan, and
others to enhance employees’ safety awareness and self-protection capabilities. Meanwhile, based on the actual production and operation
conditions and risk characteristics, the Company has developed and improved a comprehensive production safety accident emergency
response plan system, including 1 comprehensive emergency response plan, 3 special emergency response plans, and 14 on-site disposal
plans. The emergency response plans are effectively linked with the relevant government emergency response plans of Pingshan District,
Shenzhen, ensuring seamless connection between internal plant emergency response and government emergency response.
Adhering to the principle of “preparing for emergencies through drills and promoting improvements through drills”, the Company formulates
an annual emergency drill plan and regularly organizes various types and levels of emergency drills, ensuring that on-site disposal plan
drills are conducted no less than once per year and comprehensive/special emergency response plan drills no less than once per year.
During the reporting period, the Company conducted 4 safety emergency drills with 427 person-times, ensuring the ability to promptly
contain the escalation of work safety accidents and minimize the injuries, losses, and impacts caused by such accidents.
Safety Education and Training
Safety Management Measures
The Company has established a differentiated safety training system covering all employees, all positions, and
Equipment and Operation Safety Management different levels and categories, encompassing all scenarios such as new employee orientation, on-the-job retraining,
special operations, and specialized skills. During the reporting period, the safety training coverage rate reached
The Company focuses on the entire chain safety of production equipment and special operations, comprehensively ensuring the safety
and compliance of production operations through equipment lifecycle management, implementation of specialized operation standards, 100%, comprehensively enhancing employees’ safety awareness, operational skills, and emergency response
and optimization of the on-site environment. capabilities, thereby strengthening the talent defense line for occupational health and safety. Furthermore, in
Equip production equipment such as CNC machining centers, grinding machines, occupational health and safety. All participants passed the assessments, effectively improving employees’ safe
operation and protection capabilities.
and air storage tanks with complete safety protections, emergency stop devices, and
Equipment Whole-Lifecycle
warning signs;
Safety Management
Establish equipment ledgers, implement regular maintenance and inspections to
prevent “operation with faults”;
Special equipment is inspected by qualified agencies in accordance with regulations
to ensure safety performance meets standards.
New employees must complete company-level, workshop-level, and team-level three-
Three-Level Safety level safety education before starting work. The content covers work safety laws and
Develop specialized operating procedures for special operations such as grinding, Education for New regulations, company safety systems, risk distribution in the plant area, job operation
Special Operations
lifting, hot work, and confined space entry; strictly implement operation approval Employees procedures, and emergency response skills. They can only start working after passing the
Standardized Control
and on-site supervision, with high-risk operations requiring approval before
assessment.
commencement; ensure 100% of special operations personnel are certified and
undergo regular re-certification.
Implement fixed-position management in production workshops, standardize the
Work Site Environment
In-service employees regularly participate in safety retraining and specialized skill training.
placement of materials and tools to ensure clear safety passageways; implement anti-
Optimization slip flooring and adequate lighting measures; equip with oil mist purifiers and dust Regular Training for In- Job safety training is carried out through pre-shift meetings and weekly team meetings.
removal devices to improve the work environment and prevent safety risks. Service Employees Specialized trainings are organized promptly for new processes, new equipment, and new
materials to continuously enhance safety awareness and operational skills.
Related Party Safety Management
The Company fully implements the ISO 45001 Occupational Health and Safety Management System, deeply integrating its requirements After completing “Three-level Safety Education” and specialized skill training, special
as well as national occupational health and safety laws, regulations, and standards into the entire process of supplier and partner Specialized Training
operations personnel must pass assessments by government units to obtain valid
qualification assessment and daily operation evaluation. By clearly stipulating occupational health and safety performance clauses for Special Operations
Personnel
certificates before starting work. Regular review training and skill enhancement training
in cooperation contracts, the Company promotes related parties to strictly implement their own safety management responsibilities,
are organized to prevent working without certificates and non-compliant operations.
effectively safeguarding the occupational health rights and work safety of their employees.
Fire Safety Management
Fire safety trainings and publicity initiatives are regularly organized, covering new
Fire Safety and Specialized
The Company implements the principle of “prevention first, combining prevention and firefighting”, formulates the Fire Safety
employees (including temporary workers), personnel in key fire prevention areas, and key
Training
Management System, and prevents fire accidents, reduces personnel and property losses, and ensures orderly production and operation
job types. Specialized knowledge training is conducted for personnel handling hazardous
by standardizing the configuration and maintenance of firefighting facilities, strengthening fire prevention control, improving emergency
plans, and conducting training and drills. The plant area is equipped with sufficient firefighting equipment as per regulations, micro fire chemicals. They can only start work after passing the assessment.
stations are established, and designated personnel are responsible for the inspection, maintenance, and replacement of firefighting
facilities to ensure they are 100% intact and effective. The hot work permit system is strictly enforced, warning signs are posted in no-fire
zones, unauthorized hot work and smoking are strictly prohibited, regular insulation testing of electrical circuits is conducted, combustible
debris is cleared, and fire exits and safety exits are kept unobstructed. Special emergency response plans and on-site disposal plans
are formulated, and regular fire safety knowledge training and emergency drills are organized to enhance employees’ capabilities in
initial fire response and evacuation.
Case Study: “Safety 2025” Series of Safety Themed Activities Case Study: Occupational Health and Safety Training
In 2025, Manst planned and launched the “Safety 2025” series of safety-themed activities to promote the implementation of safety
In September 2025, the Company conducted a specialized training on occupational
concepts at the grassroots level and their integration into the entire production process. The activities coordinated three core
health and safety, covering 43 employees from various departments. It systematically
modules to comprehensively strengthen the safety defense line:
explained core content such as occupational health protection and workplace health
First, knowledge empowerment to solidify awareness. The Manufacturing Department systematically deployed annual safety
and safety standards, effectively enhancing the overall occupational health and safety
education and training, strictly implemented relevant regulations such as the Work Safety Law of the People’s Republic of China,
awareness of employees, standardizing workplace health protection behaviors, and
fulfilled the enterprise’s primary responsibility for work safety, popularized safety knowledge, clarified job safety responsibilities,
practically safeguarding employees’ occupational health rights and workplace safety.
and enhanced the overall safety literacy of all employees from the source.
Second, skill practice to forge the team. Specialized skill enhancement activities for grinding machine positions were carried
out. Through systematic theoretical training, practical rotation training, comprehensive assessment, and physical production skill
competitions, employee skill levels were evaluated from multiple dimensions such as qualification rate, precision, and human
Case Study: Specialized Training on Work Injury Accident Prevention
efficiency, aiming to build a team of new quality productive forces with excellent technical skills and safety stability. In July 2025, the Company organized a specialized training on work injury accident prevention. The training focused on
Third, practical drills to enhance capabilities. Emergency drills such as fire evacuation were organized based on the Company’s engineering accident prevention, emphasizing three main contents: analysis of typical accident cases, overview of production
risk characteristics. By simulating fire situations and hands-on fire extinguisher use on-site, employees were enabled to master equipment safety, and work injury accident prevention measures. It covered over 50 participants including frontline operators
key skills proficiently, effectively improving emergency response capabilities for sudden incidents. The series of activities covered and safety management personnel from various departments of the Company. The training effectively enhanced the overall
all production positions with full participation, effectively safeguarding employees’ lives and health, strengthening the Company’s awareness of engineering accident prevention and on-site safety control capabilities, strengthened equipment safety operation
safety management level, and providing a solid safety guarantee for the Company’s high-quality and sustainable development. and maintenance as well as operational risk prevention and control, fortified the Company’s safety defense line against work injury
accidents, and practically safeguarded employees’ personal safety and the orderly progress of production and operation.
Indicator Unit 2025
Work Injury Insurance Coverage Rate % 100
Safety Training Expenditure RMB 122,300
Number of Safety Training Session 28
Attendances at Safety Training / 847
Case Study: Forklift Safe Driving Training Total Duration of Safety Training Hours 46.5
Number of Safety Hazard Inspections / 114
In September 2025, the Company organized a specialized training on forklift safe driving. Number of Safety Hazard Rectifications / 196
Chen Shunwei from the Administration Department served as the lecturer, teaching
Safety Hazard Rectification Rate % 100
about forklift operation laws and regulations, common models, safety management
requirements, and accident warning cases. All participants passed the assessment, Number of Work-related Fatalities / 0
effectively enhancing the safety operation awareness and standardized operation Number of Work-related Injuries / 3
capabilities of forklift operators and strengthening the safety control of material handling
Number of Workdays Lost Due to Work-related Injuries / 145
operations in the plant area.
Number of Production Safety Incidents / 0
Occupational Health Management Measures Practicing Social Responsibility
Occupational Disease Hazard Detection and Identification The Company adheres to the core value of responsibility and doing good, guided by
The Company annually commissions qualified occupational health testing and evaluation “uniting people, strengthening culture, building image, and expanding connections”.
companies to detect occupational disease hazard factors in the workplace, publicizes the test It coordinates and carries out employee care and social public welfare activities,
results to employees, and establishes detection archives. continuously consolidating team cohesion and the image of a corporate citizen.
In 2025, the Company commissioned an institution with occupational health technical service Simultaneously, it deeply integrates the concept of social responsibility into its
qualifications to conduct regular detection of occupational disease hazard factors in all development strategy and corporate culture, insisting on the coordinated advancement
workplace areas across the entire factory site, comprehensively identifying the occupational of economic and social benefits. It actively creates employment opportunities, fulfills
disease hazard factors present in the production process. These mainly include chemical tax obligations according to law, supports the high-quality development of the local
hazards (methanol, acetone, isopropanol, etc.), dust hazards (graphite dust, metal processing
economy, and promotes the harmonious coexistence of the enterprise and society.
dust, etc.), and physical factors (noise, hand-transmitted vibration). The detection results
showed that the concentration/intensity of occupational disease hazard factors for all positions In 2025, Manst continued to implement its long-term ecological public welfare strategy,
in the Company met the requirements of the Occupational Exposure Limits for Hazardous Agents in the Workplace, with completing the annual adoption and maintenance of 100 mu of forest land under the
no instances exceeding the limits. The occupational health conditions of the work sites complied with relevant national “Ten-Year Plan of Planting Trees, Nurturing Hearts”. This project was initiated by the Alxa Planting Trees, Nurturing
standards.
Hearts Ecological Civilization Practice Education Center (Base). Since 2023, Manst has committed to adopting 100
Occupational Health Examinations and Surveillance mu of forest land annually for ten consecutive years. Through large-scale afforestation, it aids in the management of
desertified land, improves the regional ecological environment, protects biodiversity, and practices the “dual carbon”
To promptly understand employees’ health status and identify potential occupational disease risks, the Company arranges pre-
goals with concrete actions. This is the Company’s core long-term ecological public welfare implementation project.
employment, on-the-job, and pre-departure health examinations for employees exposed to occupational disease hazard factors. It
establishes individual occupational health surveillance files for each employee, maintaining them properly. For employees with abnormal
examination results, the Company promptly arranges re-examinations, job transfers, and medical interventions to effectively prevent
the occurrence of occupational diseases. Additionally, the Company provides annual routine health examinations covering all in-service
employees, safeguarding their physical health comprehensively.
During the reporting period, the occupational health examination coverage rate for employees in positions exposed to occupational
disease hazard factors was 100%, and no new occupational disease cases occurred.
Occupational Disease Prevention and Protection Measures
The Company earnestly implements relevant regulations such as the Law of the People's Republic of China on Prevention and
Control of Occupational Diseases, the Administrative Provisions on Occupational Health in the Workplace, and the Provisions on the
Supervision and Administration of Labor Protection Articles. For positions with occupational disease hazard factors, the Company
provides a sufficient quantity of effective protective facilities and personal protective equipment.
Implement wet processing, enclosed hood dust removal, and local exhaust ventilation for
Furthermore, the Company actively fulfills its corporate social responsibility. It collaborates with neighborhood offices
Engineering Protection
dust-generating processes to reduce dust concentration; adopt vibration damping and
Measures
sound insulation measures for noisy equipment and establish soundproofed operation and community union associations to conduct public welfare activities such as summer cooling care visits, deepening
rooms; install fume hoods and fresh air systems in chemical usage areas; implement
community engagement and government-enterprise cooperation. It conveys corporate warmth, shapes a responsible and
ventilation and cooling measures in high-temperature areas.
caring corporate citizen image, and enhances brand reputation and social recognition.
Personal Protective
Provide nationally standardized PPE such as dust/toxic gas masks, anti-noise earplugs,
Equipment (PPE)
safety goggles, protective gloves, protective clothing, and insulated shoes based on job
Management
hazard types; establish management systems for PPE issuance, replacement, and usage,
and supervise employees to wear them properly.
Occupational Hazard Place warning signs with Chinese cautionary instructions in workplaces with occupational
Warning Management disease hazards to enhance occupational health protection reminders.
Content Indexes Independent Assurance Statement
Self-Regulatory Guidelines No.
Global Reporting Initiative (GRI)
Report Contents Shenzhen Stock Exchange—
Sustainability Reporting Standards Sustainability Report (For Trial
Implementation)
About This Report 2-1/2-2/2-3 /
Preface to
This Report Message from the Chairwoman 2-11/2-22/2-23 /
About Manst 2-1/2-2/2-6/2-9/2-10/2-26 /
Sustainable Development Governance 2-14/2-22 Article 51
Sustainable
Development Stakeholder Communication 2-12/2-16/2-27/2-29/413-1 Article 53
Management
Materiality Issues Analysis 3-1/3-2/3-3 /
Standardized Governance System 2-9/2-10/2-11/2-12/2-13/2-16/2-18/2-19/2-20/3-3 Article 51
Advancing
Steadily and Strengthening the Compliance Defense Line 2-19/2-20/3-3/205-1/205-2/205-3/206-1 Article 53
Securely,
Fortifying the Article 54/Article 55/
Foundation Adhering to Business Ethics 2-27/3-3/207-1
Article 56
of Compliant
Governance Safeguarding Shareholders’ Rights and Interests 2-12/2-16/3-3 Article 53
Addressing Climate Change 3-3/201-2/305-1/305-2/305-4/305-5 Articles 21 to 28
Low-Carbon Deepening Environmental Governance 3-3 Article 33
Environmental
Protection, 3-3/301-1/302-1/302-2/302-3/302-4/302-5/303-1
Optimizing Resource Utilization Articles 34 to 37
Practicing /303-2/303-3/303-5
Ecological
Responsibility 3-3/303-2/303-4/305-7/306-1/306-2/306-3/306-4
Strict Control of Pollution Discharge Articles 29 to 31
/306-5/413-1
Innovation-Driven Development 3-3 Article 42/Article 43
Empowering
Value Co- Enhancing Product Quality 3-3/416-1/416-2/417-1 Article 47
creation
Sustainable Supply Chain 2-8/3-3/308-1/308-2/414-1/414-2 Article 45
through
Innovation and Protection of Customers’ Rights and Interests 2-25/3-3/416-1/416-2/417-1/418-1 Article 47/Article 48
Quality
Safeguarding Information Security 3-3/417-1/418-1 Article 48
Safeguarding Employee Well-being Article 49/Article 50
Striving /409-1
Forward with
Determination, Focusing on Talent Development 2-7/3-3/404-1/404-2 Article 49/Article 50
Uniting Hearts
Strengthening Employee Care 2-7/3-3 Article 49/Article 50
and Minds
to Write a 2-7/3-3/403-1/403-2/403-3/403-5/403-6/403-7
Glorious Safeguarding Health and Safety Article 49/Article 50
Chapter /403-8/403-9/403-10
Practicing Social Responsibility 3-3/203-1 Article 38/Article 40
Content Indexes / /
Reader Feedback / /
Reader Feedback
Thank you for taking the time to read the Shenzhen Manst Technology Co., Ltd. 2025 Sustainable Development Report.
We highly value and look forward to your valuable opinions and suggestions on the Company’s sustainable development
work and management. Your feedback is an important basis for us to continuously improve our sustainable development
work and management. We sincerely invite you to assist by completing the relevant questions in the reader feedback and
providing it to us through the following methods. Thank you again for your strong support of our sustainable development
efforts!
Tel: 0755-89369620
Fax: 0755-89369869
Email: manst-ir@manst.cn
Address: Factory Building 3, Unit C, No. 101~201, Third Industrial Zone, Zhukeng Community, Longtian Street,
Pingshan District, Shenzhen
Which of the following stakeholders is most relevant to you in relation to Manst?
□ Shareholder or Investor □ Government & Regulatory Authority □ Client □ Partner □ Employee
□ Industry Association and Organization □ Community, Public & Media □ Others________ (please specify)
□ Excellent □ Good □ Average □ Below Average □ Poor
□ Excellent □ Good □ Average □ Below Average □ Poor
□ Excellent □ Good □ Average □ Below Average □ Poor
environment?
□ Excellent □ Good □ Average □ Below Average □ Poor
□ Excellent □ Good □ Average □ Below Average □ Poor
management?
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